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Purchase or hold real estate, except each Fund may purchase and hold securities or other instruments","page_number":26,"box":{"x":134,"y":68,"width":752,"height":10}},{"id":"b1c5d6d2-158b-46af-88ab-aa7ee3ce970f","block_type":"box","text":"that are secured by, or linked to, real estate or interests therein, securities of real estate investment trusts,","page_number":26,"box":{"x":101,"y":82,"width":770,"height":12}},{"id":"ac199795-320f-4a7c-8ace-e487e11ad749","block_type":"box","text":"mor tgage-related securities and securities of issuers engaged in the real estate business, and each Fund may","page_number":26,"box":{"x":102,"y":98,"width":786,"height":11}},{"id":"0870d467-28db-4988-97a3-8a196cd6b9e5","block_type":"box","text":"purchase and hold real estate as a result of the ownership of securities or other instruments.","page_number":26,"box":{"x":102,"y":113,"width":666,"height":11}},{"id":"76a69102-3905-4aed-93c7-40d428ef6c21","block_type":"box","text":"5. Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by each","page_number":26,"box":{"x":134,"y":135,"width":757,"height":11}},{"id":"7a4a5d33-8deb-48f1-b93a-31077d31c83b","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":26,"box":{"x":102,"y":151,"width":627,"height":11}},{"id":"2f83df9e-1fae-4895-9cf1-e54732d77f95","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":26,"box":{"x":134,"y":173,"width":757,"height":11}},{"id":"32e465a9-d988-49ca-8b70-9f8d3012165e","block_type":"box","text":"Act.","page_number":26,"box":{"x":101,"y":188,"width":25,"height":9}},{"id":"a27666ee-0a5d-4a17-b448-0d05f51024b0","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":26,"box":{"x":135,"y":211,"width":506,"height":11}},{"id":"c2b07b2b-9b72-4f7e-bc4a-9d1ce43617e7","block_type":"box","text":"8. Make any investment inconsistent with each Fund’s classification as a diversified company under the","page_number":26,"box":{"x":134,"y":234,"width":741,"height":11}},{"id":"9b5dd6ec-1a09-4f2a-85b6-3e3283eea6a5","block_type":"box","text":"Investment Company Act.","page_number":26,"box":{"x":102,"y":249,"width":179,"height":11}},{"id":"c66e1ea8-bf3f-46aa-91a1-614fa7cfc55d","block_type":"box","text":"Notations Regarding the Funds’ Fundamental Investment Restrictions","page_number":26,"box":{"x":69,"y":279,"width":510,"height":11}},{"id":"cac757bf-2704-48e1-a532-9f248aa5977e","block_type":"box","text":"The following notations are not considered to be par t of each Fund’s fundamental investment restrictions and","page_number":26,"box":{"x":101,"y":302,"width":782,"height":11}},{"id":"db6c668a-5f8c-427b-943e-3d9f84ec0b5e","block_type":"box","text":"are subject to change without shareholder approval.","page_number":26,"box":{"x":69,"y":317,"width":369,"height":11}},{"id":"3835000b-2f1c-476f-b180-47a9945cd18c","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":26,"box":{"x":101,"y":339,"width":796,"height":12}},{"id":"774b8c29-986f-45ce-b57e-56a742c8abc4","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":26,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"bcc7ab6a-a7af-49b0-9e7f-556842bf6755","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":26,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"294bdd62-311a-4b73-a472-9792aa6e33d8","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":26,"box":{"x":68,"y":385,"width":836,"height":11}},{"id":"ede83452-709d-4371-9cad-d9e577a1ed16","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":26,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"2705fe26-efbb-48bb-8768-b458f047b48c","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":26,"box":{"x":70,"y":415,"width":813,"height":11}},{"id":"377e9299-7ccc-40c8-b25e-ad4f360c3454","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":26,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"937844e4-ff41-4544-81fd-395f31434a81","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":26,"box":{"x":69,"y":446,"width":809,"height":11}},{"id":"7c694a4d-a46a-4561-a449-e3ce9fcedf5d","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":26,"box":{"x":69,"y":460,"width":772,"height":12}},{"id":"af81ac21-4466-4771-bfad-d8552e9e553a","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":26,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"048af656-61ff-4418-8305-e31447597dd4","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":26,"box":{"x":67,"y":491,"width":829,"height":11}},{"id":"d18acd09-eea0-4d51-a582-d36689d7db14","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":26,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"b7a501ab-f594-4784-b644-eebf7362540b","block_type":"box","text":"member of a separate industry. With respect to a Fund’s industry classifications, each Fund currently utilizes any one","page_number":26,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"dfc5c143-ca7d-476c-a9e9-912b633eeebf","block_type":"box","text":"or more of the industry sub-classifications used by one or more widely recognized market indexes or rating group","page_number":26,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"e6457568-13b7-479f-bca2-cc87590a0142","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to each","page_number":26,"box":{"x":70,"y":551,"width":818,"height":11}},{"id":"c80bceb1-e62f-4349-bf3d-5cca4a895495","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":26,"box":{"x":70,"y":566,"width":438,"height":11}},{"id":"bd3aee8e-8df6-4091-b946-956b3f4c18dd","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th above, the Investment Company Act","page_number":26,"box":{"x":101,"y":589,"width":805,"height":11}},{"id":"c48618c1-d254-40f2-814a-1ee697802222","block_type":"box","text":"permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks for any","page_number":26,"box":{"x":70,"y":604,"width":782,"height":11}},{"id":"12ce02b8-d04c-4f80-b630-e11cca0192c3","block_type":"box","text":"purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary purposes. (The","page_number":26,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"fe58330e-ef33-44cb-a488-497d8e0ed7e6","block_type":"box","text":"Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing, the Investment","page_number":26,"box":{"x":70,"y":634,"width":816,"height":12}},{"id":"117b2083-cac3-486c-ae52-72d5149f781a","block_type":"box","text":"Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the amount of its","page_number":26,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"c6d15d13-df48-46ed-ab2d-65c172c1dab5","block_type":"box","text":"borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including amounts borrowed),","page_number":26,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"e3eed8ff-6f67-4de6-9da6-b16416764e5d","block_type":"box","text":"minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to","page_number":26,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"0a567a75-965d-4726-b71c-85b78ab34a99","block_type":"box","text":"increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments, such as reverse","page_number":26,"box":{"x":70,"y":695,"width":801,"height":11}},{"id":"43d90f59-72e6-4d48-a38b-11b0b30693bf","block_type":"box","text":"repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the","page_number":26,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"fc856a71-4fe9-4f1d-8dcc-e0111e1f15d5","block_type":"box","text":"Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company Act, when the","page_number":26,"box":{"x":70,"y":725,"width":810,"height":11}},{"id":"453fd2be-2e99-40a1-833f-5bf59cfe6910","block_type":"box","text":"Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may either (i) maintain","page_number":26,"box":{"x":70,"y":740,"width":828,"height":11}},{"id":"bd7c0276-8818-4323-8a30-3ac05c751d3b","block_type":"box","text":"asset coverage of at least 300% with respect to such transactions and any other borrowings in the aggregate, or","page_number":26,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"745b8299-3a0c-4732-a0d5-a29fffaafe8b","block_type":"box","text":"(ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to such","page_number":26,"box":{"x":69,"y":770,"width":746,"height":11}},{"id":"3d3d54d2-0b9d-4de3-bdac-8d5a69e1b1a5","block_type":"box","text":"transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":26,"box":{"x":68,"y":785,"width":793,"height":12}},{"id":"94c12cf4-08e6-4814-a62d-8b523762b985","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":26,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"fabda40e-67ad-49a0-91e2-895704b1f353","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":26,"box":{"x":69,"y":816,"width":643,"height":11}},{"id":"60e9c6a5-5276-47c5-9360-16f2b13196ed","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":26,"box":{"x":101,"y":838,"width":788,"height":12}},{"id":"b86b6e70-9d4d-487d-ace5-883c69f837c2","block_type":"box","text":"Act does not prohibit each Fund from engaging in the underwriting business or from underwriting the securities of","page_number":26,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"6f981865-68c5-4157-9a91-34c828025856","block_type":"box","text":"other issuers; in fact, in the case of diversified funds, the Investment Company Act permits a fund to have","page_number":26,"box":{"x":69,"y":869,"width":757,"height":11}},{"id":"3474fcbf-b1bd-45bf-94f1-1e8d7379671c","block_type":"box","text":"underwriting commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently","page_number":26,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"c93b065f-afec-4536-9f0c-199f6f0e096a","block_type":"box","text":"are that the amount of the fund’s underwriting commitments, when added to the value of the fund’s investments in","page_number":26,"box":{"x":69,"y":899,"width":822,"height":11}},{"id":"a0b78806-274d-4628-acce-454812e49d11","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c4e8cb2b-90f6-4cc3-b80a-10d967594c18","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5dec81a9-f2c6-4459-be45-e4f84be4915d","block_type":"box","text":"issuers where the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the","page_number":27,"box":{"x":70,"y":45,"width":834,"height":11}},{"id":"7fd19ec4-3250-46a4-a108-a11e7ef88dd9","block_type":"box","text":"25% cap. A fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be","page_number":27,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"c7d7ec38-bfa7-4f27-af86-a59fe1fcd1a1","block_type":"box","text":"considered to be an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is","page_number":27,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"c48570b6-804d-4fe9-b386-a99e065e02bb","block_type":"box","text":"not believed that the application of the Securities Act provisions described above would cause a Fund to be engaged","page_number":27,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"ce1f2da6-9064-46c9-b88b-84ee24527feb","block_type":"box","text":"in the business of underwriting, the policy in (5) above will be interpreted not to prevent a Fund from engaging in","page_number":27,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"ecc44a05-67a6-4a4e-9116-89a308400eb1","block_type":"box","text":"transactions involving the acquisition or disposition of por tfolio securities, regardless of whether the Fund may be","page_number":27,"box":{"x":68,"y":120,"width":811,"height":12}},{"id":"24871443-0bf4-4c25-8c06-6377d7285e3a","block_type":"box","text":"considered to be an underwriter under the Securities Act or is otherwise engaged in the underwriting business to the","page_number":27,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"6c449387-71b3-4a2e-8c20-5ccc84c7ff81","block_type":"box","text":"extent permitted by applicable law.","page_number":27,"box":{"x":69,"y":151,"width":245,"height":11}},{"id":"8c464b2b-ce6e-4a28-aef5-aa12df752651","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":27,"box":{"x":101,"y":173,"width":778,"height":11}},{"id":"b34364f5-dd76-4a54-b76f-b3670a2f6066","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":27,"box":{"x":69,"y":188,"width":756,"height":12}},{"id":"aff29383-f2b5-4466-9f92-a519c3cf329f","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":27,"box":{"x":70,"y":203,"width":807,"height":12}},{"id":"8c82f478-d19c-44bb-83e3-5e3181fc3dc6","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":27,"box":{"x":69,"y":218,"width":784,"height":12}},{"id":"1607caaa-631f-4cb6-a1cf-1a18144c163d","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":27,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"afd91586-6564-4ff7-8037-ae0812081811","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":27,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"07c8b3cd-fc9a-4473-b73e-9e134f9d698f","block_type":"box","text":"loans.","page_number":27,"box":{"x":70,"y":264,"width":40,"height":9}},{"id":"1b051501-49a5-4154-ae43-53901031c20e","block_type":"box","text":"Each Fund is currently classified as a diversified fund under the Investment Company Act. This means that each","page_number":27,"box":{"x":102,"y":286,"width":796,"height":12}},{"id":"eca51aa8-29a7-4236-a073-0ab8161b42fb","block_type":"box","text":"Fund may not purchase securities of an issuer (other than (i) obligations issued or guaranteed by the U.S.","page_number":27,"box":{"x":70,"y":302,"width":751,"height":11}},{"id":"8a2b0a6b-bf63-43ac-bb8f-fa79d333b858","block_type":"box","text":"Government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":27,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"0918d62d-7055-483e-927c-ecca214b57ff","block_type":"box","text":"75% of its total assets, (a) more than 5% of the Fund’s total assets would be invested in securities of that issuer or","page_number":27,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"8e638a2a-bd06-410b-95db-1e97b1d861e0","block_type":"box","text":"(b) the Fund would hold more than 10% of the outstanding voting securities of that issuer. With respect to the","page_number":27,"box":{"x":69,"y":347,"width":781,"height":11}},{"id":"aeba6ca0-f162-4957-8353-ceb9e9cca182","block_type":"box","text":"remaining 25% of its total assets, each Fund can invest more than 5% of its assets in one issuer.","page_number":27,"box":{"x":69,"y":362,"width":695,"height":11}},{"id":"fb8019ad-2ccd-4388-855a-69af65a86ade","block_type":"box","text":"Under the Investment Company Act, each Fund cannot change its classification from diversified to non-diversified","page_number":27,"box":{"x":102,"y":385,"width":804,"height":11}},{"id":"2cb5839f-32de-4e58-93f4-8d3ccdf5e32c","block_type":"box","text":"without shareholder approval.","page_number":27,"box":{"x":68,"y":400,"width":210,"height":11}},{"id":"64cc43a6-156b-47a2-8483-702d095ecbce","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":27,"box":{"x":102,"y":423,"width":768,"height":11}},{"id":"9e0415e3-b67e-4af0-b095-9982d27353f3","block_type":"box","text":"approval, each Fund may not:","page_number":27,"box":{"x":69,"y":438,"width":208,"height":11}},{"id":"e28b19ae-70a9-4b43-a53d-480510d48b12","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":27,"box":{"x":134,"y":460,"width":742,"height":12}},{"id":"0e471883-07af-431c-98b1-13ef731b61c9","block_type":"box","text":"Company Act. As a matter of policy, however, each Fund will not purchase shares of any registered open-end","page_number":27,"box":{"x":102,"y":475,"width":770,"height":12}},{"id":"acb770aa-7b5f-4887-9cd2-fa5e9dc58355","block_type":"box","text":"investment company or registered unit investment trust, in reliance on Section 12(d)(1)(F) or (G) (the “fund of","page_number":27,"box":{"x":102,"y":491,"width":779,"height":11}},{"id":"b625df40-43e0-44b0-bc28-f4938cb1bc0b","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":27,"box":{"x":101,"y":506,"width":761,"height":11}},{"id":"3b1708e2-ad8e-4315-8a60-2877e01436e5","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":27,"box":{"x":102,"y":521,"width":795,"height":11}},{"id":"4bd9817b-c195-48ec-822e-9dc3bba59d9d","block_type":"box","text":"12(d)(1).","page_number":27,"box":{"x":102,"y":536,"width":60,"height":11}},{"id":"cd51c81d-c3c2-4f8b-830f-45eceb807cbb","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by each","page_number":27,"box":{"x":134,"y":559,"width":724,"height":11}},{"id":"56b80302-0b64-4672-af9f-3113f4127f3c","block_type":"box","text":"Fund’s Prospectus and SAI, as amended from time to time, and applicable law.","page_number":27,"box":{"x":102,"y":574,"width":562,"height":11}},{"id":"fd4bced2-3b6b-472a-a95e-4fcd94d3a8fe","block_type":"box","text":"Unless otherwise indicated or with respect to policies adopted pursuant to Rule 35d-1 under the Investment","page_number":27,"box":{"x":102,"y":597,"width":771,"height":10}},{"id":"07ab6903-97a9-4766-bd16-37105da97c24","block_type":"box","text":"Company Act, all limitations under each Fund’s fundamental or non-fundamental investment restrictions apply only at","page_number":27,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"8e970825-6ec2-4fff-9e5b-d46374e2f5a7","block_type":"box","text":"the time that a transaction is under taken. Any change in the percentage of a Fund’s assets invested in cer tain","page_number":27,"box":{"x":68,"y":627,"width":789,"height":11}},{"id":"c20caa41-abdc-4f9d-8fe7-ac935d0252e6","block_type":"box","text":"securities or other instruments resulting from market fluctuations or other changes in the Fund’s total assets will not","page_number":27,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"3a8a2796-f2d4-4440-b82e-569ff3eb6f3e","block_type":"box","text":"require the Fund to dispose of an investment until BlackRock determines that it is practicable to sell or close out the","page_number":27,"box":{"x":69,"y":657,"width":833,"height":11}},{"id":"1af10cff-a26d-4f95-ae3c-bff678b63cd1","block_type":"box","text":"investment without undue market or tax consequences.","page_number":27,"box":{"x":70,"y":672,"width":393,"height":11}},{"id":"0cbc46db-e285-4e3a-9cf0-0d47337ef7e0","block_type":"box","text":"III. Information on Trustees and Officers","page_number":27,"box":{"x":69,"y":702,"width":290,"height":9}},{"id":"641a112e-d8ad-43c0-a039-75c27cb66ad8","block_type":"box","text":"The Board consists of fifteen individuals (each, a “Trustee”), thir teen of whom are not “interested persons” of","page_number":27,"box":{"x":101,"y":725,"width":788,"height":11}},{"id":"0660a207-3bf6-416c-bf12-c4faf1ce5f30","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":27,"box":{"x":68,"y":740,"width":779,"height":11}},{"id":"24610c38-c38d-41a6-80e6-57321a30758a","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":27,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"319c7a0e-8cd0-46b0-9ffe-9505fc703e80","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":27,"box":{"x":70,"y":770,"width":793,"height":11}},{"id":"72e78d05-95e5-4404-80ad-0d75c05cded8","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":27,"box":{"x":69,"y":785,"width":822,"height":11}},{"id":"1b39f7e1-38fc-4e4c-8969-b44477b9f9d7","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":27,"box":{"x":68,"y":801,"width":837,"height":11}},{"id":"e845ddab-a7cf-4f7b-b080-5dc098f6664b","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":27,"box":{"x":70,"y":816,"width":335,"height":11}},{"id":"eae1df2e-69b6-4a5f-9267-94cf13dfe6e4","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and each Fund. The Chair of the Board is an","page_number":27,"box":{"x":101,"y":838,"width":781,"height":12}},{"id":"50d7e7a2-fbf2-4458-b048-7ce9a0d30d81","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":27,"box":{"x":70,"y":853,"width":827,"height":11}},{"id":"b05df8b1-8137-42c0-8495-b81a140f8187","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":27,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"e01cf8f8-d861-4a04-b0bb-571ecee43756","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":27,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"f450780c-b620-42d1-a403-6734358a72cc","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":27,"box":{"x":70,"y":899,"width":830,"height":11}},{"id":"4b4b6510-ce63-4247-a408-23341afa5e6f","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"9776453d-246f-44df-abe0-3cb6134f08a2","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b7e7d77-a13e-4053-8db5-af51e12e3fe3","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":28,"box":{"x":68,"y":45,"width":789,"height":11}},{"id":"1e5ecceb-4566-4e79-8dc4-8334646d2fe6","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":28,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"8886e7d6-6322-4905-ab93-739e84ff9bfd","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":28,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"5e715e5b-2c6c-4192-b3af-49a659c02c3b","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to each Fund. The Board has","page_number":28,"box":{"x":70,"y":90,"width":805,"height":11}},{"id":"b5a8e144-184a-4a82-a00b-4543e3875c49","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":28,"box":{"x":69,"y":105,"width":816,"height":11}},{"id":"63ae3cb8-b8b6-414e-9e83-7f0f3b9bd3a3","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":28,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"deecde49-6580-4b62-b3f9-7a551419ff7b","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":28,"box":{"x":70,"y":135,"width":811,"height":12}},{"id":"d2fed1cb-995c-4839-b6c2-7b615188ab68","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":28,"box":{"x":68,"y":150,"width":809,"height":11}},{"id":"07dd4ff0-d552-430a-8a2e-bd69b576b6b6","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":28,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"d0ec52d6-9a99-43c3-a170-7fc19c63ecce","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":28,"box":{"x":69,"y":181,"width":441,"height":11}},{"id":"4e5719fa-3a4b-4142-8823-33964f53d4f4","block_type":"box","text":"The Board has engaged the Manager to manage each Fund on a day-to-day basis. The Board is responsible for","page_number":28,"box":{"x":101,"y":203,"width":788,"height":12}},{"id":"fb18cc0e-b4bc-4d39-9c5d-fc156b8ded6d","block_type":"box","text":"overseeing the Manager, other service providers, the operations of each Fund and associated risks in accordance","page_number":28,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"4de04497-2239-4329-a0ef-4506ac771c7e","block_type":"box","text":"with the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and each","page_number":28,"box":{"x":68,"y":234,"width":813,"height":11}},{"id":"c3a014e3-a4bd-4bca-822b-d196fad55468","block_type":"box","text":"Fund’s investment objective and strategies. The Board reviews, on an ongoing basis, each Fund’s per formance,","page_number":28,"box":{"x":70,"y":249,"width":795,"height":11}},{"id":"86af4d3d-2903-4733-b36b-8bf0f74eab82","block_type":"box","text":"operations and investment strategies and techniques. The Board also conducts reviews of the Manager and its role","page_number":28,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"baf1ca14-0cc5-4421-9248-99228a845d04","block_type":"box","text":"in running the operations of each Fund.","page_number":28,"box":{"x":70,"y":279,"width":277,"height":11}},{"id":"55238cc3-3293-4ec2-b31b-669be87ff729","block_type":"box","text":"Day-to-day risk management with respect to each Fund is the responsibility of the Manager or of sub-advisers or","page_number":28,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"2e5f82d8-7fec-4cc0-8bf4-2374b88b8986","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. Each Fund is","page_number":28,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"cb53ea6f-6368-4c09-9287-e86bd2c6376a","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":28,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"2d50ea5e-4b79-44e6-9783-392804f920dc","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":28,"box":{"x":68,"y":347,"width":820,"height":11}},{"id":"0010c8bc-af1c-48ba-8f8e-1a0ea744aeb8","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Funds. Risk oversight forms","page_number":28,"box":{"x":70,"y":362,"width":820,"height":11}},{"id":"87dc78d0-42b6-4744-a5ea-ef61c3228bc2","block_type":"box","text":"par t of the Board’s general oversight of each Fund and is addressed as par t of various Board and Committee","page_number":28,"box":{"x":70,"y":377,"width":778,"height":12}},{"id":"abc9def2-0d50-44a6-b5fb-d43f2c22cf32","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":28,"box":{"x":69,"y":392,"width":815,"height":12}},{"id":"72ca54a8-c4d0-4d5f-9f94-f767717d0668","block_type":"box","text":"independent registered public accounting firm for each Fund, sub-advisers and internal auditors for the investment","page_number":28,"box":{"x":70,"y":407,"width":814,"height":12}},{"id":"d74999b5-5c90-4014-ad83-9f721d974448","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by each Fund and management’s or the service","page_number":28,"box":{"x":69,"y":423,"width":776,"height":11}},{"id":"66ddbbae-e356-4435-954e-c2ffd313b49d","block_type":"box","text":"provider’s risk functions. The Committee system facilitates the timely and efficient consideration of matters by the","page_number":28,"box":{"x":70,"y":438,"width":815,"height":11}},{"id":"b169171d-c512-4566-9872-ceb93515d523","block_type":"box","text":"Trustees, and facilitates effective oversight of compliance with legal and regulatory requirements and of each Fund’s","page_number":28,"box":{"x":68,"y":453,"width":833,"height":11}},{"id":"0d8ebfbf-d6c8-4352-9e66-ef3fc0496cd2","block_type":"box","text":"activities and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the","page_number":28,"box":{"x":69,"y":468,"width":734,"height":11}},{"id":"7ad9234a-2ec8-433b-96eb-32fbd964a531","block_type":"box","text":"implementation and testing of the Trust’s compliance program and repor ts to the Board regarding compliance","page_number":28,"box":{"x":70,"y":483,"width":781,"height":11}},{"id":"87429311-1d6e-4d2a-8332-805e04eacda6","block_type":"box","text":"matters for the Funds and their service providers. The Independent Trustees have engaged independent legal counsel","page_number":28,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"c1b58f40-0eaf-4be1-8c82-a7f0105d15d8","block_type":"box","text":"to assist them in per forming their oversight responsibilities.","page_number":28,"box":{"x":68,"y":513,"width":427,"height":12}},{"id":"cb5f50f7-aaa5-457e-b699-cf4bc459d8ae","block_type":"box","text":"Audit Committee.","page_number":28,"box":{"x":101,"y":536,"width":122,"height":9}},{"id":"327bff88-9dc4-48a7-8e8e-d9ac8b50221f","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":28,"box":{"x":229,"y":536,"width":673,"height":11}},{"id":"298ea915-c7f7-4cc4-aecc-e23943113843","block_type":"box","text":"A. Cotty, Jeffrey Jarczyk, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees.","page_number":28,"box":{"x":68,"y":551,"width":831,"height":11}},{"id":"0f8654e3-0537-468c-bf3b-f9930ea408c1","block_type":"box","text":"The principal responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval,","page_number":28,"box":{"x":68,"y":566,"width":820,"height":11}},{"id":"f609d909-3d0c-4d32-ae10-8873a9406766","block_type":"box","text":"the selection, retention, termination and compensation of each Fund’s independent registered public accounting firm","page_number":28,"box":{"x":68,"y":581,"width":835,"height":12}},{"id":"86f28a9a-f4cd-4091-b398-d6e0555cae52","block_type":"box","text":"(the “Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":28,"box":{"x":69,"y":597,"width":830,"height":11}},{"id":"dff07640-1dee-46f7-9fb1-fa74128af7e1","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":28,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"b81563b9-2072-4894-a29c-3942e86d0025","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":28,"box":{"x":70,"y":627,"width":807,"height":11}},{"id":"5af8ac53-d432-4e16-9134-d90f90fec422","block_type":"box","text":"fees for each Fund; (3) review the conduct and results of each independent audit of each Fund’s annual financial","page_number":28,"box":{"x":68,"y":642,"width":804,"height":11}},{"id":"8aa12ccc-d6e5-4ada-b5ab-c446efe5d1f6","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":28,"box":{"x":69,"y":657,"width":834,"height":11}},{"id":"48d1fb4d-459d-4bb0-8c66-801ed299600b","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of each Fund and the internal controls of each","page_number":28,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"c7bc63d6-bae5-4c23-a967-3942e8738a6c","block_type":"box","text":"Fund and cer tain service providers; (5) oversee the per formance of each Fund’s Independent Registered Public","page_number":28,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"64b8ef2a-e56e-4aed-a816-f091bf730ee9","block_type":"box","text":"Accounting Firm; (6) review and discuss with management and each Fund’s Independent Registered Public","page_number":28,"box":{"x":68,"y":702,"width":759,"height":12}},{"id":"068b3bba-f3e1-4537-ab6a-b56ee78bdeb3","block_type":"box","text":"Accounting Firm the per formance and findings of each Fund’s internal auditors; (7) discuss with Fund management","page_number":28,"box":{"x":68,"y":717,"width":821,"height":12}},{"id":"0fb76998-da0c-477f-a458-543d0c49dcf5","block_type":"box","text":"its policies regarding risk assessment and risk management as such matters relate to each Fund’s financial","page_number":28,"box":{"x":70,"y":732,"width":770,"height":12}},{"id":"7b80bac3-2389-4907-a5f2-09d465e557dd","block_type":"box","text":"repor ting and controls; (8) resolve any disagreements between Fund management and the Independent Registered","page_number":28,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"3bd4a7b6-8d76-4dee-b2ec-32f740a8c7fe","block_type":"box","text":"Public Accounting Firm regarding financial repor ting; and (9) under take such other duties and responsibilities as may","page_number":28,"box":{"x":69,"y":763,"width":834,"height":11}},{"id":"c86596a1-c37e-4cf9-8b85-245337a0cdcb","block_type":"box","text":"from time to time be delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the","page_number":28,"box":{"x":68,"y":778,"width":837,"height":11}},{"id":"fddde139-1bbc-4f2d-b6ab-c4cb236a544b","block_type":"box","text":"Audit Committee. During the fiscal year ended April 30, 2026, the Audit Committee met four times.","page_number":28,"box":{"x":68,"y":793,"width":706,"height":11}},{"id":"745c406c-5e17-4558-8b95-d5f01abaacf8","block_type":"box","text":"Governance and Nominating Committee.","page_number":28,"box":{"x":102,"y":816,"width":286,"height":11}},{"id":"d8326592-63ad-48d3-8aa2-2b7ceb96efe4","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":28,"box":{"x":394,"y":816,"width":464,"height":11}},{"id":"a27450f6-0027-48ca-8302-205e503a7c36","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton,","page_number":28,"box":{"x":70,"y":831,"width":838,"height":11}},{"id":"8e7dc270-980d-48b7-b8ae-de99030b2c86","block_type":"box","text":"Henry R. Keizer and Marc D. Stern, all of whom are Independent Trustees. The principal responsibilities of the","page_number":28,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"208c60f3-18df-466f-9de2-3a5ebb7ce9da","block_type":"box","text":"Governance Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and","page_number":28,"box":{"x":69,"y":861,"width":803,"height":11}},{"id":"f3f6f2a0-9551-474e-a914-229424631de9","block_type":"box","text":"recommend Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the","page_number":28,"box":{"x":69,"y":876,"width":829,"height":11}},{"id":"7b5a0177-ebb9-4f6f-b125-fb6569c07d30","block_type":"box","text":"Board with respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee","page_number":28,"box":{"x":70,"y":891,"width":828,"height":11}},{"id":"782f64c9-d192-4a50-9ba5-33b2adaaacea","block_type":"box","text":"periodic self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review","page_number":28,"box":{"x":70,"y":906,"width":809,"height":11}},{"id":"909e5c40-e06e-4b54-8c08-5edec0c7fd6a","block_type":"box","text":"I-12","page_number":28,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"87a432e6-e650-4c66-b84e-9a7b6a02b392","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b90753c1-409d-423e-b7db-67d12135dac1","block_type":"box","text":"and make recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters","page_number":29,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"e1a92fa0-d5d1-42e4-9a3a-62e4aa9287c8","block_type":"box","text":"and develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to","page_number":29,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"1ffd1c0e-df53-469d-9a6e-15987a4f518b","block_type":"box","text":"Board policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of","page_number":29,"box":{"x":70,"y":75,"width":813,"height":11}},{"id":"a4662735-0e95-4430-8e27-e9794d001c1d","block_type":"box","text":"ethics as they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from","page_number":29,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"b1a384e7-31bf-4b23-b082-169641613bd4","block_type":"box","text":"time to time be delegated by the Board to the Governance Committee. The Governance Committee may consider","page_number":29,"box":{"x":68,"y":105,"width":804,"height":11}},{"id":"b06a0052-667b-415f-bc96-3371963af1f0","block_type":"box","text":"nominations for Trustees made by each Fund’s shareholders as it deems appropriate. Under the Trust’s Amended","page_number":29,"box":{"x":69,"y":120,"width":812,"height":11}},{"id":"11cc561c-e2db-4218-9243-71143e346012","block_type":"box","text":"and Restated Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for","page_number":29,"box":{"x":69,"y":135,"width":833,"height":12}},{"id":"d03743e7-41fb-4443-b563-44d2050b49a6","block_type":"box","text":"election as a Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice","page_number":29,"box":{"x":69,"y":151,"width":799,"height":11}},{"id":"585d5992-4bcc-492c-9a2b-f9338e44b327","block_type":"box","text":"procedures, notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and","page_number":29,"box":{"x":70,"y":166,"width":776,"height":11}},{"id":"164b6f79-6431-44d7-8b89-615223298408","block_type":"box","text":"received at the principal executive offices of the Trust not later than the close of business on the fifth day following","page_number":29,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"e594c510-5d36-4df7-87bb-0e663567db5b","block_type":"box","text":"the day on which notice of the date of the meeting was mailed or public disclosure of the date of the meeting was","page_number":29,"box":{"x":68,"y":196,"width":812,"height":11}},{"id":"8e4cfd51-be03-4537-88ac-af4bea891fb0","block_type":"box","text":"made, whichever first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain","page_number":29,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"b745c40a-25ea-44e7-966c-02b0f0e201bf","block_type":"box","text":"information about the shareholder and the nominee, as well as cer tain other information, including a written consent","page_number":29,"box":{"x":70,"y":226,"width":832,"height":11}},{"id":"cd81f50e-ab4c-47f0-8b29-8f76fb6631cd","block_type":"box","text":"of the proposed nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board","page_number":29,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"0b13b265-fc6f-40f9-8fcd-add17a8669ba","block_type":"box","text":"has adopted a written char ter for the Governance Committee. During the fiscal year ended April 30, 2026, the","page_number":29,"box":{"x":69,"y":256,"width":785,"height":12}},{"id":"b263b8ee-8e0d-46a5-8acc-67a2b9001f6c","block_type":"box","text":"Governance Committee met eleven times.","page_number":29,"box":{"x":69,"y":272,"width":297,"height":8}},{"id":"735407f3-76e9-45af-a19a-aa98e1a9c064","block_type":"box","text":"Compliance Committee.","page_number":29,"box":{"x":102,"y":294,"width":168,"height":11}},{"id":"417faf40-378c-461e-b88c-5c3448c0e6f8","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":29,"box":{"x":276,"y":294,"width":629,"height":11}},{"id":"50a06af0-d868-49ef-a27b-97e1d886a7b6","block_type":"box","text":"Walton (Chair), Jeffrey Jarczyk, Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of","page_number":29,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"eeefcbb1-b560-406f-86da-adb75eea709c","block_type":"box","text":"whom are Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its","page_number":29,"box":{"x":68,"y":324,"width":771,"height":12}},{"id":"ad5b7caa-789d-4d4b-8e4f-38f517cf5d8c","block_type":"box","text":"responsibility to oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of","page_number":29,"box":{"x":69,"y":339,"width":835,"height":12}},{"id":"c3aef778-fc8e-4d4d-b5dc-6d9a72289875","block_type":"box","text":"BlackRock and any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s","page_number":29,"box":{"x":70,"y":355,"width":754,"height":11}},{"id":"d7a0795f-a337-4981-b737-51ccae2b851a","block_type":"box","text":"responsibilities include, without limitation, to (1) oversee the compliance policies and procedures of the Trust and its","page_number":29,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"23d7645d-64f7-47eb-8aae-12a6f124baad","block_type":"box","text":"service providers and recommend changes or additions to such policies and procedures; (2) review information on","page_number":29,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"cffcbad2-6888-4fcb-8741-5c4fc420f002","block_type":"box","text":"and, where appropriate, recommend policies concerning the Trust’s compliance with applicable law; (3) review","page_number":29,"box":{"x":69,"y":400,"width":785,"height":11}},{"id":"392f0323-87e4-4320-b0b9-f8ea4f06e249","block_type":"box","text":"repor ts from, oversee the annual per formance review of, and make cer tain recommendations and determinations","page_number":29,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"79167d5c-0123-4fed-b0b7-97f06d7e9b0e","block_type":"box","text":"regarding the Trust’s Chief Compliance Officer (the “CCO”), including determining the amount and structure of the","page_number":29,"box":{"x":69,"y":430,"width":812,"height":11}},{"id":"98f4f750-5b25-4f6d-be92-b56f0f6e7e8d","block_type":"box","text":"CCO’s compensation and recommending such amount and structure to the full Board for approval and ratification;","page_number":29,"box":{"x":69,"y":445,"width":812,"height":12}},{"id":"3a973dfd-131c-436b-b98b-5aa71b388a9e","block_type":"box","text":"and (4) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":29,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"be7e021f-5ebd-46fd-81b0-9227d3b7b4dd","block_type":"box","text":"Compliance Committee. The Board has adopted a written char ter for the Compliance Committee. During the fiscal","page_number":29,"box":{"x":69,"y":475,"width":811,"height":12}},{"id":"b6fa59d6-dbaf-4e69-a4b2-97437f718cdf","block_type":"box","text":"year ended April 30, 2026, the Compliance Committee met four times.","page_number":29,"box":{"x":68,"y":491,"width":504,"height":11}},{"id":"189b26f6-96c3-4590-ad15-0edac19a29b6","block_type":"box","text":"Per formance Oversight Committee.","page_number":29,"box":{"x":102,"y":513,"width":248,"height":12}},{"id":"c100af64-ecac-4af2-ac0d-a453e6b23f80","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":29,"box":{"x":356,"y":513,"width":531,"height":12}},{"id":"9724b54c-9cfd-4f92-94ee-c6479611fe41","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton, Neil A.","page_number":29,"box":{"x":69,"y":529,"width":829,"height":11}},{"id":"35afe71a-68f0-4198-881f-8e1e41f0edc5","block_type":"box","text":"Cotty and Marc D. Stern, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is","page_number":29,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"eed653fb-2122-40f0-903c-0a01270f0012","block_type":"box","text":"to assist the Board in fulfilling its responsibility to oversee each Fund’s investment per formance relative to its","page_number":29,"box":{"x":68,"y":559,"width":785,"height":11}},{"id":"1b44f6d6-181e-48af-babf-717f46b7dd66","block_type":"box","text":"agreed-upon per formance objectives and to assist the Independent Trustees in their consideration of investment","page_number":29,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"467dab9a-e31f-4984-9661-3a46bf5f2d9f","block_type":"box","text":"advisory agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to","page_number":29,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"6f5959fa-2c6b-4817-8b24-205fe74e34d6","block_type":"box","text":"(1) review information on, and make recommendations to the full Board in respect of, each Fund’s investment","page_number":29,"box":{"x":69,"y":604,"width":784,"height":11}},{"id":"4a09ff0c-68a3-44b7-b575-4243a31f8033","block_type":"box","text":"objective, policies and practices; (2) review information on each Fund’s investment per formance; (3) review","page_number":29,"box":{"x":69,"y":619,"width":765,"height":11}},{"id":"71df9d6b-26c5-41cd-a2cf-dadd87b68650","block_type":"box","text":"information on appropriate benchmarks and competitive universes and unusual or exceptional investment matters;","page_number":29,"box":{"x":70,"y":634,"width":816,"height":11}},{"id":"68ae281d-5110-41e3-af94-7c4f3c2f1e4d","block_type":"box","text":"(4) review personnel and other resources devoted to management of each Fund and evaluate the nature and quality","page_number":29,"box":{"x":69,"y":649,"width":825,"height":12}},{"id":"6d59b788-78ce-4e35-807e-3a1e9a7cb23f","block_type":"box","text":"of information furnished to the Per formance Oversight Committee; (5) recommend any required action regarding","page_number":29,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"100d81b1-09cf-4aed-89d1-04b677c8e93b","block_type":"box","text":"changes in fundamental and non-fundamental investment policies and restrictions, fund mergers or liquidations;","page_number":29,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"1a1b0ce5-c070-40a7-aea6-0ada7ecfb334","block_type":"box","text":"(6) request and review information on the nature, extent and quality of services provided to the shareholders;","page_number":29,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"e7ac5dbc-f71c-4f11-8b7f-ebe3efc30645","block_type":"box","text":"(7) make recommendations to the Board concerning the approval or renewal of investment advisory agreements; and","page_number":29,"box":{"x":69,"y":710,"width":835,"height":11}},{"id":"7f4e603f-ae9d-4ae7-8c38-e3b33b14fab2","block_type":"box","text":"(8) under take such other duties and responsibilities as may from time to time be delegated by the Board to the","page_number":29,"box":{"x":69,"y":725,"width":794,"height":11}},{"id":"c3f56170-0ef2-4d3f-b46a-f7f3549654fc","block_type":"box","text":"Per formance Oversight Committee. The Board has adopted a written char ter for the Per formance Oversight","page_number":29,"box":{"x":69,"y":740,"width":763,"height":11}},{"id":"4f6a4500-9a7b-48da-85ab-bed67349faca","block_type":"box","text":"Committee. During the fiscal year ended April 30, 2026, the Per formance Oversight Committee met five times.","page_number":29,"box":{"x":69,"y":755,"width":789,"height":11}},{"id":"98864207-73a6-4f52-8391-9df08cc17fc7","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":29,"box":{"x":101,"y":778,"width":186,"height":11}},{"id":"19403df0-c318-494a-bb84-0eed019ef62a","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":29,"box":{"x":293,"y":778,"width":598,"height":11}},{"id":"6290abe7-51d1-4d9a-9132-34402e58ecd5","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":29,"box":{"x":70,"y":793,"width":817,"height":11}},{"id":"14fcabaa-1fc2-4e5d-8857-d3db72790760","block_type":"box","text":"serves as an interested Trustee. The principal responsibilities of the Ad Hoc Topics Committee are to (1) act on","page_number":29,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"38448c6e-b491-44c2-b6fa-11e4b6f9e005","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":29,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"9f08c338-70c7-484a-afca-04bf7623bba9","block_type":"box","text":"meetings of the Board; and (3) exercise such other authority as may from time to time be delegated to the Ad Hoc","page_number":29,"box":{"x":69,"y":838,"width":813,"height":12}},{"id":"af788fb8-5054-4e4f-9618-e0b92896d006","block_type":"box","text":"Topics Committee by the Board. The Board has adopted a written char ter for the Ad Hoc Topics Committee. During","page_number":29,"box":{"x":68,"y":853,"width":816,"height":12}},{"id":"5f54cba9-1bb7-4975-ab82-8d3abb6369eb","block_type":"box","text":"the fiscal year ended April 30, 2026, the Ad Hoc Topics Committee did not meet.","page_number":29,"box":{"x":68,"y":869,"width":577,"height":11}},{"id":"b82b2a6d-ba49-4e46-87cb-2e3e90cb3919","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":29,"box":{"x":101,"y":891,"width":771,"height":11}},{"id":"5e4fcaca-b5b4-48b6-8a92-7cf82153d2fa","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":29,"box":{"x":69,"y":906,"width":827,"height":12}},{"id":"138a73a2-3176-4ad1-aa13-84c69dc64564","block_type":"box","text":"I-13","page_number":29,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"0374b34f-c95f-444e-a08e-566bf88597fa","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5588768b-e4c1-44d4-8d76-bb7f46a56bfe","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":30,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"d74371c0-2e29-4e26-97ee-552e6e327a93","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":30,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"d718e14f-550d-43bf-a7c7-d38561829ea6","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":30,"box":{"x":70,"y":75,"width":807,"height":11}},{"id":"9ad9f166-eccc-4ec2-ab48-ac5b107bd0dd","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":30,"box":{"x":70,"y":90,"width":787,"height":11}},{"id":"300a1858-3911-4b02-b6dd-046be683cf07","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":30,"box":{"x":69,"y":105,"width":805,"height":11}},{"id":"d7a2c91a-4ec0-44d5-a0b5-8a2ce4f3062b","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":30,"box":{"x":68,"y":120,"width":794,"height":12}},{"id":"82dd9544-8e48-49bb-a9f7-023798afff9e","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":30,"box":{"x":68,"y":136,"width":829,"height":11}},{"id":"5acd9ebf-5c0f-4f3a-98be-b93c62c674ec","block_type":"box","text":"discuss information provided to them, to interact effectively with each Fund’s investment adviser, sub-advisers, other","page_number":30,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"c6c417fb-1dba-42d6-a6ff-6f60a1964efd","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":30,"box":{"x":69,"y":166,"width":771,"height":11}},{"id":"52d86825-3b08-40ea-a0a8-3a208fc6c41a","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":30,"box":{"x":69,"y":181,"width":473,"height":11}},{"id":"ad99d898-96f9-4915-9875-1c43d2c8df1d","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":30,"box":{"x":102,"y":203,"width":792,"height":12}},{"id":"604975b6-28dd-44c3-bb1c-eb111cd7ed29","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":30,"box":{"x":69,"y":218,"width":807,"height":12}},{"id":"e78e132a-de48-4e76-9e26-dfe20d29fc13","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":30,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"9e163682-cb67-409c-8833-d45fda9499e4","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":30,"box":{"x":70,"y":249,"width":759,"height":11}},{"id":"36e273ca-facf-40c1-b41a-247c881b7dd8","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":30,"box":{"x":70,"y":264,"width":685,"height":11}},{"id":"1224f3a0-c83e-48fd-b5a2-aaede5ad5abf","block_type":"box","text":"ad hoc","page_number":30,"box":{"x":762,"y":264,"width":47,"height":9}},{"id":"dc552223-0d29-4469-85c4-067641808b32","block_type":"box","text":"committees","page_number":30,"box":{"x":814,"y":264,"width":82,"height":9}},{"id":"742c2a24-2049-48d1-96af-d04c1201c51e","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":30,"box":{"x":68,"y":279,"width":395,"height":11}},{"id":"3df2a006-edcd-47ea-9813-cc8c61ec802c","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":30,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"b861a24f-17f0-4a73-8c71-139160f6c065","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":30,"box":{"x":69,"y":317,"width":492,"height":11}},{"id":"e6723405-c534-4d71-869c-ae9698d0e824","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":30,"box":{"x":68,"y":345,"width":409,"height":9}},{"id":"f23679a3-291b-4d94-8a6b-39ff47367b6d","block_type":"box","text":"Independent Trustees","page_number":30,"box":{"x":70,"y":362,"width":154,"height":10}},{"id":"02501861-f3f5-4db9-928b-dfe548693c0d","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":30,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"bb53cc37-5055-4f3b-837a-7e47fedecb6c","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":30,"box":{"x":265,"y":392,"width":604,"height":11}},{"id":"955cfce4-3742-41aa-b1f8-d7e03b3997af","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":30,"box":{"x":265,"y":407,"width":623,"height":11}},{"id":"1c6bb312-4ab5-4309-9305-200b926056f8","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":30,"box":{"x":265,"y":422,"width":637,"height":11}},{"id":"699225f8-b37e-4fec-a7f6-d8d890c43002","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":30,"box":{"x":265,"y":437,"width":631,"height":11}},{"id":"8404bc52-5e95-483c-a47e-3ebea52df928","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":30,"box":{"x":264,"y":452,"width":626,"height":11}},{"id":"3153c0a0-2bf2-4182-9be0-858918e2d634","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":30,"box":{"x":265,"y":467,"width":639,"height":11}},{"id":"95b244bd-3990-4a4d-9616-0e30088b7a57","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":30,"box":{"x":264,"y":483,"width":637,"height":11}},{"id":"642902d2-d54c-470d-99e6-1170750003fe","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":30,"box":{"x":265,"y":498,"width":586,"height":11}},{"id":"0cc022ef-0be2-4eed-a878-6dad9b84312b","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":30,"box":{"x":265,"y":513,"width":640,"height":11}},{"id":"cdf96916-9f89-4801-b208-12040680d22a","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":30,"box":{"x":265,"y":528,"width":389,"height":11}},{"id":"3e8b6428-2523-47ed-8bc0-944eb1b5a8d9","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. 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She currently serves as Member","page_number":30,"box":{"x":265,"y":702,"width":634,"height":11}},{"id":"050c39f7-97af-4e97-bba3-774c34888038","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":30,"box":{"x":265,"y":717,"width":599,"height":11}},{"id":"64ae4d72-2467-4f45-b9c0-667aeace0de4","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":30,"box":{"x":265,"y":732,"width":407,"height":11}},{"id":"0963fdc5-291d-44d5-bb29-726a71f461fd","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. She held the","page_number":30,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"0dc78e93-82e5-4327-a99a-6317b8256681","block_type":"box","text":"position of Chief Investment Officer of Williams College from October 2006 to June 2023.","page_number":30,"box":{"x":265,"y":770,"width":638,"height":11}},{"id":"4ead0a61-5b1c-4b23-b0e2-9e5895d1ffb6","block_type":"box","text":"Prior to that she was President and Chief Investment Officer of Lucent Asset Management","page_number":30,"box":{"x":265,"y":785,"width":642,"height":11}},{"id":"3f390498-ce79-4db5-98cd-75e200d3f308","block_type":"box","text":"Corporation, where she oversaw approximately $40 billion in pension and retirement","page_number":30,"box":{"x":265,"y":799,"width":601,"height":12}},{"id":"17097ebc-a083-45ab-a751-d8d50d96ec2f","block_type":"box","text":"savings assets for the company. These positions have provided her with insight and","page_number":30,"box":{"x":265,"y":815,"width":595,"height":11}},{"id":"a9633158-aa43-45f4-8a8a-ef7461c8192d","block_type":"box","text":"perspective on the markets and the economy.","page_number":30,"box":{"x":265,"y":830,"width":323,"height":11}},{"id":"08b58592-e408-43e9-8c5e-62d0c6d6a1ea","block_type":"box","text":"I-14","page_number":30,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"86096247-4dc0-442c-9b5b-99852bb9cf38","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"58899cec-2fb2-4525-b62d-e46fdcc366c2","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":31,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"3192dce1-2b74-4158-b7b7-abf7def6941b","block_type":"box","text":"Neil A. Cotty Neil A. Cotty has more than 30 years of experience in the financial services industry,","page_number":31,"box":{"x":70,"y":65,"width":798,"height":12}},{"id":"8ed54f5e-4279-4e58-b4f1-cebe19ec31bc","block_type":"box","text":"including 19 years at Bank of America Corporation and its affiliates, where he served, at","page_number":31,"box":{"x":265,"y":81,"width":631,"height":11}},{"id":"77a6e52d-48e5-40c4-9aae-107b38a0be25","block_type":"box","text":"different times, as the Chief Financial Officer of various businesses including Investment","page_number":31,"box":{"x":265,"y":96,"width":633,"height":11}},{"id":"ff79a729-5607-4677-99c7-8834406044b7","block_type":"box","text":"Banking, Global Markets, Wealth Management and Consumer and also served ten years","page_number":31,"box":{"x":265,"y":111,"width":628,"height":11}},{"id":"f5d5d6c2-5c78-4cf9-9a6d-dcdb1e210244","block_type":"box","text":"as the Chief Accounting Officer for Bank of America Corporation. Mr. Cotty has been","page_number":31,"box":{"x":265,"y":126,"width":596,"height":11}},{"id":"1fea7850-f6cd-4024-817d-6df8a087881b","block_type":"box","text":"determined by the Audit Committee to be an audit committee financial exper t, as such","page_number":31,"box":{"x":265,"y":141,"width":616,"height":11}},{"id":"2590ba06-1994-4b3b-8eb8-eb0b0f3b8257","block_type":"box","text":"term is defined in the applicable Commission rules.","page_number":31,"box":{"x":264,"y":156,"width":368,"height":11}},{"id":"7059ca7a-d77a-4cbc-a0bb-6b8c41823558","block_type":"box","text":"Jeffrey Jarczyk Jeffrey Jarczyk is a CPA and has more than 30 years of experience in the financial","page_number":31,"box":{"x":69,"y":179,"width":777,"height":11}},{"id":"f364d110-c6fa-4e86-8934-8ea49fc1db81","block_type":"box","text":"services industry, including over 19 years at Fidelity Investments, where he served, at","page_number":31,"box":{"x":265,"y":194,"width":613,"height":11}},{"id":"f21ec61d-0386-42f0-a821-3ca256c1e9dd","block_type":"box","text":"different times, as the Chief Auditor and the Chief Accounting Officer of Fidelity","page_number":31,"box":{"x":265,"y":209,"width":563,"height":11}},{"id":"6f053d11-77c4-4386-9ca6-b00bd100a52b","block_type":"box","text":"Investments’ parent company, FMR LLC. Prior to working at Fidelity, Mr. Jarczyk was a","page_number":31,"box":{"x":265,"y":224,"width":607,"height":11}},{"id":"72f3ab3e-9b2a-4eab-9abe-092d2ad459d4","block_type":"box","text":"par tner at Deloitte and Ar thur Andersen for approximately 17 years. These positions have","page_number":31,"box":{"x":265,"y":239,"width":638,"height":11}},{"id":"fb2b18ea-b130-42b1-b0d9-97f89b47c8a6","block_type":"box","text":"allowed him to work extensively with audit and risk committees and company executives","page_number":31,"box":{"x":265,"y":255,"width":626,"height":11}},{"id":"15e5cf59-98af-49d6-b823-fd585bf5de75","block_type":"box","text":"helping to identify, manage and mitigate risks for financial services companies.","page_number":31,"box":{"x":265,"y":269,"width":563,"height":12}},{"id":"61391434-7375-46e0-bb04-647bd584fe83","block_type":"box","text":"Mr. Jarczyk also served as consultant to the Independent Trustees prior to becoming an","page_number":31,"box":{"x":265,"y":285,"width":625,"height":11}},{"id":"6c3b9ea6-ec58-46b7-983b-21ad778e9ec6","block_type":"box","text":"Independent Trustee.","page_number":31,"box":{"x":265,"y":300,"width":149,"height":11}},{"id":"64700941-b6b5-486b-9c01-a1048a3fb341","block_type":"box","text":"Henry R. Keizer Henry R. Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":31,"box":{"x":70,"y":322,"width":806,"height":12}},{"id":"d504d27c-1ee1-42dc-b2da-20b028ae41cf","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":31,"box":{"x":264,"y":338,"width":584,"height":11}},{"id":"524fc650-33e0-420a-b12f-6a957faa5330","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":31,"box":{"x":265,"y":353,"width":622,"height":11}},{"id":"4ee944db-8f82-4989-a4e8-52744937e505","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":31,"box":{"x":265,"y":368,"width":638,"height":11}},{"id":"350678bf-5acd-4000-9b85-948f6444b8f1","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":31,"box":{"x":265,"y":383,"width":570,"height":11}},{"id":"70cf6d2d-004a-440d-8c62-399b0c2fcfb9","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":31,"box":{"x":265,"y":398,"width":642,"height":11}},{"id":"39352a48-3d7b-4d1e-be0b-5ac16f44bbe8","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":31,"box":{"x":265,"y":413,"width":626,"height":11}},{"id":"e7ca3e36-68f4-4f7a-8e54-d6bac8a2cb29","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":31,"box":{"x":265,"y":428,"width":630,"height":12}},{"id":"6afab03a-75cc-4da0-9f42-345dc707de0b","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":31,"box":{"x":265,"y":443,"width":602,"height":12}},{"id":"0c0bbd5d-6800-4380-993f-4436e3dfa440","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":31,"box":{"x":264,"y":458,"width":643,"height":12}},{"id":"32c890cc-b433-4702-9fe1-63626debc7df","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":31,"box":{"x":264,"y":474,"width":639,"height":11}},{"id":"cf0583eb-b84b-439c-8ff8-21b4cb525816","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":31,"box":{"x":264,"y":489,"width":641,"height":11}},{"id":"a44e6969-8636-4148-b4f4-2bd63ec6c297","block_type":"box","text":"applicable Commission rules.","page_number":31,"box":{"x":265,"y":504,"width":208,"height":11}},{"id":"d697c45a-c987-44d5-809d-6ef063bdc379","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":31,"box":{"x":69,"y":526,"width":769,"height":12}},{"id":"07dc8eb5-bed9-4222-826d-837eea1a428b","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":31,"box":{"x":265,"y":542,"width":621,"height":11}},{"id":"4b7e9401-ca96-47e7-baaf-17ba4ee31fc8","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":31,"box":{"x":265,"y":557,"width":599,"height":11}},{"id":"5663dc35-3e55-4c6b-874a-06fd785a8d41","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":31,"box":{"x":265,"y":572,"width":641,"height":11}},{"id":"1b6c6899-803e-447d-b49e-6b6c433c1f09","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":31,"box":{"x":264,"y":587,"width":602,"height":11}},{"id":"e9af18d6-2291-47f5-bd57-9f3a6e971704","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":31,"box":{"x":264,"y":602,"width":617,"height":11}},{"id":"a6a91b8b-156f-468e-b748-04f6d38e46ba","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":31,"box":{"x":265,"y":617,"width":629,"height":12}},{"id":"35382fd2-0c4a-4946-883a-a65726eb6f67","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":31,"box":{"x":264,"y":632,"width":628,"height":12}},{"id":"118da814-66ce-4b97-a36b-129bcf0aebb0","block_type":"box","text":"ar ticles and books on these topics.","page_number":31,"box":{"x":265,"y":648,"width":251,"height":10}},{"id":"890d3e16-4bec-42b0-93b9-96621d6e41ac","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":31,"box":{"x":70,"y":670,"width":764,"height":11}},{"id":"745d9177-408e-446f-adb6-8d13e85f8245","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":31,"box":{"x":265,"y":686,"width":642,"height":11}},{"id":"a9aa23ff-b4c7-498c-bd44-7f8c936bdee6","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":31,"box":{"x":264,"y":700,"width":593,"height":12}},{"id":"82500671-3426-4398-b36d-2bae35fabf51","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":31,"box":{"x":265,"y":715,"width":603,"height":12}},{"id":"166ed7d1-684c-4ba3-aca4-804abacde368","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":31,"box":{"x":265,"y":731,"width":629,"height":11}},{"id":"95a59ea1-5b4b-4de2-9a03-e7a2667f3634","block_type":"box","text":"I-15","page_number":31,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"062ad491-18ff-4eba-bb8b-be5fd15d1070","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"274b3aca-ec24-40ce-88ab-1f830246c713","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"20387f98-93bd-4d52-a028-934f2e82326a","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":32,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"1adb560d-6232-4477-ad82-0b281b7031d6","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":32,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"36848970-c66b-4b23-85b4-82e34f171a74","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":32,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"ba667965-a33a-48e0-8fd0-519f41b8654a","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":32,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"d3c1351b-d1da-42ef-b71c-22789d5fda38","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":32,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"e74e9337-4c7b-4d38-b7e3-48e1f6e942eb","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":32,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"bc32af9e-d4aa-43ea-9744-8b3134c74fac","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":32,"box":{"x":265,"y":156,"width":592,"height":11}},{"id":"a986ddf9-c90e-4410-b5f0-9c07a40abad1","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":32,"box":{"x":265,"y":171,"width":629,"height":12}},{"id":"c2a2a9e5-0c78-46bf-9794-aa58045faf13","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":32,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"559d8a4f-4836-4af3-aa75-6385da34bb8d","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":32,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"73e38a2a-c65f-4804-89b9-9cb7a81201ec","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":32,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"a6539757-abf5-4106-816c-15af6fbc6061","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":32,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"2b1a7b3b-2031-4478-90f0-0177681e7037","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":32,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"09884c7a-fbea-49bc-a76c-3ad959f23126","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":32,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"e59f4a70-3a71-4f3c-9bee-2a5a4ca9e2db","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":32,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"0901aaeb-034d-4b2d-b6da-44b3a31f3885","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":32,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"60f9e905-c925-4b15-85e9-80034580c9a1","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. 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3","page_number":42,"box":{"x":73,"y":215,"width":789,"height":7}},{"id":"af54f930-e586-427b-9efd-890755d711a2","block_type":"box","text":"$35.84 Billion $21.92 Billion $7.89 Billion $0 $12.69 Billion $4.39 Billion","page_number":42,"box":{"x":329,"y":227,"width":566,"height":9}},{"id":"386d8ef3-9655-43ce-bdf9-3db67cd00d6f","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":42,"box":{"x":69,"y":266,"width":304,"height":11}},{"id":"aa2dc92c-0767-43e2-8d47-da91cdf5c5d9","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of April 30, 2026.","page_number":42,"box":{"x":101,"y":288,"width":658,"height":12}},{"id":"ae49362d-0806-4626-b131-c0c352869af0","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":42,"box":{"x":102,"y":311,"width":774,"height":11}},{"id":"b438cd66-9e61-4f18-84c4-0d8fca8b8a50","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":42,"box":{"x":70,"y":326,"width":837,"height":11}},{"id":"3fbe2d51-5bd7-4cd5-9f90-35e5e80e1640","block_type":"box","text":"a variety of components and may vary from year to year based on a number of factors. The principal components of","page_number":42,"box":{"x":69,"y":341,"width":823,"height":11}},{"id":"6ff1d05e-6e07-42de-b397-8ac908265255","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":42,"box":{"x":69,"y":356,"width":799,"height":12}},{"id":"673f57c7-d823-42df-8ae9-3f1f9ff56e42","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":42,"box":{"x":70,"y":372,"width":670,"height":11}},{"id":"9042ad4e-458a-42e2-94ea-ce7b3010841a","block_type":"box","text":"Base Compensation.","page_number":42,"box":{"x":102,"y":394,"width":148,"height":11}},{"id":"d682e3c1-b015-4901-9d5c-ae127abef360","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":42,"box":{"x":257,"y":394,"width":640,"height":12}},{"id":"4b877f2e-32a2-4243-934e-baf0b4a35abf","block_type":"box","text":"firm.","page_number":42,"box":{"x":68,"y":409,"width":32,"height":9}},{"id":"2c7edff8-50f8-44a5-b3d3-897274a1e62d","block_type":"box","text":"Discretionary Incentive Compensation","page_number":42,"box":{"x":69,"y":440,"width":277,"height":11}},{"id":"d75b3f33-65f8-4894-8c01-9b9967a3eafb","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":42,"box":{"x":102,"y":462,"width":792,"height":11}},{"id":"63fe1189-d2fb-4659-bee3-74f44a4d3745","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":42,"box":{"x":68,"y":477,"width":800,"height":12}},{"id":"e7ec5d1d-f226-4c7d-8eba-d7e1635e85e2","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":42,"box":{"x":69,"y":492,"width":777,"height":12}},{"id":"9130a561-217f-4bfd-ad8f-3d50ed47eb97","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":42,"box":{"x":70,"y":508,"width":817,"height":11}},{"id":"8e3452e2-63b4-497f-aaa3-664418edf963","block_type":"box","text":"por tfolios and BlackRock. