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You may","page_number":15,"box":{"x":70,"y":407,"width":835,"height":12}},{"id":"9f4ef41e-c587-4da0-8e32-31d68c33ef7c","block_type":"box","text":"request a copy of the 2025 Annual Financial Statements at no charge by calling (800) 441-7762 between","page_number":15,"box":{"x":70,"y":422,"width":802,"height":12}},{"id":"8323cc10-45cc-4c84-9279-4100115ecd76","block_type":"box","text":"8:00 a.m. and 6:00 p.m. Eastern time on any business day.","page_number":15,"box":{"x":69,"y":438,"width":441,"height":11}},{"id":"fc00b2b8-195b-4347-abef-e81a0c69046b","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act” or the","page_number":15,"box":{"x":103,"y":460,"width":786,"height":12}},{"id":"44313bd1-09f6-4d9f-a111-476d2155d3ba","block_type":"box","text":"“1940 Act”), or other applicable law, will include any rules promulgated thereunder and any guidance,","page_number":15,"box":{"x":69,"y":475,"width":772,"height":12}},{"id":"95a7553a-e6a0-4be3-a95b-355080b70dee","block_type":"box","text":"interpretations or modifications by the Commission, Commission staff or other authority with appropriate","page_number":15,"box":{"x":70,"y":490,"width":804,"height":12}},{"id":"cd9bc504-fbd7-424f-8595-f167bb75c9d9","block_type":"box","text":"jurisdiction, including court interpretations, and exemptive, no-action or other relief or permission from the","page_number":15,"box":{"x":67,"y":506,"width":819,"height":11}},{"id":"c73ea76a-a88f-4844-987b-ba8494261bcb","block_type":"box","text":"Commission, Commission staff or other authority.","page_number":15,"box":{"x":70,"y":521,"width":378,"height":11}},{"id":"4fc5ba60-bb97-400f-8b26-c9ccb1bc4ae1","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":549,"width":31,"height":7}},{"id":"fe662bd8-cb95-4f47-952e-3b20ef0b8c9c","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":549,"width":82,"height":9}},{"id":"6274aaf0-4a0e-4399-a940-1117372f6113","block_type":"box","text":"Investor A Shares","page_number":15,"box":{"x":70,"y":567,"width":124,"height":9}},{"id":"db84a3d1-56dd-4a13-86fa-410227533b99","block_type":"box","text":"..........................................................................","page_number":15,"box":{"x":199,"y":574,"width":597,"height":2}},{"id":"e8f395f1-ecf2-433f-9469-62e3bbc4045b","block_type":"box","text":"BASIX","page_number":15,"box":{"x":848,"y":567,"width":41,"height":9}},{"id":"e8b92bf0-d30b-4827-9196-706da578ca68","block_type":"box","text":"Investor C Shares .","page_number":15,"box":{"x":70,"y":582,"width":131,"height":9}},{"id":"c0f1103e-0711-4e96-9089-bd021c0ce8a9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BSICX","page_number":15,"box":{"x":208,"y":582,"width":682,"height":9}},{"id":"0b547b92-f363-4cf0-bb10-f1896fa7e77b","block_type":"box","text":"Institutional Shares","page_number":15,"box":{"x":70,"y":597,"width":137,"height":9}},{"id":"ecbe4454-64f7-4372-9568-3fa2c9467543","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BSIIX","page_number":15,"box":{"x":216,"y":597,"width":671,"height":9}},{"id":"0aa35eff-5cd6-4a96-ac5f-db568bc169d6","block_type":"box","text":"Class K Shares","page_number":15,"box":{"x":69,"y":612,"width":109,"height":9}},{"id":"b76e21ad-d5e3-41a4-ae34-6c210e9936b5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BSIKX","page_number":15,"box":{"x":183,"y":612,"width":707,"height":9}},{"id":"e0eb6c9d-9b0c-4c0d-9bed-7cca7df9f5cc","block_type":"box","text":"BlackRock Advisors, LLC — Manager","page_number":15,"box":{"x":260,"y":667,"width":460,"height":19}},{"id":"ffa7aecb-1d91-4e20-b62a-db5ebbceff3c","block_type":"box","text":"BlackRock Investments, LLC — Distributor","page_number":15,"box":{"x":222,"y":690,"width":536,"height":17}},{"id":"0528cb69-22d2-4772-be89-0f6304a0548f","block_type":"box","text":"The date of this Statement of Additional Information is April 30, 2026.","page_number":15,"box":{"x":223,"y":749,"width":531,"height":12}},{"id":"3d9700c5-c60f-444e-b152-9a52f11ee052","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":15,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2d58de6-cd0c-461b-ae07-646a3e719847","block_type":"box","text":"TABLE OF CONTENTS","page_number":16,"box":{"x":411,"y":45,"width":155,"height":9}},{"id":"4d115f48-4888-4a78-8c57-f85523a0f757","block_type":"box","text":"Page","page_number":16,"box":{"x":869,"y":73,"width":28,"height":9}},{"id":"6470074f-51dc-47a5-a557-af10d5d1294e","block_type":"box","text":"PART I","page_number":16,"box":{"x":69,"y":92,"width":47,"height":9}},{"id":"4cfa1794-9d29-4ede-ac76-6b8c48295dc7","block_type":"box","text":"Investment Objectives and Policies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"c2b216d1-9252-4dd2-a79d-bd4f0d930d09","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-8","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"b177effc-be09-46b6-a529-6f5044ae9a8d","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-25","page_number":16,"box":{"x":545,"y":174,"width":364,"height":9}},{"id":"2f8928de-d560-44a8-88cc-e6afcf2927b4","block_type":"box","text":"Computation of Offering Price Per Share . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":190,"width":446,"height":11}},{"id":"3ce621a2-8c93-47bc-b2cf-5b6eb9b6561d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":16,"box":{"x":521,"y":190,"width":388,"height":9}},{"id":"e7a527c8-264c-406c-b2b9-672c63db6b2e","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":206,"width":283,"height":12}},{"id":"4a08e743-fc2d-4ac8-8670-bc4be000fa8d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-26","page_number":16,"box":{"x":358,"y":207,"width":551,"height":9}},{"id":"c6fbca0a-d7b0-4458-8369-ea2b00a68a3a","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"44b4d7c7-ad3f-45c2-bf34-5f3253dc567f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-29","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"12fbcdb7-b8c4-46aa-b2e8-c5e48074ab0e","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"e13b27a0-6336-4903-9be8-a28978f25a32","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-32","page_number":16,"box":{"x":227,"y":239,"width":682,"height":9}},{"id":"4dfd2f4a-9a70-4a94-8f63-f8e33a03532a","block_type":"box","text":"PART II","page_number":16,"box":{"x":69,"y":271,"width":52,"height":9}},{"id":"418d64d5-bb63-4f23-aaf0-e72a794872ba","block_type":"box","text":"Investment Risks and Considerations . . . . . . . .","page_number":16,"box":{"x":70,"y":287,"width":330,"height":9}},{"id":"7e5d9249-9ac3-4647-825b-7b1279bd87da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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II-86","page_number":16,"box":{"x":521,"y":320,"width":388,"height":9}},{"id":"108944fe-88b0-4f62-99eb-582a2eb9ca27","block_type":"box","text":"Purchase of Shares","page_number":16,"box":{"x":69,"y":336,"width":139,"height":9}},{"id":"41c8fc96-2843-4983-b2ff-f50f7954193e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . II-99","page_number":16,"box":{"x":211,"y":336,"width":698,"height":9}},{"id":"679b1b48-86df-4317-865b-310483d7f35b","block_type":"box","text":"Redemption of Shares . .","page_number":16,"box":{"x":70,"y":353,"width":176,"height":11}},{"id":"01cf1365-0a1c-4ce0-b407-1d7f55ad5487","block_type":"box","text":"........................................................................... 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I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"a3eadfd8-c3f7-42af-b23c-4a10b21707d1","block_type":"box","text":"I-123","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"429a1fd6-ce15-4184-92c0-b624d5e57517","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"f8ba8619-2c80-4463-b9d7-975f0fd59100","block_type":"box","text":".............................................................. I","page_number":16,"box":{"x":358,"y":402,"width":513,"height":9}},{"id":"ca43a4e2-edb6-4dfb-8011-afab7abf7a42","block_type":"box","text":"I-125","page_number":16,"box":{"x":874,"y":402,"width":35,"height":9}},{"id":"c34f6566-5b72-4636-8c43-ece183f1c7a5","block_type":"box","text":"Dividends and Taxes . .","page_number":16,"box":{"x":70,"y":418,"width":159,"height":9}},{"id":"626a6100-e58b-49c6-82a4-c3cc98a82eea","block_type":"box","text":"............................................................................. 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I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"b335480b-9c1b-4883-94dd-0c7b6e0a9f4a","block_type":"box","text":"I-137","page_number":16,"box":{"x":874,"y":435,"width":34,"height":9}},{"id":"e393e937-f9c8-4788-af4e-16721eaed506","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"6921b405-96fa-4266-99f3-60128581c8f9","block_type":"box","text":"........................................... 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(the “Subsidiary”), a wholly owned","page_number":22,"box":{"x":70,"y":491,"width":783,"height":11}},{"id":"6e6ed1a3-23e5-424f-be33-5faf097a6412","block_type":"box","text":"subsidiary of the Por tfolio formed in the Cayman Islands, which invests primarily in commodity-related instruments.","page_number":22,"box":{"x":69,"y":506,"width":820,"height":11}},{"id":"4c5fa040-c71b-4786-a1e1-716b07960b0e","block_type":"box","text":"The Subsidiary may also hold cash and invest in other instruments, including fixed income securities, either as","page_number":22,"box":{"x":68,"y":521,"width":791,"height":11}},{"id":"4091397e-7899-41ea-b86f-ef34317c2c3b","block_type":"box","text":"investments or to serve as margin or collateral for the Subsidiary’s derivative positions.","page_number":22,"box":{"x":70,"y":536,"width":624,"height":11}},{"id":"6632d027-3039-4bb3-a39a-e6421522f008","block_type":"box","text":"Investments in the Subsidiary.","page_number":22,"box":{"x":102,"y":559,"width":214,"height":11}},{"id":"33b00617-4cfa-43f7-b32d-4d2399d049a2","block_type":"box","text":"The Por tfolio may invest up to 25% of its total assets in the shares of its wholly","page_number":22,"box":{"x":323,"y":559,"width":571,"height":11}},{"id":"e1bd2c47-5196-4310-9441-9372b65eb437","block_type":"box","text":"owned and controlled Subsidiary. Investments in the Subsidiary are expected to provide the Por tfolio with exposure","page_number":22,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"aa0fd4f6-056d-49eb-8d7b-21202682eeb1","block_type":"box","text":"to 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":589,"width":840,"height":11}},{"id":"3f9319d2-9ae9-4285-a462-8b8875029402","block_type":"box","text":"and recent Internal Revenue Service revenue rulings, as discussed below. The Subsidiary is advised by the Manager.","page_number":22,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"c13fab9e-ce88-47ad-a609-a4b46d350dbd","block_type":"box","text":"The Subsidiary (unlike the Por tfolio) may invest without limitation in commodity-related instruments. However, the","page_number":22,"box":{"x":68,"y":619,"width":809,"height":11}},{"id":"e8af1a77-080f-47d2-8a1f-4ea7cf4a08e3","block_type":"box","text":"Subsidiary is otherwise subject to the same fundamental, non-fundamental and cer tain other investment restrictions","page_number":22,"box":{"x":69,"y":634,"width":833,"height":11}},{"id":"7301a855-8e21-49e7-bae0-29de9c187fb3","block_type":"box","text":"as the Por tfolio, including the timing and method of the valuation of the Subsidiary’s por tfolio investments and","page_number":22,"box":{"x":69,"y":649,"width":790,"height":12}},{"id":"04f49918-d058-4c04-80ee-10109783dcdf","block_type":"box","text":"shares of the Subsidiary. The Subsidiary is managed pursuant to compliance policies and procedures that are the","page_number":22,"box":{"x":69,"y":664,"width":813,"height":12}},{"id":"b0a023fe-7d67-41bb-9a6f-8fac09a3cb94","block_type":"box","text":"same, in all material respects, as the policies and procedures adopted by the Por tfolio. The Subsidiary is a company","page_number":22,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"c41eaeae-ab98-421d-9c75-bfd5ce9ea858","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":695,"width":838,"height":11}},{"id":"7ef1db19-05de-4042-9487-eb0a73891330","block_type":"box","text":"John M. Perlowski, a Director, President and Chief Executive Officer of the Por tfolio, and Trent Walker, Chief Financial","page_number":22,"box":{"x":69,"y":710,"width":832,"height":10}},{"id":"73ca71c2-c5c4-4112-b839-2068b3202efa","block_type":"box","text":"Officer of the Por tfolio. The Por tfolio is the sole shareholder of the Subsidiary, and shares of the Subsidiary will not","page_number":22,"box":{"x":69,"y":725,"width":825,"height":11}},{"id":"593b03c0-8bf1-48f8-82d7-d20988f8e6eb","block_type":"box","text":"be sold or offered to other investors.","page_number":22,"box":{"x":69,"y":740,"width":261,"height":9}},{"id":"596b0917-7627-4ff6-801d-21048f3d83d3","block_type":"box","text":"The Subsidiary invests primarily in commodity-related instruments. Although the Por tfolio may invest in these","page_number":22,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"8b906827-92c7-41c8-bc1c-e1ce84e10307","block_type":"box","text":"commodity-related instruments directly, the Por tfolio will likely gain exposure to these commodity-related instruments","page_number":22,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"a42fbebc-bcbf-4245-99ad-9ab25bee613e","block_type":"box","text":"indirectly by investing in the Subsidiary. To the extent that BlackRock believes that these commodity-related","page_number":22,"box":{"x":70,"y":793,"width":764,"height":11}},{"id":"73733eb8-df02-4ee9-bd14-f00af628e621","block_type":"box","text":"instruments provide suitable exposure to the commodities market, the Por tfolio’s investment in the Subsidiary will","page_number":22,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"b6b3f7cf-86ee-4926-a4e3-7d1cc91a4b5d","block_type":"box","text":"likely increase. The Subsidiary may also hold cash and invest in other instruments, including fixed income securities,","page_number":22,"box":{"x":70,"y":823,"width":832,"height":12}},{"id":"83136363-4f84-48a4-a722-7eac80970a95","block_type":"box","text":"either as investments or to serve as margin or collateral for the Subsidiary’s derivative positions.","page_number":22,"box":{"x":69,"y":838,"width":693,"height":12}},{"id":"3e11e551-5cc5-4860-a671-a73986dbf3d4","block_type":"box","text":"The Manager manages the assets of the Subsidiary pursuant to a separate investment management agreement","page_number":22,"box":{"x":101,"y":861,"width":800,"height":11}},{"id":"fec4ff51-bb96-43a9-b5e3-c50c551667f3","block_type":"box","text":"(the “Subsidiary Management Agreement”), but receives no additional compensation for doing so. The Manager has","page_number":22,"box":{"x":69,"y":876,"width":827,"height":11}},{"id":"02fbd065-ead7-49fb-9f94-f024ac332e87","block_type":"box","text":"entered into sub-advisory agreements with BlackRock International Limited and BlackRock (Singapore) Limited with","page_number":22,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"f5916dc0-f1ab-4cc1-ad79-4754b2bd37ea","block_type":"box","text":"respect to the Subsidiary. BlackRock also provides cer tain administrative services for the Subsidiary, but receives no","page_number":22,"box":{"x":69,"y":906,"width":836,"height":12}},{"id":"1c1b4704-020d-4023-85e0-924f62c11b1d","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"e50c48d2-50cf-4c1f-8a9e-3184b359d993","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91b1fcad-4ede-4c56-bd65-98c9d8c0f32c","block_type":"box","text":"additional compensation for doing so. The Subsidiary will also enter into separate contracts for the provision of","page_number":23,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"e24ba171-95ce-45d1-a4c1-3189b9fdd06c","block_type":"box","text":"custody, accounting agent and audit services with the same or with affiliates of the same service providers that","page_number":23,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"1d8be437-f26d-4f1e-b69b-448b138c3dfb","block_type":"box","text":"provide those services to the Por tfolio.","page_number":23,"box":{"x":70,"y":75,"width":275,"height":11}},{"id":"99cf8d37-e720-4070-a227-9f6beaf8ab85","block_type":"box","text":"The financial statements of the Subsidiary are consolidated with the Por tfolio’s financial statements in the","page_number":23,"box":{"x":101,"y":98,"width":761,"height":11}},{"id":"ae836cce-c8d9-4616-aef1-b97d9d157647","block_type":"box","text":"Por tfolio’s Annual and Semi-Annual Financial Statements and Additional Information. The Por tfolio’s Annual and","page_number":23,"box":{"x":69,"y":113,"width":795,"height":9}},{"id":"9eeeabc4-84f8-47c8-a90f-6cfd231652d6","block_type":"box","text":"Semi-Annual Financial Statements and Additional Information are filed with the SEC on Form N-CSR and are provided","page_number":23,"box":{"x":69,"y":128,"width":830,"height":11}},{"id":"7300e7c9-1275-43db-a5e3-c2c645e964f7","block_type":"box","text":"without charge upon request as indicated on the front cover of this SAI.","page_number":23,"box":{"x":68,"y":143,"width":509,"height":11}},{"id":"0b784c85-1d27-4831-80c7-c71c4530f77b","block_type":"box","text":"The Subsidiary is not registered under the Investment Company Act, and, unless otherwise noted in the","page_number":23,"box":{"x":101,"y":166,"width":740,"height":11}},{"id":"a2901a8b-2639-4337-a52d-3feefccbf12f","block_type":"box","text":"Por tfolio’s prospectus or this SAI, is not subject to all the investor protections of the Investment Company Act.","page_number":23,"box":{"x":69,"y":181,"width":787,"height":11}},{"id":"3d0181a6-0cba-404c-897f-52e5e07559b3","block_type":"box","text":"However, the Por tfolio wholly owns and controls the Subsidiary, and the Por tfolio and the Subsidiary are both","page_number":23,"box":{"x":70,"y":196,"width":777,"height":11}},{"id":"2ce3ddda-ba36-441f-b3b3-91d23c409289","block_type":"box","text":"managed by BlackRock, making it unlikely that the Subsidiary will take action contrary to the interests of the Por tfolio","page_number":23,"box":{"x":69,"y":211,"width":838,"height":11}},{"id":"81a7aa04-7caa-4e84-89bb-1cb2bb6d4485","block_type":"box","text":"and its shareholders. The Trust’s Board of Directors has oversight responsibility for the investment activities of the","page_number":23,"box":{"x":69,"y":226,"width":819,"height":11}},{"id":"b647fb79-8861-4408-9020-dc8bbdfaaef1","block_type":"box","text":"Por tfolio, including its investment in the Subsidiary, and the Por tfolio’s role as sole shareholder of the Subsidiary. As","page_number":23,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"093d43c2-e82d-4ea1-9a3e-df2ab4694954","block_type":"box","text":"noted above, the Subsidiary will be subject to the same investment restrictions and limitations as the Por tfolio.","page_number":23,"box":{"x":69,"y":256,"width":794,"height":11}},{"id":"415cc8f1-68e8-4da3-8235-490364685bcd","block_type":"box","text":"The Subsidiary is managed pursuant to compliance policies and procedures that are the same, in all material","page_number":23,"box":{"x":101,"y":279,"width":780,"height":11}},{"id":"13a6d279-b234-42ae-b3de-ef9aa3e1c07f","block_type":"box","text":"respects, as the policies and procedures adopted by the Por tfolio. In addition, changes in the laws of the United","page_number":23,"box":{"x":69,"y":294,"width":800,"height":11}},{"id":"f59e42d3-549c-4a33-8895-7a055d54a9c9","block_type":"box","text":"States and/or the Cayman Islands could result in the inability of the Por tfolio and/or the Subsidiary to operate as","page_number":23,"box":{"x":69,"y":309,"width":811,"height":11}},{"id":"3edba8d6-3050-440a-b7d8-36c0b3f2433a","block_type":"box","text":"described in the Por tfolio’s prospectus and this SAI and could adversely affect the Por tfolio. For example, the","page_number":23,"box":{"x":69,"y":324,"width":781,"height":11}},{"id":"67c9136c-fa25-4837-b59c-09f08c9c51b1","block_type":"box","text":"Cayman Islands does not currently impose any income, corporate or capital gains tax, estate duty, inheritance tax,","page_number":23,"box":{"x":69,"y":340,"width":813,"height":11}},{"id":"97a3445e-309f-4a1f-81fb-7025bab0c7c4","block_type":"box","text":"gift tax or withholding tax on the Subsidiary. If Cayman Islands law changes such that the Subsidiary must pay","page_number":23,"box":{"x":68,"y":355,"width":787,"height":11}},{"id":"1c29c9f7-c6c3-4773-8401-e76d9d7499b0","block_type":"box","text":"Cayman Islands taxes, Por tfolio shareholders would likely suffer decreased investment returns.","page_number":23,"box":{"x":69,"y":370,"width":680,"height":11}},{"id":"cb3877aa-f05a-4beb-9988-76513b61cf99","block_type":"box","text":"The Por tfolio, as a “regulated investment company” under the tax rules, is required to realize at least 90 percent","page_number":23,"box":{"x":101,"y":392,"width":808,"height":12}},{"id":"3717b0ed-5348-4200-8afd-7b5da6c4aa11","block_type":"box","text":"of its annual gross income from investment-related sources, specifically from dividends, interest, proceeds from","page_number":23,"box":{"x":69,"y":407,"width":799,"height":12}},{"id":"80d00dc1-9aad-4ed6-aeaf-edbadde55c32","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":423,"width":831,"height":11}},{"id":"fddafeeb-8de1-4239-b557-d9ef6259e8f5","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":438,"width":824,"height":11}},{"id":"95b6da10-dee8-4a79-90fb-c96aafedb3a9","block_type":"box","text":"stock, securities or currencies, or cer tain types of publicly traded par tnerships (referred to as qualifying income). The","page_number":23,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"0895dd28-d3a0-49d1-88ca-d71e4fd74b5f","block_type":"box","text":"Por tfolio invests in commodity-related instruments indirectly through the Subsidiary because direct investments by a","page_number":23,"box":{"x":69,"y":468,"width":829,"height":11}},{"id":"36fba19c-18b8-435c-878e-c496f16c94c8","block_type":"box","text":"regulated investment company in commodity-related instruments generally do not, under published IRS rulings,","page_number":23,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"c5cafe36-f7ed-472b-be4d-0fa60c57e253","block_type":"box","text":"produce qualifying income. The Por tfolio expects its income with respect to the Subsidiary to be qualifying income.","page_number":23,"box":{"x":70,"y":498,"width":815,"height":11}},{"id":"cabb52f1-0812-42bc-a203-7329e1c3ef8a","block_type":"box","text":"However, in the future, if the IRS issues regulations or other guidance, or Congress enacts legislation limiting the","page_number":23,"box":{"x":70,"y":513,"width":805,"height":12}},{"id":"53a61e8c-3d04-48cb-b70e-5f46cb7431d4","block_type":"box","text":"circumstances in which the Por tfolio’s income with respect to the Subsidiary will be considered “qualifying income,”","page_number":23,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"5d72c334-ce29-4aa7-bc37-f4fbe8e3418b","block_type":"box","text":"the Por tfolio might be required to make changes to its operations, which may reduce the Por tfolio’s ability to gain","page_number":23,"box":{"x":68,"y":543,"width":810,"height":12}},{"id":"460aa0ac-2046-4de7-9cec-f8f1ca894cea","block_type":"box","text":"investment exposure to commodities. Por tfolio shareholders may also experience adverse tax consequences in such","page_number":23,"box":{"x":70,"y":559,"width":831,"height":11}},{"id":"d9453bda-662f-4b43-82aa-d9587ecaa198","block_type":"box","text":"circumstances.","page_number":23,"box":{"x":69,"y":574,"width":106,"height":9}},{"id":"220abd4f-3d5f-4b4f-8f40-6a65490f34ba","block_type":"box","text":"The Subsidiary will not be subject to U.S. federal income tax. It will, however, be considered a controlled foreign","page_number":23,"box":{"x":101,"y":596,"width":797,"height":12}},{"id":"58c3b3fc-43c3-4651-8395-8a99b8dced82","block_type":"box","text":"corporation, and the Por tfolio will be required to include as income annually amounts earned by the Subsidiary during","page_number":23,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"ee8d8ee4-64b1-4980-8a49-d1e4b53f436a","block_type":"box","text":"that year, whether or not the Subsidiary distributes such amounts to the Por tfolio. (Previously taxed income will not,","page_number":23,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"17bfc6d9-08ef-4f21-bfca-f96e1d5de719","block_type":"box","text":"however, be taxable again when distributed.) Fur thermore, the requirement for the Por tfolio to distribute net","page_number":23,"box":{"x":69,"y":642,"width":769,"height":11}},{"id":"3db19445-73f0-4f4c-8cfc-d73fc29b78c5","block_type":"box","text":"investment income, if any, and net realized capital gain, if any, at least annually, will apply to such Subsidiary income,","page_number":23,"box":{"x":70,"y":657,"width":836,"height":11}},{"id":"f0ed3b93-f151-4182-a310-eba9c3a2003e","block_type":"box","text":"whether or not the Subsidiary makes a distribution to the Por tfolio during the taxable year. If the Subsidiary incurs","page_number":23,"box":{"x":68,"y":672,"width":814,"height":11}},{"id":"a1384a79-9a0e-4dd6-839a-74fabb33d25b","block_type":"box","text":"net losses in any year, such losses will not offset the Por tfolio’s income or gains nor carryforward to future years.","page_number":23,"box":{"x":69,"y":687,"width":812,"height":11}},{"id":"66fc6c4c-dc4b-4e73-894f-57c6888d494b","block_type":"box","text":"The Por tfolio may engage in active and frequent trading of por tfolio securities to achieve its primary investment","page_number":23,"box":{"x":101,"y":710,"width":795,"height":11}},{"id":"dadb6bda-25a7-4e6e-af00-9c93db4bc48c","block_type":"box","text":"strategies.","page_number":23,"box":{"x":69,"y":725,"width":74,"height":11}},{"id":"d55dfbf6-0d99-4762-bded-d70418cf825a","block_type":"box","text":"Blocker Subsidiary.","page_number":23,"box":{"x":102,"y":748,"width":134,"height":11}},{"id":"007837dc-7813-4cc3-b697-be48baf5da6c","block_type":"box","text":"The Por tfolio has formed a wholly-owned Delaware subsidiary (the “Blocker Subsidiary”) to","page_number":23,"box":{"x":243,"y":748,"width":646,"height":11}},{"id":"fb26624f-3e52-40ab-a4c3-cf11c0c3d013","block_type":"box","text":"hold interests in cer tain of its por tfolio companies and continue to meet the qualifications for taxation as a regulated","page_number":23,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"dd73be5f-851d-42e8-88b7-93f637b5ce85","block_type":"box","text":"investment company (“RIC”) under the Internal Revenue Code. The Blocker Subsidiary will qualify for the exclusion","page_number":23,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"0c6344a6-b501-4777-b20f-5824961be9fd","block_type":"box","text":"from the definition of the term investment company pursuant to Section 3(c)(7) of the Investment Company Act or will","page_number":23,"box":{"x":68,"y":793,"width":837,"height":11}},{"id":"05bc32c5-ad87-436b-a809-d4bbcce01c02","block_type":"box","text":"otherwise not be required to register as an investment company under the Investment Company Act. Entities such as","page_number":23,"box":{"x":69,"y":808,"width":835,"height":11}},{"id":"6b389f70-5067-43f4-80d9-904fd54bad77","block_type":"box","text":"the Blocker Subsidiary are typically organized as corporations or as limited liability companies or par tnerships that","page_number":23,"box":{"x":68,"y":823,"width":817,"height":12}},{"id":"e4b4b861-efd3-40b0-9d31-e86e5ceb6f93","block_type":"box","text":"elect to be taxed as corporations for U.S. federal income tax purposes and hold cer tain investments in pass-through","page_number":23,"box":{"x":69,"y":838,"width":828,"height":12}},{"id":"6c635692-6f9f-4ed1-902b-24296f7e9bc4","block_type":"box","text":"tax entities (such as par tnership interests or limited liability company interests) the gross revenue from which would","page_number":23,"box":{"x":68,"y":853,"width":828,"height":12}},{"id":"49a4289b-cefc-4997-b5bb-32be9dde1b17","block_type":"box","text":"be “bad income” for purposes of RIC qualification. The Por tfolio may not invest more than 25% of its total assets in","page_number":23,"box":{"x":69,"y":869,"width":824,"height":11}},{"id":"28ce8cea-032a-4a7e-8246-1714f9ed1598","block_type":"box","text":"the shares of the Blocker Subsidiary. The Blocker Subsidiary will be subject to federal corporation income tax. The","page_number":23,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"d247385e-1b98-47e4-853b-9d5fb88bad3f","block_type":"box","text":"Blocker Subsidiary’s distributions of its after-tax earnings to the Por tfolio will be “good income” for RIC qualification","page_number":23,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"5fbc5566-33db-461f-adac-a9f608897f43","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"28027c88-3216-4ed8-af8f-8cb788f8a00f","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cd546b34-2f11-4030-9066-4926b931d140","block_type":"box","text":"purposes, and will be treated as qualified dividend income (for non-corporate shareholders) and as eligible for the","page_number":24,"box":{"x":70,"y":45,"width":808,"height":11}},{"id":"32b2b2d8-be9a-4dd5-82a2-6ce53b0333b8","block_type":"box","text":"dividends received deduction (for corporate shareholders), or as returns of capital.","page_number":24,"box":{"x":69,"y":60,"width":586,"height":11}},{"id":"1904e1c6-3065-4ebb-8674-48343b4c5810","block_type":"box","text":"Regulation Regarding Derivatives.","page_number":24,"box":{"x":102,"y":83,"width":237,"height":11}},{"id":"efab818e-aaab-4cc5-88fc-c7db1ae5e8ee","block_type":"box","text":"The Commodity Futures Trading Commission (“CFTC”) subjects advisers to","page_number":24,"box":{"x":345,"y":83,"width":531,"height":11}},{"id":"ca9bd1f1-ce5e-470e-8018-5c8cdc8a1a3b","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":24,"box":{"x":69,"y":98,"width":828,"height":11}},{"id":"d3afbd84-a444-471f-b451-e2f921a66b40","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":24,"box":{"x":69,"y":113,"width":837,"height":11}},{"id":"785019bf-63f3-4f1f-9e01-f6f99b729e81","block_type":"box","text":"and swaps (“CFTC Derivatives”), or (ii) markets itself as providing investment exposure to such instruments.","page_number":24,"box":{"x":69,"y":128,"width":770,"height":11}},{"id":"a5a573d9-df1c-4259-beb4-693006f4bd1d","block_type":"box","text":"Due to the Por tfolio’s potential use of CFTC Derivatives above the prescribed levels, however, the Por tfolio will","page_number":24,"box":{"x":102,"y":150,"width":785,"height":11}},{"id":"b829731a-30be-4ffb-a219-02b5cf52be20","block_type":"box","text":"be considered a “commodity pool” under the Commodity Exchange Act. Accordingly, BlackRock, the Por tfolio’s","page_number":24,"box":{"x":69,"y":166,"width":785,"height":11}},{"id":"c76edc43-fcdc-4555-9fd6-054c1597ebe5","block_type":"box","text":"investment adviser, has registered as a “commodity pool operator” and is subject to CFTC regulation in respect of","page_number":24,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"c53cb327-1943-4a75-9ae6-c26bd5410304","block_type":"box","text":"the Por tfolio.","page_number":24,"box":{"x":68,"y":196,"width":92,"height":9}},{"id":"0f725504-838d-444d-9468-71d0e286b710","block_type":"box","text":"II. Investment Restrictions","page_number":24,"box":{"x":69,"y":226,"width":194,"height":9}},{"id":"f1a5a651-b52b-4bde-9ce2-ddcdc06c5070","block_type":"box","text":"The Por tfolio has adopted restrictions and policies relating to the investment of the Por tfolio’s assets and its","page_number":24,"box":{"x":101,"y":249,"width":779,"height":11}},{"id":"71759012-6a4d-45fe-a453-9ddf48fffc52","block_type":"box","text":"activities. Cer tain of the restrictions are fundamental policies of the Por tfolio and may not be changed without the","page_number":24,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"a416aca5-8d50-4e13-9550-84a4a5917141","block_type":"box","text":"approval of the holders of a majority of the Por tfolio’s outstanding voting securities (which for this purpose and under","page_number":24,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"54bbbf21-4a3e-47d5-8971-d87c2a51fc13","block_type":"box","text":"the Investment Company Act means the lesser of (i) 67% of the shares represented at a meeting at which more than","page_number":24,"box":{"x":68,"y":294,"width":833,"height":11}},{"id":"21f10a53-57bd-409d-bad9-5d664e34d863","block_type":"box","text":"50% of the outstanding shares are represented or (ii) more than 50% of the outstanding shares). The Por tfolio has","page_number":24,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"41ef4638-738f-41dc-9215-dbbcd0d5fe78","block_type":"box","text":"also adopted cer tain non-fundamental investment restrictions, which may be changed by the Board of Trustees","page_number":24,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"f7debce1-7253-40dc-8de6-973a404f76ca","block_type":"box","text":"without shareholder approval.","page_number":24,"box":{"x":68,"y":340,"width":210,"height":10}},{"id":"22688f8a-af45-4e9d-9c82-082899f4fa69","block_type":"box","text":"Under its fundamental investment restrictions, the Por tfolio may not:","page_number":24,"box":{"x":102,"y":362,"width":488,"height":11}},{"id":"a48b63ec-32bc-4ff0-ac95-93ec335d4fc0","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":385,"width":770,"height":11}},{"id":"f99b09b0-b653-4ab4-b2d2-e2e092aaef8c","block_type":"box","text":"2. Borrow money, except as permitted under the Investment Company Act.","page_number":24,"box":{"x":102,"y":408,"width":528,"height":11}},{"id":"b1cd9de4-ccf6-45e6-8bbb-64a5d739caab","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":430,"width":694,"height":11}},{"id":"6e081c58-5a4e-40b9-b4de-99e95806abd9","block_type":"box","text":"4. Purchase or hold real estate, except the Por tfolio may purchase and hold securities or other instruments that","page_number":24,"box":{"x":101,"y":453,"width":801,"height":11}},{"id":"d6a23ef4-93e3-4fcf-b310-8060cb174a37","block_type":"box","text":"are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts, mor tgage","page_number":24,"box":{"x":69,"y":468,"width":814,"height":11}},{"id":"f9bf87b2-2048-43b8-87bc-83ff994a7baa","block_type":"box","text":"related securities and securities of issuers engaged in the real estate business, and the Por tfolio may purchase and","page_number":24,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"3232c861-9db1-432f-a70a-bec9f00a4de1","block_type":"box","text":"hold real estate as a result of the ownership of securities or other instruments.","page_number":24,"box":{"x":69,"y":498,"width":564,"height":11}},{"id":"414500fd-0bcd-4e39-a081-b263bdff9a86","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":24,"box":{"x":102,"y":521,"width":746,"height":11}},{"id":"c5225dfa-2375-47c8-b197-336b2de994b6","block_type":"box","text":"Por tfolio may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":24,"box":{"x":69,"y":536,"width":653,"height":11}},{"id":"eb409ce1-43bd-46bd-a59f-aca68aa02b0b","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":559,"width":787,"height":11}},{"id":"889b0ef4-0dd9-4603-8de0-4f60112f91b8","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":24,"box":{"x":102,"y":581,"width":506,"height":11}},{"id":"cc42926d-51dc-4a1d-b0e8-94384137861b","block_type":"box","text":"Notations Regarding the Por tfolio’s Fundamental Investment Restrictions","page_number":24,"box":{"x":102,"y":604,"width":520,"height":11}},{"id":"443a3522-5ae9-48b8-9857-43f1d9812f29","block_type":"box","text":"The following notations are not considered to be par t of the Por tfolio’s fundamental investment restrictions and","page_number":24,"box":{"x":101,"y":627,"width":796,"height":11}},{"id":"28877a69-eb37-4e0c-8643-824619fe8aa1","block_type":"box","text":"are subject to change without shareholder approval.","page_number":24,"box":{"x":69,"y":642,"width":369,"height":11}},{"id":"28582654-209a-42b6-b7f4-b4abf5f58290","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":664,"width":796,"height":12}},{"id":"61078413-fca5-4c91-81e4-88b86f90c30c","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":680,"width":811,"height":11}},{"id":"01e40daa-70b2-4b33-b7f4-506f75848d00","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":695,"width":833,"height":11}},{"id":"c8288d59-700f-4cf2-86e1-eb4c7681491f","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":710,"width":836,"height":11}},{"id":"18cb877e-3f84-48ce-9deb-5c9a2e79c04f","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":725,"width":815,"height":11}},{"id":"84f7bf7f-8dd5-455a-92a1-10a2bd1f98c8","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":740,"width":813,"height":11}},{"id":"40f91d96-88a4-4e8f-926c-f4026c308b19","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":755,"width":820,"height":11}},{"id":"9e86d9da-5880-4a40-a956-1f7f1fdc0bf8","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":24,"box":{"x":69,"y":771,"width":809,"height":11}},{"id":"ac4bb2e3-f75f-4820-9ebd-4e41ce2228d2","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":785,"width":772,"height":12}},{"id":"da509c40-4e29-4e56-bfd6-2356ad692de2","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":801,"width":824,"height":11}},{"id":"7a0a101a-52f6-4f31-b7e4-c7dcf36540de","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":816,"width":829,"height":11}},{"id":"75995983-6491-40d0-9ffb-f3ffe1b7e872","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":831,"width":805,"height":11}},{"id":"abafdb87-0ee3-42c5-9dde-caf1922af223","block_type":"box","text":"member of a separate industry. With respect to the Por tfolio’s industry classifications, the Por tfolio currently utilizes","page_number":24,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"de548882-9ddf-4631-8a65-fa95284e6ff1","block_type":"box","text":"any one or more of the industry sub-classifications used by one or more widely recognized market indexes or rating","page_number":24,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"e225027c-b363-4016-b267-4ba4e366e9a2","block_type":"box","text":"group indexes, and/or as defined by Por tfolio management. The policy also will be interpreted to give broad authority","page_number":24,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"6f8bad1d-c08f-4e82-9417-19fe8f58c88c","block_type":"box","text":"to the Por tfolio as to how to classify issuers within or among industries.","page_number":24,"box":{"x":68,"y":891,"width":512,"height":12}},{"id":"f541b7fb-3fbf-43bf-860b-09d83841262b","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"174c6ac6-759d-45d6-9173-895dde5a636d","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16259bab-fb04-48c3-94ee-cc7b6bc3fc77","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th above, the Investment Company Act","page_number":25,"box":{"x":101,"y":45,"width":805,"height":11}},{"id":"2229bee1-13d4-465e-b63b-437ef59a8f80","block_type":"box","text":"permits the Por tfolio to borrow money in amounts of up to one-third of the Por tfolio’s total assets from banks for any","page_number":25,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"36576c5f-8bf5-49a8-a0ae-c53536aaaa7c","block_type":"box","text":"purpose, and to borrow up to 5% of the Por tfolio’s total assets from banks or other lenders for temporary purposes.","page_number":25,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"57825d8f-ba76-473a-af42-f3c2099d33b9","block_type":"box","text":"(The Por tfolio’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the","page_number":25,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"7b3e7f98-bb43-4ab9-a47b-c4adf0c65f41","block_type":"box","text":"Investment Company Act requires the Por tfolio to maintain at all times an “asset coverage” of at least 300% of the","page_number":25,"box":{"x":70,"y":105,"width":821,"height":11}},{"id":"0f75f607-cea6-4a18-bb6c-8e4d1fa6754e","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Por tfolio’s total assets (including","page_number":25,"box":{"x":69,"y":120,"width":803,"height":12}},{"id":"3993267e-40ab-43bb-90aa-eab744d96d2e","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":25,"box":{"x":69,"y":135,"width":776,"height":12}},{"id":"578a9d24-2f44-46a9-a2e5-1e424a972a92","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":25,"box":{"x":70,"y":150,"width":828,"height":12}},{"id":"5bcad6cd-961e-4398-a4c3-d4f2aecc9b89","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":25,"box":{"x":69,"y":166,"width":788,"height":11}},{"id":"e25659f7-f863-44bc-bc0c-21c74a78ce48","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":25,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"045a363b-7cd7-4cc2-9383-ad9b1d807b79","block_type":"box","text":"Act, when the Por tfolio engages in reverse repurchase agreements and similar financing transactions, the Por tfolio","page_number":25,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"d3132e24-627a-4def-b180-13d9a4f5aa5c","block_type":"box","text":"may either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings","page_number":25,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"fd2f23ce-a3b3-4d8e-8604-12d71803ed3e","block_type":"box","text":"in the aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect","page_number":25,"box":{"x":70,"y":226,"width":833,"height":11}},{"id":"0919be4c-cde1-4353-951f-aa6a4d718f19","block_type":"box","text":"to such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements","page_number":25,"box":{"x":68,"y":241,"width":818,"height":11}},{"id":"078cf500-1ea4-469d-bfdd-b94331bc4f35","block_type":"box","text":"with respect to securities lending will not be considered to be borrowings under the policy. Practices and investments","page_number":25,"box":{"x":68,"y":257,"width":836,"height":11}},{"id":"924459b9-84a1-4fe2-b6bc-4afc13d066a0","block_type":"box","text":"that may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":25,"box":{"x":68,"y":272,"width":677,"height":11}},{"id":"67fa544a-277f-4209-829a-a3a8b21b1cec","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":294,"width":788,"height":11}},{"id":"faed8e59-fbb5-4c21-b5d9-0575eea899bf","block_type":"box","text":"Act does not prohibit the Por tfolio from engaging in the underwriting business or from underwriting the securities of","page_number":25,"box":{"x":68,"y":309,"width":825,"height":11}},{"id":"454938f6-726c-4f2b-854b-8ab5f343e09c","block_type":"box","text":"other issuers; in fact, in the case of diversified funds, the Investment Company Act permits the Por tfolio to have","page_number":25,"box":{"x":69,"y":324,"width":800,"height":11}},{"id":"3ca5daba-d4d7-4616-8945-aefcb619fd47","block_type":"box","text":"underwriting commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently","page_number":25,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"8c97f966-aff2-45a3-815f-e85fd4de64ab","block_type":"box","text":"are that the amount of the Por tfolio’s underwriting commitments, when added to the value of the Por tfolio’s","page_number":25,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"d0b8f077-6e7b-4d6e-a359-bf40134f61e2","block_type":"box","text":"investments in issuers where the Por tfolio owns more than 10% of the outstanding voting securities of those issuers,","page_number":25,"box":{"x":70,"y":370,"width":836,"height":11}},{"id":"d47147de-1717-437e-a100-e7719a1b0c43","block_type":"box","text":"cannot exceed the 25% cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio","page_number":25,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"e35cc3a0-b560-403b-919d-73ca50a3f722","block_type":"box","text":"securities may be considered to be an underwriter under the Securities Act of 1933, as amended (the “Securities","page_number":25,"box":{"x":69,"y":400,"width":810,"height":11}},{"id":"9749f7d5-4dfa-478b-8ba5-03fe5a78b206","block_type":"box","text":"Act”). Although it is not believed that the application of the Securities Act provisions described above would cause","page_number":25,"box":{"x":68,"y":415,"width":814,"height":11}},{"id":"bf10a42f-dbe5-4d1b-913c-5d92f8710213","block_type":"box","text":"the Por tfolio to be engaged in the business of underwriting, the policy in (5) above will be interpreted not to prevent","page_number":25,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"077d7b41-b1e2-4d66-b885-50b54dc7e9b7","block_type":"box","text":"the Por tfolio from engaging in transactions involving the acquisition or disposition of por tfolio securities, regardless","page_number":25,"box":{"x":68,"y":445,"width":824,"height":12}},{"id":"d7279648-aec7-4237-9c68-c9b4309c1e1c","block_type":"box","text":"of whether the Por tfolio may be considered to be an underwriter under the Securities Act or is otherwise engaged in","page_number":25,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"0e9593b8-e8d0-4e43-9bd5-f0e5316e83a0","block_type":"box","text":"the underwriting business to the extent permitted by applicable law.","page_number":25,"box":{"x":68,"y":476,"width":483,"height":11}},{"id":"10f6f164-434e-48ea-a265-9fa11e4de098","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":498,"width":778,"height":11}},{"id":"fd250c3b-193a-4fd4-81f3-2f68156dee60","block_type":"box","text":"does not prohibit the Por tfolio from making loans (including lending its securities); however, Commission staff","page_number":25,"box":{"x":69,"y":513,"width":785,"height":12}},{"id":"46d26a6e-e139-417b-87a2-2936d24fa077","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":528,"width":807,"height":12}},{"id":"cc7af3e9-6107-445f-b31f-e06ea5810040","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":543,"width":784,"height":12}},{"id":"897fa0d9-7951-458c-8b36-6379dcf87dfa","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":559,"width":791,"height":11}},{"id":"8085271e-eb71-44e9-8e7f-67b73393190c","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":574,"width":803,"height":11}},{"id":"71a2c5bc-9cd0-4d70-a86b-e756690921a2","block_type":"box","text":"loans.","page_number":25,"box":{"x":70,"y":589,"width":40,"height":9}},{"id":"294c21a8-f1da-40ef-8153-e6ca3e9a2788","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":612,"width":767,"height":11}},{"id":"e67fa100-5ab7-4b1e-b89b-0ba54effbb57","block_type":"box","text":"approval, the Por tfolio may not:","page_number":25,"box":{"x":69,"y":627,"width":223,"height":11}},{"id":"ceb3454b-7d00-4e04-b4b7-7a3e62949f19","block_type":"box","text":"(a) engage in shor t sales in excess of 15% of the market value of the Por tfolio’s total assets. However, the","page_number":25,"box":{"x":102,"y":649,"width":763,"height":12}},{"id":"153c2f5f-4738-48c7-a070-478330c74cb3","block_type":"box","text":"Por tfolio may make shor t sales of TBA mor tgage-backed securities and may make shor t sales “against-the-box”","page_number":25,"box":{"x":69,"y":664,"width":797,"height":12}},{"id":"e0b4bcc1-9002-446a-aeff-eec24fc0bfa3","block_type":"box","text":"without regard to this limitation.","page_number":25,"box":{"x":68,"y":680,"width":227,"height":11}},{"id":"1c82a8bf-cdd9-4881-81a7-02aa0db01714","block_type":"box","text":"(b) purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":25,"box":{"x":102,"y":702,"width":746,"height":11}},{"id":"34f0e068-2eb5-42b4-9ab6-54a9f52e7ad3","block_type":"box","text":"Company Act. As a matter of policy, however, the Por tfolio will not purchase shares of any registered open-end","page_number":25,"box":{"x":69,"y":717,"width":785,"height":12}},{"id":"e85960d5-5f36-44c4-85f9-859e38c95e9c","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":732,"width":829,"height":12}},{"id":"a493a650-69dc-40e7-9f67-e206dd2ae341","block_type":"box","text":"provisions) of the Investment Company Act, at any time the Por tfolio has knowledge that its shares are purchased by","page_number":25,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"a8fcad93-96c1-44d2-a94c-3755207d8957","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":763,"width":763,"height":11}},{"id":"316c8a16-1c00-43b9-adfd-9beeff290f6b","block_type":"box","text":"Unless otherwise indicated, all limitations under the Por tfolio’s fundamental or non-fundamental investment","page_number":25,"box":{"x":102,"y":785,"width":770,"height":11}},{"id":"4eb85d82-a144-45b1-887d-b2c248eccabe","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Por tfolio’s","page_number":25,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"7c77ae60-e9cd-489c-ad1b-a8ccffe42275","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":816,"width":827,"height":11}},{"id":"8fb97f9e-0a38-4839-bf20-e68b354fea1e","block_type":"box","text":"Por tfolio’s total assets will not require the Por tfolio to dispose of an investment until the Manager or sub-adviser","page_number":25,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"07ed9f57-7453-4f67-b4d9-856b890ac083","block_type":"box","text":"determines that it is practicable to sell or close out the investment without undue market or tax consequences.","page_number":25,"box":{"x":69,"y":846,"width":793,"height":11}},{"id":"517ec64d-6e83-4cb6-b462-adf9ef10b5fd","block_type":"box","text":"The Subsidiary will follow the Por tfolio’s fundamental and non-fundamental investment restrictions, described","page_number":25,"box":{"x":101,"y":869,"width":781,"height":11}},{"id":"4ddc53f9-c3f8-4265-913b-3ed18d61e114","block_type":"box","text":"above, with respect to its investments.","page_number":25,"box":{"x":69,"y":884,"width":275,"height":11}},{"id":"1d467a3c-896a-47dc-bee7-1373623c77bd","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"36976bfe-3875-46c5-b851-76327a259b6a","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf8ea1d6-a07e-4913-8303-00ca1df7034a","block_type":"box","text":"III. Information on Trustees and Officers","page_number":26,"box":{"x":69,"y":45,"width":290,"height":9}},{"id":"2a144621-f6a2-46c0-b3d9-828cb13833a3","block_type":"box","text":"The Board consists of nine individuals (each a “Trustee”), seven of whom are not “interested persons” of the","page_number":26,"box":{"x":101,"y":67,"width":780,"height":11}},{"id":"93e7b721-3c60-4755-a4aa-66c16607d4d4","block_type":"box","text":"Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment companies","page_number":26,"box":{"x":68,"y":82,"width":833,"height":12}},{"id":"5524c0d8-a0ed-4501-91a0-82ad3853c963","block_type":"box","text":"advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock Multi-Asset","page_number":26,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"6d04db75-f023-42e9-90e8-cc2e0952d9eb","block_type":"box","text":"Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund Complex”). The","page_number":26,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"cd392b28-6b34-44b4-8c09-77e286f0f664","block_type":"box","text":"Por tfolio is included in the BlackRock Fund Complex referred to as the BlackRock Fixed-Income Complex. The","page_number":26,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"3033abfa-d26a-41a8-87ea-34659977ac5c","block_type":"box","text":"Trustees also oversee as board members the operations of the other open-end and closed-end registered investment","page_number":26,"box":{"x":68,"y":143,"width":837,"height":11}},{"id":"df916b70-699c-4c0b-bbc1-281a95b793b3","block_type":"box","text":"companies included in the BlackRock Fixed-Income Complex.","page_number":26,"box":{"x":69,"y":158,"width":431,"height":11}},{"id":"3385f91b-13e1-46e8-9323-9b9b392cb947","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Por tfolio. The Chair of the Board and","page_number":26,"box":{"x":101,"y":181,"width":787,"height":11}},{"id":"d3b879d6-6e61-4e48-98f0-eca844727e6e","block_type":"box","text":"the Chief Executive Officer are different people. Not only is the Chair of the Board an Independent Trustee, but also","page_number":26,"box":{"x":68,"y":196,"width":824,"height":11}},{"id":"dfbe5850-dd86-45d1-b54a-cbab7e5eb4f4","block_type":"box","text":"the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The Board has six standing","page_number":26,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"21ee73ed-7065-442b-8664-8df08606491f","block_type":"box","text":"Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance Committee, a","page_number":26,"box":{"x":69,"y":226,"width":750,"height":11}},{"id":"4efa36bc-ad75-4739-90e1-83a81232c5cd","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":241,"width":803,"height":11}},{"id":"d5c34283-dd06-42cc-94a7-31c34736d8f1","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":256,"width":836,"height":12}},{"id":"7443cdbc-649d-4f24-9c84-e99f7aa176cf","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":271,"width":824,"height":12}},{"id":"f88791fa-d075-4a00-ab8d-dfa8386fea34","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":286,"width":770,"height":12}},{"id":"b11b6514-3f32-4f74-a821-54c6fe54ca4a","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":302,"width":809,"height":11}},{"id":"cf976ee9-021d-4517-ad94-00ff226ca7dd","block_type":"box","text":"presence of the Por tfolio’s management, in executive sessions or with other service providers to the Por tfolio. The","page_number":26,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"bec6feeb-a219-4ba5-8711-cef0c09400de","block_type":"box","text":"Board has regular meetings five times a year, including a meeting to consider the approval of the Por tfolio’s","page_number":26,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"29f250a9-a230-44a8-889e-ffb68804bb44","block_type":"box","text":"investment management agreement, and, if necessary, may hold special meetings before its next regular meeting.","page_number":26,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"e2d32c17-2943-46a2-b3a7-b48da4ce13e2","block_type":"box","text":"The Audit Committee, the Governance and Nominating Committee, the Compliance Committee, the Per formance","page_number":26,"box":{"x":68,"y":362,"width":802,"height":11}},{"id":"18714467-2af8-4db0-8019-edd1359a8ba6","block_type":"box","text":"Oversight Committee and the Securities Lending Committee each meets regularly and the Executive Committee","page_number":26,"box":{"x":69,"y":377,"width":792,"height":12}},{"id":"d07a92f0-6bf1-41b2-bc0b-d5b0e3ebd1f8","block_type":"box","text":"meets on an ad hoc basis to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":26,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"48aeebd4-91a3-4189-bcd2-02ebb1e93bb0","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":26,"box":{"x":70,"y":407,"width":811,"height":12}},{"id":"0b59ed0c-8acf-466e-b4f7-5a269de3d82f","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":26,"box":{"x":68,"y":423,"width":809,"height":11}},{"id":"8828fa86-cb8b-4500-b64d-ef5091814d5d","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":26,"box":{"x":69,"y":438,"width":825,"height":11}},{"id":"0bbbed04-32fd-475a-9eab-25250f80f821","block_type":"box","text":"Committees and the Board to enhance oversight.","page_number":26,"box":{"x":69,"y":453,"width":349,"height":11}},{"id":"a658e06a-299d-43f9-ba35-030b4e04d1c3","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":475,"width":805,"height":12}},{"id":"b9ab9716-b1cf-4319-b2b6-12afc6d062ed","block_type":"box","text":"an independent Chair:","page_number":26,"box":{"x":69,"y":491,"width":155,"height":11}},{"id":"663763b5-d54b-47b1-91c6-40eb8555cc46","block_type":"box","text":"•","page_number":26,"box":{"x":102,"y":514,"width":6,"height":4}},{"id":"7ddc9d79-f605-450b-aa8e-8a4544234b6a","block_type":"box","text":"increases the independent oversight of the Por tfolio and enhances the Board’s objective evaluation of the","page_number":26,"box":{"x":135,"y":511,"width":754,"height":11}},{"id":"3b7583c7-0bf6-41e2-8b7f-151ba4c0fdb7","block_type":"box","text":"Chief Executive Officer;","page_number":26,"box":{"x":134,"y":526,"width":164,"height":10}},{"id":"6ff8f347-40d5-41d9-9596-5c56fe90f839","block_type":"box","text":"•","page_number":26,"box":{"x":102,"y":549,"width":6,"height":5}},{"id":"2485effd-6a34-48f5-aec2-acfa83b1565e","block_type":"box","text":"allows the Chief Executive Officer to focus on the Por tfolio’s operations instead of Board administration;","page_number":26,"box":{"x":134,"y":546,"width":743,"height":11}},{"id":"ef5a4310-d8ff-42ac-87e9-f06e438b194d","block_type":"box","text":"•","page_number":26,"box":{"x":102,"y":569,"width":6,"height":5}},{"id":"d2c650ad-1f81-4ad5-95dd-8bc4f4c94f24","block_type":"box","text":"provides greater oppor tunities for direct and independent communication between shareholders and the","page_number":26,"box":{"x":135,"y":566,"width":742,"height":11}},{"id":"8cf436a7-3de4-4191-b8c8-61a0dcacb991","block_type":"box","text":"Board; and","page_number":26,"box":{"x":135,"y":582,"width":76,"height":10}},{"id":"ae8cec0d-99ad-4abd-90d8-b1b2fff2eb48","block_type":"box","text":"•","page_number":26,"box":{"x":102,"y":604,"width":6,"height":5}},{"id":"cca97e02-e90b-404d-b49b-d958f7c42dd1","block_type":"box","text":"provides an independent spokesman for the Por tfolio.","page_number":26,"box":{"x":135,"y":601,"width":382,"height":11}},{"id":"e74aad34-85e4-4102-97c7-b1a9c2a4054f","block_type":"box","text":"The Board has engaged the Manager to manage the Por tfolio on a day-to-day basis. The Board is responsible for","page_number":26,"box":{"x":101,"y":624,"width":803,"height":11}},{"id":"e425beb6-5e26-4df9-8f61-53f3bf4f6b47","block_type":"box","text":"overseeing the Manager, sub-advisers, other service providers, the operations of the Por tfolio and associated risks in","page_number":26,"box":{"x":69,"y":639,"width":837,"height":12}},{"id":"f66c62ea-f0da-4b4c-82ae-d86b71b8ff67","block_type":"box","text":"accordance with the provisions of the Investment Company Act, state law, other applicable laws, the Por tfolio’s","page_number":26,"box":{"x":69,"y":654,"width":792,"height":12}},{"id":"5d10fa86-b3f6-4c80-a8ab-806b00f52773","block_type":"box","text":"char ter, and the Por tfolio’s investment objective and strategies. The Board reviews, on an ongoing basis, the","page_number":26,"box":{"x":69,"y":669,"width":777,"height":12}},{"id":"aef22e43-86a7-4788-b4a1-8591f30cc707","block_type":"box","text":"Por tfolio’s per formance, operations, and investment strategies and techniques. The Board also conducts reviews of","page_number":26,"box":{"x":69,"y":685,"width":829,"height":11}},{"id":"3f423a25-0e3a-44f1-985f-6d02d43dc65d","block_type":"box","text":"the Manager and its role in running the operations of the Por tfolio.","page_number":26,"box":{"x":68,"y":700,"width":474,"height":11}},{"id":"346e963f-cca8-48e2-8dba-a35107ea2694","block_type":"box","text":"Day-to-day risk management with respect to the Por tfolio is the responsibility of the Manager, sub-advisers or","page_number":26,"box":{"x":102,"y":722,"width":777,"height":12}},{"id":"a96c5f22-54da-478e-adf9-8f2e680bfb59","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Por tfolio","page_number":26,"box":{"x":69,"y":738,"width":837,"height":11}},{"id":"db095e26-7a7a-434e-baf6-cb7fa8ed5915","block_type":"box","text":"is subject to a number of risks, including investment, compliance, operational and valuation risks, among others.","page_number":26,"box":{"x":70,"y":753,"width":803,"height":11}},{"id":"0a9c5347-f1bc-4d02-b080-0434eb5b2362","block_type":"box","text":"While there are a number of risk management functions per formed by the Manager, sub-advisers or other service","page_number":26,"box":{"x":68,"y":768,"width":809,"height":11}},{"id":"03e44f1e-c4ab-4609-a9f8-c3c031555a60","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Por tfolio. Risk oversight is","page_number":26,"box":{"x":70,"y":783,"width":808,"height":11}},{"id":"b4dff308-5897-4bc0-b0a0-63a064d2d4a6","block_type":"box","text":"par t of the Board’s general oversight of the Por tfolio and is addressed as par t of various Board and Committee","page_number":26,"box":{"x":70,"y":798,"width":792,"height":11}},{"id":"1a3e281f-7f42-4702-adb2-bffab8c81010","block_type":"box","text":"activities. The Board, directly or through Committees, also reviews repor ts from, among others, management, the","page_number":26,"box":{"x":69,"y":813,"width":809,"height":11}},{"id":"6983f0c1-bbdc-4dd9-9947-da1d64769d3f","block_type":"box","text":"independent registered public accounting firm for the Por tfolio, the Manager, sub-advisers and internal auditors for","page_number":26,"box":{"x":70,"y":828,"width":816,"height":12}},{"id":"8b887f1e-9e91-4b94-9c73-6140b329c912","block_type":"box","text":"the Manager or its affiliates, as appropriate, regarding risks faced by the Por tfolio and management’s or the service","page_number":26,"box":{"x":68,"y":843,"width":830,"height":12}},{"id":"c965d03f-e09c-4b09-89b0-11e25f96311a","block_type":"box","text":"provider’s risk functions. The Committee system facilitates the timely and efficient consideration of matters by the","page_number":26,"box":{"x":70,"y":858,"width":815,"height":12}},{"id":"22d48576-c2bb-4b03-b2e7-4b1c249fe6d3","block_type":"box","text":"Trustees and facilitates effective oversight of compliance with legal and regulatory requirements and of the","page_number":26,"box":{"x":68,"y":874,"width":765,"height":11}},{"id":"69dd0195-212f-4e6b-b4c4-d056b4bf4d8d","block_type":"box","text":"Por tfolio’s activities and associated risks. The Board has approved the appointment of a Chief Compliance Officer","page_number":26,"box":{"x":69,"y":889,"width":814,"height":11}},{"id":"c9c69c26-cbc9-41b5-857f-7cf963a8475e","block_type":"box","text":"(“CCO”), who oversees the implementation and testing of the Por tfolio’s compliance program and repor ts regularly to","page_number":26,"box":{"x":69,"y":904,"width":836,"height":11}},{"id":"183c659b-0ebd-4aea-925c-9d1fdeef6aa5","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"6efd9aa4-031a-4675-b4d8-50b25878959e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3963568-42b6-460c-8c69-adc67f7d7400","block_type":"box","text":"the Board regarding compliance matters for the Por tfolio and its service providers. The Independent Trustees have","page_number":27,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"02c3b981-ba78-4d74-b348-7e89da149b50","block_type":"box","text":"engaged independent legal counsel to assist them in per forming their oversight responsibilities.","page_number":27,"box":{"x":69,"y":60,"width":684,"height":11}},{"id":"efaf9d93-0040-40a7-ab85-b24cf29ca1af","block_type":"box","text":"Audit Committee.","page_number":27,"box":{"x":101,"y":83,"width":122,"height":8}},{"id":"34839731-93a1-4f60-944b-2496e7dcbf97","block_type":"box","text":"The Board has a standing Audit Committee composed of Lorenzo A. Flores (Chair), J. Phillip","page_number":27,"box":{"x":229,"y":82,"width":651,"height":12}},{"id":"a098ec28-e323-4624-b511-b3a08c7ead86","block_type":"box","text":"Holloman and Ar thur P. Steinmetz, all of whom are Independent Trustees. The principal responsibilities of the Audit","page_number":27,"box":{"x":70,"y":98,"width":819,"height":11}},{"id":"3694cd0d-3452-49a8-b683-fc15481199a9","block_type":"box","text":"Committee are to assist the Board in fulfilling its oversight responsibilities relating to the accounting and financial","page_number":27,"box":{"x":69,"y":113,"width":810,"height":11}},{"id":"e1699106-12d5-4853-8eda-c325e3dbe926","block_type":"box","text":"repor ting policies and practices of the Por tfolio. The Audit Committee’s responsibilities include, without limitation:","page_number":27,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"38c35f04-6010-40e9-b099-547584746bb1","block_type":"box","text":"(i) approving, and recommending to the full Board for approval, the selection, retention, termination and","page_number":27,"box":{"x":69,"y":143,"width":739,"height":11}},{"id":"2f4be9ac-7b59-42f6-9c82-4385d8243794","block_type":"box","text":"compensation of the Por tfolio’s independent registered public accounting firm (the “Independent Registered Public","page_number":27,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"af953c31-1776-41ec-8230-24db1193ff24","block_type":"box","text":"Accounting Firm”) and evaluating the independence and objectivity of the Independent Registered Public Accounting","page_number":27,"box":{"x":68,"y":173,"width":824,"height":11}},{"id":"2fe903c7-9c12-4772-8c55-69c02f92806a","block_type":"box","text":"Firm; (ii) approving all audit engagement terms and fees for the Por tfolio; (iii) reviewing the conduct and results of","page_number":27,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"d0b2dc61-1895-4909-86c6-43e95e801c10","block_type":"box","text":"each audit; (iv) reviewing any issues raised by the Por tfolio’s Independent Registered Public Accounting Firm or","page_number":27,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"c1f6a728-ac2f-42c8-beea-faa80c8b1c26","block_type":"box","text":"management regarding the accounting or financial repor ting policies and practices of the Por tfolio, its internal","page_number":27,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"57e86184-751a-4830-acdc-836353971c35","block_type":"box","text":"controls, and, as appropriate, the internal controls of cer tain service providers and management’s response to any","page_number":27,"box":{"x":69,"y":234,"width":822,"height":11}},{"id":"38f45b76-424f-4d76-bc97-157632e5baa8","block_type":"box","text":"such issues; (v) reviewing and discussing the Por tfolio’s audited and unaudited financial statements and disclosure","page_number":27,"box":{"x":69,"y":249,"width":825,"height":11}},{"id":"f6149139-4cf2-4d6b-be0b-82def06c0aa1","block_type":"box","text":"in the Por tfolio’s shareholder repor ts relating to the Por tfolio’s per formance; (vi) assisting the Board’s","page_number":27,"box":{"x":70,"y":264,"width":730,"height":11}},{"id":"e3a21846-799e-48e7-bd7e-14f9953a6a23","block_type":"box","text":"responsibilities with respect to the internal controls of the Por tfolio and its service providers with respect to","page_number":27,"box":{"x":69,"y":279,"width":769,"height":11}},{"id":"1132865d-3537-4943-9e3f-1aca306d3871","block_type":"box","text":"accounting and financial matters; and (vii) resolving any disagreements between the Por tfolio’s management and the","page_number":27,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"f672d838-d6fb-4797-a5a9-5abfeb644b0d","block_type":"box","text":"Por tfolio’s Independent Registered Public Accounting Firm regarding financial repor ting. The Board has adopted a","page_number":27,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"0addee33-da1e-4deb-89bc-685c09ec73ba","block_type":"box","text":"written char ter for the Board’s Audit Committee. During the fiscal year ended December 31, 2025, the Audit","page_number":27,"box":{"x":68,"y":324,"width":773,"height":12}},{"id":"7a66c7b2-47ac-4c9c-9f3f-4e54476cd17f","block_type":"box","text":"Committee met four times.","page_number":27,"box":{"x":69,"y":339,"width":190,"height":9}},{"id":"a6d71622-f728-4790-8225-6d33e2b7a9b1","block_type":"box","text":"Governance and Nominating Committee.","page_number":27,"box":{"x":102,"y":362,"width":286,"height":11}},{"id":"048af12d-f69a-4622-8d45-367529f20ed7","block_type":"box","text":"The Board has a standing Governance and Nominating Committee","page_number":27,"box":{"x":394,"y":362,"width":471,"height":11}},{"id":"214bf9f0-3134-434c-8a47-4f0394dfe55b","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":377,"width":791,"height":12}},{"id":"5662df99-3b1d-4ea2-887b-a0baf89acd25","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":392,"width":830,"height":12}},{"id":"87b80357-8913-4b82-b0b2-45c9b4fd557f","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":407,"width":820,"height":12}},{"id":"42ac4e11-49cc-4e8d-bb22-03805e0de5d6","block_type":"box","text":"persons” of the Por tfolio (as defined in the Investment Company Act) for election by shareholders or appointment by","page_number":27,"box":{"x":70,"y":423,"width":828,"height":11}},{"id":"3ced39e6-8c18-4231-9bf7-ed962909f64c","block_type":"box","text":"the Board; (ii) advising the Board with respect to Board composition, procedures and Committees of the Board (other","page_number":27,"box":{"x":68,"y":438,"width":836,"height":11}},{"id":"edaf3234-15ab-4dc2-b515-5fac1c77067a","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":453,"width":800,"height":11}},{"id":"63695e98-3b0d-4196-8e09-3e5aa598dd53","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":468,"width":801,"height":11}},{"id":"c062400f-bd81-4144-a7b4-51b3f010b980","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":483,"width":823,"height":11}},{"id":"590546cd-429e-48e0-b036-664b7c84995a","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":498,"width":831,"height":11}},{"id":"2966545b-5e18-4393-9c7c-78cc8365de76","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":513,"width":808,"height":11}},{"id":"d22e9325-4c92-41f3-ad68-6742a426910d","block_type":"box","text":"and (vii) reviewing and making recommendations to the Board in respect of Por tfolio share ownership by the","page_number":27,"box":{"x":69,"y":528,"width":769,"height":12}},{"id":"84b66319-da5d-4568-8c17-594fbd78c412","block_type":"box","text":"Independent Trustees. The Board has adopted a written char ter for the Board’s Governance and Nominating","page_number":27,"box":{"x":70,"y":543,"width":770,"height":12}},{"id":"9d6e1e2d-3ab4-478c-a792-9ce52be0cdbf","block_type":"box","text":"Committee. During the fiscal year ended December 31, 2025, the Governance and Nominating Committee met four","page_number":27,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"fa8bc887-76be-404e-88ce-af72cafa1bc6","block_type":"box","text":"times.","page_number":27,"box":{"x":68,"y":574,"width":43,"height":9}},{"id":"bb557b3c-6837-4981-9b22-73c012145564","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":596,"width":803,"height":12}},{"id":"f314eae7-5e8d-414a-892b-bc2fbf4031e0","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":612,"width":825,"height":11}},{"id":"b8e18ab3-12f5-4c16-b361-41012d298caa","block_type":"box","text":"better suited to fulfill its responsibility of overseeing the Por tfolio’s activities. In so doing, the Governance and","page_number":27,"box":{"x":69,"y":627,"width":785,"height":11}},{"id":"7d300f1b-38e9-49c5-a9ee-421d8b67918c","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":642,"width":833,"height":11}},{"id":"b35b3d4b-0c69-48a1-b38a-1794c838dd58","block_type":"box","text":"and the skills, background and experiences of the Trustees in light of the issues facing the Por tfolio in determining","page_number":27,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"277a6a34-2a5f-4530-8a7e-eebe98de4d90","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":672,"width":836,"height":11}},{"id":"2f13a11a-568e-4e0d-a053-86284560ae77","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":687,"width":775,"height":11}},{"id":"4504bf33-24d4-43a1-8bba-5db5855ef002","block_type":"box","text":"Trustees as a group possess the array of skills, experiences and backgrounds necessary to guide the Por tfolio. The","page_number":27,"box":{"x":68,"y":702,"width":827,"height":12}},{"id":"f9fbf249-bef3-46aa-b51c-67b58a89982d","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":717,"width":815,"height":12}},{"id":"872e257e-1bd0-4bdf-aeb3-f9789ca9b8f0","block_type":"box","text":"the Trustees bring to the Por tfolio.","page_number":27,"box":{"x":68,"y":732,"width":245,"height":12}},{"id":"875525be-9c22-4f9e-bb1a-b060ae5ec271","block_type":"box","text":"The Governance and Nominating Committee may consider nominations for Trustees made by the Por tfolio’s","page_number":27,"box":{"x":101,"y":755,"width":767,"height":11}},{"id":"477fa403-9fa5-4931-a013-7e12b46d5ee1","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":770,"width":803,"height":11}},{"id":"69d38133-0a4d-408d-b441-c0b5bb0c2bb4","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":785,"width":805,"height":12}},{"id":"2bbd656f-e253-49df-838f-2ab23a03a715","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":801,"width":801,"height":11}},{"id":"dd35ccd5-ecd8-4bc5-a694-8c2eb6055b5e","block_type":"box","text":"Secretary of the Por tfolio at its principal executive offices no later than the close of business on the fifth (5th) day","page_number":27,"box":{"x":69,"y":816,"width":816,"height":11}},{"id":"3072294e-1a62-41a3-8da9-09d0b157c0ed","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":831,"width":784,"height":11}},{"id":"b15769bc-d97a-4195-b2e8-4bb4e14c13ed","block_type":"box","text":"meeting was made, whichever first occurs.","page_number":27,"box":{"x":69,"y":846,"width":302,"height":11}},{"id":"e4909b1e-0445-4437-91e3-894ffd595fd3","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":869,"width":769,"height":11}},{"id":"6694e6e8-8ee4-4d76-924d-c5f7deac1ad1","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":884,"width":791,"height":11}},{"id":"0cb824c0-af76-417a-ad80-844c8363a316","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":899,"width":615,"height":11}},{"id":"29d8e855-ce2f-4fae-bb20-25c4fc8dc27f","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"245d1293-1b69-4410-9650-f299adc2d1b6","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e2db2b5-93f3-41d3-b26b-f6b11dd86ed8","block_type":"box","text":"Compliance Committee.","page_number":28,"box":{"x":102,"y":45,"width":168,"height":11}},{"id":"32482613-4325-43b2-8ca4-f97d1e9441fc","block_type":"box","text":"The Board has a Compliance Committee composed of Cynthia L. Egan (Chair), Stayce D.","page_number":28,"box":{"x":276,"y":45,"width":628,"height":11}},{"id":"db094016-e07f-45a3-9b6f-af032f34c671","block_type":"box","text":"Harris, R. Glenn Hubbard and W. Carl Kester, all of whom are Independent Trustees. The Compliance Committee’s","page_number":28,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"121db0d1-0e77-42b3-86f7-1aa556fa2108","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":28,"box":{"x":70,"y":75,"width":814,"height":11}},{"id":"6b8334ea-4ba5-4b69-9b9a-0ea9212acac6","block_type":"box","text":"compliance matters involving the Por tfolio, the fund-related activities of BlackRock, and any sub-advisers and the","page_number":28,"box":{"x":69,"y":90,"width":804,"height":11}},{"id":"c23f4f52-c00c-485a-b389-6a3efeb46891","block_type":"box","text":"Por tfolio other third par ty service providers. The Compliance Committee’s responsibilities include, without limitation:","page_number":28,"box":{"x":69,"y":105,"width":830,"height":11}},{"id":"95416ce9-f378-4ae7-a4bf-0555c7132c96","block_type":"box","text":"(i) overseeing the compliance policies and procedures of the Por tfolio and its service providers and recommending","page_number":28,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"b5ee40fe-ffce-451d-8a26-e24a076f0974","block_type":"box","text":"changes or additions to such policies and procedures; (ii) reviewing information on and, where appropriate,","page_number":28,"box":{"x":69,"y":135,"width":762,"height":12}},{"id":"6ce42726-0fa2-438a-866b-e8fd6106a9f2","block_type":"box","text":"recommending policies concerning the Por tfolio compliance with applicable law; (iii) reviewing information on any","page_number":28,"box":{"x":69,"y":150,"width":803,"height":12}},{"id":"25e2dbf1-8ff3-4864-8e61-614617fd0095","block_type":"box","text":"significant correspondence with or other actions by regulators or governmental agencies with respect to the Por tfolio","page_number":28,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"51f4e5d5-02af-4eb9-bf67-d12b51aa5b1e","block_type":"box","text":"and any employee complaints or published repor ts that raise concerns regarding compliance matters; and","page_number":28,"box":{"x":69,"y":181,"width":756,"height":11}},{"id":"6f3f49f6-3a0a-4beb-bfe2-607f795fd575","block_type":"box","text":"(iv) reviewing repor ts from, overseeing the annual per formance review of, and making cer tain recommendations in","page_number":28,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"71a3d823-dce5-4e5b-8dbd-c3d057564569","block_type":"box","text":"respect of, the Por tfolio’s CCO, including, without limitation, determining the amount and structure of the CCO’s","page_number":28,"box":{"x":69,"y":211,"width":799,"height":11}},{"id":"245921f6-c211-49b4-aaf2-074eaed82de8","block_type":"box","text":"compensation. The Board has adopted a written char ter for the Board’s Compliance Committee. During the fiscal","page_number":28,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"171ce44c-4054-4f13-86bd-e7e739f91bac","block_type":"box","text":"year ended December 31, 2025, the Compliance Committee met four times.","page_number":28,"box":{"x":68,"y":241,"width":546,"height":11}},{"id":"e56b576f-9c19-4c38-bdf7-479251cd3840","block_type":"box","text":"Per formance Oversight Committee.","page_number":28,"box":{"x":102,"y":264,"width":248,"height":11}},{"id":"42f5b377-a1ec-4938-b2dd-adcbaa3010c8","block_type":"box","text":"The Board has a Per formance Oversight Committee composed of Ar thur P.","page_number":28,"box":{"x":356,"y":264,"width":530,"height":11}},{"id":"e150e0ab-c9c5-4644-95d7-0ace967e17ab","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":279,"width":828,"height":11}},{"id":"e1622e76-03df-4e2b-b4fd-dad337087fd7","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":294,"width":832,"height":11}},{"id":"51b2c667-bc3c-4327-80ef-738d6248e4b0","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Por tfolio’s investment per formance relative to the Por tfolio’s","page_number":28,"box":{"x":70,"y":309,"width":786,"height":11}},{"id":"6349881b-8679-42c6-9cbd-b0fe13d1a108","block_type":"box","text":"investment objective, policies and practices. The Per formance Oversight Committee’s responsibilities include,","page_number":28,"box":{"x":70,"y":324,"width":782,"height":12}},{"id":"ece9f140-66cb-4a3b-aba6-a603fc9f946c","block_type":"box","text":"without limitation: (i) reviewing the Por tfolio’s investment objective, policies and practices; (ii) recommending to the","page_number":28,"box":{"x":68,"y":339,"width":823,"height":12}},{"id":"06491217-b618-4dde-924c-c8320b95ab70","block_type":"box","text":"Board any required action in respect of changes in fundamental and non-fundamental investment restrictions;","page_number":28,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"5da48765-1ba8-4aed-9deb-c4c22315370e","block_type":"box","text":"(iii) reviewing information on appropriate benchmarks and competitive universes; (iv) reviewing the Por tfolio’s","page_number":28,"box":{"x":69,"y":370,"width":776,"height":11}},{"id":"b0e2854e-5383-4a87-8aaa-e94fc472776e","block_type":"box","text":"investment per formance relative to such benchmarks; (v) reviewing information on unusual or exceptional investment","page_number":28,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"0e45c4b1-a1d3-490c-ac06-da3ed2555c3b","block_type":"box","text":"matters; (vi) reviewing whether the Por tfolio has complied with its investment policies and restrictions; and","page_number":28,"box":{"x":69,"y":400,"width":760,"height":11}},{"id":"62c50fc5-5f12-4bd0-84ba-d976022be4aa","block_type":"box","text":"(vii) overseeing policies, procedures and controls regarding valuation of the Por tfolio’s investments. The Board has","page_number":28,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"1296832c-6611-4ef4-8e6f-f415d04c3e0e","block_type":"box","text":"adopted a written char ter for the Board’s Per formance Oversight Committee. During the fiscal year ended","page_number":28,"box":{"x":69,"y":430,"width":751,"height":11}},{"id":"7aebae10-338b-40dc-bc3c-673d5ddbf821","block_type":"box","text":"December 31, 2025, the Per formance Oversight Committee met four times.","page_number":28,"box":{"x":70,"y":445,"width":540,"height":12}},{"id":"1c13defc-2ee8-49f0-b2b7-47cf914b9d25","block_type":"box","text":"Securities Lending Committee.","page_number":28,"box":{"x":102,"y":468,"width":217,"height":11}},{"id":"4d19d556-e9e2-4bbd-a8a4-1857cd549d3b","block_type":"box","text":"The Board has a Securities Lending Committee composed of Cynthia L. Egan","page_number":28,"box":{"x":325,"y":468,"width":547,"height":11}},{"id":"85af5a29-6599-434f-ad72-aa7eceb20371","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":483,"width":813,"height":11}},{"id":"f057ee3a-61e0-4c8d-9455-354cf3cb4418","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":498,"width":815,"height":11}},{"id":"dce90fa5-873d-45a1-8884-aa46cc50b946","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":513,"width":804,"height":12}},{"id":"6c79f85c-569e-407e-a5c3-0c54f07910d4","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":528,"width":837,"height":12}},{"id":"501c07c2-8b7c-404d-8ade-85d26122c4c7","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":543,"width":829,"height":12}},{"id":"32259ded-72e7-4cd2-b793-8a35ec063bae","block_type":"box","text":"ended December 31, 2025, the Securities Lending Committee met two times.","page_number":28,"box":{"x":69,"y":559,"width":555,"height":11}},{"id":"3e6d00c6-9c02-470b-943c-274a174762a7","block_type":"box","text":"Executive Committee.","page_number":28,"box":{"x":102,"y":581,"width":152,"height":9}},{"id":"4ffdc3bb-2d4e-487b-96d8-48bdc92787ab","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":581,"width":645,"height":11}},{"id":"c2508609-2852-4c31-933c-3f0f5b1b3668","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":596,"width":815,"height":11}},{"id":"759c356b-202d-4c51-a762-d4eeb5d7c802","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":612,"width":832,"height":11}},{"id":"06143cb1-fea0-4464-a156-8016a0d07583","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":627,"width":828,"height":11}},{"id":"92c30270-be77-4123-b035-d3127d7624df","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":642,"width":826,"height":11}},{"id":"2ee3f69a-4adc-447b-a63b-b37f866eb5f5","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":657,"width":764,"height":11}},{"id":"1eb2020f-24b4-481c-90e1-1723f0351c58","block_type":"box","text":"December 31, 2025, the Executive Committee did not meet.","page_number":28,"box":{"x":70,"y":672,"width":429,"height":11}},{"id":"fef9252b-0ce4-43f4-86a0-93b2b2478fef","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":695,"width":775,"height":11}},{"id":"f00b0bd3-9b0f-483b-8c0c-0fea0687c3ab","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":710,"width":827,"height":11}},{"id":"f7287ab3-27e4-4d4b-bc5a-d97c34a86e50","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":725,"width":830,"height":11}},{"id":"1198392c-2497-41f3-84c6-e6abc213fab5","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":740,"width":828,"height":11}},{"id":"3f31e280-1900-4788-be18-3886a8aeae9f","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":755,"width":835,"height":11}},{"id":"f69afec1-6d24-4c06-b917-32a2cb18905f","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":770,"width":805,"height":11}},{"id":"c248f1be-a20e-4531-a94b-7f74ffa63518","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":786,"width":773,"height":11}},{"id":"2dcd4d25-9de1-482f-b1df-e506f984f33d","block_type":"box","text":"attributes and qualifications, which allow the Board to operate effectively in governing the Por tfolio and protecting the","page_number":28,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"3b6418c4-4329-4d4f-8c95-f8bbab2f017b","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":816,"width":814,"height":11}},{"id":"30ccb36f-d3be-4d5c-862b-cba9e6c3b852","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":831,"width":796,"height":11}},{"id":"e97b9eec-a5d5-4fa7-8438-7e097d3650a2","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":846,"width":744,"height":11}},{"id":"70a84fbd-85aa-407c-9d61-f9a6955d7e4c","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":861,"width":840,"height":11}},{"id":"773a2f04-df34-43b9-998b-ac0cf770fd01","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":876,"width":768,"height":11}},{"id":"9d6bc981-08b3-4a6d-b89d-7d9d06c26f7d","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":891,"width":771,"height":11}},{"id":"1aee3b0e-7bb4-440e-a9ad-574d2e493c71","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":906,"width":828,"height":12}},{"id":"84592a21-6c76-4227-bd10-104e44cebe6b","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1ae32928-1f01-44ea-ba7a-c6d6a3a7beb7","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96beafd0-5b03-4072-b8f2-174460455e4c","block_type":"box","text":"organizations; ongoing commitment and par ticipation in Board and Committee meetings, as well as his or her","page_number":29,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"9f732568-d6e3-4226-9162-43d31bb57b82","block_type":"box","text":"leadership of standing and other committees throughout the years; or other relevant life experiences.","page_number":29,"box":{"x":70,"y":60,"width":719,"height":11}},{"id":"bad28a03-cb9e-4ffd-8a18-053795969df9","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":82,"width":784,"height":11}},{"id":"3f89a41c-9ec9-4bb0-9a7d-d30bc214c39f","block_type":"box","text":"conclusion that he or she should serve on the Board.","page_number":29,"box":{"x":69,"y":98,"width":378,"height":9}},{"id":"758c81ee-5ba9-4b7a-a3b5-a5eccc59f163","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":29,"box":{"x":68,"y":126,"width":409,"height":9}},{"id":"e278f37f-147b-4cc5-bc18-24688f015e04","block_type":"box","text":"Independent Trustees","page_number":29,"box":{"x":70,"y":143,"width":154,"height":10}},{"id":"9fa684f5-9e7e-4344-ae3f-7db99abc8532","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":157,"width":814,"height":12}},{"id":"b1f4b96f-9c8c-42c2-aefc-63deaaacb714","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":172,"width":606,"height":10}},{"id":"93b71ea2-36c7-42c4-9949-330ef6a60596","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":188,"width":635,"height":10}},{"id":"61764c79-85f3-404a-9f20-4c8a2c4cafc4","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":203,"width":602,"height":11}},{"id":"0f8a2d6a-16a5-4d75-a56d-96dfdf94d6b3","block_type":"box","text":"Government at Harvard University, the Harvard Business School and the University of","page_number":29,"box":{"x":265,"y":218,"width":608,"height":11}},{"id":"0f670cdf-c668-4c7a-a1d0-a8a2fab285b7","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":233,"width":613,"height":11}},{"id":"14d9dffa-2ccd-4287-bd4e-d18ba2c135f8","block_type":"box","text":"adds a dimension of balance to the Por tfolio’s governance and provides perspective on","page_number":29,"box":{"x":265,"y":248,"width":621,"height":11}},{"id":"44b04f5f-21e1-4d46-8125-b8d933e7d164","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":263,"width":597,"height":11}},{"id":"8cf9c768-f1b2-47a6-83e0-2677ab37397e","block_type":"box","text":"Insurance Company provides the Board with the benefit of his experience with the","page_number":29,"box":{"x":265,"y":278,"width":581,"height":11}},{"id":"5fc1d404-4cc8-4d68-b733-d7d95008b712","block_type":"box","text":"management practices of other financial companies. Dr. Hubbard’s long-standing service","page_number":29,"box":{"x":265,"y":293,"width":632,"height":12}},{"id":"97c69e79-709a-4506-b1f7-382410be5821","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":309,"width":594,"height":11}},{"id":"d32d8534-e985-4477-b68e-7f9f610054f2","block_type":"box","text":"Income Complex also provides him with a specific understanding of the Por tfolio, its","page_number":29,"box":{"x":265,"y":324,"width":598,"height":11}},{"id":"9fb5d351-e3d0-45fb-b4c3-020669bfe8ca","block_type":"box","text":"operations, and the business and regulatory issues facing the Por tfolio. Dr. Hubbard’s","page_number":29,"box":{"x":265,"y":339,"width":615,"height":11}},{"id":"de6d2f2b-ca1d-4458-b7e6-d477d4297965","block_type":"box","text":"independence from the Por tfolio and the Manager enhances his service as Chair of the","page_number":29,"box":{"x":265,"y":354,"width":621,"height":11}},{"id":"21b25ff0-748f-406a-8165-7f33fb33d3b4","block_type":"box","text":"Board, Chair of the Executive Committee and a member of the Governance and","page_number":29,"box":{"x":265,"y":369,"width":562,"height":11}},{"id":"6356864f-a6b2-4f4f-adb6-b48b3b34445a","block_type":"box","text":"Nominating Committee, the Compliance Committee and the Per formance Oversight","page_number":29,"box":{"x":265,"y":384,"width":592,"height":11}},{"id":"bb1e23b1-1a15-4be7-b6dd-4e20070100de","block_type":"box","text":"Committee.","page_number":29,"box":{"x":265,"y":399,"width":80,"height":9}},{"id":"aa52c554-b4f7-4ae0-8780-0b5c823a2826","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":422,"width":786,"height":11}},{"id":"d6d7bcde-b08b-4db3-b4a3-c8cf2b296b02","block_type":"box","text":"finance, and his experience as the George Fisher Baker Jr. Professor of Business","page_number":29,"box":{"x":264,"y":437,"width":578,"height":11}},{"id":"36ffddbb-3bbf-44dc-b5b9-701ff922def7","block_type":"box","text":"Administration at Harvard Business School and as Deputy Dean of Academic Affairs at","page_number":29,"box":{"x":264,"y":452,"width":618,"height":11}},{"id":"df18c7fb-4cd9-456e-bbf8-1f4aee20934e","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":467,"width":581,"height":12}},{"id":"e7deefa1-78ed-4a87-85c2-a28996b2ce5e","block_type":"box","text":"exper tise in corporate finance and corporate governance. Dr. Kester has authored and","page_number":29,"box":{"x":265,"y":482,"width":613,"height":12}},{"id":"c7539fb6-6e8c-415b-9051-ff3eab1c48df","block_type":"box","text":"edited numerous books and research papers on both subject matters, including co-editing","page_number":29,"box":{"x":265,"y":498,"width":641,"height":11}},{"id":"0cd2dfa6-b89c-4066-ba99-a846650cb09a","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":513,"width":599,"height":11}},{"id":"1eb42b1a-980b-4d1e-9072-3702b8e8aaff","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":528,"width":605,"height":11}},{"id":"2b2ff0c6-8726-49ac-9b70-21ab4752beda","block_type":"box","text":"Fixed-Income Complex also provides him with a specific understanding of the Por tfolio, its","page_number":29,"box":{"x":265,"y":543,"width":639,"height":11}},{"id":"2d84315e-bb4f-48ef-9959-2a30a8f323b9","block_type":"box","text":"operations, and the business and regulatory issues facing the Por tfolio. Dr. Kester’s","page_number":29,"box":{"x":265,"y":558,"width":601,"height":11}},{"id":"b8325adf-07f6-47e7-8876-a4d15ecc42a3","block_type":"box","text":"independence from the Por tfolio and the Manager enhances his service as Vice Chair of","page_number":29,"box":{"x":265,"y":573,"width":629,"height":11}},{"id":"ed904fc1-7f4c-40fa-aa2f-d6926716aa3e","block_type":"box","text":"the Board, Chair of the Governance and Nominating Committee and a member of the","page_number":29,"box":{"x":264,"y":588,"width":605,"height":12}},{"id":"791848ae-0185-4295-b8d3-85fb38f9c36b","block_type":"box","text":"Executive Committee, the Compliance Committee, the Per formance Oversight Committee","page_number":29,"box":{"x":265,"y":603,"width":634,"height":12}},{"id":"41da0d34-7b39-4724-9964-dfd69ca39971","block_type":"box","text":"and the Securities Lending Committee.","page_number":29,"box":{"x":265,"y":619,"width":275,"height":11}},{"id":"2cb04d19-e81f-4b4d-9e47-6ee0cd2fbf11","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":641,"width":775,"height":11}},{"id":"2a3bf0a0-2631-47d0-bef6-387ae9bd8ee8","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":656,"width":613,"height":11}},{"id":"04c4588a-08aa-4177-97d4-743bae63215f","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":671,"width":633,"height":11}},{"id":"cb194987-973d-4370-8490-54f1f5e5ecc7","block_type":"box","text":"operating officer positions at Fidelity Investments, including her service as Executive Vice","page_number":29,"box":{"x":265,"y":686,"width":636,"height":12}},{"id":"ec4f64f3-59e9-49d3-b5c8-32554fcfe47d","block_type":"box","text":"President of FMR Co., President of Fidelity Institutional Services Company and President","page_number":29,"box":{"x":265,"y":702,"width":629,"height":11}},{"id":"32a5b210-8bc2-45c9-8376-5a573fd5dfa1","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":717,"width":617,"height":11}},{"id":"cce35a3f-671a-4d56-b36d-26853a6aa582","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":732,"width":642,"height":11}},{"id":"ea9eab55-9590-4f66-ad63-312b713e3cbf","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":747,"width":608,"height":11}},{"id":"4d4c9f9b-a383-46db-b7db-a32136455960","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":762,"width":620,"height":11}},{"id":"dbcde823-71b8-4ffe-851c-7416db15817b","block_type":"box","text":"traded insurance company providing personal risk reinsurance, and a director and Chair of","page_number":29,"box":{"x":264,"y":777,"width":643,"height":12}},{"id":"a593fb5a-cc05-437a-950d-773505662506","block_type":"box","text":"the Board of The Hanover Group, a public proper ty casualty insurance company. Ms. Egan","page_number":29,"box":{"x":264,"y":792,"width":640,"height":12}},{"id":"2d222d46-f1f0-4d97-a708-1b1d8c477238","block_type":"box","text":"is also the lead independent director and non-executive Vice Chair of the Board of","page_number":29,"box":{"x":265,"y":807,"width":583,"height":11}},{"id":"0aa97d3e-c51c-46f9-96c3-07e13beeae4a","block_type":"box","text":"Huntsman Corporation, a publicly traded manufacturer and marketer of chemical products.","page_number":29,"box":{"x":265,"y":823,"width":643,"height":11}},{"id":"a0ddbfa5-276a-4996-b241-898d5eeb60f9","block_type":"box","text":"Ms. Egan’s independence from the Por tfolio and the Manager enhances her service as","page_number":29,"box":{"x":265,"y":838,"width":619,"height":11}},{"id":"d71606d9-4ada-4c58-904d-892207ca1b0f","block_type":"box","text":"Chair of the Compliance Committee, Chair of the Securities Lending Committee and a","page_number":29,"box":{"x":265,"y":853,"width":609,"height":11}},{"id":"f4d3da0c-9da6-4221-8646-883e7b240d6e","block_type":"box","text":"member of the Governance and Nominating Committee and the Per formance Oversight","page_number":29,"box":{"x":265,"y":868,"width":619,"height":11}},{"id":"0b2603b0-a89d-4d18-b596-1f0f5474d48d","block_type":"box","text":"Committee.","page_number":29,"box":{"x":265,"y":883,"width":80,"height":9}},{"id":"ff17f444-2a6e-4118-8e02-09f71bd491c9","block_type":"box","text":"I-13","page_number":29,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"c790a1bd-73af-4391-b2c9-e7224d589e1c","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c683bad1-ba98-4b18-b64d-60d1d4a33e67","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":30,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"e4ce7007-c1ec-45a5-bbdd-0baef2fac8af","block_type":"box","text":"Lorenzo A. Flores The Board benefits from Lorenzo A. Flores’s many years of business, leadership and","page_number":30,"box":{"x":70,"y":65,"width":796,"height":12}},{"id":"b034ef23-73ec-4e93-8852-9b974099af04","block_type":"box","text":"financial experience in his roles at various public and private companies. In par ticular,","page_number":30,"box":{"x":264,"y":81,"width":612,"height":11}},{"id":"64c7d1b0-43c5-4b7e-bbcf-1213c74e2d1e","block_type":"box","text":"Mr. Flores’s service as Chief Financial Officer of Lattice Semiconductor Corporation, a","page_number":30,"box":{"x":265,"y":96,"width":611,"height":11}},{"id":"55c725d4-33f0-49cb-b730-ff3efec4748b","block_type":"box","text":"semiconductor company that designs, develops, and markets programmable logic","page_number":30,"box":{"x":265,"y":111,"width":582,"height":11}},{"id":"c6f34cd7-7881-4522-8665-56b29ac501fc","block_type":"box","text":"products and related software, Chief Financial Officer of Intel Foundry, a semiconductor","page_number":30,"box":{"x":265,"y":126,"width":622,"height":11}},{"id":"11d32c1f-7b45-43ee-801a-d01b0842c0f7","block_type":"box","text":"manufacturing unit of Intel Corporation, Chief Financial Officer and Corporate Controller of","page_number":30,"box":{"x":265,"y":141,"width":639,"height":11}},{"id":"37089d4b-abd7-4968-a5e6-c4faa5de725d","block_type":"box","text":"Xilinx, Inc., a technology and semiconductor company that supplies programmable logic","page_number":30,"box":{"x":264,"y":156,"width":622,"height":11}},{"id":"30169192-2d7a-41ac-a225-54c9dfcdda76","block_type":"box","text":"devices, and Vice Chairman of Kioxia, Inc., a manufacturer and supplier of flash memory","page_number":30,"box":{"x":265,"y":171,"width":631,"height":11}},{"id":"e30f98d6-595a-459b-9251-087cbd9ef787","block_type":"box","text":"and solid state drives, and his long experience in the technology industry allow him to","page_number":30,"box":{"x":265,"y":187,"width":610,"height":11}},{"id":"55597991-d797-4160-8139-8bf4e37c0ef5","block_type":"box","text":"provide insight into financial, business and technology trends. Mr. Flores’s knowledge of","page_number":30,"box":{"x":265,"y":201,"width":629,"height":12}},{"id":"abb8548e-00c1-4c75-9165-55920bfd913f","block_type":"box","text":"financial and accounting matters qualifies him to serve as Chair of the Audit Committee.","page_number":30,"box":{"x":264,"y":217,"width":630,"height":11}},{"id":"80346403-496a-4779-a581-c3c880a2d541","block_type":"box","text":"Mr. Flores’s independence from the Por tfolio and the Manager enhances his service as a","page_number":30,"box":{"x":265,"y":232,"width":636,"height":11}},{"id":"f7aebafe-b165-4d32-8a98-34e8c8ab2615","block_type":"box","text":"member of the Per formance Oversight Committee.","page_number":30,"box":{"x":265,"y":247,"width":358,"height":11}},{"id":"a8fe2a29-0cbb-4c4e-b929-37b371b8502a","block_type":"box","text":"Stayce D. Harris The Board benefits from Stayce D. 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As of December 31, 2025, none of","page_number":34,"box":{"x":69,"y":668,"width":836,"height":12}},{"id":"9d3c9800-a53f-492d-8378-915735c132e8","block_type":"box","text":"the Independent Trustees of the Trust or their immediate family members owned beneficially or of record any","page_number":34,"box":{"x":68,"y":683,"width":776,"height":12}},{"id":"9f912143-4a92-4f55-8812-69884a9cde38","block_type":"box","text":"securities of the Por tfolio’s investment adviser, sub-advisers, principal underwriter, or any person directly or indirectly","page_number":34,"box":{"x":69,"y":698,"width":836,"height":12}},{"id":"eb6a2553-fa3c-4578-91e1-899b1bddce3a","block_type":"box","text":"controlling, controlled by, or under common control with such entities.","page_number":34,"box":{"x":69,"y":714,"width":495,"height":11}},{"id":"3f8b6f14-21ab-4a36-bdf1-ce0bd9489c16","block_type":"box","text":"Compensation of Trustees","page_number":34,"box":{"x":69,"y":744,"width":190,"height":11}},{"id":"97f69ffa-cf47-4207-874d-002c1f33cd32","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":"346031ec-710f-441c-88c0-eb17fd1d1067","block_type":"box","text":"member of the BlackRock-advised Funds, including the Por tfolio, together with out-of-pocket expenses in accordance","page_number":34,"box":{"x":69,"y":782,"width":829,"height":11}},{"id":"8e82a765-0251-4c8a-85ad-e7594517fd35","block_type":"box","text":"with a Board policy on travel and other business expenses relating to attendance at meetings. In addition, the Chair","page_number":34,"box":{"x":68,"y":797,"width":827,"height":11}},{"id":"080b4948-4746-4962-b041-4e9b6186e2ca","block_type":"box","text":"of the Board and the Vice Chair of the Board are paid an additional annual retainer of $140,000 and $84,000,","page_number":34,"box":{"x":69,"y":811,"width":789,"height":12}},{"id":"9cc2043a-3c95-445f-9b57-bb9b97e30e84","block_type":"box","text":"respectively. The Chairs of the Audit Committee, Per formance Oversight Committee, Compliance Committee,","page_number":34,"box":{"x":69,"y":827,"width":772,"height":11}},{"id":"c291103b-ab0e-4e74-aac2-cc8131460b08","block_type":"box","text":"Governance and Nominating Committee, and Securities Lending Committee are paid an additional annual retainer of","page_number":34,"box":{"x":69,"y":842,"width":830,"height":11}},{"id":"d3bec009-8fe1-4d37-969d-05d0ce2b1444","block_type":"box","text":"$55,000, $42,500, $50,000, $42,500 and $20,000, respectively. Each of the other members of the Audit","page_number":34,"box":{"x":69,"y":857,"width":767,"height":11}},{"id":"2b0afa4f-6b4e-4ca3-af82-47f97bcef305","block_type":"box","text":"Committee, Compliance Committee, Governance and Nominating Committee, and Securities Lending Committee are","page_number":34,"box":{"x":69,"y":872,"width":828,"height":12}},{"id":"5be33693-c4e8-4060-ac4c-ce00f11067c0","block_type":"box","text":"paid an additional annual retainer of $30,000, $25,000, $25,000 and $15,000, respectively, for his or her service","page_number":34,"box":{"x":70,"y":887,"width":822,"height":12}},{"id":"e51d69d3-0fb8-4bf5-b9d6-19b9c717f857","block_type":"box","text":"on such committee. An Independent Trustee may receive additional compensation for his or her service as a member","page_number":34,"box":{"x":69,"y":903,"width":837,"height":11}},{"id":"91636d26-bb53-4646-aa26-8f02c9912437","block_type":"box","text":"I-18","page_number":34,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1b0a1ec6-cdbc-46d2-887b-b62ec3af98cf","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":34,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"726f8029-c206-4fb0-8d75-5b41e015e76b","block_type":"box","text":"or Chair, as applicable, of one or more ad hoc committees of the Board. The Por tfolio will pay a pro rata por tion","page_number":35,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"17690a29-595c-45a1-a5bd-5e9c860d0d72","block_type":"box","text":"quar terly (based on relative net assets) of the foregoing Trustee fees paid by the funds in the BlackRock Fixed","page_number":35,"box":{"x":69,"y":60,"width":789,"height":11}},{"id":"cb0c2252-174c-49d1-92ec-489f162d7954","block_type":"box","text":"Income Complex.","page_number":35,"box":{"x":70,"y":75,"width":119,"height":11}},{"id":"098962e6-6762-4c32-8d67-5ac7fa1770ad","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":98,"width":711,"height":11}},{"id":"b3ec8f7a-9b4b-41d5-a5f1-fbced3842a82","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":113,"width":801,"height":11}},{"id":"241055c5-35b8-4f36-961b-69ad5189fae4","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":128,"width":833,"height":11}},{"id":"637d732c-9f51-4657-be3b-11f73f1e7699","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":143,"width":813,"height":11}},{"id":"1ccf405e-d25c-4ab3-a53a-b355e300a13c","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":158,"width":802,"height":11}},{"id":"7ad6756e-8be2-45f0-8151-28ae9d4ce11e","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":173,"width":814,"height":11}},{"id":"8426e994-f864-4396-8564-66f9692edb31","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":188,"width":800,"height":12}},{"id":"90471dc0-acc7-4155-a1ee-d2e3cd567e32","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":203,"width":760,"height":12}},{"id":"491da0be-1767-4ea5-8a90-bd991d43d7a9","block_type":"box","text":"accounting purposes.","page_number":35,"box":{"x":69,"y":219,"width":151,"height":11}},{"id":"8b39948d-bed8-4697-891b-bc6a17f90f51","block_type":"box","text":"The following table sets for th the compensation paid to the Trustees by the Trust, on behalf of the Por tfolio for","page_number":35,"box":{"x":101,"y":241,"width":790,"height":11}},{"id":"bc88f7f8-4c11-4594-bdb7-b238f6f90fbb","block_type":"box","text":"the fiscal year ended December 31, 2025 and the aggregate compensation, including deferred compensation","page_number":35,"box":{"x":68,"y":256,"width":781,"height":12}},{"id":"dd2f8400-ac28-4888-a5d5-089a87561440","block_type":"box","text":"amounts, paid to them by all BlackRock-advised Funds for the calendar year ended December 31, 2025.","page_number":35,"box":{"x":69,"y":271,"width":743,"height":12}},{"id":"acc8ae68-dba1-4ab0-b087-dd87f3ee2898","block_type":"box","text":"Name","page_number":35,"box":{"x":69,"y":330,"width":32,"height":7}},{"id":"8c85d1f0-b548-4a88-b890-ce296fae46fc","block_type":"box","text":"1","page_number":35,"box":{"x":102,"y":330,"width":4,"height":4}},{"id":"d46b84f8-bf42-4296-a61c-9526ec87a086","block_type":"box","text":"Compensation","page_number":35,"box":{"x":507,"y":320,"width":82,"height":9}},{"id":"103fddb3-631b-429a-8914-9a768f7f5db2","block_type":"box","text":"from the Portfolio","page_number":35,"box":{"x":496,"y":330,"width":103,"height":7}},{"id":"88ad2609-2469-4f92-92e0-53e248f7d9c8","block_type":"box","text":"Estimated Annual","page_number":35,"box":{"x":630,"y":310,"width":101,"height":7}},{"id":"5af046ce-1e0c-457e-90df-714de17a20cb","block_type":"box","text":"Benefits upon","page_number":35,"box":{"x":641,"y":320,"width":79,"height":9}},{"id":"79cb4217-cfea-4295-8be0-1d61b0a7ff6b","block_type":"box","text":"Retirement","page_number":35,"box":{"x":648,"y":330,"width":65,"height":7}},{"id":"c55f0789-51d1-4dcb-9144-05014cd74b2c","block_type":"box","text":"Aggregate Compensation","page_number":35,"box":{"x":761,"y":300,"width":148,"height":9}},{"id":"35551bf4-a8fe-4e95-8a72-259bc8f253a3","block_type":"box","text":"from the Portfolio and","page_number":35,"box":{"x":771,"y":310,"width":128,"height":7}},{"id":"14b2b4ae-6391-4362-b75b-81451268c65b","block_type":"box","text":"Other BlackRock","page_number":35,"box":{"x":785,"y":320,"width":102,"height":7}},{"id":"f7ae9213-434e-4e83-9a50-55d7a0b9d946","block_type":"box","text":"Advised Funds","page_number":35,"box":{"x":788,"y":330,"width":84,"height":7}},{"id":"8596c88d-9431-4cb1-8a9f-fa24e5fc81c2","block_type":"box","text":"2,3","page_number":35,"box":{"x":873,"y":330,"width":9,"height":4}},{"id":"b24aec8a-7844-4eb4-ad1b-027d96a7dd20","block_type":"box","text":"Independent Trustees","page_number":35,"box":{"x":70,"y":348,"width":154,"height":11}},{"id":"5f95cd16-da30-4cb1-91d6-1845d29c5388","block_type":"box","text":"Cynthia L. Egan","page_number":35,"box":{"x":79,"y":363,"width":108,"height":11}},{"id":"33396a0d-30d9-4c52-a62b-778b56d265a5","block_type":"box","text":"4","page_number":35,"box":{"x":189,"y":363,"width":4,"height":5}},{"id":"d357a5f5-7ce4-4243-82fd-db789d5cd4af","block_type":"box","text":".................................","page_number":35,"box":{"x":203,"y":370,"width":263,"height":2}},{"id":"76f858e0-507c-412d-a492-0d8df8db933a","block_type":"box","text":"$64,062 None $580,000","page_number":35,"box":{"x":517,"y":362,"width":354,"height":11}},{"id":"d39bebc0-ed96-4b2e-9449-cfb251cf751d","block_type":"box","text":"Lorenzo A. Flores","page_number":35,"box":{"x":79,"y":378,"width":121,"height":9}},{"id":"9324fe8c-8aa2-4e09-acf8-e9a2b1ebaf69","block_type":"box","text":"5","page_number":35,"box":{"x":201,"y":378,"width":4,"height":5}},{"id":"a70d9b3f-4923-4700-895e-fd601e2a624c","block_type":"box","text":"................................","page_number":35,"box":{"x":211,"y":385,"width":255,"height":2}},{"id":"55c76b62-928b-4522-a5c1-17ca367a1905","block_type":"box","text":"$50,792 None $400,000","page_number":35,"box":{"x":517,"y":377,"width":354,"height":11}},{"id":"9cd0785f-dca3-4aa4-a917-6004f7e720c5","block_type":"box","text":"Stayce D. Harris . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":79,"y":393,"width":387,"height":11}},{"id":"f3fb4642-09fe-4633-8a47-b943e8a8d011","block_type":"box","text":"$50,145 None $395,000","page_number":35,"box":{"x":517,"y":392,"width":354,"height":11}},{"id":"d172ccf9-ba36-46eb-af0d-47b586a33f06","block_type":"box","text":"J. Phillip Holloman. .","page_number":35,"box":{"x":78,"y":408,"width":143,"height":11}},{"id":"569b901e-8311-4b6f-bb4c-a1008f0bb806","block_type":"box","text":"..............................","page_number":35,"box":{"x":227,"y":416,"width":239,"height":1}},{"id":"f85a3429-24f8-41fb-9393-f53532fc7af3","block_type":"box","text":"$54,128 None $425,000","page_number":35,"box":{"x":517,"y":407,"width":354,"height":12}},{"id":"39d356be-82d9-45dc-b6aa-ca166075a567","block_type":"box","text":"R. Glenn Hubbard .","page_number":35,"box":{"x":79,"y":423,"width":134,"height":9}},{"id":"31679269-3175-48e0-a26e-323796b0d3eb","block_type":"box","text":"...............................","page_number":35,"box":{"x":219,"y":431,"width":247,"height":1}},{"id":"6d0c0692-9092-4e2a-848b-69f64a358254","block_type":"box","text":"$72,031 None $560,000","page_number":35,"box":{"x":517,"y":423,"width":354,"height":11}},{"id":"d8d21ce9-32eb-422c-b3f7-b3eb4d9b9c2c","block_type":"box","text":"W. Carl Kester . . .","page_number":35,"box":{"x":78,"y":438,"width":127,"height":9}},{"id":"74fb7f3c-7c73-4ed6-8e2c-850c02243848","block_type":"box","text":"................................","page_number":35,"box":{"x":211,"y":446,"width":255,"height":1}},{"id":"fb3a4f97-0202-42f6-93c5-b63494d74968","block_type":"box","text":"$74,217 None $671,500","page_number":35,"box":{"x":517,"y":438,"width":354,"height":11}},{"id":"b1491aa1-cf48-4f6e-b3d7-3b38d1050759","block_type":"box","text":"Catherine A. Lynch","page_number":35,"box":{"x":79,"y":454,"width":131,"height":11}},{"id":"5199e3f9-33b3-4b7c-a79e-0693a954398c","block_type":"box","text":"6","page_number":35,"box":{"x":211,"y":454,"width":5,"height":4}},{"id":"fc3cf17d-a53b-4cb5-90a2-b9d81520e66a","block_type":"box","text":"...............................","page_number":35,"box":{"x":219,"y":461,"width":247,"height":1}},{"id":"d844e54e-e838-41f2-85e0-1e4d78c02c45","block_type":"box","text":"$66,550 None $610,000","page_number":35,"box":{"x":517,"y":453,"width":354,"height":11}},{"id":"7949df5e-f080-40eb-b9a5-367fa3920d51","block_type":"box","text":"Ar thur P. Steinmetz . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":35,"box":{"x":78,"y":469,"width":388,"height":9}},{"id":"f2007b88-8a94-4f3b-8a3f-2af67b09db5e","block_type":"box","text":"$58,438 None $537,500","page_number":35,"box":{"x":517,"y":468,"width":354,"height":11}},{"id":"06e60adf-10eb-4440-9f00-51568c35a07c","block_type":"box","text":"Interested Trustees","page_number":35,"box":{"x":70,"y":484,"width":138,"height":9}},{"id":"2eed60a7-fd2b-417c-bf16-277542ae4a8c","block_type":"box","text":"Rober t Fairbairn","page_number":35,"box":{"x":79,"y":499,"width":113,"height":9}},{"id":"068cc002-4e50-4cc2-936e-6d1781e4be82","block_type":"box","text":"..................................","page_number":35,"box":{"x":195,"y":506,"width":271,"height":2}},{"id":"543251e5-a7d6-436a-9c66-fd628754b34d","block_type":"box","text":"None None None","page_number":35,"box":{"x":531,"y":499,"width":322,"height":9}},{"id":"a08fcc86-9135-4b38-aa3a-6fe0207dd76a","block_type":"box","text":"John M. Perlowski . . .","page_number":35,"box":{"x":78,"y":514,"width":151,"height":9}},{"id":"5254458a-13de-4770-9fce-9d038233d89f","block_type":"box","text":".............................","page_number":35,"box":{"x":236,"y":521,"width":230,"height":2}},{"id":"8f8d2327-b054-49b7-a8ed-73d478cc74e1","block_type":"box","text":"None None None","page_number":35,"box":{"x":531,"y":514,"width":322,"height":9}},{"id":"d2b59f06-1d7f-4abf-9cf7-822d665615cc","block_type":"box","text":"1","page_number":35,"box":{"x":69,"y":539,"width":3,"height":3}},{"id":"5e02a94e-5748-453c-ba32-f4895826ba72","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":538,"width":811,"height":9}},{"id":"eddf7bb9-a9ed-4da2-af24-ba1a4ba3e77f","block_type":"box","text":"on page I-15.","page_number":35,"box":{"x":93,"y":549,"width":74,"height":8}},{"id":"22c2705c-adaa-4f3c-bc1a-61d822d1c291","block_type":"box","text":"2","page_number":35,"box":{"x":69,"y":561,"width":3,"height":4}},{"id":"7ecff6b1-e231-44a4-bc61-816912ee143e","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":561,"width":782,"height":9}},{"id":"6b5c322b-b86c-4559-856c-93b74c6e4e30","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":571,"width":801,"height":9}},{"id":"764447dc-1d55-44b5-980e-2bdd43da169f","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":581,"width":776,"height":9}},{"id":"d16aabf3-a517-4ed9-9360-49ad3acecfc6","block_type":"box","text":"pursuant to the BlackRock Fixed-Income Complex’s deferred compensation plan.","page_number":35,"box":{"x":94,"y":591,"width":457,"height":9}},{"id":"acc2698d-8fe4-4b78-9cc2-3ed3b585a400","block_type":"box","text":"3","page_number":35,"box":{"x":69,"y":604,"width":3,"height":4}},{"id":"43b6ed82-ebe4-45b6-bf54-bec5080a68ac","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":604,"width":810,"height":9}},{"id":"c6dc8db1-8d30-43d7-99ee-e290e7fe293c","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":613,"width":787,"height":10}},{"id":"52e52d80-02aa-4fe1-a817-801abdf98323","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":624,"width":748,"height":9}},{"id":"fe76c680-23af-4093-aa8a-b1b9dc89cd82","block_type":"box","text":"4","page_number":35,"box":{"x":68,"y":637,"width":4,"height":3}},{"id":"40392398-c7e1-4c10-996e-dbdf418a1ae5","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":637,"width":529,"height":9}},{"id":"9d7983fb-63a1-4023-a9c9-9a2c4ffef24b","block_type":"box","text":"5","page_number":35,"box":{"x":69,"y":649,"width":3,"height":4}},{"id":"68b8b9d0-9a76-4533-ad1c-f800df3a0f21","block_type":"box","text":"Mr. Flores became Chair of the Audit Committee, effective as of March 9, 2026.","page_number":35,"box":{"x":94,"y":649,"width":456,"height":9}},{"id":"8512be2a-f67b-4f42-8345-89695e246866","block_type":"box","text":"6","page_number":35,"box":{"x":69,"y":662,"width":3,"height":4}},{"id":"ce0b660e-9c6d-4ded-a685-3debc2f74a0a","block_type":"box","text":"Ms. Lynch resigned as a Trustee of the Fund effective as of March 9, 2026.","page_number":35,"box":{"x":94,"y":662,"width":432,"height":9}},{"id":"ee01f3ad-d4e8-4b05-abae-ffda5c9af90c","block_type":"box","text":"IV. Management, Advisory and Other Service Arrangements","page_number":35,"box":{"x":69,"y":690,"width":432,"height":11}},{"id":"e211defc-eed7-472e-915a-619bcd4d41f5","block_type":"box","text":"Management Agreement","page_number":35,"box":{"x":69,"y":721,"width":180,"height":11}},{"id":"6e1d8751-ea36-4477-8f2d-7ecbf6a8ef42","block_type":"box","text":"The Trust, on behalf of the Por tfolio, has entered into a management agreement with the Manager (the","page_number":35,"box":{"x":101,"y":743,"width":734,"height":12}},{"id":"5ed0b689-48b0-4559-a327-f20e1b0e2307","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager receives as compensation for its services to the","page_number":35,"box":{"x":70,"y":758,"width":773,"height":12}},{"id":"0b1cf30f-e156-4cd7-a63f-e317da38aa13","block_type":"box","text":"Por tfolio, a fee with respect to the Por tfolio at the end of each month.","page_number":35,"box":{"x":69,"y":773,"width":498,"height":11}},{"id":"68d8be62-fc86-4b91-bffa-401bbf205c63","block_type":"box","text":"BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees","page_number":35,"box":{"x":102,"y":796,"width":780,"height":11}},{"id":"e87de644-a202-47f5-ad9e-b618b609d660","block_type":"box","text":"the Por tfolio pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its","page_number":35,"box":{"x":68,"y":811,"width":835,"height":12}},{"id":"69aa8a7e-247d-4dea-99f3-fcd1515f3f0d","block_type":"box","text":"affiliates, through June 30, 2027. The contractual agreement may be terminated upon 90 days’ notice by a majority","page_number":35,"box":{"x":69,"y":826,"width":827,"height":12}},{"id":"1a369e50-64a3-4c2a-a3ee-7eb86f9f1ba8","block_type":"box","text":"of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Por tfolio.","page_number":35,"box":{"x":69,"y":841,"width":753,"height":12}},{"id":"d6e569a3-bd5e-494e-b96d-628ad084e246","block_type":"box","text":"The Manager has contractually agreed to waive the management fee with respect to any por tion of the","page_number":35,"box":{"x":101,"y":864,"width":730,"height":11}},{"id":"4085bb81-a852-42f5-8056-e1a39c1e8b5c","block_type":"box","text":"Por tfolio’s assets estimated to be attributable to investments in (i) other equity and fixed-income exchange-traded","page_number":35,"box":{"x":69,"y":879,"width":811,"height":12}},{"id":"d7979183-54e1-4050-8441-f44829304ba6","block_type":"box","text":"funds managed by the Manager or its affiliates that have a contractual management fee and (ii) other exchange","page_number":35,"box":{"x":68,"y":894,"width":800,"height":12}},{"id":"a7dfb93d-f25e-4415-94fe-25bcd62a350a","block_type":"box","text":"traded products sponsored by BlackRock or its affiliates, through June 30, 2027. This contractual agreement may be","page_number":35,"box":{"x":68,"y":909,"width":836,"height":12}},{"id":"cf6da8a4-1756-4fcb-b860-3f5838b5a696","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"962c2c89-1907-46e2-b0d6-74b8c72d235b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0aa6b15-103b-4523-b502-51167c0f91c0","block_type":"box","text":"terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a majority of the","page_number":36,"box":{"x":68,"y":45,"width":761,"height":11}},{"id":"e6b7d6cd-c403-4048-a296-8d9f963dc6e6","block_type":"box","text":"outstanding voting securities of the Por tfolio.","page_number":36,"box":{"x":69,"y":60,"width":319,"height":11}},{"id":"8ed1f5cc-e60a-47d3-86b7-d9a19767ac4d","block_type":"box","text":"The Manager has contractually agreed to waive and/or reimburse fees or expenses of the Por tfolio in order to","page_number":36,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"9d02ef00-4e3d-483b-b31b-94dcbdfc1924","block_type":"box","text":"limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":36,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"96425881-feb2-4d5d-bb18-8112c957fe3f","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":113,"width":811,"height":11}},{"id":"94b726dd-a7cd-4c21-a090-539834545db0","block_type":"box","text":"Por tfolio’s Prospectuses)) as a percentage of average daily net assets to 0.90% for Investor A Shares, 1.65% for","page_number":36,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"4c7a2dae-13b4-4c44-8dda-846cd01efbdc","block_type":"box","text":"Investor C Shares and 0.65% for Institutional Shares of the Por tfolio through June 30, 2027. This contractual","page_number":36,"box":{"x":70,"y":143,"width":779,"height":11}},{"id":"bd6d2277-b95d-47bc-9cfa-3bb7f3bc9114","block_type":"box","text":"agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a vote of a","page_number":36,"box":{"x":69,"y":158,"width":791,"height":11}},{"id":"296c06ea-f51d-4733-903b-3bce9c94fad8","block_type":"box","text":"majority of the outstanding voting securities of the Por tfolio.","page_number":36,"box":{"x":69,"y":173,"width":426,"height":11}},{"id":"f6d60f22-eb5b-4cd6-96b2-f1d42105c58a","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":36,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"bc409e57-b2d1-4936-bcc2-648990ea2847","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":211,"width":834,"height":11}},{"id":"ae6e5f72-8204-47db-9238-fe71c9ad62aa","block_type":"box","text":"to per form investment advisory services with respect to the Por tfolio. In addition, the Manager may delegate cer tain","page_number":36,"box":{"x":68,"y":226,"width":831,"height":11}},{"id":"2b974eea-f677-44b4-ba6d-88788ceb9a32","block_type":"box","text":"of its investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":36,"box":{"x":69,"y":241,"width":821,"height":11}},{"id":"65d6c7a3-0bb1-476a-bb7d-668ae1418115","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":257,"width":823,"height":11}},{"id":"86134ac7-e86c-459e-bfb8-c84c6c5c3d81","block_type":"box","text":"its sole discretion at any time to the extent permitted by applicable law.","page_number":36,"box":{"x":70,"y":272,"width":508,"height":11}},{"id":"7b5ab444-701b-4109-bbd8-6f90bd0e030b","block_type":"box","text":"The Manager has entered into sub-advisory agreements (the “Sub-Advisory Agreements”) with respect to the","page_number":36,"box":{"x":101,"y":294,"width":775,"height":11}},{"id":"a8c4041f-850e-4f13-a4d7-a080b0042006","block_type":"box","text":"Por tfolio, with BlackRock International Limited (“BIL”) and BlackRock (Singapore) Limited (“BRS,” and together with","page_number":36,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"26ae27e0-c0ce-4479-9eda-544f8c5fd6dd","block_type":"box","text":"BIL, the “Sub-Advisers”), pursuant to which each Sub-Adviser receives for the services it provides for that por tion of","page_number":36,"box":{"x":70,"y":324,"width":824,"height":11}},{"id":"13e388ff-e3ce-42c8-a890-7da66221b689","block_type":"box","text":"the Por tfolio for which the Sub-Adviser served as sub-adviser a monthly fee at an annual rate equal to a percentage","page_number":36,"box":{"x":68,"y":339,"width":823,"height":12}},{"id":"815a4c29-845c-4065-9f78-94ebe4575487","block_type":"box","text":"of the management fee paid to the Manager under the Management Agreement.","page_number":36,"box":{"x":69,"y":355,"width":570,"height":11}},{"id":"c0c2d81a-f8ea-49db-ae0e-ea8bf355b4eb","block_type":"box","text":"In rendering investment advisory services to the Por tfolio, the Manager uses the por tfolio management,","page_number":36,"box":{"x":102,"y":377,"width":741,"height":12}},{"id":"d1dedbdb-b2f4-4d83-adc9-505632991d49","block_type":"box","text":"research and other resources of BlackRock Investment Management (Australia) Limited (“BlackRock Australia”), a","page_number":36,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"cff8b869-981a-4c5a-8506-d30e9e5e0345","block_type":"box","text":"foreign affiliate of BlackRock that is not registered under the Investment Advisers Act of 1940, as amended (the","page_number":36,"box":{"x":68,"y":407,"width":802,"height":12}},{"id":"d7ff41f7-15df-44b9-94fb-cf4e2ca8604f","block_type":"box","text":"“Advisers Act”). BlackRock Australia provides services to the Por tfolio through a “par ticipating affiliate” arrangement,","page_number":36,"box":{"x":70,"y":423,"width":837,"height":11}},{"id":"db8c8bd9-ba56-4af4-a266-bd0a322bb73f","block_type":"box","text":"as that term is used in relief granted by the staff of the SEC allowing U.S. registered investment advisers to use","page_number":36,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"15066684-2fe2-4c4a-ab0e-13885ab049c8","block_type":"box","text":"por tfolio management or research resources of advisory affiliates subject to the regulatory supervision of the","page_number":36,"box":{"x":70,"y":453,"width":781,"height":11}},{"id":"39e4d7ec-05db-47b7-9105-4a1da3d3a713","block_type":"box","text":"registered investment adviser. Under the par ticipating affiliate arrangement, BlackRock Australia is considered a","page_number":36,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"901f81c8-57fb-4dc7-be64-3c36285944d3","block_type":"box","text":"par ticipating affiliate of BlackRock, and BlackRock Australia and cer tain designated employees are considered","page_number":36,"box":{"x":70,"y":483,"width":787,"height":11}},{"id":"f5e1015f-a113-4666-bc02-79177f8f4e6f","block_type":"box","text":"“associated persons” of BlackRock (as that term is defined in the Advisers Act) and investment professionals from","page_number":36,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"967d1aa1-f0aa-421f-960e-44a303ae30af","block_type":"box","text":"BlackRock Australia may render por tfolio management, research and other services to the Por tfolio, subject to the","page_number":36,"box":{"x":70,"y":513,"width":816,"height":12}},{"id":"32c2c116-d416-42b8-b998-76318dec09c6","block_type":"box","text":"supervision of BlackRock. The Por tfolio pays no additional fees and expenses as a result of such arrangement.","page_number":36,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"fe9cc1e4-832c-4f0a-a56b-112ba96d25e0","block_type":"box","text":"The tables below set for th information about the total management fees paid by the Por tfolio to the Manager","page_number":36,"box":{"x":101,"y":551,"width":779,"height":11}},{"id":"1bf88ea1-5a7b-422f-823a-668d3b7dbcd5","block_type":"box","text":"(which includes amounts paid by the Manager to the Sub-Advisers), and the amounts waived and/or reimbursed by","page_number":36,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"3adabf54-1e25-42b6-b29c-26a4a12df5da","block_type":"box","text":"the Manager, for the periods indicated:","page_number":36,"box":{"x":68,"y":581,"width":276,"height":12}},{"id":"b85977f3-8b1f-48f9-b9fc-100e3cad5369","block_type":"box","text":"Fees Paid","page_number":36,"box":{"x":577,"y":610,"width":56,"height":7}},{"id":"431964e3-4713-4aa5-a460-1022fa5d6bf7","block_type":"box","text":"to the Manager","page_number":36,"box":{"x":560,"y":620,"width":90,"height":9}},{"id":"1514dd4e-b96c-453a-a1da-0ba35dcafc36","block_type":"box","text":"Fees Waived","page_number":36,"box":{"x":698,"y":610,"width":72,"height":7}},{"id":"6ad26833-eaa6-49fb-bd6f-4ef46dc4e256","block_type":"box","text":"by the Manager","page_number":36,"box":{"x":689,"y":620,"width":91,"height":9}},{"id":"a346ee6c-4be1-491d-adc0-06be43d9ce77","block_type":"box","text":"Fees Reimbursed","page_number":36,"box":{"x":810,"y":610,"width":99,"height":7}},{"id":"8fbf74b0-39a1-4f25-88bc-90784592dd3c","block_type":"box","text":"by the Manager","page_number":36,"box":{"x":814,"y":620,"width":91,"height":9}},{"id":"f2015963-a0cf-4d20-bf72-53e99f9700b8","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . $191,682,400 $2,731,632 $ 0","page_number":36,"box":{"x":70,"y":637,"width":820,"height":11}},{"id":"934fb2f1-3903-4a36-86e8-47c70a918cd5","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . $172,487,866 $2,458,608 $ 0","page_number":36,"box":{"x":70,"y":652,"width":820,"height":11}},{"id":"5c5acc2e-b4a4-4ee9-a8c0-749a4fe4a28f","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . $165,121,639 $2,828,748 $94,118","page_number":36,"box":{"x":70,"y":667,"width":821,"height":11}},{"id":"e8cdf1f7-ca4b-4a03-89a9-ee7418d1155d","block_type":"box","text":"Administration Agreement.","page_number":36,"box":{"x":101,"y":692,"width":195,"height":11}},{"id":"4a3fcd54-7fab-47bb-8931-50d847dc1cfa","block_type":"box","text":"BlackRock serves as the Por tfolio’s administrator pursuant to an administration","page_number":36,"box":{"x":304,"y":692,"width":568,"height":11}},{"id":"0a00b600-726e-45db-8fa9-618d0c871bb8","block_type":"box","text":"agreement (the “Administration Agreement”). BlackRock has agreed to maintain office facilities for the Por tfolio;","page_number":36,"box":{"x":69,"y":707,"width":800,"height":11}},{"id":"e7d9fcec-cafe-4b26-acd0-1d4b8fba7f85","block_type":"box","text":"furnish the Por tfolio with clerical, bookkeeping and administrative services; oversee the determination and","page_number":36,"box":{"x":68,"y":722,"width":760,"height":11}},{"id":"03506f9e-9e73-45e9-bd0f-941d0d249c52","block_type":"box","text":"publication of the Por tfolio’s net asset value; oversee the preparation and filing of Federal, state and local income tax","page_number":36,"box":{"x":70,"y":737,"width":839,"height":11}},{"id":"084c96e1-1f05-4fdf-8809-1a3cf1ebca2f","block_type":"box","text":"returns; prepare cer tain repor ts required by regulatory authorities; calculate various contractual expenses; determine","page_number":36,"box":{"x":69,"y":752,"width":837,"height":11}},{"id":"414230f1-caa6-45af-99dd-006069ff8079","block_type":"box","text":"the amount of dividends and distributions available for payment by the Por tfolio to its shareholders; prepare and","page_number":36,"box":{"x":68,"y":767,"width":802,"height":11}},{"id":"e9a6ae11-e76b-4f9b-9f6d-a898b1e1ba30","block_type":"box","text":"arrange for the printing of dividend notices to shareholders; provide the Por tfolio’s service providers with such","page_number":36,"box":{"x":69,"y":782,"width":785,"height":12}},{"id":"34936437-87fd-4551-ba99-e36f1827ee8c","block_type":"box","text":"information as is required to effect the payment of dividends and distributions; and serve as liaison with the Trust’s","page_number":36,"box":{"x":70,"y":797,"width":826,"height":12}},{"id":"58761b17-b20e-4a9c-8fb1-14a57b4555bb","block_type":"box","text":"officers, independent accountants, legal counsel, custodian, accounting agent and transfer and dividend disbursing","page_number":36,"box":{"x":69,"y":812,"width":823,"height":12}},{"id":"b2618487-97a6-416d-833c-69c5f73f848f","block_type":"box","text":"agent in establishing the accounting policies of the Por tfolio and monitoring financial and shareholder accounting","page_number":36,"box":{"x":69,"y":828,"width":806,"height":11}},{"id":"55cc38a4-5903-4785-b638-4ee179cf6641","block_type":"box","text":"services. BlackRock may from time to time voluntarily waive administration fees with respect to the Por tfolio and may","page_number":36,"box":{"x":69,"y":843,"width":838,"height":11}},{"id":"861da95b-8e70-454d-8b45-cc40cd035714","block_type":"box","text":"voluntarily reimburse the Por tfolio for expenses.","page_number":36,"box":{"x":68,"y":858,"width":341,"height":11}},{"id":"b940823c-7dce-457b-99b8-5488d98a7827","block_type":"box","text":"Under the Administration Agreement with BlackRock, the Trust, on behalf of the Por tfolio, pays to BlackRock a","page_number":36,"box":{"x":102,"y":881,"width":784,"height":11}},{"id":"700fa5d7-87e9-4641-9995-7bc82ecf24f8","block_type":"box","text":"fee, 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":68,"y":895,"width":825,"height":12}},{"id":"43a08228-2681-4e10-9513-ffde499c19ed","block_type":"box","text":"Por tfolio’s average daily net assets, 0.040% of the next $500 million of the Por tfolio’s average daily net assets,","page_number":36,"box":{"x":69,"y":910,"width":800,"height":12}},{"id":"3e666f8d-f7fe-476d-9bdb-0b7eb64d9e14","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"63a41921-a020-4ef0-9b87-dafce9378500","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76228b19-c791-4b20-a9f7-bc3a5a090e21","block_type":"box","text":"0.0375% of the next $1 billion of the Por tfolio’s average daily net assets, 0.035% of the next $2 billion of the","page_number":37,"box":{"x":69,"y":44,"width":784,"height":12}},{"id":"93cd17f5-7597-43c9-b7c2-02107b9c263a","block_type":"box","text":"Por tfolio’s average daily net assets, 0.0325% of the next $9 billion of the Por tfolio’s average daily net assets and","page_number":37,"box":{"x":69,"y":59,"width":813,"height":12}},{"id":"08b8cf81-f736-4142-997b-5404add014fc","block_type":"box","text":"0.030% of the average daily net assets of the Por tfolio in excess of $13 billion and (ii) 0.020% of average daily net","page_number":37,"box":{"x":69,"y":74,"width":821,"height":12}},{"id":"03655aec-1a07-4898-b634-7ebf95b67d21","block_type":"box","text":"assets allocated to each class of shares of the Por tfolio.","page_number":37,"box":{"x":69,"y":90,"width":405,"height":9}},{"id":"dc3729bb-5fea-46d7-b4a4-10c01eb91f8f","block_type":"box","text":"The table below sets for th information about the administration fees paid by the Trust, on behalf of the Por tfolio,","page_number":37,"box":{"x":101,"y":113,"width":804,"height":11}},{"id":"2f00012d-ed08-475e-8b39-3200c4f5de36","block_type":"box","text":"to BlackRock, and the amounts waived, for the past three fiscal years.","page_number":37,"box":{"x":68,"y":128,"width":501,"height":11}},{"id":"d9e14af7-8656-4817-a931-5d6149431ab3","block_type":"box","text":"Fees Paid","page_number":37,"box":{"x":723,"y":156,"width":56,"height":7}},{"id":"6d42328a-82cd-48b3-8606-176e9b0ee2df","block_type":"box","text":"to BlackRock","page_number":37,"box":{"x":711,"y":166,"width":79,"height":7}},{"id":"90414354-a54c-4618-9d56-99841820a48f","block_type":"box","text":"Fees Waived","page_number":37,"box":{"x":833,"y":156,"width":72,"height":7}},{"id":"64ec5ca0-eb21-431d-9f72-9a8452009a1d","block_type":"box","text":"by BlackRock","page_number":37,"box":{"x":830,"y":166,"width":80,"height":9}},{"id":"c2c5b2ff-628e-4526-8752-f005d09e90cb","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":184,"width":454,"height":10}},{"id":"84c03f3a-7404-4687-a0e7-88ddc3a44ef1","block_type":"box","text":"..................","page_number":37,"box":{"x":531,"y":191,"width":140,"height":2}},{"id":"f3ca2091-9c94-40e9-a650-1d9edaa508d9","block_type":"box","text":"$21,783,706 $ 479","page_number":37,"box":{"x":703,"y":183,"width":197,"height":11}},{"id":"887f42c0-2d4a-491c-941d-57fa259bfaa6","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":199,"width":454,"height":10}},{"id":"c68c1d55-21a0-4644-92e5-751c74e3765e","block_type":"box","text":"..................","page_number":37,"box":{"x":531,"y":206,"width":140,"height":2}},{"id":"fe447fad-a7ab-4c91-bd47-430f544f7f1d","block_type":"box","text":"$19,551,787 $ 579","page_number":37,"box":{"x":703,"y":198,"width":197,"height":11}},{"id":"dd913455-c8f6-4b0f-bccd-fb81abb5c60d","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . .","page_number":37,"box":{"x":70,"y":214,"width":454,"height":11}},{"id":"92d066f2-808f-438e-951a-6e71ff500bae","block_type":"box","text":"..................","page_number":37,"box":{"x":531,"y":222,"width":140,"height":1}},{"id":"7387851c-dac3-4625-b5ae-8ea8d5315294","block_type":"box","text":"$18,695,646 $28,388","page_number":37,"box":{"x":703,"y":213,"width":197,"height":12}},{"id":"556f44e1-cf66-47e4-adb4-9dcace63cc03","block_type":"box","text":"In addition, pursuant to a Shareholders’ Administrative Services Agreement, BlackRock provides cer tain","page_number":37,"box":{"x":102,"y":238,"width":740,"height":11}},{"id":"9aab3302-0ff5-4761-a2e6-a911ab60728c","block_type":"box","text":"shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the","page_number":37,"box":{"x":69,"y":253,"width":781,"height":11}},{"id":"4766da4f-eb40-48ab-8edb-56d5bf8fff03","block_type":"box","text":"Por tfolio, reimburses BlackRock for its costs in maintaining the service center, which costs include, among other","page_number":37,"box":{"x":69,"y":268,"width":805,"height":12}},{"id":"bee2ff94-900c-4c5a-9710-3ece2b2e1c3a","block_type":"box","text":"things, employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":37,"box":{"x":68,"y":283,"width":585,"height":12}},{"id":"57ecdd7a-940c-4362-be91-80a286440849","block_type":"box","text":"For the periods shown, the Trust, on behalf of the Por tfolio, paid to BlackRock and BlackRock waived fees for","page_number":37,"box":{"x":102,"y":306,"width":778,"height":11}},{"id":"1fd04d19-1ffc-42de-a25f-00273e8244a3","block_type":"box","text":"shareholder liaison services pursuant to such agreement as follows:","page_number":37,"box":{"x":69,"y":321,"width":487,"height":11}},{"id":"5ce7181c-7334-4500-9b4f-f950c8ee8ab9","block_type":"box","text":"Fees Paid","page_number":37,"box":{"x":732,"y":349,"width":56,"height":8}},{"id":"01d33a45-794e-407a-b244-2ffa9a12ca8f","block_type":"box","text":"to BlackRock","page_number":37,"box":{"x":720,"y":360,"width":80,"height":7}},{"id":"24f27d92-d77a-4a25-8ea0-aadf1ea260fb","block_type":"box","text":"Fees Waived","page_number":37,"box":{"x":833,"y":349,"width":72,"height":8}},{"id":"f6564a46-3f57-4d4a-9372-8a2708bece2d","block_type":"box","text":"by BlackRock","page_number":37,"box":{"x":830,"y":360,"width":80,"height":8}},{"id":"3298e505-52fb-4b00-ab9c-ffe661aa21fb","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . .","page_number":37,"box":{"x":70,"y":377,"width":294,"height":11}},{"id":"53cc5f25-a39a-4cf1-aab5-99a7f16ea4e8","block_type":"box","text":"........................................","page_number":37,"box":{"x":370,"y":385,"width":320,"height":1}},{"id":"c632bf07-17c4-479b-b5a0-d953d7749f37","block_type":"box","text":"$81,872 $ 0","page_number":37,"box":{"x":729,"y":377,"width":159,"height":11}},{"id":"6a92ae4d-0315-415d-9398-5bd74d931d6e","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . .","page_number":37,"box":{"x":70,"y":392,"width":294,"height":11}},{"id":"872ad095-c27f-41f1-a1aa-048f4c013d3f","block_type":"box","text":"........................................","page_number":37,"box":{"x":370,"y":400,"width":320,"height":1}},{"id":"ab2dab06-84f0-4abe-b059-cb939fb0742a","block_type":"box","text":"$92,519 $ 0","page_number":37,"box":{"x":729,"y":392,"width":159,"height":11}},{"id":"e2acc312-b3e5-4bc6-962c-94e4a906c0c2","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . .","page_number":37,"box":{"x":70,"y":408,"width":294,"height":10}},{"id":"62d8bf16-214a-4408-9b83-7925b259779d","block_type":"box","text":"........................................","page_number":37,"box":{"x":370,"y":415,"width":320,"height":1}},{"id":"f56e2e34-2e98-4630-b444-ae5b5c170e9d","block_type":"box","text":"$80,319 $564","page_number":37,"box":{"x":729,"y":407,"width":159,"height":11}},{"id":"4fcb9195-9302-43e2-8bf4-ba6fa9f28a7b","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":37,"box":{"x":69,"y":439,"width":335,"height":11}},{"id":"fc4b6b46-37f9-4195-8b8b-4ed24a4ee3db","block_type":"box","text":"Rick Rieder, Russell Brownback and Dylan Price are the por tfolio managers and are jointly and primarily","page_number":37,"box":{"x":102,"y":462,"width":736,"height":11}},{"id":"20232bad-cc86-4416-88ab-b442b8c49e97","block_type":"box","text":"responsible for the day-to-day management of the Por tfolio.","page_number":37,"box":{"x":69,"y":477,"width":421,"height":11}},{"id":"17b7601c-e23b-45f5-9e31-df4a6095f523","block_type":"box","text":"Other Funds and Accounts Managed","page_number":37,"box":{"x":70,"y":507,"width":257,"height":11}},{"id":"8d95e31e-fc62-488f-9c64-e80a9ee57e67","block_type":"box","text":"The following table sets for th information about the funds and accounts other than the Por tfolio for which the","page_number":37,"box":{"x":101,"y":530,"width":779,"height":11}},{"id":"b5183e4a-f59b-491c-85b8-bbc506fea076","block_type":"box","text":"managers are primarily responsible for the day-to-day por tfolio management as of December 31, 2025.","page_number":37,"box":{"x":69,"y":545,"width":734,"height":11}},{"id":"486e2b52-ac99-44ac-adab-22b02262cc98","block_type":"box","text":"Number of Other Accounts Managed","page_number":37,"box":{"x":352,"y":573,"width":211,"height":9}},{"id":"9a0fcf84-6a76-4690-976e-3785a09121f1","block_type":"box","text":"and Assets by Account Type","page_number":37,"box":{"x":375,"y":583,"width":165,"height":9}},{"id":"24cd2c84-aaaa-474d-b76a-f81c0679313f","block_type":"box","text":"Number of Other Accounts and Assets","page_number":37,"box":{"x":648,"y":573,"width":223,"height":7}},{"id":"559ea1a8-3371-40c2-94cd-87896fccd74c","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":37,"box":{"x":627,"y":583,"width":265,"height":9}},{"id":"27cb030b-57d8-4674-af49-5b7de4585862","block_type":"box","text":"Name of Portfolio 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Pooled","page_number":37,"box":{"x":709,"y":606,"width":74,"height":7}},{"id":"73b036d5-5189-439a-9237-3bbd21d1582e","block_type":"box","text":"Investment","page_number":37,"box":{"x":714,"y":616,"width":64,"height":7}},{"id":"679cef91-f566-443c-91a0-88b9201751d7","block_type":"box","text":"Vehicles","page_number":37,"box":{"x":722,"y":626,"width":48,"height":7}},{"id":"64dc803a-fbaa-4585-abf0-2c46ce4e4a42","block_type":"box","text":"Other","page_number":37,"box":{"x":838,"y":616,"width":32,"height":7}},{"id":"64e2884c-2e9f-4248-9d91-19b96aec8bcc","block_type":"box","text":"Accounts","page_number":37,"box":{"x":826,"y":626,"width":55,"height":7}},{"id":"c58db7a5-7189-43c1-ace7-c6f417c51ff1","block_type":"box","text":"Rick Rieder 22 27 41 0 4 1","page_number":37,"box":{"x":74,"y":640,"width":783,"height":7}},{"id":"9a3763f2-5213-4840-ab3c-08e5cbca74d6","block_type":"box","text":"$77.08 Billion $50.35 Billion $5.28 Billion $0 $27.92 Million $104.87 Million","page_number":37,"box":{"x":316,"y":652,"width":583,"height":8}},{"id":"0ff63c7f-94c4-4ab7-afc2-531aa0eae853","block_type":"box","text":"Russell Brownback 13 17 28 0 0 8","page_number":37,"box":{"x":74,"y":665,"width":783,"height":7}},{"id":"e3f944d1-69c0-42fc-b18c-ccf479b51541","block_type":"box","text":"$32.31 Billion $28.97 Billion $13.20 Billion $0 $0 $5.49 Billion","page_number":37,"box":{"x":316,"y":677,"width":574,"height":8}},{"id":"dab56d99-6216-4704-a6cf-2d56004038ff","block_type":"box","text":"Dylan Price 3 6 5 0 0 1","page_number":37,"box":{"x":74,"y":690,"width":783,"height":9}},{"id":"5ade24a4-4633-46ab-bb2e-528ade336dff","block_type":"box","text":"$16.13 Billion $3.70 Billion $1.79 Billion $0 $0 $301.81 Million","page_number":37,"box":{"x":316,"y":702,"width":583,"height":9}},{"id":"7d9e3ed4-a0da-4d67-9935-f70dd1d460ef","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":37,"box":{"x":69,"y":737,"width":304,"height":11}},{"id":"6783d178-3d95-42e7-a3b0-e039f136b77e","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of December 31, 2025.","page_number":37,"box":{"x":101,"y":760,"width":700,"height":11}},{"id":"e778a9f3-58de-4783-9b71-9f49a5197cd6","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":37,"box":{"x":102,"y":782,"width":774,"height":12}},{"id":"818ae261-4d3e-4e14-9624-cca0dee77bcf","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":37,"box":{"x":70,"y":797,"width":837,"height":12}},{"id":"86660f03-f45f-4b7a-96a7-05ab2e0cc9d8","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":812,"width":823,"height":12}},{"id":"fffb1408-5287-4759-9ade-f020e3ecc5dd","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":828,"width":799,"height":11}},{"id":"c896fda2-82c9-4c00-a965-614a0da7a328","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":37,"box":{"x":70,"y":843,"width":670,"height":11}},{"id":"bf89d2a3-b4ee-4e01-9a7f-405bc4ee9c81","block_type":"box","text":"Base Compensation.","page_number":37,"box":{"x":102,"y":866,"width":148,"height":10}},{"id":"97270fb8-3efb-4556-8f43-a46a1a2541b0","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":37,"box":{"x":257,"y":865,"width":640,"height":12}},{"id":"9d4be906-f1cb-4b83-a647-493a26b5c0ca","block_type":"box","text":"firm.","page_number":37,"box":{"x":68,"y":881,"width":32,"height":8}},{"id":"b9afffdb-608a-456d-b1d8-52519eee32ca","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9c043dc5-d7f3-4f66-b64b-ccdad28710b2","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65811c9b-97d6-4f70-a58b-ad71288144b0","block_type":"box","text":"Discretionary Incentive Compensation","page_number":38,"box":{"x":69,"y":45,"width":277,"height":11}},{"id":"2f7c4b93-d1c9-42ec-b2d7-c6fc6ae355b0","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":38,"box":{"x":102,"y":67,"width":792,"height":11}},{"id":"2b06cdbb-087c-42cf-b43f-df18be846b04","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":38,"box":{"x":68,"y":82,"width":800,"height":12}},{"id":"8bb13b0d-cfab-49fb-8dd7-9e41ba33e56a","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":38,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"37586fd0-75fa-41c3-9d1b-36fc1a5d0ae9","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":38,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"ad058b61-1be8-46e3-a7af-ee896e83a9c7","block_type":"box","text":"por tfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":38,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"3debab0e-3f7d-432e-9cc3-cc6bde04f97e","block_type":"box","text":"which the per formance of the Por tfolio or other accounts managed by the por tfolio managers are measured. Among","page_number":38,"box":{"x":68,"y":143,"width":827,"height":11}},{"id":"177aecdf-6fe8-4439-89f9-7356604175a7","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each por tfolio","page_number":38,"box":{"x":69,"y":158,"width":819,"height":11}},{"id":"0a4bc0ed-3ff8-4178-b0a7-7e12403b1791","block_type":"box","text":"manager’s compensation based on the per formance of the Por tfolio and other accounts managed by each por tfolio","page_number":38,"box":{"x":69,"y":173,"width":823,"height":11}},{"id":"13bd3e05-b298-4168-a081-4b9f2f9f6413","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":38,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"5ee3b1dd-4660-4c9a-8542-6811532d7998","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":203,"width":798,"height":12}},{"id":"84decf9e-719c-415c-b87e-70f989f18468","block_type":"box","text":"por tfolio managers, such benchmarks for the Por tfolio and other accounts are: a combination of market-based","page_number":38,"box":{"x":70,"y":218,"width":786,"height":12}},{"id":"1be386f6-1d1c-4688-9ac3-fadcceeca413","block_type":"box","text":"indices (e.g., Bloomberg U.S. Aggregate Bond Index), cer tain customized indices and cer tain fund industry peer","page_number":38,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"7f3396e7-a1b5-4490-b026-7e27cf09a1c6","block_type":"box","text":"groups.","page_number":38,"box":{"x":68,"y":250,"width":52,"height":10}},{"id":"4594e1fc-9c60-4351-b002-5eb3ab1bdf33","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":38,"box":{"x":102,"y":271,"width":389,"height":12}},{"id":"7e5eaaf3-a4e5-478f-bb76-192a4c5c27c1","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":38,"box":{"x":499,"y":272,"width":383,"height":11}},{"id":"7df24e79-8618-4e60-9053-0bbd39dadfec","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":286,"width":815,"height":12}},{"id":"8bc966d7-a68f-49e8-b477-f08437b871a3","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":38,"box":{"x":68,"y":302,"width":522,"height":11}},{"id":"56f566a3-109d-449c-b7cc-4650a458d7a2","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":324,"width":760,"height":12}},{"id":"3f847c28-caaf-4dd3-b975-92adfb478753","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":339,"width":795,"height":12}},{"id":"74d6fe47-6153-440d-b671-f9c4768762fb","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":355,"width":805,"height":11}},{"id":"0ff4a178-99fb-4799-8c2f-1b402343fdd6","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":370,"width":822,"height":11}},{"id":"183c32eb-a7c2-4962-9bd7-65da9fb8965f","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":385,"width":839,"height":11}},{"id":"2fa6d8ce-9db0-4ad0-a82e-b3241297fad8","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":400,"width":802,"height":11}},{"id":"a2a3d1b3-504e-4b8c-8002-9c4023977928","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":415,"width":820,"height":11}},{"id":"0bca463f-e336-441d-86a3-7a391cd28df6","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":430,"width":801,"height":11}},{"id":"fd36ef2a-3664-4ea0-8d58-261107cfcc3a","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":445,"width":831,"height":11}},{"id":"eeab8961-f0fa-41a0-af24-51f8a621b1bf","block_type":"box","text":"managers of the Por tfolio have deferred BlackRock, Inc. stock awards.","page_number":38,"box":{"x":69,"y":460,"width":501,"height":12}},{"id":"8877e6d0-a8cc-438c-a6e8-0aed1ebe3c90","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":483,"width":785,"height":11}},{"id":"a14f3b29-38f1-45c0-8a42-87040fd7472b","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":498,"width":836,"height":11}},{"id":"addcc683-f8e9-4b1a-a856-78743e4bad66","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":513,"width":821,"height":12}},{"id":"968fcb2b-bff9-499d-a3c3-b22d0552431e","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":528,"width":829,"height":12}},{"id":"3520a4b0-380f-4cba-9ce3-269a428ce93a","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":543,"width":835,"height":12}},{"id":"4de5022b-b728-4d26-915e-0d73e663542f","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":38,"box":{"x":69,"y":559,"width":414,"height":11}},{"id":"6a7368eb-87fb-465f-94ff-489117a5c149","block_type":"box","text":"Other Compensation Benefits.","page_number":38,"box":{"x":101,"y":581,"width":218,"height":11}},{"id":"2ecfdb38-a9ac-4a23-92ef-d226f1841241","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":38,"box":{"x":327,"y":581,"width":552,"height":11}},{"id":"d9643143-156c-4497-80b7-ff665dbd8ea6","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":596,"width":582,"height":12}},{"id":"7a7b6b83-35e2-43f4-8042-a44355aabfd1","block_type":"box","text":"Incentive Savings Plans","page_number":38,"box":{"x":102,"y":619,"width":167,"height":11}},{"id":"0d48ff90-634f-4531-9e9a-3032db41f4a5","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":38,"box":{"x":274,"y":619,"width":614,"height":11}},{"id":"87faf73a-304c-47b2-8f7b-f185ad893380","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":634,"width":831,"height":12}},{"id":"ee9fb72a-691c-4edf-acb9-647663670803","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":649,"width":785,"height":12}},{"id":"65f8cf5a-9e70-44f0-a791-d61abddaf477","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":664,"width":830,"height":12}},{"id":"12d9013a-4c29-44a6-8604-d50a40ce612e","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":38,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"b730201f-1909-4873-acd2-1b3003c6e7fa","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":38,"box":{"x":69,"y":694,"width":831,"height":12}},{"id":"d3ffa2b5-cb2f-4b86-89ec-a68b00ccd2fb","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":38,"box":{"x":69,"y":710,"width":798,"height":11}},{"id":"973f327a-3d33-4389-9bee-1bf5b0468691","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":38,"box":{"x":70,"y":725,"width":809,"height":11}},{"id":"808ae011-3f7f-4b39-926b-961cfe1c6e03","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":38,"box":{"x":68,"y":740,"width":793,"height":11}},{"id":"a5d19d92-c029-4c2f-92f5-22a65887c641","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":38,"box":{"x":70,"y":755,"width":832,"height":11}},{"id":"8b36738b-3aab-42ae-933c-8d4597293886","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":38,"box":{"x":68,"y":770,"width":805,"height":11}},{"id":"df145256-d05c-484e-81fc-997864895911","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":38,"box":{"x":69,"y":785,"width":808,"height":12}},{"id":"59d7428c-be35-4dea-a539-32102afb8bb3","block_type":"box","text":"par ticipate in these plans.","page_number":38,"box":{"x":70,"y":801,"width":185,"height":11}},{"id":"ca2ea953-4e8d-4094-89d5-9c0e0ec1eff9","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"223d3893-5e04-4e89-abed-b9c61a63a0b6","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd0179e6-b27a-4ce4-8a46-dbaf0b5aaaeb","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":39,"box":{"x":69,"y":45,"width":268,"height":11}},{"id":"2a92766c-78e1-4a20-afcd-ce8fea617d53","block_type":"box","text":"As of December 31, 2025, the Por tfolio’s most recently completed fiscal year end, the dollar range of securities","page_number":39,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"64cafdd6-9420-4e4f-afdb-5dadd0ead271","block_type":"box","text":"beneficially owned by the por tfolio managers in the Por tfolio is shown below:","page_number":39,"box":{"x":69,"y":82,"width":545,"height":12}},{"id":"e81ca8ae-2fd2-4d62-8bf1-0ad53bf7cf49","block_type":"box","text":"Portfolio Manager","page_number":39,"box":{"x":69,"y":121,"width":105,"height":9}},{"id":"bf003647-9bec-4832-a391-414eae6b94a3","block_type":"box","text":"Dollar Range of Equity","page_number":39,"box":{"x":757,"y":111,"width":129,"height":9}},{"id":"2c41d2b5-a79f-4658-82c0-7f00bb47b188","block_type":"box","text":"Securities Beneficially Owned","page_number":39,"box":{"x":732,"y":121,"width":173,"height":9}},{"id":"0de16801-85f1-45bf-90f9-497042b2737b","block_type":"box","text":"1","page_number":39,"box":{"x":906,"y":121,"width":4,"height":3}},{"id":"4be0b5fe-5f1f-4fae-af6e-fd0326d64009","block_type":"box","text":"Rick Rieder . . .","page_number":39,"box":{"x":70,"y":139,"width":102,"height":8}},{"id":"e3e21007-c7dd-4090-88cd-1f99212551b2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over $1,","page_number":39,"box":{"x":178,"y":138,"width":640,"height":11}},{"id":"72100592-4484-44b8-b131-805394061e3f","block_type":"box","text":"000,000","page_number":39,"box":{"x":820,"y":139,"width":63,"height":10}},{"id":"f92d331f-5fa4-4e24-8116-d7a573fec0cf","block_type":"box","text":"Russell Brownback . .","page_number":39,"box":{"x":70,"y":154,"width":150,"height":9}},{"id":"115dac51-8b83-48d3-834a-3b79f04eb532","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Over $1,","page_number":39,"box":{"x":227,"y":153,"width":591,"height":11}},{"id":"72533ac1-68ca-4284-a244-d534528ef706","block_type":"box","text":"000,000","page_number":39,"box":{"x":820,"y":154,"width":63,"height":10}},{"id":"a29568fe-a861-415c-9a0c-65471aca6512","block_type":"box","text":"Dylan Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":39,"box":{"x":70,"y":169,"width":631,"height":11}},{"id":"f5bd8d94-f8f6-4fad-ae21-182041f692b5","block_type":"box","text":"None","page_number":39,"box":{"x":804,"y":169,"width":35,"height":9}},{"id":"407ca920-d9c4-4b39-8c82-f47a74a3b087","block_type":"box","text":"1","page_number":39,"box":{"x":69,"y":193,"width":3,"height":4}},{"id":"5fcf661a-35d4-483f-b2e4-af8fb97beb34","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":"d02d4508-609f-461d-b334-b90bb99eaf21","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":"c605c35b-7f8e-4992-aaf5-701bf150fdd5","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":"d87a6b32-8bcd-4bc5-af02-8ef6fe34fb92","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":"3bb12479-19db-4a7a-ac85-06a7680da9df","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":"e51b1b4a-30b2-4e31-97b3-83b3d1d72eff","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":"9a8963fc-34ec-476d-83bc-e0abed4f3a72","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":"ce973be2-998a-4402-9c3c-518dfd47ef88","block_type":"box","text":"management and advisory services to numerous clients in addition to the Por tfolio, and BlackRock may, consistent","page_number":39,"box":{"x":69,"y":320,"width":823,"height":11}},{"id":"3bac58f6-c7e7-42e8-99b8-207ebca73db1","block_type":"box","text":"with applicable law, make investment recommendations to other clients or accounts (including accounts which are","page_number":39,"box":{"x":68,"y":335,"width":814,"height":11}},{"id":"18fe3d39-157d-4b53-8358-a9f33aaec970","block_type":"box","text":"hedge funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal","page_number":39,"box":{"x":69,"y":350,"width":821,"height":11}},{"id":"a11d43b3-e2f4-4658-aabf-525960db17fe","block_type":"box","text":"interest in the receipt of such fees), which may be the same as or different from those made to the Por tfolio. In","page_number":39,"box":{"x":70,"y":365,"width":796,"height":11}},{"id":"5c7b00a9-4afe-4ea1-b236-cc5b04e28344","block_type":"box","text":"addition, BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may","page_number":39,"box":{"x":69,"y":380,"width":836,"height":12}},{"id":"4a1b125a-e064-4d97-be54-44ffa4936971","block_type":"box","text":"or may not have an interest in the securities whose purchase and sale BlackRock recommends to the Por tfolio.","page_number":39,"box":{"x":69,"y":395,"width":794,"height":12}},{"id":"20d3af8b-9bd3-444c-9e32-19923cdb5f31","block_type":"box","text":"BlackRock, or any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any","page_number":39,"box":{"x":70,"y":411,"width":814,"height":11}},{"id":"d4083f6f-2239-4acf-9281-85e57a33cae4","block_type":"box","text":"member of their families may take different actions than those recommended to the Por tfolio by BlackRock with","page_number":39,"box":{"x":69,"y":426,"width":798,"height":11}},{"id":"a1c43ed4-5255-4641-a009-510b8e23f346","block_type":"box","text":"respect to the same securities. Moreover, BlackRock may refrain from rendering any advice or services concerning","page_number":39,"box":{"x":69,"y":441,"width":816,"height":11}},{"id":"307ab568-b263-4fb7-8aac-5bd64634c8a9","block_type":"box","text":"securities of companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors","page_number":39,"box":{"x":69,"y":456,"width":827,"height":11}},{"id":"098d1c88-fc1d-4581-a15f-0411f2dfd71f","block_type":"box","text":"or employees are directors or officers, or companies as to which BlackRock or any of its affiliates or significant","page_number":39,"box":{"x":69,"y":471,"width":792,"height":11}},{"id":"369ab2d7-a54d-4241-8b5d-3bd8a8cd1db2","block_type":"box","text":"shareholders or the officers, directors and employees of any of them has any substantial economic interest or","page_number":39,"box":{"x":69,"y":486,"width":787,"height":11}},{"id":"88440b44-a6a5-4a70-abf7-e3d716077f06","block_type":"box","text":"possesses material non-public information. Cer tain por tfolio managers also may manage accounts whose investment","page_number":39,"box":{"x":70,"y":501,"width":838,"height":12}},{"id":"2d96a2b4-e7cd-4c59-97c1-56b80fd02516","block_type":"box","text":"strategies may at times be opposed to the strategy utilized for the Por tfolio. It should also be noted that Messrs.","page_number":39,"box":{"x":69,"y":516,"width":805,"height":12}},{"id":"6a494a52-98d1-4f2d-bd9c-a1263e6495ae","block_type":"box","text":"Rieder, Price and Brownback may be managing hedge fund and/or long only accounts, or may be par t of a team","page_number":39,"box":{"x":70,"y":532,"width":794,"height":11}},{"id":"47e34b82-38a1-4ae9-99b6-7d79e43fc964","block_type":"box","text":"managing hedge fund and/or long only accounts, subject to incentive fees. Messrs. Rieder, Price and Brownback may","page_number":39,"box":{"x":69,"y":547,"width":837,"height":11}},{"id":"59ce112f-e3c5-4bac-b9bd-b686ed12c72a","block_type":"box","text":"therefore be entitled to receive a por tion of any incentive fees earned on such accounts","page_number":39,"box":{"x":68,"y":562,"width":627,"height":11}},{"id":"4619f778-1090-4d08-a5c5-5d7ab763ea1b","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":"87acccb6-7586-4a17-bc8c-064d01224e6b","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":"42523fd0-1b1f-4631-bf24-8d7686ec3ac6","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":"dce7b779-66a0-43da-900d-ce416744add1","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":"f4a9b9fd-8886-4b2d-80a3-ca363fd9b6af","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":"b18edc52-784f-407a-befc-5159f7637f4f","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":"cde5d949-2ff3-4ccb-bd5a-944a147dcb98","block_type":"box","text":"Accounting Services","page_number":39,"box":{"x":68,"y":690,"width":150,"height":11}},{"id":"5c0d8d5f-380c-42b0-abbd-508b84f57d88","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for the Por tfolio. JPM records","page_number":39,"box":{"x":101,"y":713,"width":783,"height":11}},{"id":"3556ef3f-1641-4fa9-8c30-2da50d53f3d7","block_type":"box","text":"investment, capital share and income and expense activities; verifies and transmits trade tickets; maintains","page_number":39,"box":{"x":70,"y":728,"width":769,"height":11}},{"id":"73c47b2f-8c12-44c4-85fe-5dd82db517bc","block_type":"box","text":"accounting ledgers for investment securities; maintains tax lots; reconciles cash with the Por tfolio’s custodians;","page_number":39,"box":{"x":69,"y":743,"width":799,"height":12}},{"id":"a0190f7c-91ff-41a6-bb5d-de28217be3e7","block_type":"box","text":"repor ts cash balances to BlackRock; prepares cer tain financial statements; calculates expenses, gains, losses and","page_number":39,"box":{"x":69,"y":758,"width":826,"height":12}},{"id":"9c846663-2e88-4d20-910b-c28e7e6cf637","block_type":"box","text":"income; controls disbursements; works with independent pricing sources; and computes and repor ts net asset value.","page_number":39,"box":{"x":70,"y":774,"width":837,"height":11}},{"id":"397b6fbd-1aa5-465c-adc9-552ec3581939","block_type":"box","text":"In connection with its accounting services, JPM also provides cer tain administration services to the Por tfolio.","page_number":39,"box":{"x":70,"y":789,"width":778,"height":11}},{"id":"b2130475-e492-4a6a-8379-c5d9edf51469","block_type":"box","text":"The table below shows the amount paid by the Trust, on behalf of the Por tfolio, to JPM for accounting services","page_number":39,"box":{"x":101,"y":811,"width":788,"height":12}},{"id":"7446bea4-f0bf-44e0-acc5-17e71f90e4f4","block_type":"box","text":"for the periods indicated:","page_number":39,"box":{"x":68,"y":826,"width":178,"height":11}},{"id":"115324a4-f523-4fa7-bea7-61524af781dd","block_type":"box","text":"Fees Paid to JPM","page_number":39,"box":{"x":809,"y":855,"width":100,"height":7}},{"id":"90e39b75-fd1d-40f4-ac1c-91f8c3ecb553","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . .","page_number":39,"box":{"x":70,"y":872,"width":332,"height":11}},{"id":"bf2da680-14fa-49cc-b906-7c88d7eefac5","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":39,"box":{"x":408,"y":872,"width":430,"height":11}},{"id":"915a35a3-fb1c-4ccb-92c8-34faf81f9fc2","block_type":"box","text":"382,334","page_number":39,"box":{"x":840,"y":872,"width":62,"height":11}},{"id":"d788764e-93f9-4732-ae41-276b5ec00091","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . .","page_number":39,"box":{"x":70,"y":888,"width":332,"height":10}},{"id":"22ad98f7-f766-4bc6-8354-69724d4861d6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,","page_number":39,"box":{"x":408,"y":887,"width":430,"height":11}},{"id":"e5a058c2-602d-4c9b-a723-98867f6520d3","block_type":"box","text":"168,252","page_number":39,"box":{"x":840,"y":888,"width":62,"height":10}},{"id":"434aa414-23c5-4275-99a8-1756d3a8659b","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . .","page_number":39,"box":{"x":70,"y":903,"width":332,"height":10}},{"id":"43be182b-6462-44d9-b439-d631f206627c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,","page_number":39,"box":{"x":408,"y":902,"width":430,"height":11}},{"id":"cc8c4d81-baba-4f5b-a353-8eb5621fe459","block_type":"box","text":"784,868","page_number":39,"box":{"x":840,"y":903,"width":62,"height":10}},{"id":"5149be69-2ef0-4cc2-a5a3-ddfe3ba9fa9d","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"42f4cddb-69e1-4097-9911-72c07fd020b2","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b5cf2861-7adb-469d-8219-861720231fa7","block_type":"box","text":"Custodian and Transfer Agency Agreements","page_number":40,"box":{"x":69,"y":45,"width":319,"height":11}},{"id":"9e4ad053-b006-4ef2-81a4-9d3de83e5145","block_type":"box","text":"JPM, which has its principal offices at 383 Madison Avenue, New York, New York 10179, serves as the","page_number":40,"box":{"x":101,"y":67,"width":736,"height":11}},{"id":"6b162e46-7d93-4c23-9b3a-4a51f6caf0c3","block_type":"box","text":"custodian for the Por tfolio. Among other responsibilities, JPM maintains a custody account or accounts in the name","page_number":40,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"7bfac3dc-8e43-492e-a496-96ce9bdd4626","block_type":"box","text":"of the Por tfolio, receives and delivers all assets for the Por tfolio upon purchase and upon sale or maturity, and","page_number":40,"box":{"x":69,"y":98,"width":790,"height":11}},{"id":"f337b1da-d75b-4d86-8e29-233eba082230","block_type":"box","text":"collects and receives all income and other payments and distributions on account of the assets of the Por tfolio.","page_number":40,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"e8aef39e-4141-4764-ad01-dbbafcdb6dba","block_type":"box","text":"The Bank of New York Mellon, which has its principal place of business at 240 Greenwich Street, New York, New","page_number":40,"box":{"x":101,"y":135,"width":802,"height":11}},{"id":"bf88d2a8-8f8e-4c27-bd5a-0bd806c7e489","block_type":"box","text":"York 10286, serves as custodian solely with respect to the Por tfolio’s assets posted as initial margin for non","page_number":40,"box":{"x":68,"y":150,"width":786,"height":12}},{"id":"3da99ae3-5187-4fcb-8acc-62f7c2ba5dc0","block_type":"box","text":"centrally cleared over-the-counter derivative contracts.","page_number":40,"box":{"x":69,"y":166,"width":381,"height":11}},{"id":"308b0d72-a2a2-45f2-a530-12e768844988","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":188,"width":764,"height":12}},{"id":"ef5e912c-9611-49bb-b8b7-947cfd159a4b","block_type":"box","text":"Westborough, Massachusetts 01581, serves as the transfer and dividend disbursing agent for the Por tfolio.","page_number":40,"box":{"x":68,"y":203,"width":773,"height":12}},{"id":"251db39d-7549-4c84-9639-e19448495cb6","block_type":"box","text":"Credit Agreement","page_number":40,"box":{"x":69,"y":234,"width":129,"height":11}},{"id":"8af24c5b-a93c-49fc-ac8d-ea9514d76f81","block_type":"box","text":"The Trust, on behalf of the Por tfolio, along with cer tain other funds managed by the Manager and its affiliates","page_number":40,"box":{"x":101,"y":256,"width":783,"height":12}},{"id":"4cebce5f-3ead-4246-8577-bf1c65a76c1d","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":271,"width":817,"height":12}},{"id":"d7e4fe51-6059-4205-b0d5-abf49f21070f","block_type":"box","text":"terminates on April 8, 2027 unless otherwise extended or renewed (the “Credit Agreement”). Excluding commitments","page_number":40,"box":{"x":68,"y":287,"width":840,"height":11}},{"id":"4b1a0872-e3f2-46b5-a804-1bccd431660b","block_type":"box","text":"designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Por tfolio, can borrow up to an","page_number":40,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"f7dbf9d1-8023-432f-b839-4ed53198f216","block_type":"box","text":"aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":40,"box":{"x":69,"y":316,"width":776,"height":12}},{"id":"8a9107b1-0771-431f-8993-daa35e1ef56d","block_type":"box","text":"limitations as specified in the agreement. The Por tfolio may borrow under the Credit Agreement to meet shareholder","page_number":40,"box":{"x":70,"y":332,"width":829,"height":11}},{"id":"9ff37046-f65e-4dd6-9339-e9fd1f5b40b8","block_type":"box","text":"redemptions and for other lawful purposes. However, the Por tfolio may not borrow under the Credit Agreement for","page_number":40,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"6e540dc5-5de6-42ef-8a2d-77de6162352d","block_type":"box","text":"leverage. The Por tfolio may borrow up to the maximum amount allowable under the Por tfolio’s current Prospectuses","page_number":40,"box":{"x":70,"y":362,"width":827,"height":11}},{"id":"103d3bc7-591a-4331-83be-fc7f8e25074f","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":377,"width":805,"height":12}},{"id":"e10d4707-2b57-48e3-abcb-36d2ea7265ca","block_type":"box","text":"other fees and expenses for the Por tfolio which may impact the Por tfolio’s net expenses. The costs of borrowing may","page_number":40,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"c8a39d19-7541-4c51-9edd-c6a35b177b94","block_type":"box","text":"reduce the Por tfolio’s returns. The Por tfolio is charged its pro rata share of upfront fees and commitment fees on the","page_number":40,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"9e321612-c9d2-4606-b265-0d17711d838f","block_type":"box","text":"aggregate commitment amount based on its net assets. If the Por tfolio borrows pursuant to the Credit Agreement,","page_number":40,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"15418eb5-f0f0-46dd-9259-fd1b65fcf806","block_type":"box","text":"the Por tfolio will be charged interest at a variable rate.","page_number":40,"box":{"x":68,"y":438,"width":389,"height":11}},{"id":"64fe2cdc-15b1-4278-bea6-35214bd43fea","block_type":"box","text":"The Por tfolio intends to invest in corporate loans through a wholly owned special purpose vehicle (the “SPV”)","page_number":40,"box":{"x":101,"y":460,"width":777,"height":12}},{"id":"18959740-9283-468a-ad43-f466267710e4","block_type":"box","text":"that has entered into a credit agreement with a bank (the “SPV Credit Agreement”). The SPV will borrow funds under","page_number":40,"box":{"x":68,"y":475,"width":831,"height":12}},{"id":"cc3d8469-6d19-417a-9e9d-7dc8aa18d629","block_type":"box","text":"the SPV Credit Agreement which it will use to purchase and hold corporate loans. The SPV’s obligations to the bank","page_number":40,"box":{"x":68,"y":491,"width":825,"height":11}},{"id":"f3875aa9-407c-43f7-a0cc-c95cab55adf1","block_type":"box","text":"under the SPV Credit Agreement are secured by a first priority security interest in and lien on all assets of the special","page_number":40,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"d51cefa7-b08e-43fb-95d4-63227d8d5f8f","block_type":"box","text":"purpose vehicle. The obligations of the SPV under the SPV Credit Agreement are non-recourse to the Por tfolio, and","page_number":40,"box":{"x":70,"y":521,"width":814,"height":11}},{"id":"2648056e-e432-4fc0-9c29-cc2d99b522ff","block_type":"box","text":"the Por tfolio’s exposure under the SPV Credit Agreement is limited to the value of the Por tfolio’s investment in the","page_number":40,"box":{"x":68,"y":536,"width":818,"height":11}},{"id":"6e05c219-1913-4507-9407-8d93f3ab6637","block_type":"box","text":"SPV.","page_number":40,"box":{"x":69,"y":551,"width":30,"height":9}},{"id":"58e8ba84-caef-4a93-b650-e85528ac6043","block_type":"box","text":"Organization and Management of Wholly-Owned Subsidiary","page_number":40,"box":{"x":69,"y":581,"width":428,"height":11}},{"id":"fae6e378-a72e-451f-9bbb-a1c2465ecde4","block_type":"box","text":"The Por tfolio 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":604,"width":777,"height":11}},{"id":"8377a23e-628a-43dd-812c-7e0ecd42bf91","block_type":"box","text":"Subsidiary. The Subsidiary invests primarily in commodity-related instruments.","page_number":40,"box":{"x":69,"y":619,"width":557,"height":11}},{"id":"b3ac2c39-e858-4bba-87fe-dd66b09d2232","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":642,"width":803,"height":11}},{"id":"757d9a46-deb8-424b-948b-d9b23ed348a0","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":657,"width":831,"height":11}},{"id":"d1d947ee-9cc7-4921-a476-6183e5f769f4","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":672,"width":821,"height":11}},{"id":"89271a6c-3d47-4dee-bcfc-e73513dd45a4","block_type":"box","text":"Trent Walker.","page_number":40,"box":{"x":68,"y":687,"width":91,"height":9}},{"id":"dd535d74-79cb-4718-b68c-added83b7a77","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":710,"width":808,"height":11}},{"id":"c23ddcf1-cd65-49ac-8d1b-821bc4c951be","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":725,"width":808,"height":11}},{"id":"50d67566-bdb2-4695-9592-1abfb0716a9d","block_type":"box","text":"services. However, the Por tfolio pays the Manager based on the Por tfolio’s assets, including the assets invested in","page_number":40,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"0cd3ce0d-f02a-4823-a3ba-18d06bbce3d8","block_type":"box","text":"the Subsidiary. The Subsidiary entered into contracts for the provision of custody, accounting agent and audit","page_number":40,"box":{"x":68,"y":755,"width":781,"height":11}},{"id":"6cf48117-f6f1-4bc8-aceb-d7c0eb069a9f","block_type":"box","text":"services with the same service providers that provide those services to the Por tfolio.","page_number":40,"box":{"x":69,"y":770,"width":607,"height":11}},{"id":"96717c1d-f78a-45e4-bd27-b5d2951f04e6","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":793,"width":780,"height":11}},{"id":"fce18e36-f3f7-424a-b158-7ad8256f951b","block_type":"box","text":"respects, as the policies and procedures adopted by the Por tfolio. As a result, the Manager, in managing the","page_number":40,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"c63330b9-d011-421b-8d08-a1b0069458ef","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":823,"width":820,"height":12}},{"id":"1f5e5476-7895-4411-838a-86a4dd22b607","block_type":"box","text":"the Por tfolio, and, in par ticular, to the requirements relating to por tfolio leverage, liquidity, brokerage, and the timing","page_number":40,"box":{"x":68,"y":838,"width":832,"height":12}},{"id":"e236e5aa-7608-48af-bbe6-f3e6744c5d0e","block_type":"box","text":"and method of the valuation of the Subsidiary’s por tfolio investments and shares of the Subsidiary. These policies","page_number":40,"box":{"x":69,"y":853,"width":818,"height":12}},{"id":"af02a60a-00de-4df5-b190-c4cf725c7b9a","block_type":"box","text":"and restrictions are described elsewhere in detail in this SAI. The Por tfolio and the Subsidiary test for compliance","page_number":40,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"ae7f7d7f-4556-4275-bcf7-b86a4bd4fc5b","block_type":"box","text":"with cer tain investment restrictions on a consolidated basis.","page_number":40,"box":{"x":68,"y":884,"width":431,"height":9}},{"id":"c5943f6a-1123-4d59-bd0c-5936c92125dc","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"da321efd-0202-49cd-8f4c-9c9b9ee4d549","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"10bf95fc-f9ea-4e7b-a6c5-aca91901d275","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":41,"box":{"x":68,"y":45,"width":491,"height":11}},{"id":"a8b10fa2-a9e5-494b-ad43-673e4b39a02d","block_type":"box","text":"Distribution Agreement and Distribution and Service Plan.","page_number":41,"box":{"x":102,"y":67,"width":421,"height":11}},{"id":"5d71d783-5ff2-4424-a998-64500c7dbf82","block_type":"box","text":"The Trust has entered into a distribution agreement","page_number":41,"box":{"x":529,"y":68,"width":368,"height":11}},{"id":"a3870557-6c79-4988-884a-0d02e0744104","block_type":"box","text":"with BlackRock Investments, LLC (“BRIL,” or the “Distributor”) under which BRIL, as agent, offers shares of the","page_number":41,"box":{"x":68,"y":82,"width":795,"height":12}},{"id":"b3b51f9d-06d7-4603-8811-e532f9bf8a09","block_type":"box","text":"Por tfolio on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is not","page_number":41,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"270d7e3c-3876-4b90-8f83-b68e2897959b","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":41,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"74e8b0a1-7f01-4d27-9534-2d8150f6dca9","block_type":"box","text":"New York 10001. BRIL is an affiliate of BlackRock.","page_number":41,"box":{"x":70,"y":128,"width":359,"height":9}},{"id":"2da2a9fa-fa2a-432f-b117-47f24c673634","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":150,"width":805,"height":12}},{"id":"935a2943-97d0-4cb1-8ac4-b589932efbe4","block_type":"box","text":"to affiliated and unaffiliated brokers, dealers, financial institutions, insurance companies, retirement plan record","page_number":41,"box":{"x":68,"y":166,"width":808,"height":11}},{"id":"e299f752-9fc7-4956-8540-151215d7ad8f","block_type":"box","text":"keepers and other financial intermediaries (including BlackRock, BRIL and their affiliates) (collectively, “Service","page_number":41,"box":{"x":69,"y":181,"width":791,"height":11}},{"id":"bab5ea3b-c563-43a6-befe-000938a893ba","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":196,"width":786,"height":11}},{"id":"ff381091-090b-41b3-b01c-ab0ff592afe3","block_type":"box","text":"beneficial owners of Investor A and Investor C Shares of the Por tfolio.","page_number":41,"box":{"x":69,"y":211,"width":496,"height":9}},{"id":"b5f25cbd-954a-4b08-b92a-56a61b51b418","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":234,"width":773,"height":11}},{"id":"c0405d17-2c36-4717-893b-abd8a4f1de4e","block_type":"box","text":"received by the Por tfolio, including the amounts paid to affiliates of BlackRock, for the periods indicated.","page_number":41,"box":{"x":69,"y":249,"width":746,"height":11}},{"id":"8421b7f4-b561-40cb-841c-6b2890283222","block_type":"box","text":"Investor A Sales Charges 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$4,375","page_number":42,"box":{"x":520,"y":141,"width":389,"height":11}},{"id":"3bdb56e2-c324-4cc6-9766-2af3dc550d67","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":70,"y":157,"width":444,"height":10}},{"id":"5c3caee2-e200-45bd-90fd-456c420fd39d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,962 $6,962","page_number":42,"box":{"x":520,"y":156,"width":389,"height":11}},{"id":"fff778af-a4ef-46de-95fe-f74a11533518","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":42,"box":{"x":101,"y":181,"width":774,"height":11}},{"id":"32d22433-8df1-4b2c-b4c8-3d59de80327c","block_type":"box","text":"Por tfolio paid to BRIL under the Por tfolio’s 12b-1 plans. 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Computation of Offering Price Per Share","page_number":42,"box":{"x":68,"y":329,"width":318,"height":11}},{"id":"6b9469a1-68a1-4840-b1e0-137082f00448","block_type":"box","text":"An illustration of the computation of the public offering price of the Investor A Shares of the Por tfolio’s, based on","page_number":42,"box":{"x":101,"y":351,"width":806,"height":12}},{"id":"647d0c55-80a4-462a-a7bc-db901a9f6677","block_type":"box","text":"the value of the Por tfolio’s Investor A Shares’ net assets and number of Investor A Shares outstanding as of","page_number":42,"box":{"x":68,"y":366,"width":776,"height":12}},{"id":"be90e368-5538-43a3-a7bc-cb682944a3d4","block_type":"box","text":"December 31, 2025 follows:","page_number":42,"box":{"x":70,"y":382,"width":202,"height":10}},{"id":"6011bf48-d625-4aa3-9a36-745821160be1","block_type":"box","text":"Investor A Shares","page_number":42,"box":{"x":805,"y":410,"width":102,"height":7}},{"id":"813f3606-590f-4f29-b15c-076d58bf7602","block_type":"box","text":"Net Assets","page_number":42,"box":{"x":70,"y":428,"width":76,"height":9}},{"id":"7dbdccc3-3e9c-4200-a2c5-4412ad9e29df","block_type":"box","text":".............................................................................","page_number":42,"box":{"x":150,"y":435,"width":621,"height":2}},{"id":"5757b988-a07e-4d21-a383-77f8acff5004","block_type":"box","text":"$902,026,382","page_number":42,"box":{"x":803,"y":427,"width":106,"height":11}},{"id":"961516e3-a76f-4e91-b9ac-6f387fb3bee5","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":42,"box":{"x":70,"y":443,"width":245,"height":11}},{"id":"70a68297-9bee-4dc3-9bbb-414fc6dd7edc","block_type":"box","text":"........................................................","page_number":42,"box":{"x":321,"y":450,"width":450,"height":2}},{"id":"e074900a-f6c8-4924-94a6-094ebc3ca39f","block_type":"box","text":"$92,319,196","page_number":42,"box":{"x":813,"y":442,"width":96,"height":11}},{"id":"c403c4f6-de74-4aa2-abb7-0e4e9277cda3","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":42,"box":{"x":70,"y":458,"width":571,"height":11}},{"id":"abeb2874-0c29-4ba2-9017-ee132dfaedc3","block_type":"box","text":". . . . . . . . . . . . . . . . $9.77","page_number":42,"box":{"x":647,"y":457,"width":261,"height":11}},{"id":"d0bc2bf7-612b-478e-ad34-63c668f4bc8e","block_type":"box","text":"Sales Charge (4.00% of offering price; 4.17% of net asset value per share)","page_number":42,"box":{"x":69,"y":473,"width":534,"height":11}},{"id":"e2fddf18-113e-4b69-b02a-ca67f94764ad","block_type":"box","text":"1","page_number":42,"box":{"x":604,"y":473,"width":4,"height":5}},{"id":"bbb7931b-073b-475c-93a2-8cc2923209e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0.41","page_number":42,"box":{"x":615,"y":472,"width":294,"height":11}},{"id":"9f69efd8-a77a-42aa-807f-5dabc1ed5046","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":42,"box":{"x":69,"y":492,"width":702,"height":12}},{"id":"92e12328-3cb2-4ac0-abdc-1b7308973f10","block_type":"box","text":"$10.18","page_number":42,"box":{"x":857,"y":492,"width":52,"height":10}},{"id":"9bb86cab-4f20-4c1e-8d12-9508edecdef4","block_type":"box","text":"1","page_number":42,"box":{"x":69,"y":525,"width":3,"height":3}},{"id":"d34404b8-93e4-46b7-b74f-f85f34c87843","block_type":"box","text":"Assumes maximum sales charge applicable.","page_number":42,"box":{"x":93,"y":525,"width":253,"height":9}},{"id":"f2ceeb33-35a7-41ed-9423-e6dfe3ae40d0","block_type":"box","text":"The offering price for the Por tfolio’s other share classes is equal to the share class’ net asset value computed","page_number":42,"box":{"x":101,"y":545,"width":791,"height":12}},{"id":"cbf95cf6-15e2-4efc-a229-fecabbad9303","block_type":"box","text":"as set for th above for Investor A Shares. Though not subject to a sales charge, cer tain share classes may be subject","page_number":42,"box":{"x":69,"y":561,"width":837,"height":11}},{"id":"1e8e7703-0527-4694-b74c-040c33e499da","block_type":"box","text":"to a CDSC on redemption. For more information on the purchasing and valuation of shares, please see “Purchase of","page_number":42,"box":{"x":68,"y":576,"width":833,"height":11}},{"id":"f690c6d2-0da5-47e1-8872-cce6fe790d54","block_type":"box","text":"Shares” and “Pricing of Shares” in Par t II of this SAI.","page_number":42,"box":{"x":69,"y":591,"width":377,"height":11}},{"id":"61c9f58c-2d88-4fe6-82a3-4964b83abd1f","block_type":"box","text":"The Subsidiary is subject to the same valuation policies as the Por tfolio as described in “Pricing of Shares” in","page_number":42,"box":{"x":101,"y":613,"width":785,"height":12}},{"id":"a852b4b9-b2a5-47e4-aac6-4f7418ee5098","block_type":"box","text":"Par t II of this SAI. The Por tfolio’s investment in the Subsidiary is valued based on the value of the Subsidiary’s","page_number":42,"box":{"x":69,"y":629,"width":792,"height":11}},{"id":"e9162ef8-2fbe-4042-ba97-ea45f31a4f2c","block_type":"box","text":"por tfolio investments. The Subsidiary prices its por tfolio investments pursuant to the same pricing and valuation","page_number":42,"box":{"x":70,"y":644,"width":802,"height":11}},{"id":"74a71786-37f0-433a-a933-ea194e971d66","block_type":"box","text":"methodologies and procedures used by the Por tfolio, which require, among other things, that each of the","page_number":42,"box":{"x":69,"y":659,"width":748,"height":11}},{"id":"0750e0fd-bf98-4d94-9f73-0d27d78f97e7","block_type":"box","text":"Subsidiary’s por tfolio investments be marked-to-market (that is, the value on the Subsidiary’s books changes) each","page_number":42,"box":{"x":69,"y":674,"width":825,"height":11}},{"id":"f8db7fda-2572-4e98-b2a1-9fb1eb35360a","block_type":"box","text":"business day to reflect changes in the market value of the investment.","page_number":42,"box":{"x":69,"y":689,"width":502,"height":11}},{"id":"750a1c4b-0f16-4de7-b3e0-ea0eff4ce705","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":42,"box":{"x":68,"y":719,"width":302,"height":11}},{"id":"ce94b441-87ba-41b9-8050-33ef65445102","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":742,"width":609,"height":11}},{"id":"d50a54ff-ecaa-4f89-893a-ed1c3c814807","block_type":"box","text":"Information about the brokerage commissions paid by the Por tfolio, including commissions paid to Affiliates, for","page_number":42,"box":{"x":102,"y":765,"width":800,"height":11}},{"id":"0cfeb64c-e3e4-4c04-bd8a-57c33b33388e","block_type":"box","text":"the last three fiscal years is set for th in the following table:","page_number":42,"box":{"x":68,"y":780,"width":422,"height":11}},{"id":"5a0b23ab-c467-444f-bafb-a0cf7f7de90c","block_type":"box","text":"Aggregate Brokerage","page_number":42,"box":{"x":648,"y":808,"width":125,"height":9}},{"id":"bf93702f-696a-419d-b616-2cd36b8e6b7a","block_type":"box","text":"Commissions Paid","page_number":42,"box":{"x":658,"y":818,"width":105,"height":7}},{"id":"4956bd15-fbf1-4069-8d54-5a1bf23f3f16","block_type":"box","text":"Commissions Paid","page_number":42,"box":{"x":803,"y":808,"width":106,"height":7}},{"id":"19f22800-22f6-4a95-b562-a08498ec7412","block_type":"box","text":"to Affiliates","page_number":42,"box":{"x":822,"y":818,"width":68,"height":7}},{"id":"4a237e83-ffb4-4375-a06a-08549a4115f2","block_type":"box","text":"Fiscal Year Ended December 31, 2025","page_number":42,"box":{"x":70,"y":836,"width":273,"height":10}},{"id":"e90c6541-0d82-4427-a4d3-736a88f53733","block_type":"box","text":"..................................","page_number":42,"box":{"x":346,"y":843,"width":271,"height":2}},{"id":"39e3f890-9aa3-4d55-a480-40a6304cf70d","block_type":"box","text":"$13,787,792 $0","page_number":42,"box":{"x":663,"y":835,"width":202,"height":11}},{"id":"ae4025bc-ed08-4f42-b52c-cd617a3924f3","block_type":"box","text":"Fiscal Year Ended December 31, 2024","page_number":42,"box":{"x":70,"y":851,"width":274,"height":10}},{"id":"434d5dff-238b-47fe-a866-2bec3ac6fa32","block_type":"box","text":"..................................","page_number":42,"box":{"x":346,"y":858,"width":271,"height":2}},{"id":"190c785c-7cba-4d74-b031-fcf887a9b44c","block_type":"box","text":"$17,936,274 $0","page_number":42,"box":{"x":663,"y":850,"width":202,"height":11}},{"id":"4ed4c0ca-3f77-4b8e-b994-83eea77f4f5e","block_type":"box","text":"Fiscal Year Ended December 31, 2023","page_number":42,"box":{"x":70,"y":866,"width":273,"height":11}},{"id":"f4062ea8-d7f9-45f3-836c-c52cfeeb69db","block_type":"box","text":"..................................","page_number":42,"box":{"x":346,"y":874,"width":271,"height":1}},{"id":"26411625-56d2-4328-8b3e-f8082b75acc3","block_type":"box","text":"$21,132,435 $0","page_number":42,"box":{"x":663,"y":865,"width":202,"height":12}},{"id":"78f1183d-6f77-406e-a31b-41e41acd659d","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions the Por tfolio paid to brokers for providing","page_number":42,"box":{"x":101,"y":890,"width":805,"height":11}},{"id":"8b1fddf9-82ea-4cdb-a405-2b1d2c4d8336","block_type":"box","text":"third-par ty research services to the Por tfolio and the approximate dollar amount of the transactions involved for the","page_number":42,"box":{"x":68,"y":905,"width":824,"height":11}},{"id":"46d3ab98-bdfe-4b85-8405-3716a303154d","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"645860a2-fb1c-44d1-83a9-f7b0ad9c1838","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1ee45ca-98ac-4502-89ab-99eee8deb4c2","block_type":"box","text":"fiscal year ended December 31, 2025. The provision of third-par ty research services was not necessarily a factor in","page_number":43,"box":{"x":68,"y":45,"width":826,"height":11}},{"id":"1027ece2-6712-4a66-81d9-036192f3c93c","block_type":"box","text":"the placement of all brokerage business with such brokers.","page_number":43,"box":{"x":68,"y":60,"width":422,"height":11}},{"id":"55eabfae-20d9-4b8e-a193-b880cf4d453d","block_type":"box","text":"Amount of","page_number":43,"box":{"x":295,"y":88,"width":61,"height":7}},{"id":"c9fddc62-bf43-4ec6-921a-f2423c8bc287","block_type":"box","text":"Commissions Paid to","page_number":43,"box":{"x":264,"y":98,"width":122,"height":7}},{"id":"af325d1c-8e9d-42d7-9504-d3da94beb652","block_type":"box","text":"Brokers for Providing","page_number":43,"box":{"x":265,"y":108,"width":122,"height":9}},{"id":"ce2612ff-bc09-46d2-b56a-9d71ae385d47","block_type":"box","text":"Research Services","page_number":43,"box":{"x":272,"y":118,"width":107,"height":7}},{"id":"18ab7a8c-8a2b-4789-8865-5e544aab3682","block_type":"box","text":"Amount of Brokerage","page_number":43,"box":{"x":588,"y":108,"width":124,"height":9}},{"id":"9fc6dd47-22fc-46d1-af46-7aa9fb5e5e1f","block_type":"box","text":"Transactions Involved","page_number":43,"box":{"x":587,"y":118,"width":126,"height":7}},{"id":"6b78eb45-7043-4793-a939-422541e6224b","block_type":"box","text":"$892,124 $2,160,903,458","page_number":43,"box":{"x":290,"y":135,"width":421,"height":11}},{"id":"5dc5fa41-4dfb-4793-9503-9a1d3fdbbbcd","block_type":"box","text":"As of December 31, 2025, the value of the Por tfolio’s holdings of the securities of its regular brokers or dealers","page_number":43,"box":{"x":101,"y":160,"width":801,"height":11}},{"id":"7a38a1c8-1e06-4f85-a482-c64068fbb37e","block_type":"box","text":"(as defined in Rule 10b-1 under the Investment Company Act) or their parents, if any por tion of such holdings were","page_number":43,"box":{"x":69,"y":175,"width":818,"height":11}},{"id":"341bf4b6-a105-4975-8a88-13acb3c55935","block_type":"box","text":"purchased during the fiscal year ended December 31, 2025, is as follows:","page_number":43,"box":{"x":70,"y":190,"width":528,"height":11}},{"id":"5284b0f2-31ed-40f5-8bbf-3fc7240386e4","block_type":"box","text":"Regular Broker/Dealer","page_number":43,"box":{"x":69,"y":219,"width":132,"height":8}},{"id":"1cce358d-3027-4f04-8d37-b816af07659c","block_type":"box","text":"Debt (D)/Equity (E) Aggregate Holdings","page_number":43,"box":{"x":650,"y":218,"width":259,"height":9}},{"id":"0ee46b3e-17d8-414e-bff2-73c8babd025c","block_type":"box","text":"Barclays Capital, Inc.","page_number":43,"box":{"x":70,"y":236,"width":147,"height":11}},{"id":"694dc20b-98dc-4c20-a634-7c7703426842","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $1,","page_number":43,"box":{"x":226,"y":235,"width":605,"height":12}},{"id":"7a76b245-bc57-4d15-91b2-9d18ce2ff105","block_type":"box","text":"041,560","page_number":43,"box":{"x":833,"y":236,"width":62,"height":11}},{"id":"b14631d8-16aa-4e39-9b7a-8dc3c03d12c2","block_type":"box","text":"Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":69,"y":251,"width":468,"height":12}},{"id":"e21a51a3-bed9-4679-98e6-02a8d94c13c4","block_type":"box","text":".......... D $","page_number":43,"box":{"x":544,"y":251,"width":273,"height":10}},{"id":"4b436006-30ae-4c83-9fdc-73d768455140","block_type":"box","text":"320,077","page_number":43,"box":{"x":833,"y":251,"width":62,"height":11}},{"id":"e2c9e129-d62b-4e32-a8dd-dc66d2a6d9bf","block_type":"box","text":"J.P. Morgan Securities LLC . . . . . . . .","page_number":43,"box":{"x":69,"y":266,"width":256,"height":12}},{"id":"d5aae613-4c3e-4ee2-a75c-340c410f18d5","block_type":"box","text":".................................... D $","page_number":43,"box":{"x":332,"y":266,"width":485,"height":10}},{"id":"fe7e7909-4720-4cda-b805-3cdc2dc1fee0","block_type":"box","text":"296,368","page_number":43,"box":{"x":833,"y":266,"width":62,"height":11}},{"id":"fba8b0ed-b623-4031-947e-9201c83321e3","block_type":"box","text":"Goldman Sachs & Co. LLC. . . . . . . . . . .","page_number":43,"box":{"x":69,"y":282,"width":273,"height":8}},{"id":"ac0ed1f2-edaf-4aaa-84cf-92c33b1f8d06","block_type":"box","text":".................................. D $","page_number":43,"box":{"x":348,"y":281,"width":469,"height":10}},{"id":"9025c813-923e-4d45-9619-dc335152fe23","block_type":"box","text":"234,695","page_number":43,"box":{"x":833,"y":282,"width":62,"height":10}},{"id":"00161903-c265-4378-b727-e307904ac35c","block_type":"box","text":"Morgan Stanley & Co. LLC. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $","page_number":43,"box":{"x":70,"y":296,"width":747,"height":12}},{"id":"ec728fcb-2c4d-4f38-879d-63bf1f5dca2c","block_type":"box","text":"166,633","page_number":43,"box":{"x":834,"y":297,"width":61,"height":10}},{"id":"731b83a9-e45e-45b0-b352-469f58be8459","block_type":"box","text":"UBS Securities LLC","page_number":43,"box":{"x":70,"y":312,"width":135,"height":9}},{"id":"74670985-7515-45cb-a630-1a190a27bb92","block_type":"box","text":"................................................... D $","page_number":43,"box":{"x":209,"y":311,"width":608,"height":11}},{"id":"59d73841-011c-4478-af39-2095a685c830","block_type":"box","text":"153,001","page_number":43,"box":{"x":834,"y":312,"width":61,"height":10}},{"id":"876c03a1-d79a-4a44-a3cc-b0c730264a7c","block_type":"box","text":"BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $","page_number":43,"box":{"x":70,"y":326,"width":747,"height":11}},{"id":"966f61b1-8157-4c10-aeb3-c0b2b21c6fc3","block_type":"box","text":"106,469","page_number":43,"box":{"x":834,"y":327,"width":61,"height":10}},{"id":"0fb26c13-68e9-42ff-b4d7-ad1fac0d26cc","block_type":"box","text":"BNP Paribas Securities Corp. . . . . . . . .","page_number":43,"box":{"x":70,"y":342,"width":272,"height":11}},{"id":"3d1648b4-ead9-437e-8b46-1aa6390808b7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 78,936","page_number":43,"box":{"x":348,"y":341,"width":547,"height":11}},{"id":"517fad3b-b9d9-433e-961d-a19b2be3dadb","block_type":"box","text":"Wells Fargo Securities, LLC . . . . .","page_number":43,"box":{"x":68,"y":357,"width":233,"height":11}},{"id":"2d8b937d-e0b6-48b3-a039-abd71ff08314","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 71,754","page_number":43,"box":{"x":307,"y":356,"width":588,"height":12}},{"id":"572edafb-3067-42a5-ab9c-3f5c47376089","block_type":"box","text":"Jefferies LLC . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . D $ 19,588","page_number":43,"box":{"x":69,"y":372,"width":826,"height":11}},{"id":"ff6ec1f3-562c-4db4-a17e-57f7128723a4","block_type":"box","text":"Citigroup Global Markets Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":69,"y":387,"width":468,"height":12}},{"id":"d42ffd00-ef77-4879-af25-f0482e105b93","block_type":"box","text":".......... E $","page_number":43,"box":{"x":544,"y":387,"width":273,"height":10}},{"id":"f95ebdeb-191f-4de9-8830-c4dcd05652cd","block_type":"box","text":"100,303","page_number":43,"box":{"x":834,"y":387,"width":61,"height":11}},{"id":"a58d8521-327a-408c-89bd-4af509866f62","block_type":"box","text":"UBS Securities LLC","page_number":43,"box":{"x":70,"y":403,"width":135,"height":8}},{"id":"13b47be2-8882-409c-9267-fc2ab89a1802","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 36,742","page_number":43,"box":{"x":209,"y":402,"width":686,"height":11}},{"id":"ad449bc1-3c6a-4317-80f8-2d64b0014a66","block_type":"box","text":"BofA Securities, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 5,926","page_number":43,"box":{"x":70,"y":417,"width":825,"height":11}},{"id":"69679f8f-2962-44cc-ac4f-b4dd5448422c","block_type":"box","text":"Goldman Sachs & Co. LLC. . . . . . . . . . .","page_number":43,"box":{"x":69,"y":433,"width":273,"height":9}},{"id":"b7e67af1-368d-469c-ab57-22832bb27ea2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 3,302","page_number":43,"box":{"x":348,"y":432,"width":547,"height":11}},{"id":"9157f002-b5fa-4608-8f06-47444a8088d3","block_type":"box","text":"Barclays Capital, Inc.","page_number":43,"box":{"x":70,"y":448,"width":147,"height":11}},{"id":"a79c2c0c-93a4-4dba-b3be-c34ca3745a84","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 3,082","page_number":43,"box":{"x":226,"y":447,"width":669,"height":11}},{"id":"1a5a8fd4-25c6-495c-a850-c32c79539d3c","block_type":"box","text":"The Subsidiary follows the same brokerage practices as the Por tfolio.","page_number":43,"box":{"x":101,"y":472,"width":496,"height":11}},{"id":"72e34ef8-fe35-49eb-b200-cbe9d8205e3b","block_type":"box","text":"Securities Lending","page_number":43,"box":{"x":68,"y":496,"width":135,"height":11}},{"id":"b3917a2c-5c43-4c28-a7f9-63e0a0067107","block_type":"box","text":"To the extent that the Por tfolio engages in securities lending, the Por tfolio conducts its securities lending","page_number":43,"box":{"x":101,"y":518,"width":751,"height":12}},{"id":"a83d4336-b162-495f-9bfc-ae91dd5fed7e","block_type":"box","text":"pursuant to an exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated","page_number":43,"box":{"x":70,"y":533,"width":825,"height":12}},{"id":"38b603f9-6fab-473f-9a27-ca492ec95089","block_type":"box","text":"with the Por tfolio and to retain an affiliate of the Por tfolio as securities lending agent. To the extent that the Por tfolio","page_number":43,"box":{"x":68,"y":549,"width":835,"height":11}},{"id":"e181ebca-0ff2-4f30-a07e-5be6db61ba07","block_type":"box","text":"engages in securities lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for","page_number":43,"box":{"x":69,"y":564,"width":822,"height":11}},{"id":"4d22e96d-43b7-4e8d-8ecc-5ae67050461c","block_type":"box","text":"the Por tfolio, subject to the overall supervision of the Manager, pursuant to a written agreement (the “Securities","page_number":43,"box":{"x":68,"y":579,"width":802,"height":11}},{"id":"6c6bb3f0-ac01-4e8b-ae0c-877a7ca599fd","block_type":"box","text":"Lending Agency Agreement”). BIM administers the lending program in accordance with guidelines approved by the","page_number":43,"box":{"x":70,"y":594,"width":808,"height":11}},{"id":"09c73544-2021-43cb-88f6-40991ed355d5","block_type":"box","text":"Board.","page_number":43,"box":{"x":70,"y":609,"width":44,"height":9}},{"id":"5b1c3ffc-3160-4aee-9839-b130c37c25c7","block_type":"box","text":"To the extent the Por tfolio engages in securities lending, the Por tfolio retains a por tion of the securities lending","page_number":43,"box":{"x":101,"y":632,"width":796,"height":11}},{"id":"2b12d81a-1687-4d65-a160-34e7724c6cb8","block_type":"box","text":"income and remits the remaining por tion to BIM as compensation for its services as securities lending agent.","page_number":43,"box":{"x":70,"y":647,"width":781,"height":11}},{"id":"141cf38e-0322-4953-8d27-4f3f66fb272c","block_type":"box","text":"Securities lending income is generally equal to the total of income earned from the reinvestment of cash collateral","page_number":43,"box":{"x":69,"y":662,"width":814,"height":11}},{"id":"a966fa07-6e10-4d57-a43b-2bbbc33438a2","block_type":"box","text":"(and excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":43,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"e602197f-252b-422c-b0f9-e52150a57875","block_type":"box","text":"securities. As securities lending agent, BIM bears all operational costs directly related to securities lending. The","page_number":43,"box":{"x":69,"y":692,"width":798,"height":11}},{"id":"592e65e0-f166-4754-b2be-0a48f627fc58","block_type":"box","text":"Por tfolio is responsible for fees in connection with the investment of cash collateral received for securities on loan in","page_number":43,"box":{"x":69,"y":707,"width":833,"height":11}},{"id":"7956167c-111c-425c-95cb-b51c1cb26648","block_type":"box","text":"a money market fund managed by BlackRock (the “collateral investment fees”); however, the securities lending agent","page_number":43,"box":{"x":69,"y":722,"width":837,"height":12}},{"id":"9634dc05-0f39-4e7d-8be9-719f8749ae52","block_type":"box","text":"has agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":43,"box":{"x":69,"y":738,"width":809,"height":11}},{"id":"00bcf47d-1a78-4439-ae15-dbd6efd6bc9c","block_type":"box","text":"investment fees the Por tfolio bears to an annual rate of 0.04%. Such money market fund shares will not be subject","page_number":43,"box":{"x":70,"y":753,"width":822,"height":11}},{"id":"69000519-add6-4c65-ae87-284142522938","block_type":"box","text":"to a sales load, distribution fee or service fee. To the extent that the Por tfolio invests cash collateral in a non","page_number":43,"box":{"x":68,"y":768,"width":785,"height":10}},{"id":"717c90bb-720e-4a52-91b8-d9e5fdc917f0","block_type":"box","text":"government money market fund, the Fund may be subject to a discretionary liquidity fee of up to 2% on all","page_number":43,"box":{"x":68,"y":783,"width":756,"height":11}},{"id":"73876c2b-d4bf-4eb1-8956-30067e242f38","block_type":"box","text":"redemptions. Discretionary liquidity fees may be terminated at any time at the discretion of the board of directors of","page_number":43,"box":{"x":69,"y":798,"width":829,"height":11}},{"id":"f14426c9-3abe-4f02-b775-14a5971771e8","block_type":"box","text":"the money market fund, or its delegate, if it is determined that such fee would be, or would not be, respectively, in","page_number":43,"box":{"x":68,"y":813,"width":815,"height":11}},{"id":"695dea82-cc6a-49c1-89c9-71ba95834a60","block_type":"box","text":"the best interest of the money market fund. Additionally, the Por tfolio will be subject to a mandatory liquidity fee if","page_number":43,"box":{"x":68,"y":828,"width":815,"height":11}},{"id":"cf06a58a-e94f-4918-a78d-8a89648b7eeb","block_type":"box","text":"the money market fund’s total net redemptions on a single day exceed 5% of the money market fund’s net assets,","page_number":43,"box":{"x":68,"y":843,"width":817,"height":12}},{"id":"a4f17210-9a5f-46f7-8981-6d67e76a58d5","block_type":"box","text":"unless the liquidity costs are de minimis (i.e., less than one basis point (0.01%)). The money market fund will","page_number":43,"box":{"x":69,"y":858,"width":780,"height":12}},{"id":"53a83791-280c-4585-9d68-1bb2a140bed0","block_type":"box","text":"determine the size of the mandatory liquidity fee by making a good faith estimate of cer tain costs the money market","page_number":43,"box":{"x":69,"y":874,"width":830,"height":11}},{"id":"145b27c7-190f-4e17-b435-357ac4eacb91","block_type":"box","text":"fund would incur if it were to sell a pro rata amount of each security in the por tfolio to satisfy the amount of net","page_number":43,"box":{"x":68,"y":889,"width":796,"height":11}},{"id":"d2f8f6e5-e6ff-4d8d-8bb1-b47c3ebdd1a7","block_type":"box","text":"redemptions on that day. There is no limit to the size of a mandatory liquidity fee. If the money market fund cannot","page_number":43,"box":{"x":69,"y":904,"width":818,"height":11}},{"id":"70898b39-fa1a-46ad-9c78-c46b85fa199d","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"99bbbc67-bd37-47fa-b7ee-29693570dc6f","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a5d11d5c-c862-45ca-8aa8-f47cb991aacd","block_type":"box","text":"estimate the costs of selling a pro rata amount of each por tfolio security in good faith and suppor ted by data, it is","page_number":44,"box":{"x":69,"y":45,"width":814,"height":11}},{"id":"17577af3-5963-44d4-9fc9-1f05f6283298","block_type":"box","text":"required to apply a default liquidity fee of 1% on the value of shares redeemed on that day. The imposition of any","page_number":44,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"f99f024d-760c-4ac7-a0f0-3f9c70250171","block_type":"box","text":"such discretionary or mandatory liquidity fee would reduce the Por tfolio’s returns on securities lending.","page_number":44,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"cd3cff87-142a-4801-b983-a848cac8eaa1","block_type":"box","text":"Under the securities lending program, the Por tfolio is categorized into one of several specific asset classes. The","page_number":44,"box":{"x":102,"y":98,"width":800,"height":11}},{"id":"99c80220-4e18-4732-b223-1bef4ac09267","block_type":"box","text":"determination of the Por tfolio’s asset class category (fixed income, domestic equity, international equity, or fund of","page_number":44,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"04c90ee1-43e2-4afe-af25-ec253b2ba8b0","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":44,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"aee3782e-2217-40cc-b033-df1d6123c8cb","block_type":"box","text":"Trust and BIM.","page_number":44,"box":{"x":68,"y":143,"width":103,"height":9}},{"id":"c20359a0-be88-4ffd-a731-94b700d2f518","block_type":"box","text":"Pursuant to the current securities lending agreement the Por tfolio (i) retains 82% of securities lending income","page_number":44,"box":{"x":102,"y":166,"width":782,"height":11}},{"id":"6f561d55-9cc4-424c-bec7-2ee23108fb62","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":44,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"d4c68096-2d1a-4c33-9487-5880cbb13e50","block_type":"box","text":"securities lending income plus collateral investment expenses.","page_number":44,"box":{"x":69,"y":196,"width":446,"height":11}},{"id":"e3730d0f-185e-4a67-836f-32c341d0c55d","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":44,"box":{"x":102,"y":218,"width":753,"height":12}},{"id":"e23bb00f-31ee-45c0-825c-ff9c0d942804","block_type":"box","text":"earned across the BlackRock Fixed-Income Complex in a calendar year exceeds specified thresholds, the Por tfolio,","page_number":44,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"ee5871a6-02d3-4555-82d7-61dd7287078c","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":44,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"051c701b-f3b0-4186-8b33-a267d98f46d2","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment expenses); and","page_number":44,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"9440967e-371c-491a-b333-618b35aeee64","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment","page_number":44,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"24522f2f-d858-4e8d-b3d8-a427d1294068","block_type":"box","text":"expenses.","page_number":44,"box":{"x":69,"y":296,"width":71,"height":9}},{"id":"fa09e9d5-38af-436a-98e5-5a93b06cca75","block_type":"box","text":"The services provided to the Por tfolio by BIM, in the most recent fiscal year ended December 31, 2025, primarily","page_number":44,"box":{"x":101,"y":317,"width":808,"height":11}},{"id":"fc1a4b31-1398-474f-8f3d-de9ccd154398","block_type":"box","text":"included the following:","page_number":44,"box":{"x":70,"y":332,"width":156,"height":11}},{"id":"4bb6ca8c-3f96-4ed5-b3b9-8f2f8de513f2","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":44,"box":{"x":69,"y":352,"width":818,"height":11}},{"id":"9f5625aa-69b2-42cf-97dd-2b67991b2ea5","block_type":"box","text":"on behalf of the Por tfolio with each such borrower;","page_number":44,"box":{"x":102,"y":367,"width":359,"height":11}},{"id":"426ad0dd-b1e8-4db6-8464-ddcd310c1a88","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":44,"box":{"x":69,"y":387,"width":538,"height":12}},{"id":"8f118062-7ac9-4b29-9bf7-1d2a191bda3d","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":44,"box":{"x":69,"y":407,"width":330,"height":12}},{"id":"c7b5f794-095e-489d-aad2-d4205da6eb05","block_type":"box","text":"(4) monitoring the daily value of the loaned securities and directing the payment of additional collateral or the return","page_number":44,"box":{"x":69,"y":428,"width":834,"height":11}},{"id":"44f73610-6d9b-4a3b-99c9-1274d42c5ee6","block_type":"box","text":"of excess collateral, as necessary;","page_number":44,"box":{"x":102,"y":443,"width":246,"height":11}},{"id":"116ac272-b622-4360-847d-25b33a14408a","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":44,"box":{"x":69,"y":463,"width":562,"height":11}},{"id":"ce483d56-2e10-44fd-8d76-f1bac8950b56","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":44,"box":{"x":69,"y":483,"width":665,"height":11}},{"id":"8cf79315-2e33-4d73-9b21-20b05daebc3d","block_type":"box","text":"(7) in the event of default by a borrower with respect to any securities loan, using the collateral or the proceeds of","page_number":44,"box":{"x":69,"y":503,"width":822,"height":12}},{"id":"b0195c1d-6ab5-45b3-abde-92a1f8079063","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that","page_number":44,"box":{"x":101,"y":518,"width":803,"height":11}},{"id":"5e3f34d7-4a2f-4dec-b827-a4fa1846b1d4","block_type":"box","text":"of the loaned securities; and","page_number":44,"box":{"x":102,"y":533,"width":203,"height":11}},{"id":"bde0218e-a793-42a0-8e1e-24c884cc6d25","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to the Por tfolio at loan termination.","page_number":44,"box":{"x":69,"y":554,"width":834,"height":11}},{"id":"3fe6b5ab-3de7-4ebf-b536-8617c0ab34e0","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":44,"box":{"x":101,"y":576,"width":805,"height":12}},{"id":"716e96a2-3414-4bcd-9bd3-b7c3daf83a02","block_type":"box","text":"activities of the Por tfolio during its most recent fiscal year ended December 31, 2025.","page_number":44,"box":{"x":69,"y":591,"width":616,"height":12}},{"id":"7973ed16-0c06-4a63-905e-b9a97b2b8174","block_type":"box","text":"Gross income from securities lending activities","page_number":44,"box":{"x":69,"y":619,"width":343,"height":11}},{"id":"698f1272-7215-462d-8597-81b1d41b9e48","block_type":"box","text":"...............................................","page_number":44,"box":{"x":414,"y":627,"width":377,"height":1}},{"id":"459ad085-e35e-449d-88a8-c09a0e3ace89","block_type":"box","text":"$19,419,301","page_number":44,"box":{"x":812,"y":619,"width":97,"height":11}},{"id":"d72f0d59-0e2e-4e65-ab81-6d4e9e5c536b","block_type":"box","text":"Fees and/or compensation for securities lending activities and related services","page_number":44,"box":{"x":70,"y":639,"width":565,"height":11}},{"id":"94d3f481-5075-4b11-bbb4-82e3e8372086","block_type":"box","text":"Securities lending income paid to BIM for services as securities lending agent .","page_number":44,"box":{"x":79,"y":654,"width":565,"height":11}},{"id":"e9fbca9b-3484-427d-9ee7-46f3456e46d8","block_type":"box","text":".................. $","page_number":44,"box":{"x":650,"y":653,"width":171,"height":11}},{"id":"02ff6de6-8adc-4d9f-8c3d-f10f0e5679de","block_type":"box","text":"555,525","page_number":44,"box":{"x":847,"y":654,"width":62,"height":10}},{"id":"c5d1c598-f72b-480a-9641-b1e5d356c6df","block_type":"box","text":"Cash collateral management expenses not included in securities lending income paid to BIM . .","page_number":44,"box":{"x":79,"y":669,"width":679,"height":11}},{"id":"7a7fea24-1a41-4cd1-99ca-b18c4a6a69f9","block_type":"box","text":".... $","page_number":44,"box":{"x":765,"y":668,"width":56,"height":11}},{"id":"f77e85d4-02c2-4b03-8f4e-5c08ce77bf32","block_type":"box","text":"169,755","page_number":44,"box":{"x":847,"y":669,"width":62,"height":10}},{"id":"450750eb-19c1-4c29-a866-1c7c4baec25e","block_type":"box","text":"Administrative fees not included in securities lending income paid to BIM","page_number":44,"box":{"x":78,"y":684,"width":519,"height":11}},{"id":"d9e17b5d-3227-4cff-807c-939edfc0ad12","block_type":"box","text":"........................ $ 0","page_number":44,"box":{"x":602,"y":683,"width":307,"height":11}},{"id":"fa666ff5-8652-44bb-a7e8-4e4913670389","block_type":"box","text":"Indemnification fees not included in securities lending income paid to BIM","page_number":44,"box":{"x":79,"y":699,"width":526,"height":11}},{"id":"b5b390ab-76b7-427e-b87a-06e7dd7ef0f7","block_type":"box","text":"....................... $ 0","page_number":44,"box":{"x":610,"y":698,"width":299,"height":11}},{"id":"094bc31d-20ad-48b3-9532-39f0a13bd120","block_type":"box","text":"Rebates (paid to borrowers)","page_number":44,"box":{"x":79,"y":714,"width":197,"height":11}},{"id":"41d819c1-7487-49f6-b9a4-46c1ec7752e3","block_type":"box","text":"...............................................................","page_number":44,"box":{"x":284,"y":722,"width":507,"height":1}},{"id":"27ac774f-32f3-43b8-a3d4-65d6d6531376","block_type":"box","text":"$15,807,355","page_number":44,"box":{"x":813,"y":714,"width":96,"height":11}},{"id":"fcc00b43-605b-4b34-aece-0f3b4e00c9ae","block_type":"box","text":"Other fees not included in securities lending income paid to BIM . . . . . . . . .","page_number":44,"box":{"x":79,"y":729,"width":532,"height":12}},{"id":"99899cef-65a6-471c-a321-179ba0c5ba05","block_type":"box","text":"...................... $ 0","page_number":44,"box":{"x":618,"y":729,"width":291,"height":10}},{"id":"f933707b-dc2d-4a3c-97c8-500e6f4a4dab","block_type":"box","text":"Aggregate fees/compensation for securities lending activities","page_number":44,"box":{"x":68,"y":745,"width":455,"height":11}},{"id":"30a36ded-d871-4f69-a00a-7aa166578f35","block_type":"box","text":".................................","page_number":44,"box":{"x":528,"y":752,"width":263,"height":1}},{"id":"35c1ae93-39d3-47f8-b63d-396ce8a47737","block_type":"box","text":"$16,532,635","page_number":44,"box":{"x":812,"y":744,"width":97,"height":11}},{"id":"676e48d5-40ae-485f-9ca6-30f60e8b13a7","block_type":"box","text":"Net income from securities lending activities","page_number":44,"box":{"x":69,"y":764,"width":327,"height":11}},{"id":"b428c93d-f37b-4d8a-ae90-57bdd50296f9","block_type":"box","text":"................................................","page_number":44,"box":{"x":406,"y":771,"width":385,"height":2}},{"id":"d55d6203-9297-4a2e-8224-d3caf7d997e9","block_type":"box","text":"$ 2,886,666","page_number":44,"box":{"x":812,"y":763,"width":97,"height":12}},{"id":"5a6ed392-408e-421d-a1db-eaf24f6feb8d","block_type":"box","text":"Portfolio Turnover.","page_number":44,"box":{"x":102,"y":792,"width":131,"height":9}},{"id":"519d3331-4e7a-44d1-a011-b8beae104189","block_type":"box","text":"The Manager will effect por tfolio transactions without regard to holding period, if, in its","page_number":44,"box":{"x":240,"y":792,"width":618,"height":12}},{"id":"b48110cd-7dcb-4343-abe2-612c9eeb86bf","block_type":"box","text":"judgment, such transactions are advisable in light of a change in circumstances of a par ticular company or within a","page_number":44,"box":{"x":67,"y":807,"width":823,"height":12}},{"id":"89d12f15-6530-4e30-8c31-403c3ba1400e","block_type":"box","text":"par ticular industry or in the general market, or a change in economic or financial conditions. The Por tfolio’s por tfolio","page_number":44,"box":{"x":70,"y":823,"width":829,"height":11}},{"id":"a9254cd5-1b4c-4499-b7f0-a3c7fe3b847e","block_type":"box","text":"turnover rate is calculated by dividing the lesser of the Por tfolio’s annual sales or purchases of por tfolio securities","page_number":44,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"d2fc12fb-ed52-45ca-9948-694ccb6b5da5","block_type":"box","text":"(exclusive of purchases or sales of all securities whose maturities at the time of acquisition were one year or less) by","page_number":44,"box":{"x":69,"y":853,"width":838,"height":11}},{"id":"7bfd2a1e-d03d-42cb-b6b8-3f2766d1e219","block_type":"box","text":"the monthly average value of the securities in the por tfolio during the year.","page_number":44,"box":{"x":68,"y":868,"width":531,"height":11}},{"id":"81bec9fa-aaa5-44ce-b030-4d642eb4bc37","block_type":"box","text":"I-28","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7fa0b092-6ebd-414b-8811-ca969dd061e5","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e0c790cb-3f84-4574-a08b-65047378a11a","block_type":"box","text":"High por tfolio turnover may result in an increase in capital gain dividends and/or ordinary income dividends. See","page_number":45,"box":{"x":102,"y":45,"width":803,"height":11}},{"id":"a5cf084f-fd1f-4d7f-badd-b7e1760e48a7","block_type":"box","text":"“Dividends and Taxes.” High por tfolio turnover may also involve correspondingly greater transaction costs in the form","page_number":45,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"f8fb94ed-ea57-48cf-8d89-94fd8a53bb33","block_type":"box","text":"of dealer spreads and brokerage commissions, which are borne directly by the Por tfolio.","page_number":45,"box":{"x":69,"y":75,"width":627,"height":11}},{"id":"6725c651-d090-424b-b887-79dc6f91474f","block_type":"box","text":"VIII. Additional Information","page_number":45,"box":{"x":68,"y":105,"width":195,"height":9}},{"id":"8c319647-6125-489a-9102-fe43ad7daa7f","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on April 19, 2018 and is registered under the","page_number":45,"box":{"x":101,"y":128,"width":760,"height":11}},{"id":"c9e3b404-2a82-4482-915e-83c50635b60e","block_type":"box","text":"Investment Company Act as an open-end, management investment company. The Trust and its series were organized","page_number":45,"box":{"x":70,"y":143,"width":833,"height":11}},{"id":"33fe3884-c142-4169-b37d-f0aa1c4e1d38","block_type":"box","text":"for the purpose of acquiring the assets of corresponding series of BlackRock Funds II in reorganizations that occurred","page_number":45,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"24149438-b66b-4ad6-abf3-bb4e4f229c63","block_type":"box","text":"on September 17, 2018. On September 17, 2018, the Por tfolio acquired all of the assets, subject to the liabilities,","page_number":45,"box":{"x":69,"y":173,"width":823,"height":11}},{"id":"8b70a6c8-7d43-4427-8ca9-29173f266ae6","block_type":"box","text":"of BlackRock Strategic Income Oppor tunities Por tfolio (the “Predecessor Por tfolio”) a series of BlackRock Funds II","page_number":45,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"34aa76c3-879e-415b-a42e-c22f3d434eb7","block_type":"box","text":"(the “Predecessor Trust”), through a tax-free reorganization (the “Reorganization”). The Predecessor Por tfolio is the","page_number":45,"box":{"x":69,"y":203,"width":823,"height":12}},{"id":"d8cbde5f-9aa4-4db7-8ec6-06b86217b24f","block_type":"box","text":"accounting survivor of the Reorganization, which means the Por tfolio adopted the per formance and financial history","page_number":45,"box":{"x":69,"y":218,"width":826,"height":12}},{"id":"c813222d-c952-41a5-b169-ef53dd721520","block_type":"box","text":"of the Predecessor Por tfolio as of the date of the Reorganization. The Reorganization resulted in the Predecessor","page_number":45,"box":{"x":69,"y":234,"width":809,"height":11}},{"id":"92d14975-1689-47c3-8207-0e696e1ac772","block_type":"box","text":"Por tfolio effectively becoming a series of the Trust. The Por tfolio had the same investment objectives, strategies and","page_number":45,"box":{"x":69,"y":249,"width":834,"height":11}},{"id":"6d94a4f8-7bbf-4fa5-ab79-47d8f4f9cab3","block_type":"box","text":"policies, por tfolio management team, service providers and contractual arrangements, including the same","page_number":45,"box":{"x":70,"y":264,"width":756,"height":11}},{"id":"033879cb-e2b5-4310-9c1d-33c81869f616","block_type":"box","text":"contractual fees and expenses, as those of the Predecessor Por tfolio as of the date of the Reorganization.","page_number":45,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"c84fcd05-93dc-40a2-a823-83467a596032","block_type":"box","text":"On November 13, 2023, the Por tfolio acquired all of the assets and assumed cer tain stated liabilities of","page_number":45,"box":{"x":102,"y":302,"width":747,"height":11}},{"id":"84dbef6b-9856-4802-9338-c3c9cfc87e62","block_type":"box","text":"BlackRock Multi-Sector Oppor tunities Trust II, a closed-end management investment company.","page_number":45,"box":{"x":70,"y":317,"width":669,"height":11}},{"id":"b75e7f3f-aede-499d-83a4-6c9cc7397327","block_type":"box","text":"Shares of each class of the Por tfolio bear their pro-rata por tion of all operating expenses paid by the Por tfolio,","page_number":45,"box":{"x":102,"y":339,"width":786,"height":12}},{"id":"d24dd917-aa6b-43d6-bf25-ab38be5d6489","block_type":"box","text":"except transfer agency fees, cer tain administrative/servicing fees and amounts payable under the Trust’s","page_number":45,"box":{"x":69,"y":355,"width":754,"height":11}},{"id":"e955880e-a5e4-4f49-a75d-23c682998205","block_type":"box","text":"Distribution and Service Plan. Each share of the Por tfolio has a par value of $.001, represents an interest in the","page_number":45,"box":{"x":70,"y":369,"width":802,"height":12}},{"id":"b3e587cb-0874-4332-8850-8d61583b2980","block_type":"box","text":"Por tfolio and is entitled to the dividends and distributions earned on the Por tfolio’s assets that are declared in the","page_number":45,"box":{"x":69,"y":385,"width":818,"height":9}},{"id":"54b38d86-6632-44bb-b168-586a29c7130f","block_type":"box","text":"discretion of the Board. The number of shares of each series, and class thereof, is unlimited. The Trust’s","page_number":45,"box":{"x":69,"y":400,"width":751,"height":10}},{"id":"72df7623-192b-4016-bb15-e4cfc2e97498","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":45,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"82dafec3-93b7-4275-9788-50ac6acd8e2a","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":45,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"3d3366e0-b655-4531-9ca3-c0b2ebb8737a","block_type":"box","text":"law or as determined by the Board.","page_number":45,"box":{"x":70,"y":446,"width":247,"height":10}},{"id":"23064041-f9f1-4df4-a1ce-4bdc47ee39a4","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":45,"box":{"x":102,"y":468,"width":765,"height":11}},{"id":"d842f40f-79f3-4cc0-b492-538ab6f5eb18","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":45,"box":{"x":68,"y":483,"width":830,"height":11}},{"id":"43891261-4dd9-4790-aa6e-93afa55b2890","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":45,"box":{"x":69,"y":498,"width":784,"height":11}},{"id":"2a0fea01-db05-4e49-bb3c-8add670ead27","block_type":"box","text":"payment, shares will be fully paid and non-assessable by the Trust.","page_number":45,"box":{"x":70,"y":513,"width":476,"height":11}},{"id":"ff6d9ece-449a-49fe-a14a-473866ae9df8","block_type":"box","text":"There will normally be no meetings of shareholders for the purpose of electing Trustees unless and until such","page_number":45,"box":{"x":101,"y":536,"width":781,"height":11}},{"id":"d93ce03f-ed70-4887-aeb9-d303d1715177","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":45,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"bb5f0714-cc3b-4d9c-92e5-acf93de0c08c","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":45,"box":{"x":70,"y":566,"width":787,"height":11}},{"id":"70df5352-9b77-4fc1-8818-5a0e1501a079","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":45,"box":{"x":68,"y":581,"width":817,"height":12}},{"id":"dac41902-9fbc-45f4-a4b6-170314867384","block_type":"box","text":"upon the written request of shareholders owning at least 10% of the outstanding shares entitled to vote.","page_number":45,"box":{"x":69,"y":596,"width":744,"height":12}},{"id":"2656f4f9-b756-434e-9348-557e237f97f7","block_type":"box","text":"Rule 18f-2 under the Investment Company Act provides that any matter required by the provisions of the","page_number":45,"box":{"x":102,"y":619,"width":742,"height":11}},{"id":"f0fb33bb-90c5-400a-9c4e-6bab6cb66344","block_type":"box","text":"Investment Company Act or applicable state law, or otherwise, to be submitted to the holders of the outstanding","page_number":45,"box":{"x":70,"y":634,"width":800,"height":12}},{"id":"09c6aea0-48f5-467f-aaff-b17aeca312e4","block_type":"box","text":"voting securities of an investment company such as the Trust shall not be deemed to have been effectively acted","page_number":45,"box":{"x":68,"y":649,"width":808,"height":12}},{"id":"d784e1d5-5b25-46ab-a3de-eadf9ed2b3e4","block_type":"box","text":"upon unless approved by the holders of a majority of the outstanding shares of each investment por tfolio affected by","page_number":45,"box":{"x":69,"y":664,"width":835,"height":12}},{"id":"db03c267-a1fa-4177-ad49-2191c244662d","block_type":"box","text":"such matter. Rule 18f-2 fur ther provides that an investment por tfolio shall be deemed to be affected by a matter","page_number":45,"box":{"x":69,"y":680,"width":805,"height":11}},{"id":"5129a373-7e39-4767-a468-6fd0fb9d7c85","block_type":"box","text":"unless the interests of each investment por tfolio in the matter are substantially identical or the matter does not","page_number":45,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"6ea14701-59dc-4126-bb5f-c1ee8dfb0e9f","block_type":"box","text":"affect any interest of the investment por tfolio. Under Rule 18f-2, the approval of an investment advisory agreement,","page_number":45,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"5d958828-0766-4577-851e-beaaaec0852b","block_type":"box","text":"a distribution plan subject to Rule 12b-1 under the Investment Company Act or any change in a fundamental","page_number":45,"box":{"x":69,"y":725,"width":769,"height":11}},{"id":"2d45ac45-bab6-4616-ac43-fb45d073a0aa","block_type":"box","text":"investment policy would be effectively acted upon with respect to an investment por tfolio only if approved by a","page_number":45,"box":{"x":70,"y":740,"width":784,"height":11}},{"id":"7a8185dd-0cbc-49f5-945e-f34bb52799e8","block_type":"box","text":"majority of the outstanding shares of such investment por tfolio. However, Rule 18f-2 also provides that the","page_number":45,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"d9b15042-8930-4988-85e5-131fe4a59d83","block_type":"box","text":"ratification of the appointment of independent accountants, the approval of principal underwriting contracts and the","page_number":45,"box":{"x":69,"y":770,"width":823,"height":12}},{"id":"780f8377-0bfa-4b9e-a943-fe45916b8e27","block_type":"box","text":"election of Trustees may be effectively acted upon by shareholders of the Trust voting together in the aggregate","page_number":45,"box":{"x":69,"y":785,"width":795,"height":12}},{"id":"fc5911f7-927d-4d3f-9c7b-3da35f78bd2f","block_type":"box","text":"without regard to a par ticular investment por tfolio.","page_number":45,"box":{"x":68,"y":801,"width":359,"height":11}},{"id":"9db0d5af-eac1-409b-a2f5-4ea07bc4fc78","block_type":"box","text":"The proceeds received by the Por tfolio for each issue or sale of its shares, and all net investment income,","page_number":45,"box":{"x":101,"y":823,"width":758,"height":11}},{"id":"2a815fbf-36d3-4868-9808-ecae40d523d2","block_type":"box","text":"realized and unrealized gain and proceeds thereof, subject only to the rights of creditors, will be specifically allocated","page_number":45,"box":{"x":69,"y":838,"width":834,"height":12}},{"id":"ea43820f-d6ca-492a-a34b-08eb5edfe92d","block_type":"box","text":"to and constitute the underlying assets of that Por tfolio. The underlying assets of the Por tfolio will be segregated on","page_number":45,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"46385769-089b-4aa1-b414-c495bb94bca3","block_type":"box","text":"the books of account, and will be charged with the liabilities in respect to that Por tfolio and with a share of the","page_number":45,"box":{"x":68,"y":869,"width":790,"height":11}},{"id":"3ee1555e-923a-4681-bba3-d515d395b7ae","block_type":"box","text":"general liabilities of the Trust. As stated herein, cer tain expenses of the Por tfolio may be charged to a specific class","page_number":45,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"67dd0f56-8e63-4c4d-a85c-58e38bd19766","block_type":"box","text":"of shares representing interests in that Por tfolio.","page_number":45,"box":{"x":69,"y":899,"width":348,"height":11}},{"id":"202016bd-63d0-49e4-9028-a230f8373c8f","block_type":"box","text":"I-29","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"1a730912-1025-413a-b9d0-fd0cb1850df1","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4224bd17-824f-4380-9434-2f4372d92ff8","block_type":"box","text":"The Trust’s Declaration of Trust authorizes the Board, without shareholder approval (unless otherwise required","page_number":46,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"3e3343ee-090c-4685-a75c-ab80cb8d7c8a","block_type":"box","text":"by applicable law), to: (i) sell and convey the assets belonging to a series of the Trust to another management","page_number":46,"box":{"x":69,"y":60,"width":785,"height":11}},{"id":"48960f48-0fb7-4e61-873b-7b9aeca242a3","block_type":"box","text":"investment company for consideration which may include securities issued by the purchaser and, in connection","page_number":46,"box":{"x":70,"y":75,"width":790,"height":11}},{"id":"305b428e-abd2-4b0b-be0a-e1ea3802fa07","block_type":"box","text":"therewith, to cause all outstanding shares of such series to be redeemed at a price which is equal to their net asset","page_number":46,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"9f28f889-8d92-441e-bb3c-cf5d1c0e7d79","block_type":"box","text":"value and which may be paid in cash or by distribution of the securities or other consideration received from the sale","page_number":46,"box":{"x":68,"y":105,"width":832,"height":11}},{"id":"6b4944b1-cdcb-4d56-a82a-2564368ed7db","block_type":"box","text":"and conveyance; (ii) sell and conver t the assets belonging to one or more series into money and, in connection","page_number":46,"box":{"x":69,"y":120,"width":791,"height":12}},{"id":"8c94b75d-9460-49b4-aa5b-8de638f37af4","block_type":"box","text":"therewith, to cause all outstanding shares of such series to be redeemed at their net asset value; or (iii) combine the","page_number":46,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"66db18d2-d0ed-44c5-a672-fa9287b29629","block_type":"box","text":"assets belonging to a series with the assets belonging to one or more other series, if the Board reasonably","page_number":46,"box":{"x":69,"y":150,"width":766,"height":12}},{"id":"e60ccfa6-ae1a-4abd-b938-2d6504424c1b","block_type":"box","text":"determines that such combination will not have a material adverse effect on the shareholders of any class of shares","page_number":46,"box":{"x":69,"y":166,"width":831,"height":11}},{"id":"2456f83d-7846-4813-95b1-1c7a39551fed","block_type":"box","text":"par ticipating in such combination and, in connection therewith, to cause all outstanding shares of any such class to","page_number":46,"box":{"x":70,"y":181,"width":825,"height":11}},{"id":"4ff60741-fd77-4dd8-a216-a52bedbb6efe","block_type":"box","text":"be redeemed or conver ted into shares of another class of shares at their net asset value. The Board may authorize","page_number":46,"box":{"x":69,"y":196,"width":822,"height":11}},{"id":"0877ce95-d435-45ab-be92-61c59fb390ab","block_type":"box","text":"the liquidation and termination of any series. Upon any liquidation of the Por tfolio, shareholders of each class of the","page_number":46,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"28cd205a-fb5b-4dcd-aa7b-27452c7a40cb","block_type":"box","text":"Por tfolio are entitled to share pro-rata in the net assets belonging to that class available for distribution.","page_number":46,"box":{"x":69,"y":226,"width":743,"height":11}},{"id":"bf278732-bf7c-4de7-badd-e1ee69c6977a","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":46,"box":{"x":102,"y":249,"width":734,"height":11}},{"id":"4df8a68e-52ff-423c-a7db-23c3668c9457","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":46,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"2a7d3719-43b0-4ce8-ae21-0ec6fed36d25","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":46,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"0f028f15-5a01-43a6-af78-2716b96d3329","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":46,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"e5bc22a4-25df-4347-9737-5cee2704ee24","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":46,"box":{"x":69,"y":309,"width":824,"height":11}},{"id":"3e981201-37f4-486f-bcf9-eca549d147b3","block_type":"box","text":"provides for indemnification out of Trust proper ty of any shareholder held personally liable solely by reason of his","page_number":46,"box":{"x":70,"y":324,"width":804,"height":11}},{"id":"45261890-dc4c-40ef-8663-ee7073954277","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":46,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"da65e24b-2513-4129-8e4b-9404e159d545","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":46,"box":{"x":68,"y":355,"width":807,"height":11}},{"id":"396c3cf1-6ad3-4c75-97c6-61729bf5e694","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":46,"box":{"x":69,"y":370,"width":719,"height":11}},{"id":"26029375-310f-41ca-a83e-c6264593520e","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":46,"box":{"x":101,"y":392,"width":777,"height":12}},{"id":"d4503809-63de-4b58-8ee0-aa53ad911909","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":46,"box":{"x":70,"y":407,"width":828,"height":12}},{"id":"c6382cf3-a1f8-4538-b2e5-d89a7ce83045","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":46,"box":{"x":69,"y":423,"width":827,"height":11}},{"id":"a9772de9-db00-4075-bf40-1c332348411f","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any business of the Trust; and that no Trustee shall be","page_number":46,"box":{"x":70,"y":438,"width":762,"height":11}},{"id":"d0b72d37-3301-49b6-a7c5-bf2e13e39967","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":46,"box":{"x":70,"y":453,"width":836,"height":11}},{"id":"40261945-d79d-4e2d-9a68-811297f54295","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":46,"box":{"x":69,"y":468,"width":567,"height":11}},{"id":"d1c11de5-e94d-4bcf-9ab1-769389e408fb","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":46,"box":{"x":101,"y":491,"width":792,"height":11}},{"id":"329ec509-9091-4174-9cd2-023c537bdcdc","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":46,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"12507e18-ae94-4115-a08d-65d35eeb4ff2","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":46,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"71f391b4-a6e4-4f6b-a56d-b1dd0783bd8d","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":46,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"c794e3ad-aead-4b0c-ae90-de3909edf5c8","block_type":"box","text":"that trustees are entitled to 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Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":48,"box":{"x":69,"y":469,"width":815,"height":11}},{"id":"a7281cb4-01ad-49c3-84cc-72ae0d8ef1bf","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":48,"box":{"x":69,"y":484,"width":785,"height":11}},{"id":"9a1dc00a-c66e-4ac8-acfd-f2f8fd07755e","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":48,"box":{"x":69,"y":499,"width":836,"height":11}},{"id":"cca99861-f224-4ffa-8fd1-08b6a8f48ca6","block_type":"box","text":"I-32","page_number":48,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"f882ccd1-7177-4805-a3a5-926aacdf739c","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed184348-2c07-4b15-8527-e074e45a762a","block_type":"box","text":"PART II","page_number":49,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"b6554330-7dc5-43d5-a43e-afd597a858cf","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":49,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"49aed99c-55bf-4474-be71-080d2ade79be","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":49,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"a26042d4-de72-421e-8d56-89a5d931660f","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":49,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"2be8aeec-1e49-48c1-944c-16f629d477ad","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":49,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"9a3ef03d-4cbf-4769-b7c0-8ce28086eeda","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":49,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"eeffd2c3-5472-4dcb-a97b-56d5961b69d5","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":49,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"3bda0c4a-7779-4eef-8488-94fe390911df","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":49,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"ea23168d-9d64-46b9-9093-a6bf6d51d269","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":49,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"60d2113a-6c97-4f57-9a99-38eb534745e6","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":49,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"dc2de505-43b3-413b-b033-72b4d2a14c75","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":49,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"fe3097e8-83ab-475f-b354-7f20c35c9d2c","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":49,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"0419f899-7c42-4172-a2fb-2289cd9115df","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":49,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"9d131503-fc04-4adc-b03e-1922a521d90c","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":49,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"2aca9f54-ab66-4bc7-bf52-3a7b54a7018e","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":49,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"6176c9e2-8183-4f47-ba0f-d98798d692b2","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":49,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"c6c229d8-baa2-4fab-b1a8-b8881907b014","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":49,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"53f9344c-18d9-4baf-a803-2ea7e543bc29","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":49,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"0ee8a48e-06da-433b-9307-cbc4ae9504ef","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":49,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"e3eb2d9a-393c-44d4-bffd-2865eba11308","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":49,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"82fe249c-abbe-4d31-9a57-86f34f90733e","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":49,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"ffa50892-1c35-4357-9523-a44ba1360bf4","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":49,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"4d5e129d-1e09-49d1-b50a-d022a26a4bf0","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":49,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"bb4be72a-9af8-4a30-a44e-43da46e07761","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":49,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"58a81310-4537-482c-b788-14e19483fc55","block_type":"box","text":"par ticular Fund.","page_number":49,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"49fce726-d91f-4f99-8b1e-c8459d3d33ad","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":49,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"fdeb3f7b-1b73-4dcf-bb64-a6a418cc877e","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":49,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"3bec3663-c27d-46d0-b561-ceaeb16f93e4","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":49,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"a628b7c9-404b-46b4-85a7-7dbdb69ffe06","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":49,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"197f628f-7fa1-4583-b570-224ec5bf0e6d","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":49,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"85f79cc1-2d2e-4121-94d8-674ebbd22fa1","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":49,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"b077f735-87d7-4ae2-9cbd-ac2f51bf973a","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":49,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"2aad2b7a-2130-4073-9b49-9af5a132eaf0","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":49,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"d9dc618a-917c-413e-a9b7-ed2075b15503","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":49,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"2580a858-aa26-477b-a9fd-efc1bd202bd7","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":49,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"5a99beea-02a2-41ac-99f5-81bf84abc7ea","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":49,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"30e0e004-9d78-4163-a128-34c800771845","block_type":"box","text":"Asset-Backed Securities.","page_number":49,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"4bb03519-3e98-407a-9c23-e361b07d94f2","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":49,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"ed671b92-7485-4b04-ad0c-47628b375c31","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":49,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"31a62c89-2aa3-44a4-8631-8f8b9a61ec7c","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":49,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"b77eeb1c-c9eb-4bad-b017-92f0ff1012ab","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":49,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"8ab6f064-b03c-444c-97c2-6b4e2ac416d4","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":49,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"9bf51ea7-386f-4231-8bf3-0155ca1ccf41","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":49,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"cbab993d-8893-4022-b762-e702948fa615","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":49,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"e309ff1e-51a9-47eb-bb8b-7ed96ffbc793","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":49,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"be6a9910-8488-42f9-9cb9-684368540260","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":49,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"af9b8160-ad37-4aed-b103-e659e09df1b3","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":49,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"89da4239-a033-43bd-a9e6-ecddfe501136","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":49,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"28d643bf-4d44-427b-8626-30b3ec83458a","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":49,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"d3e975ae-8ca3-4a5e-8515-d225ba0b74ce","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":49,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"c91028a0-6fc8-4228-bb17-9fdcc2569360","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":49,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"7f619a6f-e876-4c56-aa59-8677bf2750ab","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":49,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"887bd67e-2ef6-444e-a906-7fb565851c0d","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":49,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"6aee6b52-3e1e-46b9-8648-59630419d3f7","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":49,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"d8f5c357-1a62-4de6-a2d6-5c7b4f9501df","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":49,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"961681b5-4f77-4738-93fe-6188ee387570","block_type":"box","text":"II-1","page_number":49,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"a18517fd-ac7a-4516-86b1-8fee16de953c","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0d7f0f3-a171-48f7-a899-77516150294b","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":50,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"f6647ac9-4600-44fb-b9fd-284e7cb75111","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":50,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"4fe8140d-0f57-4481-b4fe-ac2fa3e8f9e8","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":50,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"e0c00ab0-f258-467d-8d64-5439045f8786","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":50,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"51a401e7-0544-41b9-a196-896be0082dc5","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":50,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"9f1d233b-63b7-4323-b0e0-3470b0ccf79a","block_type":"box","text":"Asset-Based Securities.","page_number":50,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"3cb70856-b517-4894-bb00-1d7bc1478edf","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":50,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"58742003-f71c-4d41-82b4-9bd0b593f14c","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":50,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"424666c5-3239-4ed6-b1ec-e142459aec13","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":50,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"924f9aad-5a0b-4602-9ac9-fc5279bc44cd","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":50,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"787db09c-d1d6-4f46-a131-5c36367290ec","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":50,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"94d70188-bf1c-46e1-8b57-5cd84ab9b366","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":50,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"e434a6ba-8828-4464-9479-1134ec39071d","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":50,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"d8634bb3-e5eb-4ef6-af3a-33a33142b0e9","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":50,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"1112ac25-f57a-4041-a87c-1130f06748fa","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":50,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"35599e09-198c-4810-89d8-cb5d636d1ab1","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":50,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"1123d052-680d-455c-b0d9-e720bf4207a0","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":50,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"00ece5d2-0c0d-49f8-b0a2-87cc905d4408","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":50,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"f64b611b-9f7b-49f9-b1f8-bdb3ea5ce878","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":50,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"3b583da7-1215-43b6-b439-f5a6aacfe838","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":50,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"6807df43-71bb-4410-b5b9-e710b76f85da","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":50,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"bc7d1239-e5ad-4e1e-ae3d-73bf3bb44d43","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":50,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"b2322b99-7b91-4a6f-ab83-9adcdd6d2f7a","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":50,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"0c30ce1f-c34c-4be7-b6ae-d9f4299cfac3","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":50,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"0676b0d4-704d-4430-80a3-ab0f74f62d76","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":50,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"50dce0a7-bdc8-4e38-a2ee-15eee713cf6e","block_type":"box","text":"appreciation in the underlying asset.","page_number":50,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"1a6474a3-f4e9-45c2-b909-50509e46c47c","block_type":"box","text":"Precious Metal-Related Securities.","page_number":50,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"50f3cde9-0f87-4516-94b0-4975d8366c66","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":50,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"d112bb7b-84ab-44b4-b92a-6e35e99399da","block_type":"box","text":"explore for, extract, process or deal in precious metals (e.g., gold, silver and platinum), and in asset-based securities","page_number":50,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"2ae1b2f5-a805-4368-9db8-db86793c28b0","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":50,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"0003ecc5-c25b-4eec-b872-0784bff405bd","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":50,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"2785c71e-c6ce-42d5-bde0-5d52be73bb17","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":50,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"d4c121f9-eebe-4c9a-9e5c-a6754408016b","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":50,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"a8afed6f-f81e-457c-902e-098266b25368","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":50,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"a0e9b0b2-34ff-4f9a-9853-f08798261978","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":50,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"99264df6-75ab-476e-be8b-26827d7fd7da","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":50,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"d01e93d4-6f73-4532-8e6e-cf892d3e2c76","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":50,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"71a93215-a4e6-4d75-9569-f40ab3cd3511","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":50,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"32237a84-76b7-42f0-a0fb-0ece9946ad68","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":50,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"4d2e18d3-8c51-44c8-ad17-5a1671a444a9","block_type":"box","text":"South African gold production.","page_number":50,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"3bd74558-44e1-4152-9dca-9da8ae5539d6","block_type":"box","text":"Borrowing and Leverage.","page_number":50,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"c97d6ffe-818f-4974-a43e-0a5e0ef3076c","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":50,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"43c1a8cf-51c7-4489-9b1c-6890523a7593","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":50,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"8063f941-ef59-46d9-bb9a-26bad27012b4","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":50,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"5f4e5db5-fb0f-4cfe-8fcc-9126db3f639e","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":50,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"83095c8c-5f6f-4d1a-a5c6-feb715562f00","block_type":"box","text":"other securities transactions.","page_number":50,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"a3e9cce5-28e6-4a4b-a1d7-54969f6d9655","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":50,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"44ce4a8c-80de-4ca0-9c02-e5396ef4de4a","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":50,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"2728efcc-1e69-48fe-bcd7-73fa58332b06","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":50,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"2999cd9f-d0a4-4007-9602-0849920e4aee","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":50,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"7899f3e7-fa50-4afc-a377-8a618b7d644d","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":50,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"80adcdea-6497-4663-87dc-1b242c942328","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":50,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"df9cf6ae-51d0-4bef-bbee-f8759709a98e","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":50,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"eb56b184-f423-42e1-9147-7a501f8bfeb2","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":50,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"4143e713-c5fd-4849-9d77-81f5184f863a","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":50,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"9ecb432f-4562-4c18-8988-0b5a765b817b","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":50,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"2420e135-5342-43d8-b678-99903a582bfc","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":50,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"daa7dcdf-25fd-4562-a5c6-9fa22d7a0dff","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":50,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"57f25e45-2bdd-40d9-951c-0a68b39bba7b","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":50,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"8aa1705d-1911-430b-9ce2-ce597482528e","block_type":"box","text":"II-2","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"1a9987d1-d5db-4518-a5ba-2b9d0655ede9","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"072a198d-2b87-48d4-a3f1-47088da3bb36","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":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"0d465396-e64d-4063-ac28-cbf3620bc4d0","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":51,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"4a4e5651-a89e-48f9-96f6-012c2b5aa8da","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":51,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"42751650-21ca-48a3-9e2a-d193d80662f3","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":51,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"e6fa6fba-3d63-44e7-9480-f1b61986fb95","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":51,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"7121d0b6-b3a0-4dde-a68c-a662d2d9c288","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":51,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"d0f38fc6-24eb-44fb-ab4e-833bd4942d2a","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":51,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"00687197-9aff-4c3e-9771-461bbe57b728","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":51,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"9fb7eca9-1a26-4ea8-ac76-7454ddc6e9b2","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":51,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"66e57cbe-7461-4ba8-9dcb-69a88f269b19","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":51,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"62f43fea-e1c2-40e3-afcc-65b8fbf7d64e","block_type":"box","text":"Cash Management.","page_number":51,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"6431d77a-b187-486a-a58f-2611547fda40","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":51,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"cded7bab-8a89-4bc3-8a31-2b4803e24dec","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":51,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"591a541f-1aea-4c47-919d-23c12e57c0f5","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":51,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"6a5883a3-174e-4d0b-b6b8-43fb7d98bb6d","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":51,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"cbaea2dd-8d67-4f80-9b3c-93657839f399","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":51,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"d0c5c308-5568-44ba-8da5-d3f47f1b2c4f","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":51,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"6cac29ff-6681-4209-a0b4-87d91840e348","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":51,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"b7152996-ce58-4d24-b01f-ce6b01652bf2","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":51,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"38338d0c-7710-4e98-a2e9-cd961631321f","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":51,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"b2e49734-3b43-4637-92c6-221f635d4cc7","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":51,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"4bf07c47-2efd-4f4c-8be3-2cb22451086d","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":51,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"7e77fa1a-620a-4869-89f5-54c44788e993","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":51,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"d628441e-fe73-4e1e-9c1d-04fc3079a2e2","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":51,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"b9feda9a-94ce-4ec4-b086-25541e6a03a5","block_type":"box","text":"Collateralized Debt Obligations.","page_number":51,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"da6d9c32-ee5b-4d77-b7fe-55664e30a256","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":51,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"dcdf8564-d32a-4fcc-8212-9cc1ee728ce4","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":51,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"88da2cdc-5ccb-48a0-8cf9-3e057e83594f","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":51,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"7e769a87-d0bf-485a-96dd-4409d470a98f","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":51,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"92a70ecb-c6c3-446a-80ea-37d748566509","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":51,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"64671cfd-13bb-4653-8b70-caf77497ef0a","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":51,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"e8e3cbf6-b106-4314-a096-cb5f9ec4a051","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":51,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"4e89e495-3a5b-4a85-8676-0c2abd4cb9eb","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":51,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"69e99575-d5a7-4647-9769-9b835d935276","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":51,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"d83d47c8-b990-4fbc-a1ec-30f052e78b63","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":51,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"90a8cebc-4652-43c0-8114-f553b45ca9f9","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":51,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"b4c4a1ce-598a-4fa5-b158-f4c7e62f6a5a","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":51,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"8c3bb41a-88af-439f-88db-9128fc87cf4a","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":51,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"49b6f1e4-987d-4d8e-a3dd-4114ffddf419","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":51,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"af7e9636-f848-4e68-8d41-01f32b32d83f","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":51,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"b7087eb9-33ba-404e-8867-c6808f17bbe5","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":51,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"116403b1-3c17-49d1-9691-8dedd85e95ac","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":51,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"510bc04a-ba55-4d44-8ae8-ee8717d1a773","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":51,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"e80c542e-1e7e-4e27-95a9-efe0aa83427c","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":51,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"4de23889-5e50-43a4-9dc7-e7ce97120886","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":51,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"ca076fb6-c504-4c25-a5c6-649105343c53","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":51,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"c228a053-2475-40c1-bed3-d7908bf90c78","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":51,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"d715d74f-8c23-42a9-85ed-cabe63ab9b52","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":51,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"497d9469-c963-4f50-8b22-9f619af32d8d","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":51,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"3d941aca-d1e0-4ed5-bcb2-ba5976940256","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":51,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"879d7082-2e8d-4d78-9eea-7f8d2c1a05c9","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":51,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"d46180ff-3685-4238-9292-6c32565b93eb","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":51,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"335e6fb3-feba-47a9-bee5-d3eb2c5f4470","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":51,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"58f5e745-82b4-4bae-9cfe-56616d442256","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":51,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"076f8a2e-1c9c-47cf-aacf-444443b2b4c5","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":51,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"8190f9f5-0168-4752-8c65-1df8dd6e5454","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":51,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"58e4d5e7-5535-41de-a920-9e8f772639c1","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":51,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"3d4dc8b0-ef11-4148-accf-1834cf0aa8a7","block_type":"box","text":"II-3","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e64695be-2066-4045-9f90-90f7d574085c","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b83f2f5-e3ba-4abd-9078-3c1ef39d9a7e","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":52,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"ee7335fd-5d53-4b31-b3e1-f7fda37e919f","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":52,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"871d10f1-dd78-4fb0-8857-39759c0a0aaa","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":52,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"f87487b2-58d4-4222-903a-e3bd7c4c6d3e","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":52,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"05ec097c-180d-44d2-86b0-76cd5f75b1f2","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":52,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"242ce0c5-253c-4053-960f-b6083fa5c9a5","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":52,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"0e231f18-65b6-4faf-b1b7-28c424377262","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":52,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"f905b419-5eb7-44c0-ab7c-ed8efad8e18d","block_type":"box","text":"Commercial Paper.","page_number":52,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"02b36319-c22e-46de-9e92-aec2d7a30b9d","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":52,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"e0782c77-0082-4ef9-834b-46a710d92ff8","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":52,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"7fceaae8-88da-422c-b72f-647f291f1655","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":52,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"92bb1ca2-a800-4493-a611-3c16cde2770a","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":52,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"5ff96c0e-a587-4412-84c1-b821fde226a3","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":52,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"905c930c-335b-467e-8460-bf35271312b8","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":52,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"1f1c432f-fb20-4da5-9f3d-5ce258797dfd","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":52,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"47ce052f-5e93-41a7-bb33-2887b7ec9ee3","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":52,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"72ba9b4b-e130-43cc-a99a-fa4eb43a2c76","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":52,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"d3b1171f-650a-44b7-b0d9-f4e774ef89e4","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":52,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"f9612530-1d35-4d18-b24a-60f95c81ee68","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":52,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"6f796e93-5902-4e39-8018-e4f62cd5dd44","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":52,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"e6ef8bfd-fccf-49af-8e01-c5f52c973063","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":52,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"657677c5-1847-47b4-8b8d-fc5a9a277ac3","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":52,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"685f0f77-d7f2-4773-9267-ee061e4437b2","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":52,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"1355c2ea-1290-4084-ae12-f796f6d96c13","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":52,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"732048a1-c868-41c5-872e-a8a0707b2b49","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":52,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"2f7692bd-e746-41f7-8eb5-7025be802f69","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":52,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"8b018573-a499-444b-8015-195115c091d0","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":52,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"697be4a6-a678-4f00-9759-ab7ebfab871c","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":52,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"749d9b19-0cfa-45cc-bf67-21615cdc31c3","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":52,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"c5c22b6c-9664-4eac-b1a9-0bf3c1c33e17","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":52,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"11a9dbc7-9a7d-4997-b842-e70a88f7cac6","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":52,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"e95b9e7d-0eea-476f-9e00-4a03b876bbfa","block_type":"box","text":"variable.","page_number":52,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"b09bdf4f-c622-4ecd-a847-0633303e2059","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":52,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"3e1b95ad-bde1-40b5-9368-60dd987609e5","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":52,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"d5325311-0a74-493a-b274-0f077af93567","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":52,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"5dd68eb1-63e9-4a62-a8d4-f0c7e77d6faf","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":52,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"04ac7b15-409f-4488-aaee-56ee1e72e140","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":52,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"11d7ffe5-714e-4829-a92d-a94bad250f00","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":52,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"75864484-6166-4bb7-920b-acdab1de06d2","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":52,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"5e42a2a8-fcba-4741-83d6-df9331f93f1e","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":52,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"4c997ff3-f967-405f-b0f2-89feb8759279","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":52,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"cf595aeb-00a3-4725-9886-a39e18c983c2","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":52,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"66a7d61a-b3c8-462d-877c-20fffb3ef38f","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":52,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"e4deaae9-71dd-42c8-ad29-7fbd862a3fa1","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":52,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"c61cc39d-5034-4b65-85c1-42014056ac6b","block_type":"box","text":"correlation with stocks and bonds.","page_number":52,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"6cfa1797-df99-484d-8b89-b3b192ad7cb9","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":52,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"553a9346-e12d-4776-bdc2-54db2a98b5b7","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":52,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"bc75646f-4dee-4694-83ef-26837676c379","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":52,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"97c687c0-6f1c-49cc-8f3a-db5577b628c5","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":52,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"2387bee2-50ea-4992-8736-7714ec401356","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":52,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"c37fc1e8-6ea5-4064-bb3a-6dee5a56f84e","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":52,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"f8572325-ceb6-4d54-92fb-2ef2f8970a59","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":52,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"4cb89d36-ea2f-433e-b00e-85f1a491ccea","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":52,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"38d88b6a-0580-4c3a-8bb2-6622422e7c2b","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":52,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"16218aeb-0224-41b5-811b-7371d8be11cc","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":52,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"700eab0c-ca86-4974-985c-e232d778779d","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":52,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"2da6f0ab-2dcc-4d6e-a5c2-40b57856ca4e","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":52,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"0414437a-92d6-4729-bf3b-1c122857d4ad","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":52,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"b164b65a-d3c1-4467-9c93-22f84552c8c9","block_type":"box","text":"II-4","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c7d4c325-7d0b-4391-8e52-9d510c085d85","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64a9cb68-3565-43ba-990e-4c2f29b4878b","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":53,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"582a7932-1d0e-46b3-8a58-7410cefc7f34","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":53,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"5bc42bf7-2995-4dbf-9008-8f2d42dbfb5d","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":53,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"aec6dd09-39bc-4574-b85b-87a2bda8ad27","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":53,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"dd678d69-4a2b-4dd9-b5a3-1563575d1635","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":53,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"ab7b8a81-b67b-4864-b669-719d385f6acd","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":53,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"53731267-7138-4da3-ae92-c76ce6acc388","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":53,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"e940bfd0-1ceb-4376-9101-600076e02e6a","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":53,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"3130b208-3064-4d30-9ff6-b7b3eeb3414f","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":53,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"40ced5f1-7027-424a-8ed3-94517970cf6e","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":53,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"d5922af1-16b2-4587-b10f-e9d42cddaae2","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":53,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"ed9175a3-4aea-4b3a-9295-b9bfcf4a000e","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":53,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"fd419dcc-f41d-42ea-9de4-c3bde358a46f","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":53,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"1696b27b-28af-4f89-91a5-b33b09f061b2","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":53,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"ee09a5cd-2a95-4668-867c-fe4d69ee71c5","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":53,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"92438d1b-d876-4d2c-bd42-166ef994efb3","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":53,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"d12f52ae-879b-4e39-97a7-1c032f033ec9","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":53,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"082cf4aa-0356-4d07-8059-5a87d62663e8","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":53,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"c0d652cb-7c9d-404b-a921-453063032007","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":53,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"8d111157-13b2-4688-a91a-da7154f172fc","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":53,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"95d6f118-d793-4b47-af72-ad7def6230c3","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":53,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"7645d794-4fcc-49ed-84b4-9915e46a545e","block_type":"box","text":"the Manager believes are relevant.","page_number":53,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"3b31d5aa-056f-4de4-86fe-2496f194e47b","block_type":"box","text":"Limitations on Leverage.","page_number":53,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"11eb8735-26b8-4c8f-8404-c0e4e9b22714","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":53,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"f3886806-b075-4ad6-ac03-5024a48c2d94","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":53,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"b1d47ce6-9bd9-4bc6-b0eb-15e2f4b99ab5","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":53,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"422d9bc3-5caf-4f7d-82bb-a37e34e8b7ef","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":53,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"c5353f11-2715-469c-b026-82fe0e1e26ac","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":53,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"7b0354c2-cf17-4a98-b6a6-4e55df31b5d8","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":53,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"ead4b305-f8be-4aef-95a7-bf39a702a690","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":53,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"ae3896b1-c135-4607-ae12-bc4e060d87fe","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":53,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"b3b9628c-98c8-4a80-aa8c-ee95d39d4460","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":53,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"291f0ad3-9264-4024-857b-fa6563c62eee","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":53,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"05e1e83d-91d0-4766-af55-28d1de3307d2","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":53,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"c8bb87cd-c220-443d-8f86-429350ebd59f","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":53,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"cf0e3ba3-a490-49e8-b9b6-55520d15b134","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":53,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"ed364f87-403d-4f4e-89f7-324069281ad4","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":53,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"aa6760d9-a783-4f63-bcb6-d3416608f019","block_type":"box","text":"Counterpar ty Risk.","page_number":53,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"51cbc667-262c-4a2e-a360-de622e411e6f","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":53,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"30e85913-17e9-4fb6-9e51-f76405312d79","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":53,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"e6089534-2bb0-4649-b302-66eefa6c0bd0","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":53,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"8241469c-fcc2-45f1-99ab-f94a545fdc46","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (e.g.,","page_number":53,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"7418fe61-f093-4aa3-9ce7-15d93831206a","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":53,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"43084ff8-b2f3-4ec9-94f7-d79ed0479701","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":53,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"732fb3de-ce1e-40a4-b5b7-17b7ec797ca3","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":53,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"82a99257-4a40-49fb-8316-be0cba818686","block_type":"box","text":"obligations under the structured note.","page_number":53,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"2a1d07e8-3fa3-4565-a8de-09ee3fd4fc59","block_type":"box","text":"Convertible Securities.","page_number":53,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"49750d0b-0a12-4b9c-80c3-ee1ef60889aa","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":53,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"f5985ebe-8807-432a-bcf2-0d04bc0bf723","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":53,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"a8e42188-aa58-4fdd-90a6-b46e409c7217","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":53,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"27ee7337-bb31-434f-b689-65ebe41aaedb","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":53,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"825f9c64-8992-409b-b45f-b6a7b42163e9","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":53,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"39eb7503-59db-4069-9d10-ddb4cf73bcc9","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":53,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"97218765-46d4-49e1-976a-3c4122a6382d","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":53,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"15b57c86-7ebc-4ca3-be97-ba1ced05c6a4","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":53,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"cd324487-37b7-4ef0-9d3d-8a1e3dc5be69","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":53,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"6aa5ca29-e3b4-4250-9698-07b6e060db86","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":53,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"a846d86b-a150-43bd-9785-7cc62642c99a","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":53,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"0a9841c7-b900-4b51-bb01-bc4a60f047c3","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":53,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"ed4a93ce-437b-452e-a4f7-50212a7ecee8","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":53,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"f9a032b8-f576-4dfa-8586-9f32f549d22d","block_type":"box","text":"II-5","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d0bacf08-7e2f-41f7-94fb-4071d32bb586","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a36f9bd-18e7-4ff9-8f60-58549c656f1d","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":54,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"7b67c4d7-b2cb-4c0d-992f-623c018a34c4","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":54,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ba29506b-28cc-4d45-9f3b-42e79b6b2545","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":54,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"3cb42506-8330-4cde-b691-f6d043db3c0c","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":54,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"4220929f-e8c0-429a-8077-200f0052fa4c","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":54,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"0d364406-60ba-4b87-b194-5d2553d3b664","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":54,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"88baee13-45aa-4a6f-9e12-28656459fc84","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":54,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"7b4df083-4ccf-42c4-8489-d57999076514","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":54,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"9eb24858-e777-4fb7-9a08-b48ecf57b6e2","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":54,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"30d1a717-289a-43e2-8212-d1b3e7e33812","block_type":"box","text":"things.","page_number":54,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"8c40a3e5-ed35-4942-ad84-7bde7f173222","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":54,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"857e1e54-5441-4074-982b-b5cf44f06c3e","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":54,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"48e12cd0-9f1d-4605-ac52-c5dfee4c0f62","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":54,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"75e5a26f-2a27-412e-bffc-d922f5851028","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":54,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"5ba07fdc-7eb3-4106-9f0c-0a9842d7869c","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":54,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"9739b3d3-d7f3-4c85-9073-13933413c246","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":54,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"7acdbb39-fcdc-4b87-812b-61b645f71833","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":54,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"0b2b2297-6347-4a20-8ac8-469ce0c9016f","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":54,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"99c3d5a1-8608-4c65-adeb-790960a0c7c5","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":54,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"61b43277-9b05-444c-92fb-a2e103c284db","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":54,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"b61bc8d3-364f-467e-8f06-454f7b153e6c","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":54,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"172d1216-50e4-4d3f-a11b-2c84301082d0","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (i.e., strictly on the basis of its yield) is","page_number":54,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"2c06460d-fbdd-4d32-8c82-e61655ced16b","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":54,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"a0b47f0e-29dc-4e0f-bd18-b7bf3d92a391","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":54,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"9c2899b0-80fc-49bd-8028-2a52e77aff11","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":54,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"eab317f1-c5ea-4949-9ec9-02b9b6a88e9c","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":54,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"55c0e829-8e19-48f9-8c09-b554373f59dc","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":54,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"7922db9c-b26c-4ded-9c2f-c53fd49a61da","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":54,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"b6df3815-9fae-4fb1-9c64-782e75ff985c","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":54,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"9b48d7bd-9ce7-471d-ae80-f24be31f9451","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":54,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"0896ff53-3a78-48af-adff-e4357be86653","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":54,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"9faf8974-af50-4e5c-b6d2-11f4b4a90484","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":54,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"042065e5-0c5d-4271-aff4-ba1e37ca3f41","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":54,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"2077da66-b741-4e6d-8d7e-d7f5110613a0","block_type":"box","text":"than the securities’ investment value.","page_number":54,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"151efcff-ada1-40e5-b0ac-f6f03ded84b2","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":54,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"612be26b-c0e5-4cad-a5df-03cf29e9a5b7","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":54,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"5bce0cb9-c317-4cd3-b4d8-e8cbc9aacfde","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":54,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"db1b7fde-08dd-442d-a5cd-9d30976ad7fe","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":54,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"64170f24-07b5-4cf8-8b57-59e1bf140545","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":54,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"b2b1e417-2591-43e9-9572-a885fc58c534","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":54,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"818dbb0b-a9f2-406e-95af-ea567317e3ba","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":54,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"cf063945-ec21-47f9-8a03-2c6befa84f89","block_type":"box","text":"security under cer tain circumstances.","page_number":54,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"0e9df4df-fcb8-4166-96ea-a3e574f7c165","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":54,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"5d6bcf30-48e5-406e-b272-9235189f68dc","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":54,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"9cc28665-994e-4426-99f6-7b958a9c6f67","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":54,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"a43786b6-7259-42ad-8c18-dc81208be415","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":54,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"8803e740-297d-4953-a0b6-c3ea607368aa","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":54,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"9b3ec4b1-6eeb-438d-b1cf-ac629adc3c24","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":54,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"a090aa54-3c0d-45f2-8494-2b96fdc5e4c2","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":54,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"faefef92-a263-4fa8-bcad-f4bf93d2fabc","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security, i.e., fixed-income (“fixed","page_number":54,"box":{"x":69,"y":823,"width":808,"height":11}},{"id":"e0efe1ee-ebdf-4824-9bfa-d606c0b5163c","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":54,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"82471332-984f-47e9-a9b7-3475515cb2bf","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":54,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"4b7f41ff-56ac-4adc-9333-4b841c85099f","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":54,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"cba3fb2e-a651-4e18-8d2a-875f321a6784","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":54,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"e85a3f7b-ae6b-4639-afe0-936bfb525cfc","block_type":"box","text":"II-6","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"aa033591-8d7a-418b-9210-ab758990e8e8","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dba73c59-f625-45c5-ac2d-61b85f27b0ee","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":55,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"01e802e6-afdf-4b38-9ae2-98f3e80a4551","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":55,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"7f4a09df-76ef-4dff-a8be-caa26008930e","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":55,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"d41ee6b2-b482-4caf-b735-27592eb28e64","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":55,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"ede0e1e7-8125-4f1b-b05e-d7dadf9c5f36","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":55,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"46f67a0e-91e6-407e-b06e-93e1448c2b8d","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":55,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"b37f6db3-a70e-4d52-aab0-c02457efe0d6","block_type":"box","text":"component.","page_number":55,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"528a909a-f071-4e0d-ada3-a405e3621613","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":55,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"e6ecccbf-e3db-4403-9b6e-e91f0c23f2fc","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":55,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"e5cb55e7-be51-44dd-938f-4027d7542b1f","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":55,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"4caa2922-3518-4220-bc36-b6511d9b2c45","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":55,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"4ad79373-127e-4aec-a94c-17d2c60dfd0b","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":55,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"25b01288-11ff-4104-8106-ed991f41c132","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":55,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"1ac8263f-f7cd-4863-a027-13b4baa35c90","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":55,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"696b74a2-bf9a-464a-8735-0e8f2be08d5c","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":55,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"b2ba9db1-c300-4edc-8e9c-0252b99b25e5","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":55,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"8f9a06f6-2c6e-4f07-98fb-3d2a875bdb3b","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":55,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"8d5dc6eb-dfe2-4467-af6a-ae2f6613f8b0","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":55,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"0fe90ef6-bc1a-41b2-b5bf-3680e4eea939","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":55,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"4dfbd818-3724-4573-a89a-5e81b16ea580","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":55,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"5c7bb2fb-97c9-40ec-b1ab-548984a2de73","block_type":"box","text":"favorable market conditions.","page_number":55,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"12f0d21b-d5da-46a5-8f5b-0161de0fe7b7","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":55,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"2edf2a88-2bb2-4c7d-9092-96e32fb240fb","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":55,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"5b986a65-52b6-4cfe-9a0f-12399c7e5724","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":55,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"b02305dd-b47d-4af2-8b72-0e506c47e3b3","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":55,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"290e91d6-c011-451d-8858-e37fc7690d53","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":55,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"564b4547-c1fc-47d9-8ebd-c96fb13716bf","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":55,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"a62c8b8b-72b8-4e7e-a8fc-b211e2c2250c","block_type":"box","text":"Corporate Loans.","page_number":55,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"77dd44ba-0ef6-4061-ba2d-3e7d061bfc8f","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":55,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"4f3948ad-81ef-4d37-82bf-5df7df9e4f84","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":55,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"b51e77a9-aab8-4626-905c-66bdc18591d1","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":55,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"e7880e6f-d490-483a-aae7-14db46c7b2eb","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":55,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"c0e5493d-e5cf-4546-aa5b-c1daef0b2de9","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":55,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"e2f0479a-7cb3-42b5-8034-2f69e1995e2b","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":55,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"c2c793ff-dc4f-406b-afb2-f814d61d3984","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":55,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"e8d3984d-b5d4-4561-a8b8-aecd0a9cffcf","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":55,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"a8949e3b-2dc2-4b5e-9f14-400e020c6d07","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":55,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"6344de87-31b0-41f0-92ed-400f74ed6dc6","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":55,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"dd2ca612-5843-4fd3-ab0e-228cdd2e9aab","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":55,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"5f002a34-3277-4ca4-9314-b64c68100899","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":55,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"48fb773c-3c88-4603-9c82-dafb3cc3b0bf","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":55,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"a1cf72a7-6143-4442-a66b-70d338cecc04","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":55,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"d0ca96c2-5f13-409d-94f9-98974bc0f279","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":55,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"2f5e0100-fc93-44ca-9244-72cd751616fe","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":55,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"87522695-4725-4423-b1fe-9c0302a20892","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":55,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"63749f55-9497-4f99-8c63-04a9ff8d9403","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":55,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"29e1f029-b159-4c15-9c89-03e55fb8c215","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":55,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"fa3d16eb-5084-4c4f-a20d-f0e2cf148ec8","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":55,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"c421bfa2-b863-4580-8ee4-6835d245a7ce","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":55,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"77c9b2a1-4022-4785-8d24-7c2ba3614d75","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":55,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"8619a7ef-3782-4cc8-acc5-4ec870806cbe","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":55,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"f5f7426a-44c2-421a-bd21-7354e6f8b616","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":55,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"9d91d553-8e59-482a-be65-39df446c871f","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":55,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"fcb7460d-101a-4147-8d1e-329a54877570","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":55,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"0f7a0853-c6a0-4fb2-a5e4-5d036ecbc1c2","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":55,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"2fed02a6-509c-41af-a307-789982adbc42","block_type":"box","text":"of the borrower.","page_number":55,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"221ef114-a52c-4485-bcfa-651d405e56d7","block_type":"box","text":"II-7","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b7ce5b36-3164-42f3-bccf-98275b4d23e3","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a46814ab-2879-4833-9b8b-783d90d5bbd3","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":56,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"773d47b6-7fa2-4429-a850-3ccece423f6a","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":56,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"9717ceac-c335-4700-8475-ee38ef45ecfb","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":56,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"ffb1de55-7321-413d-a8e8-72b6ee6b8890","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":56,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"cb5b9e65-922e-43aa-94a7-c610c4adbdf0","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":56,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"6a1b42c9-a87f-4091-a039-b5671c828674","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":56,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"59d6c588-3c9c-4197-9215-45fa2e50e473","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":56,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"adde475d-de69-4146-bffa-1c564621454b","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":56,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"bba2fd75-9ad7-49db-ad33-c851f29a1526","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":56,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"90b67647-d9f3-4f79-b36f-aad29a67fd72","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":56,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"fe4278b5-b67b-4dd0-93b4-75b1a4a60688","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":56,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"9ac12b34-0c4a-477a-a357-66fb4cd5c2bd","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":56,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"bb28ad03-ed2d-4939-9d88-68d1619e8a07","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":56,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"74b20a7b-935e-439e-a0b1-3332732851a8","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":56,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"07fbaa44-7277-49a7-af7f-b59f848dc46e","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":56,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"364b684d-ed17-41d4-8dd7-ebaa72f8c44f","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":56,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"0617a04f-9163-4e11-9bd0-cc96d5666fff","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":56,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"c3cbebeb-2884-42cb-93c1-7df24d715baf","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":56,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"a1dda694-a380-43b4-90e0-76dde7d46ba5","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":56,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"b7ffc3e1-2b44-4cb8-9d91-bc691de16091","block_type":"box","text":"state law.","page_number":56,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"0c2df956-028f-4d4d-90d7-6af54d218ebf","block_type":"box","text":"Direct Lending. The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":56,"box":{"x":102,"y":377,"width":771,"height":12}},{"id":"10e658ca-bd4c-4fef-b0aa-391bf99831e9","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":56,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"6c69b017-84a2-4a4b-acdf-97839db43206","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":56,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"047fb5ee-2072-44e3-99f7-6e45a4da1d4a","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":56,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"3fc0bf43-40da-45c1-86b7-216f1a5bb863","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":56,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"8a8948e6-e357-431c-85d3-2666ae0ba7e8","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":56,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"eb8b94a9-2168-42ae-b5da-7e8c9bd1b810","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":56,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"30a820e3-dcb9-45fe-ba5c-dcea68cc698f","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":56,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"b5ef8226-1515-4ef2-82bd-125bd4e92e6c","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":56,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"871a3871-d7e3-4bac-8040-fec3ae3260e7","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":56,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"97e6bbe1-469c-4930-9d23-b009d77a46a6","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":56,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"fec8c540-0f56-4ef5-9d62-52e5c28d3e4f","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":56,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"95a9f708-b173-4849-8d8b-d0d76118a18b","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":56,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"a961b695-10e1-4875-bc80-68822dcc44db","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":56,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"ca989c14-aac5-4fa3-a193-086460e6a31a","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":56,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"688736b7-da1d-4456-b595-a886314a624b","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":56,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"1bb7af6b-937a-4e4b-8917-da7b3c935feb","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":56,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"24b124f6-c9fb-40ce-a0e6-da2beb610f40","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":56,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"d16393c1-351a-46ca-b166-54d46ec870db","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":56,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"dc50664e-bade-4126-b23d-8dc047b388e8","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":56,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"40809d82-e8be-4695-9ac3-9b00b4efd89a","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":56,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"48ea49bc-4c98-450f-981e-83185ab3d415","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":56,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"0a486214-debe-4272-9f6a-5d00a631d17f","block_type":"box","text":"Credit Linked Securities.","page_number":56,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"44f684da-9c5f-4a85-bd03-89ed27784e5f","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":56,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"216d45b3-5a7b-420d-9001-37ee06ae20f0","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":56,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"34623a6d-d552-42d1-a0ed-b38374ad2999","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":56,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"24aecfd7-6448-450b-bf65-b62093a8b2de","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":56,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"9378483a-c078-465b-bf4b-a7848aa06bfa","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":56,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"6ad23d3e-cc32-432c-9c78-25694864cd86","block_type":"box","text":"traditional income producing securities are not available.","page_number":56,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"3d46f71b-c5b8-407a-89ef-219eb51d236a","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":56,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"0d7173fc-6fa6-49c7-ae32-62dedbb94f4f","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":56,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"62e3eb21-df56-45bb-8bdd-a3b4c87aab93","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":56,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"e9d18c02-ab56-41a5-ba3c-4b19ee659e18","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":56,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"beb4f54d-8a82-4770-b806-a159030b9b00","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":56,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"241a33f9-a4c4-4e97-aa4a-e2e787e2d3ee","block_type":"box","text":"II-8","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"cbf03f40-1f83-4e7d-97dd-a848eca31e95","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1b9731a-f8bf-4509-96cc-b7ff68b9aac0","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":57,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"67e886a8-ba31-4311-bbd2-1a95fbe2355c","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":57,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"0d6b66f6-b80a-4eff-9c58-b29eaf241228","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":57,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"127c855f-4cd3-4e43-b879-5a3f762bdb11","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":57,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"a33e07d6-a7cc-4dd7-b140-74e8dea495e6","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":57,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"8a0433bb-d535-4fbd-a882-12d707454335","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":57,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"85d9e2ae-c47b-4d38-bcd3-7e9e8696a816","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":57,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"b56359e4-1185-4b0a-ae5a-b7dff37e4af1","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":57,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"4bf60570-29b4-4d60-bfa0-9a36738b2bf4","block_type":"box","text":"investments.","page_number":57,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"065bc264-e055-4d0b-a9ff-05f4afa70c03","block_type":"box","text":"Debt Securities.","page_number":57,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"1750bba5-141e-4d82-9e50-2cbfe5323f7b","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":57,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"ef6c55fe-1a2d-4a55-975f-5d6d8ce94f57","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":57,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"a757703a-b760-4f71-9211-28b045e87563","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":57,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"dd1daa10-787e-49b8-9d33-e7caac9ff32d","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":57,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"0d5c0584-cba6-4f23-80b6-c72d2fa13a6c","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":57,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"5e60274b-74ee-4aab-a40c-ff546748dc83","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":57,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"7dd36d3c-3b74-4a19-b5fd-4e6bbb376f06","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":57,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"651879c3-11be-44dc-8511-c10fc1ad37c7","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":57,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"acd82099-712a-4bab-916e-dd84efcc5095","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":57,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"b3a744ae-ae95-42dd-9d14-6196d0930a3b","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":57,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"526806eb-b26f-4496-a459-36e7a3efd985","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":57,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"ac184781-ece1-420d-add4-14c2b9c79766","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":57,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"2600884d-614d-4941-9165-952055f49dd6","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":57,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"0525a5dd-8016-44b6-a372-7afaa959ee5b","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":57,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"526c16ff-d609-47bb-a35a-0bfc34c80936","block_type":"box","text":"lose value. This is known as extension risk.","page_number":57,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"821356e3-f57d-4ce5-a0a8-d94c71af1050","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":57,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"9b503e81-0e61-4496-8998-1f09e9072cf6","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":57,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"82c34e58-3f91-4b15-9768-49f586e43b58","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":57,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"895fd3b6-f4df-409f-a5ee-91d1dd376d48","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":57,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"f95a2747-b75b-46ac-b7c7-26310fce74bd","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":57,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"1ba4eab8-8a78-47ab-98cc-8a7448ad6910","block_type":"box","text":"Floating and Variable Rate Securities","page_number":57,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"def480f1-1789-476b-85e7-bcc8c90cc33d","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":57,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"7d7d1cd1-d6e9-4ea4-a318-ae5b584a23b2","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":57,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"8a73f2cf-fc2b-4075-b218-ce7a6eb89993","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":57,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"5af49792-be35-45f4-acd2-257db11fc98f","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":57,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"0bf066ea-d4cd-4831-9b24-6a429095f8a1","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":57,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"7a85da52-f4de-439e-9da0-ae557db01f70","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":57,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"87fe9bbb-e73f-43ee-bc63-255da2ed0917","block_type":"box","text":"market interest rates.","page_number":57,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"74dad32d-1c86-488d-9beb-53afe9c409c1","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":57,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"9fb11d6d-ec86-4fe7-b037-e796a7e0cbf2","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":57,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"01faaceb-86b5-4b4f-9bc6-bdcdbea34c37","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":57,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"349cd3ae-8cc9-42cc-9822-ae5ca740ef46","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":57,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"f8cf7970-a2a6-4860-b684-6a3df875a2a9","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":57,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"de329def-ab67-4e71-b8aa-ce360f8c525c","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":57,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"734662bf-5679-4f86-8f2f-4a99bc220b32","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":57,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"5427cce9-5fae-4c29-89e5-b835a618d029","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":57,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"e07acec5-837c-44bf-8087-d63fc6b5365b","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":57,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"b0653e77-1017-4ed2-9de7-3990f0e696d7","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":57,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"2df8cfe4-6e41-41dc-8d6f-8ef2613d590d","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":57,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"0ff5c76b-7f2a-42d5-b7ce-b3aa11665927","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":57,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"f8b3ec8f-7d7b-40c7-8674-7d2ed160224e","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":57,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"43d81d0e-6448-4011-9e09-24baa4feca4b","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":57,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"bbd79016-48f4-4b04-bb5e-ad773fc34a7d","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":57,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"0286715c-c8fd-4869-bb59-345f0af2081a","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":57,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"407615e5-a558-4536-b163-98ef138df31d","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":57,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"04294d3f-d5c0-4b9b-9c2c-44f4694a4901","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":57,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"5f451199-3822-49c8-a794-204bf68ba406","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":57,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"92f5c85a-e8bf-4a1c-af6c-b16703b127d8","block_type":"box","text":"II-9","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"e7f039e6-53f6-40ab-a0ac-b68510231374","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1cb6e67c-451f-4793-887c-7e55216b71ef","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":58,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"71c0e81a-4547-4b0b-9757-0b9dde839a8e","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":58,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"f217b1e7-78a3-4d1f-a907-eb8c8feb5cba","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":58,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"6cec57aa-605c-46f9-ac26-2dd17e733adc","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":58,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"4da22066-e0d1-4e00-aae5-490b458f9f13","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":58,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"75105923-5d8e-44ae-a1c6-01d35017c693","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":58,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"1ee1d77c-eea2-44eb-8218-d76ea59f3d79","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":58,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"42c7db45-ace0-4100-a145-9164a588dfd4","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":58,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"b2a96ee5-dec2-414e-aced-bddb4cc31108","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":58,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"8c6cfb39-c263-4712-9174-913c9fa8bdb1","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":58,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"28beea15-dae1-4e2e-9eb3-16ae5207272e","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":58,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"29bdb314-6715-478e-be95-f7bbeb910309","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":58,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"d6331577-0187-478b-ab9d-b8353eb2dc82","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":58,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"1e105f9e-2ace-45f7-8d07-3d0dfde25376","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":58,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"6ca24161-81e0-428c-b350-85a1a693ac02","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":58,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"f584097e-2e12-4c1a-aae3-002c68570f68","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":58,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"fce554d1-fefe-46af-b3a0-a3b854b4bd56","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":58,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"7d4479ae-2e9f-4aa4-a443-eca98ae34db9","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":58,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"0524931a-71a6-4eb4-83f1-ec2f82f46160","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":58,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"d6569976-7802-4c58-8e86-3c412c8fe8bf","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":58,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"fc674702-ca93-4636-9429-2af8d09001a9","block_type":"box","text":"United States.","page_number":58,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"daebff23-6222-47f7-946e-1ac7d981b916","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":58,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"c6757e64-f59f-4ad7-8b25-4654bb5da389","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":58,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"550412eb-fd33-4d3b-bb4e-10d4ce605fc9","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":58,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"561b806c-9913-4fe5-902f-f10c66cd8f83","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":58,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"30b53693-3262-4a53-a424-aca16706c15d","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":58,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"2417efc0-6b97-4a0a-ba9f-ec112e26f3a9","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":58,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"9206d9da-e50e-4b8a-8b88-89d0d99ff173","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (i.e., “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":58,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"c5bd3a0f-c306-4a5a-b127-1a8994ed27ef","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":58,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"bb6ed6b1-42ff-406b-831a-314aa692c054","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":58,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"18b612fc-3907-40e0-bee6-c546751474f7","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":58,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"c656cdc7-55da-4ad3-8b4e-6027bc03fa81","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":58,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"6636c426-09b0-45ae-8b79-a1ae52086aa7","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":58,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"d3a0df6c-6705-4de8-b78b-b7ec371e772b","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":58,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"990ea11e-0a40-4e9d-a0f5-de5b24d1fa01","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":58,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"fba42881-f021-4da1-9f30-f465a95230b1","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":58,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"9c0ff097-7a35-4f6e-8470-88497a798f64","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":58,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"4667fef3-d21c-4a31-8ab2-32b3bc382b50","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":58,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"6ca878ea-c790-4950-8a15-519463516330","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":58,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"526f7f86-4432-4300-95cf-1a802751d388","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":58,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"24f13a4a-568d-4feb-bf09-2a793f91f5ad","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":58,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"a94ce0d3-3e85-4b76-9bbc-170bfa370be0","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":58,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"7d4451a9-30ea-4e90-8e10-56f984c2124c","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":58,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"3c876c9a-398b-4787-b733-cf2426f10b4d","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":58,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"5a981f6d-92ce-4942-ab7f-d04e78263fe1","block_type":"box","text":"risk than higher rated securities.","page_number":58,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"5e874cfe-d9dd-42e9-a266-e4e784b6f5dd","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":58,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"1fa9c455-3de3-4ea4-8b00-23171d005ec1","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"b46702a0-0808-4ace-a557-479082f486f2","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":58,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"185217bc-3c0c-498d-8a4c-1bbc3bbb00a3","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":58,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"3c8050a3-47c0-4e7b-8187-f5e618d5813d","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":58,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"8016f9cb-0f62-40ff-ba4e-771c743414c7","block_type":"box","text":"unavailability of additional financing.","page_number":58,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"8fd39e14-ba8f-47ad-a80e-1087c50740c3","block_type":"box","text":"•","page_number":58,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"1dcc3584-03e7-4a6d-84c4-39750b2c9d9e","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":58,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"1e8d3d38-7747-47a2-9ce6-9b44ce527597","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":58,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"108569d9-6a50-4b84-aa7c-e2d3f29e5d41","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":58,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"1d2b9175-53ae-4c7d-b777-66505f5be9d1","block_type":"box","text":"II-10","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9bda9cc6-7d03-40c7-9ae6-a277a6bc9dfd","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbaaaa9b-3319-4dc3-b9be-a0a895aa5990","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":59,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"a9f9c394-9f4a-4521-a701-2316795d0904","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":59,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"4b71bae6-45be-431f-963c-e35651ead80b","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"1549b633-71dd-451e-ab2b-0de98f5ab407","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":59,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"e7b0d082-4e79-40e5-ae36-8fdeb6193674","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":59,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"748fa402-f549-4a5b-8cbe-84fcc4a582b3","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":59,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"363763c2-9cd6-4b73-921a-f61df3774ddd","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":59,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"b37c737e-71f9-4748-a2bc-edc7c05a30ed","block_type":"box","text":"investors in higher rated securities.","page_number":59,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"0f16e46c-bf6a-4059-9758-6d60ba70554a","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"5cb1b4d2-0255-4ec1-87fa-c77486d15eca","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":59,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"900c365c-bd85-492b-9a5c-005b6f8a13ed","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":59,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"4fab5650-dc3d-46c4-9368-5769788a0802","block_type":"box","text":"lower yields and may lose income.","page_number":59,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"698ea574-ee6c-4ac3-957b-7ee7870844e4","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"e3a89de4-8814-467b-8552-8e242f55162b","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":59,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"21c0f90b-cc75-4332-99ac-73b8063958d4","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":59,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"ccfc3b57-68c5-45cb-9ed2-a316b737f73e","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"6482741d-2d1c-4b92-8084-85862f8682c3","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":59,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"3e7e8420-179f-48ee-a2d2-2c3acdf8b617","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":59,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"1e2c9903-b779-4374-9713-3d8a6e087844","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":59,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"3343c839-8486-44f2-80f9-2df56890bdae","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":59,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"f8265586-a7c7-4806-8105-cde07d53d0bf","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":59,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"fa7614c9-2cfd-4d29-ac0e-33c1689ada2a","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":59,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"205cac9c-527e-43b4-8a44-36f9dfb2b746","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":59,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"e5906b04-cfec-4664-9cd5-2429b69ad519","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"a99eb01a-4066-4403-a98f-55f389b0d7b9","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":59,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"2a2a8a1a-da40-475b-b06f-dc2847104556","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":59,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"e58a58bf-5a9c-4e53-a8b5-beeeab575b87","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":59,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"ef640928-06f4-483f-a657-bddc5f016bd4","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":59,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"1640fbca-60e4-4904-9656-5bfc5f5df0d9","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":59,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"095ed0e5-8301-46a3-9667-65be5c82be7c","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":59,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"3e97fcb5-cb4c-43a8-b489-08f194afb777","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":59,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"10bff86b-5105-4a9e-8208-9ce3b989c2b8","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":59,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"f5413e39-4487-41cc-9abf-996396ac4a36","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":59,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"02ea7567-ace6-4572-a4f0-b28d97c4fe98","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":59,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"b3a39546-4e84-4122-aac3-521b6a1a3e7e","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":59,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"24514724-2921-4c54-bb97-eb82a2758b48","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":59,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"8dec60bb-310b-47ec-9d1c-10df05f5e863","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":59,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"d1d88536-f85a-494c-b016-86bc46b3a03d","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":59,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"fb8ac005-562c-4cc5-941f-a83def938d12","block_type":"box","text":"role in determining such valuations.","page_number":59,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"9ca0501c-6594-45be-8187-0bdfea85f619","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"4993f3e1-063e-4933-94c3-a6c5b525e53a","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":59,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"6e0add3d-f119-4b9c-834b-66439a92a0f2","block_type":"box","text":"a defaulting issuer.","page_number":59,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"930ac0a1-cc86-4f63-8fef-9458f24663e3","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"3a9f4174-21bc-444b-93d0-bc5bfd090f76","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":59,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"1f5c95b7-79db-4fac-bb88-b6b8f8146e5e","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":59,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"f473e6ad-dc7c-491c-8fb9-ce0249f9257d","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":59,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"7535c548-a4f7-46bc-8b88-d84d939db799","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":59,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"147c9d1a-db7c-42c6-a1bc-6fe2b3559c97","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":59,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"b2a6069a-cbce-4eed-8e2d-d1dd76ba18e6","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":59,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"1aaccea6-54c3-4dd2-aef1-85ecbadbf5d2","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":59,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"012a3889-1f6a-4999-9e9c-7f179311105e","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":59,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"07af7f46-4d48-4853-b89a-f5fd79c1bbe0","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"07b60476-c3fe-4e5f-91c8-6a510ae2b57f","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":59,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"898e4792-bfd7-43ff-b348-5fb6fb523e4c","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":59,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"c651a24a-ba33-49e8-b9bd-e15699f99b79","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":59,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"45d979ce-d3dc-4ff9-8aac-035bdee0f8b0","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":59,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"bc383afd-263f-471b-85c3-f10896efab16","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":59,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"72a0cb52-4b43-4e86-9e46-977d6050d480","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":59,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"e6c9a89a-91e5-4196-957a-8ad0997b9cf7","block_type":"box","text":"higher-rated securities.","page_number":59,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"a2f63291-ef49-4975-9ba5-e4751a5f543a","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":59,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"f8969d94-46a3-429c-aa64-c807df296d7f","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":59,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"6172b114-e2ea-4d07-8f67-2c0dbbece606","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":59,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"eac1a89b-c286-4e53-b376-216ec9afebbc","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":59,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"7cea1d1a-1517-4c55-b21c-4e1fd18fa145","block_type":"box","text":"II-11","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c9ac2a35-c4a7-4b65-ba3d-2f5e312dcb63","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32b75726-acfc-4932-8fa6-6131fe664358","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":60,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"9d174d45-9940-4ee8-aca7-e87fcc016747","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":60,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"bf3a4da6-16d6-4486-a101-8153fdcef040","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":60,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"1afe73d5-3462-4d0a-863e-2940870ecbdd","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":60,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"d6bb569d-b665-40d1-8203-2fb4f2e3aeee","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":60,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"ae8cdc7d-9b5f-4dd0-a130-c7434399a85e","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":60,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"9de1d14b-2fde-4c1b-bb0b-4cda376bc9bc","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":60,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"8fb427fd-a304-40ca-9761-5a9e97436383","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":60,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"d6e3c105-4c78-40d3-b9af-6f25155a7394","block_type":"box","text":"Mezzanine Investments.","page_number":60,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"0cd42515-22e0-457c-86d0-cba3fcf25c51","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":60,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"73dfaa51-0163-40aa-a560-e15618be94f2","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":60,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"46cd0780-e993-4dde-93b5-e3cf58b83ff7","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (e.g., with","page_number":60,"box":{"x":69,"y":219,"width":794,"height":11}},{"id":"bda46263-a0f8-4b41-b15e-d8adf817d160","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":60,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"07be8203-3f3e-4949-b353-708d96293854","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":60,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"84f53ae3-e86b-4bd0-976f-5799815912d8","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":60,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"d1f71cdd-5d6f-407c-858e-15b8409be75d","block_type":"box","text":"other obligations of the issuer.","page_number":60,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"c7f339ae-405b-4315-8469-4e6c7b911ea6","block_type":"box","text":"Pay-in-kind Bonds.","page_number":60,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"b1ff73bb-419c-4587-bdac-6bdaedc70eb7","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":60,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"d71e8ece-e74d-4ac7-8502-cada725c09f0","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":60,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"fdb930a7-e973-417f-addc-1a65b632621a","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":60,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"06d9679a-9421-4eca-bb30-da415ec676c9","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":60,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"c7189de5-0467-4c28-aa20-6693bfb0502c","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":60,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"cb0cd5be-d948-4fc7-88fb-f4b326730ddc","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":60,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"6a8b6813-116e-4277-bc5c-fbaa166e0a36","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":60,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"3ffebea4-d656-47b2-94be-423b3b41b14a","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":60,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"c2ef391e-6c45-48b9-92e6-00de8706073a","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":60,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"4db318a0-ea27-46db-86ea-3c2a19b0acd1","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":60,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"25145362-035a-4e88-92ca-c35b7f5ed764","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":60,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"35b03ce7-4803-43be-bdd7-ff2b92e32601","block_type":"box","text":"Supranational Entities.","page_number":60,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"52d9b31e-3796-4e48-8f72-1c0933266b4a","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":60,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"cfc78bc1-f8b3-4bd1-a0ff-8851fb797fa0","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":60,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"def0f99a-685d-465f-9062-81a250b7273b","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":60,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"3c64c707-abff-4ef9-9ed2-b81b403ed8cc","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":60,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"ec98e648-6f30-4ec4-b9ea-b3289b4eda18","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":60,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"e2bedb3e-7efb-4b72-b9b1-2c158defadd0","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":60,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"e4c6a8dd-f959-44e9-9083-b91a187b35fa","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":60,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"e7824734-6034-41d5-8660-18cebea3c0e5","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":60,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"a21bf9ed-6472-4738-9c7f-f122a468f220","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":60,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"416082cb-483b-4421-997a-26d076306e88","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":60,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"e0ea570a-940f-445c-a789-ca012a7c2ef7","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":60,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"21fe8b85-7b6f-4ca1-a17d-8de1efadf819","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":60,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"241fcfb1-cee9-4d0e-adbd-4e24d34f7ed8","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":60,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"26d532dd-4cf1-4bce-a00a-51a503945be8","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":60,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"857eccb3-619e-4bc7-9d2f-b3c81a17ade1","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":60,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"24bc6691-20ef-46be-9e9c-053a4ef0c7fe","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":60,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"a7ba6c17-4ad3-45a5-be33-e35bf9458b5e","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":60,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"9c278fed-3d38-44c1-83f4-52a5b2971ec5","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":60,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"d5d0e08b-4c7b-4a1c-ab51-215ed184b0f1","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":60,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"a925a2fc-8afd-4d3e-b7d1-8cb66e393cfb","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":60,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"e8f463a4-b1e5-48b9-a2c5-a8d3b821680a","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":60,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"faf0ff6c-6c35-42d7-8e46-927c4896dc91","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":60,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"b0676329-f3a1-4bb4-8a5b-19cfed22f285","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":60,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"69b1a4f6-7413-443e-8c74-a25f3056062f","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":60,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"7192ae42-9cf0-4703-bcd7-f07a561b44bc","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":60,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"ca5ecc35-a38a-4d56-85dc-4487f62d4044","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":60,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"fc684cb4-9c5b-4941-8941-ee6bdc9f7166","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":60,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"d0773cef-ee03-45f3-b0a1-a7bfb770b9cd","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":60,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"a4d5d331-0bbe-49f4-b79e-96226fd56735","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":60,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"cfefa943-8f1e-44ad-9e75-5b398d718eb8","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":60,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"ae1bc1c1-0447-452b-901f-240dff810466","block_type":"box","text":"II-12","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34beb9a9-c5d2-44f4-ab57-38296ba066a7","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"416e9860-192f-442f-a9b5-932fd55c91b6","block_type":"box","text":"Derivatives.","page_number":61,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"5be09599-ef47-447b-a5ee-461c177e40d1","block_type":"box","text":"General.","page_number":61,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"fc594d49-d9c6-4df5-8109-b56af176878c","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":61,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"1ecbcb73-3e30-4b83-8913-cc0ec4383191","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies (including bitcoin and ether),","page_number":61,"box":{"x":68,"y":82,"width":815,"height":12}},{"id":"42e61044-9408-46e2-9306-f82236b8cd36","block_type":"box","text":"interest rates, credit events or indices (a measure of value or rates, such as the S&P 500 Index or the prime lending","page_number":61,"box":{"x":70,"y":98,"width":831,"height":11}},{"id":"51ed8ad4-c421-4726-9bc1-00e34adbe8cd","block_type":"box","text":"rate) or other reference asset. Derivatives may allow a Fund to increase or decrease the level of risk to which the","page_number":61,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"3f7b0e86-f974-40cb-af51-0e14253908d8","block_type":"box","text":"Fund is exposed more quickly and efficiently than with other transactions. Cer tain Funds may use derivatives to","page_number":61,"box":{"x":70,"y":128,"width":793,"height":11}},{"id":"566c893c-4925-434c-bc0a-557e3f1e5b08","block_type":"box","text":"maintain a por tion of their long and shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain","page_number":61,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"01bec040-fac1-44b1-869b-f058ad19356b","block_type":"box","text":"exposure to an asset or asset class it is prohibited by its investment restrictions from purchasing directly. As","page_number":61,"box":{"x":69,"y":158,"width":777,"height":11}},{"id":"ece7ecbd-9ae7-453c-b29f-2b8e7b4d3861","block_type":"box","text":"described below, derivatives can be used for hedging or speculative purposes. Funds will engage in transaction-level","page_number":61,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"982d1e57-2d76-4f3b-bcb1-183d39cffdc3","block_type":"box","text":"payment netting, i.e., the payment obligations of derivatives contracts are netted against one another with the Fund","page_number":61,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"3992b123-fc77-42d2-8972-7a35688d4300","block_type":"box","text":"receiving or paying, as the case may be, only the net amount of the two payment streams.","page_number":61,"box":{"x":69,"y":203,"width":642,"height":12}},{"id":"3224391a-4054-4d14-a449-654b65cba0bf","block_type":"box","text":"Hedging.","page_number":61,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"9564e35b-fcdc-41e2-8fa3-b4e77044cdd5","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":61,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"51865887-919e-4a0f-95c3-73f87c41507c","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":61,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"bc13f513-0af4-487b-86a5-3bfb14c224ab","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":61,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"bdf27f53-19ab-4a9e-9fc3-7b1455d2bb32","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":61,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"1b3d027e-8c2b-4836-ba3f-30dd941275ee","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":61,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"2e3ea636-bd71-4c67-b11c-b8f4120642ac","block_type":"box","text":"correlation risk, i.e., the risk that changes in the value of the derivative will not match those of the holdings being","page_number":61,"box":{"x":69,"y":302,"width":809,"height":11}},{"id":"2b3537e4-02e1-47fb-974b-99ccd689228b","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":61,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"67fcff37-3a7c-4f2b-b667-33e519336619","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":61,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"953e734a-f416-449e-9983-46d9d71aee04","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":61,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"1dee05ec-a60a-4090-98cd-d56c947b5c3d","block_type":"box","text":"Speculation.","page_number":61,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"26713c04-6bef-4700-a1cb-b7ec47a11442","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":61,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"0d7ba263-a532-4a82-a12a-827db36e00d6","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":61,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"ef74f012-14c8-4099-a37c-2069669789ec","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":61,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"3901e630-fcd9-4932-9f3a-290cf307ed0a","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":61,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"6bdf3c0b-e2fa-431e-ba55-e432dc856113","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":61,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"2ea28146-ed41-4f7f-84aa-78e86fe6f060","block_type":"box","text":"Regulation of Derivatives.","page_number":61,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"03f384e6-aad0-4264-a6ac-d17e34561ba7","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act. Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":61,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"ba78d5fd-07c4-4532-b65a-3f17b4f2eb57","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":61,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"1c091889-45f0-4aa9-8d21-39426f322f70","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":61,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"03f4bc28-5373-49f2-8eca-07b8a50b4f95","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":61,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"83759341-3f7e-4f27-9ddb-55b81f9d0674","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":61,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"86a88d7f-32a2-4687-ae46-5703cfb61a89","block_type":"box","text":"coverage”).","page_number":61,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"ef0f5e8e-b0d2-4727-833f-6788933a1cc4","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":61,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"bd991d41-afbd-4e68-8927-b0ec347428c7","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":61,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"d3b39be4-f3b4-475c-9408-c7f26d4b7329","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":61,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"5d640ab9-ed07-41ac-a717-4c66759914c9","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":61,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"87b140af-7628-41ab-82f5-0db9dc3d59c4","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":61,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"473d9938-441f-4ef1-af11-9629bda690cc","block_type":"box","text":"financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":61,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"2aafbe87-f178-408c-a13a-f8849a97a854","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":61,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"1bf6f3cd-ed6c-453f-ba08-cb250cb36677","block_type":"box","text":"securities (e.g., firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":61,"box":{"x":69,"y":680,"width":811,"height":11}},{"id":"935c6d20-a4d7-41fe-a01d-50a40fc0d633","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":61,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"faa69253-ecde-44c3-b360-cc4f9a8c77b4","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":61,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"a6286bfc-e510-414b-88e1-89586bc32d4d","block_type":"box","text":"Commitments”).","page_number":61,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"5c42543c-ea0b-45eb-8f86-e5426fbe8abe","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":61,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"e4ed2345-9074-44a6-9e25-9b3250aa8568","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":61,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"30d12bcd-71b0-4d20-8b98-7a2b64ffaf55","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":61,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"3a07fbf8-30fe-4b48-ab44-74262cb27135","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":61,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"bb54b4a8-3ed7-465c-bb39-0ca69f9f723a","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":61,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"2666745c-0663-4975-b547-5c051826abe4","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":61,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"ade299c4-a04e-433b-963e-7297fa6c03f7","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":61,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"44772ee1-3fb4-4568-995b-39ae3d375112","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":61,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"05dd6710-edbe-4273-a5ed-2cc6057b6a09","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":61,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"b8e87fb4-86ba-49be-b868-7556334939da","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":61,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"75fe61fe-66c0-4623-ad31-4dceda11e1af","block_type":"box","text":"II-13","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"97075741-bc48-42ae-80a9-dccd20816d3f","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04dff651-a141-4d21-9a16-5a9de97f6af7","block_type":"box","text":"Dodd-Frank Regulations.","page_number":62,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"262dd9aa-60ea-4091-ba54-8f215923e223","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":62,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"041834fb-f5be-44f8-a8b1-89936fc1f673","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":62,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"2bf0d149-5a87-4493-b01d-4a9910749137","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":62,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"1052728e-700d-42de-abfb-3b00aed5f90b","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":62,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"d0f805a3-eff6-478c-825f-b9949da5a47b","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":62,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"fa955fdc-5ece-424a-9fd2-1d3edfcebb2b","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or ultimately be","page_number":62,"box":{"x":102,"y":128,"width":767,"height":11}},{"id":"38724efa-4346-418c-94fb-bf3227976c2d","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers and security-based","page_number":62,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"cca01761-fd75-4d9f-aea8-179338dc0fc3","block_type":"box","text":"swap dealers are subject to various regulatory requirements, including, but not limited to, margin, recordkeeping,","page_number":62,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"101f8083-7727-4fa9-9dcb-17438c912d1f","block_type":"box","text":"repor ting, transparency, position limits, limitations on conflicts of interest, business conduct standards, minimum","page_number":62,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"3735d461-6c26-4ab5-a113-48a6ca50085a","block_type":"box","text":"capital requirements and other regulatory requirements, which indirectly impact the Funds that enter into","page_number":62,"box":{"x":69,"y":188,"width":747,"height":12}},{"id":"8859f287-123c-43de-a3ad-990262bd1c67","block_type":"box","text":"transactions with them.","page_number":62,"box":{"x":68,"y":204,"width":167,"height":8}},{"id":"f67df865-21aa-47e7-b9b5-47790f86cb83","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":62,"box":{"x":101,"y":226,"width":745,"height":11}},{"id":"f7563f66-38be-48f1-bc32-f25a7c344f90","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":62,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"8b8cac91-05f3-4c88-93b0-efb814dd6411","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":62,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"c7ddffbb-7af9-4b5d-a163-f5606fe88940","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":62,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"87eb8178-e7c2-4534-89ec-1a991fdc3b12","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":62,"box":{"x":69,"y":286,"width":794,"height":12}},{"id":"ffc69590-0d54-4898-b1d8-b23e9eafb270","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":62,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"4d76eea7-0282-4ef0-a57c-6b26ed3ada98","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":62,"box":{"x":69,"y":317,"width":770,"height":11}},{"id":"1b7b98ff-63e7-44d4-9b03-9ef5d85e6f31","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":62,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"f5b11845-ca11-44a6-9e83-464501213d75","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":62,"box":{"x":68,"y":347,"width":804,"height":11}},{"id":"79aac2fa-81ba-43f2-92c4-3e401fc347e3","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":62,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"07551695-5c2b-4b80-af14-d1398665b376","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":62,"box":{"x":69,"y":377,"width":814,"height":11}},{"id":"882194fe-bb3d-4f72-8525-ddfb1551fffb","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":62,"box":{"x":68,"y":392,"width":796,"height":12}},{"id":"dbdba2fa-60b4-4bb8-9e47-931a18dc0a1b","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":62,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"1ca74459-9748-410c-a909-2ed882384dc1","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":62,"box":{"x":69,"y":423,"width":370,"height":11}},{"id":"23055d58-e853-4977-8ca2-b5cadea7b2c0","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":62,"box":{"x":101,"y":445,"width":766,"height":11}},{"id":"777a871a-3f41-46f8-846c-b234f6bff323","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":62,"box":{"x":69,"y":460,"width":826,"height":12}},{"id":"43667822-1d18-46d7-80d8-7b322d36e9ac","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":62,"box":{"x":69,"y":475,"width":825,"height":12}},{"id":"cbc59f92-be7e-453d-92bc-ccc008963cdc","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":62,"box":{"x":70,"y":491,"width":791,"height":11}},{"id":"a5265dd9-609d-481b-9f65-fb791ffee3c2","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":62,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"007c1e5d-3c56-4fe6-957c-374ee6902893","block_type":"box","text":"member.","page_number":62,"box":{"x":69,"y":521,"width":60,"height":9}},{"id":"918f758f-4566-4016-9549-9655e66c8715","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":62,"box":{"x":102,"y":544,"width":782,"height":11}},{"id":"a699947c-818e-4231-88a1-fa1b8f02260b","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":62,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"5d3e5ea7-f850-414c-aad6-412ac861b33e","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":62,"box":{"x":68,"y":574,"width":811,"height":11}},{"id":"65e227e0-718c-4709-8b12-2ea73fb42601","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":62,"box":{"x":69,"y":589,"width":838,"height":11}},{"id":"bbd8c1ef-b0b7-4514-935a-3d26a249dd57","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":62,"box":{"x":70,"y":604,"width":754,"height":11}},{"id":"b834f384-9f83-4c39-9baa-10aa9b3ee95f","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":62,"box":{"x":69,"y":619,"width":815,"height":11}},{"id":"90a7e454-a759-4403-8bc3-a4d119c8bd13","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":62,"box":{"x":70,"y":634,"width":817,"height":12}},{"id":"2baa3670-76db-4a20-8272-727f2eb67653","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":62,"box":{"x":70,"y":649,"width":788,"height":12}},{"id":"31441f5e-1f3e-4d12-8e81-84912f087147","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":62,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"953ad271-fbdb-4a97-9cb9-e6abef32c746","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":62,"box":{"x":70,"y":680,"width":829,"height":11}},{"id":"e395f63e-3641-494e-821d-0ae74e5e0bf2","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":62,"box":{"x":68,"y":695,"width":346,"height":11}},{"id":"0d5a13e3-fda7-4c9d-a6ea-031e31305489","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":62,"box":{"x":101,"y":718,"width":762,"height":11}},{"id":"c5be8524-1e88-4713-9a5d-26237c95faa8","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":62,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"4ce84a94-4863-46e1-97de-47ba4d055417","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":62,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"3cdc3c97-0223-4895-b0bc-b3980fe07bf4","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":62,"box":{"x":69,"y":763,"width":825,"height":11}},{"id":"be5bd8ee-879b-458d-a459-36658dfeaad0","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":62,"box":{"x":69,"y":778,"width":590,"height":11}},{"id":"595c156e-7acb-45aa-bf3c-be6622056784","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":62,"box":{"x":101,"y":801,"width":783,"height":11}},{"id":"3393420f-e704-4c24-b8c7-d70c99e454f2","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":62,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"c75a3686-5573-4166-aa47-b3ade3901efd","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":62,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"3580de7d-7aa0-4ecf-947c-d7a22d738226","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":62,"box":{"x":69,"y":846,"width":789,"height":11}},{"id":"7159fb11-c746-46c8-b37a-afa09c07cfc4","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":62,"box":{"x":69,"y":861,"width":818,"height":11}},{"id":"b0d50f8c-d8ce-4277-b8d4-263487585f2b","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":62,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"4fe8c412-e701-4b4b-994f-b2ffdac79ac4","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":62,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"c3f9a61b-be26-449e-a2aa-b82cec4103c5","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":62,"box":{"x":69,"y":906,"width":827,"height":12}},{"id":"0b47323b-a31d-401e-af92-dcd486e3127b","block_type":"box","text":"II-14","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"79b15fec-79be-436f-b29d-3ac8559bd69d","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2c3ae7b-ed1d-4a6c-bd44-9bf803f115d1","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":63,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"88c29f6b-2b6b-4aa4-bfd4-89bf29b7605b","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":63,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"4181c9b2-3441-49ff-9342-50c655a5149e","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":63,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"d40f710d-bb93-4cc8-b12e-7f2fdeb1adda","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":63,"box":{"x":69,"y":90,"width":785,"height":11}},{"id":"cedaccac-b7a4-47ba-ab2d-7ddca2a717b2","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":63,"box":{"x":70,"y":105,"width":350,"height":11}},{"id":"5c563a30-6188-4ed6-8d3a-860ab00f2a2e","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":63,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"4ae385a0-4a0b-4cc3-9db5-762e47222e08","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":63,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"7c1510af-cfa8-4d3d-99db-071c60ece633","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":63,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"83ec9c81-6fe2-4fcc-bcf3-51e3e23bf087","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":63,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"ed385349-d731-4710-9384-82c3074fb3e0","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":63,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"2133f149-9d48-422d-8ba0-fdd75575d107","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":63,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"8d626671-3740-4439-8ba4-ff4401a11f9e","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":63,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"57ce3de9-aef4-4cc5-a479-b61156c78e2f","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":63,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"af9299a0-ba6e-4779-a609-24fe26a279cc","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":63,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"625d070b-4f73-4522-a35a-5822cd1d06e8","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":63,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"f39f9961-b303-4906-8727-b61eb6107e81","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":63,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"f04d26ca-c728-459f-905e-330f1da1e84c","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":63,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"4c975596-4775-4e7f-b585-dc3becae443d","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":63,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"98e29367-3ccd-439b-9c9b-bf922b63f4e5","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":63,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"8cf474f5-dc85-44b9-a1dd-04dd81567a18","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":63,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"5509edff-b163-4ab0-900f-d73a6abbe3ff","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":63,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"7da38780-d0f6-452f-8b7a-fcf1fa5dfc9a","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":63,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"2f344e20-102d-45ff-8110-6f45f3eedde5","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":63,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"ba4b1829-fdc9-4d50-a57f-dd3ecbbbec3a","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":63,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"f9bc43b8-6163-42cc-beff-7fb969b8de0b","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":63,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"70ddd683-fb09-4ef9-8fa3-78a898bdca0b","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":63,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"65cce8b8-d8c9-4a9c-a903-bfa8f18b244c","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":63,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"48006e99-1129-4b8f-b117-0b33db1a8b73","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":63,"box":{"x":67,"y":453,"width":795,"height":11}},{"id":"1a155d21-c03e-4a48-8788-93048e0dc83f","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":63,"box":{"x":70,"y":468,"width":835,"height":11}},{"id":"e990e6db-08fe-43e1-92c8-28e7682012fe","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":63,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"2981a82b-5f0c-4e86-89ed-5a0dbd3e40a6","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":63,"box":{"x":68,"y":498,"width":814,"height":11}},{"id":"afe901de-8c84-438e-8816-a0871876ef43","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":63,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"12db61d1-93e3-4faa-b7ff-3f01c783bd4b","block_type":"box","text":"collateral received under such contracts.","page_number":63,"box":{"x":69,"y":529,"width":288,"height":8}},{"id":"8c6b6790-ddac-42b8-824d-198f218d36ee","block_type":"box","text":"Regulatory changes or actions may alter the nature of an investment in bitcoin or ether futures or restrict the use","page_number":63,"box":{"x":102,"y":551,"width":807,"height":11}},{"id":"06a35269-6115-4e99-a156-621548ccc573","block_type":"box","text":"of bitcoin or ether or the operations of digital asset networks or exchanges on which bitcoin or ether trades in a","page_number":63,"box":{"x":69,"y":566,"width":793,"height":11}},{"id":"85dcdb53-321f-4adf-afa7-35349a120e65","block_type":"box","text":"manner that adversely affects the price of such digital asset futures, which could adversely impact a Fund.","page_number":63,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"d304ac38-ca4c-42c4-8f6c-dc691d5852e8","block_type":"box","text":"Risk Factors in Derivatives.","page_number":63,"box":{"x":102,"y":604,"width":191,"height":9}},{"id":"99071a46-890d-47ad-bc9e-a92e66e0ec05","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":63,"box":{"x":101,"y":627,"width":597,"height":11}},{"id":"c86e6ce8-eca0-452e-8397-8711bf80d0fc","block_type":"box","text":"Correlation Risk","page_number":63,"box":{"x":102,"y":649,"width":114,"height":9}},{"id":"68a470ee-e8a2-4319-bbed-55d1d11fdad9","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":63,"box":{"x":220,"y":649,"width":668,"height":12}},{"id":"b4081cee-2d4c-4676-b599-a492867d0790","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":63,"box":{"x":68,"y":664,"width":837,"height":12}},{"id":"dd3600f6-930f-4f57-ba3b-c12e2abef0e8","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":63,"box":{"x":68,"y":680,"width":818,"height":11}},{"id":"094b3811-490f-4fce-adde-0fcb836cd6dd","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":63,"box":{"x":70,"y":695,"width":806,"height":11}},{"id":"0e194d74-cf76-4ef7-ae70-e60dffc2b668","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":63,"box":{"x":69,"y":710,"width":725,"height":11}},{"id":"20b9a390-26bf-4725-a08a-0e65c0d2a9aa","block_type":"box","text":"Counterpar ty Risk","page_number":63,"box":{"x":102,"y":733,"width":128,"height":11}},{"id":"dace6450-0c05-467b-8105-09b2586af48b","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":63,"box":{"x":233,"y":733,"width":632,"height":11}},{"id":"6597eb19-bb13-4194-8da6-bdc71603c129","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":63,"box":{"x":70,"y":748,"width":830,"height":11}},{"id":"3f398b5d-7a9d-4841-809c-5b714dc30b09","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":63,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"429cf722-1fa7-4389-b181-72ea6612a239","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":63,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"911a2303-3d1f-4e42-86ec-05589601028b","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":63,"box":{"x":70,"y":793,"width":831,"height":11}},{"id":"378f8c9d-8a27-4191-b1c0-32768b9c0dd9","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":63,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"f6462d92-54dd-4cc3-bf77-670757ebd23e","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":63,"box":{"x":69,"y":823,"width":803,"height":12}},{"id":"5e785dc0-4405-4a06-a2b8-0f7919b965bb","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":63,"box":{"x":70,"y":839,"width":760,"height":11}},{"id":"5ddc0cfc-60c1-4272-aa86-7e295ae2ca40","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":63,"box":{"x":68,"y":853,"width":819,"height":12}},{"id":"5f546f81-f63d-48b5-8eb6-86c0663a6a0d","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":63,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"1eb75944-0c90-437a-9175-1a28bb8de907","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":63,"box":{"x":68,"y":884,"width":826,"height":11}},{"id":"155766a9-e6ae-445a-a6aa-fccf70b7b7bf","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":63,"box":{"x":69,"y":899,"width":805,"height":11}},{"id":"28f530ad-54eb-4bed-896a-d12a4bbb9e08","block_type":"box","text":"II-15","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9d9814c0-be48-4b4b-994d-31679e841cab","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"11bf2c4d-0c25-4371-a0df-f9b3b6316631","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":64,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"25e5b668-33dc-4f81-a125-caabf3156ef4","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":64,"box":{"x":70,"y":60,"width":816,"height":11}},{"id":"a0b2c2eb-228c-4e65-812b-81fedc319e02","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":64,"box":{"x":70,"y":75,"width":771,"height":11}},{"id":"5bc60f92-8c73-4c90-904f-a831e54ad301","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":64,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"75068cc9-c5d8-4e99-b57a-8c5217176189","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":64,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"d37ea4fb-bf1d-4028-b993-5bc031409b97","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":64,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"1171c6b9-9d43-415a-8c64-3a54273c96cc","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":64,"box":{"x":69,"y":135,"width":827,"height":12}},{"id":"fc4dd354-5a95-4ec8-a0c2-d5fecde4e58a","block_type":"box","text":"by the clearing member.","page_number":64,"box":{"x":69,"y":151,"width":169,"height":11}},{"id":"e9d26d39-5c7f-45dd-8beb-b455ed318217","block_type":"box","text":"Credit Risk","page_number":64,"box":{"x":102,"y":173,"width":78,"height":9}},{"id":"def70fef-8102-4e92-bec1-5b9914556563","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":64,"box":{"x":184,"y":173,"width":698,"height":11}},{"id":"6e46110d-daa4-43d3-8f0a-a3c97958fadb","block_type":"box","text":"honor its financial obligations.","page_number":64,"box":{"x":69,"y":188,"width":213,"height":12}},{"id":"a6c1d8f1-2b0c-4c9d-a40b-9e50d46ef17d","block_type":"box","text":"Currency Risk","page_number":64,"box":{"x":102,"y":211,"width":98,"height":11}},{"id":"1d560b67-544a-4835-8697-9d81b92a740b","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":64,"box":{"x":204,"y":211,"width":669,"height":11}},{"id":"eef129de-2c1a-46a2-ac0d-2da463d39e1a","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":64,"box":{"x":68,"y":226,"width":300,"height":11}},{"id":"e2e0ccb5-f364-4dcd-a4a9-0db1ecc6dc1a","block_type":"box","text":"Illiquidity Risk","page_number":64,"box":{"x":102,"y":249,"width":98,"height":11}},{"id":"7f1e8a36-3e12-4ca9-ab97-119f996822d0","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":64,"box":{"x":204,"y":249,"width":693,"height":11}},{"id":"5b0944a9-d435-4cd9-9b93-673d6dc0e389","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":64,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"c8056fc2-f7ba-4d11-9e4f-5ef9fe406a05","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":64,"box":{"x":69,"y":279,"width":799,"height":11}},{"id":"5a60305e-6ebe-4863-9d59-290c6f23e1f9","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":64,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"ad857837-0408-48fe-9255-0b6568b5e9e4","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":64,"box":{"x":70,"y":309,"width":824,"height":11}},{"id":"8ef22eb0-e011-4aad-b673-293ec264444e","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":64,"box":{"x":70,"y":324,"width":830,"height":11}},{"id":"1ffa7c17-94b0-4f8a-9c72-4ffb075e5c2d","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":64,"box":{"x":70,"y":339,"width":762,"height":12}},{"id":"a90a7fe0-e585-40af-b3ce-72c11f6af3fd","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":64,"box":{"x":70,"y":355,"width":827,"height":11}},{"id":"d46dbdcf-664e-4dcf-9a5a-d0de1fdd8471","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":64,"box":{"x":69,"y":370,"width":816,"height":11}},{"id":"25ef3fbd-ecc0-4aea-b82f-278a2c4aae37","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":64,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"1ce52f36-3d77-4b03-8bec-63601b70dd32","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":64,"box":{"x":69,"y":400,"width":828,"height":11}},{"id":"aa12eeb3-855e-46c5-872b-4345967ef97b","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":64,"box":{"x":68,"y":415,"width":809,"height":11}},{"id":"cfbea200-a6a8-42e2-9cff-43ce80e53464","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":64,"box":{"x":68,"y":430,"width":826,"height":11}},{"id":"503628f0-be55-4a35-b8ad-cb9315cdce07","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":64,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"8da4df95-6b13-4bfd-b178-113791448b95","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":64,"box":{"x":68,"y":460,"width":838,"height":12}},{"id":"e73b23d9-9e3c-4268-8487-6c6c1ec2109e","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":64,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"9412d102-24ce-4c76-bf5b-1f9153df8ca6","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":64,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"b3747232-2658-4e1c-b39c-1a31f8474894","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":64,"box":{"x":69,"y":506,"width":796,"height":11}},{"id":"508d047e-6c15-45a3-bbb7-81a85ebf06d2","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":64,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"7a8fa6ee-474a-4963-9514-f5b8359fae82","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":64,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"141f537d-f941-4cf0-87b4-35dec430c4e7","block_type":"box","text":"may be disadvantageous to do so. A Fund’s investment in digital asset futures may involve illiquidity risk, as digital","page_number":64,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"e70c8a7b-0d3e-40d8-83e3-2d6a3fe8a613","block_type":"box","text":"asset futures are not as heavily traded as other futures given that the digital asset futures market is relatively new.","page_number":64,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"320998b1-2bf4-469a-a5b9-749122b231b2","block_type":"box","text":"Index Risk","page_number":64,"box":{"x":102,"y":589,"width":73,"height":9}},{"id":"eef568c7-c9ba-44b7-9e74-da223fd759fe","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":64,"box":{"x":179,"y":589,"width":714,"height":11}},{"id":"150b5258-0432-497c-8e29-3d32a7329b02","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":64,"box":{"x":68,"y":604,"width":800,"height":11}},{"id":"e0c12afa-4412-4510-99bc-19fa92214334","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":64,"box":{"x":69,"y":619,"width":678,"height":11}},{"id":"d86bfc2a-5d0c-4789-9fe8-0601524b470a","block_type":"box","text":"Legal Risk","page_number":64,"box":{"x":102,"y":642,"width":73,"height":11}},{"id":"bb350743-3b95-48e7-b392-de56a4c54ab8","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":64,"box":{"x":179,"y":642,"width":717,"height":11}},{"id":"7c13667e-5eac-4223-be3e-974805e5ad56","block_type":"box","text":"or enforceability of a contract.","page_number":64,"box":{"x":69,"y":657,"width":211,"height":11}},{"id":"f059ba34-546d-4d7f-ba9f-0c9cdf039ae6","block_type":"box","text":"Leverage Risk","page_number":64,"box":{"x":102,"y":680,"width":99,"height":11}},{"id":"31afbca5-978d-429a-9437-bdded5e707d4","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":64,"box":{"x":205,"y":680,"width":648,"height":11}},{"id":"a0301576-3c8a-4ecc-a463-75bc9eb2478f","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":64,"box":{"x":70,"y":695,"width":823,"height":11}},{"id":"fec181d5-aa71-4594-a018-3b47c308a76c","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":64,"box":{"x":70,"y":710,"width":425,"height":11}},{"id":"fab58e40-1219-4eac-8975-b588d91bef39","block_type":"box","text":"Market Risk","page_number":64,"box":{"x":102,"y":733,"width":85,"height":9}},{"id":"4b357b89-e729-4aa7-8970-862005816da5","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":64,"box":{"x":191,"y":732,"width":716,"height":12}},{"id":"2de355f4-d3cd-4034-8e6c-9e1b153556af","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":64,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"9684b7d6-ec2d-4c87-ab82-ec02926536fc","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":64,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"c1c94264-086f-4b9e-b554-75aac704d877","block_type":"box","text":"affected.","page_number":64,"box":{"x":69,"y":778,"width":62,"height":9}},{"id":"2fb9760a-a1d9-4c15-86a2-d6ebdc62458e","block_type":"box","text":"Operational Risk","page_number":64,"box":{"x":102,"y":801,"width":117,"height":11}},{"id":"ceac0f55-4cf1-4f6c-ba94-c2caee41e448","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":64,"box":{"x":223,"y":801,"width":674,"height":11}},{"id":"55b81f12-96b8-4a9f-b153-4b23a7950bde","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":64,"box":{"x":70,"y":816,"width":451,"height":11}},{"id":"ed427220-9799-4316-974a-2f087acfa46e","block_type":"box","text":"Valuation Risk","page_number":64,"box":{"x":103,"y":839,"width":99,"height":8}},{"id":"543be0fc-dfc3-4e82-993e-d272e10972d7","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":64,"box":{"x":206,"y":838,"width":701,"height":11}},{"id":"ea0ef9f3-9ffd-438a-b7fe-774bdb936efd","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":64,"box":{"x":70,"y":853,"width":779,"height":12}},{"id":"624aba9e-e4d8-4661-87e2-e4d3c18e859f","block_type":"box","text":"complex instruments or quote prices for them. Exchanges where bitcoin or ether is traded (which are the source of","page_number":64,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"32974ba8-f548-4914-aa1b-7baee715eb40","block_type":"box","text":"the price(s) used to determine the cash settlement amount for a Fund’s bitcoin or ether futures) have experienced","page_number":64,"box":{"x":68,"y":884,"width":814,"height":11}},{"id":"44a72c67-c13b-4320-91b5-c65fab90bfd3","block_type":"box","text":"II-16","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b485c6f3-f462-431a-a082-3b23d69e8038","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"17174a26-ef34-4ddb-8b10-62ff7b161a97","block_type":"box","text":"technical and operational issues, making bitcoin or ether prices unavailable at times. In addition, the cash market in","page_number":65,"box":{"x":68,"y":45,"width":830,"height":11}},{"id":"95cf0ceb-4e93-422b-a8a6-d7be0905b9fe","block_type":"box","text":"bitcoin or ether has been the target of fraud and manipulation, which could affect the pricing of bitcoin or ether","page_number":65,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"fac849ff-7fd3-4b56-9dc7-35dcb33c081e","block_type":"box","text":"futures contracts.","page_number":65,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"955d2dfc-60dc-491e-9697-be49655b7721","block_type":"box","text":"Volatility Risk","page_number":65,"box":{"x":103,"y":98,"width":93,"height":11}},{"id":"87f8b433-d723-40b4-a2b2-06e750b91554","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period. In","page_number":65,"box":{"x":200,"y":98,"width":670,"height":11}},{"id":"14579ec3-fd02-4a46-81c1-ea50b1f6df48","block_type":"box","text":"par ticular, bitcoin, ether, bitcoin futures and ether futures have generally exhibited significant price volatility relative","page_number":65,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"14575462-7bdb-400a-be58-30526a4ad11a","block_type":"box","text":"to more traditional asset classes. Bitcoin and ether futures may also experience significant price volatility as a result","page_number":65,"box":{"x":68,"y":128,"width":835,"height":11}},{"id":"12eef487-ca0a-4a4e-939c-d1f77a406d47","block_type":"box","text":"of the market fraud and manipulation noted above.","page_number":65,"box":{"x":69,"y":143,"width":361,"height":11}},{"id":"22f4947d-7374-4b6f-8125-db0ab08940fe","block_type":"box","text":"Types of Derivatives Transactions.","page_number":65,"box":{"x":103,"y":166,"width":240,"height":11}},{"id":"7236d349-daca-4eda-b6ba-56375865f0b8","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":65,"box":{"x":101,"y":188,"width":771,"height":12}},{"id":"0dbd4d96-ce9b-474a-8d40-90ea45df7f3f","block_type":"box","text":"including the following:","page_number":65,"box":{"x":70,"y":203,"width":159,"height":12}},{"id":"bfb4177b-a8da-43f4-b0bd-72a8fd57228e","block_type":"box","text":"Futures.","page_number":65,"box":{"x":102,"y":226,"width":56,"height":9}},{"id":"b97d2fb8-0c76-4b74-a8d5-3d05d17e2504","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":65,"box":{"x":101,"y":249,"width":791,"height":11}},{"id":"ad3fd0ca-2e52-4b2e-8d9e-7a558f12ee0a","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":65,"box":{"x":69,"y":264,"width":799,"height":11}},{"id":"853a3456-3b50-4136-86df-54ecad17336c","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":65,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"8985107f-1cc3-4b00-8dce-b89572aef347","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":65,"box":{"x":69,"y":294,"width":838,"height":11}},{"id":"8e800654-762c-4e36-b9f6-cd7f4d7d082d","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":65,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"882624d7-5545-4efa-acce-634c8cf5b5bd","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":65,"box":{"x":69,"y":324,"width":478,"height":11}},{"id":"1241db96-cbaf-4676-bc8a-91854f3e74e0","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":65,"box":{"x":101,"y":347,"width":801,"height":11}},{"id":"efccf544-1c33-4704-9432-adcf4f3f3772","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":65,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"762778d6-4ffe-40d6-888e-8254c258b337","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":65,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"7b5e0708-fba9-41e1-adb7-a12f79a35957","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":65,"box":{"x":68,"y":392,"width":830,"height":12}},{"id":"8ac43895-a351-4d73-a270-ede942923fa1","block_type":"box","text":"of the futures contract.","page_number":65,"box":{"x":69,"y":407,"width":162,"height":9}},{"id":"f41d14e3-ca06-4e0b-8bac-9f0cd411a2dd","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":65,"box":{"x":101,"y":430,"width":756,"height":11}},{"id":"97e7cb70-26c4-4a80-929e-b7ef7ba5d7e7","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":65,"box":{"x":69,"y":446,"width":820,"height":10}},{"id":"4d432319-cba2-4bc5-8aba-68826882cf48","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":65,"box":{"x":69,"y":460,"width":789,"height":12}},{"id":"eed6f844-e787-465c-b735-713e2b0c4568","block_type":"box","text":"relating to the futures position.","page_number":65,"box":{"x":69,"y":475,"width":219,"height":12}},{"id":"7ebab32f-e95e-442f-80e5-7eb122a5ba49","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":65,"box":{"x":102,"y":498,"width":757,"height":11}},{"id":"626d2629-03a6-4938-8ec3-2c87be988258","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":65,"box":{"x":69,"y":513,"width":797,"height":12}},{"id":"ff45df5d-fd8a-4d8c-b02b-d7a016540205","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":65,"box":{"x":70,"y":528,"width":816,"height":12}},{"id":"9ae8fa30-8424-4906-b563-5e70b8f7aad4","block_type":"box","text":"Regulations” above.","page_number":65,"box":{"x":70,"y":544,"width":140,"height":11}},{"id":"3de84ab4-cf4f-4ad8-adf3-28755e818199","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":65,"box":{"x":101,"y":566,"width":799,"height":11}},{"id":"e7d44d72-07a5-4b41-825c-e8421b4c3064","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":65,"box":{"x":69,"y":581,"width":818,"height":12}},{"id":"8954f592-a1d6-4fff-89c2-0f030e8f2709","block_type":"box","text":"(i.e., conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":65,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"60fde192-d60a-43ea-a52c-2b013d2eb80d","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":65,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"fedef1d1-c2bc-451a-ba81-5dbf312590e7","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":65,"box":{"x":68,"y":627,"width":835,"height":11}},{"id":"9963a31e-77c7-438a-8371-4960443c7fa0","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":65,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"ee8a2fe3-5ab3-4e35-86ce-d379e5d65602","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":65,"box":{"x":69,"y":657,"width":826,"height":11}},{"id":"cd341843-3318-4c5a-a23c-f66378646d76","block_type":"box","text":"Fund intends to purchase.","page_number":65,"box":{"x":70,"y":672,"width":183,"height":11}},{"id":"85a1fcd3-5ac6-44b6-8b0d-5dc221c84b07","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":65,"box":{"x":101,"y":695,"width":768,"height":11}},{"id":"9f986178-5d98-449d-83e7-2e4d502dfb67","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":65,"box":{"x":69,"y":710,"width":835,"height":11}},{"id":"59c86aa6-7c17-4b4f-bb46-060f99341391","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":65,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"e4e525a4-1b46-46ad-889e-960bda951aee","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":65,"box":{"x":69,"y":740,"width":773,"height":11}},{"id":"70d47b57-495d-446a-8b5e-ed8ae7ddedc1","block_type":"box","text":"illiquidity.","page_number":65,"box":{"x":70,"y":755,"width":63,"height":11}},{"id":"b1821481-92ad-4200-ab06-9718c9adaf97","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":65,"box":{"x":102,"y":778,"width":757,"height":11}},{"id":"0148b1dd-d1c8-4968-b90f-c5076b6b48c2","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":65,"box":{"x":70,"y":793,"width":807,"height":11}},{"id":"15fec041-5d0e-48d1-a92e-378150d21128","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":65,"box":{"x":70,"y":808,"width":269,"height":9}},{"id":"d314671e-4de0-4e43-a11a-1c71f44f8131","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":65,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"3ff7bd95-6dd9-485c-9a49-18dda963c84e","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":65,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"2203d350-3935-4993-9377-1d497d25c667","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":65,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"9eccba59-1cde-4954-968c-5a7abd06bb48","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":65,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"3921f8c5-2462-460c-8a84-0b6a7fbb8d6a","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":65,"box":{"x":68,"y":891,"width":657,"height":9}},{"id":"ae3a7957-8872-44c7-89da-32e3c75f181b","block_type":"box","text":"II-17","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e1d4e4e-f540-4159-b89d-69d641a7e1b4","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfd6b817-d193-4561-a32d-28b5fb8662e6","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":66,"box":{"x":101,"y":45,"width":792,"height":11}},{"id":"1d4af848-6c76-4044-b397-e2672ab3edfb","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":66,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"132f514d-4459-4f41-92af-43a825dd971d","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":66,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"d0abe706-6a99-4943-9104-eb459cfdbf0b","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":66,"box":{"x":68,"y":90,"width":841,"height":11}},{"id":"ce3791de-999c-4c25-ad0b-d30b717c8198","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":66,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"3069088b-6657-4797-980c-7687a8dee2da","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":66,"box":{"x":69,"y":120,"width":637,"height":12}},{"id":"b3945b0f-90d7-45ed-99c9-b17162ddf710","block_type":"box","text":"Swap Agreements.","page_number":66,"box":{"x":102,"y":143,"width":131,"height":11}},{"id":"dd1d7849-27fa-446d-b816-a50004d82ca1","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":66,"box":{"x":101,"y":166,"width":782,"height":11}},{"id":"f6777d3f-1495-421c-a8ae-d87dda46d6c5","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":66,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"5650f729-7f9a-4a7b-a223-09d2758cc4e2","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":66,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"a0ab449d-f402-4a70-b011-5ad3dff7bf94","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":66,"box":{"x":69,"y":211,"width":792,"height":11}},{"id":"40975758-0ecd-469d-831a-8a22dd20ad06","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":66,"box":{"x":68,"y":226,"width":832,"height":11}},{"id":"10b7d126-ad62-40b0-990a-595a1c03d5bb","block_type":"box","text":"a “notional amount,” e.g., the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":66,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"83050602-3e91-4a8a-b5b2-7767c0554369","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":66,"box":{"x":70,"y":256,"width":787,"height":12}},{"id":"fce2bcbb-4243-473e-b9a1-d3ccf0cdbc09","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":66,"box":{"x":69,"y":271,"width":762,"height":12}},{"id":"e980082b-f7d2-4084-a98e-ce59ba37967e","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":66,"box":{"x":69,"y":287,"width":828,"height":11}},{"id":"cc10f3d0-7f1c-4100-9b65-898862dec168","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":66,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"9645d614-5af7-4174-95e4-90b9801c270a","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":66,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"62a3a5bd-7f77-4850-b570-8c86524cf123","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":66,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"42ea57ed-758b-46ce-9c8e-a3b3191ec631","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":66,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"f31f3e8d-7ae6-4e70-a5ad-bcaac8b17ce9","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":66,"box":{"x":68,"y":362,"width":763,"height":11}},{"id":"89f921f7-a06a-4f8d-991d-88ef7ebfc7e2","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":66,"box":{"x":102,"y":385,"width":329,"height":11}},{"id":"2790cc8e-124c-47d0-98bf-cd60d7172877","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":66,"box":{"x":438,"y":385,"width":439,"height":11}},{"id":"180fd645-207c-4756-97e0-80ae317677d6","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":66,"box":{"x":70,"y":400,"width":821,"height":11}},{"id":"0f6b2594-4fe1-4a4b-ae78-eee9326328c6","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":66,"box":{"x":70,"y":415,"width":831,"height":11}},{"id":"266b00b6-972a-4dc1-9dbc-1288a559da88","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":66,"box":{"x":69,"y":430,"width":801,"height":11}},{"id":"4de2a22a-8302-4a81-9033-5b157b422e36","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":66,"box":{"x":69,"y":445,"width":829,"height":11}},{"id":"6b62b8f2-6099-4357-b072-cfabe9b0b08d","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":66,"box":{"x":68,"y":460,"width":798,"height":12}},{"id":"4fc0da6a-be37-4d68-b7a3-546a83105561","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":66,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"f69b35e5-783c-4cf4-b3dc-4e559bab3ffa","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":66,"box":{"x":69,"y":491,"width":836,"height":11}},{"id":"2bfb4f9b-3b65-4cf6-8d8f-014c27efb24c","block_type":"box","text":"index CDS.","page_number":66,"box":{"x":70,"y":506,"width":75,"height":9}},{"id":"d539de8b-aa67-4898-b526-1080528bf54e","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":66,"box":{"x":102,"y":528,"width":800,"height":12}},{"id":"7901b175-2bea-48c5-9adb-9e816bbc9dbb","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":66,"box":{"x":69,"y":544,"width":806,"height":9}},{"id":"33343f77-6c14-4b63-985b-4f0ece7fa68d","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":66,"box":{"x":69,"y":559,"width":828,"height":11}},{"id":"f61c04c1-2cc0-40f3-91e6-79264893419f","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":66,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"d023e737-c76b-4de6-a7f9-259ac742c380","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":66,"box":{"x":70,"y":589,"width":812,"height":11}},{"id":"d23df684-8b4d-42d2-87ba-5d2879489d4c","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":66,"box":{"x":69,"y":604,"width":798,"height":11}},{"id":"51c97e9d-fc1d-4285-9eb5-7a5406838223","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":66,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"5f3b7a9a-538f-4db5-b77d-9cdabd426869","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":66,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"23ded284-b4a1-4d75-a3c5-570e190a8600","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":66,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"1c9aa864-0eb0-4ed7-9e4f-842e3dc580d3","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":66,"box":{"x":69,"y":664,"width":811,"height":11}},{"id":"1df380f9-42d8-43df-8d3e-fa3ede85f39d","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":66,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"bfdaee6b-4669-4d4d-8c6a-a3ecd4f4eacb","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":66,"box":{"x":69,"y":695,"width":827,"height":11}},{"id":"7b4995e2-697a-417f-9a3e-eef4bfb6b298","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":66,"box":{"x":70,"y":710,"width":834,"height":10}},{"id":"3f53c904-e73b-4c16-bbd7-533ba6266ce8","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":66,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"c8dc4cc0-1495-4d74-9f64-463300ec46ac","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":66,"box":{"x":69,"y":740,"width":809,"height":11}},{"id":"4e4804c7-5298-4020-a482-13cfe98be096","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":66,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"3a560808-ea04-4c89-9738-839d4ef480d6","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":66,"box":{"x":69,"y":771,"width":807,"height":10}},{"id":"cba905ae-b8a6-4c74-b529-88ee04f4c1f0","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":66,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"75431b53-f100-4a9a-ab0a-1f70fc0b5f25","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":66,"box":{"x":70,"y":801,"width":711,"height":11}},{"id":"19ae8ccf-cd87-425d-afcd-7cad00955b66","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":66,"box":{"x":102,"y":823,"width":757,"height":11}},{"id":"85e30c90-36be-4412-a339-e0c19e59ad67","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":66,"box":{"x":69,"y":838,"width":794,"height":12}},{"id":"f9415d34-83e2-46fa-887a-f1b0ef6a48b2","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":66,"box":{"x":69,"y":853,"width":830,"height":12}},{"id":"6af9d282-623c-4897-b631-fe554086990b","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":66,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"b9172f3e-5ca1-409e-96dd-8c61937f6295","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":66,"box":{"x":70,"y":884,"width":817,"height":11}},{"id":"0c22f649-a1ec-492f-93ff-0f5460e94247","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":66,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"b0806a53-2174-4097-a9e0-a008b22ec264","block_type":"box","text":"II-18","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"782bca9e-d9fb-4752-8d4d-ca9f45fc8cc7","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61c9729e-0c06-453b-a3fb-1db37782c05d","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":67,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"8f762c0b-9495-46a5-8fc0-a5b2b3d487e8","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":67,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"32058b3e-06a0-4ba3-842a-0f5326526b0a","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":67,"box":{"x":68,"y":75,"width":820,"height":9}},{"id":"572d7d0b-921a-4a3a-8919-47383d34d326","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":67,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"b7c2d59b-0c65-4497-808b-d0bef10eeae0","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":67,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"414e70c9-015c-43f8-a69a-c679ca144138","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":67,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"a4f5b851-78b0-4bcb-89fe-30c10ff541a2","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":67,"box":{"x":69,"y":135,"width":766,"height":12}},{"id":"f420244f-4fb8-4c97-87d1-b137d2c3d7c7","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":67,"box":{"x":69,"y":151,"width":840,"height":11}},{"id":"8972deea-a194-4e1c-8994-fb46f97106b9","block_type":"box","text":"conditions.","page_number":67,"box":{"x":69,"y":166,"width":76,"height":9}},{"id":"139f9407-82c1-4145-89e6-e1e8055951f0","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":67,"box":{"x":102,"y":188,"width":762,"height":12}},{"id":"964d25e9-e754-4f93-9ffe-527ee1a13654","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"0dd93ee9-b4cc-4f93-a6a9-7192c91dde2c","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":67,"box":{"x":69,"y":219,"width":727,"height":11}},{"id":"c7fb985a-7572-4513-a5a8-a3dca0c16a2a","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":67,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"a700bd5c-dd1d-458f-bee5-141c0da8f0a0","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":67,"box":{"x":69,"y":249,"width":764,"height":11}},{"id":"7e594e0e-836a-4323-ae28-c7a6ac7b823b","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":67,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"752a9d38-d968-4b0a-b1a5-449e1841e223","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":67,"box":{"x":69,"y":279,"width":813,"height":11}},{"id":"8f759404-b3a1-4c4f-af7b-be023eb7037f","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":67,"box":{"x":69,"y":294,"width":759,"height":11}},{"id":"3ad92b38-b111-4014-a007-c87f31954e27","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":67,"box":{"x":70,"y":309,"width":828,"height":11}},{"id":"9a5b2e89-d714-4479-adaa-25677b7f5e3a","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":67,"box":{"x":68,"y":325,"width":355,"height":11}},{"id":"c9297a69-bcc5-440b-820f-77f0e680d3c3","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":67,"box":{"x":102,"y":347,"width":750,"height":11}},{"id":"f7a3120d-c08b-4972-9820-f45a2fecdb58","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":67,"box":{"x":70,"y":362,"width":836,"height":11}},{"id":"c3678214-2114-47db-841a-37d4f394d99e","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":67,"box":{"x":69,"y":377,"width":785,"height":11}},{"id":"9d9486dc-7d77-4c43-93f9-b2032e7a7419","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":67,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"db0519b9-e8c7-443b-923c-78817ce1511d","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":67,"box":{"x":69,"y":407,"width":814,"height":12}},{"id":"5e7fd223-ce8a-4353-9401-b58fa975d706","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":67,"box":{"x":69,"y":423,"width":839,"height":11}},{"id":"1d32b2c4-772b-4ee1-a39c-914efdb5a2ee","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":67,"box":{"x":69,"y":438,"width":495,"height":11}},{"id":"c144f70b-978f-4d19-9f0d-4c40af3733f4","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":67,"box":{"x":102,"y":460,"width":752,"height":12}},{"id":"6ed3bd1c-0c99-41c6-aa98-0b0a3faa778d","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":67,"box":{"x":70,"y":475,"width":814,"height":12}},{"id":"d1d99606-631f-4006-a794-91253aa22ec9","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":70,"y":491,"width":520,"height":11}},{"id":"c852fa6a-d288-4115-9460-ebd568d19b2b","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":67,"box":{"x":102,"y":513,"width":273,"height":11}},{"id":"85298bdb-4199-4b1a-bdb9-fe9c7977ce2a","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":67,"box":{"x":381,"y":513,"width":515,"height":11}},{"id":"c5ac859f-d6bd-49ab-af39-b83247dde3f4","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":67,"box":{"x":69,"y":528,"width":755,"height":12}},{"id":"847c7643-046e-47c6-8b80-05aff9b6b9e7","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":67,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"273b2834-cad5-4207-aacf-0e70a8ec61dc","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":67,"box":{"x":69,"y":559,"width":768,"height":11}},{"id":"16950abb-6b1e-4a60-953c-1e24df00a7ab","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":67,"box":{"x":70,"y":574,"width":461,"height":11}},{"id":"023ef324-912b-4535-901a-647326ca109c","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":67,"box":{"x":102,"y":596,"width":748,"height":12}},{"id":"20a29558-9bb7-4416-bd86-56a4f67240e9","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"127b257f-56b8-46c2-bc15-95086ee41763","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":67,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"17d27dea-06a2-4dfd-941c-2e4b940b8dda","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":67,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"a53ae2f9-8459-49a3-9c3a-ec8fe823895d","block_type":"box","text":"cleared interest rate swaps.","page_number":67,"box":{"x":69,"y":657,"width":198,"height":11}},{"id":"667aca21-7a81-4e84-8532-1066aa13bff5","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":67,"box":{"x":101,"y":680,"width":766,"height":11}},{"id":"2afd12e2-a736-4a1b-a6c2-56d4681d8c47","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":67,"box":{"x":69,"y":695,"width":829,"height":11}},{"id":"3b689265-d5b8-4aa1-87e6-6cac3475221a","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":67,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"98f94e99-615a-4d4e-be15-002501bc7371","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":67,"box":{"x":70,"y":725,"width":822,"height":11}},{"id":"e232ec55-c34a-456c-a1ab-cd7ac7fcb314","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":67,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"4c753821-6e47-443d-bd42-6be4164f04ec","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":67,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"290cf062-275c-41a5-aa2f-0fd0312184d1","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":67,"box":{"x":69,"y":771,"width":801,"height":10}},{"id":"8b545ebb-f27d-48ea-b4c1-9db7e8a9d471","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":67,"box":{"x":70,"y":786,"width":480,"height":10}},{"id":"5499ff58-c775-4bb4-a2ff-95aa81695af1","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":67,"box":{"x":102,"y":808,"width":790,"height":11}},{"id":"3ba66ce1-01da-44a3-8067-56bdb945914f","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":67,"box":{"x":68,"y":823,"width":825,"height":11}},{"id":"b1e9c2ae-2c96-4a8e-b173-3d308bfc1168","block_type":"box","text":"or variable interest rate, index or asset.","page_number":67,"box":{"x":69,"y":839,"width":280,"height":10}},{"id":"bdf05e77-d50c-4f88-a089-3785d2db588d","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":67,"box":{"x":101,"y":861,"width":780,"height":11}},{"id":"779d1729-0eae-4190-a87c-1fda11aa4ee5","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":67,"box":{"x":70,"y":876,"width":805,"height":11}},{"id":"079c975d-a4ae-49b2-a0e0-437dd3cb77b9","block_type":"box","text":"such interest rate floor.","page_number":67,"box":{"x":69,"y":891,"width":165,"height":9}},{"id":"cf6456a5-8c0d-40cf-a310-dc1dd006deee","block_type":"box","text":"II-19","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"845b4950-a499-4b18-81c2-e890cfe5277b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca4d1d07-c2b3-4ddc-a676-bb28aff3c7c9","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":68,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"a8cbe32c-6858-4ac6-a437-1125c1688ae0","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":68,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"4d70b996-b1c0-4557-a0ea-5f14fa75082e","block_type":"box","text":"such interest rate cap.","page_number":68,"box":{"x":69,"y":75,"width":159,"height":11}},{"id":"af668ab8-c2fb-44a5-8197-437514e2664a","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":68,"box":{"x":101,"y":98,"width":729,"height":11}},{"id":"5d11c343-1333-4d39-b7f8-36ce02ebc9b1","block_type":"box","text":"commitments to pay or receive interest, e.g., an exchange of fixed rate payments for floating rate payments. For","page_number":68,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"2987d3ac-654b-46d8-ae9b-cbc73e452a73","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":68,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"b39073e3-e29a-47af-a94a-11c48ffa247b","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":68,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"5f8b7e4b-6c48-4211-a77a-55b511612d4a","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":68,"box":{"x":68,"y":158,"width":832,"height":11}},{"id":"86c94736-9433-4487-b12f-286ef72beca8","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":68,"box":{"x":69,"y":173,"width":807,"height":11}},{"id":"21a44ab7-f374-4ed0-b8aa-7517e58d93ed","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":68,"box":{"x":69,"y":188,"width":836,"height":12}},{"id":"e05fb25d-e667-4963-9eb7-b0d8fa8cc7d7","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":68,"box":{"x":69,"y":203,"width":826,"height":12}},{"id":"a8b3e14b-ce76-4af4-8b66-1de8c9c0d729","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":68,"box":{"x":69,"y":218,"width":840,"height":12}},{"id":"6ed9c784-bdb2-4691-8f1f-82ad5b3d33c0","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":68,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"67bf729d-1ab7-4ab8-b939-858621c9df8f","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":68,"box":{"x":68,"y":249,"width":646,"height":11}},{"id":"285f3d83-50ae-48bd-841a-1235f50ba19b","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":68,"box":{"x":102,"y":271,"width":798,"height":12}},{"id":"dc12d7b1-4006-419d-91e8-467b60ffef7d","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":68,"box":{"x":70,"y":287,"width":490,"height":11}},{"id":"9ad82f0e-9d2e-4bba-9d36-653d85ed800c","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":68,"box":{"x":102,"y":309,"width":791,"height":11}},{"id":"946b69e8-0a8a-4108-8845-d247c47b1e4d","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":324,"width":454,"height":9}},{"id":"63282e24-6981-49a7-8d7b-a44b7e4f361b","block_type":"box","text":"Total Return Swaps.","page_number":68,"box":{"x":103,"y":347,"width":139,"height":11}},{"id":"f47d7075-1b98-43bf-84ea-974452c0b2ac","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":68,"box":{"x":249,"y":347,"width":634,"height":11}},{"id":"e90ed1f7-1370-408b-8d79-17b678e4cef0","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":68,"box":{"x":68,"y":362,"width":838,"height":11}},{"id":"b77b7102-e58a-4880-9865-ed613e682c74","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":68,"box":{"x":69,"y":377,"width":764,"height":12}},{"id":"da7dc4be-3b59-40e8-ba4c-c4c86d5a5d7c","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":68,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"93e7386f-3319-42d7-8ebc-671b98c391ab","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":68,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"4535b1aa-dfcb-4a37-8db4-b67499319738","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":68,"box":{"x":68,"y":423,"width":838,"height":11}},{"id":"73e9170f-595c-4921-b980-2793f04be066","block_type":"box","text":"“contracts for difference.”","page_number":68,"box":{"x":70,"y":438,"width":184,"height":9}},{"id":"30b6a83f-29c4-4206-ae96-a9834daeec5b","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":68,"box":{"x":101,"y":461,"width":770,"height":11}},{"id":"349ad5c0-0cc2-4785-b635-b0c78b3cd6d7","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":68,"box":{"x":69,"y":475,"width":780,"height":12}},{"id":"0ec58577-c583-4a29-967c-bcf30bd9ef5f","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":68,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"5eda9259-5824-4f47-a1c7-db3ecfd63956","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":68,"box":{"x":69,"y":506,"width":816,"height":11}},{"id":"2eaa0c09-7884-4609-ac4e-46086001cb6b","block_type":"box","text":"the notional amount of the swap.","page_number":68,"box":{"x":68,"y":521,"width":235,"height":11}},{"id":"19a0c821-6434-4687-a8a7-2870be55cbb6","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":68,"box":{"x":101,"y":543,"width":746,"height":12}},{"id":"add76756-16c5-426b-9ef7-7d8798797e8f","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":559,"width":433,"height":11}},{"id":"2753c601-eb93-4e0b-87aa-c82ad65e26be","block_type":"box","text":"Options.","page_number":68,"box":{"x":102,"y":581,"width":57,"height":11}},{"id":"17fd45d4-4377-4041-b80d-f3bbb93ce97d","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":68,"box":{"x":102,"y":604,"width":319,"height":11}},{"id":"2ce3ac5d-0db5-4578-aaf5-8faaef1047cd","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":68,"box":{"x":427,"y":604,"width":418,"height":11}},{"id":"f54a9612-fd09-4919-a0fe-fa7d4cc28708","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":68,"box":{"x":69,"y":619,"width":838,"height":11}},{"id":"01e95ba3-c0ca-4bde-b35b-32e174024a8c","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":68,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"f9d91e51-a252-4150-b33c-ad0e07717e75","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":68,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"a626f66b-3599-4a82-9af2-61f8326b5a54","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":68,"box":{"x":69,"y":664,"width":806,"height":12}},{"id":"f732f2a5-58fb-4524-9c24-a721eff3de0a","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":68,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"20de0848-954d-4aa0-8442-d7e8810b7756","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":68,"box":{"x":69,"y":695,"width":822,"height":11}},{"id":"2494dd10-6438-4a4f-a2aa-fe586d378f88","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":68,"box":{"x":69,"y":710,"width":366,"height":11}},{"id":"dc7702f1-9b89-443d-a040-b1e7934ba155","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":68,"box":{"x":101,"y":732,"width":743,"height":12}},{"id":"4c5be004-bf2e-4815-b5d6-39e676c8fa6d","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":68,"box":{"x":70,"y":748,"width":804,"height":11}},{"id":"d65f71be-9462-4303-a18a-b3c1d7571c83","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":68,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"73632ce0-f4f1-4a29-b2df-686bd3a6bde4","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":68,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"07bfffe8-6896-47c8-b4b7-b571fdbaf4ce","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":68,"box":{"x":69,"y":793,"width":812,"height":11}},{"id":"431ab840-021e-40f1-b60e-d69959602424","block_type":"box","text":"OTC markets.","page_number":68,"box":{"x":69,"y":808,"width":95,"height":9}},{"id":"f8d28e7e-278c-45c4-95a7-89a1dd91dd5f","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":68,"box":{"x":101,"y":831,"width":806,"height":11}},{"id":"17a5d164-4e7c-4327-aa02-4531def1415d","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":68,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"a2d7e860-44a1-4fee-83ce-ee0f4460cd91","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":68,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"da5d1b95-c8a7-4959-a701-cf48f96944d9","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":68,"box":{"x":70,"y":876,"width":831,"height":11}},{"id":"b3f6efeb-0133-4938-967e-3e5d82501bc2","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":68,"box":{"x":68,"y":891,"width":833,"height":12}},{"id":"3cab7ffc-13b8-4d14-b3f1-f2887053a949","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":68,"box":{"x":69,"y":907,"width":769,"height":11}},{"id":"40a5ee3e-e0f6-4ee5-9968-30b07aa55787","block_type":"box","text":"II-20","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"792fcf17-f95e-42ee-8b02-8bb25fa55085","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"acede7c2-d74d-4890-b185-838510f89536","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":69,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"4a442419-f751-453c-8b92-2dbc9e70592d","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":69,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"b813996f-14cf-4343-998d-d70b87f27944","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":69,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"afd0af91-fbd0-4711-a31e-ed0b12c12818","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":69,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"033ee780-77b6-4b4a-a2c0-330182680721","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":69,"box":{"x":68,"y":105,"width":822,"height":11}},{"id":"4cd9c5e8-6426-4800-91b7-e8d3233f73a0","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":69,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"7d9bf35b-e4d6-4962-a353-ea5705caafe0","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":69,"box":{"x":69,"y":135,"width":836,"height":12}},{"id":"ab8cfb79-0d78-44ff-8b87-021bff07b997","block_type":"box","text":"terms.","page_number":69,"box":{"x":68,"y":151,"width":45,"height":8}},{"id":"34e43630-613a-497c-a21e-66a61fe3635c","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":69,"box":{"x":102,"y":173,"width":801,"height":11}},{"id":"8daaef42-51d0-4d48-b5dc-dd28e3534692","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":69,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"1499963b-71c1-4a12-9797-f1e4f2cbfcc6","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":69,"box":{"x":69,"y":203,"width":823,"height":12}},{"id":"d6c919f4-023c-4491-9641-a43c0a266409","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":69,"box":{"x":69,"y":218,"width":762,"height":12}},{"id":"9996aad8-2c88-4b4a-ae7e-aaeb6387fae0","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":69,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"d3cf0ba5-b789-4667-98bb-6586e04daaac","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":69,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"59367c3a-6fb5-4b2c-9cba-f820c6c59974","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":69,"box":{"x":69,"y":264,"width":491,"height":11}},{"id":"01681951-307b-4f0d-8a4f-f80a9cc40e15","block_type":"box","text":"Call Options.","page_number":69,"box":{"x":102,"y":287,"width":89,"height":10}},{"id":"d19449b7-fc4c-44cc-8143-f7302f9afd43","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":69,"box":{"x":197,"y":286,"width":694,"height":12}},{"id":"2b418c9b-422f-432f-8ff1-f4f3c5d38e2c","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":69,"box":{"x":70,"y":302,"width":838,"height":11}},{"id":"abf6efa5-07ad-4224-a898-3f5f8117dcc2","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":69,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"92593d64-3dc7-4c53-a001-e9ef41668d6d","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":69,"box":{"x":70,"y":332,"width":795,"height":11}},{"id":"3db1e121-fd9c-4a14-a137-ecf382393b5c","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":69,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"26c02780-4d9c-4375-99af-aee62d4c026f","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":69,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"3a8a3931-681f-4783-a04d-30004df23234","block_type":"box","text":"of the option.","page_number":69,"box":{"x":69,"y":377,"width":93,"height":11}},{"id":"c71e8b2b-1b40-45b8-9534-8417175287a3","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":69,"box":{"x":101,"y":400,"width":794,"height":11}},{"id":"41fb8075-9c4b-435e-9406-9e30d21233da","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":69,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"7bb78eec-a781-426d-ae30-4f64b9012c67","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":69,"box":{"x":69,"y":430,"width":839,"height":11}},{"id":"57c06312-a3d6-4277-8e37-7ddc12a9791f","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":69,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"d3d8b97c-5b0d-4c3d-a2b9-d4089bf13c16","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":69,"box":{"x":70,"y":460,"width":711,"height":12}},{"id":"6bd2eccb-7d70-4071-9100-54b97427a124","block_type":"box","text":"A Fund may write (i.e., sell) covered call options on the securities or instruments in which it may invest and to","page_number":69,"box":{"x":101,"y":483,"width":782,"height":11}},{"id":"b667c5b8-9a3c-4dce-abce-c2c50e4db6b9","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":69,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"20804e16-35af-4125-a15b-f26bccbcf614","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":69,"box":{"x":68,"y":513,"width":827,"height":12}},{"id":"66081214-61c3-4cc8-ba61-d3dbc10c7c58","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":69,"box":{"x":69,"y":528,"width":797,"height":12}},{"id":"d48c6925-50c8-42c9-9fb2-d7fdb7115318","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":69,"box":{"x":69,"y":543,"width":823,"height":12}},{"id":"003717e8-f5d0-4265-af4c-2fdc3de4b21e","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":69,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"edbe2025-55ad-43aa-918c-b46ea1905e92","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":69,"box":{"x":70,"y":574,"width":825,"height":11}},{"id":"99503f8d-6e1e-4e73-9458-6280f645e863","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":69,"box":{"x":69,"y":589,"width":800,"height":11}},{"id":"cee6ef38-5733-41bd-87b8-d5acfe0eccb0","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":69,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"8cf4592a-9c5b-473e-8f40-8a72939098ce","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":69,"box":{"x":70,"y":619,"width":826,"height":11}},{"id":"c5629a30-5cd2-4335-8a9a-a8c2df4b18f2","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":69,"box":{"x":69,"y":634,"width":760,"height":12}},{"id":"0d12210f-a58a-41ea-924a-15d1eaec20f5","block_type":"box","text":"A Fund may write (i.e., sell) uncovered call options on securities or instruments in which it may invest but that","page_number":69,"box":{"x":101,"y":657,"width":783,"height":11}},{"id":"94696f0d-f338-4937-a457-4c8eff23a1b1","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":69,"box":{"x":69,"y":672,"width":834,"height":11}},{"id":"df254673-5ad5-4e8c-ada2-1e20e91e06be","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":69,"box":{"x":69,"y":687,"width":830,"height":11}},{"id":"449f999b-c34f-418d-bc55-080aa31c23fd","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":69,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"1d959011-5dd1-44f0-b216-2c5fa5b607b6","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":69,"box":{"x":69,"y":717,"width":818,"height":12}},{"id":"e6ecd459-c774-48c6-b02a-64872f942fa3","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":69,"box":{"x":70,"y":732,"width":806,"height":12}},{"id":"d2ad6465-08ce-4897-956d-2ab8a9365adb","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":69,"box":{"x":69,"y":748,"width":839,"height":11}},{"id":"27257f4d-2e53-4fde-acc6-0403582971a0","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":69,"box":{"x":68,"y":763,"width":793,"height":11}},{"id":"40416517-3c4d-4364-937a-7c9429ad7473","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":69,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"0ffb09b3-928e-40a1-baa0-e3c4064b7f0d","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":69,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"4a72a719-8a72-4b72-b240-bcc429ebcbeb","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":69,"box":{"x":68,"y":808,"width":825,"height":11}},{"id":"16c52282-0fee-4916-aaa7-908c476da194","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":69,"box":{"x":69,"y":823,"width":326,"height":11}},{"id":"6d7ae488-79af-4d36-a440-df1d42ccb9dc","block_type":"box","text":"Put Options.","page_number":69,"box":{"x":102,"y":846,"width":85,"height":11}},{"id":"92565b43-59e5-4ee8-90d3-a44265cef993","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":69,"box":{"x":194,"y":846,"width":712,"height":11}},{"id":"2843daca-d03a-422c-b73c-e66cdbed3798","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":69,"box":{"x":68,"y":861,"width":828,"height":11}},{"id":"5028ba69-3e01-466a-acb3-f042a0e6e4a0","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":69,"box":{"x":69,"y":876,"width":816,"height":11}},{"id":"02f2da12-8a15-4bea-84b9-3f9b2d0efed3","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":69,"box":{"x":70,"y":891,"width":820,"height":12}},{"id":"0e9fadda-09be-4ac2-a096-3734ccabfb7b","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":69,"box":{"x":70,"y":906,"width":826,"height":12}},{"id":"b3803621-f72b-48ff-b9fc-c5dcd1afce27","block_type":"box","text":"II-21","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d5d557dc-34eb-4ea9-b984-1086c8c002f2","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6fba5cb0-f4b0-4bfe-a74c-cbe1164e81e5","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":70,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"6a7b1b8d-ca8d-4fd7-98f3-b3dfc1025209","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":70,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"350c5496-d9fe-4049-8cd7-3f41f09fb3a6","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":70,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"33cd1cf3-f6ba-4363-ae1b-fae9abf3f4ee","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":70,"box":{"x":69,"y":90,"width":785,"height":11}},{"id":"3488fa8c-5608-4f55-b0e3-8ab07a57ceb8","block_type":"box","text":"purchase uncovered put options.","page_number":70,"box":{"x":70,"y":105,"width":231,"height":11}},{"id":"0aa88c52-c60c-4554-8405-0372230fef05","block_type":"box","text":"A Fund also may write (i.e., sell) put options on the types of securities or instruments that may be held by the","page_number":70,"box":{"x":101,"y":128,"width":781,"height":11}},{"id":"acd7c6fd-664e-42e2-835f-4a421667fc2f","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":70,"box":{"x":70,"y":143,"width":675,"height":11}},{"id":"55fa0a8f-cae0-42c3-9ad2-3aa994f1a3da","block_type":"box","text":"A Fund also may write (i.e., sell) uncovered put options on securities or instruments in which it may invest but","page_number":70,"box":{"x":101,"y":166,"width":783,"height":11}},{"id":"b0b727bb-a1e9-448f-94c2-80457d31e303","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":70,"box":{"x":68,"y":181,"width":789,"height":11}},{"id":"314e6ef1-7d29-4ea5-90bc-d40852d69542","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":70,"box":{"x":69,"y":196,"width":773,"height":11}},{"id":"1c7472c3-f7d4-4440-ae1c-7bbb9dfd8667","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":70,"box":{"x":69,"y":211,"width":807,"height":11}},{"id":"d7703e5c-4d13-4eb5-b409-1e5a38c010d9","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":70,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"11144def-e232-4470-a0b4-a0baf8022560","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":70,"box":{"x":68,"y":241,"width":818,"height":11}},{"id":"65e897fd-3c19-4958-8dc5-9415ab29f496","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":70,"box":{"x":68,"y":256,"width":800,"height":12}},{"id":"e5989881-cb6e-4206-958c-2556f5e6c30e","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":70,"box":{"x":69,"y":272,"width":814,"height":10}},{"id":"f3947f49-f8ab-4b47-b271-2342feee1f24","block_type":"box","text":"the exercise price.","page_number":70,"box":{"x":68,"y":287,"width":130,"height":10}},{"id":"b6d55cb8-e8c3-4100-86af-a15d3731af12","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":70,"box":{"x":102,"y":309,"width":556,"height":11}},{"id":"834805e0-d390-4b98-a09f-817e6674bdfe","block_type":"box","text":"The following information relates","page_number":70,"box":{"x":664,"y":309,"width":232,"height":11}},{"id":"189bef2c-c5d7-46b6-9755-e707111f8476","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":70,"box":{"x":68,"y":324,"width":784,"height":12}},{"id":"51e2e6bf-bc4d-46e4-a6ac-5c84e3468eee","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":70,"box":{"x":69,"y":339,"width":840,"height":12}},{"id":"bf8f2f11-6056-4a9e-9b96-a6dbcb241a17","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":70,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"a60da2ad-3017-45b8-86fc-d7c9f178105c","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":70,"box":{"x":70,"y":370,"width":781,"height":11}},{"id":"e78e571b-ccba-4104-b893-0c549876c9ac","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":70,"box":{"x":70,"y":385,"width":803,"height":11}},{"id":"c5be8471-190f-47d0-b006-3e5684c2c0ef","block_type":"box","text":"market