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":42,"box":{"x":70,"y":523,"width":741,"height":11}},{"id":"36c47bf7-8da3-47b7-9649-b7d9d9ce8179","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Funds and","page_number":42,"box":{"x":69,"y":538,"width":818,"height":11}},{"id":"1e2695fb-816c-4d94-bdf5-f4c6eeb8bbba","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance is generally","page_number":42,"box":{"x":69,"y":553,"width":806,"height":11}},{"id":"dc43b3cb-910b-4ebe-aafc-cfc27aa1845f","block_type":"box","text":"assessed over trailing 1-, 3-, and 5-year periods relative to applicable benchmarks. The per formance of Dr. Shen,","page_number":42,"box":{"x":69,"y":568,"width":805,"height":11}},{"id":"4484fc37-53f1-44eb-a6e8-c18350242136","block_type":"box","text":"Messrs. Savi, Mathieson, Franklin and Piazza and Ms. Hawley is not measured against a specific benchmark.","page_number":42,"box":{"x":70,"y":583,"width":777,"height":12}},{"id":"af003658-2fbd-44a5-a05a-777f5ca2a8e2","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":606,"width":389,"height":11}},{"id":"91c88f89-e184-4125-91ff-f6eb03c41f86","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":42,"box":{"x":499,"y":606,"width":383,"height":11}},{"id":"550ba872-42a2-41f4-afcc-c2b115782f08","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":42,"box":{"x":70,"y":621,"width":815,"height":11}},{"id":"1cb13d6a-ead4-4a96-81a0-7ac6e7149d86","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":42,"box":{"x":68,"y":636,"width":522,"height":11}},{"id":"021bf4e8-cd27-43fa-96f6-4cd700805c74","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":42,"box":{"x":102,"y":659,"width":760,"height":11}},{"id":"67e55ceb-3e00-47e2-ac23-072109dc10cf","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":42,"box":{"x":69,"y":674,"width":795,"height":11}},{"id":"33b6531a-ddaa-4478-b7f1-d218db2b3d6e","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":42,"box":{"x":69,"y":689,"width":805,"height":11}},{"id":"20d25222-1b46-44fc-954b-788379197aa7","block_type":"box","text":"compensation in the form of deferred BlackRock, Inc. stock puts compensation earned by a por tfolio manager for a","page_number":42,"box":{"x":69,"y":704,"width":822,"height":11}},{"id":"e0d442fb-a6ad-4fd5-adea-716a245f98a6","block_type":"box","text":"given year “at risk” based on BlackRock’s ability to sustain and improve its per formance over future periods. In some","page_number":42,"box":{"x":68,"y":719,"width":839,"height":12}},{"id":"c0b774cd-7bb4-4283-8014-9f7f2218108a","block_type":"box","text":"cases, additional deferred BlackRock, Inc. stock may be granted to cer tain key employees as par t of a long-term","page_number":42,"box":{"x":69,"y":734,"width":802,"height":12}},{"id":"e76cdc63-132a-41b8-bf41-a651b7ce8306","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":42,"box":{"x":70,"y":749,"width":820,"height":12}},{"id":"74539493-ab5d-4ef8-8471-7c4524dc8b9f","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":42,"box":{"x":70,"y":765,"width":801,"height":11}},{"id":"ce578064-6d64-4719-a2d8-e49c6df19d4c","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":42,"box":{"x":70,"y":780,"width":831,"height":11}},{"id":"0256a817-7cf9-4a94-a33f-403df79a2ecd","block_type":"box","text":"managers of these Funds have deferred BlackRock, Inc. stock awards.","page_number":42,"box":{"x":69,"y":795,"width":501,"height":11}},{"id":"859ab0b8-5d7f-4e24-8299-68bbebc0d03f","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":42,"box":{"x":102,"y":818,"width":785,"height":11}},{"id":"adccb8f0-835f-421d-afb7-1c9ec3506337","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":42,"box":{"x":68,"y":833,"width":836,"height":11}},{"id":"987442f8-e29b-471e-9903-df11fd7656b7","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":42,"box":{"x":68,"y":848,"width":821,"height":11}},{"id":"58f7f04d-22b4-4cda-abe3-438e48379fc0","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":42,"box":{"x":69,"y":863,"width":829,"height":11}},{"id":"89755a15-c527-4142-8e47-832944595a06","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":42,"box":{"x":70,"y":878,"width":835,"height":11}},{"id":"3a4f4bba-2f9a-4035-b153-1f93f606fc2c","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":42,"box":{"x":69,"y":893,"width":414,"height":11}},{"id":"0338a49d-0e05-441e-9272-1a2147a9f5be","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"c1529331-7faa-4dd5-817f-72c86bba5b18","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d39be327-f36f-4382-af74-a6024c27b355","block_type":"box","text":"Other Compensation Benefits.","page_number":43,"box":{"x":101,"y":45,"width":218,"height":11}},{"id":"5dd22be3-350f-4bd5-9063-8bc2a50a4097","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":43,"box":{"x":327,"y":45,"width":552,"height":11}},{"id":"12b2a8bb-e27a-4a93-ac3b-fe948f06b391","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":43,"box":{"x":69,"y":60,"width":582,"height":11}},{"id":"6253c411-65a4-42fa-9d5b-637b3661d774","block_type":"box","text":"Incentive Savings Plans","page_number":43,"box":{"x":102,"y":83,"width":167,"height":11}},{"id":"a2dd9ec2-a39b-4450-8eac-4441bb7ca5a4","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":43,"box":{"x":274,"y":82,"width":614,"height":12}},{"id":"99a885f8-ac38-4f68-829b-97741b674d5c","block_type":"box","text":"employees are eligible to par ticipate, including a 401(k) plan, the BlackRock Retirement Savings Plan (RSP), and the","page_number":43,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"3b0951a1-3850-41e6-8fdb-e3a21aa91578","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":43,"box":{"x":70,"y":113,"width":785,"height":11}},{"id":"4dacc80e-9f93-4a6e-bcc9-dde18ef0f082","block_type":"box","text":"company match equal to 50% of the first 8% of eligible pay contributed to the plan capped at $5,000 per year, and a","page_number":43,"box":{"x":69,"y":127,"width":830,"height":12}},{"id":"c2635389-d50e-48a7-97f2-489e84fd8324","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":43,"box":{"x":69,"y":143,"width":799,"height":11}},{"id":"6a6e7b14-594e-486c-9ba0-443e423966b7","block_type":"box","text":"($360,000 for 2026). The RSP offers a range of investment options, including registered investment companies and","page_number":43,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"886b32b3-1aff-46b0-898b-ed1a1c55397f","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":43,"box":{"x":69,"y":173,"width":798,"height":11}},{"id":"a71d7f6d-baeb-4710-9d13-698c61ca93a6","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":43,"box":{"x":70,"y":188,"width":809,"height":12}},{"id":"ba79b23b-a43a-4918-82d6-ccf86b92698c","block_type":"box","text":"fund that corresponds to, or is closest to, the year in which the par ticipant attains age 65. The ESPP allows for","page_number":43,"box":{"x":68,"y":203,"width":793,"height":12}},{"id":"468021c1-1a3c-4ae6-852f-27690d4e4728","block_type":"box","text":"investment in BlackRock common stock at a 5% discount on the fair market value of the stock on the purchase date.","page_number":43,"box":{"x":70,"y":218,"width":832,"height":11}},{"id":"8e5ce776-d95d-4d65-abb6-7a3b47808dfe","block_type":"box","text":"Annual par ticipation in the ESPP is limited to the purchase of 1,000 shares of common stock or a dollar value of","page_number":43,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"6ef88c26-bb6a-4bf1-8388-196e708a72c3","block_type":"box","text":"$25,000 based on its fair market value on the purchase date. All of the eligible por tfolio managers are eligible to","page_number":43,"box":{"x":69,"y":248,"width":808,"height":12}},{"id":"d9f42dee-866e-4180-9ec8-3cc38daeae90","block_type":"box","text":"par ticipate in these plans.","page_number":43,"box":{"x":70,"y":264,"width":185,"height":11}},{"id":"9d1bb9ef-4a98-41d6-b2be-6080bcdae7dc","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":43,"box":{"x":69,"y":294,"width":268,"height":11}},{"id":"97ba998a-5f09-4a2f-959d-ab3cb0da83d8","block_type":"box","text":"As of April 30, 2026, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":43,"box":{"x":101,"y":317,"width":733,"height":11}},{"id":"6c723028-6692-43b0-8ab9-b88fbdb63000","block_type":"box","text":"beneficially owned by the por tfolio managers in each Fund is shown below:","page_number":43,"box":{"x":69,"y":332,"width":531,"height":11}},{"id":"bcb8e920-e437-44b8-aa10-bb2453664970","block_type":"box","text":"Portfolio Manager Fund Managed","page_number":43,"box":{"x":69,"y":370,"width":504,"height":9}},{"id":"66ef1302-edd2-4f2e-832e-dcd6368948d9","block_type":"box","text":"Dollar Range of Equity","page_number":43,"box":{"x":757,"y":360,"width":129,"height":9}},{"id":"b1e9e709-d5dc-40bf-8da4-3ef44746bde9","block_type":"box","text":"Securities Beneficially Owned","page_number":43,"box":{"x":732,"y":370,"width":173,"height":9}},{"id":"b92645e4-ce7a-48db-9b4a-52e93abff5f3","block_type":"box","text":"1","page_number":43,"box":{"x":906,"y":370,"width":4,"height":4}},{"id":"a3d68030-2d9e-433f-9362-7b210476f37b","block_type":"box","text":"Kevin Franklin . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":403,"width":258,"height":8}},{"id":"85a78f93-0f3b-4932-987d-5c4123bf9cca","block_type":"box","text":"Sustainable Aware Advantage International","page_number":43,"box":{"x":379,"y":388,"width":303,"height":11}},{"id":"51021023-aea2-4e85-ae1b-fea57c4a1367","block_type":"box","text":"Equity $100,001 - 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Never theless, BlackRock furnishes investment","page_number":43,"box":{"x":69,"y":746,"width":782,"height":11}},{"id":"bd5c62f1-feb0-429d-8b67-a9472ba81d1a","block_type":"box","text":"management and advisory services to numerous clients in addition to the Funds, and BlackRock may, consistent with","page_number":43,"box":{"x":69,"y":761,"width":838,"height":11}},{"id":"d8c5b479-d756-4d6f-8cb8-3fecd52e338d","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":43,"box":{"x":69,"y":776,"width":828,"height":11}},{"id":"07628bd3-75f9-4a8b-8153-53a9e405cc13","block_type":"box","text":"funds or have per formance or higher fees paid to BlackRock, or in which por tfolio managers have a personal interest","page_number":43,"box":{"x":68,"y":791,"width":834,"height":11}},{"id":"984aa9e1-4650-4ad2-9042-f8084ed7546c","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Funds. In addition,","page_number":43,"box":{"x":70,"y":806,"width":785,"height":11}},{"id":"4ccc7edb-5cdb-4ce7-9aca-bd5f9be0ca46","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":43,"box":{"x":70,"y":821,"width":821,"height":12}},{"id":"7146f600-13b0-488f-822a-f73a34fb86a8","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Funds. BlackRock, or","page_number":43,"box":{"x":69,"y":837,"width":827,"height":10}},{"id":"56ef1f7d-73cc-4121-86b8-45dba370bf2b","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":43,"box":{"x":69,"y":852,"width":832,"height":11}},{"id":"f4068698-3b8e-44a5-b100-a66b5fdd904c","block_type":"box","text":"families may take different actions than those recommended to the Funds by BlackRock with respect to the same","page_number":43,"box":{"x":68,"y":867,"width":812,"height":11}},{"id":"f7d13fb9-b606-4374-b14c-50728f67db3e","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":43,"box":{"x":69,"y":882,"width":760,"height":11}},{"id":"b2725364-a9d2-4b22-96c6-802a871f31ee","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":43,"box":{"x":69,"y":897,"width":834,"height":11}},{"id":"fb5c5c90-8074-4257-9887-62d9a3f90eb7","block_type":"box","text":"are directors or officers, or companies as to which BlackRock or any of its affiliates or significant shareholders or the","page_number":43,"box":{"x":69,"y":912,"width":836,"height":11}},{"id":"b6609ebb-ce91-4a98-8d8f-fbaa74585f66","block_type":"box","text":"I-27","page_number":43,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"01dc9ff5-ca5a-4392-9a0b-13e92a810dce","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f43e2c34-8fa3-4d55-b8c0-77f6fe8a1299","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":44,"box":{"x":69,"y":45,"width":822,"height":11}},{"id":"900864fd-45a6-43a9-a57f-998ca05dafc8","block_type":"box","text":"public information. 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To this end, BlackRock has adopted policies that are intended to","page_number":44,"box":{"x":68,"y":203,"width":812,"height":12}},{"id":"ee3d865c-0c11-4b9b-aa06-ca9e73de64d3","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":44,"box":{"x":69,"y":218,"width":777,"height":12}},{"id":"53aa0fbf-0759-465f-bb1a-3a32853c21de","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":44,"box":{"x":70,"y":234,"width":826,"height":11}},{"id":"5008c889-a4f9-46e1-ae9e-20e06c75dd0f","block_type":"box","text":"Accounting Services","page_number":44,"box":{"x":68,"y":264,"width":150,"height":11}},{"id":"1aaad307-54a8-4581-9eef-d6e403a8dff3","block_type":"box","text":"JPMorgan Chase Bank, N.A. (“JPM”) serves as the accounting services provider for each Fund. Among other","page_number":44,"box":{"x":101,"y":286,"width":772,"height":12}},{"id":"abdca705-5ef5-426f-b9bf-680b4621efb4","block_type":"box","text":"services, JPM maintains records of purchases and sales of securities, receipts and disbursements of cash and other","page_number":44,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"e467e2d2-892b-4d43-b38a-fe3009033d2a","block_type":"box","text":"debits and credits; keeps accounting journals and ledgers; records capital share transactions; calculates expense","page_number":44,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"9a94ba04-bbb0-43e0-b672-2deb2f0e14f0","block_type":"box","text":"caps, waivers and recoupments (if any); computes the Funds’ net income and capital gains and dividends payable;","page_number":44,"box":{"x":69,"y":332,"width":816,"height":11}},{"id":"3a4e4757-d8a6-470f-a8e5-107c141606aa","block_type":"box","text":"calculates and repor ts net asset value; works with independent pricing sources; reconciles securities and cash","page_number":44,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"1f41c863-308a-4162-9e8b-626e73047d09","block_type":"box","text":"positions with the Funds’ custodian; prepares cer tain financial statements, notices and repor ts; and prepares cer tain","page_number":44,"box":{"x":70,"y":362,"width":839,"height":11}},{"id":"4c49e9cc-59b9-44ee-a4a3-619b1020b40c","block_type":"box","text":"tax repor ts. In connection with its accounting services, JPM also provides cer tain administrative services.","page_number":44,"box":{"x":68,"y":377,"width":754,"height":12}},{"id":"ebc7eb48-6f49-4d8d-8dcb-7da068daa955","block_type":"box","text":"For the periods indicated, the Funds paid JPM and the Manager for accounting services as follows:","page_number":44,"box":{"x":102,"y":400,"width":702,"height":11}},{"id":"6b9efbae-0e57-4035-8be0-bbf0e37b9d6d","block_type":"box","text":"Sustainable Aware Advantage International Equity","page_number":44,"box":{"x":68,"y":430,"width":366,"height":11}},{"id":"2d1642de-d3ec-43ed-972d-3c6293352698","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":669,"y":458,"width":56,"height":8}},{"id":"ff2a4834-18a5-4526-91f0-26571534ccca","block_type":"box","text":"to JPM Fees Paid to the Manager","page_number":44,"box":{"x":677,"y":469,"width":232,"height":8}},{"id":"a860c45a-0cb4-40be-97e0-b6f7ea538227","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . .","page_number":44,"box":{"x":70,"y":486,"width":271,"height":11}},{"id":"3567c287-4978-4ab2-8f62-5673d75a72d3","block_type":"box","text":"....................................","page_number":44,"box":{"x":347,"y":494,"width":288,"height":1}},{"id":"5c284cb6-fa01-4c7e-b4f0-e62e28d4a16a","block_type":"box","text":"$31,120 $0","page_number":44,"box":{"x":666,"y":486,"width":177,"height":11}},{"id":"acce545d-3c27-47f2-a733-16fb5b14e6ea","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . .","page_number":44,"box":{"x":70,"y":501,"width":271,"height":11}},{"id":"45ada39e-5ae4-4a9b-8425-b0733962e9ae","block_type":"box","text":"....................................","page_number":44,"box":{"x":347,"y":509,"width":288,"height":1}},{"id":"90c94966-f9e9-4712-bd99-8d1e4f512182","block_type":"box","text":"$28,640 $0","page_number":44,"box":{"x":666,"y":501,"width":177,"height":11}},{"id":"c3c3919e-6b3c-43d4-adda-acf42f626eaa","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . .","page_number":44,"box":{"x":70,"y":517,"width":271,"height":10}},{"id":"7d462e25-4bda-447a-a9c9-c422d6c7babf","block_type":"box","text":"....................................","page_number":44,"box":{"x":347,"y":524,"width":288,"height":1}},{"id":"c3345184-ebb4-418a-b477-2fc6de50929a","block_type":"box","text":"$48,866 $0","page_number":44,"box":{"x":666,"y":516,"width":177,"height":11}},{"id":"5bc2f0bd-eb40-4be2-9113-67bfbc15df57","block_type":"box","text":"Sustainable Aware Advantage Emerging Markets Equity","page_number":44,"box":{"x":68,"y":548,"width":408,"height":11}},{"id":"4267264d-a34f-41dc-b650-b931ef15bcc0","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":669,"y":576,"width":56,"height":7}},{"id":"9dde6356-e895-4339-9960-e13943b286c5","block_type":"box","text":"to JPM Fees Paid to the Manager","page_number":44,"box":{"x":677,"y":586,"width":232,"height":9}},{"id":"32c87d31-9342-4285-8cba-5f851bd1b70e","block_type":"box","text":"Fiscal Year Ended April 30, 2026 . . . . .","page_number":44,"box":{"x":70,"y":604,"width":271,"height":11}},{"id":"f0370d0d-31d0-43c6-94df-30a425fbb23c","block_type":"box","text":"....................................","page_number":44,"box":{"x":347,"y":611,"width":288,"height":2}},{"id":"e1e11903-f456-42b2-9622-1e7177432c88","block_type":"box","text":"$31,175 $0","page_number":44,"box":{"x":666,"y":603,"width":177,"height":11}},{"id":"f9efe051-3f58-4b9f-a8b7-a462fbcf2a76","block_type":"box","text":"Fiscal Year Ended April 30, 2025 . . . . .","page_number":44,"box":{"x":70,"y":619,"width":271,"height":11}},{"id":"8d054367-f074-4288-9706-f299f9e3fb76","block_type":"box","text":"....................................","page_number":44,"box":{"x":347,"y":627,"width":288,"height":1}},{"id":"b5ae2325-ffe6-4ec0-809a-bd46aea9b438","block_type":"box","text":"$28,357 $0","page_number":44,"box":{"x":666,"y":618,"width":177,"height":12}},{"id":"d3aba4e1-512f-49d2-8afb-3d1f5f18f2de","block_type":"box","text":"Fiscal Year Ended April 30, 2024 . . . . .","page_number":44,"box":{"x":70,"y":634,"width":271,"height":11}},{"id":"0317c54d-041c-4e04-9d0b-2948cb348a61","block_type":"box","text":"....................................","page_number":44,"box":{"x":347,"y":642,"width":288,"height":1}},{"id":"823f91c2-0fc4-43a8-9569-e7a43b4c379b","block_type":"box","text":"$48,688 $0","page_number":44,"box":{"x":666,"y":634,"width":177,"height":11}},{"id":"9ee697ea-3718-4ec3-8628-51e91bd33c74","block_type":"box","text":"Custodian","page_number":44,"box":{"x":69,"y":666,"width":72,"height":9}},{"id":"6f5a4814-ede6-4469-a365-ba6d950ca3e3","block_type":"box","text":"JPMorgan Chase Bank, N.A. 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E","page_number":47,"box":{"x":227,"y":91,"width":437,"height":9}},{"id":"a3450d5d-ca9d-4a46-b2b5-3017cfb6dcd6","block_type":"box","text":"$130","page_number":47,"box":{"x":809,"y":90,"width":38,"height":10}},{"id":"1923686d-26fa-442e-b372-e0f914012f81","block_type":"box","text":"BNP Paribas Securities Corp. .","page_number":47,"box":{"x":70,"y":106,"width":216,"height":11}},{"id":"ed3ce04d-c57b-4d10-b254-95f8d72ff13d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 78","page_number":47,"box":{"x":292,"y":105,"width":555,"height":11}},{"id":"51d5e439-18f4-46f7-b2ca-223187dd406b","block_type":"box","text":"Sustainable Aware Advantage Emerging Markets Equity","page_number":47,"box":{"x":68,"y":137,"width":408,"height":11}},{"id":"9de6e59e-a872-4f2d-93d7-177877dcb12d","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":47,"box":{"x":69,"y":166,"width":840,"height":8}},{"id":"f0f1d08d-e92e-4f4a-80da-0382af864068","block_type":"box","text":"None . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . N/A N/A","page_number":47,"box":{"x":70,"y":183,"width":772,"height":11}},{"id":"e6f18fa6-8cee-4030-9beb-a8eeb4f6fa41","block_type":"box","text":"Securities Lending","page_number":47,"box":{"x":68,"y":215,"width":135,"height":11}},{"id":"6bc0eaed-ae7a-49d7-8157-179f6b4b6f7e","block_type":"box","text":"To the extent that a Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":47,"box":{"x":101,"y":238,"width":793,"height":11}},{"id":"5f419a9f-e1bb-4a48-80ab-ee16e7ccccd3","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":47,"box":{"x":69,"y":252,"width":817,"height":12}},{"id":"a42e8114-d8cd-4dc5-8878-6b59d33ba31e","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that a Fund engages in securities","page_number":47,"box":{"x":69,"y":268,"width":799,"height":11}},{"id":"5d1700d0-c244-4d6f-9bd9-bc59fe7cadf1","block_type":"box","text":"lending, BlackRock Investment Management, LLC (“BIM”) acts as securities lending agent for the Fund, subject to the","page_number":47,"box":{"x":70,"y":283,"width":838,"height":11}},{"id":"13bb7693-5684-4662-bd51-5541a16eb556","block_type":"box","text":"overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":47,"box":{"x":69,"y":298,"width":813,"height":11}},{"id":"570bd471-5ee5-47aa-b913-a399aee499fd","block_type":"box","text":"BIM administers the lending program in accordance with guidelines approved by the Board.","page_number":47,"box":{"x":70,"y":313,"width":646,"height":11}},{"id":"fbe0be32-9e78-40cf-bcc7-5f5f97b1d594","block_type":"box","text":"The Funds retain a por tion of the securities lending income and remit the remaining por tion to BIM as","page_number":47,"box":{"x":101,"y":336,"width":726,"height":11}},{"id":"e37f0d1f-72df-4450-bce8-5884a61e54fd","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":47,"box":{"x":69,"y":351,"width":834,"height":11}},{"id":"90774ab6-63d8-442c-821c-3493e97b9116","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":47,"box":{"x":70,"y":366,"width":822,"height":11}},{"id":"1654e476-cda3-4ebb-bd9c-b88d85e4845d","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BIM bears all","page_number":47,"box":{"x":69,"y":381,"width":787,"height":11}},{"id":"3532564c-fe8c-4344-83f9-148c094554f4","block_type":"box","text":"operational costs directly related to securities lending. Each Fund is responsible for fees in connection with the","page_number":47,"box":{"x":69,"y":396,"width":792,"height":11}},{"id":"2ab280d1-ae2d-4841-b6d5-93f90a8a8683","block_type":"box","text":"investment of cash collateral received for securities on loan in a money market fund managed by BlackRock (the","page_number":47,"box":{"x":70,"y":411,"width":800,"height":12}},{"id":"78233cf2-5a55-4a2c-9073-0d6af219c012","block_type":"box","text":"“collateral investment fees”); however, the securities lending agent has agreed to reduce the amount of securities","page_number":47,"box":{"x":70,"y":426,"width":813,"height":12}},{"id":"7c2daf4d-4257-422a-ace5-db685942d680","block_type":"box","text":"lending income it receives in order to effectively limit the collateral investment fees a Fund bears to an annual rate of","page_number":47,"box":{"x":70,"y":441,"width":836,"height":12}},{"id":"d218cc98-c0f2-47d9-8ddd-3fc96569838d","block_type":"box","text":"0.04%. Such money market fund shares will not be subject to a sales load, distribution fee or service fee.","page_number":47,"box":{"x":69,"y":457,"width":755,"height":11}},{"id":"79cca8d0-c784-400c-9bfd-c0c6dfd83bac","block_type":"box","text":"To the extent that a Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":47,"box":{"x":101,"y":479,"width":762,"height":12}},{"id":"88bd07e1-0360-4af5-a016-f281d8cebe83","block_type":"box","text":"subject to a discretionary liquidity fee of up to 2% on all redemptions. Discretionary liquidity fees may be imposed or","page_number":47,"box":{"x":69,"y":494,"width":831,"height":12}},{"id":"82e6f974-ccea-49c0-93c4-f994bf16050e","block_type":"box","text":"terminated at any time at the discretion of the board of directors of the money market fund, or its delegate, if it is","page_number":47,"box":{"x":68,"y":509,"width":812,"height":12}},{"id":"9a6df3b9-dc58-4673-ac6e-c0750a9b6fe0","block_type":"box","text":"determined that such fee would be, or would not be, respectively, in the best interest of the money market fund.","page_number":47,"box":{"x":69,"y":525,"width":799,"height":11}},{"id":"7cff8578-ca7f-4d44-aa6e-689c5b64c9c3","block_type":"box","text":"Additionally, a Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on a","page_number":47,"box":{"x":68,"y":540,"width":835,"height":11}},{"id":"2226acda-e1fc-45c1-a7ad-ab8e86487dea","block_type":"box","text":"single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":47,"box":{"x":69,"y":555,"width":804,"height":11}},{"id":"add177f0-cd7f-4e08-b858-4e529d9d60a0","block_type":"box","text":"than one basis point (0.01%)). The money market fund will determine the size of the mandatory liquidity fee by","page_number":47,"box":{"x":68,"y":570,"width":789,"height":11}},{"id":"f648e6e6-52c1-4ab0-bff8-94652c276831","block_type":"box","text":"making a good faith estimate of cer tain costs the money market fund would incur if it were to sell a pro rata amount","page_number":47,"box":{"x":69,"y":585,"width":829,"height":11}},{"id":"08147ba4-08fa-4732-bd89-be6b93826b31","block_type":"box","text":"of each security in the por tfolio to satisfy the amount of net redemptions on that day. There is no limit to the size of a","page_number":47,"box":{"x":69,"y":600,"width":839,"height":11}},{"id":"030a2e69-dd8a-42c0-b09a-d9ef8c8a4360","block_type":"box","text":"mandatory liquidity fee. If the money market fund cannot estimate the costs of selling a pro rata amount of each","page_number":47,"box":{"x":69,"y":615,"width":802,"height":12}},{"id":"572dc2c1-6ef6-4ff1-a706-1941c4437645","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":47,"box":{"x":70,"y":630,"width":830,"height":12}},{"id":"c33d6147-8176-4bab-8377-f9c87c05284d","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":47,"box":{"x":69,"y":646,"width":838,"height":11}},{"id":"edb6f2c1-ea04-49b7-a4e0-9ca4e0cf13ab","block_type":"box","text":"Fund’s returns on securities lending.","page_number":47,"box":{"x":70,"y":661,"width":258,"height":11}},{"id":"a15485ba-8673-4a53-bbdb-4023902f127f","block_type":"box","text":"Under the securities lending program, each Fund is categorized into one of several specific asset classes. The","page_number":47,"box":{"x":102,"y":683,"width":785,"height":12}},{"id":"24cf8c95-3f12-41a3-8890-1dc936c114b0","block_type":"box","text":"determination of a Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of funds),","page_number":47,"box":{"x":69,"y":698,"width":833,"height":12}},{"id":"24ed3da2-2bc3-42a5-a1f3-9d3b61bf6f11","block_type":"box","text":"each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the Fund and","page_number":47,"box":{"x":69,"y":714,"width":823,"height":11}},{"id":"4dec4690-0764-4907-a34d-6d4fcbce29a1","block_type":"box","text":"BIM.","page_number":47,"box":{"x":70,"y":729,"width":29,"height":9}},{"id":"6aa6a36b-365b-453c-af76-a0964f8eca0f","block_type":"box","text":"Pursuant to the securities lending agreement effective January 1, 2026: (i) the Funds retain 82% of securities","page_number":47,"box":{"x":102,"y":751,"width":783,"height":12}},{"id":"37c506b4-955e-4828-9b95-b34746f4341b","block_type":"box","text":"lending income (which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the","page_number":47,"box":{"x":70,"y":766,"width":815,"height":12}},{"id":"c43a441c-c59f-45ca-a8c8-f1169b99d0d5","block_type":"box","text":"sum of securities lending income plus collateral investment fees.","page_number":47,"box":{"x":69,"y":782,"width":463,"height":11}},{"id":"107eca21-699f-48fa-971f-5c77e4b8b458","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":47,"box":{"x":102,"y":804,"width":753,"height":12}},{"id":"45cf1059-4d9d-4283-80d9-5ab7fd339ae0","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, each Fund,","page_number":47,"box":{"x":69,"y":819,"width":789,"height":12}},{"id":"29fd23ce-bc4d-45d5-89dd-0ad57b4aa86c","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":47,"box":{"x":70,"y":835,"width":817,"height":11}},{"id":"4af15607-7553-4dd3-b132-d2151af13930","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":47,"box":{"x":70,"y":850,"width":794,"height":11}},{"id":"2a0ae392-5ab4-4d80-9323-aa55d82ae3a0","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":47,"box":{"x":69,"y":865,"width":825,"height":11}},{"id":"cb5a6700-a094-4349-bb47-649afd0344e3","block_type":"box","text":"Prior to January 1, 2026, the Funds were subject to the same securities lending fee arrangement.","page_number":47,"box":{"x":102,"y":887,"width":697,"height":12}},{"id":"1fcaccfe-a51f-41bb-a7a0-f0d8b278f4df","block_type":"box","text":"I-31","page_number":47,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"154a3c38-de2c-4b0f-9eeb-520733ce666c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6fd648b3-5c31-4d01-9cdc-6c1d3a7bac7a","block_type":"box","text":"The services provided to each Fund by BIM, in the most recent fiscal year ended April 30, 2026, primarily","page_number":48,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"599ed73e-4815-411f-a703-df6a6e0f300b","block_type":"box","text":"included the following:","page_number":48,"box":{"x":70,"y":60,"width":156,"height":11}},{"id":"26627bc5-e2dd-4e5d-8468-9afa35a0ef7c","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent on","page_number":48,"box":{"x":69,"y":80,"width":832,"height":11}},{"id":"2b1e45cb-5f3c-4f76-9fa6-9570ff91ed4e","block_type":"box","text":"behalf of each Fund with each such borrower;","page_number":48,"box":{"x":69,"y":95,"width":322,"height":11}},{"id":"f9b1503c-0f72-4dc9-9f83-3aaa9ed33b58","block_type":"box","text":"(2) negotiating the terms of securities loans, including the amount of fees;","page_number":48,"box":{"x":69,"y":115,"width":530,"height":11}},{"id":"1b9b98fc-0f20-497f-9d97-e333c84765a3","block_type":"box","text":"(3) directing the delivery of loaned securities;","page_number":48,"box":{"x":69,"y":135,"width":321,"height":12}},{"id":"0c8b2f98-1529-4c1e-b39a-fca7157e2674","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":48,"box":{"x":69,"y":155,"width":826,"height":12}},{"id":"c2fd147e-a2ba-4738-8f41-c4ea30f8ca6e","block_type":"box","text":"of excess collateral, as necessary;","page_number":48,"box":{"x":69,"y":171,"width":246,"height":11}},{"id":"2a589c7b-bb44-4f60-b120-db531d4245f3","block_type":"box","text":"(5) investing cash collateral received in connection with any loaned securities;","page_number":48,"box":{"x":69,"y":191,"width":554,"height":11}},{"id":"ecafcc62-6d75-45f0-bd50-284f2bd9f0c3","block_type":"box","text":"(6) monitoring distributions on loaned securities (for example, interest and dividend activity);","page_number":48,"box":{"x":69,"y":211,"width":657,"height":11}},{"id":"71d3fc13-d288-486f-a927-3a009a4decce","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":48,"box":{"x":69,"y":231,"width":814,"height":11}},{"id":"da9fff52-ba52-4053-a81a-361ae634c62d","block_type":"box","text":"the liquidation of collateral to purchase replacement securities of the same issue, type, class and series as that of","page_number":48,"box":{"x":68,"y":246,"width":823,"height":11}},{"id":"d6b516c1-9982-4142-acda-960f5fe14fbf","block_type":"box","text":"the loaned securities; and","page_number":48,"box":{"x":68,"y":262,"width":185,"height":10}},{"id":"e71d52ee-bf23-49c6-9193-12e55b2e012a","block_type":"box","text":"(8) terminating securities loans and arranging for the return of loaned securities to each Fund at loan termination.","page_number":48,"box":{"x":69,"y":281,"width":811,"height":12}},{"id":"e7b96743-09ee-4774-81ab-471336502cc2","block_type":"box","text":"The following table shows the dollar amounts of income and fees/compensation related to the securities lending","page_number":48,"box":{"x":101,"y":304,"width":805,"height":11}},{"id":"0c5e4391-1231-4ea2-8781-021e6d2e54cb","block_type":"box","text":"activities of each Fund during its most recent fiscal year ended April 30, 2026.","page_number":48,"box":{"x":69,"y":319,"width":560,"height":12}},{"id":"1098ea29-04e1-456f-8b59-f68738a96da0","block_type":"box","text":"Sustainable Aware Advantage","page_number":48,"box":{"x":541,"y":348,"width":174,"height":8}},{"id":"585cd87a-b96b-41f4-a615-ea4fbb115662","block_type":"box","text":"International Equity","page_number":48,"box":{"x":572,"y":358,"width":113,"height":8}},{"id":"efb0e1d6-94a4-40a3-94fb-d7297de227a6","block_type":"box","text":"Sustainable Aware Advantage","page_number":48,"box":{"x":735,"y":348,"width":174,"height":8}},{"id":"6a65dec5-8c56-4415-b1f8-3d769fbd15dc","block_type":"box","text":"Emerging Markets Equity","page_number":48,"box":{"x":749,"y":358,"width":147,"height":8}},{"id":"e0d32c76-6f09-44ff-940e-a55fdfb17845","block_type":"box","text":"Gross income from securities lending activities","page_number":48,"box":{"x":69,"y":375,"width":343,"height":11}},{"id":"d3633517-21ff-4602-822f-ae3d4017328a","block_type":"box","text":".............","page_number":48,"box":{"x":420,"y":383,"width":100,"height":1}},{"id":"dc0060f9-2fe8-4513-b814-def6f9584e93","block_type":"box","text":"$20 $3,074","page_number":48,"box":{"x":614,"y":375,"width":235,"height":11}},{"id":"772c63e8-a77d-4c80-aec0-62315247b7b1","block_type":"box","text":"Fees and/or compensation for securities lending activities and","page_number":48,"box":{"x":70,"y":395,"width":446,"height":11}},{"id":"d45c6c53-8cfe-488e-9bf3-f49548bf2e00","block_type":"box","text":"related services","page_number":48,"box":{"x":69,"y":408,"width":114,"height":8}},{"id":"20175bcc-4529-4e04-81e0-573ad4c43caf","block_type":"box","text":"Securities lending income paid to BIM for services as","page_number":48,"box":{"x":79,"y":423,"width":380,"height":11}},{"id":"9b839e3f-379a-43ae-a6f5-c7bfbadec99b","block_type":"box","text":"securities lending agent . . . . . . . . . . . .","page_number":48,"box":{"x":88,"y":435,"width":269,"height":11}},{"id":"e08c95f6-ac9e-4df1-ac5d-7f56f1ed6d3c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $ 0 $ 469","page_number":48,"box":{"x":363,"y":435,"width":485,"height":10}},{"id":"958f2557-7eef-45f0-ad4a-e5b6ed54df72","block_type":"box","text":"Cash collateral management expenses not included in","page_number":48,"box":{"x":79,"y":450,"width":385,"height":12}},{"id":"88cc5546-fa34-454e-b0b3-2d977c3e0f85","block_type":"box","text":"securities lending income paid to BIM . . . . . . . . . . . . . . . . . . . . $ 0 $ 13","page_number":48,"box":{"x":88,"y":462,"width":761,"height":12}},{"id":"4a50473c-8a23-4e1e-9c87-dccfad41521d","block_type":"box","text":"Administrative fees not included in securities lending income","page_number":48,"box":{"x":78,"y":478,"width":433,"height":11}},{"id":"9882c57b-e39c-4cee-9120-02d978064aad","block_type":"box","text":"paid to BIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0","page_number":48,"box":{"x":89,"y":490,"width":760,"height":12}},{"id":"e21d9b6a-3de7-4905-8765-612788e86b71","block_type":"box","text":"Indemnification fees not included in securities lending income","page_number":48,"box":{"x":79,"y":506,"width":440,"height":11}},{"id":"bab98e9c-c618-45b1-a598-bb1189e6ce2c","block_type":"box","text":"paid to BIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0","page_number":48,"box":{"x":89,"y":518,"width":760,"height":11}},{"id":"93c349f6-ed41-4008-bbaa-18199ba54774","block_type":"box","text":"Rebates (paid to borrowers) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18 $ 231","page_number":48,"box":{"x":79,"y":533,"width":769,"height":11}},{"id":"863fe6bf-fddc-4967-8b9d-c53ae2713294","block_type":"box","text":"Other fees not included in securities lending income paid to","page_number":48,"box":{"x":79,"y":549,"width":424,"height":11}},{"id":"aa4c43ee-8581-4abe-a1c5-1a56eabc5f32","block_type":"box","text":"BIM . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0 $ 0","page_number":48,"box":{"x":89,"y":561,"width":760,"height":10}},{"id":"2ade1c73-3101-4a5a-9fd8-f048105524b4","block_type":"box","text":"Aggregate fees/compensation for securities lending","page_number":48,"box":{"x":68,"y":581,"width":383,"height":11}},{"id":"1d5b7cab-1d19-454c-b6b1-14756efef197","block_type":"box","text":"activities","page_number":48,"box":{"x":69,"y":593,"width":66,"height":9}},{"id":"4c1732f6-0330-4970-a208-f82b5c176bff","block_type":"box","text":"...............................................","page_number":48,"box":{"x":143,"y":601,"width":377,"height":1}},{"id":"f87984f1-8d00-48ae-ac9f-ef0d306348e0","block_type":"box","text":"$18 $ 713","page_number":48,"box":{"x":614,"y":593,"width":235,"height":10}},{"id":"d2c45586-ab47-433f-b259-070bd891b0dd","block_type":"box","text":"Net income from securities lending activities","page_number":48,"box":{"x":69,"y":613,"width":327,"height":11}},{"id":"1163f34e-f64e-4c79-9198-a966be533d8b","block_type":"box","text":"...............","page_number":48,"box":{"x":404,"y":620,"width":116,"height":2}},{"id":"be2ccd4b-7dd2-4232-b796-7afe1a4ed827","block_type":"box","text":"$ 2 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Financial Statements","page_number":50,"box":{"x":69,"y":265,"width":179,"height":8}},{"id":"e21a77fe-3832-4756-a595-72e86a18ed71","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Funds’ Annual Financial","page_number":50,"box":{"x":101,"y":287,"width":726,"height":11}},{"id":"4109c712-8907-4929-aac6-6027911ce062","block_type":"box","text":"Statements and Additional Information for the fiscal year ended April 30, 2026 as filed with the SEC on Form N-CSR","page_number":50,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"14e92486-10c4-43c5-b5df-c4ca819441b0","block_type":"box","text":"(the “2026 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the 2026","page_number":50,"box":{"x":69,"y":317,"width":800,"height":12}},{"id":"a6692a51-dc44-4b6a-ab44-8fab470bff28","block_type":"box","text":"Annual Financial Statements are incorporated by reference herein. The 2026 Annual Financial Statements have been","page_number":50,"box":{"x":68,"y":332,"width":833,"height":12}},{"id":"0f636c8a-277c-4882-a292-27eae711766d","block_type":"box","text":"audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such 2026","page_number":50,"box":{"x":69,"y":348,"width":839,"height":11}},{"id":"4b760163-5705-4162-b9f6-3350bc5f9f45","block_type":"box","text":"Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":50,"box":{"x":68,"y":363,"width":790,"height":11}},{"id":"09bce935-e543-439e-96d4-8de69766dd6b","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of each Fund’s annual and semi-annual repor ts to","page_number":50,"box":{"x":69,"y":378,"width":826,"height":11}},{"id":"a79376e1-f8e6-44d4-8402-b8748ccee0fa","block_type":"box","text":"shareholders and each Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":50,"box":{"x":69,"y":393,"width":796,"height":11}},{"id":"84a46a41-97a3-4687-88c1-0a7971a0eb3a","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":50,"box":{"x":69,"y":408,"width":836,"height":11}},{"id":"a055703d-94fb-4503-b3ec-162930e0d88e","block_type":"box","text":"I-34","page_number":50,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"97ffdbaf-8d42-40ae-81e0-d8cc7ebc2398","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd29df4d-489d-4208-95fe-534e83199953","block_type":"box","text":"PART II","page_number":51,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"990bebe6-3c03-4b15-8d6a-9938f73d56a6","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":51,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"fac6f35b-1f13-4f5b-a969-4126c581e2fd","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":51,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"b15a83da-f3df-473b-80f6-90b76f4f21bb","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":51,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"9f7794f6-b395-4606-8a96-d717f3399b3c","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":51,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"a4dc2e07-0ff9-401d-94dc-46542c5866bf","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":51,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"a6fcec11-a83f-4319-84df-06b734131ec9","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":51,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"f62a1bce-9b77-4f45-b48f-4e06e540bbdd","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":51,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"8f256f15-2857-4b90-a136-5777bdda130f","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":51,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"b0714fc9-af3c-48ef-9ae4-7f9871c7c8ab","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":51,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"490ec639-eb5c-47b8-8a16-01d59ea1f4eb","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":51,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"f4156d11-0042-46e2-b6b0-49244dd9c07a","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":51,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"17c2fdb8-52c5-4838-831b-ce70283d40c2","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":51,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"480442d8-32fd-4cb5-b394-5571edbf2d49","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":51,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"c06a589f-0d8b-4839-ba67-dafe4beb953a","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":51,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"2f937ad8-1868-4cba-85a1-b6f9ddbc11f5","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":51,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"f6b6954a-6696-4a05-96dc-2f28de5089ea","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":51,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"3b66b318-ea74-4627-9838-143aef37a489","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":51,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"c4d64eff-20fb-4361-b76c-6a9a75bce807","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":51,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"38f81e29-02ff-46b8-903b-db0f690e6633","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":51,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"042235da-f018-4fdf-8541-66247f9364b3","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":51,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"68d692b2-fa6d-4362-be2e-a1fc09fd92f4","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":51,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"a29b4b7b-086c-420f-86c7-23b3763002d3","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":51,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"3bef623b-79b4-4eb3-914b-df2fe2c896a6","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":51,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"d6ec84b0-729e-4db1-bdba-89f2e17af885","block_type":"box","text":"par ticular Fund.","page_number":51,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"77bc46db-5aec-4dc8-b3de-6a128fb1f367","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":51,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"2db9b5e2-9be9-4832-8a32-1ac856aca298","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":51,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"8324abd6-56b8-4dc6-995a-db52545cc526","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":51,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"7f2a272f-ca01-4f70-9947-48d74593bb22","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":51,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"71276742-5f5b-424f-89ac-60fb8f4474d6","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":51,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"696d09db-1788-44cd-84e2-5ddb01c860f8","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":51,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"d3cca73e-5be3-40d3-b3cb-5f21dce67501","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":51,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"934a6516-474e-4747-a56c-4075918fceb2","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":51,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"2584a3e2-5e13-4705-8a48-8a9a51aa058a","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":51,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"1f73d446-4e75-4a7d-b3ea-991d4e4e2469","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":51,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"d48baef2-6867-4b00-8ae2-24ec98e1bd16","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":51,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"eeb59a17-03fa-4372-a65b-c19f7ebbcef0","block_type":"box","text":"Asset-Backed Securities.","page_number":51,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"5c89566f-c6b1-4fc9-870d-9c0f11e0ca2d","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":51,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"7a0192b6-b3d3-493f-aba1-52cae7c6fa29","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":51,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"2eea4ad4-e683-4633-bc74-caa7bc85185b","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":51,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"d81f892a-f302-4fd4-a63a-e3d89be98308","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":51,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"d6a879fe-3798-4bfd-a5d1-4e41a95d3178","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":51,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"a6d90b5a-89fa-4bbd-9ab8-e882468ad420","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":51,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"47afbe66-291b-4200-a26c-8aad4bc95e54","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":51,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"b1a33435-de99-41a2-8a9a-62f2a76cc83d","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":51,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"5a2476f4-b96a-41e8-9cbf-342da9192820","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":51,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"a05c10ce-5c82-4d8f-8bac-6329bf1889c6","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":51,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"34357221-1858-4588-85ba-b13e06111274","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":51,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"2378cafb-9823-4011-81ec-d8bf70c74b24","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":51,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"29b903f8-acdd-4199-9b24-3d671372eee9","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":51,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"cf10e28f-edab-48d1-9f28-7791854e2391","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":51,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"bbe5f78d-77aa-43b6-ad7f-62258495d934","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":51,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"8ded3079-3f35-4485-8a3c-5238ecc07cd4","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":51,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"b18c2d40-3f74-41ea-81d5-383e6e17944a","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":51,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"84355b85-d55e-438a-aa92-9e0914f61cc5","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":51,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"5c8e1fa4-54aa-4d39-b934-ba64026b684b","block_type":"box","text":"II-1","page_number":51,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"384d65c3-9708-4789-9c8e-19aa0000a4b4","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9ca43b0-c261-433d-aca6-1c364febe3ab","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":52,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"e67a0fd7-dee0-47d9-9554-bcd073932d84","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":52,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"ba411ba2-ee47-40bb-9859-74ee59fb3d18","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":52,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"e062a416-c8a1-4bfd-92a2-faf0e245d56d","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":52,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"fefdcc6c-e076-413f-8bb5-f0db2c4b2503","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":52,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"76d50ddf-181a-492c-9eaa-7b1019acc972","block_type":"box","text":"Asset-Based Securities.","page_number":52,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"f9bfae63-5155-4008-b6bb-165153b14c73","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":52,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"74737cd9-9010-4a40-a118-03cc8f4c7243","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":52,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"2f46a7a6-693f-4fab-b1dc-3b6ebd1dc306","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":52,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"375fdcfa-bd51-44e5-b98d-4a11ceabe196","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":52,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"052a7692-a10f-4b90-86b9-f881a6c1badf","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":52,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"7108ba31-16cd-4f34-9a77-c3c2198e1e52","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":52,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"496de92d-3f2c-4809-b1a5-a8f22c919e2d","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":52,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"57c96619-5c09-4d4e-81de-f362c54175b8","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":52,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"5b7d3528-eed3-4561-8a9b-5eda897a6db8","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":52,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"b0f45bea-03b9-4ad9-bf67-a6426f4688e1","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":52,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"a58f9fde-8a66-49c4-8334-623703b60295","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":52,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"a97ead6a-cc4e-4e20-a5d2-96c64c3bb37c","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":52,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"26b18f27-8e0d-4067-a2cf-e1fc7a819597","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":52,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"2f605bf4-bd3e-49ed-8b03-fed7a32eacea","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":52,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"3dea390e-aebd-4fca-a272-a614c2023d7b","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":52,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"749f3f39-b386-45b7-af42-6ee6a2a09e64","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":52,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"0325070e-adb2-46c9-be75-f5e7584037a3","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":52,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"7b8117b6-acc0-4279-90c7-d35411dd97ce","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":52,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"5aa38e0a-4477-4543-988f-5d596eecb054","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":52,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"58a557fe-f638-490e-b348-0013c8db23bf","block_type":"box","text":"appreciation in the underlying asset.","page_number":52,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"a2c180de-1553-4ec8-9535-0a9374bbbd6c","block_type":"box","text":"Precious Metal-Related Securities.","page_number":52,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"83cedf84-4065-4f47-bae3-568004f825e4","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":52,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"2c9e0666-beb3-4bc6-a6e8-74bbcc8b6542","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":52,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"9ffbe901-e32d-4cb9-8147-9a12797185c9","block_type":"box","text":"e.g.","page_number":52,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"dae0af46-8700-4b24-8b29-af7b16bb291b","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":52,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"315d90eb-5876-4053-a1b5-893a01894307","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":52,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"51c3df8d-5868-49c1-b502-2989bec4ae9b","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":52,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"6ba18e42-d37f-4674-b947-9dc7f59086e5","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":52,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"241875a8-1233-4b05-b824-322c51800045","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":52,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"d6fa1bfb-063e-42f8-b43e-d0ef81ced173","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":52,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"01ee3d0d-4bb4-4f4f-990b-2196c035a275","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":52,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"68da28f5-3edf-43a8-979c-e5f39446bfa9","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":52,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"e329a74a-3d28-4ff9-be58-252f9fbf8092","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":52,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"fd8014af-c20e-4203-9b02-f7eb7f980dd7","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":52,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"51aa25c6-be9a-430a-afd9-ae76af8e5f7e","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":52,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"7544313b-c3d2-46b2-8ac7-a3b4e6ebaed1","block_type":"box","text":"South African gold production.","page_number":52,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"10290b74-9d02-402a-9305-50832a3dd089","block_type":"box","text":"Borrowing and Leverage.","page_number":52,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"a6a6d5a8-eda2-4226-b907-19eddeb21634","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":52,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"c76cbfb6-7019-4acc-bcf6-0d746ed87e5e","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":52,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"3349a92b-8e24-4d01-9105-ec26340db8b3","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":52,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"9b1e0cd6-1c3d-42a4-afc8-539650e5f39b","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":52,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"8618c83d-d131-4b10-8be5-f2deb351c0ff","block_type":"box","text":"other securities transactions.","page_number":52,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"1b3fa510-46e4-42d6-9968-f412d38799d9","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":52,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"4cc3fcb5-84ff-450d-a905-67c53b3d5242","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":52,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"112cd010-c017-45d2-9237-d2dd2f2fddcf","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":52,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"69c11d8a-0a8f-41c3-b8bf-703e5a84face","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":52,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"d61c8ce4-9f44-48f4-a3ec-53e7db53e17c","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":52,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"45cf3389-456b-4a82-88eb-39abf175d988","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":52,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"c8c424e9-9249-475f-be59-c95c9dd6b7f2","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":52,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"7ed893e5-71b6-4f64-b6ad-0b3aeaad542f","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":52,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"3e314b73-b35e-49f8-a115-0745cbf92a8d","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":52,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"f10da412-c28b-4afe-80c0-6be588f834c3","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":52,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"03f4dcb5-d941-4e1e-b20e-65e73561c46e","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":52,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"7f429d3b-0bc0-4c69-b7e3-7bc9e7f462d7","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":52,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"85357bc5-477e-43a4-b163-9233f1e8afec","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":52,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"6eabe70f-1997-4cb2-9833-8353e953e046","block_type":"box","text":"II-2","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d591ef97-d218-4e1a-a071-b2c16f532930","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"36d1e2ca-2bc3-4d7b-871c-d4419325c05e","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":53,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"20bb0cb2-98a8-47ea-941d-1645a148a17b","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":53,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"bbd919a9-1f46-4d12-b02f-14994e0066fe","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":53,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"cec71ea9-bdce-4581-b086-0e999164d767","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":53,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"aefbc266-b779-4853-a326-7a0cfefc7650","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":53,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"5caaa60b-2c22-4b42-bbe0-4213f6cdbc25","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":53,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"171854d5-6cc4-4ca2-9a1b-e27fcea043ec","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":53,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"c212dcfa-51b0-4d3a-8665-26cdc2295bec","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":53,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"69f3467d-6515-4c77-ad8b-bb408640bc34","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":53,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"b279f659-1d20-403f-9b5e-66007be3fa99","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":53,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"4fded1a0-9def-486f-b4f7-8cef4744db02","block_type":"box","text":"Cash Management.","page_number":53,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"27d55ada-a3e2-4b9d-afa2-264dcf16e729","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":53,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"b2b9b7b6-f1af-4c04-bef3-9b6c413ecb42","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":53,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"a0a8ca90-9376-4c25-9071-b1e1a7011802","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":53,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"d5b34568-b916-4afc-b247-709f042e8e40","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":53,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"b151df09-26bf-4459-8973-2cfa9dcec09d","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":53,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"33a10bb4-9483-41ab-b0a6-c969954d84ef","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":53,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"0221757e-67d3-437a-906b-42f7d9c3ed59","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":53,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"042b63b1-3834-4a36-9d5f-4cb91e66fa92","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":53,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"7c24b827-62c6-48a8-8e35-978056ee739f","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":53,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"9bca25bf-99e1-4e80-b81f-f16d5e8ab899","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":53,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"c78afcfc-e6d8-4a23-b89a-c755837b6b57","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":53,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"b53344af-2d7b-49d0-b0d7-134b9a7fa5fc","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":53,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"53a4b017-21a5-4d90-a839-4d111a8b8638","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":53,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"bf08d2f0-7253-4b3d-aafd-fcad5742bc7a","block_type":"box","text":"Collateralized Debt Obligations.","page_number":53,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"1739e1b0-9d51-4f20-a84d-295f5f8506b4","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":53,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"bf36a45b-11be-44bd-8803-f86bb1444c95","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":53,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"4874dad2-f471-461d-892c-e30aea77fe76","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":53,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"d6ef60c5-cd7f-4711-9923-57952e6e3743","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":53,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"f3f45ad9-c638-4ec0-bc72-8a7e55dacf4d","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":53,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"e149f13f-41de-449f-831a-3fe74607526f","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":53,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"d1472672-9cb0-4037-ba69-d52c00a75e0f","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":53,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"95257ea1-d6cf-4369-824a-9f22de286393","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":53,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"233b680e-1566-48e5-b9ab-259b80ad97de","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":53,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"f89d390a-e7cc-4567-8d54-62d9ca0591c2","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":53,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"f4c4f01f-dcfd-4fc7-8ce5-55253ba949ba","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":53,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"67088e01-e4ff-4115-a9e8-bfe2a24c5e4f","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":53,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"30220be0-eae6-4999-9ec3-09ffe0cae4f0","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":53,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"15962d6a-3759-4ce9-83d7-cadd7f0ef2ad","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":53,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"2a0baf96-d7aa-436b-a552-d6df89ddc868","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":53,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"75218134-7b13-40c2-8175-566e23b46ed9","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":53,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"b221b875-57de-4eb3-8356-a55bd995c69f","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":53,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"ac3dbbea-6119-479f-ae5f-1eb126bce42c","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":53,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"0eba9fd4-5651-4dcf-bfae-826b727312e3","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":53,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"c734693f-81c3-42a9-80e4-3680c4cf495b","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":53,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"0bc6a80e-c4b1-46e1-94fc-6c457e677dfc","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":53,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"d36571aa-2c61-4fb3-81c5-2e912d7db68a","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":53,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"8d8a73d6-cdfe-490d-ab53-61e7f05cf675","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":53,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"c805607d-24ee-4d14-bfa8-b50ce5c26ab0","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":53,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"6983f0c4-adcb-4bfb-8196-9c5a1ac98893","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":53,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"8aedff20-e08e-4d6a-9d23-48d82b76f63d","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":53,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"b251b104-5f49-41e3-9a11-f0db3d67752a","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":53,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"aa84311a-592c-4f0f-9464-b214169c1e18","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":53,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"3c73f8c8-2f0d-4a3d-8e55-181a258f6a28","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":53,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"ace0846e-4aad-43ff-bec6-a74791245de5","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":53,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"ef13b9d7-346d-47d7-b256-ae47353debb6","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":53,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"ba430d60-8a0e-4db5-8801-1052a12dcfc8","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":53,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"60a3cf3b-5c76-4994-881c-3f633ab278c0","block_type":"box","text":"II-3","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"280b446e-ac05-4cc3-83fb-46e2dbb4611e","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f82d06c7-aaa3-43bb-89c2-13f160909f5a","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":54,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"a7166187-1afd-444c-8989-752149f15293","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":54,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"ba8f551b-0921-4290-846c-86aa065e4aa2","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":54,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"0e931b01-58ca-4223-b507-9ff02defe86c","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":54,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"ab214f66-9da6-4bcf-a291-13c400ce7ed3","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":54,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"bece158f-8d96-4bdb-8d51-c58e962caebe","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":54,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"971c963b-b347-4e7d-9769-e7ca011a4745","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":54,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"9a125a2e-96a3-46fe-b35a-bfa7c0bc4f15","block_type":"box","text":"Commercial Paper.","page_number":54,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"8ca09308-150e-4fe8-80aa-415ea4941a0c","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":54,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"2ded2532-96fe-4acc-9dc8-b78ec24d097f","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":54,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"6c83ffc8-ffca-4e8a-aadd-5faef7cb3f5a","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":54,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"ad057dae-61c4-4b21-9701-3033cddb9f85","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":54,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"8a8d71a5-7637-4778-8354-897a4c5e2f54","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":54,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"e3000d55-e773-4be9-a4a9-6f522b42bd4a","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":54,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"5be62b71-cd9b-463f-adfa-37909bb821d8","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":54,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"4e3b88ef-0c64-45e7-9289-0d73ed8670fb","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":54,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"47d5e650-9f13-4c71-ac70-bcfdcb12fc7b","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":54,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"684277e1-c6d8-4fad-b6a0-91e080012f0d","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":54,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"9dfed88c-4d23-4724-916c-003889a95ca3","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":54,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"1a2ec83a-cda3-4935-9cd9-e69a10befd25","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":54,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"09663c4c-34d8-4046-b463-95713039655c","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":54,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"077ee17f-7410-4abb-a738-5e0595da47c6","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":54,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"a47e02cd-7232-4cb4-a6fa-b3ad7d508c5a","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":54,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"9460c725-3520-4bb2-af92-75107a5982ee","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":54,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"41253137-b9a6-45e9-bbbd-4326aeb09da6","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":54,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"0f9d9d65-e399-4cac-ad0d-627e12134a0b","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":54,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"7f4f70e1-df24-4e63-a215-6b937c59e1f1","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":54,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"68ae449e-e7c1-4fd8-abeb-6dea54964b0b","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":54,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"e5d0a034-7b58-4f82-9bd4-5c467928c71f","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":54,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"3ce31cd6-d7f2-489a-85c2-f2447ae0a58d","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":54,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"33a4353a-6d7d-4607-95d5-a300730e56fb","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":54,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"1b3ba231-6864-446b-a0b3-3f00e96cd3dc","block_type":"box","text":"variable.","page_number":54,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"f8ede275-122c-4a40-9241-3ed669946cfa","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":54,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"41bc92ac-6f9b-4cf7-9b05-8ebf2fd6ee9f","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":54,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"08eef158-b8cc-48e6-9e73-2ad0114e1263","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":54,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"90499988-e599-4088-b224-5c5b3e0cc14d","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":54,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"2acac43c-5c19-4641-af2d-093bb4dc82a3","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":54,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"562191eb-63cc-433d-b00f-f21ae609f74c","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":54,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"794969dd-0f9b-4d60-950f-45110fa98149","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":54,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"b764b9a6-4342-473f-b183-81654f6c38df","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":54,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"35b07084-c3a4-4fac-9b2f-e6f9ac57f286","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":54,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"d2370065-d255-4ea6-8a3b-8b96e15bf815","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":54,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"2eb8cc83-1e44-4ee8-8d55-0b8a6f75971d","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":54,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"534c1e98-aec9-45b6-b8e3-2f2d22ba9929","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":54,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"5f0d629b-136d-402b-b2cf-652a070d2c8d","block_type":"box","text":"correlation with stocks and bonds.","page_number":54,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"623fb309-eef6-4de3-b6b1-46ab283b1046","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":54,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"b669cced-460c-47eb-8695-9b8aab27570c","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":54,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"fa542391-016f-4bd0-afa7-09ed9dcb5cc3","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":54,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"9abdd697-47c0-4171-b52a-0e071b842c91","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":54,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"3ceda0af-378d-40ea-945e-dd9179ca2f40","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":54,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"0a356bbc-d1ac-4a9b-865c-03e378a69d28","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":54,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"94a1eafe-6311-4159-ab9b-63b662405d8e","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":54,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"09f9646f-3b15-4d6a-904c-a1ef3ce3e3cd","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":54,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"61588e8f-8f3f-4cfd-b04c-52185da16b57","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":54,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"3250d8a6-df70-4984-b59a-c2c44eeb7ca3","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":54,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"694ec5dd-a4f5-4ffc-98cf-03cabc58cb71","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":54,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"4dba3a6c-32ed-4a52-96e8-ead04a19cd54","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":54,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"f4e66941-fc5b-4f3a-a63b-0ab15de487ea","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":54,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"4a9e8f52-649c-494e-b573-938e02df2dd6","block_type":"box","text":"II-4","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"10b3485a-2dbe-4c96-a530-79a0ad05dd82","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4760924e-b31f-40a3-b4ce-985d356e613b","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":55,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"d061d1b1-4c26-46b1-8750-457cfc7d26ac","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":55,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"9ee9e01f-ab49-4caa-b888-e2414aedbf5e","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":55,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"96e9a4a9-2533-4ef6-b7fc-da9ff458c1a8","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":55,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"f32fbfa8-0a72-4d8a-b917-df5e084b5483","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":55,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"61acdd3c-b6b4-480e-b0c4-cc2507d7e61d","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":55,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"a582bb85-cd09-4d31-803a-058388123880","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":55,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"ffd707f3-8863-40a9-9ede-25d133d48462","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":55,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"6d679c55-b4c1-4015-a78a-deaa92e2e854","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":55,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"14a808a0-7ae0-4270-801f-b2986026e114","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":55,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"c18dec81-0236-439c-8077-9cc3c1632fed","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":55,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"78f4d100-f09f-4bc4-ac09-2ab83605d3b6","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":55,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"aff730d3-9bd6-4bff-b126-8492674a0941","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":55,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"aae7d522-f3ae-4307-8d90-111a725582ff","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":55,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"d4a5f363-fbeb-4623-8da2-3486a0e14426","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":55,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"0aae9b83-3ef8-47d6-8e96-732509f7f7cb","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":55,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"524d1ddb-4a52-4f53-81cf-a051daaa6b0f","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":55,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"67bc372c-172c-4bd8-9b54-5b82af0f994b","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":55,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"94642afe-cdbc-4ada-8abc-184ddcb0717d","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":55,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"044983b1-0dce-4d07-a2aa-64f716632414","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":55,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"b11d7c3d-64e6-41ff-b34c-f203fb0c7454","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":55,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"36899072-c767-4eb4-97e2-4e9e4956499c","block_type":"box","text":"the Manager believes are relevant.","page_number":55,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"7632ae42-7e1e-4e28-bee1-5fec1a0258ce","block_type":"box","text":"Limitations on Leverage.","page_number":55,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"b09e4f3e-676d-4668-9a73-0c2ca852aeb0","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":55,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"c22abf8c-362a-4cb1-81cd-582c1ebdbce3","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":55,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"cc337e10-bf0f-4ab6-a25f-87f2b8c01110","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":55,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"4a8470b9-ad3f-4353-9586-93e10fda55b1","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":55,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"a016a4af-fafa-482a-833f-c1635f238ddd","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":55,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"2a033dbf-9aa2-42b8-b71d-bcdb114a24e4","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":55,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"f15e5d48-863a-458c-9789-6113a381cd6c","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":55,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"5de32b8f-5c2d-45a0-bfed-830329a68838","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":55,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"1f80937d-58cf-43c3-a720-2b5d053cc602","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":55,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"1d3cf217-8d77-4a54-934f-f1e22b8038a0","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":55,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"f7413f92-01fa-4c03-b188-f530204bcf11","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":55,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"7a47f6d0-05b6-46eb-a3b8-f255e49382e1","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":55,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"14ffe59e-1575-41e1-a132-4fb299eb6075","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":55,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"082687bd-ee29-4c06-9842-33a4d526f41f","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":55,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"920f2274-7309-4124-a913-51b4e872fda8","block_type":"box","text":"Counterpar ty Risk.","page_number":55,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"dd7325ba-e2dc-488d-b106-c7caa6ea6aee","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":55,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"c54d66da-6c97-4aa9-8272-f59773ef8697","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":55,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"57b89235-fad8-4873-b021-1a78ca385355","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":55,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"25cf5c85-1dc4-4cf1-a578-5cfc660dc1f6","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":55,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"d5abf1dc-d99a-40c7-8557-100920dd021d","block_type":"box","text":"e.g.","page_number":55,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"94c1b6e8-fc56-44ef-835b-eedcfb49134a","block_type":"box","text":",","page_number":55,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"8ce254d5-0f82-4779-913f-d6c4e24cb47a","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":55,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"4d8972b1-9cf8-456c-9f9a-5a48e41c39d6","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":55,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"d2e94a62-e936-4f9c-b3cf-df3fcfc90c16","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":55,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"13829a09-a79a-4aa8-b4fd-cb482cfbb058","block_type":"box","text":"obligations under the structured note.","page_number":55,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"7b1e857d-3998-4e49-8cb3-59ded856e8aa","block_type":"box","text":"Convertible Securities.","page_number":55,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"4b996cd1-9fe3-4357-943b-0e90ffeb8998","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":55,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"66795818-218a-4a5d-9232-0f3fd3ed75b0","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":55,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"779d1d1b-9782-4466-a0cd-76865f6a8c4f","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":55,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"6259488c-6a98-4e08-955d-92d8bb5d954a","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":55,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"17026a19-ead4-471d-b11e-01530491fed5","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":55,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"7fc402e3-a29d-4e7e-b7a7-1d576fd58283","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":55,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"42aace74-0a1c-4c2a-a491-20fb693f2b7d","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":55,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"7c63cd57-78cf-4563-b367-44a86076b9d8","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":55,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"e65dd3aa-5f0b-4571-a21c-7b1f9e08ce9b","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":55,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"a75a7d59-bdbb-410b-967f-739075d106b6","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":55,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"04653678-709b-45e8-b899-d47a9ead067d","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":55,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"1e01ab4b-94d9-4482-9856-bc0a47a70032","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":55,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"3ca56911-25a1-4ee0-ad86-899592542a1f","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":55,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"72d6dc2f-a2f4-4886-b319-b2ae84474a7c","block_type":"box","text":"II-5","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"97d10210-2844-4b9e-aa16-578453fd6e37","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"76e15935-3615-4ed4-b142-11905951e25a","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":56,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"bd7b0670-8896-4f9f-b042-c5771bed71b5","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":56,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"79c90706-0354-4fc6-ab10-31aaecfdbd90","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":56,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"ea22cd8c-33cd-48eb-a2cc-f9fcd2785546","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":56,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"7d583fd1-d468-44af-af0d-0b909d4049e3","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":56,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"ae96fe54-a751-4bdd-8488-856caa7fb2ba","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":56,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"389d701e-026c-47bb-a88a-0d072f96f7b7","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":56,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"f2fdde7b-50c5-47c5-82c9-31faef61dc9c","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":56,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"dfa5dddd-49e4-4aaa-9641-98bcb9f591f7","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":56,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"fa27563d-f87f-4a8a-a8f9-5fe34cd3d76e","block_type":"box","text":"things.","page_number":56,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"a8047699-35c0-4f72-b599-5b64743a7653","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":56,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"dbfa6c6e-c2af-4b7d-a964-40c9a4ffcbe6","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":56,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"1e27590a-5362-49a1-8407-71a21a2fbd8c","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":56,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"36a9a191-27dd-4190-962b-3536b7d1371f","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":56,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"95877903-b363-4fa7-a9ce-18937f5c6a9a","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":56,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"c731fe68-c455-4fd9-a112-0bf521ff96a4","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":56,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"a9cc8394-76ae-4600-bffe-85acbfe3838b","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":56,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"d38e6e41-e20a-4099-8677-05e08f81b1d4","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":56,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"3cde2e4f-008c-4771-8526-05f726232407","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":56,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"c4e0802e-5d71-4747-9d3f-bd01938aec7d","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":56,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"2bb79f8d-ed7b-4a2d-864d-b13b03a4d6ac","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":56,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"6b646dbb-4162-4ef1-b0f1-91dec9962f0f","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":56,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"b8512e52-45d0-49b1-848a-b472ef1cdd02","block_type":"box","text":"i.e.","page_number":56,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"b5687228-eed6-45dc-b5aa-8797f8e4b11b","block_type":"box","text":", strictly on the basis of its yield) is","page_number":56,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"45ad2033-ede3-4c64-a256-c35642e4bc8c","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":56,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"14e09a44-500f-4614-b663-93982354153d","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":56,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"550fffd0-914c-4da5-80dd-e620b55ef48f","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":56,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"d843eb3d-b5f4-4409-b43f-b44ffa127444","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":56,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"201fffb0-f1d1-4088-a630-d391ab483b6a","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":56,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"339dae09-19d2-41b2-8b39-29ea24026de8","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":56,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"99f1be3c-3ded-47f5-8848-0ea5434b8e6a","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":56,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"e3d87dae-3f58-4f16-a980-62a9b53cba16","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":56,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"3c791832-4370-425b-b544-616a9c92ea73","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":56,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"5107e166-2ac0-4c70-b594-cb79e8983768","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":56,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"aa42596b-293e-41f0-92a9-b9f0a9c9c2a0","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":56,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"4102533b-1e9c-4d20-8747-8a1be581d7a0","block_type":"box","text":"than the securities’ investment value.","page_number":56,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"55d51954-0af8-4dae-a203-59c2b5665e6e","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":56,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"f397c6ed-fd6b-450e-ba34-ab652799db06","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":56,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"39e044cb-2403-4850-8e34-14a1e8f69d8d","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":56,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"1f4c8c3f-0ed3-4688-8a77-1cbad8493d31","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":56,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"383cae3c-1435-4a90-beb4-adfe4f6fff9e","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":56,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"71a67e17-3128-411d-9b2e-99c280630a44","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":56,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"da09705b-908b-4b4a-a4e7-1716750197f4","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":56,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"a816038b-404d-4f7a-8693-e60c5e817e87","block_type":"box","text":"security under cer tain circumstances.","page_number":56,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"7a7488ba-396d-4344-a416-a4e5a7962a22","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":56,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"81303fb5-57e8-4704-a948-5fdea8501930","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":56,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"04eca6d3-1581-45d2-b930-81284b7fe670","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":56,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"ba9986c6-23e9-4873-a33b-54c064ea083b","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":56,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"c04c0da2-2708-4fe6-9c99-c9169c9adfa0","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":56,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"9f097fc4-db31-421f-a775-fb56c4043d3b","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":56,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"ed46c49d-7522-44e4-aaec-0a25a8eaf601","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":56,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"5d86d498-92be-4911-a1d6-b0122ca5c1fa","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":56,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"79c6dff1-e5d8-4649-b803-39d233614a7c","block_type":"box","text":"i.e.","page_number":56,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"e91add85-866f-4fc4-b34e-278ad67c76cf","block_type":"box","text":", fixed-income (“fixed","page_number":56,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"2b67a45c-b748-4281-9945-77ea5c9d0cf3","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":56,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"79b45750-1fb1-4676-afce-55d9e8caa75b","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":56,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"e74f9288-76c2-44a5-b106-32e72e35a5f1","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":56,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"d5f78bf6-c703-4827-88ad-ad21354faa1f","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":56,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"85525b9e-68ea-43a3-b4ec-2a80dc8b8537","block_type":"box","text":"II-6","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"360db9cf-3210-4ea7-8976-a76ae179f7ec","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f35df156-d2d6-44d3-a8ca-8e5d955449cb","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":57,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"f0646c79-2044-4107-91d8-e234a2e44ac0","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":57,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"fd6f38fe-7bfe-48ce-9c5b-9600e81c8997","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":57,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"755386c0-e441-418f-adb2-9b0c75d205c6","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":57,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"53af6617-82e0-4e84-9e6e-9780a3791da7","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":57,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"6bcf737d-05bd-4b80-92cb-00329c14cd1d","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":57,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"69706ddf-d92a-4544-82b1-a830dcdc9ce6","block_type":"box","text":"component.","page_number":57,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"fdf5ced8-b0d1-41f1-a307-c5e23a08d36f","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":57,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"a74d2a06-ed60-4428-bd94-3ccf30d9c7af","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":57,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"ea3cf5d9-5478-41af-a7a0-890df1b1e013","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":57,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"b8433f78-02ea-4a52-b83e-e1f2c3d65bb2","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":57,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"9fa16f76-eb1c-4b94-b67e-ed823146b303","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":57,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"0a2fccf4-fbee-4103-9ccd-ff6a2b39fc1b","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":57,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"7dc27601-a214-4323-9011-79c5f7015eb2","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":57,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"2c1e8b04-9725-421a-aa87-230e4959dc57","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":57,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"c51f6cb1-1901-4976-9606-dda85d595d31","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":57,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"e8edcf08-5b1c-451f-9fbf-4d64a8965c03","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":57,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"957f59bd-9caa-4050-aae4-708e0805c8be","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":57,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"7782112e-a32d-45b2-bc02-5029467defb8","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":57,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"808c00b2-c202-4860-ace0-796501528e4a","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":57,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"b2da6cb7-b529-408e-ba87-741194f8129b","block_type":"box","text":"favorable market conditions.","page_number":57,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"97b301e7-26f5-41fa-a584-c089f388f144","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":57,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"377e8715-7488-4b3a-a98a-1f709d7c6c03","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":57,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"c5cee1a7-d950-43b4-ac46-326b046c8cd2","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":57,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"fd57e2ac-c90e-405b-ae45-9221e94869ad","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":57,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"d34574e6-c2ef-4e61-99cf-66d46a183001","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":57,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"c6c1d4a3-e4fd-4e02-a8f8-130f602b5a3c","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":57,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"b04e2d77-7696-4e73-b0a6-86e6c5f88224","block_type":"box","text":"Corporate Loans.","page_number":57,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"f3dbabe9-834c-4796-9185-578abbd0fa02","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":57,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"567a00c6-eceb-436a-a96b-89fad984fe99","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":57,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"f0861a7e-7caf-4612-869b-22a67f999d13","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":57,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"07cb0692-fdf4-4e8b-9273-7ccb5c1178af","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":57,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"e00ea6f2-9317-4bc9-a268-f8828f75e4c6","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":57,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"c7ad6606-2d38-41be-933b-87d3b24f4fa1","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":57,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"2be30a00-9076-4cd4-8908-7ca8be325204","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":57,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"310e9236-f58b-42d8-8450-819869c66ef8","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":57,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"b68ab722-e2e3-4487-a7b1-30c1f8647d65","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":57,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"7edb0afa-9ac7-4843-9ef1-fdcf6ee9fb89","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":57,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"2dd87bcd-3f86-4b52-8a63-514a19c253ce","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":57,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"d9d4ba1c-55c5-47fa-87e4-89eddb9a00f7","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":57,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"2c48aa33-acf0-417c-bd21-8bac188362bb","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":57,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"abcc64b0-c450-4beb-8785-941cac4ec1d7","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":57,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"b62c997f-d218-4023-b148-757655e3da83","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":57,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"79746eff-cfb2-459d-86e5-d43f8b313c98","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":57,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"9db52a2a-ab46-4b28-adcc-e208c41188ae","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":57,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"8093b50f-b440-4545-a3fd-eca317f722ce","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":57,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"dd9a4bd3-aa07-497c-8bc0-05a8f1376690","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":57,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"daef4054-da76-4f27-8881-5e756bd39ff6","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":57,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"e9359090-680c-43ad-b711-68518ba757f7","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":57,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"f0487b4b-5ba0-4723-9eef-5c6833ad8229","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":57,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"3c9127fe-496d-4896-b123-30a036922d17","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":57,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"cc2c4fd4-8b77-44a9-a567-b0410cc478e4","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":57,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"89a56914-b7aa-49a6-92f0-7938446a03ba","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":57,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"af1e7af3-0b9d-48ca-8b4f-bd20cb6b7152","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":57,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"9d2a461a-6ab6-4c4c-b2a9-e2207ee4717d","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":57,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"e550c1de-fd9c-438b-9887-f445ab7c96a1","block_type":"box","text":"of the borrower.","page_number":57,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"184c8739-27de-4152-b161-b1ff0709244c","block_type":"box","text":"II-7","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"f76edb65-9fa9-4ad2-8d1a-93762687bd50","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7113447-7293-4626-850a-8661203ed677","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":58,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"7dd4a451-3e95-42b4-bdcd-bb306eaf0c39","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":58,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"179c0902-bb0c-4602-99c2-9176a4c15c70","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":58,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"ebb381ea-258e-42d2-b792-6bf143f071d6","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":58,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"f808b0ab-d908-4fc3-8b1a-2e6866422cf2","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":58,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"195c3853-f572-436f-a97e-151456e30975","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":58,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"d80361a4-3c9c-47c4-83ee-ac6380e26f76","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":58,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"90a1938d-be1b-41b9-b2a9-a1be8b2d5969","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":58,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"15ed870f-2d5e-4386-a21b-94a3fea17ea5","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":58,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"b8ac761c-7fb4-41a9-bbfe-2b4645a3b65e","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":58,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"36dbea7d-4514-4a67-986b-b1cd6755b999","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":58,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"4fb0513d-cf4c-434b-a6bf-93d52fc02922","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":58,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"4bc2d1b8-6041-4ca3-8419-1af7d1e34076","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":58,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"9e5007a7-6187-47fc-baad-41d55ac1df65","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":58,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"f8e71c61-715a-4bfe-a68a-1abf7113313b","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":58,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"c5d2bf81-9948-4a83-b04c-5a112ce48de9","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":58,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"0a64ca31-2b12-49b8-997a-7e19ed23a97a","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":58,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"97a90c2b-a25d-4309-b727-b8d3eeb66523","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":58,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"8aeb8554-01ba-42ca-b1c5-4427e546ab16","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":58,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"2516c9a4-6635-40fe-a76b-507f7465821a","block_type":"box","text":"state law.","page_number":58,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"428ca176-eb35-4fbf-a960-84c0391a0da6","block_type":"box","text":"Direct Lending.","page_number":58,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"d9dfc97f-d60b-434e-96b0-e17f8e1928c8","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":58,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"6a5a3b1c-bd91-4bb5-a930-7f8394ed0a11","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":58,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"4b3cde2d-7024-4468-b95f-3cc3b17c38c6","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":58,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"bb75bc6f-25e2-4de6-98db-d7f10a963351","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":58,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"bb9c7b70-e1ff-491f-baf0-190afd8ec52f","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":58,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"94db3392-f67f-42f5-8714-af3cc2b1e412","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":58,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"15d8a32c-63b9-439f-9c77-2eab2a9b4ae2","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":58,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"547cccac-542e-4e8e-8c71-3457cb652faf","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":58,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"f0eb7308-637e-42b6-a88c-e6fa63b7a911","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":58,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"8ce86701-db27-4b80-80a9-3d43318e6dab","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":58,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"287c9e53-c449-4944-a109-927d44dc2c90","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":58,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"b21b2f63-d2c8-498a-86fd-8238ed24f551","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":58,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"246a94e1-f6b6-4c98-b6c0-70f3ff393f2c","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":58,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"131ccedf-038f-4111-bc65-e90d14db23eb","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":58,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"7fb404cb-9bb1-4496-bdb9-b9c8657d23d3","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":58,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"15afb7ae-6c35-4d01-87cf-fa7680bc0cf5","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":58,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"0865fc20-6814-4297-9868-feb4cbd729ec","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":58,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"3822ea67-53fe-4b37-a999-7c848e30939a","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":58,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"f45af858-ac6d-4532-83e1-5e1527db57bf","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":58,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"b39a9560-f633-4e33-8a1b-59705efe7838","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":58,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"02d9b1cc-b866-403c-b12d-95fe6ce636c8","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":58,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"afff1059-cb5c-4c1e-854f-f857c0a07005","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":58,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"9cc48e6c-5011-4a39-a571-60e0f74036bd","block_type":"box","text":"Credit Linked Securities.","page_number":58,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"406c191a-10bf-489d-b3ef-d68bc80debd5","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":58,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"c64fd2d4-51d7-47c3-8327-e7b2b6503cfa","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":58,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"49954aa9-ef7e-4880-bdc4-c9705e99cb7e","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":58,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"80f73da6-05f9-46f3-af8e-69ca47dd3e7b","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":58,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"958f8599-328c-43b2-b1a7-12b06928aece","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":58,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"32cfbf89-6742-4a03-9371-6bc67a4bf8cb","block_type":"box","text":"traditional income producing securities are not available.","page_number":58,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"c731f758-137b-42c8-b8c8-a1f493abe070","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":58,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"d18de539-238f-437a-bc84-81a20bfea574","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":58,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"0cff5717-980f-438a-8884-ad6c608a299a","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":58,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"a367c487-9722-4f90-92da-fe447ae947a9","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":58,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"7dbc7551-bcc7-4478-a5e2-d9f39a2741ce","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":58,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"9aa691c9-00ff-4a7c-b785-c864c7e2656e","block_type":"box","text":"II-8","page_number":58,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c52d6b50-7eaf-49e4-9f20-a11dc1d7e1f3","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0565b441-da4c-4511-a12a-bef2e5821616","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":59,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"8feadf07-22ba-41df-84cd-f93e902873e8","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":59,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"fda5b102-1f44-4b82-8e01-41b0f50062fc","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":59,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"22f03414-7446-48a4-9bfe-c7b24db211b4","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":59,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"0f761f01-5433-4f43-85bf-093aecf43962","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":59,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"f88ab9ac-8138-46bc-8d17-2d141257ca58","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":59,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"4ed0070d-814f-47a6-a33e-7aa478d5d1fa","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":59,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"b98ff6a9-60d1-4c8f-bd92-9c97cd845797","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":59,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"a2752833-853d-4fbb-897e-e6400371d5e6","block_type":"box","text":"investments.","page_number":59,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"05e7bcd8-bc9c-467e-b3ff-bf79800598ca","block_type":"box","text":"Debt Securities.","page_number":59,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"3de8abc1-a38d-432d-9604-c279e8a04495","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":59,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"ebbca7d6-2074-447a-bba1-b2752937acd5","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":59,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"c28ec835-198d-446a-93ad-e02411e1b8f8","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":59,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"2e8f0522-2242-4a82-b0b1-a2ca51f81e30","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":59,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"eff21061-dbba-474e-afb7-e2334bb24805","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":59,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"28cef85a-28ba-4803-8a2c-ac06fa1f2c38","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":59,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"9598f46b-b947-4cd8-b84c-e67bf06513aa","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":59,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"16d62278-521c-4118-a2c9-b3f549c3d36b","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":59,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"03bffe49-f9aa-4511-97f5-f1711ac31e97","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":59,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"61c66488-2df0-4260-876f-6786799d372c","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":59,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"0f402c58-e1ba-4749-a020-ddd4c9359748","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":59,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"1c95f265-ca59-45be-a502-57c3900859be","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":59,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"a591ec8f-2722-4206-83dc-eddf72557580","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":59,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"e8c23506-46c0-4f93-b61f-769e49dbb05b","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":59,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"16f66c5c-dec3-4e6c-b8b7-e7d9c039080f","block_type":"box","text":"lose value. This is known as extension risk.","page_number":59,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"14093bd0-c05c-44ae-a66a-83bef54633f3","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":59,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"5c3c2dd2-ae7b-438c-8293-3ded8389411a","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":59,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"2a41798d-b35a-45f0-801c-7736e24860a1","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":59,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"2b89e384-d5ba-4479-9bc7-9535a79c825f","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":59,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"e500394e-9aa4-44b7-99b2-b494bac343e0","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":59,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"86db6ce3-dbe9-4316-8568-40a6f697408e","block_type":"box","text":"Floating and Variable Rate Securities","page_number":59,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"84470839-6dd8-4fc2-a046-7e3aa93168a5","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":59,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"2f50891d-9be1-430d-86c8-3b22b786012d","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":59,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"af859d32-e5e1-4d85-87d6-cc8e1c87e319","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":59,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"a737b63d-4807-44ef-ab29-5cc4f446f566","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":59,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"06d34415-8ab7-4065-9b7e-b127674a4e47","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":59,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"0525a5b9-6d49-46b2-bfb6-68c10038ec10","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":59,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"776e44eb-6f23-4cc0-907f-e94e116b7839","block_type":"box","text":"market interest rates.","page_number":59,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"00f15f7d-f042-451e-9b03-4a42ed6fe444","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":59,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"37e4b7aa-09da-4b3f-95ba-c2b4a3fc1d36","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":59,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"c2dd8a85-e755-4bef-b669-e022261993ff","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":59,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"2cd28b0b-d688-456f-b829-e3ece0e4c2b5","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":59,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"c58cf610-2534-4d7f-b576-696406cb1c81","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":59,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"6152c93e-1d8d-4d6a-bcec-0c88f1744c52","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":59,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"5cffea98-750f-431a-896b-80c0857ea4f9","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":59,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"07f8ddba-d1ec-4dea-a1c8-301fdaa2e3f0","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":59,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"8006c35f-8895-44e5-90b4-4dcb44646513","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":59,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"f267e34e-5ff9-4dbd-8a29-39416eb6c207","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":59,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"264e4bdd-00c8-44a0-b147-542fa457c81d","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":59,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"43ba1125-3b2d-41d4-947c-6a08b4782981","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":59,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"99099e05-fa61-498d-9b40-460a98cad55e","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":59,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"8d8c3509-b837-483e-8442-c6473a1a30fa","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":59,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"1ba893e8-1019-4d7c-9f87-772ff9ebcd7f","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":59,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"33f3f0fa-9dcb-4813-b9f7-b0ae1b91ee28","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":59,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"a6047267-18c6-4ad4-9bf0-8f74f0cd99ae","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":59,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"24372daf-27d7-4035-863f-df58e19416bf","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":59,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"73fe29a6-6619-4800-8dc7-c92426cc1c7d","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":59,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"abea7b65-f6d0-4672-abee-daa61e98cec5","block_type":"box","text":"II-9","page_number":59,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5ad92f82-bcc5-494b-8fb8-d7b1c9c16152","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"81019663-5588-4306-94b9-4a67e97c8610","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":60,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"59a01faf-6f74-42ab-b6e9-2cdd31fa94c8","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":60,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"98256dd4-0d76-4484-9d83-7a6e46e8b6c6","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":60,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"d11ae130-5a12-4075-810c-6904a8c66692","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":60,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"a12799fb-3305-400c-acb3-300de31bf5ca","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":60,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"559728a3-f69f-4d43-ac5c-117346aebaac","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":60,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"5931e99b-9556-49ee-aedc-b652e6d73eee","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":60,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"1c0f77bd-ce11-40cb-9711-97cd481a7060","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":60,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"f1b6eb32-8fe1-4230-8081-23f2a667e581","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":60,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"4a43d4c5-95a9-4ed7-b960-7c079be090b6","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":60,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"7af37552-b476-4d76-a64e-c9e3fa987dbc","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":60,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"eeb3e735-7905-4b4f-a185-707219b44434","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":60,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"46b563e9-d642-419b-b1d5-39f861f5e60d","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":60,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"bab9ad4a-3db0-45d6-83de-03dddf7c00c2","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":60,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"e4e8d726-f40d-4812-a24f-f2c88435e9a6","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":60,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"1a5edc16-d052-43af-aa25-ab1ca375cac3","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":60,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"06655760-db20-4cd2-84a5-782fb41f4230","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":60,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"eabdb5ed-6446-42e5-bf84-961ac056e71a","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":60,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"89b1ff40-707e-4879-8e9b-f62df8649768","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":60,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"1349c9a3-2c38-42dc-b578-35a74d929c5b","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":60,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"fe80fd51-51f4-463f-a772-aeb98c5e02b2","block_type":"box","text":"United States.","page_number":60,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"c92028d1-8c91-40f7-97b2-34dd84104d36","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":60,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"4d2dfd2d-062f-4d7a-941d-e66b1a2366e4","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":60,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"f9c19254-6e67-4f46-989c-2e1327e2b507","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":60,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"a90c010b-e0ab-4c12-9ec7-8cac588aab3c","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":60,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"8c8f8400-0cf0-41db-bb12-6cb1714ca658","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":60,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"0e78e509-ed6b-4608-ad6a-e89f85c15ded","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":60,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"9f5757f4-20f4-449f-8491-999a74ce4db0","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":60,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"bec89ce8-36a8-4cc2-bc79-d251782a95d9","block_type":"box","text":"i.e.","page_number":60,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"dc08e048-1429-45d9-9777-6c3f7d30a42a","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":60,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"c80b7056-79ff-4f16-bdb5-937d1e0de1a0","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":60,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"ca18a4dc-004c-4c20-a154-7df070a7e51e","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":60,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"bb6981b7-2d6e-4ee1-aabc-f4be8a380e75","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":60,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"d1a27b05-1278-46fe-a699-b2524d1caa31","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":60,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"f9aa684f-af19-43e0-b66d-8e89f8319d39","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":60,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"0247da4d-15a3-4765-928b-bc7c7e7059ef","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":60,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"170056a2-c0d3-41fd-8055-0e971c5a1a75","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":60,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"641e2e10-e849-4e10-8784-68870f0b414b","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":60,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"3fe60b7c-7669-4212-859e-1a93f5e8a4ee","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":60,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"905e810b-49ab-4d3e-96ef-16a6b7b4925a","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":60,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"27bc1c73-2546-4b05-8441-6783a0ac2590","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":60,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"80505440-f022-442f-a0ba-b240cf01f4f8","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":60,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"aad683d2-e131-4581-8d00-085aeb0d4e97","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":60,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"d42cb028-3bf7-4e70-8e2f-7e7a82d4c48a","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":60,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"4bc24289-3308-4698-aa85-dd64c7280a8d","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":60,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"4648992b-21d1-47f7-bc60-c9f7376d7065","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":60,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"43e04dcf-debb-4a9f-a565-e8e5fc62d1b5","block_type":"box","text":"risk than higher rated securities.","page_number":60,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"4dfd622b-5c3c-4e2c-83c4-bd4afa52b5e4","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":60,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"9735d840-e0b5-4ced-b992-577558b3cf2e","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"a244c6a0-6113-4081-b20c-537c00fb10de","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":60,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"b871cfe5-86da-419e-b644-e01fe77f1942","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":60,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"1644a82e-83d3-4a6c-ba7d-b0853f7e784c","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":60,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"c1bf1d0a-abe5-462d-bbf0-a75df9030b51","block_type":"box","text":"unavailability of additional financing.","page_number":60,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"b617281b-d2e0-4ed8-83f4-c61e1e9b7145","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"b3e36894-80b4-404b-9bda-65e918e0cd24","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":60,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"0b465321-b79b-4ce4-ae79-1d4ee4eac047","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":60,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"a6cd5407-2e9e-4666-90aa-cdf6f2ccddc6","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":60,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"095f6cb5-9d77-4fef-992a-581e7f2e1624","block_type":"box","text":"II-10","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"75891b5d-bd68-468f-bfcd-164c1667c86e","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02935814-cbc1-4926-a589-fede334417cc","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":61,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"44e0c404-0526-456e-9711-95782138eb48","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":61,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"3ac0baab-46a8-45ab-b8ab-3babf0ad8184","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"2d04fecb-3c36-43e9-9013-513a1fcccdb4","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":61,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"31427688-9b18-4c48-a781-73f2339f3dd5","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":61,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"cba3457b-e4b9-40f7-ab0c-94001a35d244","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":61,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"39724516-d3d4-4132-af81-60dd26884206","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":61,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"5405b99d-6366-4b46-a016-658f9f3b77a3","block_type":"box","text":"investors in higher rated securities.","page_number":61,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"a48d7f51-544f-40ee-b03c-7cf89dbddfa7","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"5a79405a-33ef-4693-b631-165d488dcd9f","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":61,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"23464321-3d0a-47e7-8378-5ba89c73b3be","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":61,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"4a2ef23f-e87e-4877-a382-d432bf0633e5","block_type":"box","text":"lower yields and may lose income.","page_number":61,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"b9fc19dd-56a4-4495-a71e-734e3910befc","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"d0038090-ce80-4da6-a15b-c13b1be34903","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":61,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"42dff575-8acb-452f-9ba8-721f0226c61c","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":61,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"6e53bd77-b2dd-42e2-a7cf-cb9c9d40e85f","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"5bf14f0f-f317-4e85-86e7-cb3c17d38404","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":61,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"0cf26bc6-ac1a-4506-b81f-777fa84411a5","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":61,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"057a34f6-a708-4d99-8988-e05aa714ae99","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":61,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"822bd0f7-4e2a-49ec-af71-2cff509867dc","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":61,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"b3653674-4a2a-45e8-a77e-6c79d649bb77","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":61,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"c2145acc-56c4-4064-a97c-12ebbcb636a9","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":61,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"23951d60-cd60-4914-a38e-6e8ec01cca15","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":61,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"8ed2a3bc-42cd-408e-a4fe-a7ebf5f40b4c","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"207d4585-62e2-48ea-9835-cc2328013e1a","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":61,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"54b71a3f-8749-4a4a-95b6-36758a4f7c0f","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":61,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"495f91ba-c13e-40e3-8de9-92e5f19ac5f5","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":61,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"b060fd94-a9ae-42d2-92b4-44ae8f9de59d","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":61,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"7ceb13f6-fd33-4ccf-bcc6-81a069dd7633","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":61,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"a0c5fd00-b057-447c-9dbd-b9c0e63a035a","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":61,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"cd0ed4d7-e4d3-4eed-b463-4276a017b904","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":61,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"6a66960f-d4ad-480e-bcf4-e89d54327823","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":61,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"a1db946d-d5f4-488f-b248-c1177a576884","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":61,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"5a4b7492-a650-4f51-a17a-feb3ca314c2b","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":61,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"073056a6-866f-4120-a9ed-545631bc0773","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":61,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"a8d398d5-4797-44b2-88e1-3e24eec608a1","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":61,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"4364a953-6485-44ef-ab87-00942d07158e","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":61,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"0346b812-7f50-44bb-9788-74194c6e4341","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":61,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"22a0c19d-7487-4134-9c49-16a2bee4a9eb","block_type":"box","text":"role in determining such valuations.","page_number":61,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"7fac32fd-e080-4506-a4a0-be0544799115","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"b6907154-2266-4b06-bbd1-63f0dc40699c","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":61,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"27df8693-8821-4bb4-90fa-ad0f3db3b909","block_type":"box","text":"a defaulting issuer.","page_number":61,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"7833f60b-8906-43f0-a745-1cfc9b8b51bf","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"7ad19c93-c5a0-49ea-b0fd-90f5f98676bd","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":61,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"887df988-7a5e-4959-a8ca-67f5c958252a","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":61,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"1db86b4a-c791-4427-a9ab-6307940de6e8","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":61,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"b60589de-8052-4257-abe9-a7e2164db8a8","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":61,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"6cb58dd6-50a2-4763-aea3-96234466e69c","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":61,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"c692f2b9-4262-4aa3-8ce9-1fc30d3dc877","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":61,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"2efd0562-2cf3-4361-8c7e-b485659ccbd3","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":61,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"c5888ba5-7b00-494a-9272-5a2e92eacbc3","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":61,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"d2365f1c-f297-4004-8477-a2205db7f99c","block_type":"box","text":"•","page_number":61,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"874d68b4-97d5-4ff8-b82e-677ce17f6a42","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":61,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"f5946dbf-0c21-49f4-bd52-7b7f39d5ebb5","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":61,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"f6545d2e-c88b-44c4-99f7-827bd9692a3e","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":61,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"488c65d8-c6a3-48c3-9b63-453cd3bf6bec","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":61,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"820a6389-b0ac-47dc-8f06-d3e547186b5d","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":61,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"7e78ae4e-2feb-41b6-90d2-4ad5d566c0c1","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":61,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"87cc652d-6e31-4d04-bfea-6fb7f7cc60ff","block_type":"box","text":"higher-rated securities.","page_number":61,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"2ec9daf7-9e7f-473b-812c-a8fb69a55b27","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":61,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"03fac1f1-2546-4e3f-a324-2326b74d3413","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":61,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"a1bf1c6c-c762-44fd-85bb-0c400b3177b8","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":61,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"3ac9ad2f-64c8-4245-b5b6-42334debdc90","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":61,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"e897415c-c9ee-4749-b20b-1608dbdda37e","block_type":"box","text":"II-11","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cedb97ee-5ea1-4dfc-b537-91692e12e94e","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e461f762-0a30-43a2-8a6c-3de0bb80b522","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":62,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"5ec93c64-3f93-4db9-b9e6-25b5c2d53102","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":62,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"27a095be-9c77-42f3-bea9-bc11a03effc2","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":62,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"c7040897-d0b3-48cf-8562-ad692fdc2ca8","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":62,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"ba702a6d-87dc-44d4-b669-870f7452274b","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":62,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"6ff65b5b-cf33-4632-a7d4-9825d1d8d5f5","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":62,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"a931653d-f383-4be2-9193-ced5e016f0db","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":62,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"b655d495-820a-496a-94e4-3d725e44e467","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":62,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"6c30a970-5e1c-4d04-aae7-7b0fb14bb323","block_type":"box","text":"Mezzanine Investments.","page_number":62,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"50bfc5ce-76f4-4d26-b9c0-f81a4b63d419","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":62,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"316cd54f-4ab8-419e-9dc8-54edb9faa966","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":62,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"2727cc58-c509-49c3-bed2-154c18ac62a7","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":62,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"d4deb6e8-4e98-4a6b-a599-e74e434a3060","block_type":"box","text":"e.g.","page_number":62,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"7d7678c0-65c7-4eda-a81f-deaf619ac96d","block_type":"box","text":", with","page_number":62,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"4cc3e219-a754-4630-a8f5-fa77dadd42e4","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":62,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"2ceea26e-4fad-4428-95c0-9c07da183af7","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":62,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"36ecce7f-e034-4804-aa5a-59041378bc4a","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":62,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"9fbd23dc-f066-4ed4-9075-8a38c1f85e4c","block_type":"box","text":"other obligations of the issuer.","page_number":62,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"cb4e1997-84d2-41f3-bbd6-994426c255af","block_type":"box","text":"Pay-in-kind Bonds.","page_number":62,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"cd6afbbe-eb0c-4a8a-a2ae-b0df235aa690","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":62,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"104a4fbd-8bb4-4336-878a-0b1f751ee8c6","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":62,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"990138fb-156f-433f-ac0f-a1009fa3358b","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":62,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"4965e4ee-0a48-4430-902d-a44d43cf640b","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":62,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"be96d7bc-3b00-4e7a-b04c-41576d59fa0a","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":62,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"a1adeb0f-e489-4055-a8a6-80895a549aa3","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":62,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"0048e8d8-f149-4258-8b67-8182ffe0a680","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":62,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"7a8daecb-8fe5-4625-87bf-66f9feac4397","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":62,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"333602f5-4ad9-4d73-9a8e-194585391ec8","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":62,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"9fa54d01-e9f6-4188-a1b2-3f10b9f7764a","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":62,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"dbfc1b67-0eaa-4ff9-bc51-ff29434e202c","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":62,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"327d9e6e-66a6-4319-bd66-4eb82aece1d7","block_type":"box","text":"Supranational