in order to maintain its “cover.”","page_number":70,"box":{"x":69,"y":400,"width":277,"height":9}},{"id":"b143e471-2255-4628-8be5-263dec8f3699","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":70,"box":{"x":101,"y":423,"width":807,"height":11}},{"id":"2259ce23-e32a-4475-a72c-400ffb49dff1","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":70,"box":{"x":68,"y":438,"width":835,"height":11}},{"id":"f00f753d-aea1-4689-8bb3-043ee37352bc","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":70,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"21308bae-4de5-4d0e-9f79-60bf2324ed51","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":70,"box":{"x":68,"y":468,"width":784,"height":11}},{"id":"8ae77f73-ac4d-4db9-ae9e-c283e61f68ab","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":70,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"fb09bcb6-1276-47e4-bb7f-6bcda94d163d","block_type":"box","text":"and incur transaction costs.","page_number":70,"box":{"x":69,"y":498,"width":197,"height":9}},{"id":"d98f4532-8c24-40b1-8991-3e696d98508f","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":70,"box":{"x":102,"y":521,"width":235,"height":11}},{"id":"8ab9fdfe-f0e8-45b1-ab81-9c58c647e57f","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":70,"box":{"x":343,"y":521,"width":563,"height":11}},{"id":"ede418aa-ecc3-4a9f-924b-10b9fdb9cb75","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":70,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"299e8206-413d-44bf-b003-1216c8435c5e","block_type":"box","text":"designated future time on specified terms. A Fund may write (i.e., sell) and purchase put and call swaptions.","page_number":70,"box":{"x":69,"y":551,"width":773,"height":11}},{"id":"acd0b1f5-5f54-49df-81af-fec8131f6e42","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":70,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"9f0abfe3-82f2-410b-8acb-9e6b54c0f6fa","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":70,"box":{"x":70,"y":582,"width":793,"height":10}},{"id":"3a7d5d63-0e50-4876-a034-cbf2525e2b46","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":70,"box":{"x":70,"y":596,"width":802,"height":12}},{"id":"3a36284e-6464-4b0b-8b4f-27ebbfd387d4","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":70,"box":{"x":68,"y":612,"width":836,"height":11}},{"id":"ee501990-3639-4586-b4b4-73a3e941a71f","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":70,"box":{"x":68,"y":627,"width":832,"height":11}},{"id":"2826cbc2-e0d4-43ff-8221-7cd9aa04f0c1","block_type":"box","text":"required, to be cleared.","page_number":70,"box":{"x":69,"y":642,"width":165,"height":11}},{"id":"f51a222e-dc90-4ce8-b332-2429cbcedfc0","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":70,"box":{"x":101,"y":665,"width":760,"height":11}},{"id":"7b45f5c0-1a11-429c-af9f-c2a2fe9b35c8","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":70,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"7bfc5a58-1c48-4c14-a974-8008b777b11b","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":70,"box":{"x":69,"y":695,"width":706,"height":11}},{"id":"2d6c6442-a5c8-43ac-ac09-935fe5dcf204","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":70,"box":{"x":102,"y":718,"width":805,"height":11}},{"id":"d351b6d9-7b8a-4d14-bd46-35c5c1bdf88c","block_type":"box","text":"Derivatives” above.","page_number":70,"box":{"x":70,"y":733,"width":135,"height":9}},{"id":"4d623fdb-d852-4d08-b902-394c2270f003","block_type":"box","text":"FLEX Options.","page_number":70,"box":{"x":102,"y":755,"width":96,"height":11}},{"id":"60fa807e-b1e0-4db6-81f4-db3a6b2e0169","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":70,"box":{"x":206,"y":755,"width":702,"height":11}},{"id":"00334daa-d275-443d-b660-c949f389ce47","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":70,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"84e0047f-1b9d-425b-818c-e172fb36564a","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":70,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"121997fa-1920-4f59-8b18-9e728a61c5d1","block_type":"box","text":"exercise prices, exercise styles (i.e., American-style, exercisable any time prior to the expiration date, or European","page_number":70,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"3ec88064-9d79-4b98-ba36-4efd0331fccf","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":70,"box":{"x":69,"y":816,"width":768,"height":11}},{"id":"91ffc0bc-07e4-4e97-94d2-b66bbf1d6183","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":70,"box":{"x":69,"y":831,"width":812,"height":11}},{"id":"5dad04e9-c1ee-4058-aa3c-d54d55ce5763","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":70,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"07293998-0c8d-41c0-9c87-dbceee37fbf4","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":70,"box":{"x":69,"y":861,"width":792,"height":11}},{"id":"352d9c21-8b41-4d85-a3b1-815535669af0","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":70,"box":{"x":70,"y":876,"width":802,"height":11}},{"id":"90c910ee-0e04-492a-bdfd-48d4b58b57f4","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":70,"box":{"x":69,"y":891,"width":806,"height":11}},{"id":"62fe85fe-d8bc-4480-97b9-2b82acdfc3cb","block_type":"box","text":"FLEX Option’s expiration date.","page_number":70,"box":{"x":70,"y":906,"width":211,"height":11}},{"id":"e98ab1cd-2a9d-4d92-995c-b98a849d9d7f","block_type":"box","text":"II-22","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c75f787-89c1-4ae8-bb8e-6bea15e2f86b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c6481fef-bc40-4f8f-86f3-01b0914630ec","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":71,"box":{"x":101,"y":45,"width":783,"height":11}},{"id":"6d487ba9-65e7-4bb5-b29d-82dc2c148460","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":71,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"da74420c-de33-4231-890e-c1c9e1ccd2f3","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":71,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"07f25aed-748a-47b7-a4d4-bdb83ea57c69","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":71,"box":{"x":69,"y":90,"width":814,"height":11}},{"id":"cfeab69d-a499-4a5b-beea-91124ecb9bf7","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":71,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"eb34b150-25fc-4a9f-b94f-ec9402a28ad5","block_type":"box","text":"FLEX Options contracts.","page_number":71,"box":{"x":70,"y":120,"width":166,"height":11}},{"id":"42de115c-7ab4-458f-8a9d-bee3f449b81f","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":71,"box":{"x":102,"y":143,"width":748,"height":11}},{"id":"8ec227e6-70f7-4382-a4d4-d6fb9caf8201","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":71,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"a9077dbc-384a-4bc1-94e7-8065c0a80f2a","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":71,"box":{"x":69,"y":173,"width":759,"height":11}},{"id":"b9f556ca-f7ac-4b05-9133-4304aa01af1f","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":71,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"2390d6b8-0d7e-4f14-84e2-e341e9b51438","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":71,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"2c417f61-f096-4f8e-a633-571ab6cdb374","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":71,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"cb4ba764-2522-4106-907f-176e8aecabbf","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":71,"box":{"x":68,"y":234,"width":835,"height":11}},{"id":"57bb76c1-8ed0-40ef-ac48-d40802ff9634","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":71,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"453505c3-bd63-4f76-a2e4-1f2e5ad0b402","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":71,"box":{"x":68,"y":264,"width":753,"height":11}},{"id":"db22d1eb-6bda-49ff-8878-2f35f22e0a61","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":71,"box":{"x":70,"y":279,"width":806,"height":11}},{"id":"afc36bc3-00ab-4d0b-811f-31ec38fdec2e","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":71,"box":{"x":69,"y":294,"width":593,"height":11}},{"id":"42567209-9d20-4933-926b-5ef687529878","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":71,"box":{"x":135,"y":317,"width":298,"height":11}},{"id":"190f76f9-85bd-4117-a020-02d74bd922d2","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":71,"box":{"x":435,"y":317,"width":461,"height":11}},{"id":"75e41ce3-aa48-4509-b30a-48edec80448f","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":71,"box":{"x":102,"y":332,"width":768,"height":11}},{"id":"e6d87872-c112-4bc2-8195-b9bd4a6699ba","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":71,"box":{"x":102,"y":347,"width":775,"height":11}},{"id":"9479acb6-6108-4a7a-8d87-9e4e05c8351f","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":71,"box":{"x":102,"y":362,"width":777,"height":11}},{"id":"70c72026-5291-4f5c-a38f-96528ea30e60","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":71,"box":{"x":102,"y":377,"width":799,"height":12}},{"id":"a64bb159-3b1f-4494-821b-a61a8a33b87e","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":71,"box":{"x":102,"y":392,"width":777,"height":12}},{"id":"209745d5-4bd4-4ac8-bf59-7c30f0492468","block_type":"box","text":"expire unexercised have no value.","page_number":71,"box":{"x":101,"y":408,"width":240,"height":10}},{"id":"b292cc0f-f541-480b-8eea-e365eb5d4235","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":71,"box":{"x":134,"y":430,"width":747,"height":11}},{"id":"6b0d3b9d-6304-4555-b276-ffae83d9b065","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":71,"box":{"x":101,"y":445,"width":792,"height":11}},{"id":"46cab86f-44f4-4885-954f-0c38d196da6d","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":71,"box":{"x":101,"y":460,"width":786,"height":12}},{"id":"5b2d8635-63e6-46a1-9c76-2a9d5f968a25","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":71,"box":{"x":101,"y":475,"width":798,"height":12}},{"id":"6ba96a49-3530-4e3a-932d-0a7bcb2a18ab","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":71,"box":{"x":102,"y":491,"width":802,"height":11}},{"id":"9b3c966f-06dc-41aa-8e39-36fd96f8423a","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":71,"box":{"x":102,"y":506,"width":800,"height":11}},{"id":"deb05752-2263-4e54-a5bd-76a7ce77ba0a","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":71,"box":{"x":102,"y":521,"width":774,"height":11}},{"id":"d9ab25b7-efa0-480d-9309-a0de2db0fbef","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":71,"box":{"x":102,"y":536,"width":793,"height":11}},{"id":"cf7419c7-9b93-4a51-963e-449f87c4eb20","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":71,"box":{"x":102,"y":551,"width":764,"height":11}},{"id":"feff8a61-6c48-4385-b06c-81a6c13be96e","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":71,"box":{"x":102,"y":566,"width":430,"height":11}},{"id":"2615f032-e7fb-48fd-9752-7f681b633bb8","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":71,"box":{"x":134,"y":589,"width":740,"height":11}},{"id":"a745edd5-0272-41aa-a513-99187f08cfff","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":71,"box":{"x":102,"y":604,"width":787,"height":11}},{"id":"a727cdbc-a0b0-454f-9b81-74f10a8fbaae","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":71,"box":{"x":102,"y":619,"width":790,"height":11}},{"id":"9cf89cf4-7786-4068-9422-683f640e576e","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":71,"box":{"x":102,"y":634,"width":793,"height":12}},{"id":"383bbad9-ce6a-4917-963d-9d19548fdd25","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":71,"box":{"x":102,"y":649,"width":802,"height":12}},{"id":"0f851713-7700-46ee-aa1c-e2ae4879b1ca","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":71,"box":{"x":102,"y":664,"width":635,"height":12}},{"id":"e0591f41-28c5-49aa-ae33-c883a0af9661","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":71,"box":{"x":135,"y":687,"width":297,"height":11}},{"id":"7fc72ebb-0f61-4df0-94fc-0feab609de98","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":71,"box":{"x":433,"y":687,"width":448,"height":11}},{"id":"3172012b-ba7a-471f-96d4-a2555bc1c310","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":71,"box":{"x":101,"y":702,"width":777,"height":12}},{"id":"f26bcda0-ed03-4b99-a1f0-2a53c8d440ed","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":71,"box":{"x":101,"y":717,"width":753,"height":12}},{"id":"e6f962cb-1f97-449c-b792-201eaaabd2e8","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":71,"box":{"x":102,"y":732,"width":780,"height":12}},{"id":"74cb643e-b9dc-42ab-a9ec-bc4e8a1ea1b6","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":71,"box":{"x":102,"y":748,"width":387,"height":11}},{"id":"9134b794-ed09-4148-81a1-080330c9e60e","block_type":"box","text":"Foreign Exchange Transactions.","page_number":71,"box":{"x":102,"y":771,"width":222,"height":11}},{"id":"51a56ead-930f-49f5-ad33-274ccac02954","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":71,"box":{"x":101,"y":793,"width":807,"height":11}},{"id":"86fdbd74-6c5b-4f89-966d-712826b7f374","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":71,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"33b36d3d-e4f5-40e9-b00a-1a7ca1b5249f","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":71,"box":{"x":70,"y":823,"width":821,"height":12}},{"id":"9540c6f7-f78c-4187-80ac-06ae40e1e7a2","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":71,"box":{"x":69,"y":838,"width":792,"height":12}},{"id":"fe8a7eca-3249-42f3-a9d1-c9f62f1b8152","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":71,"box":{"x":102,"y":861,"width":790,"height":11}},{"id":"bee3a5d3-51c0-4a9d-b489-753f0b5397ab","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":71,"box":{"x":70,"y":876,"width":830,"height":11}},{"id":"bb01d5b7-62bc-4fde-b48b-9889e2ba3998","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":71,"box":{"x":69,"y":891,"width":808,"height":12}},{"id":"b60d7691-84e0-4298-a621-83d0b95eaaa8","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":71,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"1e98d36b-104e-49fb-a3da-9c313ba1a2d0","block_type":"box","text":"II-23","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf29a7df-47aa-49ce-a0e9-6afc9ba8f6fb","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe610267-dceb-4f77-82f8-1beeba45c67c","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":72,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"c1c55ebf-dc00-4c55-970a-55a31cd4bbaa","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":72,"box":{"x":68,"y":60,"width":821,"height":11}},{"id":"b60e67e9-105c-47eb-96be-4aed4f8c9dd1","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":72,"box":{"x":70,"y":75,"width":813,"height":11}},{"id":"26790398-1b07-4f9e-a1ee-7a9d45ba8d49","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":72,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"dc38ec73-f722-4ef5-833a-60bcca131d50","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":72,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"064f0cfb-7fdd-46dc-9225-49754c23241b","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":72,"box":{"x":68,"y":120,"width":836,"height":12}},{"id":"311f6855-e453-404e-8dfb-bdc22d3d0402","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":72,"box":{"x":68,"y":135,"width":794,"height":12}},{"id":"70de17ba-3541-4438-b1cb-2eaf1406d7df","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":72,"box":{"x":102,"y":158,"width":805,"height":11}},{"id":"5a9b59b3-fb15-42a2-8a45-4dbf7389bcb9","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":72,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"2bfe0cef-d579-4806-a635-d3cf4c291182","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":72,"box":{"x":69,"y":188,"width":819,"height":12}},{"id":"cfde490b-5519-4019-9cf0-a806e77c3a13","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":72,"box":{"x":70,"y":203,"width":773,"height":12}},{"id":"08a55a97-e619-407d-b6b6-9832e3f41f38","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":72,"box":{"x":69,"y":219,"width":814,"height":11}},{"id":"dfea81f8-633a-465c-85d5-3e241cd04ae3","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":72,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"26aa4844-da41-4391-a1c4-e4070acffeb3","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":72,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"477fd57f-3ef3-40b3-9f04-f0f575a43111","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":72,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"fb455c51-7341-4b23-8bc2-decb78f9a98d","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":72,"box":{"x":69,"y":279,"width":493,"height":11}},{"id":"5a9e25a0-466e-424d-a288-4ff5d4c122b2","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":72,"box":{"x":102,"y":302,"width":738,"height":11}},{"id":"271458d5-a036-47ac-bd75-9ab3f28749db","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":72,"box":{"x":69,"y":317,"width":814,"height":11}},{"id":"5faf131c-5730-47f4-83ee-b99d32336b28","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":72,"box":{"x":70,"y":332,"width":819,"height":11}},{"id":"3846cfc3-36f9-48dc-a3f2-75254de834d6","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":72,"box":{"x":69,"y":347,"width":834,"height":11}},{"id":"471cfb94-41ce-4b16-8a28-195876a83e83","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":72,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"fe0774c2-272a-48bc-bca1-f1ea0773b508","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":72,"box":{"x":69,"y":377,"width":794,"height":11}},{"id":"c26cb1f8-0aa0-4dd3-8142-69b3d6a28b2c","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":72,"box":{"x":69,"y":392,"width":841,"height":12}},{"id":"47605004-65be-4e6e-a6c0-47807f826524","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":72,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"84efd9b5-f4c9-419c-bcd7-96d7400daefd","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":72,"box":{"x":68,"y":423,"width":805,"height":11}},{"id":"1abe30fc-4d57-41be-ad9b-a18c72955bf5","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":72,"box":{"x":68,"y":438,"width":401,"height":11}},{"id":"749e881b-b695-4317-9eb2-b9d05c68de59","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":72,"box":{"x":102,"y":460,"width":738,"height":12}},{"id":"21907fca-eb4f-4407-9805-fb9de1a4c6ce","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":72,"box":{"x":69,"y":476,"width":837,"height":11}},{"id":"cb2fabfd-4c9b-4a2f-91a4-e4f01f45f847","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":72,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"0fbc99d2-fcda-4e59-9ae0-261e9e746b53","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":72,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"59991824-fe14-4094-a522-5e2210803e2e","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":72,"box":{"x":68,"y":521,"width":829,"height":11}},{"id":"238d743c-79ca-448f-b43c-9fef343e0dcd","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":72,"box":{"x":68,"y":536,"width":753,"height":11}},{"id":"68b00af1-bdb9-460d-8717-88fd2d48c9de","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":72,"box":{"x":68,"y":551,"width":811,"height":11}},{"id":"db5a5fd0-381a-4f97-b1bf-69423857bc64","block_type":"box","text":"involved.","page_number":72,"box":{"x":70,"y":566,"width":59,"height":9}},{"id":"99143e93-2ff8-443e-bf9b-d74496dc2545","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":72,"box":{"x":101,"y":589,"width":803,"height":11}},{"id":"1023a52c-787b-4fa1-9b41-b25780012740","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":72,"box":{"x":69,"y":604,"width":785,"height":11}},{"id":"d33a678e-6358-4c68-add2-6b19f1f59b63","block_type":"box","text":"denominated in such currency.","page_number":72,"box":{"x":69,"y":619,"width":216,"height":11}},{"id":"7491816c-ff4a-4250-a15a-62a6a83428c9","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":72,"box":{"x":102,"y":642,"width":254,"height":11}},{"id":"5a9e2a3f-5630-4a0a-a62d-1762488f5f1f","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":72,"box":{"x":364,"y":642,"width":527,"height":11}},{"id":"947868d4-42d7-401e-9ba7-1979e1151dab","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":72,"box":{"x":69,"y":657,"width":834,"height":11}},{"id":"1bbb2260-3844-4c1e-99f9-a9aa30527595","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":72,"box":{"x":68,"y":672,"width":798,"height":11}},{"id":"a8bb5c64-1619-42f1-89e4-a9d95d161b7f","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":72,"box":{"x":68,"y":687,"width":817,"height":11}},{"id":"a2aaa555-8635-435d-bfe4-43eb62fb6559","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":72,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"24bbe980-8a06-4813-80ed-ea7572a0ba92","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":72,"box":{"x":69,"y":717,"width":774,"height":12}},{"id":"407579e3-5c26-472d-9871-b6718efc6db3","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":72,"box":{"x":70,"y":733,"width":828,"height":11}},{"id":"b4553dd7-678f-463e-afad-49e3dd825cba","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":72,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"191b7430-654f-4db5-ad53-69384d69fd5e","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":72,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"0799e8ef-17eb-4540-a781-ad91b048bd9d","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":72,"box":{"x":69,"y":778,"width":819,"height":11}},{"id":"3bcb8bfb-04bc-4616-9633-5390d67b32f9","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":72,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"9cee62d4-72f5-4598-bee6-0baa8f9b3442","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":72,"box":{"x":68,"y":808,"width":819,"height":11}},{"id":"ca75b38d-8c1c-43e8-83a7-a878ccfc0594","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":72,"box":{"x":69,"y":823,"width":814,"height":12}},{"id":"399dbd5d-0076-4cc0-8585-7147c1333a54","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":72,"box":{"x":69,"y":839,"width":745,"height":11}},{"id":"96b50935-84f3-4b5b-b984-e4ce8bd13e4e","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":72,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"010bf0dc-2043-4ef7-8463-7f9337cdaca7","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":72,"box":{"x":69,"y":869,"width":428,"height":11}},{"id":"8992adf1-5153-45ca-9ab7-f7dc64ac3d77","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":72,"box":{"x":101,"y":891,"width":797,"height":12}},{"id":"97cee842-1b23-4125-9961-d6299397c4a2","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":72,"box":{"x":69,"y":906,"width":829,"height":12}},{"id":"1f6d92e7-081b-4d5f-825f-66eef4a709e1","block_type":"box","text":"II-24","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11b04ef5-02a4-4816-97b4-0d973de009fd","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c18021a-e979-4d27-be4d-e4c67a5058dc","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":73,"box":{"x":70,"y":45,"width":838,"height":11}},{"id":"4af5b941-6580-4ae7-a95c-7f3603c55d3d","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":73,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"5d20f105-86eb-4f0c-a8a1-7be911792a57","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":73,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"59730be2-2b11-44eb-bb65-e29fedd97af1","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":73,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"542e935c-7bea-4822-a8dd-940d95cc4ad6","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":73,"box":{"x":68,"y":105,"width":798,"height":11}},{"id":"7021491b-b7a8-4a0d-872f-7f2faf04afc7","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":73,"box":{"x":69,"y":120,"width":819,"height":12}},{"id":"cb37a3a3-3294-4930-af89-d561dc1b727d","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":73,"box":{"x":69,"y":136,"width":691,"height":11}},{"id":"968d8e6c-7c99-406f-9039-d73b08091986","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":73,"box":{"x":101,"y":158,"width":785,"height":11}},{"id":"c1cc8b99-3e73-4871-b4ed-4229b168f6bb","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":73,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"a6ef876a-41c4-42c4-af4e-c9eac073de78","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":73,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"ebe21822-d91c-4e6c-9e22-dbb55a05877e","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":73,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"de9e7db8-5ccb-4629-b2b0-c73c6f5231ed","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":73,"box":{"x":70,"y":219,"width":823,"height":11}},{"id":"d9e9acef-7f00-429d-80c3-65f8e5a60437","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":73,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"a3839d7a-1dcf-4f05-817e-8b37a22315bf","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":73,"box":{"x":68,"y":249,"width":372,"height":11}},{"id":"9377a27f-9bc0-405a-8855-3616401f6177","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":73,"box":{"x":102,"y":271,"width":768,"height":12}},{"id":"bfc4a282-a3ad-4753-a167-6d5cb3ee2cee","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":73,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"a3b4f1fe-fea4-4e21-91f5-a3991826ec64","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":73,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"1cf31910-5ee0-4377-a9df-11631bec33c9","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":73,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"f11484ca-7e9b-4819-93dc-6f4bc0751e0c","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":73,"box":{"x":69,"y":332,"width":839,"height":11}},{"id":"2aadc237-7a79-4429-a8e0-896a7d186f0f","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":73,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"1a1f6628-935a-4b68-84cb-ad461dca06d8","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":73,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"10606a0e-feb2-4e3b-8286-197d4948d51e","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":73,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"6f304b1f-77c9-485e-85b6-d44d9aaabf34","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":73,"box":{"x":68,"y":392,"width":802,"height":12}},{"id":"a530e17c-93d4-4003-9bdc-31be2783bbf0","block_type":"box","text":"traded.","page_number":73,"box":{"x":68,"y":408,"width":49,"height":8}},{"id":"48116e87-fb46-4f8a-989e-5c736fd55a0b","block_type":"box","text":"Currency Futures.","page_number":73,"box":{"x":102,"y":430,"width":123,"height":11}},{"id":"1acae7aa-7e81-4760-bd3a-b216d9adfeaa","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":73,"box":{"x":232,"y":430,"width":654,"height":11}},{"id":"d90a1c79-eda3-4911-ad7a-0ffac337030f","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":73,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"19e75454-24e3-4a9e-bb89-5d4c920f6c40","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":73,"box":{"x":69,"y":460,"width":774,"height":12}},{"id":"feea1187-e21b-48c7-8f52-c82728c1e385","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":73,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"530c5ddf-2e8d-4109-bc7f-93c33a6721f9","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":73,"box":{"x":69,"y":491,"width":269,"height":9}},{"id":"1041e50d-a533-4732-80b4-49c924906df0","block_type":"box","text":"Currency Options.","page_number":73,"box":{"x":102,"y":513,"width":125,"height":11}},{"id":"f022eeb3-6f24-4faa-be33-3a69b50e309e","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":73,"box":{"x":233,"y":513,"width":654,"height":12}},{"id":"0492b669-a4c4-4af4-9032-d9f0db029914","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":73,"box":{"x":68,"y":528,"width":776,"height":12}},{"id":"fdf34290-1627-459c-8828-62514f54ea67","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":73,"box":{"x":70,"y":543,"width":825,"height":12}},{"id":"7b01ddaa-c166-41e5-b694-47b3d22a9ab0","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":73,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"0ff9c251-5ffb-40e1-bc45-3d2b768d6841","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":73,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"51396742-0c08-4816-88e2-e365727ad8f1","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":73,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"908168cf-67ab-4466-9580-5e30ddea1f6a","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":73,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"d5def6e4-7f60-448d-9863-8bbf0e5fcd98","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":73,"box":{"x":69,"y":619,"width":813,"height":11}},{"id":"09900d52-99b9-4adb-8667-7743d5744c28","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":73,"box":{"x":69,"y":634,"width":826,"height":11}},{"id":"6e445682-ddde-4eed-bfa7-7b25f86535f2","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":73,"box":{"x":69,"y":649,"width":776,"height":12}},{"id":"8c4e7f89-d09c-4957-b4f6-a186884df24f","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":73,"box":{"x":69,"y":665,"width":483,"height":11}},{"id":"ef8e8ac6-4c68-4b55-8337-154fc20ee57c","block_type":"box","text":"Currency Swaps.","page_number":73,"box":{"x":102,"y":687,"width":117,"height":11}},{"id":"f750e864-e426-4db6-b276-bb0fd3a353b1","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":73,"box":{"x":225,"y":687,"width":652,"height":11}},{"id":"0bba229b-1eaa-43d8-a6ec-c9d4919fd518","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":73,"box":{"x":69,"y":702,"width":799,"height":12}},{"id":"c3d92456-8947-477b-85e3-930f87d1c8bb","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":73,"box":{"x":69,"y":717,"width":812,"height":12}},{"id":"439cf9e3-d464-4b17-a9b5-4c5c8901cac6","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":73,"box":{"x":69,"y":732,"width":836,"height":12}},{"id":"3214c048-a80c-4a00-b561-d459241175a0","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":73,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"20c7247a-e416-48f7-aae0-84188b095d70","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":73,"box":{"x":69,"y":763,"width":810,"height":11}},{"id":"e75b02c2-1255-4bf4-9c46-3d41b78d9f1d","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":73,"box":{"x":69,"y":778,"width":393,"height":11}},{"id":"7af32936-5f5b-4645-b646-3bf8272008b2","block_type":"box","text":"Digital Asset Exposure.","page_number":73,"box":{"x":102,"y":801,"width":170,"height":11}},{"id":"a105dd1f-9918-4078-bf96-2322866038a0","block_type":"box","text":"Digital assets, such as bitcoin and ether, are created and transmitted through the","page_number":73,"box":{"x":279,"y":801,"width":582,"height":11}},{"id":"8a93071f-46a5-4449-bd08-dc9ce81573d6","block_type":"box","text":"operations of peer-to-peer networks of computers, known as nodes, that operate on cryptographic computer-code","page_number":73,"box":{"x":69,"y":816,"width":806,"height":11}},{"id":"ef84f2de-fd82-4f30-9c4c-5abc51329a50","block_type":"box","text":"based logic, called a protocol. Digital assets are par t of a new and rapidly changing industry, and the fur ther","page_number":73,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"4f519fe7-4c3d-4dee-b655-7cc6320db8b4","block_type":"box","text":"development of digital asset networks is subject to a variety of factors that are difficult to evaluate. Digital assets are","page_number":73,"box":{"x":69,"y":846,"width":839,"height":11}},{"id":"7bce2e4a-e6f8-485b-a5b6-3afe35f5f38d","block_type":"box","text":"relatively new assets with limited histories.","page_number":73,"box":{"x":69,"y":861,"width":305,"height":11}},{"id":"467fe22e-ac00-480d-bb33-04a7cb5ecb6d","block_type":"box","text":"Risks Related to Digital Assets.","page_number":73,"box":{"x":102,"y":884,"width":223,"height":11}},{"id":"98f11fac-a12c-4329-b60b-dce357d88b11","block_type":"box","text":"Digital assets were only introduced within the past 15 years, and the value of","page_number":73,"box":{"x":332,"y":884,"width":552,"height":11}},{"id":"e24b6cc1-b37b-4127-8357-5dd131adc1c6","block_type":"box","text":"such digital assets is subject to a number of factors relating to the capabilities and development of blockchain","page_number":73,"box":{"x":69,"y":899,"width":788,"height":11}},{"id":"1d613bdd-1c91-4345-be66-4568e8b70295","block_type":"box","text":"II-25","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24ae78d8-930d-41cb-8f42-65c08a004bd8","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"244153c1-4df6-4430-8506-0ba211d861da","block_type":"box","text":"technologies, such as the recentness of their development, their dependence on the internet and other technologies,","page_number":74,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"7fff3b92-0e90-40a9-a49c-08bd8ac93375","block_type":"box","text":"their dependence on the role played by users, developers, miners and validators and the potential for malicious","page_number":74,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"61b4b605-bd90-4a0d-b4c9-39406e62f947","block_type":"box","text":"activity. Given the recentness of the development of digital asset networks, digital assets may not function as","page_number":74,"box":{"x":69,"y":75,"width":782,"height":11}},{"id":"eb3696ac-6049-4e04-a795-7a5e5371c51b","block_type":"box","text":"intended and par ties may be unwilling to use digital assets, which would dampen the growth, if any, of digital asset","page_number":74,"box":{"x":70,"y":90,"width":820,"height":11}},{"id":"47afac62-aaad-40d8-8129-4d496c0d5820","block_type":"box","text":"networks.","page_number":74,"box":{"x":69,"y":105,"width":67,"height":9}},{"id":"9d73bda0-796e-4ac8-8bc6-2c734fb303c6","block_type":"box","text":"The trading prices of many digital assets, including bitcoin and ether, have experienced extreme volatility in","page_number":74,"box":{"x":101,"y":128,"width":762,"height":11}},{"id":"92987ef3-1e64-4494-95d8-b781b46f1fa8","block_type":"box","text":"recent periods and may continue to do so. Extreme volatility in the future, including fur ther declines in the trading","page_number":74,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"d38acccd-77ac-412f-bd5e-09964057b961","block_type":"box","text":"prices of bitcoin and ether, could have a material adverse effect on the value of such digital asset investments. The","page_number":74,"box":{"x":70,"y":158,"width":824,"height":11}},{"id":"20f3ecb3-2464-43aa-8fdb-e1a8e84e80a4","block_type":"box","text":"value of digital assets is subject to a number of factors relating to the their fundamental investment characteristics,","page_number":74,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"c58a05ba-c9b4-43e7-be41-b60a6edaad64","block_type":"box","text":"including the fact that digital assets are bearer instruments and loss, theft, destruction, or compromise of the","page_number":74,"box":{"x":70,"y":188,"width":784,"height":12}},{"id":"02f4487a-a6ba-4c18-a512-94cdc71f0dab","block_type":"box","text":"associated private keys could result in permanent loss of the asset, and the capabilities and development of","page_number":74,"box":{"x":69,"y":203,"width":777,"height":12}},{"id":"7c52bfbf-04f7-4ace-9836-7afe3f63a997","block_type":"box","text":"blockchain technologies such as the Bitcoin or Ethereum blockchain.","page_number":74,"box":{"x":69,"y":219,"width":488,"height":11}},{"id":"6f2fdbb3-c0e6-4085-9906-a8f12b201490","block_type":"box","text":"The opaque nature of the digital asset market poses asset verification challenges for market par ticipants,","page_number":74,"box":{"x":101,"y":241,"width":755,"height":11}},{"id":"f4987626-40bf-43a4-89b5-912f14a16840","block_type":"box","text":"regulators and auditors and gives rise to an increased risk of manipulation and fraud, including the potential for Ponzi","page_number":74,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"1b89202b-d3fd-4f02-8a23-727e8596c70b","block_type":"box","text":"schemes, bucket shops and pump and dump schemes. Digital assets have in the past been used to facilitate illicit","page_number":74,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"228a3f53-348a-4b46-8864-8f4a0fe9516c","block_type":"box","text":"activities. If a digital asset was used to facilitate illicit activities, businesses that facilitate transactions in such digital","page_number":74,"box":{"x":69,"y":286,"width":838,"height":12}},{"id":"5465e680-f71a-48d8-a876-896332ffdbce","block_type":"box","text":"assets could be at increased risk of potential criminal or civil liability or lawsuits, or of having banking or other","page_number":74,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"b1ca36ac-5095-4dc9-a6df-d78894e2484c","block_type":"box","text":"services cut off, and such digital asset could be removed from digital asset platforms. Any of the aforementioned","page_number":74,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"70a6bcec-e6f1-4399-a445-a478d7de159b","block_type":"box","text":"occurrences could adversely affect the price of the relevant digital asset, the attractiveness of the respective","page_number":74,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"79011fac-020f-4169-af7c-df77856a1f60","block_type":"box","text":"blockchain network and investments in digital assets.","page_number":74,"box":{"x":69,"y":347,"width":381,"height":11}},{"id":"05e559d6-0939-43a4-9c3e-2cd2f81aedcd","block_type":"box","text":"If a malicious actor or botnet (a volunteer or hacked collection of computers controlled by networked software","page_number":74,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"747c99f4-05d8-4884-963a-49711954a9a7","block_type":"box","text":"coordinating the actions of the computers) obtains control of more than 50% of the processing power dedicated to","page_number":74,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"66373f30-7dea-4311-b434-815495b34d14","block_type":"box","text":"mining on the Bitcoin network, it may be able to alter the Bitcoin blockchain on which transactions in bitcoin rely by","page_number":74,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"aae88959-c7e9-44e2-ad92-8b643ef16e72","block_type":"box","text":"constructing fraudulent blocks or preventing cer tain transactions from completing in a timely manner, or at all. The","page_number":74,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"732f6d04-4855-4766-afe7-86097d6ac4d2","block_type":"box","text":"malicious actor or botnet could also control, exclude or modify the ordering of transactions.","page_number":74,"box":{"x":69,"y":430,"width":649,"height":11}},{"id":"7834e54b-2f24-4557-9eac-e0dfc4ecc363","block_type":"box","text":"The Ethereum network is currently vulnerable to several types of attacks, including a:","page_number":74,"box":{"x":101,"y":453,"width":605,"height":11}},{"id":"bad9afd7-d521-42df-882c-19cb2c0fd77a","block_type":"box","text":"•","page_number":74,"box":{"x":69,"y":476,"width":6,"height":4}},{"id":"c6bd92e8-dc21-4f60-b7cc-def8a409dc54","block_type":"box","text":"“>33% attack” where, if a validator or group of validators were to gain control of more than 33% of the total","page_number":74,"box":{"x":102,"y":473,"width":765,"height":11}},{"id":"6c1d2aca-10f4-4dd4-945c-32a2f127152c","block_type":"box","text":"staked ether on the Ethereum network, a malicious actor could temporarily impede or delay block confirmation or","page_number":74,"box":{"x":102,"y":488,"width":805,"height":11}},{"id":"c1785029-9072-4c40-bb86-882f0411c63c","block_type":"box","text":"even cause a temporary fork in the blockchain. This is believed to be temporary, as the Ethereum network’s","page_number":74,"box":{"x":101,"y":503,"width":769,"height":11}},{"id":"f7d97804-15b0-46a1-b986-210abb592b57","block_type":"box","text":"inactivity leak would be expected to eventually penalize the attacker enough for the chain to finalize again (i.e.,","page_number":74,"box":{"x":102,"y":518,"width":786,"height":12}},{"id":"a73de26b-80b8-4ac1-a52c-3a7542454c58","block_type":"box","text":"the honest majority would be expected to reclaim 2/3rd stake as the attacker’s stake is penalized). However, it","page_number":74,"box":{"x":101,"y":534,"width":795,"height":11}},{"id":"c7beb99b-8f02-45ed-834f-e36a63deb330","block_type":"box","text":"is not believed that with 33% control, a malicious actor could engage in double-spending or fraudulent block","page_number":74,"box":{"x":102,"y":549,"width":767,"height":11}},{"id":"51da206c-082b-4b35-895b-e21b254bc7a5","block_type":"box","text":"propagation.","page_number":74,"box":{"x":102,"y":564,"width":87,"height":11}},{"id":"fb7768a8-bd81-4115-97cf-1716001478c7","block_type":"box","text":"•","page_number":74,"box":{"x":69,"y":587,"width":6,"height":4}},{"id":"3ebe452e-39d2-4a68-8b0d-cbd62f936c9b","block_type":"box","text":"“>50% attack” where, if a validator or group of validators acting in concer t were to gain control of more than 50%","page_number":74,"box":{"x":102,"y":584,"width":807,"height":11}},{"id":"8de94723-e23b-45ef-8388-8f97bc55139f","block_type":"box","text":"of the total staked ether on the Ethereum network, a malicious actor would be able to gain full control of the","page_number":74,"box":{"x":102,"y":599,"width":771,"height":11}},{"id":"19ac3dc2-64ff-450d-accb-f258feb27222","block_type":"box","text":"Ethereum network and the ability to manipulate future transactions on the blockchain, including censoring","page_number":74,"box":{"x":102,"y":614,"width":753,"height":11}},{"id":"09f186ad-eb33-42f5-b3da-eb2ff06efe3b","block_type":"box","text":"transactions, double-spending and fraudulent block propagation, potentially for an extended period or even","page_number":74,"box":{"x":101,"y":629,"width":759,"height":11}},{"id":"9f060f51-0583-4011-823d-d2c6b37d5ae0","block_type":"box","text":"permanently. In theory, the minority non-attackers might reach social consensus to reject blocks proposed by the","page_number":74,"box":{"x":102,"y":645,"width":804,"height":11}},{"id":"493c73cf-4e73-4377-b999-8a0d243436f4","block_type":"box","text":"malicious majority attacker, reducing the attacker’s ability to engage in malicious activity, but there can be no","page_number":74,"box":{"x":102,"y":660,"width":778,"height":11}},{"id":"47bf62e3-cd28-4707-a192-2ea019bdff16","block_type":"box","text":"assurance this would happen or that non-attackers would be able to coordinate effectively.","page_number":74,"box":{"x":102,"y":675,"width":643,"height":11}},{"id":"150da7db-cba7-4085-aa0d-42c33bd2a805","block_type":"box","text":"•","page_number":74,"box":{"x":69,"y":698,"width":6,"height":4}},{"id":"5aa0377d-7b08-4ae8-a150-f056af88aaa2","block_type":"box","text":"“>66% attack” where, if a validator or group of validators acting in concer t were to gain control of more than 66%","page_number":74,"box":{"x":102,"y":695,"width":807,"height":11}},{"id":"9297405f-6795-4a6f-91f4-1ab53c53d1f6","block_type":"box","text":"of the total staked ether on the Ethereum network, a malicious actor could permanently and irreversibly","page_number":74,"box":{"x":102,"y":710,"width":737,"height":11}},{"id":"24566a3b-4c51-4ca3-b389-85e2c00258df","block_type":"box","text":"manipulate the blockchain, including censorship, double-spending and fraudulent block propagation. The attacker","page_number":74,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"a48c8859-8d10-476a-94b4-3d976fa6458f","block_type":"box","text":"could finalize their preferred chain without any consideration for the votes of other stakers and could also rever t","page_number":74,"box":{"x":101,"y":740,"width":799,"height":11}},{"id":"6944f14b-d6ee-41bb-90f3-cac383e9023a","block_type":"box","text":"finalized blocks.","page_number":74,"box":{"x":101,"y":755,"width":113,"height":9}},{"id":"7c5985fb-7983-4397-99f3-2c23ad47a11e","block_type":"box","text":"The largest bitcoin and ether wallets are believed to hold, in aggregate, a significant percentage of the bitcoins","page_number":74,"box":{"x":101,"y":778,"width":790,"height":11}},{"id":"0200fc9c-afeb-4912-8a5f-7159a369d06f","block_type":"box","text":"and ether in circulation. Moreover, it is possible that other persons or entities control multiple wallets that collectively","page_number":74,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"ef9be293-f8f8-46e5-b101-c658730e6247","block_type":"box","text":"hold a significant number of bitcoins or ether, even if they individually only hold a small amount, and it is possible","page_number":74,"box":{"x":69,"y":808,"width":809,"height":11}},{"id":"858cfe29-e500-4697-a357-fd3b4ebb77ba","block_type":"box","text":"that some of these wallets are controlled by the same person or entity. As a result of this concentration of ownership,","page_number":74,"box":{"x":68,"y":823,"width":840,"height":11}},{"id":"167750dc-6160-449b-9a5d-276b99c67ef2","block_type":"box","text":"large sales or distributions by such holders could have an adverse effect on the market price of bitcoin or ether.","page_number":74,"box":{"x":70,"y":838,"width":796,"height":12}},{"id":"7b7f2ea5-4cd6-4c86-a785-b711b62869fb","block_type":"box","text":"Risks Related to Digital Assets as a Means of Payment.","page_number":74,"box":{"x":102,"y":861,"width":397,"height":11}},{"id":"2d7505a1-cb25-4dea-bb49-a61a85bbdf58","block_type":"box","text":"Digital assets such as bitcoin and ether have only","page_number":74,"box":{"x":506,"y":861,"width":354,"height":11}},{"id":"e285fa6d-96b0-4ae2-a84f-18663f666251","block_type":"box","text":"recently become selectively accepted as a means of payment by retail and commercial outlets, and use of bitcoins or","page_number":74,"box":{"x":69,"y":876,"width":837,"height":11}},{"id":"7df15132-ad5c-475c-ac7d-d349891e8df6","block_type":"box","text":"ether by consumers to pay such retail and commercial outlets remains limited. Banks and other established financial","page_number":74,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"f592d339-6542-4b16-8ecb-26592527c9ac","block_type":"box","text":"institutions may refuse to process funds for bitcoin or ether transactions; process wire transfers to or from digital","page_number":74,"box":{"x":70,"y":906,"width":807,"height":12}},{"id":"2c86bf56-b75a-4e2d-ab42-e3c02abcaaeb","block_type":"box","text":"II-26","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"34fd7f2d-3d56-4275-a60f-07911e5267c3","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53029392-0f5a-4b9f-9bd8-4bb51a0ca951","block_type":"box","text":"asset platforms, bitcoin- or ether-related companies or service providers; or maintain accounts for persons or entities","page_number":75,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"91f6f795-9188-49e8-82b8-599bb6c60531","block_type":"box","text":"transacting in bitcoin or ether. As a result, the prices of bitcoin or ether may be influenced to a significant extent by","page_number":75,"box":{"x":68,"y":60,"width":822,"height":11}},{"id":"7d217768-6b94-4c48-b28e-853fd9f3c35d","block_type":"box","text":"speculators, and thus contributing to price volatility that makes retailers less likely to accept such digital assets as a","page_number":75,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"c9df31be-4f6f-4263-afea-c4def2cd0dc1","block_type":"box","text":"form of payment in the future.","page_number":75,"box":{"x":68,"y":90,"width":213,"height":11}},{"id":"2ae26f9a-3cd4-4ea3-a3f4-a7db696c5760","block_type":"box","text":"In addition, as the speed of digital asset transactions and the number of transactions that can be processed","page_number":75,"box":{"x":102,"y":113,"width":775,"height":11}},{"id":"a3770737-165b-467d-93af-89ab942daf82","block_type":"box","text":"lags behind growth in the use of digital asset networks, average fees and settlement times may increase","page_number":75,"box":{"x":70,"y":128,"width":747,"height":11}},{"id":"a098f9f0-a146-43af-9f21-2353f2560514","block_type":"box","text":"considerably. For example, the Bitcoin network and Ethereum network have been, at times, at capacity, which has led","page_number":75,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"0eebf10c-6866-45b6-a010-69f8443fd94f","block_type":"box","text":"to increased transaction fees. Increased fees and decreased settlement speeds could preclude cer tain uses for","page_number":75,"box":{"x":68,"y":158,"width":802,"height":11}},{"id":"b27bbe97-693e-41d9-9f93-95763cd4437b","block_type":"box","text":"bitcoin or ether (e.g., micropayments), and could reduce demand for, and the price of, bitcoin or ether. Bitcoin or","page_number":75,"box":{"x":69,"y":173,"width":801,"height":11}},{"id":"48b0f6ad-1cd4-4882-9d17-330d4c2ba954","block_type":"box","text":"Ethereum transactions are typically not reversible without the consent and active par ticipation of the recipient of the","page_number":75,"box":{"x":70,"y":188,"width":827,"height":11}},{"id":"f0095c06-d716-4b98-9f23-efb51baef99f","block_type":"box","text":"transaction. Once a transaction has been verified and recorded in a block that is added to the Bitcoin or Ethereum","page_number":75,"box":{"x":68,"y":203,"width":815,"height":9}},{"id":"383a96ca-ca3d-473e-8b1c-967772109297","block_type":"box","text":"blockchain, an incorrect transfer or theft of bitcoin generally will not be reversible and a holder of bitcoin or ether,","page_number":75,"box":{"x":69,"y":218,"width":806,"height":12}},{"id":"0939c480-3548-4619-a61f-00fd9068dfac","block_type":"box","text":"such as an ETP (as defined below), may not be capable of seeking compensation for any such transfer or theft.","page_number":75,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"78d1deb0-6419-4a36-a4ea-780cf8a9d43c","block_type":"box","text":"Risks Related to the Digital Asset Markets.","page_number":75,"box":{"x":102,"y":257,"width":305,"height":11}},{"id":"8d6784de-6849-4cd1-b1e7-a795df2d41e4","block_type":"box","text":"Bitcoin and ether were among the first cryptographic digital assets to","page_number":75,"box":{"x":415,"y":256,"width":491,"height":12}},{"id":"f69d3305-1a26-4982-96f5-266f9c06c9fc","block_type":"box","text":"gain global adoption and critical mass. In general, digital asset networks, including the Bitcoin network, the Ethereum","page_number":75,"box":{"x":68,"y":272,"width":837,"height":11}},{"id":"be4d5a96-a4e0-456a-a5be-abddfad6548e","block_type":"box","text":"network and other cryptographic and algorithmic protocols governing the issuance of digital assets represent a new","page_number":75,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"19b8bad0-6f61-4cd5-b1fe-c7c41d759c57","block_type":"box","text":"and rapidly evolving industry that is subject to a variety of factors that are difficult to evaluate. In addition, many","page_number":75,"box":{"x":69,"y":302,"width":799,"height":11}},{"id":"3f985aa8-00b4-4df5-b935-efce13f22219","block_type":"box","text":"consor tiums and financial institutions are also researching and investing resources into private or permissioned","page_number":75,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"8d5b4808-2e42-425e-8d79-7c6b7dbe0fec","block_type":"box","text":"smar t contract platforms rather than open platforms like the Bitcoin network or the Ethereum network. Competition","page_number":75,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"6e91e503-6724-4ed1-82f5-4bf062b18ef9","block_type":"box","text":"from the emergence or growth of alternative digital assets and smar t contracts platforms, such as Solana,","page_number":75,"box":{"x":68,"y":347,"width":761,"height":11}},{"id":"ddfb1835-9d75-4d14-9a69-188b7736b617","block_type":"box","text":"Avalanche, Polkadot, or Cardano, could have a negative impact on the demand for, and price of, bitcoin or ether and","page_number":75,"box":{"x":68,"y":362,"width":827,"height":11}},{"id":"bb2e21b8-6ffa-4f58-a318-96dca9cfe882","block_type":"box","text":"thereby adversely affect the value of the bitcoin- or ether-related investments.","page_number":75,"box":{"x":68,"y":377,"width":553,"height":11}},{"id":"bb191ff6-b711-470b-979b-b0eed990cc77","block_type":"box","text":"Moreover, in the past, bugs, defects and flaws in the source code for digital assets have been exposed and","page_number":75,"box":{"x":102,"y":400,"width":766,"height":11}},{"id":"7915751a-c7e5-4f0c-8f03-90e7f638987d","block_type":"box","text":"exploited, including flaws that disabled some functionality for users, exposed users’ personal information and/or","page_number":75,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"14beae02-5889-41ed-b4b2-6b51b964558a","block_type":"box","text":"resulted in the theft of users’ digital assets. The cryptography underlying digital asset networks or digital assets","page_number":75,"box":{"x":69,"y":430,"width":798,"height":11}},{"id":"7b12dd27-3f97-4b0a-b579-88ec94915051","block_type":"box","text":"could prove to be flawed or ineffective, or developments in mathematics and/or technology, including advances in","page_number":75,"box":{"x":69,"y":445,"width":810,"height":12}},{"id":"803534d1-fced-469c-ae9c-4b8fbf5a7510","block_type":"box","text":"digital computing, algebraic geometry and quantum computing, could result in such cryptography becoming","page_number":75,"box":{"x":69,"y":461,"width":763,"height":11}},{"id":"13940327-ab86-40ae-bc03-c458ef2c29f6","block_type":"box","text":"ineffective. In any of these circumstances, a malicious actor may be able to compromise the security of digital asset","page_number":75,"box":{"x":70,"y":475,"width":830,"height":12}},{"id":"9c37e2c4-2745-4f20-8f8c-3a73f4729139","block_type":"box","text":"networks or take a holder’s digital assets. Moreover, normal operations and functionality of digital asset networks","page_number":75,"box":{"x":69,"y":491,"width":812,"height":11}},{"id":"d40958d1-9769-4893-9178-e6f3325e2037","block_type":"box","text":"may be negatively affected such that it is no longer attractive to users or other stakeholders, thereby dampening","page_number":75,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"826e0b26-518b-4b19-bc22-227fa02d4012","block_type":"box","text":"demand for such digital assets.","page_number":75,"box":{"x":69,"y":521,"width":223,"height":11}},{"id":"d534ff06-08c2-4338-932e-8e47684215db","block_type":"box","text":"Digital Asset ETPs.","page_number":75,"box":{"x":102,"y":544,"width":132,"height":11}},{"id":"40718f36-888f-4e78-a1de-d5096dd1ef8a","block_type":"box","text":"The Fund may acquire shares in exchange-traded products (“ETPs”) that seek to reflect","page_number":75,"box":{"x":240,"y":543,"width":621,"height":12}},{"id":"b28b319e-77d4-41ae-9c8e-e6279fb2dda6","block_type":"box","text":"generally the per formance of the price of bitcoin or ether by directly holding bitcoin (“Bitcoin ETPs”) or ether (“Ether","page_number":75,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"842bb438-b3a6-4d56-8b40-76f73db22a28","block_type":"box","text":"ETPs”), including shares of a Bitcoin ETP or Ether ETP sponsored by an affiliate of BlackRock. The Fund will only","page_number":75,"box":{"x":70,"y":574,"width":796,"height":11}},{"id":"78b19c31-d593-488c-9c3e-0c1aba8e8894","block_type":"box","text":"invest in Bitcoin ETPs or Ether ETPs that are listed and traded on national securities exchanges. A Bitcoin ETP or an","page_number":75,"box":{"x":70,"y":589,"width":822,"height":11}},{"id":"90be157f-9dd0-4416-bb29-4909c2e86a09","block_type":"box","text":"Ether ETP is not an investment company registered under the Investment Company Act of 1940, as amended, and","page_number":75,"box":{"x":70,"y":604,"width":813,"height":11}},{"id":"7a397036-2c75-4eb9-8fa7-21056faf0578","block_type":"box","text":"therefore does not have the same investor protections as a registered investment company.","page_number":75,"box":{"x":68,"y":619,"width":656,"height":11}},{"id":"83175a05-0d24-4d42-9d71-626f6565457b","block_type":"box","text":"Futures on Digital Assets.","page_number":75,"box":{"x":102,"y":642,"width":182,"height":11}},{"id":"a294d755-90fe-4848-8b36-57b2a50cdaab","block_type":"box","text":"The Fund may invest in futures on Bitcoin and futures on Ethereum. See","page_number":75,"box":{"x":290,"y":642,"width":514,"height":11}},{"id":"4a029e01-aa37-4541-82f5-7839abe09119","block_type":"box","text":"“Derivatives—General,” “Derivatives—Regulation of Derivatives” and “Derivatives—Risk Factors in Derivatives”","page_number":75,"box":{"x":70,"y":657,"width":792,"height":11}},{"id":"0c71d978-ad26-4bac-aecb-c553e50f2823","block_type":"box","text":"below.","page_number":75,"box":{"x":69,"y":672,"width":43,"height":9}},{"id":"abdfde2b-2151-46e2-8dd0-73d938d31f3a","block_type":"box","text":"Distressed Securities.","page_number":75,"box":{"x":102,"y":695,"width":159,"height":9}},{"id":"3006205a-75b3-4295-ab34-6b889be4a14a","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":75,"box":{"x":267,"y":695,"width":633,"height":11}},{"id":"5b0ddcf8-a068-4743-b147-772008bce908","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":75,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"4f5237cb-d579-4e76-a242-0325b08e3781","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":75,"box":{"x":70,"y":725,"width":827,"height":11}},{"id":"60494dd9-3233-4c2e-a723-6c053305508c","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":75,"box":{"x":69,"y":740,"width":835,"height":11}},{"id":"5024e3ec-c840-4fd9-b3e9-bf7d4f8bf69a","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":75,"box":{"x":69,"y":755,"width":784,"height":11}},{"id":"f39a86fb-a7b9-4330-851a-84c6fad1ea4a","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":75,"box":{"x":70,"y":770,"width":569,"height":12}},{"id":"9ed0ec75-e21c-418f-8f6e-2312a7502519","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":75,"box":{"x":101,"y":793,"width":766,"height":11}},{"id":"c6baba63-d703-48a0-aeaf-6b2c9ad051a6","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":75,"box":{"x":70,"y":808,"width":795,"height":11}},{"id":"33c8d0c4-6338-40a1-ad2d-0df426f81db7","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":75,"box":{"x":70,"y":823,"width":826,"height":11}},{"id":"2c52a5ba-991c-49c8-9e81-3d5b8cd4b107","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":75,"box":{"x":69,"y":838,"width":794,"height":12}},{"id":"42347089-f8c9-46bc-aad3-bda7d3ae555a","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":75,"box":{"x":69,"y":853,"width":832,"height":12}},{"id":"8add61c0-29ec-4084-9a12-3df6ba0d4b67","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":75,"box":{"x":69,"y":869,"width":824,"height":11}},{"id":"faef64ad-34d1-4287-ae4e-fe09941280ee","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":75,"box":{"x":69,"y":884,"width":789,"height":11}},{"id":"55c682d7-5fee-4b16-996e-73205beb1353","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":75,"box":{"x":69,"y":899,"width":810,"height":11}},{"id":"9f972224-7330-48e4-978c-bd12fdb493fd","block_type":"box","text":"II-27","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ff491af8-05a1-4048-aa13-82fe44facb01","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1a6fbd1-47a6-426e-ac1e-0ec796565868","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":76,"box":{"x":70,"y":45,"width":831,"height":11}},{"id":"2678d944-90dd-4fb1-b123-fe7d3dbf9d2f","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":76,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"ec96bbc2-cec1-46cb-be51-120baed85f31","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":76,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"3b5ecf06-bfbf-4517-8379-91256c0bb4b2","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":76,"box":{"x":68,"y":90,"width":834,"height":11}},{"id":"f69a76d5-c177-4013-9df4-ab602b05ccb6","block_type":"box","text":"satisfied (e.g., through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":76,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"a2f052c0-db73-454a-8a57-66f3f1c09358","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":76,"box":{"x":69,"y":120,"width":807,"height":12}},{"id":"f148025c-e293-481e-864b-e0a47e109561","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":76,"box":{"x":69,"y":135,"width":797,"height":12}},{"id":"5b83ed37-c4d3-4a60-9ee8-25d72a76cfa3","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":76,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"28d42fd5-ef1e-4cb1-96b0-27f400a7d2e5","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":76,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"a1181768-1c46-4a58-a836-4892e470e3e4","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":76,"box":{"x":68,"y":181,"width":827,"height":11}},{"id":"2b0d5430-c498-46c9-9890-0116d6c316d2","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":76,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"31951d44-a8fa-4991-8a30-69b0a4291b13","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":76,"box":{"x":69,"y":211,"width":770,"height":11}},{"id":"595357c1-476a-4035-b8bb-33e8aa23ae1d","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":76,"box":{"x":69,"y":226,"width":809,"height":11}},{"id":"fff9c4a1-fff5-4a22-8ed3-38060ab111b4","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":76,"box":{"x":70,"y":241,"width":839,"height":11}},{"id":"398659dd-97d5-4d23-ac27-0a5111b0a96f","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":76,"box":{"x":70,"y":256,"width":787,"height":12}},{"id":"366146a9-ce91-4b54-b1fd-343ce1d19fec","block_type":"box","text":"affairs.","page_number":76,"box":{"x":69,"y":271,"width":49,"height":9}},{"id":"a5c7cf54-716b-4ef8-89a3-fb39288e48c3","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":76,"box":{"x":102,"y":294,"width":428,"height":11}},{"id":"38a82bb9-19f9-4053-aebc-d58d645ab75d","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":76,"box":{"x":531,"y":294,"width":341,"height":11}},{"id":"c5f7f7a1-1394-4d89-8c70-489ed08a5449","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":76,"box":{"x":69,"y":309,"width":785,"height":11}},{"id":"ef724ffd-9afd-4f35-9cd9-416840e5bb06","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":76,"box":{"x":69,"y":324,"width":838,"height":12}},{"id":"63150675-62a7-4438-9c0a-063e8f4cf236","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":76,"box":{"x":70,"y":339,"width":827,"height":12}},{"id":"c47d9a50-34e8-4fbb-8e95-b4ab8af99cf3","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":76,"box":{"x":69,"y":355,"width":806,"height":11}},{"id":"5f54e951-c5c3-40d2-95ce-4aeb849e1809","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":76,"box":{"x":69,"y":370,"width":812,"height":11}},{"id":"61e46c75-8d51-4706-ad63-6e291afc9502","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer.","page_number":76,"box":{"x":69,"y":385,"width":492,"height":11}},{"id":"03e00d35-d44d-4333-ad62-780c272b8c30","block_type":"box","text":"The ESG characteristics utilized in a Fund’s investment process are anticipated to evolve over time and one or","page_number":76,"box":{"x":101,"y":408,"width":787,"height":10}},{"id":"e56c38c9-d312-4772-9b9f-caa0c959cd15","block_type":"box","text":"more characteristics may not be relevant with respect to all issuers that are eligible for investment. Cer tain of these","page_number":76,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"e347e8e4-e94f-40b2-a461-f680d73559ff","block_type":"box","text":"considerations may affect a Fund’s exposure to cer tain companies or industries.","page_number":76,"box":{"x":69,"y":438,"width":575,"height":11}},{"id":"093cb501-315d-48cd-bb10-071b59a4a552","block_type":"box","text":"While Fund management views ESG considerations as having the potential to contribute to a Fund’s long-term","page_number":76,"box":{"x":101,"y":460,"width":782,"height":12}},{"id":"eb7275f2-e82e-403a-965d-6d540a33dd1e","block_type":"box","text":"per formance, there is no guarantee that such results will be achieved.","page_number":76,"box":{"x":70,"y":475,"width":500,"height":12}},{"id":"5254845c-07b9-4b64-84e1-9d33d1af73e6","block_type":"box","text":"Equity Securities.","page_number":76,"box":{"x":102,"y":498,"width":127,"height":11}},{"id":"3afef9d9-96b8-4d52-9de3-aa1f0448897e","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":76,"box":{"x":235,"y":498,"width":648,"height":11}},{"id":"a6bfb350-6ceb-4ce2-88bc-2dd64e10718f","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":76,"box":{"x":70,"y":513,"width":802,"height":12}},{"id":"273ca671-1253-40f5-991c-bfae8d3c9e13","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":76,"box":{"x":70,"y":529,"width":817,"height":11}},{"id":"fce358dc-cadb-4a10-b93b-63714cb2e916","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":76,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"abc8b4f4-150a-4e28-8642-ac3f2225d3ab","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":76,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"92fb3523-3042-4290-9f07-04ce74115ed4","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":76,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"7d0ec534-057a-4967-bb71-6dc24876fe45","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":76,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"baabe2c7-1cf9-420a-b35a-a470a26f5be6","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":76,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"a1ee63b5-ce26-4274-bf40-8a75f63880ff","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":76,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"6f10ed95-1942-468a-a160-e4eceabd114b","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":76,"box":{"x":69,"y":634,"width":831,"height":12}},{"id":"1776e2dd-ef4a-4ad0-99ac-c32a75af9aad","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":76,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"b1951bc0-521b-4229-a7c8-5f2db4db6a43","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":76,"box":{"x":69,"y":665,"width":325,"height":11}},{"id":"9950cceb-befc-45ba-a819-72794329f53a","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":76,"box":{"x":102,"y":687,"width":745,"height":11}},{"id":"5fba4df7-c639-4f25-926c-8eaf235c08d6","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":76,"box":{"x":69,"y":702,"width":833,"height":12}},{"id":"0b6fcdde-5eff-4e9f-98df-042fa3daf3e0","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":76,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"d84713b8-e61d-4e96-92d2-1040812c572e","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":76,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"fc68f90c-57f9-4cdb-b6ad-1670fca05502","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":76,"box":{"x":70,"y":748,"width":782,"height":11}},{"id":"03123e86-6a80-4483-857c-cba2e4f8fdfe","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":76,"box":{"x":69,"y":763,"width":790,"height":11}},{"id":"bd6c999f-9968-4c85-92e6-7b238f01cbe5","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":76,"box":{"x":70,"y":778,"width":823,"height":11}},{"id":"b9842c2e-6d4c-4623-9878-2e6e4f10bab6","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":76,"box":{"x":69,"y":793,"width":805,"height":11}},{"id":"d4ec7751-2122-4051-b952-2388091c73c3","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":76,"box":{"x":70,"y":808,"width":836,"height":11}},{"id":"9b0df57e-d82a-4299-8277-642d73410a68","block_type":"box","text":"initial public offering.","page_number":76,"box":{"x":70,"y":823,"width":147,"height":12}},{"id":"5512503c-449a-4e43-a958-1cc9681cc57a","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":76,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"c85b9425-4536-49ce-b7ee-501bb3dd4629","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":76,"box":{"x":69,"y":861,"width":838,"height":11}},{"id":"8d788af1-e734-46f4-825e-f2b8feac7464","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":76,"box":{"x":69,"y":876,"width":815,"height":11}},{"id":"b58a5d3d-51ec-422a-825f-6b522c686eb0","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":76,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"fca12458-6504-4bf5-87a5-08adbe0498c3","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":76,"box":{"x":70,"y":906,"width":831,"height":12}},{"id":"7a4a3288-0a38-42f8-b098-11f02f4e3976","block_type":"box","text":"II-28","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4c640716-7619-4631-9b7f-2af451c43d5a","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"93639780-2233-4c8d-ad40-0619648bd082","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":77,"box":{"x":69,"y":45,"width":826,"height":11}},{"id":"b6ea4cba-1f21-46eb-b514-a1b6c34f03f5","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":77,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"44730867-afc4-4777-90e0-f2560cf0acb4","block_type":"box","text":"more established companies.","page_number":77,"box":{"x":69,"y":75,"width":209,"height":11}},{"id":"30cc5da6-01e7-4163-8521-7c8a1220da56","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":77,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"3457197b-0cca-4b39-98ae-447254783020","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":77,"box":{"x":70,"y":113,"width":810,"height":11}},{"id":"0e17493c-68bf-462f-864c-2a23e1b039eb","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":77,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"fa2c9d88-cec4-4023-9142-58f609375e81","block_type":"box","text":"below.","page_number":77,"box":{"x":69,"y":143,"width":43,"height":9}},{"id":"fab7f716-7104-4ae4-af43-5067ba1c6a68","block_type":"box","text":"Real Estate-Related Securities.","page_number":77,"box":{"x":102,"y":166,"width":219,"height":9}},{"id":"72bbc27e-b26e-41be-93a6-d0984906fb6c","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":77,"box":{"x":327,"y":166,"width":565,"height":11}},{"id":"5db0378e-1add-4cad-b64d-3421ddc4ad4a","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":77,"box":{"x":69,"y":181,"width":822,"height":11}},{"id":"b26c43a3-2726-482d-a8cf-65a958b76913","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":77,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"cbce46db-958d-4f40-a1ba-31dbe8a8526c","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":77,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"bee745a4-f558-4b56-a610-c4b1b28ce4b2","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":77,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"be0ad275-00b2-402c-a0e5-157a681a9dc9","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":77,"box":{"x":69,"y":241,"width":795,"height":11}},{"id":"6b5861e2-25f6-4218-addc-0997ccf27ca8","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":77,"box":{"x":68,"y":257,"width":828,"height":11}},{"id":"c9da2df8-c2ae-42ba-b567-182b7e605ca8","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":77,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"c8910214-44cf-4bc6-beb5-6856858f5404","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":77,"box":{"x":68,"y":286,"width":805,"height":12}},{"id":"bee34146-0a51-44f8-8c75-07b2154732a2","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":77,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"79969cf3-9e02-4738-96d3-a158580b49ef","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":77,"box":{"x":69,"y":317,"width":838,"height":11}},{"id":"3f06a144-7526-4159-bce1-bde0fd82829e","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":77,"box":{"x":70,"y":332,"width":838,"height":11}},{"id":"a25dafc4-8b6e-46ba-9958-8f78c7ef2c0b","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":77,"box":{"x":68,"y":347,"width":785,"height":11}},{"id":"241417f4-ca29-4f2b-993d-0a88ae31dbc7","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":77,"box":{"x":70,"y":362,"width":836,"height":11}},{"id":"efacc826-4c01-4a0c-b20a-0f0cfab8a1ff","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":77,"box":{"x":68,"y":377,"width":381,"height":12}},{"id":"3e4e29de-e82d-4a6c-9fc3-adf9357fa5ba","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":77,"box":{"x":102,"y":400,"width":797,"height":11}},{"id":"77ef326f-2d1f-4a60-920b-1ba349fa666d","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":77,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"6635084d-d138-4fa3-93c0-1348206036d5","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":77,"box":{"x":70,"y":430,"width":794,"height":11}},{"id":"f7c25a96-db17-4f8d-b464-c8d6902a1ecb","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":77,"box":{"x":69,"y":445,"width":730,"height":12}},{"id":"fc0e8d16-7cf3-4fdc-bd38-679a60152df0","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":77,"box":{"x":102,"y":468,"width":381,"height":11}},{"id":"293a9b2a-9aef-4ac0-9f2d-ead8cfcb1a51","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":77,"box":{"x":490,"y":468,"width":376,"height":11}},{"id":"c2547403-ea47-463e-90a4-d386a66d129b","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":77,"box":{"x":70,"y":483,"width":828,"height":11}},{"id":"aac4d9f9-2082-4c44-bfc2-664a45168161","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":77,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"43801540-77e2-49cb-9aa9-96761aeb95e8","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":77,"box":{"x":69,"y":514,"width":804,"height":11}},{"id":"04de3654-6e1e-41e2-bb74-ffd83025959d","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":77,"box":{"x":69,"y":528,"width":647,"height":12}},{"id":"1aa23875-313f-4fef-9985-c7887092fd7a","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":77,"box":{"x":102,"y":551,"width":773,"height":11}},{"id":"882d742f-db98-4084-8d60-27fef5f2aa19","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":77,"box":{"x":69,"y":566,"width":597,"height":11}},{"id":"a870c6b9-8632-485a-ab1b-ee7578f730b6","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":77,"box":{"x":102,"y":589,"width":797,"height":11}},{"id":"8e8ff707-47f4-43db-a415-85ac31d213c1","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":77,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"1d2917e8-5442-498d-87c0-1e9ccdfccd53","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":77,"box":{"x":69,"y":619,"width":808,"height":11}},{"id":"e3234745-f80c-424f-9c73-fff8b140f6a7","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":77,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"975ec24b-507c-48cf-9ad6-ca65bbea641c","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":77,"box":{"x":69,"y":650,"width":631,"height":11}},{"id":"70be2071-daf8-45b5-a4a6-c63561f480d4","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":77,"box":{"x":101,"y":672,"width":758,"height":11}},{"id":"38644b10-a19a-4098-907f-01d3e4ca7feb","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":77,"box":{"x":70,"y":687,"width":787,"height":11}},{"id":"4e3f8f8b-8121-42ff-8b56-acffe0550137","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":77,"box":{"x":70,"y":702,"width":789,"height":12}},{"id":"f84d11aa-72d4-4d05-83ae-62fa1d13be70","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":77,"box":{"x":68,"y":718,"width":442,"height":11}},{"id":"2968b020-d3a8-4922-8c2a-0197fd83b54f","block_type":"box","text":"Fund management believes that relatively small companies may to have the oppor tunity to develop into","page_number":77,"box":{"x":102,"y":740,"width":735,"height":11}},{"id":"130f670a-1846-48ec-8776-2539b12de94a","block_type":"box","text":"significant business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of","page_number":77,"box":{"x":69,"y":755,"width":800,"height":11}},{"id":"c8fd300e-c192-405f-be02-fb38144d6990","block_type":"box","text":"business development that have a new technology, a unique or proprietary product or service, or a favorable market","page_number":77,"box":{"x":69,"y":770,"width":827,"height":12}},{"id":"3353b678-bfac-4ba1-94c1-000d50eae91e","block_type":"box","text":"position.","page_number":77,"box":{"x":70,"y":786,"width":58,"height":10}},{"id":"fb7c261b-b345-4cf9-aa12-3d84d147241a","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":77,"box":{"x":102,"y":808,"width":729,"height":11}},{"id":"ab4c4116-67c9-4d25-a070-2e0cc076d178","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":77,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"8cf894af-8bee-4d52-a7f4-bf28449a98ee","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":77,"box":{"x":69,"y":838,"width":794,"height":12}},{"id":"389268e5-c199-48c1-a59f-b6fad51fa33b","block_type":"box","text":"cycles.","page_number":77,"box":{"x":69,"y":854,"width":46,"height":11}},{"id":"3863c0f9-559f-4fa6-b996-b7e2d2599e42","block_type":"box","text":"Tracking Stocks","page_number":77,"box":{"x":103,"y":876,"width":110,"height":11}},{"id":"d5d274b9-bc12-4377-8989-9c27bc52cff0","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":77,"box":{"x":214,"y":876,"width":640,"height":11}},{"id":"760358cc-f927-493a-9e14-54c04b776a8d","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":77,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"44c83884-4770-48b8-9b35-c8b5430d430e","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":77,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"a8d840bc-10c4-401a-a530-ba22a9fcab39","block_type":"box","text":"II-29","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f8967821-fe64-4586-9fc0-46280af8ecbe","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3cdc9c2-d0dc-4168-8998-522084cc8c07","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":78,"box":{"x":68,"y":45,"width":801,"height":11}},{"id":"d399e289-832c-40c2-986c-c84c5bfa68c2","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":78,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"caf0a93b-de6a-426b-93ba-bbb51002657e","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":78,"box":{"x":102,"y":83,"width":245,"height":11}},{"id":"ec6cdb8e-302d-412c-86e6-4f51101b6571","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":78,"box":{"x":354,"y":83,"width":521,"height":11}},{"id":"a81a5461-ef4b-4d21-8962-e8c60474ed23","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":78,"box":{"x":69,"y":98,"width":814,"height":11}},{"id":"b32620a7-0972-49b1-a582-091c813c94fe","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":78,"box":{"x":69,"y":113,"width":774,"height":11}},{"id":"64bcac5d-4c1e-452f-9aee-f7fd52371500","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":78,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"ef6d87d8-60bc-4e12-892d-6f12462531e3","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":78,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"324d4e4e-2853-4785-b65c-fbdf6530587e","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":78,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"8c37778b-0a1d-4da8-8a8b-2302b5d3e9c4","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":78,"box":{"x":69,"y":173,"width":654,"height":11}},{"id":"e53c7ab4-8ccd-4fea-8982-2432e93f8350","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":78,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"0f6394c3-1652-4f62-ac5a-01b086879a1b","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":78,"box":{"x":68,"y":211,"width":748,"height":11}},{"id":"7a6f3b58-ae3e-46e2-b9f5-f388f421004d","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":78,"box":{"x":70,"y":226,"width":789,"height":11}},{"id":"060fb0b7-bb23-4102-a3bd-0a0460ecf37a","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":78,"box":{"x":68,"y":241,"width":783,"height":11}},{"id":"b724c853-8594-4ad9-85c4-36fc1edb15c8","block_type":"box","text":"replicate the per formance of the reference instrument. ETNs also incur cer tain expenses not incurred by their","page_number":78,"box":{"x":69,"y":256,"width":783,"height":11}},{"id":"22d762ef-3639-4a29-9a9d-bd273f1d3233","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":78,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"fecf91fc-0ac7-44bf-80d1-726dcc100203","block_type":"box","text":"purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in","page_number":78,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"87adde0f-47eb-4e95-83e1-5b2a7c65b666","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":78,"box":{"x":69,"y":302,"width":814,"height":11}},{"id":"3f4bb79d-535e-47ed-974c-ae881569924d","block_type":"box","text":"losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the","page_number":78,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"dd18b125-153e-4fa5-a040-63b34d86647b","block_type":"box","text":"loan still needs to be repaid.","page_number":78,"box":{"x":70,"y":332,"width":202,"height":11}},{"id":"d90883c1-18dc-4055-b483-51d2d5477f77","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":78,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"65a21af0-51a7-450d-9fcd-1a99c45827b7","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":78,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"4229d335-cce7-4544-abc2-3a4371941b0a","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":78,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"31b257b3-c5ac-4aa2-85e2-58791c388af8","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":78,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"56f99c10-d06f-4ba6-b171-48358d76a0ce","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":78,"box":{"x":68,"y":415,"width":766,"height":11}},{"id":"702270a2-6910-4f6b-bd7f-2f389f625549","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":78,"box":{"x":70,"y":430,"width":279,"height":9}},{"id":"f580d816-56c4-4544-a318-ba36804c1920","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":78,"box":{"x":101,"y":453,"width":791,"height":11}},{"id":"b4ed5b58-aed5-4e75-80c3-60d6bf0d1c6e","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":78,"box":{"x":69,"y":468,"width":818,"height":11}},{"id":"a89931f7-bf8d-4bcc-a15a-7e5599dac8c7","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":78,"box":{"x":69,"y":483,"width":547,"height":9}},{"id":"c5f0aec9-2d45-4726-a689-a2edec3e9039","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":78,"box":{"x":102,"y":506,"width":807,"height":11}},{"id":"1517a09f-0736-4063-a168-4e776e749ac5","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":78,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"fa2abc29-cade-4aa2-8026-1cbb0556cebc","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":78,"box":{"x":69,"y":536,"width":581,"height":11}},{"id":"67ef5342-4827-489e-8828-2ecda600d232","block_type":"box","text":"Foreign Investments.","page_number":78,"box":{"x":102,"y":559,"width":152,"height":11}},{"id":"ccc620c0-570d-48f5-a39a-9cd6bfeb6c4b","block_type":"box","text":"Foreign Investment Risks.","page_number":78,"box":{"x":102,"y":582,"width":182,"height":11}},{"id":"513bf381-344c-48be-86d9-91f405a80956","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":78,"box":{"x":291,"y":581,"width":567,"height":12}},{"id":"0ec64e70-7204-4dc8-95de-0e5e07ea15c4","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":78,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"a1f7639e-f313-41ed-a706-e58159b9eb71","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":78,"box":{"x":70,"y":612,"width":774,"height":11}},{"id":"ba5a05ab-853b-4b84-a09e-ca1bbe2da8f5","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":78,"box":{"x":69,"y":627,"width":738,"height":11}},{"id":"a16febf1-e406-4aed-9688-46806c699c77","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":78,"box":{"x":102,"y":649,"width":782,"height":12}},{"id":"148ea70a-e4b0-4d16-9786-d676ae25b776","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":78,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"ab423e17-e2f3-4994-a945-71ca0d34b23d","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":78,"box":{"x":70,"y":680,"width":771,"height":11}},{"id":"7cf47e53-a820-4f3c-ba4f-02107f539585","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":78,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"f0aed34a-fd6b-48a4-b1af-81fd32b261c2","block_type":"box","text":"benchmark index.","page_number":78,"box":{"x":69,"y":710,"width":124,"height":9}},{"id":"37108248-09a3-4e43-891f-6549f2e655a2","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":78,"box":{"x":102,"y":732,"width":767,"height":12}},{"id":"79394a32-8588-4dd7-baa3-c0b8b36ec68a","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":78,"box":{"x":68,"y":748,"width":742,"height":11}},{"id":"2bdd3902-316a-4d77-a488-86173333e826","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":78,"box":{"x":69,"y":763,"width":818,"height":11}},{"id":"466354a3-ca1b-4359-8b4e-d0dc477dbeba","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":78,"box":{"x":69,"y":778,"width":780,"height":11}},{"id":"1849d3ab-e746-4239-b57f-d66cd353f36b","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":78,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"a6df7663-7cba-4877-96b0-26918619692b","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":78,"box":{"x":69,"y":808,"width":794,"height":11}},{"id":"e3b99d19-7516-4773-b570-07f89ee86b23","block_type":"box","text":"securities and zero-coupon securities.","page_number":78,"box":{"x":69,"y":823,"width":268,"height":11}},{"id":"5291c108-9d1c-476d-8139-3c9a1caee776","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":78,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"3ac70507-f5c8-419e-be0b-622e28e396f5","block_type":"box","text":"taxes.","page_number":78,"box":{"x":68,"y":862,"width":42,"height":8}},{"id":"5e2a8f04-c640-49be-880d-25f78ed3e128","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":78,"box":{"x":101,"y":884,"width":798,"height":11}},{"id":"0af8e2ff-372e-40ca-a641-0b08ba3f7c8a","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":78,"box":{"x":68,"y":899,"width":815,"height":11}},{"id":"204257a4-31fa-4e5c-af0c-7a0c5387a3aa","block_type":"box","text":"II-30","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a6b7cdaf-d8c0-4eb1-a99a-5a87dbdc6ab4","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95430931-e4b7-4083-a248-ae1d527646fd","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":79,"box":{"x":70,"y":45,"width":792,"height":11}},{"id":"01540575-62b1-4abb-9b52-0e62de97234c","block_type":"box","text":"underlying security (i.e., the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":79,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"9eb5d7b7-5b78-423e-9767-ef8af0fecb19","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":79,"box":{"x":70,"y":75,"width":809,"height":11}},{"id":"5ce95eea-2cc8-48a4-9b2b-1d5699a10edc","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":79,"box":{"x":68,"y":90,"width":800,"height":11}},{"id":"ede7b945-a7d5-4a26-a7ec-6306c2557b91","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":79,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"d68b1705-2150-4a5f-a5d6-1a3e0112a207","block_type":"box","text":"Foreign Market Risk.","page_number":79,"box":{"x":102,"y":128,"width":144,"height":11}},{"id":"fd21971f-7e61-4894-a8ce-206b7de2eae7","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":79,"box":{"x":254,"y":128,"width":652,"height":11}},{"id":"764247b1-437b-46be-a863-162176490ec1","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":79,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"757b72ad-78d1-44f2-85e5-00f5b6a389a4","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":79,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"5ac56337-b1d1-41cb-91dd-d36cd9391a0a","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":79,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"5819d1f9-faad-45f0-af48-e7f0ce037b30","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":79,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"05690a36-5906-4d22-978c-cc70a5aabb6e","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":79,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"43100903-50ee-415e-9b77-d81372ea8d02","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":79,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"bea1e5af-27f1-4003-b474-37af6ea43a0d","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":79,"box":{"x":68,"y":234,"width":826,"height":11}},{"id":"c4b84187-4e49-4c9a-ba7a-c66aa3599728","block_type":"box","text":"tarrifs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":79,"box":{"x":68,"y":249,"width":836,"height":11}},{"id":"eaefed5a-8271-44b4-9546-ee11ff9a0f9b","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":79,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"088284b1-97c0-4ca2-a8e1-de002a6b4d7f","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":79,"box":{"x":70,"y":279,"width":807,"height":11}},{"id":"c4f5e79b-3fdf-432b-9b1e-937ae1adf42d","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":79,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"307312c0-e3cc-4441-ad52-a3368f709e63","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":79,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"dbc80545-c830-4884-920b-63102b4a734a","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":79,"box":{"x":69,"y":324,"width":813,"height":12}},{"id":"f41a026e-a4b6-40e4-b8ac-73aab9c798ac","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":79,"box":{"x":68,"y":339,"width":828,"height":12}},{"id":"a766832f-709d-4aeb-84c0-b94edd482e68","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":79,"box":{"x":68,"y":355,"width":782,"height":11}},{"id":"b5c68b03-46aa-466c-be58-37d86e36f3c1","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":79,"box":{"x":68,"y":370,"width":796,"height":11}},{"id":"e9919ea2-b20a-49e2-b64e-797c5150fff5","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":79,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"49fda73d-cfb5-46e0-bbf1-d7d909ab678e","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":79,"box":{"x":70,"y":400,"width":768,"height":11}},{"id":"abdca22e-3d84-4c7f-9b87-e49bcac3e1be","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":79,"box":{"x":68,"y":415,"width":813,"height":11}},{"id":"c945827b-4a50-4f5a-994c-4725507ee07d","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":79,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"1751b84f-a65c-4699-9125-7b76f67c4b2d","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":79,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"eaeaa2df-450d-4279-b733-cf824667394b","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":79,"box":{"x":68,"y":460,"width":782,"height":12}},{"id":"c103388d-cc23-4f01-9848-f0519ca8c9d7","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":79,"box":{"x":69,"y":476,"width":830,"height":11}},{"id":"671f7ffd-873d-4e3e-ab62-11821cee570b","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":79,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"1ea99e7b-2239-4cdc-8c12-d3bf6214b19b","block_type":"box","text":"Fund’s operations.","page_number":79,"box":{"x":70,"y":506,"width":130,"height":11}},{"id":"a12f3ef8-e1b2-40c7-a5f2-6819163be58a","block_type":"box","text":"Foreign Economy Risk.","page_number":79,"box":{"x":102,"y":529,"width":158,"height":11}},{"id":"2dbf9b27-9649-4b88-a56d-501f2759b762","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":79,"box":{"x":267,"y":528,"width":636,"height":12}},{"id":"a1e17fa8-d9cf-4d76-a726-d0df1e7217da","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":79,"box":{"x":70,"y":543,"width":812,"height":12}},{"id":"9e94b19a-4949-4598-9684-fc8dc1785a6a","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":79,"box":{"x":69,"y":559,"width":835,"height":11}},{"id":"17395ca4-9dc4-40f5-a074-ab96544dd5eb","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":79,"box":{"x":69,"y":574,"width":795,"height":11}},{"id":"0574e5e6-b56d-444e-816a-668e30b8a44c","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":79,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"838023bf-6711-4d92-bf37-934f6d4a7805","block_type":"box","text":"measures.","page_number":79,"box":{"x":69,"y":606,"width":74,"height":7}},{"id":"c711c7c6-148b-4954-8b76-c3a6a149ffde","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":79,"box":{"x":102,"y":627,"width":240,"height":11}},{"id":"46380933-30f9-4318-a7b7-0af542151b28","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":79,"box":{"x":349,"y":627,"width":534,"height":11}},{"id":"db944d73-d4ca-4129-84df-5adde2465ac2","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":79,"box":{"x":70,"y":642,"width":838,"height":11}},{"id":"34f24b48-eb8a-474b-9b78-eacbb39af67e","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":79,"box":{"x":69,"y":657,"width":833,"height":11}},{"id":"cfdaeadc-cfff-49ed-a349-a1fa9ca336b8","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":79,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"45b44132-9088-44ea-925e-7ad816de950a","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":79,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"d688cfee-bef0-46f8-9ef3-335c561b4b60","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":79,"box":{"x":68,"y":702,"width":816,"height":12}},{"id":"b385580c-b44f-469e-b1cf-f5285ab4fade","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":79,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"23fb8722-91b2-4fd9-a970-3c1b4f85b5d7","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":79,"box":{"x":68,"y":732,"width":771,"height":12}},{"id":"e3b60103-8831-472e-9170-450fa8ce616b","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":79,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"57e1dd2b-ba59-436c-9468-1ccb53ce145a","block_type":"box","text":"United States or abroad.","page_number":79,"box":{"x":70,"y":763,"width":172,"height":9}},{"id":"7fe61d20-af84-4186-aeeb-24e5bf63c90b","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":79,"box":{"x":102,"y":786,"width":466,"height":11}},{"id":"e9a4c900-b137-4e40-ae86-6c4e1c388116","block_type":"box","text":"Many foreign governments supervise and","page_number":79,"box":{"x":575,"y":785,"width":293,"height":12}},{"id":"c160f299-e937-4592-8d0d-0da3709c7044","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":79,"box":{"x":69,"y":801,"width":828,"height":11}},{"id":"6dd3b00d-75cc-4186-a76e-eae1206c3d00","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":79,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"a506850b-35fa-45a0-9173-693f9e21a6dd","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":79,"box":{"x":69,"y":831,"width":778,"height":11}},{"id":"094a0756-f954-46d7-a982-83615748dad1","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":79,"box":{"x":69,"y":846,"width":794,"height":11}},{"id":"f25d279b-3392-438f-9214-86c45dc99eff","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":79,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"afdee53e-e177-4ee2-b5bd-1c0c20945213","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":79,"box":{"x":69,"y":876,"width":840,"height":11}},{"id":"e1eec87c-9db4-464d-be9a-6e9b115dfd4d","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":79,"box":{"x":69,"y":891,"width":760,"height":11}},{"id":"b5bfec3e-e966-4d7f-a49a-ccda5b7d8570","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":79,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"33b29d0f-9cef-45d0-b84a-3174d2dc2946","block_type":"box","text":"II-31","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d5ca7cc4-15d2-4494-9da1-15674b6071f7","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1ddc8ac4-ba25-4c9f-a720-b2d9896648c9","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":80,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"d8ba2c6d-7a67-440f-841f-6b7fca8263fd","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":80,"box":{"x":69,"y":60,"width":793,"height":11}},{"id":"069bbe55-bc32-434a-affe-a0900826e9ca","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":80,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"ecac478a-383d-490e-855a-c1fd2bd20e08","block_type":"box","text":"investments.","page_number":80,"box":{"x":70,"y":90,"width":89,"height":9}},{"id":"01e43778-be8b-4e5d-bb89-d67b5029c874","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":80,"box":{"x":102,"y":113,"width":458,"height":11}},{"id":"13fc7c59-34cb-4dfe-83e2-53ec07b10d18","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":80,"box":{"x":566,"y":113,"width":341,"height":11}},{"id":"3ffdd3c0-91d2-4c70-b69d-85fa523c21ac","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":80,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"30cac4a8-55b0-4258-8163-75f1ad8e8a91","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":80,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"9d16d0c9-fe0d-4e25-a92e-1e83e8422ea8","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":80,"box":{"x":68,"y":158,"width":838,"height":11}},{"id":"be83ec95-f3e6-4636-9751-b69854872cab","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":80,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"b98e3b28-12a0-4466-8945-d7c9cdd13f4e","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":80,"box":{"x":68,"y":188,"width":777,"height":12}},{"id":"cdd13f64-bcfb-4960-a53a-83a978b67f7d","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":80,"box":{"x":69,"y":203,"width":831,"height":12}},{"id":"10df6600-62e7-4e67-96fe-9722baebb535","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":80,"box":{"x":70,"y":218,"width":828,"height":12}},{"id":"3c7d6da6-a1d1-43b2-b1ef-6b788d0cdaa8","block_type":"box","text":"States.","page_number":80,"box":{"x":69,"y":234,"width":49,"height":9}},{"id":"0b7e9f62-5ede-4a02-af87-9eabe24bdb6f","block_type":"box","text":"Publicly Available Information.","page_number":80,"box":{"x":102,"y":256,"width":210,"height":11}},{"id":"03377ed4-52a3-4fde-99c9-408538290abc","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":80,"box":{"x":319,"y":256,"width":558,"height":12}},{"id":"dad7274b-f3f6-4555-913a-63d23123b041","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":80,"box":{"x":68,"y":271,"width":779,"height":12}},{"id":"c3d06729-57b8-43b4-bf4e-329d31d51c9d","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":80,"box":{"x":69,"y":286,"width":793,"height":12}},{"id":"95855624-cb81-4f00-a30f-f9f13a213234","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":80,"box":{"x":68,"y":302,"width":834,"height":11}},{"id":"f1b1d980-6a38-4f8d-87f5-021bdd03bb3f","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":80,"box":{"x":68,"y":317,"width":841,"height":11}},{"id":"85b21fe0-9448-4dfe-a681-27dd4316b227","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":80,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"44e3b639-45f2-4c13-ac6a-c00bef91ac05","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":80,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"9f871ecf-6150-445c-92b7-a5824439ff93","block_type":"box","text":"United States.","page_number":80,"box":{"x":70,"y":362,"width":99,"height":9}},{"id":"ee30fed9-4844-4cc3-8f1e-071e1c043e00","block_type":"box","text":"Settlement Risk.","page_number":80,"box":{"x":102,"y":385,"width":116,"height":9}},{"id":"1acebae9-40c6-433f-ba41-203b7fb8cac6","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":80,"box":{"x":225,"y":385,"width":669,"height":11}},{"id":"6e2d9bc2-0c46-4067-914b-313ff2c7aba3","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":80,"box":{"x":70,"y":400,"width":837,"height":11}},{"id":"8a44bcae-249f-4883-8f6e-f49154f9597e","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":80,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"487caffc-dc38-42aa-bad7-62d04245714d","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":80,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"989aaa62-2c9a-44a0-8992-d37d109bb3ba","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":80,"box":{"x":102,"y":453,"width":781,"height":11}},{"id":"b43e6568-a41e-4ff4-a665-66a4b9b50016","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":80,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"bad1072a-5dd2-4b6a-9730-edcfd8f6986d","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":80,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"5e509bcc-fdc2-4465-afcf-5ebacdf381e4","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":80,"box":{"x":68,"y":498,"width":802,"height":11}},{"id":"d4742377-dc8e-4712-9edf-87eda8c1fea4","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":80,"box":{"x":69,"y":513,"width":812,"height":12}},{"id":"7069c9a0-1930-4424-a2d2-0fe50fd43ff4","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":80,"box":{"x":69,"y":528,"width":821,"height":12}},{"id":"004eacd3-b7b4-46ea-9164-e4784cd3e85e","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":80,"box":{"x":69,"y":543,"width":816,"height":12}},{"id":"196efce9-3c4d-4d0d-9721-fbc38ac95359","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":80,"box":{"x":69,"y":559,"width":539,"height":11}},{"id":"40e9533d-50c7-4e1b-b874-ac4e0fca16ef","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":80,"box":{"x":102,"y":581,"width":781,"height":12}},{"id":"3bb4dc8c-8db0-4b7b-8b73-57b210311f3f","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":80,"box":{"x":69,"y":596,"width":810,"height":12}},{"id":"a8f026d2-4d3c-4b3c-9529-38f3074bce86","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":80,"box":{"x":69,"y":612,"width":601,"height":11}},{"id":"f16c3643-cca4-4266-88f0-0f04099b750b","block_type":"box","text":"Sovereign Debt.","page_number":80,"box":{"x":102,"y":634,"width":111,"height":12}},{"id":"ca35b564-567c-4c3c-95c7-78234b2ed77a","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":80,"box":{"x":221,"y":634,"width":653,"height":12}},{"id":"694f31e5-7f70-416b-a949-7eb6201a7041","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":80,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"c3db31bb-9726-4753-9d93-5f3ca0c42871","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":80,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"f182e3d7-a780-4252-a067-f882bb320124","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":80,"box":{"x":69,"y":680,"width":798,"height":11}},{"id":"957a5b97-7c81-4d9b-9413-0c45a504366d","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":80,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"6397603e-5748-4b85-8d81-3b9eb1b6429e","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":80,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"79792df8-9ab6-4eaa-a5c6-663ea3d2ea45","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":80,"box":{"x":69,"y":725,"width":790,"height":11}},{"id":"4d286b46-5314-40ba-ab64-58d192e221ba","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":80,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"daf8eaaf-a5b7-4bd7-925a-6c63eba49015","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":80,"box":{"x":70,"y":755,"width":805,"height":11}},{"id":"f8210d1e-0ad0-42df-aee1-cf39238dfe94","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":80,"box":{"x":69,"y":770,"width":772,"height":11}},{"id":"2d27027f-125e-4712-b84f-7c602919dd01","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":80,"box":{"x":69,"y":785,"width":789,"height":12}},{"id":"b5052c3d-1443-4afc-9910-64bdff067782","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":80,"box":{"x":69,"y":801,"width":839,"height":11}},{"id":"147844d2-53fa-4548-8354-d9c41d43226b","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":80,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"8ed79183-0de5-461b-a6bc-d0d963bbbe18","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":80,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"7a37587c-f7d7-4ab0-9cb3-a3ddecac9b0e","block_type":"box","text":"debt.","page_number":80,"box":{"x":69,"y":846,"width":34,"height":9}},{"id":"bbf146b6-701b-460f-bc40-5c3274437743","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":80,"box":{"x":102,"y":869,"width":807,"height":11}},{"id":"61198789-213a-4fe4-a289-3260cfa18e92","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":80,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"ffcce069-e987-48f8-9fc6-ca29c32a6ae9","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":80,"box":{"x":70,"y":899,"width":300,"height":11}},{"id":"34212160-de0b-436c-b6ff-3b4ac38f5675","block_type":"box","text":"II-32","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5bd2dd03-9c21-4957-b283-c6f31db1aa9b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"165ed6e6-41d8-43a4-9775-0f61b01bbbce","block_type":"box","text":"Withholding Tax Reclaims Risk.","page_number":81,"box":{"x":103,"y":45,"width":226,"height":11}},{"id":"9aa0f265-aae5-4918-a600-975467fec422","block_type":"box","text":"k.","page_number":81,"box":{"x":328,"y":52,"width":3,"height":2}},{"id":"a714f29a-60be-4627-9bda-353bd801ee8e","block_type":"box","text":"A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":81,"box":{"x":337,"y":45,"width":534,"height":11}},{"id":"058d11e3-0659-4704-a7f7-ca8c0d63223c","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":81,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"adf05b06-1f8b-4242-9888-c98fbcc19792","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":81,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"26642adc-424d-400a-8f6e-4c41ccdca11b","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":81,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"081ca16b-f487-4f25-b7c8-ad8737795ca4","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":81,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"8f5cbe13-bb6b-4594-82a4-083e402bca0a","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":81,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"1088a4a2-da10-4c94-8030-7ebce0645617","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":81,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"3f038cc9-1370-4ed6-8b47-e730cb6779f1","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":81,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"360012a0-3422-49ea-939f-716077138e61","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":81,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"779b6dc4-8a36-401a-9a3f-938521a310fe","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":81,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"d1bb38b8-a495-45b4-b021-d66413e85722","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":81,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"7298dd8c-59b1-4e9a-8909-ca9d3c28f485","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":81,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"62ac80be-5ca0-4c40-870b-fda35c432337","block_type":"box","text":"in the Fund’s net asset value.","page_number":81,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"5b1eb2f6-3559-4ee6-a435-7efc200b5483","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":81,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"6da4c311-53f0-41fa-8555-59a9812bbfb7","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":81,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"1818bb49-81fc-4c8a-9df9-d8ab2c8bb6ca","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":81,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"939ff54b-8d78-46fb-9647-3989b9353a09","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":81,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"ec6b34fe-bdd2-43b9-a41f-7316efb73bd4","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":81,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"40265366-92c6-4f44-a42d-cc2039368c52","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":81,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"adc89747-147e-47e7-aa86-307d769a6956","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":81,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"b8b4b026-6f70-4b43-af46-e8a2411f63e3","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":81,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"3395b59e-490c-4d71-888d-5ce62ce088dc","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":81,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"f86591a4-6527-471f-aab3-94dbee9d7b80","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":81,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"2df5553a-fd52-4bdd-83cc-9712df951672","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":81,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"a41d7834-4cb3-4a13-afa9-ee57c2716979","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":81,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"0ffb0bda-cd15-40eb-aa1a-4fdc4265dd2a","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":81,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"3209395c-b441-4391-8af0-a93cd89b379d","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":81,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"ebd1adac-7f24-4727-9353-22dfb16305b9","block_type":"box","text":"Fund may invest.","page_number":81,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"13e6360e-6ac6-4272-bd67-5372ee58b61c","block_type":"box","text":"Funding Agreements.","page_number":81,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"d9e0753e-6fb2-496a-af57-f10c6fa9d2d3","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":81,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"31e54dfe-f4d6-42c2-b83f-2e05f271d412","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":81,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"8ce40257-fee1-425a-9f60-e76f80b7dcb0","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":81,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"2622590e-7ee7-42aa-8672-cabf76a55304","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":81,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"c0e96ffb-cb46-46cd-b44b-26b0637c6b9b","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":81,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"65ce6798-f8a9-4a50-bfcb-ca7034da0ba6","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":81,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"0a30b847-83db-45a9-bd95-5780f16f16cb","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":81,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"3429e0b7-1957-406c-b0d8-7d1d51d9a1c3","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":81,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"c596ff6e-ffcb-4c38-8a58-9fcbfda4e6b0","block_type":"box","text":"Guarantees.","page_number":81,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"3cee061c-3eae-4867-b9be-d8e8d2e43647","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":81,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"b0792339-ca8d-468f-b707-465d300b168d","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":81,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"94511c60-7f5f-4d6e-8b2e-ab4c4ea796b3","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":81,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"329c601e-41ad-4328-88f0-5f67919c625c","block_type":"box","text":"Illiquid Investments.","page_number":81,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"6d9c6c15-0e8b-4f2d-83a7-7a221e66609b","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":81,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"efdc3496-d7d3-4a1e-91a3-bf0f003517b5","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":81,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"d1eaf430-7ba0-4d42-abdb-c2de1efc3338","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":81,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"dc8bfb2b-e75c-40a4-ae76-832b9acdb560","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":81,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"f61184c5-8f39-4b0d-bb34-5224bf14d3eb","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":81,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"e4f9e562-4af0-41ce-9076-483f325db72a","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":81,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"7499525a-e8cf-4bfe-b765-4a7d74926587","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":81,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"70bdcf64-3da4-41c5-9e78-54fa1c270b1b","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":81,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"1b0ee670-3acd-4c11-b467-813a15575316","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":81,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"e26b2065-b89b-474f-892c-38b69b141867","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":81,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"c71b4aaa-6827-48a1-87d4-1aacc9be51d5","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":81,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"da367c9e-8651-49e0-98df-34619a20d9ba","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":81,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"04b3f7df-4cb1-49ce-98f1-51da52fd0f47","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":81,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"d72bf8bf-705e-4e7b-b390-d362d9c7c606","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":81,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"a1c6ef8c-9f10-4ce9-9646-2a04ff2c990f","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":81,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"6c438c23-e1fc-42ff-97da-2f3b85e0c7c1","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":81,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"0548e2d9-776d-4db4-8ba4-e23d33eb3678","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":81,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"b7fd9ff9-3f4e-49a9-9541-8fabee93eee2","block_type":"box","text":"II-33","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5d2b8ebf-00bb-43a2-81b9-feaf61ef3feb","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"25247746-d129-4e4b-8aed-de703ed134b3","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":82,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"3bd9a78c-c9f1-4cbb-82a5-b09742fcd846","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":82,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"ffe5e638-af4e-430c-930f-3b04f11ed6d9","block_type":"box","text":"Index Funds.","page_number":82,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"031e3838-28c2-421a-b579-939051e37c9b","block_type":"box","text":"Cash Flows; Expenses.","page_number":82,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"1859af57-bc77-4f53-9a00-9131d7e35aea","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":82,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"986d5e7a-6fde-4f0f-8459-11934192144c","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":82,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"db77fa32-bb11-43d1-ad31-14515b178f9d","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":82,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"dd448f2c-28b6-4ac4-b794-3f9dd7805782","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":82,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"13f7cb75-287b-4e1c-86aa-7c0f88af7f10","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":82,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"5e1699dd-53cb-4565-b73c-7b65b6436319","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":82,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"6303f09d-7052-4f74-b1a7-98ff0a41bbdb","block_type":"box","text":"(","page_number":82,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"4dccca02-6bc0-46b3-95f1-067c0275162a","block_type":"box","text":"e.g.","page_number":82,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"8617372a-3fc5-487e-9165-5de2d2f0bd9d","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":82,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"2da5b72d-301a-4d47-be27-3d6b78f56b36","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":82,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"987e35dd-65ec-49a7-a563-18fbbf9fa3c1","block_type":"box","text":"par ticular security as an investment.","page_number":82,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"75be7181-a39b-45de-a236-8a9ffd740a41","block_type":"box","text":"Tracking Error Risk","page_number":82,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"ba080efd-2603-4d0f-871d-c9e703e7ac6f","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":82,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"2d3e1d37-84eb-4c81-917a-80d10125d743","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":82,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"524f77fa-6884-4efd-b51b-7d04fa4c3303","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":82,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"8f957c03-fe03-47cb-ae7b-7a8fe61cbc7e","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":82,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"4a6527e5-5314-4acb-b9b0-7b982da9a015","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":82,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"8f9a4dcf-38d5-47c2-8fd7-3287cc538bae","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":82,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"b4767bbc-f3d0-426d-b86e-9112d29465f3","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":82,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"0aeb6e1e-b6f4-4751-8d44-9266134ed10b","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":82,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"303b608e-eed7-45af-b686-abea9b9e0765","block_type":"box","text":"complying with various new or existing regulatory requirements. 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FTSE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":83,"box":{"x":70,"y":816,"width":799,"height":11}},{"id":"2bff0260-0cf2-4217-a6bf-442a851bede5","block_type":"box","text":"person into consideration in determining, composing or calculating the FTSE Index.","page_number":83,"box":{"x":70,"y":831,"width":587,"height":11}},{"id":"8d400f49-3999-4156-93bb-1b1509d22702","block_type":"box","text":"Bloomberg Indexes.","page_number":83,"box":{"x":102,"y":854,"width":139,"height":11}},{"id":"a01c0be6-0fa2-47a1-9a27-af11bb6ee3f8","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Bloomberg","page_number":83,"box":{"x":249,"y":853,"width":636,"height":12}},{"id":"42d59aea-37aa-4c4c-bf7b-1167dcccdd24","block_type":"box","text":"Finance L.P. and its affiliates (collectively, “Bloomberg”). Bloomberg is not responsible for nor has it reviewed any","page_number":83,"box":{"x":70,"y":869,"width":809,"height":11}},{"id":"e5890f6c-1e35-454c-abf3-ccd9bd0102f8","block_type":"box","text":"Fund nor any associated literature or publications, and Bloomberg makes no representation or warranty, express or","page_number":83,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"d21ae4f7-2bb4-46ef-9cfd-aeb83ab0809c","block_type":"box","text":"implied, as to their accuracy, or completeness, or otherwise.","page_number":83,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"fa41a84f-f36c-45a6-9de9-b6d27a87a9ca","block_type":"box","text":"II-35","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"15547d0c-423f-445f-92d2-cd74b9bc5591","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e117732a-0278-465b-8876-e1f1790f2443","block_type":"box","text":"Bloomberg reserves the right, at any time and without notice, to alter, amend, terminate or in any way change a","page_number":84,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"b974a417-51b8-4e7e-873d-b5eebbf17a20","block_type":"box","text":"Bloomberg Index. Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":84,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"5f84e3cf-bae6-48a0-9ebd-588bd0347c70","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":84,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"fd00c04f-c3a6-4ab4-b6d1-1a1690f2faa7","block_type":"box","text":"ICE BofA Indexes.","page_number":84,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"ed740f9f-42ed-43d8-914d-d6048ac2b830","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":84,"box":{"x":233,"y":98,"width":670,"height":11}},{"id":"a824e365-4be4-4b46-9791-62d1f850a0bc","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). 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ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":84,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"5971ac67-ddbc-4da0-91d7-32fd4af143b8","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":84,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"c4d5925f-c93d-4438-a296-a390ef4980e6","block_type":"box","text":"Indexed and Inverse Securities.","page_number":84,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"7e0ec285-320b-45d7-bdce-460028ed2080","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":84,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"2b3be1e7-f2b7-4c2d-86af-2e05483da345","block_type":"box","text":"par ticular index of value or interest rates. 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To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":84,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"14d41b76-aeb2-413f-8db7-d9649c27cb35","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":84,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"234be5b4-9db1-4dea-939d-1d4676bddc5a","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":84,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"24d42f9f-0372-42ef-9410-4cc9d2c27b30","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":84,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"d63e1889-ed03-4beb-9051-45e0ddeb4217","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":84,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"4c74bd58-31a6-47b1-af1b-36539c7d9b4f","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":84,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"c4af2762-e09c-4a37-ab59-c77e26053ded","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":84,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"74c84832-6b95-41e9-b29e-37b95cf0a64b","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":84,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"bd8d85e9-12c3-41ce-9f0b-e3c915774cbb","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":84,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"4a460f9d-15fe-4851-9e26-9d8bb0bf9a14","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":84,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"fa565903-f779-4914-b755-5227912e300f","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":84,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"ef7944fc-c3c0-4bd0-9b2b-c6708b686887","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":84,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"e6e797f1-60d5-4c3a-9a67-d6b9308a37a6","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":84,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"14783ec1-21d1-4c76-9179-77012c57370f","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":84,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"3fb1dfe6-394d-4122-855c-b5c7ca211ef7","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":84,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"332bc1ab-3f38-4771-9d99-6d92a1c280af","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":84,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"69b65c7d-1758-48d0-b449-e189a784fb5e","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":84,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"7e6f6680-db4c-4972-b8a8-8703e024ee8f","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":84,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"a02031fa-0583-4f6a-b3d2-ceb21c7bed2b","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":84,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"5c5d09e1-e59a-4df8-b64c-e77527d951d1","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":84,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"b7b2272a-1c08-43a5-8c3a-90fcb7cae36b","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":84,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"469a030b-c6ac-45b3-8919-66597dce89d6","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":84,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"2beea6dc-abb5-4d68-89bb-c91cc9bc75f9","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":84,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"595eb843-85d5-423b-91d6-0d23d174cb91","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":84,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"abf8178c-1fc0-4a54-8403-59198803a2fb","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":84,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"91bb629d-92f3-4bf4-95d8-d2af13c5c14c","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":84,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"750d4156-b783-4ac3-9796-8b7225690e64","block_type":"box","text":"Inflation Risk.","page_number":84,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"6bc932a9-174a-455f-a315-84929f86a27c","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":84,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"99b17259-40fe-482d-8ae7-f1e6b2af2300","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":84,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"f16fa14e-d594-47a0-a2f7-c77e5b905955","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":84,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"25365cca-0a71-4d2a-b9ad-57b53c6aa07e","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":84,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"62b80519-9d5f-4ae6-9396-10565915f9e1","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":84,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"e99f46e8-7979-4b60-9f85-7d592a7ed956","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":84,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"30182b72-73dc-4ffd-aa90-b803497fae30","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":84,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"d3381720-d301-46ae-8854-584f77596159","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":84,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"c7814e0b-b665-4a12-8753-4f30a4bf8536","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":84,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"3516075b-d760-4662-ad2c-384b365b7033","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":84,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"0eaf91b6-edcc-474c-8f2c-3aa290b4922e","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":84,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"30a58e8a-d4d4-4180-aa28-b1d117974404","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":84,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"ea212a96-07f3-47e7-a9f6-a9b477ce7604","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":84,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"370973d9-65ac-47eb-9019-da4641696c39","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":84,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"f11582d3-d3f9-4f2e-bebe-ba17f40123b8","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":84,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"661ec1e1-e641-4ab5-a4d0-1883304aeeb3","block_type":"box","text":"II-36","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a9052877-04bd-4ef0-8909-dbb68fc171b8","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5d0ee4d8-b229-4643-81ff-b2154a3994f9","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":85,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"bfb3c987-5198-4233-9cb7-34dd98349254","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":85,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"f3902347-09ca-4112-8037-80a551a4742a","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":85,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"e619da8a-dfc6-4a01-9c2f-581cf686c07e","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":85,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"a9e75872-52be-4935-8be2-d81c742bf51a","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":85,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"986be139-7de2-46b2-9491-0ec3bb375b10","block_type":"box","text":"be available for very limited periods.","page_number":85,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"d39cb14a-52f9-4c54-b936-f218d40e1334","block_type":"box","text":"Investment in Emerging Markets.","page_number":85,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"6455eecf-9dd8-471f-8bba-e3da1cf80f14","block_type":"box","text":"General.","page_number":85,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"702c43c2-1767-4396-8744-ff19e5d0dcbe","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":85,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"6a3c38aa-0c0c-466a-a1dc-48ea55c8f484","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":85,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"dfb13bb9-09ec-4445-9087-866518ebff4f","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":85,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"d3f5a33f-0e16-492a-9d62-6329a1cda73f","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":85,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"cb502241-d580-4549-a42f-02fd8620fcd6","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":85,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"2a5ebeac-b4d4-4b62-926a-23a5216796b9","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":85,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"943cb362-63a4-4137-b561-5391a51263a0","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":85,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"32f68f09-8186-4d10-8e1f-f04bd1c57858","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":85,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"3bb47215-0008-4fc0-be6c-beb5380fbd62","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":85,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"23301955-58fe-4af9-8946-6e5d8d01a119","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":85,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"051fefb2-04ee-435f-956f-e481314570fd","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":85,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"4d78a52b-d1cb-446b-8c4b-2279dbe187ee","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":85,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"352a47ca-d85f-4f0a-83c1-9aff6bf82b85","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":85,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"5a011b9e-ab17-4d40-b66f-634e66e14152","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":85,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"880d628b-a002-47b6-a686-1891831d020c","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":85,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"2739021b-9285-4cf9-8dba-217180f4ae00","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":85,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"9a35ead2-c6c7-40b8-93a6-2dcd1fd4b24a","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":85,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"8033202c-e9ab-40e8-bfbb-163a9de25b83","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":85,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"d1bdd5c1-dd61-4b88-9a4b-6cb9fb36f060","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":85,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"484076d7-70a6-40cc-85db-2ce5ee60752c","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":85,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"9bb7184f-3dc9-448e-a988-998995409cc3","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":85,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"bcaa56e8-1ae0-4edb-b4ba-e71d4f3ca265","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":85,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"4320754e-0896-4e51-942a-bea8057ef3ee","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":85,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"d03cd4df-cdf6-4b78-9994-82902428d104","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":85,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"6e58e872-665d-44ce-931b-3670e352cc8c","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":85,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"b44f0f61-37e1-406f-9e06-288c8597d80d","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":85,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"d73600db-bdae-4512-8eb5-767c77afc184","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":85,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"c4a80aa1-5741-4f6c-a9f6-690ccb8b12c2","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":85,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"5dfa5aae-ffff-4f9a-a5ce-81227341d0f7","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":85,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"9cad715c-222f-4f97-9436-d9c88108865d","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":85,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"e7314b7b-353b-4672-a991-0ae8c5c589af","block_type":"box","text":"volatile than investments in more established markets.","page_number":85,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"3fb03f59-dbf4-453c-952d-898f04b7ac31","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":85,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"47854bb1-f2e4-4eba-b05e-376bc98d2194","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":85,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"0694991d-7634-47ce-bcab-7f397d3db4f9","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":85,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"96a8bc9a-ca66-4423-9018-60edc6e88c06","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":85,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"24b03065-a534-4562-9425-fdea5f8423c0","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":85,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"824485a1-c5e9-49dc-95c1-29df6dc303da","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":85,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"252f74e4-3a0d-4a13-b855-2e42da3a4aa0","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":85,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"5b6f58d7-dcea-4754-b9e8-6835fb4d555a","block_type":"box","text":"acquisition or disposal of securities.","page_number":85,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"7fca2996-9cfd-42e7-be18-580c3119ad49","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":85,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"da79f283-e142-4744-8857-ca5ff8601ddc","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":85,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"c3162b4f-a0a9-48ae-8ff6-080b976dcfc4","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":85,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"f831330a-2d77-46ca-b78d-58e58e5a4aac","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":85,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"648fa99a-1468-4b4a-947a-fefa126d71f4","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":85,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"be7ad2fe-4f9a-45e0-9b75-efdf15dcd472","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":85,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"26f9de0a-2dea-46ca-92d6-42c0cec8487c","block_type":"box","text":"II-37","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c6ba67e1-60b3-40bb-8572-3411ef0594d8","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4328d164-4903-4276-83a1-40445cb50b33","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":86,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"85f50e18-9894-4cb6-8222-aac53aa5eaf2","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":86,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"ad365681-db3b-4456-bf3a-83bf005f0b08","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":86,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"96ff02da-08ce-4447-b950-dacf891c7432","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":86,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"aedc4a04-0526-4543-b705-e20613b4fe7c","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":86,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"2aa529fa-0df8-4be9-9762-9cc9a89b4f62","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":86,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"ec55ed53-2756-47c0-bf5d-ea1fbf7368d7","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":86,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"5b00a925-70f9-4b1d-bd52-1792ab0c6127","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":86,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"68a2122f-97e2-4103-8a68-9c164099d806","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":86,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"af0e4617-4165-490b-9e9d-333d596c5f71","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":86,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"0acccde4-a0c0-4e66-abe6-4525c4ada854","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":86,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"c1b1a0a2-57dd-4220-8791-7e6bdcaa2709","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":86,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"9669a675-45e2-42ca-8429-786c2511b7a6","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":86,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"d24c36b4-2f51-47bf-b94b-32fa2c76ff35","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":86,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"828d4c3d-c4e7-4099-a7d8-52b1e00744c8","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":86,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"feb49b4a-1e96-4833-aecd-abc8d953c46d","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":86,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"1fc024f1-35a1-4ed2-b80b-13c4d4b0a924","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":86,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"766cdf2d-3049-4e1e-817d-ca130d46420e","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":86,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"1cfa0363-d364-4d09-91d0-660b0487cfcd","block_type":"box","text":"per formance of the Fund.","page_number":86,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"41dc4d23-dd9a-4606-83e7-bfdec51f7653","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":86,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"2416500f-e287-4f6a-a343-b22e0d03fd34","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":86,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"27ca1852-1735-4b29-a7da-3bd2e8c8967a","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":86,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"803a1581-4428-4089-b44d-783f9d0e609b","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":86,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"2937edf7-575c-460f-a669-47b88a3aec45","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":86,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"86d2d946-6fc5-42a6-8a02-383e73b89acb","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":86,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"8a2bfa28-aeea-42f4-a706-07fc68cb9786","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":86,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"974f92ba-f761-44ca-9803-e4cfda8d1b69","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":86,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"e5ac14ca-11b5-4b0b-bd7b-b37ae16caa4e","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":86,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"a531ea34-6eb1-495b-bb1f-6105be70365e","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":86,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"035f4463-1715-445b-aed1-35ca2bbc6f9c","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":86,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"77209563-a49f-41f1-96a1-30d0c8f3a089","block_type":"box","text":"affected by a variety of factors.","page_number":86,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"489bf9d0-5478-4056-877c-a9f37b007b63","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":86,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"420a1d37-8374-4927-913f-e964d8733e07","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":86,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"84e97aa2-4f39-4ba1-876c-38a4050cacaa","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":86,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"e9ed1059-ece9-4505-b9e9-e8662dff3afc","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":86,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"e41d8f26-9493-4411-bdb7-2ac67ecc9e11","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":86,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"b452a13c-4958-4077-aa5c-3bdededec627","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":86,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"1eafb49e-3ff3-42a1-ad94-8000acc79549","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":86,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"6e386e8a-5ac8-4971-a75b-a561e4c1f1a2","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":86,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"20093716-ff5d-42c4-970c-0c00d6b07b52","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":86,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"172a4caf-a49f-43e8-b7bf-ce32e164fcd9","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":86,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"404c143d-1732-459e-a2fc-fd92d16f0d6b","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":86,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"bf8051a4-b886-4b68-bd18-6e662b6cb295","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":86,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"baaf6802-c267-4c87-a4dc-009aa493d35a","block_type":"box","text":"nations.","page_number":86,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"145cf16f-9c34-4825-8c89-6814d7041e0b","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":86,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"4f703482-11f0-4bea-ba26-37f2b5187674","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":86,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"0c4986c4-baa1-42e1-b67d-5b427e43e553","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":86,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"eb46ae79-62a9-4bf6-b9f7-83c57210b883","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":86,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"134a23cb-ed65-43ba-9c66-4b0974cfb3af","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":86,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"e2e6ce54-3b1e-4383-ac29-35efbb489d17","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":86,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"2d9edd14-ca60-4760-8f14-e795aa254d76","block_type":"box","text":"market Asia-Pacific companies.","page_number":86,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"76d5e204-5185-4bc8-ac61-e135ba32f1d0","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":86,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"eb3c3c47-5f15-43d9-9fbf-b42f8192447f","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":86,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"17ce78b5-e3fe-40e1-87c4-26ee144d7d0e","block_type":"box","text":"services for such securities outside such countries.","page_number":86,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"a2ac8648-67f8-43e2-9773-9cf5851515e0","block_type":"box","text":"II-38","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"084f3c21-5b4c-4461-9ec0-14b0802d1aa3","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"128bfffd-7e3b-4cfd-82d2-a80bee45bcfb","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":87,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"59db25f6-c886-4d9f-bec8-9dfebe967e11","block_type":"box","text":"to commercial banks and foreign governments.","page_number":87,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"6c1d9934-ff22-4e66-9133-26b9fcc9d6a9","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":87,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"7589a56f-e271-4a46-8c5d-f3912fc9f4e5","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":87,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"d18fb8cf-e31e-43c4-9f7f-c42718664f61","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":87,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"4c3cb3df-7eb2-47d1-90f2-abaff1e714c1","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":87,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"23948107-adce-4b6e-865a-2d20fdaa09d6","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":87,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"a9ac5846-db8d-46ce-96dd-b00e61003a7f","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":87,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"a89bd80c-af44-4943-9d45-887b680d9e11","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":87,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"2d7d9721-9d38-42d9-b951-44168d04eecf","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":87,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"de984fd4-f5f9-4aec-9e5d-0ce18dacea31","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":87,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"826003b3-6bb4-4050-9731-a3db743a139a","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":87,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"102fe804-c8e5-44e4-a5fd-5364bf6bc9ea","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":87,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"16480ebf-f84b-4421-b40b-3e431c43dd85","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":87,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"5f5793b0-c61e-40fd-832e-52b6fdb4de0b","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":87,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"1e91863a-4b74-4892-a1a7-c0cf3054df46","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":87,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"cfd5181a-f18a-42ee-8ce9-0c67e2164fef","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":87,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"06c57021-c218-4596-9406-d0b975983f48","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":87,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"7ec608a2-4bda-4eef-b4d9-6918407576a6","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":87,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"23f65f16-c28b-40cf-8f48-acd69de04d7c","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":87,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"48249993-8c99-442a-8823-f9cc0f0326c8","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":87,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"e2750713-52ca-41e2-b421-9c003405ad4f","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":87,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"f056702a-2aa4-49f4-8b02-2b5ed77d1fe3","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":87,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"605483b1-277d-4cd2-ae19-030ff105a91b","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":87,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"1aa104b0-f39f-4542-a0bf-287539d8d77b","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":87,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"9c2ee242-1243-4941-9848-d7b79b6e47f3","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":87,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"cc633427-673b-43f9-b676-1adb933ef9bf","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":87,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"af584a9f-b29f-452b-ba43-a9ff066c20c1","block_type":"box","text":"investment at that time.","page_number":87,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"003cd26c-06f1-4686-a4fe-bb551804b132","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":87,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"37d5cd55-a052-4dd3-acd3-d9d97516348d","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":87,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"b6033604-da4c-43e7-9466-ad808e21bae7","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":87,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"d37c05b7-479d-4b28-8e27-181148df803b","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":87,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"5e1a6977-d716-4bf7-93af-41e33dc09897","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":87,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"e260a325-bd6e-4274-a440-697f36cee2d5","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":87,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"762d916e-3f48-4135-9621-e5e3e2b1f34e","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":87,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"76863fb4-be8c-4d0a-aae1-6b491c68a525","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":87,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"d94b5a2b-c7ba-467f-9125-72837d88205d","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":87,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"3b06c274-4698-407d-97d3-cae15f24bba2","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":87,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"c7e79b03-54d2-4879-9297-065d581099b0","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":87,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"881a8866-b93e-47a6-897f-76db376b5412","block_type":"box","text":"government).","page_number":87,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"99224e68-7c4e-49ba-9ca6-d3ef4f34d158","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":87,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"ae58a3f6-310d-4335-9d15-e8b7be4bf7d1","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":87,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"44d644eb-a8df-4f50-bcc5-b388e30a67ce","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":87,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"f806328c-fd56-49e4-810b-d373ab469eaa","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":87,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"0df88a02-8547-474e-97b5-205bc029c26f","block_type":"box","text":"foreign banks and other financial institutions.","page_number":87,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"61a4c11d-08d9-4d3d-9962-f3f9e6e7ce5d","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":87,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"0a95188d-cdb1-4187-bda0-cf525bffd1e3","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":87,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"3c72e8c2-debc-4733-8285-5dfb2167a1f7","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":87,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"d5d6c956-8679-4267-b574-2ff109f33178","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":87,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"c5c64358-dda5-44a5-bc30-3f54e85b6cbe","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":87,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"7ad11751-8f26-49b1-a3e2-42e5da1ac305","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":87,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"22b7450e-5dcc-4336-8717-8d0985248a4a","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":87,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"a2c75fd8-c48e-4a8b-bd55-3f4dabd96122","block_type":"box","text":"cer tain of these countries and the limited volume of trading in securities in these countries may make investments in","page_number":87,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"ff8601f3-f8cf-4fef-972f-f84ac164fea3","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":87,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"b538a2c6-8b17-44ab-9383-5d1302664a07","block_type":"box","text":"II-39","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a289bf7b-a048-4f03-b9da-4c29cf0044d1","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ca98ace-a242-4520-95f1-a4f0390e57c7","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":88,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"bb595922-4f34-461e-b603-af8cc8621569","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":88,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"31fbc7e0-da42-4d4c-aaff-ec3745365406","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":88,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"968dafa5-11fd-42c4-bf60-03e744dac52c","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":88,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"788c603c-b346-4daa-ba4f-880390495f93","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":88,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"d7909b6d-fa40-45a3-a8e6-94abbb38657d","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":88,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"2f33d980-1abe-4180-8c8c-16b3604641eb","block_type":"box","text":"foreign securities.","page_number":88,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"5165485a-4580-405d-8303-435a6c9f9b75","block_type":"box","text":"Risks of Investments in Russia.","page_number":88,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"bc370e90-3995-4177-a1bd-f527cc2ee5f4","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":88,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"29103f01-5546-467a-9d51-9e25f57b2dec","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":88,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"b88eb1a1-4618-420d-b3eb-19f72a4e0d65","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":88,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"0c925f3d-e38e-4876-a5b2-f1503577fd7b","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":88,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"1c085ba6-8a85-4d61-a2f6-34f7cb953591","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":88,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"af23ea63-2e65-4d59-9bf3-7f18a5a88be8","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":88,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"cb1d45eb-8df2-4927-ac96-26ac7778ca57","block_type":"box","text":"developed markets.","page_number":88,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"0ad927f8-387c-4186-8c88-286ab99d9816","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":88,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"b65595c9-0b8c-4c6c-b3d6-4010341fa124","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":88,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"6f9a8afe-b24f-42d0-a3b4-ef86c77b3a32","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":88,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"f2d885f5-d506-4a35-989c-208ebff583c6","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":88,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"6efc7486-7938-4612-8836-344a3f02b3e8","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":88,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"90474557-c700-4206-b712-4673de86d57f","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":88,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"2714fae7-3221-4c6f-9fb4-6d8605dbd85b","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":88,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"3eee3275-eacf-4e79-95a3-447f711b6aef","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities; market loss still","page_number":88,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"a883421a-51ce-4881-85a6-5088e278728d","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":88,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"391f5861-0314-42e9-be4d-b656edc68f54","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":88,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"95b089c7-e358-4610-9317-7bb12cd4e465","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":88,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"0b1e92f4-ef76-4716-b772-b71fbacddc87","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":88,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"a8aa850b-9e2b-4ac4-9bf9-310a4f908124","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":88,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"184c244a-37ec-41c9-ab7f-6b00c7922938","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":88,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"b0935852-c761-4b0f-9a81-afa6522786bf","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":88,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"fb4bf078-fd5a-4392-85fa-266d4e06d4ef","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":88,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"ae2984ad-f0be-41ae-b51a-e090a01ffd40","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":88,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"44701076-b1a2-4fff-9114-bb87bb489aa8","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":88,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"f7a40947-5801-426e-90cf-31cef8afdf4c","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":88,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"cb9da837-8c1f-4b37-99cd-168525d94c3a","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":88,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"63888b36-78dd-4aed-8174-bc42910c2ba6","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":88,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"4903fc29-eabb-43bf-9f26-d84ba4496187","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":88,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"9fb3e1a4-e6a4-46a7-abdb-56e34902846c","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":88,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"519b735e-7c7f-4bae-9ecc-5c4eaae48d60","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":88,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"81a1224c-08e1-4d84-aef8-743e1c8a246a","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":88,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"3cb614ab-616a-45fa-a525-ef20db76008d","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":88,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"cff6fb41-ed94-4fda-9b9d-937b8b58921c","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":88,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"d86ad4a1-2b34-4d1c-acdd-2c8aea5c07a6","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":88,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"4e2b7db7-4b0c-46e8-bc3c-1d7b03470029","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":88,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"d99b4db1-cd09-4ff3-ab36-4e69c0a312e6","block_type":"box","text":"sectors globally.","page_number":88,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"838f0ef1-989a-4766-985b-a5e614df9941","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":88,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"6514632c-162b-4193-b8af-7760cbbe8159","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":88,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"cb19a2e7-2cb9-469b-b8b9-78d2760970bc","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":88,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"0f8c3e19-a829-490c-94f3-d41b1bd36f11","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":88,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"8f5d9edb-81d5-4cfb-9f4b-4d6949d0ef4a","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":88,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"2116f487-848f-4b15-811d-ce3d9e063bea","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":88,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"482f94cf-715d-4299-a05d-24d199dd818b","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":88,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"4ceef062-8b1f-46e0-8f3a-f61a592501f2","block_type":"box","text":"These sanctions have resulted and may continue result in the immediate freeze of Russian securities and/or funds","page_number":88,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"9b9b77a1-9b7c-4b69-b507-dac95426bb80","block_type":"box","text":"invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or","page_number":88,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"1385ca1e-e25e-4b98-9976-cbff6894712e","block_type":"box","text":"assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may fur ther impair","page_number":88,"box":{"x":69,"y":884,"width":839,"height":11}},{"id":"7265b7f9-f6dc-4d8a-9e27-3d2820ce3b31","block_type":"box","text":"the value and liquidity of Russian securities.","page_number":88,"box":{"x":68,"y":899,"width":314,"height":11}},{"id":"ec01ddec-786e-4c40-8ce7-c2bfd0659066","block_type":"box","text":"II-40","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"59be68d0-a49a-4198-8fa0-e15607112f61","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55f3772e-f2b3-4601-94b3-b89a7608cf69","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":89,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"3dbd2d57-b1a3-4ad7-9835-3254ee99aec4","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":89,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"53cbca83-5584-487e-aaed-ab339d8b7c19","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":89,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"b33a9478-bf21-442d-ad52-5680d69a8e6b","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":89,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"2f89b6cc-5040-48eb-8e9b-fdfdb93941b5","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":89,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"acdf9337-db8f-4139-8108-ecc14748e9cc","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":89,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"52ea8e56-6a49-4942-bc61-195bbcbb6036","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":89,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"603803e2-bf8b-4d80-918a-d5151b1bd510","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":89,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"52c57da4-2bee-4aac-994a-a1e0454b255a","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":89,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"f57f10ce-5830-4234-aa6f-7008a8e05166","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":89,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"1c02bd89-60d0-4fe3-9c16-0a450263f88f","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":89,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"22a49870-71db-4af1-a323-204219505a31","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":89,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"84344c9a-f718-4df3-a73d-2fffb4c77f76","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":89,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"739ac369-3ee9-4112-b11a-70d3856cf889","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":89,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"52c9a14d-0b9c-4033-a2a3-2393b38097ea","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":89,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"6e4243e7-3979-4f48-a2cc-01e4a13ebb8c","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":89,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"1ec9fb87-e227-4629-880f-1f0debf5bc50","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":89,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"e2af0217-3330-403e-ad58-531d02a59472","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":89,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"4d68a797-41c4-47a8-a478-490fd13d2b79","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":89,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"6ce1ab03-4845-4c9c-b00f-e00c9fcd6710","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":89,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"7fe2c6af-9a85-4c59-abc2-af299c305db6","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":89,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"08ad56e1-297f-450b-8fab-4259e28a68e1","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":89,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"fbda3de7-a3af-4b2f-b92d-43358adfa0e7","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":89,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"0151a15d-0f93-485d-a598-ca7e95e8bcc1","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":89,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"142f24a3-2e2b-4d25-9866-b75011759c12","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":89,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"375a03b5-3471-41d5-bda7-0891066ba310","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":89,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"f794313c-3cf8-4c53-ac49-879c72390a34","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":89,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"7e50d859-6200-4a4a-9cf4-5e408df8e351","block_type":"box","text":"impacted.","page_number":89,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"cdca025b-37af-4a18-8301-97663dadc944","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":89,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"664ac10e-f377-4efe-96a3-8186939f3cb0","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":89,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"6324f36b-827a-472d-9dfc-08f0814f8692","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":89,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"e5571954-bc0b-4c4a-b53e-a60d80405693","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":89,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"1267285e-6a55-4b0a-a8c7-b5dcf6638e41","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":89,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"b342f56d-401c-45db-a33f-a2a456277477","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":89,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"75de3b46-c007-4fce-a0af-d623973fa689","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":89,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"ed709ac1-d255-4668-80dd-162f02f1c612","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":89,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"0346e55f-0bda-4371-a2aa-6a1c6201f1ae","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":89,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"2ba4f9c9-953d-4708-9a38-cec71da679fd","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":89,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"3e5702e0-0db3-4298-8ffa-c091e8f5316c","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":89,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"07237b42-728d-472a-bf43-52dbb78aecc6","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":89,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"62d1df3a-99b2-464d-a47d-432cd09d850b","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":89,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"1d8545df-5ce2-4c68-9f20-65e959fb3b5f","block_type":"box","text":"economy.","page_number":89,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"c9febb34-8a8e-4dbf-8e4c-f50e4588f5cc","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":89,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"01d8edc9-f82f-4179-9315-255eb3d2f777","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":89,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"e26e8a00-f3b8-40a1-91b9-0381b3814171","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":89,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"690d9e56-348f-4385-983d-4f7e36e5096c","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":89,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"d67471eb-0976-4054-8f1d-8105349fbaf8","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":89,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"a451fc69-d004-4b25-ab5b-7a65a9ab1d27","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":89,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"ec0e3924-add6-490e-bfcb-b382d7712830","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":89,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"8a2ddb68-c46e-43ee-94ab-0b066ff278d1","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":89,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"158a32fe-9403-4054-9b46-6f50dcc120fb","block_type":"box","text":"typically the case for investment managers.","page_number":89,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"787dcaa1-fae5-4f2c-ab0a-d53a4972a17f","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":89,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"f7bbb3be-f8a4-4827-8408-f7f102504ed8","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":89,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"b12849a1-53dd-42a7-ae7d-ba6c9ee00c04","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":89,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"b90ee263-dfe8-417d-a01b-a4abd6880e34","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":89,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"17aa3567-377b-40b2-8e41-7dd39ef3f532","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":89,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"1acb7be3-8895-4c83-be93-eb160859ca22","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":89,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"96440ead-c610-4ec9-95b4-0df6447f0f24","block_type":"box","text":"II-41","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a51f15ec-075b-4505-8dcb-04cc7ee49c4f","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b86fe609-c692-419c-8986-a73fd51746aa","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":90,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"22f3d577-0a55-449f-b4a3-1834484f94cc","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":90,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"8b723117-18c4-4ba9-ba5d-4e9182be2827","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":90,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"45b028fd-18a0-45cb-884e-f9ea17cefe0e","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":90,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"25124d3b-48ed-47a1-b195-1056a06159ab","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":90,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"9ac8de54-42d5-4aed-8faf-143d573a53aa","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":90,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"d14fe62a-3f1e-449b-81f3-502156502ba4","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":90,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"2be455ab-cfd2-47d7-b5bd-e3bbc64df31f","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":90,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"305af6d5-f66e-4296-b8a5-c84e9b448832","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":90,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"cfc48093-5bc5-4220-8712-7757ab1ddede","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":90,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"4e314927-6bf1-4d13-b748-173eef04b4d1","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":90,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"f4c0c070-3089-4fb3-bc7e-66d4d8bd8a3e","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":90,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"74a2622a-c105-4334-b2b7-b2939ff88ab6","block_type":"box","text":"will be indirectly subject to those risks.","page_number":90,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"cc627a2b-4081-40ee-a5bf-a0abfa467f90","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":90,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"1dae822d-2b5c-4774-9442-944058f338ff","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":90,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"6882b745-08d5-4dc0-a8dc-d8557021816e","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":90,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"0506c9ce-d117-48f1-b9ec-d9746f0047d0","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas and its economy is heavily dependent","page_number":90,"box":{"x":70,"y":287,"width":832,"height":11}},{"id":"09c02908-0f02-47e9-b2da-6fb1b294d48b","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":90,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"02f1dad3-1065-4f82-9504-794a4fcdbf3d","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":90,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"cce4f650-c658-4fdd-b210-c67d3b8d005a","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":90,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"029450ae-c168-4c6d-a215-588a52ff6bbc","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":90,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"e4373609-f24c-4b27-aea9-44b092c1bf08","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":90,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"6d64a4f9-fb7a-48dc-94c9-92f7b1312728","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":90,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"990ca7fc-ce85-4d64-85b7-a56ddf4c92fa","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":90,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"1b88b868-15df-40ce-ae4e-3e09f962e5bd","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":90,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"f71bb566-7476-4fe9-86ad-2bfe15190cc0","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":90,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"81843332-f7e9-479a-9fe7-907c4919c493","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":90,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"81db2650-5236-4b7f-a8f9-1567a299dfe7","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":90,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"9e7daf19-2b20-462b-824f-05995d36861a","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":90,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"1af05bfe-755e-4040-931f-f0545dcf935d","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":90,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"a41301e6-ce21-45db-91e4-371880a9cc8c","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":90,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"cc778da8-7741-4973-9bca-d81ef40a71f7","block_type":"box","text":"impact on a Fund’s investments.","page_number":90,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"9fe96572-d7e3-4711-9a6d-577fd7471281","block_type":"box","text":"Brady Bonds.","page_number":90,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"8053dbdd-7cd1-4a42-9848-16dc7b083c4b","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":90,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"f8fb7fb1-6a72-47b2-bcbe-1d2c1b361918","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":90,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"d12f438d-3872-4033-931c-26fa704ea9e3","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":90,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"9fab7307-528b-4c9b-a0d8-4abef466745c","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":90,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"a05c4991-90e4-4894-ad1e-c2aa4bebe2ca","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":90,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"223d38f4-812d-4ad5-97bb-dd05bb71f78b","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":90,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"f80bf13c-03b1-4ec1-bb85-3472d772799a","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":90,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"c867a4fb-195e-4f54-b970-69edabf69b77","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines,.","page_number":90,"box":{"x":69,"y":642,"width":787,"height":11}},{"id":"4cf46854-6868-4bb4-b6c7-aa4083e07aed","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":90,"box":{"x":102,"y":665,"width":798,"height":11}},{"id":"b2f467de-8a6d-4709-8e9a-641fe6cdd6e0","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":90,"box":{"x":69,"y":680,"width":780,"height":11}},{"id":"1260538b-7a9a-4201-a6bb-a358db68dfde","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":90,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"6236c6f5-2fba-41eb-b6d0-e15989bc6490","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":90,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"6e995f13-8390-496f-b984-07b81e4d0837","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":90,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"0631d55e-89a8-4438-8ee2-c664da7efd57","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":90,"box":{"x":68,"y":740,"width":823,"height":11}},{"id":"1420b111-d79b-45f9-950d-b0aba18cd4fb","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":90,"box":{"x":68,"y":755,"width":833,"height":11}},{"id":"af1306af-041d-4dad-abfd-b99c73a15856","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":90,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"3a4b5743-c109-4aa1-b4fc-e9c4275a9c4d","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":90,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"f4892ea4-00c5-4b32-a8ea-23da12867a02","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":90,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"8f28d06b-d9bd-4e6a-a5dd-d88c9da59ac9","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":90,"box":{"x":68,"y":816,"width":832,"height":11}},{"id":"7f3a58f3-321a-4492-bf6f-33cc5db0e7d3","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":90,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"04f4201d-d6da-41a0-9630-adb71d70be67","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":90,"box":{"x":69,"y":846,"width":430,"height":11}},{"id":"b371fc76-61b9-4d32-b545-d16226717640","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":90,"box":{"x":102,"y":869,"width":807,"height":11}},{"id":"3f7e9e38-d53d-401a-9b85-a1aea5d819bd","block_type":"box","text":"the history of defaults with respect to commercial bank loans by public and private entities of countries issuing Brady","page_number":90,"box":{"x":68,"y":884,"width":838,"height":11}},{"id":"2bb88825-71f6-4c36-ba78-51bb1e44a403","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":90,"box":{"x":70,"y":899,"width":819,"height":11}},{"id":"c5aefe90-9e30-4071-8f3d-2b0134d1fd1f","block_type":"box","text":"II-42","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39f2e9aa-3093-4d35-acbc-63238dc9d8fd","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c6a4a22-8d5b-4767-b0f2-81d68f91e52b","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":91,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"eb607422-79b9-4567-ad4d-863cfba9622c","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":91,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"62f7d46e-8832-406f-948f-3d9b39f80dc8","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":91,"box":{"x":70,"y":75,"width":351,"height":11}},{"id":"9f449955-8bfe-46df-8175-5f58f85e8b0a","block_type":"box","text":"China Investments Risk.","page_number":91,"box":{"x":102,"y":98,"width":171,"height":9}},{"id":"02020ba8-d66c-4e5d-b969-3acb8e307531","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":91,"box":{"x":102,"y":120,"width":763,"height":11}},{"id":"86a0e480-8cf1-4235-b700-02054d0e9a37","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":91,"box":{"x":70,"y":135,"width":830,"height":12}},{"id":"c2ac9ce4-7c9d-455b-b6bc-04c390a26893","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":91,"box":{"x":69,"y":151,"width":821,"height":11}},{"id":"5b3b3185-cec8-483e-a7af-067e55afe048","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":91,"box":{"x":69,"y":166,"width":809,"height":11}},{"id":"8b802def-2207-4f53-9a44-91b3c088a1db","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":91,"box":{"x":69,"y":181,"width":713,"height":11}},{"id":"5bdb3626-63c6-4c09-97c9-0b80b06002ed","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":91,"box":{"x":102,"y":203,"width":762,"height":12}},{"id":"5f542cb8-f00f-409c-9f3a-2899f943e3ce","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":91,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"a5c9a290-b63b-43d3-b25e-3c9eab65fdac","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":91,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"391472b3-8dcd-4db2-a54c-2836b3efe9db","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":91,"box":{"x":68,"y":249,"width":777,"height":11}},{"id":"494f84d9-6500-48dc-ba86-7581f4cc407a","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":91,"box":{"x":69,"y":264,"width":809,"height":11}},{"id":"afab94cc-550c-47fa-8d18-0794a9f5ea05","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":91,"box":{"x":69,"y":279,"width":805,"height":11}},{"id":"03c7ddbe-7fc3-4299-ac55-00be804fe110","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":91,"box":{"x":70,"y":294,"width":770,"height":11}},{"id":"65f4d2be-e0d0-493d-bfcc-62a1ffb7e01b","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":91,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"9ca4e6cc-ebe0-4696-9237-c864404bd8b1","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":91,"box":{"x":69,"y":324,"width":831,"height":12}},{"id":"eddfba3d-31ba-4572-9b76-a692a41eeeea","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":91,"box":{"x":68,"y":339,"width":812,"height":12}},{"id":"da967f08-0d60-43c8-abed-2708ac46ab8b","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":91,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"778b1b8e-fdfb-458a-8910-31b8ebc4ee38","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":91,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"261fa705-8bbe-44fe-80a5-6ac8879d37ed","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":91,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"0e193b13-f7c4-4fb4-82ad-4ffbe020463d","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":91,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"4df93031-a7be-41a5-b9c2-2f30a6aca793","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":91,"box":{"x":70,"y":415,"width":813,"height":11}},{"id":"2074e617-8ff2-4c50-ba39-f080b8d57386","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":91,"box":{"x":69,"y":430,"width":811,"height":11}},{"id":"f46e3e03-1659-4544-90ae-dbb27668a9d0","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":91,"box":{"x":69,"y":445,"width":804,"height":12}},{"id":"f40ec258-8174-498c-b652-227f3fd30101","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":91,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"9bd12b89-fe03-4cbd-8a84-4245c47acd30","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":91,"box":{"x":69,"y":475,"width":825,"height":12}},{"id":"e2886f02-327d-48ca-afc7-c37cb13a34ca","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":91,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"924e4b3d-bd3b-4fd7-8a89-d23593494dc5","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":91,"box":{"x":69,"y":506,"width":776,"height":11}},{"id":"18693eb5-ed94-441c-b568-b95f483ae4c7","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":91,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"0574d463-a344-4562-8611-c6683576db7a","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":91,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"50111463-8432-4721-ac59-2e67ca4424b8","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":91,"box":{"x":68,"y":559,"width":835,"height":11}},{"id":"2990fba4-f9e7-43ed-8332-ddedebdc90e2","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":91,"box":{"x":69,"y":574,"width":802,"height":11}},{"id":"1a40bc80-9d91-431c-9648-741c6070ea21","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":91,"box":{"x":70,"y":589,"width":763,"height":11}},{"id":"5da70768-1e4b-4dc8-a091-7eb29a9ee659","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policy making and","page_number":91,"box":{"x":69,"y":604,"width":834,"height":11}},{"id":"6277675f-6174-44a3-a914-ed46b9f07d19","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":91,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"c72589a9-b854-4e71-9c1f-d6349db9ca17","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":91,"box":{"x":68,"y":634,"width":653,"height":12}},{"id":"436d78da-9c0e-4ed3-8f17-ed400352a480","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":91,"box":{"x":101,"y":657,"width":783,"height":11}},{"id":"e9704d0d-430c-490e-88a4-ec406b478b48","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":91,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"accd14ba-c3c9-4990-a279-b1b6d56895d8","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":91,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"1c76ca33-0bc6-4198-91a4-c59ae9b1e70f","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":91,"box":{"x":70,"y":703,"width":821,"height":11}},{"id":"f7aa4782-3d6a-4806-984c-68e58ce0d08d","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":91,"box":{"x":69,"y":717,"width":683,"height":11}},{"id":"09d1f0ba-5f16-448d-a23f-9a312872a7bd","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":91,"box":{"x":102,"y":740,"width":797,"height":11}},{"id":"69ad44c3-3ac3-4c9d-bebf-609531b88192","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":91,"box":{"x":69,"y":755,"width":779,"height":11}},{"id":"52029ce8-f4fd-4095-96fe-7f7906fb7d24","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":91,"box":{"x":69,"y":770,"width":822,"height":12}},{"id":"91c75ca7-7620-433a-b9a0-1e59d7f7e493","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":91,"box":{"x":70,"y":785,"width":836,"height":12}},{"id":"7c1ed157-ffbd-4363-8919-df55bee2a615","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":91,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"f931ce7e-3d9a-47f6-b709-2ed9f74af431","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":91,"box":{"x":70,"y":816,"width":803,"height":11}},{"id":"55210a3e-5599-4a22-a26c-8b3175aa8dcf","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":91,"box":{"x":68,"y":831,"width":816,"height":11}},{"id":"3469d968-c1aa-4b3c-beb2-fff45ea49efe","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":91,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"a789ffdf-5f0d-4b7f-bb50-c7d3fc6597b8","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":91,"box":{"x":69,"y":861,"width":798,"height":11}},{"id":"7725382a-12fa-4185-91e2-57aba1296cea","block_type":"box","text":"there is a risk that a Fund may not be recognized as the owner of securities that are held on behalf of the Fund by a","page_number":91,"box":{"x":68,"y":876,"width":826,"height":11}},{"id":"920b2c50-b313-454a-981e-3225836c34f7","block_type":"box","text":"sub-custodian.","page_number":91,"box":{"x":69,"y":891,"width":102,"height":9}},{"id":"0f54792a-f8ac-4997-b534-fa0a8b858e56","block_type":"box","text":"II-43","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"14226d5d-4aab-4b1e-99c9-82f28a67c9f0","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47626c1b-847e-42a3-a651-db98c74074c6","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":92,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"22c6aa58-6849-43c5-8103-98f2dfd5a603","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":92,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"6e776457-4f6b-4223-ab20-a260dbbf8219","block_type":"box","text":"on investor protection considerations.","page_number":92,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"df92ece4-5954-485e-a5c5-2b2692406923","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":92,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"6d2868a0-69bd-4473-bb57-41f2c8c21743","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":92,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"6f0fbff7-5216-4355-b543-bc08089b7dbf","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":92,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"97008d76-69d1-40d1-9db5-97a26870a625","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":92,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"c794b57c-71fd-4ec2-ae26-6bffdd8714d1","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":92,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"6539e42a-8135-49d0-84ff-e0e523aa5a92","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":92,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"119a79b1-723d-4b4a-94a3-4bca55fe7510","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":92,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"af3ae639-45a9-4c92-8088-17c2c547d12b","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":92,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"53146ecd-7e73-4f8b-8e4e-e1edf7a02774","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":92,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"78a8104d-9de4-4a2f-9e61-1a68b713c449","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":92,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"83e492d0-9517-41af-8a5a-97fd9db62cb4","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":92,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"7b1fc65f-e1ca-43be-95cb-f3f58bb11eed","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":92,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"ddad88ac-5428-46b8-8df9-61247545f1ad","block_type":"box","text":"accounting firm.","page_number":92,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"97e65cfb-fb5f-4834-8f46-42238f73350b","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":92,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"e0792cee-a912-4afe-8237-7d1279269023","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":92,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"98725e21-582d-4c90-a28a-b6b8f77fb9be","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":92,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"06b4f271-5507-4361-a35b-b45010be9fa4","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":92,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"ad5ff619-7a7e-4e1d-8ca5-a12e131bd657","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":92,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"928d5faf-9341-4338-b4b1-d2bb4b646c8a","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":92,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"19fedf1b-ec07-4dfc-a0b7-88df0fc5d846","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":92,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"7ae59f27-bb4e-40a2-8703-29b99980c161","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":92,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"a3ee9cbb-085e-4a37-af89-6875389d124f","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":92,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"9a63e8de-2b2c-4218-bd20-9ab3dd3a0f84","block_type":"box","text":"RMB (“CNH”).","page_number":92,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"fbb7ff65-12f3-4751-8903-34f018ec207e","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":92,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"bbe1bacc-89b6-49bd-a920-2da0476c9a89","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":92,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"d97cce44-7cec-45d2-bdb4-00227650556b","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":92,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"92e9b74b-f05a-4f4f-b232-7b8aaae91737","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":92,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"a6396d52-46f3-40f9-94df-7907cb1ae39d","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":92,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"d3898755-af85-4589-ab1c-66d57c910fbc","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":92,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"6e5cecf9-55aa-401c-8361-123a0854bf7d","block_type":"box","text":"represent equity ownership in the operating company.","page_number":92,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"464eb8ea-0e1c-4b23-a51e-f364f2a0cd21","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":92,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"8b92c522-d475-47dc-b416-3aa1e5bd26eb","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":92,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"75f556fc-4784-47db-bd65-8c8f42835d24","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":92,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"90c605e3-338b-4f5e-ba0c-a6475558fc03","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":92,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"5e2e5568-3920-4b12-919c-6c49f47aad58","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":92,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"82c71824-39d5-46ef-929e-90bd6255423b","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":92,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"1dd4f702-ff12-4f5c-9582-94f0564d4a1f","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":92,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"fc2fc550-3b46-46b4-92f1-30b5983caacd","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":92,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"abb673c8-7027-4a9c-8c2c-75deb41f50d5","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":92,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"469b8773-d0b4-4896-a709-775e4d933194","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":92,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"591d7d55-b2bf-45fc-b5a7-a18c7e25daeb","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":92,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"4282c3f9-284c-43be-b305-bcccfe54fd10","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":92,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"f2da2c2a-c3d6-4a13-a227-5e41686a8990","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":92,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"65b21748-6b44-432f-98b7-a176115aa054","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":92,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"00d352ce-20cd-4e50-b749-852e0a218ba2","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":92,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"0e084338-d8bc-447a-81af-dc0a00995e37","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":92,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"6a1908bd-4acb-4b2b-95e4-aabaf907c84d","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":92,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"2a32cf6e-27f7-4499-8f7d-e5ec46f6eec9","block_type":"box","text":"losses to a Fund.","page_number":92,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"a14b7120-c4c0-491c-a5de-3a826cf3aa22","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":92,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"b80b48e5-2eb1-45d5-96f3-5018e4a089c9","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":92,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"de06c106-8f36-48e2-8410-c53061004fcb","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":92,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"ec737cc0-ae12-44b6-b948-2e114fd235a7","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":92,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"0e39abcd-906c-49e0-81b2-ddf740e09cb8","block_type":"box","text":"II-44","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9f602963-757d-44e7-95f8-732cd6e04d6a","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96da5729-9db8-48c1-a621-a3926d7fe9fa","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":93,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"3f482bcd-ccd1-4a96-ba9a-2121198a0e0e","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":93,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"481a1752-3b55-417c-bedd-0682f33cbfa9","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":93,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"c5aaffa5-c02c-4f02-b626-ef775511d395","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":93,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"64085353-ac09-4af5-83ef-645b81f39d89","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":93,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"dc12ea6e-8277-4773-bbbd-0fc921466efc","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":93,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"5f1aa75b-1f35-4abb-a1f0-707ab565e8f7","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":93,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"161114ab-c748-48eb-8a5d-735bbeb19af0","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":93,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"7f07ccc4-9dea-4100-bde6-7af0ded01784","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":93,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"c216a1a6-8913-41ba-9021-c77b13b6dc8c","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":93,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"2e50ef8b-be48-4d14-a060-cae5642cd80a","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":93,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"58616838-ba7c-48fa-a73e-e94327e14bfe","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":93,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"3413ad27-6fd3-434d-9ac1-2ba589e12622","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":93,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"ad95e356-8b51-4792-a9c2-36a095f904ea","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":93,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"233639b1-6959-4729-8d7e-0071e94f17dd","block_type":"box","text":"such companies.","page_number":93,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"e3f16ac5-b081-40c2-8ba1-43f2416505fd","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":93,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"c8db870c-cc17-4920-aaad-04fdb983708e","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":93,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"443d930e-a18a-4051-a75b-06449b733583","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":93,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"204c0547-fdf7-46ed-872f-6ac492416be2","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":93,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"afdde104-c7ee-4caa-b2aa-f9dacf376d4c","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":93,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"b5c160fa-46e6-4cfa-9637-6986be33ee66","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":93,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"a51e87c9-eb6e-46b6-bb58-e802fc9dec18","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":93,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"1b65937b-6fe8-41bf-bfa3-487d0a9f6296","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":93,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"34fde2e3-2797-42d9-a982-f241735ea9ed","block_type":"box","text":"standards.","page_number":93,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"dab98d00-2b33-4b89-a60c-2755e7f1d44b","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":93,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"a42d7fb7-0bc4-44fa-bd12-09f0b0ed9e11","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":93,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"1f6bfb0d-320c-4049-98ee-b088c55d055d","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":93,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"446e2fe1-6f5a-4818-b4dd-40827e0d47d6","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":93,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"99b3098b-fc76-4778-a891-5e227b25fec7","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":93,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"bfe94c11-87a4-4f60-ac5f-d97c1f0951ef","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":93,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"b40fe05a-5870-4344-ba7c-79de0e8b75db","block_type":"box","text":"General.","page_number":93,"box":{"x":102,"y":529,"width":58,"height":8}},{"id":"db523d9e-4f9d-47be-96ca-8dcc3cb1523e","block_type":"box","text":"China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":93,"box":{"x":166,"y":528,"width":696,"height":12}},{"id":"85bc544d-fc81-4b71-9766-9fb5b0356241","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":93,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"cf1742ae-b341-48a8-baa8-85419420ce53","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":93,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"cee5f24b-3381-48bc-a413-7199d037d8a5","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":93,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"6e012671-51c5-4559-8081-3aed826df41a","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":93,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"f6222922-002a-42e7-b625-acba7b6a6056","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":93,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"7399f7e9-28ef-4ccd-bd7f-ceb3382755ad","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":93,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"ce86c67c-b0f6-4534-b37f-5ae15b4ee0d3","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":93,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"9684b149-ee49-4bc3-83c5-303d3f1f0a31","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":93,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"bca8e680-bb66-449f-85c0-6ba1c65cdbda","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":93,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"bb32383b-8e81-48ec-be12-da95acc85df3","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":93,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"033a6ac8-8763-466e-9b1e-119e336611a3","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":93,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"a4b6be07-8476-488f-81af-2c192f205b6e","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":93,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"bf3f8423-e000-41f7-ba5e-2b79ccc9ba0d","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":93,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"4ff70d3f-8ea4-4158-8016-ddd6813ce74f","block_type":"box","text":"company established by SEHK.","page_number":93,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"cbbefcb7-5dd7-4509-b262-2a8fa27413fa","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":93,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"c2d49bfa-7336-4d61-885a-2a76200fc197","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":93,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"654f50d5-4bf4-492d-abec-63237e592c78","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":93,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"0df52079-901b-4b3f-a4b6-b02cab5c3cf4","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":93,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"de485c2e-4b3d-426b-8e69-1d6202de4219","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":93,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"3f2d17e9-c619-4f8a-9254-2927a465dcab","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":93,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"d09f9a66-0fe4-4eea-ac24-4a5d8ca5ba2b","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":93,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"b6bac5d6-f079-4983-bc16-3e637c9be460","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":93,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"f455c50b-829a-46b7-8616-84300e7faa83","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":93,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"59c9c36d-28df-40ba-8e46-59b45e8372b0","block_type":"box","text":"for an investor to sell any Stock Connect Securities on a cer tain trading day, there must be sufficient Stock Connect","page_number":93,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"67396879-8c55-4926-9316-f1d0dee7bea0","block_type":"box","text":"II-45","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"73998fb0-a78f-4e5e-b5bc-f6200c4c4fa7","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ef14f6b-25f8-48ef-a443-5a9e03e36015","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":94,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"2eddd3b0-3490-4523-95d0-d1acea0427f0","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":94,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"40b42670-d968-4bb3-9e28-097f237e4711","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":94,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"9d94b830-2230-4d51-91b8-9d2273de536f","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (i.e., stock brokers) to ensure that this requirement is satisfied. While shares","page_number":94,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"bd7a252a-6993-4ffb-b563-1cd3d5d6fe3c","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":94,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"39bcae55-1146-4cf6-8938-4dfdbca08498","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":94,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"eec142b1-9566-414e-aa2e-90e4599fa7a1","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":94,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"71b386e2-23c2-422d-a499-3b71d85afa16","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":94,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"a7b780a5-00b1-4c87-a27f-4b19c1418918","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":94,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"b5469537-a150-4705-adf2-17ee4a34fb38","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":94,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"83379fc3-3270-4cda-b52d-c3ebabdc17a0","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":94,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"1f85c4dd-ea90-429a-b044-8bc1cdfc1926","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":94,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"9b746e2a-2b25-48de-b8fc-33ee65727339","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":94,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"d1d0a584-3492-4548-955e-b1a7c9eb603e","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":94,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"5a6a539d-4dcd-4317-bfba-090d2e2a26d4","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":94,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"642a5bcc-a1e8-4f80-96fe-7590763f1b1a","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":94,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"b270491d-8c28-42d9-906f-0a496f795de2","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":94,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"83752e2d-e1a5-496d-9431-6518e6fd29d5","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":94,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"687b064e-bd24-4ac2-9412-095d5cd43c65","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":94,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"768b06e7-3dff-478a-884d-f15e1f739a2d","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":94,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"373e7bea-2322-4b5d-b4dd-57aa710808d0","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":94,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"259fd050-206b-4ec0-b4b8-ab26884a3505","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":94,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"a8f0cad2-bc72-4acb-a38f-8ca6c75944a0","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":94,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"e34e180d-10c9-43bd-b781-d6c4ce767715","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":94,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"e1ec2def-aa2d-4034-bfa3-e3f9399ba8d9","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":94,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"29582614-37a8-486f-9f97-2154cde85ceb","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":94,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"691d1c16-e1cc-4a8e-878f-819930595ced","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":94,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"6efca0fd-a95e-44e5-9b95-dc8ac1c1dff3","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":94,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"273afa83-4d76-4c86-a89e-c558f7b8631e","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":94,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"f9e8b09d-c8d0-4d09-a49e-239c4dd8bfa6","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":94,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"7147e2fe-75c3-44ba-a983-a544a30fc2de","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":94,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"f2cedb87-9a48-4d29-9fc8-a78178bf9d21","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":94,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"fd4e4a4f-ea9d-413c-9b23-b5e014170709","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":94,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"03198689-7c3a-4302-ac42-0e7a5d453df7","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":94,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"262892ac-45f4-48c3-9681-94024e902170","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":94,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"c6db68a8-8226-4755-89b2-95427d258bf5","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":94,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"31b6e2d0-0e34-4643-a79e-0600ac27142a","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":94,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"a0b6ed45-ec03-4e77-9f58-d15fb9885aa5","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":94,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"308069cb-e786-4da8-8630-f2993b887edf","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":94,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"7ad9c050-6e21-4bd1-8892-8d884139a4a7","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":94,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"f153d6f2-7f21-466c-95e4-44a24350391a","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":94,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"7dfe387a-6d49-44d8-86a7-2fa435c05d9a","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":94,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"d7ed3cd2-f738-494c-b7d0-09f61a93082a","block_type":"box","text":"PRC.","page_number":94,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"3577d8f2-9f6b-4bfb-a14b-e7af5c1d559a","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":94,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"fd3a6d3f-d043-4397-b39d-7d4faac3e3dc","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":94,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"75f5e3b4-4338-4971-a1fd-255e2f3e6436","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":94,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"0de4f75c-34d1-4671-af8c-b24741fa5116","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":94,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"cc6c3e1b-9e18-4d84-83e6-4977530d9c5a","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":94,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"5d41f9de-26a9-4283-80f2-6cf322c2b8f7","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":94,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"85a792cd-2a2f-4bc0-9da0-4ed6c677c116","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":94,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"bf13ea67-76c3-4564-a4b9-8a89536a2d5d","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":94,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"688077ed-8857-4d68-aab6-30a049175c4a","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":94,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"602b5e17-b2b8-4b63-ac50-086c682551d1","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":94,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"12ab331e-7810-4c5d-9c21-31424150995c","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":94,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"9eb1644e-6c23-42b9-a96e-99e19772139e","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":94,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"960677de-b0a6-479f-906a-98e077306f96","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":94,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"2d9d3b64-124f-4a20-a741-e3ab2660c23b","block_type":"box","text":"II-46","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f1b4dab6-797c-4910-9d1f-54d730df0e3e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74b0f7e1-7577-4f6f-9914-47d794fe8c96","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":95,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"27399dab-8e67-4901-ab2e-3de86a85d371","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":95,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"56a80b84-238f-4cd9-8959-d990951d71c6","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":95,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"d17a24b4-17cc-4554-a692-2ce4f24aba04","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":95,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"918fb88f-d692-4a60-96bd-93a48f2f042d","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":95,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"fb42c7ec-7719-4285-ae48-a7b2d26d507b","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":95,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"c975db88-a596-4127-a247-72e0840e9cf5","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":95,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"b87dd388-9030-4c4b-8d3a-d50877de53cf","block_type":"box","text":"Suspension