Entities.","page_number":62,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"8388f201-69c8-47e6-9c79-00233c7d0b07","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":62,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"5960cff2-4688-4072-97e7-e41a0463c2f6","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":62,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"d1d59435-bdfc-49d0-b83e-dcb6a6487210","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":62,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"fa403572-3417-48c6-b811-447119b00932","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":62,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"04a896ca-c5c2-4be0-ae2d-3c6dcfe0caa6","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":62,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"ee532c98-5bca-4166-aa06-e62803d238ce","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":62,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"6e865c35-4a82-4492-befa-c6466613aee4","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":62,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"be44a961-dc0a-4255-8e18-685a973079d2","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":62,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"7797fd39-83a9-4b29-ae03-b2800540fc0f","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":62,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"a1b61ccf-9053-460d-95ed-ab3c4085e225","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":62,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"8d3189a4-42fe-4e23-be25-4cd08616505e","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":62,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"8a8179a2-34ef-4c6f-8cd7-73e04567f952","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":62,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"79e67cd8-4817-4fe2-814b-420fbbd2a51d","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":62,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"ab2b0a12-595e-4b97-a76e-a0bc8cebbbf0","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":62,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"346ec5d0-a3ba-4f42-8df3-10649a9ff750","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":62,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"d61251fe-c1c7-4845-b45e-a74abc317223","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":62,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"24fb099f-fe8f-4ae9-b871-13af88d0b005","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":62,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"a846181a-56de-4546-90d8-4501a28950c9","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":62,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"bb08d3cf-d495-4ea5-8376-25d603eb84a5","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":62,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"05154194-afe8-43e0-8d36-83ae0cc28a84","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":62,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"0a56acf8-e2a1-4c6d-9fb1-bedd399ab5fd","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":62,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"852371af-a1da-4f71-9031-f99d885134a7","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":62,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"88a23cb1-e2c3-4a0f-b4f0-46cf92306eb1","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":62,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"fb3719ab-767c-491d-bd80-01765eb2c1b5","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":62,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"4d51d890-b955-45ca-9a5e-e8e01eb3166a","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":62,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"fdc7a6fd-d690-4a9d-9b32-6c488972b4d9","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":62,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"b95aaed4-bdc3-4b19-b190-d04865d40cd5","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":62,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"09700e62-4546-4d9d-b8de-3526d447bc80","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":62,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"4ec98b78-70a3-4f46-b23b-030fc36a4dea","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":62,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"4c7a3091-3cd1-4bac-8704-3ce785cd9265","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":62,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"d54f808a-1c4a-4618-8b74-dc5863b0e0ea","block_type":"box","text":"II-12","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e463456e-13b6-4cab-b66c-5c31285dd857","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85c4548e-61ed-498f-8d5a-caedd1aa69b1","block_type":"box","text":"Derivatives.","page_number":63,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"e326eb79-ad1f-44f4-9df3-5c0d378974a1","block_type":"box","text":"General.","page_number":63,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"a9cdf2dd-99e1-4fa2-b158-1171578eb475","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":63,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"bb72258d-e09f-4dce-83ea-d82c6c71d8a6","block_type":"box","text":"their value from one or more securities, commodities (such as gold or oil), currencies, interest rates, credit events or","page_number":63,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"f56c66c9-88df-4f57-9831-4962fe3fa7ab","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":63,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"5e0108d7-400e-4ffb-b987-ecfc9676651d","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":63,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"3cf5ab2e-fd57-4067-9b43-5312ba1091fb","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":63,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"240a925e-8bc4-4ec2-9bcc-9880c13f6161","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":63,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"ab9118e7-b572-42e3-bcdb-5d115be92c89","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":63,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"83253b6b-1df9-46a5-8f29-9e2bca6d0ca3","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":63,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"759ad534-37ad-41de-a014-39725faa22c8","block_type":"box","text":"i.e.","page_number":63,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"1feb35fa-971b-4591-b77c-050b22badc7a","block_type":"box","text":", the payment","page_number":63,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"05d16d93-c6e8-4c24-b4c4-437e5442c200","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":63,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"11b64d1c-a03b-4842-aa44-412d5da27d20","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":63,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"bf89104c-8777-469e-9ffe-847823a130c1","block_type":"box","text":"Hedging.","page_number":63,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"0d8aedc8-eee0-494d-913f-22391c93f93b","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":63,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"42aac27b-6906-471b-be0a-bb5fb1ddb994","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":63,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"287c4d51-bacc-4840-953d-1990c6dfb8db","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":63,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"9fd69132-5b2e-4faa-be9a-050859dc4a2a","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":63,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"d9e74501-7dd5-4356-86cb-8060f38a48b7","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":63,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"cb9b406e-b29e-46c6-a2a0-2a2df84134ff","block_type":"box","text":"correlation risk,","page_number":63,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"1ca62a74-6b9c-47d4-aed1-9e0970ed81b1","block_type":"box","text":"i.e.","page_number":63,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"363c371a-6adf-4e6f-bd09-8aff0ca0f379","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":63,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"a521864e-01b2-410f-a51a-5f377300fabe","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":63,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"5cce608b-20fb-4c14-9d27-29298228fa13","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":63,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"8f6caba4-1ae5-4632-9f89-7df649f2f9c9","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":63,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"98a86a69-b894-44c8-bd5b-6ee9caedb706","block_type":"box","text":"Speculation.","page_number":63,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"8da9c7d9-457f-4148-af14-b7b0bc71e0e3","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":63,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"24589c95-92fa-46d1-bd7d-d200960cd53f","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":63,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"0b5b0add-652f-479a-b237-1b1494e77172","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":63,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"924cafea-4f3b-4040-b6da-7749ffd02b32","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":63,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"e204694f-168f-4c44-b122-78719c8c9e14","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":63,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"8aff14a8-d925-4f03-9f2b-ff7f67a75ee2","block_type":"box","text":"Regulation of Derivatives.","page_number":63,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"dbc44e97-8027-43f5-a267-f68db502b6c4","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":63,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"fe80e112-baad-4e30-abbe-5382ccccdc23","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":63,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"7d0139b7-8587-4d4f-9eb8-2198d8cba446","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":63,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"c2f4e01e-515a-4f3f-bd93-e23eb1d14fae","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":63,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"9f691c85-05f4-4e7a-ba19-bd357d5d42f8","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":63,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"0bce06ba-58af-49b2-b13f-910300785c7e","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":63,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"d8699d90-ea1c-43fb-8cac-a3ecff44ba41","block_type":"box","text":"coverage”).","page_number":63,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"ad50b8ca-f57c-4539-9e78-847ab11f2dd9","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":63,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"52c4e21e-43cf-4a43-89d2-bc0b6878a4bc","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":63,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"3dba728e-6837-4c37-b69c-1c0da2ac2d2f","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":63,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"d47dce08-b4b9-4509-abbf-9c6c8029ebb1","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":63,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"8fc74313-daa6-4bfb-bc56-0d00f294bbd4","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":63,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"0695fc58-f110-4a18-9e4d-aeb35fed34b9","block_type":"box","text":"financing transactions (","page_number":63,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"c687dd9f-628a-4119-a3a5-7fd52d21eb6d","block_type":"box","text":"e.g.","page_number":63,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"e7014261-c580-4913-bf17-b961c1bc4fdc","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":63,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"25ca834f-eff8-4a04-b0b0-a7c999c49396","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":63,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"0ad572c0-d835-4893-8dc2-2a8c0ff46ce4","block_type":"box","text":"securities (","page_number":63,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"b217c475-34c1-41f8-a638-921b0ad5db90","block_type":"box","text":"e.g.","page_number":63,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"841eae94-3664-475c-a5fc-860a89deb653","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":63,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"2d4a6cb3-28ee-4ea0-8986-417b11ace1d9","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":63,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"0605616c-8ddf-444b-80c8-44775ba4cee0","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":63,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"1cc99f33-db80-4dbf-b2ce-42a42612000b","block_type":"box","text":"Commitments”).","page_number":63,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"5b63fab4-5a87-4fe7-a506-2dfa43d8a5f9","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":63,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"e41b79dc-28c7-4120-8013-9d1f63b8a99a","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":63,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"90ee65dd-cf3b-46c0-b83e-51c195739b14","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":63,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"55ab4d65-910f-4fd7-ab36-d539d25fab89","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":63,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"c206f6cb-67a5-4ad9-a501-d0db4b1fd5aa","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":63,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"cbf6a22c-3e5a-4559-9edb-a5b3f3805579","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":63,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"3b5682a3-bfad-4ea0-9af8-4deef0d521e9","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":63,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"96627ab9-db8d-4823-a615-115ba4266ebb","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":63,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"839e35bc-9357-44db-9081-dd9fc745e9fc","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":63,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"de8f8025-8f23-405d-9bb4-9009ea9d1a59","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":63,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"52650b3c-afaf-4cf8-805a-3f0cf41a9e2e","block_type":"box","text":"II-13","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"30ed930f-d8e1-40bf-93ab-ab8d8232f733","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31ad0a19-10f9-46fc-ae11-537c30cca8c2","block_type":"box","text":"Dodd-Frank Regulations.","page_number":64,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"9967ae6d-8dac-4d02-96f6-c1e767d048bb","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":64,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"7b07689d-9cb7-4a8c-b488-9c679b0abf91","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":64,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"b3f3d79b-9488-4291-be28-5f2a155bb0f9","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":64,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"61a40430-80f4-4cda-a091-43c21393f799","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":64,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"cf0eaee7-c53b-4756-9fb0-350df3620fe4","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":64,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"71311a4c-172b-4c8e-8fe5-a017bdbaf293","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":64,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"9a5e2250-40d3-49d4-922e-ff1ef4b40ed7","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":64,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"5ac97a10-14b2-4f07-8a74-8dfd9f0a0dca","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":64,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"4b7c31c4-26e3-45ab-bcff-c4cc0eb9ade2","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":64,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"23c7d1a7-a422-4908-83e5-459d4784c5f0","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":64,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"6e216e83-77d9-4f0d-9617-402770d5607d","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":64,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"e83d8dd8-f42f-4974-afdb-685efd31b5d1","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":64,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"5b81dcab-fae3-48ad-9a21-0e78d9eda512","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":64,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"31d1b534-a619-4370-8e6f-4f46bbf2bc75","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":64,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"ab44ce96-d901-4dba-ab7c-8d03dc3b2140","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":64,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"c0dfb27f-6208-4e42-9f95-cf998558518c","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":64,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"84d6df5f-f29a-4e81-8068-c4f081eefe92","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":64,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"bde7a4e2-bbe6-4f66-b93b-47a08378d785","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":64,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"5ee04bb7-0e10-4580-ab12-d54815e034e0","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":64,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"3fdd4676-a36d-4fe9-a61d-120a0b6669cf","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":64,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"14c5c7a4-5625-4c81-81e5-f68a24351d59","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":64,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"5f6e589d-eb2f-43e7-9514-52e8d0d2473e","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":64,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"6e2b2a9e-6fca-45dd-83ed-0c5a3a9a53d6","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":64,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"595e1083-16cb-4e04-99d7-f044c6c2a68e","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":64,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"f6baf88b-a0b0-4a2e-9dbf-df8872a166f2","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":64,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"acc159e3-9750-4c21-a44b-9ef146009c74","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":64,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"f81931d6-8b6b-47ec-883a-b3204b7ee8af","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":64,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"a8a7382e-a267-4650-990e-6394a05cbfbc","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":64,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"33e41252-abca-4f34-afd6-fc08d5996b60","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":64,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"f0890629-530f-4249-b3b2-f2d54999f0d8","block_type":"box","text":"member.","page_number":64,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"c075818f-a10c-4b1d-800a-1b60b2c917c5","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":64,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"3bf4ea73-2b3c-45e3-a31e-ac5a36d2676f","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":64,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"0fbbe65e-4bb4-47c4-91a7-6e4a502df2a1","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":64,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"a1257b0d-89fd-42b0-99d4-5d9e08ed7b3c","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":64,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"6be4f595-946c-4557-a128-7677e122152d","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":64,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"dc124052-eda3-48f5-b694-be96a67cc59a","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":64,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"25a72e8f-0a8f-4e3d-b621-1557cc9c10b2","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":64,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"7fa2f140-6357-4baa-b32c-6397fbe012ff","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":64,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"b147d0fb-17cf-4bec-bb58-47adcb510a50","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":64,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"15d84a83-5cc1-4273-a488-add8a5981db8","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":64,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"80104284-d9af-4aa7-8311-9fc4c639db7a","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":64,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"bd33a68c-1cf8-40c8-b938-f3f151023ae8","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":64,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"91687e82-598a-4cd4-9a20-2df56c7f4368","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":64,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"18881db5-548a-48f6-a194-9346b3d05f27","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":64,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"e6875b66-bff9-46b0-8d42-0b116da55ab6","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":64,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"99107f07-0be4-44b3-9380-ef78cfbe85bd","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":64,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"b7cac613-ea79-49bb-a400-aab4a59f1b64","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":64,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"23062225-21d9-4705-9284-2854cc61c319","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":64,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"0a25fe2f-15ae-40a7-b9c0-491679f44b96","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":64,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"265541da-ee6f-492e-b07d-5cc3ed7db106","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":64,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"dd15d4f8-845b-4af2-9dc8-40b1b736adb6","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":64,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"058a6599-7a75-44f2-9d07-920f56020822","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":64,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"53fd2462-f84a-4081-bb2c-a7c8c73d3e44","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":64,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"2a167b15-e598-4af8-94a2-502bc7d27e68","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":64,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"c7e7263d-5c31-4c0e-8701-e472e7429197","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":64,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"7afe7dbc-22a9-43f9-9ee8-c118a5540712","block_type":"box","text":"II-14","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b14c2a85-c441-4c0f-bf23-c2d3865b045c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9f18551-50ba-4bed-9200-9e7a222c2220","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":65,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"d2a7b4f6-6ccc-443a-b889-ff3df41685e4","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":65,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"d8b8afd9-065f-4610-93d7-8b51a510f21b","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":65,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"9a950d20-31a8-4397-b8fa-e1623da570a7","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":65,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"49d064f7-5bc2-4e13-8d2b-844fb53ae3cb","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":65,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"f753087e-01a0-4d60-8104-dab77109cfcf","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":65,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"e64014e5-0675-4ec7-a642-5e2752957bd2","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":65,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"918c9e24-6fad-4024-b7c7-e9d4561f37cf","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":65,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"dc68a50e-e59a-4a9f-9024-51390eb06fb2","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":65,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"3aa20a5f-d7ef-4fd4-9106-30c58c63ab95","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":65,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b187e8f1-bd5e-45e3-9fc7-d0a1fe0c9bfe","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":65,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"f250f755-4097-42a0-b546-fa3186e5a763","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":65,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"b471baa1-c6be-4170-a5d1-59a23ae1715b","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":65,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"93e7a484-bcb4-43cd-9bdb-afa30fe12fd4","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":65,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"4daba15f-5ab9-417f-8af6-8262308b1740","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":65,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"e5ec10d2-317a-46f1-8da3-99b6eef87533","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":65,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"09bf2f6e-2d56-417d-97c0-3cf44c80d628","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":65,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"6009ddcc-6829-4db4-866c-e67cd90fb09f","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":65,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"76646ee3-ce6a-4eb9-a4fd-ef8108750e04","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":65,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"4d331f94-aec4-4a3d-a7b5-2e236456806c","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":65,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"20f5ef22-bb41-4b31-9ac1-f5da73269c8f","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":65,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"d54d6fc7-8811-4ad0-818c-bca63c795052","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":65,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"d54fd65c-00bd-4ce1-8483-758acbe4fbf6","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":65,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"87ab466f-7c76-43e3-b357-42b33c8eca2b","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":65,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"9b972ce1-f2bd-45a6-a41f-df87432c117b","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":65,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"dbcbde8c-a52b-4aea-a410-96e711a23583","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":65,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"64d6dd0b-b781-4181-9080-802bad378ae6","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":65,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"49236941-f98e-4c1b-ae70-14dcbee50802","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":65,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"be3661e3-5079-4f0a-9cef-376050d6f532","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":65,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"c40a3dc2-b3c7-451c-84b5-851ecf70ee18","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":65,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"8071a812-c18b-48fc-8ead-55513d318da6","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":65,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"3655651b-2acf-4b44-82b0-90e3e80ccf9c","block_type":"box","text":"collateral received under such contracts.","page_number":65,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"59900d78-78c9-4852-8e64-aad13ca204c3","block_type":"box","text":"Risk Factors in Derivatives.","page_number":65,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"a0461c53-f87d-4af4-989a-08e7ea9e20b5","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":65,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"628f1f88-5ad7-44cc-8aeb-50187ec54655","block_type":"box","text":"Correlation Risk","page_number":65,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"d4486c4e-e5d7-439c-b819-62f1606d31d3","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":65,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"f1d4e1c7-6b6a-40b6-ab91-b97ffbcf018a","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":65,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"dea539b4-b5e6-4345-bed3-751832584e15","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":65,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"d159d6f9-ff21-41eb-ad20-86f9aea13989","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":65,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"2e83efe8-28ea-444b-9f87-b1718b12e44a","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":65,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"d26fe8f8-cc66-42ea-9d49-fb330cf60cd5","block_type":"box","text":"Counterpar ty Risk","page_number":65,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"f8aa237b-e0d2-4722-85d4-84f16f47fb39","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":65,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"a68b796f-49c7-4667-acbc-aa1de1189705","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":65,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"fb140a98-898b-4117-b59e-ae90caa8e9cd","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":65,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"d75cc860-c015-49b3-a9cc-bcef2d34704d","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":65,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"e12d64d1-3122-421c-a8b5-1a0b27c2f192","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":65,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"5be497db-ff0d-4b15-8f82-7f2ad02d0f70","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":65,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"2ea795b3-894d-44c6-9d94-d288cacde458","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":65,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"756c1bf6-bbd1-4227-b5b3-eacd7442ac97","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":65,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"cbbb0e5e-aade-4162-a0ae-d5d05bfc468f","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":65,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"8d0c1469-0262-476c-b001-5fc15b29fd4e","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":65,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"767be666-661b-4d3e-9b30-c2a95089b924","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":65,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"bcc648a7-62f2-4450-aa0b-37d611ba1710","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":65,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"145a398f-1774-4562-ba42-c3495803ae40","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":65,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"0686a4a9-24ee-46a5-abae-3fdb33bc3c04","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":65,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"f2de0ad2-ab07-4428-9e07-58cc493d3aa0","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":65,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"cd4bef11-125f-401d-80d4-500b379f6e75","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":65,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"0a22ad18-d6f1-4b61-8553-8bed544e7992","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":65,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"7f8025f4-0a24-460d-9281-df4a16b01fd4","block_type":"box","text":"II-15","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8405b59c-94ea-4211-979a-35726d84fbe8","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a659d49-5b43-4da6-aff1-5c579f1fa9d4","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":66,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"6bbf6e13-c037-4785-843b-6433fd3fd43b","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":66,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"8a3e698c-7b52-426d-b6d3-216341d6de10","block_type":"box","text":"by the clearing member.","page_number":66,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"68a64eb7-79e9-4098-b8b1-8999dca02a62","block_type":"box","text":"Credit Risk","page_number":66,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"66535f0b-20ee-4fdf-83cb-655d6e192153","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":66,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"6a561b44-b510-4ba1-b81f-4fd9965723c7","block_type":"box","text":"honor its financial obligations.","page_number":66,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"e67c2937-e667-4d8f-b878-e2c9880bc08e","block_type":"box","text":"Currency Risk","page_number":66,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"42051ada-aca2-4ac5-baf8-2093aa435f15","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":66,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"f580ff8a-0c00-456e-bf18-f7af7de8ecf4","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":66,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"74ce2d79-1617-4997-99ba-f05c3c3dd7bb","block_type":"box","text":"Illiquidity Risk","page_number":66,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"5d8a7cf2-c977-4db4-a2f4-2e423496c62a","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":66,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"3a23ebbb-385a-48ac-b650-b160f8193fb8","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":66,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"1ca60f6c-3a2c-4ceb-acbc-a80ed8467f4d","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":66,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"aec110d5-b251-45b2-9873-0509825da5a1","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":66,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"c36c40a7-2c6b-4ff8-a345-511eac8ae1f3","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":66,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"4c4c5c19-b331-4127-8b85-64529862b14a","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":66,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"77e1afca-839b-4cb2-8f67-fbe562a95b3d","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":66,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"3e7235ed-e136-4006-9080-511d8c3367d0","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":66,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"eede4cb3-817a-49f0-991f-bb42ce843b2b","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":66,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"72fd7b77-91a8-485f-9226-6d0fa3414a7d","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":66,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"961cd2a8-c7e8-4973-ac8a-4ac7f94b2f4e","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":66,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"f5ab33f5-f48d-4c6b-a8ed-a64e7012547d","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":66,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"7a842c19-625b-49f8-86ec-2c0cb205f9a0","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":66,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"3958c8b9-565b-4dd1-ad51-2b62bbde5a74","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":66,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"0c578670-c05c-4789-b170-8fe146f77902","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":66,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"f7200031-7d76-4254-bb22-877cb6b894ec","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":66,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"6e8e3f73-beda-4b00-86e8-c813116101ce","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":66,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"c60a9ad9-0fa7-4e11-aec0-d540244ab2d8","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":66,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"8b713eff-b8cc-470a-9100-c1948fa0cc06","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":66,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"2cbb47cb-3589-45bc-9e3f-639b0b84d0fa","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":66,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"7a822345-57cd-4fc5-8813-89eabaa86797","block_type":"box","text":"may be disadvantageous to do so.","page_number":66,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"fb7b5d6b-2ed6-4e0d-895c-47608e9b5425","block_type":"box","text":"Index Risk","page_number":66,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"4de53673-767f-449d-9d31-e6c71f5a49f3","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":66,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"99e81805-4f4d-437d-9340-0c16a43c37fa","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":66,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"52c14834-5632-404e-951f-8b3cc8d9910a","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":66,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"cd18d2f3-444f-4c51-9b16-4e329d36eb07","block_type":"box","text":"Legal Risk","page_number":66,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"7c720f99-d616-414e-93ce-dd205ef4d22e","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":66,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"94f54c59-037f-41c1-a98e-7ae14ce91fe0","block_type":"box","text":"or enforceability of a contract.","page_number":66,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"811d7941-287a-4a00-a8ab-76581b3246fb","block_type":"box","text":"Leverage Risk","page_number":66,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"f22c6b59-3f85-4560-8d11-523f91b6f62b","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":66,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"7524e866-6552-4cdd-b7f3-2778604069bc","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":66,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"375e9f80-aedf-436f-9128-461618a135e8","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":66,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"281cd90f-3fc9-4a94-88b8-3a9c83abfea2","block_type":"box","text":"Market Risk","page_number":66,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"6a4d9f98-e0c5-4141-8f57-af95431fa1bf","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":66,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"ff861266-9c69-43d0-8199-d24e3265189a","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":66,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"81c12801-f4f1-4664-82e6-6cc990dd9559","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":66,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"13274ad8-bf7f-4d0a-993f-82bf583235db","block_type":"box","text":"affected.","page_number":66,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"b8c0967e-b281-4712-916c-d85a69d3b157","block_type":"box","text":"Operational Risk","page_number":66,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"47e1f364-a67a-466d-9d21-a9000eba14a9","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":66,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"23c1c87e-5930-407c-8971-8989500b497b","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":66,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"abe362e1-8d67-4112-b89c-d3cb458d9a03","block_type":"box","text":"Valuation Risk","page_number":66,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"93a32a1d-2e42-4ed1-b662-2416434775fa","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":66,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"75ec82fd-4cae-41c4-b60b-cc3fd8d84995","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":66,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"01ea2a31-2556-4880-985e-ba997cb88a64","block_type":"box","text":"complex instruments or quote prices for them.","page_number":66,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"e5f6f15c-0d17-4692-b7e1-edb9f1b0d645","block_type":"box","text":"Volatility Risk","page_number":66,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"f20ba83a-2ddf-41f8-85a2-91a46727e2bb","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":66,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"b31cbf3c-adbb-4d1f-b398-1b6e26ad1933","block_type":"box","text":"Types of Derivatives Transactions.","page_number":66,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"59c38689-5bd2-459f-9538-ebaac67b35a5","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":66,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"3fc568e6-281e-45dc-b921-855b60e30972","block_type":"box","text":"including the following:","page_number":66,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"5de7e8b1-1ffa-4511-b4fc-aa16c3320d97","block_type":"box","text":"Futures.","page_number":66,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"79d3eaec-302e-4e2d-9742-46de94520db5","block_type":"box","text":"II-16","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"39961e36-84bd-4422-8d47-fc4367f309a2","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"934667cf-c4e4-4fc4-93fe-6b640faaaf10","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":67,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"aee563ff-a49c-4ead-9d23-a7055cd313c5","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":67,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"93ac1b6d-1bef-4341-a7f8-9edafa3dd2cc","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":67,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"4417d623-bcc1-4610-8274-c4f524c07b15","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":67,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"427421b4-91d1-4b68-9d2a-a3539e531320","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":67,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"095b7936-0a70-497c-a31d-7a33cb479104","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":67,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"8d396330-7293-4de7-a7f8-32d62179c7fb","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":67,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"90cf8863-4697-44f7-b21e-46c071fd0c4d","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":67,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"cf6aecb4-8109-49a9-9587-aaa84c64070a","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":67,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"202d3401-bb4b-419f-9aad-89d40e1998ba","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":67,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"5f5b51bc-eb24-4923-9021-9dac8d394fe8","block_type":"box","text":"of the futures contract.","page_number":67,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"b184cc44-5432-4934-8f14-94983b2d261f","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":67,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"3821eacf-2a6c-4498-b660-49a96e5f96fe","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":67,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"07ecf395-58df-44a2-861d-ebdc85938872","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":67,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"f1922d5e-f8e9-4fef-bedb-5fec7da2fa86","block_type":"box","text":"relating to the futures position.","page_number":67,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"76dfb729-4bb0-4a56-b7e7-68e9fd742eb7","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":67,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"28f524ef-d8de-4e25-8b2f-a58f7274876d","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":67,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"b35dfa88-2748-40f9-884a-95bdfc075e57","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":67,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"66e5d3bc-d71b-4bbe-840f-ba86c9c768b4","block_type":"box","text":"Regulations” above.","page_number":67,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"8f817f3d-ba03-4be4-8568-5d5cd88f0a7f","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":67,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"cf7031af-be03-4281-85a7-87da15c73963","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":67,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"6bab4727-b684-4d65-ba37-2105bbfb8084","block_type":"box","text":"(","page_number":67,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"f5541030-b79c-4038-a34f-415fecee975e","block_type":"box","text":"i.e.","page_number":67,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"82f7973b-0f9b-446a-92d9-96c2791ccda4","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":67,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"1896a5c7-0e22-4594-9dd7-84e6a6b69906","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":67,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"1018ee20-fac6-49c0-b1ec-42ea6d1e60ee","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":67,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"655ac856-97d1-420a-a6e4-70dc1b74356a","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":67,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"5fd31444-bfa0-404b-9fe3-f475d504aca1","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":67,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"52dfd6a6-9fe6-41b7-9fea-4933be1f9637","block_type":"box","text":"Fund intends to purchase.","page_number":67,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"d824531c-33c7-4b27-870b-b3ffad0288db","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":67,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"22e8c19c-eb6a-470c-b1f7-db6548a686f1","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":67,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"cf99f6da-f377-4445-9302-a9a0df05ddba","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":67,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"3218820c-9e6a-469e-bf95-66dc9bfd9356","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":67,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"6797a5cd-b572-4d71-88e0-a11fbcded837","block_type":"box","text":"illiquidity.","page_number":67,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"7dce539a-5564-4cd4-bc75-18075867d981","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":67,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"b356da90-67cb-4e8d-af27-c776791354a4","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":67,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"3abd565e-2ea3-4882-8c29-353e11f8cd01","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":67,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"f47311f9-a539-4412-a235-165e7788f5ea","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":67,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"03be5fe4-be54-4d3c-9b86-172a307e9ddb","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":67,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"f6efa8d8-aa9a-4ffc-96d4-4dffbb27e775","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":67,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"1af9ba4f-c84d-4507-815d-8331dfdff6a9","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":67,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"cf299036-2080-4e7f-915a-214255bfcfcb","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":67,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"4b0f4537-d4c2-4814-9be3-817b55bf9f6c","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":67,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"1210eabf-9298-4c4a-be65-1730a9aad579","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":67,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"98e21d3b-deb1-4855-918a-56933f7d7b58","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":67,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"b8d0ffce-feb3-4132-9a1e-2ea2ecab45e6","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":67,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"fb0ecbe5-3e54-4917-beee-5f0aa22e259a","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":67,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"c4a14521-7657-4656-8657-151852f54d5a","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":67,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"1acb469b-8e98-43b1-afa5-6387b3a1ca13","block_type":"box","text":"Swap Agreements.","page_number":67,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"75240cc1-e707-4862-ba8e-d2383e7f69c5","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":67,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"07eec552-29e2-49ab-8c46-98213891f664","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":67,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"2351f445-1bf7-4675-a381-eb974660591e","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":67,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"4d10ca1a-b707-411e-86f9-3f2ba030a165","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":67,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"e56843c9-0eef-495e-898d-ad7d63107fed","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":67,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"cd07d75c-dd2f-4a2d-aba3-4735f6c10e12","block_type":"box","text":"a “notional amount,”","page_number":67,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"0e7c9ee9-13c2-4b61-a810-c5a63b1e10b6","block_type":"box","text":"e.g.","page_number":67,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"b4631783-6920-46ce-85d3-4cab2d08775b","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":67,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"22f3edb0-4b2e-495d-a5e3-d12bea4848a2","block_type":"box","text":"II-17","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16128144-cb92-4fad-921c-b13c2a77f928","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae031e8a-d7a3-4bf0-a1f9-0b2edf460d22","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":68,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"8f35b1a2-0f05-4189-860d-ceaf7791f12f","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":68,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"b77a09b1-a27c-4b7f-ae99-4628576fd1a8","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":68,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"3b0f5bf9-fdeb-4dce-9cf8-b88db494fdda","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":68,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"9206dae8-954e-4dd0-a75d-1c64e31ceefd","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":68,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"cf224500-f95f-4e31-b4b2-c80a658e015a","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":68,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"c5eff504-be86-45e1-a4ee-e51b73848fa4","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":68,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"84573e71-ca52-4d21-829b-7d50c7a8f684","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":68,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"a5c7a23f-62b9-4906-8631-85d820af4a52","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":68,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"f959cb61-eac4-4a2d-92e8-dd7563a739e0","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":68,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"72eabb3c-bab7-4955-bab4-de20dcd30566","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":68,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"7c08603e-a553-4d49-bceb-c59a3838d716","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":68,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"fd108543-a64d-49e1-828b-f8219b1c941e","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":68,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"2e0e29e7-5559-4b92-a0a6-941c5cc712c1","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":68,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"b2a669a2-af85-42c4-ae44-f33d43537cc5","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":68,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"495d3bce-b737-4985-9611-0540f37352fe","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":68,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"79c4d70c-82dc-41f3-b203-65b4680c1d53","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":68,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"0dcd61f9-f7ac-464b-b1c6-b0f98cfc68cd","block_type":"box","text":"index CDS.","page_number":68,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"8834a015-e00e-4057-a906-77b164500b85","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":68,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"e3d9fef6-85b1-4621-aab2-51449ca18159","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":68,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"fcd14d96-311f-4f75-8f62-36d3cf173f9f","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":68,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"f5c50e30-82fb-48b6-a173-7ff488dcd7bd","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":68,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"fee87074-07ec-47f4-8d8a-c0d246caa6b5","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":68,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"319353cd-1a0e-4412-b65d-f1a4c8ed628c","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":68,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"aa326bc6-8d4a-4ad9-a752-f837709c3134","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":68,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"80d28160-9475-4542-a0ec-ea4b5626008c","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":68,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"a5e3c96b-9730-4f6c-8c58-1a8ce946a57c","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":68,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"7e7ef72a-4db8-476d-98b7-6d67dbfef4e1","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":68,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"fc2c631f-29ad-4307-ad18-93dbd8e11658","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":68,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"1f14f21c-a835-46b7-a21f-fffc51c0606d","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":68,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"5be09919-9242-45ba-8092-990b2177a1fa","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":68,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"95868077-9c9d-4bd8-bf96-ae665bc9b2bd","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":68,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"e7d87846-333f-483f-8e75-e47b21c63ce7","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":68,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"dd2db454-1357-48d6-b694-af1790e1e104","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":68,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"0826e8e7-1002-4b3e-bcc0-ffdb947e757e","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":68,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"caf3ba65-3b71-4877-8b4d-1b1f9807a996","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":68,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"0dea64a8-d2b5-48e3-9461-101346a91909","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":68,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"ab2958b2-e20b-4bcb-b9cf-7e45af64a9b0","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":68,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"2afd64e9-b663-4554-85b3-bf0d337c39cf","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":68,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"1437de90-ee3b-4faf-be34-eaaece00cf0c","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":68,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"bc3d34e6-8769-4fed-bbcd-96ed4507aafc","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":68,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"3b74fbc0-2a07-4cca-b8c8-641b020aef63","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":68,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"b002350c-b19f-4de9-9a94-224d57148d36","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":68,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"b280f707-a27a-4c7c-bceb-ef120c98cbcd","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":68,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"6f1e21b6-f64c-463f-955f-8a1191a51ccf","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":68,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"bd142f94-b01b-4773-ae24-dadb79fcca14","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":68,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"5bb8ada0-8752-4551-9584-e6858c6d8efd","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":68,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"b8cf7e10-e647-4c4d-8a1e-04c1bdcf4017","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":68,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"f8aecf29-cac1-4d7a-8cfd-df89df4e3cb5","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":68,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"0e227315-4ca8-46a7-a7c8-f9534ce06089","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":68,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"aec5c675-7861-4f53-a10f-b66438f95355","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":68,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"2c8fd94b-73f4-40e0-b750-f3177c404946","block_type":"box","text":"conditions.","page_number":68,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"55af0500-97f3-48c4-be9a-fcb712200df3","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":68,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"136811c8-1a37-4778-a9ea-99b9f59f16fe","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":68,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"ea760121-4528-40e6-b5bd-34c433cefa88","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":68,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"645a0fc2-135f-4ee5-b54a-71c0bfa7fe10","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":68,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"ad08c90c-ea67-4b71-bd07-7a95a39e7a09","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":68,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"4eccb094-ef32-47de-a1a5-986a42656fc6","block_type":"box","text":"II-18","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0c9ef23c-5765-4503-b293-a1d25d248f0c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab93cf53-0e81-4873-824d-5a1f3fd0cc0e","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":69,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"9d633979-39bf-480a-9e97-40128bc0ba60","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":69,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"ae17d384-b787-4340-b541-97badb4c2990","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":69,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"a6d4fc07-5e24-4a33-a846-d79bd14fbd59","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":69,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"5ba0a293-a021-4ead-a954-fb6ef64d3592","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":69,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"0e5424f0-4b23-4b07-8a69-b99e74e9ab40","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":69,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"79a41b48-de4c-4475-9f9d-1a3c7b2820b9","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":69,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"97db5d6e-6c10-4c45-abfd-d107bd87e6df","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":69,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"14687b6d-848a-4f9f-8db7-5ad9a5d68705","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":69,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"179f6e28-293a-4412-97b6-cba89eb4a3c6","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":69,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"4e31aeb1-f15f-4930-95a5-9f1e8f5e7a84","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":69,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"cde01017-0ed6-4243-82e4-3643b9959cee","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":69,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"20b5f8a8-ebde-4236-b084-a1814b253111","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":69,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"350e6ec3-cb2e-4586-8dc8-e29bf8e5406c","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":69,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"b182ef4f-4a05-4579-a3c6-45e944068f45","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"6d24b34d-cd28-4426-8cd3-fac9c2109e20","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":69,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"4e37c5ba-745d-4c4f-a945-91dbb37eb311","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":69,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"e011732f-da1e-4663-8bed-102e9b3d0a2c","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":69,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"0f03ce1f-ac7b-4122-a86b-e0ed9bf05208","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":69,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"8d3df134-24e8-4727-bc39-e29166d5626c","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":69,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"2fb603f8-f4a2-4867-ae2c-4765966d5912","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":69,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"97ccd43f-4150-4935-a23d-ccd26f62f513","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":69,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"ceb17a8e-27d7-4dac-81f0-70c9f37c042f","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":69,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"206b907c-6612-4427-ba6f-36eb103e1ec4","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":69,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"636eb29b-2403-4c40-b5d0-eaa06b348ebe","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":69,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"690aedab-d722-4b23-80ce-4f1c5c3f09ce","block_type":"box","text":"cleared interest rate swaps.","page_number":69,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"2fa33e9b-ff5a-4c6a-86bf-72fa188a1dc5","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":69,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"85c8c39e-209c-428d-ad31-376b7e897159","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":69,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"6564a722-1098-427c-9654-1bef6e78e447","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":69,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"53d01a04-5707-4898-ace6-8e87c1846945","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":69,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"3195e940-89a2-4c70-b98b-201b7eac5292","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":69,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"905aefa8-e8a6-4593-abdd-7133576b8fdf","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":69,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"85e9b6bc-e05c-499f-a07c-feffab8e8ebf","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":69,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"bd0089b3-75bc-4360-9656-34b76d065278","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":69,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"28561d23-1ebd-4dca-b5c9-b7347e9f478b","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":69,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"a3be4fc4-40c2-4204-bf61-d802a094f9d5","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":69,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"58c742c1-fae9-4f8f-9fc7-a7c2b46040e2","block_type":"box","text":"or variable interest rate, index or asset.","page_number":69,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"bb75a7cb-eca1-4a8c-ab74-d13c925e6ca7","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":69,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"617c48e9-55ac-40d7-84c1-d40e6f2bc745","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":69,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"6dd99b4b-cca5-4d39-a94a-f897f1bd225d","block_type":"box","text":"such interest rate floor.","page_number":69,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"33f2d054-a284-4e1c-9b55-dadfbbf89795","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":69,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"7f8e63b3-0afb-4c0d-8466-8a35cf2dd0d4","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":69,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"319bf46b-b846-4942-adb2-cb9a207ad3f1","block_type":"box","text":"such interest rate cap.","page_number":69,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"6e302d30-c6bd-499a-b68c-ee74d28f73fa","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":69,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"f6cb0cea-a93f-4c3a-955b-007273649ec2","block_type":"box","text":"commitments to pay or receive interest,","page_number":69,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"823b4633-eeda-4a2e-a8fb-e8a8245e2cda","block_type":"box","text":"e.g.","page_number":69,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"0f8a2e83-80f0-4abd-9423-4eae231cfb5f","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":69,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"adbc335a-ff56-4dda-948a-93aae5e96748","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":69,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"511ed2c5-bd6c-4b9a-a4d1-80b7ea11ec2d","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":69,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"92ef11aa-59e3-45b1-849e-52efde73658f","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":69,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"169adba8-2739-463e-9ef8-b8d38924f25f","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":69,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"5774aaed-d449-4491-a1b9-302bc6bab95a","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":69,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"f90d77fa-1635-4ba2-bcdc-684f2fd95c25","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":69,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"46e4162c-45a1-42ab-8275-b7c01fd11679","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":69,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"e4b86c38-2edd-4a02-9e2a-be3b385a7b8e","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":69,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"f0a07a41-d5aa-4187-856e-7863111679c0","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":69,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"238c67b9-c9e2-4610-952e-f671e10a0d1a","block_type":"box","text":"II-19","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b73a50d2-819f-4a0d-8561-e36cf49253a4","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8addc4ad-9bfa-4add-89e4-ad8cdc130713","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":70,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"c5d4e4ae-c3c5-4436-a43b-de9627b202ba","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":70,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"c1c463f2-5d72-4e29-bb20-c9d2fa8f3280","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":70,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"51b9d9ce-439a-4e04-b44d-5ba9cdb28809","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":70,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"60cc9504-f5b2-4701-94a6-956dbcdcc21f","block_type":"box","text":"Total Return Swaps.","page_number":70,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"fd32fd47-91b9-40c8-9d4a-6e5a62fbf9f2","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":70,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"fe2c175b-faef-43d5-afa1-2f7c355800a4","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":70,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"336b5081-fc2e-4a30-8ce6-4f4bd0b7e7c3","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":70,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"d548ae31-48b2-46fa-ac6a-c2d1a80bfa24","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":70,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"ad05fc28-0b05-46f3-9a28-17422e80863b","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":70,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"1052601e-2959-4054-915b-77b7ffb9b9f3","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":70,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"8f5c0752-8184-49fe-8b3f-b513222ff3f8","block_type":"box","text":"“contracts for difference.”","page_number":70,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"ebf0f896-caff-4fa0-90d5-c02644803d76","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":70,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"7fac94f7-1cb0-4d90-ba1c-c7ce59d788db","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":70,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"1b005ca6-4859-41a8-887c-f4eef3c20437","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":70,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"8e4b28f6-86d9-423c-8193-4312185ed69b","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":70,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"39318d25-a46a-4d01-a66f-70b621139f0b","block_type":"box","text":"the notional amount of the swap.","page_number":70,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"0f8c40a0-4bf0-459a-abd2-c9e9bbae5b37","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":70,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"6e93546f-f378-45d4-942e-e415f951c025","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":70,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"301f2c8f-bbc6-47a9-bea3-c38ddc8323f2","block_type":"box","text":"Options.","page_number":70,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"ecfc05d9-6e37-4ebf-b4bc-b1a58b678a46","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":70,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"c0690b63-a61d-46b6-8fad-af9e07d35c53","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":70,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"e8ef5ef4-c780-42be-a265-0b201cf3f788","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":70,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"6afd2a6e-31d0-4984-a2e6-03bd10f1f6d6","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":70,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"9b995040-aaea-4281-92b5-461a162c1a15","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":70,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"618a6df4-8dfd-42bb-97d7-2b85938a10a8","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":70,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"a8a2e089-de70-45b1-bd6a-854d9ad1f4b8","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":70,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"75d21916-bec7-4797-b04c-f696c46ae35f","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":70,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"f48f079c-9231-4f1d-a425-cf59d3ef304d","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":70,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"d0b4ab01-3362-4edb-9467-161851257508","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":70,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"ceec680b-a1e2-4b9c-b79e-7fbbefb5e539","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":70,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"07273093-faaa-4f52-8d30-62d01a8a5192","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":70,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"4a75ddbf-1ea7-4195-9fc8-83f53172c492","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":70,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"d5fb4c6f-63a2-4e55-8400-4ede81169760","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":70,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"d08f2a7e-e987-430c-aee6-c4fc75a8d408","block_type":"box","text":"OTC markets.","page_number":70,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"f01200f9-9582-4839-bf5e-4d5e1e6ea300","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":70,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"c6abc331-a6f2-4537-9201-a01f8e6aa6ff","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":70,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"038f926e-735e-4d42-bf1b-022bf1106fdd","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":70,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"02e98b52-ef3f-4e2b-8407-359d59950552","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":70,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"10015f55-34a8-4b26-991a-f12bbec90b92","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":70,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"60e1415c-f23c-4dbf-93e0-7dae96709830","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":70,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"3d49a908-bb95-43f7-af4a-884b44321be0","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":70,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"88a9c0e9-e10f-4b80-9437-62bb17268e4e","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":70,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"31018d12-b121-45f1-b5f7-ed107ef52f47","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":70,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"7f0043bb-15a5-410e-93da-26b45a193bd6","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":70,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"755b151d-1cbd-4406-bb7a-41f9804fd4ac","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":70,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"1ce4ffbe-81b0-4ec5-8745-ee789b5bf4c7","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":70,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"e5f9acca-44cf-4079-bc85-78bc190f960c","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":70,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"b45dd801-6777-45f1-9fc9-0db0df32f5ee","block_type":"box","text":"terms.","page_number":70,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"9c88e1f6-aa95-4d22-8a3c-ce1e3b2960f9","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":70,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"e439ff32-0d0d-4b76-806f-8ecd40c95c2d","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":70,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"f3ea2ffe-2772-407e-8274-a0568c126ff2","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":70,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"782cef9c-934b-413f-b328-87c6c9d6cc82","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":70,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"871e3d00-8c60-4459-a3c0-1df0c2c3fafb","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":70,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"7452fa23-3d9e-4dbb-a98e-e3823a1a355b","block_type":"box","text":"II-20","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2be43837-b729-45c7-9d5a-40594ec0bbe3","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5260a44d-9118-453b-924f-fa3bfcd835ce","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":71,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"41df9fd4-e30a-4d7b-8e8d-baf435ad665d","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":71,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"b706d1bc-e97c-461e-90a4-a518405ba945","block_type":"box","text":"Call Options.","page_number":71,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"a4b50e19-964f-4076-ad1a-7c649791563e","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":71,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"4de50ae7-5558-4a4f-be25-4c3d1f514dab","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":71,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"8f5fb15b-180c-44e8-a750-3d6bdbab2c3f","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":71,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"62bdd05c-58f4-4fdf-88c2-da86e25e0797","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":71,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"807ec00d-d007-48cb-89a9-b6669063e046","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":71,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"816eb63f-80dc-4331-a051-d20bad22d242","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":71,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"ad003c41-652a-423e-a22d-46e4e93f98ed","block_type":"box","text":"of the option.","page_number":71,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"e779f752-f635-4167-a445-e4c59cbde6b0","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":71,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"d10a4251-0fea-452f-9d57-68e4c39800f2","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":71,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"b38b63f7-5221-406f-8c61-9699401e7b3f","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":71,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"c7d8383e-4db2-4bd2-82d6-21b545cc55a6","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":71,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"cc4d43aa-b502-493f-b6fc-64d1e8fe6154","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":71,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"0bcea04c-f9b4-4159-962d-2ebda30119e4","block_type":"box","text":"A Fund may write (","page_number":71,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"5cfa02cc-57b3-4d7f-8520-fc8a30efe6b6","block_type":"box","text":"i.e.","page_number":71,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"6f7eef91-67d6-492e-bdcd-407f359edc8e","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":71,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"c0dde9e6-6985-46e4-aedd-02ff767f96ef","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":71,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"7acf0ee6-7ad2-4595-acea-b30827e21acd","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":71,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"48c17dbc-0afa-459d-a04f-f06ced55dfae","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":71,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"193f8cea-ff43-41d8-b52d-5d2e6264d351","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":71,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"54daaf73-df86-4efc-bb12-1e1db03c7ee5","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":71,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"e9efb603-1db3-4d9b-a1b0-8d9686b6a6d4","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":71,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"2bfa69cb-a79d-4363-b64d-1dd8bfebf2e8","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":71,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"f642ce06-5573-4816-afb8-9989117a70b4","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":71,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"9a3ee167-b82c-4277-9e4f-6a2f365144f8","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":71,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"5ac30430-e7de-45e3-bed2-e58c13473b98","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":71,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"202b093b-9480-4b7f-bbc4-7f07a5424065","block_type":"box","text":"A Fund may write","page_number":71,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"f4dc9701-072d-43e1-a4f2-a010dc5a9b27","block_type":"box","text":"(i.e.","page_number":71,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"bf4979a4-ab91-48f9-baf3-338d8ea5cbec","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":71,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"a94913a0-b3bd-491f-87f7-6ceec93431e3","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":71,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"3c14a677-2c4b-4ed0-80cb-ab992ead972f","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":71,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"0c45c89a-29f8-4888-9081-bfb646b70dbb","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":71,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"2068709d-187d-4fb6-b6af-1053c305d907","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":71,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"b123ffca-e7de-41b9-bfef-655bdb2e4a15","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":71,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"218d1f6b-2e37-456c-91ed-81216c5a8633","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":71,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"cd2a50eb-8124-41c3-afda-03324039d315","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":71,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"c5d751ef-ef78-4737-96c9-ef9adf7cb775","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":71,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"f0bdb014-26d5-4268-a57d-0287dbaaa57d","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":71,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"281c885e-8049-40ed-b77f-9a95714e8e78","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":71,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"774e2f8c-2a5b-40c9-92c2-6b80a03c8e1d","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":71,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"3883cda2-9b64-4319-a793-8b27e91d918c","block_type":"box","text":"Put Options.","page_number":71,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"a634109f-7223-45c2-b1f3-89f631d47f9a","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":71,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"5f53fbb6-d473-4625-afd6-9fec7be1d2f3","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":71,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"c028fe1d-4852-4322-bd5a-4337781c0e5b","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":71,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"2ce1ceec-14e0-4468-bd94-f6501a63e6bb","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":71,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"f5b4dbf8-df0c-4555-b6fe-bebf33c80d19","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":71,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"9b5f8b41-9244-4836-b057-ba67b937a736","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":71,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"b23ea3c2-3948-4b3f-b57a-9d72d1d936ea","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":71,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"223da811-85af-4c13-9751-cd40d2c70747","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":71,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"3c9b7f85-0a24-462a-ae43-0b4d5f409682","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":71,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"5ebf897c-f2d9-41bb-bdd1-8bd7720c6a9d","block_type":"box","text":"purchase uncovered put options.","page_number":71,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"6266edc8-9ddb-4c1a-b6be-9c13f7be50a3","block_type":"box","text":"A Fund also may write (","page_number":71,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"40d9e4f0-7d03-41a9-8863-d6290ae86651","block_type":"box","text":"i.e.","page_number":71,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"b57a2c92-8b8e-4d1a-9b65-bf77c16af55c","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":71,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"5934f963-685a-4f0c-b3b2-e88a22fa9d38","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":71,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"78c727da-2015-4cf8-ac5b-bb8faa12b0b9","block_type":"box","text":"A Fund also may write (","page_number":71,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"83d0e206-69eb-48ac-9e29-af7d9e3d0d56","block_type":"box","text":"i.e.","page_number":71,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"ee87f2fb-beee-4a60-aa7a-4f833d34e384","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":71,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"50b6da18-569f-45d7-ad7a-b73422eae533","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":71,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"f3abd201-9a73-425a-981e-88eb9acd6471","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":71,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"618bd9fa-8e03-468a-baca-143f82ebf23b","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":71,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"fee8e11b-2dc0-477b-9590-38aa095b2419","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":71,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"9f68c1cd-612a-4490-b4f9-1e8acd21d620","block_type":"box","text":"II-21","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"54f6bd2b-908b-48b5-a687-405c903eeea5","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a9ac96e-5c3b-4224-b54f-006d7e11c369","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":72,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"ed183afc-77f5-49e9-9599-324634c36deb","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":72,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"df7de54a-be47-4a97-9ed7-b2c751118921","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":72,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"16b5c7e7-f4fa-4e5c-8203-48db24262da7","block_type":"box","text":"the exercise price.","page_number":72,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"49194c44-27f2-406b-9d94-38810331ca57","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":72,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"337e3ec8-8588-468f-931c-58a71b12a53b","block_type":"box","text":"The following information relates","page_number":72,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"53b9112a-8b5d-43d2-a8a1-f3ae8b415ba7","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":72,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"7291e9f4-499b-47f2-b30a-6f3fc15e1285","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":72,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"bd250449-01da-40c8-b967-e70a5e32ec6b","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":72,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"6139e3cc-b5bd-42a3-8eed-623cb57b57ae","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":72,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"639f9afc-ba03-4502-ba4f-85712b02aa7b","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":72,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"cc6d70c7-83e2-4544-8d27-d76159811aec","block_type":"box","text":"market in order to maintain its “cover.”","page_number":72,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"5d104b86-7fcc-4294-9461-02ad6ae52842","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":72,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"35c8e835-57a5-4b3b-979b-e4d5f10e050f","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":72,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"2ebdee4f-5e7a-4e14-9b77-6370d13306bf","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":72,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"67fe84a7-6e5e-4418-bf54-412cf0dfd293","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":72,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"bbb6fc88-8e3a-4d31-b42f-4c815f974807","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":72,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"a753fa2a-2696-4375-8a30-99185447bd5d","block_type":"box","text":"and incur transaction costs.","page_number":72,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"e8159a83-478d-44a5-8361-7d734b7dc96d","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":72,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"be5450dc-28fe-4662-9f28-3a8296501796","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":72,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"26c299cb-8eec-4c60-a5a1-d89833f28e77","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":72,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"adb1125d-23bf-4f6f-9206-56d251ab9551","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":72,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"4608ec7e-c288-4d40-b32a-12a705d125df","block_type":"box","text":"i.e.","page_number":72,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"c8c0b72b-0b45-49cc-92b3-4d98846c34dc","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":72,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"ce025700-a11c-429d-92a2-e21b11e68d4f","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":72,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"ae43d6de-b504-41c1-8b0f-f6ee04bef5b7","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":72,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"90cd8b2f-d120-4400-9875-b881dee1c083","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":72,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"cccc792f-0532-4f66-b9c4-23b37c36d59d","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":72,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"ff6fc441-8ea6-496e-b4d1-29756d5a7fe1","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":72,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"6bbd0e7d-d4cb-419c-b979-84271d5d0ec5","block_type":"box","text":"required, to be cleared.","page_number":72,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"902d0df3-4e3e-4c11-a422-90e3959ccc13","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":72,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"4feaee7e-75bd-4fc0-a113-2796a1a5df31","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":72,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"fe8198c5-6786-43a1-ae20-333aae5b7020","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":72,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"3c1ae5b8-ea0d-4b22-b0a3-b0bdfd2bfc44","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":72,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"d22f2129-5393-4bdd-8d87-a1cb0004dbb7","block_type":"box","text":"Derivatives” above.","page_number":72,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"e54e1203-c7d4-4e83-baf2-c365bb4d2ef3","block_type":"box","text":"FLEX Options.","page_number":72,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"5c482f58-9cfd-496c-9611-3c662e3d068f","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":72,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"53c21189-74a7-4e0d-889a-5f7090a2c345","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":72,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"74a9d966-514a-4985-b9aa-bf828c173e4b","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":72,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"7ac3665a-f982-4072-9ee3-5067ce79890d","block_type":"box","text":"exercise prices, exercise styles (","page_number":72,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"128bdab1-1f26-4ff1-8874-65931a784193","block_type":"box","text":"i.e.","page_number":72,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"554cb763-feea-4ddc-9476-df56d14df9e0","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":72,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"8279ffb6-e386-4f03-a093-4044987ee3f1","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":72,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"20d0eab6-4670-4283-b73e-ae32498a6b95","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":72,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"a3e01450-7884-401a-a13d-40c858828c22","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":72,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"52389343-f7ef-40e3-a3f1-847da0eb4b4f","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":72,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"d3c732d6-eca4-4a1b-93b8-de3125494658","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":72,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"79b4c15d-73e6-4df4-a330-2130b89cfaf2","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":72,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"e96a5db3-080f-4c19-8245-e73d4ff2581a","block_type":"box","text":"FLEX Option’s expiration date.","page_number":72,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"65562eaa-c8ec-4d1f-ab1d-dd074d3fb7ca","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":72,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"3c516eb4-d7a3-442f-816b-76ac2c178ed5","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":72,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"362d0fdb-a84d-424c-8584-e0d26b4023fc","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":72,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"c64f2575-4be4-4dde-aa8c-6849b5b1456c","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":72,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"2fa8d9db-5f37-47db-bb84-8d02b4cff27f","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":72,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"35d11c40-d8ee-4cad-b201-b4d87d1a3fec","block_type":"box","text":"FLEX Options contracts.","page_number":72,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"3e040aac-4692-425b-8f5a-4c3c73f69203","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":72,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"01c7c753-a38a-442c-b1db-00b9dba5b0ef","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":72,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"9ae29992-5bb0-4e41-ba14-3db3d0906326","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":72,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"37fe7e9d-9c6b-41cc-a9f6-1db657e7365f","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":72,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"2ca3e125-2adc-4c19-b053-9388962c2073","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":72,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"864a525b-4f1a-4f9a-8e6e-129db4de439b","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":72,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"defbd2de-c01e-443d-91e7-b0444184e6a9","block_type":"box","text":"II-22","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c58886fa-f17c-4ce2-88c1-a55cd6e8fde1","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e36e5fd-fb55-4bb7-a001-d61993fe0abd","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":73,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"629fa0fb-04a7-41ee-9af8-94eefe122d3d","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":73,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"20c7c9ba-1bb9-465d-8e8d-4780dd384e23","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":73,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"2295585c-7887-4bcf-af70-d37f178769d7","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":73,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"1969f9e4-f3d0-4b3d-b782-322030a0b3ce","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":73,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"d2013f78-7916-4f30-b3f2-71566653b3b0","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":73,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"359ddc02-8594-4c8d-ab82-4700e213b83f","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":73,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"482585af-cb15-47fd-abf8-cbdc840fd9e4","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":73,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"da8bdc0a-0947-443a-877d-f6d97d08fe77","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":73,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"d0357f35-b8a8-4f7b-ab8d-db607580cc9a","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":73,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"004f502c-f320-4cb6-9e38-1e8e33a78bc5","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":73,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"c3f461f5-561b-47f4-a678-72b717b6eb8c","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":73,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"513ccaad-ae8e-4500-8453-4c4a527a712f","block_type":"box","text":"expire unexercised have no value.","page_number":73,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"4d87e9bd-237c-453d-a51a-e5ae022c753b","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":73,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"8f805800-195f-4330-9a48-88d3594dafe9","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":73,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"e83245e5-9a62-43b1-9233-b7d3552c734c","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":73,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"63c7fd9d-151a-4f08-bf35-a0f34c8ea846","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":73,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"08c30e5a-93b1-44e0-90c5-853aa6115c28","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":73,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"ae413939-5a3a-40c4-a256-a4464bac5905","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":73,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"c83f8af9-f96a-457b-9603-b71365af6bf0","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":73,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"df8a8c37-9b99-4f05-b33c-aeeb63c58f4d","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":73,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"5613a6e9-8334-4b73-80ba-1e9f6b095720","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":73,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"ab83fd7a-ef4a-4895-8559-eb669c959198","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":73,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"7948d35a-6b94-4652-b553-2983f8dc5e93","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":73,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"c580adef-644a-46bf-a0fc-df701b2ba767","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":73,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"5de38e29-dafc-415d-87c6-6cd563ed33b2","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":73,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"8145afe3-6d61-4692-be08-ddaadf50e7fe","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":73,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"02d92c70-744f-432c-93ec-b8c1784f5779","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":73,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"5436cede-87ff-42ce-83b8-0334c3918155","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":73,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"457030b6-8a20-4fa1-8b9d-896115b592d0","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":73,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"5f0ea22a-d3d2-4822-b08b-107a5ee33c37","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":73,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"7d72e917-a58c-4c72-843f-ee976525186c","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":73,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"391930b8-ebe0-4e50-98c7-69e1b32205ed","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":73,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"06132b9c-1c33-4425-abb0-2662d160ede7","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":73,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"73e70805-3b57-421b-9b85-70f4e738a926","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":73,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"562f5b0a-2d57-4489-8077-6cfdaaec7ef6","block_type":"box","text":"Foreign Exchange Transactions.","page_number":73,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"15fe8816-fa8c-491b-817a-efd13e717278","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":73,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"8d2ff668-0291-46ea-a92c-ba5e0c68a5f3","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":73,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"cb85db8d-bb1e-4180-9af5-f6f0bf90e178","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":73,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"f0d379a9-e5b2-4053-b137-05991d39b69a","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":73,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"16f01e35-6a8b-43b7-b952-3d4472e4d573","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":73,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"557b7181-6a23-4f80-9951-7db4eb8f5bd2","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":73,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"132f5a59-6ea2-4caa-ade9-cd534f398b48","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":73,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"1ccdced8-6973-4c44-a934-2d0d82e5df15","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":73,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"20e3c2e3-a0fc-4a52-a9e8-b57870d1d52d","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":73,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"4aae9529-aabc-4ba3-9c3e-2c0855b2c94f","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":73,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"abcf3322-4a3b-479d-a746-6b6f4d955890","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":73,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"9cf0b179-dbf2-4dbe-89de-313d26fc7ea3","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":73,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"07782bcf-89b9-404a-84ad-9b7e44a8f8e7","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":73,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"de56cf7b-4538-44ff-8023-d963e1cecd33","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":73,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"bd20fde2-a6de-4905-9619-3396b9e6a10f","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":73,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"a6af60fb-4ed9-4a0b-a35a-8180db6d0fe5","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":73,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"926917a2-2836-4123-a450-0552b7b0a977","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":73,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"ec380dfa-9f64-4619-844d-ac644b76c25e","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":73,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"953ab299-2f3d-4e5b-b748-64b7bbb0b3de","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":73,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"9f6ce55f-006b-4269-9f44-1ecee1c030ac","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":73,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"a38601a5-a30a-4f7d-98f9-984ae4aa598f","block_type":"box","text":"II-23","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bbca6ee3-ab3e-48d8-b39e-8d28bd23f209","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"afd698a1-d59b-4398-b262-2ad1c3568a8e","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":74,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"c5768268-515a-4731-9e92-2840d767ffdf","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":74,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"836431dc-f21b-4c84-8518-2fd61b3bc490","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":74,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"5b7d8591-7ab8-4019-8d9b-e22dfa8486d9","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":74,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"3d0acce6-36a8-4091-8668-814ab7780816","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":74,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"b0ff1057-05cf-4943-a4f5-02f0a3f4dd07","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":74,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"0556bbcb-ce8e-4ce7-9939-be733f345dd4","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":74,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"fcbf5086-3359-456b-beb3-355b43390267","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":74,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"f196b842-5958-4a0b-8b89-a9b6424bf9ea","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":74,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"1f922011-ef5a-42f2-add0-151e2e3459a2","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":74,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"c269d8ae-c7fe-4a76-a36f-a4f1ca827eb7","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":74,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"468da35c-96a1-4669-abc9-64401019d021","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":74,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"612eb7b2-bf25-4b9d-96f3-c5d32995e4a2","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":74,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"8f89565c-9884-4b92-ba66-b574c69d1efa","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":74,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"1ebb8506-38dd-4229-b94f-24ee8f467b50","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":74,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"a72961b9-f06b-4e6d-8d5e-8f4b28c86f49","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":74,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"4ba570f6-1ff9-466e-b937-7639a8c2781a","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":74,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"b058586a-38e4-4310-ab10-8072e71e0430","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":74,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"7b1d3458-d534-4085-8906-a928de10bd51","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":74,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"9fe7e464-6510-4ab0-a0f1-a67be88539e6","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":74,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"4e2491c4-00e0-43b5-b1cf-d9447cd5754d","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":74,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"3fbc93a0-c06f-45d5-b46f-ee18031f1b02","block_type":"box","text":"involved.","page_number":74,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"6e5ae7d1-113d-4391-9ac0-79fc037a625d","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":74,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"00e7fe77-f983-45bf-87bf-3cbf399824ed","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":74,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"2104d4f3-757e-40aa-aca6-5a2551ee7bbd","block_type":"box","text":"denominated in such currency.","page_number":74,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"5b7861ad-feaa-41f8-a444-852b474fbdd0","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":74,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"78c73427-58f6-4b2c-8b37-17de48ca1e4a","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":74,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"f21561c2-ee3d-4084-b434-554463314773","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":74,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"7f527922-8589-41df-837a-bdcd5032a6f5","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":74,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"30f22b44-f49c-4046-b96a-2201d727fb79","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":74,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"00c569cf-bd8f-49e9-ba1c-d2d2f5734b24","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":74,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"c43df4ca-fb6a-42d1-8079-67b025e69e1c","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":74,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"97714af8-a917-4d19-a8fb-f0c5e1bff027","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":74,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"ca266edb-d2dc-459b-bdb7-35ed9ddc5b41","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":74,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"fedaad35-cb9e-4d3e-922d-22304276e23b","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":74,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"87d3b7ab-9a0b-4a7b-923a-067a7c5e2b9e","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":74,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"e209fc34-9aa3-4384-b9c3-68ee9997033a","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":74,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"9af5a300-025f-4b2a-886e-9d0d8efb6168","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":74,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"c1550c0c-850b-402d-8e99-645af16ddbbc","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":74,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"506f23ae-1ab2-4be4-a467-6eff1ad36afa","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":74,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"ced1c811-1ec0-4e1b-befa-db73b665379d","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":74,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"b934c9e5-3edb-4467-ba4f-be33c25ca07f","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":74,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"ae86e88b-0235-4556-ae18-8902a322a59a","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":74,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"4d796b96-82e8-49db-abcc-55cadc50a33a","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":74,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"d9a39335-692a-4501-81d2-f3f08b03793c","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":74,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"2c9517f9-cf7c-43c9-a4d4-85cc0ec791d7","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":74,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"077fc0e3-26c4-40b8-9fa1-ad8cff55750b","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":74,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"eec8da5f-86d8-4298-a260-ea1d3923f7fc","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":74,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"968163af-01cd-4e54-afb7-ac8482505e5e","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":74,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"0b219e04-3d60-4f9e-abc4-6f41315a7609","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":74,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"c671006a-03d4-4766-b8b0-58bc4b358e06","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":74,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"49de83b3-f1f0-4e19-b9a2-d423b6dbffd3","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":74,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"d9ddb533-0c73-4d63-8df3-83e895b06415","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":74,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"1cf061d3-47b3-4748-a0df-a22530d4e9ef","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":74,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"73b47a41-eca0-4dc8-9b24-bc5c98f50425","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":74,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"6de1f4b4-7b72-4ecf-b7a6-61ca6ba3d9bb","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":74,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"0e29f076-f8ae-493f-bde9-e05917a91ad2","block_type":"box","text":"II-24","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"083e9148-2d07-4225-83a3-478c5f0df746","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2c63c697-c09e-4474-8a89-7dcf2991115e","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":75,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"345aec48-f240-43cc-b518-13217af8bf49","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":75,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"e622ba12-280f-46db-9d84-76858ff46400","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":75,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"1bf29a97-f072-4c0e-82c5-7e193cbf17f1","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":75,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"a145f09d-b0dd-4bf8-8eb0-83193381fc34","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":75,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"0486e2ea-7420-4cd4-b52b-c5e091d7dca4","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":75,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"3c89b083-65e6-4228-ad52-c0b27302edbc","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":75,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"d93cebb5-7288-487a-a735-0eff7d5ff4af","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":75,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"5165797d-2a9f-4a1d-bcf4-57178e7bca67","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":75,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"22931fc5-ad7f-4c84-a504-f4369a518f23","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":75,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"4db90bf4-344b-4f66-823a-cf5d56f1762a","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":75,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"8f5b08bb-88d3-4b05-b298-05c2afacc746","block_type":"box","text":"traded.","page_number":75,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"a0da9b05-8345-42cb-9ea9-e61d2df7e75b","block_type":"box","text":"Currency Futures.","page_number":75,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"01ba9817-3a48-4a88-af46-2a5a74000bc1","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":75,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"c2996a06-2747-4836-9f52-300ce3ecdd29","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":75,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"2f7ce1a3-40d6-4730-8d07-b0e1e1829116","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":75,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"1f560411-ea1e-47dc-98b4-41d72f229cb2","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":75,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"987b3774-9b21-483c-82c0-6d46a23a3036","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":75,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"3762f4f3-8714-4da1-af90-ae1e5aa54575","block_type":"box","text":"Currency Options.","page_number":75,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"e7d50cfb-d13a-491e-8427-0544fa8138a3","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":75,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"bc720371-ee74-4719-a032-55cba7c3395b","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":75,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"90f339d0-16b4-46fe-b3bc-2d73f08c7866","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":75,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"4f6677b4-c516-44be-881d-222b259bce18","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":75,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"f5fb116a-b863-42c8-89dc-d8a51908fc72","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":75,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"05a74e08-f1cf-4b8b-ab82-c14fa3ea4613","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":75,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"6efbbff9-6d3b-43d4-aab0-6f13f574735c","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":75,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"4529c835-71fa-41d2-96ed-b606ba3b760e","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":75,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"65402104-b290-4f7a-b551-02c3845651e4","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":75,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"6ca621e8-9bde-4ee4-98af-e8d12190d325","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":75,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"7a5fe4d4-44d5-4ed5-b645-e132cbd42fb0","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":75,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"88294550-e3a1-4ee1-92e1-eec167f65411","block_type":"box","text":"Currency Swaps.","page_number":75,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"4a28389f-614c-4912-9e7b-3f7f6b15fbb6","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":75,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"d433707d-b9aa-4546-8df3-e155123b2960","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":75,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"58ccf057-a47a-4cce-84df-e1f6346c99fb","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":75,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"d671578a-8ec0-43f1-a453-7032f61bec7b","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":75,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"dddd3865-864c-45f2-83d3-5b22bdbb9b45","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":75,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"6ff48fa7-f85c-4288-8a6c-b0b8c77c35f5","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":75,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"226ae1ad-c766-44c5-9922-cf0a0b693697","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":75,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"e447ad90-adb1-4cd8-9d79-7149254a5e2b","block_type":"box","text":"Distressed Securities.","page_number":75,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"9ad82566-26f2-4352-a121-ce46e84478ee","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":612,"width":633,"height":11}},{"id":"b7430a1d-b15a-4af3-85ce-c2e5372f1c11","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":627,"width":834,"height":11}},{"id":"06c8f3de-365b-4cd4-9c38-3a09ec3b22de","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":642,"width":827,"height":11}},{"id":"c9e8cf09-8b4f-4ce9-a37a-90acaba6bf44","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":657,"width":835,"height":11}},{"id":"212a875f-6f7b-48b3-a699-a9e4fb670162","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":672,"width":784,"height":11}},{"id":"552b761e-c95e-40c7-b6c2-9057fdb3a522","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":75,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"67bd4f08-a17f-46c4-bf09-f8eaa494e706","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":710,"width":766,"height":11}},{"id":"4a4bc52e-d9b0-4438-984c-b8cfcff6f4d4","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":725,"width":795,"height":11}},{"id":"31348481-3e1b-4044-b6a9-f7509b1694c3","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":740,"width":826,"height":11}},{"id":"b94ce2ff-ac0b-4a88-a183-81a9f82a33f2","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":755,"width":794,"height":11}},{"id":"2d6eaab9-8c6d-4b28-8639-2bbb5ab9e1a4","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":770,"width":832,"height":12}},{"id":"fb05dc3e-e82c-4b55-a37c-b8e32c8dd650","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":785,"width":824,"height":12}},{"id":"1c1c43ad-7463-44f1-a2bf-04cd080c9943","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":801,"width":789,"height":11}},{"id":"c8fc2a51-7adb-4055-aaee-a8b865588236","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":816,"width":810,"height":11}},{"id":"7ff5c2ae-9a60-47d8-b98f-47f4c7a9b76b","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":75,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"f5d9b5d1-8bb8-41a4-bec0-074b36d34981","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":75,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"ea06cf7c-f4ca-44fc-a7c2-ec46b9e499fa","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":75,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"c96781bd-363c-4859-b340-73a498322167","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":75,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"7c41ac2b-eb99-4fb0-8160-abfa6b5f8f90","block_type":"box","text":"satisfied (","page_number":75,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"2d7e83c1-23de-49ab-b68e-19f1a1a40ffa","block_type":"box","text":"e.g.","page_number":75,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"deec0a4f-ca77-4e1e-8aad-561fe2e9a3ea","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":75,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"7c2f00df-48da-46e6-9e30-4cd031007b20","block_type":"box","text":"distressed securities or a payment of some amount in satisfaction of the obligation). Even if an exchange offer is","page_number":75,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"7c5171ad-d847-4c59-ac5f-7bfc465fd9df","block_type":"box","text":"II-25","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"79e41c75-d0c4-4ebe-9e6c-6c33a3ab0816","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abf7be04-aebd-499f-bf3a-8821327ecbbe","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":45,"width":797,"height":11}},{"id":"c7126906-eced-4538-8b9b-b7299e85d049","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":60,"width":816,"height":11}},{"id":"63d91fc9-0ea1-49d0-afc8-335fb506d293","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":75,"width":821,"height":11}},{"id":"6c9ef161-41a6-411d-8f89-9999c31019d4","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":90,"width":827,"height":11}},{"id":"b8d8170f-4cb3-41fa-8d13-84cfca9ba460","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":105,"width":800,"height":11}},{"id":"b5d45250-c503-4129-b5dc-3c246198fa20","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":120,"width":770,"height":12}},{"id":"bd41b10f-21d3-4d61-babd-8db99372a801","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":135,"width":809,"height":12}},{"id":"7238fd43-e648-44c0-af47-60ee346b4823","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":150,"width":839,"height":12}},{"id":"8f2c3032-ee04-4568-bcfa-ea7b2c0f4aed","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":166,"width":787,"height":11}},{"id":"3f32eebc-b84f-4e51-83a7-66b7e5e8f9dc","block_type":"box","text":"affairs.","page_number":76,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"2127dff6-a2bf-4eb9-b557-fd11b0956b81","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":76,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"58b12233-c0ab-4854-983f-16518b05ab55","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":76,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"9f50c13a-6608-4e94-b6bf-1ff80eea6b8e","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":218,"width":785,"height":12}},{"id":"3d9e9130-12f3-447d-a9d7-64da233af91e","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":234,"width":838,"height":11}},{"id":"29e65323-9baa-42d9-95f7-e85d9c5c7dea","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":249,"width":827,"height":11}},{"id":"3c5407ed-292a-4c00-b185-b311d5e6cc95","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":264,"width":806,"height":11}},{"id":"3e813c47-5504-4400-9eac-2c68c43837b0","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":279,"width":812,"height":11}},{"id":"a34b8622-3691-4480-acf1-22ae4a7e6e15","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":76,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"b774b433-f524-40f3-a2a0-cd1206b46bf9","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":76,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"c15275ee-7ecf-4465-85bb-be7056730524","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":76,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"6d77c500-2507-425c-87ed-ad3a566953d4","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":76,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"04d4de0e-9c92-413c-b6be-962e51c4320d","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":76,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"d90ec843-464f-4ae9-8f9a-a6bbd320e80f","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":76,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"748d0d21-ec70-41bf-acb7-fecd3e5b9987","block_type":"box","text":"Equity Securities.","page_number":76,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"07d1d420-0113-400d-b85c-5cac7109db9b","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":400,"width":648,"height":11}},{"id":"33a489e2-c231-4061-b133-b5055e9e08ac","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":415,"width":802,"height":11}},{"id":"2bb6b138-856e-47ef-a5df-5106dbc9ca2d","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":430,"width":817,"height":11}},{"id":"8492297e-7af3-40d9-bea2-36dfe838a48e","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":445,"width":819,"height":11}},{"id":"2ac7610b-32d2-4441-a6a0-3ea76eabc2cd","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":460,"width":813,"height":12}},{"id":"7c13379f-5d4f-4dc3-961e-6cecb9a5c08a","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":475,"width":839,"height":12}},{"id":"c561a66f-bca4-40ad-a571-39f895894906","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":491,"width":775,"height":11}},{"id":"35822c6a-4b93-4ce4-8e1b-8117ad7f80e0","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":506,"width":777,"height":11}},{"id":"e4ebca74-7558-4858-a163-eaca1edded5c","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":521,"width":837,"height":11}},{"id":"09a92ddb-84d9-4869-92b2-86c797565fa4","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":536,"width":831,"height":11}},{"id":"cd4e6324-2645-41ca-8dad-0853dd7b1cd9","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":551,"width":829,"height":11}},{"id":"624f6ded-681b-4b6d-b756-7562344469b3","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":76,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"9a4487e7-50f9-4219-840b-7d9b4f7ef152","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":589,"width":745,"height":11}},{"id":"8f7281a8-c5b8-48ff-97d0-cc86f7da4d6f","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":604,"width":833,"height":11}},{"id":"de410829-4fa9-4138-97ff-29bd42ae56b0","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":619,"width":824,"height":11}},{"id":"42b9be99-538f-4b47-bb0b-96b05825c682","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":634,"width":834,"height":12}},{"id":"5db56c34-7969-45cd-8261-2f1cb5003f2d","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":649,"width":782,"height":12}},{"id":"d3b502e2-6c94-45ff-a98f-49932c4bb4b9","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":664,"width":790,"height":12}},{"id":"627a3e75-d669-4249-8e6d-abc8975c23a2","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":680,"width":823,"height":11}},{"id":"e7699960-eabc-44f1-b610-8051adcf7f84","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":695,"width":805,"height":11}},{"id":"14a80425-1e0c-4fed-9ef5-4f751a2c9946","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":710,"width":836,"height":11}},{"id":"352c998b-6847-4a98-a3e0-65bf4d66fca8","block_type":"box","text":"initial public offering.","page_number":76,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"388e3266-96a0-4660-a468-27ab643983c4","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":748,"width":777,"height":11}},{"id":"419fd8ee-eeb9-458e-aed8-2799911ba241","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":763,"width":838,"height":11}},{"id":"93f5bdb5-1cd9-42c9-bacb-210b7e019d04","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":778,"width":815,"height":11}},{"id":"c9476d45-31ab-4282-a9e9-a36a2582565b","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":793,"width":829,"height":11}},{"id":"5eaa5384-3fa6-4267-bbee-600f5a08e377","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":808,"width":831,"height":11}},{"id":"0ead7e12-f3fc-46d9-aa3a-68b3b9a53ac3","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":76,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"f691c0af-4515-4932-9ef3-dc1b8ef8d5d7","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":76,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"36e96402-199a-4b19-ae1f-a4b34f8663c3","block_type":"box","text":"more established companies.","page_number":76,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"9ce94bd3-8ca8-4691-a819-135b7a1ee039","block_type":"box","text":"II-26","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d940c2de-3d6d-41c1-98c6-24dfd8fdd848","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89183793-edc2-4fb6-9b1a-5fee55880d4c","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":45,"width":776,"height":11}},{"id":"f41bb729-cfd6-4be1-9909-9cbd5b3d7158","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":60,"width":810,"height":11}},{"id":"44e91a06-233f-41c3-a529-970454061180","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":75,"width":799,"height":11}},{"id":"23861356-6eb4-4c9c-930f-032a65fc35b2","block_type":"box","text":"below.","page_number":77,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"360f507f-5877-4a98-b937-fe74d173459f","block_type":"box","text":"Real Estate-Related Securities.","page_number":77,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"f5a3f62e-5774-4599-99ab-c793a59cada6","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":113,"width":565,"height":11}},{"id":"af039f4e-6a55-4955-9fbf-b584870abd32","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":128,"width":822,"height":11}},{"id":"1ceab679-f0b3-4955-b701-a7a64e9a22a0","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":143,"width":814,"height":11}},{"id":"d618cf65-0e69-4fb2-ba34-4d91ceb1c4d6","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":158,"width":796,"height":11}},{"id":"ecab42b2-e9be-4ce3-a388-1e011ff097e6","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":173,"width":836,"height":11}},{"id":"1930d2b6-bb63-4a3a-9332-a7f4496fa356","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":188,"width":795,"height":12}},{"id":"cf3cede4-f746-4bae-9eb6-c88fa8246d8f","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":204,"width":828,"height":11}},{"id":"b59fe9ce-6e1e-46fa-90bb-5177fb4174ea","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":218,"width":794,"height":12}},{"id":"f97919e3-24bc-40e0-8ade-7099fefd92f9","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":234,"width":805,"height":11}},{"id":"186f3453-7743-4e69-a367-f5ea552c57e1","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":249,"width":836,"height":11}},{"id":"3a311ea0-5be2-44a4-a0e1-2d7f203902e5","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":264,"width":838,"height":11}},{"id":"817fb503-2635-48c2-9fae-40cdf11b32fd","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":279,"width":838,"height":11}},{"id":"4051a07e-1d0a-42e5-908e-3bb5f5d0f1ac","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":294,"width":785,"height":11}},{"id":"49ef057d-4f69-4ec8-acd6-61721f14f472","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":309,"width":836,"height":11}},{"id":"1dcfe594-e6a1-4d15-a04f-4c351c84dade","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":77,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"ab48bf3f-a31a-4415-9972-f1f686321e45","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":347,"width":797,"height":11}},{"id":"411d25f0-f088-47e7-bb56-9ada4593f9c5","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":362,"width":829,"height":11}},{"id":"531e6cd4-2cb0-45ae-ab56-fda32cb94d30","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":377,"width":794,"height":12}},{"id":"a6c4ad0e-d891-4fb1-8cf2-98af9fd5fb74","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":392,"width":730,"height":12}},{"id":"9bede679-7562-4b41-a71c-ff1da5ace218","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":77,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"e5816ec1-df27-4cb6-87c7-213b98f30202","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":77,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"e6f28f64-0a02-41d8-8b16-6c0dcf86d34d","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":430,"width":828,"height":11}},{"id":"3eedbd26-2efe-4e2e-bb25-c56b8764c4d0","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":445,"width":815,"height":12}},{"id":"0dfc398f-5d16-45c4-9788-a31e10f1b3c4","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":461,"width":804,"height":11}},{"id":"2d3d2acd-e610-4684-971a-04ed973cbcc7","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":475,"width":647,"height":12}},{"id":"47c55d64-3219-4ddb-8851-3db49ccc8c92","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":498,"width":773,"height":11}},{"id":"33b38921-b56e-4f2e-a8a0-94a39f349977","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":77,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"972ede31-3e4d-41c4-b9c5-03098d310141","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":536,"width":797,"height":11}},{"id":"71fa5a65-7800-4561-a1a7-edb39f1a3790","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":551,"width":832,"height":11}},{"id":"4758f87d-9c52-4b07-877b-97022ba482fc","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":566,"width":808,"height":11}},{"id":"d45e4a16-3ffb-47d2-a1ad-429ea609c2b9","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":581,"width":825,"height":12}},{"id":"6722191d-0e75-4bed-b810-6fb5eb717fb9","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":77,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"82cf2164-9ca0-4ec8-b980-2d8052b38b6b","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":619,"width":758,"height":11}},{"id":"2587aaab-1e50-4633-a2d4-3be8e664ecb7","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":634,"width":787,"height":11}},{"id":"1e3dd3ff-1dfe-477e-ae0e-95178740d255","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":649,"width":789,"height":12}},{"id":"0e677431-0696-4e2b-ae75-eff769c05f46","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":77,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"a36f0d9e-e6e7-4d97-a186-437b5474462c","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":77,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"71c4e4df-c22b-4a1e-b6c1-5b5e6ed8c43e","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":77,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"8356876d-cee7-4b53-81ff-d02cfbf45c77","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":77,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"94da6384-d77c-4302-9872-82fddf5f14ff","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":740,"width":729,"height":11}},{"id":"c66284cf-10fc-4843-83db-7dbbd1a268f6","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":755,"width":837,"height":11}},{"id":"13b0c6f7-59e4-46aa-9cec-1c3938bcb456","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":770,"width":794,"height":12}},{"id":"848ead0a-f83e-4a21-abe9-cc38842f6fe3","block_type":"box","text":"cycles.","page_number":77,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"8f578808-ba76-4db1-957e-38fb68b1e3bc","block_type":"box","text":"Tracking Stocks","page_number":77,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"87f90ff3-4b43-4326-92b8-990a1c439b3f","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":808,"width":640,"height":11}},{"id":"cdf8a1df-2ec3-4fa4-9dc2-466277d21553","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":823,"width":791,"height":12}},{"id":"315aab5b-049b-46ba-bddf-743ec3f7d2b4","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":838,"width":826,"height":12}},{"id":"faae6bf6-6fb7-465b-bd31-f546a83ff9fc","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":77,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"3054cd3f-63f9-4a08-b1ce-f9a24e48c454","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":77,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"1db656f0-b5a3-4c27-8364-bb56b7c587ef","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":77,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"44b386f8-5819-4914-9e75-e346a12840ed","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":77,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"a1e956f6-762b-45b4-b001-00e51054a1c1","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":77,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"19f82d45-153e-405e-b2c3-a6f7f5a123c9","block_type":"box","text":"II-27","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2408bb1b-da6f-45da-b390-14bc2ad838d0","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"62f00420-d583-4529-a981-74f477b52f08","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":45,"width":774,"height":11}},{"id":"85fc0a96-707f-45fe-a7a9-a49252217935","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":60,"width":822,"height":11}},{"id":"439cd912-2d10-46e4-b471-19633100ce6d","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":75,"width":831,"height":11}},{"id":"59864c63-9bcc-480b-9607-b0a56490aa56","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":90,"width":805,"height":11}},{"id":"c60a574e-8540-47b5-9b08-478967dff17a","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":105,"width":654,"height":11}},{"id":"b3dd1847-2fda-4359-9ebe-7ae707712687","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":128,"width":794,"height":11}},{"id":"91e4548e-5fc9-4429-b86b-f120741360c7","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":143,"width":748,"height":11}},{"id":"e528eee1-41c9-44c8-b40d-bf919274ee69","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":158,"width":789,"height":11}},{"id":"9ececc31-d547-4119-9563-77e144278b9c","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":78,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"617cc190-40cc-418b-ba21-12c6aead2d1e","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":78,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"7dd3eaf8-5cdb-45ef-b51f-36a637cda651","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":78,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"df7f0441-d836-46f4-84fc-59afde715ec0","block_type":"box","text":"ETN.","page_number":78,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"e1ab3412-ad72-4bf2-bdc5-cb7ba0a50013","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":78,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"374e4317-4980-408a-ab79-76b9fd1f484f","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":78,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"f3e229fd-2368-4af3-a620-97cc0ec8d664","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":78,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"2b5a8823-c958-4e5e-97cb-369e5b78d34c","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":78,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"daedf26f-183c-491d-a2f7-3e22597af042","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":78,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"22b14fbd-a086-4e48-aff4-f4c1a2be1f2f","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":78,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"d0945699-52ba-4116-a75f-91051ab14e62","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":340,"width":774,"height":11}},{"id":"0ddb7c88-63ff-45d9-82bc-cfec07267305","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":355,"width":788,"height":11}},{"id":"38d71d55-55fc-4c58-b054-2c1d0e49198f","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":370,"width":810,"height":11}},{"id":"2f44770d-7fb2-4aa6-8ddf-54f99827413f","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":385,"width":815,"height":11}},{"id":"9b8a7b09-21d3-4c3b-9ee8-611643bc9495","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":400,"width":766,"height":11}},{"id":"9c3a6856-c4b5-4f9f-91f2-6ce775e37894","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":78,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"782fa455-e7ff-4456-9108-490e045a80e9","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":438,"width":791,"height":11}},{"id":"b4bd65bd-593b-4b65-b993-76c930578dd5","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":453,"width":818,"height":11}},{"id":"48597875-5a34-42a3-bbbb-81cf861f3e0c","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":468,"width":547,"height":9}},{"id":"ab08c438-e212-46d2-b80b-00ece6556429","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":491,"width":807,"height":11}},{"id":"dae27157-7581-4d6b-84f5-ed2844bf9cf0","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":506,"width":819,"height":11}},{"id":"c9676ca2-cffd-4cb7-bf80-f632f336a203","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":521,"width":581,"height":11}},{"id":"92955450-e6f9-4227-89c3-d8a551652c0c","block_type":"box","text":"Foreign Investments.","page_number":78,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"e7d5d41c-ed34-408d-a025-235964704b9e","block_type":"box","text":"Foreign Investment Risks.","page_number":78,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"75add8a6-af17-4f90-90b9-6ec132a6db38","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":78,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"953213fb-b839-43e5-88a2-45b036dcd8c5","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":581,"width":822,"height":12}},{"id":"365abbe6-1ed6-462a-a38e-1d0bdb008de1","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":596,"width":774,"height":12}},{"id":"b2d27da5-e6e8-4913-88cc-0da3d2754500","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":612,"width":738,"height":11}},{"id":"bade2a6a-fc45-448e-b0aa-391150f5e48d","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":634,"width":782,"height":12}},{"id":"346b5514-1727-46ea-8b25-e909899fb37e","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":649,"width":824,"height":12}},{"id":"3cc742f7-5ddd-4e3e-8714-2efdfcb754f1","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":665,"width":771,"height":11}},{"id":"6c602d36-c8b0-41e8-bcee-247a901827e9","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":680,"width":792,"height":11}},{"id":"ed66d795-9d59-4782-90ba-7fdddc1683c2","block_type":"box","text":"benchmark