Risk.","page_number":95,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"491dd9f3-4181-419e-880d-08021228c1f6","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":95,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"4f84688e-4a71-496f-870a-30b187ab5216","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":95,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"19af3271-53f8-4925-8ad7-72a0d08b00cc","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":95,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"c80f880b-7b22-4030-971c-0995ed8155fd","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":95,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"5a941976-9e45-4a5d-a21c-8cd89c95d466","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":95,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"d607e071-3d8b-4bd1-9b22-c0f2e17acc54","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":95,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"4ae37213-d177-4802-8f91-34dccba36b21","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":95,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"27794acc-c8d1-4389-a878-b42673466b12","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":95,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"9fd07899-5018-4587-bb34-7a8b8e3e545c","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":95,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"d9dd0350-f2ac-4d26-bf83-ed8089634f3a","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":95,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"19b52d0e-408e-4a96-a1e4-103bb0955f98","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":95,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"4316be6a-cd18-44a5-b061-d45e3de35d35","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":95,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"38074657-c4fe-45f5-86ab-1eae000de878","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":95,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"58afcb7c-5118-462a-8c2e-d0f65eb98b33","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":95,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"3dfef26e-b494-4048-aada-ede6796bc9bf","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":95,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"ea78fb8a-18bd-4474-a03d-1c374fc8b83e","block_type":"box","text":"A Fund may invest directly in the","page_number":95,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"94482a3f-e4cc-4b72-ab53-28d3ace0a554","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":95,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"a36d8fb5-3407-4b58-9762-3661c47b1369","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":95,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"63fccabb-ba07-42af-9ae8-bf0d70e406ee","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":95,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"3793db5a-acba-474c-aebe-fca528f38d23","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":95,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"f5768b95-7f9d-47fe-b78b-685d72c1d586","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":95,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"b797de69-893f-460e-9cc6-ac47be968ba0","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":95,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"f4e6a51c-cfd6-4631-9a37-f8bd8026bedf","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":95,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"1a949fa9-11d7-47b2-b04f-dc0b6f48b2b9","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":95,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"6ae06074-9564-4da1-be6c-ca6dcb7e33d7","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":95,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"0974e26d-4ad5-4671-bfaf-a887114e50b9","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":95,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"01dadac6-21be-4b7f-9053-2d4534f75663","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":95,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"3085b33d-f93e-4b43-8163-e49ada3d1fc5","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":95,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"1bfcdc12-3080-4015-b6e1-bc525c8a43c5","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":95,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"abeafed8-afab-4fa8-8549-0d0096c5f4bd","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":95,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"cffca966-09d3-4327-8dd4-36ea2c2e80c8","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":95,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"ef41dbf0-0797-487e-a1e7-bc61c366740d","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":95,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"c01a158f-ef77-44b5-a7f8-fbbb60926a58","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":95,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"86caa631-88ad-4281-90fc-136cf9170246","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":95,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"4fc446b6-e287-4734-851f-ff165da35fe6","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":95,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"7faf5180-83d0-49f6-9f67-566ec1ee4d5c","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":95,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"31fe5c80-8edf-4c37-91a8-820d9220b204","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":95,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"bab58ff5-6867-4db9-85dd-4118469de4c1","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":95,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"72da0191-ae4b-4a09-b322-735518636aed","block_type":"box","text":"i.e.","page_number":95,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"3480b118-ed95-4707-a048-c483ae551692","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":95,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"21c2d4df-d727-4dfe-a58d-477a87adcb60","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":95,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"ad30d648-e8aa-458e-bf1f-0a767d3db3b1","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":95,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"de91017f-e659-4a54-965e-7584d624d7bd","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":95,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"47f430ed-b427-43ae-ad25-988e97c4171b","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":95,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"f8de7c32-d207-47db-a673-7aadf0df88c0","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":95,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"8e671840-e4fa-4e9a-a54d-d92dba7ec8ee","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":95,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"d57c3aa2-7bee-4bed-ae0f-a7e5aaccfd5e","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":95,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"e1ed269d-0c16-4dc2-8d95-1438bf3d39fa","block_type":"box","text":"par ties.","page_number":95,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"a110ac24-5322-4eb6-935d-7ffafa282db4","block_type":"box","text":"The precise nature and rights of a Fund as the beneficial owner of the bonds traded in the China Interbank Bond","page_number":95,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"653f702a-f6a4-4649-bd79-1a6d48f7cb69","block_type":"box","text":"Market through CMU as nominee is not well-defined under PRC law. There is a lack of a clear definition of, and","page_number":95,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"88a3a718-faf4-48dc-9921-c5b7d38b6002","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":95,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"f87eea1b-c00d-42b9-b200-63060e138883","block_type":"box","text":"II-47","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"226a8094-9e59-4c84-9833-f54d5a8c6a49","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"540ce11b-5c3e-4389-9f3d-ecb6a376d406","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":96,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"61b5af18-8936-4c65-b900-08f8a876ef02","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":96,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"6bd90285-7038-46e1-bab9-b1dd6d3f1243","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":96,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"494731c6-6190-4f24-b15f-e55fce8ce034","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":96,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"29131db3-87a7-4212-83bb-ef9e467cdd5b","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":96,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"b312e33d-4d96-4ec7-8dc7-5c652bff2d6b","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":96,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"92fa9c56-6fc5-47f4-8073-3376a2dc0bd4","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":96,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"dcf1fe2a-cf23-499c-ba66-577889b225c7","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":96,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"e475375e-e4dd-434c-a11f-ef4f35954acf","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":96,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"99f17ac5-2002-41be-a5d6-564bcf4fb471","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":96,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"debf33cf-1fcb-4a33-8d2a-5456804da106","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":96,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"e28f40cc-545a-4bad-bd37-c79b4f319352","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":96,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"60bbbcc1-cfe1-455b-ba2d-16ba8886339b","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":96,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"30e6b9f4-3344-495e-9c5b-3ad7c1057be2","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":96,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"07af42ce-743c-41df-a3f1-7033953298e0","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":96,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"0c9753d1-ce2e-4188-a6b0-82fb28289f9c","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":96,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"763b956a-bb9e-4ea5-b4f8-881bb256f9fc","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":96,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"8ca48d55-27b1-41fc-9611-f51a201d0c87","block_type":"box","text":"per formance.","page_number":96,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"5727a6cc-d1ca-4d69-b3ea-4f16c67b4c84","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":96,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"dd67a155-00fb-4501-bf95-44be9686a18a","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":96,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"8d58417d-30e7-48be-a792-98dcfa5ff2a0","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":96,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"a1bab5cc-d19c-433f-9fc7-8480994a7efe","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":96,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"f75ce629-bc6d-4161-95fd-d796d967b6c3","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":96,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"c5a7b1cc-aa34-4a06-9ebb-8eebfa93a4a6","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":96,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"018bbf95-6f1d-432e-b933-b4f42aff8825","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":96,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"fa965edf-45cd-4d22-9f1a-f4da8c960980","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":96,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"a9134595-0b8b-4da4-8980-0be18894bbea","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":96,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"e2ae47b7-0b56-4037-ac4c-7edd615baefe","block_type":"box","text":"Tax Risk - Withholding Income Tax Risk.","page_number":96,"box":{"x":103,"y":491,"width":276,"height":11}},{"id":"fd85d977-bf73-4a44-9723-3663747b2424","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":96,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"473f83fe-f1e2-4edc-bec7-3358411a6514","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":96,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"5ba299a9-654f-4257-848a-b56551ade40d","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":96,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"994eba82-954c-4ff4-9b8b-2409913c7e4e","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":96,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"33aff9af-2d3f-41ad-9b8c-f2c9d644f553","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":96,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"9ff425f9-ceb3-4a8f-b29c-a23ce5b7dd7e","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":96,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"ce096fc9-020a-4c7e-a0cd-5019b7b56473","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":96,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"d56dd368-c957-4e68-83a8-2fdef23166ce","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":96,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"2d8069f7-d6fd-45f0-a81e-f2539af1d58c","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":96,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"b8e293fd-dec8-46e9-80ba-99062951a53e","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":96,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"a90711ee-cb41-43c0-8b28-5577e17b2fe8","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":96,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"9b805927-cce6-48ce-88f4-fd287b6ff4d1","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":96,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"4bc26269-c09e-446c-93ab-918805b23f0a","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":96,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"f7e45d09-754a-4a0f-af50-3507e17823dd","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":96,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"aab6eb25-5f75-4cb1-a4db-35492c9351fa","block_type":"box","text":"without notice.","page_number":96,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"61b71f86-5aa3-4628-b63d-12540bc3a216","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":96,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"e8b00274-b80e-4f3f-bfa4-1cb865f2754f","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":96,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"35c893db-709e-4390-9671-37f86f9ed769","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":96,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"283eb158-0d3b-4369-96b0-5b9963275725","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":96,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"e8ee3713-1cc0-470f-bfb4-6ccf5f203a71","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":96,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"96da8ae0-e593-4c68-b134-b5282b3734ae","block_type":"box","text":"December 31, 2027.","page_number":96,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"b67d3100-26a4-457a-bea4-3d7af528fd47","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":96,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"d38b2479-494b-4edc-abc8-b9a18e1e0c76","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":96,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"2f4e8618-af37-498d-9846-d3fdb9e6f588","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":96,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"7b8f11ac-28a1-40e7-b62e-86d8dfa1bbec","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":96,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"f465dfc2-6e9b-4f65-aa0a-2ea6257e40bc","block_type":"box","text":"II-48","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9c8c0422-d28b-49ae-871a-6aebcdb9650e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc4ccba7-e09e-4085-be0a-3268e26bf934","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":97,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"3fa53da3-c729-41e6-865e-23d90020be65","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":97,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"9a8c0b37-fb9f-4a09-904c-e1cacad0925a","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":97,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"81f3a549-b3ed-4725-83df-a253707633af","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":97,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"d327a67a-6979-40dc-8865-4a48c37fb2c0","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":97,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"56bc5b50-d746-4cd5-80b8-a131c5eaa164","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":97,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"d6e81b1e-0342-4b52-8aba-f6566865fecb","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":97,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"002cc513-165a-42ab-bfc9-588536fb0c91","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":97,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"cbe60f80-1c68-4b47-a730-33fbca5e06ea","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":97,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"c42a5538-5c9c-4aca-a58e-3d2bcc998af1","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":97,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"bd4d6c98-2680-4238-a0bc-fda52b076bab","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":97,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"e2dee391-d561-4ce7-a99d-a9e23b351535","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":97,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"9964c490-6011-4f0a-90a1-2b886cfe8e11","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":97,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"459a2f39-ce29-4b37-bc8a-fd25e7a9894d","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":97,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"8081e8cb-2afc-4893-b4ff-496c0698e8e2","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":97,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"42b5363c-1cef-42ee-a417-bc84eac052d8","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":97,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"9d693eb0-e0d0-41fb-bd84-03d89cdd23c2","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":97,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"b780266a-e9d8-446a-ab32-7280b6a933a0","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":97,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"f2a1e187-0bcf-4e2a-821c-f2a3431c5af0","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":97,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"ac492b05-629b-4999-b45d-0ce4e65590f8","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":97,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"f8de03e8-624e-4738-9f19-c20f81acea36","block_type":"box","text":"the PRC in notifications.","page_number":97,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"f96b0c72-9c57-4b16-a9c6-9b79ac617823","block_type":"box","text":"Investment in Other Investment Companies.","page_number":97,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"43c924f5-6f89-49cd-b84d-07051c6bb128","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":97,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"08ed8f79-7ca0-4cc8-bda3-723e13c8a67c","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":97,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"9864a961-aa59-4814-bafe-9340e005338a","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":97,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"6b044c40-aefa-4629-bffd-555150ed65fb","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":97,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"5bb4aba9-116a-479f-b3ea-65fc3b90f315","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":97,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"0b6dc106-b404-487d-97ba-f55102daee1f","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":97,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"38c13dfc-8dd7-40b1-835f-82c31803534b","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":97,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"88314ea9-ef4f-4032-994d-752da9301c45","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":97,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"36cfd3e2-f257-4ac3-bd4d-c0e33dce4e5d","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":97,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"83b431bf-a8af-4257-8ea3-5f6551c0b10d","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":97,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"b57b8813-0756-40f5-91dc-763d10e659a0","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":97,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"de73ebc6-317e-46e4-9852-239b1bcf6659","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":97,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"ffa331db-228b-410e-8a32-c9c1be72cbaa","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":97,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"dbbfc672-6446-4c4c-b9ae-0acc512f3381","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":97,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"2ad9f639-7bf6-470c-82d5-418aecac5421","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":97,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"e9eb8295-df64-4a3d-b3f6-d8d253fb4e35","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":97,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"c0f92f73-8faf-4fa1-b06d-f5111ce6d598","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":97,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"d6373b3b-7278-4241-8568-d63778e84054","block_type":"box","text":"subject to cer tain conditions.","page_number":97,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"39e59e2f-0036-49ac-b5e0-db34f9963cb6","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":97,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"38c67d9b-7564-4d66-9c34-9cf7017a604e","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":97,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"628be7c3-01b4-48af-8640-310a67fc1357","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":97,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"0d68eb54-7644-4f0d-8347-fbabb9482967","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":97,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"c2c1700c-2cbe-4d59-aad0-dfb6504dc1e4","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":97,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"78bb50f4-7cfd-484c-89a4-0661d67b7a91","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":97,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"f056c6a0-94ff-45da-8ca1-b8b7e5b6bc79","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":97,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"b292b077-fba4-4ac7-9f4b-27fc74ef3fe8","block_type":"box","text":"loss.","page_number":97,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"1e34a9bf-63df-435a-bfa0-ed795a54aa7c","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":97,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"25251695-a9d7-4001-b9c2-faa9ff46a9f0","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":97,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"8c1a444b-3522-48ca-9513-f1e3f18bde4b","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":97,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"b2aec1ce-47e9-4851-9a53-5e71cc74714d","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":97,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"2aba6246-17be-4f76-8f11-1da644abfcf6","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":97,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"ac7efe2b-0cce-48e8-abe8-f39ab513f139","block_type":"box","text":"Investments by a Fund in wholly owned investment entities created under the laws of cer tain countries will not be","page_number":97,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"fb1eb245-7beb-4947-81fb-3e7cc53d310c","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":97,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"29b53327-f29d-4782-8827-135131a5fe03","block_type":"box","text":"II-49","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ff636fc-8db4-4112-b638-614f6da1eca6","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31743c38-fd54-4219-9c19-31c08f19ac85","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":98,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"e51ea5dc-d084-40a4-85ba-0f921608b8c1","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":98,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"c695c686-8e01-4b20-93a0-e25b600fc7c9","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":98,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"a1a688b7-e075-4fc1-8376-e508aa14a4e9","block_type":"box","text":"assets.","page_number":98,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"352b5d53-cc1f-456f-8f22-78bbd9ddc192","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":98,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"7cf4304a-dd45-4af1-88c4-92893b943db1","block_type":"box","text":"may be limited. In addition, a fund-of-funds (e.g., an investment company that seeks to meet its investment objective","page_number":98,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"9dd59a59-bc16-4826-a9ef-cb8f0d76a8d0","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":98,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"65448bf2-4b98-4d0d-97b0-36b7df8b1da0","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":98,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"4f1e76bc-dda5-4468-a6d0-9aac74969e84","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":98,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"8d32ae21-3780-4135-8d23-afedac706baf","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":98,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"065ead23-28d4-4bbe-abd6-c459506175f6","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":98,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"f912d8d0-c83d-4119-967f-cef56a097878","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":98,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"285debff-9dba-4a2e-bafb-2eaa60985cd5","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":98,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"b6a6fe9f-45dc-49b3-9c4b-e6cdb7d3b97c","block_type":"box","text":"countries.","page_number":98,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"74ab1da7-ec90-4314-a7fa-fedd363ca4ed","block_type":"box","text":"Issuer Insolvency Risk.","page_number":98,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"cb65c3ff-a24d-4249-a677-409c891c652f","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":98,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"0604bc94-2212-46d9-9741-de168d09e2fa","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":98,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"b0a87827-e32a-4c47-bb53-efed7961100c","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":98,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"7be04545-0dbf-4585-bfa8-e3bc14d5921d","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":98,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"bbd07445-3b5f-4a23-9983-e907dd0cd5f6","block_type":"box","text":"issuer uncer tain.","page_number":98,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"a9e3ef9c-6484-4613-a20a-4ead729f39d3","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":98,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"a451c336-e7b4-4eee-974e-2bf549eb8f93","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":98,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"d20c4eb9-040b-4adf-80f4-a0a1b732dbc2","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":98,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"498aee2c-20e8-429b-83d4-7e934992cb97","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":98,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"d175af37-08ef-42b8-9389-890d747562ac","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":98,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"1fc253c9-457b-4c6f-acf7-acc4835df4d2","block_type":"box","text":"eventually be satisfied.","page_number":98,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"7c2ef4e5-8a21-4973-9fd5-f7d228f7e725","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":98,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"77b90e9b-d75c-4d6f-94d7-604fb59bfaec","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":98,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"0f781323-3d09-4c7e-be7d-847f66b97e9e","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":98,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"56f19ff1-3126-4105-9bf4-4ca181d15315","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":98,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"44363fd6-8dae-460d-a793-6a7355ffca06","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":98,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"306d5da7-3055-488f-ad44-da22d5bec0c2","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":98,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"c6b7ccd4-f230-4fed-9088-c3145d5facc5","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":98,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"1f025476-f63b-4f6c-8b48-273471d03c0e","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":98,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"a184ee4e-68a9-4ed7-9190-091cab635f19","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":98,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"1cd57111-0564-4765-a069-24adf44f8bcc","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":98,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"55adea4d-ba95-4339-b0c0-ea861b847259","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":98,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"5d813be2-c84f-4179-be31-4c29315228fb","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":98,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"836cd036-410d-4fe0-94e9-e63243f9121d","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":98,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"645b028f-fa27-48da-aad4-770ecc371e74","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":98,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"c028961e-f7dd-4cf3-86f5-bf0a2de8258d","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":98,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"17c1cb4c-f3d9-40f7-a4b3-c1c01d8865ef","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":98,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"169d3e6d-cb82-4d54-b1c6-4a8762acae0a","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":98,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"5bdc41a8-ba46-4a32-96d5-9ac6feada1a6","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":98,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"33c0b871-a164-4804-987d-2e484f677fde","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":98,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"5ba244b5-dc1d-4614-a841-474edabd61d9","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":98,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"f6c51a67-e57b-42f6-adfc-557279d7c589","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":98,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"cdc6a240-a6c4-4b2e-bb0c-d1f9bfbf07a9","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":98,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"ff851a23-ddaf-4016-9cce-4e04b10a8c56","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":98,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"32ff8884-2690-4e96-af33-bf9de47f032a","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":98,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"73aadd72-11f4-4bd1-a96e-d48d81509b45","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":98,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"ea9624e9-3016-4108-82b9-74ca6416a13c","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":98,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"8cc4bb24-ad3f-4839-a94e-c3b872735b3c","block_type":"box","text":"issuer held by a Fund, the Fund also may be restricted from disposing such securities for a period of time. If a Fund","page_number":98,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"695b82a6-2245-4de5-8812-1488ee929c6e","block_type":"box","text":"becomes involved in such proceedings, the Fund may have more active par ticipation in the affairs of the issuer than","page_number":98,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"6121e4d6-25c2-453e-a967-000c7bf3e45c","block_type":"box","text":"that assumed generally by an investor.","page_number":98,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"ea62a4a4-ea2a-4ef7-8062-aacfb82bd8d3","block_type":"box","text":"II-50","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d7711247-6dbd-4b6e-96db-bfa8f53b6bc9","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e376e333-fe44-45e3-872f-38e4a1ff3d15","block_type":"box","text":"Lease Obligations.","page_number":99,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"986bdf62-ad54-4c3f-b951-10c0c1d6b0c6","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":99,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"11161e57-3695-454e-bdee-3119ab956ce5","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":99,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"622c13af-4a57-449d-b0c5-a35fcae3a2bb","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":99,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"1615f69a-872f-4d8e-b2a7-0580adb1a9e8","block_type":"box","text":"Life Settlement Investments.","page_number":99,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"7b98e3f1-f8f5-4bfa-a116-d58fb4a7bbd6","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":99,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"ee59b745-127d-4fd6-b7ba-1621f1a59584","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":99,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"d824c9a7-62e0-4cfc-8fc5-f5e7d910afdf","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":99,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"53c05b3e-1bdd-44e1-b14c-d324689120bf","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":99,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"4db5a32c-8b23-4c46-8b0e-8a4beed8d423","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":99,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"b33ff49e-bb81-404c-b96c-9161ff62674b","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":99,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"66361f3d-e9b0-445c-8e4a-8f95a2b039be","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":99,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"3aa0465e-c94b-48fe-9c02-b59a40cb68d0","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":99,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"efd73615-3cde-46dd-8ba7-72377e4199ae","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":99,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"e09320ff-8fdf-488c-af0e-70acbfd68348","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":99,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"61f6eca1-4366-48ab-a5c8-7c336e7b6776","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":99,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"f936d4c1-791a-4bae-9d82-f9d092051143","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":99,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"cf71d706-916a-4763-bcce-a60a3eca025f","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":99,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"15d2db7e-5e44-4fca-9a48-b2754dde0c1d","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":99,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"a9de6bed-a9da-4e2d-a8cc-e67604c7f47c","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":99,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"11cc2b6a-c6f9-43c8-be39-bf33fffa13fd","block_type":"box","text":"Liquidity Risk Management.","page_number":99,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"6e138d58-6059-4c85-880e-a1455d272a52","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":99,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"74639936-9e09-4063-af27-c720c14269b6","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":99,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"6c5a686f-a3b8-4446-99e3-8a0501061de6","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":99,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"22bdf751-dd5a-46b8-b834-0389425afe67","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":99,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"e03dd95f-6157-4210-908d-02098937704e","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":99,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"bb51cafc-ec39-4437-ad87-129867e8671a","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":99,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"91a10141-e9cf-484d-aaf9-ef2b9d9cccce","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":99,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"c388f36e-f3b4-400a-bf64-473158ce4d4f","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":99,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"87351c2a-fb3a-47cf-be96-010931738333","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":99,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"96d4c18c-acd7-4626-a9c9-415654d61f84","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":99,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"c8f8f3d8-bc71-484a-a916-75164def5d88","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":99,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"3aa45b25-9195-4cca-99ac-d5098d8f9645","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":99,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"c4691f3b-90a1-41c9-9399-5c2928b5068a","block_type":"box","text":"Master Limited Partnerships.","page_number":99,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"665797f2-81a5-421d-8807-e719658fe3ce","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":99,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"16497f3e-4f7f-4284-9ffc-6dff826be8ca","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":99,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"9ac404e9-3fcb-4029-83ee-25369c7a83f8","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":99,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"b35bf4b2-7726-46af-8fbf-dbb9c8966414","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":99,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"9cdf6b5f-61c3-48b6-ad00-717f98860c05","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":99,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"e4f00284-7f4f-41d5-b9ba-3db196475211","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":99,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"ea658a47-07ed-4d45-bcc7-69d73bee38b6","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":99,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"28f515b0-d3d7-4dc1-baef-5dda900ddb96","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":99,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"fca0f7e5-8dd9-406e-9cc7-24674422c598","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":99,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"c4778243-84f1-4101-98b0-56afd4039df0","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":99,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"67d22d3f-18ed-410b-bc8b-d8af8a566b7c","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":99,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"d8bc8685-0d78-417f-a0b3-71b7c77e9b4d","block_type":"box","text":"in the par tnership’s operations and management.","page_number":99,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"38839fd6-c687-46b1-a772-49d7fc9c6e01","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":99,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"a3907c12-9c14-4293-a1c5-2f1921822acb","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":99,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"37d73091-8950-42f1-aa53-2324c5d0ff79","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":99,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"9e007d35-71b2-4ac3-ab65-db689e7293b3","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":99,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"1e68a1bc-ec62-405e-9927-a8bd213bf454","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":99,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"87b1814b-7f22-474d-943f-e2b97935a929","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":99,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"0542358b-829e-4563-858e-05eb7677e45d","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":99,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"c9160083-4dbc-49cb-bcf8-b622b221a80b","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":99,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"f1437712-180f-4565-bf21-51319ed78bf5","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":99,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"e4f06135-b225-45b0-b7c2-0b1058de4edb","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":99,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"79ef58c3-5422-42c9-9f18-0600dadb8e40","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":99,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"be26ec2f-91c2-41bb-8f8b-51e4f13f8fa3","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":99,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"a2d8f4bb-c062-486a-9252-805c3a679b7f","block_type":"box","text":"order to increase the par tnership’s cash flow and raise the quar terly cash distribution in order to reach higher tiers.","page_number":99,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"6049fe17-be1a-479c-8952-0b84f5c15ba3","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":99,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"bfe1f9d6-e728-4086-987a-c032f1ec701c","block_type":"box","text":"II-51","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e8ec35de-307d-4fbd-93b7-002a8b082944","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a822aa88-5c7d-4d8b-a552-2e58271188ae","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":100,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"d933f9b4-4862-4963-8045-105bbb5788d7","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":100,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"95c5c2ad-34a3-4ec7-82da-029982ba5e9c","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":100,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"cef4cc41-0e84-42f5-8759-601935482d2f","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":100,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"0d1e8137-e705-44ec-b25b-325fa733def0","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":100,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"87a5db9a-3acc-46d9-8f04-105c7ff8579a","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":100,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"3f826a49-f154-4bae-b0f1-969f395c0520","block_type":"box","text":"Merger Transaction Risk.","page_number":100,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"a4d274d8-52a1-4681-a82d-d4ddd53132e9","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":100,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"705fa1b1-5a9b-465d-a27f-a7638a028cb3","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":100,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"0fdb0082-3a47-4d24-a793-7fc60b0a0aa1","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":100,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"411f6b1c-5ef1-4160-bcc3-9d76a5dac09c","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":100,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"9cea2403-8b58-49e5-9e8b-6cd2933ece7a","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":100,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"9421748d-035e-4434-9f27-57f82fde08e1","block_type":"box","text":"the Fund and may lose significant value.","page_number":100,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"3168da0e-7015-46ca-9914-6997b60268c1","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":100,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"70622b54-47ad-47fa-95f9-64ac2e7de5cb","block_type":"box","text":"Cer tain","page_number":100,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"ee489fa6-0458-4122-9476-2f959ed1f3b1","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":100,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"350baadd-d945-412a-ac77-16e5ed842bca","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":100,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"6551c319-7493-4ccf-81a7-1f60794c80b6","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":100,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"a45b6f58-3e90-47ea-beaa-ac9acf958d78","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":100,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"c1cdb5dd-9922-4999-9c27-d6fc748fde09","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":100,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"ae03a6ab-3c78-435b-a3b0-6edb1084cbc4","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":100,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"9cebcd50-fcd2-458f-a77b-6abd3ccdd5f4","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":100,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"146f03e4-f956-4b21-a239-7a40e0764b2f","block_type":"box","text":"branches of domestic banks.","page_number":100,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"00665366-321a-4116-bba8-c3098081acb3","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":100,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"84fc70f6-94f6-4ca6-9dc5-cd66f10a8545","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":100,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"3d2bac20-96d1-43a4-bad6-4e4769f372ba","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":100,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"4253cc7e-14c8-4d3f-ab17-41a8019a8bff","block_type":"box","text":"paper of a foreign issuer.","page_number":100,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"1257a224-31e9-45e9-8435-59ce14fb4ca7","block_type":"box","text":"Money Market Securities.","page_number":100,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"74a17ef8-3598-4fd4-b874-fdf772487ec2","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":100,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"34c82825-c0f6-463b-ace3-cff7983111c9","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":100,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"da87dae5-fadc-449b-915e-7a91b8f20737","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":100,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"9e50e44b-93c0-4429-a6db-71eafc36eb9a","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":100,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"50da0460-57a8-4e23-affa-4ddf5d701a60","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":100,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"dd57f4f0-87cc-40e3-97a3-ceb07354a59e","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":100,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"af060a43-fc5c-41c8-9b13-4af5dce6db22","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":100,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"31759f4c-3179-44f2-9e10-e97a5050f602","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":100,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"1e047374-7da8-450f-867b-1aa28138f04e","block_type":"box","text":"agencies;","page_number":100,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"aa5ac707-ea30-44dc-bcec-9651276766f5","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":100,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"bd7f47d8-ee67-4450-a028-3cdcfcfa30ee","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":100,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"3830ff1e-a7d4-4cd0-9109-6b9433e657a4","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":100,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"ddec0680-0dff-4342-83ff-68d22582fabd","block_type":"box","text":"obligations and credit card receivables);","page_number":100,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"c584e7f0-e4a6-4bed-9554-28ac6d3a3795","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":100,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"daf0637b-8b96-49d2-baa3-62e222ccdfb9","block_type":"box","text":"authorities and related custodial receipts;","page_number":100,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"ff9b6f40-bb9c-4b96-b08b-e049ab30b715","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":100,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"e7b478d6-e1ac-45c3-adb3-8a921fda6695","block_type":"box","text":"agencies or authorities;","page_number":100,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"96c3a8cf-2019-4ec2-8e5c-3d57bd10f6e3","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":100,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"dec28058-9514-4e35-8aca-123148a879fd","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":100,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"18586006-d6fd-4446-969c-a586a4e1f5b4","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":100,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"c83f1c9b-b1a6-453e-9bf5-b4f6b083e066","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":100,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"e36fbaa8-d30b-4f39-9499-32335f40cd83","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":100,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"c4c3ba81-beee-46da-81e1-6b205825d43f","block_type":"box","text":"States;","page_number":100,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"268094c3-afa6-469b-9474-d6413087fa39","block_type":"box","text":"(k) fixed and variable rate notes and similar debt instruments rated MIG-2, VMIG-2 or Prime-2 or higher by Moody’s,","page_number":100,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"289245d8-68ae-4112-b789-f5220594cfb3","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":100,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"41841c47-72ee-4d71-9404-da8ca97ff5ec","block_type":"box","text":"(l) tax-exempt commercial paper and similar debt instruments rated Prime-2 or higher by Moody’s, A-2 or higher by","page_number":100,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"2e934424-3a13-4966-a581-2913bfaeee99","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":100,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"c1a9298b-dbb9-42d2-8a16-5c3b7cad8203","block_type":"box","text":"II-52","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2cdb9329-5714-457b-bcba-b26724babb81","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a72c49e1-670a-4ffe-ada7-98f2dc6daf92","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":101,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"8c8f148a-8313-490a-aed6-707b76da3211","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":101,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"a21f8ce1-52a0-4bb6-b76d-f906688665db","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":101,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"b376699c-25dd-466e-8e0f-a0a98817a3ca","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":101,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"fae6fec3-1a0d-44bc-a9d8-c89bcedda5ae","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":101,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"f1cfa092-4ac6-4175-8a63-56c795df1fd7","block_type":"box","text":"States.","page_number":101,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"154c8430-32ba-4f3f-96c7-9d0b69ea263a","block_type":"box","text":"Mortgage-Related Securities.","page_number":101,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"b2fb48c1-191b-4f4d-861b-aa41a10aa2d7","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":101,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"a2e21bae-dbd5-494a-bc41-cfe63eee4222","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":101,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"353e62db-34bc-489f-9312-d045569d2c9e","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":101,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"1b1ab2dd-d33a-4cb0-930b-277377a1e36e","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":101,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"63a5b304-21f7-41cb-85b7-d0bda99d243d","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":101,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"44bd0873-e007-4aac-914c-e3890d3cb443","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":101,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"97028309-7a6f-4c7b-a573-9a14ba02c71e","block_type":"box","text":"maturity or specified call dates.","page_number":101,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"be653147-d0b7-46d5-a7f1-ec5370e96876","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":101,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"7d7636f1-af4f-4ecc-854b-accfe5b818d6","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":101,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"3c2c869a-4af3-4a8b-85f5-1b480870bd89","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":101,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"95098565-3c96-48ac-9eaa-198e97bb3027","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":101,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"f46f56a2-011a-4de1-a9a9-a40cdd07c5c1","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":101,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"629adfb8-60ad-48bf-9899-a7fb80d1b7e1","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":101,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"023fcc61-6384-460f-856c-5b6d54c2b11b","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":101,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"4a2eb453-315b-4f00-87ce-92151cd08074","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":101,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"62e58ed6-52cf-41f6-b511-a2e82287ecfc","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":101,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"5644cfde-26bb-452c-bd4c-18b8003e4204","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":101,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"8c154981-3935-4ed3-b617-a0d62c35e515","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":101,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"baa8f969-a400-4549-ac60-dd80c175ca14","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":101,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"a97af596-9d53-4eee-a2cb-0379645fa46a","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":101,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"43e8e387-2da4-4fce-a116-f9658195d51e","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":101,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"8de16b1d-46c6-496b-a3d7-9fbb36d2c6c1","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":101,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"d19a772a-2e79-4732-ab97-e97e754d5058","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":101,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"aae2308b-7438-40e9-bd72-b5a8c575ecb9","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":101,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"22fe87e0-566d-4190-81ea-473cd7177b0c","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":101,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"d68836ad-1e03-4386-b6f1-4546074e5f21","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":101,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"dddc5d8a-4e72-492f-a5cc-feb1ee233279","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":101,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"a1536d78-1e31-408c-bcb8-a5440203c436","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":101,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"dedfbb16-9a70-4971-a876-5f8b4b2a7bd8","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":101,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"fd8197f9-75e5-4238-bf9c-13c1790e1ea5","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":101,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"9635c0ca-b147-4236-8d73-b1b5231fca4b","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":101,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"022333de-9af1-419d-9bc1-bcaec5549b2a","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":101,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"893197ba-2fc3-4ae9-a8ad-0f028aad46a2","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":101,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"dcd8de71-ea98-43bc-a12c-c3c195d6a7f2","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":101,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"4c03b90f-e9c9-484a-ab41-506dc845cfa5","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":101,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"337f5169-9724-4f75-a5de-4805977962e5","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":101,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"bc93f721-6597-41a9-b2c0-2ac60f3c7ec2","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":101,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"44229a3a-ca10-4fc6-a7ff-0a373cd13282","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":101,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"0215209e-20ee-4894-a254-95e654c40a52","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":101,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"97b999f6-1a3a-4385-a1e9-beb19d74b2b7","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":101,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"1d39d5de-ec9e-47f6-8d57-b088ded60b3c","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":101,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"1c02c7fb-16d2-4752-ad57-248940c59dec","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":101,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"afb459f3-aee4-4935-968a-57e74c1a11bb","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":101,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"ba4314c0-980d-488c-ba91-15e8ecb05734","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":101,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"6d23e02f-a03b-4385-a850-ee96e3d8b108","block_type":"box","text":"Development. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely","page_number":101,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"06eca939-5aa2-4796-b656-e72f5b3a8dbe","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":101,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"e6a27666-0997-4b10-887d-30100cd7ef85","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":101,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"3c2d2000-63e1-4bad-b704-55ed5da4cb33","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":101,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"82342d92-2ca5-4700-a6b8-bb44424a2b47","block_type":"box","text":"II-53","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf84cb2c-771d-4cab-b0dd-dda2b883087e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe6b4a50-2f68-4021-a986-6cdea5c18ed5","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":102,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"155468f3-d04b-416d-a89a-6b31dfd3325b","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":102,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"3119b2a0-d860-4a1a-b263-5259f056fc35","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":102,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"ec9fa5db-8570-4c52-ae37-5c7b1c034ec4","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":102,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"98f95acd-c1b2-4240-a62f-f0482f45236e","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":102,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"2b1d8ac5-2d72-40d3-821f-6409c1df3e14","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":102,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"7a679fe3-c909-41bc-80c2-b93789740541","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":102,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"a2516acd-f3c5-4b20-85bd-39f1962eb052","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":102,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"538079ea-8dfd-469c-b869-4aeb5f140d84","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":102,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"6a7bac8a-481b-43b6-a5e2-a45891e06b84","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":102,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"3d09c0eb-7513-41d6-a1ce-e60e3df2998c","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":102,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"d0a11065-0d83-4659-9f17-de1e020cdc86","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":102,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"088a8b4f-53f3-4ec7-9ae9-4b631290ae35","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":102,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"38418c3d-c109-4d63-8557-3b93d07018bc","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":102,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"9a64d371-d928-43f5-9114-12b627ad77b9","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":102,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"77769bc8-31ce-46dd-8cbe-820a24eb896c","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":102,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"ca15623a-a87c-401f-87d6-fad660b783d9","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":102,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"57f2bbd8-535d-41b8-8182-ddb18f8f9a8d","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":102,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"2b1072fc-e666-498f-9fc6-40081e50b833","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":102,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"6ecde247-090e-4c4c-b5ab-91f4c73cfa71","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":102,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"f0178c5b-c55b-4894-bae5-a0c8ae9e9b46","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":102,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"41523ae5-ec91-4dbc-a692-06d69584ff55","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":102,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"c8cf8f72-fb04-4a95-85ab-a374b88cb549","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":102,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"82fee672-ac5e-4486-94ed-a18cebc02cbe","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":102,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"02fa0aa3-83c4-4a6e-99aa-e14885ea87e7","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":102,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"363ca2d9-b441-47f7-a48c-4dd845c904d9","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":102,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"700c3c9d-216f-4143-a8b3-0edeae0fee9e","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":102,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"8f2bda54-95a2-496a-bb87-9c9df58a8ca4","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":102,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"944f4314-963b-49b7-a53d-2d1d0d57e8dd","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":102,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"1379a3e3-4844-414f-8ee3-d0c34c4e522c","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":102,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"438f5611-0cc4-453a-bfef-fb924010181c","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":102,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"c9d01299-7a24-44d3-a1ad-1312dec05b28","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":102,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"1c438f22-265e-43b9-b64c-3fa3229b4f02","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":102,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"43e16baa-7d9b-4039-9fa3-7452db5547d4","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":102,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"e70191ee-92b2-42e9-874d-0ce1bd946143","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":102,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"2145ab72-ccbf-4a81-8e19-b28a2a853afa","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":102,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"b74c2ab5-ce8f-420b-af86-e28a6024c9bb","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":102,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"2356fb61-17e7-4b08-a45d-7f702269862f","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":102,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"e04ca4bd-6718-4908-adb1-c122b991b112","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":102,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"f4a9e1e5-1156-4cdc-8291-22b79ea34323","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":102,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"60655fc6-3262-4d03-a596-c176b81bbc46","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":102,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"3d08bc88-9ed4-47fc-b7a2-9270cc85211d","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":102,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"c727002b-e6c0-40e2-8383-be658ad65670","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":102,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"1c6764e2-f7c2-47c1-b94f-48d45730ff8d","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":102,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"a422f81a-a142-4527-9487-85adede6207c","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":102,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"8bb54fa2-5df3-45a3-8e65-f2d10eb1da76","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":102,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"56f32006-3e0e-4da8-92f7-320005e9606b","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":102,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"cc8e9e60-77dd-4d85-b6f3-8203e2f89499","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":102,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"1b1bbe5f-d9ef-4abd-8950-50708d9c21ab","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":102,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"822f3fb4-53ca-4bf8-bd11-6193dd465284","block_type":"box","text":"Privately issued mor tgage-related securities are not traded on an exchange and there may be a limited market","page_number":102,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"5d76f78d-8161-4816-9f18-a6ec193a4892","block_type":"box","text":"for the securities, especially when there is a perceived weakness in the mor tgage and real estate market sectors.","page_number":102,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"6d4ad4d4-781d-42c5-afbf-57d55f717847","block_type":"box","text":"Without an active trading market, mor tgage-related securities held in a Fund’s por tfolio may be par ticularly difficult to","page_number":102,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"5b86e042-e86c-4a5e-bafd-08f722abf8b3","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":102,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"284f0b73-776c-435a-a6da-e8c3e75cbb11","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":102,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"756ad415-54a4-4cd9-ba4f-2143eb3756d6","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":102,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"626ea307-89d0-4866-aed1-57230e1ad62b","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":102,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"049ff27d-d1e4-4ee1-af81-81dc5dab36af","block_type":"box","text":"II-54","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1ae98ef8-0812-471d-a6c7-2f0b245c165b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94bfc334-4e91-4bd4-a40a-7c35039274ba","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":103,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"ffd64a57-843a-4553-ae03-1a68e9a97698","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":103,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"25717b27-ccfd-4224-8e59-b9b8abaac797","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":103,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"399d7369-c3dc-46dd-895b-3fd2fbbb4634","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":103,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"c96dabf2-cd7a-4a74-9fff-edf2fb623be9","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":103,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"72dacfe2-22ca-4323-a06a-d464312d52e1","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":103,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"f785bc2e-efc0-4775-a124-a5e5bc544d5d","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":103,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"5ebc3948-9d43-4fb0-b8dc-2e3cebd759ad","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":103,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"d7d82ca5-8202-4b18-af48-c820d1c89b80","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":103,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"f3d0471e-e435-4e14-b255-30405fb7d679","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":103,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"19a31f19-f92f-462f-8d68-0a0f337728e2","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":103,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"9b65e6f0-2cf4-44e8-ae73-277701a1cdc3","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":103,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"3022cf5d-c411-402b-b8cb-e34c57246bad","block_type":"box","text":"of principal because of the sequential payments.","page_number":103,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"c427d8ef-9715-402b-891d-d473e47fe4eb","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":103,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"63c30182-1c56-493c-9510-8efec3e08120","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":103,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"5ace91d0-8695-43cb-86d2-81504966b923","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":103,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"258e7449-baee-420b-b4d1-87d959813874","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":103,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"0bd147c6-194a-46de-a5e1-b75dd90749e5","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":103,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"98de6934-6e93-469f-a813-738dbd700763","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":103,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"cff04b6a-c126-473b-8e40-c2f40b4a0c0b","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":103,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"69cd873f-0720-4515-8719-b783d584d7fc","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":103,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"5e083ae7-0a34-48bf-bfe5-0e98a43dd573","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":103,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"572763cc-8b9b-4ebf-8949-d1da0a5b3677","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":103,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"c1612d8b-74ff-42dd-b7d6-57e35acb559e","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":103,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"ee173cd5-9aee-4ee5-8118-e0529c4c0a5f","block_type":"box","text":"securities of any single such entity.","page_number":103,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"3a6b0970-57df-4960-8b17-86360d8048b2","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":103,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"dedfc693-a25e-4cee-8439-f1c528da18a3","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":103,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"5fec9a3a-e358-4c08-b876-d7759945b16f","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":103,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"5cfbfd63-cb9d-48ff-8b7a-f184bfc0bb9d","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":103,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"b155fdcd-3e52-4303-b84c-2e5b185bd0ba","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":103,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"e5847a5e-32e2-448f-b276-83ad2049ee1e","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":103,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"b4202411-96bf-4f40-9f0c-4df310113cd5","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":103,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"c7a137fa-82a6-4823-a9aa-827ac332c125","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":103,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"db77666a-7415-4ece-8d15-df2523b5e7ef","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":103,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"a84214f0-0d86-48b4-b9d4-efbdef64f1e7","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":103,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"67cca885-a953-4ba0-bab2-3eb80a5dddd1","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":103,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"2565e916-3e32-43e6-8b04-2290a13e738b","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":103,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"2ce112e1-9f19-4aa6-9876-751b1a8f54c4","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":103,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"37aca846-02b5-4455-95d0-2b4273246a2e","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":103,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"1a3e13eb-0282-476a-be07-d9feac5ba40b","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":103,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"8115dac0-1a3c-4e0f-a7d0-0971c890eef6","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":103,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"ff3668f0-9eda-474a-8faa-a8e5dc57efd1","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":103,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"b0905275-0142-4703-baf3-574a3ebe6ee1","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":103,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"590bb1da-2202-4384-992a-6ade38296023","block_type":"box","text":"classes.","page_number":103,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"e029d152-2549-42e8-bea5-05940bb0e0a1","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":103,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"e0217934-2bc1-48d6-8295-b40d324b22a6","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":103,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"3687b81d-5113-4aea-a8f9-3b33840d8625","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":103,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"cc2afed9-a90f-40e9-b444-a2a3886f293e","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":103,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"b03a051b-8de0-45d5-8551-447a7d0fbadf","block_type":"box","text":"not both. TACs thus provide more cash flow stability than a regular sequential paying class, but less than a PAC. TACs","page_number":103,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"cd6f9680-2f6b-4b2a-80b4-bef3558b3b05","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":103,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"b3b62878-9ce4-4066-af41-caf9348edda5","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":103,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"ea033e7d-c489-49a8-abaa-84473f23ecb2","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":103,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"38bbbdf9-bbb9-4f5d-b864-f6e03a8df380","block_type":"box","text":"collateralized by mor tgages with adjustable rather than fixed rates. ARMs eligible for inclusion in a mor tgage pool","page_number":103,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"93febd18-b0e9-42df-8b8b-8dc921ced045","block_type":"box","text":"generally provide for a fixed initial mor tgage interest rate for a set number of scheduled monthly payments. After that","page_number":103,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"5d3a4fdd-034b-4e9b-9097-ecb8fe91f0c1","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":103,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"9493029b-a1ef-4732-9b31-0d48794620d5","block_type":"box","text":"to a designated benchmark index.","page_number":103,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"524bcc14-88a9-4208-b54c-7a1d3e2fe74d","block_type":"box","text":"II-55","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"00617ea2-4b14-4101-82da-973c65be4f26","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f13df74-bb6d-4f1e-8632-e603f318bcb2","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":104,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"85d33a27-8cae-4aea-82c3-518ea2366263","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":104,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"8a076435-dbc5-4761-8761-9b7b6919f209","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":104,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"a962284d-5627-45ca-af98-27603cabba94","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":104,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"86ae7d93-8479-4a2c-ba03-09898e28dbd4","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":104,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"73469d37-0490-439a-8c7e-b577f0ccd165","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":104,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"1e043b0a-868d-4b7b-a4f5-7f84d8ded621","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":104,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"f813b3bf-69ea-412e-9d91-8b8efda8ccd7","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":104,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"b766ae1b-96b6-45c7-a862-e179b82a29eb","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":104,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"c6fb69a6-eecd-4e7d-94e6-1e49fba40c02","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":104,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"a95ee6d4-9e5f-4838-9dd3-e8892304bbd6","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":104,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"85d4c32b-9453-4966-b15c-96dc7072a75e","block_type":"box","text":"CMO Residuals.","page_number":104,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"ac18d029-27fd-4ce8-8b2b-60688bd6b34a","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":104,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"5c270449-c361-4e22-be58-d9ec22fbdad7","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":104,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"a2f79655-7047-4d9e-b4cb-db5b54b0db36","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":104,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"ffc55eb8-a0d8-40d6-a8da-4b968242013a","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":104,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"373a859a-c640-436a-b05e-8f88065d4819","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":104,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"c6209349-8885-4e8b-a696-47959f87a73c","block_type":"box","text":"the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after","page_number":104,"box":{"x":68,"y":302,"width":832,"height":11}},{"id":"4ed5236f-78b0-4a5c-959f-2de54b99b383","block_type":"box","text":"making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual","page_number":104,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"fad6e4c2-a001-427f-b294-206c6178237e","block_type":"box","text":"represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on,","page_number":104,"box":{"x":69,"y":332,"width":833,"height":11}},{"id":"d713a46b-a8d2-4c2d-89b4-48ed7e614a7c","block_type":"box","text":"among other things, the characteristics of the mor tgage assets, the coupon rate of each class of CMO, prevailing","page_number":104,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"9e117963-c3d9-4bc8-ad58-3283a7e527e0","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mor tgage assets. In","page_number":104,"box":{"x":70,"y":362,"width":810,"height":11}},{"id":"2218ce8e-ec8e-4c6e-91ec-19ca80315c6a","block_type":"box","text":"par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":104,"box":{"x":70,"y":377,"width":795,"height":12}},{"id":"c2cb5a50-9127-4134-a405-92118dc74ad7","block_type":"box","text":"mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related securities. In addition, if","page_number":104,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"0a056c08-41a1-4490-a661-856ed3449371","block_type":"box","text":"a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO","page_number":104,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"6b1035c1-944f-4349-b4e7-a90288cc6df2","block_type":"box","text":"residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are","page_number":104,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"d9036583-6b4e-4b0f-a9ac-a6b184f23d70","block_type":"box","text":"based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in a CMO residual.","page_number":104,"box":{"x":69,"y":438,"width":738,"height":11}},{"id":"4c135609-f77f-47bf-8a19-19cd0152eb00","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":104,"box":{"x":102,"y":460,"width":758,"height":12}},{"id":"412ab20a-7ae5-45f7-bd7c-270bcc9530c3","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":104,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"64ac7ed8-0a18-47cf-a1b2-712076d9c85f","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":104,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"fca32b22-5b84-4053-b261-b360c3660e70","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":104,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"9f19b2fa-3ecd-47e5-b427-82b9360540fa","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":104,"box":{"x":68,"y":521,"width":820,"height":11}},{"id":"e41fbdde-ed9d-4186-a845-230a0e377a62","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":104,"box":{"x":69,"y":536,"width":650,"height":11}},{"id":"b150b3da-2990-4b08-9232-792b07f10e5e","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":104,"box":{"x":102,"y":559,"width":267,"height":11}},{"id":"7e209fea-3e31-4cc0-a565-96e4d99308ed","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":104,"box":{"x":375,"y":559,"width":493,"height":11}},{"id":"8e5ded68-138a-46cc-938b-734e6777fca6","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":104,"box":{"x":70,"y":574,"width":798,"height":11}},{"id":"1605c312-7596-4e2d-8adc-cc629570a597","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":104,"box":{"x":69,"y":589,"width":826,"height":11}},{"id":"7246f906-b72f-40f5-ba12-3f0f60f63ac5","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":104,"box":{"x":70,"y":604,"width":832,"height":11}},{"id":"4eebef12-0096-4e0d-b863-cb96bae64bf5","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":104,"box":{"x":70,"y":619,"width":821,"height":11}},{"id":"865b1490-d58f-4949-8170-454e67b743af","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":104,"box":{"x":68,"y":634,"width":826,"height":11}},{"id":"5377bd39-5ea0-48af-8dc6-6deba87c776b","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":104,"box":{"x":69,"y":649,"width":822,"height":11}},{"id":"334b59f0-2f8e-4603-8d16-360a39c5478b","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":104,"box":{"x":70,"y":664,"width":834,"height":12}},{"id":"be615995-2b4b-4372-a60b-00b42330d01a","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":104,"box":{"x":68,"y":680,"width":800,"height":11}},{"id":"e41b018d-1995-4673-a2be-dc43ba9447d5","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":104,"box":{"x":69,"y":695,"width":786,"height":11}},{"id":"9b763ce9-2583-4d6e-bb91-8be030785bd8","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":104,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"45460d94-ce2c-4e8a-9f24-6192b94c604d","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":104,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"b64cca3f-a34c-45e8-93ed-716184a67232","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":104,"box":{"x":70,"y":740,"width":824,"height":11}},{"id":"c4f1c880-1e65-4ab2-be19-6b573598c5a1","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":104,"box":{"x":70,"y":755,"width":800,"height":11}},{"id":"60983ca1-fdc3-4b6d-919e-db2aca54bd43","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":104,"box":{"x":69,"y":770,"width":818,"height":11}},{"id":"accd5b0e-7906-4c6f-acfc-0d1fddbc99e2","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":104,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"41173f70-8c86-4fe4-83b2-184282a84c09","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":104,"box":{"x":68,"y":801,"width":802,"height":11}},{"id":"e4ed9ad6-be64-4c1b-a1e0-f81b26fbe1ce","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":104,"box":{"x":69,"y":816,"width":805,"height":11}},{"id":"c2e655ce-5c95-463b-b72a-942f723fd964","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":104,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"7e91de54-23d6-453d-9d38-d25c2ea607f5","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":104,"box":{"x":68,"y":846,"width":683,"height":11}},{"id":"3d2ff578-1e31-499e-893c-29c0233e7929","block_type":"box","text":"Tiered Index Bonds.","page_number":104,"box":{"x":103,"y":869,"width":138,"height":9}},{"id":"b18e8e09-0052-459c-a2af-dc0b215e6cc2","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":104,"box":{"x":247,"y":869,"width":638,"height":11}},{"id":"16bf3672-12b3-4a47-b524-7d6d24a20b13","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":104,"box":{"x":70,"y":884,"width":825,"height":11}},{"id":"970aeda6-e781-40f5-84c0-dc89c5dcc8ca","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":104,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"59cd0f23-67ae-4484-9a77-f39260574e4a","block_type":"box","text":"II-56","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f242590f-d241-42bc-a893-2a787ddbb588","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07aea434-ded9-40ba-be7e-d76182ad6b91","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":105,"box":{"x":69,"y":45,"width":738,"height":10}},{"id":"c3257258-aaaf-4425-bffa-b1e11c2c1a2f","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":105,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"b5f940e9-55f6-40ae-bb57-79e3dd6c66f9","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":105,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"f4c80704-84e3-47a2-92e4-59218fdd3518","block_type":"box","text":"that of a fixed-rate bond.","page_number":105,"box":{"x":68,"y":90,"width":174,"height":9}},{"id":"e5e64e94-66b3-41ab-bc73-ee04ebda2951","block_type":"box","text":"TBA Commitments.","page_number":105,"box":{"x":103,"y":113,"width":133,"height":9}},{"id":"eeb89374-295b-4995-82d0-2dab2ac4a6af","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":105,"box":{"x":243,"y":113,"width":653,"height":11}},{"id":"065fa814-8074-430c-85b5-858a66a11d81","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":105,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"6037630b-5aa3-42cb-906d-ed7707332728","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":105,"box":{"x":68,"y":143,"width":825,"height":11}},{"id":"19b9cd23-97d4-4785-8257-735a29fc7af8","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":105,"box":{"x":70,"y":158,"width":793,"height":11}},{"id":"b403f4e1-e09b-4e21-b460-4a95d3e5d8f1","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":105,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"492e26e9-840e-48ad-9837-d0f2e86420cf","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":105,"box":{"x":70,"y":188,"width":804,"height":12}},{"id":"84e2b58e-3c31-4e2f-941e-0d40843ddcb9","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":105,"box":{"x":69,"y":203,"width":779,"height":12}},{"id":"4c80a7e4-d0c6-4054-a229-db58f791ad12","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":105,"box":{"x":69,"y":219,"width":810,"height":11}},{"id":"e720a358-16aa-4ad8-81fa-897f44b11730","block_type":"box","text":"below.","page_number":105,"box":{"x":69,"y":234,"width":43,"height":9}},{"id":"b89d5b9b-b102-4b8b-8728-c3ecea97d501","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":105,"box":{"x":102,"y":257,"width":157,"height":11}},{"id":"786f3a67-365a-43dd-a1e5-11ccb9f20671","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":105,"box":{"x":266,"y":256,"width":634,"height":12}},{"id":"d403174b-2793-4cae-8feb-9a227ca344da","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":105,"box":{"x":70,"y":271,"width":825,"height":12}},{"id":"b5d699cf-4c6c-443f-a50d-c84c6be97746","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":105,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"2543328e-b546-463f-b933-c0a7c09f18ba","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":105,"box":{"x":70,"y":302,"width":817,"height":11}},{"id":"e8976320-8e48-4da6-acfc-f0e17d564f8e","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":105,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"ad6eb61b-eb1c-4e5e-bd3d-736fdedd5a9f","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":105,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"415091a5-779d-4066-8afd-373418455c20","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":105,"box":{"x":69,"y":347,"width":806,"height":11}},{"id":"e49e18fc-64f5-402e-8e73-5abee8d9c6fb","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":105,"box":{"x":69,"y":362,"width":833,"height":11}},{"id":"124aa7b1-081d-467a-ac90-2ca97676d31d","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":105,"box":{"x":69,"y":377,"width":836,"height":11}},{"id":"fb0ec032-08d9-41e4-b7bd-22dd2e8e4bb0","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":105,"box":{"x":69,"y":392,"width":607,"height":11}},{"id":"c39c17bd-0335-42a5-955b-022cda95687e","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":105,"box":{"x":102,"y":415,"width":744,"height":11}},{"id":"bf432aa5-c346-4163-b48e-8d97913cbf52","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":105,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"d7d05552-e95b-40b2-b376-909f2fbbf6cc","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":105,"box":{"x":69,"y":445,"width":433,"height":12}},{"id":"5d36fef7-5fd4-4893-8b33-20437306b518","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":105,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"126803ce-fe91-4f34-a68c-00486878349e","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":105,"box":{"x":70,"y":483,"width":824,"height":11}},{"id":"d1d11c88-6812-497c-aa3b-88f3e071d082","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":105,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"a1b0b5ca-386a-4ab7-a8d7-f895f36776e4","block_type":"box","text":"securities in the forward transaction.","page_number":105,"box":{"x":69,"y":513,"width":261,"height":9}},{"id":"f77e723d-31ab-4592-96f8-e5785bfd4ed9","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":105,"box":{"x":101,"y":536,"width":785,"height":11}},{"id":"ee05332b-0f2b-471f-bad6-b407509b76e1","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":105,"box":{"x":69,"y":551,"width":812,"height":11}},{"id":"244a9b1d-2673-4ed3-9ddf-9b28d4e0ae44","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":105,"box":{"x":68,"y":566,"width":824,"height":11}},{"id":"096b1e60-cddf-42f9-8e67-b98f0abe5cbd","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":105,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"e28dccc3-7a72-46bb-b622-5ad14304171d","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":105,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"a5a6e337-8588-44cb-a052-d90b3138f23e","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":105,"box":{"x":69,"y":612,"width":430,"height":11}},{"id":"6b58e9e9-4ac1-49f6-bd6a-b0bf22ac86e0","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":105,"box":{"x":102,"y":634,"width":759,"height":12}},{"id":"fa174bc9-77fd-4707-b0d5-3ed93cf63689","block_type":"box","text":"securities (e.g., dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":105,"box":{"x":69,"y":649,"width":788,"height":12}},{"id":"3cd44f45-d8d9-42af-be8c-acbf07a7e263","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":105,"box":{"x":69,"y":664,"width":813,"height":12}},{"id":"616cfc37-9f41-4d34-bd5d-2a200263f6fa","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":105,"box":{"x":70,"y":680,"width":783,"height":11}},{"id":"38888aa6-89f3-487c-bc04-5453401e85dd","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":105,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"c78db1a4-fb5f-40fd-9369-0277b6bf25c4","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":105,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"cf174eee-b43d-4d9f-aa54-7fe5099ae514","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":105,"box":{"x":69,"y":725,"width":788,"height":11}},{"id":"35f63db4-3611-4ae6-b6f0-229193fb0120","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":105,"box":{"x":70,"y":740,"width":489,"height":11}},{"id":"06a1509a-1817-4530-804b-c38f2761eabf","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":105,"box":{"x":102,"y":763,"width":260,"height":11}},{"id":"bb8cd51e-9ae0-4bef-b03f-92d892f96c30","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":105,"box":{"x":368,"y":763,"width":473,"height":11}},{"id":"a431e5a1-d5a4-4bf1-81a3-17395250c793","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":105,"box":{"x":69,"y":778,"width":768,"height":11}},{"id":"55369198-37c9-494c-a1c5-096e59288058","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":105,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"de8214f4-b861-48c2-9dab-8047c1758000","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":105,"box":{"x":70,"y":808,"width":760,"height":11}},{"id":"297532cc-ea51-43bf-bb12-a9385eb2fa8a","block_type":"box","text":"securities, the yield to maturity on a NIM security is sensitive not only to changes in prevailing interest rates but also","page_number":105,"box":{"x":69,"y":823,"width":832,"height":12}},{"id":"091854db-7c8b-4ff9-9009-9a4e81c05721","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":105,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"4d28eeef-4817-43b2-b21e-8198c705813d","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":105,"box":{"x":69,"y":854,"width":764,"height":11}},{"id":"19818419-e8a0-487d-a8ad-a4867fcc8662","block_type":"box","text":"Municipal Investments.","page_number":105,"box":{"x":102,"y":876,"width":169,"height":11}},{"id":"bfe8fd96-2763-4d7f-9e47-e1561b3357b2","block_type":"box","text":"II-57","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8e6d469-9634-4439-8aaa-4524c9c3f61c","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"23638643-85ca-4031-a7f4-f29381b36aa5","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":106,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"e259e138-16f4-45af-9597-7341f44c1b10","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":106,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"dd213677-c6a4-42bf-a4bf-d9119bd319e1","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":106,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"fff0eb8f-4dc4-485f-b3c5-c81d4965e8fc","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":106,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"01168471-bac8-4dfc-b0f6-19169c8c9f47","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":106,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"4b4cba5e-3bc9-43e4-a57e-b1b8df2d66cf","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":106,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"035bc5b2-45fe-4178-8ab0-c2dd98a1c7c4","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":106,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"4586d040-76e0-42ef-8170-8c7e958fd0a0","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":106,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"d079c09e-09f6-42c4-9a04-524c2a103f23","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":106,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"ff1d5435-6fb9-4971-8790-35b969a3633c","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":106,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"b2dfb6f5-0bb9-4e3d-8666-3dc182e53d44","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":106,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"41e2c245-1c5d-4bfb-b768-fcc0cecb75b1","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":106,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"a8cbb384-acd8-4c6c-8d9a-f4435fae85ab","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":106,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"63e77074-796d-4ef8-80f3-29718ab3cb02","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":106,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"578d9d4c-17bd-4ee4-afed-eb088e3b251e","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":106,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"90fcd5a7-4320-4bfb-9b29-0404b8efa281","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":106,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"51796c10-48e1-4d70-87b2-65dbeb853520","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":106,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"5f4080f8-92e9-4fd9-9141-9c18f40d12a4","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":106,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"3554af9b-2bec-402f-966f-2d5222a3b439","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":106,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"c766fc68-d51e-4957-b82b-8d164a47c5ce","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":106,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"3562e037-98e1-4986-82cb-029b7ccd5e27","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":106,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"9d66675c-d307-4a7d-bc5e-fae4f2b6bb26","block_type":"box","text":"The risks and special considerations","page_number":106,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"e3f56cba-d100-4482-9774-26155b33e16f","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":106,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"ae6584fd-a3f9-4d45-81e1-b0549b91635d","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":106,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"3e0230c4-a3c2-4155-8e99-61fd2b75b498","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":106,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"a76868b8-7ba6-45ea-87e2-98d83b284ce4","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":106,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"efaa86ab-0010-49a3-9085-6b22b7ca0ee6","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":106,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"c7eaebdb-967c-4629-a87c-546544767a70","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":106,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"3c438263-cef0-46c9-9f92-b7de26d0b518","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":106,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"70762351-9cea-45fd-843a-7e4f60573da1","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":106,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"144cfc2f-b8d2-433e-8183-fa609f10328a","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":106,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"73d62c96-25a6-469d-a9fa-cf3527cd76d1","block_type":"box","text":"Description of Municipal Bonds.","page_number":106,"box":{"x":102,"y":521,"width":225,"height":11}},{"id":"280a21c9-f5d2-4ac9-bfdb-ae75e48dcd77","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":106,"box":{"x":102,"y":543,"width":754,"height":12}},{"id":"4537848a-d334-4fee-8936-f5ee9cebd5e3","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":106,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"df5a5f8f-a117-4cd8-9d7b-07a7ab531041","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":106,"box":{"x":69,"y":574,"width":836,"height":11}},{"id":"14dee5b5-aa5b-418d-a4ce-a122f98b38b8","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":106,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"7a05f32e-9049-467e-8b4a-778eaaf021b6","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":106,"box":{"x":68,"y":604,"width":822,"height":11}},{"id":"b1db55e0-6d8c-4bb8-b48b-2b937deca707","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":106,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"03981922-a79c-44d4-a729-bc5482bcc092","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":106,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"025e35b0-c2fa-4415-8e02-fbded6270a24","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":106,"box":{"x":68,"y":649,"width":812,"height":12}},{"id":"cdab9534-7c45-49c3-8486-d4bc61f647c8","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":106,"box":{"x":70,"y":664,"width":792,"height":12}},{"id":"1d250f8c-8daa-4ccf-b0e2-fb70b709b1f5","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":106,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"245e6662-f616-4d02-a5ca-8bc840ca28f9","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":106,"box":{"x":68,"y":695,"width":840,"height":11}},{"id":"392776a7-cf6d-40dd-b189-c5522d9eb882","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":106,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"a1fe7897-e2fc-4742-89a6-9626af3761aa","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":106,"box":{"x":69,"y":725,"width":401,"height":11}},{"id":"1a968912-51df-498b-a3da-8eb46e70e254","block_type":"box","text":"General Obligation Bonds.","page_number":106,"box":{"x":102,"y":748,"width":184,"height":11}},{"id":"95ee33f9-999c-4980-af70-84f70a109ce0","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":106,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"0c2ef571-4ec6-4870-bbe6-b078df1179aa","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":106,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"c2249a81-2ba5-410e-bfaf-c09d2f987620","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":106,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"5962df82-d0d6-4839-82a1-fb99350cbab8","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":106,"box":{"x":70,"y":793,"width":786,"height":11}},{"id":"849d1b46-5239-420a-891a-7f6378a70ca1","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":106,"box":{"x":70,"y":808,"width":835,"height":11}},{"id":"0159dbf9-38ba-417c-bcf0-958d40c4a1fc","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":106,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"3b8222d0-9082-41f2-a6e7-cacf0cb264eb","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":106,"box":{"x":69,"y":838,"width":782,"height":11}},{"id":"fb709734-b02e-4e8a-bd8d-ec77375c2569","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":106,"box":{"x":68,"y":853,"width":791,"height":12}},{"id":"64942508-cde9-4c43-8c87-19da9a0257eb","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":106,"box":{"x":69,"y":869,"width":630,"height":11}},{"id":"e6d51835-e94b-415d-a115-57b67635782e","block_type":"box","text":"Revenue Bonds.","page_number":106,"box":{"x":102,"y":891,"width":114,"height":9}},{"id":"9bac3ec7-6442-4148-b11e-cf611efff53a","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":106,"box":{"x":223,"y":891,"width":676,"height":11}},{"id":"04d97a2c-608b-48db-8127-13a484bf6880","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":106,"box":{"x":68,"y":906,"width":791,"height":11}},{"id":"e3409a84-f380-42f3-8fe5-9d0cc41ba6f6","block_type":"box","text":"II-58","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fdda5f4c-e77a-433e-a3f0-1be31db0eed9","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a890eb15-555e-4f51-9a35-6c241d756f19","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":107,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"eae4da59-bc78-45f0-8fdc-ad990cdcb5ec","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":107,"box":{"x":69,"y":60,"width":798,"height":11}},{"id":"1869e3c3-81d6-4ccb-9927-d5b410d12f89","block_type":"box","text":"viability of such facility or such revenue source.","page_number":107,"box":{"x":68,"y":75,"width":336,"height":11}},{"id":"edcb75ae-1d29-463d-9c19-9266265939aa","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":107,"box":{"x":102,"y":98,"width":801,"height":11}},{"id":"0016dd49-a727-4508-9106-15516f2abad8","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":107,"box":{"x":70,"y":113,"width":800,"height":11}},{"id":"9befe329-4cf1-4639-8a1d-22771a31061d","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":107,"box":{"x":70,"y":128,"width":810,"height":11}},{"id":"222a82f3-35f0-4c01-8fa9-49955194ceb9","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":107,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"45b0971a-e5bd-4fbf-9e00-54bc23e86846","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":107,"box":{"x":70,"y":158,"width":828,"height":11}},{"id":"a6673373-bebd-4a84-8c36-46ff172ea605","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":107,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"eb550c53-4a5d-40eb-bb56-98605fb8e7e5","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":107,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"c14a3a2c-a7de-4177-98ab-3a5850a163a5","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":107,"box":{"x":68,"y":203,"width":457,"height":12}},{"id":"02d91223-bd95-4a6c-a2c5-e7272439f3b0","block_type":"box","text":"PABs.","page_number":107,"box":{"x":102,"y":226,"width":38,"height":9}},{"id":"beb53e92-c8de-49d8-8313-57d792f37000","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":107,"box":{"x":147,"y":226,"width":730,"height":11}},{"id":"48f4c49b-61d2-44ce-9931-f87186c0c2d3","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":107,"box":{"x":70,"y":241,"width":755,"height":11}},{"id":"ca702259-f19c-4d61-885f-3382ab70c111","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":107,"box":{"x":69,"y":256,"width":797,"height":11}},{"id":"06be6987-8902-4390-9cf8-aeead04b210e","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":107,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"1e67d1d4-1168-4827-9466-0a3b9624c3b9","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":107,"box":{"x":70,"y":286,"width":840,"height":12}},{"id":"b0def651-7f90-4aa7-8b96-473f0403f900","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":107,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"32e294df-27a6-49cc-8d25-c54aa7cd66a2","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":107,"box":{"x":69,"y":317,"width":832,"height":11}},{"id":"8be7e25d-ad52-469f-98f3-60a180cb94d3","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":107,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"64c78655-9788-4c44-8d22-e7d3e7e27822","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":107,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"eecd9954-d00d-4bc2-addf-baf0e1ddf41d","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":107,"box":{"x":68,"y":362,"width":816,"height":11}},{"id":"567e6ed2-c29a-474f-a58d-3cfef2a1b991","block_type":"box","text":"the par ticular facility being financed.","page_number":107,"box":{"x":68,"y":377,"width":258,"height":12}},{"id":"09513935-867c-4f38-9fd6-e076dd67a7ee","block_type":"box","text":"Moral Obligation Bonds.","page_number":107,"box":{"x":102,"y":400,"width":169,"height":11}},{"id":"abe9e079-45ac-467c-83a7-83d54eedb85c","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":107,"box":{"x":278,"y":400,"width":628,"height":11}},{"id":"15198829-8cb4-4306-899e-1f61cc9391b7","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":107,"box":{"x":70,"y":415,"width":809,"height":11}},{"id":"e436f09c-bef9-456c-ae40-32728c7dd5c0","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":107,"box":{"x":69,"y":430,"width":816,"height":11}},{"id":"412042ef-d3dd-4b33-910d-32568eb43e6d","block_type":"box","text":"that issued the bonds.","page_number":107,"box":{"x":68,"y":446,"width":160,"height":8}},{"id":"61d5dc41-7695-4cb9-81b2-c544dc92d725","block_type":"box","text":"Municipal Notes.","page_number":107,"box":{"x":102,"y":468,"width":118,"height":11}},{"id":"090d4e11-386a-4c24-bab2-86d67f8a7fd8","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":107,"box":{"x":227,"y":468,"width":683,"height":11}},{"id":"fda60c69-2709-4eb1-998f-86f1cde12442","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":107,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"096bd1e8-58b5-49a8-8d28-96ad31cf0d8e","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":107,"box":{"x":69,"y":498,"width":739,"height":11}},{"id":"0b981551-3ec1-430a-9d8a-009515d13269","block_type":"box","text":"Municipal Commercial Paper.","page_number":107,"box":{"x":102,"y":521,"width":205,"height":11}},{"id":"9efe0615-4820-439a-8cef-34743e022427","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":107,"box":{"x":314,"y":521,"width":586,"height":11}},{"id":"21c01659-cee8-463d-8626-7168a371fbe7","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":107,"box":{"x":68,"y":536,"width":767,"height":11}},{"id":"7b37fc19-3a19-4701-8c04-fc0ed7467a61","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":107,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"56ee0f0c-2389-4a7a-8fb5-3ac63b29c7f3","block_type":"box","text":"Municipal Lease Obligations.","page_number":107,"box":{"x":102,"y":574,"width":203,"height":11}},{"id":"2876b537-cc19-441c-a79e-0b7b5190dfb5","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":107,"box":{"x":311,"y":574,"width":566,"height":11}},{"id":"52a811e8-698b-46a7-bba0-48d0c2fd796b","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":107,"box":{"x":70,"y":589,"width":791,"height":11}},{"id":"b95dd504-5a2c-4e6d-a2ca-0eb4687a0c72","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":107,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"5640a974-c34d-43d3-83fc-6d29a07e2d35","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":107,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"16e94843-5970-45ac-861a-8533a66ebe75","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":107,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"9dde222c-1c92-409e-a790-9bc73758b6b7","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":107,"box":{"x":70,"y":649,"width":820,"height":12}},{"id":"2e427a99-f4cc-4361-a337-b6bf373b4d83","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":107,"box":{"x":70,"y":664,"width":808,"height":12}},{"id":"d3d3d1b6-a455-4047-b4fc-eeb8de7b844f","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":107,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"1d894604-3ab0-4847-a1dc-ec1642751475","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":107,"box":{"x":68,"y":695,"width":795,"height":11}},{"id":"32a76a4e-c3b9-4042-bf0b-fe82e4372657","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":107,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"4cf30dc2-b058-4801-ac0b-b18f796b55a6","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":107,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"9212a06e-414a-4861-a301-9bdb94b9cc1d","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":107,"box":{"x":69,"y":740,"width":817,"height":11}},{"id":"28f2896d-fc27-414a-bf65-d1d4ee1e8df6","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":107,"box":{"x":69,"y":755,"width":572,"height":11}},{"id":"6d47e6fd-4f8c-4e8b-899e-6af52c32ba81","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":107,"box":{"x":101,"y":778,"width":791,"height":11}},{"id":"47f9fc42-502f-4ab5-8f3e-5ef2a989dfba","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":107,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"e70f97a0-3784-4433-a6b9-fc95948c290b","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","page_number":107,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"59f806be-0f36-42d3-b435-e1fc83bbd258","block_type":"box","text":"a reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":107,"box":{"x":69,"y":823,"width":812,"height":12}},{"id":"e5db373e-4286-4067-8073-76e0719c1679","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":107,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"668d9588-0c59-44f3-9de5-9c2341f7de12","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":107,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"e3442fb7-751d-4946-aa17-e5796bb9389f","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":107,"box":{"x":69,"y":869,"width":807,"height":11}},{"id":"4b8881a9-f5a6-4431-adff-62447bb71768","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":107,"box":{"x":68,"y":884,"width":835,"height":11}},{"id":"c677b9cc-c8fc-41fa-843e-74413364eeca","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":107,"box":{"x":69,"y":899,"width":828,"height":11}},{"id":"07e169b4-d226-4be2-99f4-1a4d2f8d2ddd","block_type":"box","text":"II-59","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"17f565fb-83be-4dd1-b00a-c6b81b9c9105","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f148b45-b8ee-41a3-8a78-00abc894980d","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":108,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"39f95566-5b1c-4fc9-83ab-fa6287e0776e","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":108,"box":{"x":68,"y":60,"width":793,"height":11}},{"id":"fd3ba56a-3de2-4760-bf4d-114e727ccd5b","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":108,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"553b99d3-85fe-410e-b25f-0d5b56bdbd66","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":108,"box":{"x":70,"y":90,"width":820,"height":11}},{"id":"6641ce08-c231-440b-b857-b3cad0329737","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":108,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"e2eb4fcc-89b4-4815-ab34-7d6fc688ffda","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":108,"box":{"x":69,"y":120,"width":574,"height":11}},{"id":"df5dd1c3-536f-4135-bc1a-63b6543885ca","block_type":"box","text":"Tender Option Bonds.","page_number":108,"box":{"x":103,"y":143,"width":150,"height":11}},{"id":"2053399d-773c-4b97-9c3d-305a8752eef1","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":108,"box":{"x":260,"y":143,"width":613,"height":11}},{"id":"965d804b-16df-48a9-b69c-7b0bbfb9ae29","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":108,"box":{"x":69,"y":158,"width":796,"height":11}},{"id":"39f252af-42ef-4fd8-81c8-e5b26789054c","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":108,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"e6e00a4c-8ad1-427e-a4ed-34e8da00e0dd","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":108,"box":{"x":68,"y":188,"width":807,"height":11}},{"id":"7693010c-d6de-4391-aa2e-ab0f44c28bbe","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":108,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"a8149882-7551-40dd-b0f2-ff89d1809779","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":108,"box":{"x":68,"y":218,"width":814,"height":12}},{"id":"b2eec33b-ad84-46e8-8c94-e6def379ac3d","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":108,"box":{"x":68,"y":234,"width":598,"height":11}},{"id":"a53282ca-a1da-4ca3-bb7c-53a0c22bda9c","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":108,"box":{"x":101,"y":256,"width":751,"height":12}},{"id":"01a1282f-fe25-4d16-a3b5-1662436d79e5","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":108,"box":{"x":70,"y":271,"width":786,"height":12}},{"id":"09d235f4-e8dc-4b4a-84ec-a6511608bada","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":108,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"b76dab18-c139-416d-a5ed-3895304116db","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":108,"box":{"x":68,"y":302,"width":799,"height":11}},{"id":"ab942aab-929a-400e-a437-171f2a19547b","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":108,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"c8f9ebbe-f65d-48f1-8f50-aa268298ee8b","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":108,"box":{"x":68,"y":332,"width":828,"height":11}},{"id":"3a64b52a-fa1d-4bae-b485-b361b0e9809d","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":108,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"d3e65db1-768e-4d68-b247-087d5f5226df","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":108,"box":{"x":69,"y":362,"width":768,"height":11}},{"id":"56a96c52-28b3-43bb-9da4-c45c547ebd0d","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":108,"box":{"x":70,"y":377,"width":825,"height":11}},{"id":"370d9949-5fe8-4ffb-805b-de1f3785df48","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":108,"box":{"x":69,"y":393,"width":764,"height":11}},{"id":"58e48f55-a356-4acd-8583-e2e5053e887f","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":108,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"fe012474-f315-4846-9eff-e39354bff910","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":108,"box":{"x":68,"y":423,"width":810,"height":11}},{"id":"96f1294b-4b69-4a92-8d8e-cf0247522b99","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":108,"box":{"x":68,"y":438,"width":704,"height":11}},{"id":"65187eb3-9adc-42e0-a41f-6a19ab5b828f","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":108,"box":{"x":102,"y":460,"width":804,"height":12}},{"id":"c15e97aa-bd41-4b76-8ed9-03fc5d77beb5","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":108,"box":{"x":70,"y":475,"width":805,"height":12}},{"id":"739252f7-b0f5-417c-9b0a-f8adb482bbcc","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":108,"box":{"x":69,"y":491,"width":752,"height":11}},{"id":"6401369b-e3d3-4534-894b-a6ebf82add4e","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":108,"box":{"x":70,"y":506,"width":211,"height":11}},{"id":"75e86693-dce5-486e-b184-f572044711a2","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":108,"box":{"x":101,"y":528,"width":802,"height":12}},{"id":"c6e25f63-f437-4f97-a5d5-b6aa6b4c171b","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":108,"box":{"x":70,"y":543,"width":753,"height":12}},{"id":"55d229b0-04ca-4dc5-841f-0899a436c7f4","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":108,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"e4e995d5-1638-47a9-8433-1178e93ab063","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":108,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"e697f236-ec56-4bdb-8f86-d741dede30ce","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":108,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"73a3fc97-9c0d-4461-aa2d-6fbe71e3c5ec","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":108,"box":{"x":70,"y":604,"width":357,"height":11}},{"id":"fa97aa9c-b8e8-4340-8c1f-fd6e9e0ead16","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":108,"box":{"x":101,"y":627,"width":807,"height":11}},{"id":"50e50582-21bb-4127-8041-0d94ed5d6058","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":108,"box":{"x":69,"y":642,"width":810,"height":11}},{"id":"6b397784-a734-4f8d-be28-79ff565046f3","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":108,"box":{"x":69,"y":657,"width":825,"height":11}},{"id":"91beb7c0-5107-407c-9ae8-ac920d0a927b","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":108,"box":{"x":69,"y":672,"width":834,"height":11}},{"id":"028b997e-18a3-4505-9d4b-66a6026c436d","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":108,"box":{"x":70,"y":687,"width":797,"height":11}},{"id":"e773e59e-4086-4265-a521-4583b5bda4a6","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":108,"box":{"x":70,"y":702,"width":809,"height":12}},{"id":"1f282add-e404-419c-94e1-1c33f9243ff2","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":108,"box":{"x":69,"y":717,"width":820,"height":11}},{"id":"fb88d323-835c-40d4-ad95-f7ec07c79864","block_type":"box","text":"issues.","page_number":108,"box":{"x":70,"y":733,"width":49,"height":9}},{"id":"b3e1d6b8-37e8-47e2-85a4-7d68d913384c","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":108,"box":{"x":101,"y":755,"width":795,"height":11}},{"id":"20494d14-c2e8-4de4-877e-dd2a5b69fba4","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":108,"box":{"x":68,"y":770,"width":833,"height":11}},{"id":"6dbf7bb3-0b5e-4fa9-8101-acee1df18097","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":108,"box":{"x":70,"y":786,"width":293,"height":11}},{"id":"032d8eee-fb1b-419c-ad1a-6e449cf971ac","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":108,"box":{"x":101,"y":808,"width":802,"height":11}},{"id":"554abe46-fd4a-4bf7-9a7a-0fca25a8b9ed","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":108,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"56435159-c474-49f6-9f3b-937424fd3dc1","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":108,"box":{"x":70,"y":838,"width":836,"height":12}},{"id":"77fc4b23-f2b3-4be1-9acb-440fa7b1f030","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":108,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"f4c0ffdb-87cb-49af-b840-64d663716d25","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":108,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"55a36de8-7f5a-40b9-a638-0ff345fde06b","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":108,"box":{"x":68,"y":884,"width":834,"height":11}},{"id":"ccd28718-b322-415a-90a7-fca7d4a03653","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":108,"box":{"x":70,"y":899,"width":838,"height":11}},{"id":"509546e7-143f-4f7d-8cb3-13ce5b67a3a2","block_type":"box","text":"II-60","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"816ffbef-f52d-4719-8a4a-a37d4bea78e0","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"18d750c6-22ac-4b8f-97b7-7d71d9f249f5","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":109,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"34295afa-df3f-4d63-a1f9-ebbd31aef173","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":109,"box":{"x":70,"y":60,"width":823,"height":11}},{"id":"3f044811-1da2-4ccc-badd-e2e120ba4a6e","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":109,"box":{"x":69,"y":75,"width":839,"height":11}},{"id":"b14d7d77-2761-4044-ab48-df01ca9f5060","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (i.e., the Fund). In contrast, in the","page_number":109,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"bda0bed3-f3b8-4eb1-aaa9-1b9b5178db75","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":109,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"a046b76b-c73e-4a72-99c2-c48d0164fa16","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":109,"box":{"x":69,"y":120,"width":479,"height":11}},{"id":"cc601d38-56ca-490b-a865-323b7f60fe73","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":109,"box":{"x":101,"y":143,"width":797,"height":11}},{"id":"ec962d9c-5a51-42f5-9c04-bcb5b0c378c2","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":109,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"05121d0c-5acb-45e8-96ee-0ccfce06ca05","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":109,"box":{"x":68,"y":173,"width":828,"height":11}},{"id":"f291a78a-a90e-41bc-b445-6977749876d0","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":109,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"3e58b772-285d-45fb-86a5-516d08c86411","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":109,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"19b5d461-ba62-4bc5-b419-791ef5ac40ab","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":109,"box":{"x":68,"y":219,"width":434,"height":11}},{"id":"557a3397-dd12-40b1-a244-225427eaf201","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":109,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"89b19524-67f3-45a2-b5b3-bc22e2267ea8","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":109,"box":{"x":70,"y":256,"width":831,"height":11}},{"id":"94301e9f-e889-4460-8440-a04027e7e220","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":109,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"0a4c9c97-223b-4c2d-a65a-8ce50b3d6a6d","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":109,"box":{"x":70,"y":286,"width":831,"height":12}},{"id":"c18e6128-68b8-4ecb-8c5e-13bfd2907903","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":109,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"ec5fd7c9-8cf6-43df-8513-a48f513d5bde","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":109,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"6a8371eb-70c5-4f6e-9f87-f1c38eeb96f7","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":109,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"8d93f6ff-54bd-4cc6-9e1d-f069678e5740","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":109,"box":{"x":70,"y":347,"width":823,"height":11}},{"id":"bec2d5bd-2238-4e83-8a6a-e6e471bbadf4","block_type":"box","text":"Trust.","page_number":109,"box":{"x":68,"y":362,"width":39,"height":9}},{"id":"8bfeca63-92bf-483d-bb40-47638896e2e5","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":109,"box":{"x":102,"y":385,"width":784,"height":11}},{"id":"7f12d389-3f7f-4dcc-901b-809b15f20418","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":109,"box":{"x":70,"y":400,"width":830,"height":11}},{"id":"855136f5-8a11-4f41-a2c5-aadde0970d43","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":109,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"be462a7b-9fc5-48d0-9558-805ddcd8d5cd","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":109,"box":{"x":70,"y":430,"width":831,"height":11}},{"id":"7fa77964-c426-42a5-b334-b0c190165afa","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":109,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"2ff14291-7a96-44be-87a7-2007693286e2","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":109,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"2494d7c8-6c19-4fbe-b578-1b3cdcf5a17f","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":109,"box":{"x":70,"y":475,"width":728,"height":9}},{"id":"7e32fb63-049b-4860-9e00-ecb2f0e53284","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":109,"box":{"x":102,"y":498,"width":776,"height":11}},{"id":"85adce35-3a4d-49c9-8eb7-96350889837d","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":109,"box":{"x":68,"y":513,"width":837,"height":12}},{"id":"2a7a4320-12b1-42ad-a91c-9e5ed2b212ed","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":109,"box":{"x":69,"y":528,"width":836,"height":12}},{"id":"5c7b8427-c446-4842-83ba-7629b787902d","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":109,"box":{"x":70,"y":543,"width":809,"height":12}},{"id":"887f2eff-1b05-42e2-9116-d4a8d999180b","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":109,"box":{"x":68,"y":559,"width":836,"height":11}},{"id":"76fccbe0-fb86-4313-a82f-aebc7a94b720","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":109,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"c3982f0b-4b40-4152-8b98-540f16f647ac","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":109,"box":{"x":68,"y":589,"width":827,"height":11}},{"id":"81b65741-1126-4407-8584-0bdf5fa46893","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":109,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"8c562d1d-8aea-4b1b-b098-aa9f54762daa","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":109,"box":{"x":70,"y":619,"width":599,"height":11}},{"id":"25c0ff3b-26a8-4736-b742-57d7e1dd64a3","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":109,"box":{"x":102,"y":642,"width":762,"height":11}},{"id":"dbe15838-2e5c-45f8-b9f9-a2049f27755b","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":109,"box":{"x":69,"y":657,"width":818,"height":11}},{"id":"e9931a4d-2824-436b-9b05-da2b9e0185e7","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":109,"box":{"x":68,"y":672,"width":778,"height":11}},{"id":"3a733047-8410-4e60-8714-fe971749a405","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":109,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"ad3c6498-0b91-420e-b5a7-ac8ba3ab8806","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":109,"box":{"x":69,"y":702,"width":786,"height":12}},{"id":"10377493-e940-4e52-bba0-e2ee910f97be","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":109,"box":{"x":70,"y":717,"width":588,"height":12}},{"id":"8c2de656-17a5-4f20-ab1d-f9ae024df089","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":109,"box":{"x":102,"y":740,"width":279,"height":11}},{"id":"c44410ee-8b92-49c6-9a19-636b2c18daef","block_type":"box","text":"In response to the restrictions imposed by the section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":109,"box":{"x":102,"y":763,"width":799,"height":11}},{"id":"edc9a049-17b8-4e1e-9a2c-e7d2c2fd4077","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":109,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"25cb4f81-292d-4d73-9a3b-a0b1070e24f0","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":109,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"4f9ac8b5-15e9-41f4-9a77-4bfd5cc43f4d","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":109,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"e6709271-ae19-48a1-aa2d-1e9c08a93d0c","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":109,"box":{"x":69,"y":823,"width":812,"height":12}},{"id":"4a5e507d-69e8-4500-867d-4c303eef7c8f","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":109,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"6d053ca9-ca1f-4320-8162-3904a0246b49","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":109,"box":{"x":69,"y":853,"width":810,"height":12}},{"id":"9c0eeb01-0632-4682-a6ce-3942b85cad2e","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":109,"box":{"x":68,"y":869,"width":803,"height":11}},{"id":"d8dd74b9-0c2c-44f7-ac8c-e88b27b134c1","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":109,"box":{"x":69,"y":884,"width":665,"height":11}},{"id":"0c5324d8-f04d-40a0-b7ff-cbadad563062","block_type":"box","text":"II-61","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a43eb905-25d4-44ce-b9b3-471912cc91c1","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58c90e49-5574-48e2-9a31-725bba8d696c","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":110,"box":{"x":102,"y":45,"width":791,"height":11}},{"id":"80a07198-ca55-4ad1-8d69-a28f58c61ffd","block_type":"box","text":"and remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":110,"box":{"x":69,"y":60,"width":815,"height":11}},{"id":"e145b6ff-287b-46c1-8ef1-8a0628231854","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":110,"box":{"x":68,"y":75,"width":808,"height":11}},{"id":"9e559c51-f492-4c92-9569-f0043f6fc65e","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":110,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"c94a0bf2-27cc-4d48-9ca9-8652035dac99","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (i.e., the Fund). Tendered TOB Floaters continue to be","page_number":110,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"b3b3b8e8-3347-47aa-b402-8a0162562769","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":110,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"3b3fcb9e-8566-4873-a2c2-90c4146b526b","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":110,"box":{"x":68,"y":135,"width":816,"height":12}},{"id":"5154a457-bb2d-447c-b588-c878c69c5872","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":110,"box":{"x":68,"y":150,"width":835,"height":11}},{"id":"b1800406-f8a7-4e26-bf81-95ca08187dd5","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":110,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"7af874b9-6e37-43aa-ba39-c1060cde23a3","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":110,"box":{"x":69,"y":181,"width":777,"height":11}},{"id":"53b5d8ba-f2b6-4848-82b4-785eb25ee2c9","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":110,"box":{"x":69,"y":196,"width":800,"height":11}},{"id":"f88d7441-c1ea-4d74-a09c-583971d3a1b5","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":110,"box":{"x":69,"y":211,"width":696,"height":11}},{"id":"cb089f9e-98da-4f52-90b5-9a4e4fd009f3","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":110,"box":{"x":102,"y":234,"width":745,"height":11}},{"id":"ea232f4a-af8e-47ef-bb2e-ee6d10398f58","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":110,"box":{"x":69,"y":249,"width":797,"height":11}},{"id":"3c58b572-c81c-46db-8ae8-f7231d40fd77","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":110,"box":{"x":69,"y":264,"width":803,"height":10}},{"id":"5c3bb9e6-4ef6-4962-b0e9-95fbe8ce80ad","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":110,"box":{"x":69,"y":279,"width":838,"height":11}},{"id":"cd4934a2-fad0-472c-bb1e-fe558fd314f7","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":110,"box":{"x":101,"y":302,"width":801,"height":11}},{"id":"495608ed-ac73-49b8-abe4-93ccc5b24908","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":110,"box":{"x":69,"y":317,"width":838,"height":11}},{"id":"9d8bea55-d566-4015-b138-a835569e8b88","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":110,"box":{"x":68,"y":332,"width":787,"height":11}},{"id":"22ecc62e-c3e6-4527-b41e-2f23f6b2442c","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":110,"box":{"x":70,"y":347,"width":791,"height":11}},{"id":"11d11234-6abc-4f5a-a3b4-d47bca5e874c","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":110,"box":{"x":70,"y":362,"width":466,"height":9}},{"id":"b7b6c05f-6d7b-4a9e-afdb-48bcd9e68df7","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":110,"box":{"x":101,"y":385,"width":726,"height":11}},{"id":"44645645-74b2-4819-b0cd-c37776997a1f","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":110,"box":{"x":70,"y":400,"width":816,"height":11}},{"id":"c1c8f202-a3d0-48b8-add2-292a8a68f906","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":110,"box":{"x":68,"y":415,"width":799,"height":11}},{"id":"b08fd2fe-8e21-43e8-9a9a-e9a4c399ef6c","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":110,"box":{"x":69,"y":430,"width":807,"height":11}},{"id":"57e7c2be-aa0b-4bac-9e9b-c3e1ae932e03","block_type":"box","text":"market is not yet cer tain.","page_number":110,"box":{"x":69,"y":446,"width":178,"height":10}},{"id":"dfc23b5e-34e5-49bf-b8bb-2b9c036c7351","block_type":"box","text":"Yields.","page_number":110,"box":{"x":103,"y":468,"width":45,"height":9}},{"id":"b8f930fa-8fe3-4273-b3d7-adf24c54597b","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":110,"box":{"x":154,"y":468,"width":730,"height":11}},{"id":"5bc6d205-e2ef-4505-928e-3455a49b4f45","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":110,"box":{"x":69,"y":483,"width":788,"height":11}},{"id":"69775ca0-57cc-4c89-a0b0-5cd442c6fb3e","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":110,"box":{"x":70,"y":498,"width":787,"height":11}},{"id":"491872ea-5358-4d59-8106-404c8dac8d14","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":110,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"4b04bf2c-583e-433c-abd4-2e9041aef0b8","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":110,"box":{"x":68,"y":528,"width":794,"height":12}},{"id":"6e16d18c-6c58-4fca-abde-27ddcb8bb289","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":110,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"25eaa664-29b8-41c1-86f3-33b9dda33ffa","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":110,"box":{"x":68,"y":559,"width":806,"height":11}},{"id":"b843c58a-95f1-4806-9113-32cf2ec321be","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":110,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"a66ddc04-2639-4442-8d3a-22a45e37cd77","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":110,"box":{"x":69,"y":589,"width":790,"height":11}},{"id":"2463253f-e0ec-49c4-9c31-5bd5561fc923","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":110,"box":{"x":103,"y":612,"width":323,"height":11}},{"id":"482465ba-934b-4bfc-85e3-b2568dde7363","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":110,"box":{"x":432,"y":612,"width":422,"height":11}},{"id":"65fc545a-1a44-49f1-ab88-f2a4456f63d8","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":110,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"d716a9fb-f7d6-4e58-a0db-b2d27141dd60","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":110,"box":{"x":69,"y":642,"width":759,"height":11}},{"id":"8a813749-c7ac-4112-b32a-4d23717a6572","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":110,"box":{"x":101,"y":664,"width":798,"height":12}},{"id":"3d9f2794-4a89-4211-b9f6-8103db4c8c21","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":110,"box":{"x":68,"y":680,"width":815,"height":11}},{"id":"921de4f1-26ca-4585-a815-141c4aa6844d","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":110,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"c788dcd5-ce53-4133-91f4-caf66661b487","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":110,"box":{"x":68,"y":710,"width":791,"height":11}},{"id":"7cc73f56-2838-4409-a8ce-c66f6e5f07a3","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":110,"box":{"x":70,"y":725,"width":264,"height":11}},{"id":"7815b13a-f5e5-4669-84a2-e2af00eb430a","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":110,"box":{"x":102,"y":748,"width":791,"height":11}},{"id":"e3db8310-749f-47a1-967e-336e64bd56f4","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":110,"box":{"x":70,"y":763,"width":833,"height":11}},{"id":"96a8ea12-af4c-43c3-a75f-4afde5b37d9f","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":110,"box":{"x":69,"y":778,"width":808,"height":11}},{"id":"2d8e1e4d-8fd3-42e5-9f6c-174f9bd210da","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":110,"box":{"x":70,"y":793,"width":608,"height":11}},{"id":"684eaea2-0fbe-4d90-9b05-2a9975de673a","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":110,"box":{"x":103,"y":816,"width":465,"height":11}},{"id":"c7c5e19d-50c4-49da-84bf-91b64f50b449","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":110,"box":{"x":574,"y":816,"width":318,"height":11}},{"id":"872a1714-36fe-4076-99f4-0c1f0a1a091a","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":110,"box":{"x":69,"y":831,"width":803,"height":11}},{"id":"5a56347b-b09e-4906-acce-35ef1278e33c","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":110,"box":{"x":68,"y":846,"width":825,"height":11}},{"id":"0f0f8655-6656-4acd-bc52-8f5b62abfcd7","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":110,"box":{"x":68,"y":861,"width":840,"height":11}},{"id":"9b4ecb9d-fa9c-4b5d-ac8f-12f6c75ed589","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":110,"box":{"x":70,"y":876,"width":815,"height":11}},{"id":"3ab5abd0-86f6-41ab-a0c3-ecc697a0f1a0","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":110,"box":{"x":68,"y":891,"width":836,"height":12}},{"id":"3074ecb3-3b30-4027-a921-0cbfda491a2b","block_type":"box","text":"II-62","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ee26f1db-3ff9-4561-a95e-ad8564212c16","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e46b5bcd-fab9-4a19-84dc-33afadd305cf","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":111,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"7d8cdcb1-71a2-4791-b777-0a9f4a1a621a","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":111,"box":{"x":68,"y":60,"width":816,"height":11}},{"id":"1ed53cfe-1bd6-4f9c-abd4-81672e4a3490","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":111,"box":{"x":101,"y":82,"width":756,"height":12}},{"id":"9ab48ff6-8fe9-4f0c-b78d-b5c72bbc292f","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":111,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"abe1d0fa-da45-43de-b75b-be4f9ded4322","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":111,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"af76d39a-5659-43a4-976d-f11113935929","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":111,"box":{"x":101,"y":135,"width":753,"height":12}},{"id":"63c07630-9f58-4aac-9213-2363238fd13c","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":111,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"c1cbd49c-a0cd-4277-bfa2-4d91208a2d1b","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":111,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"6df2ca90-1d1d-4d1a-b06b-7449b608e5ee","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":111,"box":{"x":69,"y":181,"width":774,"height":11}},{"id":"218fa2b1-8162-4923-bc86-1d0f87d5974b","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":111,"box":{"x":69,"y":196,"width":801,"height":11}},{"id":"ff79c6a1-a64e-41aa-b35f-b3e0a10f7671","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":111,"box":{"x":69,"y":211,"width":788,"height":11}},{"id":"06f5c169-bb46-4a98-bf47-4f9fe9d4b1ba","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":111,"box":{"x":69,"y":226,"width":812,"height":11}},{"id":"33467caa-c2b4-4445-982d-3632d55f610e","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":111,"box":{"x":69,"y":241,"width":799,"height":11}},{"id":"5388b4e1-b526-4954-a868-91591a157864","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":111,"box":{"x":69,"y":256,"width":772,"height":11}},{"id":"d3c0a407-6bfd-450b-94ba-d533f726ceae","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":111,"box":{"x":69,"y":272,"width":782,"height":11}},{"id":"2ed0f706-3f2e-4075-9175-51450e6a6e0c","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":111,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"75b342da-6e5a-4d7c-bd4d-61faaab23b2c","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":111,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"31dc79eb-72cb-4140-b6b3-3f34ef517584","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":111,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"e13bd00c-7b05-467d-a3a3-bfb5cf844442","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":111,"box":{"x":70,"y":332,"width":839,"height":11}},{"id":"e0eab935-e224-454b-84de-a0096004981e","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":111,"box":{"x":68,"y":347,"width":693,"height":11}},{"id":"e43d47d5-9081-419f-8ac8-7315532cae2b","block_type":"box","text":"Call Rights.","page_number":111,"box":{"x":102,"y":370,"width":79,"height":11}},{"id":"f7b86b72-5357-44cd-a634-1e41ef392dac","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":111,"box":{"x":187,"y":370,"width":708,"height":11}},{"id":"42788582-8661-4682-b0ef-2aec7182e898","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":111,"box":{"x":68,"y":385,"width":790,"height":11}},{"id":"a643aaf5-ac63-4e83-b14e-e2899b42ef9b","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":111,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"13e12a20-53ad-4ce5-83dc-fa557462e0c0","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":111,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"037feb02-0b1f-4db6-8efe-55ed9110b173","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":111,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"cc3fe6c5-fd2f-4303-82f6-778474bdeba0","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":111,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"c19c43b1-0e33-40e1-a275-3ffd50df308b","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":111,"box":{"x":102,"y":468,"width":307,"height":11}},{"id":"53fa44b7-3222-4e2b-be35-58d99ee74132","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":111,"box":{"x":417,"y":468,"width":411,"height":11}},{"id":"039429da-004a-4de1-9c59-17b53990e7f2","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":111,"box":{"x":68,"y":483,"width":835,"height":11}},{"id":"7dc6ea37-7d7c-4672-94a8-cc6ddd405a54","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":111,"box":{"x":70,"y":498,"width":781,"height":11}},{"id":"f794dc51-c08c-4b0d-8479-ad46822c6ffa","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":111,"box":{"x":70,"y":513,"width":808,"height":11}},{"id":"42855125-c043-4136-ae03-f87064b11105","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":111,"box":{"x":69,"y":528,"width":814,"height":12}},{"id":"e8f6574d-dfe8-41ac-8ec5-53e034c4990e","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":111,"box":{"x":70,"y":543,"width":832,"height":12}},{"id":"60d89111-5a93-4764-af5a-89bfba2d289a","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":111,"box":{"x":68,"y":559,"width":817,"height":11}},{"id":"690840c7-9462-4fbd-82d6-72246e6fe005","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":111,"box":{"x":70,"y":574,"width":797,"height":11}},{"id":"cfdcab04-ba03-4410-8730-0bdbd1895f18","block_type":"box","text":"during periods of steep interest rate yield curves (i.e., wide differences between shor t-term and long-term interest","page_number":111,"box":{"x":69,"y":589,"width":813,"height":11}},{"id":"c54ab8d8-d6b4-4495-8d93-969993b04903","block_type":"box","text":"rates).","page_number":111,"box":{"x":69,"y":604,"width":44,"height":11}},{"id":"e1735dee-d516-4749-b151-1bef383264c0","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":111,"box":{"x":101,"y":627,"width":807,"height":11}},{"id":"36480164-bb01-4e54-aa83-d5aaecf124c8","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for","page_number":111,"box":{"x":69,"y":642,"width":818,"height":11}},{"id":"553afd71-f595-42bd-bddb-6e74495d501d","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":111,"box":{"x":68,"y":657,"width":798,"height":11}},{"id":"3172b57a-6b32-47ec-89d8-2ae15b5d2158","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":111,"box":{"x":70,"y":672,"width":778,"height":11}},{"id":"6d6e8d5c-1163-40ea-912d-0f4a2628205c","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":111,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"ef5f40f1-d8ca-4b81-a418-04e558cddd5e","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":111,"box":{"x":69,"y":702,"width":823,"height":11}},{"id":"89ea5723-8dd5-44d4-8f1e-e75f05a6b1f6","block_type":"box","text":"with the same attributes as the swap (e.g., coupon, maturity, call feature).","page_number":111,"box":{"x":68,"y":717,"width":528,"height":12}},{"id":"17660a04-ecf7-4164-a1d2-845c47d2c962","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":111,"box":{"x":101,"y":740,"width":797,"height":11}},{"id":"3264ee2a-76fe-431e-bb2c-0956969a8edb","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":111,"box":{"x":68,"y":755,"width":770,"height":11}},{"id":"35e854b1-092e-4e07-bb0a-ce91e13969e7","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":111,"box":{"x":70,"y":770,"width":832,"height":12}},{"id":"d413f1cf-ccb2-4e42-93c9-6dddf4fe5f97","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":111,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"28d231c3-514b-410e-b2c1-2f09bdfdaefa","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":111,"box":{"x":69,"y":801,"width":808,"height":11}},{"id":"6ec3a12d-526e-4305-8a19-58cdc268839d","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":111,"box":{"x":69,"y":816,"width":832,"height":11}},{"id":"9d1069d6-ff86-42ee-9c07-6d4c0f6ab363","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":111,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"e0273821-c13d-4943-901f-10112abba728","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":111,"box":{"x":69,"y":846,"width":803,"height":11}},{"id":"3ac5271a-f581-45bb-8058-ac3049229dea","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":111,"box":{"x":70,"y":861,"width":763,"height":11}},{"id":"84e1600b-da4e-44ee-8bc6-79e6a931e2d0","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":111,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"bc5fb24e-1c8d-4986-9318-cd434669696a","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":111,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"64dab9ca-aacf-461e-a039-6b0fd4dc2774","block_type":"box","text":"II-63","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4084913f-5db7-47a6-bc84-7b07aee12b17","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e58a930c-d515-4325-b712-afae93621f79","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":112,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"8a23a5d7-1bd4-4fb4-8158-12bcee344ff9","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":112,"box":{"x":69,"y":60,"width":537,"height":11}},{"id":"66c9cd7f-5f2f-4f8c-846d-2b78afb13985","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":112,"box":{"x":102,"y":83,"width":788,"height":11}},{"id":"f1fe67ee-0f12-4973-9e80-56e322799300","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":112,"box":{"x":69,"y":98,"width":821,"height":11}},{"id":"65c91da8-b21f-4d72-a5f2-4a904b8e1aba","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":112,"box":{"x":68,"y":113,"width":482,"height":11}},{"id":"37b8cd5a-3f6e-4fe3-a1da-e90954477986","block_type":"box","text":"Insured Municipal Bonds.","page_number":112,"box":{"x":102,"y":136,"width":179,"height":10}},{"id":"a3fda236-5cb4-4e69-87ee-eb350c65f07c","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":112,"box":{"x":288,"y":136,"width":619,"height":11}},{"id":"42246246-13ef-488b-96e9-d92135ed1512","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":112,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"761c7158-e264-4f97-ac07-ef5dfadfffdb","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":112,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"f87fd399-963e-4b9f-a23e-5ee95c0c8bec","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":112,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"6232d5c7-6100-46f5-9894-9aa52f678c33","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":112,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"b8160a5f-f06e-4901-ba82-2faf013dad9e","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":112,"box":{"x":70,"y":211,"width":827,"height":11}},{"id":"4221ac5c-af73-48bc-a8c5-86b7267bb7fd","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":112,"box":{"x":70,"y":226,"width":815,"height":11}},{"id":"1de37363-8b3d-4867-88fa-703fb67577f4","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":112,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"3415eea1-def5-4313-9c73-1895745a4fcf","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":112,"box":{"x":68,"y":257,"width":767,"height":11}},{"id":"36e44093-193c-4d68-9a82-906eea462a50","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":112,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"a50c5264-8762-41df-b469-2b55fe097f19","block_type":"box","text":"bond could drop.","page_number":112,"box":{"x":69,"y":287,"width":118,"height":10}},{"id":"a9717d3d-db16-4122-876e-105d53efe851","block_type":"box","text":"Build America Bonds.","page_number":112,"box":{"x":102,"y":309,"width":150,"height":9}},{"id":"7e182e91-aff1-49cf-845b-487fff377c25","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":112,"box":{"x":259,"y":309,"width":616,"height":11}},{"id":"383e1585-7d59-4f74-8647-75b89dc03c07","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":112,"box":{"x":70,"y":324,"width":825,"height":11}},{"id":"532c08f7-f574-41e2-b449-bbcbb9aeb1aa","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":112,"box":{"x":68,"y":339,"width":824,"height":12}},{"id":"82eb28da-05e3-4d85-bdac-09f89f44794f","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":112,"box":{"x":70,"y":355,"width":833,"height":11}},{"id":"eed3f6a3-18a0-4700-8266-0df7562149c9","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":112,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"95848734-c4e2-4416-9cba-a1d14c3e1130","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":112,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"0e22578d-d153-4ed1-91cb-45a8d60f0d0b","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":112,"box":{"x":69,"y":400,"width":823,"height":11}},{"id":"a6964afa-70fe-46af-8de8-db2d1291ce13","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":112,"box":{"x":70,"y":415,"width":825,"height":11}},{"id":"10c692f3-1447-4f60-b6eb-7bcee8720b67","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":112,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"27a0aa14-5a85-4e7e-8bb2-198d2de48ad3","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":112,"box":{"x":69,"y":445,"width":802,"height":11}},{"id":"a345b79f-6515-48cf-a0d3-19b1ec392961","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":112,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"a91bbe4e-2770-40e7-8102-258584cf4cff","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":112,"box":{"x":68,"y":476,"width":760,"height":10}},{"id":"bd4c9384-5676-44b6-85e8-1053b34628e2","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":112,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"c5e71211-a6ae-4a1f-b16c-a0b752cd01b3","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":112,"box":{"x":69,"y":506,"width":563,"height":11}},{"id":"eb3f3164-7519-4309-8d5a-b33df3714c8c","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":112,"box":{"x":103,"y":529,"width":246,"height":10}},{"id":"15d8c00d-4527-45f3-ac9a-ca283a0b181c","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":112,"box":{"x":355,"y":529,"width":534,"height":11}},{"id":"824e8dd0-f567-4783-b9f6-7ebc74f07d58","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":112,"box":{"x":68,"y":543,"width":798,"height":12}},{"id":"fbf1860e-02d7-45f7-8cf1-4d86ce6ac9cd","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":112,"box":{"x":70,"y":559,"width":823,"height":11}},{"id":"d80427b7-6ea9-4ca3-ad37-18db9da1cea1","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":112,"box":{"x":69,"y":574,"width":830,"height":11}},{"id":"7b1fbfa5-1dcd-4d81-8d24-5f32194dcae8","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":112,"box":{"x":68,"y":589,"width":832,"height":11}},{"id":"2474b0ab-81ee-4f75-a16f-a32e34112412","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":112,"box":{"x":70,"y":604,"width":819,"height":11}},{"id":"caea00cd-b277-4cab-bf76-e838b70ec9a1","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":112,"box":{"x":69,"y":619,"width":752,"height":11}},{"id":"a24ad817-bf12-47a3-ad66-607ceb91122d","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":112,"box":{"x":102,"y":642,"width":770,"height":11}},{"id":"4a8dd771-4b21-49db-aa46-b32b7cc6efee","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":112,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"dab4e999-a91d-44bb-82cd-de475c5be6b7","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":112,"box":{"x":70,"y":672,"width":809,"height":11}},{"id":"4faab8fb-1851-4d0c-ac19-9fb602f1553e","block_type":"box","text":"their face value to the sponsor (e.g., a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":112,"box":{"x":68,"y":687,"width":814,"height":11}},{"id":"60257374-87bb-41b6-a6e4-993bba420934","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":112,"box":{"x":70,"y":702,"width":803,"height":11}},{"id":"da1d8910-6d03-4b85-b80a-da27ac7168d9","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":112,"box":{"x":69,"y":717,"width":648,"height":12}},{"id":"6f8b7aac-d4f1-4868-b29e-b075c1a76176","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":112,"box":{"x":101,"y":740,"width":775,"height":11}},{"id":"ec1ae1ab-a94e-4832-a960-7abbb6eaf6a5","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":112,"box":{"x":70,"y":755,"width":785,"height":11}},{"id":"e02812a8-97fe-4e85-ae27-9d49dbe13263","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":112,"box":{"x":68,"y":770,"width":821,"height":11}},{"id":"1007da44-eb37-4b6f-82f7-ee19d7f19414","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":112,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"c64fb12c-dbd1-4175-9ed1-e42b642f658d","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":112,"box":{"x":70,"y":801,"width":351,"height":11}},{"id":"adb14763-20ec-46dc-b40c-ffe9575e1f80","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":112,"box":{"x":101,"y":823,"width":797,"height":12}},{"id":"5b25a9f2-a8c4-4850-84c8-e7b95efd9e33","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":112,"box":{"x":68,"y":838,"width":836,"height":12}},{"id":"3dea0b82-cd84-44ba-b122-16b875adf73d","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":112,"box":{"x":69,"y":853,"width":831,"height":11}},{"id":"246ae51f-0093-4d8e-ac90-a626941f4d91","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":112,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"b61b316a-75dd-457b-a65c-2d8b6b5b56ae","block_type":"box","text":"II-64","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"783eff3c-73c3-4e20-a54a-1a4c32e6590f","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5e56e7b0-3ccf-456f-b573-4c2a05f1c60e","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":113,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"6be86ec6-592d-411a-9354-5d698d9c05a6","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":113,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"f14c0d33-b051-4c28-9f8a-bf24456a1ce7","block_type":"box","text":"such opinions.","page_number":113,"box":{"x":69,"y":75,"width":102,"height":11}},{"id":"33fd11d3-06f4-4281-ad1a-6952305dd739","block_type":"box","text":"Operational and Technology Risks","page_number":113,"box":{"x":102,"y":98,"width":247,"height":11}},{"id":"e0b03542-ea61-4fe4-ba29-bc278dcac1de","block_type":"box","text":"— The Fund and the entities with which it interacts directly or indirectly are","page_number":113,"box":{"x":353,"y":98,"width":533,"height":11}},{"id":"9ae4e6f6-6fdd-44c3-8052-50bf30360eab","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":113,"box":{"x":69,"y":113,"width":766,"height":11}},{"id":"9c92d304-30c2-42d5-82d2-42748377c57d","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":113,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"0202b3e3-8535-4bbf-bff1-e592431f2240","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":113,"box":{"x":70,"y":143,"width":820,"height":11}},{"id":"cd8f0ae6-1d3b-465c-996b-7ae2f2d77ddf","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":113,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"5aea398d-45ff-441a-9d2e-fcc450aa8cb5","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":113,"box":{"x":70,"y":173,"width":741,"height":11}},{"id":"e1a6d72d-1d36-40bf-a8f0-0881d440e372","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":113,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"7ab5ca4f-3cdf-4956-ac41-5fbb62a08c2f","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":113,"box":{"x":68,"y":203,"width":818,"height":12}},{"id":"cee6bae8-bd93-4fde-9485-4faf1e03e56e","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":113,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"2a190a6a-cd86-40cd-b4b2-b90e89af64f6","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":113,"box":{"x":70,"y":234,"width":803,"height":11}},{"id":"a1d980f4-5c21-45eb-9b8c-ab4b53b84900","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":113,"box":{"x":102,"y":256,"width":796,"height":12}},{"id":"c94a2f13-54d5-41c4-9b3e-249b13f9ce1c","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":113,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"e86d0f8e-32ea-4094-9094-a91fcd0d27ec","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":113,"box":{"x":69,"y":286,"width":800,"height":12}},{"id":"4d186759-a53e-4ce9-a13d-77668c499551","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":113,"box":{"x":69,"y":302,"width":768,"height":11}},{"id":"d66ecf44-e676-41d4-a95b-b9c012f686b5","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":113,"box":{"x":70,"y":317,"width":827,"height":11}},{"id":"f26c8c4a-64be-4093-8e9d-6780ebbf20b5","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":113,"box":{"x":69,"y":332,"width":760,"height":11}},{"id":"43a34d86-02d8-41d8-bce2-4579c1f84827","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":113,"box":{"x":69,"y":347,"width":763,"height":11}},{"id":"e7bd73c9-8ecb-487a-b198-8bfb2eeccd10","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":113,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"84c1ce13-395e-4ee5-92c0-11303c3e365c","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":113,"box":{"x":69,"y":377,"width":766,"height":12}},{"id":"27b933d4-9169-4864-8489-3f51cc9748c0","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":113,"box":{"x":69,"y":393,"width":804,"height":11}},{"id":"8a059e76-e0eb-41cd-946c-816907bd67a6","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":113,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"412827c3-8cdf-4cff-8394-5e8b243958f8","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":113,"box":{"x":69,"y":423,"width":800,"height":11}},{"id":"bb359b3d-9f22-4070-8ac1-c521ba445716","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":113,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"105bf246-2439-4bf6-b653-620d924f8b78","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":113,"box":{"x":69,"y":453,"width":777,"height":11}},{"id":"592a2bb6-61f4-4466-956e-7cf667eedcbf","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":113,"box":{"x":69,"y":468,"width":824,"height":11}},{"id":"e237bdbf-57f2-4d0c-93db-fe0b8a8cbfab","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":113,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"dcd6b2db-cfc1-4c1f-aebd-12c1e90bbff0","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":113,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"ee176d6d-b096-4750-8c3a-45f8c83ae1da","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":113,"box":{"x":68,"y":513,"width":793,"height":12}},{"id":"5f4c843c-1026-4aae-96a9-c64f3d8b6d31","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":113,"box":{"x":69,"y":528,"width":822,"height":11}},{"id":"f5cf0210-3111-447a-9e08-7aa6e7f4db8a","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":113,"box":{"x":68,"y":543,"width":787,"height":12}},{"id":"b09615f1-57ae-444f-b19b-76d27b5d1e51","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":113,"box":{"x":69,"y":559,"width":742,"height":11}},{"id":"1a78db34-4c81-4005-9cc4-495555e24a44","block_type":"box","text":"infrastructure assets.","page_number":113,"box":{"x":70,"y":574,"width":151,"height":9}},{"id":"5e9f6854-f1db-4c49-bfac-1ecf08cd4784","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":113,"box":{"x":101,"y":596,"width":755,"height":12}},{"id":"3302e6bd-24e5-4e35-bb99-800246d1531f","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":113,"box":{"x":70,"y":612,"width":835,"height":11}},{"id":"5b868432-4ffc-470b-98e2-c8456b00f90a","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":113,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"4e25f8ad-2ef6-4f3e-bdad-7248d34bcce8","block_type":"box","text":"or services.","page_number":113,"box":{"x":69,"y":642,"width":82,"height":9}},{"id":"9435ca13-a994-4044-a919-e69768d4b9fc","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":113,"box":{"x":102,"y":664,"width":781,"height":12}},{"id":"9e9ab0ec-2d95-4359-9395-ba5b856fb1e3","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":113,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"6916d2bf-48b0-4a4f-bfee-71f43d8e16f8","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":113,"box":{"x":69,"y":695,"width":383,"height":11}},{"id":"36efc30d-52a2-4a55-98c8-e2864626c788","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":113,"box":{"x":102,"y":717,"width":795,"height":12}},{"id":"f5ac42ab-7f24-4d24-890b-a2dcf3695912","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":113,"box":{"x":69,"y":732,"width":813,"height":12}},{"id":"635b0843-aed6-4b14-882b-e7ce005fc301","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":113,"box":{"x":69,"y":748,"width":785,"height":11}},{"id":"c3c23a83-d2c6-4148-9ead-5edb0db10fd6","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":113,"box":{"x":69,"y":763,"width":782,"height":11}},{"id":"113d8db4-b3d3-4b4c-ae0a-1aeeb1c90efb","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":113,"box":{"x":69,"y":778,"width":787,"height":11}},{"id":"0419964a-ba8a-4d0b-b175-a679f2707ccf","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":113,"box":{"x":70,"y":793,"width":809,"height":11}},{"id":"1c036b8a-598f-4dfa-9113-1dd8537661df","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":113,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"b91afd2f-dc08-40ac-99c8-2db961f04994","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":113,"box":{"x":70,"y":823,"width":822,"height":11}},{"id":"6e9cfac2-c7f2-45f3-ac09-bdef3dff8c00","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":113,"box":{"x":68,"y":839,"width":789,"height":11}},{"id":"f9db6df2-3a5b-44e4-8e90-d4f3ab44dc99","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":113,"box":{"x":102,"y":861,"width":786,"height":11}},{"id":"c454f8fb-ea57-4abf-a457-cd4e70ff788c","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":113,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"6a8547d5-a1ce-44f7-a3ea-71e60c0fdf0e","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":113,"box":{"x":70,"y":891,"width":796,"height":11}},{"id":"3c13dbbe-e871-466c-89d5-9099b8b778a4","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":113,"box":{"x":69,"y":906,"width":788,"height":12}},{"id":"a787de5e-d1c6-48d8-bfc0-6e4e8b9751d8","block_type":"box","text":"II-65","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e1e4fd25-6d6e-40b7-91c3-c4bf434d52f0","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0119f324-e642-4b3b-b1c5-73ef87843dd1","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":114,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"967930ba-019e-4875-a33f-10e6a57636c8","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":114,"box":{"x":68,"y":60,"width":773,"height":11}},{"id":"2080d925-920d-4e3c-aafc-983899f20bb4","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":114,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"c6950c24-b67b-4418-b8c9-492f5adc0877","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":114,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"b9d18b01-307a-4214-b424-9fcb69322445","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":114,"box":{"x":69,"y":105,"width":412,"height":11}},{"id":"e8cff7e6-81bb-4bec-b835-9cbe59754bd5","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":114,"box":{"x":101,"y":128,"width":797,"height":11}},{"id":"b1bf540f-14fe-4c9f-b89b-ea602827f9c5","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":114,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"636c906f-dd0b-4880-8cae-8a2fcd553c4e","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":114,"box":{"x":68,"y":158,"width":824,"height":11}},{"id":"184c5616-d2d0-4683-b950-e5dab389a94b","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":114,"box":{"x":69,"y":173,"width":561,"height":11}},{"id":"62550851-5985-4a4a-905a-17a703bdd328","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":114,"box":{"x":101,"y":196,"width":747,"height":11}},{"id":"f119d662-9702-494b-86e2-ea7629b5b9c4","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":114,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"665455ac-c67c-439a-ab5d-47500398bc47","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":114,"box":{"x":68,"y":226,"width":823,"height":11}},{"id":"eeb58a08-fb33-4eab-ba24-faf033f57ca0","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":114,"box":{"x":68,"y":241,"width":755,"height":11}},{"id":"1ffa74dc-fc05-4e49-9997-879c0b8fa860","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":114,"box":{"x":69,"y":257,"width":838,"height":11}},{"id":"9d0600f9-09d5-4440-9476-5164bd61f9b0","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":114,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"85f69751-e406-42e8-94c0-8ac906f4519f","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":114,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"a2ff6b1f-c262-42df-ab09-5b88c8bc4cbb","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":114,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"9840014e-41ad-4616-a933-3e15bec3e3b7","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":114,"box":{"x":69,"y":317,"width":792,"height":11}},{"id":"7bf2b30f-6cc1-4bee-8816-012e96a0f8a1","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":114,"box":{"x":69,"y":332,"width":775,"height":11}},{"id":"ca8a28e5-a51b-46bb-971b-7f533e73a1fb","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":114,"box":{"x":69,"y":347,"width":510,"height":11}},{"id":"d9c57e97-e716-45f0-8c0f-09b2439ecb84","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":114,"box":{"x":102,"y":370,"width":771,"height":11}},{"id":"fb19bb0f-5f62-4ccc-bce5-e7f9d135a073","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":114,"box":{"x":69,"y":385,"width":816,"height":11}},{"id":"3ade9102-cde9-46cb-815e-866faf78decc","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":114,"box":{"x":69,"y":400,"width":778,"height":11}},{"id":"fec8a927-bd47-44b0-bc9a-4ab1c3107792","block_type":"box","text":"resources to monitor and implement required changes.","page_number":114,"box":{"x":69,"y":415,"width":391,"height":11}},{"id":"c5727073-32f2-4bf0-b0a7-cce4480df19e","block_type":"box","text":"Participation Notes.","page_number":114,"box":{"x":102,"y":438,"width":145,"height":11}},{"id":"29552b59-7bc8-45ce-b762-0013b52b6040","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":114,"box":{"x":253,"y":438,"width":641,"height":11}},{"id":"4b42bc40-95bd-42fc-8540-39971da048a6","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":114,"box":{"x":70,"y":453,"width":766,"height":11}},{"id":"d669ff34-cd9d-4b95-9cc0-73acfdc93274","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":114,"box":{"x":69,"y":468,"width":772,"height":11}},{"id":"cf416b9e-4858-4513-b07d-9a9dc74c0d90","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":114,"box":{"x":69,"y":483,"width":475,"height":11}},{"id":"1d672227-e18a-4303-8842-113d9b68f893","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":114,"box":{"x":101,"y":506,"width":782,"height":11}},{"id":"8838d09a-8652-4930-9f0b-aede399fd598","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":114,"box":{"x":68,"y":521,"width":831,"height":11}},{"id":"f6f428ce-6367-4b63-acd6-4df4a1e137a7","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":114,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"88bc40ee-2976-4841-b7bf-b38d0d79a9d4","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":114,"box":{"x":70,"y":551,"width":789,"height":11}},{"id":"949dd20c-b4f7-457a-ba9c-4fb33fea99f0","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":114,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"2edddd83-2da4-45fe-bd37-914f3a5af055","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":114,"box":{"x":70,"y":581,"width":827,"height":12}},{"id":"5b41c37e-02d7-44cb-93ce-5f4706572fc2","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":114,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"f2c6d343-48cf-405e-9d5e-c0087e34bf69","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":114,"box":{"x":69,"y":612,"width":822,"height":11}},{"id":"59073ab4-1db6-480a-aa94-70d832931aed","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":114,"box":{"x":69,"y":627,"width":801,"height":11}},{"id":"7154d395-cc1d-4668-afcf-7d5be5aa45bb","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":114,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"0b0c644b-9b19-46df-be08-87c046463600","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":114,"box":{"x":69,"y":664,"width":826,"height":12}},{"id":"1c8d78b9-524e-487c-907a-f32f14d4e35d","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":114,"box":{"x":70,"y":680,"width":799,"height":11}},{"id":"c4b913eb-f55e-4cf7-9795-3ff6bf5b462e","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":114,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"1e4e895b-947d-4e37-bf3f-26009d780c33","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":114,"box":{"x":68,"y":710,"width":834,"height":11}},{"id":"72b79d7c-3b5d-40d1-9e5e-e4e0e3306eaf","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":114,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"162e7662-e940-4f64-ba83-03eed9978dce","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":114,"box":{"x":68,"y":740,"width":454,"height":11}},{"id":"173182ec-86f3-46c3-ba06-ec427a1bb080","block_type":"box","text":"Portfolio Turnover Rates.","page_number":114,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"a65cb2a4-5e81-48be-8410-3f13d79f4225","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":114,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"52d24166-5287-4b42-9120-9d26e619c6c0","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":114,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"30695564-6780-4fc2-9d68-410a410a9bfc","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":114,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"ebd7f10a-e773-418f-af74-de65ca84ae03","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":114,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"73be812a-f64a-458e-90d7-00ec0c8806c2","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":114,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"00739d87-3b11-4ca2-aa49-038b3bf5ef1d","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":114,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"6ceaf04a-5ede-4680-8360-97c8aa0b8d9a","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (i.e., 100% or more) may result in","page_number":114,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"67ca5bcd-1234-4688-a0c3-3f449dcc36d8","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":114,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"a74c6e5e-08ce-4cb8-822b-fd0387706592","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":114,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"455ffb63-c081-4a0e-9cc4-4413232da535","block_type":"box","text":"II-66","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ffe07703-d3f9-4119-8c49-ae2c97205ac2","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2bd3b3d-5d11-4923-850a-5032c0e2b74f","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":115,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"b627fcc9-617d-4294-8583-ed3861e09701","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":115,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"0738e2db-fdbf-4f1d-8470-ff0ab592dd16","block_type":"box","text":"Preferred Stock.","page_number":115,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"5f8b6db7-fa93-45f5-867c-da6421b2df87","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":115,"box":{"x":226,"y":82,"width":665,"height":12}},{"id":"71dbf5ce-5e1d-4656-b054-6a538fbf3af1","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":115,"box":{"x":69,"y":98,"width":808,"height":11}},{"id":"0bfd6a6c-3596-4d45-874f-a70f4c358cb1","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":115,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"0c1587e6-9dd5-4771-938c-be1c28c8e7d5","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":115,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"cfa95fda-2956-4363-9183-c62b79d39d8e","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":115,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"39d2dc96-c175-4058-be0b-ec8ac8490640","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":115,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"6d9bbd67-0b64-431b-a4a3-a71aa677fdad","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":115,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"789348a7-c9b9-4b30-a66d-99e571c89ee5","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":115,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"fba6779e-f9d9-4f16-964e-019a9f43230d","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":115,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"3cb859f0-d794-4529-9206-c1798a7a07bf","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":115,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"bfb1a738-4862-4aed-9cbc-3a5174465644","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":115,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"a0c23dae-73f3-4bf8-b7fe-f0675471bce4","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":115,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"bcb21260-882c-4982-ac73-67a76090586e","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":115,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"d781c72a-447a-4aeb-ae3a-91bc6bc4b4bf","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":115,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"fd3eb1b4-180f-47f3-9c6a-2a03413f362e","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":115,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"91c7d993-219d-4d3e-94d5-35c968f25d02","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":115,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"98f304d6-6fcb-47da-8d3d-2ccbff058d2d","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":115,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"80dd0405-9f89-4006-84c9-584b3c3b4bd0","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":115,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"1199a0d8-ccc6-452f-8d5e-7909adc0bf3b","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":115,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"685eae88-fa2e-436f-b2b0-74d5aa341cd0","block_type":"box","text":"Trust Preferred Securities.","page_number":115,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"c418304d-fd72-4b01-b6e9-f56fff14617f","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":115,"box":{"x":294,"y":370,"width":599,"height":11}},{"id":"727ccd83-ead8-4042-b463-0c384d5a1fa8","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":115,"box":{"x":68,"y":385,"width":737,"height":11}},{"id":"576c6cee-4ed4-4091-a609-495c77359ef6","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":115,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"5cd540e3-8de5-4304-977c-cd598cbb55a8","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":115,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"3569934e-5dae-414a-9480-a20d14066607","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":115,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"3088dd47-9f49-42ac-9dea-1ad686f2119b","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":115,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"62738682-4499-431b-96b3-b1ff7b54d1e1","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":115,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"d6b457fc-2928-401a-b8b8-558fd2eedb54","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":115,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"db60a653-bd32-4d67-aed5-edb75b6876f3","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":115,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"657fd303-be1f-4b71-bcf2-8fbcd49587dd","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":115,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"d4ed4934-3002-4e9b-97f2-ecf712a66c04","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":115,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"275f1b67-64b2-4e76-807b-a4ca9dc19a33","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":115,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"a156ffa8-18e1-4433-a5ec-719fd1dfd2c7","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":115,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"bcc83d31-29be-44e3-be61-b60d259b2605","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":115,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"0994b6a1-4bdf-4ce0-a2e6-65ef5b476382","block_type":"box","text":"®","page_number":115,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"57a4dd08-e0e0-4563-8411-1e2e621e5ed9","block_type":"box","text":"”); monthly","page_number":115,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"5153c5e8-b628-444c-80c2-0418fc4e23f8","block_type":"box","text":"income preferred securities (“MIPS","page_number":115,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"fb7238f7-89d9-4dbb-8c5e-7d4d88c6374f","block_type":"box","text":"®","page_number":115,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"bb3746ab-86e7-4b36-ab64-67ed3f5f6f59","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":115,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"c21a69aa-b4f9-4380-a0c5-afb9e335b793","block_type":"box","text":"®","page_number":115,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"efa52532-d572-4d11-b4c5-7098ebc32783","block_type":"box","text":"” ); quar terly income debt securities","page_number":115,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"48ee5d44-4ec7-4796-bb6b-a3bc0df16622","block_type":"box","text":"(“QUIDS","page_number":115,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"f9873fb3-dc2b-471b-b76c-23c3df0ad50e","block_type":"box","text":"®","page_number":115,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"b73dbf74-451c-41dd-999c-9901de506cda","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":115,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"f4139b88-0502-40b1-aa96-e1c5e4cfe8ca","block_type":"box","text":"SM","page_number":115,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"1579e950-3458-4c8c-85c1-7ed909947d74","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":115,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"5d9153eb-b8ae-4d9d-9720-ba5c7b177be9","block_type":"box","text":"®","page_number":115,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"008e4738-1483-4474-ad56-afffe88b7cad","block_type":"box","text":"”); public income","page_number":115,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"b069a736-19d3-42e5-9ac4-c14a4664c92b","block_type":"box","text":"notes (“PINES","page_number":115,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"08ffdb16-6a17-44e8-adf7-0a37d927ad17","block_type":"box","text":"®","page_number":115,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"fd5a8c98-9a46-4a21-94f5-37e013a9116c","block_type":"box","text":"”); and other trust preferred securities.","page_number":115,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"1a68444e-a009-47ab-8a1b-caf5cda532e1","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":115,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"ab271376-a51c-4fbb-8fd9-245bcccc9a07","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":115,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"b227ffee-8198-4e5d-8aff-0908f45b0266","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":115,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"28c8782b-9958-47f3-8d5e-6d3005abcd0f","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":115,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"107eee32-3525-4ec7-af93-963d73c5b0e0","block_type":"box","text":"regard to whether all payments have been paid.","page_number":115,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"fefba5c4-8855-420b-8769-0063a2d38187","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":115,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"b174cdd3-01f6-4ed3-8ecb-3c62a8dc8168","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":115,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"7ea58a2f-b8c5-4176-987f-2091076985b1","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":115,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"e9b4eeaa-91d8-4abd-97a6-29134e0a3083","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":115,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"eda311f7-34aa-4203-98a8-db524e10b27d","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":115,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"15b6d3fa-d7b5-4793-b557-53b1fd59e078","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":115,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"e4b9f466-50dd-4a88-afaf-1ab196b90783","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":115,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"dd7839c3-6c7f-4df5-b056-52b0581f19ee","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":115,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"e3ccf6a6-26eb-4954-97cb-3bf1cc650f8f","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":115,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"926f1dd6-02c3-4e7b-acc6-07423d395bdf","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":115,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"9c6d2d51-97d0-4e6b-b9e0-07994cceb197","block_type":"box","text":"II-67","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2970eff1-405f-47bd-be84-d5d7a6208981","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eb61dcbf-3c9e-4d70-ac62-6822897c0de0","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":116,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"938d7f51-524f-4a1f-998a-5b3f8bf1b23d","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":116,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"392c15d5-1ef7-4776-b30c-5e67443558da","block_type":"box","text":"debt securities.","page_number":116,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"fe922aee-d728-497e-8af4-418ed6084b27","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":116,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"2394a19a-3345-4459-bf66-f4aea7723fbb","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":116,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"88ae8b88-b037-482e-a018-acc1927122e3","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":116,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"b3512a2c-677b-4ee4-ab73-c34970565e35","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":116,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"1a318d25-0b4f-4f88-8b0f-588397d612b4","block_type":"box","text":"geographic areas or in specific proper ty types, i.e., hotels, shopping malls, residential complexes and office","page_number":116,"box":{"x":68,"y":143,"width":771,"height":11}},{"id":"3f60f41c-581f-4c16-9c5c-34be2b675583","block_type":"box","text":"buildings.","page_number":116,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"08b1a81c-b86d-4147-b7bf-f3e0e63db206","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":116,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"732d528b-64f4-40b7-832f-065078a14287","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":116,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"850760b0-0475-4940-86e9-d5982d156ab6","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":116,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"b06ffd76-d6cb-4f03-953e-496c56fcfd6e","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":116,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"4771ca0d-fb5c-4a3f-86cb-11591dd4d12c","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":116,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"8f256eb8-a5a4-4502-bae1-aabec4dd32d1","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":116,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"aa0837ad-95ae-491f-ab4a-bfefbd0dd0ef","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":116,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"85f09db1-0faa-4a10-94c4-138fa58dfcab","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":116,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"0ae2c16a-eebb-471e-84b7-17b2b930efdf","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":116,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"dad06e01-ff9f-4519-bea8-5b1b708e7ace","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":116,"box":{"x":69,"y":324,"width":822,"height":11}},{"id":"b1b024eb-b1d9-4106-9d4d-eb142cd43380","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":116,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"759b7b84-000e-437d-88cc-ee45b09af978","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":116,"box":{"x":69,"y":355,"width":810,"height":11}},{"id":"ffbb8eba-4bda-4e44-9f30-0b9e4f6f81e4","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":116,"box":{"x":68,"y":370,"width":812,"height":11}},{"id":"a902e64b-78ca-4568-ab9c-e78d0361fd08","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":116,"box":{"x":70,"y":385,"width":838,"height":11}},{"id":"ace7c0f3-cf67-4351-9dab-652e995cbc61","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":116,"box":{"x":68,"y":400,"width":826,"height":11}},{"id":"46d4a395-3c63-42bb-a23b-759f6a80969e","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":116,"box":{"x":69,"y":415,"width":817,"height":11}},{"id":"17e9a022-0463-443f-9852-e7561c06bd1f","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":116,"box":{"x":70,"y":430,"width":822,"height":11}},{"id":"cc025707-5e8b-4843-82b2-6f55c8c712e5","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":116,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"a40f4aa7-ee73-4623-ab42-9892e61a4efa","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":116,"box":{"x":69,"y":460,"width":834,"height":12}},{"id":"b3c3755a-58aa-41b4-a14c-495bed7ad29f","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":116,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"a8f99e53-af22-499e-a6c7-e229acec746a","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":116,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"217b1667-3f3c-4661-82c1-7b69f7971205","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":116,"box":{"x":69,"y":506,"width":821,"height":11}},{"id":"49092eab-7a3c-495b-891f-4417e52696d6","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":116,"box":{"x":68,"y":521,"width":797,"height":11}},{"id":"4e1381c5-ee26-44ac-ac57-e70c7bcd9339","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":116,"box":{"x":69,"y":536,"width":798,"height":11}},{"id":"22356733-2dc4-4557-9ae4-7427aadf3bbe","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":116,"box":{"x":69,"y":551,"width":820,"height":11}},{"id":"9b9f8c98-5473-457e-8203-9a3aff8341cf","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":116,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"34d70e50-4dc3-4ade-9386-2f084fd6895c","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":116,"box":{"x":69,"y":582,"width":801,"height":11}},{"id":"bfc4d11b-7241-4bf5-a4be-4a764faaced0","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":116,"box":{"x":70,"y":596,"width":631,"height":12}},{"id":"cf614b25-56d8-4ba9-a4ad-93f2c88271c1","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":116,"box":{"x":102,"y":619,"width":772,"height":11}},{"id":"85ee7657-1c11-4441-bedd-4db2524ee223","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":116,"box":{"x":70,"y":634,"width":790,"height":12}},{"id":"f5effc1d-4b3a-4a18-bc64-53d1ac1c189a","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":116,"box":{"x":69,"y":649,"width":834,"height":12}},{"id":"4fb0c632-879c-4355-82db-41310cf0c7a7","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":116,"box":{"x":69,"y":664,"width":837,"height":12}},{"id":"ca25fd5b-1442-45e5-9b35-4374b6c24338","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":116,"box":{"x":69,"y":680,"width":812,"height":11}},{"id":"2a46cb4e-9f35-427a-86d9-8cde64657fba","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":116,"box":{"x":69,"y":695,"width":759,"height":11}},{"id":"cd5cdeba-f40b-4358-855a-786e6920fcf1","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":116,"box":{"x":69,"y":710,"width":778,"height":11}},{"id":"2b5f6969-b57b-45c9-b9fc-fd9c21663ef8","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":116,"box":{"x":102,"y":732,"width":773,"height":12}},{"id":"7c51ae61-f8bd-4539-b717-147da3e8f065","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":116,"box":{"x":70,"y":748,"width":836,"height":11}},{"id":"50082aff-0f5d-4b36-8914-7cfe7b57e8ec","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":116,"box":{"x":68,"y":763,"width":839,"height":11}},{"id":"a3dba494-e404-4da4-b8b2-30f616e2af34","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":116,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"46cd7a49-8a20-41f5-bd23-dc8f0e39061e","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":116,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"09230083-9324-4964-b8bf-b572c8556a0d","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":116,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"9e078d4e-d8e9-45dd-9f7f-397479813375","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":116,"box":{"x":69,"y":823,"width":804,"height":12}},{"id":"39adac98-aa28-4667-9fc1-945ab1856375","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":116,"box":{"x":68,"y":838,"width":761,"height":12}},{"id":"9aa13295-9ca3-4b9e-a72d-25fdeaa17348","block_type":"box","text":"Market Risks/Recent Market Events","page_number":116,"box":{"x":102,"y":861,"width":272,"height":11}},{"id":"868c2095-ab78-4c0f-b119-00ee3584b4b5","block_type":"box","text":". Securities may decline in value due to factors affecting securities","page_number":116,"box":{"x":374,"y":861,"width":475,"height":11}},{"id":"da44952e-9067-4f2a-9d4a-b4b050ef8d85","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":116,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"2bb58e98-fd43-4cd1-8459-d987b0144ab7","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":116,"box":{"x":68,"y":891,"width":837,"height":12}},{"id":"ae42145b-95f5-44c4-8637-d3267876f9a8","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":116,"box":{"x":69,"y":906,"width":795,"height":12}},{"id":"23aab3e0-a128-40ab-a77c-5d38e3c37795","block_type":"box","text":"II-68","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"751839ef-b454-48b0-8607-94437b35013a","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07f341e2-c2c7-4c56-b4db-8fdc9385e9d8","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":117,"box":{"x":68,"y":45,"width":796,"height":11}},{"id":"32361ab6-dd99-43d6-a552-23a0edb3ad0e","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":117,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"ebb23ed5-4c7f-4d76-9109-4edbdc68605c","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":117,"box":{"x":70,"y":75,"width":812,"height":11}},{"id":"1ab098f6-b817-4f24-bf21-b681070f3b9c","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":117,"box":{"x":68,"y":90,"width":807,"height":11}},{"id":"ccc31183-1585-4739-8864-c0e0aff75a2b","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":117,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"9c719a02-8006-48f0-a26c-edef870b7a01","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":117,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"3375b869-ba75-4ab3-b5b9-7633980f9be6","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":117,"box":{"x":69,"y":135,"width":804,"height":11}},{"id":"bf5f6b6e-c16e-40ed-a12b-2b0b5599d66d","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":117,"box":{"x":70,"y":150,"width":787,"height":12}},{"id":"88421294-0e1a-4263-8297-cb9e2fa71c02","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":117,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"5444b3f0-697d-4ad8-b7ee-3a677eec6e3a","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":117,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"f5dd1f06-4e13-471a-a6ea-76f91401c8ee","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":117,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"d0a3a1ad-e8e3-42fc-9bba-bcb920a0b0a4","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":117,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"c780caca-1c6d-4fed-b733-8b28633e280f","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":117,"box":{"x":69,"y":226,"width":776,"height":11}},{"id":"81da45e2-bcd9-4943-b5c4-5c1b5bc3c5ba","block_type":"box","text":"conditions. Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes","page_number":117,"box":{"x":69,"y":241,"width":814,"height":11}},{"id":"1b0465ea-1146-4f9b-adc1-30bad0758b31","block_type":"box","text":"limited to a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted","page_number":117,"box":{"x":70,"y":256,"width":817,"height":12}},{"id":"7aba7dad-6cff-44d2-b91d-6d8fb59cbfb3","block_type":"box","text":"and/or are considering the adoption of more protectionist trade policies, a move away from the tighter financial","page_number":117,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"fa0dd498-06af-4b75-8a74-0b19a91481e7","block_type":"box","text":"industry regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The","page_number":117,"box":{"x":70,"y":286,"width":804,"height":12}},{"id":"fd52b633-fb82-4897-a336-f536242c203f","block_type":"box","text":"exact shape of these policies is still being considered, but the equity and debt markets may react strongly to","page_number":117,"box":{"x":69,"y":302,"width":775,"height":11}},{"id":"c9b5c3a0-be5c-4fda-81b9-cdb254aaf3c0","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":117,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"f561787f-6683-483f-85b7-b990a08fb23c","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":117,"box":{"x":69,"y":332,"width":797,"height":11}},{"id":"785ab0df-c2ae-4855-b6a5-ae81d9feb319","block_type":"box","text":"affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition,","page_number":117,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"e13c553b-4c7e-4220-94f1-7e263f8e5e75","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":117,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"7f82efe5-1167-4c3f-b33b-8eca609227b5","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are increasingly interconnected. As a","page_number":117,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"d4569eaa-7027-4783-aeee-c248b42230bb","block_type":"box","text":"result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries","page_number":117,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"201df521-b4a2-4687-9455-b533395994c4","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":117,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"955ae1d1-3f15-49d6-add1-68cc1ece2cf9","block_type":"box","text":"negatively affected by such events.","page_number":117,"box":{"x":69,"y":423,"width":249,"height":11}},{"id":"fe96a5d2-afaa-4d6d-b8dd-efb7b4d64347","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":117,"box":{"x":102,"y":445,"width":795,"height":12}},{"id":"8795758e-eb56-48f4-b332-d7125274986a","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":117,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"9bc40135-6b22-4504-a347-2f97a9313fc2","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":117,"box":{"x":69,"y":476,"width":796,"height":11}},{"id":"b175f728-920a-4734-9f1f-97aaed98b0c3","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":117,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"912baa7a-279a-4103-ae2c-51567eb95e8f","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":117,"box":{"x":69,"y":506,"width":833,"height":11}},{"id":"4b507b41-8e4d-4ead-8056-71057a17c324","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets, and could adversely affect the","page_number":117,"box":{"x":68,"y":521,"width":763,"height":11}},{"id":"dcbf070e-4f92-46db-b5d1-caacc3981a93","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":117,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"63a3906f-f2d8-44fe-a5ed-78c41499a494","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":117,"box":{"x":68,"y":551,"width":821,"height":11}},{"id":"d09300d7-268d-44c5-b9b9-4425b9585f36","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":117,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"b5f209fc-70f2-4db1-97a4-d39f1ba85001","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":117,"box":{"x":69,"y":581,"width":795,"height":12}},{"id":"f408069f-0ffc-42b5-9945-f551552f7d41","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":117,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"f4987804-0016-462a-9987-21fe049eabc0","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":117,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"3c3ff78a-270d-47a6-847d-90703d248b4b","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":117,"box":{"x":70,"y":627,"width":816,"height":11}},{"id":"2b98ae64-c92a-41f3-9ef6-5f6e468cc7f1","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":117,"box":{"x":70,"y":642,"width":813,"height":11}},{"id":"362f51ab-d064-4ef2-82bf-70a0f5f0ca07","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":117,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"0e1cf0cd-f02d-4fe2-afc1-8275e3ad6a50","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":117,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"53745e1f-dd53-4fac-98cd-e3dda3179a3b","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":117,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"d0871981-9d33-404d-9628-48f7e5b64d69","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":117,"box":{"x":69,"y":702,"width":785,"height":12}},{"id":"e29a99bb-5f9d-4201-99b1-086e26e3cfc0","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":117,"box":{"x":70,"y":717,"width":832,"height":12}},{"id":"3c1b35c3-af43-4a6b-903a-040db9e38830","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":117,"box":{"x":68,"y":732,"width":799,"height":12}},{"id":"200aac53-a51c-4b88-8a2c-721bb9f157f4","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":117,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"9611ccba-78ac-4188-a87b-fe6b00d3a570","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":117,"box":{"x":69,"y":763,"width":746,"height":11}},{"id":"f387b2ee-ebec-407c-8645-1dad3144fd84","block_type":"box","text":"investments.","page_number":117,"box":{"x":70,"y":778,"width":89,"height":9}},{"id":"bb75b31c-aee9-4444-a68e-59de5fb8dd73","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":117,"box":{"x":101,"y":801,"width":802,"height":11}},{"id":"3fa387a9-0e7c-47be-8f80-8151f90ab6dc","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":117,"box":{"x":68,"y":816,"width":796,"height":11}},{"id":"080014e9-287a-404e-9e18-c284759c5db8","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":117,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"c3aec251-206f-4c24-9626-e4f49d70a23b","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":117,"box":{"x":70,"y":846,"width":813,"height":11}},{"id":"a5dcf591-be27-4a77-bc22-4f5f1ceb141a","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":117,"box":{"x":68,"y":861,"width":812,"height":11}},{"id":"ad2a9aab-3fd5-4269-b9aa-ffa40e3cc56c","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":117,"box":{"x":69,"y":876,"width":771,"height":11}},{"id":"6bbc4e12-390b-4cb4-b663-eda1ea0f7500","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":117,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"d3e70d5f-a131-4c81-966b-12e23ccced6b","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":117,"box":{"x":69,"y":907,"width":646,"height":11}},{"id":"5ea821af-4bb7-450f-8f17-35f986cab75d","block_type":"box","text":"II-69","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b5a732ba-148b-48d7-ac26-7ca30fc6da4b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"959ceda6-42dc-4212-8615-1142f4548302","block_type":"box","text":"Legal and Regulatory Risks.","page_number":118,"box":{"x":102,"y":45,"width":197,"height":11}},{"id":"ef787457-e29e-4e97-a009-12c1149b85f2","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":118,"box":{"x":305,"y":45,"width":583,"height":11}},{"id":"6df8b63d-e196-4f78-aa1e-7fbb5c1fca47","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":118,"box":{"x":67,"y":60,"width":819,"height":11}},{"id":"1daff643-b6a7-4417-b1e3-4ffec0425a1e","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":118,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"390e7f2d-1adc-4fae-9821-4c1ec423418d","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":118,"box":{"x":68,"y":90,"width":781,"height":11}},{"id":"160b631b-bf62-4e14-a47a-0af48fb9664b","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":118,"box":{"x":69,"y":105,"width":763,"height":11}},{"id":"9a6d752f-80c8-49d0-b5a0-4b2e69f20114","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":118,"box":{"x":70,"y":120,"width":838,"height":12}},{"id":"67285891-155e-40c7-978e-098ea5cc385c","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":118,"box":{"x":69,"y":135,"width":781,"height":12}},{"id":"13d2a5bc-02f1-4948-8f7b-84e3d76acf5f","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":118,"box":{"x":69,"y":151,"width":807,"height":11}},{"id":"0a4d32db-480f-466d-89b7-b2e1c84e4766","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":118,"box":{"x":69,"y":166,"width":807,"height":11}},{"id":"b47e0b29-5092-49a4-af12-b91b071a2fec","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":118,"box":{"x":69,"y":181,"width":666,"height":11}},{"id":"ad742243-8687-41e0-8f89-430f1504d20a","block_type":"box","text":"Tariff and Trade Policy Risks","page_number":118,"box":{"x":103,"y":203,"width":198,"height":12}},{"id":"ab81b918-85ca-4e4b-a3ff-50b9447a4ecf","block_type":"box","text":".","page_number":118,"box":{"x":302,"y":210,"width":3,"height":2}},{"id":"cd8bd726-47b7-4550-9871-3540dd052393","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":118,"box":{"x":312,"y":203,"width":593,"height":12}},{"id":"0eab27b7-cc5a-4c98-b763-d318f587c976","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":118,"box":{"x":68,"y":218,"width":806,"height":12}},{"id":"bcb87bbf-3ebc-49d2-b8f2-68b197c9a1b4","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":118,"box":{"x":70,"y":234,"width":833,"height":11}},{"id":"46f09e08-9e93-4003-b35e-e7a2d095da48","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":118,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"c3851f3e-9ead-4399-ab79-c459c962d3dc","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":118,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"ec4b33d0-a6cf-4726-a40f-ad20b8845902","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":118,"box":{"x":70,"y":279,"width":821,"height":11}},{"id":"69ea77f8-b58b-4712-93a9-06da2d6aec91","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":118,"box":{"x":69,"y":294,"width":559,"height":11}},{"id":"6d1f737a-aff9-4614-87d3-9a01c7eaa055","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":118,"box":{"x":102,"y":317,"width":796,"height":11}},{"id":"a929b3c6-a7b3-43d2-a807-ee696ffb27b8","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":118,"box":{"x":68,"y":332,"width":809,"height":11}},{"id":"43836db7-f44a-42fd-89d6-a515a4d4f193","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":118,"box":{"x":70,"y":347,"width":799,"height":11}},{"id":"aa79a7b0-263b-4b46-998e-a6cde45b827b","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":118,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"5b02a96e-03bf-4b79-b04f-ec3821dd9415","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":118,"box":{"x":69,"y":377,"width":801,"height":12}},{"id":"a8321bc0-b0a4-48d0-8c59-ce87d77e4d31","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":118,"box":{"x":69,"y":392,"width":783,"height":12}},{"id":"e423d931-c883-4366-887c-0d9480efaa90","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":118,"box":{"x":69,"y":407,"width":753,"height":11}},{"id":"6ac6264e-e617-4b18-9485-9bc121fa0553","block_type":"box","text":"Geographic Risks","page_number":118,"box":{"x":102,"y":430,"width":123,"height":11}},{"id":"4db7b5d8-c3ba-4ccb-84c6-a0c6baa26c18","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":118,"box":{"x":226,"y":430,"width":671,"height":11}},{"id":"fe9d855c-b05b-4135-88a6-06bfc086b518","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":118,"box":{"x":68,"y":445,"width":835,"height":11}},{"id":"09d1e364-06e6-4031-87ab-7c034e7a514c","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":118,"box":{"x":68,"y":460,"width":787,"height":12}},{"id":"6c5a7f25-47c3-46d0-80bc-f5676a5900c5","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":118,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"9f0d2cd4-ea74-470b-b0f0-23d5d0a8d679","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":118,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"8f25f8c2-5363-483c-bb86-532176ed61db","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":118,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"6ed4b2ac-a006-485b-a8ed-315848be2b19","block_type":"box","text":"Fund.","page_number":118,"box":{"x":70,"y":521,"width":36,"height":9}},{"id":"d10bfb22-db4f-4672-86a7-011568eb4bbc","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":118,"box":{"x":102,"y":544,"width":255,"height":11}},{"id":"fc62db93-1f5a-4fe8-b500-81a4dfdb4095","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":118,"box":{"x":363,"y":543,"width":514,"height":12}},{"id":"551010c6-ea3f-4bdf-be59-9962b0d78339","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":118,"box":{"x":69,"y":559,"width":782,"height":11}},{"id":"e944b7cd-1e96-4a31-bda7-94f4915885f7","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":118,"box":{"x":69,"y":574,"width":791,"height":11}},{"id":"ce68a5b0-b353-4be9-b24c-126dd0bfea53","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":118,"box":{"x":70,"y":589,"width":826,"height":11}},{"id":"ad764e6a-f44e-4c56-9ba8-00bcf4504900","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":118,"box":{"x":69,"y":604,"width":834,"height":11}},{"id":"4c4e2e71-338b-4dd8-a2b4-a7cfeb1cc972","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":118,"box":{"x":70,"y":619,"width":837,"height":11}},{"id":"a6b5780c-3adb-4354-a567-630f063df035","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":118,"box":{"x":69,"y":634,"width":783,"height":12}},{"id":"6e87850c-7e9b-4ea0-8532-5a659d68f617","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":118,"box":{"x":69,"y":649,"width":779,"height":11}},{"id":"ee4768d7-0509-4a58-821d-3e28f484a4c2","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":118,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"23be8894-cd4d-415b-9f38-8af6d8ee5a09","block_type":"box","text":"continuing to develop (","page_number":118,"box":{"x":69,"y":680,"width":160,"height":11}},{"id":"96b98c9e-f965-4607-bf36-61898a8f92ad","block_type":"box","text":"e.g.","page_number":118,"box":{"x":231,"y":681,"width":25,"height":10}},{"id":"298a32f5-cee3-44fe-bd55-58838ef3a79e","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":118,"box":{"x":258,"y":680,"width":641,"height":11}},{"id":"4375e448-2dde-4b29-93d1-030d8a88e98f","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":118,"box":{"x":70,"y":695,"width":777,"height":11}},{"id":"891176c1-5582-4c6c-a12b-88ac53c4d535","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":118,"box":{"x":69,"y":710,"width":776,"height":11}},{"id":"37a67989-ed26-4b62-a006-c7627b03ad83","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":118,"box":{"x":70,"y":725,"width":493,"height":11}},{"id":"bea87527-192b-4f1f-a628-4b5279830f6d","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":118,"box":{"x":102,"y":748,"width":750,"height":11}},{"id":"a6991676-a804-441b-ab39-d1d93729ff54","block_type":"box","text":"collateralized by U.S.. SOFR is calculated based on transaction-level repo data collected from various sources. For","page_number":118,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"274cfbbb-3b07-443b-ae62-58a50d89b176","block_type":"box","text":"each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. Because SOFR is a","page_number":118,"box":{"x":69,"y":778,"width":822,"height":11}},{"id":"f1416774-afc0-40ab-b690-2a237b81569d","block_type":"box","text":"financing rate based on overnight secured funding transactions, it differs fundamentally from LIBOR. LIBOR is","page_number":118,"box":{"x":68,"y":793,"width":780,"height":11}},{"id":"d622a7e9-f29c-446e-8f13-f7d96a448a4b","block_type":"box","text":"intended to be an unsecured rate that represents interbank funding costs for different shor t-term maturities or","page_number":118,"box":{"x":70,"y":808,"width":788,"height":11}},{"id":"1854653d-80e8-41d4-a982-d8a849e0752c","block_type":"box","text":"tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus,","page_number":118,"box":{"x":68,"y":823,"width":798,"height":12}},{"id":"fb5da670-d03b-4946-8909-2e2cd4065d87","block_type":"box","text":"LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk. In contrast,","page_number":118,"box":{"x":70,"y":838,"width":820,"height":11}},{"id":"ad95c195-24fc-4797-b88e-2c0ab123c398","block_type":"box","text":"SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely","page_number":118,"box":{"x":69,"y":853,"width":795,"height":12}},{"id":"976979f9-a793-416a-b4d6-d7018566a757","block_type":"box","text":"insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate, and it","page_number":118,"box":{"x":70,"y":869,"width":833,"height":10}},{"id":"0fbfd51d-5e0a-4f0c-87f4-57372aa5781a","block_type":"box","text":"has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain periods.","page_number":118,"box":{"x":69,"y":884,"width":813,"height":11}},{"id":"0e0b17c8-45f7-48bd-8f42-bbdd30cd6eac","block_type":"box","text":"For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form in the","page_number":118,"box":{"x":70,"y":899,"width":819,"height":11}},{"id":"b373182e-7d38-457d-bc27-5218e3d09813","block_type":"box","text":"II-70","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a224d59e-e26b-43f1-be9c-750e0340f6fa","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bef541f0-dac6-4480-a023-8192425cd2b9","block_type":"box","text":"same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based rates","page_number":119,"box":{"x":69,"y":45,"width":822,"height":11}},{"id":"e4b4c216-802a-40c1-970b-9a3892e5e7f7","block_type":"box","text":"will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April 2018.","page_number":119,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"2b4cbea3-1f98-445b-96ab-393edc846bcd","block_type":"box","text":"The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or","page_number":119,"box":{"x":68,"y":75,"width":825,"height":11}},{"id":"32bb61f6-d6bb-4764-9040-92ea6718d1e8","block_type":"box","text":"otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other","page_number":119,"box":{"x":69,"y":90,"width":796,"height":11}},{"id":"c4c1cdca-5071-4004-9a29-4eb1d0a05896","block_type":"box","text":"rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner that","page_number":119,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"78200982-74f5-4b71-b834-01dd3eb88f01","block_type":"box","text":"is materially adverse to the interests of the Fund","page_number":119,"box":{"x":70,"y":120,"width":344,"height":11}},{"id":"f05fd376-4281-43f9-88f8-e9e70e262eda","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":119,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"2d9e64c5-1186-482a-9009-b2d944e7780b","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":119,"box":{"x":68,"y":158,"width":786,"height":11}},{"id":"3913e2f4-1def-4d9b-af54-20c069733915","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":119,"box":{"x":69,"y":173,"width":746,"height":11}},{"id":"6ba53577-9432-49ee-99d7-f85b0948201b","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":119,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"6258eb1a-ae5c-4168-aec8-68d9504249a4","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":119,"box":{"x":69,"y":203,"width":821,"height":12}},{"id":"48615cec-434b-451b-926b-5228fb536d8d","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":119,"box":{"x":68,"y":219,"width":799,"height":11}},{"id":"f9e9647d-f092-421b-9079-dfd144a85ec9","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":119,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"39d55f2c-7682-4baf-aa98-94b26c154c42","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":119,"box":{"x":70,"y":249,"width":757,"height":11}},{"id":"a87894f4-860e-444f-891f-eaaf6d22b65d","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":119,"box":{"x":69,"y":264,"width":802,"height":11}},{"id":"83831d73-6653-47a3-9093-89a5eb330408","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":119,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"c3f9ad7f-73b3-4c24-9054-dcfe1aead0d6","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":119,"box":{"x":70,"y":294,"width":782,"height":11}},{"id":"b95ceb17-9558-4b51-9362-5de590625ef4","block_type":"box","text":"consequences which cannot be predicted.","page_number":119,"box":{"x":69,"y":309,"width":298,"height":11}},{"id":"f8dd1bf8-f75b-4919-9f63-c999d8fe9fea","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":119,"box":{"x":102,"y":332,"width":432,"height":11}},{"id":"fb0c41cb-321d-4fe5-a991-4d103c97fa2a","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":119,"box":{"x":541,"y":332,"width":347,"height":11}},{"id":"8b6ae3f1-dd05-4912-9a9c-c08b5a23db78","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":119,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"b38c7cbb-b0f1-46cc-b7b4-0b82a5092ec2","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":119,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"578536d9-b609-45e2-8cb4-4fc21e4c3879","block_type":"box","text":"term of the agreement.","page_number":119,"box":{"x":68,"y":377,"width":164,"height":12}},{"id":"722a1bab-4fcf-4009-93dd-a5534eb7c4ab","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":119,"box":{"x":101,"y":400,"width":788,"height":11}},{"id":"00bf5d85-3867-4399-9633-0c8c75c31a92","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":119,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"2045c6c6-c711-434f-b11d-74af4f85a536","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":119,"box":{"x":70,"y":430,"width":821,"height":11}},{"id":"0d7c5625-f29c-4f30-a0c7-4b8bd04a166c","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":119,"box":{"x":69,"y":445,"width":790,"height":12}},{"id":"a537e6ab-2054-4497-b6b9-fe7c2ba7f6fd","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":119,"box":{"x":69,"y":461,"width":827,"height":11}},{"id":"9897199f-a7b1-4669-9e52-5e40396fba12","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":119,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"dd4ad0cd-9f53-425e-8e46-4ebdb7195be6","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":119,"box":{"x":68,"y":491,"width":522,"height":11}},{"id":"49f9889b-046c-41d9-9191-6d436ed63699","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":119,"box":{"x":102,"y":513,"width":792,"height":12}},{"id":"865e8ed6-ba29-4225-a11a-9eaa15d162c7","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":119,"box":{"x":70,"y":528,"width":784,"height":12}},{"id":"17fc93a2-ab54-45e2-bc87-77988caee309","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":119,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"dbd8ba13-3031-4b7f-9b1a-1c32bf8f998f","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":119,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"1e58a7de-c39b-4b2b-9bfc-1b260f3d5c3c","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":119,"box":{"x":68,"y":574,"width":770,"height":11}},{"id":"1c94053c-4aca-4d69-80fb-c84e2b9a81a8","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":119,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"5efff023-2870-405f-a27d-949d79dd8328","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":119,"box":{"x":70,"y":604,"width":430,"height":11}},{"id":"8428e253-368b-46f8-a8ff-f299774d0b87","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":119,"box":{"x":102,"y":627,"width":759,"height":11}},{"id":"f73e9bb3-7901-4a6f-bb47-6ca3a2ba6783","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":119,"box":{"x":70,"y":642,"width":765,"height":11}},{"id":"ac47343f-3a84-40b8-a4dd-c4fbd953a93f","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":119,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"2c0bf403-344f-4c9f-aba8-1eefc7fe3c17","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":119,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"8dee2c8c-112a-4539-9bac-ff52e1f2bb8b","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":119,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"fede5248-d37f-4676-a947-75bdb7165661","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":119,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"50f7fd4a-d113-402f-899a-971e4f39b745","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":119,"box":{"x":70,"y":717,"width":831,"height":12}},{"id":"80cb9334-9639-404b-adf4-d672229d0a96","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":119,"box":{"x":69,"y":733,"width":810,"height":11}},{"id":"576667b2-832f-4eef-88dc-97048b464050","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":119,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"6f3992e0-8f49-4df1-9585-49289bed2e31","block_type":"box","text":"or by another authorized securities depository.","page_number":119,"box":{"x":69,"y":763,"width":329,"height":11}},{"id":"322c0130-95af-4d5b-a3d9-e5c9f10f834a","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":119,"box":{"x":102,"y":785,"width":770,"height":12}},{"id":"92f6e65f-d4f4-4d64-8d27-0ed8688f84f7","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":119,"box":{"x":69,"y":801,"width":805,"height":11}},{"id":"c56a3e2b-babd-4fdb-834f-081a8f49821c","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":119,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"8658b021-0d0a-446e-9b0e-704a4e0400e7","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":119,"box":{"x":69,"y":831,"width":778,"height":11}},{"id":"214627fa-8934-4374-a988-df35fcd12eac","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":119,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"f76ff0b6-6d9f-484e-81ca-baca2e528332","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":119,"box":{"x":70,"y":861,"width":810,"height":11}},{"id":"947fcbb3-b3a0-4ac0-97ca-8d900accc366","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":119,"box":{"x":69,"y":876,"width":812,"height":11}},{"id":"cf5ce587-ed8d-4ff7-a4ed-811add6ada52","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":119,"box":{"x":69,"y":891,"width":778,"height":12}},{"id":"8fe82c98-1fab-4690-81ea-dae6824e4724","block_type":"box","text":"II-71","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5e7d6120-a7e5-46f0-865f-9eeb5cc28ac3","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"49ec60db-6135-49c8-9a9a-4e0ece0157f7","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":120,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"b4e5c1a4-1d6b-4853-a1eb-383d9924cef3","block_type":"box","text":"the repurchase price.","page_number":120,"box":{"x":68,"y":60,"width":151,"height":11}},{"id":"f66ea2f1-6859-410e-b4cd-ba48be636810","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":120,"box":{"x":102,"y":82,"width":805,"height":12}},{"id":"9ad84004-2053-4e67-b4b4-8de3edd43902","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":120,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"6fbc8eb1-7208-4951-bc00-d8417f133501","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":120,"box":{"x":69,"y":113,"width":788,"height":11}},{"id":"93d83547-4120-4923-96d4-ff3ed442c0be","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":120,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"76b6a98d-cd15-4b71-b53d-a8db4762fe3e","block_type":"box","text":"strategies without the repurchase obligation.","page_number":120,"box":{"x":69,"y":143,"width":317,"height":11}},{"id":"384d2e19-0624-4200-ad4e-14abff76ff1b","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":120,"box":{"x":101,"y":166,"width":782,"height":11}},{"id":"bcd99dbd-25cc-449d-ad0e-d270cbe48f37","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":120,"box":{"x":69,"y":181,"width":776,"height":11}},{"id":"faec285a-f2a9-4be4-912e-68fafdbbc48c","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":120,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"dd811459-8dc4-4830-885b-599c1ba47843","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":120,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"b08e829d-31ef-4678-862c-66ae98a301c8","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":120,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"d96ff367-b81b-4285-8deb-d05ca4ce0e34","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (i.e., the position the Fund would normally be in if it were to hold,","page_number":120,"box":{"x":69,"y":241,"width":833,"height":11}},{"id":"6ab9a536-007d-425a-8e4b-3e1a32f25f4e","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":120,"box":{"x":70,"y":256,"width":813,"height":12}},{"id":"3e885fa8-4a98-4d5f-98f4-8fa28ef13458","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":120,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"1ee6e396-dc5f-45cf-9223-84d807b2fc96","block_type":"box","text":"and income involved in the transaction.","page_number":120,"box":{"x":69,"y":287,"width":278,"height":9}},{"id":"62442eb7-898f-41de-b9ae-2874aa033486","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":120,"box":{"x":102,"y":309,"width":800,"height":11}},{"id":"a055c7cf-f609-43a1-a94f-04293e3ac5d1","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":120,"box":{"x":68,"y":324,"width":840,"height":12}},{"id":"8a533958-f963-4490-ae80-3757f162fa3f","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":120,"box":{"x":69,"y":339,"width":814,"height":12}},{"id":"119d3bd4-0362-4ad0-b104-d070a5e07b73","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":120,"box":{"x":68,"y":355,"width":790,"height":11}},{"id":"bff25da2-3463-422f-ba63-c3061d8c3554","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":120,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"bba0f87d-aab2-43bd-95fd-256d3fc4a381","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":120,"box":{"x":68,"y":385,"width":783,"height":11}},{"id":"283e49bb-9139-48fc-9444-628f9409a398","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":120,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"f0457b39-b540-4ab0-9016-99872c8fdd9d","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":120,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"d550ad97-0f08-4adb-9f59-613e945f40a7","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":120,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"d4497da0-a81a-4765-8da7-5ea68ec71608","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":120,"box":{"x":69,"y":445,"width":834,"height":12}},{"id":"09b3c127-ed91-4dc2-b73a-59e752010f29","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":120,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"c33ed679-8d6d-44a9-b4b4-0e1378224d47","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":120,"box":{"x":69,"y":475,"width":279,"height":12}},{"id":"42fa0733-9f74-43fe-8033-3a8fca553111","block_type":"box","text":"Restricted Securities.","page_number":120,"box":{"x":102,"y":498,"width":158,"height":9}},{"id":"5fecf5e5-5e5c-445d-9035-6f980e4b113a","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":120,"box":{"x":265,"y":498,"width":617,"height":11}},{"id":"0ccf6ed2-ba22-4615-b3b7-fb2fb7cb60a0","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":120,"box":{"x":69,"y":513,"width":801,"height":11}},{"id":"5c1c0faa-b9f4-45e9-860e-54b9b41062ea","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":120,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"b2102c4d-1f2d-413e-88f4-0af61def5ec7","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":120,"box":{"x":70,"y":544,"width":802,"height":11}},{"id":"15d48327-b6a0-46c0-b929-aa3adba95317","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":120,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"163b012a-6abf-40de-ab43-454e2f9adb08","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":120,"box":{"x":68,"y":574,"width":825,"height":11}},{"id":"f49a1766-16c4-4b60-903a-7650d3112e01","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":120,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"4bc650c1-72ec-4c65-81d3-50630fcdfb1d","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":120,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"b832ffc5-db14-4cb6-9d95-c7cda3a9a182","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":120,"box":{"x":69,"y":619,"width":831,"height":11}},{"id":"7aa674b5-8271-44a5-8619-514a67485f5b","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":120,"box":{"x":70,"y":634,"width":824,"height":12}},{"id":"1e92de7c-3859-4652-b639-3f0dfa2c5508","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":120,"box":{"x":69,"y":649,"width":834,"height":12}},{"id":"e4784164-3e6d-4b5d-8288-e587d8afab62","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":120,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"2f716285-5906-4da0-8230-6e22e38a4e79","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":120,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"b451a8d9-48e8-4856-800f-401a468dc98a","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":120,"box":{"x":68,"y":695,"width":805,"height":11}},{"id":"aeab7374-3e11-48e9-aa3c-86c04f161e1b","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":120,"box":{"x":68,"y":710,"width":840,"height":11}},{"id":"e145d84b-b15a-4a1a-8dde-ee16f33d8f71","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":120,"box":{"x":70,"y":725,"width":815,"height":11}},{"id":"aa2c93ae-3a57-44de-b8be-cdff0231d387","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":120,"box":{"x":69,"y":740,"width":835,"height":11}},{"id":"e99d6d52-4e97-4fee-b00e-b9ba5e54d25b","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":120,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"2da5b166-6f61-4146-86a2-41d282d92d12","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":120,"box":{"x":70,"y":770,"width":830,"height":11}},{"id":"ecceff6d-c1d5-4eb0-ac98-198031a70908","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":120,"box":{"x":69,"y":785,"width":817,"height":12}},{"id":"5da3f119-8833-4e59-baf0-c794bb5d5887","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":120,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"47b5bd54-0cbd-4623-abe2-260909005c78","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":120,"box":{"x":69,"y":816,"width":777,"height":11}},{"id":"6e3f97b1-9540-4df6-a5da-10d22de0d7fb","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":120,"box":{"x":69,"y":831,"width":828,"height":11}},{"id":"d0dbb9f8-05ee-4a83-b479-1af480fda1af","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":120,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"e5482b35-c7eb-44b2-9c61-b1dd718d82f2","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":120,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"0b8f1b23-eee4-450a-883d-9f372abc0bc0","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":120,"box":{"x":69,"y":876,"width":836,"height":11}},{"id":"d630b197-8e8b-4b2f-93d3-4b2f1ff0c526","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":120,"box":{"x":68,"y":891,"width":819,"height":12}},{"id":"8dc6d91b-29d8-4974-a33f-f01ba7b669af","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":120,"box":{"x":70,"y":907,"width":822,"height":11}},{"id":"62996c8a-1532-4458-9c09-9c8130dd6dd8","block_type":"box","text":"II-72","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d03a1886-22d0-4f15-b873-41f13381d4b0","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd82b20b-ceb7-4def-bfd0-a2dcf7788322","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":121,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"5343aba3-0d6e-480b-9fdf-33891f3dae1e","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":121,"box":{"x":70,"y":60,"width":780,"height":11}},{"id":"776192a5-2d87-45ee-8607-3c977dfc7129","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":121,"box":{"x":70,"y":75,"width":773,"height":11}},{"id":"2e849835-a6c1-4b85-8b3f-9921898dd906","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":121,"box":{"x":69,"y":90,"width":784,"height":11}},{"id":"2af7fb82-b878-4840-bdae-5047cf2b8bfb","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":121,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"28efccb1-6a7a-4ba9-96a7-56dcf384474c","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":121,"box":{"x":69,"y":120,"width":828,"height":11}},{"id":"1e948e4b-d637-4d53-afbb-77100e6febfc","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":121,"box":{"x":69,"y":135,"width":831,"height":12}},{"id":"f3affb68-443f-4a93-b3a3-82275bb82b84","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":121,"box":{"x":68,"y":150,"width":804,"height":12}},{"id":"5d49802f-6594-413a-96cd-ea584f13cd64","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":121,"box":{"x":69,"y":166,"width":647,"height":11}},{"id":"4b974ff9-fc0a-4670-96d6-702048afd2b1","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":121,"box":{"x":102,"y":188,"width":714,"height":11}},{"id":"c17d4236-0d23-49d0-8fff-41b8a1f52ad7","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":121,"box":{"x":70,"y":204,"width":823,"height":11}},{"id":"a124f2d2-bb67-4bff-bb32-9da22f41646e","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":121,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"7999760b-caff-4033-9373-0f759c033089","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":121,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"28185264-5b11-4c54-a6d1-bc5d55880648","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":121,"box":{"x":69,"y":249,"width":812,"height":11}},{"id":"80590fcc-a565-45a2-b129-5ba199cdf595","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":121,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"500fb2a1-3076-47e0-b3e7-cce73a55ae2a","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":121,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"6d07df0f-f635-4174-9e86-936f49634ff0","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":121,"box":{"x":69,"y":294,"width":759,"height":11}},{"id":"d8f8f09c-22a3-44cc-9286-f5fb18740517","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":121,"box":{"x":70,"y":309,"width":833,"height":11}},{"id":"f63bbd9e-0998-4a2d-b0a7-a6d3b390a005","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":121,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"ebf41555-4442-4d0f-a613-b8ab1b80e619","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":121,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"c7af9e4b-becc-4a21-83f8-8b681f0d779f","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":121,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"16e1aab6-cabe-4010-894b-e97b9fe911a9","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":121,"box":{"x":69,"y":370,"width":816,"height":11}},{"id":"e3eefd5f-09ce-4924-9ea7-4bbec9db72cc","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":121,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"b7dcae5f-4f71-4661-8f90-25e59972743d","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":121,"box":{"x":69,"y":400,"width":768,"height":11}},{"id":"cdea4a55-8fa7-4760-b91f-52d261a004ba","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":121,"box":{"x":70,"y":415,"width":815,"height":11}},{"id":"750b0694-0394-46f3-82d3-e745983f994f","block_type":"box","text":"especially as that Fund grows in size.","page_number":121,"box":{"x":69,"y":430,"width":264,"height":11}},{"id":"00541b60-e8c6-42ce-b9ad-50c8e9507d78","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":121,"box":{"x":101,"y":453,"width":762,"height":11}},{"id":"4a73fd15-d5e0-436d-8e2d-c07b6a170986","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":121,"box":{"x":69,"y":468,"width":795,"height":11}},{"id":"3794150a-cdb8-4a52-af6f-e0d53706d332","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":121,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"5b2efbc3-0ddb-4301-a613-5ddd512ac3ee","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":121,"box":{"x":70,"y":498,"width":755,"height":11}},{"id":"f4ae889e-2d49-433f-ab44-b6dc80c7986c","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":121,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"b201fa6b-6c70-48c7-a3c9-4ecc457c5b48","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":121,"box":{"x":70,"y":528,"width":835,"height":12}},{"id":"c5dbee89-b1d8-493d-b54c-4ca441be36d1","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":121,"box":{"x":68,"y":543,"width":766,"height":12}},{"id":"bbd8d3de-9e0c-42b5-882d-ea54e9e96ff8","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":121,"box":{"x":69,"y":559,"width":792,"height":11}},{"id":"266dd474-16d6-4b8d-ac82-5dd3767fde4d","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":121,"box":{"x":70,"y":574,"width":821,"height":11}},{"id":"095a1363-e9d0-47aa-8f99-fa4770cc93cf","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":121,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"807ff84b-4cad-4e7a-84b3-358f2b14a588","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":121,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"398949c4-bd6d-4072-925d-1859c50b863e","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":121,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"caa7e0b1-d2a3-47c3-82b4-df557645a92f","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":121,"box":{"x":69,"y":634,"width":828,"height":12}},{"id":"3d858af4-9c91-436c-bc8f-fd07a2bdfd0a","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":121,"box":{"x":69,"y":649,"width":810,"height":12}},{"id":"a9e8df26-63cf-4eca-a92a-b4a9da318c5b","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":121,"box":{"x":70,"y":664,"width":818,"height":12}},{"id":"6ed3e04b-9724-4933-a20c-5ce6e35d57b4","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":121,"box":{"x":68,"y":680,"width":839,"height":11}},{"id":"70c5ae7a-df8f-4fe9-af3e-a80f30f45e78","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":121,"box":{"x":68,"y":695,"width":514,"height":11}},{"id":"f7d90157-c514-4eac-a7d3-031e052e848e","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":121,"box":{"x":102,"y":718,"width":385,"height":10}},{"id":"4896a0b8-6af0-4d83-bd1c-7516d1575a89","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":121,"box":{"x":102,"y":740,"width":246,"height":11}},{"id":"d1e1bd95-883f-4ffe-b468-5328cde0b6c6","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":121,"box":{"x":354,"y":740,"width":548,"height":11}},{"id":"b3956cf8-7eb4-4743-9967-b06118219f33","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":121,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"fa2a5982-c2c2-445f-9c18-414b69af912f","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":121,"box":{"x":68,"y":771,"width":793,"height":11}},{"id":"2b852f40-4e52-45b8-9add-7bc50fe9804b","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":121,"box":{"x":69,"y":785,"width":784,"height":12}},{"id":"4e1ee22e-a8ed-4be0-9bc8-c62890a3718c","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":121,"box":{"x":70,"y":801,"width":591,"height":11}},{"id":"2eae033c-45ec-4e33-8a68-31118ddc8048","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":121,"box":{"x":101,"y":823,"width":730,"height":12}},{"id":"c6a35e2a-69ae-4154-8890-9ddf4056fe2e","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":121,"box":{"x":70,"y":839,"width":822,"height":11}},{"id":"86be8262-76f8-4b85-a960-6032f1979e2b","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":121,"box":{"x":69,"y":853,"width":821,"height":11}},{"id":"8232f4a8-113f-4ce4-b316-d1589ea915ba","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":121,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"43ff1c3e-9b5f-43b2-9d57-3c11c45cb5e4","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":121,"box":{"x":69,"y":884,"width":830,"height":11}},{"id":"4489d400-98ff-49eb-986b-a41d6906b597","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":121,"box":{"x":69,"y":899,"width":354,"height":11}},{"id":"c296299f-460c-4f8a-8412-8c2f31ed3ba8","block_type":"box","text":"II-73","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8b049016-9d77-4d33-9601-5d2d7803bbda","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"459efbd5-1c9b-4353-a38d-4b9427c35a28","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":122,"box":{"x":102,"y":45,"width":769,"height":11}},{"id":"529f7a33-3bea-4a5f-a9df-18c2ee1a8f43","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":122,"box":{"x":70,"y":60,"width":815,"height":11}},{"id":"0e50d5f8-f416-41c3-bf16-8d4094a203bc","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":122,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"4ed86fc2-ce7e-46a1-944c-6b7995b47a4b","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":122,"box":{"x":69,"y":90,"width":449,"height":11}},{"id":"f4385ef2-adfd-43a6-9ed0-ad25969815a1","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":122,"box":{"x":102,"y":113,"width":794,"height":11}},{"id":"2f0d0834-e692-4b1f-b021-e6040eceae43","block_type":"box","text":"similar financing transactions (e.g., recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":122,"box":{"x":69,"y":128,"width":841,"height":11}},{"id":"85429831-3cd1-46a1-aff1-1000d1610202","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":122,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"81cb4677-bc95-46c3-8b7e-fe01fb906128","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":122,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"a5eaae5f-dffb-4038-80e0-110cb25b7ec4","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":122,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"951fda06-0fc6-42b9-8bef-11d6651aa189","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":122,"box":{"x":70,"y":188,"width":824,"height":12}},{"id":"b1b2c608-c7da-4426-b192-7ad0236c5e6f","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":122,"box":{"x":68,"y":203,"width":758,"height":12}},{"id":"e89083bb-1ed6-4ee1-9f95-cc2dc904293a","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":122,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"55e4de15-e237-4c63-9b9f-47288a6c7b93","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":122,"box":{"x":68,"y":234,"width":838,"height":11}},{"id":"88bd5275-c77a-4308-80b7-f0ba08622c04","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":122,"box":{"x":69,"y":249,"width":538,"height":11}},{"id":"ba324dbc-a269-4af3-8a24-be6e1888ebf0","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":122,"box":{"x":101,"y":272,"width":780,"height":11}},{"id":"beff8e79-184c-4e3f-a9ae-eb96a3ab9e0b","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":122,"box":{"x":69,"y":286,"width":838,"height":12}},{"id":"716248ac-e40e-45eb-b501-6035af539d1b","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":122,"box":{"x":68,"y":302,"width":775,"height":11}},{"id":"a0818b4c-c3c0-4e0b-b844-9d75eea807bc","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":122,"box":{"x":68,"y":317,"width":754,"height":11}},{"id":"edcd0a18-c08f-4c74-832c-4cd2992b961a","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":122,"box":{"x":69,"y":332,"width":818,"height":11}},{"id":"7fe6ba87-e86c-43d0-9c64-e1ca43b1d4ab","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":122,"box":{"x":68,"y":347,"width":783,"height":11}},{"id":"9b95223c-2c45-47cb-a60e-7739e2b7c6ca","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":122,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"a0c3e91b-e391-4a80-9b60-365bbdf187a3","block_type":"box","text":"amounts to be received under such agreements.","page_number":122,"box":{"x":69,"y":377,"width":345,"height":12}},{"id":"cad41fb0-fdaf-4cfb-9a03-d6bcf344162f","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":122,"box":{"x":102,"y":400,"width":316,"height":11}},{"id":"c89b1cb9-3b9f-404b-8145-ba4e8e1aae33","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":122,"box":{"x":424,"y":400,"width":481,"height":11}},{"id":"69097ba9-937e-4ead-a0c1-5137e5efaf28","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":122,"box":{"x":68,"y":415,"width":822,"height":11}},{"id":"f7dd2f5d-27ca-4021-854b-ca9fe13e03e9","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":122,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"1226f6e0-c5b2-4ca1-a9a1-c737ff09bb77","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":122,"box":{"x":69,"y":445,"width":817,"height":12}},{"id":"2222d467-3148-4006-a947-2c0dcc442a1f","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":122,"box":{"x":70,"y":460,"width":833,"height":12}},{"id":"7d577ea1-7766-4642-8e8d-49a8a28e312d","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":122,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"73061a60-e857-4eaa-a43e-f2daf16dfa61","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":122,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"237d9f5e-499d-477c-a609-08d7efbf404f","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":122,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"4fc78f24-ed70-4719-840a-8ef0dfb50992","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":122,"box":{"x":69,"y":521,"width":777,"height":11}},{"id":"7bca516c-b5b9-4e1b-a546-5454ee452cc0","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":122,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"c5122fa4-c028-4c0c-8350-79846ab0da4c","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":122,"box":{"x":68,"y":551,"width":708,"height":11}},{"id":"230e45dd-cbc0-42f3-b42b-56439db2ec6f","block_type":"box","text":"Rule 144A Securities.","page_number":122,"box":{"x":102,"y":574,"width":159,"height":9}},{"id":"49a1727b-1aa4-4f05-bcc8-86fd6c7736c4","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":122,"box":{"x":266,"y":574,"width":560,"height":11}},{"id":"b59e99eb-9444-497d-a956-a2340cbfeef8","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":122,"box":{"x":70,"y":589,"width":741,"height":11}},{"id":"ab15b91e-3702-4cbe-a4ed-edc936b3443c","block_type":"box","text":"Securities Lending.","page_number":122,"box":{"x":101,"y":612,"width":139,"height":11}},{"id":"f114ea01-c33e-4edf-b0cb-8e4120a0f705","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":122,"box":{"x":247,"y":612,"width":645,"height":11}},{"id":"5d2cd268-b1b2-49b4-913c-769d398db699","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":122,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"3261b70b-a2f9-4806-8450-50ce9cc5456a","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":122,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"3e33f74d-bcdb-48d2-8901-5d6fb73e2cd6","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":122,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"2b946582-b244-412b-863e-7494395b00e4","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":122,"box":{"x":68,"y":672,"width":827,"height":11}},{"id":"e31d775b-b4ac-4923-b727-e8fc185ede07","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":122,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"17e180b3-9bdb-406d-9113-23764252f78e","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":122,"box":{"x":69,"y":702,"width":838,"height":11}},{"id":"5babd6d5-4df7-4516-84ab-11acb241a88a","block_type":"box","text":"the securities were not on loan.","page_number":122,"box":{"x":68,"y":718,"width":225,"height":8}},{"id":"72573551-9c40-4e20-8d3d-e7395cf7ed6a","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":122,"box":{"x":101,"y":740,"width":799,"height":11}},{"id":"2f2abbfd-5fd8-4fad-a131-5e0c6bc3a895","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":122,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"2c316540-91aa-4fb2-8789-a45dc1502b65","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":122,"box":{"x":69,"y":770,"width":824,"height":11}},{"id":"4ee33707-93f6-418b-887d-8ad6b813a903","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":122,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"bfba1b6a-eddf-4e9d-b2d5-70774f1f8e31","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":122,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"afe936e1-929b-4d23-a891-51062aad2ff8","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":122,"box":{"x":70,"y":816,"width":789,"height":11}},{"id":"d6b307a9-bdee-4ec4-977d-901564a79b30","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":122,"box":{"x":70,"y":831,"width":643,"height":11}},{"id":"5d19fe60-6cf1-4bf4-a20e-04eba8e13762","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (i.e., the risk of losses resulting","page_number":122,"box":{"x":102,"y":853,"width":791,"height":12}},{"id":"781d1463-b985-4b89-8577-07d554466003","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (i.e., the risk of a mismatch between the return","page_number":122,"box":{"x":68,"y":869,"width":833,"height":11}},{"id":"29107c2e-0a3d-4e28-8a67-700051bbbb16","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":122,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"c9b01bfe-77ea-48ea-aca3-0e39fd03b883","block_type":"box","text":"i.e.","page_number":122,"box":{"x":865,"y":884,"width":20,"height":9}},{"id":"5f982bf9-2aed-4542-8076-b011e8bdbdc3","block_type":"box","text":",","page_number":122,"box":{"x":888,"y":891,"width":2,"height":3}},{"id":"e0dbade1-c12c-40b2-bf5d-75c2a20bf769","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":122,"box":{"x":68,"y":899,"width":788,"height":11}},{"id":"f53fa279-4502-4c6f-beb1-1cc2e956dc4a","block_type":"box","text":"II-74","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e3d03e98-f37b-48c5-a553-d6a8bf899298","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cecb7006-d94d-4f73-b2b8-bb1baf636581","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":123,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"49dd2055-657c-4d9d-9608-2d5ff8cf4233","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":123,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"fadd9d51-8695-40b3-a043-60017dc990a4","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":123,"box":{"x":68,"y":75,"width":811,"height":11}},{"id":"a5132e4e-0048-4c3a-9a4a-b6810e8ecf2d","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":123,"box":{"x":70,"y":90,"width":820,"height":11}},{"id":"a40aba6d-5de3-4de5-b1a3-d52959c57d3e","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":123,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"001a4add-8d01-44a8-bc09-9901043fb74a","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":123,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"2cdac823-884e-4216-aa05-32262cb3f7e3","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":123,"box":{"x":70,"y":135,"width":805,"height":12}},{"id":"91aa0fe6-692f-4d15-9fa9-38565273216e","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":123,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"c2ccbe23-72de-4768-9679-d64dbd256dc6","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":123,"box":{"x":69,"y":166,"width":775,"height":11}},{"id":"cae2c1d0-bdd4-45a9-89c4-133e84a5d803","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":123,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"a23ba38a-830c-4d1e-81e8-3b40c4c937b3","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":123,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"1ab44928-3499-4404-8f2a-68fcf840a6f9","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":123,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"8782874e-deed-46ea-b797-037c6b410eef","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":123,"box":{"x":70,"y":226,"width":808,"height":11}},{"id":"accf05b5-9520-48c3-a7c9-3c82eeb8a350","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":123,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"0bae11d1-0f1c-4322-8a60-f66c89adb4b4","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":123,"box":{"x":70,"y":257,"width":832,"height":11}},{"id":"66cf9fa7-bffa-4f66-97ef-6099bd8d9898","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":123,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"7229411b-3c4d-449d-bcb5-604715d4ab91","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":123,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"2cb1cae8-bc20-49d9-935c-1a851f3a48e0","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":123,"box":{"x":70,"y":302,"width":823,"height":11}},{"id":"3ca8b637-d4ad-40da-8043-c5987a6e5232","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":123,"box":{"x":69,"y":317,"width":812,"height":11}},{"id":"71b0f4fd-9bc9-4c38-8bb9-fd31b7bca1c1","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":123,"box":{"x":70,"y":332,"width":814,"height":11}},{"id":"f4dee2ad-44b5-47dc-812f-9e1db5e0f9c8","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":123,"box":{"x":68,"y":347,"width":787,"height":11}},{"id":"bc3a3980-ec6d-41c7-baf1-edbf023bc242","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":123,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"f3b8ed4d-1053-46f6-bb24-bd79f6286dd7","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":123,"box":{"x":70,"y":377,"width":809,"height":12}},{"id":"a577e8d6-3ae0-420b-ae06-a1bca130be82","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":123,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"75267fa4-5d45-472a-a35d-7f5a4d8f7da5","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":123,"box":{"x":69,"y":407,"width":731,"height":12}},{"id":"d04a580a-42b6-4966-af9a-d54a60863914","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":123,"box":{"x":102,"y":430,"width":800,"height":11}},{"id":"dda9003a-9b11-437c-b5d7-7c7b5beac099","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":123,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"16b9a798-0272-49f0-9031-81e7e7c44aa3","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":123,"box":{"x":69,"y":460,"width":783,"height":12}},{"id":"4008afbc-3c25-43bc-ba7c-223ac53460f1","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":123,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"a1b87e94-ee5a-48e6-bbf8-5edc61dbc707","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":123,"box":{"x":70,"y":491,"width":747,"height":11}},{"id":"8a8a5af3-0fae-4093-84b7-fec3a1061900","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":123,"box":{"x":69,"y":506,"width":806,"height":11}},{"id":"1f0a75d4-120f-458d-9f8f-bc3df61133a0","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":123,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"1e9aa1ff-7653-4158-b9fa-5e5b273b1386","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":123,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"c752ce65-9d22-4fa9-9749-b2864f3a29c0","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":123,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"18417ac5-ea9c-4301-a91b-b4a5dc357d7f","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":123,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"1270c102-7c1c-4c6e-afef-35d695752396","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":123,"box":{"x":69,"y":581,"width":371,"height":12}},{"id":"9d445d05-9d38-497d-b79f-b9af9df7a847","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":123,"box":{"x":101,"y":604,"width":753,"height":11}},{"id":"1f2f90b0-51ee-40f8-90f0-117045fb0269","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":123,"box":{"x":70,"y":619,"width":808,"height":11}},{"id":"57f5c6ff-dca5-499b-b1c1-8f3e6838503c","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":123,"box":{"x":69,"y":634,"width":784,"height":11}},{"id":"437643d2-259e-455e-a063-3e946185edcc","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":123,"box":{"x":69,"y":649,"width":833,"height":12}},{"id":"c4cc05c3-1329-4bc2-bff2-6247e7a154f7","block_type":"box","text":"the current expected compliance date.","page_number":123,"box":{"x":68,"y":665,"width":273,"height":10}},{"id":"a7483791-b0a6-43f7-8baf-47e1c5ca2494","block_type":"box","text":"Short Sales.","page_number":123,"box":{"x":101,"y":687,"width":89,"height":9}},{"id":"03f87a0f-8391-4fa4-b8f6-182c36852db4","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":123,"box":{"x":196,"y":687,"width":696,"height":11}},{"id":"7aa5a765-8818-4da6-bbab-587611a9d211","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":123,"box":{"x":68,"y":702,"width":821,"height":11}},{"id":"5ef8d41a-0965-4f56-bba8-efee05077973","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":123,"box":{"x":69,"y":717,"width":778,"height":12}},{"id":"2e75049a-453a-425b-834a-4a137c16ce21","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":123,"box":{"x":70,"y":732,"width":831,"height":12}},{"id":"af77f222-755e-4880-aaa2-4f848ef0e7bf","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":123,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"86294d1c-c3a3-4fae-ae43-9d1379b8d4c9","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":123,"box":{"x":68,"y":763,"width":828,"height":11}},{"id":"f366dd8a-f79f-4e29-865e-111448fcf031","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":123,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"204d624a-4ab9-4e51-9839-70c127ef8222","block_type":"box","text":"securities to the lender of the securities.","page_number":123,"box":{"x":69,"y":793,"width":289,"height":9}},{"id":"9e89431d-7587-4dd1-90a0-f73a8d9d8ed7","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":123,"box":{"x":101,"y":816,"width":772,"height":11}},{"id":"de40666f-dc39-4bcc-b7bb-88f91a5395ae","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":123,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"8c182999-e8c3-4b1c-8ed8-e33b41a37945","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":123,"box":{"x":69,"y":846,"width":801,"height":11}},{"id":"2f36e590-0b45-4cd4-82c8-33f9ccf5817a","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":123,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"c97fe29c-c09f-4084-8095-849a9b12639e","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":123,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"a45582dd-274e-49a8-aba2-2293214ec616","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":123,"box":{"x":69,"y":891,"width":770,"height":12}},{"id":"c96ffd3a-e972-4758-b172-f92bf0b90caf","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":123,"box":{"x":70,"y":907,"width":568,"height":11}},{"id":"9e394bd1-3101-4cb6-92e1-9ff6472cb53e","block_type":"box","text":"II-75","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4d013f21-dda4-4745-a2bc-0060a86e5954","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40f91fad-8680-4ace-b95c-0a35a9ebe4e4","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":124,"box":{"x":102,"y":45,"width":806,"height":11}},{"id":"3ee977f1-d3d3-47be-9e3f-c4207560dc3e","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":124,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"c880c6f3-54a3-4d12-a5bf-3c065d4f9e82","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":124,"box":{"x":68,"y":75,"width":819,"height":11}},{"id":"d4d96fd3-e123-4dc9-8596-43975c98007b","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":124,"box":{"x":69,"y":90,"width":758,"height":11}},{"id":"01f5140e-a117-4bac-be80-fce8160c2a0c","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":124,"box":{"x":69,"y":105,"width":817,"height":11}},{"id":"a1d0d5d4-e606-4cc3-bfb7-ea8f6f39968a","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":124,"box":{"x":69,"y":120,"width":800,"height":11}},{"id":"99e79b26-766e-47cd-98c2-b2607b9dcc50","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":124,"box":{"x":69,"y":136,"width":818,"height":11}},{"id":"d9a9342c-d738-4276-a97f-b938f3209169","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":124,"box":{"x":68,"y":150,"width":821,"height":12}},{"id":"2151a158-c22e-4575-baf0-1a08432a028b","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":124,"box":{"x":69,"y":166,"width":640,"height":11}},{"id":"7ffbc146-6dc3-4d6d-b07f-68369fd64ea7","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":124,"box":{"x":101,"y":188,"width":673,"height":12}},{"id":"37286562-0146-4359-b82a-36191401d344","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":124,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"11bac121-2f70-45b7-ade9-8c645bb9c113","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":124,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"cfef308e-e108-40f9-a83a-f0bde0fcdcd9","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":124,"box":{"x":70,"y":241,"width":489,"height":11}},{"id":"1943a5e8-d4dc-4764-a5d9-a5d748b99325","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":124,"box":{"x":102,"y":264,"width":745,"height":11}},{"id":"04cb649e-0caa-4b75-8b1a-68192494c638","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":124,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"b9941335-1808-4456-a8c4-0eae8c1f1bdc","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":124,"box":{"x":69,"y":294,"width":796,"height":11}},{"id":"0ae159ea-b233-4f5a-a3b5-72aa4ae7b1e0","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":124,"box":{"x":70,"y":309,"width":766,"height":11}},{"id":"f7b292d1-512b-43dd-85be-1a50f78950d8","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":124,"box":{"x":70,"y":324,"width":754,"height":12}},{"id":"e66d8ad1-513c-4954-a841-0b119d06bd55","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":124,"box":{"x":67,"y":339,"width":800,"height":12}},{"id":"d7287890-461f-47c3-9f8f-ca4dc956ff7d","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":124,"box":{"x":69,"y":355,"width":823,"height":11}},{"id":"092e6933-7787-4376-a229-6deca91ecfdd","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":124,"box":{"x":69,"y":370,"width":782,"height":11}},{"id":"c177c969-7f6f-4695-8936-3caaac549153","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":124,"box":{"x":69,"y":385,"width":460,"height":11}},{"id":"9874d23f-8b15-4a18-bd36-42b2d40c5bca","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":124,"box":{"x":101,"y":408,"width":293,"height":10}},{"id":"645791e5-8bcd-4261-842a-23b89b76f759","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":124,"box":{"x":400,"y":408,"width":504,"height":11}},{"id":"85477255-1a0c-444f-a348-4416d59bf8e9","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":124,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"48cd941d-143b-4999-80be-07f507902728","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":124,"box":{"x":70,"y":438,"width":793,"height":11}},{"id":"c756dfaa-d53b-4256-b61b-b2464638bf06","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":124,"box":{"x":70,"y":453,"width":824,"height":11}},{"id":"00159c8d-ac52-4bdd-81e1-2682a1556184","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":124,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"8683e3f8-b540-4555-b92b-2c70aa114724","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":124,"box":{"x":69,"y":483,"width":768,"height":11}},{"id":"b4a2704c-6148-4483-9807-4bafe19b6de3","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":124,"box":{"x":70,"y":498,"width":826,"height":11}},{"id":"c58fc4d0-d03e-4429-abc0-20488a70687b","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":124,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"3bbbb30e-62c4-4115-9150-9347296023b4","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":124,"box":{"x":70,"y":529,"width":797,"height":11}},{"id":"90ed5dea-8890-4e6c-9100-c6f357d503dd","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":124,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"744d9880-68a5-47b2-9831-6fa101acdb0c","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":124,"box":{"x":68,"y":559,"width":788,"height":11}},{"id":"6da99168-1570-4bb8-bc89-1d7a638276dd","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":124,"box":{"x":68,"y":574,"width":794,"height":11}},{"id":"c49e89ef-659f-4432-8593-f208e561bc9f","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":124,"box":{"x":69,"y":589,"width":820,"height":11}},{"id":"586a3ae7-84f6-4049-8d5f-19490a4b3824","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":124,"box":{"x":68,"y":604,"width":815,"height":11}},{"id":"f66561e4-5e3a-4d4e-af75-882192797d7b","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":124,"box":{"x":70,"y":619,"width":802,"height":11}},{"id":"2bc5c7b8-6146-412e-a4b2-3b229f1efb04","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":124,"box":{"x":68,"y":634,"width":812,"height":12}},{"id":"c8720eab-3ef7-4c27-a2ab-94608c21e513","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":124,"box":{"x":69,"y":649,"width":838,"height":12}},{"id":"2d455825-d30b-4696-beb8-b5b4da15aa77","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":124,"box":{"x":69,"y":664,"width":806,"height":12}},{"id":"cfd1c8d1-e753-4549-865d-626e02e6ae14","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":124,"box":{"x":69,"y":680,"width":828,"height":11}},{"id":"095b5345-458d-41fe-a9a7-ce58dff6b480","block_type":"box","text":"Standby Commitment Agreements.","page_number":124,"box":{"x":101,"y":702,"width":255,"height":11}},{"id":"0e05be4c-6e30-4831-8fc6-804aef7b4c45","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":124,"box":{"x":362,"y":702,"width":511,"height":12}},{"id":"6b860163-1fdd-4c23-a494-d779835e906f","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":124,"box":{"x":68,"y":717,"width":834,"height":12}},{"id":"0b925669-cdd4-4009-9570-8b197f420ba2","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":124,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"ac4d993f-c245-4e12-98f1-b856812985d7","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":124,"box":{"x":70,"y":748,"width":802,"height":11}},{"id":"a21293f1-1b3e-41f4-8ca6-18ab7d00f6a1","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":124,"box":{"x":69,"y":763,"width":793,"height":11}},{"id":"7f1090c5-3275-46a1-bf3c-d57319d4b91b","block_type":"box","text":"advantageous to the Fund.","page_number":124,"box":{"x":69,"y":778,"width":188,"height":11}},{"id":"f7fe7329-32a9-4348-a054-a75f7140158d","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":124,"box":{"x":101,"y":801,"width":800,"height":11}},{"id":"f37ee79a-0c55-4092-b5ee-be0949a70b40","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":124,"box":{"x":68,"y":816,"width":816,"height":11}},{"id":"649522a8-63c9-470e-ba83-1da2d86a8c93","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":124,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"feb9dd2a-7953-4cf1-906c-39babea53514","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":124,"box":{"x":69,"y":846,"width":828,"height":11}},{"id":"b32b9491-6a36-460d-97f9-9e48da09f28e","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":124,"box":{"x":101,"y":869,"width":785,"height":11}},{"id":"a88a466d-2733-46aa-b4bd-b86f98fd8a58","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":124,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"0776f004-91f6-4cac-b6f3-8921c94fa600","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":124,"box":{"x":68,"y":899,"width":815,"height":11}},{"id":"6da2b51e-0e59-4706-858c-191c7e8bf61d","block_type":"box","text":"II-76","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0f2c789b-da1b-407a-8c6d-4232f0c7301f","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9833c577-190a-442f-ad2d-05fb0a097409","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":125,"box":{"x":69,"y":45,"width":792,"height":11}},{"id":"fe947378-588c-4775-a32f-3d1e46e204e9","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":125,"box":{"x":70,"y":60,"width":415,"height":11}},{"id":"a65b912b-cfb7-48c1-8ce0-e7f1474da085","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":125,"box":{"x":102,"y":83,"width":789,"height":11}},{"id":"b5cfc5be-4cc9-463a-98c7-c911db3caaa4","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":125,"box":{"x":69,"y":98,"width":814,"height":11}},{"id":"d2984ee3-c7ff-4386-9e8d-0a540165434f","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":125,"box":{"x":70,"y":113,"width":827,"height":11}},{"id":"e031b5a7-c9d9-410e-bea2-ffc8d075238a","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":125,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"93cb190b-8e54-4b04-936b-b45431e37845","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":125,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"29d1a8af-f0fe-46b7-8c4a-8d8644ec776c","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":125,"box":{"x":69,"y":158,"width":578,"height":11}},{"id":"17e62610-ea1b-4c8f-a0b6-8e4efee10e36","block_type":"box","text":"Stripped Securities.","page_number":125,"box":{"x":101,"y":181,"width":143,"height":11}},{"id":"29e9d0d3-2890-49f2-884c-edf438ec4613","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":125,"box":{"x":251,"y":181,"width":596,"height":11}},{"id":"47266acf-d411-4dd5-9b4c-15dd2a0e12dd","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":125,"box":{"x":69,"y":196,"width":839,"height":11}},{"id":"5c227717-811e-45a5-894a-ae2b142c6455","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":125,"box":{"x":70,"y":211,"width":818,"height":11}},{"id":"ab4c0539-6416-4436-aa7f-9f996fae1f20","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":125,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"d7333005-2b75-4d9d-904d-99bf395d231b","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":125,"box":{"x":70,"y":241,"width":777,"height":11}},{"id":"8bae56d7-a6c2-459f-8a47-0007bf046c68","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":125,"box":{"x":70,"y":257,"width":802,"height":11}},{"id":"574be322-8ac5-421b-9e3a-0c8ba7625ca9","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":125,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"18a8e011-0ebc-440f-93cb-e87048e66f46","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":125,"box":{"x":70,"y":286,"width":837,"height":12}},{"id":"eb5a938c-c51b-474f-abde-a831bc4b785c","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":125,"box":{"x":68,"y":302,"width":823,"height":11}},{"id":"7eb6e239-833e-4bb2-bea0-48efbc73e09a","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":125,"box":{"x":69,"y":317,"width":494,"height":11}},{"id":"afeac5ae-fc29-4f92-bb40-8de6ac79713b","block_type":"box","text":"Structured Notes.","page_number":125,"box":{"x":101,"y":340,"width":130,"height":8}},{"id":"b9309873-91e2-45e7-94fd-cadd3c594b70","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":125,"box":{"x":237,"y":340,"width":650,"height":11}},{"id":"452411fd-e404-43b5-8605-47f78e9e890d","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":125,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"c592da2d-21ba-42fa-9678-9b4db3ae2742","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":125,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"b4d8ec57-87a7-41a0-9aae-1c5e241eb663","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":125,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"f7d8d491-26e6-43d3-9db2-7f65a1318e89","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":125,"box":{"x":70,"y":400,"width":839,"height":11}},{"id":"04cd0f42-53c0-4531-853b-ee7377c0cd79","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":125,"box":{"x":69,"y":415,"width":801,"height":11}},{"id":"52d4c20a-884f-4315-b93d-63835fea8b4e","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":125,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"2cee8721-1f18-42c9-a1f9-19f6ec97bf4d","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":125,"box":{"x":68,"y":445,"width":673,"height":12}},{"id":"fe7d05b7-eada-4f3b-a656-39961d991ebd","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":125,"box":{"x":102,"y":468,"width":768,"height":11}},{"id":"aa620d3f-6033-4968-aa40-41aedb9d1b1c","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":125,"box":{"x":70,"y":483,"width":821,"height":11}},{"id":"0183f0f2-2e0b-4241-a1f3-7b78e5314ceb","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":125,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"7e0f94f9-1d0c-41b3-a2ec-69a4031186f1","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":125,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"0fe3f74c-f44d-4b95-9856-a1123409fe87","block_type":"box","text":"the risk of loss.","page_number":125,"box":{"x":68,"y":528,"width":110,"height":9}},{"id":"f7c36a62-85df-4a9c-b45a-cd4700f44a22","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":125,"box":{"x":101,"y":551,"width":759,"height":11}},{"id":"6c479fb2-a53e-411f-afc7-da32bd949125","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":125,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"6d0e9b8b-2fb5-43d3-9e58-dbade18de183","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":125,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"8f1b0f39-a777-4114-8571-6901195a9b69","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":125,"box":{"x":70,"y":596,"width":821,"height":12}},{"id":"340c8679-f07e-4c59-a26d-f3e844279c12","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":125,"box":{"x":69,"y":612,"width":827,"height":11}},{"id":"d7fe50d6-b14a-44e4-a7dc-0c58db70fc99","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":125,"box":{"x":70,"y":627,"width":618,"height":11}},{"id":"8ec376b1-c48e-4e5d-a314-d2cfcfdb3f1e","block_type":"box","text":"Taxability Risk.","page_number":125,"box":{"x":103,"y":649,"width":109,"height":11}},{"id":"a8911410-1b6e-41df-a676-068784b17c83","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":125,"box":{"x":218,"y":649,"width":644,"height":12}},{"id":"7eecb025-d8a8-4353-9f57-05ca605ba25a","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":125,"box":{"x":70,"y":664,"width":817,"height":12}},{"id":"304b2a8a-1d91-4aa9-a02d-ae3ca2f873e3","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":125,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"e34813a3-9d76-427a-a333-bb1b3de2419a","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":125,"box":{"x":69,"y":695,"width":835,"height":11}},{"id":"004647a0-77fa-43ca-b988-776d983fb28d","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":125,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"e567197d-7088-4ada-ae3b-0617d9998638","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":125,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"6436ac3b-9a4f-40eb-bdea-bad68861a828","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":125,"box":{"x":69,"y":740,"width":816,"height":11}},{"id":"0da3e6c1-f48b-4a06-b87e-0f9a874b22a4","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":125,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"6db19494-bc81-44a1-ab6b-2a512f788712","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":125,"box":{"x":70,"y":770,"width":818,"height":11}},{"id":"f4892116-004a-4e9a-84be-7b3b875d2bd4","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":125,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"ea974c3c-2fe7-4677-86c4-d5c5931c6f01","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":125,"box":{"x":70,"y":801,"width":765,"height":11}},{"id":"3e93459a-96d9-498c-bd79-7cae2184de85","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":125,"box":{"x":69,"y":816,"width":834,"height":11}},{"id":"ae5d1d14-9d2b-4fae-acb7-4ca14d870cb6","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":125,"box":{"x":68,"y":831,"width":807,"height":11}},{"id":"c3b4c73e-b797-4d6e-8e92-54ff3b89dbec","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":125,"box":{"x":70,"y":846,"width":830,"height":11}},{"id":"c5b19abe-5942-444c-85bd-1cbbf1431ba4","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":125,"box":{"x":68,"y":861,"width":838,"height":11}},{"id":"c74aa2d4-27ae-4885-bbe7-590b1c9170b6","block_type":"box","text":"the value of an investment in the Fund.","page_number":125,"box":{"x":68,"y":876,"width":278,"height":9}},{"id":"ea544d5f-9985-49f6-ad2b-d1ad96f48e98","block_type":"box","text":"II-77","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e558922e-3359-480f-9107-323de87d3eb7","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b2acae5-2549-48e6-98d2-8a202503d138","block_type":"box","text":"Temporary Defensive Measures.","page_number":126,"box":{"x":103,"y":45,"width":230,"height":11}},{"id":"b99c52df-ce6b-44b2-bb1f-7f84ec33b303","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":126,"box":{"x":339,"y":45,"width":542,"height":11}},{"id":"0dec38ad-b622-4270-90ee-dd4b48bf5c8f","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":126,"box":{"x":69,"y":60,"width":811,"height":11}},{"id":"b3712368-fba7-4179-a6fb-2b5c880ddd9f","block_type":"box","text":"without limitation in cash high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":126,"box":{"x":68,"y":75,"width":809,"height":11}},{"id":"486870cb-6dfc-4edb-b937-ec819e553532","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":126,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"5aed3b14-a008-4b2e-9553-00066add63f5","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":126,"box":{"x":70,"y":105,"width":813,"height":11}},{"id":"51491b0f-6b8f-473a-8f39-04dfce9b6bcf","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":126,"box":{"x":69,"y":120,"width":795,"height":12}},{"id":"126dff9f-04de-422a-a5de-7e0fa3134c06","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":126,"box":{"x":68,"y":135,"width":806,"height":12}},{"id":"5940d616-8f52-4ee0-a929-d9ff6cebfab2","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":126,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"9c77c6e8-45f0-4084-8c19-28e5a5489f5b","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":126,"box":{"x":68,"y":166,"width":820,"height":11}},{"id":"c66110e6-003b-44e3-a80a-e133d853a5f3","block_type":"box","text":"its investment objective.","page_number":126,"box":{"x":70,"y":181,"width":171,"height":11}},{"id":"dfff171a-d26a-4a3c-b944-0510d02d472b","block_type":"box","text":"U.S. Government Obligations.","page_number":126,"box":{"x":102,"y":203,"width":213,"height":11}},{"id":"e7e754ad-85de-4172-82f7-e4e5b43aa2ed","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":126,"box":{"x":321,"y":203,"width":566,"height":12}},{"id":"dc82a6dc-7f58-4c39-a6bc-05ba1ba44b8d","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":126,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"b56477ce-815e-487b-89ac-7e40a2330456","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":126,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"375c3aa5-fb58-4a0b-9433-ffa5fc58d8c8","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":126,"box":{"x":68,"y":249,"width":779,"height":11}},{"id":"07e8361c-cb5e-4f9c-9381-d3a04bfc25c3","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":126,"box":{"x":70,"y":264,"width":798,"height":11}},{"id":"543fd828-0dc8-4c91-98ed-80a0ef020826","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":126,"box":{"x":69,"y":279,"width":822,"height":11}},{"id":"98022576-b9b6-4f96-8c39-e912b58bbca9","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":126,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"c2239ad6-ae85-4118-ae75-e2eb2721c992","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":126,"box":{"x":69,"y":309,"width":805,"height":11}},{"id":"a35f5f82-339b-4a1d-9a29-90d90574e1bd","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":126,"box":{"x":69,"y":324,"width":807,"height":11}},{"id":"c4504e48-7b2f-48b9-86dc-06dfd3320ee8","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":126,"box":{"x":70,"y":339,"width":832,"height":12}},{"id":"6b0e39d9-b0ed-4731-84f0-49622b0865da","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":126,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"c85a496a-4690-4569-b6b6-a8d18c6c99e9","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":126,"box":{"x":69,"y":370,"width":716,"height":11}},{"id":"13655964-3e07-43c4-9364-d59531fd41ea","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":126,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"c823a7c4-9373-4bf1-8748-3351edbe83c4","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":126,"box":{"x":68,"y":407,"width":785,"height":12}},{"id":"069386be-a74f-43f1-9e9f-52e1f1300e78","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":126,"box":{"x":68,"y":423,"width":813,"height":11}},{"id":"062764bc-5152-4a21-bedb-a0d4ea5b7c74","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":126,"box":{"x":70,"y":438,"width":794,"height":11}},{"id":"ce580052-59ea-447f-a50d-d6d4a08a02c4","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":126,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"126778bb-2a51-4b2b-ad9c-e84e325a856d","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":126,"box":{"x":69,"y":468,"width":818,"height":11}},{"id":"243112a4-5519-4c05-98af-dbd6c35f194c","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":126,"box":{"x":70,"y":483,"width":777,"height":11}},{"id":"823199ca-6be8-44c1-9184-ad11a32d455c","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":126,"box":{"x":70,"y":498,"width":749,"height":11}},{"id":"5969df44-2dd6-4c8a-a840-bd804eb95997","block_type":"box","text":"U.S. Treasury Obligations.","page_number":126,"box":{"x":103,"y":521,"width":183,"height":11}},{"id":"81fcb6fa-f639-45ed-80eb-e8df9195fdd2","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":126,"box":{"x":292,"y":521,"width":593,"height":11}},{"id":"e5e86b9b-9cbc-4ff2-8ea9-3b890bbf5f91","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":126,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"68a09025-1ad4-41c1-bd5d-ad014dac65df","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":126,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"1e018c51-ec20-4c12-9cc2-e40edce3c078","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":126,"box":{"x":68,"y":566,"width":823,"height":11}},{"id":"cc4d8d60-7e26-4cd1-9942-dcbf730d9969","block_type":"box","text":"do so.","page_number":126,"box":{"x":69,"y":582,"width":42,"height":8}},{"id":"99119cf8-137f-468d-b2de-8217546d2a5c","block_type":"box","text":"U.S. Treasury Rolls","page_number":126,"box":{"x":102,"y":604,"width":139,"height":11}},{"id":"b68d4488-365f-454b-9b99-e337f139f394","block_type":"box","text":".","page_number":126,"box":{"x":241,"y":611,"width":3,"height":2}},{"id":"27b8a508-3023-4c48-b3e5-8892ab2529f5","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":126,"box":{"x":250,"y":604,"width":656,"height":11}},{"id":"ec5f76bc-19aa-4f7e-887e-8061b7ef15d4","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":126,"box":{"x":69,"y":619,"width":804,"height":11}},{"id":"76865510-bccf-4791-be09-ffe45c7bac0c","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":126,"box":{"x":69,"y":634,"width":820,"height":12}},{"id":"64ddf754-1388-46c9-b86a-4cbdf63927d2","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":126,"box":{"x":69,"y":649,"width":840,"height":12}},{"id":"b076a5cc-ac62-41a6-9ff6-2de6a6db71d4","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":126,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"05eb1185-d917-43f9-900e-6ee3ea4b5cb1","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":126,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"2b518228-6a62-4b2f-9740-e9bbd0c61133","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":126,"box":{"x":69,"y":695,"width":829,"height":11}},{"id":"bd6b970c-1258-4f2a-9f9b-5296ecfdab28","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":126,"box":{"x":68,"y":710,"width":657,"height":11}},{"id":"611d4fcd-3f2a-460c-908b-fb960e4adb2e","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":126,"box":{"x":101,"y":732,"width":756,"height":12}},{"id":"944eaa0e-51a9-46be-8900-516a11368035","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":126,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"3745a317-b931-4fa3-bf31-940ce85ce225","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":126,"box":{"x":70,"y":763,"width":617,"height":11}},{"id":"2e33a089-bf21-4f98-b704-04be03658e64","block_type":"box","text":"Utility Industries.","page_number":126,"box":{"x":102,"y":786,"width":124,"height":11}},{"id":"c6a487e1-8054-44d7-9746-a143b369ee7f","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":126,"box":{"x":233,"y":785,"width":674,"height":12}},{"id":"ef7a86f4-a23b-4b4b-855f-3c3bbff1866e","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":126,"box":{"x":69,"y":801,"width":812,"height":11}},{"id":"9fa54b7e-ef37-4ffb-884b-e120a341b1de","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":126,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"0e56063c-8dbb-49d7-9915-6a96aeac2c35","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":126,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"8e6756f8-fae3-4c22-8787-06f0969eab59","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":126,"box":{"x":68,"y":846,"width":815,"height":11}},{"id":"41da7e54-038e-436c-ab32-3908296cca14","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":126,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"a668c107-e443-459e-873f-5ba3c9f82a15","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":126,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"a0d330c3-9cd5-4cb6-8439-ff438cf715a1","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":126,"box":{"x":69,"y":891,"width":774,"height":12}},{"id":"1a9da105-890a-46ad-a61c-864ca9cd1c71","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":126,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"f6f3c41c-c9a5-4092-a2de-cc738fdb8221","block_type":"box","text":"II-78","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2774f08-5471-49e0-b64b-163ccfe77187","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"298786ec-889b-4c92-8a11-8fc5a736c962","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":127,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"1b04dcdc-0748-4bef-86b8-de7ff31bb66a","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":127,"box":{"x":68,"y":60,"width":827,"height":11}},{"id":"3171a8ce-da14-4335-a35c-9f8b94a6f0d2","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":127,"box":{"x":69,"y":75,"width":761,"height":11}},{"id":"ae65a5d6-3a31-47aa-b1de-d57b00711dc8","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":127,"box":{"x":69,"y":90,"width":821,"height":11}},{"id":"117efe46-f0e5-4801-8150-9b3544fb2a06","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":127,"box":{"x":69,"y":105,"width":777,"height":11}},{"id":"f51f73db-907b-4739-b43b-b47f6e5d7c65","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":127,"box":{"x":70,"y":120,"width":820,"height":12}},{"id":"179cb542-c26b-41a7-aaaf-8e4e55e5ce2e","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":127,"box":{"x":69,"y":135,"width":835,"height":12}},{"id":"a2275147-0675-4772-bbc0-f7abc997cc99","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":127,"box":{"x":68,"y":151,"width":778,"height":11}},{"id":"77434395-1b74-4c10-9a04-f48751dffb64","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":127,"box":{"x":69,"y":166,"width":808,"height":11}},{"id":"5e12df70-7c76-4203-931c-9bd18d97bdcb","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":127,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"ed5333ca-b8de-4b94-a2ec-899d8e2b3190","block_type":"box","text":"utility.","page_number":127,"box":{"x":69,"y":196,"width":39,"height":11}},{"id":"aa963a37-5de6-4d02-9d4f-00b5a67d8d02","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":127,"box":{"x":102,"y":218,"width":744,"height":12}},{"id":"41a37d6a-0866-4336-a77a-76b8b38c2327","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":127,"box":{"x":70,"y":234,"width":828,"height":11}},{"id":"7f6a97b5-b0f0-4809-bc1e-9f03520398e4","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":127,"box":{"x":69,"y":249,"width":817,"height":11}},{"id":"e018a771-d70b-4444-b2d7-4c939cb428b7","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":127,"box":{"x":70,"y":264,"width":464,"height":11}},{"id":"9d471fbc-dbcb-4b45-a23b-1adac5f98f45","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":127,"box":{"x":102,"y":286,"width":789,"height":12}},{"id":"fa795d7b-1cf5-4d63-9068-386e24f605cb","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":127,"box":{"x":69,"y":302,"width":790,"height":11}},{"id":"8674e8cc-d121-44ce-8b00-12208bfd9232","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":127,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"d7867805-e26c-46d2-bc64-ab5131bf713a","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":127,"box":{"x":69,"y":332,"width":824,"height":11}},{"id":"6fde28cb-2869-4dce-b1f5-d5070ef4b5cb","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":127,"box":{"x":68,"y":347,"width":781,"height":11}},{"id":"81fd3a06-1530-454a-82ca-5d6620d8780e","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":127,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"d6d45f59-afdb-46b2-b643-350efc570ef2","block_type":"box","text":"continue in the future.","page_number":127,"box":{"x":69,"y":377,"width":156,"height":9}},{"id":"209fd5f2-01ec-4d10-8656-90d9d9237d40","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":127,"box":{"x":101,"y":400,"width":763,"height":11}},{"id":"e344a44a-9abb-4aaa-b515-0e28633218bb","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":127,"box":{"x":69,"y":415,"width":820,"height":11}},{"id":"83da7ee6-f928-40f1-a3aa-9c293c7da5b4","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":127,"box":{"x":70,"y":430,"width":834,"height":11}},{"id":"61c01fc1-0ac0-4266-9a32-db03d9101934","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":127,"box":{"x":69,"y":446,"width":784,"height":11}},{"id":"7cb0c905-c915-48a6-9879-ffab18a8c7ce","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":127,"box":{"x":70,"y":460,"width":830,"height":12}},{"id":"f2045e27-8e8d-4ecd-b089-47927f2e7541","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":127,"box":{"x":68,"y":475,"width":809,"height":12}},{"id":"ce20eb68-fed1-41dc-8e82-0129a8248abe","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":127,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"fe016d8b-a1fa-434c-a216-b117b058d4b2","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":127,"box":{"x":69,"y":506,"width":825,"height":11}},{"id":"2804f16f-10bc-4237-94ea-93bf845d2df9","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":127,"box":{"x":68,"y":521,"width":840,"height":11}},{"id":"4a2653fa-729c-4a2a-be1e-807cdd206778","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":127,"box":{"x":69,"y":536,"width":796,"height":11}},{"id":"683618f7-887a-4788-9503-462829c7bd88","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":127,"box":{"x":69,"y":551,"width":790,"height":11}},{"id":"d8d2371b-67cf-42a7-8d6b-750597adbf27","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":127,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"445de3b7-935d-4a47-b2f8-be849b765978","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":127,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"103088b3-d0ce-41a7-97db-9bb6f8695ac3","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":127,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"e2d2fc77-ed0e-4bc9-979b-12bc4ca6e482","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":127,"box":{"x":68,"y":612,"width":831,"height":11}},{"id":"83fbbe1c-c7a6-4162-ac1f-c955ef767b5c","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":127,"box":{"x":102,"y":634,"width":720,"height":12}},{"id":"16fea681-5480-4ab4-8f55-3e8dbb9ee8a2","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":127,"box":{"x":69,"y":649,"width":838,"height":12}},{"id":"4690b0e6-7175-4331-9a07-4cc7be071eff","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":127,"box":{"x":68,"y":665,"width":762,"height":11}},{"id":"9bace5db-ad9d-4c1e-8119-bbaf1bad962b","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":127,"box":{"x":68,"y":680,"width":815,"height":11}},{"id":"c129e13a-8800-4dd4-a429-8f4df1b4871a","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":127,"box":{"x":68,"y":695,"width":801,"height":11}},{"id":"3840786e-2f3b-4a90-947d-39122eb2b108","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":127,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"309ea84e-96f4-4081-a8ca-307c260ec1f7","block_type":"box","text":"ways different from regulation in the United States.","page_number":127,"box":{"x":68,"y":725,"width":365,"height":11}},{"id":"1d700193-72a5-4dd6-8cdc-106068b70ab3","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":127,"box":{"x":101,"y":748,"width":745,"height":11}},{"id":"fa6b3f6b-a422-4315-a13e-28846e79a04e","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":127,"box":{"x":68,"y":763,"width":790,"height":11}},{"id":"2355f930-1191-425f-b747-a53c6ec0756f","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":127,"box":{"x":69,"y":778,"width":833,"height":11}},{"id":"c9795a02-2cef-441d-8f38-3f50fcc647fd","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":127,"box":{"x":69,"y":793,"width":810,"height":11}},{"id":"8faf9d2e-ea0c-4849-9152-d87cdc8a4e90","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":127,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"4e9082f2-c972-4c05-819e-272b1a0747a3","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":127,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"084a697f-28f6-44e9-8d76-c45557e25321","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":127,"box":{"x":69,"y":838,"width":832,"height":12}},{"id":"8189ec77-24fe-4546-8ca1-476d3cf52e48","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":127,"box":{"x":69,"y":853,"width":786,"height":12}},{"id":"5041b057-0a8c-4b06-9204-4a2142809980","block_type":"box","text":"increase.","page_number":127,"box":{"x":70,"y":869,"width":63,"height":9}},{"id":"41e221e4-1a8b-4095-9d18-d8fb3557ef79","block_type":"box","text":"II-79","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dbda9a0d-0c05-4248-9738-38b8c6df4a94","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d61c5f50-c65d-4953-92d5-c9ba61328a5f","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":128,"box":{"x":101,"y":45,"width":793,"height":11}},{"id":"473874b8-863c-4a53-aa76-cfa27d315177","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":128,"box":{"x":70,"y":60,"width":821,"height":11}},{"id":"42f1eda1-6c8f-41eb-89e6-6c921b515937","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":128,"box":{"x":69,"y":75,"width":619,"height":11}},{"id":"1bd69bed-c593-4704-8281-58f7d06a86d2","block_type":"box","text":"Electric.","page_number":128,"box":{"x":102,"y":98,"width":54,"height":9}},{"id":"41fef991-d865-416c-994d-6b8420fa5db1","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":128,"box":{"x":163,"y":98,"width":684,"height":11}},{"id":"a46e84b4-7a3e-4e74-99d2-c0cdb4242bf8","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":128,"box":{"x":68,"y":113,"width":793,"height":11}},{"id":"d4ef1257-6c8a-4c85-96ca-eda5b4ef0c69","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":128,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"ec455094-25b2-4fec-b690-755f43473a8a","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":128,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"2ea20ca7-27e0-43e5-b46b-950eda232c8e","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":128,"box":{"x":69,"y":158,"width":821,"height":11}},{"id":"cecfdb00-6af3-4702-8ab1-4d62fe1c0e24","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":128,"box":{"x":69,"y":173,"width":823,"height":11}},{"id":"1aa09f8c-b5bb-4359-8288-6062f83f7ec7","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":128,"box":{"x":68,"y":188,"width":803,"height":12}},{"id":"48601d7d-19d6-481e-bb3d-361fb7e04321","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":128,"box":{"x":70,"y":203,"width":778,"height":12}},{"id":"e2090e65-3469-47f9-90bd-94ee721eb641","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":128,"box":{"x":70,"y":218,"width":836,"height":12}},{"id":"4cf43fd1-4770-4565-a209-98f7d67ef54d","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":128,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"e042837c-808d-47b7-bd96-2019faae8d9e","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":128,"box":{"x":69,"y":249,"width":786,"height":11}},{"id":"7c8406f6-b21c-4fb6-835e-41e07b62b461","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":128,"box":{"x":69,"y":264,"width":819,"height":11}},{"id":"258a242d-93df-4d8d-80cc-2b6b40ed4b32","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":128,"box":{"x":69,"y":279,"width":775,"height":11}},{"id":"e44d16d9-b0a9-49f3-9ae9-3081b479634e","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":128,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"703bedbe-db11-40c6-b4d9-3cb732a2a50a","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":128,"box":{"x":70,"y":309,"width":826,"height":11}},{"id":"3001c928-c1db-4221-9569-fc3b7aa02df3","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":128,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"2df792b5-7d45-4e41-82bb-92d858f6c889","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":128,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"618b87bf-6203-4100-9706-ffa4cad30ca2","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":128,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"ac7492cd-c987-4840-9a83-0d2dc86f82e5","block_type":"box","text":"and for decommissioning such plants.","page_number":128,"box":{"x":69,"y":370,"width":270,"height":11}},{"id":"1d27c901-6644-4b0f-a5b5-fe2c1fa89b56","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":128,"box":{"x":101,"y":392,"width":776,"height":12}},{"id":"fc2225d2-9562-4c56-9913-602955bae287","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":128,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"aa8eca19-1098-4d7d-bb37-fec66ef9ec47","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":128,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"d2f4a177-3985-4529-bb71-7f4335f87ae3","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":128,"box":{"x":69,"y":438,"width":839,"height":11}},{"id":"406871ff-7201-44d5-ab3e-c247a5b8eb09","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":128,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"3de4f157-90ab-4445-87c8-a843d95144ff","block_type":"box","text":"greater predictability of cash flow.","page_number":128,"box":{"x":68,"y":468,"width":239,"height":11}},{"id":"e633ae54-eaf4-4d2d-85d1-f1a6bd7e9e5c","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":128,"box":{"x":101,"y":491,"width":801,"height":11}},{"id":"c9fbc019-c7f5-4071-a5ff-613e1af7dae7","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":128,"box":{"x":68,"y":506,"width":821,"height":11}},{"id":"9ab5058f-cbaf-4289-92ee-fd1d4769f4d4","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":128,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"22cf3202-9000-410b-8752-9d5d028c072c","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":128,"box":{"x":68,"y":536,"width":815,"height":11}},{"id":"43fa555f-11a4-4053-9e63-f8408e93fcbf","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":128,"box":{"x":68,"y":551,"width":803,"height":11}},{"id":"48bd10fc-3817-4a3b-a6ff-98e3638bb64f","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":128,"box":{"x":69,"y":566,"width":777,"height":11}},{"id":"7e30a3ca-ced8-4a9a-a27f-2dbba26f499e","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":128,"box":{"x":69,"y":581,"width":819,"height":12}},{"id":"3d1447cc-d994-477d-bcc8-bde4ae50d8ec","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":128,"box":{"x":68,"y":597,"width":835,"height":11}},{"id":"719852d6-aa1c-45de-a8ca-1e06df65d95a","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":128,"box":{"x":69,"y":612,"width":700,"height":11}},{"id":"96f36fc7-1995-49d3-aaa0-d65602a4476d","block_type":"box","text":"Telecommunications.","page_number":128,"box":{"x":103,"y":634,"width":147,"height":9}},{"id":"fe876cdc-2c57-4df3-b175-f4418cd09171","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":128,"box":{"x":256,"y":634,"width":652,"height":11}},{"id":"0ae9f90f-a5ae-4fd1-8ffd-1ea2beafdaf9","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":128,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"6e6ba9b5-52be-4471-ba9c-a34c1d2cfb2b","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":128,"box":{"x":70,"y":664,"width":782,"height":12}},{"id":"404fc4c5-916d-4e1c-be45-34fa0731063f","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":128,"box":{"x":69,"y":680,"width":786,"height":11}},{"id":"ffa1af06-8439-404c-b26a-43ee12dfaddd","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":128,"box":{"x":69,"y":695,"width":784,"height":11}},{"id":"436d4cd5-ae62-4b39-8fc9-57e00ca10a00","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":128,"box":{"x":69,"y":710,"width":830,"height":11}},{"id":"5d330ee8-d562-40d4-bdde-2313b5b4f8b7","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":128,"box":{"x":69,"y":725,"width":790,"height":11}},{"id":"82712176-3401-4b88-b433-b2893b6117fa","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":128,"box":{"x":70,"y":740,"width":788,"height":11}},{"id":"4f9ddae2-be77-4066-840e-23927ad6ccd3","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":128,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"5872e525-982f-42fd-bd9c-b8d25e2e16ad","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":128,"box":{"x":69,"y":770,"width":823,"height":12}},{"id":"84a5b86b-3fde-41f2-aac7-a6bedd8ca399","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":128,"box":{"x":69,"y":785,"width":821,"height":12}},{"id":"a098c119-c8aa-4c25-9f3f-0bc3a28e5cdd","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":128,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"4ec78e78-d479-415d-a1f8-c24558cc413a","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":128,"box":{"x":70,"y":816,"width":821,"height":11}},{"id":"66339314-bb37-4b36-afd9-cf61e6e873ad","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":128,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"39dc8174-a841-429e-8bf3-0b9106fe399a","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":128,"box":{"x":68,"y":846,"width":804,"height":11}},{"id":"8997d444-268d-448b-a0c9-ddf718548d31","block_type":"box","text":"residential, corporate and governmental customers.","page_number":128,"box":{"x":69,"y":861,"width":367,"height":11}},{"id":"9505da49-bcd8-4846-99ed-6b29b98a630b","block_type":"box","text":"Gas.","page_number":128,"box":{"x":102,"y":884,"width":31,"height":9}},{"id":"45050e4e-09de-44a0-af2e-5daea84d0fce","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":128,"box":{"x":139,"y":884,"width":740,"height":11}},{"id":"d6780a53-0b9c-4cd5-8288-01cfa5eda3f6","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":128,"box":{"x":70,"y":899,"width":834,"height":11}},{"id":"ef740c4f-3d83-4dc6-994d-179170fed0b5","block_type":"box","text":"II-80","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a516e0d-695e-4cfa-8810-61a5bb929a58","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58826506-2ed0-4172-9def-38f829d87067","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":129,"box":{"x":70,"y":45,"width":756,"height":11}},{"id":"f92181b9-c47e-428c-9d39-75d9500ebc42","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":129,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"27bcdd0c-62f5-467d-b9e2-b5564fad130e","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":129,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"9fbc8296-3552-41e1-bd24-8aaa5390532d","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":129,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"2d082912-c7de-413f-9c03-df4ac1b67d30","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":129,"box":{"x":69,"y":105,"width":782,"height":11}},{"id":"cc40a678-a032-4375-95a4-726a597c2efd","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":129,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"bf71bea7-5937-459f-9f89-c50d2011f7bb","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":129,"box":{"x":70,"y":136,"width":691,"height":11}},{"id":"6c5fea07-33c0-45de-9712-92b70d2e07b9","block_type":"box","text":"Water.","page_number":129,"box":{"x":103,"y":158,"width":42,"height":9}},{"id":"fd0bd1b9-39b2-4442-b829-12d72f41141a","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":129,"box":{"x":151,"y":158,"width":754,"height":11}},{"id":"3a2f38e2-e3da-46ee-80c2-713ef881d25a","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":129,"box":{"x":69,"y":173,"width":796,"height":11}},{"id":"79c8d485-428a-4038-ace3-c04bd6ccf806","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":129,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"80d2ffc5-ca34-4c1c-917b-05e2d108e6ad","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":129,"box":{"x":69,"y":203,"width":814,"height":12}},{"id":"77c45107-d9f2-47c2-a345-0d7c3fab1b5a","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":129,"box":{"x":69,"y":218,"width":808,"height":12}},{"id":"a94c0111-6051-4045-8455-f3aa54b41ee7","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":129,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"dd5ee816-f923-46c5-a5dd-d9e7cbce3bc5","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":129,"box":{"x":69,"y":249,"width":662,"height":11}},{"id":"b8ca99d7-f3c1-442b-ae01-566099a29ca3","block_type":"box","text":"Utility Industries Generally.","page_number":129,"box":{"x":103,"y":272,"width":186,"height":11}},{"id":"fb004f03-1e7b-4c79-b23c-af8f22e65c8d","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":129,"box":{"x":296,"y":272,"width":584,"height":11}},{"id":"6fea0b8d-2918-4eb4-908e-e74c92005c63","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":129,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"bbc5d45e-1513-4bc9-a11d-f46e7f448c79","block_type":"box","text":"not develop in the future.","page_number":129,"box":{"x":69,"y":302,"width":178,"height":11}},{"id":"b3352f8b-4a56-49f8-9c4a-e7c558bfbc3d","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":129,"box":{"x":103,"y":324,"width":585,"height":11}},{"id":"4f9999f1-213f-4f09-ba70-6ba637ca6a00","block_type":"box","text":"A Fund may purchase or sell","page_number":129,"box":{"x":694,"y":325,"width":200,"height":10}},{"id":"0058a8e7-2099-4f74-b132-7418da37afdd","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":129,"box":{"x":69,"y":340,"width":795,"height":11}},{"id":"3a8e59a0-92c8-4831-b40f-c43dc5eae868","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":129,"box":{"x":69,"y":355,"width":777,"height":11}},{"id":"06859248-2c65-4035-a3af-ed54cb968854","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":129,"box":{"x":68,"y":370,"width":820,"height":11}},{"id":"ee45274d-3471-4e7c-9742-571b66251ef0","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":129,"box":{"x":68,"y":385,"width":807,"height":11}},{"id":"7047cb31-761e-4dee-b6b6-73ba72a01c26","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":129,"box":{"x":70,"y":400,"width":430,"height":11}},{"id":"4bb54555-5b6f-4d88-ac66-1e9e2c262937","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":129,"box":{"x":102,"y":423,"width":750,"height":11}},{"id":"7f380563-4448-4868-a09c-87b5e14835b6","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":129,"box":{"x":70,"y":438,"width":823,"height":11}},{"id":"deab9e40-65ce-472c-a713-35cce37771e1","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":129,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"47662bfd-20c8-4813-9e17-b2dc65481d1b","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":129,"box":{"x":70,"y":468,"width":755,"height":11}},{"id":"e0dada94-0fa5-40fc-9370-7145d0fadf04","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":129,"box":{"x":69,"y":483,"width":799,"height":11}},{"id":"cdadb61f-dd9e-4cb4-81e8-bc300d72ae47","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":129,"box":{"x":69,"y":498,"width":614,"height":11}},{"id":"36496f3e-97f9-437c-a0ea-3d51bc6b6298","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":129,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"cd065549-a415-4d4b-ab53-42ec21503633","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":129,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"c3ee11b5-5def-4bc3-be31-3e475c1bffac","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":129,"box":{"x":69,"y":551,"width":838,"height":11}},{"id":"bb362154-0f9d-4710-93d2-910619885925","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":129,"box":{"x":68,"y":566,"width":839,"height":11}},{"id":"0ec90764-c17e-465a-8fd9-12a626cf49ee","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":129,"box":{"x":70,"y":581,"width":824,"height":12}},{"id":"2baf873f-e423-432c-b387-7d0352c38cd9","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":129,"box":{"x":102,"y":604,"width":776,"height":11}},{"id":"14f0b69e-a833-463f-a075-f5f134e36290","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":129,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"cd780afe-7dae-46cc-9815-0abd54fffacc","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":129,"box":{"x":69,"y":634,"width":799,"height":12}},{"id":"0377fea4-533a-490c-a0dd-c4039d7ca16b","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":129,"box":{"x":101,"y":657,"width":784,"height":11}},{"id":"e2766fe9-c068-4bb4-b096-6ed0df5377f9","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":129,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"e658aa6c-4094-40b3-a34d-4a19e8bc76a6","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":129,"box":{"x":69,"y":687,"width":434,"height":11}},{"id":"ee366ad2-a4c4-4884-9c0f-3a390257ce6e","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":129,"box":{"x":101,"y":710,"width":745,"height":11}},{"id":"18620b9a-7b77-48ee-9bc6-5929aeb5bcd4","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":129,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"872171e3-2ab3-47ad-b2da-058924503d4d","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":129,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"81387186-89b7-4b91-bf82-3f61e900084d","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":129,"box":{"x":68,"y":755,"width":514,"height":11}},{"id":"0682b079-aa45-4d37-8f60-64caf6d227a9","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":129,"box":{"x":102,"y":778,"width":759,"height":11}},{"id":"70aaca02-f4a1-467e-948e-90e5c067559b","block_type":"box","text":"securities (e.g., firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":129,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"fd3639be-313f-460c-8eeb-9402eb743608","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":129,"box":{"x":69,"y":808,"width":813,"height":11}},{"id":"1c816861-0d15-4d04-b253-f24271aef442","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":129,"box":{"x":70,"y":823,"width":822,"height":11}},{"id":"ae37e746-b2b2-4205-9906-1a1909efafca","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":129,"box":{"x":69,"y":838,"width":802,"height":11}},{"id":"128c890b-c05b-49af-8410-54af263f3086","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":129,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"91ee1274-9050-4c07-98e6-d088cd659275","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":129,"box":{"x":70,"y":869,"width":816,"height":11}},{"id":"42f416bb-d98c-4c04-804e-2f6e1044a7d7","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":129,"box":{"x":70,"y":884,"width":349,"height":11}},{"id":"bbffbca1-9044-4798-bf90-1498b3248568","block_type":"box","text":"II-81","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e01259a0-9096-422a-a54f-9529c5a0c601","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8c253f1-39bd-41b6-aab7-f95f3813ed6a","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":130,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"ad59e027-0255-4829-9c1e-91513d5b7ab0","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":130,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"c07e5874-1d91-4b4a-bf80-b4c91551ee20","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":130,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"ecd2826a-f34a-41db-b95e-5601f8e5776c","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":130,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"611f7018-a32c-4e03-ba62-7f953c54f378","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":130,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"8c85fa4d-e6e5-4300-b3ce-1a794481e7c1","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":130,"box":{"x":70,"y":120,"width":824,"height":12}},{"id":"7ae1e59c-9427-426a-a2e7-be3fa1f7538c","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":130,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"4034944d-4517-44a8-80f6-10810cabf2be","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":130,"box":{"x":68,"y":151,"width":573,"height":11}},{"id":"b93790e0-e9f7-4954-a3e5-be23863beb83","block_type":"box","text":"Yields and Ratings.","page_number":130,"box":{"x":103,"y":173,"width":139,"height":11}},{"id":"7fbbe453-5e05-4c7f-9d4e-c08e89a39a95","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":130,"box":{"x":247,"y":173,"width":628,"height":11}},{"id":"fa8433e1-618f-4863-8782-3f79a850498c","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":130,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"bedbaf3d-dd08-4d00-811e-5db716cbbe56","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":130,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"2b539022-2adf-44ef-a333-d4b6aecbc483","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":130,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"e7dc72f4-212b-4987-afcc-f7dc33709604","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":130,"box":{"x":68,"y":234,"width":792,"height":11}},{"id":"5eeedc4c-7a0e-48ce-937e-38efb980a021","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":130,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"c9d95633-883c-4957-bc82-2cbd9be602ab","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":130,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"84fea2c4-8084-43ce-811e-11ff40a78121","block_type":"box","text":"continue to hold the security.","page_number":130,"box":{"x":69,"y":279,"width":204,"height":11}},{"id":"a56211cc-851d-49c4-8c2d-8f4b95f05962","block_type":"box","text":"Zero Coupon Securities.","page_number":130,"box":{"x":102,"y":302,"width":175,"height":11}},{"id":"48b865a3-2368-4966-ab9b-5345933097c2","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":130,"box":{"x":283,"y":302,"width":601,"height":11}},{"id":"87d36e76-f295-42b8-b33c-5f00250852b0","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":130,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"e5d5adc3-2f4b-4403-a101-35e2e6ecaf5d","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":130,"box":{"x":69,"y":332,"width":822,"height":11}},{"id":"51cad245-82ba-40da-a495-2727fb115b56","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":130,"box":{"x":68,"y":347,"width":814,"height":11}},{"id":"b42fdc17-1b2e-4956-b15c-ab96b6621779","block_type":"box","text":"security.","page_number":130,"box":{"x":69,"y":362,"width":57,"height":11}},{"id":"0b8c8e14-f920-43b5-aa48-b0660bbff7bb","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":130,"box":{"x":101,"y":385,"width":749,"height":11}},{"id":"4d9e208b-b9e8-4ff8-a6c3-cbb65cb52221","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":130,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"f319639f-3cad-428b-896f-06acc5236c6d","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":130,"box":{"x":69,"y":415,"width":833,"height":11}},{"id":"7141c41f-6b71-4f40-9469-b085454a5fa1","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":130,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"c501a514-5edf-46a6-955e-73b3c529139a","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":130,"box":{"x":69,"y":445,"width":804,"height":12}},{"id":"a7111b48-4be1-4aa2-a92f-aed01bd7d8c6","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":130,"box":{"x":68,"y":461,"width":824,"height":11}},{"id":"61643d77-9fc6-4efb-bb30-194b9897bb7c","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":130,"box":{"x":68,"y":475,"width":805,"height":12}},{"id":"f8305339-9923-4380-9c9f-02fa9f552dd9","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":130,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"b2a80988-a6d7-42ad-b18a-0a988edc6d65","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":130,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"1dbf85c8-d5cf-49c9-a234-63675c3a339f","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":130,"box":{"x":69,"y":521,"width":800,"height":11}},{"id":"d0f29c03-75b2-44ab-8de3-59477bbebce4","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":130,"box":{"x":69,"y":536,"width":400,"height":11}},{"id":"569e3d89-68b5-4beb-8114-50b4ec5f3e66","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":130,"box":{"x":101,"y":559,"width":775,"height":11}},{"id":"106deb98-d5fa-4953-9ce3-c1f9217634c5","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":130,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"053add22-895e-4a62-ac7f-8bcc2b50ffc4","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":130,"box":{"x":70,"y":589,"width":826,"height":11}},{"id":"724a5fbc-f451-4ff2-a451-10369a4ce0c1","block_type":"box","text":"intervals.","page_number":130,"box":{"x":70,"y":604,"width":64,"height":9}},{"id":"2347e563-a044-4203-b64d-5a9fb4dab21f","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":130,"box":{"x":102,"y":627,"width":749,"height":11}},{"id":"260fc826-00c4-423b-82a4-658018a5e8cc","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":130,"box":{"x":69,"y":642,"width":784,"height":11}},{"id":"6aa45d24-2898-4d44-80d8-177d58d1fc4d","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":130,"box":{"x":70,"y":657,"width":799,"height":11}},{"id":"6c03d0aa-bb8d-4fb1-9f05-1530efa8a1b2","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":130,"box":{"x":68,"y":672,"width":799,"height":11}},{"id":"2e77a6d2-2cf5-4663-b7ed-593c62f40a8e","block_type":"box","text":"exposure to zero coupon securities.","page_number":130,"box":{"x":69,"y":687,"width":253,"height":11}},{"id":"307cbd9a-2889-4c62-9761-009c71410648","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":130,"box":{"x":102,"y":710,"width":740,"height":11}},{"id":"5fa8d184-dd01-4bea-8866-034fcf72e668","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":130,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"2998afda-746c-40c6-9b0d-2cedbcfa9a75","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":130,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"59693931-d650-4850-b717-5d6d50c04592","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":130,"box":{"x":69,"y":755,"width":741,"height":11}},{"id":"2115f51d-dc09-41c7-b030-363bec932e7a","block_type":"box","text":"Suitability. (All Funds)","page_number":130,"box":{"x":101,"y":778,"width":161,"height":11}},{"id":"e5d69d6b-0897-49ee-984d-74f33c5846ea","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":130,"box":{"x":101,"y":801,"width":793,"height":11}},{"id":"75a1c9bf-1204-4625-85bc-58308e178e2a","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":130,"box":{"x":68,"y":816,"width":811,"height":11}},{"id":"5850aec6-52ea-4201-b324-6f8326925e67","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":130,"box":{"x":70,"y":831,"width":810,"height":11}},{"id":"6ad84bb4-d981-4200-a54b-2d29962869be","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":130,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"c1ae6d59-c58a-41a0-9008-802dc2874500","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":130,"box":{"x":68,"y":861,"width":460,"height":11}},{"id":"e1befb62-4cd6-44bb-9564-f8a3f4d4cff5","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":130,"box":{"x":102,"y":884,"width":264,"height":11}},{"id":"79ef0c29-a0c0-43f0-95a6-e7eadaddb75a","block_type":"box","text":"II-82","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"558349e2-a6bc-4256-8df0-d5650cb39e24","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f79de882-578a-4055-bedf-07eb8c823ed2","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":131,"box":{"x":102,"y":45,"width":745,"height":11}},{"id":"32f49752-f90f-46ea-b4a1-75008f6c3a88","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":131,"box":{"x":68,"y":60,"width":807,"height":11}},{"id":"234fdda2-d96e-4e2d-8692-f0b42d1d4b69","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":131,"box":{"x":69,"y":75,"width":528,"height":11}},{"id":"767c670d-ebcd-4b70-ac1b-de3ff4bb9780","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":131,"box":{"x":102,"y":98,"width":735,"height":11}},{"id":"50495a3c-4cc1-47f5-bd08-f7e846dc6d26","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":131,"box":{"x":69,"y":113,"width":775,"height":11}},{"id":"3cbb9f85-2492-4f49-a376-8a0b6ef791dd","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":131,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"84ae4885-f152-4d3d-9cb1-1f284ec25502","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":131,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"ba36f412-6350-4c2e-9de6-92db4f824f3d","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":131,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"35e48097-e9f4-4fae-aa82-415610aca872","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":131,"box":{"x":70,"y":173,"width":825,"height":11}},{"id":"f0f11e91-ca02-4a3d-b763-854b507f15b3","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":131,"box":{"x":68,"y":188,"width":802,"height":12}},{"id":"25d5b1dd-b6a6-49e1-8d1c-8d59f0dfb512","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":131,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"005ebea9-f8ff-40e0-a246-ed5016628b08","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":131,"box":{"x":68,"y":219,"width":819,"height":11}},{"id":"f2c2024f-42d3-4b05-98d3-5229d1217743","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":131,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"3a8fb480-7cba-48e4-89b6-212f0b67dadc","block_type":"box","text":"(i.e., par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":131,"box":{"x":69,"y":249,"width":834,"height":11}},{"id":"490c1390-071f-4f4c-98b5-f528fe7be0b5","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":131,"box":{"x":70,"y":264,"width":824,"height":11}},{"id":"80245610-ddda-4631-bec7-943e04c386a1","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":131,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"1271dda0-f3e6-45fb-9d9d-525ba4dcd6bc","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":131,"box":{"x":69,"y":294,"width":838,"height":11}},{"id":"1a164b98-12d3-44de-bd14-cb55fe7a0486","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":131,"box":{"x":69,"y":309,"width":815,"height":11}},{"id":"e096a6da-0200-4b26-a456-2c3c1883bf27","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":131,"box":{"x":69,"y":324,"width":781,"height":12}},{"id":"336b1f1c-72c2-434c-8889-3d02070f373b","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":131,"box":{"x":68,"y":339,"width":810,"height":12}},{"id":"c6407f76-cdae-473b-82c9-ed7df2ef240e","block_type":"box","text":"regarded as the sole issuer.","page_number":131,"box":{"x":69,"y":355,"width":198,"height":11}},{"id":"2fd7e51d-2f37-4785-b7f9-45bb7d25d12b","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":131,"box":{"x":102,"y":377,"width":784,"height":12}},{"id":"277fcfe9-16e7-4691-8f96-40720675f572","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":131,"box":{"x":69,"y":392,"width":819,"height":12}},{"id":"5762a333-bdb4-40f1-8dee-058711774bbd","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":131,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"c7be4d93-a809-42dc-9820-51b627182d81","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":131,"box":{"x":70,"y":423,"width":747,"height":11}},{"id":"f70bffdd-beb6-48f1-ba3c-efb0d6ee8d99","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":131,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"799d2ec5-f549-473a-9406-2256526f1af6","block_type":"box","text":"75% of its total assets.","page_number":131,"box":{"x":69,"y":453,"width":165,"height":9}},{"id":"6b3e4e4b-760b-49ec-ad65-71a6014a3e3f","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":131,"box":{"x":268,"y":482,"width":442,"height":10}},{"id":"9ed2e4a4-59d0-448f-aadd-19d97d545cd1","block_type":"box","text":"Directors and Officers","page_number":131,"box":{"x":69,"y":513,"width":159,"height":9}},{"id":"329a1d95-6a8a-45a3-8842-5ea3dba690b4","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":131,"box":{"x":102,"y":535,"width":733,"height":12}},{"id":"ec0fb18a-3840-41c8-a1c8-c08473beb3a2","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":131,"box":{"x":69,"y":550,"width":783,"height":12}},{"id":"47d92c71-ab29-4df6-be16-e43a16987776","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":131,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"2f0d926c-3236-460e-a2ad-1d01c9dd9f25","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":131,"box":{"x":69,"y":581,"width":789,"height":11}},{"id":"d5b296b3-32ac-4422-b2b0-596abfeef52c","block_type":"box","text":"Management Arrangements","page_number":131,"box":{"x":69,"y":611,"width":202,"height":11}},{"id":"a2db22cb-4e8f-4835-8d12-a17cc59560e5","block_type":"box","text":"Management Services.","page_number":131,"box":{"x":102,"y":634,"width":162,"height":11}},{"id":"fef8ec79-de07-49f6-885c-376884534358","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":131,"box":{"x":270,"y":634,"width":615,"height":11}},{"id":"eb3df5d5-111e-46b7-a02c-0758d5852776","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":131,"box":{"x":69,"y":649,"width":836,"height":11}},{"id":"163bea61-bebe-45fc-bee0-edcfd7ff4194","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":131,"box":{"x":70,"y":664,"width":820,"height":11}},{"id":"e822d031-ca72-4ea5-b31c-de15e1cb9baf","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":131,"box":{"x":68,"y":679,"width":832,"height":11}},{"id":"a55dca05-1849-4da0-af6c-87ea6efb0a9b","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":131,"box":{"x":70,"y":694,"width":801,"height":11}},{"id":"e53b9a31-31a8-4ae6-bdb3-084ec2ab2778","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":131,"box":{"x":69,"y":709,"width":370,"height":11}},{"id":"8e95a8c4-6405-4876-906c-60f4728d8b5c","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":131,"box":{"x":102,"y":732,"width":778,"height":11}},{"id":"62682787-fd04-459d-bf0a-99626dea2400","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":131,"box":{"x":70,"y":747,"width":800,"height":11}},{"id":"6390db54-d6ae-4029-8325-77a316597c17","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":131,"box":{"x":69,"y":762,"width":810,"height":11}},{"id":"6c7d6f81-bbce-4c93-8f30-c1ef61c2412d","block_type":"box","text":"Management Fee.","page_number":131,"box":{"x":102,"y":785,"width":126,"height":11}},{"id":"e19cd6e8-a6ed-40e2-b6aa-2186a942d88b","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":131,"box":{"x":235,"y":785,"width":646,"height":11}},{"id":"7e39aa7f-2629-412a-91c1-f16d23e7aed4","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":131,"box":{"x":68,"y":800,"width":841,"height":11}},{"id":"156697fb-1bc4-48a7-b340-236ff3153d1a","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":131,"box":{"x":69,"y":815,"width":833,"height":11}},{"id":"6133b090-725b-4541-badd-21304f757225","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements—Management","page_number":131,"box":{"x":68,"y":830,"width":834,"height":11}},{"id":"9de6f5ad-37b7-4e75-9ce1-526900188b65","block_type":"box","text":"Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":131,"box":{"x":68,"y":845,"width":729,"height":12}},{"id":"15c98ec8-3b9c-4081-b35a-3f0ace033211","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":131,"box":{"x":102,"y":868,"width":774,"height":11}},{"id":"71da6863-62a1-4eec-841b-be46f6533cda","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":131,"box":{"x":69,"y":883,"width":826,"height":11}},{"id":"377aeb6b-2c36-4e1b-a528-ad58aa56e93e","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":131,"box":{"x":70,"y":898,"width":820,"height":11}},{"id":"9ccb7987-fff0-43b8-81b3-e2476fec7dba","block_type":"box","text":"II-83","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f5e0197c-807a-4fa8-ae71-e3cecbb64c1a","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9cca02f-b7f3-44f5-a18f-298d2a0075d5","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":132,"box":{"x":68,"y":45,"width":797,"height":11}},{"id":"cdb4d745-5fe0-4ab8-b3ff-57e5c28e1d13","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":132,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"92f0042c-6a88-403f-b4b3-30fc7e6173c4","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":132,"box":{"x":69,"y":75,"width":802,"height":11}},{"id":"7a6e9a7b-885c-4d3d-8d0d-e2e662f22873","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":132,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"1f8021a2-1869-4f76-84c0-b8f2cd91321e","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":132,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"42949fc4-a62e-45e1-a559-3b6805a16cd4","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":132,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"ac52fe21-a8f7-46c5-8e44-3ebed1afaee0","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":132,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"ed3ef8c0-28a8-43df-8fc6-7633b04e2ef3","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":132,"box":{"x":69,"y":150,"width":767,"height":12}},{"id":"744bc500-6ddf-44de-a641-03fc3cac9bba","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":132,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"01cde09a-3ace-4667-a84f-0ef9bf8690f7","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":132,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"22f282ad-a26f-484e-b757-493907cba501","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":132,"box":{"x":69,"y":196,"width":794,"height":11}},{"id":"f3763c1d-b4f9-4da4-9f6d-7a15956360cf","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":132,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"a17c3247-e251-4775-bd62-131aed201c25","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":132,"box":{"x":69,"y":226,"width":790,"height":11}},{"id":"14b1b4c6-3c74-4a42-b25a-5e7256f75af4","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":132,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"db097553-0b0d-4676-89d5-0af734be8e73","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":132,"box":{"x":69,"y":256,"width":767,"height":11}},{"id":"e0942982-7784-43d7-ae6b-5178aee19625","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":132,"box":{"x":70,"y":271,"width":743,"height":12}},{"id":"fc5d7fd6-6b0e-43a8-96f3-2fd5796254d0","block_type":"box","text":"Sub-Advisory Fee.","page_number":132,"box":{"x":102,"y":294,"width":124,"height":11}},{"id":"90862719-a0ca-4985-82e7-84c85b0539c3","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":132,"box":{"x":232,"y":294,"width":643,"height":11}},{"id":"c0243d59-53ac-4ece-b23f-0457c086f43e","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":132,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"e4ac560b-0866-4616-8367-422df2f62787","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":132,"box":{"x":68,"y":324,"width":830,"height":12}},{"id":"59d2c752-25df-4dec-839e-1450319011e6","block_type":"box","text":"Organization of the Manager.","page_number":132,"box":{"x":102,"y":347,"width":204,"height":11}},{"id":"ce5add7c-3c57-4802-9bfe-dcbfbccab228","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":132,"box":{"x":313,"y":347,"width":560,"height":11}},{"id":"0c6c7a08-9062-4b01-94cb-fe4ab3268248","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":132,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"992ae561-fa79-40c3-aed2-15f7aac32fbc","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":132,"box":{"x":70,"y":377,"width":817,"height":12}},{"id":"ac518401-3bfa-4a2d-93fd-49d77cab0752","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":132,"box":{"x":69,"y":393,"width":768,"height":11}},{"id":"6eb540f9-49fe-4fe7-a724-ad4bc1f0ebce","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":132,"box":{"x":69,"y":408,"width":821,"height":11}},{"id":"8b54f85d-5dd0-474a-ae2f-93d484ce0e45","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":132,"box":{"x":69,"y":423,"width":517,"height":11}},{"id":"e304204a-5482-42ed-8733-f4b18b1d0033","block_type":"box","text":"Duration and Termination.","page_number":132,"box":{"x":102,"y":446,"width":182,"height":8}},{"id":"fdc67780-8274-4fae-ac20-1c4375545c61","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":132,"box":{"x":292,"y":446,"width":613,"height":11}},{"id":"36c0a257-5bda-4ab0-862c-f6e9daa7ff69","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":132,"box":{"x":69,"y":460,"width":835,"height":12}},{"id":"a2819dec-ee1c-47cd-89cb-a3b5cef4ab65","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":132,"box":{"x":69,"y":475,"width":803,"height":12}},{"id":"4a026b0f-1392-440f-aa1f-7fa90ac7658e","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":132,"box":{"x":69,"y":491,"width":839,"height":11}},{"id":"a7536b45-ec57-4b89-968d-53a4a4ceb197","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":132,"box":{"x":70,"y":506,"width":778,"height":11}},{"id":"4845f887-5f60-4b5d-af56-732ef949f6ca","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":132,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"985fbffb-63aa-4a0a-ba33-78f2e24d4621","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":132,"box":{"x":69,"y":536,"width":388,"height":11}},{"id":"55b3df45-efd5-44cf-a8ab-eb86cc9f6a66","block_type":"box","text":"Other Service Arrangements","page_number":132,"box":{"x":69,"y":566,"width":205,"height":11}},{"id":"68fa40f8-6780-41c3-9688-bc2d0c4c43a0","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":132,"box":{"x":101,"y":589,"width":338,"height":9}},{"id":"ee2fc6c9-9c16-4ad9-aa37-24a1f1546b47","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":132,"box":{"x":446,"y":589,"width":439,"height":11}},{"id":"5cc7c3ad-accd-41cc-9a21-1922134acbdf","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":132,"box":{"x":69,"y":604,"width":818,"height":11}},{"id":"d3832fc0-215e-4723-96ed-24381727d2ed","block_type":"box","text":"SAI (each an “Administrator”). For its services to a Fund, the Administrator receives monthly compensation at the","page_number":132,"box":{"x":69,"y":619,"width":808,"height":11}},{"id":"d4b637e8-a2cc-4082-b298-c945f15aa74f","block_type":"box","text":"annual rate set for th in each applicable Fund’s Prospectus. 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Such contract is not assignable","page_number":132,"box":{"x":70,"y":846,"width":810,"height":11}},{"id":"0d5c0186-023e-434f-9d7a-b001f7e8f1e1","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":132,"box":{"x":69,"y":861,"width":805,"height":11}},{"id":"94c6dd26-f54a-4c57-8bf8-ae5696fb1bd7","block_type":"box","text":"shareholders of the Fund.","page_number":132,"box":{"x":69,"y":876,"width":181,"height":9}},{"id":"adbd21d5-9e38-4abe-a340-1f0af2d5807c","block_type":"box","text":"II-84","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7f667d06-6b72-4ac1-bf1a-d9b44d024b91","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7dac066-ff4c-4fbf-9af4-13fef567aaa0","block_type":"box","text":"Transfer Agency Services.","page_number":133,"box":{"x":103,"y":45,"width":180,"height":11}},{"id":"d155bc66-517c-4c7b-bd63-6386fd3dc5e1","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":133,"box":{"x":291,"y":45,"width":595,"height":11}},{"id":"959d6a99-3525-4483-855d-c8a6516d3d33","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":133,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"b8b856be-eb88-4c2b-84e8-160fa4b46bd2","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":133,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"18915391-971a-4b3d-a09e-d426e9d8dea0","block_type":"box","text":"with the Funds. 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BlackRock, its subsidiaries and their","page_number":138,"box":{"x":102,"y":775,"width":731,"height":12}},{"id":"a397f76b-968a-4d39-b6bf-5358148c4f64","block_type":"box","text":"respective directors, officers and employees, including the business units or entities and personnel who may be","page_number":138,"box":{"x":69,"y":790,"width":799,"height":12}},{"id":"397db2db-6ef4-421f-a5e0-eb660b56cbc8","block_type":"box","text":"involved in the investment activities and business operations of a Fund, are engaged worldwide in businesses,","page_number":138,"box":{"x":70,"y":806,"width":786,"height":11}},{"id":"313e3c18-c8d5-4348-adeb-0b47d3b835c3","block_type":"box","text":"including managing equities, fixed income securities, cash and alternative investments, and other financial services,","page_number":138,"box":{"x":70,"y":821,"width":829,"height":11}},{"id":"8cdd2e6d-2b39-4260-ab6c-7605cd04e489","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":138,"box":{"x":69,"y":836,"width":804,"height":11}},{"id":"e6e5a0bb-5eab-4c16-88f1-e24d4ff6949a","block_type":"box","text":"should be aware, and which may cause conflicts of interest that could disadvantage a Fund and its shareholders.","page_number":138,"box":{"x":69,"y":851,"width":806,"height":11}},{"id":"888f3bf8-9b83-456c-a5f2-d8c70219f851","block_type":"box","text":"These businesses and interests include potential multiple advisory, transactional, financial and other","page_number":138,"box":{"x":101,"y":874,"width":722,"height":11}},{"id":"b9b574aa-00f0-4242-be6a-078ccef312c3","block_type":"box","text":"relationships with, or interests in companies and interests in securities or other instruments that may be purchased","page_number":138,"box":{"x":69,"y":889,"width":827,"height":11}},{"id":"8af03e56-90c5-4fff-8416-17077d901af3","block_type":"box","text":"or sold by a Fund.","page_number":138,"box":{"x":69,"y":904,"width":125,"height":11}},{"id":"11adf707-a98f-4711-ae35-4cff97b550d3","block_type":"box","text":"II-90","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c2989c48-b55b-4fe6-8f6e-f0b9c0473a7d","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58272c74-777a-4c49-8467-1b81b2836134","block_type":"box","text":"BlackRock may have proprietary interests in, and may manage or advise with respect to, accounts or funds","page_number":139,"box":{"x":102,"y":45,"width":762,"height":11}},{"id":"ead2171b-9a84-4eaa-ad83-b3a5db573b58","block_type":"box","text":"(including separate accounts and other funds and collective investment vehicles) that have investment objectives","page_number":139,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"e80f1696-6e8a-4261-a8e6-d3de277c5142","block_type":"box","text":"identical or similar to those of a Fund and/or that engage in transactions in the same types of securities, currencies","page_number":139,"box":{"x":70,"y":75,"width":828,"height":11}},{"id":"f5e14968-2b40-4d5d-84db-da8faf75b42b","block_type":"box","text":"and instruments as the Fund. Such other funds or accounts may offer exposure to strategies that are identical or","page_number":139,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"3eaaf2c3-8bc4-4e5b-9921-8274b036fbd8","block_type":"box","text":"substantially similar to those of a Fund but with different fees and expenses, governance and structures, and/or","page_number":139,"box":{"x":69,"y":105,"width":803,"height":11}},{"id":"15e37c4e-7484-49a5-a98b-ac3a3c7ce19d","block_type":"box","text":"services provided by BlackRock. BlackRock is also a major par ticipant in the global currency, equities, swap and fixed","page_number":139,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"1ce024aa-71c8-4ab1-ae05-924615c4e26a","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":139,"box":{"x":70,"y":135,"width":791,"height":11}},{"id":"be313d44-7bef-4b0c-bb93-315aed1c9465","block_type":"box","text":"BlackRock is or may be actively engaged in transactions in the same securities, currencies, and instruments in which","page_number":139,"box":{"x":70,"y":151,"width":835,"height":11}},{"id":"c1c0d101-6cfc-49c7-9b5a-5adb54d6fc25","block_type":"box","text":"a Fund invests.","page_number":139,"box":{"x":69,"y":166,"width":106,"height":9}},{"id":"9f1559f5-9ac9-4cda-832c-663acc52a0d2","block_type":"box","text":"Such activities could affect the prices and availability of the securities, currencies, and instruments in which a","page_number":139,"box":{"x":102,"y":188,"width":785,"height":11}},{"id":"84a7ce13-2727-4c89-a4ea-066a06aa038b","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":139,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"73fe5655-19cd-42ae-b23e-487a1c4e8c4f","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":139,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"479562dd-c39e-47c7-b33a-f522137e1915","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":139,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"9887ad88-f73a-422c-bdd8-f6ac1c770c81","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":139,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"51346328-4ffd-48c7-a5e2-62ef53e79258","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":139,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"d04c595f-7a9e-4010-8a7b-6e5038dd83a5","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":139,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"168c6f48-a28b-44bb-a636-3505e7342e4b","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":139,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"b7876159-903c-4f37-b4cf-a569ecacc853","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":139,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"8d08fabe-f222-43d5-9c9c-3c7ab8bfea84","block_type":"box","text":"based on the information received.","page_number":139,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"2937f2c2-f249-4e06-9dd8-b31a6e8525d3","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":139,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"749170b1-0a04-4908-83a7-81ffc219c988","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":139,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"e1e612f2-9837-4de0-b876-2cf4b8533a41","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":139,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"0cde481a-ff33-42cc-b842-44497d43c9ef","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":139,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"c9ec53d1-0425-494d-a7fb-bf18903e9310","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":139,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"60d32a07-7be5-419e-b885-d3141cd9cafd","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":139,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"6baaee95-187c-4568-b73b-1586087017d6","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":139,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"4f1fb226-f4bd-47af-b944-0748ac3659a8","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":139,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"49ac47db-ec67-466f-abbe-0e0bebe7a967","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":139,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"2a72ee22-1688-4bab-b617-601c1c98aa1d","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":139,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"e1175a34-1160-4182-8a9f-19fba1ad29f2","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":139,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"9a274d0c-3572-4785-a5f1-d647d3b25a59","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":139,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"60547137-df3c-4800-bbda-cb06c952a8c9","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":139,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"e32ed529-3bd1-4eb1-be69-075f9d13ebd2","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":139,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"3e2cf06a-b2e0-4f32-845d-647cbb86a836","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":139,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"f724193e-4213-44e1-8c73-362db2f82340","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":139,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"3e8ef64b-b677-4562-9e55-844623a46475","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":139,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"bf97f46e-120a-41b3-a8d9-c6d187fc7d27","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":139,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"1af97459-0cb4-4bbc-9084-0c9aa883585f","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":139,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"286e5a05-6c48-49fd-9be2-e8c5c6928311","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":139,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"9dfbd2c3-ab95-4f58-9636-76c56cf38e03","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":139,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"73c32044-d47d-43f3-8d89-95cd7fc9c8e1","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":139,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"905532c9-626b-4a80-be48-2fa6489d3bdf","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":139,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"092e0e43-c150-4efb-8ff0-43cd16c06239","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":139,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"fd9cc84c-f52a-4840-9f8b-a0feefeebd58","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":139,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"688774cb-53d0-4bf1-b92f-07a3abe13ee9","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":139,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"43309360-73e3-4ad6-b650-837958019196","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":139,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"38a278a0-255d-4815-a290-c3b358a6e1e5","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":139,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"4fd4eeaa-1084-49bc-8799-1e0ee2a79c79","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":139,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"10a178af-0f91-4586-8807-e91ff53f7cea","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":139,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"2e92747e-5acd-4282-8302-af5aec834f45","block_type":"box","text":"Funds.","page_number":139,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"f6247caf-5b34-4fc5-b422-fc990d6f8d77","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":139,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"4dfd17a0-2e4f-47c3-bda7-124658a6694a","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":139,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"dc59f5b7-05a4-45da-bf7e-c2694c5bb015","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":139,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"26206159-0448-4383-bf13-ec00269ae690","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":139,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"e5c6aa0f-23dc-425f-bca6-550377085073","block_type":"box","text":"II-91","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b32922f-6237-4950-9d4d-8bbaa6fa94da","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d86dca38-6152-431e-b64b-5183fd788754","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":140,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"dbc01289-4e95-4d42-bcd5-7d35a63ee6b7","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":140,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"274063e8-6286-466e-b895-3b76a0b5f3ab","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":140,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"48d63b49-0bce-4e95-9932-bba356f908bf","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":140,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"9e04edd3-d235-4329-a962-322f550f8fb3","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":140,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"c7bcaeb8-1fb5-484e-92c8-7e1dad80c999","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":140,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"0fe20fa9-ea98-4adb-8a15-0b307ead2baf","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":140,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"90d4c2cf-4438-4d1c-a837-abe275c05e4a","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":140,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"b0750906-8262-4c4e-b4bc-5d7c93a7b166","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":140,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"6dd2d401-5523-4350-97e6-7e4b37c95b6d","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":140,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"bb55fea6-83b3-48ce-b794-ffce9da215b9","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":140,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"a25cc19b-62fe-4eda-9fc3-a6b105c14345","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":140,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"e43d22ae-d823-4377-b157-28620c46c904","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":140,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"e9858d9f-39be-470e-83a1-16501e884cf2","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":140,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"45781950-5581-44b2-aa73-e4478f33fb7e","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":140,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"e711ca6b-ae83-42af-b536-05b10e88aa2a","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":140,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"39e9fcd8-1855-4fd8-bc6b-16d44d6017c0","block_type":"box","text":"case.","page_number":140,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"00d0c093-e167-4859-b113-99f94476dbf6","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":140,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"239893f1-80b4-4c19-9a33-d043cc6d1e81","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":140,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"695a8005-25c3-449a-af65-f58e2f5b97b0","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":140,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"7ad458d1-f45e-437b-99c3-61158d83a6f6","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":140,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"dbcb0c42-6b36-406a-938c-066ceda98b76","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":140,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"52a6c353-bba1-42a7-b4f5-a408543a28fa","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":140,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"c65dcbb6-642b-47a5-a57c-0c0fc8ae0b2b","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":140,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"7d4e6aa3-0105-470b-9e64-1afc2b00edbf","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":140,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"4e7979aa-adfc-4184-971c-f96a444d1c08","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":140,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"751b700f-32b7-442f-bbf9-1b28617a7fd4","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":140,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"ea4d40d2-0481-4635-808f-c7aee68e60a2","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":140,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"d252cc7d-9854-4d76-9150-b0f576c7d764","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":140,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"1772c038-c159-4aba-b5df-6e0c7227eabc","block_type":"box","text":"accounts and accounts under its management may limit the investment oppor tunities for a Fund in cer tain emerging","page_number":140,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"e757c670-074c-4547-97e4-02872c259258","block_type":"box","text":"and other markets in which limitations are imposed upon the amount of investment, in the aggregate or in individual","page_number":140,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"87bc9d31-c86e-40fb-ae2e-f939321d5f85","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":140,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"efd5e107-7ebd-45df-a1c3-70993dc316b7","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":140,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"4e1a067f-25c8-4ac8-802c-42925497c49b","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":140,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"d0412172-2735-4720-b453-ee68c8f0370f","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":140,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"67cdf77d-1757-4ca4-8472-bb78a80e1c18","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":140,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"8a6da2c7-92a9-4e3e-b361-a001f0ea59ce","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":140,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"f9ae08b2-07b5-40eb-ba68-f72a9417b547","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":140,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"4aab0ef6-994d-4795-a747-ad765d198430","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":140,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"65fb1954-1f67-4653-992b-e59f9677f051","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":140,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"e6be2a20-1700-41c0-9883-e152d87e62eb","block_type":"box","text":"managing a Fund.","page_number":140,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"a7e02d33-ce50-43d1-83b3-6e9e2498d1ed","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":140,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"a1206dc3-73e3-454b-be89-4087e2d923ad","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":140,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"53b6628d-510b-4782-8ab9-4031433f67e3","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":140,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"28d7db08-61a0-4a67-bf1f-9e6d918e47ae","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":140,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"1d462def-cdfc-41f4-8b14-23b0f9dc9a4b","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":140,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"bb904130-041a-4bba-8555-ea3f3c723e73","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":140,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"bf718934-f532-4859-8ce5-938a44d7a099","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":140,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"3cc1ceca-7b5c-4637-9c7f-37ff52bda416","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":140,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"d4ecb54d-7974-405e-afdc-da780c5abc28","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":140,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"1f75690d-90bb-4ee3-befa-d43b76ad5ba6","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":140,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"1829fe39-ec3e-4502-97ca-f1009b236509","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":140,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"a517d440-1c49-4922-98ac-34b39c659953","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":140,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"9bdc59d3-b09a-4da3-8dec-6ce846f78747","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":140,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"23c4bbe6-1b00-41d4-a568-32096fea22d2","block_type":"box","text":"II-92","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"15802169-d7a6-45e4-806c-7c56a626af08","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2170cee-8fc4-40ef-a49e-dfbc5b872220","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":141,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"377540ab-8fad-432c-9853-3e027795733e","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":141,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"a023efa3-dc39-46f4-bb19-666b2bdb344e","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":141,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"084e00c2-8324-446c-9dba-159b7c3823df","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":141,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"fe0216ee-4844-4971-885c-926462cdffef","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":141,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"72a22fa4-8180-47e9-a01c-c2254555f7ef","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":141,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"2265a382-aab5-4664-8233-b104bbdfefc6","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":141,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"8704bdf1-c59e-48e0-9efd-03551bee30f1","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":141,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"3f3810b3-34d2-48b5-ba5a-7dec572b12ab","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":141,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"b7340d7d-d680-432a-92fb-c94f83b88591","block_type":"box","text":"under management for BlackRock.","page_number":141,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"c1d2e183-27a6-4c34-b5ba-83d889d0c7c9","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":141,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"bc764596-dde2-445a-aae9-fb2cc684baae","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":141,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"8503bb8f-8e4f-4646-87e5-4d5fdd9a205e","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":141,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"1eed5baf-4ae8-4755-a45b-cd792e579640","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":141,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"ec624b98-fd3e-437e-8009-7c33773e3104","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":141,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"f13a8ab4-2256-4e59-8c1d-b58f9427d13e","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":141,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"5ec9c5e2-4e4e-449b-83bc-e49720750901","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":141,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"1bb182f6-e6ff-4811-8555-d520a7d977a4","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":141,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"e0b1deb6-6dac-49ac-af30-c8dfc0004155","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":141,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"a12fb668-0b53-49cc-9e27-8bc869d70301","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":141,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"471fdae0-5682-440e-89eb-d286ea98b3a5","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":141,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"072a8168-1de0-4049-81d8-1f2d300c3b38","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":141,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"dcdf4fdb-9a8a-4508-8404-a53452d70429","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":141,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"7a53123c-8dd3-4db8-a0d4-0ad3707aa69d","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":141,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"4f39b9c7-318d-44b4-a038-8b186b12105c","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":141,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"927d0288-7a7b-4c58-a2da-05ee9b833b4b","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":141,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"7d5c233b-9c65-4a51-b657-232fb0b4f1e4","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":141,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"e5cb42ba-e77e-4123-98ae-376d62b831ff","block_type":"box","text":"any such fees or other amounts.","page_number":141,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"812f0e50-e09c-4c95-b46b-7c025996d41b","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":141,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"c5f21bf6-bb76-488a-9e74-5570c53c2f44","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":141,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"42feffed-422d-4444-8b20-f7d6423152d9","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":141,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"3835f532-26bc-4857-bab4-c3ca1d5605bc","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":141,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"2c68cc60-a6ca-4d81-8573-c37711090454","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":141,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"57073dad-89a9-477e-b345-d7c2e4a66f25","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":141,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"49846ac9-4d3b-4747-8364-809a7c20c2fb","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":141,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"3b28f82a-302f-4440-850d-cb6601d6bdaa","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":141,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"8f6d30c7-19ca-45ee-af4a-362c5503bfa7","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":141,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"33bfba20-c9ee-4ba4-8da0-fb444a642ae6","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":141,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"5841b976-4075-404e-8b59-26b3f0c0f46a","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":141,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"97a6f110-5abf-4c5b-8283-c97a063c499f","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":141,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"376a10ed-5ba4-4532-8735-793862cc74bf","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":141,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"5e734ca7-e446-456d-877d-6b66bb0c02f1","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":141,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"0d851da5-22ec-4e47-875a-83bb7ff67b64","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":141,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"dda04183-dfb6-4e52-83c2-d1c4c477656d","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":141,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"429cc8bb-74fa-4238-a224-55bfe8e5325c","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":141,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"37bc6d56-bd4e-4e43-8f04-cf4b491fb87c","block_type":"box","text":"II-93","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e55e65d-7c55-4d6f-9341-707d5980ba52","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a9c7f5a-113c-4c87-87a0-cfa30d5c9f89","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":142,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"23596486-e54c-48b3-bb48-15a1dde93750","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":142,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"bb322acb-f9f6-4b1b-b5d8-7fd8c999618f","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":142,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"b402de20-cd4f-47da-b3b3-999743a37687","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":142,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"a4c09ac4-57c5-42b7-87b6-71e2e14d65d9","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":142,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"f2e927c7-35aa-48db-9cad-11d603fe08e7","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":142,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"9585f1e0-751d-4101-ac82-a8bccfd0ae56","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":142,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"b2397209-d9ae-4490-9e5d-41f87df6b970","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":142,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"d9786c38-327d-4257-a2d1-8dc7f79c03b9","block_type":"box","text":"regulation.","page_number":142,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"c44291b2-d3fe-4b50-b144-18d88a7267ee","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":142,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"69a9b512-19c2-4464-a9b9-3bdfc232b6e1","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":142,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"ec73b3e2-b8c1-48db-bf93-23d6eb297e40","block_type":"box","text":"various program limits (i.e. indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":142,"box":{"x":68,"y":226,"width":818,"height":11}},{"id":"28a7a646-f4a1-40b7-b451-fddb19d37d5d","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":142,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"775c2e18-6178-4189-9f10-f26602643a27","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":142,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"a29b73d6-05ba-4602-ab0a-140dc0e01ff7","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":142,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"fa462853-a235-44b4-9bfb-2d05ae18c297","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":142,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"83d572de-81a7-4693-acfd-919079a6b9cc","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":142,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"31ea989e-97ee-436d-bc9a-e99b4a89ef96","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":142,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"1e20cf57-1691-401f-a9e9-1fd0cd48c2a1","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":142,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"ca9abddd-7eb0-414e-aeee-4aef38635de2","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":142,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"b06a585a-1738-453c-bc62-338425cfcbba","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":142,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"1f79b87b-1985-4d13-86dd-aed060a5517f","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":142,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"c705fc5c-d2ec-4ac2-beb2-7185e569b0d2","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":142,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"fabbe15b-50d9-467f-843b-70e2f83970f5","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":142,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"f0f5605d-e776-46be-bb78-8dce76bbcc58","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":142,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"11487a3f-0a43-4159-a212-e4729d01673e","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":142,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"a43019bb-5982-4652-9d74-b3f9b61bdf14","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":142,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"cd23b8cf-050d-4453-87f9-8345cd2813ef","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":142,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"84a45401-118a-4594-bf6f-96e6d33a6230","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":142,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"06b224a8-eee8-45f0-bd21-5ce744ee7070","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":142,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"403c56d7-9397-4c4c-b86c-e9a3b3f19ebd","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":142,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"5f8857fe-d987-44ab-ac5a-4820b5ff0e88","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":142,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"8bdcbd15-8e94-4bc8-a1ef-498f96cfc0e4","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":142,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"623e8cfa-6885-48c0-8f95-dbde734f3da0","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":142,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"28d607e3-ac41-47e1-bb8b-1b5704da84f7","block_type":"box","text":"than through client commissions.","page_number":142,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"10de00f9-aab9-4c68-9c39-3ba863fb6842","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":142,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"018ba11c-ae12-4b23-be87-90e61158c847","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":142,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"1e1cfa63-0dbd-40a8-b0d4-186e3d6c4abb","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":142,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"aef0af4c-e472-4e36-bb3a-c5f7d61031e5","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":142,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"2c4dca56-7230-476a-87b7-8580a99c13ed","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":142,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"65c0c929-d4d8-496c-b209-fec52e516746","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":142,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"d5ad8165-1b15-495a-b81a-9553d437f36a","block_type":"box","text":"research-oriented software and other services and products.","page_number":142,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"25294dc4-2b19-4015-8fb8-cd4d18705290","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":142,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"f4652b8d-9d6e-43be-acab-c1bf48db10c7","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":142,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"785b4536-2965-4faf-b12b-b7afe9b784d8","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":142,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"a5dcc67a-2220-4b1f-b307-b3fc97690cef","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":142,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"32bb6f68-240d-484d-b92e-bd9fd47f8467","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":142,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"3892c6f2-021c-43c3-a577-ad0e6b22acef","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":142,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"40076d35-9c22-4528-92f6-e8cc6f56d0d0","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":142,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"279c2f64-e961-494d-aeb3-ffd0e8293d09","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":142,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"8662d2c1-5a16-429a-adf2-c7899975e629","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":142,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"8f73ffc3-940a-4b04-a87a-187d81fffd93","block_type":"box","text":"and services itself.","page_number":142,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"7c0fce5a-c805-491a-991d-c4cf6f4b5191","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":142,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"b11b02aa-73cb-4ef9-bf68-5498ffaa536d","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":142,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"333a2ca4-ef2b-49fc-8bf9-249fef5d3d7d","block_type":"box","text":"II-94","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"77dbbd0b-ae25-4342-a045-3f7fd1f90f0b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"840a3df7-1021-4599-b1a3-0657b583445c","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":143,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"1e912c98-ea8b-4e47-8439-560df050de21","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":143,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"e38d1f11-8ed0-4967-999c-a8cb26e24260","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":143,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"00c669b8-de66-44f7-a181-7c5b8b65fd75","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":143,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"a6a12340-db60-4f19-bb79-2f63414e6606","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":143,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"06b6ce18-f167-494d-90e1-585fff4a4927","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":143,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"b3a5cf71-27f6-439d-a8ed-1091696035ec","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":143,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"4ee52821-b3ed-4b41-a7b1-a8f4caa523e8","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":143,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"04e47887-84e8-4a0b-9896-5bc2d86622e1","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":143,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"caf337d4-d7e8-4713-aa09-bbc67e532dc0","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":143,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"e773cdc7-17a4-423d-a0ca-94c07ab9e209","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":143,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"a667f71e-058d-45d1-b69e-8052fd2db25f","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":143,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"7613fd7b-d9c1-40bc-bcef-14348a56e33c","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":143,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"a11190be-70b4-4ae1-b016-47f25a706f9d","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":143,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"bd54bd0b-32bf-4266-bb5d-2c8c14b45b1b","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":143,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"fea41911-bdcb-43d7-9df7-bb2b564a8678","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":143,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"ab1e14ec-d347-4c7f-90e9-53a1fa864fdf","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":143,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"f68aa230-df17-4aaf-afff-0d52d05bcce0","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":143,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"585adb90-f14a-4dcd-92ab-c19c1ea8bf44","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":143,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"b65999f6-c1d5-4097-b1d0-d594ca1f33c7","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":143,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"d558611b-d79c-4417-9d7c-cf1afcc38bab","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless,","page_number":143,"box":{"x":69,"y":370,"width":719,"height":11}},{"id":"b32d9d1b-2486-4e97-86a2-176276ce79fd","block_type":"box","text":"notwithstanding such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have","page_number":143,"box":{"x":102,"y":392,"width":798,"height":12}},{"id":"e83e3161-e233-4441-a72f-14d04baf2c25","block_type":"box","text":"the effect of favoring the interests of other clients or businesses of other divisions or units of BlackRock, provided","page_number":143,"box":{"x":68,"y":407,"width":815,"height":12}},{"id":"bd2a45fb-58c5-4d53-9b40-05290cf3cb00","block_type":"box","text":"that BlackRock believes such voting decisions to be in accordance with its fiduciary obligations. For a more detailed","page_number":143,"box":{"x":68,"y":423,"width":826,"height":11}},{"id":"e0ddc096-e2ea-49e4-88be-d5d166887a2c","block_type":"box","text":"discussion of these policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":143,"box":{"x":69,"y":438,"width":635,"height":11}},{"id":"eb50ffb5-1c66-4229-a62a-77e254d95398","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":143,"box":{"x":102,"y":460,"width":757,"height":12}},{"id":"2cabbf36-1a0b-4855-86e7-c27e28fe2881","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":143,"box":{"x":69,"y":475,"width":825,"height":12}},{"id":"304f55fe-c34c-4ef0-a5b1-0b0038ebf4b3","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":143,"box":{"x":70,"y":491,"width":837,"height":11}},{"id":"4e99df4d-f3ad-4149-93b3-35e2d2f2cb87","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":143,"box":{"x":69,"y":506,"width":774,"height":11}},{"id":"89ec4cf3-50bf-4066-b8ab-109eefec4854","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":143,"box":{"x":69,"y":521,"width":796,"height":11}},{"id":"4bc5aebf-b716-425f-9a61-385d9ad0dedc","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":143,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"9dbe93a1-392a-4511-8b9c-1017c17140b8","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":143,"box":{"x":69,"y":551,"width":831,"height":11}},{"id":"ed6b01d6-1f45-4a83-b97c-e3798c3b2af8","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":143,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"3af83c40-4d9b-4b79-b836-6fac05eb14a2","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":143,"box":{"x":69,"y":582,"width":355,"height":11}},{"id":"09477d0c-2dc9-411e-a1d5-d570f70da377","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":143,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"69f0c7b3-c6f0-431d-87db-213568f15059","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":143,"box":{"x":70,"y":619,"width":838,"height":11}},{"id":"b42e2995-25b6-4927-89e8-7b4811856165","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":143,"box":{"x":69,"y":634,"width":788,"height":12}},{"id":"e31558f8-e27d-46a1-9144-42a24ee14b7d","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":143,"box":{"x":69,"y":649,"width":816,"height":12}},{"id":"73de5aae-55f1-4f7c-977c-0e04f4487688","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":143,"box":{"x":69,"y":664,"width":806,"height":12}},{"id":"ef21ff8b-822c-4033-9489-3cffc6fdf1bd","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":143,"box":{"x":68,"y":680,"width":822,"height":11}},{"id":"42b391d9-674f-4b31-bed5-8fb8e8ff6927","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":143,"box":{"x":69,"y":695,"width":766,"height":11}},{"id":"793d0e28-2cc6-4ebf-a8f3-96f8836ac9e6","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":143,"box":{"x":70,"y":710,"width":533,"height":9}},{"id":"3cfccde1-dd3c-4319-87ab-da5c9d350023","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":143,"box":{"x":102,"y":732,"width":789,"height":12}},{"id":"03128717-d7f2-47f2-9013-9185c8c1ba26","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":143,"box":{"x":70,"y":748,"width":805,"height":11}},{"id":"5a7ef001-714e-453b-b7bb-f0b42f65672c","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":143,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"e6f64e04-4e5f-4ebe-a645-f908ab4f7f69","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":143,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"65666f60-9f51-4704-841c-c944752779fd","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":143,"box":{"x":69,"y":793,"width":788,"height":11}},{"id":"7095c026-bb01-4634-ada3-14ad1a9990f2","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":143,"box":{"x":70,"y":808,"width":745,"height":11}},{"id":"79adce9f-29c5-4cdf-8120-e0971bc85dc6","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":143,"box":{"x":69,"y":823,"width":822,"height":12}},{"id":"9b5aab8a-2f38-4582-885d-3f0ad39c4eff","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":143,"box":{"x":69,"y":838,"width":801,"height":12}},{"id":"f917a70f-b385-4676-adb7-14388b7d1196","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":143,"box":{"x":70,"y":853,"width":711,"height":12}},{"id":"3d091e73-624a-46d8-adac-e07c857fb483","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":143,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"9f6aeabe-8098-4099-aac3-8f17a44199f8","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":143,"box":{"x":70,"y":891,"width":823,"height":11}},{"id":"e416dacf-9f23-479a-921e-b6a752edca10","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":143,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"f792676e-28fe-4787-aeb2-a220cc5f397c","block_type":"box","text":"II-95","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"24096e5e-714b-4658-9b3c-e0ff053eba99","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99919d77-6760-426c-aabd-ce9a56886455","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":144,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"c8efb0e2-35b7-424f-93ed-686797ee0192","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":144,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"36b978eb-b531-427e-84fe-861a537adf85","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":144,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"0e3f5f95-d055-4347-a0d8-1f5643b865ec","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":144,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"1ed3b3c7-64b6-4e17-8b9c-6b26bbbe446f","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":144,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"3a39958f-bdda-49e6-afd2-4c2034708063","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":144,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"cdf0ab55-5f06-4d7f-b3b9-b81c16f45fe8","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":144,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"b6005dc3-1381-4d06-a9d0-86b68b133179","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":144,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"96a651f4-5fa8-460b-acbb-c6853da37e6a","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":144,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"71cdfc29-d3b6-41ae-bd75-3acb645cee37","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":144,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"7e91c5af-347d-4667-95bc-d5497a4b9a8f","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":144,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"ed9b5b77-e886-44df-b8c5-cd6a3fc0f6ad","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":144,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"242c88c1-9d3e-466a-a6a8-1fbfc0cc98fc","block_type":"box","text":"selling an asset or liability at a later time or if it holds the asset or liability to maturity. While fair value determinations","page_number":144,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"11496fe2-3192-4f32-8616-8bd0d60c876f","block_type":"box","text":"will be based upon all available factors that BlackRock deems relevant at the time of the determination, and may be","page_number":144,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"38af3b0b-f16d-4d9e-a40d-4995de69a733","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":144,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"2fea3e94-abe9-45cb-a5b4-076a92e9ae8e","block_type":"box","text":"represents only a good faith approximation of the value of an asset or liability. The fair value of one or more assets or","page_number":144,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"94806af2-75c5-445f-a5f6-eb336c7a2bc9","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":144,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"9f3f640e-c769-4f6c-8755-9c2e47439e4f","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":144,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"42688076-b8ea-4521-9b99-9005988c1d18","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":144,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"fe423d54-759e-47e4-b167-8e8f0f01aa53","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":144,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"329dd810-ddb8-468f-a29e-ae3a3c1e4c0d","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":144,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"6b187214-dd7f-48c8-8160-6de5f6f5c3f6","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":144,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"07e9a707-e491-462b-bbc6-068d421b91b5","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":144,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"fcf8958a-1d91-4b3d-9918-ebbbde2b3c13","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":144,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"1f6791e1-f91c-4437-8bd1-2de373bf4521","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":144,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"da331739-1cfd-4df4-8b00-bcb958bdbdc6","block_type":"box","text":"some additional expenses.","page_number":144,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"b9238f91-b625-4440-bff5-f9edb84989e5","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":144,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"594aecf5-3851-40e8-9ac4-48b8ed73001e","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. As a result of","page_number":144,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"6c1ca84a-581f-450e-8780-72e48ba1a8a3","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":144,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"86b62c26-6bd6-474e-9eaa-50fe689b7ea9","block_type":"box","text":"employees of BlackRock that are the same, different from or made at different times than positions taken for the","page_number":144,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"c22da1f8-7552-4037-b7dc-6b8cf2f013f7","block_type":"box","text":"Fund. To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":144,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"50d86fce-b17a-444b-a03b-655374a4de92","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":144,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"ff26afdb-16c8-44b6-abac-8bb0060e4b22","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":144,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"470716df-4dbb-480f-82a8-1b23a47aa380","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":144,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"addcd238-2eb1-43b6-92e6-1c17d968d710","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":144,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"33448e55-ddc7-4a1d-b44a-64631da6de11","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":144,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"a934a739-8af1-47d6-a084-3c72b9187d62","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":144,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"d3ad262c-959c-4ecf-90a8-6bd1fddfda5c","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":144,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"cfccaf84-afbc-4844-95d3-d815131dc801","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":144,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"f486b4ca-fe86-42e6-861f-b7846cd67bbd","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":144,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"009e44bf-2991-43f8-bb54-b1884e1b24eb","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":144,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"56eef0df-e946-44a7-8d09-7d412f5de66a","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":144,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"67717b9a-d7ba-4d47-9564-984d74086680","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":144,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"6ea65049-275b-4038-a278-364ecd68464f","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":144,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"fc583503-92cb-494b-bf06-0c96a208efa4","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":144,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"36301078-a105-4b98-a9bc-3d3e347d6a44","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":144,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"6c114e3d-ccc3-4cbe-922b-314660e5bc67","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":144,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"ba6eea35-d73c-42fc-b6a4-c63c14f0fdfa","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":144,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"3a1a0993-706b-4b1b-9c78-63f9d0c7edab","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":144,"box":{"x":69,"y":801,"width":755,"height":11}},{"id":"aac476f2-6a8d-4d00-ba0b-277ecf67abb9","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":144,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"35471b03-b3e4-4a18-abe3-762e241d2f84","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":144,"box":{"x":69,"y":831,"width":806,"height":11}},{"id":"c4d49ee0-f815-4198-8c69-21c966291148","block_type":"box","text":"public information about the company (e.g., in connection with par ticipation in a creditors’ committee). Moreover,","page_number":144,"box":{"x":70,"y":846,"width":805,"height":11}},{"id":"f6360533-9be8-44c8-8655-8cab951bbbdd","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":144,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"140fbfea-3b5d-4b26-b75e-25e70ee937bc","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":144,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"11c032ad-e3d9-484b-bac1-a22fc69255e5","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":144,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"78291172-0753-41ab-a7d4-89c6a7c4c93f","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":144,"box":{"x":68,"y":906,"width":773,"height":11}},{"id":"ce6d27d4-45af-496e-8edb-ef512cc04df7","block_type":"box","text":"II-96","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f665b9b4-0abe-476c-90de-e572a3c15c97","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0872f0a9-8c05-43dd-8dbb-6fe896bd2c31","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":145,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"636df611-411e-431a-8248-2fdc19499127","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":145,"box":{"x":68,"y":60,"width":781,"height":11}},{"id":"923ddc4a-f66b-43c0-9336-3d8e6e835dd3","block_type":"box","text":"barriers), the Funds may purchase securities or instruments that are issued by such companies, are the subject of","page_number":145,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"04ad96dc-ab88-4d14-9687-2f599fcb8206","block_type":"box","text":"an advisory or risk management assignment by BlackRock, or where personnel of BlackRock are directors or officers","page_number":145,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"dc3d51ae-2dd3-4a8f-8864-c14b75f5ef36","block_type":"box","text":"of the issuer.","page_number":145,"box":{"x":69,"y":105,"width":92,"height":9}},{"id":"a150ccf5-7d62-4aa2-878a-40a256480b3a","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":145,"box":{"x":102,"y":128,"width":748,"height":11}},{"id":"e2d3eb37-f544-46b1-9f80-4a3841a4fd89","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":145,"box":{"x":69,"y":143,"width":819,"height":11}},{"id":"dd9edfbb-bace-491c-b0f6-dc19c7f7a266","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":145,"box":{"x":70,"y":158,"width":817,"height":11}},{"id":"a7bfc4f7-763d-4e6a-88c1-ef193192d15d","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":145,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"d1a1c113-665a-40d4-a921-7576222f5c7c","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":145,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"beef7be1-1ec9-4ee1-a928-548c80a55cd3","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":145,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"1255f368-334b-47ed-a22b-4af402c360a2","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":145,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"4cf2b8cd-7306-42b1-990f-a8dc90a58540","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":145,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"4e94d17f-13fb-49ac-9ff4-dabda4a34573","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":145,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"7f48dda1-5c24-41d8-a383-1cd3b574f16f","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":145,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"bbbab6e0-542a-4653-90ff-c914bfc308ae","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":145,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"6d21abb9-aeec-459e-a9d8-10c12139cdf3","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":145,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"f6d23019-8315-47e6-bde2-82c1f027f580","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":145,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"b45f17b4-07df-4ae9-8fcc-f22234a0701d","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":145,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"7d8c5abc-16bc-4a38-b6b1-2e3df39a2bbb","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":145,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"a8ff6a97-5180-492d-ab29-bfb4593719eb","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":145,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"ed4e4b0f-3bac-4bde-932d-825259f1297e","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":145,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"aabec0d6-788b-4207-9a8e-955cd9780b7c","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":145,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"0229681f-a0a6-47f9-b20a-c95f432df3fe","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":145,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"ddde82b3-e963-4691-ab89-0e9ff787bcc1","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":145,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"bd67a675-01ba-4c95-b0c7-10abeb52c97c","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":145,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"c96fc3b0-5471-46a1-bae3-a9710281b0ed","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":145,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"643e0f17-1c4b-42d8-b4ed-af63646263b5","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":145,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"f39b1d33-9634-45d1-85fe-c04e7da71608","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":145,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"27c46baa-3f90-47ee-8d3c-fe232ad9a2cc","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":145,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"807854ba-14bb-4205-aea1-0d78250ce364","block_type":"box","text":"a barrier.","page_number":145,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"55c75302-9bc1-4d8f-9f88-28aa6b77be7e","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":145,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"3322f1de-0488-4fbf-b0c3-1a4372726d25","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":145,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"70fafa0a-0955-4d55-81a4-17db4c9f6d5d","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":145,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"46b1237a-e164-4bd6-9b05-bdbda49e3701","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":145,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"cb997d95-d09e-4ba9-a293-cddf6dcaf269","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":145,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"e0bd44a6-9d4a-42cd-ac7b-71a0dd52e49f","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":145,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"57ac15f6-f209-42de-9498-2ee0965d6aab","block_type":"box","text":"that operate in cer tain industries (e.g., banking, insurance, and utilities) or in cer tain emerging or international","page_number":145,"box":{"x":68,"y":634,"width":789,"height":12}},{"id":"43bcd0c7-5b06-4e7b-9b79-45e7de5acbcc","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (e.g., with mechanisms such as poison pills","page_number":145,"box":{"x":69,"y":650,"width":831,"height":11}},{"id":"4d1d9d70-4420-4fde-9901-fabcc0bf7558","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":145,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"d02d20c3-32a0-45e7-9ae5-7751e35fc683","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":145,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"0232a6dc-c95e-4272-9d9c-d3a7053c415f","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":145,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"d2ac3ec7-a1ff-4175-bae3-ad96b5a138e9","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":145,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"ec0cf7fe-3f07-471a-81c4-c262f8f27833","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":145,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"6e0a16de-8272-49af-9dca-2a4446a3561e","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":145,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"33649c77-fc91-41a5-9c96-d4631c8435be","block_type":"box","text":"seek to make indirect investments (e.g., using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":145,"box":{"x":69,"y":755,"width":798,"height":11}},{"id":"3d9eca74-c258-4691-b891-87f5b41cabe8","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":145,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"09a2bbce-b4cd-4312-9480-c0a2be9a0915","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":145,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"4c9bd190-8f96-4a52-9a6a-5e7e1edfd199","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":145,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"66d5b978-4f6d-4820-ad14-a7b07d009a78","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":145,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"a2e173eb-806e-4c6a-b440-d8431bceffef","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":145,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"419cbfc6-7aa0-4125-b6f3-c653cb5ffff3","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":145,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"a9a3e1a4-7e2a-46d9-b6e0-dc0dad0ccac6","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":145,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"90057bf9-0f09-47c4-8233-f80f751ece86","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":145,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"9ea4a9da-0f9d-4a14-810f-29452fa71c47","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":145,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"b3c52542-c7cb-4a15-b394-ea1626624975","block_type":"box","text":"II-97","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e349d4f-410f-49e0-92ae-a4fdae2aa933","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0bf55b9b-c3fb-4b46-a0ea-36c045a36222","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":146,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"b7cff419-1248-4016-b9d5-99d21bfcc238","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":146,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"f86d619c-2521-4ae8-bb22-de47358bc440","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":146,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"87553b08-2063-4b6e-aa75-05b255506dda","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":146,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"db6c2b9e-d4ac-48ec-a74b-adfb74db6fd2","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":146,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"aad2ab2b-cf0e-4914-98bb-7051f7726fc5","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":146,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"4092e47f-0658-411c-9bda-18ca82d33e1c","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":146,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"59808176-f393-401d-a65e-1024a86d33b3","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":146,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"f04c87dc-f005-49a0-890a-1f2f38a178a5","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":146,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"7bd6dddc-bc80-4cd8-ab52-d0ede32e557c","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":146,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"37a19454-68d4-482a-9d86-fea6becbf8f0","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":146,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"ebccd1bb-7f1d-4ddd-b0a6-2dfec4145308","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":146,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"66ddefd9-2241-4bc4-a2fd-ba7b24ade4a6","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":146,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"8c177cae-dc9a-4e5b-9229-2c37101ad400","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":146,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"06f5baf8-5eff-4b65-a0ab-07110e5f1f11","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":146,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"f0fd2a22-48c0-488b-a9c6-02d5b3c071e7","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":146,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"85e94385-7329-4fc9-97b4-623df2954b49","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":146,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"90509b77-6d7a-430e-9ea4-986d36562620","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":146,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"0e933dd8-5f42-4aee-84fb-91118762eca1","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":146,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"ffe21eff-cdf7-4893-a825-20d846040f07","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":146,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"dfad9eaf-0d96-44d4-ab98-67fbd10abc63","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":146,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"0144ecf9-a6f2-4849-b7d4-805f3f02153e","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":146,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"97dea757-d118-4fa4-9861-af5da5550c62","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":146,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"59d266a2-2960-4fa9-9c69-6474ca9ab4ef","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":146,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"3757b3be-d7cc-42fd-a465-250e916c7113","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":146,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"4dff7af0-4055-4393-a6a0-cfc966f14f19","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":146,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"7b22baeb-2472-482e-a417-37b1196d8570","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":146,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"10766b01-d7d5-4081-9c8f-b87eeddf4c75","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":146,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"6dc8cac5-10c6-4943-b303-386a298dddaf","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":146,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"203ca506-072e-42e6-911a-41754ad52734","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":146,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"e9805093-40fb-4a18-a7ad-cdaadeac033f","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":146,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"733539f4-2da5-4f22-ae4d-c02907686f85","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":146,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"5ce5b2f3-e1a2-4e9b-bd3f-c58ab9193aa7","block_type":"box","text":"strategy with respect to such security or asset.","page_number":146,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"f1c0e277-86de-4613-a112-28832a6a9064","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":146,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"e6074a01-3e4b-42c4-b6b4-17e1d7b0ce51","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":146,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"a04e1017-e699-4735-b118-4d8be393f4c0","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":146,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"82e602f0-1328-4dcd-868e-d488872b91f2","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":146,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"4a0aead9-a54d-4160-ba62-3f16fd5b3cd1","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":146,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"741f0c50-aea3-42e9-9910-94e8749da4e2","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":146,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"7fc84ebc-b579-4a7d-b996-da3c5039beae","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":146,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"627b34ab-c3e2-4b01-8c6e-d5f25472fa97","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":146,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"685acee5-7014-4ef4-b06f-65ca9377c5c2","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":146,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"1e66c5c8-cd13-4d28-892c-3025c6a7bae8","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":146,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"e5d16c3c-0fa7-46dd-be8b-1fb868e213c6","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (e.g., custodians,","page_number":146,"box":{"x":102,"y":733,"width":805,"height":11}},{"id":"f28a1fba-fc36-4ac1-bd84-510ab75ef71a","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":146,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"c91e77b9-addc-45e3-bb7d-d48621ecaa75","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":146,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"aab24edf-19ad-4389-9ac8-3beafcda0c3b","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":146,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"e87aee2b-f1c9-485a-a046-68e67600f4ac","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":146,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"446b0e4c-358b-4781-9b51-0a68c5abded4","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":146,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"c329fb0c-277a-4f60-bf73-26daf71c524c","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":146,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"0f886b56-ab13-4135-876d-8c1b2edf9520","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":146,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"16ed67e5-033e-4cdf-9676-55fb6f3ef7a8","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":146,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"6cd91522-32f3-49af-9724-0cfd5c4bba3d","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":146,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"29e19a1b-6428-43be-aeb7-f287661d909b","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":146,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"a7ffbed1-cdf8-4fa7-8ada-a89a7cabcf4b","block_type":"box","text":"II-98","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27911e42-be7e-47e6-b2bf-a127e7396c34","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4048c8fc-d61c-45b1-9a03-b66025666f7c","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":147,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"cfa85f4c-d534-44ac-be13-f3541ab62db1","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":147,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"85fedb22-603d-43a5-ad15-e8b15a9901fb","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":147,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"ed127fd9-cd7a-4ffd-becf-5ae64975f593","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":147,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"a48f6ab1-ca77-4054-b62d-f5d44d1cac1a","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":147,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"48375716-c61d-4984-950f-ba69d26db937","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":147,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"05cf462b-a271-4017-80cf-164f357bbaba","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":147,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"063f7caf-b0a9-4c77-8f4e-ef7da58e9c2f","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":147,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"c12f1a81-4205-4718-8dfc-cea13c04d819","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":147,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"e94688d7-27ab-4b07-83a8-e26bea78f80d","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":147,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"a8a583ea-d02f-49bb-aade-9cfa5aaf3398","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":147,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"7915a081-349d-4464-8784-ba09e143a390","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":147,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"026644c2-c507-4f7c-baed-374e167f7125","block_type":"box","text":"provider.","page_number":147,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"c374ac56-5720-441d-a459-99cff322cb16","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":147,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"744fec13-cf4c-496e-be1b-e3ad58b6b4bb","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":147,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"b6d79f5b-5e3f-49b7-8371-c11edbfe159e","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":147,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"5678922b-0eaa-4439-88a3-27db7a5507ca","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":147,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"f9b9b8a0-96e7-46b5-83ef-b82c13622859","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":147,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"71e8ead2-2e0f-4000-8f88-34da37c708b4","block_type":"box","text":"PURCHASE OF SHARES","page_number":147,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"74689c80-4476-4788-9375-63537a6a7bc2","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":147,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"1df24091-70e2-4888-b796-9383f6fae508","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":147,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"db0ffab9-4228-4536-b86a-cedba7c92a17","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":147,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"4518f2c4-043a-44eb-bd33-259fa2e2b8c5","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":147,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"27c653d6-d3b5-4f5c-81cd-fda1680c0b01","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":147,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"760bceba-02bb-4a89-b005-3a0de90ef086","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":147,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"cdcb7ef0-d3f7-4775-9420-da355ff920db","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":147,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"a2f8e485-cf67-46ac-b76d-b2fc9656828b","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":147,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"bf2cf73b-ff83-4fe4-8549-1b2adb988d47","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":147,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"d74d6f1d-bb42-4545-ba71-f6d615faa050","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":147,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"cde1f2eb-2eee-40db-9589-4d714e9ebb9f","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":147,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"af636b8f-e939-4edd-aae1-5322b3d20667","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":147,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"481ac354-f6c2-465b-b85f-1b7cd7e579ce","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":147,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"9e152992-3122-439d-82b4-f04274eb731e","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":147,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"34d14994-99c8-4021-8ea3-067f24e02b30","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":147,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"fde2308d-4a4e-4e30-a51c-dcdbdb9f23fc","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":147,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"7bc14f54-e19e-4769-895c-a80dc2873e5f","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":147,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"7f181a31-8c50-40f6-a8b3-6443ccc7338c","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":147,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"0baf5a09-7c77-4ff6-baad-bcc4c0c1b26d","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":147,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"18913133-e49c-4343-9267-7cf6a5c3b59a","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":147,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"c458d197-64e8-4fa5-8a84-3f9e1d89b142","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":147,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"fc1f70cc-2f29-4d1d-b328-c564d1e7b71e","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":147,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"a2f7a16b-3755-4320-a03c-d62004fcbedd","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":147,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"edebdb44-c25f-415d-bbca-6532fa3679c6","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":147,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"13d7f60f-0080-438e-a729-92a25cc044e6","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":147,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"d8fe5326-185e-440f-9948-505c67ca7d69","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":147,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"5d585858-ebbe-465d-80fd-f30fdfb9f31a","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":147,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"fdb73ef8-165e-4bd1-932b-34bcf1f4b179","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":147,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"66feed2e-c673-41a0-b487-634d60cd912e","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":147,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"808be3b7-1616-4a54-af05-3ffd5c0107a7","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":147,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"2dd88c3b-b588-4f93-a449-4eb070d2f995","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":147,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"0884810c-701e-4f61-bb57-c1a905b9a38c","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":147,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"5e684313-92cd-4ddb-9768-159332632d89","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":147,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"828fa7c6-dcc8-4aa1-b461-14270b43d75b","block_type":"box","text":"investment is $25.","page_number":147,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"11ebb5f6-40ee-49ac-9510-d47814d08b0a","block_type":"box","text":"II-99","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0be3b137-75ad-46c4-960a-b381c11a29b2","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7386cc04-40eb-443d-8a4d-508ae1b6983a","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":148,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"7c69cda3-6c20-47bb-aa1f-560643da8d1d","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":148,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"19ccaf93-03fb-4cde-ade6-d1f244f88af2","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":148,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"e828b88b-73fa-415f-88d4-1b7492e37b94","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":148,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"be4cae2b-7875-43d3-a747-8ec5da6b8ff4","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":148,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"b9fac8e1-7df9-41d9-ad94-6e8cb79dd3ee","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":148,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"5dc9e5fe-bfa9-4105-925f-34cc929fdd0c","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":148,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"d6990085-36fe-4302-9349-430f92282997","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":148,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"15d9d70f-040e-43a6-8436-3ba85e396300","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":148,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"f28bf738-23ae-4195-b745-d65c65d45186","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":148,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"8b1aa5c7-4050-4340-a1f5-318d4af6e53a","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":148,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"9f89943f-f4fb-44d7-bf51-36df4fc20e19","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":148,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"4d8869ad-af2d-41ff-868c-33f1ea0b8b18","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":148,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"14b377bc-35ad-401e-b074-a3606e90eaf8","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":148,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"28bbaf41-05e1-4985-99c7-2afb49b6a0d1","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":148,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"184028c5-e3d0-477d-b79d-23f0ac8981b6","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":148,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"13f4e407-1229-4a3b-815f-2f01467c84d7","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":148,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"21801fb2-b77c-4b33-91db-0a14ce2a6f0d","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":148,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"8e4cd0f9-6419-4031-a08e-7a21f06e9ce7","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":148,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"b9c528d2-381d-4301-b902-c19c7fe8a0c1","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":148,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"9fef4232-8c30-43af-87d5-87535a56373a","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":148,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"d6a9e3f7-4dfe-49e1-be72-3d8a33d9ed41","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":148,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"f5904ae6-0d2f-4687-8dce-6e7ef56e6d2d","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":148,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"3d11b79f-a354-4b90-976f-a50a91e8ee2b","block_type":"box","text":"adviser.","page_number":148,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"703c78d3-2ebe-4d4a-8f6b-ad09fbaa37a7","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":148,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"98c11c50-3b54-4a8f-88c3-bd0851e58475","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":148,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"c28a1910-907c-4b43-8f9e-4e4782b1b69e","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":148,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"982d0d1a-c2b7-4c54-9c21-071b421d32fc","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":148,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"e8e547b1-2d3b-460b-8f73-5168f0c674b9","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":148,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"c911096e-4ac5-496f-bdbd-d64d30f11ba4","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":148,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"fe094896-466d-4cbf-a291-313891b62f9e","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":148,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"c0e6af6d-1433-4fb4-8de5-eafcfef853f8","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":148,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"10e3b613-95db-4c4d-aa07-e98d26ad8a0e","block_type":"box","text":"also be restricted from making additional investments.","page_number":148,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"975882c9-8784-4782-8f31-292e8bc22b29","block_type":"box","text":"In-Kind Purchases","page_number":148,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"3365abe8-cf81-459b-9b71-f7e343e0db59","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":148,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"6208b9d9-e846-47a6-b9ae-efc3693c1b27","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":148,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"0a99303a-8acc-4a57-8ab6-31d7882b6374","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":148,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"ae7f9c88-6a50-490e-9f42-51d13e02aaad","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":148,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"763a08bd-b391-4088-8c72-5147100a9490","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":148,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"6bee4a60-98c9-42e6-8c2a-9d4b17baed9f","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":148,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"c14cabce-35ed-47fe-992a-3f6eb4fb7b9d","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":148,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"88c55ded-b3a2-4fcd-8c39-2a977a1651e1","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":148,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"59014dd9-d2e2-4dbc-95e1-dc2ebafa67e7","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":148,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"573fa54c-47c0-472d-8d7b-b4fa45c630fb","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":148,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"2eac08c1-18bb-4a52-b2b7-30a3fdd2b9b4","block_type":"box","text":"has settled.","page_number":148,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"1cf06d79-bafb-4ac6-adfa-54cff01821ed","block_type":"box","text":"Institutional Shares","page_number":148,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"a8fb7717-e784-4630-a5b2-e290f92155f7","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":148,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"6923c7dc-0821-489a-8d7d-9f079c776aa1","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":148,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"a08e8a44-f7b9-4c5c-a027-32bee926be93","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":148,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"2dd31e0e-b305-4335-9cac-7bb2027d87d4","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":148,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"cff3a1f0-1601-4cc6-8059-63f3201fcf18","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":148,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"fba7aeb8-86b4-4bf3-b99b-09ed262565df","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":148,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"6b098d41-28dd-4343-be30-92bd9458df7d","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":148,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"f2915b3f-da0d-42e2-89cc-e31a9df3c658","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":148,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"46d2e065-da2f-49c0-9de1-0ae91296972c","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":148,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"459e7e86-92f7-4445-9f2f-3f6f787c125b","block_type":"box","text":"II-100","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"802a879d-571d-4aa7-842d-903695948f44","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9fdf3dc0-4a2a-4fa5-a800-99282c21e654","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":149,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"e85c1a9c-3f35-4cef-aa1d-f587717e7dee","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":149,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"827480df-ae20-4177-820b-2b2e3fc00535","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":149,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"53b4d6d9-9fb4-4683-8caa-dd774c6508f7","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":149,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"5a908efe-5ded-45a1-baea-f1b4548b493b","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":149,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"ae8c0005-6365-42a3-9544-f2c69ffb63e8","block_type":"box","text":"these fees and conditions.","page_number":149,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"cc75c3c4-d069-4ed2-86f9-c12ccc8d5bf0","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":149,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"cbf3959d-9180-404f-89a1-cbfafde591ac","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":149,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"94112b83-3215-40fe-afb3-1dd7ae78fb5a","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":149,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"2c9e483c-4193-4a67-bae0-974560d3210e","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":149,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"8c7126ff-eed5-4bc9-b78c-6f8ee7af33b1","block_type":"box","text":"incurred by the Fund.","page_number":149,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"04cf8e4d-e020-4e09-b3f2-30ddbcf2b65b","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":149,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"915e17ec-ef63-4db5-bbca-84d7098510e4","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":149,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"88811b6d-4792-4858-b275-18e1470b5bdd","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":149,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"20fd9ee3-dc5a-468c-84a5-5ac9225bedaa","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":149,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"64dbd4e2-9b20-42eb-b23a-e20d05b54698","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":149,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"1590fb80-a5e5-4a08-9253-643621c4608c","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":149,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"747d963d-8f4a-4252-8c7c-bb3442b11597","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":149,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"ea73d36e-2a00-4a6d-9679-b533dbe5fb64","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":149,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"713f7575-d3aa-4872-a72a-8f6b1694a0ee","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":149,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"50c5237a-36eb-44e4-a71e-e4984d0b27f2","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":149,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"ecf98842-448b-4bc4-bfd0-f1bfdbaada63","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":149,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"cdc88300-3495-43d2-a469-8d9c46823b3d","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":149,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"83ba9ffa-8fb4-493a-b669-723d4c5fd9d6","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":149,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"ce9fa5a7-f1e2-4682-b3fc-0aaaeb57be36","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":149,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"f2798e34-40e7-4e4c-9617-39a97814049a","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":149,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"b7fe770a-678a-48d3-8633-1822c7012965","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":149,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"d6ae3523-2135-4295-ae93-80ee74833b65","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":149,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"07be3160-ef6d-4bc0-96d9-9a891a3fafba","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":149,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"cdecce62-a59b-43c4-9ee2-61abd037748d","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":149,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"607f9055-93ef-458d-83ca-2a44cfe44885","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":149,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"ff6656c7-a378-4975-a244-79b8cc38bd09","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":149,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"684f2c86-f9d3-43c1-903c-3348bbe386b7","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":149,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"71a26bf4-e93b-4494-9363-e62f9383add7","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":149,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"189bf489-8f02-4166-89df-0ae93056ce1a","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":149,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"3369a274-c05e-4178-b776-0d85bff772c4","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":149,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"cbbbe295-4835-47a9-8085-55751504c51c","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":149,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"30436720-4c4e-4524-85ca-0f0f0687500a","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":149,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"68945226-645a-4c4f-b3a0-08f5a4203380","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":149,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"a7ed4e5c-46cd-4b1d-95f9-bd681b9878ff","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":149,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"b219ba04-af48-40ce-9e43-99a23a0fbc72","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":149,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"f7ada6ef-415f-4a95-90ed-57400fd32b65","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":149,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"9a6c9e1e-5177-435d-b23e-6f538dc04627","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":149,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"a2acc4d3-8c5d-4b50-ab09-8a3706f9644c","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":149,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"a7ea1672-d80c-44e0-9e11-f9e91c4977f2","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":149,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"5880d63f-df5d-4837-ac05-87c465631393","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":149,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"601175de-682a-450b-b2aa-580a4335437d","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":149,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"06d1dd56-d438-4ee6-8c5c-d8970426e31a","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":149,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"8aad38a4-2968-4355-9667-1092e8554b51","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":149,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"39b9ee38-5e5f-464c-8380-15da50f32756","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":149,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"635736d2-32bb-4906-b9aa-11f5c53da059","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":149,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"6b16c905-f3b5-4c28-bfca-ec9d094b17e6","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":149,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"ca8693d0-b7f1-4765-a284-df6fa331a242","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":149,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"0a1062aa-a7a9-4391-9e5f-f0024ae6399d","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":149,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"d94460da-a6b7-43b2-a6d8-9c7029a32f80","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":149,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"f7e83517-62ae-44b6-9f10-c20ce633077c","block_type":"box","text":"II-101","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5de33c58-8f1c-4dd0-8c94-d561ef03fe37","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f00ddf35-5832-4589-b0b2-c6654e5af15d","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":150,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"a1ead5aa-6bdb-4ae9-8a5b-f5f4a3d72605","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":150,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"54dcb743-1d52-45e0-87d3-40f3a977f7df","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":150,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"8b298abc-e5b6-4d18-b79c-7377d2d7d4b2","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":150,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"edd15761-3b86-454d-a206-3a1da9472314","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":150,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"71517ed7-2b7b-4af6-967b-a6e49d1e6a75","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":150,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"c434bee0-c118-4f48-96e0-fca30e4022b3","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":150,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"2cc354ff-1cf1-45f0-b619-89c1e3f819ff","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":150,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"5b67e766-65a6-4e3f-9986-0dee1e172df0","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":150,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"ec6f234f-a477-47ff-a123-5675715d4d07","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":150,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"5e60a97e-8144-498d-8efb-c25dc1a0870f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":150,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"ee9e988d-e93d-4b29-ac51-47e141a4d97a","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":150,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"2e887c0d-1514-4760-946f-a4a504376580","block_type":"box","text":"periods indicated.","page_number":150,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"b6b20591-784f-485b-adac-ad4c2e7bb2c2","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":150,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"75f8be13-9a92-453e-ae40-155482a2f480","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":150,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"27f97868-024a-4246-b5e9-59a39779724e","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":150,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"0993e812-f489-4b0a-8726-e24eb8c6f92a","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":150,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"96a96905-acd2-46a5-9d9a-d8565e7f5700","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":150,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"0130f0d4-f51d-4420-a864-f2ffbbbc563a","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":150,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"68162644-8de5-4c6d-bc5d-7c3c5a17ad85","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":150,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"2059522f-cebb-4b51-ba57-82333207ee9f","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":150,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"4d250f0f-49c5-4457-8597-0597b745783f","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":150,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"986746ce-36e3-4873-9ea4-d85d68c79b15","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":150,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"2367672b-1160-4f8f-87f9-f03d11b4d676","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":150,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"eb2b7c3f-1186-4a80-a653-b837bfc98fac","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":150,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"f3c80302-ee87-4a9b-9620-a762a47b9ab8","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":150,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"42991951-7b23-45c8-b53c-29be0812c0a7","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":150,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"c985fcc1-728a-4d18-b32d-6151b22f930e","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":150,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"bb85d70e-19e5-404c-a483-96be521d4cc0","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":150,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"42d44366-a1d0-4f7c-b21a-66ec32cad5b7","block_type":"box","text":"Reduced Initial Sales Charges","page_number":150,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"f34a2d2e-beb1-478e-8b23-4b122cc64fdc","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":150,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"86d18a03-ceaa-49cf-9809-bb87a28e65e4","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":150,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"4054d15f-57f9-4f8b-b066-1bf964ad5c64","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":150,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"ea415c7d-443f-46e9-a09d-f9fe22758fa7","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":150,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"b3992f7a-7558-43fd-9393-1e328381bdeb","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":150,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"bdeed1fb-9c99-4ff6-9a49-e27fc116618a","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":150,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"d6565c25-2a52-4e99-ad9d-92b2f3cc8cec","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":150,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"504da49f-6cd2-4a39-b857-4b63e05c1cbc","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":150,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"d6c5bd4c-41fd-4744-8fa8-6d2a39889f6c","block_type":"box","text":"Reinvested Dividends.","page_number":150,"box":{"x":102,"y":702,"width":160,"height":9}},{"id":"db33eaae-6394-4df8-852d-2f38486d7ba8","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":150,"box":{"x":268,"y":702,"width":566,"height":12}},{"id":"8658e194-ca46-4404-b147-190428cebece","block_type":"box","text":"reinvestment of dividends.","page_number":150,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"20608049-4ecb-4c33-8be9-d05624193159","block_type":"box","text":"Right of Accumulation.","page_number":150,"box":{"x":102,"y":740,"width":166,"height":11}},{"id":"ae9db1b6-4647-4fca-9f9b-b96ffbab029d","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":150,"box":{"x":275,"y":740,"width":574,"height":11}},{"id":"7cad061f-96c5-434b-9675-88fed299e9b5","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":150,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"e55c9dc8-acd6-4049-b734-b22cbeabdeaa","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":150,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"a50c00a4-d042-4e5d-a1bc-e6009cc2bece","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":150,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"e6e37f12-1430-4bb2-ba9c-951117eae2d0","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":150,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"5a2f8b77-8cd7-487d-9a46-3ab81960b1ea","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":150,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"38bfe7a1-a176-4668-8257-abf8436b1925","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":150,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"d04b61c3-c0b3-4d8e-8f0b-51a88eccbe34","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":150,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"89214570-6f5b-454a-9d09-08ead9a09b84","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":150,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"2c65ee7d-66b5-4851-99b4-cae966933e01","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":150,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"86d111e3-a34d-4346-8683-27ec0a316492","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":150,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"6a7dc629-3d5a-4814-80ab-b3ee164e7ff4","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":150,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"56099731-d633-474d-b7c2-e96a9227adfe","block_type":"box","text":"II-102","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b9b01550-912a-4855-9c0c-c22f2dd7fa51","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51a64991-e5e5-4110-96db-a8f387abb528","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":151,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"7f38b379-bf57-4036-8ba4-6f1f8c29c99d","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":151,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"9bd31677-279d-4cf9-94a5-55765b6329e0","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":151,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"7050529b-e642-41aa-827a-58f698cdb067","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":151,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"1ad02fcf-f8c4-4417-8831-f43abdb2f830","block_type":"box","text":"Letter of Intent.","page_number":151,"box":{"x":102,"y":113,"width":114,"height":9}},{"id":"3e737113-e9ea-4c2f-bfcd-3d150e6e9550","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":151,"box":{"x":222,"y":113,"width":680,"height":11}},{"id":"9f01d263-850d-45fd-bff5-113c321fb7d5","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":151,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"ecbdc64d-fd05-4e64-84a9-6676748f6800","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":151,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"41e0f3f2-6cf9-4c40-836d-0ef409e38e47","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":151,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"efd9e750-6490-4f21-b85e-442e6e87b8d6","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":151,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"b5478bf0-2940-49b9-9334-ab3ecdcdd631","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":151,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"6601d5dc-49b7-4c59-b19e-5c6210794b3b","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":151,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"2dbca54f-2ac2-45ef-a7dc-da3fbb07dc7e","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":151,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"28522a10-43cc-42ac-b011-ae16a6b5a199","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":151,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"f512b1be-7b40-4858-a1c5-28985ab05cf5","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":151,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"ce0371a9-c4c5-4c74-b180-e59efc54aeb4","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":151,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"53c97f88-2b6c-4cd6-b74f-e1d6d5f085cb","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":151,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"678dc410-de71-4ddc-adb4-f051eb64df8c","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":151,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"3c59c296-2c15-417e-9fc1-34da75395d37","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":151,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"48ad4449-e03d-47a7-b490-515b230472bf","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":151,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"57d69946-8cb2-485a-b879-6682f931bd90","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":151,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"1c0d85e0-166f-4315-b229-56a828074bb6","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":151,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"77038eb0-b80b-48c2-989c-236ca9ebb42c","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":151,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"4398d5fa-4d7d-4397-9ab1-5093441574dd","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":151,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"ecfc4839-df56-41b2-ac03-fd2e355eed46","block_type":"box","text":"Placement Fees.","page_number":151,"box":{"x":102,"y":408,"width":120,"height":8}},{"id":"6d778829-0620-424b-8a49-c90bb1b87176","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":151,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"a6b6f63c-9950-4a77-899b-19e17251e7fe","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":151,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"61997440-36cc-4ca0-bf4e-0f64ecb0a3de","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":151,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"382b101c-7d85-46a3-92b1-3d17c33d579c","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"34c13c7b-04ed-4488-a28c-d01c689156d3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":151,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"022e7a0f-27bd-447b-b7f4-23523652c893","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"e4823f31-2dd4-4842-95af-90f9f9f33a89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"852fe90d-664e-47d1-9e46-848e1e58304b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"a3cf888a-bb9c-462b-8ea4-f5e728ebfbcc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"8703c41c-3ae8-47f6-a0d2-1eb04ca0fdb3","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":151,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"3ca96988-1126-46f0-a99d-6683c21f1f14","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":151,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"e8126de3-d0a8-49ea-9edb-6b98a52c245b","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":151,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"e89871e1-9b82-4f52-bd3d-013289cfb120","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":151,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"00857c57-a4fb-4d60-8d79-f8e5cb592aa6","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"ba3ff9d5-d9b9-4137-9a5a-ea3eb090153e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":151,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"f1313439-cd0f-4428-9827-3c7a0c7cae32","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"a515a441-c829-4188-ba99-4436fe416f84","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"92475fa9-96d2-42a1-88d3-606806ddc05d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"2bdf0892-1dcc-422b-ac85-1ca1039b96de","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"0f0a76e5-7d26-40bc-9b6e-1589de4cd4cc","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":151,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"d112b328-69a3-4b52-87d3-4f5fb8276b95","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":151,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"04b2a748-186e-4ebb-a817-20b3cbe8262b","block_type":"box","text":"SM","page_number":151,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"785daa4d-851d-4627-92d8-d3fe0f6cd16d","block_type":"box","text":",","page_number":151,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"bbc67323-28c9-4368-a45a-17d733a810a7","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":151,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"3faaee44-88a8-4686-b27c-30f656bb65e1","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":151,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"2b84ad38-8bea-416a-9896-7f844d366f38","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"8d89da81-dbed-44b1-9552-898c7b104532","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"3b8b1383-ae8a-41d8-b9b4-b45980cbb438","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":151,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"1d6a334a-eae0-4bf6-93f9-9b1374a57b11","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"e5acc718-cb31-4405-8b9f-4d19a5088ed3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"2bc15c3e-13a8-4729-b0d8-071d59e2bd37","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"d842c9b3-d2cf-4a30-9d1b-efb3ecc2c813","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"eb1ac9e7-9765-4551-8aaa-8f278091a9ed","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":151,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"4cb05594-ab36-4f12-89e4-14fc217a151e","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":151,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"b60c87d6-de15-4f24-95e7-f1ef6699817f","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"2f767cdc-0554-4299-8ee0-6d7d6f41a19e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":151,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"1192bba4-ae27-4ffb-bb5b-1db600bf4a2d","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"6bb87ec7-533f-45ee-bc44-d3f246787af1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":151,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"bd7ccc9e-da1d-405b-877b-9092a0d988ea","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":151,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"c7743c13-b3a4-4df2-a427-d91bffdbec52","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":151,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"637e22ea-d39c-4fcf-a137-4dcba3882fb0","block_type":"box","text":"II-103","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9d8ab2ee-fe58-451c-9e92-752e72383917","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c84398a0-cba2-4d21-a3d7-4b011f8dfe77","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":152,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"0df5bca4-1f00-4912-8026-eec6b93826ae","block_type":"box","text":"may be up to the following amounts:","page_number":152,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"c875ac37-2b38-4221-8f0c-2b317bb9cc57","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"056e21b0-0229-43fa-8b3f-44d664d5aa0d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"3e722caa-ae7d-4900-bb68-c198b08fb91f","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"945e9b69-b196-4ab0-b3ce-74612e877ee6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"17329f53-a64e-41de-8055-dcce6cf71de4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"e02161e7-607b-4785-aae0-2070e68a9b28","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"55af10fe-865c-47fc-8913-2b224b94e8a4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":152,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"ba037167-37f1-420a-8318-b366a005f884","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"04bc324b-8248-4085-be7e-bc4ff28e8090","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"d464bbd8-2d62-4bb1-b138-97bed2767476","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"9855d6ec-8857-4f42-942a-798d424e53ce","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"2539c436-72aa-44e2-9ba1-c6cbd4d830e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":152,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"94d4b380-6432-406f-867d-3287fc19364b","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"11428889-6c59-4882-8f29-6bb42ab9eb2d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":152,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"5361e958-9fc2-403f-acda-1ea4b907a02b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":152,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"9d5c1402-3596-4d52-857e-db8fe2d84cb6","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":152,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"1b91d3f3-ce1f-4273-9644-02bf1359d114","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"19cb4e50-51de-4f46-95ed-287ac5eb384d","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"68f6ee92-bd2a-4895-9537-982efdff2c58","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":152,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"812d9936-39cd-46f5-a093-896090e6a4ea","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"5dbd81ca-e3c5-4f25-9c56-c3116bff11d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"67753f9a-6537-413e-af10-4bdf80a01e5d","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"70d08982-dc30-4fa1-bddb-44bbabb05136","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"b4c414a0-5d37-4bf6-9acc-d09818cace92","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":152,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"1c40c2bc-d5af-4c5a-867a-b4f4cb95a258","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"55b26496-7cfc-423a-942a-857ff15fd0fc","block_type":"box","text":"$250,000 and above . . . .","page_number":152,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"7db83c2f-f9e8-412f-8fa3-74a4228673d1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"9811f44c-aa49-4304-ae8c-dc2e3f0a3d81","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":152,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"9a64025f-8af0-46c2-99fa-e386a5509339","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":152,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"c70408d5-f203-4a72-9525-f7b0739ae112","block_type":"box","text":"the following amounts:","page_number":152,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"a0eed0de-dc3e-49dc-93f5-e488eae230ab","block_type":"box","text":"$100,000 and above . . . .","page_number":152,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"55cc7d75-824d-456c-adcf-f7fde8001771","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"145cd1eb-6e75-46be-a89d-e1b05dd790ab","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":152,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"43d00a68-4a9a-4ea2-a7bd-122ffa1daa9e","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"0a1e4675-5e91-4584-a93d-a0db7f82d7cc","block_type":"box","text":"$250,000 and above . . . .","page_number":152,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"4a91a60b-ca77-4097-846c-d49124e77ee2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"0c486d78-d829-4d99-bbb2-023dcba99f45","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":152,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"6e0b87a3-a566-4204-9b8f-7685b2e1ea07","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":152,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"c44bfb69-e752-45a0-bbed-02645afc0df9","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":152,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"f38497e2-0224-4bc0-8236-6091f86cb4ad","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":152,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"e1e9128d-5822-4acb-86f7-6d61dc78a60c","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"4e0abf6b-802c-48cc-bbb8-2259c8df39c7","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"4b993cfa-2477-4cb7-ade5-bb0d5e1b7134","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":152,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"14739d69-ab16-4ff0-8530-92155fa1faab","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"952e741d-ea91-44b0-89bf-d9822f669ade","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"b541f762-5649-4a40-b027-9ce1e9c2abcc","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"d95bd5a5-bb2c-40b6-901d-6787a89960bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"e7a577d8-72a1-476e-9fc4-052371135587","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":152,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"1cdf7754-ddf0-4170-940c-28e52d848a56","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":152,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"ad5b4c52-4a72-436f-9076-cd1368e699c0","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":152,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"1b098851-2c54-4723-9536-7609f4b3da37","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":152,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"9f405fa0-bd2b-48a6-b8ca-e30ce63db291","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"8843d815-b809-4250-a3da-16458994588d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":152,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"156cd4e5-655e-44fe-baf0-e5edc60f17d2","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"345aa384-3782-4852-877e-ef99700d65d7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"a6f5aa96-beae-44c6-83f8-e4d870743fe4","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"8ad38f72-da84-4bca-ace4-10bf6b7b2e37","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"e31fc22e-4e07-46ae-8ebf-1a1fdb0df290","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":152,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"dbb0e34a-cb72-42f6-af85-9f2708689382","block_type":"box","text":"®","page_number":152,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"c2fa523a-0e4c-4060-9ad7-3a1beb3a7afa","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":152,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"968fb8d0-e7f6-4581-9449-ef29b33b0678","block_type":"box","text":"®","page_number":152,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"f0da7f10-3870-4cdc-b9dc-79ef1502d99a","block_type":"box","text":"Index 2035","page_number":152,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"bf8b8e1e-0389-4461-8b8c-5b38ff268937","block_type":"box","text":"Fund, BlackRock LifePath","page_number":152,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"e3c43e3f-cc63-471b-bfd4-a136dfb8217a","block_type":"box","text":"®","page_number":152,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"bccc7013-e85d-474a-b3b0-9d77a566da6c","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":152,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"31742684-ad19-4e22-b920-ed5848f738ea","block_type":"box","text":"®","page_number":152,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"2b7e720d-3a24-4f73-871e-72568d94b78e","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":152,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"f05741ea-89c8-4469-8d44-8305654ee439","block_type":"box","text":"®","page_number":152,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"6954464b-f772-40e0-8535-fba24049c69a","block_type":"box","text":"Index 2050","page_number":152,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"f5a2b126-4eff-4feb-a95f-cabfe20897a2","block_type":"box","text":"Fund, BlackRock LifePath","page_number":152,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"6230348c-3ec5-423d-82a3-ec36dec49bfc","block_type":"box","text":"®","page_number":152,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"82edd1cd-a8e6-4225-a2b8-a9d25cecbb0c","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":152,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"877bfb54-ae62-495b-aef3-656ac16f2550","block_type":"box","text":"®","page_number":152,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"545a9782-8a33-4ab0-a42c-3980e58a6e1d","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":152,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"6a997fa9-4b2b-456a-a4d4-a7f6c3292aea","block_type":"box","text":"®","page_number":152,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"1df69245-8010-441e-91f3-73d07c47f81b","block_type":"box","text":"Index 2065","page_number":152,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"8572ccb5-1e6c-4016-95bc-859bd11e77db","block_type":"box","text":"II-104","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"366de2c0-4445-45e4-a01c-37b274f489cb","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bbce53c-3716-40e3-8dee-eb1b73c3c73b","block_type":"box","text":"Fund, BlackRock LifePath","page_number":153,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"100c4a14-cd8f-419f-abab-78c9fe2c5c13","block_type":"box","text":"®","page_number":153,"box":{"x":249,"y":45,"width":6,"height":4}},{"id":"4f2b0d2a-7cb7-4d1a-a044-d512c5a58e06","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":153,"box":{"x":261,"y":45,"width":291,"height":9}},{"id":"927d31f8-d941-4401-a8b8-11986f6b84d6","block_type":"box","text":"®","page_number":153,"box":{"x":553,"y":45,"width":6,"height":4}},{"id":"bb52b4ae-5669-4c55-b83b-e946e7cfc0a5","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":153,"box":{"x":566,"y":45,"width":324,"height":10}},{"id":"5dd3a785-fcc3-4e19-9202-9ac76f4362bc","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":153,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"22c23599-d72e-41b0-95e9-3dc4ac9c7cab","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":153,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"7fab3645-f5c3-4dbd-a28f-9740dabad5bd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":153,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"fcce1445-6907-4c27-b492-31dd24bdd93e","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":153,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"7c9e3642-ac5c-4e58-a3d2-6ab8891d6712","block_type":"box","text":"SM","page_number":153,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"3eacc1f8-e2c2-428a-9934-eb89e94234aa","block_type":"box","text":", the placement","page_number":153,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"f2e6b27a-e000-4387-b7c2-7c02ffd43c0d","block_type":"box","text":"fees may be up to the following amounts:","page_number":153,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"052035c0-9dfa-44dc-bf30-645f372682c9","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":153,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"283b2b83-c534-48bb-9afb-cfb889be9a2c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":153,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"bb34e657-76ff-4208-824f-6af037a850b7","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":153,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"23b2e2b1-88ed-4448-9cb4-2119c3db8b08","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":153,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"ab7a40e9-a24a-4c2b-a945-443f40cda7d0","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":153,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"17364688-9025-4ff2-992d-14128c6f5dcb","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":153,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"99244fc2-1a84-431f-91c3-ae843bf6cdb7","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":153,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"845b873e-aeb1-4aab-b1d9-73d3904ced85","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":153,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"a83e2b54-55b6-44de-9fc2-2d73480ccbf1","block_type":"box","text":"$1 million).","page_number":153,"box":{"x":69,"y":276,"width":79,"height":11}},{"id":"62068299-947b-48c4-9465-2243af9e51c5","block_type":"box","text":"Other.","page_number":153,"box":{"x":102,"y":299,"width":42,"height":9}},{"id":"c35bd7a5-439c-4c3d-a279-2601d434d6e8","block_type":"box","text":"The following persons may also buy Investor A or Investor P Shares without paying a sales charge:","page_number":153,"box":{"x":149,"y":299,"width":699,"height":11}},{"id":"7a78dffc-2468-4c57-a260-78941efc058d","block_type":"box","text":"(a) cer tain employer-sponsored retirement plans (for purposes of this waiver, employer-sponsored retirement plans do","page_number":153,"box":{"x":69,"y":314,"width":839,"height":11}},{"id":"00aa518f-23a6-42ca-89c4-d2f74a1cb657","block_type":"box","text":"not include SEP IRAs, SIMPLE IRAs or SARSEPs); (b) rollovers of current investments through cer tain employer","page_number":153,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"03af08d9-0bf5-492e-9b93-14ac26f395ea","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":153,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"d7212a4e-810b-45eb-b1bf-98bb5ab45cc0","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":153,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"4b185d8b-9b64-46df-9db0-890a4100102d","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":153,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"81f1a4a3-9153-4a6f-9fd5-33454d2dfb43","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":153,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"353407a3-d021-4250-beac-f986a057e7ce","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":153,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"205f9bab-06bb-442a-bfb1-58ec1c054810","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":153,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"f3af40f1-4993-40a1-b190-a314dd2be017","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":153,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"9a185507-b598-4c87-9b65-c0773bf0fe3f","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":153,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"148accb5-8fc6-4488-9b5a-4bd644630e70","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":153,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"3325a92e-f02d-4832-a400-2ef6ed82edb5","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":153,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"c0125d7a-9bac-4678-8944-8bd6de76e9c4","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":153,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"2460a419-e551-41f4-8c66-f04f34d7cf4c","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":153,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"ee050bf8-92ec-4758-b690-dc25b2320695","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":153,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"64ea0a95-d471-40f2-9614-7d0e5ecb1034","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":153,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"686dd849-888c-41d8-bdf6-5aa9cd5f8291","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":153,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"6b8c3c84-c341-407d-b389-bb5fdfe419da","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":153,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"9aefe3e2-f719-4c06-98c3-302327960a96","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":153,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"4ccda121-0e94-41fc-9e18-757e56ededc9","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":153,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"c88430e1-62ea-4c3e-84cc-1bcfa30e8f79","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":153,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"1e48a337-2018-4363-8a1b-a98426e0224a","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":153,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"14e3e30c-626f-44d5-8530-ad6db686fd5a","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":153,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"54af95c1-866e-41f7-8f05-7ad1aaae92c7","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":153,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"ce1b71e4-46f9-44aa-a4ad-366444b04d6a","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":153,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"7946a410-1d16-426d-b9ba-41e53ef1cf90","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":153,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"d1a79c28-d2f8-4f7a-b793-453dfcac48e4","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":153,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"51bfdf33-2feb-4c01-9a2a-0ea3fbf03c38","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":153,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"89f50aa3-bc67-491f-b92b-0d40fe8a61a1","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":153,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"33f2e0af-86fd-4554-86e4-8e528093a603","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":153,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"00544e4a-2cdc-46ae-a6b3-7f501950aa61","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":153,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"68946342-8ea3-44a3-8f22-bdfd2f4ebde7","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":153,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"0dbfdc0a-23c5-4f3a-a187-c9fed648a10a","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":153,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"702e10ba-0ca8-4148-bf92-866b9e4374ac","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":153,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"5c724475-3adf-492f-aa3a-e2a1464a3682","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":153,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"a7af08cc-57ca-4134-8da6-720877854df3","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":153,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"b12b5a08-f703-4010-834e-adc0655cd2e1","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":153,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"6744050d-bc66-4eb5-94e7-df5adedf4250","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":153,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"969c0318-2529-4887-8929-fd21101cd8bd","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":153,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"ca2ff33f-c32a-4812-b321-e2a82aa70825","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":153,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"affa51dd-c74c-4d34-bc44-28cc0e5f2f2d","block_type":"box","text":"II-105","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c497a87c-ae09-441a-afbd-d082b51c05d8","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d8a95a8-4147-44aa-a632-59f8ecd99447","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":154,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"48ce6be0-181f-4f99-8e0a-609cb1d5c2f5","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":154,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"672519f6-f414-45dd-89b1-37d0eb8c9b4b","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":154,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"1dc4702b-e5a5-4aef-8c62-ba75898128fc","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":154,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"a7b78a79-096c-4d99-8805-a0cc31d4886e","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":154,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"458a1903-7371-4358-9d0f-53d811fd80e0","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":154,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"b32dbbc2-3cc9-4e8d-a3f1-f96dab952214","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":154,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"89c05f32-a841-4052-8ab0-ba3c4a313272","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":154,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"ab763321-362d-4f66-831c-ab61e300658e","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":154,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"f3fbf8a9-e25e-410e-af82-c51e0cdb210e","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":154,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"353af389-49bc-409e-be5c-61434751f74e","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":154,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"7417b51d-5ac3-4ee5-8314-b76372e365b5","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":154,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"c9755c26-609e-40aa-8198-72c5572e8fb9","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":154,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"2f40908a-1a85-4fac-bc52-6da1422be49b","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":154,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"d7d8ed78-a843-4edc-bd32-ea9f4b2daeb0","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":154,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"9449b1b6-2ff9-404f-921a-53f68e0c6767","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":154,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"ac72a270-8733-4d42-a5a2-c0cf63ba0bc4","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":154,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"9003ab3d-3994-4952-be5c-39e30f8f8051","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":154,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"133e327f-7cdb-411e-8d2c-9ef4160021b0","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":154,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"12cd7df7-4efc-400e-911e-03146054a58b","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":154,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"8556ab0b-dcbe-4b49-9bb5-4570c40191e0","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":154,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"9c172664-97d3-4384-9599-434d016dcd32","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":154,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"dcbfa60e-eaf9-4f69-a5c7-e2d3efdbf783","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":154,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"d4aa85ae-18bb-41f7-81a0-8b22e890a030","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":154,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"df1eacd1-e770-43a6-8d94-32cb0d3fd17a","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":154,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"d5aee671-c04d-4b36-8e8c-cc9815d92a69","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":154,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"a9b829f0-24d6-4fe1-b5ac-477ad1c36543","block_type":"box","text":"the absolute discretion of a Fund.","page_number":154,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"be82a40e-a9c5-4cb4-a230-d4e09ff35664","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":154,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"c2989576-81cf-49db-ad59-04f1f1170597","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":154,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"548f7416-d2a6-48c7-9a81-990e5b925a0e","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":154,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"a8f9e43e-a98c-4c8a-ba7a-e7fe2f82ae5c","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":154,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"8b5af07a-ffec-40b4-8a0f-3814eacdcae3","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":154,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"33d57850-e1e0-486c-a8ff-e28df93ac197","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":154,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"335aeeb8-3033-49e4-9123-9c3778e9de02","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":154,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"3d9f6d9c-43ee-4fa2-8167-024d207bd38d","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":154,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"5a0ad6c0-c0bb-410c-8d83-bd9dda6bbfff","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":154,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"258cf58d-064e-40de-a5a7-40f91a51bc5e","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":154,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"7ecca50f-dbb6-42c4-ae6d-b99a77f2585b","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":154,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"02537a77-39b2-4d8f-8bcd-3d5356c6d17a","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":154,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"9af7bae3-9ce8-4a73-9258-2388c75aa3f3","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":154,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"868410d1-239a-44f4-b3bc-e1e813747d59","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":154,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"6b96635d-e817-48d5-bc4d-76c56fcb4f5c","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":154,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"6c70cc1e-3ec1-4d8e-a024-7d95e3a80a31","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":154,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"dd66c19f-576a-4c2f-be1d-c71c1a102eba","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":154,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"0f289b77-0bbe-422c-88d6-24f0922dadb5","block_type":"box","text":"Acquisition of Certain Investment Companies.","page_number":154,"box":{"x":101,"y":748,"width":335,"height":11}},{"id":"aa0060f4-ba21-4719-8104-685c49f81ade","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":154,"box":{"x":443,"y":748,"width":413,"height":11}},{"id":"3a1366f5-38b1-44d8-b7cd-647b5a73bbee","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":154,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"78e162a1-94d6-4ac8-aef0-2c44af5ac45b","block_type":"box","text":"public or private investment company.","page_number":154,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"8b370440-9414-4317-b70e-a7bd4e68597d","block_type":"box","text":"Purchases Through Certain Financial Intermediaries","page_number":154,"box":{"x":102,"y":801,"width":379,"height":11}},{"id":"76ed3186-f920-46e0-9180-0a3ef1bc290f","block_type":"box","text":".","page_number":154,"box":{"x":482,"y":808,"width":2,"height":1}},{"id":"2a9f0ba2-e31c-4f42-8017-3a06a5958023","block_type":"box","text":"Reduced sales charges may be applicable for purchases","page_number":154,"box":{"x":491,"y":801,"width":402,"height":11}},{"id":"66f6dc23-f0dc-4991-b240-f1013609f7fe","block_type":"box","text":"of Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities","page_number":154,"box":{"x":69,"y":816,"width":787,"height":11}},{"id":"70aaa111-ec0e-4b89-bcd3-73481e0ef49d","block_type":"box","text":"dealers and other financial intermediaries that meet and adhere to standards established by the Manager from time","page_number":154,"box":{"x":69,"y":831,"width":828,"height":11}},{"id":"d46f98c3-2bf6-49d6-b155-b4ff00b42f34","block_type":"box","text":"to time.","page_number":154,"box":{"x":68,"y":846,"width":54,"height":9}},{"id":"00c7e703-11e3-492d-9dde-08f1944efd18","block_type":"box","text":"II-106","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"22333471-22dd-4588-be62-5e47ba89e4fc","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ac948c3-2b66-4f59-9059-d189bd8102f4","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":155,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"58377284-512a-4323-b189-63e320d1ae33","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":155,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"c5ecc21b-c92c-4716-98d2-e304c2ed2861","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":155,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"cac3cef5-d956-42e2-8d26-5504a4d818bb","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":155,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"cf3a303c-1510-4b41-bd27-492e0e9debc5","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":155,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"1be8279f-39ea-444d-bb46-fc9307d82120","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":155,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"6f1e12f1-763d-4390-ae95-68f46792253a","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":155,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"c62b0d0e-832c-4367-a3ab-816bafe709fb","block_type":"box","text":"intermediary associated with the account.","page_number":155,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"18488682-19e7-4a57-9369-9ccf46dd33d6","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":155,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"27841bb6-c2c9-41c7-a94a-b5e8297f8fd2","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":155,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"3b1df511-d596-45ea-81d7-15833835fbea","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":155,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"cf6660d0-508f-4459-8b1a-c8c901153c4c","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":155,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"f5f20b2a-464a-4169-aa31-1c4c7ac90b2b","block_type":"box","text":"CDSC shares.","page_number":155,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"025ea7af-7116-421e-b847-2d579d9e0c5a","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":155,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"798c23ae-5eca-4241-a76f-d327898746a9","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":155,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"c9db0037-db5c-419f-8b40-7fdad5b63225","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":155,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"ce9bb967-9805-4dcf-bbbf-95236cef6bb6","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":155,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"22110133-e7e7-40fc-bfaa-e117696f63d3","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":155,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"aa806237-4720-4072-a4b6-60dec8835082","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":155,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"2b147e65-b377-453d-bd05-729720f2efec","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":155,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"dfa5aff0-4f4a-4e48-b924-74baf825b68d","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":155,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"cfd6d049-63f3-428c-8ddc-9a3add3a0961","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":155,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"c9cce674-de12-4ded-8b9a-5a8701eb2e61","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":155,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"ae56b57c-80c5-4ebb-b86e-371f9d8c084b","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":155,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"2946468a-9701-43c3-9594-3bddf977ad8a","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":155,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"cc69da50-c7de-4a7c-93d8-3cfb0cb2142a","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":155,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"c45f371a-9eca-4863-a8ed-a989f6b9335d","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":155,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"c9924b45-cbb4-4482-82c1-66dadf64e433","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":155,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"6032f26e-70ce-402d-ae9f-3ba7a81815b4","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":155,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"739a8f8a-6c00-4ce8-afbe-c1a55b39f194","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":155,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"afbe60e8-b5a1-47d3-b2d5-6e4a87cddd98","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":155,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"5003ac0e-58e9-4782-955a-4ca295daac49","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":155,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"e13ce644-4c00-4767-a8b3-cfddb8528308","block_type":"box","text":"Investor A Shares.","page_number":155,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"02314957-fd4a-4cf0-bdc8-6d2c53c2e81b","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":155,"box":{"x":102,"y":604,"width":388,"height":9}},{"id":"f3cccec4-bdeb-4766-bb2b-938068df15ca","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":155,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"4f35c948-da30-4d30-8a92-3d1241728881","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":155,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"cd2fdf09-b085-4880-8f9d-943c0b5ad976","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":155,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"75334ce8-443f-4a51-92af-bf9d122e1797","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":155,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"18f8bca0-dc76-4591-bf4d-e2f3acec1508","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":155,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"57ce9f3d-8a91-4a1d-bb15-d4c22c0ae742","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":155,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"22242445-6547-47e3-b855-ded2361c8ba7","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":155,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"f8c5fb8f-3c88-440a-b8ac-71d1b496815c","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":155,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"9fe1eba4-cb0b-47f8-a983-65e28d7c8766","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":155,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"75bdc681-985a-4468-b064-07c1701067ea","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":155,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"e459beb3-6712-47f4-8b67-c5b1039ba369","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":155,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"23a480a6-9983-400d-bee2-341e4c146918","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":155,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"516cf85a-8ddd-4a48-b35b-60b2c5ce56b1","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":155,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"1960b052-95c2-4387-aa66-3105d2d36757","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":155,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"1bbb7c4f-e59f-46ef-ba63-a71f9b9f072a","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":155,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"a5d777f4-1ad7-408c-9160-14411c8460b3","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":155,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"e8ece80e-a806-4538-8484-91babe42b31e","block_type":"box","text":"“Investor C Conversions”).","page_number":155,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"9d17a05a-78ce-40f0-8d38-2686a8e31b49","block_type":"box","text":"II-107","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"36ec2923-5c33-47b2-a498-2f35099da24d","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"273f2f63-7990-4db4-96d4-7e3ad6741580","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":156,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"71125527-6ed9-418a-a595-df8f4f849f9e","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":156,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"1e4bcedc-21c5-4106-a8d3-4aee9067f04d","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":156,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"a4ec4eff-aa38-4308-9d05-a2c2b343995d","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":156,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"d84df2c9-59e0-4047-865a-0c34149f1875","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":156,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"6757f19b-4140-4cba-ab29-be09a78f0712","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":156,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"c738e694-d4c8-4eb1-923f-9792c1d8efcd","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":156,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"046659d6-d314-40f3-ba6a-9d67a95c01da","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":156,"box":{"x":102,"y":158,"width":405,"height":11}},{"id":"5853408f-ae33-4faf-83d4-d6d0d79e1e6a","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":156,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"a2184f86-e39e-42a7-80ad-6e0c6569bbb6","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":156,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"a221d2dd-da11-4ecb-a1cc-662513946060","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":156,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"9f8f60ff-a0ce-437a-9b65-3cefaf01efe7","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":156,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"6cc46de6-98f8-4572-b4b4-918f4792882c","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":156,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"a20419c3-5ca6-4d43-9cf9-4a0ab1ea59ca","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":156,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"3523b513-c383-407c-b180-84773a210320","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":156,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"d26ea7e3-09c8-49b5-a2db-3f7bb58bba41","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":156,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"f4dfc1fb-7b9e-4f82-add3-8e4cf307c024","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":156,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"10e4c6b9-bcc6-47ff-aed4-932196399e1b","block_type":"box","text":"redemption.","page_number":156,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"44e52f0d-15e9-44e9-9b24-c602e3c9bdc5","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":156,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"81ec19b5-62c8-4d99-99d4-bca997841c2c","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":156,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"c85b28c2-f647-4632-a39d-1f6b09f6e9c0","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":156,"box":{"x":102,"y":377,"width":586,"height":11}},{"id":"565d80d7-f354-4810-baf4-e6aa9c1c2b9f","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":156,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"1545e0ab-1a58-452d-9e60-81fceae6148f","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":156,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"04e23902-fee5-4346-b8cd-79132f83290c","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":156,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"d4250b78-5055-42fb-b188-34b88bfde9e6","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":156,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"63e77a17-94ce-4be3-a327-58001096e138","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":156,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"c997404e-4f1d-4e64-8c50-93b7e255a905","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":156,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"ecec6fc7-a005-4993-bcd6-012a5d4208a4","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":156,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"3bbcfdd5-7653-446b-8c2e-c99b5e8984e9","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":156,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"86460dcd-1014-4f63-b4f4-9405f2e415a4","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":156,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"bae48607-642c-4383-a851-c434fe6a4f9e","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":156,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"6afebd82-0089-443e-b75a-0b1c22455d1b","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":156,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"c02bcc4d-7f81-47ec-ac32-881db8fdcc3b","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":156,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"a132e1a9-7d52-46f8-8d5d-c10322a59cea","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":156,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"44268548-4828-418f-b2a7-fd412c0cc052","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":156,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"4ba54216-5976-4f49-a2bb-4d883d0acee1","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":156,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"7e52af5d-1c16-42d1-8718-a051ab1203c0","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":156,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"b22e70b7-9ce4-480f-b2cc-eb64d6bbe5aa","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":156,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"a812e271-0b7d-46f8-ac30-ae8ceb6a090d","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":156,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"929e43e0-57cf-454b-b4e1-d15d4bc49fa6","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":156,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"a854ac99-f8e3-45b4-acd9-68cf5e0f0991","block_type":"box","text":"Class R Shares","page_number":156,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"b529a62d-8f7f-441c-9563-096b9226f7d2","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":156,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"6303526a-3131-4c58-8398-1a1321b2863a","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":156,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"f0e21ad4-9185-403c-80b6-220642a0867c","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":156,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"5eff72af-54f7-4a57-926d-d170ba86d6e7","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":156,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"3c9dc5fd-b6d3-4b7e-991f-14d97ff9c88f","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":156,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"c9c14b45-fff1-475a-942a-827e979cee4d","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":156,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"7c5e2e60-d993-48d1-918c-dbd01382dd45","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":156,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"5b4751ba-cb2f-4f73-83b1-348cefdcfecf","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":156,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"28cd5611-e89b-452d-88e8-e10c5dcfee29","block_type":"box","text":"II-108","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1b66e00d-9db6-4e5d-8dfb-181e64226512","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d61c8ed0-e96d-4c31-a699-2fecbabb336d","block_type":"box","text":"Class K Shares","page_number":157,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"f13557b2-ed5b-408c-9cae-e200dcd0f516","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":157,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"66f1f504-eb20-4b36-a4b8-8e0fe7481a4e","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":157,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"f7b8ce02-f988-459e-97c2-6794d669ae23","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":157,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"c3813746-bba3-4a43-95ee-461632a12fbb","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":157,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"cc51e37e-4721-4743-9a7e-262c403ded34","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":157,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"81754a18-620e-49b6-93aa-75ac4215c69d","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":157,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"219aaa5b-31be-4aa4-9fe2-4d2000696dad","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":157,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"9dc498af-d289-48e1-88aa-b5200e8056ce","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":157,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"9b9c5c10-7ea3-4d23-a2a9-6d7e7d6d580b","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":157,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"883cede3-b361-4395-a526-f850e16654f8","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":157,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"c08d6fa3-e5c0-42cb-b25e-bce2ef02e3c1","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":157,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"4e492a1b-1117-4cda-a4ac-8a46e4802d16","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":157,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"27b0beec-09b1-440a-8bfb-b580b1e060fc","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":157,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"c01c9151-93e9-4a7f-8e1c-22804307e5aa","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":157,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"1ebc235b-9492-44cd-bb34-4c426bf4ab94","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":157,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"7863264b-2b7f-4792-9ebe-3e750c38574a","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":157,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"62ec3875-4d88-4fbb-ada3-cc88eab3da85","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":157,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"05d89dd3-51f2-4e8e-86ad-98a39401646a","block_type":"box","text":"distribution and marketing agreement.","page_number":157,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"344d31ce-71a0-401c-a13f-a0a77f0b8ed8","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":157,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"4d60a0f1-bad2-4cd7-a436-4a8db6c37075","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":157,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"fad4b419-e177-4005-b83d-b3b71540334d","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":157,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"80f8ddff-cf52-4639-842f-52f9a7f7bb1b","block_type":"box","text":"Class G Shares","page_number":157,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"486e2a80-4193-461d-a6c2-30ceea5fb4f5","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":157,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"7ab8a327-da32-41b3-8ac1-11553cdabc4e","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":157,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"8249654e-da5a-4277-a4af-3dcfef2a6f88","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":157,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"39ebfd06-46d0-4423-9125-50a9a9ab122c","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":157,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"fc4016f3-acec-4f22-b94b-5f8f887b8ea9","block_type":"box","text":"eligibility requirements.","page_number":157,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"f41aa2f9-3b43-4b32-a4e1-f8f341b0dc94","block_type":"box","text":"Service Shares","page_number":157,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"ca14fef2-7d37-4028-8f91-c83b9ce0ce94","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":157,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"ad9af7f5-af81-4eb6-8f8e-e8d3d4f9038c","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":157,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"4e792869-81bb-4929-b7a4-a23472e94251","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":157,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"6dea83ea-7457-41de-87b0-582e3d65544f","block_type":"box","text":"®","page_number":157,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"590e9800-97d0-4cae-a3d1-30bf17ce52fc","block_type":"box","text":"Fund in 1996; and","page_number":157,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"ba8b0eef-7167-4c1e-8599-2f9681d7f7e4","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":157,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"9ab216b0-1603-431b-8ee1-82609788f0a7","block_type":"box","text":"SM","page_number":157,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"7caf67a8-0e8f-4e53-8b40-e4fb69bd760e","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":157,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"1ad384d4-a1fb-4af0-b014-708891f556f4","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":157,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"270d3fe7-984c-45ca-b6de-5b800b3fdbee","block_type":"box","text":"BlackRock Shares","page_number":157,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"3c82b3f0-3e7d-4187-b1cf-8e8cf73ef6ea","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":157,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"0e172cd7-8eff-4efd-9d3a-183073b8a6aa","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":157,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"61fe2ee9-3fc6-41da-924f-103df0297608","block_type":"box","text":"fee-based programs.","page_number":157,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"ec44a1ff-9d00-4d00-b0ea-eef44d56e8e6","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":157,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"6abed51b-e366-46ce-94c8-b7ea68ca3797","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":157,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"97c2c73d-bb30-4010-a6e3-8419e893cd01","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":157,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"a0d56f46-1ce8-4a2e-bc50-492a3e6c7924","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":157,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"4a2c4741-917f-4f68-9110-a729b4dd72dc","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":157,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"d886cc02-baff-4b47-896f-16eb584bd494","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":157,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"9534d41e-3a6d-4f11-bf74-c67289cede9c","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":157,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"d3f49c66-8c3a-4312-9111-12afa4f2a4b3","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":157,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"b5f025d3-8573-43eb-9e24-679e8ddc2b61","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":157,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"22b04cf9-5e66-4131-8509-8ade514d3a46","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":157,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"10909ec8-392e-4a22-b8aa-1ac736be4cfb","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":157,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"5787e0e0-4db1-4e9e-a86b-53056fa4f15b","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":157,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"f779151d-874b-42a6-90fd-ebc74449ae02","block_type":"box","text":"II-109","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f6b68ab2-67e5-4155-8ba8-79f2cf51821e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"714f36a7-8989-4071-9041-54736339cffe","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":158,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"55741e20-c9a7-4871-a196-65122670e624","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":158,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"77a9c5fa-9feb-4fa6-9b78-d669052e0115","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":158,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"c785ca8c-c638-44b8-b26f-8d53238910cf","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":158,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"4d8726aa-87fd-463b-8bb1-fad9e239d553","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":158,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"360e2fa1-50e1-4201-aa5e-7ab830afc999","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":158,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"0eda753b-7e8b-40a2-8eb3-8bc029abfa18","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":158,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"bc5ff5cd-395f-45c9-a24b-785e55886579","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":158,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"626a718e-fa9a-4f89-b184-356bce229d7c","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":158,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"09e7524c-bca0-4185-b906-51b6b3b542ad","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":158,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"965f71ed-5043-44a9-82f9-b5853cdcde53","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":158,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"b9be3927-ecdb-4754-a973-65b7331e508e","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":158,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"db69d29a-a73e-40ca-9f0c-156ae876d9b1","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":158,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"92412ee7-c368-41bd-8adc-a8aaee5370af","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":158,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"21d410ed-5351-4aa4-9929-55ebb2c80882","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":158,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"c47f70f7-61f8-426e-9883-636693eba77b","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":158,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"ed72b283-849e-43b8-80c1-b91c83fe4176","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":158,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"342449a7-ca7e-4a3c-9425-9704763ca99f","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":158,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"49056df3-3b21-4ad5-9749-fe689cfb9a80","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":158,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"46db96fe-a8aa-49cd-9810-7b4358aba85e","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":158,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"a29c870d-aa2a-46c3-90de-e5faa8ac4a86","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":158,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"d60063e8-b591-4088-b587-3678c30f2875","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":158,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"35a19f1c-11cd-48e8-8ebd-73e824206a45","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":158,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"0caa32de-7929-4556-b688-70a1ef6cbc78","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":158,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"b249e7ea-3dc0-4caa-9f40-3c6a7104dd57","block_type":"box","text":"compensation for selling different classes of shares.","page_number":158,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"03738bb1-bfe6-4405-8185-f38f21ee9502","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":158,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"06c13775-c3b9-4d6a-a669-3c343b59f2a8","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":158,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"c0827140-e969-4a64-b578-6404331ecd22","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":158,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"06e757ec-6ef9-405e-b550-bc9b3c5b7ef4","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":158,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"d78dacfc-ec43-4edd-9536-a19cd145af36","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":158,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"3828778d-a765-4eab-95ad-39be4d200223","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":158,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"224bb415-1409-47f7-b50d-87e1e99da8bf","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":158,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"f565835b-c7ce-410d-a9ac-04dec715a04f","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":158,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"430bfc51-6c18-4a79-be1c-0889073595d0","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":158,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"90db188a-0b1c-407d-a72c-d455191c404c","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":158,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"a77be58a-d468-4acd-ab1e-1eb493328cfd","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":158,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"ca426b01-5239-4bf7-a9e3-de98aabd62bf","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":158,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"892932eb-0c49-4158-8785-301f760db7c9","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":158,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"67d86fbc-404b-43d2-83de-5dc186a6f455","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":158,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"baeb1207-38a7-40c2-984c-9a96e2dd11fa","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":158,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"2c4734cf-fa5b-4fb0-aaba-e335a493e260","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":158,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"900d4252-c8fd-464a-aede-b6a35ac971bd","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":158,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"78c969a1-65a4-4eb5-8cb0-3d556255f661","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":158,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"2697cf50-c39a-416f-b18e-53ec65fa9915","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":158,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"0527acdc-652f-4e5b-824e-2cc949c19b84","block_type":"box","text":"easily accessible place.","page_number":158,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"16cbb78f-0531-4b4e-bc11-f8b0ffa3c5fe","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":158,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"0b3371e7-1ccd-4b4f-93c6-2e4e3d8d055d","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":158,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"6a71f651-6326-4acb-a52b-638867aaae9a","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":158,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"c5ae2f44-635d-40b5-b6f6-69ff182c89a5","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":158,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"cc95a69f-a23b-4e8b-bab1-e14c5d54e1f5","block_type":"box","text":"fiscal year.","page_number":158,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"99279ae7-713c-4b00-a320-953a6a4a90d8","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":158,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"8065ee4d-f3aa-4ffb-9f51-20e01205ae6a","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":158,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"e2600e7e-eecd-464e-bf65-d18d542051fd","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":158,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"7df8b5e7-4ee3-4eb2-8e20-edaff82a2ee7","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":158,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"09d2292f-d972-4987-a97e-27000f3920db","block_type":"box","text":"II-110","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7880f234-481d-4a56-8dbc-3738d7e79ed1","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff734d72-db91-42f1-bd73-687c0ddfba8e","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":159,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"3f4efd41-7c64-491e-9380-3d7d73634391","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":159,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"32adac8b-d337-4341-98d4-002679ee3d2c","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":159,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"d39afe39-927a-4862-91e2-67e26b4df789","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":159,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"fe903b2b-e45b-4cc4-9a68-e7abe521aa80","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":159,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"7935c246-e7d4-491e-b01e-57d5d3312d54","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":159,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"b390d441-4d81-45cd-a3f6-a02b1e1af9e3","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":159,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"ddfe4b4f-eb2a-484d-9604-495b9d6e14ee","block_type":"box","text":"and Class R Shares of your Fund.","page_number":159,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"a6160777-01f9-4324-8e73-a41ab06aa7bc","block_type":"box","text":"Other Payments by the Fund","page_number":159,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"f256b0b4-48dc-48a9-afef-eb4229aff732","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":159,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"a9a9f685-49e2-4a7b-9d3d-1ddc520ae9c0","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":159,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"029deadb-2d20-4530-864b-4588794efc80","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":159,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"3f9ba55a-6b15-427d-8cdc-9df82d010b32","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":159,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"68b646df-83e9-422b-b503-562370197015","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":159,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"30effe64-588e-41c9-8352-7bf29c641d7f","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":159,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"0fd7299b-4f33-46e7-9648-9d111467608c","block_type":"box","text":"of these payments may be substantial.","page_number":159,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"cb0a6d53-dbae-4234-b6d6-f9657a9c3a7b","block_type":"box","text":"Additional Payments by BlackRock","page_number":159,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"997324a1-88d0-4b6a-91c2-25b275bb09d1","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":159,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"89b0c7cf-2c9c-42e5-8d44-c8b4af3f7ecc","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":159,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"8bd52029-df6c-40f4-8096-b26547db64a5","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":159,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"02f6c0f9-4f6c-4c45-b14b-328bc6714749","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":159,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"0640690f-d4e9-4e87-8b53-842607c60b77","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":159,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"4d53da7e-d209-4f64-afd0-3ac68e4e06f8","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":159,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"4d293e9a-453f-42a6-aa1e-e4445937959e","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":159,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"8c409528-6647-4593-a483-9e379e0cf9b2","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":159,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"ab11e856-d16e-48e0-8f5a-03c9b60f2414","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":159,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"675f8459-1b1c-4729-b132-9ee12bcdfea8","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":159,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"7b0194f1-6f6a-49c3-8986-4ea898aafce4","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":159,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"30498dd4-6ee6-4219-9be7-ab97ed584184","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. 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While FINRA","page_number":159,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"85751818-1e7b-4200-9bd7-bf901ef3b97a","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":159,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"451d13cd-fa7b-48fc-8e72-22eba06c403e","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":159,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"9fe56405-bc86-4927-b63d-7ca927a2c4d2","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":159,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"df7bf0c0-08dd-4d57-bdd6-a26fa948035f","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":159,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"e25dbb49-2366-453c-88a9-0c0e431ec6b6","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":159,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"43013d62-45fa-4e56-ae41-122fd2aa67db","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":159,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"51d6912f-3840-42ab-88d8-3738e0804d1e","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":159,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"e2f30940-d941-49bf-a940-0e3ae3487c92","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":159,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"d6a68b27-3d13-435c-979b-3a296aab524b","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":159,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"48dc871b-f868-4881-ba19-f9c7153af88b","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":159,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"195ff056-7d6e-4f92-a001-d7d912ec16a6","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":159,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"77c0f183-4690-448f-928a-e45ec2978518","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":159,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"46a37aa1-7346-4911-96ca-133108aafe20","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":159,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"0768c943-e060-4283-9d7a-2c5624719639","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":159,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"4fe7eb9d-5aae-440a-b0ea-ed41d6545650","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":159,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"1416a51d-21e2-45ad-8a86-e45d6161eea7","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":159,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"55543808-2f19-4c08-9911-4d5f955995c5","block_type":"box","text":"Funds.","page_number":159,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"9cc153dc-4f92-4a8a-baf0-ce7fc83ba3c7","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":159,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"cc73ffa3-8812-4a50-9ebb-ddad223c85f9","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. 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Conflicts","page_number":163,"box":{"x":102,"y":872,"width":78,"height":9}},{"id":"33987bb7-efa7-4df8-a3ca-316f3d1d83c8","block_type":"box","text":"Additional Payments made by BlackRock to a Service Organization or its affiliates or other incentive","page_number":163,"box":{"x":101,"y":895,"width":710,"height":11}},{"id":"64196d7f-5548-4505-bc9a-8969ba96b980","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":163,"box":{"x":69,"y":910,"width":803,"height":11}},{"id":"37c6c363-7edc-459f-9bed-f16527387215","block_type":"box","text":"II-115","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e6335377-1e38-4487-982d-7fe4286d51db","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"603611a1-1857-465d-9ed6-53c5bd78922d","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":164,"box":{"x":69,"y":45,"width":788,"height":11}},{"id":"d631a0c0-c420-4e57-9abc-ee2990f44838","block_type":"box","text":"Additional Payments and other incentive arrangements may also be impor tant factors in the Service Organization’s","page_number":164,"box":{"x":68,"y":60,"width":819,"height":11}},{"id":"b45b0f2b-a297-4e0b-96d6-4a2805180957","block_type":"box","text":"willingness to recommend the BlackRock Fund complex in general.","page_number":164,"box":{"x":68,"y":75,"width":473,"height":11}},{"id":"17c457fa-bc80-44a9-a0ac-4e891e9fe786","block_type":"box","text":"BlackRock may be motivated to pay Additional Payments and other incentive compensation to promote the sale","page_number":164,"box":{"x":102,"y":98,"width":793,"height":11}},{"id":"3092028e-520f-4fee-8e01-4c1f97de8813","block_type":"box","text":"of Fund shares to Customers of Service Organizations and the retention of those investments by such Customers. To","page_number":164,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"82e1625d-e1b3-487e-9aca-1c1ed84250da","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":164,"box":{"x":68,"y":128,"width":833,"height":11}},{"id":"8b8e81cb-856d-49c2-a548-69e02b9ad333","block_type":"box","text":"BlackRock benefits from the incremental management and other fees paid by the Fund with respect to those assets.","page_number":164,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"64edc4af-5dc0-4f14-995b-7dc3f1c739cd","block_type":"box","text":"Service Organizations may have financial incentives for recommending a par ticular Fund, share class or fund","page_number":164,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"0a010480-567f-4929-b405-e5aed375594f","block_type":"box","text":"complex over another. Service Organizations may charge their Customers additional fees in connection with the","page_number":164,"box":{"x":69,"y":181,"width":794,"height":11}},{"id":"080506bf-16d8-4c2c-af55-86a82db6174d","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":164,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"72e8dc62-b031-4e36-a2c1-1f62b81b7ae5","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":164,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"4e70d856-56c8-4d6e-b517-7a0654042ab1","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":164,"box":{"x":69,"y":226,"width":723,"height":11}},{"id":"64f323bf-8b02-4bd7-a760-83e501e8a1e7","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":164,"box":{"x":102,"y":249,"width":759,"height":11}},{"id":"b7ee11e9-dec3-44f1-bcf4-333536fd45ce","block_type":"box","text":"Service Organization to purchase or sell shares of a Fund and when considering which share class is most","page_number":164,"box":{"x":69,"y":264,"width":760,"height":11}},{"id":"66b5b461-5a45-4330-a3c3-e7e2cd21c1d6","block_type":"box","text":"appropriate.","page_number":164,"box":{"x":69,"y":279,"width":84,"height":11}},{"id":"29e4274f-f066-476f-8fc4-d01742a52816","block_type":"box","text":"You should consult with your Service Organization, and review carefully any disclosure by the Service","page_number":164,"box":{"x":160,"y":279,"width":738,"height":11}},{"id":"b281cfb5-8070-4283-ab1b-4dff5c374a27","block_type":"box","text":"Organization, as to compensation received by it or its affiliates and for more information about the payments","page_number":164,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"48d0cc3f-8fa0-47b0-8ee4-8d680c2d06c5","block_type":"box","text":"described above.","page_number":164,"box":{"x":69,"y":309,"width":122,"height":9}},{"id":"a1b73431-af20-4812-9a10-9890496de49b","block_type":"box","text":"REDEMPTION OF SHARES","page_number":164,"box":{"x":385,"y":339,"width":208,"height":9}},{"id":"53a2bf28-5332-4263-939e-a816f809fddd","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":164,"box":{"x":102,"y":361,"width":798,"height":12}},{"id":"68e76377-d19c-4462-9a06-8509f8031ff5","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":164,"box":{"x":68,"y":377,"width":817,"height":11}},{"id":"f2085d1c-6b9f-4eeb-9997-2962603acd61","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":164,"box":{"x":68,"y":392,"width":840,"height":11}},{"id":"541235dd-2e17-49ae-a6dc-cc408d97921b","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":164,"box":{"x":69,"y":407,"width":834,"height":11}},{"id":"f636f4f2-7544-41cf-810c-7a6cc4dc288c","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":164,"box":{"x":69,"y":422,"width":829,"height":11}},{"id":"3d905207-edb4-4bd1-b699-32bd8c114ff4","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":164,"box":{"x":70,"y":437,"width":834,"height":11}},{"id":"c9538621-f796-48d1-ad63-a9877e0d5248","block_type":"box","text":"the redeeming shareholder might incur brokerage or other transaction costs to conver t the securities and other","page_number":164,"box":{"x":68,"y":452,"width":793,"height":11}},{"id":"2b0c92c0-bd8b-4c9a-b720-c9859a9968e7","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":164,"box":{"x":69,"y":467,"width":834,"height":12}},{"id":"263a03b5-723b-46c5-9b1d-15fef0ba87a2","block_type":"box","text":"to the redeeming shareholder, but an Index Fund may, under cer tain circumstances, deviate from pro rata redemption","page_number":164,"box":{"x":68,"y":482,"width":838,"height":12}},{"id":"75e04838-6797-4f62-9154-4d364e4cfccd","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":164,"box":{"x":70,"y":498,"width":818,"height":11}},{"id":"c8140958-90d9-48dd-9e26-cfc865c7d2cd","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":164,"box":{"x":68,"y":513,"width":831,"height":11}},{"id":"37900747-6af1-4a1d-be72-b3edf2692b87","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":164,"box":{"x":68,"y":528,"width":828,"height":11}},{"id":"e0cf801d-a814-4247-bf9f-60c9936be0fa","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":164,"box":{"x":70,"y":542,"width":826,"height":12}},{"id":"86247c59-8c4b-4685-a5f5-3351b121230e","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":164,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"91e92d11-8af8-43bc-b8f4-7df81fa0e0ad","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":164,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"2f29e367-8cde-4922-8a9d-7b49fee48679","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":164,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"f8c17ed9-8498-4ada-abf7-d6b2623863ca","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":164,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"10396a3a-8801-4869-ad77-a5de5ea230b1","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":164,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"2ee81a96-5a8c-4987-8405-f7af17a5fa85","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":164,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"c4415f44-ea12-43df-82cf-ff4b6ba37137","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":164,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"57410b27-a2d6-49c5-94bb-dab8a0a1039a","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":164,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"58a3195f-7cfc-465d-8d05-0caade35b170","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":164,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"f5606bc4-2a70-4c32-862e-013b47c7ad39","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":164,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"71e975ac-2661-49d9-84f2-c7a3f48c6cf5","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":164,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"6a55423d-c90b-4c90-8259-cc3614f659eb","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":164,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"f252aa99-e938-42b3-b059-dfaf4c97783a","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":164,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"43ba02ec-b9df-4e63-ba44-c7fb4d4d30ee","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":164,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"80c9cb4e-4d59-4b95-9ee1-5a99d2cc0abb","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":164,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"f29555e7-98ef-4530-b2ab-41b1c784ea31","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":164,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"fe4e9905-6ab8-4400-bacc-941935ff695d","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":164,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"02d30517-46ac-47e0-8a2f-f141ede1bda3","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":164,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"d5a45bb5-1ad2-42b6-9383-d09a0b7dc811","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":164,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"dc1d0d05-e6f6-4693-98b5-8bcaa31bb03f","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":164,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"efc964a8-8b3e-4dc3-9032-ba65e33fdc5a","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":164,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"7a5040b7-ebb6-4a0f-a841-4b82de8707a5","block_type":"box","text":"II-116","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b478c3ae-eaa3-4684-b9cb-cc34855ea98b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"32d3dcb2-65dd-4454-a788-fd75ed603d57","block_type":"box","text":"Redemption","page_number":165,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"7166a549-7cbf-4d3b-bd72-88da676d7d8a","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":165,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"3398e361-9bae-4dea-b960-5d15f4756a4a","block_type":"box","text":"Redeem by Telephone:","page_number":165,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"3f627121-c6eb-4c45-9a5e-5f0c5847b39d","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":165,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"9c0d0a7e-3fed-4a2e-a784-be4e07dd102b","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":165,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"80c3a5d1-aa09-4179-a0d0-70dbf7191e5e","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":165,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"d21ba3e9-61b0-4b8d-abe7-45f3415ba7ce","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":165,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"1f6415c7-a2da-45ea-87ca-dfdeb7ee8230","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":165,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"6e985e03-4f1c-4793-b125-10eec55a3bf2","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":165,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"22b83a48-6c85-48ed-ada5-56e1e26cab66","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":165,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"36177e28-5fd0-4754-b14e-8d9d5a3c54a7","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":165,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"b3291300-a3b8-4d42-a219-c5fad7fef434","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":165,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"92c278a4-cbbf-4595-b959-90f449c985dc","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":165,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"32ac6347-8235-44d2-81f3-7a99bac21362","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":165,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"9f78d312-e3eb-40ca-8bd1-5377d3e965aa","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":165,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"2dad00b8-b02e-4bdb-a375-8892d761cd93","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":165,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"e925a11b-796a-4bca-9b3b-4d6a13ed92d9","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":165,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"39bfe95c-165b-476f-8fbd-e389f8a2ce81","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":165,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"efb5d0e7-f196-41dc-8d23-80455aadd999","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":165,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"7fbe844c-bcd1-40a4-a79a-62d2b159c434","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":165,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"8909f1e5-c200-4602-9d77-d3badaed207f","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":165,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"fea647b2-505c-425d-88ee-b29fb8692f6d","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":165,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"a57c8cb0-20f9-433e-b12c-8af8a7dac982","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":165,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"de9f221b-c26e-4752-ab58-045335720c60","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":165,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"bf798719-fed1-4998-8a67-c89f16e00e5a","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":165,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"0c98935a-4c18-449e-8083-132b3c70e5a9","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":165,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"ce0727e6-040e-4fc8-a60e-fccd00a61898","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":165,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"d95180ce-576e-40a3-b8b1-81be3e33ca55","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":165,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"9e16b765-63f9-466f-9f49-4cac2bd7543c","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":165,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"fa416b78-3288-46f9-a393-06779ca56e99","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":165,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"ce572e0a-e552-42c4-a7fc-5e87dd2240e3","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":165,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"f25e43e1-62f6-4042-8953-f1ccef8e13b9","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":165,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"42293591-49c5-4dec-b455-2e8199f0fead","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":165,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"dc69d35e-12ee-4901-8f86-41929a6c8ed1","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":165,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"c2f95ebc-c833-4edb-8732-88776ff41c90","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":165,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"e966f83e-5f56-4155-9c33-02f3f942f1bb","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":165,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"76418601-476a-44da-83ff-68bc95563a06","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":165,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"f66ece7a-fe09-479e-ae76-5da75fd9006d","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":165,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"b05e62f8-f9ab-4329-a9f4-172ec590935f","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":165,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"9bb46596-1818-428b-a886-5977ce19ed81","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":165,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"485e80c3-724c-4c6b-a379-848200ea16f1","block_type":"box","text":"Redeem by VRU:","page_number":165,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"f9b7f2f9-e3e2-4ae6-9bb5-e021b0f5a2ef","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":165,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"31045feb-b073-4478-9149-3750812f28a5","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":165,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"f60c0547-9e21-46f8-89d9-2251ec6abaee","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":165,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"89fc2e66-bf62-4302-ad9a-bc619e6f3f6d","block_type":"box","text":"Redeem by Internet:","page_number":165,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"6b2e1f2a-16d2-4f85-92cf-7a944dcc88f1","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":165,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"99dd5999-3b11-4b6e-a6e9-24ae30127d82","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":165,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"25139cc0-a09f-4a7b-bf97-e65106e77082","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":165,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"b4e0790b-24f1-46de-98df-7b5d3a2db9f2","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":165,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"e53e80ed-f680-4110-869b-a8fb49b4ddf8","block_type":"box","text":"institutional investors.","page_number":165,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"786509a7-e04a-4378-8d42-43a4a341facb","block_type":"box","text":"Redeem in Writing:","page_number":165,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"8516db2c-0980-4760-bb86-bb57c903df0f","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":165,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"968498c1-717a-4deb-b28c-a298a6c65be1","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":165,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"40660d5b-560f-42e3-92fa-8497736c1d02","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":165,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"29fef99a-c09b-441a-837d-2cc9cb86002f","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":165,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"39fd9d3f-300d-40e0-bbcc-853d75a1006a","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":165,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"7706ed53-db53-4059-bea5-cf1acf7e6a8e","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":165,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"386245ff-75fc-4557-8928-21fcb67a6cc3","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":165,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"0b987ed6-8fe7-45d2-938b-5d68d0b5415e","block_type":"box","text":"II-117","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cbd9db76-7ea6-40bb-91a9-a4e09550833e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a8082b93-25e2-48ba-bfe7-61b6b00ca47e","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":166,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"e3de4c46-4cb1-4484-9ef7-170a7e34b4c9","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":166,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"eeab5cf5-bdaa-436e-a93b-c80c986a6647","block_type":"box","text":"or wire to the bank account of record.","page_number":166,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"be175a53-b403-40cf-8833-393ba9a15b1e","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":166,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"711cc13e-ae43-407f-85f3-180c9e6f4586","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":166,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"a7cd57cb-65a3-4bdb-8d07-3cbc7595f6a0","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":166,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"a26346f9-2a52-4445-9113-9b37374f9e1f","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":166,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"4e4675a7-6d16-44e0-b979-88ee957a8a27","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":166,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"d7cc1b59-2054-4b60-b5c3-dda962b43e03","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":166,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"cfeb533d-203b-49ca-895b-db46093d8215","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":166,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"c9e5bb84-b0bb-4416-9a7a-193395ac5d63","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":166,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"1ce57157-42b0-4695-aeb6-a4765363fdf9","block_type":"box","text":"redeemed by the Fund.","page_number":166,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"67d54351-8dcf-4da2-bdfe-695f1b56fdc9","block_type":"box","text":"Note on Low Balance Accounts.","page_number":166,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"a1ace49b-e4e5-4b3e-994a-64f27b134ccd","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":166,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"61c37907-6846-433f-8684-f436777f17db","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":166,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"47dc32f3-8774-4731-9e22-11e6dbd0c655","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":166,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"0baba3b5-2bd9-4be9-b807-3239975cbaf5","block_type":"box","text":"for any reason, including market fluctuation.","page_number":166,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"36fa3790-eb7b-4240-9086-c02d75fd1cd8","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":166,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"67ef54ca-680a-4bcd-b0c9-30a80599e27e","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":166,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"48f21a34-bcd7-49cb-9817-cb3d5fdf1a95","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":166,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"a1726dff-a983-48a9-965c-9cf679f78bbf","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":166,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"a4c99dd1-17d0-44dc-8253-07cdaf1d134c","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":166,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"3ebcfbbe-969f-41b5-8359-603368d099e5","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":166,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"063021d4-f07b-4f58-b035-348687e35a54","block_type":"box","text":"Repurchase","page_number":166,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"59be87a5-68c4-4ebd-9902-3b4e42a143dc","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":166,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"8a55441a-e1a4-49be-917a-9ae2b07b0c9a","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":166,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"dd7507ba-cf89-4adb-9624-044c6a4b5a0c","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":166,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"6ea8e466-8158-4f28-927d-2aab4ea1068d","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":166,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"8e49b5b8-9745-48ea-bc60-1d3c4d85598a","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":166,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"c8b8a995-f22c-433d-946f-3e4fe920b0cc","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":166,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"16438376-66b2-40ed-a49a-59429e1b5e28","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":166,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"ddf1bc08-d306-4082-a349-145493c972f0","block_type":"box","text":"next business day.","page_number":166,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"456658d1-e653-40c1-a791-b39f4165f9c2","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":166,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"301804b5-eec2-4451-8214-958aad3aca35","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":166,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"96e164fe-6fe6-41a1-9cab-bbfac78059a4","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":166,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"9dc44f38-243e-419f-8c98-477f02f184b4","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":166,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"4fd2f277-b8e2-4c07-8f20-0bec1eb9c6fd","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":166,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"d54724b3-089a-424f-a352-880cca5ecca4","block_type":"box","text":"redeem shares as set out above.","page_number":166,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"67d0f8a5-801a-4c06-bfa0-c143c454fd7e","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":166,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"75460a1c-7470-45c3-ada0-9bd570c5ba9b","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":166,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"9df451ec-f088-4464-8304-30852b658a83","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":166,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"b3374629-93a6-4c99-81fa-ec58fe932db0","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":166,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"5ecfc713-fb8f-480c-befe-9c32796c7000","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":166,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"d0e553dc-6392-43ad-93ce-673db1dc4e22","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":166,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"a718472e-fdad-483a-98b6-2c05fdf44cef","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":166,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"f0097f2f-5321-427a-8e3d-435712f71ec2","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":166,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"a18959fa-8410-4e2b-b5d4-1352ab3e5323","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":166,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"38d8f7fd-436d-4571-b70d-11a66fea4a8f","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":166,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"35bc3342-0cbb-4585-b7d8-c502718b12b2","block_type":"box","text":"II-118","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5ddc2a2a-7dfa-4458-94ed-6ccf0bc872f0","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce98d44a-ed50-46af-9e1c-be7d76790999","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":167,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"bd66e6fc-a7af-4cb9-8179-f0a7feff806b","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":167,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"9cbd0ebc-1383-48f1-8909-aeb246aead39","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":167,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"09231a0f-88b2-4e13-a628-f59ffe6eee68","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":167,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"d81e5af3-e04a-407a-a16f-113e60964b58","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":167,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"616ebaea-05b3-4484-9841-9cad73e7aa4a","block_type":"box","text":"Investment Account","page_number":167,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"8204f6e6-0ee1-40bf-9567-7980e538342a","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":167,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"7a4a967c-3f94-47c5-8144-a4ba140058c4","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":167,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"196f2546-fe15-4f91-b4e9-275fb94e5db3","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":167,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"09e276f1-54fc-4f8c-8f10-ef057b437c2a","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":167,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"1c758845-cde6-48a6-933f-4988e7da6771","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":167,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"35c18c1d-c6d4-460d-b907-4d5aea7949e1","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":167,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"dc50aee0-fd18-447f-9ff7-df04f1241973","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":167,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"85df6382-acab-473b-9335-5bb9563f76e0","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":167,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"b9f7b705-efbf-4e04-bcae-603396a5d2f1","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":167,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"4d065d05-d5ca-4f22-8e15-f4276b67bc55","block_type":"box","text":"automatically at the Transfer Agent.","page_number":167,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"9da90a9e-5c97-457a-8c10-35fbb0789ff2","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":167,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"3641e436-fe86-4686-b77d-d007d4a5f703","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":167,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"043566fa-c96b-4def-a038-a6c141ad7560","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":167,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"7ad1be85-aff9-4b1a-aa23-4fe4ff088ed2","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":167,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"a8e76f31-445f-4de0-9121-567a458320d1","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":167,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"aae18167-cae7-4e70-a2a2-6559a7e4c9c2","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":167,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"aca9bd99-9eb7-4109-bcf0-2c3e5955d782","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":167,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"a8fca1d4-0a44-4bff-adfd-b19aa7845209","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":167,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"363946ed-939d-4bae-a479-d177243a03a3","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":167,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"e83d9730-b8d0-4793-92ac-4bd9d5478068","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":167,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"1cae877e-c22b-47d6-a989-611cde944dcb","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":167,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"13952e67-e516-40a5-94ea-5388578dd6ba","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":167,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"a6b867fa-448f-4fc9-87b3-cd4eb08451fb","block_type":"box","text":"issued.","page_number":167,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"f317fca2-fced-4d56-8302-e684def67a16","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":167,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"638f2d0b-6360-4041-a356-7865d56f1cbc","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":167,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"6832f611-5885-4653-bce2-04b8c077b699","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":167,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"9b6bc83c-c68f-4a1c-8e92-c6775fadf393","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":167,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"62d659e6-bf15-43e8-b861-97388ee7a497","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":167,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"cfb6d799-fb6b-473a-8060-717496384ca8","block_type":"box","text":"Exchange Privilege","page_number":167,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"5c8928b6-8841-45db-afd7-ad12814bbed1","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":167,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"562ff9f8-b8be-4489-88d2-e40832aa7238","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":167,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"898bfba3-0f63-4fdd-9f21-e19722da7d9e","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":167,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"d56fc9b5-996e-4338-bf38-62c611670eea","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":167,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"d4c4fab3-6309-43fb-934e-25bbcb6e26de","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":167,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"e21ca331-865f-42f9-9bcc-5de29be0b4cc","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":167,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"022b9a08-25ba-4528-9617-ce4b7877551f","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":167,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"f4096eaa-f801-402d-b117-911be38d443d","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":167,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"c22fe102-6c1a-4423-aeb4-c3b1e494c6b3","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":167,"box":{"x":102,"y":771,"width":667,"height":11}},{"id":"beee0ce3-8b16-49b4-b0e4-250c86f292e2","block_type":"box","text":"Institutional","page_number":167,"box":{"x":776,"y":771,"width":81,"height":9}},{"id":"e9eb7d30-a1ac-4fd8-a872-89305a6ab5b1","block_type":"box","text":"Shares are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are","page_number":167,"box":{"x":69,"y":786,"width":746,"height":11}},{"id":"7cbb6de8-4bdd-4a4c-a9d7-b6d7d8ec25c7","block_type":"box","text":"exchangeable for Investor A Shares of other Funds to the extent such shares are offered by your financial","page_number":167,"box":{"x":69,"y":801,"width":750,"height":11}},{"id":"b0157be8-f156-40e3-ae9b-f33848296a3d","block_type":"box","text":"intermediary. Investor P Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are","page_number":167,"box":{"x":70,"y":816,"width":836,"height":12}},{"id":"1a7f45a1-e21c-4298-843b-cfad9dd01a1a","block_type":"box","text":"offered by your financial intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G","page_number":167,"box":{"x":69,"y":831,"width":825,"height":12}},{"id":"ae6bf21c-86e2-43a6-8204-323f0bcffba5","block_type":"box","text":"Shares are exchangeable for Class G Shares of other Funds.","page_number":167,"box":{"x":69,"y":846,"width":431,"height":12}},{"id":"9a093f39-50cc-4f89-81dc-5fa0009ad28c","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":167,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"053e0dfa-6966-4778-82d6-965ed873da4c","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":167,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"556b591c-6e9e-433f-abd1-2c2f2ddcf6b6","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":167,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"cd369639-d130-473f-9191-5d467e309cf4","block_type":"box","text":"II-119","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5de9cae6-8806-4a9e-bc78-b2bcbf806980","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c19d2c94-a59e-451b-836a-32a35dbeaec6","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":168,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"a0803c62-6792-4e05-bf75-445890eeb336","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":168,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"d6ea97cc-f4be-4358-8cdb-c154cb2773bc","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":168,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"dfba24e3-624c-4b4a-8449-5c98ce6f1659","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":168,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"fac34f44-647c-42c4-b4df-deb9a396110f","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":168,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"bb557b84-6db1-4007-908f-09af2f70ffa9","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":168,"box":{"x":102,"y":128,"width":236,"height":11}},{"id":"ef1354cb-640a-48cb-ad2a-19ff7de199a7","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding","page_number":168,"box":{"x":344,"y":128,"width":470,"height":11}},{"id":"452b79e0-70bd-41c3-b29a-618ece2ae04f","block_type":"box","text":"(“outstanding Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new","page_number":168,"box":{"x":69,"y":143,"width":765,"height":11}},{"id":"bef695b6-2adb-4f90-9b2b-d5750ec2ea5b","block_type":"box","text":"Investor C Shares”) or for shares of a money market fund (“new money market fund Shares”) on the basis of relative","page_number":168,"box":{"x":70,"y":158,"width":833,"height":11}},{"id":"b3b12306-6327-4e05-935c-9d981c6c825b","block_type":"box","text":"NAV per share, without the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of","page_number":168,"box":{"x":70,"y":173,"width":825,"height":11}},{"id":"e0571889-67dd-4a5f-acd7-813689db6dcd","block_type":"box","text":"computing the CDSC upon redemption of new Investor C Shares or new money market fund Shares, as applicable,","page_number":168,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"3ae2fb61-fb0e-4275-9b41-ea5375d046ef","block_type":"box","text":"the time you held both the exchanged Investor C Shares and the new Investor C Shares or new money market fund","page_number":168,"box":{"x":68,"y":203,"width":818,"height":12}},{"id":"0df2b1d3-0f74-413c-9615-c6f4cd05cc60","block_type":"box","text":"Shares will count towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":168,"box":{"x":69,"y":218,"width":780,"height":12}},{"id":"27d64603-8f51-4728-bad3-0840fd403428","block_type":"box","text":"Exchanges of Service Shares.","page_number":168,"box":{"x":102,"y":241,"width":216,"height":11}},{"id":"44337a3c-8990-468c-9b53-ba93d682d944","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered","page_number":168,"box":{"x":324,"y":241,"width":565,"height":11}},{"id":"90908ee9-c0a8-4025-8e21-b40794155625","block_type":"box","text":"by selected dealer agreements with the Distributor.","page_number":168,"box":{"x":69,"y":257,"width":362,"height":11}},{"id":"5e6942be-24cc-4b24-9e60-5d90f1744f45","block_type":"box","text":"Exchanges for Shares of a Money Market Fund","page_number":168,"box":{"x":102,"y":279,"width":343,"height":11}},{"id":"70132298-0500-48a5-939c-9f55d972195a","block_type":"box","text":".","page_number":168,"box":{"x":445,"y":286,"width":2,"height":2}},{"id":"015f6bc0-beee-4fbb-ad23-fbe1ec4303c5","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":168,"box":{"x":453,"y":279,"width":455,"height":11}},{"id":"8e5f4d8d-928c-4910-8b0a-6ac2858dcad4","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":168,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"21342b2c-5d33-4464-93cc-28b28de7560c","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":168,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"db1f10a5-5d06-40aa-9d5f-cf4dc0c1da8b","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":168,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"166c9864-883c-4c5c-94b4-d5b59f43c5ef","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":168,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"d7443197-582a-46ec-873f-c22ccc9f42a3","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":168,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"fcf149be-a6ad-45ba-8d5c-8e334059bfc7","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":168,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"d6f0b1ce-d545-4a2d-acd6-2167de0b7f31","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":168,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"f43f79bf-cde9-496b-8e40-203f033a0bf9","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":168,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"7c49ec81-f8dc-4a51-bcad-ad2766a08eb9","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":168,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"2a07adeb-593e-4e07-97f5-f2688b8c6c27","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":168,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"9b0d7a65-524d-4ae1-a442-84633fff1181","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":168,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"9553cf70-054c-401f-b10e-967155f14d62","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":168,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"138b0e5b-fef3-4578-bb28-69710b663e39","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":168,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"00d8e150-4ca1-4e2d-bfa9-f845112cb14e","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":168,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"7317f90f-edec-4ea5-9a5b-94076dad1a72","block_type":"box","text":"exchange.","page_number":168,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"deb97b04-fda6-4919-a0d2-1279776723ab","block_type":"box","text":"Exchanges by Participants in Certain Programs.","page_number":168,"box":{"x":102,"y":529,"width":350,"height":11}},{"id":"b722900a-4857-4a63-b64f-f350bca8fc02","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":168,"box":{"x":458,"y":528,"width":448,"height":12}},{"id":"6cb21e8e-4420-4dde-9d02-e13cf307df53","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":168,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"0b59208a-91a0-475b-ba14-25c6463606d5","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":168,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"aeb9c605-c76a-4c9d-a2e6-759c485d67a9","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":168,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"e97c98bc-846d-442b-bb81-b1a587647746","block_type":"box","text":"Exercise of the Exchange Privilege","page_number":168,"box":{"x":102,"y":596,"width":254,"height":12}},{"id":"702230e7-babe-4c3f-8dae-cffe5bbf7834","block_type":"box","text":".","page_number":168,"box":{"x":357,"y":604,"width":2,"height":1}},{"id":"fccae4a9-a8c8-4cf4-a106-92288fbbc4f4","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":168,"box":{"x":365,"y":596,"width":543,"height":12}},{"id":"c93a5ee3-4b06-4ce0-b03c-fd64c9919912","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":168,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"d255de54-9f5a-4970-a7d6-1b3d8e88c377","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":168,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"f2932dfc-66d7-40d1-aa4c-9352c47696a9","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":168,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"6bb47221-2fcc-4568-83b5-a028a0ab7de1","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":168,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"7589f42e-5b46-489a-8e12-e6201fac5dd5","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":168,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"adef4c48-47dd-4ec4-ba9c-c7794112b78e","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":168,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"088180ec-5fa6-4252-ad48-ba6e1a24bfde","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":168,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"043562ec-6323-452c-ae25-41ea8c3c4fd2","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":168,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"54ee1c52-0f3e-4c7a-b0af-7fae7d40ddc1","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":168,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"a90da505-b6e8-4420-a1f5-c7f19efe8a96","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":168,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"a500482b-34a8-452d-8190-8764f764d89b","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":168,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"60e5b449-6470-4dc0-a334-2df7cb0b7974","block_type":"box","text":"Transfer Agent in writing.","page_number":168,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"d3e4801a-2186-4170-b098-c40900c269db","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":168,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"452757c2-807f-4db3-8351-04e4b141ef38","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":168,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"8273852a-b7fb-4010-a3e0-25e88ffe227c","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":168,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"503e9a20-b89e-4e74-bc3e-1a5dede93c09","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":168,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"5e3657ae-673a-47ae-87e6-da66d7a7c3c5","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":168,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"93dc24ef-5ab5-47c4-969e-fce18f20befd","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":168,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"078e7090-fdc6-465b-862a-996132a35029","block_type":"box","text":"II-120","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0ec6313e-b401-4ff2-a798-cfbc039080c1","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"99aa99fc-c393-42a2-ad14-9a8ea61e2915","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":169,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"366b9bd8-bf87-4dbf-b85c-8191890f441d","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":169,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"f235073c-38e4-4ae4-bb7d-960e2615eb2d","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":169,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"af95865a-f081-44f9-adb8-6ed157685955","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":169,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"bc1d849f-4214-4a38-b2d4-30d60c62b98e","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":169,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"cc13c69c-3905-4c7b-a619-3fe003b0bf98","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":169,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"8380b0f8-9c4a-450a-9599-bcf6ecc4fd36","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":169,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"10979be7-454f-4f10-9e99-4c1451c7cbc4","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":169,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"9f2c3bb7-c597-4ce5-b6ec-c47f0db233ec","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":169,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"46d6dda3-9984-4e18-8ea4-739973177e6b","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":169,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"086438e8-765a-492d-86e1-8be42ea1210c","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":169,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"64af5ea8-0e74-45c8-a9a9-434a6e187ffd","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":169,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"e6abbee2-1446-4c2e-9607-10669665934d","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":169,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"062d32f3-f9e9-4223-9c98-93fd923be196","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":169,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"3770434d-3737-4bd8-9890-d0f4b52107d4","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":169,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"beb7ae9d-726f-400b-add7-dea0f83d218f","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":169,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"1e27f55f-f54e-4e89-9ed5-0a2e56274f42","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":169,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"ac391afd-05dc-425c-8e81-97128b6e428b","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":169,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"a314775a-bfd0-4cd7-9cd2-a1c1203bcd6c","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":169,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"5dabf892-26ee-4e6e-ae8a-4b729211cfc4","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":169,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"0d9f19b8-7006-41b1-9080-c693b94da0f8","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":169,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"eca30f57-90dc-4869-bbb2-1b41b8b8a10e","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":169,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"fc978eb0-16ca-4cfe-ad8c-582da98e6293","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":169,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"aae0c90d-ab06-4dfe-87ae-45931715913b","block_type":"box","text":"may be distributed by the Distributor.","page_number":169,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"b1e9ee90-0704-44b6-9632-bc0cecf54726","block_type":"box","text":"Participation in Fee-Based Programs","page_number":169,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"deac0373-1386-4a25-b83d-f2e1b1aa6789","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":169,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"a0f91ec9-1461-40e5-8bc4-70844cb7b075","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":169,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"7c166640-9766-4cd6-a604-9ff4fa67451c","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":169,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"9897f4ff-f1fc-4b37-a657-076ef061b368","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":169,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"33fc5852-51d8-47c3-b4d6-0405c132be31","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":169,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"9c3e4f2f-12fa-41a4-a214-f95e9abe2dca","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":169,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"c20280ef-859b-4406-b50b-6e513ac6cb08","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":169,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"15421bcb-ada7-4560-9f91-09c429ad7a89","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":169,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"ee50aa58-4e40-4d8e-aa1c-bfdeee9c584b","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":169,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"6a29cb8a-a7e3-40f0-9c6c-8884a46590d5","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":169,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"b3d60885-7a79-4df1-be2f-69e69a760afd","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":169,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"2e039c55-c71a-496e-985f-986155ec7e7e","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":169,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"2b583d6a-1ea7-41d2-8bba-9f0b818f0813","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":169,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"ee2f068c-2bf9-4166-a995-44f804168e37","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":169,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"4d5d577d-5782-4062-aba3-8c87e6ddbbaa","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":169,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"50276e49-acdb-4740-8899-8072b08650c4","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":169,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"02179323-45b5-41f4-aa0c-14430bce36fa","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":169,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"975ab311-3094-4d27-b967-643c33849aec","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":169,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"91277a38-7b00-431c-afc4-f70294f680b9","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":169,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"631fdfda-5bd0-4340-a286-4ad12888acd7","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":169,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"ffe53c5a-7247-46e0-a95e-cb27adbb437f","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":169,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"e78d02e8-dd94-4631-a876-ba6b45741e51","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":169,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"531352fe-4e95-4943-b8c8-e9643abe652d","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":169,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"5372497b-449a-47a6-a897-d577afadda98","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":169,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"d702172d-0dd2-41ad-8be7-9bb5321e97bf","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":169,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"20e18e16-73e3-4c15-a6d0-5adf59808297","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":169,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"4fcbccc7-af05-4cac-b0d3-417daa42b3fe","block_type":"box","text":"information.","page_number":169,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"3f4b72b5-e06e-43ac-a960-de7eea9e0a08","block_type":"box","text":"II-121","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"900a2f62-2dd4-4832-a910-66255f3c1ff2","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4513f1c8-1766-47de-b210-2f6a260b0608","block_type":"box","text":"Retirement and Education Savings Plans","page_number":170,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"5ba0f536-cfc1-4da5-9a70-80c693678e3c","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":170,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"f685e7ae-3bae-498f-8e15-7883bf97182d","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":170,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"42cd950a-7f24-4204-8d0d-b7e6131e1870","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":170,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"c92fe9b6-e796-4a83-9eee-61768f6cd7ab","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":170,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"30b31162-be22-46fb-a740-bde01083789e","block_type":"box","text":"your financial intermediary.","page_number":170,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"69034474-e6f9-4c45-adcf-5f212f02486d","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":170,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"fe07b9df-08fc-46c3-a683-26283d13d22b","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":170,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"8ba51f95-d520-4ac0-9ee9-3d3d5e5623cb","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":170,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"c3739e22-b2b2-4358-bc8a-8dae2c2f0adc","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":170,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"08f27cd9-fab1-49c3-b7b3-cfc1036bcfea","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":170,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"7397824b-a4b6-4cd9-be89-5ca36ac85d78","block_type":"box","text":"Automatic Investment Plans","page_number":170,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"9581e285-c8b9-491a-9679-68c05b566cee","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":170,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"9c45f25a-8a20-4f28-8e64-0da7015c2aa8","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":170,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"014536c8-a996-446f-8afe-e8670b7dbd74","block_type":"box","text":"®","page_number":170,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"70875cc7-be42-4baa-b54f-b71ae4ecb516","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":170,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"e346af19-4866-4df6-bba8-aab1919a520b","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":170,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"c2ffa7fd-afe9-4899-8b6d-6f6d525e92be","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":170,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"ef03d679-7481-4614-b899-6616b9d9fdd1","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":170,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"e7e47d00-e4af-4e68-8298-a9061e126f2f","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":170,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"baf87d72-8ca5-466f-b188-c25473310d80","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":170,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"b41d6494-f65f-4700-a62f-29f53cfd83bb","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":170,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"2d027733-236e-441a-bb82-af0fed5b4157","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":170,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"ded9418d-774e-4c17-82a3-bc48676edc60","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":170,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"8ed3b40d-1846-4dd7-92a6-999ee640ac74","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":170,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"26f49809-ccda-4a61-bccc-491e596d5290","block_type":"box","text":"Systematic Withdrawal Plans","page_number":170,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"d9ba08a9-ca42-41b1-8ab4-ef4c29b9e835","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":170,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"8f603ccc-40d4-4235-be2b-65b77f2e3150","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":170,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"08763d03-3da3-42b8-92ce-1c6b22c3d469","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":170,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"6d4d6594-5026-41ef-be7e-2ca34a2f1c31","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":170,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"52748c74-b3b8-4645-b87d-c908729c39e2","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":170,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"3df076a2-fd1f-44d9-9b7f-21df3ad04b52","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":170,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"89a2fb8f-86d5-4e41-997d-bf8055b1b1fc","block_type":"box","text":"www.blackrock.com.","page_number":170,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"f45b800d-9fd7-480f-aa62-9fe12ebfe91e","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":170,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"817bcc3a-22e1-4aa0-93a4-a540116eb64b","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":170,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"caa7d053-e894-4a56-a005-414130e36b13","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":170,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"debbce10-626d-4150-81ef-050b3d212a93","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":170,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"f5de3948-fd79-421a-8fbe-2c14bb456f62","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":170,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"b70c762c-8d9b-4a4e-b254-ba3ae33cbd2b","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":170,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"69fa2760-e97c-4efa-a7e9-922103e842ed","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":170,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"5776b175-76b0-46b1-81cc-33348d27fadf","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":170,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"482def44-93b7-4998-a88a-c45ddf90a577","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":170,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"26762781-696d-4d6c-9945-975dad19c899","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":170,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"d65a8e10-8366-465d-83a6-18d52162fae6","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":170,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"5064c0a3-d823-4a86-b225-0e6665ad57fc","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":170,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"f2118215-3221-4dd3-842f-99dbb2e69ee0","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":170,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"6275e4dd-963e-4f0f-a415-cae82ddb8a15","block_type":"box","text":"Dividend Allocation Plan","page_number":170,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"487575af-23d2-4630-88b7-a79ed1e8e2ca","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":170,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"0d882ed2-d6be-4fe4-a880-46e09b1885d6","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":170,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"4e0db8ab-35c7-46fd-9199-5d0e4eebaff5","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":170,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"0fa84053-32fe-419e-8401-2c41bce47c69","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":170,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"230f248b-c276-4334-8ae4-9c4432d8e2da","block_type":"box","text":"II-122","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"36f2e7ff-63e8-40be-959d-daeffec438be","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56f19b83-6106-461c-9481-cc28faaf0d05","block_type":"box","text":"PRICING OF SHARES","page_number":171,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"b35c202d-3d53-4d69-a792-b14120fbdc0c","block_type":"box","text":"Determination of Net Asset Value","page_number":171,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"3c3b3347-9f5f-4283-86ac-0b9d074b8426","block_type":"box","text":"Valuation of Shares.","page_number":171,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"7455b4ad-58f0-4627-a626-b934ffb4735e","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":171,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"9dc9b8a5-7997-424d-8897-9dcb065a8b35","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":171,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"9d02c46c-ff1a-4ed3-bc20-012d1b1a318b","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":171,"box":{"x":101,"y":136,"width":342,"height":11}},{"id":"d2a0bfe9-2488-496d-85e5-c8a574ea3774","block_type":"box","text":"Equity Investments.","page_number":171,"box":{"x":102,"y":159,"width":143,"height":11}},{"id":"48f97065-9363-4b09-9a2b-a1b092b3c2df","block_type":"box","text":"Equity securities traded on a recognized securities exchange (e.g., NYSE), on separate","page_number":171,"box":{"x":252,"y":159,"width":615,"height":11}},{"id":"2930c1ce-eccb-4cdf-b69f-6b209f2826c1","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":171,"box":{"x":68,"y":174,"width":799,"height":11}},{"id":"f9ae1b88-4016-40e8-bc6e-829ba09f70ae","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":171,"box":{"x":70,"y":189,"width":808,"height":11}},{"id":"e4e8721b-4dfc-4e75-a01b-f4b44f83f5bf","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":171,"box":{"x":68,"y":204,"width":820,"height":11}},{"id":"0777521b-9336-43fc-b4db-a890f84f888b","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":171,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"b931fa62-f7da-4bb4-aa87-49a816fd5847","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":171,"box":{"x":69,"y":234,"width":793,"height":12}},{"id":"5ac6c126-a3d0-42b9-906f-c039e26c09ca","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":171,"box":{"x":70,"y":249,"width":836,"height":12}},{"id":"90d7184e-72e7-4b4c-9d43-6c9754116873","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":171,"box":{"x":68,"y":265,"width":815,"height":11}},{"id":"9702b533-420c-428d-aa5a-64128d312f95","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":171,"box":{"x":70,"y":280,"width":837,"height":11}},{"id":"538217df-46f4-4dd5-a46f-ecef6fae4701","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":171,"box":{"x":69,"y":295,"width":832,"height":11}},{"id":"2411de62-5f4c-4bf3-84b5-fa0a95265cdc","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":171,"box":{"x":68,"y":310,"width":828,"height":11}},{"id":"011418b5-3201-4de5-8587-5154a46fba91","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":171,"box":{"x":68,"y":325,"width":819,"height":11}},{"id":"440528ed-7c2e-41bd-a76f-5e0a81f1aa1d","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":171,"box":{"x":70,"y":340,"width":798,"height":11}},{"id":"9d53495b-55f1-4e27-92f3-e21d0dd96963","block_type":"box","text":"defined below).","page_number":171,"box":{"x":69,"y":355,"width":106,"height":11}},{"id":"a59abf5e-e26c-4ea7-a382-8eeca746a213","block_type":"box","text":"Fixed-Income Investments.","page_number":171,"box":{"x":102,"y":378,"width":194,"height":9}},{"id":"210f1dcd-7935-43af-889d-40d3e458faa1","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":171,"box":{"x":304,"y":378,"width":592,"height":11}},{"id":"8316f170-091e-48ad-ad10-dc88dada14d6","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":171,"box":{"x":70,"y":393,"width":825,"height":11}},{"id":"d6344fd0-32ac-48f4-8a89-d595fe0071c4","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":171,"box":{"x":69,"y":408,"width":823,"height":11}},{"id":"72b56a20-ef1f-41df-b97f-4e69839e64cb","block_type":"box","text":"and assumptions to derive values, including transaction data (e.g., recent representative bids and offers), credit","page_number":171,"box":{"x":69,"y":423,"width":800,"height":12}},{"id":"98b82314-c94b-4296-9553-339f81c2b09d","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":171,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"90ca9917-f0ab-484c-bcdc-86b88b491351","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":171,"box":{"x":69,"y":453,"width":769,"height":12}},{"id":"6fad580e-489b-46d5-b6bc-27c041efa7a8","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":171,"box":{"x":70,"y":469,"width":797,"height":11}},{"id":"89ca062f-b1fa-4c15-be65-5668149074cf","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":171,"box":{"x":69,"y":484,"width":821,"height":11}},{"id":"eade6e7e-de83-4a1f-9bbf-b0ce61147463","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":171,"box":{"x":68,"y":499,"width":798,"height":11}},{"id":"ea9c11f6-2817-433b-ae4b-7d2c43f6c956","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":171,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"cbf55b54-8c4a-4bdb-9232-b74e978b6ad5","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":171,"box":{"x":69,"y":529,"width":791,"height":11}},{"id":"9a72b9e5-03a1-42e1-ab08-b68035c477ec","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":171,"box":{"x":69,"y":544,"width":814,"height":11}},{"id":"f4c4524b-7bb5-417d-85b0-5f201cdabe00","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":171,"box":{"x":68,"y":559,"width":802,"height":12}},{"id":"238d7b69-fd66-4705-93c8-70137b0fd216","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":171,"box":{"x":69,"y":574,"width":773,"height":11}},{"id":"bc1ccec8-bc10-4ce9-930c-648ca0b45548","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":171,"box":{"x":69,"y":589,"width":795,"height":12}},{"id":"ee86cdea-61e4-42fc-b992-a10125544a10","block_type":"box","text":"attributes of the tranche.","page_number":171,"box":{"x":69,"y":605,"width":176,"height":9}},{"id":"92d1dcd3-befa-4261-b3fa-4d5aea398a09","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":171,"box":{"x":101,"y":627,"width":344,"height":11}},{"id":"ff7cfde4-7047-4b85-a99f-239152b2871a","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":171,"box":{"x":453,"y":628,"width":416,"height":11}},{"id":"5cca7813-7e57-4f57-afeb-14d0987923e2","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":171,"box":{"x":70,"y":642,"width":829,"height":12}},{"id":"3f769e82-c667-499d-af13-b6c6b3d36f0c","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":171,"box":{"x":69,"y":658,"width":824,"height":11}},{"id":"96f6e0f0-cd0e-467e-9929-272e55ce6190","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":171,"box":{"x":68,"y":673,"width":838,"height":11}},{"id":"6b986fb5-b49d-4377-a446-419de25a1485","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":171,"box":{"x":68,"y":688,"width":820,"height":11}},{"id":"fa656e6a-1d8f-4e15-a94b-09276800637c","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":171,"box":{"x":68,"y":703,"width":808,"height":11}},{"id":"a132e4de-cd38-46b7-a27b-8fca5f135b32","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":171,"box":{"x":69,"y":718,"width":824,"height":11}},{"id":"849a2ef0-22dd-4507-b5ea-72d3ffa08fd1","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":171,"box":{"x":68,"y":733,"width":789,"height":11}},{"id":"73390427-18c0-4e45-94f3-17d919b22ba6","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":171,"box":{"x":69,"y":748,"width":807,"height":12}},{"id":"f1497f56-6a29-4949-a080-ebde8e1d2e80","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":171,"box":{"x":69,"y":763,"width":824,"height":12}},{"id":"5c425aa2-65f9-4722-b15a-26b39f0b7fc1","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":171,"box":{"x":69,"y":778,"width":833,"height":12}},{"id":"95e22d45-1ace-41f4-ab8c-02f246df629e","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":171,"box":{"x":69,"y":794,"width":830,"height":11}},{"id":"f5bf491e-387c-485f-a700-132982042661","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":171,"box":{"x":69,"y":809,"width":301,"height":9}},{"id":"5d1f1780-bc4a-49cd-83bd-2aee6c598918","block_type":"box","text":"Underlying Funds.","page_number":171,"box":{"x":102,"y":832,"width":128,"height":11}},{"id":"fbbbf01d-5628-4b16-bb94-1960a174d559","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":171,"box":{"x":237,"y":831,"width":621,"height":12}},{"id":"a21b5b56-5e41-41c1-a90a-e7a208151362","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":171,"box":{"x":69,"y":846,"width":837,"height":12}},{"id":"660eff74-a117-4f57-9a44-8f5379c2f807","block_type":"box","text":"General Valuation Information.","page_number":171,"box":{"x":101,"y":869,"width":220,"height":9}},{"id":"691a91d3-be17-45f4-b3f6-f599e673474c","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":171,"box":{"x":328,"y":869,"width":564,"height":11}},{"id":"cc9f50e5-63bf-4763-bef1-68986b7068e4","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":171,"box":{"x":69,"y":884,"width":831,"height":9}},{"id":"2b05ccf2-5485-443f-aef1-0ac615391448","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":171,"box":{"x":68,"y":900,"width":828,"height":11}},{"id":"c2bd80c3-c2ab-4111-9d3d-dab6b6b0cad2","block_type":"box","text":"II-123","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7ce65d07-b82e-4103-94d7-b3b1354c0ea6","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59568a91-3ac4-401f-898b-bfa0746c42a8","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":172,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"67b56210-e55d-4fe8-a23a-0ad37fe00878","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":172,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"657c2ed9-1198-47fb-87d7-1469d4664155","block_type":"box","text":"the revision.","page_number":172,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"858bfc73-266d-423b-a88c-010174243f2f","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":172,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"dca4cbc6-4ee5-4936-bfb1-4a343ea54eab","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":172,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"fd03ddcf-8939-4bb9-bfb3-1e1e0121d3da","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":172,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"a0064b79-9c08-426c-9cac-f93be33b7f53","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":172,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"ba9cc273-21e1-4fb0-9b00-939bf5836ca2","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":172,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"618b64b6-cecd-4c85-b03e-be4d65bca31d","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":172,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"ed47c4bb-55fd-446f-be07-55641e59fbea","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":172,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"44d37be8-e7f2-4213-8aed-84148cda0164","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":172,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"41c4a17b-9fae-439b-aa6a-767c364f69a9","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":172,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"ae594d2b-b7ce-425f-b28a-5061e00e1fc2","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":172,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"7529c083-8723-4e8a-aef4-e873a7e6124f","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":172,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"9bb45699-2f42-45b5-8bc3-ce49284c7412","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":172,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"a8f84a08-8741-4bde-bad9-36cce82c26fb","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":172,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"0a3b6fbd-fcc2-4c33-9866-e7ed62b9377b","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":172,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"cb928039-66b8-4908-9d25-b26568666c9e","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":172,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"89be7734-30f4-45b4-a427-af7fb8d413c7","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":172,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"84198000-e5d2-498b-a425-76be3c3380ba","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":172,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"8500052a-cacf-4834-8cd1-57b84a8c6679","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":172,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"c951806b-b7f1-4706-93aa-7099a3b33efc","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":172,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"a86147cb-f289-4edf-86fd-1e1c7c439ef9","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":172,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"2d4290f5-39a8-47bd-883f-f91915684725","block_type":"box","text":"Fair Value.","page_number":172,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"16262d36-ecfa-4924-8770-cd0da4806b19","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":172,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"f9429fea-b17a-4f94-9aa3-624b48c19d98","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":172,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"f6cb7bf0-acad-4560-8835-5757ec604e88","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":172,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"94565aa7-008c-4665-a4b9-f5c7282b25b9","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":172,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"ef03f463-458f-4ff0-ada0-d211a384bb4b","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":172,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"f50af0ee-d151-477d-b224-468566aadf3e","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":172,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"3f1c74f2-0e55-4c22-ba3f-bc1242171b25","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":172,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"60acf795-9a5f-4c0a-bfac-3d7d502ae872","block_type":"box","text":"(e.g., where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":172,"box":{"x":69,"y":528,"width":838,"height":12}},{"id":"5266f00d-906b-4de7-a53e-8b0b65608271","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":172,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"a25033f7-7d8e-4939-bcc5-e4f70af01792","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":172,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"cf8c742e-e923-4163-a307-f43dd321d08b","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":172,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"e39c076d-93e0-43fa-b21b-b99efde24b8b","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":172,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"c25fbd4b-a580-46e4-92a7-cc8aa36d7671","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":172,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"eb83fe6a-f4ff-48cf-97e6-395ec7fd776f","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":172,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"f919f0e0-ae45-4805-bb18-9729a3ec9236","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":172,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"7c537b90-cc65-4fc5-9340-195de84ff17e","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":172,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"b5c180e8-d6fd-4f92-85df-576a7f00bca5","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":172,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"2910953c-357b-452a-8edb-3b24d7e5e0b5","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":172,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"906c63d9-f993-4015-9b4a-d07c8c155c06","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":172,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"84b60437-49da-4114-9758-3bd9f7e48803","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":172,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"790da027-77da-4ffd-9abb-be6805a81211","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":172,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"12f5e8de-c404-4229-948b-13decff27e5c","block_type":"box","text":"pricing time.","page_number":172,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"8053f1d4-87a7-4793-8195-143889adda5c","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":172,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"3713b5bf-dcd0-4dd6-9fdc-8a1fa08a8dfa","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":172,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"f68dfc0b-9e06-49c8-b849-0704f8f2dbf3","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":172,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"a63484bb-afa6-4a06-81aa-3356381393a4","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":172,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"7838bf8d-dd5b-400e-9e1c-89df98833680","block_type":"box","text":"assets and liabilities of the Funds.","page_number":172,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"228e3bdb-c136-402a-aa52-4de785fd5644","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":172,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"5804c631-6320-4e01-92b6-d0c0ce7c1693","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":172,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"dd12918d-93bb-4127-8c6b-b67d82c439ac","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":172,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"2fab6c01-6a4a-417b-a8da-fb45ec165111","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":172,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"16c6258c-c065-44a1-a4d7-5fde522d63a9","block_type":"box","text":"II-124","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c3203674-070d-48c7-9631-83bfea8fac54","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ac67b40-9485-4698-807d-cd6d2a4fb083","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":173,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"cbfff06d-f809-456b-a83e-3558fdc7849f","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":173,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"9760df96-f09a-4087-b987-4e6bb1077269","block_type":"box","text":"valuation models.","page_number":173,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"d9c2bc5a-ee9f-4fe0-81f9-a35826c86107","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":173,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"b9c284f7-6608-4c15-8195-6b1287f27c5a","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":173,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"9632f615-b1a1-4581-a87e-03e0432a2d5d","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":173,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"77a3d5dc-693b-40dc-858a-8565af15b784","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":173,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"655a5801-9b2f-4c8c-a06b-00c80379c47e","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":173,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"36ecfc24-bd2b-4cf8-850e-3fcbae88e10a","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":173,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"05f14e3a-7248-4a67-83d9-8d435300a3dc","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":173,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"bb66c18b-7e75-4529-b443-94fa4a5c3bbe","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":173,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"d57387b7-7c91-435c-8ed0-83e33d263418","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":173,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"12a5868e-b487-4d60-957a-9cb9e828d39c","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":173,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"d34565be-9ffd-4b69-949f-c51393cc3597","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":173,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"d693c3ed-8eaa-41e8-ab40-761bc70602a5","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":173,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"240e5965-84d6-4c82-8e6d-443544e5e1ea","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":173,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"d55ad358-732f-431b-9662-1f5986ca5765","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":173,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"ae08f529-9d13-4ccb-bf24-7b4e05eb5ea3","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":173,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"9040e515-51d2-47f9-8a8a-b26e2dd35e35","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":173,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"f5342633-4220-4a3c-8bb8-59876d1cbec7","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":173,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"415f5e0b-abf1-4f36-a23a-d27e13838dc3","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":173,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"388fde4e-a630-47ee-a7ea-69b47c0955bf","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":173,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"77328b9b-8aa8-43c7-aef0-75c3195b9665","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":173,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"3a77193d-3cdf-49ac-9003-22df8eb6c9c2","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":173,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"9372a954-2dda-425b-8d82-aa40691d8635","block_type":"box","text":"par ty determination of fair market value.","page_number":173,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"36863640-713e-42ba-8c2d-cf296d363483","block_type":"box","text":"Computation of Offering Price Per Share","page_number":173,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"7ee81536-b414-4f95-b857-f966fb1f2908","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":173,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"0a8281d1-3780-4207-a054-4a70c4f1f724","block_type":"box","text":"the offering price for shares of your Fund.","page_number":173,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"9a227ba5-2cba-4020-b817-7242b63ed35e","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":173,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"4881bf76-ebfc-4b84-aa39-613161e2de72","block_type":"box","text":"Transactions in Portfolio Securities","page_number":173,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"b6209a98-3813-4610-9c2d-6dc5ab454f1a","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":173,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"121014c2-4510-41b7-af2a-4105238c124c","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":173,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"1a275446-bde6-4c6b-8f5c-da9c3270f142","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":173,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"7e1edec0-53cf-4b56-b629-2a7426f39a91","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":173,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"e4eb15aa-432a-4498-8e98-cc229aeee215","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":173,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"f0f96a19-5285-4e13-a0c3-d90cc685e3d7","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":173,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"d5dbd068-8382-4687-b668-1f7437ef8808","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":173,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"63d661c4-764e-4db6-a124-4b506b8e9c14","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":173,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"72bf1ee5-33fb-4a0c-b24d-832fe385c576","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":173,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"5671fcfb-514c-4190-a0e7-9a1231d33c79","block_type":"box","text":"reasonable in relation to the services provided.","page_number":173,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"2cc15d68-fd82-45e3-9c09-82f23e3a361b","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":173,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"5f458ce7-b7e3-4c38-bbcd-e3e8a741e76e","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":173,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"be7902dc-29cf-4f43-80ab-7d299cfd96f2","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":173,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"b6b41114-d186-4e27-a118-784a456c8da1","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":173,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"68dbb4c1-617b-4ee9-95fe-c67cbadfe8f3","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":173,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"2f3788d3-d1a3-4af0-88ef-01932e9614e3","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":173,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"722a1369-11a8-4cdd-b27a-9e0655f844de","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":173,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"20f27cfb-4870-46a5-a1b7-a46a8360224b","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":173,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"76057818-d1af-466e-af55-1952dc4318bc","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":173,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"c9c83212-a976-47fd-af24-a83322fc9a3d","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":173,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"a9834407-b27a-4aaa-9e53-007db033dff3","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":173,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"7bee1f34-1728-4132-981c-18c0e7a3c2d0","block_type":"box","text":"II-125","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"977679b4-db96-4d37-a195-2d36c78f9dbe","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee7ac5a1-1403-42a7-b36e-daddf5bcb9bc","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":174,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"26c08cff-fa68-4a43-a173-85bcfe3039f1","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":174,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"0ffa5f29-32bc-4554-844c-4e357c4da874","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":174,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"073cd226-e143-4141-b5b3-768b1a567557","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":174,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"e71c9b9c-a5c2-4dab-adef-613c5c64d311","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":174,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"1c5a9092-6591-4194-8dc2-43f67fb6ce99","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":174,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"72873426-db9e-405e-ab5d-53087fe8bbbf","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":174,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"59b2082a-840b-4cac-879e-5ecdd6ac1581","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":174,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"5f5879e6-825a-4a9b-b17c-43a82ac61585","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":174,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"50b58627-3f9e-421d-8140-e22e3d49fdd6","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":174,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"b902204e-c391-471b-a2c3-25309556eeba","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":174,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"17c808b1-85e6-4062-8400-d51e76639d1e","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":174,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"6dbb0b76-6703-4be6-8805-bc95af0264e0","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":174,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"fe823a24-95c2-4b26-8458-a11d3854c80e","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":174,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"fd499bda-98d5-47a6-b51b-629d9a0e5c8f","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":174,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"17602aeb-39c4-4d13-90da-0ec88769cf9e","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":174,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"3a1a501b-54ee-47ee-b2ac-91142baabe69","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":174,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"a94c0d7e-6a78-4a09-bdb3-54cbf3251840","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e).","page_number":174,"box":{"x":69,"y":309,"width":703,"height":11}},{"id":"9e69b7bb-10fb-4cd1-93ff-1713e7390dba","block_type":"box","text":"Cer tain Funds may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment","page_number":174,"box":{"x":102,"y":332,"width":743,"height":11}},{"id":"ce8af975-9fec-4e94-92c1-145d25c949fb","block_type":"box","text":"managers, including BIL, pay for any research out of their own resources and not through soft dollars or commission","page_number":174,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"5b63935d-b20d-4997-a0ad-2ada5c6684c4","block_type":"box","text":"sharing arrangements. BlackRock regularly evaluates the soft dollar products and services utilized, as well as the","page_number":174,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"b1ad40c1-688c-4e88-8e33-c5025d911035","block_type":"box","text":"overall soft dollar and commission sharing arrangements to ensure that trades are executed by firms that are","page_number":174,"box":{"x":69,"y":377,"width":781,"height":12}},{"id":"40e49808-7a8a-4fdd-8848-b336c3cb8aeb","block_type":"box","text":"regarded as best able to execute trades for client accounts, while at the same time providing access to the research","page_number":174,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"9a89ec61-7f13-4bcc-a150-d4fa6c5c7e5a","block_type":"box","text":"and other services BlackRock views as impactful to its trading results.","page_number":174,"box":{"x":69,"y":407,"width":500,"height":12}},{"id":"9979dabe-82f2-40fe-a5da-3c95e2e324ae","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":174,"box":{"x":102,"y":430,"width":791,"height":11}},{"id":"59229a24-3e2f-43e3-a7ed-3633f89f3360","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":174,"box":{"x":69,"y":446,"width":819,"height":10}},{"id":"56246896-4530-455a-a775-af732b03a910","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":174,"box":{"x":69,"y":461,"width":772,"height":11}},{"id":"77c426f5-fb7f-4c7b-afca-f9daa74730c4","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":174,"box":{"x":70,"y":476,"width":785,"height":11}},{"id":"9a54ab39-7bb8-4ee6-a942-c386edfefa6c","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":174,"box":{"x":70,"y":491,"width":806,"height":11}},{"id":"fd6ad129-f261-45ee-acd7-3ef0afe32664","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":174,"box":{"x":68,"y":506,"width":772,"height":11}},{"id":"87193a25-df5b-4a2f-85d9-486d91448a2e","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":174,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"535e7eb2-3942-4bfc-a06d-e404b4cdb777","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":174,"box":{"x":68,"y":536,"width":769,"height":11}},{"id":"cf077495-657a-4b9f-8b3c-aab5d8caca31","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":174,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"ba9c6aa7-83e7-4d4d-9834-cbc265d9c1cf","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":174,"box":{"x":69,"y":566,"width":778,"height":11}},{"id":"6c81d3e7-d19f-4c6a-9d84-86c38edf08e8","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":174,"box":{"x":69,"y":582,"width":363,"height":11}},{"id":"47f3c1a6-e3c7-40f6-917c-42416704037e","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":174,"box":{"x":102,"y":604,"width":749,"height":11}},{"id":"cca3e2a7-ff13-4917-a5b9-d980c7b5906d","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":174,"box":{"x":69,"y":619,"width":799,"height":11}},{"id":"340d87ea-75c7-4a36-9653-50624cd18fb9","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":174,"box":{"x":70,"y":634,"width":752,"height":12}},{"id":"515b5e71-17c6-4216-b424-45ce91873a43","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":174,"box":{"x":70,"y":649,"width":823,"height":11}},{"id":"ed3428a9-30c9-48aa-9898-f8e0c67d2aee","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":174,"box":{"x":70,"y":664,"width":822,"height":12}},{"id":"c73d67e3-d808-467f-a04d-410a506ff417","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":174,"box":{"x":69,"y":680,"width":840,"height":11}},{"id":"681f300a-76f9-4ad7-bcea-8fba21e8795d","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":174,"box":{"x":68,"y":695,"width":805,"height":11}},{"id":"35b24f8f-cc80-43d8-8ab6-8237c7381702","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":174,"box":{"x":69,"y":710,"width":798,"height":11}},{"id":"49505a4a-76a1-49cb-b4b4-a293ed8be38b","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":174,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"3c6eeb4c-389e-4a44-9b42-16f9e276cc9d","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":174,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"77882824-20bc-40f4-a968-df5f56c8a414","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":174,"box":{"x":70,"y":755,"width":798,"height":11}},{"id":"d74553e6-22c7-42df-b4db-0592fb07a9ab","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":174,"box":{"x":69,"y":770,"width":780,"height":12}},{"id":"dce01f99-d810-42b1-b99b-90e2b635859c","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":174,"box":{"x":69,"y":785,"width":827,"height":12}},{"id":"afe2a498-dc04-4dca-9ced-8897639dde92","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":174,"box":{"x":69,"y":801,"width":821,"height":11}},{"id":"142c5dea-6b76-4054-856f-15f631090c2f","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":174,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"843e27f8-a049-4579-8076-60eb09a1ab3b","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":174,"box":{"x":70,"y":831,"width":815,"height":11}},{"id":"7db73056-08b9-469e-a074-a21f4a213a31","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":174,"box":{"x":68,"y":846,"width":555,"height":11}},{"id":"70b013da-c619-4116-8d6a-4182d058dcec","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":174,"box":{"x":102,"y":869,"width":802,"height":11}},{"id":"0d2e3d6b-a655-4dc4-8a93-ae3f4fe3afac","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":174,"box":{"x":68,"y":884,"width":825,"height":11}},{"id":"6993e409-1902-4622-8052-2d76dedfc716","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":174,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"934aa448-0b8b-4ae8-a091-ae6199f02e6b","block_type":"box","text":"II-126","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bd1eb627-cf63-4d7b-9b0a-fff93bd95fd3","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5987210c-163a-44da-a5f2-1745622671f7","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":175,"box":{"x":68,"y":45,"width":824,"height":11}},{"id":"c1a54659-164a-4341-82de-2ba08b2a8e31","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":175,"box":{"x":70,"y":60,"width":812,"height":11}},{"id":"ea11f697-30b3-4ef9-bf3c-42fc926f934b","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":175,"box":{"x":69,"y":75,"width":547,"height":11}},{"id":"a483aa6b-88b3-4920-99e2-865f82a8b3e9","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":175,"box":{"x":102,"y":98,"width":804,"height":11}},{"id":"866ef79c-d6b7-4797-b3f4-68333008e318","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":175,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"04dfe1f2-b98e-4f08-9e80-853e56e38a51","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":175,"box":{"x":70,"y":128,"width":836,"height":11}},{"id":"83b95072-ee1e-4d05-bc77-f31431c080bb","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":175,"box":{"x":70,"y":143,"width":777,"height":11}},{"id":"d9e4851f-8a01-41e5-b7d0-913c8b2174a9","block_type":"box","text":"brokerage.","page_number":175,"box":{"x":69,"y":158,"width":74,"height":11}},{"id":"701fd004-d3fa-4a65-9a31-662572a0c3e0","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":175,"box":{"x":102,"y":181,"width":781,"height":11}},{"id":"cc845447-f29f-4503-8005-c85b5782c777","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":175,"box":{"x":68,"y":196,"width":810,"height":11}},{"id":"c24132f7-04f2-4d09-b7b7-cab571740277","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":175,"box":{"x":69,"y":211,"width":771,"height":11}},{"id":"456857bf-f44c-47b8-8da6-9ac83ca43aba","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":175,"box":{"x":69,"y":226,"width":818,"height":11}},{"id":"11702471-fea8-4afd-94d8-d291c69cf385","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":175,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"c30b1f8c-09b4-4ba4-879e-557dce249f02","block_type":"box","text":"Section 28(e).","page_number":175,"box":{"x":69,"y":256,"width":99,"height":11}},{"id":"2bb36655-d8b1-4f2c-a4dd-1c7d9f8ec15c","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":175,"box":{"x":102,"y":279,"width":755,"height":9}},{"id":"08ece71e-edfe-4ee3-be42-6f682b9b7420","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":175,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"8fbe9a84-c35f-49b1-9173-4f8b02283200","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":175,"box":{"x":69,"y":309,"width":799,"height":11}},{"id":"5707a44b-f8fd-4b49-84ef-a2bec7224816","block_type":"box","text":"execute transactions for those mutual funds.","page_number":175,"box":{"x":69,"y":324,"width":319,"height":9}},{"id":"99e1e49d-aeb5-4e43-9a76-c7b669836dc3","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":175,"box":{"x":102,"y":347,"width":770,"height":11}},{"id":"892e2354-57ff-4019-a3d1-ac44a07fcfea","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":175,"box":{"x":70,"y":362,"width":825,"height":11}},{"id":"f6bd7c40-f8cd-45ce-abea-cb0a341b5b35","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":175,"box":{"x":70,"y":377,"width":816,"height":12}},{"id":"d1139189-6ad5-4eee-84c0-4e998ac53367","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":175,"box":{"x":69,"y":392,"width":805,"height":12}},{"id":"d03d310e-0827-4cde-9876-5d01cc4a7844","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":175,"box":{"x":68,"y":408,"width":773,"height":11}},{"id":"a0cc9fe5-3f99-4ea8-8b17-e3270b66a8c1","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":175,"box":{"x":69,"y":423,"width":798,"height":11}},{"id":"2701e407-aa6f-45aa-b890-31b9841acc78","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":175,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"54b0c66b-2a9e-41f2-9459-f13ec4079b9b","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":175,"box":{"x":69,"y":453,"width":754,"height":11}},{"id":"61fae123-311f-474e-b359-4e7140b2ec23","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":175,"box":{"x":69,"y":468,"width":540,"height":11}},{"id":"12cb0f34-6e04-49d6-b9ed-fa604c5a1568","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":175,"box":{"x":102,"y":491,"width":798,"height":11}},{"id":"1ba0c106-f4f5-487f-9cba-ad3eb5e866bf","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":175,"box":{"x":68,"y":506,"width":597,"height":11}},{"id":"0edeeb11-983e-4b6d-bd4b-52ba6bae4873","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":175,"box":{"x":102,"y":529,"width":802,"height":11}},{"id":"01e27716-4c0d-4c1b-8a9b-226c68eace98","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":175,"box":{"x":68,"y":544,"width":822,"height":10}},{"id":"7c39799e-3742-44de-906d-4f3f527ae7de","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":175,"box":{"x":69,"y":559,"width":804,"height":11}},{"id":"88ddf424-dfde-464e-b027-9c4345d879eb","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":175,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"2a164f3f-24e5-47f3-9493-5fb4b7938895","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":175,"box":{"x":69,"y":589,"width":762,"height":11}},{"id":"e9658c86-9b6c-4769-9a2b-a276334ace6d","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":175,"box":{"x":68,"y":604,"width":770,"height":11}},{"id":"8e0a24dd-a0c6-41bc-aa9d-68fa89c262db","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":175,"box":{"x":69,"y":619,"width":828,"height":11}},{"id":"de568201-0f66-419e-99d4-f253e0d5236e","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":175,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"ef2119a1-09b0-4d0d-bdc0-73fcf367d8a5","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":175,"box":{"x":69,"y":649,"width":825,"height":12}},{"id":"5d883425-1849-48f9-af8c-07f24063ffda","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":175,"box":{"x":69,"y":664,"width":645,"height":12}},{"id":"3a679b94-caf5-49a3-9930-25b74e6c8335","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":175,"box":{"x":102,"y":687,"width":797,"height":11}},{"id":"e7e31e5a-4bd9-4dfc-9d4a-4018295a1317","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":175,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"19a93850-4663-43da-8b25-4aec3c031434","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":175,"box":{"x":69,"y":718,"width":839,"height":11}},{"id":"939b7e4b-83d6-4903-a41d-0fffd7485203","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":175,"box":{"x":69,"y":732,"width":833,"height":12}},{"id":"8e2cca25-b5bd-4e51-9b36-f43f53be6a1e","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":175,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"9b80bc18-6ca9-4576-aad8-f11ada25749c","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":175,"box":{"x":70,"y":763,"width":730,"height":11}},{"id":"49b13678-c5f9-49eb-8c4f-9967d3e3ee3d","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":175,"box":{"x":102,"y":785,"width":800,"height":12}},{"id":"d761b9dc-c152-4398-a60d-c164f477c587","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":175,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"72eaa45f-dd46-43e0-a7a3-cffbdb52b103","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":175,"box":{"x":70,"y":816,"width":812,"height":11}},{"id":"e7bb1ff8-7436-457b-af69-94ef0f2dd6c0","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":175,"box":{"x":69,"y":831,"width":807,"height":11}},{"id":"a9107a9f-4c07-452e-a52f-c32094f0f9cb","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":175,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"3afd332a-7193-453f-8e97-706545e68d25","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":175,"box":{"x":68,"y":861,"width":817,"height":11}},{"id":"3df78b7a-33ad-45d5-8e25-44b64f1a5500","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":175,"box":{"x":69,"y":876,"width":802,"height":11}},{"id":"06e61914-78dd-45ab-ba03-b9b9f28aa79e","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":175,"box":{"x":69,"y":891,"width":700,"height":11}},{"id":"4ffcd77e-529f-4ad1-ae1f-030a015a4815","block_type":"box","text":"II-127","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e25abe8b-8441-48b9-aadc-b4c7dc372bb5","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8e411110-cefe-4576-9bf2-84a9f36ca9d8","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":176,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"a7cd86b2-2375-4a78-8484-2ab666f8e61c","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":176,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"3326fbf0-1573-4d17-9fcc-a9ce8fd09342","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":176,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"6ac10f01-5302-49cb-ad17-40e7066b0398","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":176,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"538e56d8-cef1-49f3-8567-577fa152641e","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":176,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"f8d56c9b-0c4e-4940-823a-a862dc90a68b","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":176,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"6324414e-20ab-4d52-99ba-28193be18604","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":176,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"5341ef2b-83f3-4318-8cd1-daec930a0203","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":176,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"4d2f3049-81d8-4c3f-8d34-a259aafc2e9b","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":176,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"ded2b213-02bb-46c6-a177-ea28c0def11f","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":176,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"543e5fba-27cd-4d9d-8be7-2e78f93fea37","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":176,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"e114ed60-c204-4f0d-817c-c37c040501f1","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":176,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"dca53ac2-3b8f-41f7-b830-0bab2ff4e95b","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":176,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"bf87d940-6db9-41a6-aa83-7f07f300b687","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":176,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"172ffe31-6410-4834-8044-21642773906a","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":176,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"6bc6cc07-ab90-42d6-bbf7-0f1329fcddf1","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":176,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"a5ac311d-fc7b-437e-a67d-31c3f3f7e3d4","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":176,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"f9dd595b-cd44-4f2c-aa41-31326c158af7","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":176,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"7b23644d-e30f-4070-966e-ac7ce7e339a8","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":176,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"2d1f2af9-c193-454b-b7c9-7994423e8cff","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":176,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"6abd72ea-432d-4058-bacd-6f5caa9a6eef","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":176,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"a7b5015d-7ee6-4ef7-864a-c348c80d4a31","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":176,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"c33806a5-db0e-46a0-ab17-0406a2631a64","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":176,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"e6a13025-f753-432f-a1f0-e03b295972b3","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":176,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"45e84c6f-10f0-4da1-b658-94ab5c37ca1a","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":176,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"e48466bd-5f53-4ca3-aeeb-f0d315350e66","block_type":"box","text":"accounts and compliance