index.","page_number":78,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"f2f9c8f4-b9d2-42fc-bc5f-23bdd68386da","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":717,"width":767,"height":12}},{"id":"bd84b677-473a-4269-80e7-2283a6217c22","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":78,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"36fc57f4-4cf8-4ff0-baf9-c1f850c7e4f3","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":748,"width":818,"height":11}},{"id":"7b09d7cc-51e8-4988-b91d-abe32f774d59","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":763,"width":780,"height":11}},{"id":"2a688132-9e0b-45e6-9a74-46d84bd4f40e","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":778,"width":837,"height":11}},{"id":"f05ccc25-610b-4ca8-a1a3-a13eeac77b82","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":793,"width":794,"height":11}},{"id":"93b7ee22-a96e-4488-a4dc-3b506e5bad13","block_type":"box","text":"securities and zero-coupon securities.","page_number":78,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"ef78c1ee-4095-445c-aae4-6db10115a438","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":831,"width":785,"height":11}},{"id":"4d113bc0-0ad0-470c-8152-43e512c9f862","block_type":"box","text":"taxes.","page_number":78,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"6440a850-b3a1-418e-be09-562726799914","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":869,"width":798,"height":11}},{"id":"74cdf7f4-7d5e-45cb-81f3-3927d5c68dc7","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":884,"width":815,"height":11}},{"id":"f9fda3d0-639c-497f-a9dc-823d1b28789d","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":78,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"c9e9a3ba-723d-492b-ba6e-7367e213272d","block_type":"box","text":"II-28","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a956e194-fe27-4a54-8106-d56a0f7e4bc5","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fd60bf49-e873-495c-a732-f459296f0456","block_type":"box","text":"underlying security (","page_number":79,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"ce3fae48-e082-4749-b5f2-a701779e26e4","block_type":"box","text":"i.e.","page_number":79,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"5f51aba2-8deb-48d6-8066-33a77101da57","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":79,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"5c464e88-a3e8-4b6d-9cee-3f39db29c92d","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":60,"width":809,"height":11}},{"id":"5153f70c-ca00-4151-bc99-da23c4c6bfb8","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":75,"width":800,"height":11}},{"id":"b21c1623-6a7b-4b2b-ad10-d3ce4a8f3ab8","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":90,"width":815,"height":11}},{"id":"d0a3ce16-ecb0-4285-b99b-3c6f02ef7080","block_type":"box","text":"Foreign Market Risk.","page_number":79,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"026f4288-89f7-4553-b27b-fe4a58678eff","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":113,"width":652,"height":11}},{"id":"13ca31fb-2a28-4941-9637-71465f1c6e9a","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":128,"width":797,"height":11}},{"id":"9d92901e-2e3b-41ab-8941-1cf87758bb89","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":143,"width":817,"height":11}},{"id":"1fc1a586-c6a7-414b-8248-12fa8776d0bb","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":158,"width":836,"height":11}},{"id":"36879b9c-077d-4619-a708-0d51ae52ce0e","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":173,"width":835,"height":11}},{"id":"2b499d49-2faf-4421-931f-859106a6be0d","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":188,"width":810,"height":12}},{"id":"d2bcea8b-b434-4999-afaa-14c1bf7e415e","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":203,"width":820,"height":12}},{"id":"092182dc-fc2b-4b98-95f2-e777901a7693","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":218,"width":826,"height":12}},{"id":"277ed270-edd8-4501-9f71-72eac8eda12a","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":79,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"f90526a1-d49c-4a25-ac11-7548d756331b","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":249,"width":821,"height":11}},{"id":"2fcfff41-2797-49ba-847e-ab75dfa023f0","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":264,"width":807,"height":11}},{"id":"1422b90c-bcee-436f-93ba-c9ccee8079d6","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":279,"width":830,"height":11}},{"id":"66e398b3-2738-4004-9b38-40ecc10b33d9","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":294,"width":810,"height":11}},{"id":"4b9a815b-b58a-40a2-beeb-6a019fe96e82","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":309,"width":813,"height":11}},{"id":"ac349091-6adf-4985-a9b8-a9a7565f80aa","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":324,"width":828,"height":12}},{"id":"9f4b46b2-73d2-43b8-ad47-19e407157f59","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":339,"width":782,"height":12}},{"id":"fcb8f8e5-dd44-4bd0-afe5-11634a6845b0","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":355,"width":796,"height":11}},{"id":"5d767c93-d6fb-471a-8e58-829cc8082004","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":370,"width":837,"height":11}},{"id":"9d501d45-24c9-4ad9-b5cb-50f9008b9d55","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":385,"width":768,"height":11}},{"id":"342075ea-2777-4d2a-a8ab-f5e6d15ba55a","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":400,"width":813,"height":11}},{"id":"680d23f6-2e72-49d3-98f8-670f4e08effb","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":415,"width":814,"height":11}},{"id":"9908e13e-73a1-41f2-8921-8a36e436d993","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":430,"width":828,"height":11}},{"id":"2c69d082-0d9f-4889-8d89-808d3c18e293","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":445,"width":782,"height":12}},{"id":"495ebe8c-245f-4f31-bef1-642f9dd0041c","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":460,"width":830,"height":12}},{"id":"c4b5ef8b-3ed2-4e4f-93bd-0d0316765296","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":475,"width":829,"height":12}},{"id":"5f4d5473-aa16-4a58-bbd5-9b2706335600","block_type":"box","text":"Fund’s operations.","page_number":79,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"e6d79d55-5bba-4ffd-b3b4-6ede1216d93d","block_type":"box","text":"Foreign Economy Risk.","page_number":79,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"0f7bc107-748a-49f2-9237-4e6b508835df","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":513,"width":636,"height":12}},{"id":"9c5c6a05-00f6-4df8-a767-e536038a7d4a","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":528,"width":812,"height":12}},{"id":"c0049540-dbff-41e7-87c1-6b820b9b91c9","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":543,"width":835,"height":12}},{"id":"3bef1992-d979-4e31-b808-d952b3c6d4d0","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":559,"width":795,"height":11}},{"id":"e5c07ab9-7bf7-4567-ac0d-f4e81b027a54","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":574,"width":817,"height":11}},{"id":"06e54b77-4686-4ec7-9eff-3e68cb9e3742","block_type":"box","text":"measures.","page_number":79,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"8c85f3f5-c01f-4652-abe4-1c8b0e025369","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":79,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"df6c5ae1-2b64-4344-b9b8-7ec10b7895c3","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":79,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"8a5b7b22-0faa-4788-9b5d-f6e4fa6b613c","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":627,"width":838,"height":11}},{"id":"185004bd-be09-460e-b77a-fd50ec77149b","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":642,"width":833,"height":11}},{"id":"464bace2-9b62-43c6-a520-e8c9fabe3bf6","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":657,"width":801,"height":11}},{"id":"09384fbe-7a38-4a7a-8de4-660d120622ff","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":672,"width":808,"height":11}},{"id":"00ade5f6-9585-45da-9a7f-749e515b26d0","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":687,"width":816,"height":11}},{"id":"ade7945c-e9b2-4d4e-a7fb-05d5f142319e","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":702,"width":814,"height":12}},{"id":"1e93ab18-e4ee-4878-95a1-597a149dc7e1","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":717,"width":771,"height":12}},{"id":"27832a5d-ed25-4b21-9a62-a9f9bd9d52a3","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":732,"width":813,"height":12}},{"id":"a1a37926-3e22-41ee-a470-c0feac6afd8a","block_type":"box","text":"United States or abroad.","page_number":79,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"a700d0bf-3ca5-4fa2-95e0-8c0786dae975","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":79,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"98829dde-3047-4904-9e41-e599cf6feb83","block_type":"box","text":"Many foreign governments supervise and","page_number":79,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"d346e1d8-d236-48de-8ab2-fa6daccd9747","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":785,"width":828,"height":12}},{"id":"6d9f2144-4d96-4a7f-ac9d-c4544f0da397","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":801,"width":826,"height":11}},{"id":"2ff8c294-2b58-43c8-9e81-2d33fbc49022","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":816,"width":778,"height":11}},{"id":"f369ea05-f1ed-4563-b18b-e02b8181074f","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":831,"width":794,"height":11}},{"id":"69f68e4b-5ced-4b31-af6a-cb85ae63b44f","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":846,"width":831,"height":11}},{"id":"7728bfe8-d6a9-45e3-9ec1-589e9044f507","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":861,"width":840,"height":11}},{"id":"81a85a3d-9088-419c-99d4-6ead5f49805c","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":876,"width":760,"height":11}},{"id":"cd6728f2-5494-4dc8-81e5-c9737883a164","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":891,"width":803,"height":12}},{"id":"73ce2102-cdcb-4e09-8e86-7b69a898a2b7","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":79,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"6ea51e23-be87-40fc-9677-f897ed84671a","block_type":"box","text":"II-29","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"582ef4c9-6b8a-4e08-964e-e7619ffc011d","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f91a6f4a-a7f8-4b97-b6ef-85fc4a62fa27","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":45,"width":793,"height":11}},{"id":"70167265-ae79-4b59-9b05-f472090780ba","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":60,"width":797,"height":11}},{"id":"23aa250d-0dab-4e8f-9935-6caf24d3dba5","block_type":"box","text":"investments.","page_number":80,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"ef2c8f30-ecc1-4c77-859a-877bf9faad56","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":80,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"d32095f6-4958-4dd2-9f6b-09c5038b9e81","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":80,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"9e7c66f4-faa6-458a-91fb-4f5d928ffe56","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":113,"width":819,"height":11}},{"id":"b6e378c2-8555-47c6-9fe2-0e746942142d","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":128,"width":813,"height":11}},{"id":"2d06b9c6-1a69-488c-bd44-5cd24aa994c4","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":143,"width":838,"height":11}},{"id":"26e74b1a-9174-4fd6-8896-cbec51a09f36","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":158,"width":835,"height":11}},{"id":"97890600-2454-4f8a-b449-eb3e9699781f","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":173,"width":777,"height":11}},{"id":"e58217c0-ad8a-4ccc-9698-7e426c1a7e4c","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":188,"width":831,"height":12}},{"id":"72241a7e-4237-4b90-b33e-84e4472d702c","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":203,"width":828,"height":12}},{"id":"290efa1f-101a-4632-a0d1-98b0fb97e3e0","block_type":"box","text":"States.","page_number":80,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"bed08917-803a-45cd-b980-319f1e7bf490","block_type":"box","text":"Publicly Available Information.","page_number":80,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"9a694d26-51a1-4e88-986c-72ddde4bb683","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":80,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"c6f0cb34-8fb0-4626-89fe-a75bacf53528","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":256,"width":779,"height":12}},{"id":"0cb91c04-66e5-4bdc-8c05-220de997eec7","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":271,"width":793,"height":12}},{"id":"f262aa10-f595-4e95-b4ff-73a8eadd8cd6","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":286,"width":834,"height":12}},{"id":"b113eb95-26f0-44a6-9057-4a97bf392351","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":302,"width":841,"height":11}},{"id":"1e7555b4-3c12-48b2-8933-3e9580a54854","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":317,"width":813,"height":11}},{"id":"3ce1d8fa-aadf-47d4-a1bf-7a991ad41626","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":332,"width":827,"height":11}},{"id":"5f121e00-bf02-4515-9f92-45d3c86b6de6","block_type":"box","text":"United States.","page_number":80,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"5acdc398-db23-4fdd-8b09-91749ef8177c","block_type":"box","text":"Settlement Risk.","page_number":80,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"fe48e501-f54c-4ed2-b64c-155e8496cdb9","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":80,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"79b7f60c-515d-4e4f-900d-c78ff593cfb7","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":385,"width":837,"height":11}},{"id":"799eb7fa-9e53-4694-ade3-936f5eed160d","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":400,"width":808,"height":11}},{"id":"1dc94d0d-4cf0-422d-95a3-2ce8c585c8d8","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":415,"width":772,"height":11}},{"id":"0bd0a4d1-1623-4a7b-93e8-035ff3f09aac","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":438,"width":781,"height":11}},{"id":"e3d57704-8473-428b-b5c7-ab97cc550ac7","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":453,"width":771,"height":11}},{"id":"a65de2e0-4d3a-4560-b201-9a54edc64ccc","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":468,"width":797,"height":11}},{"id":"5103e600-ec59-4f05-b154-5e38df853c82","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":483,"width":802,"height":11}},{"id":"034ccfc1-3729-481f-b7b6-57c301f12f5c","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":498,"width":812,"height":11}},{"id":"8b960aaf-eaa0-42c2-b617-f9adadc828a2","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":513,"width":821,"height":12}},{"id":"6b65a26b-cc9c-4d4a-b154-8bc032cec78c","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":528,"width":816,"height":12}},{"id":"27921100-6896-48d4-9903-89115eecf6b6","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":543,"width":539,"height":12}},{"id":"b607658c-ae48-49e0-9517-897fe895793b","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":566,"width":781,"height":11}},{"id":"d6d810f3-e852-43d4-ad57-e55e1526085a","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":581,"width":810,"height":11}},{"id":"6cafdc37-d4f3-4f28-8f65-cb8f64bef837","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":596,"width":601,"height":11}},{"id":"165be4f2-69ba-4e72-94e9-5af2022ba997","block_type":"box","text":"Sovereign Debt.","page_number":80,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"41aa69bb-0215-4ab1-aa8d-71acce319504","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":619,"width":653,"height":11}},{"id":"39036c23-7a9a-46ce-b845-5bd91a990cef","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":634,"width":837,"height":12}},{"id":"ec6c2394-a843-4aa5-9337-c72d7892d28e","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":649,"width":826,"height":12}},{"id":"3798d060-7405-4607-99fa-7550cabf162c","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":664,"width":798,"height":12}},{"id":"246e40b5-f9b2-47c6-b34c-2c2a9cdf71a8","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":680,"width":809,"height":11}},{"id":"0fc4aba3-b982-4cc5-ae8a-db27fb172de8","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":695,"width":832,"height":11}},{"id":"a23bc285-5169-4046-9efe-985b94a9f6c7","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":710,"width":790,"height":11}},{"id":"74a0f722-f168-41d3-99b4-2e78e9350457","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":725,"width":831,"height":11}},{"id":"845de02d-bbb0-4ad8-8e64-c037b534c3f3","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":740,"width":805,"height":11}},{"id":"9dbb6f42-ada9-4fb7-abdb-07403ed26769","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":755,"width":772,"height":11}},{"id":"94b910a7-4421-4d6a-82ea-d395a5e251e1","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":770,"width":789,"height":12}},{"id":"026489f5-c81d-44ed-a06a-8913b03a688c","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":785,"width":839,"height":12}},{"id":"b324d193-9c92-4443-b7f7-c3b4e62d580a","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":801,"width":810,"height":11}},{"id":"dae4fe56-20ca-4284-a31a-4bcca14d513e","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":816,"width":821,"height":11}},{"id":"6911d2b4-3dc7-4321-a3da-2f85543260e8","block_type":"box","text":"debt.","page_number":80,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"84869301-dd63-4b85-a7e8-4527f3502661","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":853,"width":807,"height":12}},{"id":"b5a71e83-5da0-4c6f-90db-092a4faf1f03","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":869,"width":814,"height":11}},{"id":"5164c60b-bad6-4720-9b58-99fd911051a2","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":80,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"957605df-1c45-42c0-bf7a-b2e14e85f80d","block_type":"box","text":"II-30","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"723c98f9-437f-4b5f-b1fa-f00f2a9fb232","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"715968ee-30f7-42c8-9276-fc2c246070be","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":81,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"ffb18317-deb9-46c7-8816-13b0be33dc04","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":81,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"cf269f55-0dbb-4a71-ba72-2593b798877d","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":"7638d528-f9ee-4009-abb8-625c0a92a5e3","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":"3c31b18c-642b-4771-9978-4bf4c93e2951","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":"37052a45-68cb-4a1c-9161-3b357e840f94","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":"ae6570d4-b82f-49f7-9e94-e9480a28b205","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":"265ff11d-a873-4a03-8099-3ca2c1e066a9","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":"f4c20915-62ac-484f-a9fd-e9bf4e698883","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":"00de7929-7ae3-4c7e-9087-5d7d5455cf91","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":"d249b03f-2b5d-40ff-9c8f-bf78bb94795c","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":"d2ef0ea1-1fee-40fa-aa35-aab081b6421a","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":"7510bc37-6b81-414c-8433-01426dc6790f","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":"065e1d42-b502-47ba-a64c-cf60a9a29628","block_type":"box","text":"in the Fund’s net asset value.","page_number":81,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"9f4fbc7a-8367-4da2-b2ad-75305aec2185","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":81,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"57f0982b-4ed1-429b-8f17-c384110770b5","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":"f2e4635b-9a34-40bf-9f87-35df19b4cc93","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":"01bfe567-bd1d-4d28-b314-c55aa3a2cc58","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":"ba969b26-4998-4da9-982e-b7a49a01b983","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":"a61d77cd-ae27-44ee-b206-32d0db1ecf53","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":"f36c15be-09a2-4004-ae39-354698934d15","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":"72fe9191-20d9-4121-93e0-323620df3f82","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":"34c2c357-a883-4701-9192-013d1ac7d561","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":"bf1b0424-3de1-4f57-87b4-8f928b41838a","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":"cea971dc-6601-44fc-a9d9-32c228280206","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":"09eca783-7a84-4f66-b253-66a1d990071b","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":"bd517270-e1fb-40a8-b92d-df13d80771bd","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":"84bbea8e-c483-4eec-98d0-5f7de3ca0a18","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":"42b622af-f776-4891-9f94-fac49dfdbddc","block_type":"box","text":"Fund may invest.","page_number":81,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"465a095c-9b31-4f1c-b3c2-5f60dccb9cf2","block_type":"box","text":"Funding Agreements.","page_number":81,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"937adcc2-e5c5-4de9-8f45-c641bb92d1ad","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":"3658dc17-0b71-48d5-be0a-8d51b1649857","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":"bb4cac18-f6af-4a95-b0f4-80bc2b992170","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":"9de18be9-f8c6-48de-b5b0-f31060824ef3","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":"7c4e4a4b-42c9-43ad-b3cb-fc2c18dc5455","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":"83f5f478-7b77-42d7-9691-15c7837197e5","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":"7436171b-4e15-4a35-bd3b-177f901d55d4","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":"ff16e20f-9fe1-4e05-b75f-5da50378dbcb","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":"36793cca-6637-428a-97c9-e111f9cd245c","block_type":"box","text":"Guarantees.","page_number":81,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"9b5c332f-6629-41a9-8cf0-81b027e8ff50","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":"5a0264e1-b2b7-46c1-82c0-269434fd200c","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":"4e895496-a536-4929-b046-22a70b8825f3","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":"73d229a9-489a-4887-8b3a-0fd416c3c8e0","block_type":"box","text":"Illiquid Investments.","page_number":81,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"89f9b7ee-72c1-4fc5-88f5-fc0a3e7d4ac0","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":"a36eb85e-1a45-41f7-a09d-3654a3836030","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":"752e8fea-8db2-4611-8cce-3bf6e4e1f09b","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":"a7cd4a9a-ec99-4cc1-a323-3e9b48902e1e","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":"083e8a03-713b-425f-b197-1ae6034b49d0","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":"0e507930-cabd-4710-9caf-ea1a9d1599f4","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":"4c772d18-0368-4d5c-8445-487569fea248","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":"9c1e6c73-2ea6-4502-b31a-c4ee73eab563","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":"0e789e3e-93d2-4ca4-a93f-03921d0dfa69","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":"87302023-a9d4-4359-a213-bb6f03a5024c","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":"f960d2c9-fc3c-48a0-9021-91cbecf68168","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":817,"height":11}},{"id":"1f7ad860-2634-4d19-99ac-4fbd936dd95c","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":"f7ce4a2b-2412-417c-8cdc-29c61dccbbc9","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":"efc94c60-89c4-45f5-acf5-653d75091ac8","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":"10a23594-d62c-4a6c-9e59-ed7326a5d857","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":"bcdeb94b-32d4-46fe-b80e-be0000c89c15","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":"91908f12-29f3-4cda-a081-8d501b1e110d","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":"b1895118-df50-4d2f-b341-5a0a53859527","block_type":"box","text":"II-31","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f6d9705e-f774-4b64-9beb-038baa0e039e","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c14a031-ce83-4425-9cd4-4e26e80d7958","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":"17734624-e55e-4dbc-9c42-cb8db5062e78","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":"8c9471c4-c702-426c-baac-78d6261bc6df","block_type":"box","text":"Index Funds.","page_number":82,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"80c52bb7-1cf7-4e31-bfc9-1b8beafcd7cd","block_type":"box","text":"Cash Flows; Expenses.","page_number":82,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"fd0d73eb-e662-4c92-825e-9340addec04c","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":"0b61f098-c5b1-4481-8110-d95bad00b184","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":"869cef2b-447d-47c6-973b-c88559f9b30c","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":"1e76d9bb-30fd-4b71-831a-fabd5b1ec484","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":"4f061553-bf9d-4b5a-8244-18b91dedb4ea","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":"14253531-5021-401b-b728-27b545e6f7a1","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":"59f20ba9-ac2b-4846-97ae-eca1ff7ade15","block_type":"box","text":"(","page_number":82,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"955102a1-586e-4a9c-bd9e-fdb2492ca34b","block_type":"box","text":"e.g.","page_number":82,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"9bdea2fc-e142-422f-a791-69ffb5d5eb9d","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":"2e49c1ca-924d-45b9-b38a-32f2f4d48491","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":"c35930de-6bc3-4699-b9d4-4aae873ca41d","block_type":"box","text":"par ticular security as an investment.","page_number":82,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"f0b241af-694b-40ca-946b-f01d8be76545","block_type":"box","text":"Tracking Error Risk","page_number":82,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"1ff5dabf-419f-4ac3-923e-77e6e2cc5993","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":"ca24bfdb-e52b-436c-a07e-984ff7a35b1f","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":"1ab53bb3-e4f2-4dac-bd05-01b0b8c1f7d4","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":"6856ea66-93c4-435f-acd0-cfd895d7e7b3","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":"17f4045f-a295-4239-a975-15dc19fed21b","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":"c168d0aa-9010-4e42-8e41-4191d824ccf8","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":"33af25a8-0513-4938-9c15-5de119c5b6a5","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":"55c86d75-0959-439d-8a3a-18dba2067797","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":"54e1561e-ae80-43b2-8ba8-870021f1795d","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":82,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"e09cca8c-5f7d-48fc-9d1e-1ec06b993bb7","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":82,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"d8d1c565-ea46-43f6-844c-a016cc411749","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":82,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"791a48f7-469c-4cfe-9bed-bb69cd41cc5d","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":82,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"fa0177fa-7c69-486c-aefe-25381017a224","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":82,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"602cc326-c796-45bc-9f46-b6a5c2096e0f","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":82,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"81e5e09f-c480-4d59-8083-0a05625e7cc0","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":82,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"1b162966-479b-4f1e-98b7-062ced345236","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":82,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"5d59abb1-761b-4776-9536-3c18efcde6fa","block_type":"box","text":"identifies such behavior, the Manager may, where appropriate, aler t the index provider as to the alleged issue. The","page_number":82,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"34668293-0870-4e75-a9fa-773d684e5d56","block_type":"box","text":"index provider has sole discretion for the determination as to whether to continue to include the issuer’s securities in","page_number":82,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"69115539-4f68-438b-837c-d4d946d18260","block_type":"box","text":"the rebalancing of its index. 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Bloomberg has no obligation to take the needs of any par ticular Fund or its par ticipants or any","page_number":84,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"e190980e-83ea-43fd-b1e7-6fdab4b66276","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":"52416647-4d28-41a2-bce0-0ec071201d08","block_type":"box","text":"ICE BofA Indexes.","page_number":84,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"93494543-e93e-4a42-986b-2d20e1ae438c","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":"f0075fa6-5b9c-4b8c-a796-05a9f61b5332","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":84,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"f9dc6151-a295-4aa5-8c34-5fa396d98cdf","block_type":"box","text":"not the issuer or producer of the ICE BofA Indices, and its name is a trademark and service mark of its owner used","page_number":84,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"a17bb8f8-6f83-4017-b0d1-ad7cd5461ecd","block_type":"box","text":"under license. Neither ICE nor BofA is responsible for or has reviewed any Fund nor any associated literature or","page_number":84,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"04c2812a-3a1f-49e9-9271-904c8dc46f6c","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":84,"box":{"x":70,"y":158,"width":785,"height":11}},{"id":"0cb960e9-b69c-424a-b4c7-6300fc0e3ec5","block_type":"box","text":"completeness, or otherwise.","page_number":84,"box":{"x":69,"y":173,"width":202,"height":11}},{"id":"d527d329-67d4-415b-9e64-0e2731e7b928","block_type":"box","text":"ICE reserves the right, at any time and without notice, to alter, amend, terminate or in any way change an ICE","page_number":84,"box":{"x":102,"y":196,"width":779,"height":11}},{"id":"e2d8eaa8-d1f6-4071-b6a8-9b5a9c4f4653","block_type":"box","text":"BofA Index. ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":84,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"f9a18592-8fd9-4c44-93ea-57b41ac3e9eb","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":"6730e5d3-5230-4e30-a41b-4c2c7fa3042f","block_type":"box","text":"Indexed and Inverse Securities.","page_number":84,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"a807b530-6433-4802-b604-7ec05e0c8fea","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":"5b290ba5-cf2a-4ba6-a570-efce2ca6b6f3","block_type":"box","text":"par ticular index of value or interest rates. For example, a Fund may invest in securities that pay interest based on an","page_number":84,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"71791ed0-4420-4103-a0cb-0dcd293a00ee","block_type":"box","text":"index of interest rates. The principal amount payable upon maturity of cer tain securities also may be based on the","page_number":84,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"c7ea8000-98bc-4f84-a565-55512a213072","block_type":"box","text":"value of the index. To the extent a Fund invests in these types of securities, the Fund’s return on such securities will","page_number":84,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"04d483a0-c411-488e-8558-30bdee75ce3c","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":"7f554936-d608-4193-aebc-9d9b044230c1","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":"27fb8fcb-3825-4a28-bf1b-cba1bfb3b10e","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":"df4ad51f-edbf-440e-9235-824c54d2b098","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":"02029799-ffc6-42b9-8cb1-2382f7827f5e","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":"1c968935-66e7-4e20-82db-3ed3b01a5a23","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":"106f88e6-7b2c-4a8c-a45d-19749fa3ca7c","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":"88261f80-5209-4ec8-aa09-9367b5caf8ca","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":"5ed9e9b8-8053-41e7-8f5c-ebfd055fb931","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":"54a9e8bf-0971-4035-8d64-73dc88501811","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":"ce55fd44-bc51-4c5a-a354-a1628b45c12f","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":"107c3695-3efd-48d4-813a-50f23daa64fd","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":"bcadef35-d913-4b9b-9ebb-ee19dbb6c872","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":"9acd0f8b-c34f-4146-a1aa-72a849111707","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":"3364eb47-7518-4c63-a518-89132a888a27","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":"098bbc3d-669f-4eb0-8b54-1863ce9e3205","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":"da5ea873-47d6-46af-b033-04de4e56f644","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":"8ab4dd3b-6b3a-4159-bad1-7288ffc28e70","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":"6926da1d-f9fe-4185-be79-5577412be4db","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":"65c0cc28-070a-47c7-af52-81b35171f8f9","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":"4415e5e5-8386-417e-98a8-f17c620b0e4c","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":"dad0c6c7-e719-425e-b08e-03d4285da018","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":"45cd808e-a38b-4435-9a69-a93484effef0","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":"d937ae42-d92a-45a6-8fc4-eb9c23db0d7f","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":"da679e2f-d6a2-45b9-a1e8-caadbef27194","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":"429b2e70-b95d-4fa2-ab0b-7b873d2a83a6","block_type":"box","text":"Inflation Risk.","page_number":84,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"9e8228aa-8a01-428c-a9c2-d9bc97a3dd56","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":"ad6a9779-847a-49ea-a446-221089ad1bd8","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":"0f85f56c-a653-41e9-80fa-1edd7569f09a","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":"c31e1136-364b-4b5f-a8fd-caacab9bf775","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":"8b0d3c64-2551-4cf7-b6f4-b5a43415ae5b","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":"3fd202a4-e69e-433a-bf5d-740b75e9ce00","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":84,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"c75d1d58-73d7-4610-b116-fdf1b0d8c393","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":"db30fb40-d922-4b7e-b0c7-214e861c8237","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":"489d5622-0ccd-48bf-8134-cf2cfa8be473","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":"e0235451-bc8e-46d7-83b5-2becd622dfb0","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":"18d5f68e-3317-4b10-8fc9-26e46278058f","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":"13452920-4a30-4d7b-aab7-40c1f8514a27","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":"6aaa3d5f-de06-4083-a5a0-83a2ec66c48a","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":"fb861f02-e198-4744-b4ef-13947216b3f5","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":"814f40f0-547c-42f9-83a8-a3cef44585ba","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":"3500f10e-0b30-4017-99bd-e18beb7fb667","block_type":"box","text":"II-34","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bdd7058d-4e25-4426-901f-4eee9dfc2ceb","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db442ac1-1c36-42bc-b711-fc8db8a5a28d","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":"53729980-98f5-49e9-a991-3f520a1e16d3","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":"0ccd553d-8185-4fdd-84bf-046739bcf59f","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":"26bc78f3-8038-4c4c-b2cd-dfbb2b0f1988","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":"d460a66c-28cf-46fa-bba5-1d50a6f4e325","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":"7460c503-287c-4b21-a8e4-ed0459033cb7","block_type":"box","text":"be available for very limited periods.","page_number":85,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"e325e928-623b-4dde-939b-b27d5c761c3b","block_type":"box","text":"Investment in Emerging Markets.","page_number":85,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"1e455078-f788-4ed0-80bf-17843eb4001a","block_type":"box","text":"General.","page_number":85,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"49693d45-0693-44f3-9ea0-c155bb8f6d2a","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":"0381e575-4ce7-4f15-8e0a-63ed82a1f6c6","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":"5f753c0f-5458-4e94-979a-db51aff1897b","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":"6e72d9da-0db8-4e33-a0d5-60514c32ef2e","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":"ef5ad704-e149-41fb-98a7-d014e36ab313","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":"f636b108-ef9c-4349-b81b-a08756fb42ef","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":"a4f5ca4e-1e39-42e5-b522-0d84dab24d78","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":"ba47c580-89da-42e2-8bc8-334d0dbaca97","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":"9603b211-02cc-48b7-9669-597d62bfed46","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":"fefe7072-dfd6-44c4-9553-a71424d1ce60","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":"1dd11b2b-c7ce-4c6d-9985-c146946ee95f","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":"5fccc1f0-b26e-46a5-9b5c-8e6a4d37a2f7","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":"da493a25-3eaa-475d-a193-d032b5ede218","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":"e1e93190-ad35-44a9-a37f-30908e16703f","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":"933138d7-32fb-4165-9bd4-d71d37efcd3c","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":"27405dc1-7ca2-4107-8e59-a587449b23c7","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":"ad2ef3bb-c59d-4a96-9a3b-ba5f03be349b","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":"e5481e63-503e-46b6-92b0-ec88780623c1","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":"786c472b-9ec6-4ed5-b694-b5d6bd96d170","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":"39a7301e-7666-4733-841d-c223c0156712","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":"ecca435c-c72b-471c-8180-9e9ef79fc94b","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":"4c07b91e-c638-4e12-bec3-b148cfd64820","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":"426ecb9d-b6d8-4528-9f00-a7c24c67b135","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":"a2b47b6c-782f-4da4-89e3-f291ff94bab6","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":"685981ac-7306-461d-90c9-66917bf62fa9","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":"ebfcd4b0-e12c-4778-8791-5ce1fb0f8c1e","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":"66866749-26ef-4d36-a5ec-f373b7dbeb8e","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":"ca36f407-2991-455d-9851-e6c75048208d","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":"648fbe06-0dda-4791-9851-0913aba8694c","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":"4baba42b-ffc8-4cf6-bbf2-3d76700a47ad","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":"ebac2fd7-75dc-4210-ae4e-0a486c022991","block_type":"box","text":"volatile than investments in more established markets.","page_number":85,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"30820af4-6c0e-46e5-85f4-7aab8176db0f","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":"2302a8ee-9912-4658-be5e-e08d7da7ff04","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":"76aa8bc9-2b27-417c-bd25-1c0a0ab95f38","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":"d8eea411-0edb-4090-8718-af2199b17a85","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":"434633cc-3648-4217-ac6f-92563092fb41","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":"65379030-d4d0-488a-a2cc-a745a8dbf8ce","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":"0283c707-2c76-4b5c-ac6b-3df111ee53ed","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":"6408ebce-99d1-4ba3-ac90-eab005d32930","block_type":"box","text":"acquisition or disposal of securities.","page_number":85,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"77169b93-2d85-480a-af47-37253088c63e","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":"5dd2d42b-988b-407d-8b7c-5ab750c47e4e","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":"a9821b7e-719d-4652-9b85-7a5820a4bd70","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":"08a1b8e3-7bbe-4f7d-9e6b-dbe11da5a7bf","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":"69ec5798-a7c9-4ffc-b33f-d71961ba5b9e","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":"9c5b1988-9c35-4569-a910-e04d6b0afc03","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":"d18ff172-7a94-4e4c-b19c-bcb63bcb23a6","block_type":"box","text":"II-35","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"83834c12-0264-4c0b-be2f-2b82423263a7","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"219049a8-1b90-4235-a3ae-70539d00d326","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":"4f27163a-3793-4284-b0bf-29a0000a7bad","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":"40ec95e6-ea9c-435a-b783-53e9aa1923f9","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":"8a92dc7c-7a9c-404b-835f-c7f99f502d09","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":"e48c5a46-8980-4785-9ad2-6d43ed6d52d6","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":"23896e8c-c687-4202-ac0e-8f66b3c11bab","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":"ac9442d8-4b9d-4974-ba1a-75c517946ad5","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":"055bdbbe-c8a2-4c85-9f52-e8d5d6812899","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":86,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"aa93e649-9965-48e3-9315-24a4b6d68e0e","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":"0376134c-8e41-47cb-89cb-708f5e756ca3","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":"a2e67c65-88e4-48d1-859f-8eab6d6d5346","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":"c91c5736-32c0-471e-83ad-a31dcab80041","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":"9874407f-5b67-4f6c-8815-eb0130344172","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":"e4ee6d3b-eb49-4c5f-86b3-275341b439bd","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":"2f2dec08-56f8-4746-a973-d178a47e3942","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":"fc6d0d2c-213a-40ce-88da-b0fd68f5bd0e","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":"3122e5e0-4311-47ce-887c-9aa5a265469a","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":"054c11dc-778b-4bde-a60b-0b38fc06091d","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":"6a2b8bcb-062f-4126-8eb3-7157642dd752","block_type":"box","text":"per formance of the Fund.","page_number":86,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"ef45d6db-b64b-4017-9d6c-2b847a881412","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":"f58a2c5d-4ff4-47c3-b210-255cc17d347b","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":"84da9be7-5b4b-49d0-898b-09d4c44e7019","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":"b7c9fbac-7839-4be3-ba59-dba1a5c9e315","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":"0686f978-da2b-4461-83ed-7a87e1fe3a5b","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":"ce36c377-5763-4bf3-b676-9f8543619bc4","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":"8e74328e-d29b-4b2e-979d-cf9d6bf65ac2","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":"c04e80ac-14c5-4447-9b02-d0c8b7edc883","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":"17309031-870a-4d4e-8426-2d94c2ba85b2","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":"99496d97-f13d-4df1-a0a1-a26e6d73d0b0","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":"70c9df18-9935-4126-94e7-45ee63335813","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":"9b889e4c-1705-4801-9f8f-b2f4a8cdcae0","block_type":"box","text":"affected by a variety of factors.","page_number":86,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"20d2e87a-73e6-4a3a-a006-5a8949d336cb","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":"e56d4e2b-6760-4122-bdf2-214c0007e31b","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":"b9b6a12d-a901-4b6e-936f-0b024b9b3b8c","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":"bffcdc14-47a1-4de8-87d2-91c4a0ae8c17","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":"48150153-729d-479e-ac07-177c612ba5d7","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":"99e6378d-d3e2-4a0b-b796-0f95a83abdbb","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":"30c24ea5-44c2-4494-9228-7f60c269734e","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":"afa93b5d-f22f-4752-9827-1e73b40ece18","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":"5609bcd8-4f54-4eb4-aec9-6c5c3b9237d9","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":"c07e1e57-2f70-4429-b460-57c0d38c03c8","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":"fbddbd65-beb7-448e-8d8a-3a3211135f2c","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":"b63e08dd-01cf-4c07-8e90-924f45fd024e","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":"1fbebc4e-b68d-4a82-ae60-0330bd9518b2","block_type":"box","text":"nations.","page_number":86,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"8bdc0d41-0dd2-4c5a-b626-6d07300139ae","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":"cd80116b-aed3-4525-b36f-b9af624a6fb1","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":"055df1f0-1c4e-4c38-a873-547fdd765b3b","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":"47551547-cd20-493f-a095-c9d218a7df1f","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":"0c370b04-8c09-4fb4-86fb-34cd0108946a","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":"deee81d3-5182-43ee-9094-930138dd7537","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":"8beb6ee0-2902-4898-853c-0808d77bea3a","block_type":"box","text":"market Asia-Pacific companies.","page_number":86,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"6a97c24f-c597-4b91-9022-db4a86228e93","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":"1e1ad6ee-42f4-41e2-bc84-7e94d0eb7366","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":"e94dda7f-0b05-49a3-8d02-e3d2aa44cd59","block_type":"box","text":"services for such securities outside such countries.","page_number":86,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"c9cca16c-fb18-4a72-8738-622a26b1a868","block_type":"box","text":"II-36","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c7631244-5893-4b45-b883-64ee31b980a7","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c2711fb0-c490-4aba-9ce1-485e5ec3023e","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":"3dd41eae-e579-43a3-a2ae-366e5c1adb92","block_type":"box","text":"to commercial banks and foreign governments.","page_number":87,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"7bfb943d-2084-4ec6-b82a-36be0c2ea52b","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":"0c4c74d9-ff3c-49d5-ae5e-6d180ef750b2","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":"ada562f3-1f17-4cc8-a0fe-9d32696a305c","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":"eabc5082-9984-408b-ad04-84f635efa997","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":"a65ce6be-d64a-4c04-96db-d5fdb0ba2f76","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":"4e3458ad-810f-48af-967a-1d7d73fbac27","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":"089f2cf1-aee1-4b18-a982-867eafb2a8a1","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":"ddaae715-d933-4822-9084-be1994ff8f05","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":87,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"4f61d6d7-9281-4979-8a67-a361fbc9c868","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":"6913fbf5-2f54-4c32-ab94-a37ebe323422","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":"6288c6a1-84e7-499a-b667-3252a85650bb","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":"96eaf589-d9b5-426c-a9b7-ce78039b5bdc","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":"ab650960-5e83-4bcf-a264-6cd7f182ab8a","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":"08729bd7-7f97-48e5-a366-e123e3f30955","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":"58c0b1eb-c85b-47b0-a95a-984adc80d928","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":"494b33ac-d79f-43de-8b5f-44a0703590d4","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":"bab5f220-d10f-4c17-87ad-77b03ca02516","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":"5616c28f-d5ed-4ab2-806d-b4aa7605cbd8","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":"3e3bee72-0fee-45c1-b132-33a449459844","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":"cf39a926-d621-4858-b06a-01347787139f","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":"d08a17b0-d5b4-4506-aa12-65bc9fef814a","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":"46f752fe-2c02-4364-80cd-66b29e50be6b","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":"818c5294-5be3-41b4-ad9c-ecf1f561a47a","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":"b80bd5ff-56dd-44f7-a1af-e94cd212665e","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":"95e0364e-afcd-4bd6-b9cc-dd6ff8162834","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":"d0671f76-0bf0-440b-89e4-b137f366c854","block_type":"box","text":"investment at that time.","page_number":87,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"089141b9-e54e-4a2a-a7bb-e35a8f7b9376","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":"03b8195d-4f66-4ecc-b087-81ad954c2a1b","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":"1c3166f5-29ef-4c4f-aee1-2cef79a14073","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":"e7037e8f-d1d1-467b-87f2-a692069925cb","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":"b08a658b-9259-493e-84b3-5f7443e16560","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":"581fc4ae-230b-44d2-9e64-f57319ee81ab","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":"05906ef2-0d0b-4b56-9e9f-8f5cf2ffdd18","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":"4f1e8235-9a60-48f8-85d9-5064c8095cb2","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":"d6b00bdb-5994-49c7-84ec-4f02074e8523","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":"e8900190-564b-4d0b-bf35-c00b4ee5603f","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":"e86e20dc-f5c1-48ea-98e3-c4ead6bf1f2b","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":"2202a67b-4cf5-4b0f-b61a-1ff87411cfe0","block_type":"box","text":"government).","page_number":87,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"f2afbe02-cdf0-4143-9e04-9c6b94575dfe","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":"fbfbc193-5f82-4164-997f-e8d09e2e71a6","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":"408b4cf7-fd90-4434-ba6a-ed33fa1e2a57","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":"207ae499-5cbd-43fe-bc0e-a33a77d0bba1","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":"68a5baec-91bf-4f1d-9c12-388d96e90b49","block_type":"box","text":"foreign banks and other financial institutions.","page_number":87,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"f0f8ebac-4015-489a-ab2a-f95a61793f65","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":"df81daea-bd76-42b0-a9a8-4d80ecdac2b5","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":"46e6bf01-3054-4031-ab62-2fb669904b22","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":"4dc658b8-b002-4699-8a22-ac59647009ac","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":"b7793328-cedd-4764-beeb-af437be4cb0e","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":"53585d26-02f4-4657-afbc-e85c901f9146","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":"0a0584f9-d6ab-4107-8766-27cd2219688e","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":"108b016f-e28d-4d78-8290-fae6b7d74176","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":"dae360fd-5078-4d6d-ac90-9777989ff7a3","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":"e62754f4-5e37-4fe4-bc80-4993b5fffd73","block_type":"box","text":"II-37","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"53761f1b-1b1f-4022-85dc-e502a221970e","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c983396e-801d-480c-acaf-381386bb0264","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":"f760f614-1aee-44b8-89d5-e7187348d382","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":"89ad97fc-a118-464c-ba82-aea79e6c0dfb","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":"a001802d-d891-40d8-9a13-0490439a6319","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":"37714265-ac00-40bb-9567-29dedd602871","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":"1f2d6327-f214-4262-85b8-429a6db24632","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":"fbd3188b-ab4b-49df-b8ba-f6196806a354","block_type":"box","text":"foreign securities.","page_number":88,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"2c8690a8-3b1b-43e7-b7ea-30a666d87514","block_type":"box","text":"Risks of Investments in Russia.","page_number":88,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"1501d66f-3feb-42fb-9229-4dc51a0a6cf8","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":"0bb62e1a-b323-48a4-95a4-fd49cec338d2","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":"0378242b-8f63-4be4-b470-1e3957d7a1a7","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":"27566717-69f4-48a7-bf7c-61a15fa743ab","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":"8071e078-4bf3-4405-80fd-2a38e48958d7","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":"3dae66c1-1d6a-4f10-bf47-ad52718f108d","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":"5250a77b-f83f-4734-b7c1-8fb49e927770","block_type":"box","text":"developed markets.","page_number":88,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"68870d63-f467-4349-9aae-0c62762b79b1","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":"1edd9a72-9a2b-4f85-8c61-2f9735d74462","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":"edfff384-1087-42fe-8956-574016c11cfb","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":"1eb6c86b-247c-4235-82c7-60dd9d4354ab","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":"11bb5e8f-85e2-4851-9aba-7c11df50f439","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":"9dbfddf3-191a-4167-b13a-e92d382f7bdc","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":"21e7a001-5c79-40ca-8bd6-b6114e68e50a","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":"5a503df6-af0a-4cf1-94c6-59479fcba218","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":"772b599e-3a07-41e1-8e70-02b0f784e654","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":"a755f839-2ae6-4caf-b389-6b1ab95e4194","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":"ad87c851-e61e-451a-9eba-8154ab26ae67","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":"f644a02d-45de-4582-8357-ef4db583356d","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":"36c5b643-b0ec-4285-8df4-4595e4b23afc","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":"9a434719-54a8-4150-a15e-d86914b5901e","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":"985627d3-a4e3-4f14-9d45-9a2ea08f1a40","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":"7d8cbdb6-3b42-4c49-aa38-1c19e8dc534a","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":"8b6c663f-b9b1-467b-ae0b-e7d266e3a1fd","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":"d73f5772-c722-4a7d-b346-d507f7c1fe59","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":"21abcc7c-ca19-44ac-b48d-6938e1cf4346","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":"1607b2bd-1b6f-476a-8d1d-5183c1257940","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":"2fe67099-90b5-45fa-902f-c0bec40a0fae","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":"042e62a5-50ca-43be-8883-fe99ba66a759","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":"9ede26bf-11d1-4536-a8c7-0b7697e5c12c","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":"b657699d-f1ec-4575-a4f0-504ee052ca05","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":"ebf124be-1845-44a4-8edf-90660073f338","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":"c84c8fc2-5a2d-4e29-93fe-90fbd66e54be","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":"efd92539-93af-4cc9-a754-0da29d94061c","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":"91c97959-dc22-4af9-8a21-acbb6ae2d744","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":"897f31b7-1e06-46a9-b864-a4b23cb4e143","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":"360c244d-9a80-47d6-8112-e6c6959847e4","block_type":"box","text":"sectors globally.","page_number":88,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"9cce7a51-712a-4701-bc8f-7823b0e708b2","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":"517b4934-afbd-4a52-99e9-9e74127cade8","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":"09ad71a8-7b56-4fe4-80a3-acd3463e1e75","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":"e7be103a-2a48-46b2-80df-4d50efd535f5","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":"6e7b00b6-a2cf-45e7-9eb9-dbfc36f3c9f4","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":"1122f481-152c-4191-8baa-8db65639184c","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":"c9793220-14a1-46d1-b7a2-fc6b010483b0","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":"192d458b-a670-4abd-8928-8a3e3d7d34d2","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":88,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"0c7f5f7d-4745-4a29-8876-1f13e392dc8a","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":88,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"b7165942-3838-47d5-a924-dd0d31a9f304","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":88,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"6eeb8fb6-8aa1-4c5c-abc7-60ea9c896861","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":88,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"5199f09a-1791-4830-88fd-18f80f036e4c","block_type":"box","text":"II-38","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ecdb4f21-45c6-401c-a843-4e16e62974dd","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1dff381f-68b9-455d-a77c-9489bdb9b441","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":89,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"28018c2e-0f93-48b6-b4af-9ed5ef957a56","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":"d677bc34-55cc-46bc-a398-5464e58929c9","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":"dcc5ee9c-0d72-4f8a-9031-e2dbb7511fae","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":"3f272501-738d-4629-bf20-ee5d2f0bb2a4","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":"2584f491-a3e9-4bd8-9943-635ccc369ed0","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":"c499762f-dddc-467a-9d96-76dab0ca624f","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":"aaec04db-0448-436d-a9f1-0613b8abc1cd","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":"a9245d11-12f3-4bc5-ba3c-ac6f190bc67d","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":"63b07fd7-ab60-4730-b33a-728c9f75da95","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":"437bf036-681f-4e2e-bec3-c88eab83a4e6","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":"d9362000-f1b9-4640-b78b-f1d515008d30","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":"90465962-9cb5-4402-a709-e1c3eccb2a4f","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":"a5e3f09b-4eae-4fef-8438-84a6b5a21b5c","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":"2f57122c-ef60-4001-aab2-0cf1c83306ca","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":"d1a2d499-ace1-44b3-8a89-f9f55d43525f","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":"e6749b78-5834-4527-87b5-f1f7f36045d3","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":"d89fa3f1-dc30-496b-a8bf-2323f07e11e6","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":"a599c590-c8de-4328-817d-b05a103f5377","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":"c846bfd1-f1fb-4940-a145-71778f827813","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":"9f688f78-1bda-49e9-bd48-514a71b3a1f0","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":"227549b2-d187-418a-a8c4-bf5dc20186d3","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":"bbbc22bd-7606-42e2-aebd-514a62f046fd","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":"e5237467-8d0d-483e-aa4d-f7b5710f4d68","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":"0c8f09af-38cb-410a-884a-c794e840a6ff","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":"3ff81c9c-dbc5-4e88-a30b-c78d3b9d9cd9","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":"1f19c5ff-23a0-4ce0-83fd-6296e49a7b77","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":"1b906757-cee4-46fb-989a-78f65138e5d9","block_type":"box","text":"impacted.","page_number":89,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"681abfc6-4e54-448e-ae0d-19df7c57cc12","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":"927b9a30-8030-4f07-a977-f268c76b3a40","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":"9b328299-1e46-4cdb-b60a-9019d2bb7708","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":"b001659f-0dec-4c4f-a1ba-12e3ffaa0ce1","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":"fe04884b-aee6-47cf-a552-b77d302c1bb2","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":"32d100ab-2099-4683-a555-d84d7d895490","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":"bce6d414-cef6-4f7d-a435-d8f535f33cc5","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":"b6328fab-0662-444d-8467-2bc273e0d5b5","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":"c2c8eb7c-b9a9-4b3f-9034-45239ca14258","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":"71df521f-50ba-4e7e-8294-0d09bdd89566","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":"de41ab69-a348-4782-b53c-d011426f99ad","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":"55586533-ed19-410f-bbbf-28a38df991cc","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":"1c3d70da-07b4-41b3-aa50-dbaada644344","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":"55f9c579-864e-4e58-bd5f-b224f6dfa6f5","block_type":"box","text":"economy.","page_number":89,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"bc4da692-edd7-4267-8be0-9a26c6afaa52","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":"8551dc33-a284-40f8-b8b7-d89f9eb978e4","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":"b8c5a2b4-7931-438a-a51f-7ae72309785b","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":"5699cfe9-d4ca-49db-bdae-efc1da823314","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":"a484f2bd-007e-4908-870d-00e2f47506a6","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":"4b86b10d-a9bf-4459-9347-0b95ff5337bf","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":"4e35a02b-bc1b-4eec-8b14-2b935f47e6a7","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":"32637764-1f35-4e50-aff9-66e9032b2a23","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":"d1a6c8a0-2e57-491a-8ccb-ae466058d285","block_type":"box","text":"typically the case for investment managers.","page_number":89,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"b1529259-0241-4679-a468-5150188605af","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":"3561e60b-f372-495f-96ff-055657e8a42a","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":"ae8c1ef2-bfbc-49f0-b814-4cd1da5e4d16","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":"6784e947-5d1a-467a-9a47-45962734af4b","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":"f3390799-40b7-4827-89dc-88568aa89ccc","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":"67261f1e-112f-4631-b342-7cf5859bce26","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":"228b32e7-5f48-4e77-b357-2bae3a6f55d0","block_type":"box","text":"II-39","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cd5c8d49-2cd4-425c-940d-333c3cad1a87","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1d06254-58c2-4920-b2e5-e82b892e5a48","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":"32e950b0-9a54-4779-a9fc-a0a5da3ae48e","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":"f73f26cf-c4c7-4e89-92a0-84cc4efbb95b","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":"db19d356-7757-4ab1-9b14-43fcc96a0b0a","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":"318453d8-4c4d-4d36-8a85-7231acbd9a09","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":"c0fa6c0b-4335-42ed-9996-beeb92d5a346","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":"ff60da64-6cb1-4daf-9fd1-ce7dcf7f1c42","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":"837472b4-8bff-469b-b765-2cfd9686a0da","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":"59b191d4-3eb2-48a6-8ad2-11caaaefac98","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":"8aad5813-c7ff-453e-b1c7-718a9d531441","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":"d93dedff-8a99-4e9e-9dcd-8bcd3e62561c","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":"cd046ab5-a170-4c3f-83a0-5b1623d5705b","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":"c8bc4147-913b-460a-b6f4-8b135ff5afb7","block_type":"box","text":"will be indirectly subject to those risks.","page_number":90,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"0b93bce6-5bb9-4a75-b5e3-abbc8e4b7ba2","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":90,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"76084a28-7296-4d6b-b64a-fa4245464b45","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":"9aa5a30a-3863-4d15-b7e6-8216f72a3b52","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":"e5f3d99c-7349-4448-afc0-106570d59625","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":837,"height":11}},{"id":"b00a84b2-cf44-4887-b3e6-958cfa4a6449","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":"b1dca644-d8b0-4900-9b28-1af8f669a7e3","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":"09582b7a-a663-4202-a925-1d8f1a14966d","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":"a786e2f4-6eb6-4c7d-aab4-8de8f0ec820a","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":"db31d5d9-ab21-469c-8f26-716f17140b7e","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":"a98a96db-a173-481b-b98f-5d67e00b6a52","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":"aab4fd26-d486-4e14-ace8-c3ec0b73a504","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":"94961d4e-128c-4b1c-81c7-ca4395a86748","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":"4ce5bb88-deb8-40c0-90b0-d099176c226d","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":"d15b9fc0-057d-42b9-8fb8-aec1192ab7c7","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":"5024e3b5-518e-4e28-8819-68867a8f0275","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":"7682028d-4fe7-4cde-9b3c-45c0625d3c1d","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":"0c42af12-f4b2-4bb4-8f4c-225daf8c4d4b","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":"8d7f2985-46a0-4840-aae1-5774646c19e4","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":"70e53ac7-1f06-4246-9f39-073d3adb2655","block_type":"box","text":"impact on a Fund’s investments.","page_number":90,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"b6da59e5-e098-4398-8d22-78a915c83e09","block_type":"box","text":"Brady Bonds.","page_number":90,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"bf6b7d4b-bc03-4994-a4e7-73b1d2a080d6","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":"945ec976-eb18-4d37-bd2f-ab5a12298db6","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":"4b6dc370-4dac-4a78-8657-b9111e9b195b","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":"2795928a-5244-4441-ad60-8c61b7b7bfea","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":"5fd28f2c-37d4-4f5a-bf7f-4bde21c66079","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":"13064fe0-3bc8-46f5-a53e-2ca266d06abe","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":"767c1678-4b78-4d4b-92b6-b98c1140b1c8","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":"ac6c88e9-37d8-460c-9409-9a1b7960a353","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":90,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"a079afd3-c5e9-4b4b-82f2-721d8c9d3626","block_type":"box","text":"Venezuela.","page_number":90,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"2a20e7c3-b540-4904-9abb-a1ad3ba34c6a","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":680,"width":798,"height":11}},{"id":"de1b2aaf-0e22-4356-9466-d0d59ca6cb21","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":695,"width":780,"height":11}},{"id":"1b79a756-6da9-4dc8-b48e-9b286a64ff39","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":710,"width":812,"height":11}},{"id":"cda70711-1414-4718-b6ef-e2323a6692e5","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":725,"width":796,"height":11}},{"id":"b4287e02-d525-459d-b7c7-62dac05484d1","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":740,"width":812,"height":11}},{"id":"da2c75ec-af7d-46ac-875c-6eb994939cfe","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":755,"width":823,"height":11}},{"id":"f525bd8f-5526-4716-84a3-845bb145f52d","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":770,"width":833,"height":12}},{"id":"f9e7332a-a164-4941-8d77-cc8466a94c30","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":785,"width":816,"height":12}},{"id":"2e16bc6f-bacb-4fea-8e13-5b2fdf850e78","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":801,"width":818,"height":11}},{"id":"f9854f12-86a0-4b70-a593-edf0376c201f","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":816,"width":835,"height":11}},{"id":"d4fd9f29-23eb-469f-bba3-1e2aa1742782","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":831,"width":832,"height":11}},{"id":"54126e33-6caa-4dca-94f3-891a53c5f0a7","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":846,"width":828,"height":11}},{"id":"2ba67571-9e71-4cc6-b144-95f03fde6071","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":90,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"8d506962-f678-4e98-80fb-7704c4377d03","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":884,"width":807,"height":11}},{"id":"ead47fc3-8c22-4ef6-94b9-20f94a0a0e58","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":899,"width":838,"height":11}},{"id":"cff0e6c6-42cd-4918-b609-dc33e05f7153","block_type":"box","text":"II-40","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"392accc9-2fb9-45e1-a5f0-f872a519e30c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c6138c6c-3bbf-467e-bf45-7ae9946024aa","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":91,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"b0c7cf15-a755-4d95-b022-a4f50a395c8f","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":60,"width":835,"height":11}},{"id":"8b525e9a-680b-4cdb-b74a-4baeb44d7169","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":75,"width":841,"height":11}},{"id":"91130f03-23aa-4cd7-9fdd-f6499deac8aa","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":91,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"3b85acc7-43f1-4adf-ae48-152f401332c5","block_type":"box","text":"China Investments Risk.","page_number":91,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"88262f1f-7936-4ab6-b85e-4ad8f359a921","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":135,"width":763,"height":11}},{"id":"eacc0157-d389-4c3c-a7ff-c5e8207f2e10","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":150,"width":830,"height":12}},{"id":"17fa3217-d6fe-4f75-afd3-8d6ff904e7cb","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":166,"width":821,"height":11}},{"id":"68fd438d-4259-4c73-8c27-f902e077fc62","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":181,"width":809,"height":11}},{"id":"9fdb6cfa-9989-462c-bb56-9eeef6269c03","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":196,"width":713,"height":11}},{"id":"897be3ea-059a-4a12-b2dc-23f43178e400","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":218,"width":762,"height":12}},{"id":"9b029d88-24d6-4003-a87e-bdb78a00fad1","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":234,"width":800,"height":11}},{"id":"e7d44328-b4b7-4561-a14f-0506edf57cd6","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":249,"width":820,"height":11}},{"id":"0e44cc3b-691d-46e3-b6c7-593be45bc872","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":264,"width":777,"height":11}},{"id":"887542fd-bf54-43e5-99bf-64f4d7e143b2","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":279,"width":809,"height":11}},{"id":"fa863a67-19c8-49e0-bc53-34e6b55b3a63","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":294,"width":805,"height":11}},{"id":"d9118952-8de3-48e3-8c54-57384497c74a","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":309,"width":770,"height":11}},{"id":"972d4b94-4c07-4101-b954-78837b9957f0","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":324,"width":821,"height":12}},{"id":"731c6e38-d1f0-4edb-92b4-187839f918e5","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":339,"width":831,"height":12}},{"id":"649e9017-a4a1-4828-9f73-a2c2fb74f476","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":355,"width":812,"height":11}},{"id":"5b0bd428-6c91-4883-944b-545f85f5fa29","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":370,"width":818,"height":11}},{"id":"c02b077a-8dcf-49a6-b87d-461a701c1f0f","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":385,"width":769,"height":11}},{"id":"82dcbb24-4ea7-4e9f-bded-3050f6f3c166","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":400,"width":836,"height":11}},{"id":"13f1d4bf-0e75-47bd-acd9-3db3d005daf1","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":415,"width":810,"height":11}},{"id":"d04fad33-9b49-460f-b0d5-a71e70d2a416","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":430,"width":813,"height":11}},{"id":"666f0949-6317-4a75-8a57-3461b2605044","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":445,"width":811,"height":12}},{"id":"b818a2f4-2211-400a-afc9-e2069b1a4618","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":460,"width":804,"height":12}},{"id":"c0259a58-66e7-4c7b-bd0a-a062869d8ac1","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":475,"width":829,"height":12}},{"id":"497baabf-81c9-4562-80b1-6f438038e761","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":491,"width":825,"height":11}},{"id":"51fea175-7859-417d-92ba-862e8d2145d8","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":506,"width":819,"height":11}},{"id":"4df08bb1-b33d-4339-aaf5-3f7abf25069f","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":521,"width":776,"height":11}},{"id":"fac31cba-cd54-481b-9149-62f446bfe1e7","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":543,"width":792,"height":12}},{"id":"ed2b7225-41f8-4b70-ab02-9819f7335e56","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":559,"width":818,"height":11}},{"id":"fdc707c1-b328-4f4b-939b-7397fe504c61","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":574,"width":835,"height":11}},{"id":"be74ebaf-ffbf-4d0c-8509-b5249b278b3f","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":589,"width":802,"height":11}},{"id":"f06ca1fb-686b-495c-90e4-2f2cc47d26d5","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":604,"width":763,"height":11}},{"id":"48e2ea3a-e3f6-4b22-80da-8edf48bc8950","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":91,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"948b5d53-d180-4da4-a149-e933a897996b","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":634,"width":813,"height":12}},{"id":"7d195521-d26b-46cd-8fde-8fca948d9899","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":91,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"277e45b9-e858-4646-b859-1747a7d3259c","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":672,"width":783,"height":11}},{"id":"7053a33a-8a32-4c27-9f55-9eaf3d37ca25","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":687,"width":805,"height":11}},{"id":"7c9409f4-175e-4e6f-9472-b179d018050b","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":702,"width":827,"height":11}},{"id":"2fcd01b9-08fd-4555-8664-0612b4fcea22","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":718,"width":821,"height":11}},{"id":"ce947b2a-9261-4ffc-94aa-d661911b1708","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":732,"width":683,"height":11}},{"id":"50b744b1-d19a-4d52-aa91-e199e70099bd","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":755,"width":797,"height":11}},{"id":"f62d83db-164a-46f3-8ecf-657029477e30","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":770,"width":779,"height":12}},{"id":"f49692b1-6ad6-4906-a870-bb498ddf9461","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":785,"width":822,"height":12}},{"id":"b8608a11-745c-4cc7-9c14-a26b3911adfc","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":801,"width":836,"height":11}},{"id":"f28436fd-c4f8-452c-a8a1-e70fb651e32e","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":91,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"75dfc4bd-ed7e-40d7-a200-4b9f80725afa","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":831,"width":803,"height":11}},{"id":"c96cdda6-360b-47a0-850c-3636d4c7d481","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":846,"width":816,"height":11}},{"id":"6fe20de5-95ba-436e-bdff-66514b1d863e","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":861,"width":816,"height":11}},{"id":"dda3288c-76ca-4e1d-955a-22e9ddf9243c","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":876,"width":798,"height":11}},{"id":"42a0223d-0e7a-4c3d-9070-848cbfaebee9","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":891,"width":826,"height":12}},{"id":"70e43ffd-c670-446b-84a4-f6ac54683167","block_type":"box","text":"sub-custodian.","page_number":91,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"134009ce-acb5-40cd-8071-850c4b3da176","block_type":"box","text":"II-41","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ea182869-aaa0-49b7-be7b-0e12f8434b55","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"119b9d72-9b62-401f-acf1-6f9cc43eb59c","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":"e3a86e1d-fb2a-4181-9602-1a5f9e5a6c8d","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":"318173c8-f85c-45a7-b7d3-5cd57315b415","block_type":"box","text":"on investor protection considerations.","page_number":92,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"52a23684-b92a-49bc-8ff0-22ec43c1aca0","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":"c178b7aa-e2ce-46bd-b9f0-67fe3e8dbe57","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":"e3330d08-84a4-4cd0-9ed4-f10aaf6e7de7","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":"96a59f2e-d1e0-47d8-9d7d-a28d1b93c674","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":"385be5ec-9860-4ecf-b2ef-23a46985ae28","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":"356c7968-9e61-419b-b813-c95e51f7f4b3","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":"b925d486-69ca-4ce9-bdfa-be49a0d188cc","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":"8c3b268b-06d4-4f3e-b8dc-d473fe918b66","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":"0f14ddf2-5e34-4295-8d70-3d8ce8d30d98","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":"e0f410b9-5b3b-4459-adc8-99b996fa5378","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":"f81c5ca9-291c-46d2-993d-5e4ae66952f5","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":"3c12fc29-e0ac-43b1-9fde-6a79b8a9cccb","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":"4ff1bc01-fc18-425c-92e9-110ee0480609","block_type":"box","text":"accounting firm.","page_number":92,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"ca41f6a8-61a5-4473-bb67-049050090168","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":"2c676501-9502-4519-8861-54707a74ff4b","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":"7f7e40de-0518-451b-b60f-f3142843837f","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":"79c86bfb-f42a-43a2-b0a4-72b177adde96","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":"396decbd-2c14-45cd-9773-bc08f14f115e","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":"f00677fe-8da6-4954-ac25-8a652dfa49e0","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":"19245b5d-8134-4e26-ac63-f5d2699d1136","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":"d1e3df7d-8f78-4994-82b1-104185ce4ac7","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":"cce460ca-1140-4db2-9093-2b63411a14b6","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":"a3e290d5-338a-4fd2-9d36-2121d680ec06","block_type":"box","text":"RMB (“CNH”).","page_number":92,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"6d58c161-2a29-4d25-8f54-0590dd29f252","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":"6678473b-9abf-4d6a-9ec3-c98b5dd47702","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":"ed284cbc-6723-4452-ac2e-90be8433156c","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":"0973cd5e-75f5-4242-b043-72acec126793","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":"d3c7f984-1d36-48b0-9d8b-88fe1ec05933","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":"05eaf601-d029-46b9-a524-9e6a2c176737","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":"db4eb548-2904-4dde-919e-5262fb7a22a2","block_type":"box","text":"represent equity ownership in the operating company.","page_number":92,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"d3ef2fa6-f406-4b50-9ce6-3327fb83c899","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":"c37da53a-24e9-44cc-bc43-8038f202a864","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":"ed595c05-35d5-4f76-babd-b664755bd269","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":"fcff2549-a0a0-4522-98a2-afb253c3f5b1","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":"8da4f5de-ee29-4196-a06b-e8027a7fd087","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":"3817ee1f-8758-45ac-8061-dec13f5b2151","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":"d0b46e79-cb7b-4440-8367-a60a7231b323","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":"dc85ae6c-7dd5-41a5-a299-328cf38e895e","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":"189c0f22-3403-4b8f-b974-7673828bf93f","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":"1f3f9cb1-58e3-43d0-a6b6-54e09211b21e","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":"f2283ec5-da86-44c1-92da-8b275a0ad638","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":"974b87fc-15e7-4062-861b-6c92488810ae","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":"23719ee2-9ef4-4194-b349-e7eea79157e3","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":"effc960a-3c47-44ac-b768-8a0f5396a83e","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":"77bee975-bbbf-407e-942c-192ec4501693","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":"f145f5f8-e408-4fb3-9713-fc99d09265c4","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":"b59068dd-fdff-40a7-8d12-3c960e9d4faf","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":"d2a0c5b2-d2a6-4d33-9157-f4868f262348","block_type":"box","text":"losses to a Fund.","page_number":92,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"c67f9e4b-e51b-43b6-80cf-785a5558ad17","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":"7825f2a2-5062-4c12-91ff-09ef3e77df1e","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":"4c3c3483-73ef-462f-9b7a-6e3349aaeec5","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":"829225df-8cd9-4ada-b813-32e3d13d2713","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":"63b68b07-f344-4103-b51c-4320a2fd0c76","block_type":"box","text":"II-42","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"37988dea-d7ef-4170-a96f-22930db2edaf","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7daa3d7b-eccc-40f4-87a4-a6f96eba793c","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":"44d04a2c-f6a5-4892-b231-e8aaa0d82c38","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":"39d06a82-e97a-40b9-a081-381b38e1f39e","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":"870c00bc-cc4d-408e-9a31-4278b7e780fe","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":"7b47e312-e730-4695-9866-02276fff5574","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":"be27ee40-bb58-4c1f-b7a1-f309c2d7ce70","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":"47831574-9d1f-485d-85e2-9a373de7b809","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":"5e6c621a-a325-4086-ae6a-0b790bfb3de5","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":"211db18f-7f00-4f09-a329-68d73b048d6d","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":"cd0ce6cd-7a82-40c6-9c4e-39fb317a522f","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":"5f21071b-9b6f-41ab-8976-93807c74722d","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":"7975ab7a-a124-47a8-8e74-86ab465c27d2","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":"e64151a6-b158-4254-89ea-a64a14f4866b","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":"e6b804d9-2c9c-437b-8432-b9af938e431e","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":"bbfb5f37-3440-4491-99eb-d2756eeeeba7","block_type":"box","text":"such companies.","page_number":93,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"96f6b093-c597-4f6e-b9b4-808b71392506","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":"abd160a5-69c1-4e7e-82c6-48eae8c9e24a","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":"131fecc8-b7b4-44ea-91ca-06c7dc7956f1","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":"8fbccc8d-4a7e-476e-9334-6c6cfcb29265","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":"500f8588-501d-4774-832b-adc5744e2eea","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":"078c79c8-2983-43bd-b554-1ccc9432efa3","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":"eb70c492-1934-4229-b242-369884689f8a","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":"98396226-cf62-4450-a71a-2d336495d974","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":"af457905-cf55-4475-b4a0-01e0fad201d6","block_type":"box","text":"standards.","page_number":93,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"cee729ef-22b4-4aea-a0f1-e00ea2726edd","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":"68d3973b-f116-4d8b-919c-73abacf9f31c","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":"009e4b22-9eea-4f0c-a8e5-c0f544d98446","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":"41f49434-f921-45ec-9651-2024a9d1ff01","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":"c49912f4-f773-4b86-aa85-f983c4ce7f8f","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":"922d9ba7-e570-4b7b-8cbf-c30bfa74ec38","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":93,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"7f2ccae8-7326-4a0d-b2f2-4d8e9d6c49bf","block_type":"box","text":"General","page_number":93,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"561243fb-f215-40b9-9b22-73d04e0d56f8","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":158,"y":528,"width":704,"height":12}},{"id":"57ce60cb-1dbb-47b2-bc50-d523140064a2","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":"8d5e665a-180d-4694-808a-2612323ab100","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":"0c115880-06d9-4ef4-a466-6a918b6cbf2d","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":"ec11e612-006c-4d9f-bdeb-811a352cd7fa","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":"822b8eb3-5131-45eb-9447-e138555aebc5","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":"162bf984-c3e7-4cf2-875e-c3f548e75390","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":"d3b2fcfb-0cf2-46cc-80b8-0c603a025199","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":"13be85bf-785c-4f74-9ec6-315b1328048d","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":"bfce9fff-403a-4cc9-b048-be85d71d7c61","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":"ee3ee5b2-3d5a-49c6-8cc5-a616cdd8a002","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":"5c9de6ff-fafe-4048-b46e-fb7b02f984c5","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":"dda0e6ff-0673-44e3-bea4-1a687ed9dffc","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":"b7d19744-54cb-442c-bb5f-4f4fc1ff3638","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":"493ed62f-3278-4b99-9c85-818dc949962c","block_type":"box","text":"company established by SEHK.","page_number":93,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"a3bda8ed-d7ad-46c6-bfc5-4e813b577d5e","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":"182c3f3a-9766-4f17-b546-b3147e01940d","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":"d2cf9396-ccc6-432a-b2b1-77db0422f00c","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":"9a242a6a-f0e9-46b6-ab99-42d5a1d93d6d","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":"2711ba8d-9d48-42b8-a530-fe7d2b499a46","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":"a4b08819-caf0-4641-8379-6cb812270d60","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":"7f7c38e2-112b-451b-b153-2ff7af902f96","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":"c7dea291-c30f-409c-95cb-2aeb21f5fc25","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":"b93b0099-b972-4617-a276-f573d2cbad05","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":"786809dc-8d37-413e-b34a-9e18a43b6db0","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":"92745d22-d6d1-4c92-8074-0036728689f9","block_type":"box","text":"II-43","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6bbb4535-4ef1-48c3-a076-052b4f542254","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ddc487f3-c733-429c-a243-b949bb5afb09","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":"c80efc98-b31f-432a-b472-798a83362759","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":"af30f38d-279c-4718-9c47-342d2d7160e0","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":"e1a365a0-d6d1-4071-92de-c859674068ef","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":94,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"87d25879-923c-419a-bd99-e1a79419e262","block_type":"box","text":"i.e.","page_number":94,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"518a0b4b-1802-43c1-a8cb-f15b50caa342","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":94,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"7185e8d6-6ee9-4c5e-b36d-ab4dad54a7c2","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":"8ef15386-9f25-4db3-bf43-d3fe4e327e1e","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":"f38d498f-225d-4521-b8b2-4906d66219af","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":"a1bd602e-c0a8-4fcf-a992-c44a6b9c7e69","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":"32ecd652-517c-4807-b300-ffdb65c8d6fb","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":"bb5ebcf7-9c24-4ead-b063-f6fd37fd98ab","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":"12aee55e-2797-4452-86ea-993b8eaae379","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":"949f20a6-222e-4579-908c-9122247324d8","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":"9351608c-2c03-4664-aa0f-ffc09337b742","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":"4e65f928-d9dd-4897-9411-71ca5334f3c5","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":"10aa54d9-e921-4945-9736-d84b6dd5988d","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":"39090416-5eb8-405d-9f17-9ed982b4f85b","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":"2b3024d0-a66f-424b-9acc-e7f383e63e7f","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":"bf45f047-e1b4-468d-bfec-721fed8aec91","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":"3638ac1e-fc6b-4e93-90b7-08f658dc1e1d","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":"f7e1ccc4-74e2-4782-8c9b-c7e41e92cac3","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":"6f2d1fac-27ab-4360-b155-90d4d0cc0883","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":"e74aab38-3d48-4be0-89e7-9326aceac085","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":"2543ea41-af15-4301-8edf-1e18322076a0","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":"e455d594-f947-4fad-b8e3-17d51cfcbe0f","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":"28ddff01-2543-4442-9ee1-1ea6cd7d8185","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":"c64c5ee3-f1b2-44cd-9c2f-87a281485a2b","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":"e7459607-878f-4ecb-959c-e1b779c02851","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":"4c62a4c2-6945-482e-bf36-ab6459ad3b6f","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":"141cebd9-4e74-4c03-9c67-c707bbf43404","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":"884bb7f2-40ae-434a-ac8c-95432955e903","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":"295b43d0-def5-43f0-a191-cb6e7eb03ae0","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":"eb35be52-396c-4b8d-8af9-ee136834375f","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":"048d169e-fb09-4f5a-8480-d7efc00afb3a","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":"9a204a6c-3678-4592-8ed8-e6e49f07accb","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":"856be10c-7f80-4e6d-b6bc-241adf15eb84","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":"f181510a-616f-4c49-a9a6-15960fb71c85","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":"1cae9229-61d2-4b8d-ac7b-c31ddbe4529f","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":"11e2792d-e63c-4583-90ae-f085d6736b77","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":"7988d160-2b27-41b8-ae88-693896e7cb58","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":"4d72aae1-ab07-4363-8bdb-47eadb7e60af","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":"2dfa4dfc-ca6a-4aee-a970-388d550637e8","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":"4e351e35-cc16-45c2-94f0-9321eb5444d0","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":"b373a3a8-2bb8-42d3-8aa8-9586bca48779","block_type":"box","text":"PRC.","page_number":94,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"d3aaf89a-231c-428f-b3c5-98bb632f3e43","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":"abc5b792-0677-43a7-aa9b-7e220166d239","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":"13e1d69e-f0d1-42c4-819e-e9ffcfc5a682","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":"114168ff-0a2c-45ad-adcb-8335a3e43ab8","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":"40e7e393-4462-427d-865f-ce6369627c76","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":"0ca1f2d3-f6af-4106-a8da-b8fadeabe614","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":"0c89e8b6-8150-4377-88cf-eb53e8bdd733","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":"f779278c-f7d0-4389-8f23-918a82d1b5d5","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":"eac6c27d-103f-4087-b90b-96438821ba1c","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":"5a46a14f-1de4-49ed-a6a3-e223707af938","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":"14545254-bf87-4691-8047-95f45faacfc8","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":"1eca8b82-7ba7-43f5-8abd-2610bb932f2e","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":"74902ead-e3af-4d22-a5a1-ede2579c0437","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":"2a41746b-38c3-4437-8995-e8360cc299b8","block_type":"box","text":"II-44","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"42ca54f1-aaa2-4094-84cd-e2b4264c8edf","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b159adc9-1c23-4486-885f-10693727ddcc","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":"297d3521-7c36-4804-85bb-df84a81aa1b5","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":"658148d6-abc5-4523-b24a-8c7072cafaec","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":"d13378c9-d932-466c-aa4d-1c0cf7ef76fd","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":"0ae3efbe-136b-4e80-afe2-1aa3c2cda3b2","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":"2d5073d0-38f5-4f86-967c-2a1998e170d4","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":"c9de5168-9519-4f8e-b6ff-b41dbea95068","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":"8c65551b-9bd9-4a77-8ab6-d19d1bd3367f","block_type":"box","text":"Suspension Risk.","page_number":95,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"ef8ecea9-fe6c-4030-b795-4e3872567df3","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":"fac7f470-bb44-420a-a3b6-094d21b7f72b","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":"e29a0d40-3472-4808-aad3-17e47bc686af","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":"e47502e0-98ee-47f1-a360-4737694d6ac7","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":"468b31d1-767f-46fa-8dde-c3ef5a64e8b5","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":"1081ea7a-e8cf-4c67-b3d7-48e4b0a7cfe4","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":"90928605-cd88-4d70-8930-ebbb6eb8f17a","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":"2cde9653-140b-4024-bddd-14e40d4b22dc","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":"ecb4cde7-579d-41be-bceb-fd7e97de0d42","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":"7ae4d21c-1716-478c-b116-e15d15ea52e2","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":"32738ae1-db4d-4321-a046-d48a6781cf3e","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":"7830293a-a25f-44a7-8951-7c9cd982dd8c","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":"670289be-4282-4eea-814d-3f2cddffd548","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":"f6ad5974-d30f-4505-b824-d7525c4e1125","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":"9bbdb764-8fda-44c0-ab83-d4aa1355b87e","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":"4b07ecd0-982b-44b5-9497-136952b3fbe6","block_type":"box","text":"A Fund may invest directly in the","page_number":95,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"ddc67eb1-7931-4909-944e-b57f09c9a8b4","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":"d07b19c9-c959-4000-babc-9d1293537267","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":"6cd65bba-a10d-4694-b150-83851c57587e","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":"ca2ea58b-72d2-4fee-8065-3d3b974c7565","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":"6bc12197-3300-44b9-b6b8-ebfe1d8a1210","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":"f27bcc29-76a7-4845-a075-4e342d9c3b32","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":"a56a9140-8baf-41f1-9188-4b4871d3f69c","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":"5d3917f7-0326-4a20-86e6-b54ae53e7ac2","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":"d31ece35-fc40-47d9-a790-c5644a3ed87f","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":"bb80d9a7-5a0a-4a7d-9022-02aae7778314","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":"91c5afe9-32fb-48ce-ac6b-d773a243b2f8","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":"0b186426-3ef8-4fdf-addf-86ed0295e345","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":"e9820fc3-a4ea-44e2-adef-c2bf8258e274","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":"276d5cfd-6d7a-4f40-b48d-1402558cb86a","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":"76f73324-56e7-487e-a2d9-f427fa899f96","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":"c9ff0284-9c9f-4213-98dc-eec18b20483d","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":"2bf3878f-4643-44d2-bc5f-728a58a0da03","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":"83644085-e0a6-40d3-b68a-849006d98406","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":"2331bcc0-8e4a-4e56-b78e-6b25ac6756b1","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":"b4c8257d-e197-4591-aa52-619f3bb604bf","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":"fc66b3aa-58d0-434a-81e5-98b490a4c81c","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":"a351de91-c78d-440c-9bb8-3aafcd48e853","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":"5fef32e2-aab9-47ad-b42e-5f91ac8622bd","block_type":"box","text":"i.e.","page_number":95,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"226499d3-af08-42ad-89c3-c4d1d29bb9db","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":95,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"71d34dbe-a21b-45c4-bb14-435bd83f2963","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":"59c93596-801a-41c8-bc53-b1a3ca19e8e4","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":"1b3dd232-ee3d-4ad5-b5e4-acbce5fe05f3","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":"e0a1bee8-4c32-4f94-826a-82d8c3474474","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":"17e150d0-eefd-43a3-b5fa-14e1f81a42df","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":"e51e4605-8ae3-408a-a4c4-7cabe384f46d","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":"43a3028e-59f1-4a1e-b4a8-309573f1f318","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":"ab76923e-24e7-4d13-8e3e-c30927b47967","block_type":"box","text":"par ties.","page_number":95,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"f34d714f-249e-44c8-a124-850a255e3d5b","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":"0c74a355-0c95-41b7-a742-b74847c8902e","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":"5abf57c3-77d2-4ba5-9f1c-51fb40caadd1","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":"542fd1a8-4ac5-448e-81a9-04e1eedf129c","block_type":"box","text":"II-45","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"232e429d-571d-43a7-93aa-23776f5ab413","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0a388a0-2983-4695-9197-3de5ab86d639","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":"0bb395d8-d060-4b15-af35-b82b96ece734","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":"c570190f-97af-4081-b3f4-ad310a0a85ac","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":"08452e8c-227a-410b-a768-756f43b1fd08","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":"1e63875d-781e-45e7-8197-853aa505c5d5","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":"8010eca1-2b1a-48a5-84b7-ce941e6dc51e","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":"a4f1b623-a89f-483e-9192-3155f3b9d7b1","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":"f4484930-169a-4ea9-a97a-a790936ef73b","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":"20a2c112-6050-489d-bc6c-dec26fb26b7b","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":"c2ba4698-8cf0-4852-9f00-ed16ed05d55d","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":"5a7a3d19-b746-4e1f-a05e-904a68b32075","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":"bb25d33d-2291-4d38-afec-0b177fa28c1a","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":"8955d114-5394-4260-9c04-8b1c20fe7d27","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":"9aedf8bf-0610-4986-947e-e722d6a87c15","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":"6b50434b-e572-44f7-b150-830cfa8036c3","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":"e66d45e1-05fb-4cd6-a1f9-e82788bd4f31","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":"d42ef3b4-4419-4e81-9647-c29474fdfd2b","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":"b9cc797d-8cf1-4416-9030-78157ab78011","block_type":"box","text":"per formance.","page_number":96,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"16cd4a74-e8fe-4ffc-acfa-5001c6724d51","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":"212571f3-e5c3-4ed1-98bc-059ac60697a1","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":"cace4539-d6d7-4367-9f81-4d95b5e19688","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":"006d79ba-3129-4129-baf0-44a4669208a8","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":"16ba2398-cb30-4bdd-a2c6-78ff1169f087","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":"84d349ac-003b-40b8-97b4-bd0b2de3ecb5","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":"083f4c5a-3738-46c3-8484-aa8c97af7cf3","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":"4b5186cd-074b-4e7f-9c71-db6a2f1b4c23","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":"9e8f14d6-1623-402c-9426-5ce1cda8f798","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":"131b5931-bd86-4e1b-95ae-894587b59b08","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":96,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"dd7fbed5-0b2b-4db4-81f6-b8e16127bdc1","block_type":"box","text":".","page_number":96,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"0b6f0ddc-9dc2-46fa-8ab2-40c273640c70","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":"0e97f49a-9972-430b-bf35-f3a4aef7a451","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":"6b9045e6-818a-4e00-9b5d-2aac7776984f","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":"9c88ea79-a0cc-4195-9d6c-85a73e60a8fd","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":"b5d57059-00c3-4ae4-bcc3-2a9e29dec9d8","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":"5b6b04d0-24f0-47c1-ba8f-c72414412f20","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":"95cd2afa-203d-4ca4-913a-a4a67fd2293b","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":"dcb23266-f034-4e9f-b223-1207ec88bc77","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":"0bbcf0c8-1be3-43e5-af18-2a4862e1b03a","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":"fdb02747-1b8d-4fb7-a706-24aa0ba78ea9","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":"9aa4a91b-0d62-4dc7-8b9c-792309c064ef","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":"43588e0d-7389-4c23-86b9-19751d16a3c9","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":"b95bbfd9-271d-4ef1-9883-ce41af0cfad7","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":"786af9bc-3344-464c-843d-e3ded80ff0a8","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":"d8b697ee-920c-47cf-91ce-3e7ba05c09e6","block_type":"box","text":"without notice.","page_number":96,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"c7691376-3983-4e34-834a-46d589752658","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":"b8a7ce20-68d3-4a7d-a36d-fecdb6ebd31b","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":"8f48bbb0-275c-4726-9b30-195ec480909c","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":"c72a147b-f4f1-4931-a94b-dc5412ed8f0b","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":"a1facded-8d13-4545-bd47-5f165690b408","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":"59a8afc1-1547-4b0d-a952-b46f67c30c7c","block_type":"box","text":"December 31, 2027.","page_number":96,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"cae20f6c-c264-492b-88c4-af5a291177e6","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":96,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"f353772b-6acf-4c57-a986-66b7f34b4a9f","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":"9aa1132d-516a-4965-9108-29199581fe2d","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":"e895ea42-748f-49f3-b65e-0372c23bbc42","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":"5254116a-7fed-4a77-a2a5-9c216b147d6f","block_type":"box","text":"II-46","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"77f801fb-cae5-4559-b60a-53bed991349b","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c5d27fee-66cc-4558-b545-a62c63e38149","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":"0ab867e1-8ed9-4183-a1e8-7916905777be","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":"18ff5a01-d299-4b0e-a040-f93510a709ce","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":"b548bad7-f9df-4965-b62c-4f3060ae6d1f","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":"074b6018-bae9-4553-9e86-b1f6c0563f31","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":"53f51699-1dbd-4cd3-876d-0185304e5ef1","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":"379c2e36-61fa-4749-9362-67cf91c333db","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":"d50d8916-e6f7-4b1c-ab62-bd40744a6b4f","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":"01f0b5ff-4fa5-4dab-91b6-6fe73c27ab6f","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":"59e99031-9b0a-48a7-84e7-85b75a80c4db","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":"92644ca3-3dfe-4906-95b1-507d6a2485df","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":"541a372a-806b-48e9-9099-a476abcfd360","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":"7b6807c6-9695-424e-af4d-b994f72704e1","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":"bbf087b9-e1df-4d60-bb5d-600da843b423","block_type":"box","text":"PRC 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":"9546cbad-fcb3-4417-bf97-bacc1cc8c0a4","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":"c47fa20e-be17-45bb-8d96-f2bb0dbc88a0","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":"65db6239-6f8c-49d5-b78a-3747a28c787c","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":"935144ea-7a32-4940-b1ca-feeaed714bbe","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":"4ce421ce-b456-4ae6-b784-04ace1dc2d9c","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":"3f099691-777f-4b99-a274-cee12111ac74","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":"77fc1410-5ff6-4a04-bede-179f491464c5","block_type":"box","text":"the PRC in notifications.","page_number":97,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"1a349389-13a4-4fb5-aa53-96ec16195055","block_type":"box","text":"Investment in Other Investment Companies.","page_number":97,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"9ed4799d-bb0b-4cab-b73f-287fef5d32ea","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":"2db59840-88e5-4bad-829c-535f1c8e29a2","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":"63271c74-c8ce-4c55-b919-6f7d8809b914","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":"5d092011-c766-4061-a943-0e3d74465bda","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":"83aebdfd-6f60-4a30-98c8-f10143289f00","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":"63c0b526-0963-45cb-a9fc-dabb5170fe73","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":"7e224463-ced2-48da-8397-2f60de9bfcb0","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":"b713741e-a618-4826-a41b-91be493f6b8f","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":"fec3844b-9570-4e7f-a2d5-0e08771d7d4d","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":"8cc8afb9-615f-4e4f-a51d-2cc9b480376c","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":"df0586f7-aff4-445a-a5ef-fca7d303549c","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":"58854436-d4bc-4452-9545-fcea8eea3d2b","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":"da3e09a4-03de-4541-a40a-2233ad13bf7a","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":"9e147cb3-9ceb-4094-9925-928dce639b52","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":"01efa81d-7dec-4ffa-8ac1-abad1d020dc9","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":"c130f633-5b99-4543-a8bc-5677184e2480","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":"5bfe3664-87f3-4808-a6b8-f4af03bb404a","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":"90be1cef-b3ba-4923-b573-3e4724abd61c","block_type":"box","text":"subject to cer tain conditions.","page_number":97,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"8d5e7c4d-2818-40e6-a8c8-662012127e2f","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":"918f2b63-39bd-4300-949d-41d10f563bbc","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":"5e90e2b2-ea80-4372-89ad-1c62f0fa07b9","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":"932de0f1-1c5a-4caa-84eb-ecd9babee40f","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":"2087a22e-27cb-48e4-bbd9-50af279ceb67","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":"82569fee-b32c-47a4-ab99-167ccd2e170f","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":"379d9c98-d666-434c-9dee-b48f28546f11","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":"e78f505d-0e8f-48c3-bd5d-232e89d7ed5a","block_type":"box","text":"loss.","page_number":97,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"eeefbcd3-ecd4-4695-bd5e-3c0fe745c424","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":"ecb42e9e-3cde-4081-8d23-40470363326d","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":"7b5c67d9-1583-485c-82fb-80716b7dd777","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":"4ab71669-7a90-4177-a883-cbc1c8f8bd22","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":"06f49401-3dd2-4a44-abe9-d0e9f1aa3463","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":"234341a9-b7bf-4fea-8961-c1655ffda184","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":"d4e03331-25ed-4c86-9e79-20fc23301a61","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":"852c0ba2-607b-4c24-9963-945813450ed0","block_type":"box","text":"II-47","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6375abf8-a6d9-4e3e-96d9-a0144b48615c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"749aa659-3a41-455d-98e3-60fb4cbf0a0b","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":"1fa5078b-2f89-404b-a1ce-a4c7b3470009","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":"830b7d9d-2463-42aa-8c18-62c0d275b0de","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":"7decfab7-6434-42a2-9321-549bde7b147f","block_type":"box","text":"assets.","page_number":98,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"880ed714-81c2-4391-ab10-de9ffdfea8bd","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":"8499293f-b144-49c0-bcf4-64236e882ef2","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":98,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"3c237a55-5885-4adb-a1c9-58888b490e23","block_type":"box","text":"e.g.","page_number":98,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"530a89b7-a2dc-4840-988a-74702bf122b8","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":98,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"d24228f1-3d0a-451e-bbe1-18779a17c7b2","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":"77a75223-7d9d-4952-9907-1405bf539cc9","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":"6f1ad2fe-78d6-4cbb-b327-a660f276815a","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":"dd70b9b1-2387-4eec-b763-abe22aed034d","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":"ac4f0827-a770-4aad-a03c-04eacd09bb5f","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":"7c3c3cce-31d0-46d6-acd0-ea9cafc1a071","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":"e2da325f-6fa4-45cb-a9c3-91ab11b57842","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":"34469a83-9418-4031-a1be-c802f2497bf3","block_type":"box","text":"countries.","page_number":98,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"36f25e3e-1ba5-440a-b4c3-78e89cc35b41","block_type":"box","text":"Issuer Insolvency Risk.","page_number":98,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"26e2c908-4029-48ff-b561-7ca5bfda7079","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":"97987290-8309-4159-b8b1-17beffcc7b11","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":"12705485-6383-48e0-882e-f9bb87369b18","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":"a29d5386-cd8d-4374-8004-a4e9b7ebfb17","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":"328f89b9-c483-4b11-b884-bda5019a0280","block_type":"box","text":"issuer uncer tain.","page_number":98,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"806af112-18d5-41ce-ad28-36ffefa2b4fa","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":"e23d8873-3644-44c6-8f6a-41193b623899","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":"82121dc2-bf25-4f04-b36a-a85a334afdb0","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":"c109f6c7-dcf7-41c4-8128-c85be27f7970","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":"a85a4d8c-46af-47ba-af3e-dfaf6134299e","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":"34985d25-a52a-4f25-bd41-29f92e6d1558","block_type":"box","text":"eventually be satisfied.","page_number":98,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"f244ec85-63dd-4084-8a63-d7b2a2310615","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":"ca63b154-3c88-467e-bbe1-d688e8ced7a1","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":"6b244bc0-76df-4fbd-9086-b45e6acd186b","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":"621205be-3baa-4b59-a994-0f4e20a095f8","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":"1b934971-926a-4e42-a4d0-52a30fd9808f","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":"79fc8b5f-9948-458f-a462-b6b7a182a268","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":"3686f35b-a0c9-4d35-b771-92098916b5b9","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":"c80406a1-705a-404d-b275-acdbd053a345","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":"9d28c071-35f1-4211-9b99-fb28f7564a28","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":"7858ac36-2be1-451c-ba51-37075ac64561","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":"13f2c022-bcc4-4b80-b648-bfe3bc95fbfa","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":"64976876-c4f2-441b-89d1-046d8fab0870","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":"b46737dc-8db3-4d6a-a000-b8e3e030c7c0","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":"d17caec0-9a05-400b-bb98-cb2cfe1aadde","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":"9aa52554-52c1-4135-be51-78d09331181e","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":"0e96c319-2483-4b31-b50b-807aa53a649b","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":"c60d41ab-be13-4e07-ad39-6ef4b99369ad","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":"f0ae32d3-fe93-44f1-9dc3-8c87f2610024","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":"7d3cd9da-f490-4167-acfb-af322be821b4","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":"f5e39606-9707-484d-a1b2-67ecea7ead8d","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":"3b08d22a-8e7f-410d-bb6c-fbb35b88b53e","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":"e7131d01-aad6-46ed-b947-420662c7d7f8","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":"20f0d77e-97ef-4c3b-84c8-7ed2dde1ed20","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":"9d1de73d-2177-4d32-a9b8-c3df76777fe5","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":"e1eb89c9-9852-479e-898f-039c64a84161","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":"377aa598-ac9f-4c54-b33f-46d09d82bb2a","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":"53b45e07-1550-4e6c-af1a-5c1e04a52646","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":"cdefb8c0-17bb-4575-ad30-bfc0a48f75f0","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":"6db4428c-1ecc-4d1e-abbc-7d60a6860c33","block_type":"box","text":"that assumed generally by an investor.","page_number":98,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"79b89eb9-3fba-4bca-a9e5-38138931c3be","block_type":"box","text":"II-48","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2c0072e1-dcfa-4af5-b716-e9c14c8f9e2c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bab3290c-01fb-4e9c-af46-d34706ff6d50","block_type":"box","text":"Lease Obligations.","page_number":99,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"d2904532-99f6-45bd-8300-cd118a7337cc","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":"a216b5bb-c82b-46b6-a6b4-edb65c48f95e","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":"d5a4a802-f3fe-4802-8b8d-c042308718c1","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":"1bf3275d-0349-4d33-8638-b2a00b0f39d6","block_type":"box","text":"Life Settlement Investments.","page_number":99,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"4df301ee-834d-48c9-9ef9-061f1181490e","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":"073c7659-eb3a-4ff1-a38b-2d18469a6318","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":"b5a9a7d2-c894-4988-be57-6ab33073db24","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":"6febe378-7d58-4418-90d0-ed433e1d11a6","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":"372b825c-952c-42b5-ba57-739b49af00e9","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":"1d8a750c-62b8-4b8a-9c65-48c2f77c6665","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":"021f8398-9404-4a02-b902-031692080028","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":"9015bbe6-c19f-4af8-9cf3-ff9f1ea29aca","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":"c005c40c-b684-46bf-a162-d80c229cb4d4","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":"28dad1a3-fd87-4454-a4ac-6db2a70b814a","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":"5ee4980d-fc39-48d7-b029-ed386fb8b941","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":"51fc0e88-7de6-4864-a784-2fd04dd72eca","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":"29a4c371-c049-4b7c-850a-d211dfb5c36d","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":"39650c07-4315-4697-aa20-43ee22744f35","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":"9bf989b7-1f5f-45b1-9d6c-95b542e32eeb","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":"00f18ec5-68e0-4769-96cb-f1a2f60560ee","block_type":"box","text":"Liquidity Risk Management.","page_number":99,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"ba5277b3-a230-4813-b77f-c04beff1ec91","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":"ca2d1bc1-dbcb-4f33-bdd6-c95d89302b45","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":"9c82dca8-de43-4a89-8c7c-2c9ae0ce1a30","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":"e91a27ac-c995-4053-a220-e80b6f59f627","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":"d5ac6138-635e-4bb6-bb60-f5a037db3038","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":"d93b94e1-c826-4019-8427-e3225fc55536","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":"75ac4b39-9c1e-4a5c-9c77-54b34bdededf","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":"9076e0c7-80d1-4a03-bb7e-212976e31ba7","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":"cf2d1145-c566-4ad8-a01f-f1fea3acacf6","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":"fa8029c8-1676-46cd-9133-2a0cf3cc04ea","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":"7cc97d79-6608-4fce-a3a4-1165a99d36da","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":"06ac4dc4-c5e5-460d-a382-7ef37b78a4a0","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":"324e3513-e0eb-4b84-9470-30465e49db52","block_type":"box","text":"Master Limited Partnerships.","page_number":99,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"dee450d2-3290-4e29-9126-1e02414b1a34","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":"0b5f75c6-c330-4c2d-bbc6-e403b1a1238e","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":"3d9c8baf-b9c5-4e72-a4c9-cbe39c45fa32","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":"0dd89303-e8e3-4794-8974-d959b9c45cc4","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":"3fc9c875-f17d-4565-b1d0-b8536db2532a","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":"4afc0f33-9ef8-4dd7-81d1-47440cd70dfc","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":"6edd9f17-6d7d-4d06-9cdc-e24fa0d6ca34","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":"b2610fef-47d8-4f90-b6c0-951aaa6312ed","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":"478901b2-f27f-43a4-8db7-99583e0abb59","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":"32453c28-e470-46c0-b726-21e48294eafa","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":"8b54e9b0-6836-4dbc-aa94-9598a5405b41","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":"40bbf0e2-9af2-4174-afee-2fcf0b2a268e","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":"dab3c22d-3bc6-43cc-b1d2-97b2ea235860","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":"d0c68a62-22d0-44fc-a14f-ddf486dc63f5","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":"fa0ba244-7b18-4ba4-a6f8-a20f9448b5df","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":"d3f23b39-53ca-445f-aa1e-3ba60d6bc1cd","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":"e6ed2092-accb-4eec-9c04-9ee4d9de535e","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":"30583227-688e-4f41-aa54-24be6f67f316","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":"b8e396c8-4456-4805-a016-85eca57d85ae","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":"4ff6df4d-92d1-46ac-9ee5-171726b1d768","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":"5938d3c4-ae10-4868-ad52-bfdac745e558","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":"5c40b4a4-b856-4e81-8857-34dc88e0b075","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":"628aa350-fc12-4905-a9f9-4e5af88aec2f","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":"a44ac31c-71b5-46a9-a6e8-67c8244e80aa","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":"ca106d8f-309c-4eee-9276-e2ef5b756dbf","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":"03c44b78-9937-4f16-b64c-8ebb8dcb7614","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":"7d343a44-30ce-46c4-a275-a7895c5122ff","block_type":"box","text":"II-49","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6c05913c-5b63-4b44-97df-27e73e400fe2","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc60c4e1-109d-4864-be66-ab1c306ef5fe","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":"e6216ba0-e7e9-4536-87e5-b89b2c2e9a66","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":"66f05d74-13b1-4c4d-9080-fed7d28098e8","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":"8b1d3435-048a-4461-b513-d6f666da5df2","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":"e929ba01-5ec4-4df9-bd21-089b3199a807","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":"88e8c2bc-66f0-458b-8d40-3b485f4e280d","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":"adb1c2da-ea63-44f6-91be-5247c31d7073","block_type":"box","text":"Merger Transaction Risk.","page_number":100,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"4d3be247-4e5a-4f2d-b90b-3587265f9eb3","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":"888ee023-80f3-4858-bc80-672fa953b1aa","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":"8bf9cf5e-da63-4910-a137-9d139f762f55","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":"f7b080be-5962-4045-9f94-7050d3189c32","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":"2cde2e8b-ac0f-4ab3-ad73-3389f426dfb1","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":"128a8b2e-dedb-42f6-b40f-ebdc98fa2323","block_type":"box","text":"the Fund and may lose significant value.","page_number":100,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"35fe3778-8280-45b0-959a-078da50d3a74","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":"f977f116-d57e-4f95-8216-ddab498bc0b0","block_type":"box","text":"Cer tain","page_number":100,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"415daa1d-6cce-45d8-91ac-a1e66adcf10f","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":"0c98cbb8-8328-4d64-8a87-cfd1b0543ceb","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":"3765effa-ed9c-4601-91db-781243e668af","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":"1e23ec1b-18d5-4d9a-a337-f9f26d2c0a4c","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":"f971f0ea-569e-404e-8dc8-5a91486b3b2d","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":"7c02cb1d-26d2-4a9f-b054-97f0630492fb","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":"fbd9e3bb-835b-4a38-9830-76c7e44f7b03","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":"64ec30f3-3452-47d7-8c74-f67bc87d0016","block_type":"box","text":"branches of domestic banks.","page_number":100,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"0ddfa4c7-84fc-4d22-8bb2-657060c06108","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":"f64dc76d-9678-4c40-a7a1-2738c545e22e","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":"03597381-f63c-419b-b1db-eb5a9ac4d5b6","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":"6f0934e5-7590-465c-a3d5-69a4269244af","block_type":"box","text":"paper of a foreign issuer.","page_number":100,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"cd63ed9a-3294-41f2-b8f0-d9965b532896","block_type":"box","text":"Money Market Securities.","page_number":100,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"e1e632aa-5f3a-4a23-ae2e-beae50ce9c36","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":"a6314a9a-b189-49c9-9b8a-206bfba8ffff","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":"40688e93-25ca-40ab-b416-6f705c8a37e2","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":"a03005d4-7035-415b-aef4-00573ec06826","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":"33221d39-d477-49cb-a677-f5dd1d1d55f7","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":"15d308c8-bc75-4bb1-83b7-e93b0c442ec6","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":"3156f393-95c4-40cf-ba10-52edac44e1ed","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":"b8fa7300-a0c3-45af-b98b-56bbbdd640c5","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":"1c261620-26a2-4f0e-b011-66c81e5c4f91","block_type":"box","text":"agencies;","page_number":100,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"eb040edc-110b-4f31-b7c2-d0ea96de64e6","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":"74f8db0a-3a87-45c6-ab63-603c429440de","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":"eec5ee24-d666-44b2-aaaa-035ae02fea4a","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":"a537e649-6f82-445f-8b44-2379fcfb13da","block_type":"box","text":"obligations and credit card receivables);","page_number":100,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"f744cd49-a88d-44b9-9cc1-08b48200bf28","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":"38abbf42-7fdf-4c65-99ff-6c9d043ff217","block_type":"box","text":"authorities and related custodial receipts;","page_number":100,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"171ea7ff-03eb-47a2-8f18-6098840ee2e9","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":"3d977e4c-5ff4-4d07-87d1-62da76445aa1","block_type":"box","text":"agencies or authorities;","page_number":100,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"afdde03f-9f7f-4c69-841d-83a69c08c93c","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":"cbb24f7c-b654-4bb8-960d-85588dffd20f","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":"111071f4-6771-46af-a4b6-4faaf63da7a5","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":"1ae1330e-8b9d-4441-bb2e-ef4322cfcb77","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":"cf2376b2-e641-46b4-b929-67ed8af34d76","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":"2a923d21-ea8d-42e8-996d-7c66d1a3a071","block_type":"box","text":"States;","page_number":100,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"894747d7-8789-4983-8ba2-23c11d13c254","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":"14a56d08-07e6-4a47-9f8f-fc96b9b09fe5","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":"e3482c14-a71f-40c5-9ebc-19acd9d07aa5","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":"bee8e0d3-9224-4760-931c-04e70692d3f4","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":"d2afec50-a8cc-4b75-a2a6-c153bd1c616f","block_type":"box","text":"II-50","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"38f91b14-9723-4676-9780-a2c633f3cedd","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b952c37e-e372-4a9f-b34f-1f8eae225a02","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":"e48d6672-2280-4153-8feb-047fc95166bb","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":"70c2d088-c4b2-4956-9bb7-d05fc6509167","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":"7ac60417-22e3-4c81-8b75-f78cec279c10","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":"dc05f09d-2668-4f4c-a89b-973bf4b6ee6d","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":"f1634690-1104-4f94-addf-c112672e41e3","block_type":"box","text":"States.","page_number":101,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"1de20275-d7e3-4b4f-a49b-d8ba60c30a90","block_type":"box","text":"Mortgage-Related Securities.","page_number":101,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"2d89b6fb-5a2c-4e0e-ac8a-9cb6b0865bf4","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":101,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"978c1280-aa3e-4050-9d58-fe08bed69f0d","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":"40c7e42b-f2a6-41a7-93b3-abe0b4a48bdd","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":"4dfd1028-12a9-4102-aa61-a6868ce0f77b","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":"fd6a6e78-7aec-4772-a4f1-c90656cc0284","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":"72ffd185-1a27-491d-9e85-10202195386d","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":"69779448-c94a-40ea-97f8-947279547ccc","block_type":"box","text":"maturity or specified call dates.","page_number":101,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"f55085ce-ba7e-42a0-8473-c307fbc2a5e7","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":"918e6ee8-f19e-4027-95c5-8a8686b78e81","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":"1d46baf0-613c-427e-9fee-92756518ef43","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":"5e3c6477-ad72-4dbc-973e-909d99de992e","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":"431c01f2-9020-47e1-af7b-ffd27d479508","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":"f0e3e533-b1ee-4554-9529-edfe7f63bdc1","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":"0e3088eb-85c2-4d3c-9d3c-116bc21b7634","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":"feb465f1-2335-49ea-9784-9547e7680633","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":"e7225af4-4669-4a72-a055-1fc96de4a61d","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":"4b5e948e-104f-4c87-b0e6-666e6c853513","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":"bae09f53-0c7e-46ec-8c1b-e735db94b9dc","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":"8fc6d2bf-785e-4f87-961e-494546d0950f","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":"72d07350-864f-4958-8b93-4fb8dfa20140","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":"a3cd4b53-54f7-4d66-b09f-5e4b5784b73d","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":"16889b26-8d09-4ded-96d4-872f5c43bd3d","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":"1678de6a-80c5-4f7a-9408-05cdee761b10","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":"a2f72ec7-47cd-450a-96ef-a73329158d93","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":"af91ac8c-3f47-4e4a-afe5-1844ed285839","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":"7df23fd4-59f5-47e6-8b90-f4da67eb69d1","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":"447a9714-b8b8-42bf-9148-d5327fcb8a63","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":"4b3ee319-4d5c-4d35-9a34-69e49c0547ca","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":"8a9c3030-f4fa-4750-b59f-528d58ecc8d8","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":"de0eb7dd-b2d7-444b-8c29-e625c4501985","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":"cee29d9f-9d9b-40b4-8fd2-e834e705e353","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":"74006a1b-a862-436a-8682-1c0a72630d5e","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":"1629d08d-8b01-4b36-9b19-b7005e82aaec","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":"b0daad6e-4666-4873-970a-aefb5ead0961","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":"7f0b54db-47b7-4608-ab1c-eaff4bab8b7d","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":"6085f5d5-0328-4882-b698-e9d8495e3a64","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":"b19d229d-adeb-46cb-8baf-4212756d6afe","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":"668ce5b1-3fdf-4b18-8bd3-c9658a232d91","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":"03c35a54-d9ab-4b95-8f79-a5c13a847778","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":"8b88405b-7e46-4819-b8b5-5bf1ec44b189","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":"31484d88-185a-426e-a829-cee1f12f524b","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":"35f25bb1-ccd3-4306-af87-ce055e9c64c1","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":"1c49b57c-8b27-4bd8-ba5e-b99c2c3423ef","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":"fff6425c-5ec3-4cfb-b5d4-408c41132fac","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":"7e078585-45bb-4ba8-8503-ecc64838176b","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":"5cfe32a7-2529-4e74-ab06-404682794185","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":"1ae602f0-4f4d-43d6-b531-c35194facd66","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":"9ad75827-b395-4364-b522-d0f9cedc4eb1","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":"2ec4741d-8c74-4cac-8220-64de6f8e5267","block_type":"box","text":"II-51","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"495f033f-3163-4fc8-a707-45c213090605","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33dab6ce-a91c-43b9-b86d-13ee2d6c2e89","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":"e655cc7b-922b-4987-a696-14deed031816","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":"55209069-39f6-468a-a92a-f8dc319f98af","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":"97ded838-b1e2-496c-8f05-95fbc67ca758","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":"d917f993-3ddb-4032-9d35-61d29dfd5f8e","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":"956cf5b5-2853-4746-bd3d-91cb47524292","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":"d14e3e44-2707-4520-9bbf-7a02fec9e1b0","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":"dea827cf-3f07-477e-b7bf-2b8ec0b42c15","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":"b08a4121-f062-4ad0-94d2-bcb74a0cd1ea","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":"114a9ccd-e6f2-4da3-9a30-7248539665d8","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":"41dc7dd9-1d3d-4497-91f6-9dbe4288e009","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":"ff75f279-6109-4caf-bf19-4cedfb7063d7","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":"3e208f03-b6b6-45a2-9058-9aff8922e351","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":"11049e8e-fc24-4ad5-8497-7ca951178689","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":"2463baff-5c68-4d6f-83cf-9407197cdefb","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":"43364389-bdf8-4a53-8b8b-9e708451acf8","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":"7f05e06d-27e9-4951-a430-416567046fa3","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":"53ae2695-b6f1-4576-baea-0c68465e6df2","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":"9e6d1104-3dde-4c60-a1e8-4a629b1af23c","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":"9dbafa17-4e8f-47f9-b50a-5a2d729e7113","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":"791590af-43cd-49dc-997f-11b94f68b8b9","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":"036cdb37-0b03-45d1-bc43-ba75ae2e50e1","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":"4b0de5df-9434-4bc0-ab81-ecab6c869227","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":"88407552-0505-4463-b575-a5174b900329","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":"8924b3b9-d047-4e3d-8a49-2373b92aedca","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":"84766b7f-6ec0-48db-9080-dc52ddedc33c","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":"e9296ace-6ef0-48e2-ae3a-c21cd8209d58","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":"0d59fe82-f853-49db-8b7a-b15ba05689b8","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":"16d7c67c-161e-42ad-a4a2-ba7b4e6cc5a8","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":"f3165e4b-078c-4fec-8993-c114d5507b82","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":"4f447678-50c4-411f-8666-741ba46bc5bb","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":"70bddd96-8ab5-42fb-a136-fe293c3e31d7","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":"3e2aa2a7-e2cb-4271-aa3b-ebfbdc7a1c2b","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":"ba9777f3-31a8-4859-9969-51580decd322","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":"d1d3213d-989a-4c6d-a487-c5fffdd37a2d","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":"c68db6bd-dcca-4379-befd-be19696a1194","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":"f9f03e14-e351-4412-892b-3eda24da6d4d","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":"e7776a24-ea9a-4cb8-ba4c-f53719fece7e","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":"9d5f1d92-b388-4902-b0e7-efef7947b159","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":"0d2fe791-2372-433e-a56c-b77aff06f816","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":"afd2174a-e629-4651-9c21-ab88c3ab752a","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":"c3bbff4c-43cd-4fab-81f0-741ea2d3156b","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":"7e3ce403-57b7-4477-b7bb-dead7c747b8c","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":"4d5643e3-5a00-41d2-9356-65034e0582f2","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":"2b124e91-e7b1-408d-9cc3-7c10aec41647","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":"0ccf3ac1-de70-4e17-a63c-6b5767b71e1e","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":"0037e685-b131-4685-b320-83680546d514","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":"aae44315-debc-464e-8873-ec7639738f8d","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":"19d21fea-8e77-4866-aa17-944d6b4ee016","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":"fec7369c-df8b-4939-a513-d67ef7174b5c","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":"c864a8b5-e89e-46bf-af11-95a1e88afbe5","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":"2166ba44-c2ad-49f8-9953-c2fb00cce70d","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":"85f2717a-d7e2-4f3d-a10a-aedb52cd0b83","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":"2fd70aff-7119-4a40-a98a-7e3e28d5bd6f","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":102,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"2ee3913f-fc62-4034-ad4c-874e2924c0e0","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":"9ba6bb4b-6d99-4d7c-8142-20be5b52840c","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":"8283bd9b-e877-43e9-ae17-bd60ff3d98ce","block_type":"box","text":"II-52","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9222c773-6d81-4d7b-bfea-a8163ec3fd26","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bd4e3b8-8c6d-43db-b9df-2008afce3927","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":"3b57427e-add0-433b-b6df-c4a02838ee70","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":"38a2443e-6d4c-4d8a-ba0f-48f1b812cbd5","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":"383c9a3e-9044-4bda-a658-9176b7299ed1","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":"0eb37c67-42a7-475f-a9f9-17435f298173","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":"0aaae569-3b2d-43d0-b4ba-d01bdf3550e8","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":"692681af-357e-4a43-8ecd-159ecbf5668b","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":"5b582eea-1121-4266-9c6f-0e129db6eb20","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":"4bc89553-a1b2-4c18-8329-15a2cf5ce94a","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":"b91d4c4d-2c0b-469a-99df-720ab25c1160","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":"893ce769-3c32-4b76-9345-c5ecb9f434ca","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":"544b83d9-1416-4cea-ad83-ea7f96e14553","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":"a5e780a4-2d85-4fe9-92c4-90b80c0107ab","block_type":"box","text":"of