constraints.","page_number":176,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"86c97c7d-0042-4f07-843d-afbad12bf5a2","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":176,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"bdde3c43-de53-40eb-9c37-a0eb8a8cda6e","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":176,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"2b9cda27-a83b-42df-815a-d93d16edeaf9","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":176,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"ffd5375c-260e-41f4-90e7-4e9235328ba8","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":176,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"49f22e86-2ac3-45e9-ae71-634e79fe6b89","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":176,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"31c46b7a-b193-44f5-b8fa-3aa57ab3a9e1","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":176,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"59976906-7b79-4ba8-90ab-c1a0942f56c7","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":176,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"ef76dbf3-ce49-441d-a4bb-c0ed644fed38","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":176,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"e45d1b4d-cc1d-4712-a02e-0e67f0980647","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":176,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"cf4acd2b-5151-4d11-8095-1e75018e5fdb","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":176,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"803110b2-9deb-4c2a-81ec-aabe7e70f75a","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":176,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"de0dc2a0-5e40-43f7-b74c-226e747a6267","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":176,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"15bdba44-0781-45c9-92d3-406a806349a5","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":176,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"861e8176-221a-45ee-beec-0cb6aa72d723","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":176,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"f48aa981-fc22-4575-9cda-34a4febb7b8b","block_type":"box","text":"clients may be used as well.","page_number":176,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"c318f19e-066a-4edb-ae1b-5c4e4c3b17aa","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":176,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"57f10e4c-b710-488e-9c61-1760c466c3f4","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":176,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"a3005677-8bd6-4d69-8964-2995c56f7efc","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":176,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"d55b6421-f56b-41fb-9124-af33a3eaf788","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":176,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"8f1fc37e-c35d-4efb-949c-776dd73bd802","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":176,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"63d9429c-4cc3-4c05-a4f2-4c068ebcd8c2","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":176,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"9bcda051-d510-4b36-9d97-2003a7b667f8","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":176,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"0b821044-7cfb-4651-bda6-71d841098693","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":176,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"251b459f-3b61-4a43-926b-275f902d4d46","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":176,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"a676f933-0385-4ff6-a033-11f9650d3057","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":176,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"8280776f-67d8-4aad-96f3-7941526b331a","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":176,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"f2f08799-0c04-4589-8be2-13dd712b6933","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":176,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"21adcc4c-815b-4b84-96f8-732476cca6b3","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":176,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"0f041650-a427-49d5-9741-9c5f5426b221","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":176,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"309e7dbb-80dd-42af-a9ba-e0674af2ed50","block_type":"box","text":"II-128","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7de17eb5-0edb-4e5c-9045-80be6786e305","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bec21364-c44d-4005-84d7-4bf33c5a391e","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":177,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"87dd62a1-5352-4336-9bd2-de2ec55c24e5","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":177,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"c0bcab66-74e9-49a5-8b9b-748df5f2ad4f","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":177,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"c179bbfb-f97d-409a-bc75-cacc786d7857","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":177,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"4861d170-7115-4f5e-a911-ab6fa23aa506","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":177,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"e63ea7b3-3198-4802-a2e4-d8b01cf9000f","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":177,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"62f25b92-f9e5-4980-8820-770dbabc2b83","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":177,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"d20a2f0b-e0f6-4cb6-bf0b-3cb06a8bf7e1","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":177,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"6d9e1f39-2b1b-424e-bef9-17e0ce9900af","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":177,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"71e920e0-c9c4-4b99-a7c8-fd6ef45bb3c9","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":177,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"c8e09715-0ead-4876-9b1d-b66220831060","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":177,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"2f83a24a-6f1e-48e3-ad8d-1a15707f1986","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":177,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"cbfdc5e7-4f3b-4aa4-971f-6e4085406842","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":177,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"738a8d1c-bb8b-4cd6-be66-704fc04eee77","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":177,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"61ddf451-fa1a-4803-98f2-f6bc74645662","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":177,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"c419a110-6f77-466e-9aad-edf93f5dbc6b","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":177,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"e461fc13-9732-42ad-bc74-3d20f0752090","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":177,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"cf510538-fa7d-405e-9790-e30255ba171e","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":177,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"5899eb98-5fdf-4856-a5bc-f534231ed441","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":177,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"bcbf8f48-859d-4406-b255-44760662e7c3","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":177,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"639ad2b2-1b3c-486a-bef6-4ce79c79e191","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":177,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"b216a629-8557-4944-ae0d-7ada8bdca47f","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":177,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"f3451247-72b4-4970-a6e0-a344c72dc80a","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":177,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"a52bc947-d5a6-41c0-8d60-be97c610e7cf","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":177,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"1ae4ad8b-dae0-4152-8579-4ba66a80c2e7","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":177,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"d3e50d69-6c7a-4669-ac33-adff612b4e5c","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":177,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"2704088c-fdfe-48aa-9d0b-fb345e4a8532","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":177,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"6f3f706f-d48f-4506-b2ea-7ee3fad26b26","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":177,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"1d6975a9-4434-4996-97fe-e72d835353fa","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":177,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"39d93a48-1441-42d7-b5a6-e2693e8c3244","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":177,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"173b1791-2460-4cde-8ebe-47ab54fe4ea9","block_type":"box","text":"Portfolio Turnover","page_number":177,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"8afb1160-fb24-4bf1-9141-5027cf3c93ef","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":177,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"3a656499-99bd-4648-aee7-62f93eb79869","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":177,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"dd89407f-fb94-4ded-a8af-bf5887d90fcf","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":177,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"c92df8bd-2a63-4701-a1cd-86e9f19586a0","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":177,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"5c5a70db-0255-4a70-bd71-6cd289d2c2d3","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":177,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"48906df1-21d9-440a-82c6-dd30f3763aa0","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":177,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"f951c408-891c-44b4-8041-316bd685be49","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":177,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"e4513495-d939-4710-b7ff-4ace7f77be1e","block_type":"box","text":"Dividends","page_number":177,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"f93ec028-9ec7-4854-90d9-0e6f83743e02","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":177,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"30c7a8a2-6424-46d4-a631-38a20aeca518","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":177,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"38fb8853-d396-42f7-9be4-56e05f6a910d","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":177,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"f37568f9-dbfc-445f-81db-50767784047e","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":177,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"31c5311a-c42e-4119-b2ae-d2500f3df811","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":177,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"9a558435-df4c-44fb-8a19-65d4cedb12e5","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":177,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"d730cb7f-c691-4aca-a419-31daa5d4f210","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":177,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"cff30905-bfc5-415a-8643-6b2bae7cf55d","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":177,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"ee36fef6-e182-4c84-a3a7-b76e5fd4b7d0","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":177,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"71667e7d-6842-4daa-a356-ee7aa1a1ae71","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":177,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"77dedfea-7e35-4d4c-ae39-b9d8c2678593","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":177,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"4cca75d1-4559-478a-9ae8-5bde55c3eeb1","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":177,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"d203b912-75da-462d-b62c-cd498d68cd56","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":177,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"217b39b7-01e2-4072-922b-1cf02f81a5c9","block_type":"box","text":"II-129","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"377f46de-926d-47df-9448-74bec0c3eeda","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2b08b47-2907-4403-8412-41ade9b1fc24","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":178,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"12e1e89b-afff-49ac-a3ac-00879598b14c","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":178,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"a37af5c7-1537-434e-a001-5c654b730965","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":178,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"821266ca-7086-477c-b9b0-c94522ffc3b4","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":178,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"c149030a-9ac1-4e27-9499-be40531e6ad8","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":178,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"f460ed78-7cb1-4980-a0e5-e2759e713610","block_type":"box","text":"Taxes","page_number":178,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"da703c29-4915-4f31-a356-6d654bd0260d","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":178,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"29e398b7-96d0-4adf-acd7-7b08708aeba3","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":178,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"534fe705-a3ef-42b3-b6e6-ec42e0feb81a","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":178,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"9ad30264-2d26-419e-b8cc-718ba6607e2f","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":178,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"b44d9eab-ca99-46ad-80b2-7dbec9736f3e","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":178,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"449b7f7d-68f1-4e24-9345-54086c80dfd6","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":178,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"2acdba6a-a340-44cf-a98f-bbfe5f0e69a4","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":178,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"9c9f5a4a-58ee-4fe7-9bea-5f61d8f8e86c","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":178,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"4e3baa6e-c41f-43f2-94f1-6557af44802d","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":178,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"fd3e5695-ea5c-4f3b-bfa3-13c21f58b7eb","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":178,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"6756f453-7444-497d-8979-ac654cac14df","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":178,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"85c7fa64-49b3-4f9c-8c59-7e5b27bd4f79","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":178,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"4f97a83f-4d6a-4ce6-b66e-47eb44c3cff2","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":178,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"47246295-19c6-4d9e-ba9a-649ef7dec823","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":178,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"652b1b3b-1ccd-49bd-931a-995cdd58319a","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":178,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"c40359a0-97c8-4b7c-ada7-07f55f9a8e05","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":178,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"5f9b0441-b821-4aa5-b167-022f4ac640a3","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":178,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"4f7eb1c8-563d-488c-b32d-3a57cef5c2e9","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":178,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"226d11ca-d3d7-4cc8-aef3-e034320f11f9","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":178,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"8645f8b9-9eb3-4827-a11d-90a4fd6454e0","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":178,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"b338edb8-4563-4c38-bb15-bb732316f4df","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":178,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"e7ebbb2d-a6f8-4d03-9734-3d0599e515cd","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":178,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"6288fab2-aac9-4ec2-ba4a-4e0e83082767","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":178,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"255be754-128b-4e53-ac05-98319659ce76","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":178,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"3761390d-e16e-4e25-ae17-8edd54779349","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":178,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"79743a8c-bc94-4756-a3d9-a6e842f1f649","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":178,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"f875a0ab-7d1a-4303-8cfd-6f82f152ded3","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":178,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"ed1dc291-a3c5-4827-856b-2af7ef3a4761","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":178,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"04e575eb-01a5-4ef0-a6cd-f7672d0d8583","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":178,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"26862b4d-2992-40fa-acab-fd63cc1928fc","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":178,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"2b980972-b19e-490d-b893-205838fd61ab","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":178,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"f636cf22-8c14-4ab8-858b-f819240b99e3","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":178,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"d192c60e-b8a8-40bd-9049-24e17d323f05","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":178,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"03ff18f1-4add-450f-8be8-accb0f6b0aed","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":178,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"e05aab0c-b0ae-4905-8ddf-e94d06dc45ca","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":178,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"90c6684c-c23e-4fd9-9a43-b4e838094a5b","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":178,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"6d5e9c85-3af1-4901-941a-62817e520dca","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":178,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"d0a7bb9e-cf81-4cfd-803d-ae98d09f38e4","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":178,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"28d71168-cf9c-4912-b601-b49bf3324adf","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":178,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"a3726536-8037-4a44-a78e-f101e5d8a171","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":178,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"c7585687-6428-4a08-a918-352f715b4841","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":178,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"558ba00d-ec6b-4d92-ba77-cde2a5afe55b","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":178,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"d7e57e9e-d845-4a55-a403-e9d82e64a1c4","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":178,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"c9f6ea10-ce5a-4806-94c4-83e322185280","block_type":"box","text":"limitation.","page_number":178,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"b34e6570-e545-4bd7-ba90-b402803a34d4","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":178,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"1f94a288-c6c4-44d9-be4a-9e521b3beb74","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":178,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"a3d7a7f2-fc3b-41df-b119-a01cdcafa77d","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":178,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"3d5b7daf-35db-4d88-a822-c7117a88183f","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":178,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"47c881a7-3268-4b10-9911-979710074d34","block_type":"box","text":"II-130","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"62c7397a-514a-4feb-909f-f41dd45c3916","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a4cd715-ea52-4e83-a7bf-705cb43a7adb","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":179,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"4b13039f-e028-42a6-8378-741587883913","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":179,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"d9f980f7-fde1-4c4e-8a39-6bc5aaf40a99","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":179,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"6f46fca9-224e-414f-8d77-e90dc6343422","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":179,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"77d885b1-2a71-4105-a9bd-21a611a2d7cb","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":179,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"d4ed9ffd-5d15-41d8-8cf0-fac0a3e2a4bf","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":179,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"b8aeb95f-9e86-4d3a-b94f-a0aace6d42df","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":179,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"c474c7a9-20ac-4889-b866-38667fd6638f","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":179,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"01b7712a-d021-4a76-bfaf-d567e3752ae2","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":179,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"d0068b9f-35c2-4411-afb5-11ed885578f6","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":179,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"052a9802-3cd1-493b-8b99-6706ea3176f6","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":179,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"efc727ae-187b-47d1-9215-909c80b19d0c","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":179,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"034e248d-8d27-48f9-9425-f5c2a5df5476","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":179,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"613218a4-d851-4990-8644-4947932fe18a","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":179,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"3028cce9-02df-4268-9e82-8ba2a94c8c2d","block_type":"box","text":"constitute “qualified dividend income.”","page_number":179,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"2f76f40b-e762-4a3f-bec3-1f59e2d3b611","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":179,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"6563794d-7854-415e-abb0-4e322a95a4e6","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":179,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"2686f747-3f6a-43f1-b475-1451e31938ba","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":179,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"54a20d15-2950-4406-b28d-c19a5213af52","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":179,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"c130b611-09fd-4882-8390-180baa34c801","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":179,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"1d31ab00-7b56-4cdb-86b8-cde5f24e3fdf","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":179,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"248f77a0-9764-4208-aba5-207bfbeca3b3","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":179,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"7dbb7079-35da-4bee-b2e3-a3c6f1e1dc68","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":179,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"358b26eb-65cd-42d1-b98a-47324dde64eb","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":179,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"8c1e969e-4307-4c38-9456-32ce9f5e33f0","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":179,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"9bd9d38b-5cfa-4619-9697-5d877b13f3d3","block_type":"box","text":"against their taxes.","page_number":179,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"092f996e-5496-4349-9b85-c2f9f43ea64a","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":179,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"eaa090c6-0218-4d1b-b9e6-377e049b8aaa","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":179,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"cdbba972-4207-41d5-825c-1071d84fde0d","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":179,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"bd2dc497-05df-43b7-a55b-800d74808335","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":179,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"81a7b9b2-0368-4fc5-a933-1425a080c819","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":179,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"d662381d-3021-4bba-a1e3-b089e5d542a7","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":179,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"10e23b4e-7b49-419b-b2cf-cfc21c2d6a97","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":179,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"b1d5a192-fb28-475a-b03f-af48ae6cbe3b","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":179,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"d8eee538-ae3e-4f49-a379-66b9987067cc","block_type":"box","text":"dividends received by the shareholder.","page_number":179,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"81c19f50-141f-459a-a6f2-b39d06a679e0","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":179,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"ac16f12d-8b89-451f-9f54-af1a3fc75c3c","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":179,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"70667cac-ab28-45dd-a471-d14ab078efeb","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":179,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"a05ba3cc-8e39-4533-9584-0385da9a9b70","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":179,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"49f4787d-b127-44ec-893c-f1c9713643ab","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":179,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"7ba1b8f3-1e85-4967-b5ef-68f086b0e47d","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":179,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"3de8ce24-4e89-4da1-ba89-4eae8f417be7","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":179,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"5c4e789f-ae1b-4945-a717-810a586367a1","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":179,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"22afd2e1-886a-4f67-8a0d-84efe2c94697","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":179,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"4a18dbde-2d38-4b4e-b95c-b0932120c847","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":179,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"f990f3f9-2c93-4c05-962e-3ed875b43d17","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":179,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"456b5021-f080-4734-927d-9eae46ef1dfd","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":179,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"b1d67c90-d151-4c31-bc76-2d2e6737541a","block_type":"box","text":"taxable year.","page_number":179,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"5346f3b4-4cfa-4204-a9bf-9c0655393495","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":179,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"c49cf2d5-5981-45b3-bddc-127a0711eef9","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":179,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"87c94bb5-d238-4cc0-9bc6-e32bea9352a7","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":179,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"a4ca6117-fa75-4dc2-9964-d08f4c26e400","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":179,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"51cd5449-a20f-453e-8822-8adca45dc748","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":179,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"d0f1d551-88f5-4e3c-be6c-00b912f86f5f","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":179,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"819233a6-45ff-4f0a-9f65-84633df29df9","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":179,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"6e768625-9bb1-44bf-bffa-ffa31c311a31","block_type":"box","text":"II-131","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"845cb999-8f9d-407a-bde4-b982778a812d","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97bb6516-8d2a-47c9-9a9f-6f81731f4c40","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":180,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"2ea5e8fd-e8f8-4e57-a71c-1c0fbd9a8d64","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":180,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"d0596639-fcd1-4018-97fc-65ef3eaf20e8","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":180,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"5f4a62ca-49a3-4fab-afed-5da0b64c24b3","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":180,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"910d5300-90f1-4d2c-93e6-759a07e6a3d7","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":180,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"0f0366bb-49b8-41b8-8813-fe56492d5e60","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":180,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"57970f29-7997-468f-abef-554a103e2a87","block_type":"box","text":"A Fund is also generally required by law to repor t to each shareholder and to the IRS cost basis information for","page_number":180,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"166877c5-3da4-4a7c-9c82-2d7c801bef17","block_type":"box","text":"shares of the Fund acquired on or after January 1, 2012, and sold or redeemed after that date. This information","page_number":180,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"0089c0c8-e0e3-4d2a-a7e6-5c56d6ae1442","block_type":"box","text":"includes the adjusted cost basis of the shares, the gross proceeds from disposition, and whether the gain or loss is","page_number":180,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"7491aafe-fbc6-435c-b74c-b3303e3ece80","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":180,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"a9ec03e9-9c1d-4ed8-9518-5f31cad72b01","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":180,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"9b7f84d6-404c-4e2e-b068-b9cc8bc16c94","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":180,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"21eb1b8f-c4aa-42e0-b0d8-6319cd25f824","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":180,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"87902eca-0b22-4f9e-bbfb-2ecdc1535b34","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":180,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"6086c5da-1303-4e71-9d05-b11207dc747e","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":180,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"b4206297-7095-40ef-9353-d90567898976","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":180,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"abad6bdd-0fd1-4343-bd95-68197e790868","block_type":"box","text":"redemption of such shares.","page_number":180,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"06d62ad0-d5b5-4468-9ee3-ea73c623e296","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":180,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"6e6d8c59-0c8e-4121-a199-31b85671ccf6","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":180,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"a213deaf-f6f3-49a8-8f64-1478989f6750","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":180,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"b4c569c7-0f13-47fa-87c7-dcd9632c69f4","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":180,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"e11175ca-7227-4ce1-a4a4-7675f5bb7820","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":180,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"33b62753-7a5f-424c-8b93-7f6f9dce4a2c","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":180,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"e3ea18b4-53f3-4a5d-9205-f68c0d244199","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":180,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"f0739b0a-82f0-4702-a9e9-7dbe8a5e90d0","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":180,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"5926cb8c-07d4-435f-b6da-67a5ad9acbe9","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":180,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"c75a356b-eda2-4e9e-aa74-e774f908192b","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":180,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"aedb7550-53e2-44e2-ba2f-996f76dae97a","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":180,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"00bcffca-9ef6-4644-859c-c9621cd81a6d","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":180,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"a6ffee59-ee89-43f2-a8ae-291e1e50aa69","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":180,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"fb8b14ac-101b-428e-9346-98557f8a5954","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":180,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"fbedcccf-6275-4689-981f-c659ff52ea97","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":180,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"02d534e8-3534-4b75-8f8b-d7fb06b468de","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":180,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"dac5ee3a-32e1-4fa1-8e98-d5fcb898bdc2","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":180,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"9d1893f5-e438-4caa-85ba-b6c6a4325f70","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":180,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"0fd770f5-5dde-4c67-b41e-336c716d0cb8","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":180,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"1da98c3d-a02b-4997-baa3-8557f8b12f8f","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":180,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"957936c6-2ea4-4cfc-a179-f1371d0fc585","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":180,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"a1a8123a-83e3-4be0-a475-bb20e98dea0a","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":180,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"66a78dcb-63b4-4ae3-837a-7a349a9860f3","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":180,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"136f54ef-f228-433f-81d4-6786363c11eb","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":180,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"011b4d0f-30bd-455a-bd60-b0f578e3a8f2","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":180,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"bf968410-068e-4e08-ac06-9cd504bf6957","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":180,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"f05db488-002f-4d1a-86ba-8ce2c1003e30","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":180,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"e0be16a7-18b4-4a29-9bca-d78ae17ec316","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":180,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"1d3789d6-43d7-4aa6-bf02-2e3ae2ec60a5","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":180,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"c80889d0-bc1f-4640-bafb-6255668f2b67","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":180,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"25a9d2fb-0e77-4045-92bb-b98e02a26675","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":180,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"5e0bb3fc-754c-4b7e-be4a-1930fa9eff3b","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":180,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"19c7f5ce-fd1c-4fda-b3b5-2ff8de6c8745","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":180,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"73035477-203c-46a6-94fa-c6fd52527834","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":180,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"b7ac53e9-bc6e-4022-93ff-79e19516d095","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":180,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"51018a7a-f606-4a38-bc7e-b18c86d164f0","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":180,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"f3ec6d55-3c21-49ad-b5bb-a314fd37b890","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":180,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"5e63a20d-b0e4-498b-bdfe-7ebc1cdf616d","block_type":"box","text":"II-132","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d66b6cf0-965b-4efa-9470-547d7e7e46ed","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"143ec221-3ed3-488c-9707-4e35d18da4e3","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":181,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"a1747775-a713-4c7a-8b36-5146f3e540e4","block_type":"box","text":"in subsequent taxable years.","page_number":181,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"212302a3-ed14-4393-bd66-c61e65a07a03","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":181,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"6c4d1c49-b12f-4007-8de6-41fcc006647a","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":181,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"47abd3d9-2562-4dda-bf48-da000a6f03f5","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":181,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"c68abfcf-92f0-4b16-8fed-b7806d34618d","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":181,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"b60e48d3-8295-457c-9e15-c2932b574400","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":181,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"91860819-7fdf-4ff5-8e45-00f943367828","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":181,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"653b3596-8f96-4ba3-98c3-c9bae53cd25d","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":181,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"41a7a09a-34e0-442f-9c56-8ae17ebb2227","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":181,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"9aef4142-feff-425a-9863-a2a31b11ece6","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":181,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"ca9b0a54-d9c0-488e-bb68-aa2787e73650","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":181,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"f12212ed-ef40-4ac9-b4c9-7791e5c52099","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":181,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"b6552d7e-16ce-48c4-938e-1c8c35a38f14","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":181,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"8bb952c9-d8fa-4e00-8ed4-e9b665a4dbad","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":181,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"cfd7b171-7d7b-420f-a10d-5963988cf082","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":181,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"6fa891c8-2ab0-4cca-8e4e-4d23b9399efa","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":181,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"e4e83121-5af3-4be0-ab8e-894625323cc8","block_type":"box","text":"Form). In the case of shares held through an intermediary, the intermediary may withhold even if the Fund repor ts the","page_number":181,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"33ea1187-101d-45cd-964a-2a08cfc625d4","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":181,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"9f3bcece-12a8-4311-be87-072a54ea1427","block_type":"box","text":"intermediaries with respect to the application of these rules to their accounts. It is not possible to predict what","page_number":181,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"39e0c408-0e6f-4689-b92f-7efa68dcd838","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":181,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"24adc72d-ee2a-438a-b05c-efa79c0f835c","block_type":"box","text":"dividends under these rules.","page_number":181,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"a18f99c0-a32f-4e3a-ad87-2fc7d1653ebc","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s","page_number":181,"box":{"x":102,"y":392,"width":756,"height":12}},{"id":"60a443e3-e561-4122-9c1b-24bce8d0f0f5","block_type":"box","text":"assets consist of interests in U.S. real proper ty interests, including cer tain REITs and U.S. real proper ty holding","page_number":181,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"6df6b006-7230-4e79-b548-112f53c2fa96","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":181,"box":{"x":69,"y":423,"width":769,"height":11}},{"id":"47a84ec2-ed57-4d2c-963b-57b11148e5a1","block_type":"box","text":"attributable to gain from the disposition of a U.S. real proper ty interest will be taxable as ordinary dividends and","page_number":181,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"0f2645cd-edf2-4251-9fb4-bab10063a578","block_type":"box","text":"subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s","page_number":181,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"18ae7575-8417-45fa-863c-0d2561c00909","block_type":"box","text":"shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held","page_number":181,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"0501887e-3f7d-4060-962a-4f52f2a7c345","block_type":"box","text":"more than 5% of the Fund’s shares, the distribution would be treated as income effectively connected with a trade or","page_number":181,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"14b99844-ee2a-4f16-a005-2a99be6946d3","block_type":"box","text":"business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would","page_number":181,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"9ead95cc-8056-4c8a-828b-c2ac22b2fa3b","block_type":"box","text":"generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign","page_number":181,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"ff21613f-6df9-4daf-8fb0-9da4d78c3d04","block_type":"box","text":"shareholder’s gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than","page_number":181,"box":{"x":69,"y":528,"width":814,"height":12}},{"id":"aa982577-06a5-4f16-a9ad-c222b6e43791","block_type":"box","text":"50% of the value of the Fund’s shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5%","page_number":181,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"72b63775-3e6e-46fb-b8ef-15006860ae31","block_type":"box","text":"of the Fund’s shares at any time during the five-year period ending on the date of sale. Finally, a domestically","page_number":181,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"d74cd9cb-2353-44cd-a2e6-3e1b479a7927","block_type":"box","text":"controlled Fund may be required to recognize a por tion of its gain on the in-kind distribution of cer tain U.S. real","page_number":181,"box":{"x":69,"y":574,"width":790,"height":11}},{"id":"4c1b792d-8a70-45b9-97bc-87c2b50ca09f","block_type":"box","text":"proper ty interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":181,"box":{"x":70,"y":589,"width":804,"height":11}},{"id":"4346562e-3f7e-489c-a816-f0244138f7aa","block_type":"box","text":"advisors concerning the par ticular tax consequences to them of an investment in the Fund.","page_number":181,"box":{"x":69,"y":604,"width":648,"height":11}},{"id":"22b444a5-4367-47cc-b9b1-b0ae076bf331","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":181,"box":{"x":102,"y":627,"width":763,"height":11}},{"id":"30cde26d-5987-436e-a6b9-d34bb16ce4dc","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":181,"box":{"x":70,"y":642,"width":820,"height":11}},{"id":"9859f44b-3b06-487b-b031-1508c62d99e4","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":181,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"58e187a2-6a54-4995-be05-85c4b7358158","block_type":"box","text":"repor t to the IRS detailed information identifying their U.S. accounts and U.S. account holders, comply with due","page_number":181,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"027d2ca8-284e-409e-8f27-62a84b4bdaed","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":181,"box":{"x":69,"y":687,"width":791,"height":11}},{"id":"02dffff7-23d2-46df-b4cf-77b733dcec58","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":181,"box":{"x":68,"y":702,"width":791,"height":12}},{"id":"58a261d3-ef9c-4753-bd94-31149dd289c4","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":181,"box":{"x":70,"y":717,"width":822,"height":12}},{"id":"db315a13-d8ab-4296-8d23-7c14784939fa","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":181,"box":{"x":70,"y":732,"width":739,"height":12}},{"id":"68930f43-663d-4d52-8641-2af699b704b8","block_type":"box","text":"Under cer tain provisions of the Code, some shareholders may be subject to a 24% withholding tax on ordinary","page_number":181,"box":{"x":102,"y":755,"width":786,"height":11}},{"id":"d50e73df-bdb3-45a0-a0c5-a84663514f90","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":181,"box":{"x":70,"y":770,"width":820,"height":12}},{"id":"d7e6d789-5204-434c-ab92-c59241041640","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":181,"box":{"x":69,"y":785,"width":837,"height":12}},{"id":"9b983c3d-043c-408c-a064-2d99967828eb","block_type":"box","text":"is on file with the Fund or who, to the Fund’s knowledge, have furnished an incorrect number. When establishing an","page_number":181,"box":{"x":70,"y":801,"width":821,"height":11}},{"id":"7072c0a6-9c7c-4d26-a7bb-37370f1a22e6","block_type":"box","text":"account, an investor must cer tify under penalty of perjury that such number is correct and that such investor is not","page_number":181,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"c5f10dfa-d627-4072-9d7c-a46758ac7fc7","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":181,"box":{"x":69,"y":831,"width":826,"height":11}},{"id":"59b2127b-96e3-4362-a2fd-55166769d1dd","block_type":"box","text":"may be allowed as a refund or a credit against a shareholder’s U.S. federal income tax liability, provided that the","page_number":181,"box":{"x":69,"y":846,"width":802,"height":11}},{"id":"8a36900a-028f-4065-acc2-33a7cbbae9f3","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":181,"box":{"x":69,"y":861,"width":364,"height":11}},{"id":"61b049a5-f8c7-411c-911d-217ae4c77a56","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":181,"box":{"x":102,"y":883,"width":774,"height":12}},{"id":"7de101c3-b167-42b9-bd86-54dffa145e9a","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":181,"box":{"x":68,"y":898,"width":787,"height":12}},{"id":"658c8256-a428-4e94-8639-b5f75d1de783","block_type":"box","text":"II-133","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2f327301-ac1c-4bf5-9f01-ab001c144159","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b3e9d89-8470-4960-9ad1-a459398fa4a9","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":182,"box":{"x":68,"y":44,"width":835,"height":12}},{"id":"7d743bd6-7ba9-4613-8643-a5186cead5e4","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":182,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"738eced0-756e-4215-9ad4-a59a1a15b68b","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":182,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"b04d6e13-2751-4760-b5bb-1681fbebd68f","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":182,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"f04eec48-3ec9-4fe8-9fb4-9a0ca0537cc8","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":182,"box":{"x":69,"y":105,"width":710,"height":11}},{"id":"0faf73ef-ba7b-42c3-8cee-eba3787bcca5","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":182,"box":{"x":102,"y":128,"width":758,"height":11}},{"id":"5ffe90f9-0b79-4850-85eb-1c51e1f1e9e7","block_type":"box","text":"mor tgage pools or other investments may cause the Fund to repor t some or all of its distributions as “excess","page_number":182,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"cc88eeb7-52a2-4e09-b18e-4fe68405b460","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":182,"box":{"x":70,"y":158,"width":783,"height":11}},{"id":"a597ec32-3c07-41d4-ba05-6be6fb454ca5","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":182,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"8206f917-112c-4a11-a7fe-74591b38b0bf","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":182,"box":{"x":70,"y":188,"width":822,"height":12}},{"id":"7a4fc2e4-c910-4e9c-8aa6-68e32123eb0a","block_type":"box","text":"be offset by otherwise allowable deductions for tax purposes; (iii) not be eligible for reduced U.S. withholding for non","page_number":182,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"9eef40c2-448e-40fd-92d8-571a02f7defc","block_type":"box","text":"U.S. shareholders even from tax treaty countries; and (iv) cause the Fund to be subject to tax if cer tain “disqualified","page_number":182,"box":{"x":70,"y":218,"width":826,"height":12}},{"id":"2100d458-fd97-4069-908f-2eae2fdb6ce2","block_type":"box","text":"organizations,” as defined by the Code, are Fund shareholders. The Fund tries to avoid investing in REITs that are","page_number":182,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"f0e9ed2d-2021-48a0-bcc9-dba7e5b760e4","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":182,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"a65c76c3-9283-47fd-972f-b474e119c497","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":182,"box":{"x":70,"y":264,"width":770,"height":11}},{"id":"ce157a18-75de-464e-8303-783e86f27eda","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":182,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"0ccfb036-5952-4fb6-9f01-138c87c0399e","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":182,"box":{"x":70,"y":294,"width":796,"height":11}},{"id":"d5b8d542-9912-4579-8efd-6ade6b535ddc","block_type":"box","text":"investment oppor tunities.","page_number":182,"box":{"x":70,"y":309,"width":180,"height":11}},{"id":"b77ac1f2-40c3-441a-bcb4-d4520e346d5d","block_type":"box","text":"Dividends and interest received and capital gains realized by a Fund may give rise to withholding and other taxes","page_number":182,"box":{"x":102,"y":332,"width":801,"height":11}},{"id":"5f0fbb30-0f01-4c96-894d-517cf45777e8","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":182,"box":{"x":70,"y":347,"width":839,"height":11}},{"id":"b99e2399-12ef-4f4a-a592-2e23d690fc89","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":182,"box":{"x":69,"y":362,"width":840,"height":11}},{"id":"e07ed8f8-d0b6-4656-b03a-72ae9806bcb0","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":182,"box":{"x":68,"y":377,"width":837,"height":12}},{"id":"910feefa-3389-4358-a4c8-8a4b4d7c10c6","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":182,"box":{"x":70,"y":392,"width":774,"height":11}},{"id":"b4f5f73e-4655-4090-9ec8-2607b499d723","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":182,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"b6533304-8049-408b-a800-e824366edf73","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":182,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"c3bfb74f-4e23-46f5-bdf8-25feb9deeb7d","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":182,"box":{"x":69,"y":438,"width":755,"height":11}},{"id":"1c6d65c6-95a7-4840-8ee7-833bf3f8331f","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":182,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"87edde8e-5a66-4e9e-9846-3c476ad74d87","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":182,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"141648ef-da33-4c04-bfa8-ecafd0a21f17","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":182,"box":{"x":68,"y":483,"width":812,"height":11}},{"id":"0c8cd1f4-d06a-4926-a9f3-9a8389e0f00e","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":182,"box":{"x":69,"y":498,"width":829,"height":11}},{"id":"e1b3adc5-287c-4502-bb3a-dec7cac1c3a4","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":182,"box":{"x":68,"y":513,"width":827,"height":12}},{"id":"a18f5d0c-7f5d-46ac-80cb-ef09a3e73c85","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":182,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"45ac228d-54e3-4d9e-aff9-18c6a2488075","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":182,"box":{"x":68,"y":544,"width":825,"height":11}},{"id":"b8be02ea-c625-4144-99c8-cac19818a6ce","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":182,"box":{"x":69,"y":559,"width":788,"height":11}},{"id":"13d3acdb-4f21-48c4-bd52-6dea8ba660f3","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":182,"box":{"x":69,"y":574,"width":818,"height":11}},{"id":"6cdcb3d1-199a-40b4-86c6-0b3dd0a4f875","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":182,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"ecf8f798-2267-495c-9cd9-0df474b92269","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":182,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"58bccaf8-daea-410d-9c89-e993cee28537","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":182,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"e9abb520-2ef8-4863-aec6-b9c5db9a7df3","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":182,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"ad9523d2-efd8-46ad-93c3-0db3f39a6f9e","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":182,"box":{"x":68,"y":649,"width":527,"height":12}},{"id":"47accfca-a15c-4b2b-a7c1-f73caacacedd","block_type":"box","text":"Cer tain transactions entered into by the Funds are subject to special tax rules of the Code that may, among","page_number":182,"box":{"x":102,"y":672,"width":768,"height":11}},{"id":"85b46508-97b7-485b-b986-e966d4232db7","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":182,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"ad87928b-d1e3-4937-bbf7-910eeddcbc02","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":182,"box":{"x":69,"y":702,"width":797,"height":12}},{"id":"7d0bf8dc-2e9c-409d-a1c4-0e21f9c96587","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":182,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"e33a901d-a889-4268-9567-558cf9043518","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":182,"box":{"x":69,"y":732,"width":831,"height":12}},{"id":"5c593fc4-d146-45f0-98cb-80aa461ea5ae","block_type":"box","text":"of distributions to shareholders. Special tax rules also may require a Fund to mark-to-market cer tain types of","page_number":182,"box":{"x":69,"y":748,"width":776,"height":11}},{"id":"ebcfd4b2-194b-4ab1-b936-e6319816ec3c","block_type":"box","text":"positions in its por tfolio (i.e., treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":182,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"6560fd0f-4685-4d9a-bf2a-fb9ecb776f7c","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":182,"box":{"x":69,"y":778,"width":795,"height":11}},{"id":"e6dcf26c-6111-43ce-bf2c-707bae03f02c","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":182,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"1ad18f90-a659-4601-acaf-2e46240e952f","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":182,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"3ad55b06-9089-4b04-84f4-f52d001454e8","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":182,"box":{"x":69,"y":823,"width":415,"height":12}},{"id":"9323bea8-22f9-44d3-aa6f-9cb69b7567b4","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":182,"box":{"x":102,"y":846,"width":781,"height":11}},{"id":"5301cdd3-c9ba-422d-98bd-18e6461e7a55","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":182,"box":{"x":69,"y":861,"width":835,"height":11}},{"id":"5fe7d272-fb88-4a32-9df8-5602a6dbb401","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":182,"box":{"x":70,"y":876,"width":811,"height":11}},{"id":"2aa6e8d7-bb87-4c5c-a8f8-dd94504cece1","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":182,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"36700d46-0fcc-4d43-b247-3ef4415b1a7b","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":182,"box":{"x":69,"y":906,"width":820,"height":12}},{"id":"a2967793-9882-4075-9350-d3d00e382b5a","block_type":"box","text":"II-134","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8e39f604-2b1a-4bd0-8dd5-6a88d3391120","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b79218a7-b9d7-4257-8a60-e7c580f15133","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":183,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"ca053563-082f-41f7-beae-318b24b5e793","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":183,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"e1f3ca7b-6d8d-4fcb-a756-1f3421dfb315","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":183,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"6e73578b-70f0-46c5-8f27-c64067aa33ba","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":183,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"1e4b6e26-0aa1-420e-a83e-9138b4741723","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":183,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"0c32e57f-ac21-4e42-a761-3dcbf6504699","block_type":"box","text":"capital asset.","page_number":183,"box":{"x":69,"y":120,"width":95,"height":11}},{"id":"9952d011-ce78-4684-b492-f91919120ca4","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":183,"box":{"x":102,"y":143,"width":787,"height":11}},{"id":"0bb7e091-2b05-4dff-ac55-ca4c97919aaf","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":183,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"f2fdcba6-5050-4814-85e1-706957a3d42a","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":183,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"57a08969-d3f2-4d15-95b3-1b6652c2e18c","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":183,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"f7522bc9-d5d7-441a-b487-b84e3406e513","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":183,"box":{"x":68,"y":203,"width":829,"height":12}},{"id":"1180a1e3-4d62-4eb0-acca-efcbd00aaae5","block_type":"box","text":"Fund shareholders being of higher magnitudes and less likely to qualify for lower capital gain tax rates than if the","page_number":183,"box":{"x":70,"y":218,"width":803,"height":12}},{"id":"883645ba-dfb5-4d4d-95ec-23871be166bc","block_type":"box","text":"Fund were to invest otherwise.","page_number":183,"box":{"x":70,"y":234,"width":216,"height":9}},{"id":"14e8b0a6-bfd3-4a61-ba08-082af9cafca3","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":183,"box":{"x":101,"y":256,"width":721,"height":12}},{"id":"319c1380-5668-4ba5-a043-1950e1b6e47b","block_type":"box","text":"“Subsidiary”). It is expected that the Subsidiary will be a “controlled foreign corporation” and that all of its net","page_number":183,"box":{"x":70,"y":271,"width":787,"height":12}},{"id":"94d71bfd-0702-4e89-99b9-8d8cd6289a3f","block_type":"box","text":"income will be “subpar t F income” for U.S. federal income tax purposes. If that is the case, the Fund will be required","page_number":183,"box":{"x":70,"y":286,"width":831,"height":11}},{"id":"49f357d3-ccf4-4dd1-96d2-cc205c0f81fe","block_type":"box","text":"to repor t all of the Subsidiary’s net income as ordinary income regardless of whether that income would be treated","page_number":183,"box":{"x":68,"y":302,"width":823,"height":11}},{"id":"7e691c1f-6c3c-4801-ad06-526e28fadd8a","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":183,"box":{"x":69,"y":317,"width":825,"height":11}},{"id":"203f77a3-63bd-4430-bb12-c9b53454f3e0","block_type":"box","text":"to the Fund. (Previously taxed income will not, however, be taxable again when distributed.) If a net loss is realized by","page_number":183,"box":{"x":68,"y":332,"width":838,"height":11}},{"id":"4c2f9c5a-1880-4369-9dbd-e455a6174824","block_type":"box","text":"the Subsidiary in any taxable year, the loss will generally not be available to offset the Fund’s other income. It is not","page_number":183,"box":{"x":68,"y":347,"width":830,"height":11}},{"id":"de88c52a-cef3-4f0e-afa4-b674898bc1f9","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":183,"box":{"x":69,"y":362,"width":515,"height":11}},{"id":"29822e24-708e-4780-bac9-f34aedc7708d","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":183,"box":{"x":102,"y":385,"width":798,"height":11}},{"id":"3661a912-dcb1-4dd4-ba29-6c6daa6c2ac5","block_type":"box","text":"the Fund will generally be treated as owning shares in a passive foreign investment company (“PFIC”) for U.S. federal","page_number":183,"box":{"x":68,"y":400,"width":835,"height":11}},{"id":"a45edac1-f217-41ad-b1bd-47314060a9c4","block_type":"box","text":"income tax purposes. A Fund may be subject to U.S. federal income tax, and interest charges (at the rate applicable","page_number":183,"box":{"x":70,"y":415,"width":827,"height":11}},{"id":"495184d5-ea2f-42bc-8b01-b95eec99791e","block_type":"box","text":"to tax underpayments) on tax liability treated as having been deferred with respect to cer tain distributions from such","page_number":183,"box":{"x":68,"y":430,"width":830,"height":11}},{"id":"b4d4d0c8-9242-4706-9c22-4736bc6a9658","block_type":"box","text":"a company and on gain from the disposition of the shares of such a company (collectively referred to as “excess","page_number":183,"box":{"x":69,"y":445,"width":802,"height":12}},{"id":"dbb37238-02da-4442-a360-c59edd2e8f2f","block_type":"box","text":"distributions”), even if such excess distributions are paid by the Fund as a dividend to its shareholders. However, a","page_number":183,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"04cb51d4-dd23-43e7-bba7-f8761da2e66b","block_type":"box","text":"Fund may elect to “mark-to-market” at the end of each taxable year shares that it holds in PFICs. The election is","page_number":183,"box":{"x":70,"y":475,"width":797,"height":12}},{"id":"27574c5d-b4be-4a8d-abe4-fa6709ce6160","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":183,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"aff59149-fd5f-40f5-a0c5-ffee0b3fd48f","block_type":"box","text":"revoked with consent from the IRS. Under this election, a Fund would recognize as ordinary income any increase in","page_number":183,"box":{"x":69,"y":506,"width":818,"height":11}},{"id":"3144a353-8906-4b78-b168-5af36695a061","block_type":"box","text":"the value of its shares as of the close of the taxable year over their adjusted tax basis and as ordinary loss any","page_number":183,"box":{"x":68,"y":521,"width":797,"height":11}},{"id":"87b74e6b-c732-4155-8a1c-f6474a737f16","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":183,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"37c91f68-9298-48cf-8267-294ce934c50b","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":183,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"4f8c5ad4-dadd-4f43-94b1-b6e0cbcadfec","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":183,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"433ea097-9294-4cf3-9888-f8a824e92a40","block_type":"box","text":"PFICs.","page_number":183,"box":{"x":69,"y":581,"width":42,"height":9}},{"id":"9831259a-cf86-4da6-bfde-82301b8d6396","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":183,"box":{"x":102,"y":604,"width":804,"height":11}},{"id":"c6a5e17a-3bf7-486e-9932-78448b800515","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":183,"box":{"x":69,"y":619,"width":816,"height":11}},{"id":"666f096a-583c-4c7a-a7ca-ab9d16f30ba8","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":183,"box":{"x":69,"y":634,"width":816,"height":12}},{"id":"2f7f093e-70e8-4848-9f3a-b09d460dd43f","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":183,"box":{"x":68,"y":649,"width":840,"height":11}},{"id":"b7e0be94-f7e3-480f-8940-12b345f27769","block_type":"box","text":"the Fund would be required to obtain cer tain annual information from the PFICs in which it invests, which may be","page_number":183,"box":{"x":68,"y":664,"width":804,"height":12}},{"id":"cb2087e7-6e13-4a1e-a923-7613d233d706","block_type":"box","text":"difficult or impossible to obtain.","page_number":183,"box":{"x":69,"y":680,"width":225,"height":11}},{"id":"83347f24-fc34-4ebb-8f81-07e1c001605e","block_type":"box","text":"In cer tain situations, a Fund may, for a taxable year, defer all or a por tion of its net capital loss (or if there is no","page_number":183,"box":{"x":102,"y":702,"width":796,"height":11}},{"id":"dd39a9a9-373a-453c-b0bc-c521d0677813","block_type":"box","text":"net capital loss, any net long-term or shor t-term capital loss) realized after October and its late-year ordinary loss","page_number":183,"box":{"x":69,"y":717,"width":806,"height":12}},{"id":"43d8c083-3ac3-49e3-acbd-6343e8cec7b1","block_type":"box","text":"(defined as the sum of the excess of post-October foreign currency and PFIC losses over post-October foreign","page_number":183,"box":{"x":69,"y":732,"width":778,"height":12}},{"id":"831848b4-4b47-4305-9bb6-db93b7495816","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":183,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"678c43b6-6a1e-4edb-be91-e724de02867c","block_type":"box","text":"the next taxable year in computing its investment company taxable income and net capital gain, which will defer the","page_number":183,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"3c8eafa9-3ccc-4a55-a4e6-515b8f733725","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":183,"box":{"x":69,"y":778,"width":830,"height":11}},{"id":"226c1ba1-9849-444b-aac8-0526c08215fa","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":183,"box":{"x":69,"y":793,"width":511,"height":11}},{"id":"dda1c7bb-f59e-4dd6-84af-cb6aba8e9e57","block_type":"box","text":"Municipal Funds","page_number":183,"box":{"x":102,"y":816,"width":115,"height":11}},{"id":"4aa2ed4f-a709-4c38-841d-fc892929dc1b","block_type":"box","text":"Each Municipal Fund intends to qualify to pay “exempt-interest dividends” as defined in Section 852(b)(5) of the","page_number":183,"box":{"x":102,"y":838,"width":798,"height":11}},{"id":"8e978f96-9e34-4851-8e26-0e675eede96f","block_type":"box","text":"Code. Under such section if, at the close of each quar ter of a Fund’s taxable year, at least 50% of the value of the","page_number":183,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"409f3c1c-51bd-4029-8399-521d20bb150d","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":183,"box":{"x":70,"y":869,"width":803,"height":11}},{"id":"100a9735-154d-42ce-98ee-1d5180e7224f","block_type":"box","text":"Section 103(a) of the Code (relating generally to obligations of a state or local governmental unit), the Fund shall be","page_number":183,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"ce68d8e5-b002-41b5-9183-61eff527a155","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":183,"box":{"x":69,"y":899,"width":752,"height":11}},{"id":"c97e7da7-0ff2-46c3-ad24-41917f2c51f4","block_type":"box","text":"II-135","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bbb30c84-d042-4ab5-b876-005442d8310d","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"032590e2-de04-4f03-a2e7-25a598fdcccd","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":184,"box":{"x":70,"y":45,"width":817,"height":11}},{"id":"b3324968-9810-43bb-b891-4e9e3d2b45dc","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":184,"box":{"x":70,"y":60,"width":780,"height":11}},{"id":"5dab5f2f-f290-4aed-aaaf-2f81327f4d81","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":184,"box":{"x":70,"y":75,"width":815,"height":11}},{"id":"6cfd3fec-1a05-4045-b78b-15f88e17bca5","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":184,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"670e323f-b8ad-45a4-91a6-25d5903248f8","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":184,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"0eb62a55-fc24-4a5f-9354-8b1692bd274c","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":184,"box":{"x":68,"y":120,"width":730,"height":12}},{"id":"89c04dde-3181-4fa0-bfed-51fb24b835ff","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":184,"box":{"x":102,"y":143,"width":763,"height":11}},{"id":"f77fb944-2135-4169-bf74-142c893d2733","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":184,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"ce570ef9-7c12-4bc8-8e48-f38d36d9347b","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":184,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"6926b769-8e72-40b1-9346-a8b35d71bdc5","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":184,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"1d9817b5-4b28-4cc8-8898-717dba1f3dda","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":184,"box":{"x":68,"y":203,"width":800,"height":12}},{"id":"84a87904-3f8b-41a8-ae3a-018c481ae6e8","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":184,"box":{"x":69,"y":219,"width":810,"height":10}},{"id":"5cfc06b1-a2a2-4c38-9823-becb7dde9ef0","block_type":"box","text":"interest dividends retain the exclusion under Code Section 103(a) if a shareholder would be treated as a “substantial","page_number":184,"box":{"x":70,"y":234,"width":836,"height":11}},{"id":"51a7cbaa-b6f0-4ee5-b164-0a3a0c14ab26","block_type":"box","text":"user” or “related person” under Code Section 147(a) with respect to proper ty financed with the proceeds of an issue","page_number":184,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"dfafdf2d-91f5-405d-932e-e1c333edd708","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":184,"box":{"x":69,"y":264,"width":217,"height":11}},{"id":"a90d5566-488c-4fa4-950a-88df9f50fa89","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":184,"box":{"x":102,"y":287,"width":788,"height":11}},{"id":"4d92e4cf-89f1-4684-bf08-950cd22d6896","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":184,"box":{"x":70,"y":302,"width":790,"height":11}},{"id":"b649f13b-8264-4344-ad73-2456d8865105","block_type":"box","text":"constitute exempt-interest dividends.","page_number":184,"box":{"x":69,"y":317,"width":261,"height":11}},{"id":"c281fa9e-31eb-41c7-9172-1bfaa2350b04","block_type":"box","text":"Distributions in excess of a Fund’s earnings and profits will first reduce the adjusted tax basis of a holder’s","page_number":184,"box":{"x":102,"y":339,"width":765,"height":12}},{"id":"0de9c9c6-a1a0-455f-b88b-d6bf918ae78e","block_type":"box","text":"shares and, after such adjusted tax basis is reduced to zero, will constitute capital gains to such holder (assuming","page_number":184,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"21f43ba1-94fd-4b2d-ba08-a1fd3c5baf25","block_type":"box","text":"the shares are held as a capital asset). Any loss upon the sale or exchange of Fund shares held for six months or","page_number":184,"box":{"x":68,"y":370,"width":813,"height":11}},{"id":"6a523e93-66a2-42ac-a1dc-d97d4758859c","block_type":"box","text":"less will be disallowed to the extent of any exempt-interest dividends received by the shareholder. In addition, any","page_number":184,"box":{"x":70,"y":385,"width":809,"height":11}},{"id":"67d7e37e-0c4d-4dc8-a938-cb93cdd8f573","block_type":"box","text":"such loss that is not disallowed under the rule stated above will be treated as long-term capital loss to the extent of","page_number":184,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"4be2c463-76c7-47b7-9944-c36e09f1a345","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":184,"box":{"x":69,"y":415,"width":388,"height":11}},{"id":"3fb870b6-7c38-447f-b8aa-fbafed82c65e","block_type":"box","text":"All or a por tion of a Fund’s gains from the sale or redemption of tax-exempt obligations purchased at a market","page_number":184,"box":{"x":101,"y":438,"width":787,"height":11}},{"id":"9631b0fd-5610-4758-8f41-074f2c6758fc","block_type":"box","text":"discount will be treated as ordinary income rather than capital gain. This rule may increase the amount of ordinary","page_number":184,"box":{"x":69,"y":453,"width":817,"height":11}},{"id":"44263a16-db72-4754-bb3a-de8d322d635f","block_type":"box","text":"income dividends received by shareholders.","page_number":184,"box":{"x":70,"y":468,"width":309,"height":11}},{"id":"1ae6524b-a82d-4cdf-8604-4760a628dfe3","block_type":"box","text":"Any market discount recognized on a bond is taxable as ordinary income. A market discount bond is a bond","page_number":184,"box":{"x":101,"y":491,"width":766,"height":11}},{"id":"e2ccbd4f-7e77-442a-9bd0-192335ee7c10","block_type":"box","text":"acquired in the secondary market at a price below redemption value or adjusted issue price if issued with original","page_number":184,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"dce82c27-e5e9-40ba-a950-e4e00efbcdb1","block_type":"box","text":"issue discount. Absent an election by the Fund to include the market discount in income as it accrues, gain on the","page_number":184,"box":{"x":70,"y":521,"width":815,"height":11}},{"id":"36794001-6fdb-4adc-b527-8d248efeaccf","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":184,"box":{"x":70,"y":536,"width":815,"height":11}},{"id":"787331e2-ac37-4e4d-9ba8-5c9abbf51600","block_type":"box","text":"the accrued market discount.","page_number":184,"box":{"x":68,"y":551,"width":208,"height":9}},{"id":"708597b5-c130-4794-af96-d77b0ed350b1","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":184,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"678fe1d4-a1bc-41bc-b6c7-727fc4bb330e","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":184,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"f3e128a4-dc92-4d0b-a440-c4cf2ba80430","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":184,"box":{"x":69,"y":604,"width":816,"height":11}},{"id":"389860f6-c6c3-4098-80e4-ad9d7442b486","block_type":"box","text":"units and that benefit non-governmental entities (e.g., bonds used for industrial development or housing purposes).","page_number":184,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"d9dae697-650a-4ceb-9f67-a3823ab43d47","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":184,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"2b5046bf-0aa1-40f3-9bd5-1487e5f48ef8","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":184,"box":{"x":69,"y":649,"width":786,"height":12}},{"id":"16f63905-d390-4614-84e8-eaa101bf6d23","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":184,"box":{"x":70,"y":664,"width":782,"height":12}},{"id":"68482743-2a71-4a1d-a9d8-5c3c61ef408c","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":184,"box":{"x":69,"y":680,"width":740,"height":11}},{"id":"92b23cd9-c645-4b5a-97a0-e03b6b478de8","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":184,"box":{"x":102,"y":702,"width":802,"height":12}},{"id":"04a60440-c216-46f1-9aa7-5b104261821e","block_type":"box","text":"the taxation of interest rate swaps are not entirely clear and may require a Fund to treat payments received under","page_number":184,"box":{"x":68,"y":717,"width":812,"height":12}},{"id":"06b45f7a-d310-4f42-9773-bdb354369199","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":184,"box":{"x":69,"y":733,"width":794,"height":11}},{"id":"cb74950c-ed3e-46d3-80f1-954268ec5742","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":184,"box":{"x":70,"y":748,"width":776,"height":11}},{"id":"a71d2574-4c1d-4035-91ba-4478b9996f31","block_type":"box","text":"because swap payments made by a Fund will offset both taxable and tax-exempt gross income propor tionately, they","page_number":184,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"b25bff47-c60b-4066-a9c4-db8d23bab408","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":184,"box":{"x":69,"y":778,"width":436,"height":11}},{"id":"d4d92763-7fc4-4f7b-9506-4ed93cb5f03f","block_type":"box","text":"Please see Par t I of your Fund’s SAI for cer tain state tax information relevant to an investment in BlackRock","page_number":184,"box":{"x":102,"y":801,"width":771,"height":11}},{"id":"0d7ffb40-ca5f-45c8-8f91-d079b2fefe90","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":184,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"52a9f6b1-5753-46e8-8ddb-dfc3824321f9","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":184,"box":{"x":69,"y":831,"width":836,"height":11}},{"id":"95fb30be-bf52-4950-9373-276c298d3400","block_type":"box","text":"within each applicable state.","page_number":184,"box":{"x":68,"y":846,"width":203,"height":11}},{"id":"909283d7-6d5d-47ca-bf70-da8f1c24b222","block_type":"box","text":"In the case of a Feeder Fund, such Fund is entitled to look to the underlying assets of the Master Por tfolio in","page_number":184,"box":{"x":102,"y":869,"width":774,"height":11}},{"id":"7bfaf633-1894-4daa-a9ff-c9a5a1ded766","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":184,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"c35e5afe-89a6-4478-940f-0612b68f5ca7","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":184,"box":{"x":70,"y":899,"width":816,"height":11}},{"id":"186f843d-38cb-4930-a513-cbfba1112ac8","block_type":"box","text":"II-136","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"085474ac-c4b2-40b9-b835-552c028306a2","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c13e4cb3-f010-4312-a761-f2a7017827dc","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":185,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"42fd4247-fb7c-4934-830e-c936498e347e","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":185,"box":{"x":68,"y":60,"width":822,"height":11}},{"id":"61cd05a0-29e6-4e0e-a72a-61522c148c0e","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":185,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"23e2ec07-fdaa-4ed8-823e-d097309f0a56","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":185,"box":{"x":68,"y":90,"width":822,"height":11}},{"id":"f4ec357b-4ac9-448c-a6de-14592d0ff0e5","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":185,"box":{"x":68,"y":105,"width":710,"height":11}},{"id":"52f0fb8e-8b86-4026-b237-2c807ddfcb6b","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":185,"box":{"x":102,"y":128,"width":796,"height":11}},{"id":"c01029f1-25a0-424c-88b3-21e38f18cc3d","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":185,"box":{"x":68,"y":143,"width":828,"height":11}},{"id":"2de0f558-68be-49bb-aa73-c45dc319eb2b","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":185,"box":{"x":68,"y":158,"width":841,"height":11}},{"id":"069c2cee-1b23-4f47-9be1-9173b7ae7083","block_type":"box","text":"exempt from state income tax.","page_number":185,"box":{"x":69,"y":173,"width":216,"height":11}},{"id":"cf883caa-9964-4135-950b-99e6f931b8ff","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":185,"box":{"x":102,"y":196,"width":771,"height":11}},{"id":"88007e4b-cc87-4ff9-8daf-05f2e1f91936","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":185,"box":{"x":68,"y":211,"width":823,"height":11}},{"id":"1a0defbe-d55c-4932-ac5d-630be828e32a","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":185,"box":{"x":68,"y":226,"width":309,"height":9}},{"id":"41196e6d-eb7f-40a8-b4bd-87a92bb1b3dd","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":185,"box":{"x":101,"y":249,"width":749,"height":11}},{"id":"e2b2b266-ad3a-41af-bb65-9d9b9dc53b3e","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":185,"box":{"x":69,"y":264,"width":803,"height":11}},{"id":"0ff74724-795c-4395-bf64-3826a718959b","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":185,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"f4958085-0d95-4b58-bbf6-0b709b10dc6e","block_type":"box","text":"decisions may have a retroactive effect.","page_number":185,"box":{"x":69,"y":294,"width":283,"height":11}},{"id":"334f6b19-7947-4fcb-9a14-93e77ff1f607","block_type":"box","text":"PERFORMANCE DATA","page_number":185,"box":{"x":403,"y":324,"width":173,"height":9}},{"id":"3dc5fbb6-f8b6-473b-9543-ce07bc8dea84","block_type":"box","text":"From time to time a Fund may include its average annual total return and other total return data, and, if","page_number":185,"box":{"x":102,"y":346,"width":738,"height":12}},{"id":"23782e3a-8509-4dc0-a297-40a789a3212e","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":185,"box":{"x":69,"y":361,"width":779,"height":12}},{"id":"f1545d1c-61fa-4373-9f9d-9d211f69951d","block_type":"box","text":"shareholders. Total return, yield and tax-equivalent yield each is based on a Fund’s historical per formance and is not","page_number":185,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"8677fb1d-6434-4d95-8b08-c162f59bc38f","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":185,"box":{"x":70,"y":392,"width":792,"height":11}},{"id":"1bdac2cd-6689-4522-8586-c8fef4b880b1","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":185,"box":{"x":69,"y":407,"width":473,"height":11}},{"id":"41486015-c4fd-4263-b8dd-5724d4673bfb","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":185,"box":{"x":102,"y":429,"width":761,"height":12}},{"id":"b9f324f5-f1b9-4d94-9e95-4c8e222b8be0","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":185,"box":{"x":69,"y":445,"width":836,"height":11}},{"id":"9328eb5f-3726-4ab7-aff8-8febee11ee38","block_type":"box","text":"gains or losses on por tfolio investments over such periods) that would equate the initial amount invested to the","page_number":185,"box":{"x":68,"y":460,"width":798,"height":11}},{"id":"fe1ebb6c-e0fe-4217-858d-b0ded5de7f22","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":185,"box":{"x":69,"y":475,"width":765,"height":11}},{"id":"fb915dab-d916-485f-86b9-5fd9de5e1714","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":185,"box":{"x":69,"y":490,"width":808,"height":11}},{"id":"9d48512a-5313-4fcd-88b8-571e4636685c","block_type":"box","text":"expenses, including the maximum sales charge, in the case of front-end load shares, and the CDSC that would be","page_number":185,"box":{"x":69,"y":505,"width":813,"height":11}},{"id":"fb62afe4-390f-4f9a-b04c-8b9d63ea6b28","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":185,"box":{"x":69,"y":520,"width":839,"height":11}},{"id":"be74ec8c-edb0-4955-be63-62db6b51eecd","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":185,"box":{"x":69,"y":536,"width":546,"height":10}},{"id":"9121c680-05ae-423e-8ae0-5f10785642ea","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":185,"box":{"x":102,"y":558,"width":781,"height":11}},{"id":"46205b62-3428-42e9-8979-2c80023e88de","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":185,"box":{"x":68,"y":573,"width":819,"height":11}},{"id":"f05648a1-8dc7-4cca-9b54-f635e7f022e7","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":185,"box":{"x":68,"y":588,"width":810,"height":12}},{"id":"40dd1c50-2cf4-47f6-8333-ef400b6f2bf0","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":185,"box":{"x":70,"y":603,"width":823,"height":12}},{"id":"e95ff042-78e6-4208-b101-749d77ba0ef9","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":185,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"79d2f740-6381-453c-87e2-de2b0dd8053f","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":185,"box":{"x":70,"y":634,"width":825,"height":11}},{"id":"b006cbb2-9cc1-4f94-a09d-b1251bfc75fe","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":185,"box":{"x":69,"y":649,"width":817,"height":11}},{"id":"b9d5fb55-b950-405a-8096-e1d715e58fe0","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":185,"box":{"x":69,"y":664,"width":820,"height":11}},{"id":"5e7270fa-159a-4868-9b68-780195b07748","block_type":"box","text":"income tax rates in effect on the reinvestment date for that dividend. The rates used correspond to the tax character","page_number":185,"box":{"x":70,"y":679,"width":833,"height":11}},{"id":"b70d8dfd-8aca-402f-a509-6910fda91a53","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":185,"box":{"x":69,"y":694,"width":797,"height":11}},{"id":"00d2f443-9e06-442a-8646-d8d30142424a","block_type":"box","text":"taxable amount and tax character of each dividend are specified by each Fund on the dividend declaration date, but","page_number":185,"box":{"x":68,"y":709,"width":824,"height":11}},{"id":"d9fbd88f-4a97-488a-9c25-0039b74c8f7d","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":185,"box":{"x":69,"y":724,"width":837,"height":11}},{"id":"4ae05f22-f037-491c-9940-ac27b1fc1922","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":185,"box":{"x":69,"y":739,"width":814,"height":12}},{"id":"7b428227-2474-41c8-8463-ec3d7ffcc851","block_type":"box","text":"credits, are taken into account according to U.S. federal tax law. The ending value is determined assuming complete","page_number":185,"box":{"x":69,"y":755,"width":830,"height":11}},{"id":"c2b6d15c-c1b6-49cd-9387-315cb9ac2b7a","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":185,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"70dc4ef0-7413-4ba9-a079-75f9e7bfeb2c","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":185,"box":{"x":102,"y":792,"width":752,"height":12}},{"id":"929b36b5-0fff-4c9c-a4ef-47b19347dc15","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":185,"box":{"x":70,"y":807,"width":835,"height":12}},{"id":"f742b6d9-1fbd-4f64-bd7d-6d88441c108c","block_type":"box","text":"invested to the ending value of such investment at the end of each period assuming payment of taxes on dividends","page_number":185,"box":{"x":70,"y":823,"width":820,"height":11}},{"id":"bb50d205-d7b5-4b40-966b-8a44c760bfe3","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":185,"box":{"x":69,"y":838,"width":756,"height":11}},{"id":"c5fc1fe8-66f9-4e6d-a56d-1f14c25edba5","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":185,"box":{"x":69,"y":853,"width":772,"height":11}},{"id":"3281d74f-ffde-4c23-a6d6-8b5186835c2c","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":185,"box":{"x":69,"y":868,"width":827,"height":11}},{"id":"0a58d6b6-81d2-4e61-9367-e0df4313f16a","block_type":"box","text":"charge in the case of front-end load shares and the CDSC that would be applicable to a complete redemption of the","page_number":185,"box":{"x":69,"y":883,"width":825,"height":11}},{"id":"053d9b89-35e2-483a-bb17-aa373bc7da31","block_type":"box","text":"investment at the end of the specified period in the case of CDSC shares and assuming, for all classes of shares,","page_number":185,"box":{"x":70,"y":898,"width":812,"height":11}},{"id":"b7dbb64d-5ba6-4c73-ba04-4feea807d9a2","block_type":"box","text":"II-137","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d602cf9a-49d8-4fcf-a9fb-0c539dd98e79","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e6f3ce5-102b-41f0-a6ba-2f211a7372e1","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":186,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"7923ce76-f48f-4b77-a98e-cd54daf8b950","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":186,"box":{"x":69,"y":60,"width":768,"height":11}},{"id":"c0f50a00-beb6-4dc2-bb99-49a729540153","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":186,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"4728bd2f-e0b4-401f-88b9-2953af66c93b","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":186,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"13c42b89-a8f2-4198-866f-4d9ab63f1d0d","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":186,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"2fec3b34-3b42-43d8-b3af-c9747a4e731f","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":186,"box":{"x":68,"y":120,"width":823,"height":12}},{"id":"24f8a794-45d2-41a3-9eca-63ce9eab29bf","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":186,"box":{"x":69,"y":135,"width":743,"height":11}},{"id":"832cecbf-cab1-4ee5-8aa3-0a9ba540ad9f","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":186,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"1a26f261-82d2-4770-b970-a030407be199","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":186,"box":{"x":68,"y":166,"width":422,"height":11}},{"id":"9f97c207-5f5a-464e-b26c-dad2bdebb8ff","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":186,"box":{"x":101,"y":188,"width":720,"height":12}},{"id":"c62d416d-e9c7-4af4-bd14-00520e49b781","block_type":"box","text":"per formance data, both as a percentage and as a dollar amount based on a hypothetical investment of $1,000 or","page_number":186,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"c351e3dc-21f2-4f6e-8c7e-d51e63b05848","block_type":"box","text":"some other amount, for various periods other than those noted in Par t I of each Fund’s SAI. Such data will be","page_number":186,"box":{"x":69,"y":218,"width":781,"height":11}},{"id":"50607171-946a-4452-a506-68b1d3f9122c","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":186,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"673a44fc-d1cb-4fbf-a15b-95e5e6a1cac7","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":186,"box":{"x":69,"y":249,"width":817,"height":11}},{"id":"9ecbda0b-9e71-4350-9d6b-e3bafd7ea1bc","block_type":"box","text":"will not be included with respect to annual or annualized rates of return calculations. Aside from the impact on the","page_number":186,"box":{"x":68,"y":264,"width":815,"height":11}},{"id":"a18c65cf-46d9-410e-9b20-647ee0ffb0d9","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":186,"box":{"x":70,"y":279,"width":801,"height":11}},{"id":"bf685539-0c40-411f-8fb7-3fe5fdc8e386","block_type":"box","text":"annualized total return data generally will be lower than average annual total return data since the average rates of","page_number":186,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"c9b4b94e-4a0d-4ef0-b621-96bab9855f89","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":186,"box":{"x":69,"y":309,"width":811,"height":11}},{"id":"3d452df6-9303-4739-83eb-94766f72b503","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":186,"box":{"x":69,"y":324,"width":686,"height":12}},{"id":"4f1f9a4d-e1c6-484b-ae11-813d09b04b59","block_type":"box","text":"Yield quotations will be computed based on a 30-day period by dividing (a) the net income based on the yield of","page_number":186,"box":{"x":101,"y":347,"width":796,"height":11}},{"id":"dc0a5a3c-509a-4dc0-bbb6-5c94bfd218cc","block_type":"box","text":"each security earned during the period by (b) the average daily number of shares outstanding during the period that","page_number":186,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"18d7097b-a654-46fb-bc1b-e3e9c69a7f87","block_type":"box","text":"were entitled to receive dividends multiplied by the maximum offering price per share on the last day of the period.","page_number":186,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"0f42240b-f2bd-4f21-bf04-4da2b7141fee","block_type":"box","text":"Tax equivalent yield quotations will be computed by dividing (a) the par t of a Fund’s yield that is tax-exempt by (b) one","page_number":186,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"758876c9-b225-4a16-89c2-79a07e6f3b6c","block_type":"box","text":"minus a stated tax rate and adding the result to that par t, if any, of the Fund’s yield that is not tax-exempt.","page_number":186,"box":{"x":69,"y":407,"width":759,"height":12}},{"id":"2d865e93-6809-4228-ada3-a48b10b161f6","block_type":"box","text":"A Fund’s total return will vary depending on market conditions, the securities comprising a Fund’s por tfolio, a","page_number":186,"box":{"x":101,"y":430,"width":779,"height":11}},{"id":"20167b3a-b7e2-4e81-bdda-b029774052f9","block_type":"box","text":"Fund’s operating expenses and the amount of realized and unrealized net capital gains or losses during the period.","page_number":186,"box":{"x":70,"y":445,"width":819,"height":12}},{"id":"3a978872-ce1e-4cac-bc2c-bb4d487f85dd","block_type":"box","text":"The value of an investment in a Fund will fluctuate and an investor’s shares, when redeemed, may be wor th more or","page_number":186,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"23ce4eb0-b8b9-459e-90a3-1c3969cf7697","block_type":"box","text":"less than their original cost.","page_number":186,"box":{"x":70,"y":476,"width":196,"height":11}},{"id":"6f40f5b0-f669-44d3-9c73-ce323b5931df","block_type":"box","text":"In order to reflect the reduced sales charges in the case of front-end load shares or the waiver of the CDSC in","page_number":186,"box":{"x":102,"y":498,"width":782,"height":11}},{"id":"08a6495c-bb8e-4f31-90c4-6b8bca01b643","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":186,"box":{"x":68,"y":513,"width":836,"height":11}},{"id":"d9307ed9-171a-48c8-9198-8d90db8d3c73","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":186,"box":{"x":69,"y":528,"width":807,"height":12}},{"id":"04f95e46-fb27-47c0-8ea1-17e65005c5bd","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":186,"box":{"x":68,"y":544,"width":820,"height":11}},{"id":"b64d78ee-3807-4dce-9e1d-8b9e64bf4338","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":186,"box":{"x":68,"y":559,"width":824,"height":11}},{"id":"ca5afd77-defc-453d-8cd6-1df89cd3c8d0","block_type":"box","text":"lower amount of expenses is deducted.","page_number":186,"box":{"x":70,"y":574,"width":278,"height":11}},{"id":"4aed6521-404d-4966-b64d-45fe9342cf38","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":186,"box":{"x":102,"y":596,"width":741,"height":12}},{"id":"3ef2a4ac-416e-4d8b-8a85-0945422bf7c3","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":186,"box":{"x":70,"y":612,"width":830,"height":11}},{"id":"c0a39ca0-60d7-447f-8e02-0c771df3c99d","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”), Money Magazine, U.S.","page_number":186,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"fe93e672-0624-4722-8888-1a0f8aeb28e3","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine or other industry publications. When","page_number":186,"box":{"x":70,"y":642,"width":795,"height":11}},{"id":"741ab6c7-14d9-4d0b-9725-125f6df50b90","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":186,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"0c198e65-0685-4f3a-87af-1f0756d8c885","block_type":"box","text":"historical per formance of a Fund and the index, such as standard deviation and beta. As with other per formance","page_number":186,"box":{"x":69,"y":672,"width":803,"height":11}},{"id":"77022387-cc5a-4aaa-acb6-23184f3e3e75","block_type":"box","text":"data, per formance comparisons should not be considered indicative of a Fund’s relative per formance for any future","page_number":186,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"11d9465b-caf5-47f4-b305-617c2c9a2af4","block_type":"box","text":"period. In addition, from time to time a Fund may include the Fund’s Morningstar risk-adjusted per formance ratings","page_number":186,"box":{"x":70,"y":702,"width":818,"height":12}},{"id":"fa2621dc-9f3a-4a92-8f1f-287e42b76691","block_type":"box","text":"assigned by Morningstar in adver tising or supplemental sales literature. From time to time a Fund may quote in","page_number":186,"box":{"x":69,"y":718,"width":793,"height":11}},{"id":"f7c73203-7ac4-4067-bee2-cc225b44f169","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":186,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"25d95def-57b4-4800-8ad5-4d2803244509","block_type":"box","text":"awards that may be given to the Manager. Cer tain Funds may also compare their per formance to composite indices","page_number":186,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"232e70cd-bf08-4c02-9546-1c10580e5f7e","block_type":"box","text":"developed by Fund management.","page_number":186,"box":{"x":69,"y":763,"width":233,"height":11}},{"id":"a4df7af8-66e6-4189-8a73-9c86c1577384","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":186,"box":{"x":101,"y":785,"width":780,"height":12}},{"id":"48f290e9-7db7-488d-be7d-9a062bf08fb2","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":186,"box":{"x":70,"y":801,"width":810,"height":11}},{"id":"c91e8f5b-c9ac-4bf7-a601-977522a3cc97","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":186,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"d37ed2fa-e174-4f26-82c4-dfc07a419f7f","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":186,"box":{"x":69,"y":831,"width":792,"height":11}},{"id":"b1e967b8-c33d-45e7-87db-c42d73f2827f","block_type":"box","text":"techniques, comparisons of the Fund’s per formance or por tfolio composition to that of other funds or types of","page_number":186,"box":{"x":68,"y":846,"width":788,"height":11}},{"id":"9b014238-55f9-4185-8c99-a4a09aa21908","block_type":"box","text":"investments, indices relevant to the comparison being made, or to a hypothetical or model por tfolio. A Fund may also","page_number":186,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"843f81bb-82a4-4827-a995-df8c2caddb9f","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":186,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"4ff34d06-6aaa-4e37-a1b4-f44f796ab443","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":186,"box":{"x":68,"y":891,"width":461,"height":11}},{"id":"0bf07b2b-0429-4842-b201-06fb7ce61b8f","block_type":"box","text":"II-138","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cfbfab7d-6b6f-4927-b3ba-556bacb32253","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1914671-cdec-46ba-861d-85918ed6f8f6","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":187,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"23e8cace-7636-499c-9f37-258529b9f4f6","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":187,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"7edfc93b-07e7-4adb-91d1-59241d63170b","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":187,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"263af216-deeb-4a49-9f1b-0154f8403abb","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":187,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"0d249cad-6158-4b60-9f2c-4edf50a7a240","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":187,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"d55d26db-bf4d-49c9-9f2e-2a3e2b887db4","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":187,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"b6eabea9-5e91-43a6-9d37-b6128a2f96c1","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":187,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"dc2f89ac-9064-4cca-81f2-4446b03582ee","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":187,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"7881a265-77f0-4a5d-aaf7-130516f9c110","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":187,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"06c96283-da2b-48c5-9871-701de047fb44","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":187,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"aff4b5c3-60de-4752-a24c-c0cddc14b3be","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":187,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"0c40e666-ac2b-4152-9885-8a4ee6f1705e","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":187,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"8b509751-ef88-4a80-a2db-13c65c8c5fb3","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":187,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"6ea040ac-335f-4242-be7c-b0df472d94a2","block_type":"box","text":"addition, cer tain of such Funds, as listed within the Index Equity Fund Proxy Voting Policy and as disclosed in Par t I of","page_number":187,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"5ec37518-e926-4e14-a565-3dc576055e59","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":187,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"99536f48-714d-4dd7-9391-b1dd15b52eef","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":187,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"0a47d8d1-ab36-436e-ae98-0bebba38b71e","block_type":"box","text":"If a Fund invests in an underlying fund managed by BlackRock, the Fund will use its proxy voting policy when","page_number":187,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"0e444978-374c-48cc-b3bd-15a4118d520f","block_type":"box","text":"voting on proxies for the underlying fund while the underlying fund will use its proxy voting policy when voting proxies","page_number":187,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"fb511069-6ff0-4693-865b-a087ecf8a7ec","block_type":"box","text":"on investments the underlying fund holds. Therefore, the Fund may use the Active Fund Proxy Voting Policy while an","page_number":187,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"aae9ede5-3ae8-4c61-8203-8bdd122f8ad3","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":187,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"2908c74a-266a-4307-86ef-d464f2a92d7e","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":187,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"32cba485-70be-4ae9-b0fd-ff8d5c693d0c","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":187,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"b1dd238d-f5da-4a60-b6d8-6d5361130306","block_type":"box","text":"attached as Appendix B to this SAI. Only those guidelines that are applicable to a par ticular Fund pursuant to the","page_number":187,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"05b07127-54e9-441e-987e-4ea57b8cd3ce","block_type":"box","text":"Active Fund Proxy Voting Policy or the Index Equity Fund Proxy Voting Policy are considered to form a par t of the","page_number":187,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"bc80e176-a905-44fd-b9f6-ba9b8184319c","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":187,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"19ed24c4-0568-443c-a43e-a17bcdaa8fc1","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":187,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"2ea5a8c7-4774-4149-a181-96b46cb69ec2","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":187,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"6b8bef26-3c74-4409-8de7-f7d5db26d408","block_type":"box","text":"GENERAL INFORMATION","page_number":187,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"fcce7cb7-fd07-412c-9443-7f0f5829f4bb","block_type":"box","text":"Description of Shares","page_number":187,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"b5245554-caeb-4cc1-a714-54714f8eff3a","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":187,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"ed629f23-c68d-4b63-8ca9-496cb09a2947","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":187,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"48514af8-3d2f-478c-8811-4c952f62f0f4","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":187,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"e18fb236-9ad5-40d5-9ead-8b8f2bd0bdbe","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":187,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"a9b15d98-d263-432c-b2a5-a8cfa68f56fb","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":187,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"5027b11c-0f7f-48f9-afc6-44c69df3326e","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":187,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"6bdaf6d9-2621-4f74-a15b-833eb38eaae8","block_type":"box","text":"No Fund intends to hold annual meetings of shareholders in any year in which the Investment Company Act does","page_number":187,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"41e304f7-3192-464a-a2fe-8bafb39e6c6e","block_type":"box","text":"not require shareholders to act upon any of the following matters: (i) election of Directors; (ii) approval of a","page_number":187,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"61390500-963e-4195-8d73-971383234a5a","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":187,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"94ce98ac-48b3-4eca-9ab3-bdc44a84760e","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":187,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"f39a6568-4d33-4a95-8784-13fe139c2ebd","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":187,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"6ae4b592-16d3-4798-9e9e-304a20be7ab9","block_type":"box","text":"Common Stock is entitled to par ticipate equally in dividends and distributions declared by a Fund and in the net","page_number":187,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"4067c68f-0b9e-44fb-b3f2-364bc4fdda9f","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":187,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"5541de95-9566-42e1-a98b-fa12756eba9a","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":187,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"029d47ad-f2d7-4cb9-ac91-325b935d8768","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":187,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"754f07cf-628b-4881-8bc9-d388a72488b3","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":187,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"37c41696-58e1-4b3d-96d5-68b8649cbdb2","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":187,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"c56f73da-8674-438d-b8e4-74b75f592b4f","block_type":"box","text":"shareholders of such a trust may, under cer tain circumstances, be held personally liable as par tners for its","page_number":187,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"ace729c2-21ce-48fb-ab21-c1f441644a40","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":187,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"d5d1727a-dca8-4a17-9a2d-f830ee6f2b26","block_type":"box","text":"with all amendments thereto (the “Declaration of Trust”), is on file in the office of the Secretary of the","page_number":187,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"faa9eab7-a295-449c-a5d1-03a1bf50ba98","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":187,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"1fccbb7e-98a2-4170-aa8e-d19d2395b981","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":187,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"cbab1454-4f49-47ea-9eb5-9a0ca4fe70a1","block_type":"box","text":"II-139","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"61d1c672-63a5-4152-a73d-140363d19888","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"525b239b-3974-4624-9a03-7c662649b2b5","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":188,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"cd9a818b-7e65-439d-8395-08b73cf7015f","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":188,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"2feae3ab-6cce-40ba-af84-748822b2aedd","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":188,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"cc46fa42-647a-43f1-9a9b-8998a5430fa8","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":188,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"211ae8dc-44ea-41ae-8f57-c9beec72f4ea","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":188,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"1e9ab821-9997-4a58-be2b-c2ded7098442","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":188,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"d4126754-3c40-43ef-bc31-37796a2e9aa6","block_type":"box","text":"Additional Information","page_number":188,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"5454a1d5-54c9-4a06-8523-2d263f1c7d40","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":188,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"d8342c7b-c45a-4e0d-8b43-c4b7a94097c5","block_type":"box","text":"has reserved the right to (i) withdraw its consent to the use of such name by a Fund if the Fund ceases to retain","page_number":188,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"a88ecac4-add9-45b7-847a-a3e1c31e3e01","block_type":"box","text":"BlackRock Advisors, LLC or BlackRock Fund Advisors, as applicable, as investment adviser and (ii) to grant the use of","page_number":188,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"d7eeff61-046b-49ac-b2ec-adcebedf0a2d","block_type":"box","text":"such name to any other company.","page_number":188,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"b28b9a24-3ea4-4237-b6d5-8773c2936a0b","block_type":"box","text":"II-140","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"77af8e01-1895-47a7-aabe-7d3c69de9cd9","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3aa94a2-e12f-470a-8164-d2626255ba8d","block_type":"box","text":"APPENDIX A","page_number":189,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"39521954-64db-4ddf-b520-d6300214018a","block_type":"box","text":"Description of Bond Ratings","page_number":189,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"f8100a4b-f203-458f-855b-b28aa975ad5c","block_type":"box","text":"A rating is generally assigned to a fixed-income security at the time of issuance by a credit rating agency","page_number":189,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"ae3ebd9d-9209-42ce-b88c-04e27a26e359","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":189,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"9cabf84b-ad2e-4c92-a80e-ad62d16b2944","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":189,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"630b81c1-8432-43f7-b88b-bea00dd41b2c","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":189,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"7d586146-8e11-4af2-bc05-b72582b0eec4","block_type":"box","text":"date.","page_number":189,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"094f5e2f-f3cb-494a-a69e-978296d066ba","block_type":"box","text":"NRSROs may rate specific investments (","page_number":189,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"f7c7b70f-7ee1-42a1-91ab-563fca666ccb","block_type":"box","text":"e.g.","page_number":189,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"ab2d32aa-319c-4711-a079-ce6b5cbf1451","block_type":"box","text":", bonds), issuers (","page_number":189,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"003898f8-5eb5-4043-ae30-4b4ab7dc530f","block_type":"box","text":"e.g.","page_number":189,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"87b57ce2-43b8-4714-875c-f02158f48015","block_type":"box","text":", corporations, governments and financial","page_number":189,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"8bfd43ee-9da5-4378-8da6-6fdf3b454b8f","block_type":"box","text":"institutions) and/or programs (","page_number":189,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"5b8f6364-d79e-4028-b393-49127f288b3e","block_type":"box","text":"e.g.","page_number":189,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"3435fc30-4a75-4d21-ab14-5b4baf0b62a8","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":189,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"cc613787-4edf-4293-bdf7-62f011b5ea9d","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":189,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"b1d3f5a3-cda0-4e0e-b9da-ba61fd19f99f","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":189,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"cacbb08d-dbc1-4da7-8d01-0da742422a79","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":189,"box":{"x":70,"y":235,"width":798,"height":11}},{"id":"77f3b67d-2a61-4412-ac22-dd6dc8e16879","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":189,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"49fc4ec6-2300-4e3e-a121-e8c529044b88","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":189,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"b76f9404-0f0a-484a-b5c0-8ab26e52b120","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":189,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"78df245b-8b48-4ee7-ba59-e25e6b9bd20b","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":189,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"db765b22-393e-407a-ac60-0852daa0ff13","block_type":"box","text":"security (","page_number":189,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"f8ffaa15-c3c0-47de-9a62-9248ccec2d19","block_type":"box","text":"e.g.","page_number":189,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"b2acb72d-c5f5-4f2a-86c1-801723c167cd","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":189,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"1a701230-b157-427e-b048-8d8107be1082","block_type":"box","text":"highest of the multiple ratings.","page_number":189,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"bc1a329e-b183-425f-a390-710d22b009a0","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":189,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"ce277fd6-16b5-48c8-bfb0-2a626078c5f9","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":189,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"94735fe7-4be4-4e72-9fdf-e587fdc8f1b7","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. If applicable, when","page_number":189,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"6004cee0-9dda-4f00-8c79-f94143d69020","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":189,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"7321279f-edf6-407c-a3ff-3eeec712d8e1","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":189,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"e9e35a57-3b26-4a53-87dc-f0aec8ebcd78","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":189,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"b494c34a-165d-4c80-a318-6e431d4365c3","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":189,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"d34a765d-6e3d-445f-9e95-73b343d961c4","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":189,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"088c4d85-958c-4dec-b1c7-0e27d6f29443","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":189,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"b17a1eb9-21d0-4b0c-bb14-35c652186455","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":189,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"a2a0edf9-3886-4d65-a482-75e892b0f078","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":189,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"2ba24a44-4a78-44cb-b59a-810dc2c1fb8f","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":189,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"c9f2f443-1fba-4284-8eef-7bdd28aecac2","block_type":"box","text":"invest, directly or indirectly, in securities that are not rated by a rating agency or securities with a credit rating that","page_number":189,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"939c96da-e874-4a02-914a-e42b873e3a4e","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":189,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"2c373f4e-52ec-4487-a382-341a01331c95","block_type":"box","text":"downgraded but not yet removed from an index, following the removal of a security from an index prior to its sale by","page_number":189,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"651ab828-75aa-4dae-9da2-93e3f170411f","block_type":"box","text":"the fund or as a result of a corporate action or restructuring affecting an issuer of a security held by the fund.","page_number":189,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"2f6d6786-ff53-4bfc-a574-e526b3d54b9f","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":189,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"24c8586a-444b-4020-ab42-177755d6aaab","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":189,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"769651b2-f965-44e2-9d5c-08eca8c609f9","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":189,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"b081a07c-0f47-4491-bdc9-d82c5a46b808","block_type":"box","text":"Investors should note that the assignment of a rating to a security by an NRSRO may not reflect the effect of","page_number":189,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"4e6850a3-7e4c-4899-8966-f0cce09df1e6","block_type":"box","text":"recent developments on the issuer’s ability to make interest and principal payments or on the likelihood of default.","page_number":189,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"3075b0c7-6b6e-4b49-b3f4-7fdce327d59b","block_type":"box","text":"Securities deemed to be high yield are rated below Baa3 by Moody’s and below BBB- by S&P Global Ratings and","page_number":189,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"1c52d473-985b-4315-a3a4-721fddfaeb83","block_type":"box","text":"Fitch.","page_number":189,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"0c9de7b7-a51d-4b0d-ae93-525573bbcdc3","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":189,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"08e7737d-f3d8-489a-beef-697e7895e0cc","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":189,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"1f5d8145-0ffe-4023-9e5b-236e3285b22d","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":189,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"e0774067-b372-4d70-82a1-e4ee986d6f2b","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":189,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"c75f21b7-db45-47b2-a860-a0a9a6025988","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":189,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"3b8ba226-70fe-4182-aaf8-f46c6c8d6d8c","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":189,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"130e8528-993c-4173-9e85-111f7979bcb6","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":189,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"67cb2398-9e65-4743-bb86-9c2457c106dd","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":189,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"f167c36d-9bc5-4305-8058-7510f407f5f9","block_type":"box","text":"sources of variation (","page_number":189,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"e0fd0470-4f67-4326-8351-2953b903ebf8","block_type":"box","text":"e.g.","page_number":189,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"72b1896c-0874-49c5-b5cb-948e924a7b8a","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":189,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"34d4b52d-dad7-46fc-8ca5-9d4bf2130248","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":189,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"ca47a49b-9492-4cdc-be71-96cb27196241","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":189,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"96e1887f-5422-46db-8089-393c2d27d3d1","block_type":"box","text":"e.g.","page_number":189,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"49ba811a-2616-4052-bdbe-fd1b8a09a0e1","block_type":"box","text":", equity indexed), absent an express","page_number":189,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"f1a65bc7-ecf5-465e-af0e-45a8afc76175","block_type":"box","text":"A-1","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"c99f829c-19c0-47a0-81c7-32dfac2c3c4e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a42c51b0-1c3d-499c-bfa0-1b49d3ebde99","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":190,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"fbc8a9e2-30e0-4959-965f-097cf940522c","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":190,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"9c5c3678-d234-4207-9292-ae0c19252cde","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":190,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"d2628996-860b-42a6-8f41-2bd8ba30fa28","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":190,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"8744d299-156f-4ecb-8371-a4c446e26c6b","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":190,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"94b383fa-2ab4-425d-badf-e695a06ef8cb","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":190,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"e48856ff-c810-413b-a641-7448e5ba812c","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":190,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"e2d54f3b-5727-4afb-8e26-d123d6db05a0","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":190,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"af6951bc-96dd-40a6-9a84-989daea8ba57","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":190,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"ccd84d1c-e78b-4039-82be-a4ee6928b599","block_type":"box","text":"i.e.","page_number":190,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"69ec85e3-dd14-4a1a-a5bd-91dce7c0ef1b","block_type":"box","text":", ratings on nonfinancial","page_number":190,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"eba44f75-7870-4416-9a83-91f18dd22e92","block_type":"box","text":"corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured","page_number":190,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"cdb92455-58aa-424f-877d-1831df5022e9","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":190,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"9c02bbb1-cc68-444d-a8c9-6d22631322e9","block_type":"box","text":"and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance","page_number":190,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"89a0266c-d4a6-4a5f-82b7-badaf364943c","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":190,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"f4c7cf85-da90-4521-b334-baf508325364","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":190,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"1442d72b-2d56-4b48-9212-f84bdbfabb18","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":190,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"61bb4e60-ec2f-4cff-9cda-42a583c42569","block_type":"box","text":"of time.","page_number":190,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"02c66745-9a90-4a1b-bc68-de90bb9f4338","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":190,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"862f4b30-3e85-47b5-8aa3-068f57dd30bc","block_type":"box","text":"Aaa Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit","page_number":190,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"1b7d2447-ed94-4836-ba46-009d73fd81ca","block_type":"box","text":"risk.","page_number":190,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"47e4e4b8-58ed-4fa6-b3ef-b43131d39f26","block_type":"box","text":"Aa Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.","page_number":190,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"e60bb053-1fb3-4c07-999b-84297a6cea1b","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":190,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"ba246212-0021-4779-8e17-55cc444ad32b","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":190,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"76003705-cb89-4c66-9b3b-3b072007b6c5","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":190,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"8e12832a-1dd7-49d3-99bd-efb7cd6477a9","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":190,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"8fcd54a6-9cce-49e5-9e36-05257e465d21","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":190,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"544639a0-c2fd-4a50-80a7-6d887eaf2939","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":190,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"9ab5edc9-bd57-4568-9d67-e079e079bd53","block_type":"box","text":"credit risk.","page_number":190,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"820b67fb-43a7-46a1-a501-1effe5ddee54","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":190,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"be0516c2-e213-42b1-a394-fa95eb132af8","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":190,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"50250d0d-aacc-49b6-ab2a-799aec68e533","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":190,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"69976bf8-c2f7-4e11-9dcd-3ba87f27bc7b","block_type":"box","text":"of principal or interest.","page_number":190,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"378d1b65-4f61-47c7-8d39-0ea4e2f56255","block_type":"box","text":"Note:","page_number":190,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"5d2e8d24-655b-4665-9e6a-bd2e6759df36","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":190,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"ddcf50be-278c-4e03-82f4-c55972b5ce97","block_type":"box","text":"Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2","page_number":190,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"f83a6cca-11c9-4bc0-8542-c3ad76d82224","block_type":"box","text":"indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.","page_number":190,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"8e595965-edbf-415a-bd36-8a23204eeea2","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":190,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"3acc99e6-dec4-4086-9182-d48e42196351","block_type":"box","text":"companies, and securities firms.","page_number":190,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"ff3a1ea7-d05d-45bf-b067-afd2f914e346","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":190,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"b525719f-6c89-464d-9889-86be94cf32bd","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":190,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"89d20d02-3624-4de8-89aa-77f06240d3ea","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":190,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"63c02e9c-aa74-4af0-a2c8-90915e9f208c","block_type":"box","text":"long-term obligation rating assigned to a hybrid security is an expression of the relative credit risk associated with","page_number":190,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"44c699cb-143d-4ab0-bfce-b990ee6a442f","block_type":"box","text":"that security.","page_number":190,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"76957e7e-908d-4e2c-8bf9-92a794863ba7","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":190,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"adaf1062-f522-4a58-ad3d-81dc17a05b9e","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":190,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"2a08f21b-ca5a-428f-8f12-0bd6b6b80ac5","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":190,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"2a20003f-4ef7-47af-8e70-8f9cb0031eec","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":190,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"d9ec9493-0a2d-4bd1-86a6-08878b6aabd8","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":190,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"fd3400a7-698c-4e88-9ca9-2a79388c0cfb","block_type":"box","text":"categories.","page_number":190,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"e4b3e94c-0499-4f10-a496-de24930615be","block_type":"box","text":"A-2","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"57fe3ca0-5e47-44f3-934a-f6cceafb19b2","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67ab5017-26d4-4dcd-b2e4-d2c76da27399","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":191,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"affaea3a-a3be-4023-8011-edc779ebf15e","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":191,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"5c76de1d-6173-4e13-8aad-a272915a466c","block_type":"box","text":"Moody’s uses the global shor t-term Prime rating scale for commercial paper issued by U.S. municipalities and","page_number":191,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"1728d673-6f81-4314-afc8-99912252380d","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":191,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"fc0091ac-1957-43b1-b336-50f27a850926","block_type":"box","text":"an issuer’s self-liquidity.","page_number":191,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"a41254d0-5e53-4a34-b77b-535631768835","block_type":"box","text":"For other shor t-term municipal obligations, Moody’s uses one of two other shor t-term rating scales, the","page_number":191,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"bdad16e8-add9-4848-b173-d87b9100cd73","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":191,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"04f6fc66-4fdb-4213-8ce0-95cd58592546","block_type":"box","text":"Moody’s uses the MIG scale for U.S. municipal cash flow notes, bond anticipation notes and cer tain other shor t","page_number":191,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"c1f17bb8-c873-4ad6-a40e-4304f3632370","block_type":"box","text":"term obligations, which typically mature in three years or less. Under cer tain circumstances, Moody’s uses the MIG","page_number":191,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"382ed1e1-caa1-412c-8f4f-947ee3c98874","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":191,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"dc24d853-a118-4995-8dfe-9b22ceb14179","block_type":"box","text":"MIG Scale","page_number":191,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"606a91ff-ac72-40d8-a220-9ae99622045d","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":191,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"99fdd917-816e-4c29-a469-477f26f76302","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":191,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"12582e4d-23fa-48e1-aef3-3c1955e2d3ce","block_type":"box","text":"refinancing.","page_number":191,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"e08c1f00-4f65-4a12-8458-554e5bf326ef","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":191,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"377fe195-3258-43e8-b6ee-927f4de48db5","block_type":"box","text":"large as in the preceding group.","page_number":191,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"7029fadb-16a2-450d-a649-8710cdb91a1f","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":191,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"d2305ce2-890a-4e3d-9013-cbd068f6c95a","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":191,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"e575e46c-3df9-44a5-b682-fd82bb8e4139","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":191,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"f4372f18-b02d-418d-a360-026d827dcda0","block_type":"box","text":"lack sufficient margins of protection.","page_number":191,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"ccd9face-5eb7-4786-b01a-86d12dbb59a3","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":191,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"d9132578-bb2c-4dae-a38a-73eeba94f99e","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":191,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"4a180c40-9154-48a4-a862-f4001b173459","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":191,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"fbdfb0d4-8f04-479a-be25-fd1d342b095e","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":191,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"c56ee86a-2a78-4f68-ab92-27a010b849a2","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":191,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"42f95927-3dca-4541-aa03-5f96d01bacdf","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":191,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"fbd31035-9347-4382-80be-65ee9c44baea","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":191,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"9c7dbabe-0be1-4740-b811-9db5ef5c57a4","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":191,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"851ee54f-9d30-46e2-9c23-da6734300ad1","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":191,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"4d05c625-5fac-421c-bb60-75ca4f61a037","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":191,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"61207f75-7df9-4b17-96c0-29c8fd391267","block_type":"box","text":"Moody’s typically assigns the VMIG shor t-term demand obligation rating if the frequency of the demand feature is","page_number":191,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"6dd0671b-4194-4dc3-8e24-1ade9520d15d","block_type":"box","text":"less than every three years. If the frequency of the demand feature is less than three years but the purchase price is","page_number":191,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"67d1f322-c40d-42e6-a793-51595fa95c48","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":191,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"c8a7def2-3405-4bc7-9f70-ffb4c0890bbd","block_type":"box","text":"VMIG Scale","page_number":191,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"5618b314-0265-44ef-9258-f8653144953d","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":191,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"eefc5154-20a9-4e6a-9299-0cfc22476ab4","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":191,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"2a256b0f-4338-48f6-be90-b5a02f03c3f9","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":191,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"156b832a-8f06-49da-841a-5623480d9329","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":191,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"a8dc10f8-8c97-4492-aef9-03d949ee5eed","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":191,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"60a826d8-c4ff-4728-b9df-44836c461806","block_type":"box","text":"payment of purchase price upon demand.","page_number":191,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"5d19d8f8-6078-49a9-9eb4-cab3e934e873","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":191,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"ca205bc0-c152-4070-82d1-0b696a0cae73","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":191,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"979c728b-2d5d-442a-9fb3-2eb589a204dc","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":191,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"96247751-8cdf-49f6-bf10-768820ec83d0","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":191,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"c0db3b7a-f415-4916-a0e8-b91cb7873cce","block_type":"box","text":"may be suppor ted by a liquidity provider that does not have a sufficiently strong shor t-term rating or","page_number":191,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"786097ac-13e8-4fa6-8976-0bc67e2e0d61","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":191,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"9d57aa28-dc03-4956-b1ba-e2cb0c0b74a6","block_type":"box","text":"price upon demand.","page_number":191,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"3739d0ec-fd21-4f77-88b6-ac4fda0134d0","block_type":"box","text":"A-3","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"541d5932-f546-43f0-95cb-74f8111d1a28","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9c08a61b-690c-44ef-8768-6d3109458553","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":192,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"e13e6ab6-ed0f-46b6-a303-d6b722845b8b","block_type":"box","text":"An S&P issue credit rating is a forward-looking opinion about the creditwor thiness of an obligor with respect to a","page_number":192,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"f22b753c-0563-4432-b950-0f034f9dc641","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":192,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"cba0dd83-a13b-4d27-9c65-893d723f39dc","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":192,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"984532ab-30eb-4e64-895b-6798af6bdb3e","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":192,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"6ceb6de5-f84e-41f8-91d5-8497d90bffd9","block_type":"box","text":"which the obligation is denominated. The opinion reflects S&P’s view of the obligor’s capacity and willingness to meet","page_number":192,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"be8fbfc9-aa4a-4bdf-abf0-48a228b9491e","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":192,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"d9fe67d4-25f0-42c2-9691-7698c1e8440a","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":192,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"302e40fb-11f8-455a-a71c-e56aa45a70db","block_type":"box","text":"Issue credit ratings can be either long-term or shor t-term. Shor t-term issue credit ratings are generally assigned","page_number":192,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"d732852f-f471-4078-9690-8ef48dcc158d","block_type":"box","text":"to those obligations considered shor t-term in the relevant market, typically with an original maturity of no more than","page_number":192,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"9ace8892-c73d-42dd-8510-7b190ea26a94","block_type":"box","text":"365 days. Shor t-term issue credit ratings are also used to indicate the creditwor thiness of an obligor with respect to","page_number":192,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"e2d48d4f-3695-4420-a099-c322a8ea825b","block_type":"box","text":"put features on long-term obligations. S&P would typically assign a long-term issue credit rating to an obligation with","page_number":192,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"6c103ae9-7f64-453a-9892-182ad2438bd6","block_type":"box","text":"an original maturity of greater than 365 days. However, the ratings S&P assigns to cer tain instruments may diverge","page_number":192,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"8918a73b-07ed-4003-bab9-9a65ad73a1f8","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":192,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"17e0a51c-5218-4b38-baf0-8556cd4763f2","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":192,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"f967d6d9-e80a-42d1-b95c-269def63d130","block_type":"box","text":"•","page_number":192,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"70d73243-01df-42dd-86ef-a563a9d879bb","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":192,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"fdd87f43-3156-4ca5-8782-af0e2aedd7ff","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":192,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"bc322578-cebd-4851-bdd7-9ab4716f3fa5","block_type":"box","text":"•","page_number":192,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"3f5a2ec8-a10c-4021-935e-215e73e8c66a","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":192,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"9baa7194-b91c-4bd2-a3eb-2177d0089664","block_type":"box","text":"•","page_number":192,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"1fe9b864-6967-4ccd-898f-4d9bf124a224","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":192,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"d7f92e8c-24dd-43ff-b1b5-c89686839bd8","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":192,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"6befa5d0-39f9-4a1c-9ea0-1adf77d02453","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":192,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"f6e358a1-d365-4ba8-a599-54146c8d3afc","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":192,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"68fe24e9-b581-41dc-bb2b-249237112a47","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":192,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"64d20dc1-abc9-44b8-a6ad-afd058bc6714","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":192,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"dfda1034-0cbc-48df-91e8-b484cee41b70","block_type":"box","text":"obligations.)","page_number":192,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"779b61d5-954b-4921-88e2-d47c72c371d5","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":192,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"9b6ca7f9-05a3-4670-9c8c-d642cbe7573b","block_type":"box","text":"AAA An obligation rated ‘AAA’ has the highest rating assigned by S&P. The obligor’s capacity to meet its","page_number":192,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"23ed04e4-6f7b-4cad-a984-75a5d9b65dd9","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":192,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"21ccc376-dd4e-4eaa-a80e-f8ab618b2bfb","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":192,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"377a7fbc-3f0f-4560-aea8-785a532b481b","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":192,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"a4a0b2b2-9893-49c3-9cc9-48757601ffed","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":192,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"d4edf075-3a81-435c-b3ff-e1a3a55f8c96","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":192,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"76653686-9a0f-491f-8aff-f8ee4414b0f2","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":192,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"bc83dd3d-1493-4b92-bb90-251366e88efa","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":192,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"02ec3a7e-2c84-4b79-aee2-d9864357df64","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":192,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"6fc1ee2b-be88-43c0-b5b9-6380f3e5cd07","block_type":"box","text":"financial commitments on the obligation.","page_number":192,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"1772797b-c77d-43b6-9d62-eb7a334c66ef","block_type":"box","text":"BB,","page_number":192,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"60c574d0-a50f-42c2-93dc-cdcdf62781af","block_type":"box","text":"B,","page_number":192,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"942e2311-80b4-4885-bcd0-3b8e7db30a5b","block_type":"box","text":"CCC,","page_number":192,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"81208cd9-aacf-4896-b432-4939888c07e3","block_type":"box","text":"CC,","page_number":192,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"86ed306e-0f38-4f58-8ede-2ebbbf6369bb","block_type":"box","text":"and C","page_number":192,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"98280d20-6c10-43ab-84d7-128b149e024e","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":192,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"479331f6-278f-436c-8807-aa64b01a0ce5","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":192,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"f84333e1-a736-4eb7-8473-bf42b911876d","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":192,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"fa582fd6-556b-48dd-a8a5-a8b33f8ef3fc","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":192,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"ca60003b-87a3-4048-8a56-c82a8a60e450","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":192,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"0de0529f-79b6-4189-a987-c992b442a16c","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":192,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"4b1ef29a-bb81-412c-9bda-b572d3800887","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":192,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"bcadc470-6e2d-4485-9575-e93c59163bb0","block_type":"box","text":"on the obligation.","page_number":192,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"5b9f8629-99e8-43a3-a046-8d4e9ba911f8","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":192,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"8e9b7dc7-efba-4c39-b69c-4ae572bd1968","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":192,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"0cb10261-deb0-44ea-930c-c3afe1ce4b2c","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":192,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"f434a22a-6c8a-4842-a0d0-5f7a19dfe6c8","block_type":"box","text":"financial commitments on the obligation.","page_number":192,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"f14ab786-2c44-4a30-b673-5cd355a5a3e1","block_type":"box","text":"A-4","page_number":192,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"261df9b0-e93a-4eee-be20-83999bb8de14","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a3d1ef1-102f-4ae2-97de-dbccb24ed94e","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":193,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"99ed9db9-def8-4d6d-b2d7-cd1980c4c69b","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":193,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"afdccdbd-7210-44af-be22-13ee0d55a2a0","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":193,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"32a236b9-34f4-4f9a-b03f-6f6a15074bd8","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":193,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"a0699b17-269c-45b8-b9f3-81870584288f","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":193,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"8e3bd5da-7862-463e-aa0b-a105f969ecb2","block_type":"box","text":"a default has not yet occurred but S&P expects default to be a vir tual cer tainty, regardless of the","page_number":193,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"2bd49054-f5b0-4416-b702-1f9fb0b09c98","block_type":"box","text":"anticipated time to default.","page_number":193,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"1fb5edbb-1ba4-43f5-b762-91673a6d1a71","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":193,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"ffb72600-20b4-412f-81cb-7ebd2ecfc8d0","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":193,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"1fa4a3a8-01cc-4169-b016-226a24f743f3","block_type":"box","text":"higher.","page_number":193,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"f99dae95-61df-4211-a470-54d225aca331","block_type":"box","text":"D An obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid capital","page_number":193,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"b0278453-8885-40c8-9378-a19cf4e4a5f5","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":193,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"dee2c04d-00e6-4f6d-9a83-a7248140a767","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":193,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"f98d6f5f-1e32-4efc-88f7-89a9dc5876a2","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":193,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"368c5eee-be5f-469b-8398-f9224f0aaa58","block_type":"box","text":"days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking of similar","page_number":193,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"a98b0731-6793-47d5-9aea-23a15d869b33","block_type":"box","text":"action and where default on an obligation is a vir tual cer tainty, for example due to automatic stay","page_number":193,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"b8bcc54f-5c99-498c-b489-614dbe384c10","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":193,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"5fce375a-bac3-4b4b-a3c1-38438ce554ee","block_type":"box","text":"restructuring.","page_number":193,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"34be64a9-cfeb-4f86-8ca4-05c7801f08f3","block_type":"box","text":"*Ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative","page_number":193,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"28f5bc99-46a2-4e34-aa11-81e129865f02","block_type":"box","text":"standing within the rating categories.","page_number":193,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"5ae75d69-08f2-44df-9d66-57b768910fcc","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":193,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"68df0dd2-a733-4fe4-b93a-52f4c9a52f19","block_type":"box","text":"A-1 A shor t-term obligation rated ‘A-1’ is rated in the highest category by S&P. The obligor’s capacity to","page_number":193,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"27ecbc65-cd8e-4126-a64f-eab01449551b","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":193,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"0920a69b-c833-406c-83b6-c4b4f34af8c8","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":193,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"1b6efab6-88fc-4219-bc86-3191653ba850","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":193,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"ebe80ed7-712d-46fc-8ea2-0a4141653db1","block_type":"box","text":"A-2 A shor t-term obligation rated ‘A-2’ is somewhat more susceptible to the adverse effects of changes","page_number":193,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"7681fb71-91aa-4c40-aa3c-55bfed869259","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":193,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"0dd9a6a6-f69d-4ce5-8ee8-9109666bd5f8","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":193,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"9bb9a84e-daf6-47c1-ad63-0b0f01d8c64e","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":193,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"a17fbe8d-fe59-4fbd-8746-f3f5abac4557","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":193,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"e6b0754d-a66b-43b2-86a8-5bd25888ca4f","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":193,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"b0720ea8-526d-484a-b011-80aceaed4bbd","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":193,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"b88e5186-204b-443a-8c30-445c5ae570fa","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":193,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"ede9c0d8-c5e9-4807-8750-6c0e4dcdf51a","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":193,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"aa160f8b-340d-4653-b023-ec70d2859c78","block_type":"box","text":"financial commitments.","page_number":193,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"cd65044b-eb39-4116-8f05-17deef413e96","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":193,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"263ff292-8ab5-4714-bafc-535124680f7a","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":193,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"edee2a7d-f56c-4626-aad7-7cd3f05bdd8d","block_type":"box","text":"commitments on the obligation.","page_number":193,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"85472854-7d74-442f-b883-fe0b179c927c","block_type":"box","text":"D A shor t-term obligation rated ‘D’ is in default or in breach of an imputed promise. For non-hybrid","page_number":193,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"1ff0564d-80a4-4436-972e-7e626a48b666","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":193,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"040d0a52-1662-4376-9161-538ce8a7e6ea","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":193,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"1907202e-301f-4a30-b6a2-c598e88fd20b","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":193,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"83ff85f2-e709-45a0-868b-7921c279a75a","block_type":"box","text":"business days. The ‘D’ rating also will be used upon the filing of a bankruptcy petition or the taking","page_number":193,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"4b902387-160a-4ad0-8f27-df13c0cf7ce5","block_type":"box","text":"of a similar action and where default on an obligation is a vir tual cer tainty, for example due to","page_number":193,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"67c15473-b42d-4ba0-883f-2c37375685c8","block_type":"box","text":"automatic stay provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed","page_number":193,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"3806f169-8c65-4e15-ae17-2da6caf5c6c2","block_type":"box","text":"debt restructuring.","page_number":193,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"68101538-0d22-491d-92a8-223d66fdf855","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":193,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"4674a982-751f-445e-a10d-9892a18ea1da","block_type":"box","text":"An S&P U.S. municipal note rating reflects S&P’s opinion about the liquidity factors and market access risks","page_number":193,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"0f212c85-72e0-4c01-8cfc-b0d3bc489f20","block_type":"box","text":"unique to the notes. Notes due in three years or less will likely receive a note rating. Notes with an original maturity","page_number":193,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"cf7e9530-a7b6-441e-8296-30f7a1c6fdea","block_type":"box","text":"of more than three years will most likely receive a long-term debt rating. In determining which type of rating, if any, to","page_number":193,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"9853fc62-199a-470b-9fc5-b2ea77e6a8da","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":193,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"02840b00-4b7c-474a-9417-439ad838f5ef","block_type":"box","text":"A-5","page_number":193,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"1eca63f8-1e19-4373-8d65-31c6f2948774","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ea036229-88d1-4cb7-9fde-a1c6b5db76bf","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"5768a425-b5a6-4db3-9dc2-fd6208147dbb","block_type":"box","text":"Amor tization schedule—the larger the final maturity relative to other maturities, the more likely it will be treated","page_number":194,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"39249397-ef99-4e7b-a0d3-21aec5dddd3d","block_type":"box","text":"as a note; and","page_number":194,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"13772b9a-f9bd-4bdf-a757-8e1a98e3e5dc","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"1e60d949-cc38-403a-be7f-c80ee24ace33","block_type":"box","text":"Source of payment—the more dependent the issue is on the market for its refinancing, the more likely it will be","page_number":194,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"54b0b4ec-0133-4a57-b8c3-fc22a8a2b933","block_type":"box","text":"treated as a note.","page_number":194,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"8a48940f-1971-411d-b325-64cbc553a1b5","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":194,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"dc6fd46e-05fb-47a2-889d-1a5fe86ec873","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":194,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"b3ae5b0b-8b70-443c-ba58-d7ca8928d212","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":194,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"3c49aeec-69de-435c-aa7c-90db5c162eec","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":194,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"3883375b-ff4f-42b7-8e28-06b16dd7e19c","block_type":"box","text":"economic changes over the term of the notes.","page_number":194,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"fcb0fc6c-aee8-40aa-9dbe-ac89b64c7c8e","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":194,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"6dbdf3f9-3ecc-4aff-afb3-342afedaf6c7","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":194,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"e12d3be5-421f-480a-a5b5-5b2402e174d8","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":194,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"fef8b36c-7020-4e18-bb8d-056d9cf5ca48","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":194,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"8c8c1b42-dbde-4b95-99be-a6102d31316d","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":194,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"a42ec60f-c903-42ef-af16-d4f73a1e525f","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":194,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"827b8ce1-9b76-4235-b75f-70cb0f1b158e","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":194,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"e24d4eae-fb65-4247-a250-d30e61fcf1c7","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":194,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"5dca80d0-4445-41fa-a5a4-bdb8065254be","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":194,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"861a880c-c0f8-4802-9a4b-895359ea787c","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":194,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"4e8a814c-7c85-42b6-a235-9f8c901e1636","block_type":"box","text":"Fitch’s credit ratings relating to issuers are an opinion on the relative ability of an entity to meet financial","page_number":194,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"d12e1b31-6df2-4867-bf35-a05a763a8f09","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":194,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"f719cd18-0826-4d8c-b66c-819a196392fc","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":194,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"87b6397b-8d0c-4362-979f-990c97f880fb","block_type":"box","text":"Credit ratings are used by investors as indications of the likelihood of receiving the money owed to them in","page_number":194,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"690c2e93-778d-4f69-a004-d8d0b49c0af9","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":194,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"6402870a-6728-4d46-88b0-d6776cd8a4ba","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":194,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"f3be79e7-3ef7-42ba-b8d4-5797e271149b","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":194,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"212e1f12-a90c-4f24-8b39-af3abea5c3a6","block_type":"box","text":"receivables or other financial assets.","page_number":194,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"30896ad5-a683-408a-bfec-d870f0f9d107","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":194,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"de0dc31f-d9a4-4d51-a205-ab9f26ceb4cd","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":194,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"619d36b8-4f38-43db-a9fb-7ca1f154da20","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":194,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"88ad60be-bd79-4478-9da0-0798b752cb06","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":194,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"3608b5d3-9f39-49b1-a204-db84fcf9fd9c","block_type":"box","text":"while ratings in the speculative categories either signal a higher level of credit risk or that a default has already","page_number":194,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"6d935e16-c356-4fc1-94c5-07a128358361","block_type":"box","text":"occurred.","page_number":194,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"550a3b95-e5a7-4edb-8f3c-8904532c5387","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":194,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"86bec8ee-65e1-4d7f-9b3a-9bc00b1e5d37","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":194,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"18905efb-f38f-4664-aeba-eeaed15244b1","block_type":"box","text":"Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are","page_number":194,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"dbe38831-2a4e-43dc-9b0e-dd704926e2c2","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":194,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"660306f1-14d1-40b0-9a38-3956ccbf21d2","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":194,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"8bf7d409-2d20-4a6d-99c0-83e8f5a7a463","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":194,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"e02f28b7-19ac-48eb-83c3-6a4904c056b0","block_type":"box","text":"rates.","page_number":194,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"601d2b72-b6b4-4c0b-90f3-1fc67cd2116b","block_type":"box","text":"Fitch’s credit ratings do not directly address any risk other than credit risk. In par ticular, ratings do not deal with","page_number":194,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"f87285e6-48bb-4e24-96ad-cc1092e470ce","block_type":"box","text":"the risk of a market value loss on a rated security due to changes in interest rates, liquidity and other market","page_number":194,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"1819956d-278d-421c-96e6-e45b16ff5e16","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":194,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"b0851b0f-e016-46a2-b3c4-cbd7a569f75c","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":194,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"5fcd0b10-bc77-4a2b-a10c-2a0043eadb57","block_type":"box","text":"Ratings nonetheless do not reflect market risk to the extent that they influence the size or other conditionality of","page_number":194,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"54ace3ff-1b94-4fc0-beaa-ad1b0aa8c9bb","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":194,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"c74470e2-1540-49a6-9241-7ee924a4bb31","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":194,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"f8f8c6f5-7e76-4421-a1e2-4d5fcce99fea","block_type":"box","text":"to the likelihood of non-payment or default in accordance with the terms of that instrument’s documentation. In","page_number":194,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"c791d821-e0f9-4741-bb16-5dc39b26ee3c","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":194,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"b093009e-7504-46d6-bce3-3f45148734b3","block_type":"box","text":"i.e.","page_number":194,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"2376f8b1-8fc4-470c-9315-3552f3eea5c5","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":194,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"8a50fedb-de15-4943-977a-67b4c6f08b59","block_type":"box","text":"the obligation’s documentation).","page_number":194,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"935f5bc1-da4b-414d-9b7d-b209c9d93cd3","block_type":"box","text":"A-6","page_number":194,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"7f56c664-888a-4d75-ab39-1328164805fc","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36469f6f-090d-41d5-9c52-6e3bd02513fd","block_type":"box","text":"The primary credit rating scales can be used to provide a rating of privately issued obligations or cer tain note","page_number":195,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"b7636dd5-b226-4bcc-b1af-8928516da1a0","block_type":"box","text":"issuance programs or for private ratings. In this case the rating is not published, but only provided to the issuer or its","page_number":195,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"24b336dc-4b1b-46e6-87f1-f8acdb0bb9d9","block_type":"box","text":"agents in the form of a rating letter.","page_number":195,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"7c1ac3e8-3c45-4cac-a29c-1475d2b9b841","block_type":"box","text":"The primary credit rating scales may also be used to provide ratings for a more narrow scope, including interest","page_number":195,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"ad8ed876-8cf3-4313-8f55-306cfb7c4d83","block_type":"box","text":"strips and return of principal or in other forms of opinions such as credit opinions or rating assessment services.","page_number":195,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"c122f196-0e76-44a0-a12a-cc582fa9f08a","block_type":"box","text":"Credit opinions are either a notch- or category-specific view using the primary rating scale and omit one or more","page_number":195,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"b9d97ddb-1c32-44a5-8f3c-dfd9ab21b92e","block_type":"box","text":"characteristics of a full rating or meet them to a different standard. Credit opinions will be indicated using a lower","page_number":195,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"f9cb2897-0134-4afb-bb48-a98ea911508e","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":195,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"e89c1e76-2912-4bd2-95df-5eee9e1a33e3","block_type":"box","text":"e.g.","page_number":195,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"8f2f720e-f652-4dcd-889f-8988de6b97f8","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":195,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"37f140d8-b0b8-409d-a4cf-08b074e02696","block_type":"box","text":"opinions will be point-in-time typically but may be monitored if the analytical group believes information will be","page_number":195,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"9801ad8b-4291-4ed4-b8bf-fca88ff3f26a","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":195,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"4750c2bc-a620-4b69-a85e-1d2c24d42e1e","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":195,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"393ca065-b3cf-4f99-af14-a6467c08e06f","block_type":"box","text":"rating assessment services are point-in-time and are not monitored, they may have a directional watch or outlook","page_number":195,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"285080c3-e1da-4aa3-a2f7-843700e0187a","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":195,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"fc2f41e6-abcf-4ffc-a4fb-8a4abb58552d","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":195,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"4e94c3e4-2d5f-4764-ad07-284f006f1c5d","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":195,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"fb1c99c9-0700-425a-bb7b-4713132da863","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":195,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"e7b8f289-8f17-4b48-b31d-e0a05bf02e01","block_type":"box","text":"default on that liability is also included in the rating assessment. This notably applies to covered bonds ratings, which","page_number":195,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"27821cd3-cf15-416d-ba20-582f0b79db8c","block_type":"box","text":"incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.","page_number":195,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"90e66df8-dfee-4247-bfb7-f11a721120e5","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":195,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"5074a4ad-cde1-473a-a6b6-b5dcb4f9b170","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":195,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"aed74b3f-7340-4d03-93c3-b01b086a8439","block_type":"box","text":"Individual obligations can be assigned ratings higher, lower, or the same as that entity’s issuer rating or issuer","page_number":195,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"3a97a3d9-3705-4989-b1fc-ba5a824b3bfe","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":195,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"a0dddfe9-aa69-44b9-8298-e86062378e97","block_type":"box","text":"Ratings.","page_number":195,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"f6e8821e-6649-433b-9979-c2a08fccbb65","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":195,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"ba1587d7-4c84-47b0-9724-3b6c28133977","block_type":"box","text":"same as that entity’s issuer rating or IDR, except DIP obligation ratings that are not based off an IDR. At the lower","page_number":195,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"2b461141-b633-47d5-b1c5-3bbd30fec97e","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":195,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"bba9e18e-ac30-4fa9-ab53-4d2126c21031","block_type":"box","text":"obligation ratings.","page_number":195,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"fddc2a71-9430-4ae9-9df2-984559347cc2","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":195,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"0cd4f225-e85d-4f80-954e-2d294c41e8a5","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":195,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"3099192e-950e-44e9-9c8d-d8c94c8778c7","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":195,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"a9c930cc-d491-4d80-bb33-61653afe7627","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":195,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"81bf3d90-9701-418f-a9c9-5f0357b48d97","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":195,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"eb06722e-c7b3-45d1-8e9b-45872afa4fee","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":195,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"d1076362-0760-40a1-84ee-eabc48019816","block_type":"box","text":"to foreseeable events.","page_number":195,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"d95c3441-0654-4616-b177-290cd254f8fc","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":195,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"b38a3c67-e179-413f-8ff8-3ef895972085","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":195,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"c3e9968b-3012-4eb7-adf9-5666f524ff6a","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":195,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"4507c84b-6387-4aef-847f-9c3bad467e22","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":195,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"0a55ba57-fc51-4b8d-a422-5e309cadc22a","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":195,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"bd83171f-826b-469c-a835-a17a7f2ed4f0","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":195,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"6d5a36af-4dbe-4812-9ca3-8fc5dd9e64f8","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":195,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"43522eae-8774-4e65-baf4-654bf5d39f79","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":195,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"992525e4-c6d5-4c8c-842e-984cd66b2b92","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":195,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"180d9d8f-d7b6-481f-840b-6959289316c6","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":195,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"03cffba3-192f-4a88-b215-d6e5aee2c995","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":195,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"5ac78327-53fe-4692-abea-cdd9b5368648","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":195,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"db0f72be-5178-4b55-a220-1182c165364c","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":195,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"84fbb0d9-3955-44b8-82d2-e88a9c302050","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":195,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"5d31d876-6262-4da1-bd25-1122b3b5dcee","block_type":"box","text":"relative status within major rating categories.","page_number":195,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"ad5e8b12-8748-4b4e-88ab-7eb6ccd2dcaf","block_type":"box","text":"A-7","page_number":195,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"5313b251-1c64-45db-9f4c-d89d408cfdd7","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7cdec33b-4d51-4c32-999f-f68405a42fe0","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":196,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"8dc98d9f-a52b-4cb6-85d2-39698f0b0bd0","block_type":"box","text":"level). Such suffixes are not added to ‘AAA’ ratings and ratings below the ‘CCC’ category. For the shor t-term rating","page_number":196,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"c8b551fb-6e4b-4e58-8741-1c4cb9f07427","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":196,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"7d980a34-ceec-4d89-a890-5635d69be051","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":196,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"6fd54284-95c9-4f07-a0e8-275071605785","block_type":"box","text":"A shor t-term issuer or obligation rating is based in all cases on the shor t-term vulnerability to default of the rated","page_number":196,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"0e6a7ca7-c064-46f0-946b-790389544443","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":196,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"362d5fed-a465-4a2b-a942-b462358746a3","block_type":"box","text":"relevant obligation. Shor t-term deposit ratings may be adjusted for loss severity. Shor t-term ratings are assigned to","page_number":196,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"35521a02-461e-49c1-879d-ea481baa3c26","block_type":"box","text":"obligations whose initial maturity is viewed as “shor t term” based on market convention. Typically, this means up to","page_number":196,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"db8c4fff-54fe-4178-a922-654f3e90ed13","block_type":"box","text":"13 months for corporate, sovereign, and structured obligations and up to 36 months for obligations in U.S. public","page_number":196,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"0563678e-3d45-47ea-9b8a-b4842e2f19d7","block_type":"box","text":"finance markets.","page_number":196,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"062db8b8-d477-48c7-8252-5647aedc4931","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":196,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"214e8b36-12f9-4937-a9f1-48a20074c5f8","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":196,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"5a67ef99-c539-436f-94d9-9ebca5200692","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":196,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"5df847ca-d7f8-4cb2-bc11-c7b3655537e7","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":196,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"58809de7-26c6-4116-84fe-a9729ee12e2d","block_type":"box","text":"commitments.","page_number":196,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"2a2a5e12-abd4-4c8f-bea5-290e9698b757","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":196,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"f8e9d784-1af6-45d1-ab25-a9ee7d246f09","block_type":"box","text":"adequate.","page_number":196,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"6c46aae6-fee2-4cb2-aa63-abba2b3089c1","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":196,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"79fcd9da-3d25-41f5-b1a5-195e279afbd4","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":196,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"72511796-67e3-4628-99b3-037c6978f19b","block_type":"box","text":"economic conditions.","page_number":196,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"564dadc5-5185-4982-846d-b27b6673b6e1","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":196,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"41501913-2ac7-42da-957d-883453a7d35e","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":196,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"43c5c914-3d6e-4f5b-af82-823e27733d66","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":196,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"90475e26-eeaa-4a57-80b6-1d0550119d6e","block_type":"box","text":"ratings only.","page_number":196,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"859fa358-3658-46db-8c2d-da4423677687","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":196,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"76ad160d-d49e-4b1c-8e7b-ca13524fc04f","block_type":"box","text":"obligation.","page_number":196,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"03e24406-351b-46b3-9f98-00f402165224","block_type":"box","text":"A-8","page_number":196,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"b03eec67-fb4c-434d-906f-014a62faec0c","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40209e00-4c4e-47f7-977e-68675cbb7ba4","block_type":"box","text":"APPENDIX B","page_number":197,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"e6917d69-f6cc-4480-8fe2-7de14800a0a5","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":197,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"b97d7302-2fa0-4897-884c-ccb80e84125f","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":197,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"6518e367-94c1-436f-ae54-e40c4c6ff728","block_type":"box","text":"Effective Date: January 1, 2025","page_number":197,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"689aa3c8-fa17-4751-8aa7-c03e947d1b9f","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":197,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"01d6d50f-b22b-4c5c-a55b-177dff5d3f91","block_type":"box","text":"□","page_number":197,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"70f09e5e-e1cd-4414-86b6-c6a33dbae5c7","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":197,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"5a1b8353-9d09-4b6c-85f4-630d2771e6e3","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":197,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"0b3b9eec-2617-4837-a274-215f1712d3ec","block_type":"box","text":"□","page_number":197,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"795cf56b-219d-413e-bbf0-5c52aec94a1c","block_type":"box","text":"Money Market Funds","page_number":197,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"8d87277f-cc14-4330-ba94-d46037b3b058","block_type":"box","text":"□","page_number":197,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"53bd64d3-6483-4943-9aa8-9ea9dc6603c3","block_type":"box","text":"Closed-End Funds","page_number":197,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"1c5192de-d1ea-47af-b1e2-49ef4e2f6e2e","block_type":"box","text":"□","page_number":197,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"ec6f12de-7fa2-4a0b-9b3b-85a9fc22c338","block_type":"box","text":"Other","page_number":197,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"b10276d0-addf-4adf-a82f-b4d0f8470291","block_type":"box","text":"Objective and Scope","page_number":197,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"87b7f75a-beb0-4bf1-9860-2a67c0a10ee3","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":197,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"952fa204-9234-4113-a7d0-302d16db5e96","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":197,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"669f0fdf-6ca1-451a-b117-e55a8caecae8","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":197,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"3b458cfc-4357-487e-b507-bba47cd8c83d","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":197,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"6c37846d-48cc-4f2a-8c5d-4e066eb486ab","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":197,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"3079fe2b-0b01-4f2a-8c3e-09a63ebbf7d1","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":197,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"f349cc0d-6037-4e38-85a8-5b595919efb3","block_type":"box","text":"principles outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":197,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"a5cd14f0-59d2-4bf0-ab7d-f63223d3fa87","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":197,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"ce0e5025-d820-4884-841f-cd52054b5390","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":197,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"376a4fca-91e0-412e-878e-277f345aee17","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":197,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"ad8f3e9e-729d-4aee-aa6f-022f09992c4f","block_type":"box","text":"index Funds managed by BlackRock. 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Potential material conflicts, and the resultant potential for undue influence, might","page_number":197,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"4f28ed86-5fea-41d3-96da-41193aac3c55","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":197,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"0c505f8f-9d22-49fa-9c7a-753ab1627e96","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":197,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"715fa90e-44f8-496f-9445-54deccf49a1f","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. 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The guidance informs the voting recommendations BAIS","page_number":201,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"0da835bb-69a5-43af-b2c3-a2d8c80605ac","block_type":"box","text":"makes to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s fundamental","page_number":201,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"11850f71-64f0-4b7f-92e2-d3ee9d012780","block_type":"box","text":"equity, systematic equity and multi-asset solutions strategies. 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The benchmark policy also may apply to","page_number":201,"box":{"x":68,"y":308,"width":823,"height":11}},{"id":"d150f60b-d442-4683-85bc-f3ddd2da08cc","block_type":"box","text":"holdings in BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities","page_number":201,"box":{"x":69,"y":323,"width":837,"height":12}},{"id":"2eb6f8e2-d403-4b71-ad77-14d9f7b45c94","block_type":"box","text":"or conduct issuer engagements. This document also includes BAIS’ decarbonization policy, which covers holdings in","page_number":201,"box":{"x":69,"y":339,"width":824,"height":11}},{"id":"09384846-6d7d-41d2-9abe-d2ecdb8b3902","block_type":"box","text":"BlackRock active funds that have climate and decarbonization objectives in addition to financial objectives.","page_number":201,"box":{"x":70,"y":354,"width":759,"height":11}},{"id":"9aa54c50-0061-451c-a916-7da8eae21fe9","block_type":"box","text":"2","page_number":201,"box":{"x":69,"y":372,"width":4,"height":4}},{"id":"802ce89c-6f0f-40cf-b260-e1c6f34876ef","block_type":"box","text":"BlackRock segmented active and index equity investment functions, including stewardship, in January 2025 as par t","page_number":201,"box":{"x":79,"y":371,"width":825,"height":11}},{"id":"4b3dcad8-57ed-4da7-83e5-88abaea60250","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":201,"box":{"x":69,"y":386,"width":830,"height":12}},{"id":"8825dabe-6d14-4232-86dc-a883a17d068a","block_type":"box","text":"result, there are two stewardship teams, which operate independently of one another and have separate voting","page_number":201,"box":{"x":69,"y":401,"width":792,"height":12}},{"id":"70f5bc7a-c5c4-4b43-b15a-f344ad791d04","block_type":"box","text":"policies.","page_number":201,"box":{"x":70,"y":417,"width":56,"height":11}},{"id":"8fec577d-d84c-4df0-bb8e-9704a4aa4268","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c821d33d-0a9a-46c6-9339-c6a5f1af4652","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"ebf9e289-c910-4125-8b39-134473deb030","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85de85ff-0ac0-4b3b-9ab8-0e42cf5f7cb7","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":202,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"f1016de1-7762-4d65-9d81-342ff389f58a","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":202,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"c434ddbf-e23c-40aa-8713-02251ca023f4","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":202,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"689690e3-09ce-4947-927f-7486c8f33455","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":202,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"e8a9665d-eb70-4a85-ab7d-e5790876c0a1","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":202,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"1ed9478b-878f-4640-8dd1-4ef4bfa981a1","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":202,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"80559dce-5dd3-4aa9-aa59-885e9cac781c","block_type":"box","text":"this work with research, data and analytics.","page_number":202,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"3074072d-8717-441d-b67d-c3174db5335f","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":202,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"1c0df87e-8e86-444c-80e2-0bcc4d7e8f64","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":202,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"d809c7af-528b-4a22-b2a2-14148a08303c","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":202,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"ce20d854-48b2-456c-a739-8fdc5db7b81b","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":202,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"224697d3-2af7-4d03-b622-0807ce7a731a","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":202,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"c57de7ce-84e4-4b75-80de-a16021a4e779","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":202,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"7ff86e34-c7b9-4d72-ade7-d900678f3658","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":202,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"092d30d8-d1cc-4997-b617-8d70e34d2bdc","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":202,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"02c8dc84-ef4f-4091-bab4-8175364dc6c9","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":202,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"b59e2258-f680-4638-94b5-9e0d0f5e72d8","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":202,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"b6886c7f-2384-4d3b-89fb-8c1b60f89d0a","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":202,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"e1142aa5-7756-455c-afce-4c3d85276e98","block_type":"box","text":"shareholder meetings.","page_number":202,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"859964d1-6778-4a79-8fcd-c61d1b280af5","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":202,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"de0ceed0-41d4-4840-bf59-e8ebf1f91c34","block_type":"box","text":"investing.","page_number":202,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"747a861a-33b8-4bf5-94ca-4ea1859dfd33","block_type":"box","text":"3","page_number":202,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"59dbce8e-8062-4718-b34b-623088dd1c7f","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":202,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"2238aa2d-31bf-44c3-8a0d-3f8a351e8e91","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":202,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"d0d8f304-09a4-468a-b504-885ecbc9d8f8","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":202,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"9f19c490-2448-499b-9b2b-950bb0e33534","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":202,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"4df249ea-22ae-4fd7-8b2a-8f2a330d81a3","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":202,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"b385a2e1-aec8-477f-8c12-7e5cb1b72534","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":202,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"dbb84fbc-576d-4250-8d0c-7b93e48f5168","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":202,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"d46d447b-69d8-499a-bccf-a839cf466aab","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":202,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"b92ae6f3-e0c7-4be0-8c68-cb8fa01a8072","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":202,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"4369cdca-66f1-4b29-bf05-1bae6b1ad7aa","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":202,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"9ef2a6a1-f440-4a46-9d97-11578b55db1e","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":202,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"eedb697f-61ab-4999-a0c1-c6d81837492a","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":202,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"dcb9f2bd-4fc8-4eeb-b6cc-7425893c903e","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":202,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"e93a6808-d9d2-4e03-aab9-29beb53363e0","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":202,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"03e05129-1749-45a2-ae98-4ba02bdc1758","block_type":"box","text":"management teams and board directors","page_number":202,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"91f64578-0024-4590-b947-c16ecf44b404","block_type":"box","text":"4","page_number":202,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"11bbbb3f-773c-46c3-bc93-e482d828b2be","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":202,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"d2a444da-c4e7-400c-a87b-e913b5869f99","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":202,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"8be962b1-e725-4a5f-828e-43126c03ad4c","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":202,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"2b5d246c-4321-41fa-8256-63b3a053af50","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":202,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"4caad71d-2030-4845-ab35-28f778568fe3","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":202,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"d284180f-632f-4f69-b593-322d9e44752f","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":202,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"ab00120d-85a4-4906-9eec-fe762d3d3bb8","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":202,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"6f172eb9-6d52-4514-ac85-9964e9efc59f","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":202,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"92e09278-f630-4807-98eb-ab9476758b66","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":202,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"799955ed-9413-4e2f-b9d5-66a594bd59ef","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":202,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"b4fde850-997b-4cf5-8508-27ffc4d9a930","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":202,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"9ab5070e-f3e5-4130-a3f2-faf61204eb97","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":202,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"18002ad1-5758-4f67-9fbc-ff2342cbd527","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":202,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"7c153bf8-1af7-4b99-8840-345496d9f05e","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":202,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"9e0663b5-5469-4844-9042-c53ebc304cad","block_type":"box","text":"3","page_number":202,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"e2bf7499-fc54-44bd-b28c-2dea79e97aed","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":202,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"df8c8711-4405-43c0-b3dc-71a2a9ebf3dd","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":202,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"8197deae-6407-46a4-96c3-d7a40009e1ba","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":202,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"1586b4f8-ef94-4ccd-a884-5b1f680b4a4b","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":202,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"2b6755f9-cb81-4325-942f-e22bc3110420","block_type":"box","text":"4","page_number":202,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"6645a3e2-f6d7-475e-9682-e28deb24819c","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":202,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"0d4b55f0-e6fe-4756-8d83-c85e21fe64cb","block_type":"box","text":"boards and their members, where relevant.","page_number":202,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"a75ec6b8-b138-4729-82a4-3419e086a301","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d31937a6-0479-432d-88c2-9f5b48c3c60e","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4ea9f930-5f5f-45ed-8782-cead2969d140","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"656b5746-271d-4132-8297-01ddfaf8c837","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":203,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"76a1835d-919b-4ad1-8da4-606226cebdd1","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":203,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"dc31526e-3a89-4e3e-8aac-147660770e09","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":203,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"778b48a2-deae-4baa-9f3b-b9b9a62b2ee4","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":203,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"506e2e7d-2a13-4940-979b-caf9cf5e09e0","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":203,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"9f38e0f5-81d5-43b6-9113-acf2ade6de45","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":203,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"c89c0c97-c5ea-4442-829f-f34c9eadda6c","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":203,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"19f0220e-aea7-4d91-9497-d84d21e7e2c6","block_type":"box","text":"5","page_number":203,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"8c69977d-95dc-41f0-ad44-a917586247c5","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":203,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"39451a5d-79b6-4d9d-a252-340821384412","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":203,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"4b654a00-cd4c-4ba4-b94f-b4cc307019f3","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":203,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"a219ad7d-34fe-4c35-8e48-d4783d91f212","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":203,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"93c1ac78-9752-42ec-818b-7a2f8301c382","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":203,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"cc447973-5018-43e4-8974-775d908e1980","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":203,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"31fdd465-34e0-4b56-8385-2e262d073821","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":203,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"9edeaea9-5d0a-491a-8b81-32fcfb9c8173","block_type":"box","text":"5","page_number":203,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"2db93ec8-b5b7-4be5-ae08-4e534a5e250d","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":203,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"231cbbc2-bf27-4913-bea8-72408ed535c9","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":203,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"36b1ce62-87eb-472f-a30c-4bd6eaf9da99","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":203,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"efff0bc8-b7f8-42f1-ac02-a14d1865984f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6421508a-cb3a-4c41-8961-72c0611dfdc2","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"fbcbd566-4caa-4574-8179-5c388fc03abe","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"026552a4-4b54-416d-b0e0-dca3fde0f77e","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":204,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"2d735dea-719c-4b68-88d1-f6b1684edf4d","block_type":"box","text":"Roles and responsibilities","page_number":204,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"93efdeeb-da9b-40bf-b64a-b7a7a79c58a9","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":204,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"8a52f5cc-5ec9-477b-aa4a-f392a0f8c9ba","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":204,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"25b31285-80a9-4e4c-825c-f8c21b4328c5","block_type":"box","text":"6","page_number":204,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"185df419-df82-40c1-8a0b-f110791eacd6","block_type":"box","text":"We look to the board of directors (hereafter the “board”) to have an oversight role in the establishment and","page_number":204,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"791bc6f3-eeb3-4d6d-8295-1e9d778ab3dd","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":204,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"3a542b13-97ef-4c95-8fa4-4883f884ee93","block_type":"box","text":"can better position a company to be resilient in the face of a changing business environment, help reduce the risks","page_number":204,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"b19d315e-12c6-4084-912b-6af343025042","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":204,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"b06f90c2-f84a-489b-86fb-f13e771e856b","block_type":"box","text":"per formance over time.","page_number":204,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"90fc5743-8e1a-4f44-a235-9125d6f624b7","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":204,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"c6dfe8e1-a571-47a6-8025-bed18969fb39","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":204,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"bf1abf33-66ef-45d7-aca6-2e5890361706","block_type":"box","text":"One of the most impor tant responsibilities of the board is to appoint, and remove as necessary, the chief","page_number":204,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"e5932905-2a13-4fdf-80a2-6e90f6c79f25","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":204,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"7a638cc6-250c-4103-ad5a-278a1e86b16e","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":204,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"0830d889-296a-422a-aef5-330087db563d","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":204,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"437eca7c-d5de-45e9-8908-0ba7f6657af2","block_type":"box","text":"Composition and effectiveness","page_number":204,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"6df41d8b-2aa9-4482-beed-b6d895b541af","block_type":"box","text":"Appointment process","page_number":204,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"73b59411-9668-4501-a403-c9bf905bc7e1","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":204,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"93ed6f4a-c2a7-40ba-a34f-366d0f9d3136","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":204,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"bfc7afa4-fc9c-4585-a9e1-72cba05b7206","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":204,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"f9519824-cbf5-4df7-a8cb-06a2e445932d","block_type":"box","text":"e.g.","page_number":204,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"36d1787d-8114-4b58-93ea-4d5d5d78fd14","block_type":"box","text":", sector, maturity, geographic","page_number":204,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"916cb92f-898a-4366-8350-0a0bfcea6027","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":204,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"20f82ecb-6a5b-4044-9380-c6fa05edf0d9","block_type":"box","text":"e.g.","page_number":204,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"b11d1dbf-112f-47ce-b3be-a63b1b1918d5","block_type":"box","text":", financial exper tise, industry track record). To","page_number":204,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"9a2a35b2-a815-46fa-9835-aad78ebcd146","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":204,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"a7f94723-e210-446c-aec2-e0e80cf6ee2d","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":204,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"a8061d7b-c675-4738-9d1c-d7a7e5d1663c","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":204,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"20675d4e-7dc2-484a-be9e-188784712eac","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":204,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"82ef07f0-f8fd-4247-bf6b-65f06770baaf","block_type":"box","text":"and local market requirements.","page_number":204,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"54b45f1e-49e8-46b1-8f88-4fb047c61424","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":204,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"8c55e42a-1b84-4ad5-a27b-0ad1d09235b2","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":204,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"a250f142-51d7-4fdd-a9a5-7fb3e4b0c039","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":204,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"08cc7bbb-05e7-4225-b065-ffb6fc7a3bba","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":204,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"6bb329e9-4126-487d-8694-4ffa687cef1d","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":204,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"9006c99d-f97c-4927-a898-5624bacae649","block_type":"box","text":"per formance over time. We may vote against newly nominated directors who do not seem to have the appropriate","page_number":204,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"a7edaff2-b1e9-481c-a42e-2b8767ea3c46","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":204,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"7df2f6e7-18c1-47a9-8269-ceb5cb8a2e80","block_type":"box","text":"Independence","page_number":204,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"e9f12bca-15cb-4460-8bf9-aebcfa33a364","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":204,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"6ef14901-0631-4a0e-b0ee-7e040b3959c0","block_type":"box","text":"e.g.","page_number":204,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"956ed380-5a31-4a6d-bc5a-dcaf2d436281","block_type":"box","text":", government or","page_number":204,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"dfe458a6-c6c6-43a8-81e4-4b9f2e901735","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":204,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"9658984c-8f25-4a4c-99e8-0e0115defbba","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":204,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"cf37fa28-95d3-4d3c-b547-862a206d1860","block_type":"box","text":"conflicts of interest or undue influence.","page_number":204,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"e33dae82-2500-41c2-b4fe-6dc274b0958e","block_type":"box","text":"7","page_number":204,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"deb85702-42cd-4d84-9eac-74dd64095d9f","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":204,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"2161dd97-4f72-4e30-97dc-75b12e3d45ef","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":204,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"0f29c400-2361-445d-b6b8-f468e47379ec","block_type":"box","text":"independence should meet those local requirements.","page_number":204,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"e099e3e6-5c01-4dfa-866d-1e3b19dbebe1","block_type":"box","text":"We may vote against the election of non-independent directors if the board does not have a sufficient balance of","page_number":204,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"5d1296ab-897d-4afd-86b1-922122ac06f3","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":204,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"f7454839-b505-4145-8644-4a15208bb8bd","block_type":"box","text":"composition if this is a perennial issue.","page_number":204,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"13183609-d224-4100-ae0b-b66cc99cf3ed","block_type":"box","text":"6","page_number":204,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"545c15a7-bf78-4f90-9d41-8b0c7126b0bd","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":204,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"23a0bb59-873c-4c78-a3d2-e67fa4eac164","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":204,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"713fa4c0-9bc8-4f70-8447-7f31d1aa2432","block_type":"box","text":"7","page_number":204,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"5471f146-a373-4857-baac-c903844982cc","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":204,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"4f89f911-aa12-4982-b81f-0c008f970154","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":204,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"61d99caa-bdf3-420d-9e1f-ec655437b0cc","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":204,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"b8d3416d-9b68-4fa1-91bf-5f6225bb5e03","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":204,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"25047de3-5b4e-4865-a7b5-905707012dfd","block_type":"box","text":"of the company and shareholders.","page_number":204,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"fcd11138-e627-43b7-bd14-9191072bce21","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"25dd8664-5215-44cc-a3cf-8046aee87960","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"45d05cc4-9743-4f98-b591-cfbc7ddc3f4c","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e3fca4bf-0314-455f-9c01-b016252388c4","block_type":"box","text":"Independent board leadership","page_number":205,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"8d6144f8-f2e0-4777-a7a2-66c6242f373f","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":205,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"469e05d2-ccb7-41e4-bd3a-b289428109fd","block_type":"box","text":"board leadership. One is a non-executive, independent chair of the board who is responsible for leading the board in","page_number":205,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"70b33aa7-2a37-4a08-b1b5-deefca53c552","block_type":"box","text":"the effective exercise of its duties. The other is a lead or senior independent director, who is responsible for","page_number":205,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"2e572375-32cb-40c9-b5d7-d05afb1ca9f6","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":205,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"c47b81e5-a0a3-4083-ad33-f0606b8ca4bb","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":205,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"6f9b2236-5f4c-45e7-8549-73ac9d083691","block_type":"box","text":"ensure the board is effectively fulfilling its responsibilities. In our view, the independent leader of the board, and/or","page_number":205,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"793fcb0d-c3a1-4cbf-8172-9d0c0786c343","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":205,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"754a6f88-f3eb-48da-b47f-50e078f0e291","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":205,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"a2a93082-5b37-4648-bc22-f2cb037413bc","block_type":"box","text":"how it serves the interests of shareholders.","page_number":205,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"f42d7984-31b1-4450-822c-a6497a108973","block_type":"box","text":"We may vote against the election of the chair of the committee responsible for board composition if there is not","page_number":205,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"9f7b668f-8842-495d-b190-f541369e10d6","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":205,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"63ab36ad-d1ea-491e-9de7-800b8e4ed8ac","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":205,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"31532476-76bd-40a1-a8b0-2fab33694394","block_type":"box","text":"Tenure and succession","page_number":205,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"e2cb648b-b9fa-42da-9a08-e1305ed1961d","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":205,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"28ff53b6-971e-4759-a14b-8437bb67e6a5","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":205,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"b899eaf1-b63c-422a-8511-09c3a6916b3f","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":205,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"86b3a2e8-ba85-4a52-a456-1611307f4d86","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":205,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"f926a068-4084-4b43-bd58-2897bbd9b39b","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":205,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"cc54d3dc-cc54-4c0c-8895-bc57c9fe2e0b","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":205,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"75a2daa5-cc38-4f19-bb5c-3d631d388423","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":205,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"be5e0236-651e-49fb-91fb-fc38fde059fd","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":205,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"aef357f2-ccf3-4366-887f-168fe46e903c","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":205,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"2f4831ca-1e1b-465a-b3fb-dd825b71fbb1","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":205,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"9a5e9d96-0ae1-4b59-bf7c-dbe91511d555","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":205,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"f86ac2a5-2e4b-464a-bdf6-c7e475547ce5","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":205,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"63ce94c3-bf0e-4d22-98df-bf9d10f8c5ec","block_type":"box","text":"for their continued service is not evident.","page_number":205,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"59b7b654-b93c-47f4-87a3-7e9f1f3f6437","block_type":"box","text":"Capacity","page_number":205,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"f7f30adc-9e9f-4695-a395-b859fc445aa6","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":205,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"d498a768-8a18-419f-859a-a66c88d99f00","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":205,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"db73aece-4edb-42fe-9e5b-0b1823faf4c6","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":205,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"f1fb5e54-f90d-4d1b-835d-095779dd327c","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":205,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"5ac6a9e2-58a0-4615-8b64-1ad0ea95a97f","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":205,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"2e703b98-28ca-49c7-9c2e-5526e42d5c14","block_type":"box","text":"determinations across markets.","page_number":205,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"438dd3a2-bc71-4400-a0db-c44555b8b2c2","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":205,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"a989515d-de70-452c-8d03-ce6b67679658","block_type":"box","text":"their duties to the board and company.","page_number":205,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"9b947578-1a20-439e-8600-6025ae8ecc83","block_type":"box","text":"Director elections","page_number":205,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"b4e4fbfd-fae6-4266-8676-fe4e809f63df","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":205,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"edd89e6a-8f51-4db2-9062-d109872f9872","block_type":"box","text":"structure","page_number":205,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"1d9521cd-9099-4054-9ae1-7ac2bd9a823d","block_type":"box","text":"8","page_number":205,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"0c9ed07a-227b-476e-a1f9-31fcd7535ce5","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":205,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"ab25198f-6e4f-4540-9b1e-294893052a00","block_type":"box","text":"basis of its business model (","page_number":205,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"b2286721-18c3-4efc-be23-8c1689e7a097","block_type":"box","text":"e.g.","page_number":205,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"56afb18b-a626-400a-a20e-150bb8e3f7ab","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":205,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"2facdad6-4502-4a26-bd1c-7b6c66bf21c2","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":205,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"b705c72f-ac82-48e7-94a0-90ee3b8e1f16","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":205,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"d13332b3-0ff3-4fe2-8473-046b4506f58b","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":205,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"e4cfec15-f518-4d16-974c-325fc399fba6","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":205,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"5a231997-25e7-4feb-b7cf-ae784762d4f0","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":205,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"7889a8f0-ae25-40d7-9aff-05242eefa538","block_type":"box","text":"shareholder meeting. Where a company’s practices differ, we look to the board to provide a detailed explanation as","page_number":205,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"c715e8b3-e775-45af-98fa-37c014552e53","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":205,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"1c693f26-ce40-44b6-b18b-996ae6a63c41","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":205,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"2b8d576f-c48e-403b-a2e2-193159731251","block_type":"box","text":"a simple majority vote standard for director elections. We may vote against all the directors standing for election as","page_number":205,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"ff7e6dc7-c707-4371-8174-8ca134c927e8","block_type":"box","text":"par t of a single slate if we have concerns about the profile or per formance of an individual director.","page_number":205,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"8f0ff6fd-d218-42f1-bb91-cffd9717b7ee","block_type":"box","text":"8","page_number":205,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"af1ac94d-d0b6-45f4-b3d4-00ce025abf2f","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":205,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"72a8668f-fb66-45c3-a757-1c3c79a6507a","block_type":"box","text":"directors stands for election in any one year.","page_number":205,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"d1b0d4ce-cafa-4fcf-a416-86cdfc9bbc83","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c8118950-1715-49e3-932d-fd2ef7477e0e","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c5ec14f8-eb44-4984-bb77-808e50c110d3","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0117eebd-f9b0-4304-9406-6bf90130a663","block_type":"box","text":"Committees","page_number":206,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"52a25c1c-bc4c-485d-9570-d29724e9a05b","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":206,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"a9b446a4-96bf-4be6-a243-51924f3f7519","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":206,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"aa362f91-246a-404f-9bf4-adb40901f850","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":206,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"9426a398-9e6d-4fac-a04f-a523890bc0a6","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":206,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"3cd3dfb5-ff30-4c82-8338-c0fc09ecc46d","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":206,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"8a69f466-dd16-4a37-a2b2-9bc3e297fc8a","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":206,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"930151fd-31d8-4e5e-b777-b60a0d8c9cdb","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":206,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"c6a6547e-a0ef-4dad-9c74-c4b604ac77e1","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":206,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"2459902b-b4ef-4062-999f-ef1e09327ee5","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"71edc1df-5888-4bdc-b3c1-3046beac495b","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":206,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"f9dcc819-b54a-436d-bafd-0379f7ddd75e","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":206,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"5859cbfa-0849-4227-8454-32d53b5d568a","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":206,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"919544cf-3d08-46c3-9c73-280dc3c5b6a1","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"0a595159-a94f-4f7b-918e-6d1746949fd5","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":206,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"6ef7c57e-c718-4032-95f3-80e502546897","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":206,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"02580955-8813-49d7-b424-723b4083ce6f","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":206,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"a9cc312b-8429-4b95-b80a-0d7bfe64770e","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":206,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"4b591d04-af35-49e1-8785-a217f7d4eca3","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"f9e5864b-7ba8-4972-8768-eaf573064627","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":206,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"879e8d52-3262-4a85-8841-a6d69a34feae","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":206,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"85cc8991-9712-4a24-8b9a-61734671e803","block_type":"box","text":"firm-wide compensation policies.","page_number":206,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"a8d7c809-c995-4087-a283-36ae8b8ca388","block_type":"box","text":"We may vote against the election of the chair of the committee or other directors serving as committee members","page_number":206,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"df5639c0-fce1-4535-8fff-9c927f7f3cf9","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":206,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"7eb18814-323e-4227-816c-435629689d01","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":206,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"1a5529da-4a55-4278-a840-ef87e11c9be6","block_type":"box","text":"Board and director evaluation","page_number":206,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"a5c94f05-bf3c-4967-8717-a8d4ab011449","block_type":"box","text":"We consider it best practice for companies to conduct an annual review of the per formance of the board, the","page_number":206,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"8c756e48-3399-4994-935a-fe6690e77172","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":206,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"803a4346-0c92-4168-b777-4b1bbc3d8cb9","block_type":"box","text":"par ty able to bring objective perspectives to the board on governance and per formance. We encourage companies to","page_number":206,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"9db775a8-ad0d-458c-ad4a-a545976473b8","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":206,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"40dbc257-464e-4511-8595-49af5e86033f","block_type":"box","text":"a result.","page_number":206,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"307135d1-c9d7-4106-b606-7872fe772dd8","block_type":"box","text":"Access to independent advice","page_number":206,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"16d9ef4e-14db-4c75-8747-f6ff5faa8343","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":206,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"0b43bd8d-17d1-4085-aa59-01d419fc7d31","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":206,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"5ab8ad5e-c653-45a7-8ced-944f45b3ed0a","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":206,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"ad7d4d4b-7b66-45b6-8ffa-222fc7c568de","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":206,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"122047d5-4870-48ce-913f-2003e89634d1","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":206,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"18b9c630-174f-4e45-b154-a38c727acc38","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":206,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"f7048d23-4a16-4ed3-9c64-d480b26093b2","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":206,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"94cecf5a-c149-4232-a59b-c9d0bf5969d1","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":206,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"b2c296cc-178b-46d0-8707-231436514ce8","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":206,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"e730531f-21f8-4d02-91e4-d27b17988df1","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":206,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"31a93a2e-0deb-4ad7-afc3-849e6e2715e8","block_type":"box","text":"per formance.","page_number":206,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"99020a42-0f25-4fc0-918e-5434f90ede01","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":206,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"a28d3301-a909-4ac0-aede-b73c5291ddb7","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":206,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"09742ce8-28b4-4d85-a778-a8205134cb47","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":206,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"ae3f23ac-7c0c-47ad-97d0-f3c30818ea11","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":206,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"e623b179-eb9e-4411-b602-d0b20f07753c","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":206,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"51946b0e-e413-4242-be37-d80978998c7e","block_type":"box","text":"recruit and motivate.","page_number":206,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"2375e737-ac88-48f0-9e38-a87ffebcaf26","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":206,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"9aa1fd29-bac5-4c37-98f7-73cb7b4a2590","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":206,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"64d9e1c5-7336-4c4a-b3e0-9cb6fa6b9c69","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":206,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"00d38c2b-662f-440f-932a-d6c4983115e3","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":206,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"284d5023-9d25-4cd2-b74c-802c5e0a4951","block_type":"box","text":"arrangements include:","page_number":206,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"01ddc055-8734-4e3b-8b90-8eac16278aa1","block_type":"box","text":"•","page_number":206,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"d80439fb-9599-4673-be38-a20ceb947a4a","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":206,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"abaea46c-6697-40fa-b889-fa7c4a4726a0","block_type":"box","text":"the company’s size, sector and market.","page_number":206,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"a6624e7b-ad46-46cd-b99c-0a287c4187b3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a17f08b1-bb61-44cd-865f-e3ae52e4f59b","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"4b7fb0df-0e85-4e6a-ab92-8b86ba5a1193","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b56dd08-47e5-4a35-abae-3c266220eafe","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"f03937df-08f5-4c33-bbd3-563e7d35f7be","block_type":"box","text":"Variable pay subject to per formance metrics that are closely linked to the company’s shor t- and long-term","page_number":207,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"ca89ac76-300e-4049-81f4-e61cc7586ba6","block_type":"box","text":"strategic objectives.","page_number":207,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"cfa98992-f968-478d-af09-657f9f5652df","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"27b83664-d304-474b-a928-43ea06145b21","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":207,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"63c3cea0-5cc0-4a87-8e52-b66dbfa87643","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"cc6d0a07-8fa0-441c-889f-d8f59027d241","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":207,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"7a829e76-08ba-4c4c-97fd-6e4b108a424e","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":207,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"18c41036-6a9a-4c23-8930-4c078460175d","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"8b501f9e-d4ad-4ba1-9637-456a6b3243e8","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":207,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"6f55877c-c12e-4ddd-b31b-03edc003c99b","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"bc5102e8-3744-4378-a800-27d6bb5c7276","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":207,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"cbcd5442-2d31-4afc-8c85-fb18ccaaad59","block_type":"box","text":"transparently.","page_number":207,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"bf6de63b-639e-4e26-b7b4-3acd4e6ea452","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"d7c96e74-51f7-4581-8904-e198563541d4","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":207,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"8bd55d1e-a3af-434a-8892-13cae61d1d2d","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":207,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"1fed6e85-0cb6-4d06-b825-90a4ce11a1bf","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"1381df07-ba70-431a-a545-1958add40746","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":207,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"bf929ab9-19bf-4cd7-8b87-9d4d77c0ddfb","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"d0b7447a-d3ef-4219-996f-e42d83acf935","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":207,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"a5c3e67a-c646-44f2-9a28-08c121b05f28","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":207,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"73b982ae-9363-4a72-99e0-cea6aa43e8ad","block_type":"box","text":"misconduct.","page_number":207,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"039cb703-7646-49fc-93ed-8fcd4ca2fc1c","block_type":"box","text":"•","page_number":207,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"0719731c-46fb-4d48-97ef-377a33f98990","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":207,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"bc9329de-0762-4503-97b2-f6e66d0b5cdd","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":207,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"d34e1722-f87c-485b-a43f-804c4bfb519e","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":207,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"a4bca6e0-4da8-4314-a746-ebb916eab6a6","block_type":"box","text":"and our clients’ financial interests. When there is not an alternative, or where there have been multi-year issues with","page_number":207,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"a3f72a7a-bbb4-407e-9bfd-10780fec50d7","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":207,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"c4e1841c-d49d-4e17-9f6e-e0b5f54b3391","block_type":"box","text":"committee, or the most senior independent director.","page_number":207,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"f7402362-71e0-46d7-a56b-f73d223dc4d9","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":207,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"921dab36-e859-43b4-aa05-a2c046a78fd4","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":207,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"4aac317c-29ef-4df5-9cdb-34ea7d90a59b","block_type":"box","text":"the two. Some companies also pay additional fees for service on board committees or in board leadership roles. We","page_number":207,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"dadcc362-ce4b-4209-a63a-f89d436b9d80","block_type":"box","text":"do not suppor t non-executive directors par ticipating in per formance-based incentive plans as doing so may create a","page_number":207,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"41624558-46fa-42f2-8698-21852b03612f","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":207,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"e0d33819-1914-4593-bcdb-3334f0e57760","block_type":"box","text":"CAPITAL STRUCTURE","page_number":207,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"71715067-f573-4314-b197-78d03d1526b8","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":207,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"2cb69f82-892c-45f9-ae47-41a7cbff2187","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":207,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"4eb46bbe-04af-4640-a875-4f56a573d6b5","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":207,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"4886c68e-87e7-44da-a54c-5ef98cfb0db3","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":207,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"11421cb4-715f-4243-90e1-39971a549112","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":207,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"b586812d-8d79-4b74-93e4-3abf0ad7f261","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":207,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"7e50a6d2-0118-4a83-8caf-8d979ac455fb","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":207,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"c8754e2d-dd11-47b9-a84a-c648a79506a6","block_type":"box","text":"Share issuance","page_number":207,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"3f268c57-cc79-4640-a305-1ad0eb235e11","block_type":"box","text":"We assess requests for share issuance for par ticular transactions on a case-by-case basis. We will generally","page_number":207,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"895c6fa6-929d-443e-9476-efb41547b9d5","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":207,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"ac6e645b-96f2-45b2-9ff6-8aa5f13f5622","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":207,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"35796650-862f-494c-90e9-0c2ac2727dd8","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":207,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"88b170e3-1b83-47a0-97de-50a23aa6cdb5","block_type":"box","text":"market environment.","page_number":207,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"f81fdc71-06c1-4982-97e8-46274214b0ea","block_type":"box","text":"Share buybacks","page_number":207,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"ba70fc3f-d639-4db8-87f9-7e40db2c7a37","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":207,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"46d737ee-7a6a-4e64-bc3d-1c1f818a62d6","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":207,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"e3031992-c436-4842-9798-4c116c5d22a9","block_type":"box","text":"the company and returning cash to investors. We also take into consideration the effect of a buyback program on the","page_number":207,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"8aa226f4-32c9-4688-8bb5-86712bf06285","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":207,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"c18db06f-c5ff-4ae7-9879-d6a8cf26006a","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":207,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"bfd27a79-6270-4bdf-b0bf-42a3b0467409","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":207,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"ca73b9cb-8148-4aec-8ab7-bbaac652d105","block_type":"box","text":"of the company and the market environment.","page_number":207,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"a3963127-1739-4d8b-bca9-cb3c0014344e","block_type":"box","text":"Dividends","page_number":207,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"506e04c1-b1d6-4e24-8c9e-3365efaeaf2c","block_type":"box","text":"We generally defer to management and the board on dividend policy but may engage to seek fur ther clarification","page_number":207,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"87ab0ee7-cc8a-4ce2-b297-e17b66465710","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":207,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"81a61c44-fead-4db2-b0ed-7aea0c468785","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"df3119c1-c3b4-4d16-b41a-7da174bcea2a","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"84dcbbdc-f96d-482e-b24f-af16c15d7d97","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cc2f4dd6-2339-4b63-b413-ddff4c7d596d","block_type":"box","text":"Differentiated voting rights","page_number":208,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"8133e4aa-ca22-4ffc-9990-efc03ab92e62","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":208,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"456139a1-f08b-4be5-ad3e-30212b844c0c","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":208,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"7903c021-f120-470a-aa50-492bc637ab81","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":208,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"41506655-5efe-4036-80c2-77a1b0fa2a60","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":208,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"6d7da496-7408-4f0b-aac0-e43d29699792","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":208,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"dfa2747e-1cc4-4b62-98e2-6eabfa783a33","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":208,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"993a7966-d344-482a-aed0-2570c3e050aa","block_type":"box","text":"analyses of proposals.","page_number":208,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"498f9913-1564-4736-9397-3bec01a36fe0","block_type":"box","text":"Mergers and acquisitions","page_number":208,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"4f4a0d21-9eec-4014-895f-f5d196aabe62","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":208,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"d5e46b97-92c6-4322-8a1e-883f1088a8ef","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":208,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"2c022df3-885c-4dd6-bd41-d0f6c3e92735","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":208,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"ef8b5077-aba4-4da2-bffe-7fb0ff980d6b","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":208,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"493ef873-bdd2-4e94-8958-edfc19a48db1","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":208,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"9e5d5c5a-5118-47e8-ab8a-62bc0981c44c","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":208,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"b36ab4db-5d37-43a1-a445-dae853b77baf","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":208,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"fd94c2ed-2cdc-4080-92f0-c67a274fd07b","block_type":"box","text":"Anti-takeover defenses","page_number":208,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"48664531-c903-4cb7-add8-1840ee019fb8","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":208,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"0080f4fc-734e-4795-a7cb-5a26f1b3f89c","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":208,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"900d6d20-9d89-4eba-a026-a26f51423214","block_type":"box","text":"shareholder value. By exception, a poison pill may be suppor ted if its purpose is to delay a takeover that is","page_number":208,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"ee46664e-b284-4cc9-ac4d-16f38cd0b1b9","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":208,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"0f3e36b8-2bc0-4991-b4d3-6bd0f524d1c9","block_type":"box","text":"case to use a poison pill to block a shareholder activism campaign that may be counter to the interests of other","page_number":208,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"b7aa40b6-84cb-4712-989d-0c153c3c6c2a","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":208,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"1d58d681-7c80-4f02-b061-78e86d929a26","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":208,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"a9efb58f-427c-4a71-afe2-9c88396d3061","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":208,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"3ac7f557-438e-4c6d-a12c-aa9a5b5d8389","block_type":"box","text":"Shareholder activism","page_number":208,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"8813c30d-cc4a-40f1-8480-c5638ee47f6e","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":208,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"14a0ac8f-03dd-4658-91b5-04dd8492b6c4","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":208,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"3796d014-ac58-488c-b7d0-64968c15603f","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":208,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"5f361add-5142-40ec-8d22-c9df22d03702","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":208,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"84030475-62f7-4aa7-be24-be7291442fc1","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":208,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"3232abf3-ce7d-4e81-afa7-afe440049b5f","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":208,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"ea7fec6a-5d48-446b-b535-bfc1b698d093","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":208,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"d2aff715-e0e3-4a9b-9fcf-6b853d550930","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":208,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"3430bad4-d5f4-4728-9045-004f26c63983","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":208,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"51156368-f2c0-4ad1-95fb-6d511f4f0ba9","block_type":"box","text":"protecting shareholders’ interests.","page_number":208,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"ec93b0ce-e75f-49f3-a8d5-bf5b6298e0de","block_type":"box","text":"Significant shareholders and related party transactions","page_number":208,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"eff2ae2e-430f-4e1e-8cd4-f2f356b3a856","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":208,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"136c20ff-40d8-431d-a444-d28cec2bb6a5","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":208,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"f01f1013-5640-4709-8d7c-18d9e83c4eb3","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":208,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"58ef1a38-518c-47ad-bfc5-c42c6bb2a436","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":208,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"94cf4fd6-317a-4e5e-9a9f-3a0a441f3602","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":208,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"3c1d6af2-5014-4ce8-b68e-2c2ecb9bb64a","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":208,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"a88e914a-4a11-43ac-b0c6-48fe7a024bf8","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":208,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"e002f492-ea15-415f-a78f-d9f2abe25c9d","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":208,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"bdae0d50-9cbe-4480-9b4c-17b14d0c5172","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":208,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"029895d2-9453-49a4-ae2d-3f48f9a43fd1","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":208,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"fea9351e-b690-4a06-9445-170c4530ba50","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":208,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"e301b63a-cd67-46a9-a1b8-2357c2098e96","block_type":"box","text":"audit.","page_number":208,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"9cc280c3-2cd8-458e-b6bc-0890a1cd26b7","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":208,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"313c4195-3e98-4ee3-a8e5-427afcd16fe5","block_type":"box","text":"on its financial per formance and position. It should provide an accurate and balanced assessment of the risks and","page_number":208,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"b0a6eb05-5a26-45cc-b395-a29b14499409","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":208,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"04a7d3e7-6ed0-44b8-92e3-7f55ef5afe4f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5592f6ea-500a-4234-9e48-c3d808b48630","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"cf2c70f4-d3b9-4bc0-964f-a39c65a96684","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e20f157-1651-4638-942a-1956d9a8103f","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":209,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"f364fe37-0954-4bf9-8dbe-9aa81683e61b","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":209,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"c95e35e1-df07-4465-9b9c-27ff49748ba6","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":209,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"aad27e10-e843-4a69-996b-0aaaaa0e4837","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":209,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"d0b7460a-83e6-49e0-87eb-025ca669ddd1","block_type":"box","text":"In this context, audit committees play a vital role in a company’s financial repor ting system by providing","page_number":209,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"57e18d09-5901-4950-9338-344cae6bc707","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":209,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"f0064b37-4ac2-4f9a-8271-83d786e9e4bc","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":209,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"256505ab-d9bf-4969-a6c3-d75f9f1a138c","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":209,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"8f9d1e06-d4c6-4c00-8808-03a6b1e304d8","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":209,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"38d6126e-1335-4466-945d-8a1b5b5989c2","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":209,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"a957557b-a38a-4a73-a999-b0440e44854f","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":209,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"785badb1-b377-42f4-8414-dc42e76792f3","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":209,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"0a7bbc4e-33c5-46ba-a0cd-cf8cc8308a97","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":209,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"a0366075-f40c-4f1a-ade2-da22536a6c16","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":209,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"68032a8e-d40e-4599-84ef-502e9b51c20b","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":209,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"ba4c700f-78ee-4c81-92e1-1a74b0538b58","block_type":"box","text":"9","page_number":209,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"04624b8a-b8b6-47e0-8fa2-8c8d5244c26f","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":209,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"eed3b98a-49f3-44d6-b7ab-03c4d7792fd8","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":209,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"d07cd72c-ec7a-4f70-bb21-6c702605d772","block_type":"box","text":"standards specified by policy makers.","page_number":209,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"3e149d60-0b45-40a0-b8f6-5f3c7dd173b2","block_type":"box","text":"10","page_number":209,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"125511bd-b04e-47bd-86df-4f029298f3fa","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":209,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"b1491e12-5f7f-4634-b1b7-871abbd369bd","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":209,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"0a859c1c-c514-46f1-982b-9db2350a9a24","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":209,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"14106a2a-ae0e-4143-8fe9-e9e009828ec6","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":209,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"6deccdbf-c7e5-4341-8c5e-60f03459b3df","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":209,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"b58d6a7c-6250-48cf-8721-b305cd499d2d","block_type":"box","text":"of corporate repor ting. It is helpful when the audit repor t gives some insight into the scope and focus of the audit, as","page_number":209,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"0912343f-4ead-4e85-8f4e-c4ef7a408432","block_type":"box","text":"well as any critical audit matters identified and how these were resolved. A comprehensive and effective audit is time","page_number":209,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"eaf7c15e-cb08-4050-a12e-c19535f8190d","block_type":"box","text":"and resource intensive, and the audit fee should be commensurate. Fees paid to the audit firm for non-audit","page_number":209,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"3c038364-eea8-4a77-b327-2f059d8b617a","block_type":"box","text":"consulting should not exceed the audit fee to a degree that may prompt concerns about the independence of the","page_number":209,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"eaf8a4a1-cbf4-4319-81c4-771697aa7b5c","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":209,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"df1c1fa3-f920-4934-872e-96a2cb399fc1","block_type":"box","text":"remained independent.","page_number":209,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"be389d6c-8db3-4486-8119-a68183fa32d2","block_type":"box","text":"We may vote against the election of the responsible directors if corporate repor ting is insufficient or there are","page_number":209,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"dc9f39d0-e8b2-4503-968c-7247dc53b9da","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":209,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"373b741e-f35b-491e-b308-e6be27d88c52","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":209,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"2f773e8e-779d-4cd2-a9d7-d0fca4d38a2e","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":209,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"2cbe6c01-2aaf-4191-88b1-bea6db6c7596","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":209,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"bd8891a7-1ef4-48f2-97b3-b8534507dac0","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":209,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"7d4854c8-2f57-44b6-bd82-144fbddfbb7f","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":209,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"95ddec84-80b6-4fd9-b0ce-bc8059c31293","block_type":"box","text":"General shareholder meetings","page_number":209,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"78a75c83-7b43-46c6-a7aa-4e40abae5f16","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":209,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"e9416e7d-fc88-4dd6-b8b9-3fb87e532b70","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":209,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"127288bc-f4df-4de5-8f4b-368ea22d4b60","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":209,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"56478a18-b0f6-4b5f-bd4d-4e79fc7c75e9","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":209,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"af4dc9e9-c655-4849-abc0-61f27072d14f","block_type":"box","text":"meeting vir tually which, whilst welcome, should not limit the rights of shareholders to par ticipate as they would during","page_number":209,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"59ac7eb2-afc8-49ef-9291-86232e5dd28c","block_type":"box","text":"an in-person meeting.","page_number":209,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"2c2e6a5e-f414-45a0-a3e8-269dc725a99b","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":209,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"784a3d75-07a0-4a7b-a4b9-f1b198688fb1","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":209,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"4f7954c3-90c6-4572-b78b-ae1754353353","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":209,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"84eb005e-6307-4306-aeb5-112b09ffb919","block_type":"box","text":"par ticipation.","page_number":209,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"155041cd-96cb-4f7f-8cdf-9163eb22adb0","block_type":"box","text":"9","page_number":209,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"e070da20-830f-4e08-8bcf-ee609daf4ead","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":209,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"d9a69004-c144-4f09-b334-16a5bcf6f63b","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":209,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"55f48e07-e453-4e43-98d8-3df68a33236b","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":209,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"f40674ba-d4b5-41d1-82bd-981c6ebf61eb","block_type":"box","text":"Disclosures.”","page_number":209,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"e50da576-3e08-44ea-91b5-d3a510447fa8","block_type":"box","text":"10","page_number":209,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"db75103e-6f69-419c-8800-d083ae9c7f09","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":209,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"53306a44-cc84-4a08-9147-098cbf5d0dc5","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":209,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"aa027826-ee5c-4b60-9280-e5b57eec4d1c","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":209,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"a73e2bbf-1c23-410b-843e-3d1585447bb9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e3bbebd7-5642-4470-879e-92f963c3032a","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"dcfcd4e8-03e3-4a08-be22-40455eb1bb4e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"66ad8db5-635c-4308-b0cc-112e36e38b5e","block_type":"box","text":"Bylaw amendments","page_number":210,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"0054c73d-353c-460e-ab4e-55607c9e3325","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":210,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"1a474ea8-1465-4d4c-b367-f84dc3f9b568","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":210,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"3c299463-3c3d-41be-8f90-dab03ebaa37c","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":210,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"071c70ae-f95a-4320-b282-4918ad2f67fe","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":210,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"048586c8-da46-4cdc-9403-e52d8cdf98d1","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":210,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"e2e4ee46-4ee5-41d1-8d43-226598933a85","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":210,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"49b7f6ea-96c2-48d4-906d-559a39015436","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":210,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"3c200fa6-1b19-4cdb-9397-f64a48dd209d","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":210,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"726e161b-5ac2-4c7c-b307-000d86cf4a67","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":210,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"01b97a06-e253-4844-a470-1168a1a21c49","block_type":"box","text":"group, with a meaningful shareholding, the right to nominate directors to the company’s board. The threshold for this","page_number":210,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"b4cc9720-e45b-4532-a8b7-a70beec41c4f","block_type":"box","text":"right should be set so that shareholders can exercise it without being unduly disruptive to the board’s own","page_number":210,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"8ebfd8f4-b0a6-43e1-b6e9-e9ed70add080","block_type":"box","text":"nomination process.","page_number":210,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"15d7df59-e95a-4ebf-9968-2579436f9a98","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":210,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"02ca9a45-11d6-4a59-998a-1bf7ede5cc85","block_type":"box","text":"We may vote for a shareholder proposal seeking the addition of either of these provisions to a company’s bylaws.","page_number":210,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"96bfa239-cecb-4819-8a93-43ccc600f088","block_type":"box","text":"Change of domicile","page_number":210,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"b5c1ec50-45b2-48ce-a731-a659f893cf7d","block_type":"box","text":"We generally defer to management on proposals to change a company’s domicile as long as the rationale for","page_number":210,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"9171ac2b-e1f1-403e-b4bf-374386a37d9d","block_type":"box","text":"doing so is consistent with the company’s long-term strategy and business model and the related costs are","page_number":210,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"b845d9df-7270-440e-97c2-dc8566a87f71","block_type":"box","text":"immaterial.","page_number":210,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"0b247518-48f5-4a3b-ae55-ea9e56be6eb1","block_type":"box","text":"We may vote against directors or a proposal to change a company’s domicile where it does not seem aligned","page_number":210,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"bcb95ffe-d93a-480b-8e2b-d66f06bf3860","block_type":"box","text":"with our clients’ financial interests.","page_number":210,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"dbf6b7c4-caf3-4110-aa51-34aad1e752c0","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":210,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"aa5450b0-a17f-476d-bab0-6ba3b267b7e3","block_type":"box","text":"Plans to materially change the nature of a company’s business or its purpose should be disclosed and explained","page_number":210,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"604b1560-6ef4-41fb-a849-73c5348cff13","block_type":"box","text":"in the context of long-term strategy and business dynamics. Such changes may significantly alter an investor’s views","page_number":210,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"45727a27-74b8-42b5-9b26-3174371c6c43","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":210,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"a6d5548c-6803-40be-ad20-a58b87196a58","block_type":"box","text":"Where relevant, we may vote against proposals to change a company’s purpose or the nature of its business if","page_number":210,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"b1bbae4d-fa20-4e8f-abb3-1b1bb3d9d688","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":210,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"55ddcab7-d4f5-4d50-ad50-209c812cf053","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":210,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"143f4396-a65e-4774-91d5-b726a59209dd","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":210,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"280f384c-ce09-4caa-a02e-f33281e247db","block_type":"box","text":"general shareholder meeting asking a company to take a par ticular course of action subject to the proposal being","page_number":210,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"0068a842-a903-4631-a3f3-7f087a89bf8e","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":210,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"68164864-169d-47e3-9624-cf3562099fa4","block_type":"box","text":"relevant to a company’s business.","page_number":210,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"0b65575b-5543-4816-8129-88a1661dabf8","block_type":"box","text":"We vote on these proposals on a case-by-case basis. We assess the relevance of the topic raised to a","page_number":210,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"04619e00-174d-4012-b316-8f0df52c40a9","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":210,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"38a2ac10-9365-4cb5-b11f-af3ed800d5a5","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":210,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"c9228663-2b21-475b-807f-25ddfb688180","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":210,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"88cded05-c382-474a-ab26-c056409af7b0","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":210,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"f2762c89-338f-45a9-aca8-bdee650745e0","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":210,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"601d8d04-9806-4ac3-b02e-15b9101bbeee","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":210,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"908bf636-b9b7-4c2f-9fe5-4642216cb2c0","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":210,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"57ce237f-dc28-4180-bece-729e830d8891","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":210,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"f2e6a40a-5040-4750-a79f-eb142db65f62","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":210,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"9e1e6677-6ed9-4c52-a020-eba693f595a4","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":210,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"d9008231-7970-49bd-ab09-b959e56b852e","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":210,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"54af66a4-a3a4-4dfc-a881-88c55f16155b","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":210,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"bad4c295-af4b-4e90-b6ad-d71f32509196","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":210,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"9736eb16-e0da-4786-8236-ac35efab0563","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":210,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"b4b8fa9f-5c27-439b-a3e0-4a7263576c28","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":210,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"476ebc8e-7ee5-492a-beb7-2297fbaa1683","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":210,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"8ee1208d-fcd8-431d-ab0b-e48c1142daff","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":210,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"b568ba65-1ef8-4333-9580-3805414b3838","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":210,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"5488a5fa-e66b-499a-babb-cbd143c9b421","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":210,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"59da0bd2-d4f2-4f4c-9af0-965e45640589","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"d7381e4f-0d74-4221-92db-e1dc7f4e5648","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"cd1b7552-88f4-4b3a-8ee8-141a40036b46","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0af7f6ce-f499-49aa-857e-2fdf3a542ac4","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":211,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"1be23910-9168-4888-9869-9bf1faebb010","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":211,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"477b3dff-9d37-4e4b-ac47-d892426e319a","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":211,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"e734bc41-536e-487b-ab22-3218363ac948","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":211,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"cb800cd0-4f58-4811-b620-02b0e978953b","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":211,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"3912e1bc-c5ca-4de9-8793-bc626544bd43","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":211,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"94df83b3-e070-4a90-9de3-20ff7084ab1a","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":211,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"d3460e12-ea58-424a-9cef-ffb7be43ab2e","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":211,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"eed24dbb-a799-4d60-9cb9-383a62003a0b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"92b26827-c5e5-48b8-98ca-7e66c5cced92","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"1f3604dc-a997-46f7-b051-404d98b25cd1","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed76a134-0502-42ca-9faa-dc7a883291b2","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":212,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"48279763-6e73-4ddf-b198-74b1aeb2fd00","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":212,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"dc5af9b4-0579-4a7a-bec8-f18a6d57f32b","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":212,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"0eb023bb-be92-4e59-ab72-f823dba0aa70","block_type":"box","text":"11","page_number":212,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"baa2a2dd-8089-44f0-891e-d63dcca5ea27","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":212,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"4c704d51-7ddb-4571-b420-b27d9089daa8","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":212,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"860e7464-95c2-4c54-ae2d-f82f00bd3751","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":212,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"ff0b2455-0037-4a71-879b-9d96a6711169","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":212,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"c88f5121-b82f-4692-8e52-86ae617ae166","block_type":"box","text":"regulatory requirements.","page_number":212,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"e0a6e740-625f-4cfe-9041-d047029ac7b4","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":212,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"2c65e8dd-2aca-4fc2-b0fc-f449c87e59bb","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":212,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"97884e6c-094c-4e31-8a58-2e26b9dcbc49","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":212,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"68baae77-2720-400a-ba56-359f22a17125","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":212,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"39728941-1710-4ba0-9c12-6531c18152c0","block_type":"box","text":"Doing so helps us under take a more holistic assessment of a company’s potential financial per formance and the","page_number":212,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"fb12d3ab-ce70-4018-8b7b-7bce6d10d542","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":212,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"35aeb3cd-0b89-482f-babd-596f17421a91","block_type":"box","text":"We may vote against directors or suppor t a relevant shareholder proposal if we have concerns about how a","page_number":212,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"fd06fb1b-1e99-4b81-927e-3b5419af4f48","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":212,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"c08309d3-8963-41cc-b1ce-4e42139b5f58","block_type":"box","text":"returns.","page_number":212,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"af8211b8-25c2-49f5-8fc9-e7a12e92f210","block_type":"box","text":"KEY STAKEHOLDERS","page_number":212,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"2ff4434e-774c-404f-91f5-3c1f688f11d1","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":212,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"4246b00c-89b4-4df6-b7d8-007760cdd54b","block_type":"box","text":"whom they depend for their success over time. It is for each company to determine their key stakeholders based on","page_number":212,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"fe1e0be5-a282-4c5f-b548-2e2538e2bdfb","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":212,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"3db5cd96-7578-4762-9bd5-a72fb0ea06cd","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":212,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"bcff84b0-aa97-4aaf-a2f1-fffd84fe4b23","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":212,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"ec797b9e-8b16-44d4-a803-4497978f9d5d","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":212,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"1b4de2c7-8493-4ce1-9247-bf474571d005","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":212,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"43cbe1c8-460b-498c-a2cc-a2344c6913ff","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":212,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"8c173cf0-ad4d-44cb-bbd4-624aca37dbb7","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":212,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"8e2dd5c9-a5bd-4e8b-9d2f-acf8559f8c1b","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":212,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"6820750f-1a2c-4738-a661-731dfb26258b","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":212,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"8f94d07a-a50d-42a4-baea-be286f1ed5db","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":212,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"8b4d0406-bc7d-4b24-a6c3-e9a02087db64","block_type":"box","text":"i.e.","page_number":212,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"ebc93be4-9d3a-4ccf-8815-aa0996b17464","block_type":"box","text":", one in which global","page_number":212,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"9de4e2e8-9d92-44bb-8aa6-e79adcac1cf5","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":212,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"3f63b74f-1f32-448c-96de-c0d29f2df5de","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":212,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"a7817cf7-e92f-4dc3-8a00-f85472b3dc33","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":212,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"0c225815-4a5c-4d37-821c-dd85fa72eda2","block_type":"box","text":"client.","page_number":212,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"b9da39d4-ef1c-4584-a21b-17a8eef5b2f8","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":212,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"9e1105d7-5309-43c4-a4e3-8f89dc9dd7be","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":212,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"aad1b4f3-4bc0-40b4-9240-f24a72e6f8bd","block_type":"box","text":"the low carbon transition, based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions. These","page_number":212,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"0b3cd164-b3f4-4633-b106-9be694e37094","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":212,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"00f6d05f-cdfe-4aca-a979-4c70b9a552af","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":212,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"0faf1fc3-344a-4ac1-8fa4-fa9347fc31b2","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":212,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"ce98b454-6bf2-450a-843e-b6607c8feba8","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":212,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"65583ce4-33a1-4e29-8397-3c3ac6310b33","block_type":"box","text":"1 and 2 emissions.","page_number":212,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"995f8dad-989c-4f70-bd70-3a1d50c7cfb9","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":212,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"39a0b246-7b7b-4ad5-8286-f6131b1d3af1","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":212,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"9c54147e-27fe-4ef0-9abd-eb660b518e76","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":212,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"c044220d-1293-4646-87f6-a85747c4042c","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":212,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"4fab73a6-a058-4928-81cb-20c30500cde7","block_type":"box","text":"11","page_number":212,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"e110abaa-be17-4f07-9878-aae02aaaaa7b","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":212,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"b65c4c10-20c9-4653-84d5-87a098dba65e","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":212,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"0fb64874-c30e-45dd-8b50-400313d5541d","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":212,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"2618056a-86bb-480e-a528-20f3820f0131","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":212,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"fe55daa1-5d49-4739-bd74-1c542554962a","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":212,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"b960015c-356d-496f-9375-73cd9e4d31c8","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":212,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"1d170c34-3212-43a8-840e-94009abd7e96","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":212,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"b0f1f72b-2643-4927-a33e-38881a36d4da","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":212,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"c08caea6-1332-4972-a96c-40a43ef6168c","block_type":"box","text":"sound governance framework.","page_number":212,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"d921a323-c112-4fd8-823d-4ae32d0199b3","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ae4b7b43-3325-4113-a986-ad4c7728a939","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"edb91201-4638-4a73-82fa-d36eb397c68e","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"132b0194-4f03-4b39-9351-f9153bc8ba83","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":213,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"6f3a5a54-639c-4887-a56f-28361116435b","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":213,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"a4c960f7-4d2d-4125-bc06-48ab7f7c4695","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":213,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"fdb2f341-7a38-4a73-84c1-3680fe1896f1","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":213,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"bccef212-c2a0-49fc-8f03-7960d91debd8","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":213,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"0a20ecd3-3a51-4b08-b118-f61876771ce7","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":213,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"499c53bb-4e76-4f1f-8b36-d21ab5266e2d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f8aed6d5-6180-4f74-84af-e5c8c1781a53","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ebaaea7d-fdaa-4b7b-b7c7-55c1654b1aba","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eba3671d-a818-4ddf-976d-282e2f6dfe70","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":214,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"822aad7d-4551-4b19-b22c-fb765e3fb0be","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":214,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"207838c9-8358-42f9-b2a3-3d4b4cfd6157","block_type":"box","text":"Oversight","page_number":214,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"639015c3-225f-458d-a07b-bfa59445cb50","block_type":"box","text":"The Global Head of BAIS has primary oversight of and responsibility for the team’s activities, including voting in","page_number":214,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"1c7646c3-4a48-4106-9db6-d0f22da72f8f","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":214,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"f5909746-6684-41d4-a279-b11642236015","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":214,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"bbbc74c2-c9b9-4102-b413-0f161b4a60f8","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":214,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"78183f8a-7211-4455-acac-97a0916a4b5b","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":214,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"82b8921d-dd54-4f37-8f22-006c3e26ec28","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":214,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"4a5d99db-fb7c-469d-801c-67b0c8e6df22","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":214,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"373f0efa-0fcb-4787-9df6-5a88b0c5f81b","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":214,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"70b42206-98f3-4e1a-bebb-2b5fabc6c83e","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":214,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"7447fdee-9ff4-45d9-ad56-501a0fe5f17a","block_type":"box","text":"relevant active equity investors.","page_number":214,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"674e2c14-8427-432d-9ca7-fff3713c13b4","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":214,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"873b7dba-9db3-467d-8ccc-fce16fbc2e7b","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":214,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"39868be7-2510-4526-96e9-f80c38cccf06","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":214,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"7d3fdfa3-455c-4fc6-9628-e9441afa922a","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":214,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"edbe3cf3-b27d-4be8-bdce-248c965c4704","block_type":"box","text":"par ties for cer tain of the foregoing activities and per forms oversight of those third par ties (see “Use and oversight of","page_number":214,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"f5747114-fa59-4d53-bcd5-204d4fdcbe1f","block_type":"box","text":"third-par ty vote services providers” below).","page_number":214,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"4f4d9cd5-f7e0-468f-a3a8-9c27aa79cbb7","block_type":"box","text":"Voting guidelines and vote execution","page_number":214,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"efb4b070-bf59-4caf-99e4-12d2165aae41","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider the voting items","page_number":214,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"f36cf5f8-21e0-4892-bcf9-d6bcb24ded2c","block_type":"box","text":"submitted to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes","page_number":214,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"e2de46df-da73-4ee8-a115-8671ed82d235","block_type":"box","text":"(or refrains from voting) for each Fund for which we have voting authority based on our evaluation of the alignment of","page_number":214,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"6bd47142-0b69-4cee-a003-06b7a3ec493a","block_type":"box","text":"the voting items with the long-term economic interests of our clients, in the exercise of our independent business","page_number":214,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"9d1ae90e-58dc-4855-96f4-c4c40707d188","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":214,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"d556b283-0b87-4c9b-9613-913fb7c0f346","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":214,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"ef3a9a26-2b3c-401b-ac35-8aa17a860ac3","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":214,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"88927e5a-d4aa-4437-8653-8803e6cb7e8f","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":214,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"3d64696e-93df-464b-abd8-e92ca478c9a2","block_type":"box","text":"although por tfolio managers have the right to vote differently on their holdings if they determine doing so is more","page_number":214,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"87ba070d-88e1-4a09-8881-457568ab5ad8","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":214,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"2ee8a757-8740-4ceb-aa16-aa1916547f37","block_type":"box","text":"The Guidelines are not intended to be exhaustive. BAIS applies the Guidelines on a case-by-case basis, in the","page_number":214,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"d5b3e2f8-7d62-4644-8813-b6e847febc30","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":214,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"a2981b04-5946-4cdd-be74-c20fd50ce7bd","block_type":"box","text":"do not indicate how BAIS will vote in every instance. Rather, they reflect our view about corporate governance issues","page_number":214,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"e3564606-b8fd-4171-b703-882db5a87912","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":214,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"6220d39c-ca38-4bae-8173-962209a515ff","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":214,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"ff528f26-cb9d-42b3-b674-0a91e2603387","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":214,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"e8becb8b-6752-4ea7-ac8f-641082e3f416","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":214,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"95b32e26-4f5f-445d-9677-3b7462301673","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BAIS’ ability to vote such proxies, as","page_number":214,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"7f00b413-d315-43e7-84b9-e8d53b64848e","block_type":"box","text":"well as the desirability of voting such proxies. These issues include, but are not limited to: i) untimely notice of","page_number":214,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"a2a4bf3b-f3e7-4da6-9fcc-2f90c7f3d0ea","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":214,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"10c70276-f045-49d5-9c79-413d1004bd76","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":214,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"b3adebf8-3641-4175-bcd9-74bbcdf06c0d","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":214,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"51e9e4ef-ec9d-48a3-bf49-99594b1cde3e","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":214,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"3556c93f-cf3b-425a-89bd-4824db4d759c","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":214,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"409d56db-7b45-489f-ba69-3fa7e18d5ebb","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":214,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"09a5715a-6825-4da4-8ff7-5505113d6d39","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BAIS may determine that it is","page_number":214,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"959cb46c-e3a3-412e-9139-d7650e0928b4","block_type":"box","text":"generally in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs","page_number":214,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"10540d7d-fd35-4bb5-9ad5-3decf7bc877e","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":214,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"6dd46ce5-1824-4b8a-9caf-0f2a866ad9b8","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":214,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"554bdae3-1037-42c2-a3f6-b882d994c30b","block_type":"box","text":"Voting Choice","page_number":214,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"e6630e06-c5e6-4a7e-855a-34030051bec2","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":214,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"25f64650-c138-4efe-bd3e-d3fec9955592","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":214,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"a0a3d9d9-5afa-41ac-bfc1-792b134c523d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"39123f7a-d652-489e-aab9-30c7aa91b793","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9199504f-da77-4bb1-96d4-7e4d15dfdf9b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"145bcbed-ee3b-4127-a13f-95d1b2a7fa67","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":215,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"179a0a23-4965-4209-b3b2-fd3ad37d748b","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":215,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"95b5c0f9-3754-49f2-ba33-3d909e1c4456","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":215,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"76f61234-615e-4849-be8f-845060827d8d","block_type":"box","text":"strategies.","page_number":215,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"0b47a814-6574-4756-ae1c-ca2eb920a1b3","block_type":"box","text":"12","page_number":215,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"f77e7b45-200b-43b5-835b-2cbb87f5406e","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":215,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"e1dd40ec-976e-4a0e-9ac3-fd324249dbf0","block_type":"box","text":"on whether our clients have authorized BAIS to vote on their behalf, have authorized BlackRock to vote in accordance","page_number":215,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"9ccba422-5510-44f0-b2f2-63d4fefda7fb","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. 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Reliance upon this information is","page_number":217,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"ae350d0f-1be1-4267-86e5-276aff47622f","block_type":"box","text":"at the sole discretion of the reader.","page_number":217,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"26e8f3af-ea1b-43ba-bbf0-31c51e870db7","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":217,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"b02bb315-9104-48b3-81bd-c0519933e684","block_type":"box","text":"©","page_number":217,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"4b645910-9518-4b37-90ca-f89e05341657","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":217,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"042ffdf3-d5da-4991-92e4-79361682644c","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":217,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"093362f6-8fa9-4b23-ae04-833e362612c0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"542bca64-8c5d-4910-862d-f2dd2ac4dbeb","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":217,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4f01831b-e4e3-4653-b6a0-648b5ed5212b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"38f248dc-8772-4bf8-9b28-f18179f9ba58","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":218,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"44f8f1d7-eae2-463e-9f6b-1bc34d49e16b","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":218,"box":{"x":247,"y":90,"width":486,"height":11}},{"id":"da0abf9a-5b18-41c9-adc5-5450e1481b90","block_type":"box","text":"Effective Date: January 1, 2025","page_number":218,"box":{"x":376,"y":105,"width":227,"height":11}},{"id":"1415a84a-e042-4665-99ac-cc2c2c984249","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":218,"box":{"x":231,"y":128,"width":515,"height":11}},{"id":"58643a3f-2806-4ad9-90a7-bd9561124583","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":218,"box":{"x":306,"y":151,"width":388,"height":11}},{"id":"58f8f09b-3acd-4f3c-86f8-7d436db50cf5","block_type":"box","text":"□","page_number":218,"box":{"x":184,"y":173,"width":14,"height":11}},{"id":"9546679a-5bad-435e-9870-c6c447c1dc65","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":218,"box":{"x":205,"y":173,"width":589,"height":11}},{"id":"f17f9412-5210-4c14-a5a9-b76918808326","block_type":"box","text":"□","page_number":218,"box":{"x":405,"y":196,"width":14,"height":11}},{"id":"477685dd-02b3-4042-ab9b-297a1d26f9d1","block_type":"box","text":"Money Market Funds","page_number":218,"box":{"x":426,"y":196,"width":147,"height":11}},{"id":"14782cf9-7f4b-46b9-a2cd-890d4f073b5c","block_type":"box","text":"□","page_number":218,"box":{"x":416,"y":218,"width":14,"height":12}},{"id":"8a0c541d-a0ea-4db1-9b84-527ff0a263ae","block_type":"box","text":"Closed-End Funds","page_number":218,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"0db8f9d0-4cdb-41ea-8212-71f02b9604dd","block_type":"box","text":"□","page_number":218,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"606b8776-a5e6-42a9-a308-97a6ec787b0a","block_type":"box","text":"Other","page_number":218,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"b9df2005-275c-44b8-bd04-903bc5ebd37e","block_type":"box","text":"Objective and Scope","page_number":218,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"60f7fea1-cd32-4071-8c26-708662a602a8","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":218,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"a5b2390e-f610-4afb-9279-0ce0490b0b52","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":218,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"4c969b7d-e907-42c1-8ea6-fe76b3318d9e","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":218,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"58bf887a-9e85-40ed-aceb-372c1c7326cb","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":218,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"af495fd2-70dc-4a45-adb2-659a1b289734","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":218,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"3b732757-1127-47ed-be30-05ba585fccb6","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":218,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"3dd85d37-c2a9-4d3c-b0dc-837460666ff6","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":218,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"b5a87385-1547-487e-b03a-3eff293dae2c","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":218,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"f7ef64e4-389a-4e3b-8378-c0b3e9b95e3a","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":218,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"a3a18910-329d-4b6f-8b33-d3c72f9884e9","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":218,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"865b253b-dc7f-4718-91d0-d8f10878642d","block_type":"box","text":"the iShares Core S&P 500 ETF. In addition, BlackRock has adopted guidelines and procedures (as from time to","page_number":218,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"1a7472a3-be7d-4931-b222-cbd39e6318cb","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":218,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"d8078ff5-5b93-4845-a5bb-2c1edf2b671a","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":218,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"5caf42c4-55f5-4241-bc3e-0c90bb9dafd9","block_type":"box","text":"Appendix A.","page_number":218,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"e0522fc9-3c0e-4715-bfe6-1534f930beef","block_type":"box","text":"BlackRock will cast votes on behalf of each of the Funds covered by this policy on specific proxy issues in","page_number":218,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"4f091e59-bcc2-47b0-9471-72e07da35f2c","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines and","page_number":218,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"cf0dabe6-706f-4576-96cd-25f5c6a78dbe","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":218,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"bc3047d6-12ae-40d8-a4bf-8e82595006b9","block_type":"box","text":"Conflicts Management","page_number":218,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"c8666426-7f6e-4d6e-b7a3-ee7bacc60a5c","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":218,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"c93c77ce-74e7-4290-9a98-a4d038264d36","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":218,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"d04a6efa-4446-418d-a52d-6e8eecd45b34","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":218,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"4b8b2dbe-6058-4514-a688-766903f94122","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":218,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"4daa3d8b-0036-4fb8-b9bc-d0fa640de7cf","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":218,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"71ef82ed-6f57-4065-8e1e-962e483cee96","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. 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The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":218,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"5f6b025f-0943-4ab1-8816-60cb1b552906","block_type":"box","text":"connection with proxy voting.","page_number":218,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"d645e725-fac1-4585-a800-1f6ee5372adf","block_type":"box","text":"Reports to the Board","page_number":218,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"20c0f5f1-a1cc-4d1d-bed2-66de58f45d30","block_type":"box","text":"BlackRock will repor t on an annual basis to the Directors on (1) a summary of the proxy voting process as","page_number":218,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"37b039c1-b89c-4e4b-837a-e2745c5158b8","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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Our role, on behalf of clients as long-term investors, is to better","page_number":222,"box":{"x":69,"y":526,"width":840,"height":11}},{"id":"c5b47ee8-b1f3-46f6-98f7-1f2b511debe2","block_type":"box","text":"understand how corporate leadership is managing material risks and capitalizing on oppor tunities to help protect and","page_number":222,"box":{"x":69,"y":541,"width":835,"height":11}},{"id":"3a601f36-c0f5-4332-93b8-4087ef982f07","block_type":"box","text":"enhance the company’s ability to deliver long-term financial returns.","page_number":222,"box":{"x":69,"y":556,"width":481,"height":11}},{"id":"72d406cc-dc07-40a0-8a56-7cee5ce3c5b4","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":222,"box":{"x":384,"y":586,"width":210,"height":9}},{"id":"6186e90e-85a4-4c30-b25d-e5e2ac94555c","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":222,"box":{"x":101,"y":609,"width":791,"height":11}},{"id":"043865e9-cad7-4d13-944b-1556234fe22c","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":222,"box":{"x":69,"y":624,"width":772,"height":11}},{"id":"12c82079-0377-4ee3-bc33-61636e700be5","block_type":"box","text":"individual investors that they serve. 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Engagements provide companies with the","page_number":222,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"14be0cb4-f3c2-4c75-8cba-e4f2eb60a571","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":222,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"6aeac0e8-cdd1-474c-9f4d-15c38c56736d","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":222,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"21350d8b-67ee-48ed-ac25-c92934c708b4","block_type":"box","text":"1","page_number":222,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"ff282049-c357-4bc8-90e3-0f954de3c121","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":222,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"72954486-b876-403e-a917-976b77318c2d","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":222,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"7e044754-eb01-4554-9312-7d67abf8c8de","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":222,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"4653f4e6-58da-443e-8ca3-3ec59200a904","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":222,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"3bc05204-0feb-4bc8-b5ba-3d5805f8fc66","block_type":"box","text":"2","page_number":222,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"576e5708-dd3e-47e9-81b3-37ca6aa69209","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":222,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"3d1e95c7-a0b7-4f0c-a273-c630d4b6c321","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":222,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"53165eda-cb08-42a5-8fc7-65f310a7dad0","block_type":"box","text":"material business risk or oppor tunity.","page_number":222,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"e36df701-f028-4a68-96aa-7aa6e9a10922","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0045dfe4-93ec-4f86-871c-87807f839934","block_type":"box","text":"Global Principles | 3","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"d3c1e25f-464e-4768-8a03-a349df803106","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b18c8bd9-1129-49bc-b55b-c960cc740af6","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":223,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"d1bde45c-d25a-4f5f-883c-3d034b7514e1","block_type":"box","text":"governance. 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Our regional voting guidelines explain how the BIS Global","page_number":223,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"0eed3330-99b4-455b-abf8-529c0db0dce7","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":223,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"e9d688ad-b056-4b93-a1a5-11fb6136c3e2","block_type":"box","text":"4","page_number":223,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"4c812cc0-1a76-42c2-bd16-080b81978b3c","block_type":"box","text":"3","page_number":223,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"50848336-902f-4ee5-ae1a-f3a7af5ca9a8","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":223,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"8fb13270-d327-42f8-8823-fddc682778aa","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":223,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"c1916cbc-5765-4d12-9c6a-4c2bbcd1cc04","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":223,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"db49592d-7e75-4412-b918-969c05bd6926","block_type":"box","text":"4","page_number":223,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"76f27783-cf48-4beb-b1be-224b0821d999","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":223,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"60611945-5f56-42e2-8bf4-75b6a45915f0","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":223,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"2e638a2d-8ace-4dab-aea4-6ef4e8c38405","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":223,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"51728fd0-b3e1-4186-a28d-0c597073433c","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":223,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"1ab6be13-7ec8-4530-acd7-1b833d30ab59","block_type":"box","text":"guidelines.","page_number":223,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"934b0e1b-d25e-432c-aa54-5cfcc4e656b7","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"a2713cc7-9630-4dbd-bdf5-3c0872f99abe","block_type":"box","text":"Global Principles | 4","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"fc636d6a-ba7c-4565-9547-95322881d6f9","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf20014a-07de-4f89-a2c9-6553c6c7402b","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":224,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"adfc0e74-8651-4cc9-98df-f923524dc823","block_type":"box","text":"Oversight role of the board","page_number":224,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"08a1a4d8-4d8d-4069-b64e-533e7357b1e9","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":224,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"d78597f2-43aa-4776-828a-9170ec4cd19d","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":224,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"af13648b-13e9-49cd-8834-b7143d2df099","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":224,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"72ea8eb4-f2ca-44a0-8427-7f0c17bdbc91","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":224,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"881f8e59-1f28-4c79-aa4f-05ed7b25537a","block_type":"box","text":"long-term financial per formance.","page_number":224,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"576d5388-b00b-4b5b-aa0d-ae5fdb00308e","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":224,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"ab2484ff-48c1-44bc-a510-b8a7510e3c03","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":224,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"ee1fa1ed-36fc-4de5-9160-c691c614857d","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":224,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"eb34bf34-44df-49b5-9e8a-29eff771561b","block_type":"box","text":"the business environment in which a company is operating.","page_number":224,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"a089995c-1133-468b-b3e6-f549d9ed1603","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":224,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"47bb8c06-60e8-47bf-bc27-6ce68235ae89","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":224,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"58c5607d-f69d-4f4e-80a4-0e5a1c7c9be4","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":224,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"ee98d0b3-304b-44f2-b48a-6b1e1ce89489","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":224,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"2808375b-fce0-4f0d-902f-ea274350c741","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":224,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"82680a66-b928-4415-ae90-b40a17f7d963","block_type":"box","text":"mitigating such risks.","page_number":224,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"2d0dfef3-f30f-419c-b7a7-e2ed0536461e","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":224,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"89947042-c1f2-438f-baad-388c57a8673d","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":224,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"6fe63a1f-3cc9-41d6-b99d-2beed2bfc045","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":224,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"090b00c6-3bbb-4501-9610-fc2ef6212432","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":224,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"13f375ff-4735-433f-b854-a8d993150b00","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":224,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"142816a5-9239-47cf-b98a-4ab4abdbb880","block_type":"box","text":"strategy.","page_number":224,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"3f468b18-c781-4028-998c-ced3306fb7c7","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":224,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"f20a12dd-946e-4810-9ff6-2908479f8f87","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":224,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"cd38a6b7-ff70-4797-b5d0-f325b99dba74","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":224,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"1d71082f-940f-4cae-a1d7-3d84cbdb0b42","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":224,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"5cfef28e-405e-454a-9165-e191e4e8d542","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":224,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"a07766d7-81a0-4106-9c1a-6b773c705f9f","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":224,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"33963782-76b8-4a32-9f0f-f121df072850","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":224,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"d4369b2a-6725-4aed-8057-547f0b2565b6","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":224,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"79a65016-351e-4ff6-a930-6f78fcd1d6e1","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":224,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"98595f83-4034-466d-876c-85e36c53a18a","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":224,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"5d6d5647-c6e4-43d9-ba5c-807f240cd572","block_type":"box","text":"Regular accountability through director elections","page_number":224,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"0f4bd72b-014f-4569-86d8-88b014f3e9de","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":224,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"a8480078-7192-4ae7-9096-6db28d917f61","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":224,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"2e2e228d-63d1-4b1f-8234-583cd961a597","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":224,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"ab96226c-2deb-4488-8328-c4d51c1355c7","block_type":"box","text":"5","page_number":224,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"a53b5eb4-f6ef-47ee-93fc-6ed327e2d11a","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":224,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"ed1151f3-d0e6-43bd-95c9-e0d0f2e9ed91","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":224,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"baac3de4-8fa9-4013-849e-57c78e214719","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":224,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"440664d5-0e5b-4775-95c4-03b71d7b6931","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":224,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"90ef4bd2-44b7-479f-8b12-d2530fe577ff","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":224,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"6fcfad44-0bb6-4adb-8842-8fd76f00390b","block_type":"box","text":"Regular director elections also give boards the oppor tunity to adjust their composition in an orderly way to reflect","page_number":224,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"47af4a92-e30f-4fa1-9416-57ac5cf85807","block_type":"box","text":"developments in the company’s strategy and the market environment. In our view, it is beneficial for new directors to","page_number":224,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"08ab9a48-c348-47ad-91fb-292b16aa7e69","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":224,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"304a2a39-5d51-47c4-a2dc-c26aea8b4ebe","block_type":"box","text":"5","page_number":224,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"c11c3234-9a3c-47d8-918c-80cb19fe1536","block_type":"box","text":"In most markets, directors stand for re-election on an annual or triennial basis, as determined by corporate law,","page_number":224,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"7bb9c8a7-0c7e-4b3a-beb8-921736e0338b","block_type":"box","text":"market regulation or voluntary best practice.","page_number":224,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"9adcfc7c-6593-44ba-8594-9be8c5c74fc8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"2b37cdae-1225-4f72-9234-4c843cf7a3de","block_type":"box","text":"Global Principles | 5","page_number":224,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"53a75389-3147-4179-b93c-bf2f56249198","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"587b51d2-1d8f-45e8-baa4-82bd99ce9373","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":225,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"67956bfe-b413-4ea9-9f50-b79c9acb051c","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":225,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"63d5a61b-c1bc-4871-843a-7578186351f6","block_type":"box","text":"recently.","page_number":225,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"67b724de-be51-4999-a516-cbcf159fd606","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":225,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"49b441b8-09fd-4546-8ab9-5182e6a59372","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":225,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"78b7cb6f-02dd-4ead-ab5e-91f70e927ac5","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":225,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"e0425793-69e4-4e5a-99ef-c62e38f6812a","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":225,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"f4170c22-aa45-4a90-a7cf-62ba11af9349","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":225,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"c6fe10b6-833d-4aa8-abc9-4170d9ab018f","block_type":"box","text":"Director independence","page_number":225,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"d7f7d617-d4cd-4ad2-ba67-59ea8b7d837e","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":225,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"e3069928-7326-4c61-ae05-12e6d74feebc","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":225,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"e421db5c-b118-4ffe-845e-e1d48646d461","block_type":"box","text":"6","page_number":225,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"f314f952-1055-4d4c-9151-71f4ab37fde1","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":225,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"77ee460f-affc-46db-a1b3-29a228481ab7","block_type":"box","text":"directors, free from conflicts of interest or undue influence, to ensure objectivity in the decision-making of the board","page_number":225,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"2b1045e1-2171-45f4-ac1d-d37e28927922","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":225,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"0d5e352f-9c2b-4e9b-a81d-21b1eb64ced5","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":225,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"8c67e3e2-c8c0-4f9f-9137-ff296eaf89d9","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":225,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"d926f403-a7ae-4331-93d1-0608de7a6856","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"4f469779-0234-4dc1-b208-db25338c62d7","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":225,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"ee2f40cd-7d0f-4560-866d-f6892663694b","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"efeb5d3c-29d1-47c6-9f86-efd399ab74c5","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":225,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"c21c305f-5905-4804-94fa-1686f4168b1c","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"d4f89142-ea77-468f-b508-27882a9790ce","block_type":"box","text":"Interlocking directorates","page_number":225,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"988c5651-5904-4052-9161-81060bb9ffb6","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"c23f5762-97a7-48d0-aebc-d96b7131f997","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":225,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"ebd279b7-ea7e-4067-aff3-40debd4ecc40","block_type":"box","text":"materially inter fere with a director’s ability to act in the best interests of the company and shareholders","page_number":225,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"fc43ad75-7fee-4def-801d-e159c3a80ed0","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":225,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"e1d13f75-bcdb-48c4-9289-51c468c87e83","block_type":"box","text":"independent board leader. This director may chair the board, or, where the chair is also the CEO (or is otherwise not","page_number":225,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"3c24a84a-8464-4211-91ca-4500014d004c","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":225,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"9fb3fa7a-f92e-4e96-ad5a-651cd88fcdd5","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":225,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"7eecd8d6-8ba7-4765-855a-20e4567b1eca","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":225,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"d1305743-0503-4228-83b7-8ecce66544c3","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":225,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"299cf6c6-3e0a-471a-98f7-e30ec0e15133","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":225,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"19de2ca6-e11e-4357-a408-288edec53cf7","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":225,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"9da5bcdb-e824-4dd6-a8c4-2e2cb4604c6d","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":225,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"8ce59702-36c6-4fdb-b487-281ab272d399","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":225,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"030b7fad-c931-4bb5-9608-bed09e913740","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":225,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"f55a8514-5aad-4fb7-927e-0a81db8be7c9","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":225,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"60c78649-6399-47f0-8814-04344104a4ba","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":225,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"43fb7e4b-befa-442d-b7f3-c8332995314f","block_type":"box","text":"Sufficient capacity","page_number":225,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"069448a9-5e22-4c2a-8b86-68dd22058627","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":225,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"6aaf540d-1f5e-46d9-ad34-0149ea13247e","block_type":"box","text":"appropriate amount of time to board and committee matters. It is impor tant that directors have the capacity to meet","page_number":225,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"3158d6a8-c38d-4052-81ff-8c09cf244278","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":225,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"88c3f55d-9a7f-4b51-8709-e385e01f2595","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":225,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"9bd839f3-4259-49c8-886f-62b288ca5434","block_type":"box","text":"Board composition","page_number":225,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"e5ba86b6-ec23-406a-b8af-f36d4887ff75","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":225,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"f0eb90f6-44be-45ac-9f6b-7a8845e698cd","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":225,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"04dfb408-0784-4fc8-8599-a82767a05f95","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":225,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"17acc6fb-d093-4bbe-a6e8-9630207be27f","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":225,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"850ed53f-7737-4cce-8369-2de0074ea5cc","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":225,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"a5fdeced-3eee-4757-b08b-6f5e439f5902","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":225,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"15fdd912-209e-469d-a579-4f50b2fe415b","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":225,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"fbdf270d-4024-45e7-8fd6-cef3a0471176","block_type":"box","text":"6","page_number":225,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"d2fb4f6e-8503-49ce-874d-ec0df1614eab","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":225,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"cf54af89-55e6-4999-9451-075008e6e73c","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":225,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"fbfa03ec-f401-445f-bad2-65b076d8ca37","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"be2d64e0-4e05-44bd-8a51-9bf82d72b524","block_type":"box","text":"Global Principles | 6","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"65f95d29-56a4-4ce2-9e63-c3379d1e5bb7","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"21b10c5b-b887-41b3-b98c-2f8a574d133f","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":226,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"c9694a43-be5d-4d9f-b7c5-1848b8054904","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":226,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"82d82d30-3f14-4e9a-bd70-6faf03c6a64d","block_type":"box","text":"It is in this context that we are interested in a variety of experiences, perspectives, and skillsets in the board","page_number":226,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"129b96d1-c2d2-4ef2-9fc2-92861d675c42","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":226,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"b2ba4e6c-4565-4d90-baf7-dcd1eead6ecf","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":226,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"5c438c85-09a0-438e-b19b-65c2b45c1a74","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":226,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"02b4cee0-6b47-4946-9cfb-92719fd581c3","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":226,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"37c93496-61d1-47c8-9844-158a5ee8cd09","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":226,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"aaaa089e-76be-4eeb-ba3f-a7004c043787","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":226,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"b14d6b48-545f-472e-93dc-a75f6110bc9f","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":226,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"6421a72c-df91-423f-a1e5-feaa88494c59","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":226,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"f26b23a9-2b54-410b-be86-c8f2261dde4d","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":226,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"6db64e00-6003-44a1-92a8-49cc9c608f17","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":226,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"7141798d-6e74-4d56-94cd-9f68285815f0","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":226,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"01097f03-74ad-4461-b31f-ee01494189d6","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":226,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"88ea0e9e-5dfd-40e0-9dcf-dd2e52e115c2","block_type":"box","text":"systems.","page_number":226,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"1d17dc06-8e32-4ed0-bbfa-a8affa604b50","block_type":"box","text":"7","page_number":226,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"69962ed8-1c77-483a-a272-9e2e6e7527f6","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":226,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"f6c66b3b-7267-4c47-97e4-37e3633916bb","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":226,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"ffc68946-b4d0-4690-ae62-0becb760c95a","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":226,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"c5048dca-8a40-4a28-a569-8afae533e751","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":226,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"7249c4e6-0c48-475e-a4e3-5b333972c4a6","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":226,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"52338bc9-5895-48b3-b55d-0deec5605f91","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":226,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"4c1a3fa1-2e61-4576-8f41-71e5adb547f7","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":226,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"dfb7558b-3a91-4418-83f3-2c85375b52b5","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":226,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"ad9de517-1606-4f9b-9569-b1b97a4efffd","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":226,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"a2e83fa7-bd5a-4433-911e-daae64f6540d","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":226,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"1684c27b-d596-43e2-8c38-4ee7c3cb8e32","block_type":"box","text":"or internal audit function.","page_number":226,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"f83fcfae-2faf-4b8a-b3da-94851b09ab2c","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":226,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"d2ca20af-7310-4e9c-84d9-d26e72fc4fad","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":226,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"2a2bcbd1-60a5-436b-9771-c359a5ae014c","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":226,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"88a652f8-9979-444d-8daa-ba9d7e895270","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":226,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"c41c271a-9525-4cc8-af32-f45d0bb8257d","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":226,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"22431ec7-f01b-4687-9536-599934da276d","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":226,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"3596816a-d24e-4b0f-a30f-731609a28093","block_type":"box","text":"management practices and, more broadly, the quality of the board’s oversight. We look to the audit or risk committee","page_number":226,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"07cc9529-47f3-4411-9633-8d4b2ef7a033","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":226,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"a5ece546-1006-4e75-8a1e-8531c9acd108","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":226,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"fff70869-daf5-4044-b07d-c5366efa19e9","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":226,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"a0d7bad4-0fe1-4916-9d8e-8df3d662d325","block_type":"box","text":"risk.","page_number":226,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"555626f7-3629-4610-ad88-5ddd1cb7237e","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":226,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"4fd7909f-0277-4e37-a825-c6835e57fa16","block_type":"box","text":"The capital structure of a company is critical to shareholders as it impacts the value of their investment and the","page_number":226,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"53d24639-5c0b-4526-b9ed-dcd761f35511","block_type":"box","text":"priority of their interest in the company relative to that of other equity or debt investors. Pre-emptive rights are a key","page_number":226,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"b4be0da1-0bd4-4faa-a846-ae5a8a02c46f","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":226,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"3e16010a-017c-4714-bb18-2cd34becac11","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":226,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"d80f2aba-cf2a-42ec-838b-7b8f8deae6c0","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":226,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"74319806-b3d8-4f16-a155-7bf4b6312ad7","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":226,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"942c4a62-cda8-43d9-9816-42af01d1cede","block_type":"box","text":"7","page_number":226,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"3ff33894-7c17-4857-a41a-24fdbc546cda","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":226,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"d136b4d0-c6ec-41e8-b6ca-9f2676336b26","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":226,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"4fa10af4-6475-442d-bb77-51e8c1528eb8","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":226,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"c09fbcdf-1068-492d-99b6-8533580c9019","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":226,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"8a28b819-acf5-474a-80f8-2cde5bccb56e","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":226,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"05e09e8f-4224-4342-a0b5-c1bc500be7eb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ad6bb40a-1c39-4d02-8d21-d43251295d9f","block_type":"box","text":"Global Principles | 7","page_number":226,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"afe4e106-bdc3-406b-8b50-06180e15931b","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"106136b7-4d64-45cb-876d-c34a5f0c0e07","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":227,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"89c57754-af81-44da-8cd8-ba93f172f710","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":227,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"aa9e3af9-5f14-4e40-950e-8fef11ca303a","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":227,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"f72e03f2-d16c-4715-9842-c8c0e8f21939","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":227,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"5e50d189-b064-4b76-bc4a-a2aeef1f92de","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":227,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"b03e174f-1355-4b78-85fb-5f16d5da68e3","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":227,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"4ec88105-12a1-4e8b-97a5-b26cfa9debf1","block_type":"box","text":"minimizing costs to shareholders.","page_number":227,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"966c1ede-d714-473d-b25f-56b86c1ca6f8","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":227,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"63bbbbb1-783a-4bf4-8a78-3d850126994e","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":227,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"acea9e2f-9858-49a9-8d50-fec4aae8b8d2","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":227,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"f4cdb4b3-bf2a-4d07-a4c4-4102d9c55e70","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":227,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"931c0314-1488-4041-b762-c9273cd35656","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":227,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"89b11e72-3dd2-4128-9d3e-9d513c85c740","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":227,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"28dd6dcd-a0ac-43ad-8c1f-ed997c4a20d0","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":227,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"82849ab4-c395-44b5-8af7-1cb3002d32a3","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":227,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"2f9ab4dd-c337-455d-ac89-5f6d5fc58c07","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":227,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"8d434078-e41f-4df0-98e5-360858020d04","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":227,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"a7ef419f-ae08-4304-aecf-be47f7eafbfe","block_type":"box","text":"As a matter of sound governance practice, shareholders should have a right to dispose of company shares in the","page_number":227,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"0d4f20ce-3892-41d2-ad4b-4bb94c11e368","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":227,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"ae0ad01f-791c-4818-b291-3a5994312d56","block_type":"box","text":"ability to sell their shares are contrary to basic proper ty rights. Such mechanisms can serve to protect and entrench","page_number":227,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"7bf1bef6-99d3-44f9-82f1-77109cf92d79","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":227,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"76398150-ed21-404a-8b6b-2b5b255afa84","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":227,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"7de979cc-7a71-441c-bd8b-b535ced9eeab","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":227,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"4cd2c245-cce8-4a88-8191-9ea01c1cadfe","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":227,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"acfc4d50-0808-4df6-a89c-296873d90449","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":227,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"fb2a563a-e63d-49d3-b7e6-4756347de6a7","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":227,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"71c91351-672b-4dae-bc47-251ded6d8b8a","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":227,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"7b5faac1-6375-4f5a-b104-eaba7ecfe388","block_type":"box","text":"ownership.","page_number":227,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"7ef0df7d-7541-4d81-9d8d-12e5a3792441","block_type":"box","text":"8","page_number":227,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"b541985d-cba3-41ea-bd4f-1e446da5f70b","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":227,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"69d4976d-3e08-4799-86fd-3768e273a5c0","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":227,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"a73a97f2-f6b1-4b33-b136-f5d828b02c24","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":227,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"354aaf8d-00a2-4630-956b-deb6a9e17cd3","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":227,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"d926fa86-bdd9-4a89-8882-ae1373eb7a4c","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":227,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"44eb3916-9e87-4dcc-bad1-e991e8848b63","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":227,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"8b287f2e-8c62-4be7-85ac-a3320b4189b5","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":227,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"dbd4fb7a-0a2e-4035-a478-17658663b83d","block_type":"box","text":"results over a period of years.","page_number":227,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"6ecbbae3-6df2-4c8e-8810-f4b8582f02e6","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":227,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"beeb0686-b06c-4ed1-a97c-b5f3de03a381","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":227,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"438f056b-8381-4a4b-ad06-221b880f7b59","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":227,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"6a9450a1-31b5-4670-a80a-d330c2b39c55","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":227,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"2ea700f7-de24-4869-a55e-8d10bb57a812","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":227,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"8309d50e-cc20-448d-a945-6adee6415c5c","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":227,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"df0cdb7c-9862-4f29-b633-4feaef91f279","block_type":"box","text":"executive compensation strategies.","page_number":227,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"10fbbdd2-3799-42c2-a080-229354c1c9dd","block_type":"box","text":"We are not suppor tive of one-off or special bonuses unrelated to company or individual per formance. Where","page_number":227,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"ef37d8c1-2792-4fca-b283-d9d24c1cbfc8","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":227,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"0344a78d-b2d0-44b7-bae2-2f33814f0122","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":227,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"e17f249b-826b-46b6-a63b-46e2633c971d","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":227,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"e09413ca-7c1e-4794-8d11-aebfc512328b","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":227,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"6234c4a0-e431-4ce5-84fa-f2bd8766d129","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":227,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"9089eb98-b628-4135-be5d-36f0bf66623c","block_type":"box","text":"8","page_number":227,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"2c9d1b00-5ad2-453d-b4c5-98ff9f6db09b","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":227,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"cd566b0f-2daf-408d-ae83-3df46f04940b","block_type":"box","text":"different markets.","page_number":227,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"98d90557-7b82-4635-876d-a814d131ade8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c7958481-8e45-4a12-bcb1-6544f9565178","block_type":"box","text":"Global Principles | 8","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"a57b62f9-f849-4bfe-9638-508030f9d5cf","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7e14f385-bf41-4e60-81bc-7450b472576c","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":228,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"bebcac1b-3bfe-4fab-8690-7301133c1d3c","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":228,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"67e8250e-f053-495a-bd75-c7e57b121b1d","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":228,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"1aec94b3-1c6c-41ad-ac46-b327de012d3e","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":228,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"0ba9b8dc-41d9-49bc-8584-c986e66f6108","block_type":"box","text":"In our view, non-executive directors should be compensated in a manner that is commensurate with the time and","page_number":228,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"ff13c592-cc19-41ce-b1af-314a1b553133","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":228,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"97004b6a-b700-4493-be0f-1051a32fe5d8","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":228,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"c461fe86-5c79-4255-a8d2-80f4a704cb34","block_type":"box","text":"whom they are charged with overseeing.","page_number":228,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"35c30c64-7d4e-483f-abff-0da079150944","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":228,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"7966893b-e96f-494e-9766-8180bd06a3ef","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":228,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"6c83aa74-0e67-4786-842c-96586a3d4ca0","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":228,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"d879d05e-c1e3-4fb7-ac00-90d6c280ae3a","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":228,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"9215f934-d569-4a6a-8a95-95a329bd64ef","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":228,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"c0e5a5cd-6ff0-452b-bb36-f31b8c877d45","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":228,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"be938dc6-f299-4d1e-b220-93598211feca","block_type":"box","text":"structures.","page_number":228,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"5e0e08d4-b8a5-4278-9f53-cedb2f2e92a6","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":228,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"1d99243d-14a4-4b4d-94a3-bbd8675ca6ff","block_type":"box","text":"Corporate form","page_number":228,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"a3282417-6da1-47e9-823c-60596f4ef495","block_type":"box","text":"In our view, it is the responsibility of the board to determine the corporate form that is most appropriate given","page_number":228,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"809c7a34-547b-49f3-a6b5-b9880b11070b","block_type":"box","text":"the company’s purpose and business model.","page_number":228,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"7e7b9fa3-2f0b-4af5-aaa7-d83c8bcadbdc","block_type":"box","text":"9","page_number":228,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"30d7e0d1-8bd2-41ac-8649-3ecd0a33188a","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":228,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"c4003f3e-b601-4028-b582-916abe08f219","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":228,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"5a0f185b-bb32-430c-8605-ffb8e1bf2aff","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":228,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"c27b9b7b-f029-46f0-8417-b20b129f28be","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":228,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"0697453c-a123-4de3-885c-bd31de28038d","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":228,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"f5985c7d-d873-4f2b-8e90-165ae976ef33","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":228,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"e2d684f1-d487-4ede-92c4-f0d3b10dfd3c","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":228,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"f7e7069a-7205-43cf-85e9-134d93780b28","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":228,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"98abf445-8a18-4e7a-896b-7f1d1f425c13","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":228,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"702ff590-ad5f-415d-94fc-a4cda4a52dc0","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":228,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"2b3e5fed-f812-483c-9ca2-b6c5a4f26bc7","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":228,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"6169fe49-385a-4a59-8dcb-e60d40e7e367","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":228,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"e1dae63b-3948-427a-90b5-1dc64e93c0c5","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":228,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"10cf5e3e-ccd0-44b8-a8b2-540c747976e5","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":228,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"24572aab-dddc-4945-93a7-4ea78f3b5c71","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":228,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"def0cbef-52c1-40f4-b4c4-cd7c88bceb76","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":228,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"e88a55cd-3829-46ca-b912-996df881fa7a","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":228,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"57321a90-e77d-43b4-a4c5-347586fc447d","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":228,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"b49f8451-bead-41f8-aece-096a653bb26a","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":228,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"39638e74-e294-4b28-8dba-4ae796af566a","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":228,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"d506b1ee-5a8b-46c0-8778-1233e1d25504","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":228,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"2f1f1598-1f26-44ac-8e96-b2c365271f63","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":228,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"ea875679-9fb8-40ab-ab13-b697b8a7cc5d","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":228,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"86809e2b-9257-4576-b8db-d9425b83424c","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":228,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"fb066407-9919-41b2-bc0c-0f02cc8166cf","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":228,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"ced2661a-1b4d-44e1-bbae-03a7e1293ab7","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":228,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"70ed6c54-0998-4fc2-bf0a-d43bece8dcb2","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":228,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"f4185524-19ad-4945-bbc3-91aace1a860a","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":228,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"4f47fd7d-1b6a-41a7-acfd-021c61048b10","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":228,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"45b359f9-8571-4bfd-87e9-ff9986466854","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":228,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"b4e975db-a2a5-48d8-906e-cb2467900bb2","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":228,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"45976abf-567d-46ad-90a9-5c35ff5ebacf","block_type":"box","text":"9","page_number":228,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"e01ded82-330d-4035-9096-462cc1bf1548","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":228,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"9b34cbf0-f1b0-42b8-bc68-adc35a1cbc67","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"495ad807-7986-4468-977b-f3929430ca59","block_type":"box","text":"Global Principles | 9","page_number":228,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"edd82ca1-a2ff-4c5c-b401-a47a58bc95dd","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4cc3af39-9ed1-4565-bc1e-7f7ae2f09fcb","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":229,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"03bbc2dd-4ba5-4983-9ea5-e4c42636e35a","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":229,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"68afbe44-4f9d-4c9e-90c2-9baa9d46e2b1","block_type":"box","text":"long-term financial interests.","page_number":229,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"68040ad9-98fa-40d4-89af-3bef75964a2a","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":229,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"5ec15d34-0558-4a24-aa09-1f01c32470a0","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":229,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"98ae6a50-d76f-4cb2-852d-779f780fe8f7","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":229,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"95d7e46e-45bd-4365-b6d2-87a620a3226d","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":229,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"d5285e3e-41ff-4b2c-bfef-7dea5e1d6c63","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":229,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"02b573c0-d693-4b10-a01e-80ca244bf879","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":229,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"9533ab01-0b35-48f7-827d-e1c73b717e8e","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":229,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"8a2faa22-2afc-4624-8ed9-efc57228921a","block_type":"box","text":"term financial value creation.","page_number":229,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"1da0db6c-77ce-4b98-9c75-efb482c4785d","block_type":"box","text":"10","page_number":229,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"ef323a33-f415-416c-a5e4-006414cf7b63","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":229,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"41a8a578-cae9-453a-bc1e-825dbbc264bb","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":229,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"b12987e8-a16b-4314-8521-a36020fb8f66","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":229,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"fd5c77ea-0f0c-421e-bd9b-8cccd8394f89","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":229,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"44d69d07-1a9e-4e08-aefa-1fcac0deede2","block_type":"box","text":"industry-specific metrics.","page_number":229,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"4a7d026a-2eaf-4cc9-823b-f9fec9410e4a","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":229,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"8f5b8215-0af2-4e53-909a-5bbbe32b3445","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":229,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"75090011-3bb1-48f2-ba12-207f130c8c4d","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":229,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"17af338e-c479-4bfd-b0dc-993f3dd59c5c","block_type":"box","text":"11","page_number":229,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"552525c3-2cef-44e4-86cb-9bbbb86ad552","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":229,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"11dd1dec-1350-48c6-8d11-75d61d66e3c1","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":229,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"88ada2d1-0616-4a57-b25a-2d68f5466228","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":229,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"d4126098-42a3-49d7-8a4e-ec97a159a3a1","block_type":"box","text":"specific.","page_number":229,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"f5bf3115-6537-4f98-9f52-1cade7e72d82","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":229,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"6abd1b27-35f5-46c5-9aaa-17ad45973b3d","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":229,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"f85c63f5-acbf-4f77-9f6e-a2fe7a875b9b","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":229,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"f72420f4-8b32-45c5-ac76-5f0ea92a1cb8","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":229,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"11a7429d-a26b-40fc-b2f5-4b3bb1393767","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":229,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"a70e7e39-7dd7-48cb-9561-d239d617ce51","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":229,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"3468618e-1985-4ad0-949b-2a5237b4ed7a","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":229,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"de34976b-21a7-4cf1-beea-203fe2dfbde7","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":229,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"3da9860f-1453-4fc0-9563-80c052ddc222","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":229,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"8be2e527-cbe0-4239-8bbe-3e14def45982","block_type":"box","text":"10","page_number":229,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"3df9a964-cd37-4841-95bb-7e8c67f4089e","block_type":"box","text":"By material sustainability-related risks and oppor tunities, we mean the drivers of risk and financial value creation in","page_number":229,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"8d8326a0-6fae-4916-961e-fd9af9a407ca","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":229,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"36b9a832-bc1e-44a0-8919-eff3361c1f17","block_type":"box","text":"issues include, but are not limited to, water use, land use, waste management, and climate risk. Examples of social","page_number":229,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"2f973a58-1a47-4094-8051-c03fc2e43cb0","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":229,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"c7d71cbe-f4bb-4550-9322-a89f5d52a394","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":229,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"3c5e33d4-e78e-4087-bd55-4ad0fae3b0da","block_type":"box","text":"11","page_number":229,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"4cc42463-3ce6-4ca2-87be-d10cd4086613","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":229,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"470f5cc3-bb0b-4e51-91e3-7e517bf94d9e","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":229,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"45702a62-c495-4407-bde1-a36db95c4e9c","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":229,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"5ee7f24f-236d-4704-aa53-579900cb8a23","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":229,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"32081fa7-f205-424c-ab17-585fc3f7395c","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":229,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"cc63d5ae-f11c-41f8-b7a1-18b9e4c99b95","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":229,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"1fdd092c-d79e-4f40-9372-f405a0b5cc11","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1982c081-4886-4901-ae87-0f9606d829f7","block_type":"box","text":"Global Principles | 10","page_number":229,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"2ca27d45-d142-4561-887b-009e9e54ff49","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e612f29d-b1b3-4ff2-b12c-ce9ac0689de6","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":230,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"da77df21-3881-4fb8-9bbb-67815e083b21","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":230,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"95ac8ef9-39a9-432b-af83-a6f4bb7b88a2","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":230,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"607bd287-222a-4242-ab3e-74eb1f5f9cee","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":230,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"fefa4d77-f8ca-41ef-a249-55771a82e922","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":230,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"a3f1ebcf-aa35-4a7e-abe4-f3121c56e24f","block_type":"box","text":"12, 13","page_number":230,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"0baf8622-7785-43cb-8635-6becb4c6e135","block_type":"box","text":"From company disclosures and","page_number":230,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"eb6e3608-2550-463f-b776-ae361831e9f1","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":230,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"faadcb1f-1f2c-42fc-b02a-856a624f0554","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":230,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"0d97f59d-0f0a-4b3f-87b2-05cc393a22ca","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":230,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"3efa014f-409d-476d-983e-af4395a0469d","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":230,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"196b2f80-003a-4150-b5bd-f0755bdbfb9c","block_type":"box","text":"viewed as best practice in the market.","page_number":230,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"1b9be6f4-514b-4187-a016-ac27fe38d01b","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":230,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"bc143f5c-eab9-41c2-8618-878c0a02cfe8","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":230,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"ad9f5324-0a79-44d1-90f4-2a577a2072b8","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":230,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"3b58d965-dca7-4e09-85b2-f96378ffbf09","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":230,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"3591d81d-075b-4fc6-a158-4373dc8a1117","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":230,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"66c78e8a-0346-4ba8-bedc-b2d016c603b8","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":230,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"6d66b437-117f-426f-89ff-d66bb8a1f458","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":230,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"3a3ab266-1c3b-465b-8145-b900722d87ba","block_type":"box","text":"interests of their investors.","page_number":230,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"8a1cc228-4cb7-4eb6-abc2-78d08f5557ca","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":230,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"7b4f03a1-239d-4d62-bb25-2fd306409a6e","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":230,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"4fb694fe-4a10-4dbc-9040-ab6f0439685b","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":230,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"e615e465-e1df-40a7-86eb-2500002e4192","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":230,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"3c2e61e1-48e9-4f0b-b610-2b679864ff0c","block_type":"box","text":"good-faith basis as methodology develops.","page_number":230,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"f94ff947-a2ce-47f8-afb2-f020ee8cc112","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":230,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"fa4ea2d8-e89c-428c-9dcb-36f2df2bc023","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":230,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"acd385ba-ebe6-461f-a575-25e6a4ae04e1","block_type":"box","text":"generate long-term financial returns.","page_number":230,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"59402a6b-8d3f-4e0d-b29e-4b2e82fbe632","block_type":"box","text":"14","page_number":230,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"f719de14-46a1-4d99-84bd-6c8e66701e03","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":230,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"6c1e8c05-0fbf-4710-92ff-5311b9b099cb","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":230,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"e9db36c7-cc44-4d11-9bb1-cfaf45b0f8b7","block_type":"box","text":"15","page_number":230,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"0cad9448-763e-43d6-9921-603eadab3cfe","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":230,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"6589f52f-1c85-4e5d-9640-1cb91b5cf1c8","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":230,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"e1379bf3-9b36-4583-b083-d11cf10296b5","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":230,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"ae57ad14-4446-412f-b203-9385f18fe52c","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":230,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"4dbafba1-b69a-47a8-abe6-9eac4e3cce46","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":230,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"2984fc5c-6c89-4184-aff8-e49931c8a57d","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":230,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"5dc60fc0-3583-4bd3-9809-b8a88db1c432","block_type":"box","text":"12","page_number":230,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"278b83e7-0b9e-4683-98ac-6c3110a4e77e","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":230,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"6ae51e56-45b9-4b47-a521-ea5171093749","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":230,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"17f908b0-0d76-41d6-bad0-0dbc9a74602a","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":230,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"450e5425-4b16-4237-901e-151819999431","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":230,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"2f9a2717-f7a9-4e61-a7fd-cbc9715d7900","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":230,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"fa9fa90e-0ed4-4dc8-9232-6d5a94b6a32f","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":230,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"8bd5d4a6-23d1-46da-9aff-270054e2da04","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":230,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"1b9665c1-6e9a-4ff3-908f-e6dd4b18c1cb","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":230,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"79edc095-a56b-4314-909b-63992f5bcff0","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":230,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"ae2e072e-6250-45e5-ae13-20786902aaa8","block_type":"box","text":"13","page_number":230,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"8a7ad4f7-07d0-41ec-973d-154c4816dd20","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":230,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"6175559b-0d2b-494e-bdee-c0dc934600f7","block_type":"box","text":"2025.","page_number":230,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"d4b21a0b-4cb6-4af5-89f3-bd5cc48544a2","block_type":"box","text":"14","page_number":230,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"18c07481-6cbb-461a-99a4-0ad0cc558b9a","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":230,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"14fd1d87-eee3-4be8-9860-e2674f82351c","block_type":"box","text":"2025.","page_number":230,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"9dcab83f-0120-432d-9588-8200e97ed550","block_type":"box","text":"15","page_number":230,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"dfdc4f0c-2ea5-4a99-a2b4-625e4ad0e394","block_type":"box","text":"Given the growing awareness of the materiality of these issues for cer tain businesses, enhanced repor ting on a","page_number":230,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"2514bfe7-86f5-4523-bf75-5145ac242422","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":230,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"1eaa73bd-c96e-4c3b-b4b6-e09c469e2066","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":230,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"ce8f42a8-2979-4d4a-8590-bd004a54b68b","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":230,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"8d7a8115-6fd4-4fc5-bfdb-34cab136f943","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":230,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"9c9f8844-c742-46ba-bc36-0507c4a39f9b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f50d90f1-314b-414b-91f9-bacf5b1647d5","block_type":"box","text":"Global Principles | 11","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"cd30bc9d-c2da-44f2-aecf-f24c93b8fad8","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eef9ebe7-0337-45ad-a52a-a6e3c5c66d50","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":231,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"dbf508d8-756d-48dd-9363-dc5ba93cf02e","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":231,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"09d4c81f-695c-4134-903d-1ade31afa701","block_type":"box","text":"16","page_number":231,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"549a144f-9b9b-4d0d-9ed6-82f679222e13","block_type":"box","text":"As a long-term shareholder on behalf of our clients, we find it helpful when companies disclose how they have","page_number":231,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"da9e9959-ab4d-464c-b811-b7581bf6b44e","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":231,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"7c2ac0f6-14bb-4d75-b0bd-49bdf6b22b2b","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":231,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"8725231c-d7cd-4ed3-8d24-7f2b99fae2ed","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":231,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"74363352-d214-4768-a480-449fdfddb7a8","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":231,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"67602482-eb58-4319-966d-c00807a6234a","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":231,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"a66f926b-6534-4147-a4de-9479efe025d1","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":231,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"8cdf8e30-609b-4733-87e3-1fcf8cf5a62e","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":231,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"9677e2e4-1720-43d0-be1e-b342763d094a","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":231,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"366444ef-6b8b-49e6-826e-835c24e1737f","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":231,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"871bbf8c-1830-4710-9175-afd1509a6a0e","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":231,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"a365f5a2-12bc-4789-88cd-4e7e6d9cc0f9","block_type":"box","text":"impacts.","page_number":231,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"4629bf43-a7f7-4741-b5e0-84408ddac904","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":231,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"6a0da383-599a-4bdb-a3e8-5c63d24904e3","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":231,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"35e65bf5-26f7-4d4b-9a08-75a011139ba6","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":231,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"09140428-754c-4fde-8251-f28d83165905","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":231,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"d3b9654e-3d28-4aae-b1d1-482ce032e82a","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":231,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"dfd91e2f-2ed2-4ff6-9888-6d917c66f2f3","block_type":"box","text":"clients at the global and regional level.","page_number":231,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"30dab552-315f-44d8-84eb-e3bdf52bd6d6","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":231,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"4baea4b9-dc9a-4e82-91f7-e2449e260b5a","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":231,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"0940a43f-a9d8-46ce-a589-985dce6cb69f","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":231,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"8475b7cb-ddfb-42dc-b2e2-ced71a1c6d21","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":231,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"7419e489-edaf-461a-83cf-30165bcc390a","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":231,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"75cc0a32-dd57-4769-a132-09fc2e14089a","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":231,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"9b079873-aa7b-427c-9a08-a972076ba4ac","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":231,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"964935a9-1e33-45a4-a825-726cbcec1cb9","block_type":"box","text":"are independent from the investment stewardship function.","page_number":231,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"3ffe22f6-9cbf-4cd8-aff7-c564b070824f","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":231,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"4b7a005e-5f1b-4020-b7a8-5c3e650d5748","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":231,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"32bd9e45-3898-4bf6-a702-03405deea6dd","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":231,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"6218d08b-f525-4f0b-b8af-54cf836b74dd","block_type":"box","text":"VOTE EXECUTION","page_number":231,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"7595cce6-8b20-4398-ab3d-5ccae79137e8","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":231,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"6ef7de28-dc0f-459c-904c-836621768408","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":231,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"b4ec3e29-21e2-4660-a5f9-e35e799e8b5b","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":231,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"786c0a3e-3d04-41d2-8656-ff0a608d1729","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":231,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"74f28a57-a1a9-4dee-a2b6-8d4b4d5c25d6","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":231,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"35de7b0a-2484-4153-a036-7fab04c8b196","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":231,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"24dadb19-3a7c-4499-85c3-f8ce36db079f","block_type":"box","text":"management policies and procedures,” below).","page_number":231,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"2747c6de-4048-4754-8301-6da39299bcb0","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":231,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"3a23831c-360a-448b-9621-2209f229e9bc","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":231,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"7abf1c6c-4522-443e-af78-2303b0a8a44c","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":231,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"e2bc27c4-f324-4df5-9488-c18d7540ffe0","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":231,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"41734995-d0a9-42f4-9a26-afefcd8884f0","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":231,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"f0406741-7dbe-4d55-86bb-5b8985664bd5","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":231,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"41f6ee12-6d68-4e4d-ae5e-9b6c075300df","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":231,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"150c27a6-2fcc-445e-b214-0009b0bc7b9f","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":231,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"f2508411-8fd5-444e-a39c-cf67e9e36e7e","block_type":"box","text":"16","page_number":231,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"0649e977-1ac9-43ce-b273-a950ecf378b8","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":231,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"8922a4b8-6f13-4958-84c7-6f6a42f3e982","block_type":"box","text":"December 2025.","page_number":231,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"a1590e63-e8c8-4c34-97a8-f26a3e4455f2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5ae18e4d-1b1d-4202-9260-aa66fe78f6a4","block_type":"box","text":"Global Principles | 12","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"895beae1-e82b-4bc5-bde2-e154c1e81c11","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1855c9c-406e-4bce-9f4f-ba584485e6e7","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":232,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"6480b306-de8c-4f2f-ab86-3c8f8060259a","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":232,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"75a8ae63-cdfc-43ba-87b9-97c35b7f27c9","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":232,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"2d1c8fa3-86cc-42a7-ae81-8a89486636ba","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":232,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"6d8b5a4d-bc3c-4443-9b50-b5479e7211a4","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":232,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"ffb9ba46-5b55-4926-8b34-be7ec30fc576","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":232,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"ae3522f6-22b4-4ed6-9154-ea9de743d45c","block_type":"box","text":"enterprise-level vendor management activities.","page_number":232,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"d545dada-214e-4d09-b595-780cd0dff7f6","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":232,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"6763bb11-3f4c-4b6c-acc2-a8f20a16a5a6","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":232,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"7f7320d3-8d49-45b9-9b32-80bb8268544f","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":232,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"8b786c69-9b8c-490a-95b8-0ff8c41c2ca7","block_type":"box","text":"BlackRock employees.","page_number":232,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"7a5a4fbe-c7bf-40a7-bb4a-4e57ac081d2b","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":232,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"5e9e8390-3a0f-4186-8844-72b3cfa634e7","block_type":"box","text":"SECURITIES LENDING","page_number":232,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"ec124a44-eb4a-4ecc-ba9a-9a5c86583ecf","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":232,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"9024bd1f-3814-46ce-b6aa-274c2f5eee82","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":232,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"697dc687-b746-4beb-adb2-d5ae5fb3e662","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":232,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"942ca14f-0fe3-4c1d-ab79-b6fcc0d17e4c","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":232,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"96777ac7-cad2-4a1e-a003-6ff106507cdb","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":232,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"637a9fa7-c74a-4b8b-8900-a226425a3296","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":232,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"9ee5f9bd-5c7c-4754-b88e-3463022649e2","block_type":"box","text":"loan and may determine to recall them for voting, as guided by our fiduciary duty as an asset manager to our clients","page_number":232,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"3f55d44a-04d0-4d42-855c-f0ca2175f32c","block_type":"box","text":"in helping them achieve their investment goals. While this has occurred in a limited number of cases, the decision to","page_number":232,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"ecc96aea-278a-4f84-a1f9-1356cc32326b","block_type":"box","text":"recall securities on loan as par t of BlackRock’s securities lending program in order to vote is based on an evaluation","page_number":232,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"6d4b6ee0-af8a-4d39-8de3-549ec7329153","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":232,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"8dc782ec-abb9-455c-a2cc-43c393c4ef7f","block_type":"box","text":"potential long-term financial value to clients of voting those securities (based on the information available at the time","page_number":232,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"59988f72-9151-451f-ad83-f505179244fa","block_type":"box","text":"of recall consideration).","page_number":232,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"2d94a5b2-8cc2-417c-8f4f-65b71d79bb86","block_type":"box","text":"17","page_number":232,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"886bd08c-094c-4abc-9c20-fafbf363b87b","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":232,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"35fc2ba8-ed40-49c1-8362-bf5fd8c3328c","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":232,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"bb019d75-9c8a-4b9c-be0d-912a775e0e02","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":232,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"249a1c5e-654e-4805-a153-c803b4a68c5d","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":232,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"1b6597e5-7dd2-4675-9062-c4ab3cd1cce9","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":232,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"ded6a49e-100e-4e82-b75f-499fdab61d6a","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":232,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"b169028d-6def-4ec4-a114-0995cc199019","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":232,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"73a3f1cb-0654-4ea0-8d8f-fbcf66883ba6","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":232,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"c974b1c8-fc69-4bc6-b085-ee05e566f8b5","block_type":"box","text":"and may modify it as necessary.","page_number":232,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"c1c23631-463c-45bb-a287-11a9d93780de","block_type":"box","text":"VOTING CHOICE","page_number":232,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"4796e367-af1a-4477-9582-1d24cf5c1d6d","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":232,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"1e945651-0fe1-4b82-bdf0-ac5fb38a6f60","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":232,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"dfcf61fd-2ec9-4e8b-b3ab-4efde6524699","block_type":"box","text":"18","page_number":232,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"9e484fdc-5fec-407b-a7a9-3d6c85a6cf10","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":232,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"8c480f30-8159-4c39-96b5-4a6cef8cd906","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":232,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"ee5e39e1-d3ad-4b9f-b155-01d39b9ba968","block_type":"box","text":"17","page_number":232,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"f6ac4540-a4c4-4946-bac6-dfe8657ea6ab","block_type":"box","text":"Recalling securities on loan can be impacted by the timing of record dates. In the U.S., for example, the record","page_number":232,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"2a486ad5-fb4b-4c69-93ee-92f46f51a604","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":232,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"d8cb8a99-888e-48aa-8e67-e1fc0e817a83","block_type":"box","text":"practicable to evaluate a proxy statement, determine that a vote has a material impact on a fund and recall any","page_number":232,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"ec4f6a82-baa0-44a9-b7b9-8608e00c0ce1","block_type":"box","text":"shares on loan in advance of the record date for the annual meeting. As a result, managers must weigh independent","page_number":232,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"57d13fc5-dec8-445b-900d-f2fce84e8b58","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":232,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"79af8e4e-79f0-4858-a9f9-411efad6259a","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":232,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"d0d0d16c-4c98-48df-a878-fa9b9c199bfc","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":232,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"a91e85a5-5198-47a7-a9e5-e2d6f12a3cad","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":232,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"09f5ccf7-21c1-4586-bce0-a27b662dd5b2","block_type":"box","text":"18","page_number":232,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"7c610226-89f4-4c40-9698-274bb86d56b6","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":232,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"ea08f3c4-c8ad-4b8a-9447-08243d57ea08","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":232,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"091f9a76-c408-4426-9762-d7d314c90770","block_type":"box","text":"including the decision to lend securities.","page_number":232,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"fc42ce6e-eddb-4d18-b1ca-77d9d8422fda","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"af612c19-d8ef-4017-b3fa-4d18e4de16ac","block_type":"box","text":"Global Principles | 13","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"32b04a02-32f9-4f84-bbff-c25c1eebdbe4","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e06135b3-6613-4f2c-b813-fccd63cfc31c","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":233,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"45b525ed-2bbc-4939-9149-3ff9aa6c7426","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":233,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"3e643bf4-7c53-459e-b149-4d3e6761f309","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":233,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"e7ffccc6-f805-4156-9e45-b2a7edac386a","block_type":"box","text":"19","page_number":233,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"10e9415c-1c6a-4057-8183-fc6ace8d5845","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":233,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"475e22ad-7999-416b-a775-291ce15fc40a","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":233,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"0cd655ec-9949-4968-aee4-0d5dc72c2e8c","block_type":"box","text":"20","page_number":233,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"98031b0b-0390-46b1-b9fa-38ae10f12f88","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":233,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"f1f3b0d7-e134-43dd-be17-12f99bade085","block_type":"box","text":"depending on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in","page_number":233,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"4a1a77cc-7f19-4c8e-9371-6786aad1b2de","block_type":"box","text":"accordance with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients","page_number":233,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"4351760e-5792-4118-aa61-586adb44843c","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":233,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"2e668050-f6f0-4941-9942-efdd513eeb85","block_type":"box","text":"21","page_number":233,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"86f03d38-8784-405a-8ac7-48da1d5e0ed6","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":233,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"16b86cf3-f568-44f2-aaa0-ebaed138377a","block_type":"box","text":"We are committed to transparency of the stewardship work we do on behalf of clients. We inform clients about","page_number":233,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"b2da5724-1815-4331-8de2-02f1190d54dd","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":233,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"4fe39e96-f6ca-4346-957d-3894c351a463","block_type":"box","text":"website. We make public our regional voting guidelines for the benefit of clients and the companies in which we","page_number":233,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"c1a0e708-cc57-4520-9f69-82ce976005a9","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":233,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"21579f8f-85cb-4fcd-9b17-f5c8aa70d6e9","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":233,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"f8e56116-c009-43ff-8ad5-29cd1f5f6134","block_type":"box","text":"19","page_number":233,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"8f0dd4db-cf88-413a-8113-de10218f47fa","block_type":"box","text":"With Voting Choice, SMA clients have the ability to select the policy that best aligns with their views and","page_number":233,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"cef21920-6a2b-44d9-abd6-9c97197c3738","block_type":"box","text":"preferences from a set of voting policies from third-par ty proxy advisers. BlackRock can then use its proxy voting","page_number":233,"box":{"x":70,"y":338,"width":800,"height":12}},{"id":"d4fd4774-7b7a-46cd-90f8-a494fb3eabe1","block_type":"box","text":"infrastructure to cast votes for the SMA based on the client’s selected voting policy.","page_number":233,"box":{"x":70,"y":354,"width":596,"height":11}},{"id":"2b984a03-6d01-4a7a-8073-2c77634686a5","block_type":"box","text":"20","page_number":233,"box":{"x":69,"y":372,"width":9,"height":4}},{"id":"b301504d-b514-4147-84c1-95123e92beb5","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":233,"box":{"x":84,"y":371,"width":415,"height":11}},{"id":"9a9b70c1-eb3b-4b02-9bde-4e8d3c067017","block_type":"box","text":"21","page_number":233,"box":{"x":69,"y":389,"width":9,"height":5}},{"id":"a6ad1eae-a8e9-419e-806b-9e17b883056d","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":233,"box":{"x":84,"y":389,"width":820,"height":11}},{"id":"3a47b80e-f043-4578-b785-7dd143d5c8f0","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"460d21dd-79b5-4280-870d-bb53610b05e7","block_type":"box","text":"Global Principles | 14","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1e83024d-776a-4974-9af1-dcacaa863fe1","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3882011f-abe2-44ff-92be-e9c3e036cfc6","block_type":"box","text":"Want to know more?","page_number":234,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"d7e6ff47-d8f8-4641-95c3-747aa21591f0","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":234,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"162772c7-1dfc-4b64-bde5-dd10b8b76a3c","block_type":"box","text":"This document is provided for information and educational purposes only. 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related to climate","page_number":237,"box":{"x":101,"y":526,"width":784,"height":11}},{"id":"0542c311-af9d-4e98-a162-84bc062df080","block_type":"box","text":"risks and the transition to a low-carbon economy at companies that are held by in-scope funds and accounts that","page_number":237,"box":{"x":69,"y":541,"width":806,"height":11}},{"id":"f637713f-6a74-4ed7-9cd8-ca5bcac62d50","block_type":"box","text":"apply these Guidelines.","page_number":237,"box":{"x":69,"y":556,"width":165,"height":11}},{"id":"ef00720a-575b-4dd0-bfe6-c8fd2b7a8ef9","block_type":"box","text":"The Guidelines differ from the Benchmark Policies in that they consider, in addition to financial objectives,","page_number":237,"box":{"x":101,"y":579,"width":755,"height":11}},{"id":"07300b9e-4e87-48f3-85ee-c0dc620c11be","block_type":"box","text":"companies’ strategies to align with the transition to a low-carbon economy. They also incorporate the more ambitious","page_number":237,"box":{"x":69,"y":594,"width":834,"height":11}},{"id":"eb2bacc9-16a6-44bd-b1f0-ed6d93540035","block_type":"box","text":"goal of the Paris Agreement - namely to limit average global temperature rise to 1.5°C above pre-industrial levels.","page_number":237,"box":{"x":68,"y":609,"width":806,"height":11}},{"id":"54bf9048-21dd-42e7-a77c-a23638e6760f","block_type":"box","text":"6","page_number":237,"box":{"x":876,"y":609,"width":4,"height":5}},{"id":"de005af3-9c58-424d-a9f0-4baeb4292f6c","block_type":"box","text":"The Guidelines apply primarily to companies in sectors that play an impor tant role in the transition to a low","page_number":237,"box":{"x":101,"y":632,"width":766,"height":11}},{"id":"8bc80b2c-83b5-46a7-9cd7-320229fef572","block_type":"box","text":"carbon economy. 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Fur ther, the Guidelines consider the","page_number":239,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"ca90ff7c-fc11-4808-a7fe-d702b0cc4f46","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":239,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"d5dfbcad-acf8-484b-b8d8-a1be23e0eb97","block_type":"box","text":"does not.","page_number":239,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"3d2a5987-d028-44b7-99b7-e5ea9d0cde07","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"c0282b02-bdf4-47ed-b741-a038190da6d6","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":239,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"638c7f7e-0239-497e-aba1-25775f4058d9","block_type":"box","text":"limitations:","page_number":239,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"55dde415-e8c3-42c8-ba5f-4d3304e8fb8c","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":239,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"9eabfaf1-4725-4ce5-b66b-03d2c3872224","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":239,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"b0549051-216f-43a5-9dab-e7dda537f1a1","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":239,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"e0308acb-f34c-4007-826e-807b81305510","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"6427aea3-f8ca-42dc-8a6f-b8aea3cbc334","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":239,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"320a545e-038f-4812-bc6d-061e97610a65","block_type":"box","text":"The boards and executive leadership","page_number":239,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"5dd45a4a-c6e0-48ec-96b5-425532ca4b7a","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":239,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"f7057266-5a03-4464-9505-fedebc3df3e5","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":239,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"a3128c94-ecc8-4fee-a81f-6bb20ff2682a","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":239,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"fd94c076-c0dc-49d5-9e1a-0f7949a6203a","block_type":"box","text":"Voting approach under the Guidelines","page_number":239,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"1fce77fa-e6d3-47b4-845a-6ab6e89592da","block_type":"box","text":"12","page_number":239,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"30f12409-461d-415e-82b2-c12c8cb98b43","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":239,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"9712289c-6191-451e-bf38-4a0e803a819f","block_type":"box","text":"case-by-case approach that reflects the uneven pace of the low-carbon transition across sectors and markets, and","page_number":239,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"ff344bb1-7cb6-4c77-8b0e-71205dbaaf8e","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":239,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"c1061c61-fe56-4a4e-bda2-8430589b3c16","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":239,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"ca502a12-75d5-4eff-9802-aede27c9e87c","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":239,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"f098f062-0a1f-4474-a92a-67534acb3883","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":239,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"c77cdaf3-8dd4-494f-8486-b72dcb9e7f90","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":239,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"90046813-286d-4e8f-b795-a821bde6a316","block_type":"box","text":"Corporate Disclosures","page_number":239,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"03085d0e-1df8-419d-9a40-3698cb8dfabc","block_type":"box","text":"13","page_number":239,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"cce377d1-d6ed-4bf0-bad1-14d41c519602","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":239,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"a7fcf926-6b12-4f8f-9f93-65eab7c3b1c8","block_type":"box","text":"assess whether the company’s strategy is aligned with the low-carbon transition. As a general point, the team looks","page_number":239,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"ef84b31e-5f07-4097-bee1-78300006b031","block_type":"box","text":"to companies that are impor tant to the transition to a low-carbon economy to explain the strategy and governance","page_number":239,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"0e7d0024-4f88-49b1-a757-fcbaa015cdb1","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":239,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"341ea41a-308d-45ff-85da-c8fed4b41447","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":239,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"4709b27f-1c7b-4f60-9aa0-1a921d89f630","block_type":"box","text":"temperature rise to 1.5°C above pre-industrial levels. This would typically include a long-term strategy to achieve","page_number":239,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"5bca4e8c-000d-42d6-a28d-bd336777480d","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":239,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"ffc8829e-25b6-4a98-b2e8-7c7392099977","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":239,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"e0497ee3-c337-49b5-950e-e787ff62dad1","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":239,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"3d599373-c832-4534-ad77-c0562e3cef3c","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":239,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"560db493-433a-401a-bd99-fa8be072c19e","block_type":"box","text":"14, 15","page_number":239,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"d5aa5923-71d4-4421-85f3-b4a36b90db67","block_type":"box","text":"IFRS","page_number":239,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"ff17c5a3-8aca-4dee-be9f-e1e604e5e2db","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":239,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"64c02a3b-cd48-4511-8288-774a552a4d87","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":239,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"40c1f890-4928-4860-befc-37b2111998b0","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":239,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"40356e05-06c7-450c-b99e-15af41981de3","block_type":"box","text":"and assurance standards are developed.","page_number":239,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"94709f66-c231-4870-8245-5029d076c47b","block_type":"box","text":"12","page_number":239,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"e5a472d9-82f1-4fc4-b3dc-6c726616ac05","block_type":"box","text":"These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide","page_number":239,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"27d3bd99-5aea-42db-b8c7-0edf93ac044a","block_type":"box","text":"as to how the dedicated team will engage and/or vote in every instance. The Guidelines are applied by the dedicated","page_number":239,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"fe28be81-28f5-446d-9b5c-ed24620d1210","block_type":"box","text":"team with discretion, on a case-by-case basis, taking into consideration the range of issues and facts specific to the","page_number":239,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"a9050842-8895-49da-a795-159d4f786f7f","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":239,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"04ef6e87-dbf6-42b0-bea6-b8493557afc9","block_type":"box","text":"13","page_number":239,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"663208cc-466e-48a7-ac55-fb7f953dcea2","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":239,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"6f1d559b-6a69-4c28-a7fb-9619bdae3659","block_type":"box","text":"repor ting methodologies are nascent. In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":239,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"98a8dd07-ecd7-4bc7-af66-1d897b8ef753","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":239,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"d0007638-7209-4fcd-aad4-ed3a57846ce7","block_type":"box","text":"14","page_number":239,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"c203f4d7-73a8-43a6-b49e-42f4aded56f4","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":239,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"1560173d-649e-4afc-937b-1944858b081b","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":239,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"55f58b6e-6b9f-4918-9a42-83f1f9d4d55e","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":239,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"94f4ab7d-9e2c-440e-b07a-f3668ed24336","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":239,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"757b69f7-b65f-4d12-aa7b-73b7bd45ad95","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":239,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"5bf5776b-82c2-49e1-9a0e-fd7c2f6e404a","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":239,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"ecf4068f-264c-4c19-bfa9-71eec37e30b9","block_type":"box","text":"15","page_number":239,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"029157cf-bf86-4083-9dca-fe6a8039995d","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":239,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"d5c47ed3-4723-4180-a6ce-159ae0af8a0e","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":239,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"8aaf05e1-b136-4c4b-ae77-6c20753532f6","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":239,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"5f3228e5-140b-4762-af60-28858858657d","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":239,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"374e75e4-0faa-4424-b488-84d0d6255a3f","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":239,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"5249f633-a1d3-40e8-b627-bc32b077539f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3e2884d1-34a9-476f-9c6e-444f3158cddb","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":239,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"57ec821f-e437-4a87-846c-aa6a7d7a2a84","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"af39d9a7-b261-4fa7-b456-ac2591216667","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":240,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"8f6b83d3-d439-4d32-8ea8-3458c29c05bd","block_type":"box","text":"16, 17","page_number":240,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"84136c40-c8c6-47b2-b7b6-f2bc1ef89dcc","block_type":"box","text":"In addition, the dedicated team looks to","page_number":240,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"3870fb7f-a75b-421f-b2eb-4307b5e08379","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":240,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"51c46d1c-94b4-454f-909b-d099ecf01db5","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":240,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"da200e2d-aff7-4e80-b34e-83041ff16002","block_type":"box","text":"scope 3 emissions reductions. 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The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":240,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"350baba8-d8d1-4a01-8143-7449c0016cb1","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":240,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"df991e7b-116e-432f-9585-6af7088687ee","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":240,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"959d9ac4-4472-4341-b7c6-19062760f53f","block_type":"box","text":"18","page_number":240,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"81b2f03b-95b4-4e72-9fe7-73ff6a69da8f","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":240,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"9b482c74-07a0-4165-890b-fdcdd11a4375","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":240,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"6da9ee1c-b9aa-428f-b6d1-b900396c82a9","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":240,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"86235748-cde5-4593-b608-35eca42e9c61","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":240,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"bb0459ba-505d-430c-97c1-bbd86eb2b51d","block_type":"box","text":"material to their business models.","page_number":240,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"881fe257-a893-460c-b89b-85fe02469158","block_type":"box","text":"19","page_number":240,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"a1b09ae5-de26-4479-b59a-22647dad1b22","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":240,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"9d614acf-7f73-47c1-9a5d-4f8407922e7d","block_type":"box","text":"December 2025.","page_number":240,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"11bfd2a2-4e44-4f14-9f90-3e0b2fcc4251","block_type":"box","text":"20","page_number":240,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"5c6aeb7d-a5b0-4f2a-b333-164487af3358","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":240,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"40e26cf0-2da5-4542-9534-bbbf72668452","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":240,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"384f75ec-d759-4f0c-8cf9-49cc4876d4f4","block_type":"box","text":"(please see the International Transition Plan Network for information). 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Where the dedicated team","page_number":241,"box":{"x":69,"y":599,"width":788,"height":11}},{"id":"d220ef53-cdb8-47dc-acc7-67d7ae2a0636","block_type":"box","text":"determines this is not the case, it may vote against the election of one or more directors who the team identifies as","page_number":241,"box":{"x":69,"y":614,"width":828,"height":11}},{"id":"8bc2e2ba-dbce-4679-b088-6a520ed0f66f","block_type":"box","text":"having the most responsibility for the issue. 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The research uses a definition of materiality from the GHG Protocol,","page_number":241,"box":{"x":69,"y":734,"width":813,"height":11}},{"id":"2e673200-296d-4502-a156-5d9f81ffe127","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":241,"box":{"x":68,"y":749,"width":828,"height":11}},{"id":"6a9d77cd-75a1-4eec-a584-e926caeb572f","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":241,"box":{"x":69,"y":764,"width":801,"height":12}},{"id":"1a690d40-6cb9-4ffe-9cc4-6577ba583653","block_type":"box","text":"Website accessed in December 2025.","page_number":241,"box":{"x":68,"y":779,"width":272,"height":9}},{"id":"a6b9acdf-fb4a-40c4-b9d9-dcf7864d3a9a","block_type":"box","text":"22","page_number":241,"box":{"x":69,"y":797,"width":9,"height":5}},{"id":"d0fa0062-c47c-416b-b3b7-f190e3ccfd11","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":241,"box":{"x":84,"y":797,"width":787,"height":11}},{"id":"2950f2a8-0cdd-42a2-8374-b13f1b6be6d7","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":241,"box":{"x":68,"y":812,"width":500,"height":11}},{"id":"df230abe-eba2-4996-bd9f-6c78db63cb20","block_type":"box","text":"23","page_number":241,"box":{"x":69,"y":830,"width":9,"height":5}},{"id":"979e5aa6-9665-4f68-bbbb-1aaad53982c3","block_type":"box","text":"Board repor t votes are generally advisory and relate to repor ts issued by the board of directors that may contain","page_number":241,"box":{"x":84,"y":830,"width":801,"height":11}},{"id":"035a0652-eba0-4e02-b145-6b573f9ede93","block_type":"box","text":"information on a company’s sustainability effor ts, operational resilience, or financial condition, among others.","page_number":241,"box":{"x":70,"y":845,"width":782,"height":11}},{"id":"3f6f84a5-c7ce-4c25-8e13-136b8e840a4f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"edf9f855-ff6f-4bdf-9d27-389a82d3fef9","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 7","page_number":241,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"593999ad-80f5-4fb2-91c3-acf6152d8893","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0690d36a-4f8a-4548-8740-a8dee7ceec81","block_type":"box","text":"Where the dedicated team has not suppor ted director elections over climate concerns in a prior year, and the","page_number":242,"box":{"x":101,"y":45,"width":780,"height":11}},{"id":"b5ebead5-5d7a-44a9-a67f-b89b0ceb3dfc","block_type":"box","text":"company has not subsequently made progress towards aligning with the transition to a low-carbon economy, the team","page_number":242,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"b173dc20-385d-40bb-b1b1-329961daf3b7","block_type":"box","text":"may escalate by not suppor ting the re-election of additional responsible directors.","page_number":242,"box":{"x":69,"y":75,"width":582,"height":11}},{"id":"81b5b264-7daa-4277-bdd5-7ec07cd9fec1","block_type":"box","text":"24","page_number":242,"box":{"x":653,"y":75,"width":9,"height":5}},{"id":"447dc157-29c0-478a-8086-28bf7a25c171","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":242,"box":{"x":69,"y":105,"width":528,"height":11}},{"id":"87ecb012-2e98-4939-88d8-f81b4319f059","block_type":"box","text":"In cer tain markets, company management may submit proposals— commonly referred to as “Say on Climate” —","page_number":242,"box":{"x":102,"y":128,"width":807,"height":11}},{"id":"d12afdc2-236c-40a1-9b8d-d5b140472eed","block_type":"box","text":"seeking shareholder approval of their climate action plans or progress repor ts. The Guidelines consider these","page_number":242,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"f877cd43-f77b-49d0-8062-e0006188ccee","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":242,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"22f198e7-6bb0-47ba-9f67-4ecbbd23cfd7","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":242,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"23cee615-5048-48a7-a675-65aa940f9501","block_type":"box","text":"strategy proposal if, in the team’s assessment based on these Guidelines, the strategy is aligned with the low-carbon","page_number":242,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"51acbddb-c668-4215-a89e-262bbd9ec861","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":242,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"65539628-9fdd-42b5-b501-66a7c6e358a3","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":242,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"907dcc28-df64-4e16-9a1b-7dc079398015","block_type":"box","text":"transition plan and targets.","page_number":242,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"655d0f30-f073-4cd1-b099-8a541aacc789","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":242,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"9f03978f-340c-4bf1-a057-6e41ebd03c51","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":242,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"48628e21-0926-4af6-8616-b1ceead3067e","block_type":"box","text":"long as cer tain requirements are met. 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The dedicated team assesses the implications for, and the relevance to, the","page_number":242,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"882d0572-f103-40bd-aaef-c9691872bd25","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":242,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"8d5286ca-9fa8-40bc-91cf-3ec6f5ac5fb4","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":242,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"37dec561-b66f-4035-a7a9-9f88fc6398d5","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"41c24d03-aa41-452d-b173-07ee3a426518","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":242,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"e544506b-4674-40d4-968e-971bd45d1f9f","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":242,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"356e154e-f503-4f81-8318-4fc401c090c2","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"f97f6206-a418-4631-97b4-b495604d2b72","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":242,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"5e3f487b-f5b2-4b74-9cb5-3e3901325932","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":242,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"72bfc997-27e9-495b-8b7c-775a7c666a03","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"d50786c3-ac31-45c5-aeb6-b40c085abe0a","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":242,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"bd8f1dcf-7082-4ed1-89a4-258b7c60fa7d","block_type":"box","text":"•","page_number":242,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"0e663435-7266-456c-92e3-8c3cff5cbd02","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":242,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"45c56b73-5713-43df-9890-8e7519ee839d","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":242,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"2d2fe26b-8b6a-46d0-b263-12d716b20a8c","block_type":"box","text":"25","page_number":242,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"20cf5607-3d1e-48bb-8f50-3437bf1f5ff6","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":242,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"6e6dfee4-c283-4194-99c6-e30d622a8d45","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":242,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"15f6f789-0e12-4d23-91f7-0eab5489cf76","block_type":"box","text":"RELATED MATTERS","page_number":242,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"75f2caa3-bacc-45e1-ada1-1d5e2b9ee7f8","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":242,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"a71766d7-1630-4727-a3c5-b18e3ab56097","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":242,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"fbeea646-5e61-48ba-8941-1bc4bd2e3faa","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. Generally, voting on these matters would","page_number":242,"box":{"x":68,"y":685,"width":831,"height":11}},{"id":"ad2781b5-d76d-4c7d-bb62-08dd9472e5a1","block_type":"box","text":"be covered by BIS’ Benchmark Policies.","page_number":242,"box":{"x":69,"y":700,"width":280,"height":11}},{"id":"981835bc-000d-41a4-817b-42ba18a72f51","block_type":"box","text":"Executive compensation","page_number":242,"box":{"x":69,"y":730,"width":177,"height":11}},{"id":"757351dd-8066-4737-9129-aff35050ec83","block_type":"box","text":"The dedicated team looks to company boards to put in place a compensation structure that incentivizes and","page_number":242,"box":{"x":101,"y":753,"width":772,"height":11}},{"id":"61338107-408e-4805-a853-a08d70da1d1e","block_type":"box","text":"rewards executives appropriately. Some companies, in light of their long-term strategy, may decide to include relevant","page_number":242,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"889fe164-e1b4-43fa-a447-0bf1992468c6","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":242,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"730d8834-b792-49c3-992e-a376d3e62873","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":242,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"60935cf9-de70-4eac-9c39-efa5fcaa5930","block_type":"box","text":"24","page_number":242,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"52995802-7b88-4c79-a9de-b42b00552e23","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":242,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"33eaa649-b2cc-4b64-96e0-19b244f78628","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":242,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"d431752a-3065-4272-89a2-a32fe2c68e1b","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. 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Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":243,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"e134cd8f-db35-42af-99fb-302295d5f84e","block_type":"box","text":"strategy and risk management.","page_number":243,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"01860d31-d9d6-4e1d-8391-14927e7405fd","block_type":"box","text":"Auditors and audit-related issues","page_number":243,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"ad16f6a2-0970-4423-9b91-b644aa832e67","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":243,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"61c98921-4626-473a-a532-7e67c8e63b87","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":243,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"a015a0bd-3a9d-45e8-840f-56322c3c6ba9","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":243,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"41d17a40-ead2-435e-8a44-9bfc653601c2","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":243,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"b9127b29-f950-4e77-9762-58654f3c2f3e","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":243,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"aeced706-c103-4916-9140-1fe6015194d8","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":243,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"59d93d54-a1d9-40a4-9799-222e751b4aab","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":243,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"e5eb8a1c-df4e-400f-8aa8-a2ed7c983bad","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":243,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"8460d243-2d22-4d19-879b-216ca826fcb0","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":243,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"b82b4169-b66e-4f96-b40c-a9301ceb0d0a","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":243,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"42df3b36-a96b-440f-82ba-0dda2003bd48","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":243,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"286ff482-4209-46aa-83c7-bce483f6086c","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":243,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"260a04db-fd12-455c-b2d2-6c3fb3706542","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":243,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"cbd55e30-c26d-4b59-91d5-0af934b77dd3","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":243,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"72c80fe5-8989-4163-b3fc-90fb289e9ffb","block_type":"box","text":"stakeholders.","page_number":243,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"299d58ab-c853-4b9a-bfa4-c368cf3985b7","block_type":"box","text":"26","page_number":243,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"f6ac96b0-c7ac-4182-b4de-b86ddc70cee9","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":243,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"1075270e-db06-4120-8e2c-d3c28db6be0e","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":243,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"9f20b1a4-79a2-40dc-b312-5b8ba4ca6d76","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":243,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"78a07b20-5a7e-479e-a997-3fece6924926","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":243,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"0c2afed3-270a-4557-bea3-702fba884d52","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":243,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"4e84f673-f1e6-41a2-b0de-beab8aea859a","block_type":"box","text":"26","page_number":243,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"867c6e7c-22ab-438f-8fcb-6992962ef4f4","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":243,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"8b2551f3-f21d-4f2b-a16c-be3aa59fb998","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":243,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"138fdb5d-3803-4205-9c42-27e3db62a5d2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":243,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"62aeecee-93ab-47df-9ac0-39526d327684","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":243,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"4df23d21-0983-438f-9c84-9ad6910bb07d","block_type":"box","text":"BNM1026U-6033397-19205827","page_number":243,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ef357054-c77f-4b89-840b-91f6e0bc07a8","block_type":"box","text":"Appendix 1","page_number":244,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"5bae8c4b-1e94-467e-9ffd-8586251b4c6b","block_type":"box","text":"Terminology","page_number":244,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"4abc05a1-7d80-480a-85e5-5ca0d534639c","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":244,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"e3856455-e3be-4ac9-9288-159c2ca714e2","block_type":"box","text":"Climate risk:","page_number":244,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"16b05dd4-d5de-4c51-a4e4-de0667f97c61","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":244,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"55dcd643-4898-466c-803c-118e85deea17","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":244,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"d49f811c-2991-49d2-85e9-2d9445ad3541","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":244,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"27a0cce7-5f15-40b0-89a7-a7e5cf9bc38e","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":244,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"53172c28-7023-4c4a-bdb2-06c571881c04","block_type":"box","text":"The global economic shift toward lower","page_number":244,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"3ccaba52-dfed-4802-90fc-24cafd0feea6","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":244,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"8d8cad91-ce1b-40f2-8afe-588a270e87ac","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":244,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"11a79a47-fdca-4d4f-afb4-a5c2f3d3e2df","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":244,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"2cc3f455-6b1a-4bed-a5a3-b73f856816b7","block_type":"box","text":"Decarbonization:","page_number":244,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"56434ca4-6f99-4b03-9331-9f02a5b7b478","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":244,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"c8eb5814-298b-4e03-ac7a-0e874870bd48","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":244,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"cec72e7e-670e-49c4-8531-9853af0545fa","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":244,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"60a5955b-305f-4231-9d8f-389906c3df44","block_type":"box","text":"e.g., methane.","page_number":244,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"3e32c3e0-1d39-47de-8d0f-939d53c5b3a2","block_type":"box","text":"Climate-related risks and opportunities:","page_number":244,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"3dfde7bc-04dc-47b2-aebf-3f909dfbd966","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":244,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"a150f6b9-0a9e-421c-a2c7-4f853ec78c11","block_type":"box","text":"to a low-carbon economy, including transition risks and oppor tunities and physical risks and oppor tunities in adapting","page_number":244,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"8e5eb94d-9bae-4c58-b310-11de8c9e419c","block_type":"box","text":"to physical climate change.","page_number":244,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"a923af06-8e61-4182-9e9d-fdc8f86fc002","block_type":"box","text":"Climate-related transition plan:","page_number":244,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"d0b86990-2496-4999-a542-4dfc09e37f69","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":244,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"0c4016d2-07dd-4245-a123-0c545a30e0ce","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":244,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"d6e2a68d-59a8-4820-906b-9e8ffb28e2f0","block_type":"box","text":"greenhouse gas emissions.”","page_number":244,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"50ff951d-58eb-4099-afa5-1556d038a86c","block_type":"box","text":"27","page_number":244,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"7c277885-d77d-4b53-a759-96c657ff365c","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":244,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"0a201de1-bc15-4b98-9767-12c26374b86c","block_type":"box","text":"Targets that “","page_number":244,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"b236e9bc-bf7b-444b-a900-7722301f629d","block_type":"box","text":"are in line with what the latest climate science","page_number":244,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"f21b228e-5808-40f5-adff-c7cafc901f14","block_type":"box","text":"deems necessary to meet the goals of the Paris Agreement — limiting global warming to 1.5°C above pre-industrial","page_number":244,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"e15dc423-ff63-45d1-8113-e8397870242c","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":244,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"637052f1-2241-48b7-aac1-a818f95d0bdd","block_type":"box","text":"global warming to 1.5°C. They define how much and how quickly a business must reduce its emissions to be in line","page_number":244,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"0e7dc75a-4fb7-4ac4-ab4a-375c00888954","block_type":"box","text":"with the Paris Agreement goals.”","page_number":244,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"06c044d4-7bd4-4d78-9a3c-aa4c5526a506","block_type":"box","text":"28","page_number":244,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"6ce752e9-1322-4959-9ffb-117067c28cd2","block_type":"box","text":"Scope 1:","page_number":244,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"8aa04622-a4d6-4a9d-a98a-1908f6be64a9","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":244,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"4dd0ba8b-eecc-49e0-8f8a-0a05de1b3edf","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":244,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"6a3c1dc8-e5fd-4290-90b4-4c6483688416","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":244,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"8e2a86fc-bdaf-4b3e-82dd-961a006e28e1","block_type":"box","text":"29","page_number":244,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"3c152995-ae18-45ec-a9c6-102cb7dfe77d","block_type":"box","text":"Scope 2","page_number":244,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"0213e52b-20bb-40cc-873e-b19366426ca3","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":244,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"25769929-9fb2-4160-a7f0-c158ddfc5b55","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":244,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"7f5faa70-e6d8-43a2-ba17-8f1bd33c2a26","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":244,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"68d285ae-db1b-43b3-868c-28f92c8806e4","block_type":"box","text":"30","page_number":244,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"19a39c7a-3156-4892-9373-9d61dcdb682a","block_type":"box","text":"Scope 3:","page_number":244,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"3202b18d-79c1-4d74-a56e-4a74626ae002","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":244,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"59a4f643-fa51-4b6a-ba9d-f493e5163864","block_type":"box","text":"of all other indirect emissions. Scope 3 emissions are a consequence of the activities of the company, but occur","page_number":244,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"ca62a1c9-96fa-4fcd-b77a-7e4d84a232c1","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":244,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"c5888157-7c13-4df2-9808-09e9c8dc2495","block_type":"box","text":"31","page_number":244,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"ca27581d-3de5-4d4f-bbb2-59ea63198365","block_type":"box","text":"27","page_number":244,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"daae0128-40a5-4fa0-a42e-791b14a416c0","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":244,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"ff858beb-69f9-40ce-a5e6-a2ca5cbb6f92","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":244,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"c8abd019-4fdf-4ef5-82e1-4cbd669b3b90","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":244,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"6ea6d32a-2a7c-45d4-a56e-1e46d259e851","block_type":"box","text":"28","page_number":244,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"b1850b60-8f1d-46e7-9dd2-3c4c340a8218","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":244,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"7c7fecb9-492b-4d34-ba5a-dd7c5d60123d","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. We develop","page_number":244,"box":{"x":69,"y":742,"width":831,"height":11}},{"id":"4f51d592-b8ee-4077-9cde-1cde21069ab4","block_type":"box","text":"standards, tools and guidance which allow companies to set greenhouse gas (GHG) emissions reductions targets in","page_number":244,"box":{"x":69,"y":757,"width":826,"height":11}},{"id":"a3d5338a-20eb-4ab2-93b3-d4058ad9b3bf","block_type":"box","text":"line with what is needed to keep global heating below catastrophic levels and reach net-zero by 2050 at latest.”","page_number":244,"box":{"x":70,"y":772,"width":795,"height":11}},{"id":"e1decbb9-ca6e-42cf-8dc6-f1ff16e1f732","block_type":"box","text":"Source: Science Based Targets initiative, “About Us.” Websites accessed in December 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