principal because of the sequential payments.","page_number":103,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"897a9637-5378-4c2c-944c-deaefd714cd1","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":"cc193eff-2a42-46ea-9c48-5a39bf7876d5","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":"4f152561-38bd-425f-81f5-82c334c84e47","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":"761ff325-5e97-4b0d-82e6-8aee968bc88e","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":"ccf57da3-e7d6-4047-bbf6-8a693c6376ff","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":"4344d3ee-1a50-46a8-8d6b-f2c6b1fcd624","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":"0e0db68a-761b-45aa-837f-27d00ae9bc1b","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":"8f7c0723-a800-4eea-92ef-756e8158d204","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":"48f27cab-c33e-4502-a552-d2f4bb2c49a7","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":"002a3e88-ab95-4d68-b867-18b2a2c5d26d","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":"26cc0613-3186-4b7f-bf47-da46fc896ee0","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":"09c2671b-f34b-43a9-9c4e-2c0cc98dd3e5","block_type":"box","text":"securities of any single such entity.","page_number":103,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"eae58d75-b288-43df-8998-19efcda88248","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":"038fa1c5-de89-4c29-a167-d35472db5905","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":"ee1c0370-20f9-4edc-ab22-dea5894e3afb","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":"55fced35-7e42-4567-824b-97b337c40134","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":"932c2ffd-b4d9-45dc-a57c-aedf18c3603a","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":"b3b31f15-6027-42b9-bd0f-153194ccc3d3","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":"fc19d664-e3c0-4bf9-ad8e-5cf491f3bba1","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":"59bd4c1f-688f-43df-9c99-febe2bbff5de","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":"5ff90206-fa60-4251-8ddf-3dcb336db9c6","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":"6d423b90-99a7-45dd-8969-cb4c76ce4222","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":"d9685612-8fc7-4c6d-9061-5fe5f25bb3fb","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":"7164c84f-0911-4764-b316-e90bfa007873","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":"f8496627-1fe5-47ca-a742-c7787c9c333c","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":"038bb15a-e6da-4b7b-b19a-ed03ee9ac5d4","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":"de7b2a8f-8d3b-4e73-a5fb-7f960778e98b","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":"3ae288ce-f6ca-49df-ad83-a097e8314724","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":"4a5f6c5a-c0af-404e-9970-d3f7be233947","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":"a818bd97-c620-43bd-b8c0-74dd648f5fe7","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":"9761935e-6266-4953-8f0b-ce33014fae48","block_type":"box","text":"classes.","page_number":103,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"0f0f314e-0b61-4b91-ab1c-daeae049819c","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":"d0543dd7-c574-44f7-9e11-fd649937fded","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":"c0231875-ff1f-4889-9a2d-e8ef85a576c6","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":"433ea08d-4f42-4dc3-aefb-acc58eb4d5e9","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":"c58cf1a8-873f-45a1-b823-1b276556c2a7","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":"b9f5dcd1-9e05-46b7-9ae4-9a7681068155","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":"166cb6a2-077b-4f60-9ba0-635f3ceabc00","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":103,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"9796fc84-99c5-46f0-a3d6-6cdab64b1956","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":"ad435f4d-8d7d-4fac-a158-e2fb750f3b26","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":"a1af382e-3008-43db-96a7-77158a8eca9b","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":"52fabfba-36ae-4b80-a44c-3706c4a9c7e7","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":"568bc744-010e-49a8-93ba-541a30747b12","block_type":"box","text":"to a designated benchmark index.","page_number":103,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"62cd5790-23dd-4c9e-a284-71dc08a36c02","block_type":"box","text":"II-53","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0957c15e-a226-46b6-b205-b5861df0a2af","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9424dfeb-5693-42e3-a1cf-9e72a76f5e43","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":"ecd756a2-0dd1-4041-8334-ddbfbb87b6b9","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":"6d58ec21-72e3-412f-89a1-526945fe4c3c","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":"667ff87e-f3b6-4b5c-b4d3-715c15ed6c1d","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":"7a9ad689-52c4-4d7f-827d-2b849b7a94bd","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":"d243fc51-1ae8-4f2c-9434-e680a7ea9fb1","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":"6316e5b9-0beb-45ef-948a-3383777b5fc3","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":"26b62ee8-5ec4-48c9-af1b-30f1d7e71fc9","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":"636febef-bee8-4378-81d7-8d38d342a155","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":"25303282-0e02-4c8f-a935-6f6cb5d420f9","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":"aca14259-8899-4920-9035-86e8c47f4903","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":"4dc4f38f-d259-43d6-999c-69828b1154b4","block_type":"box","text":"CMO Residuals.","page_number":104,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"8571501c-2686-41c5-9fdf-c7187a794be9","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":"4c0d3fec-8558-4f85-9fa3-23e97a469f8f","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":"0a46c8ad-2b8f-4f73-85dc-3d099b7d674c","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":"d0fce7f2-6258-4792-b161-cbb9a110fd5c","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":"d4f39012-c576-4445-b911-e5fd8bcfd069","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":104,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"b06268eb-e2ab-4c08-845f-3d7ae7f869a3","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":104,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"762fec0c-2b2f-4656-822a-8cecb9958be9","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":104,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"092e9fd2-ad95-4b5d-b4fb-daf17e3bb345","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":104,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"a4b39c5a-e1d6-4b3d-9594-557f54ac552e","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":104,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"1230e3ad-aa72-4175-904e-d69e78cc8379","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":104,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"aebfeed4-c21b-4ece-8d94-273a4371be49","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":104,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"a7a0dd96-9a08-42b5-a57e-8716156d85bd","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":104,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"55724a11-7d09-455c-9dd1-13a6991b270b","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":104,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"6667a4d1-9e21-4d89-a5ac-f673e8beb625","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":104,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"1220dbe0-fb39-40e0-88e3-3b041ba1f250","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":104,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"7bdbd58b-a917-449c-8099-9ec080bd6760","block_type":"box","text":"a CMO residual.","page_number":104,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"f5950a07-2f17-4c18-8755-8b27eac79dd9","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":476,"width":758,"height":11}},{"id":"7cf337ed-9279-415e-9529-cf109b4025d2","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":491,"width":827,"height":11}},{"id":"bc29f4b6-98dc-402f-a178-6a2c2e47b2a0","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":506,"width":769,"height":11}},{"id":"8cf270dd-4f23-449d-ae95-ac8c3d979aa2","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":521,"width":825,"height":11}},{"id":"92bb4ba4-fa77-4121-ab7b-1342a423a0f6","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":536,"width":820,"height":11}},{"id":"3f669108-2e75-4d10-a07b-6a690c7abf2b","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":551,"width":650,"height":11}},{"id":"3d795217-79b3-4931-9ef4-2c65aaf32f3a","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":104,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"6c277ec8-92b1-4474-b7c5-29aeb7d17590","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":104,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"009d7e25-1a77-4aca-8c9e-427632248fd7","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":589,"width":798,"height":11}},{"id":"30745c32-34cf-4f6d-be17-312999a6a796","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":604,"width":826,"height":11}},{"id":"0d5753ef-f9f0-4e26-a173-4dac3c82fbed","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":619,"width":832,"height":11}},{"id":"c9b95d60-2652-45fe-9bc6-e272f5f9783a","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":634,"width":821,"height":12}},{"id":"144efb9d-0ffd-4878-9c53-2dc15bd1176e","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":649,"width":826,"height":12}},{"id":"c22075af-d875-4b1a-8718-6df26d9c89e3","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":664,"width":822,"height":11}},{"id":"88d7bb0d-64b6-47ea-9391-38042ca3f349","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":680,"width":834,"height":11}},{"id":"1d1d9800-9e85-40e7-a6bc-9465008be349","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":695,"width":800,"height":11}},{"id":"7fde7438-8465-4114-b47e-520e8c7d076c","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":710,"width":786,"height":11}},{"id":"0127e280-a0c7-4876-bed4-3578fc79d4e0","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":725,"width":823,"height":11}},{"id":"106f5b35-4dc6-495b-9d08-c7af633eb08e","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":740,"width":832,"height":11}},{"id":"43865a34-0e3d-4bde-ad1d-33f5493f457f","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":755,"width":824,"height":11}},{"id":"c97895ad-872d-4a58-8bc4-cd9435e04269","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":770,"width":800,"height":11}},{"id":"927e40f3-7f21-4e95-be17-4fa6a18bb1c9","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":785,"width":818,"height":12}},{"id":"8321e6b6-c788-4b58-811d-5a7c3380a63a","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":801,"width":840,"height":11}},{"id":"a43481b2-9966-41ff-9256-455ef6eb6633","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":816,"width":802,"height":11}},{"id":"7d3b4764-518a-484b-aaa1-3bd28151868e","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":831,"width":805,"height":11}},{"id":"ec7d60fc-c6b8-418c-8d3c-843ea1f06342","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":846,"width":814,"height":11}},{"id":"823f4527-7c11-4b20-bfae-80c8d220e97f","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":861,"width":683,"height":11}},{"id":"5edeeb5c-38ec-4288-be79-850025c9ae63","block_type":"box","text":"Tiered Index Bonds.","page_number":104,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"c9c60a6d-3f14-4b06-b587-76f7100951f1","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":884,"width":638,"height":11}},{"id":"0c01f5d5-200a-443d-9141-9d8114d75779","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":899,"width":825,"height":11}},{"id":"d11e0403-574d-4d14-8e41-23ef3c7d1429","block_type":"box","text":"II-54","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"19d95877-5867-49b4-b982-ddf67110f8c3","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09854e1e-101a-4f71-87eb-9dd141d1a968","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":105,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"e4f0cdc3-b803-4c18-84e9-635b090e0cec","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":60,"width":738,"height":10}},{"id":"7d638e40-838c-49ce-b981-667a96a0447d","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":75,"width":828,"height":11}},{"id":"f0725b34-b298-45fa-b0f7-663df8e38add","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":90,"width":836,"height":11}},{"id":"b5f03e06-b159-4aeb-96f3-90eab8b20d95","block_type":"box","text":"that of a fixed-rate bond.","page_number":105,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"059df388-9583-4185-b784-b539576b8d4c","block_type":"box","text":"TBA Commitments.","page_number":105,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"2aaeb68b-6b13-4f42-9a35-fe75fed6d5a8","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":128,"width":653,"height":11}},{"id":"b7f52b13-dcdb-45c0-bb2a-6edef36a5ac6","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":143,"width":834,"height":11}},{"id":"968abe0b-4ef2-4b79-9a29-c5ff32bdfb88","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":158,"width":825,"height":11}},{"id":"03b223dd-4fc2-4656-baf9-247acee0f26e","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":173,"width":793,"height":11}},{"id":"5e414736-f0ec-4f78-8466-2d93a3b914f9","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":188,"width":833,"height":12}},{"id":"3d8e3092-eaf7-4e67-91da-f01ec9a52b3c","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":203,"width":804,"height":12}},{"id":"74b1a232-c239-4cb3-bc68-f8a3db9dbb07","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":218,"width":779,"height":12}},{"id":"3a4ab778-b999-4099-a5a5-f46f8b1510df","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":234,"width":810,"height":11}},{"id":"135ea87c-354a-43aa-837e-cec3718c1d44","block_type":"box","text":"below.","page_number":105,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"e9094305-6d3b-43c6-8c30-07490f11a75f","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":105,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"9fe71985-d3f9-40ad-8647-e6c3d88261ae","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":272,"width":634,"height":11}},{"id":"fc371eb8-9e71-4971-ae17-220cd737956e","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":286,"width":825,"height":12}},{"id":"9627918b-7a61-4e8a-8770-a61927dd7e1d","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":302,"width":805,"height":11}},{"id":"f8bfa8ba-8a55-4b88-9eea-11a5f8765af5","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":317,"width":817,"height":11}},{"id":"63bd1fb9-2f5f-4ae4-bdce-07a2d31b84d3","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":332,"width":820,"height":11}},{"id":"624670cc-b687-4190-ab11-7c0275a9eccd","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":347,"width":827,"height":11}},{"id":"8d26d823-33ee-4c3c-b45d-adfffe58e297","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":362,"width":806,"height":11}},{"id":"df645252-2a57-44c4-9919-c75b42875869","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":377,"width":833,"height":12}},{"id":"94571dbf-4f1e-492b-a9ee-52affea55449","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":392,"width":836,"height":11}},{"id":"b592ed5c-be08-49c0-a946-ee983ca686d5","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":407,"width":607,"height":11}},{"id":"2acc1889-b4ae-41ff-95fa-31a8163e0fd4","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":430,"width":744,"height":11}},{"id":"71b32504-688a-4068-a4ca-0c6c6679ebc3","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":445,"width":796,"height":12}},{"id":"ac01e588-8ba7-4a7c-b960-c113500d0deb","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":105,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"098e2756-3dce-4aee-a858-332cda7563ee","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":483,"width":795,"height":11}},{"id":"91748656-a1eb-464c-9b15-2cd07e5733e4","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":498,"width":824,"height":11}},{"id":"f14705ac-6f74-46e6-82b7-b028243fcf85","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":513,"width":774,"height":12}},{"id":"9e3d0132-62c0-4afb-b088-c7d980255ad1","block_type":"box","text":"securities in the forward transaction.","page_number":105,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"6449b49e-4105-4292-b180-284e441c6109","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":551,"width":785,"height":11}},{"id":"de9bca38-c44a-4213-a0c8-d275297a6851","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":566,"width":812,"height":11}},{"id":"667da6ca-5375-4efc-ae6f-ba44da157837","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":581,"width":824,"height":11}},{"id":"a69c324f-8d4c-4d51-9205-ea28da3b9b54","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":596,"width":824,"height":12}},{"id":"f88ee6c1-9959-4901-a101-9b968875c5dc","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":612,"width":828,"height":11}},{"id":"19238e66-dc77-4cfd-9d65-ed37f12c8cc0","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":105,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"db6b3d7d-41fc-47b7-b2c1-9013160018ab","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":649,"width":759,"height":12}},{"id":"1ba36e55-c559-45b2-9418-649eda08ba40","block_type":"box","text":"securities (","page_number":105,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"05ed9aa1-1e3b-448f-8add-f44ced762111","block_type":"box","text":"e.g.","page_number":105,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"17dc60f7-52d3-4013-a73f-13fe39993f06","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":105,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"d3b1c6ac-a709-492f-82de-71cd3f3c6902","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":680,"width":813,"height":11}},{"id":"bf0032c9-0226-433d-964c-a7f9223efb08","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":695,"width":783,"height":11}},{"id":"202485ce-328d-42b1-859c-565beb8ac8a9","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":710,"width":832,"height":11}},{"id":"63bea9c9-1451-4d8e-ae6f-473fb2c78c71","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":725,"width":830,"height":11}},{"id":"a4287a71-d575-4ad6-bacc-3ffd511c306e","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":740,"width":788,"height":11}},{"id":"18234395-db34-4998-9474-d862fb94e78a","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":105,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"f6357b62-7394-408e-bf2f-414ee6a2055a","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":105,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"48f2961c-e97b-41ec-bfae-38083ba50759","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":105,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"8d81b5bf-bbf4-46e8-8d89-5a8dd26368b1","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":793,"width":768,"height":11}},{"id":"c9f33e46-fb11-4234-9099-79c7044eef69","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":808,"width":836,"height":11}},{"id":"885f7e9d-a16e-4579-91e9-0a18d6ef6e20","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":823,"width":760,"height":12}},{"id":"ed185b55-b752-415e-a7dd-34ef6080f2f8","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":839,"width":832,"height":11}},{"id":"8f39f463-3e30-407e-aeed-d13da7f32a70","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":853,"width":810,"height":12}},{"id":"fbd6ad18-87df-4003-a9a9-6d97c9135eca","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":869,"width":764,"height":11}},{"id":"b9fdfa9a-d840-4fb8-8217-361416cad122","block_type":"box","text":"Municipal Investments.","page_number":105,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"9e06ce94-861f-48c0-8952-219e7fd5d3e8","block_type":"box","text":"II-55","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"03c9410e-25fc-4483-add9-f393db3c2a02","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"16fcbe4f-d10e-4968-8267-937f22b514a2","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":"afc23064-42d3-42c9-a3e8-a8cae29a5baa","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":"2c75eb89-ad6c-4b31-ade0-6f1d18db29d5","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":"1e776e28-098f-4248-a35e-1e3195f88a3f","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":"22ac4d0e-eeb1-4cd3-9be8-fd0104f2c07b","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":"6fbf90ec-a79e-482a-9ffe-cd6cfc827ccd","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":"859158f7-632d-40ef-8a0b-80f9e600cc89","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":"36df440e-5117-4c98-8960-0cd74e2c09bd","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":"89accc0d-02bb-4963-9488-bf2d8d1624dc","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":"805d1f00-57b2-4368-9dde-d396f15c44f8","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":"3da0a668-90d6-4187-9d21-cc1220704c41","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":"726c501b-6d5d-4978-9042-be599d535b67","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":"7082b316-7b6c-4d28-87db-19c59848e7b4","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":"1d879e31-cff9-4bf7-bcb3-bf0f2e781ad5","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":"a4cbc361-7b51-4810-9d99-0f99db00679b","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":"229adf61-9d16-4239-8931-0d8f6c65916b","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":"9a60cec3-33d0-4c99-a624-121c03d05538","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":"50ed1935-266d-49c1-ae48-edc4471aa88c","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":"429a0724-3c13-47ff-b83a-2d8a997f3d64","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":"3c36560e-1826-470f-8aeb-07b5db37d3ab","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":"bd6f8ea8-c3a0-4e58-8e36-77c0fa58b9f0","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":"0df611ac-c1c6-45e8-bddb-78cd893907f6","block_type":"box","text":"The risks and special considerations","page_number":106,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"1e0d1cff-4e71-47fa-9b3f-af418f714189","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":"b61ab8b6-70f2-4aa8-8992-6c623fc75597","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":"ba0bb486-0210-4809-a084-dcb30de5df1e","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":"8999dc37-7bfd-4fe1-b9dd-7178e539874b","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":"308363e0-06dd-400e-846b-cd8896557593","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":"b8e03f88-f67f-4d54-b898-a328955f2686","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":"be4f268d-c3b5-4938-8efd-26d201520b65","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":"a118f780-81b7-4065-8c53-d60b695dda23","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":"df3becf4-70ac-4b0e-a3ab-93a3353936e2","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":"c4727f80-f432-486e-94d1-4fea96026ea5","block_type":"box","text":"II-56","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"046d32a4-db17-469f-913b-943e67dfc004","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a3d9b90c-56c3-4833-a489-86d4f2748d83","block_type":"box","text":"Description of Municipal Bonds.","page_number":107,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"f72523bd-afd7-4db8-ae36-8df270764ff7","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":107,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"37c0bb57-e0ad-4c19-9f97-eec3d2d8da28","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":107,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"74f2c787-c873-43fa-8098-7806787e1aad","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":107,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"502ddd15-ceb6-447e-ac4c-ac93e62c0cd3","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":107,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"29cd22b2-60f7-4866-9eda-709c51c829d1","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":107,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"9d0b98a3-8630-4ed2-af89-3acd885fb4c0","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":107,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"800d6d8b-ab7c-4287-aac7-8a7f2a44ffb5","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":107,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"554fcd22-4af0-4eac-bb9e-88fc6bda258b","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":107,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"9bcbed7f-6ff3-41a0-afc7-8e35ed511192","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":107,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"0b823d0a-5f60-4d35-92fd-d2c84b27b661","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":107,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"623f868c-ae6f-4d38-bdfa-c922d7709707","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":107,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"c8cc3f30-c3c1-4524-bf00-a50d6b17edc6","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":107,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"d823d99f-d056-41bf-9689-e448b59d81f5","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":107,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"89cd2c38-01ff-4a8c-98e6-c4f57772e6ed","block_type":"box","text":"General Obligation Bonds.","page_number":107,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"e1c5458b-b8cf-410e-b642-2ecd3ece65f7","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":107,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"de3e6d78-2395-42a3-b624-6785a9451a7b","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":107,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"e5ef5cf2-65da-45aa-b9de-e94d477a85e0","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":107,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"f1133b11-bb1e-4859-b64e-22d3ceb13b9f","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":107,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"22a30877-c125-40ed-bfc9-18452222072e","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":107,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"23331981-9404-4ddb-9d58-16c533dba989","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":107,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"03391377-0d63-4711-987b-9b9ef67f4ccf","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":107,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"e871a964-15fe-4a98-bcb5-10dbdb51c841","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":107,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"b182ddc0-971a-4bce-a467-3b9e8781c529","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":107,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"429f0738-cf34-457a-9a35-a96cc927cdfb","block_type":"box","text":"Revenue Bonds.","page_number":107,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"03d6c3f7-2ecf-448f-8609-ed6fc98aaacb","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":107,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"0f90f270-1180-4e75-8074-8a653177f512","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":107,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"859f3ca4-838f-412d-8843-07ed5b605a81","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":445,"width":824,"height":12}},{"id":"1cbf6f13-5555-4f32-adf8-382e04e81670","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":460,"width":798,"height":12}},{"id":"d6fde5bf-7386-4d9d-91c4-098240f116e4","block_type":"box","text":"viability of such facility or such revenue source.","page_number":107,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"3d5229c6-2ca8-4fd6-be07-8032d2137ac9","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":498,"width":801,"height":11}},{"id":"eb009bb9-f960-4923-baae-4af8b17ab21f","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":514,"width":800,"height":11}},{"id":"e00ad3a5-be59-4bc0-bd70-c6bb5eb82a9c","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":528,"width":810,"height":12}},{"id":"f691e078-24d2-473a-8a4e-87a0d0b11ae1","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":543,"width":830,"height":12}},{"id":"cd5d263f-c6da-460b-9323-72bde96b3dca","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":559,"width":828,"height":11}},{"id":"15837803-5641-4f00-a0c1-cb25f2bcce7d","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":574,"width":804,"height":11}},{"id":"f9774336-92b7-4993-bcf7-6f74a1212990","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":589,"width":830,"height":11}},{"id":"776fa4e8-0f2a-4d7a-9225-429a2a5eae16","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":107,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"9083dabb-8206-4554-a9c0-4d62c44a4b99","block_type":"box","text":"PABs.","page_number":107,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"7bca3f5d-cf89-4493-bcf8-c11a4412e7c6","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":627,"width":730,"height":11}},{"id":"c1b4522e-3d72-45e1-95a1-f424ed96ee2f","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":642,"width":755,"height":11}},{"id":"45b5c942-f319-4138-ac4c-149b02e1cdf0","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":657,"width":797,"height":11}},{"id":"6b63fc34-0045-4d80-b173-39e1c6fb9dfe","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":672,"width":793,"height":11}},{"id":"35cb1fe4-e7b2-4cb3-b3c2-9bef47a28303","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":687,"width":840,"height":11}},{"id":"6e9142c6-89d9-498d-8120-7131adf873e6","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":702,"width":789,"height":12}},{"id":"683d9211-0bd4-4bbb-8697-38fb77e16f95","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":717,"width":832,"height":12}},{"id":"c4f77a16-b1a5-4c4e-b6df-0be70fc49216","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":732,"width":802,"height":12}},{"id":"71f342f3-e671-4bb8-9909-1c41a48f1f0e","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":748,"width":819,"height":11}},{"id":"1a2a57d5-ff9c-4ba6-9e47-ee0f8008f04d","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":763,"width":816,"height":11}},{"id":"2524b83e-c6fb-4c25-bc4c-00d84f8da706","block_type":"box","text":"the par ticular facility being financed.","page_number":107,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"4736708d-2777-4abb-83d7-037f2b4e38e4","block_type":"box","text":"Moral Obligation Bonds.","page_number":107,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"70eaa850-b886-4cc0-988c-3de41424ecf4","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":107,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"4a91f5e9-90ed-4ef4-8f70-3d83486e4418","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":816,"width":809,"height":11}},{"id":"4b6ed94a-1e5b-4b6e-aba3-639723af2c5a","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":831,"width":816,"height":11}},{"id":"346d727a-8ca3-40f1-9212-4ef07479c50d","block_type":"box","text":"that issued the bonds.","page_number":107,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"7f622694-469d-4a05-93bb-0b379aa49108","block_type":"box","text":"Municipal Notes.","page_number":107,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"3c2568a6-b567-4fc5-83c2-1a2bacad2e87","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":869,"width":683,"height":11}},{"id":"55d341d0-2440-4bf9-b11d-d62d75e39af4","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":884,"width":807,"height":11}},{"id":"57b4cf1b-1b9f-4b31-9217-954a2ee237b3","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":899,"width":739,"height":11}},{"id":"77bafae8-191a-4ede-8269-9b667cda76f9","block_type":"box","text":"II-57","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a3f629be-eb8f-463e-a99d-01cea6eb31ff","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1102d7d7-ac08-42a1-871f-05e06ea2081d","block_type":"box","text":"Municipal Commercial Paper.","page_number":108,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"2fcb1d38-1351-4559-aa9f-462b63a24608","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":108,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"3d6f177b-7e1f-4820-ba81-e65dd1060b2e","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":108,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"192de8b0-6165-4b09-9c7a-ff0774d9e25f","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":108,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"bf4877e8-3fcf-4188-960d-b89e9f8bbae3","block_type":"box","text":"Municipal Lease Obligations.","page_number":108,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"5c9c08ef-2190-4f0b-8582-a0c5f9015140","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":108,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"c7fccaea-3113-4261-b235-829d965bd52b","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":108,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"4ad0eb42-b2c4-4b3c-99b2-ca9133563058","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":108,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"bbd4f845-e928-4470-b5a2-e3ab354d5f51","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":108,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"b33f986e-90b2-4f00-9e58-e79d11e72333","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":108,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"b8ffe6c7-fb04-4b34-8553-143b6a6b04c3","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":108,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"4bc8d5ce-e5fc-4978-b64c-ad5d244c0153","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":108,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"34afe9a1-fb9a-4d0a-9ca8-f61e27a6ae2e","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":108,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"13521abc-bb63-4641-88f6-cb75f3db1882","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":108,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"d1b85463-3cc5-4fc0-8233-e50c21f46509","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":108,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"c8183737-91ba-49e6-8b92-8598251b41a7","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":108,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"85a22a52-b27a-4420-8be0-204484b93aee","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":108,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"5c60e921-fbe8-491c-987d-60ae492e820b","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":108,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"9e8c72c9-af35-4d88-b078-80f85bb67511","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":108,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"7b34521e-aad1-4d44-828b-2a3ba87b758a","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":108,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"c5def37b-c388-4f93-bbe6-6f7382c7dd54","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":108,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"d265a630-581f-4c65-875d-031e5f1a6e3d","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":108,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"ef7b4084-c966-4650-bfdc-82f23f4f9f99","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":108,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"3795b8f0-39bb-4356-99e3-3cf279e7bc4c","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":108,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"b79c8c00-1130-48cf-abe1-39c4e4afa39b","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":108,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"54f48afe-411c-4524-b59e-39243faff3ae","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":108,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"c0a1a72a-e713-488b-ba05-1ff501b9e193","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":108,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"4f0a8c69-5c18-4e89-a75a-382e882865b5","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":438,"width":829,"height":11}},{"id":"07c4771f-a30f-474c-8c9c-6a7c70f2413d","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":453,"width":793,"height":11}},{"id":"b47a7d8e-f6aa-44a6-9e44-e8299aaf6740","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":468,"width":810,"height":11}},{"id":"75dc4b25-5131-4b1e-9261-bba71da79ec4","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":483,"width":820,"height":11}},{"id":"fa023f62-c812-4e4a-9514-534f0f53925f","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":498,"width":790,"height":11}},{"id":"ceb09a0e-a28c-4901-92ec-fc84757219fb","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":513,"width":574,"height":11}},{"id":"b76c55ca-d4ca-4bb5-ae5e-58e611286c44","block_type":"box","text":"Tender Option Bonds.","page_number":108,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"37b6ee75-595a-48c0-8a91-312f235142d2","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":536,"width":613,"height":11}},{"id":"860e0fda-8438-4f52-846d-42a49b681fb0","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":551,"width":796,"height":11}},{"id":"72099e2d-5c89-426d-ae24-cc28f2d973e8","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":566,"width":834,"height":11}},{"id":"e122190d-8f81-4313-901a-2d06d3860ed3","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":581,"width":807,"height":11}},{"id":"9b42812d-0f19-4037-af91-87cfc515987c","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":596,"width":836,"height":12}},{"id":"1cc3417e-daf8-4d6f-b784-aa308040975a","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":612,"width":814,"height":11}},{"id":"f3b205eb-4c40-46fc-ad77-ce94008a89d2","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":627,"width":598,"height":11}},{"id":"3a6adf3f-a472-486d-9227-da23861954a3","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":649,"width":751,"height":12}},{"id":"f4d6c1cd-6bf9-4ab9-b212-e3462ad24e7c","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":664,"width":786,"height":12}},{"id":"9d8bf206-d657-49c3-a5b6-32b3fa476c57","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":680,"width":813,"height":11}},{"id":"88f86306-4ad5-45e2-a8ce-bbb91c33285e","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":695,"width":799,"height":11}},{"id":"abfc86f5-95dc-4352-97bf-8b648bb87d89","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":710,"width":830,"height":11}},{"id":"ee7a7c88-32a3-4728-acfc-8e9c5beed6ca","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":725,"width":828,"height":11}},{"id":"0c0bf9c8-f91c-4c4c-80c4-f1903e3dd0c7","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":740,"width":826,"height":11}},{"id":"d9403e34-f35d-4946-981f-71c8b95eec9c","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":755,"width":768,"height":11}},{"id":"e3dc0b21-6d48-4882-aa7a-b98c75005349","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":770,"width":825,"height":11}},{"id":"302e2f8f-4327-4f8c-ac6b-e962acc90346","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":786,"width":764,"height":11}},{"id":"a63df578-7238-4509-8305-c3958f412052","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":801,"width":838,"height":11}},{"id":"9bcb4b90-f377-44a0-b187-ad7beed8ed15","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":816,"width":810,"height":11}},{"id":"312e7846-1b8a-4590-86a7-0945066535e6","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":831,"width":704,"height":11}},{"id":"dbb357cb-f47d-4bb4-80b6-90314fd05e02","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":853,"width":804,"height":12}},{"id":"28fb6d27-3da1-4d1b-82aa-0008acd86227","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":869,"width":805,"height":11}},{"id":"ec62f31b-391f-4f4f-a76f-c6dde9430489","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":884,"width":752,"height":11}},{"id":"2641077e-06db-4f27-8f47-3a02cf5d7fe6","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":108,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"c8fdad6d-2e4c-4ee2-92ff-f1544729688b","block_type":"box","text":"II-58","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"421fdcc1-9dce-46d2-9380-26d5dd305341","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3c17326-1995-4d96-a293-f9f79d9b091d","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":109,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"b113adc6-2fc9-487c-8287-f5259ec220c4","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":109,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"f7c0f090-bdc7-46e2-9878-4bf2c623955b","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":109,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"634b18e3-d6da-47dc-a7eb-523e737f207a","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":109,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"2d22073d-12a1-4a44-a8b2-634c38a95bd2","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":109,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"188f7c96-845b-46be-90f0-b4b83867c64a","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":109,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"f6380837-2342-4721-a775-4610311eb76a","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":109,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"49b83743-ebdd-4339-8167-4c67c2b81a00","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":109,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"76e351ea-6929-47f0-8e1b-1bf75746115b","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":109,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"81c3ba96-abe4-40dd-9104-8f0281f8025b","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":109,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"6f9719d2-97fb-403a-acd5-9cac9a51eba1","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":109,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"8cc70755-437e-4e98-bf6c-cea11c22cffd","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":109,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"08648fe7-5929-4132-8b25-9a37942e0704","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":109,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"4d27dc12-83e1-403c-a2b2-339229226db2","block_type":"box","text":"issues.","page_number":109,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"dd710bf3-c4d0-4b73-bde7-c84f342939e4","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":109,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"a0b04a15-ecec-43e7-b81e-2f0bddcb1499","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":109,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"d7c78799-362e-46cc-afe4-a70af771c9bf","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":109,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"9e168ff6-4eba-4f37-aba8-23805733d96f","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":109,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"534e1004-86d4-4deb-ab1c-0b4a26dc2b33","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":109,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"978d46db-9469-463e-845d-2dfe2dc4fa3a","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":109,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"02373fe6-e2ed-4da5-b0a8-200fbd84a245","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":109,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"b46eb338-53be-4959-8a86-e4845fd9ee10","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":109,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"7d80a420-80bc-4988-bdc1-24d057e2c9c8","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":109,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"54809308-6a6e-435b-a09b-ad55c4a104ea","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":109,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"22d1a39c-9012-47f9-80e0-b62e2754b7a0","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":430,"width":831,"height":11}},{"id":"3dad534c-d9e4-483b-b6b9-42df919762d3","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":445,"width":823,"height":12}},{"id":"757dcb78-aff2-4cd7-b247-fc921286ca2c","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":460,"width":839,"height":12}},{"id":"da3bc070-3d9d-46f2-957e-47142373c008","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":109,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"7798a473-15df-4d08-beeb-6e07ecc59ca5","block_type":"box","text":"i.e.","page_number":109,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"b20e548b-70a3-450e-be6b-a75f8f5fb7ef","block_type":"box","text":", the Fund). In contrast, in the","page_number":109,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"b063e94e-b89a-49f0-a57d-ef9b98006b43","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":491,"width":822,"height":11}},{"id":"2c718840-e766-4e6c-8953-33b677e36f94","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":109,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"c985119b-173d-4d59-b8bf-d2d8cbcb8a39","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":529,"width":797,"height":11}},{"id":"9325a251-3226-41b5-9fc8-81bf1023345f","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":543,"width":815,"height":12}},{"id":"585eceb3-331a-4716-9aa4-1250bc7ac1a2","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":559,"width":828,"height":11}},{"id":"8b32a772-b59e-4396-b1ee-891df9891479","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":574,"width":828,"height":11}},{"id":"c3f72014-de24-4979-babb-df80c292084e","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":589,"width":815,"height":11}},{"id":"1119595f-44aa-4f2c-8ba4-b0f378e0e91c","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":109,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"e4454a03-706a-4fb5-8958-a69a3de9ce56","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":627,"width":772,"height":11}},{"id":"0c62cfef-88cb-4909-b555-ed0d967822b5","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":642,"width":831,"height":11}},{"id":"7f94da28-9ba6-4e6e-8081-70e794e19200","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":657,"width":785,"height":11}},{"id":"2f1b7069-04cd-4841-80a2-437388ce19d6","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":672,"width":831,"height":11}},{"id":"27700131-3923-4eb6-99d9-61d6dd53202d","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":687,"width":836,"height":11}},{"id":"67f51bb0-14e4-4a50-8221-45c3e3107629","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":702,"width":836,"height":11}},{"id":"ee9ea7ee-e79f-490a-98aa-54e5a00eba12","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":717,"width":788,"height":12}},{"id":"d61b7c92-6dc4-49b6-b680-9f5eafdd7bfc","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":733,"width":823,"height":11}},{"id":"34c6f2cf-cb4d-49c8-81f5-59ec44118170","block_type":"box","text":"Trust.","page_number":109,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"7c6989fc-35c4-43c7-8822-31d47f123fed","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":770,"width":784,"height":12}},{"id":"3efe2dc3-3150-4191-90fc-7324a4831975","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":785,"width":830,"height":12}},{"id":"018e1a8e-2f78-4b99-a8c3-9e5300c15b67","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":801,"width":806,"height":11}},{"id":"fbf75ece-b06f-4d01-bc9a-4b4c2ddeca4b","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":816,"width":831,"height":11}},{"id":"e0daf345-acb5-48ea-97bc-ce6393d8ff44","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":831,"width":837,"height":11}},{"id":"b02771de-653a-42e8-8f60-5e4b798363ab","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":846,"width":832,"height":11}},{"id":"d488b58d-1ee2-46f8-8cba-135e3d5cb92d","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":861,"width":728,"height":9}},{"id":"94b24bf4-1806-47b5-a1dd-16faf2f0aab5","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":884,"width":776,"height":11}},{"id":"50ec105a-3dda-447e-90d6-ec2fc9c5f6a4","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":899,"width":837,"height":11}},{"id":"2b8555ff-296d-426b-96a9-b1481f1bfa48","block_type":"box","text":"II-59","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9a915b71-a824-464d-a569-26566be0b53c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b480142a-decc-45d5-a2aa-c092484cd0fb","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":110,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"8741dcb8-8411-4ee4-b317-5068b5d16d5d","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":110,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"ceb03b7d-0d34-4e34-9c92-0ea1e90bf5b3","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":110,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"238832a8-5fde-4ac1-bd02-1a2a63d2dcff","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":110,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"174394f4-41aa-45e3-8f5f-28216d806401","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":110,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"9011640a-a800-47dd-bd76-1f9b473837ee","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":110,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"691fd249-606d-453a-b57f-936846745106","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":110,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"60fe0b60-99e8-4123-beac-847d04d88035","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":110,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"a836f4a0-e7e4-4d14-acda-68b70a0f20d3","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":110,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"7b7c5f66-8ea9-4293-89c7-fe3bbfe56045","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":110,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"70b2c6a4-21c3-4c2e-9aa0-55f9efad27db","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":110,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"5cb621d2-88a5-495d-b28a-3e29b49d39bf","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":110,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"4f8c0f2a-2241-45ca-a134-2699bef8415c","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":110,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"f864e859-8e86-472b-a5c8-bea5bb3be140","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":110,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"0f2a15ec-e3b6-4339-bb3e-a723fa1d89f2","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":110,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"63b2229b-06dd-4fb8-ba6a-19d9d566d3c5","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":110,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"fea0bc41-aad7-46b0-9140-d06c5cfe04cd","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":110,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"60650502-c8f5-49bb-a9a8-84a8a39868de","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":110,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"9c21ceee-19d0-451c-b230-a807d652530c","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":110,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"6a89ee3c-3de8-45d7-9564-f1ac6ed1abcc","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":110,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"3bc7335e-9a99-450a-80a5-dcc6b79cb99e","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":110,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"b47cdca5-01c2-4abe-a0ab-693636dff732","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":110,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"3ec76b6f-d0df-48d9-9628-7ab44d28f15f","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":110,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"c43788a6-916b-4f91-bb70-7499644a3914","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":110,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"e2b77b45-ebc0-4bdf-8ffc-ab04e0a5b69f","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":110,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"3653343e-d453-4298-88c2-a5564fce0517","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":453,"width":808,"height":11}},{"id":"28138ee6-57f0-4902-b1f0-6daed98d3ab4","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":468,"width":830,"height":11}},{"id":"cfadaee6-6a25-4015-a01a-b97e2f90d9ee","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":110,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"57e8a015-9c79-406e-9920-251ce1ca5642","block_type":"box","text":"i.e.","page_number":110,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"cf7a7ff0-79af-42d3-885e-81716373a059","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":110,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"ab5b1be8-dd2a-4d1f-8ea2-182602cebb2e","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":498,"width":836,"height":11}},{"id":"c7bfec1d-39c2-41ba-8b91-4c6b88011abe","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":513,"width":816,"height":12}},{"id":"0c52942e-3810-49a7-b3b6-99b74b5f6c0f","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":528,"width":835,"height":11}},{"id":"591b79b2-414a-4afd-9f7b-690fe2b437c1","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":543,"width":822,"height":12}},{"id":"d04f0c21-6abb-47e8-9263-f36b3791d96d","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":559,"width":777,"height":11}},{"id":"0405ef0d-2990-4654-8bb0-9ab14ba475c1","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":574,"width":800,"height":11}},{"id":"a4ee0b3e-0bf2-45cd-9de6-fa727bd5b296","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":589,"width":696,"height":11}},{"id":"351b9118-10d6-4c88-874e-bfe51c23770f","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":612,"width":745,"height":11}},{"id":"ca9a3d60-a7f3-4d32-9c03-532098fc9eec","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":627,"width":797,"height":11}},{"id":"afb75289-6c54-478e-89c6-cd463d7bcf67","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":642,"width":803,"height":10}},{"id":"4feb15b6-555a-40dc-a276-ff545d6f68a7","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":657,"width":838,"height":11}},{"id":"c597b24e-783d-4b6f-a282-f8d86bdc32e1","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":680,"width":801,"height":11}},{"id":"b37079d0-b5a1-4443-b9be-41155dfc3ef1","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":695,"width":838,"height":11}},{"id":"449bc4e3-3fb7-47ed-a53f-9a8f149be317","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":710,"width":787,"height":11}},{"id":"db90cddb-dcf7-4252-8bd1-b2f71ba413a8","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":725,"width":791,"height":11}},{"id":"6f4ed2fe-fa91-4c2f-8682-553e875dce8d","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":110,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"619d6e9f-b9b9-40a4-9b3f-6a961d325326","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":763,"width":726,"height":11}},{"id":"7e0511b0-810d-44e5-9d62-7c3dd7322d17","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":778,"width":816,"height":11}},{"id":"1641221b-7a9e-432d-9970-9cdb39c4e837","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":793,"width":799,"height":11}},{"id":"2ca79f8f-4a01-4dcf-ad02-5480899a73ae","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":808,"width":807,"height":11}},{"id":"51ac11eb-717a-41cf-84e1-dd0c35ed7678","block_type":"box","text":"market is not yet cer tain.","page_number":110,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"e95de343-084d-4f04-9e0f-e7a6640433ef","block_type":"box","text":"Yields.","page_number":110,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"10c8231e-0b0b-4a75-8e2e-578f8555bb32","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":846,"width":730,"height":11}},{"id":"44614346-f2e0-4389-9d9d-593c2cb3f011","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":861,"width":788,"height":11}},{"id":"9de1fbd9-4caa-47d4-b75d-69265cb81100","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":876,"width":787,"height":11}},{"id":"a1eb7efe-22f2-4c71-b54a-05d0f52cc64e","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":891,"width":838,"height":12}},{"id":"68a71860-5b17-4987-bcb0-d7d13c6cc6ab","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":906,"width":794,"height":12}},{"id":"1dc084e9-471a-4c0c-8f5a-ee0533aca8bc","block_type":"box","text":"II-60","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6392f10b-687f-4e4c-9ee2-36b65dd4d123","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d93352a-fa12-45ba-b962-eeb7f7d9fdbf","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":111,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"b314523e-a4a0-4170-bb78-0c6d4859d563","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":111,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"2f02c2bf-9408-405d-85e7-638c695e677a","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":111,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"8cc5001f-5d20-4ae7-8962-f9f38445298e","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":111,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"fa900a2c-7d45-4823-adca-d0eba8f48277","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":111,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"b55642fb-a9da-41ad-a130-bf4b7322a0d1","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":111,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"b3bef0a1-f4d1-4c9d-af5e-96690cb14593","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":111,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"12338b4f-a981-4e5e-b089-7a34abc960ea","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":111,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"deff6e8c-91fd-4a5c-910a-13e9a3382183","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":111,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"0e1dc905-ddb5-4653-a55d-06cc661ff362","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":111,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"8810c096-87fe-495f-bdc7-a3929eeaf0ce","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":111,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"1a15662b-aefa-4157-9d10-09f7b72d8b44","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":111,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"4906497b-2ec2-4911-8533-17cd0d233c1a","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":111,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"ffe10db4-7227-40d0-bb78-ae00e763fc6e","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":111,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"407fc981-5e45-4f1c-968f-734e38095031","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":111,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"f910a9b5-eb2e-445c-877f-41935de0bc06","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":111,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"7dbc5bf7-d90d-45af-8575-b607ffd1530e","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":111,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"2debd4e6-de0e-4fe4-b41e-754a7c266a5d","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":111,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"9c47011e-d588-47fa-84f2-80976e72694e","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":111,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"e9266a6b-94c0-4cd2-a3ce-5f72ae8ce53e","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":111,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"c58cc61e-5c00-4544-8428-113064b4bc18","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":111,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"c55c5bd2-4db5-4e06-bf5f-85ed9b5419a0","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":111,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"1e180171-b8f0-4f25-bc74-3abe82eb41d2","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":111,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"813fe38d-86ae-4318-9af0-5e5260ecd48e","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":111,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"0e325b36-696f-4c97-9900-f4886be17e8a","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":407,"width":796,"height":12}},{"id":"1a4233ed-4c83-4774-961f-5b88ffde8e1c","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":423,"width":816,"height":11}},{"id":"3c0d34f3-55e2-4122-b60a-8e262c3cd13b","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":445,"width":756,"height":11}},{"id":"3f829f33-40df-4fa4-ad44-b921ff59d1ef","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":460,"width":839,"height":12}},{"id":"bdc3bff5-5c4c-49da-af70-37f2a474b594","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":475,"width":808,"height":12}},{"id":"03152adf-066c-4df8-8784-13d6a00f3a91","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":498,"width":753,"height":11}},{"id":"ccdcb38d-8898-45e1-8d05-e5b5c6b00e96","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":513,"width":764,"height":12}},{"id":"4c754c3a-9d9b-48c4-8b38-b17e20e6e5e5","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":528,"width":826,"height":12}},{"id":"a852eed9-49e9-4985-be58-9cfc6c875de1","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":543,"width":774,"height":12}},{"id":"970afcb7-314e-4902-9610-5e6a3f2d9cc9","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":559,"width":801,"height":11}},{"id":"b671a09c-83e1-4676-8451-7c46e891e17b","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":574,"width":788,"height":11}},{"id":"786a8f2c-3973-4538-8c52-d9b5f1370dbc","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":589,"width":812,"height":11}},{"id":"032c08f9-c049-47aa-a707-a19f4cdb850f","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":604,"width":799,"height":11}},{"id":"d0ad8b0a-7b0a-4d52-ab2c-d8f31a7059f6","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":619,"width":772,"height":11}},{"id":"13096fea-cc3d-4c4f-8d61-ced5de928094","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":634,"width":782,"height":11}},{"id":"fab4d96a-bf7a-4e87-beed-4b1cfe315e2d","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":649,"width":806,"height":12}},{"id":"7fcf837c-8e35-4357-96ce-296fb9586af6","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":664,"width":823,"height":12}},{"id":"67a6668e-ef0e-4431-ad55-1b44204e585e","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":680,"width":837,"height":11}},{"id":"194a54f0-817b-4f43-9a4c-c941b0fb97d7","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":695,"width":839,"height":11}},{"id":"4dcfc56c-cf22-4a7b-8bd6-86c79d14bbba","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":710,"width":693,"height":11}},{"id":"fdbe0d5f-2492-45fb-9e09-648a3714adeb","block_type":"box","text":"Call Rights.","page_number":111,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"281be1e7-6b75-4160-bdfd-37984b333e56","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":732,"width":708,"height":12}},{"id":"51323fd6-c631-4089-b4a7-0440b1f7cda1","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":748,"width":790,"height":11}},{"id":"ded4ca7e-b99b-4379-987e-41808045dd77","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":763,"width":827,"height":11}},{"id":"37f92d64-acb5-459b-a6a0-f07d947e00ca","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":778,"width":805,"height":11}},{"id":"e0361091-df3d-4ec2-a277-1ead5b10e6f0","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":793,"width":833,"height":11}},{"id":"1ae2c9ce-452c-4dae-93fe-fa3c37d042fd","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":111,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"8af6b7fa-d8c8-436e-8493-92c779c20e7e","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":111,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"e1f5dc02-67b8-49b2-b2b3-fec878c12c0d","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":111,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"e6bc167b-007f-49ac-b5c1-2b7214078e7e","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":846,"width":835,"height":11}},{"id":"243f8163-ff74-4e63-b835-5f40030d020e","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":861,"width":781,"height":11}},{"id":"253b6075-041a-45b2-bd75-20c7592444e8","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":876,"width":808,"height":11}},{"id":"ce706d06-8a43-4247-a9c2-c750b93572eb","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":891,"width":814,"height":11}},{"id":"3f7fd5f8-a0e3-48ac-84b5-ce6d3957b9cf","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":906,"width":832,"height":12}},{"id":"5ef5d6e3-61f0-4385-8bd0-98f11c9cbed9","block_type":"box","text":"II-61","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"65c9ddbb-ef4c-4e32-a3a8-b718adc8b0f8","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"637efb1a-e721-4cd5-9c0a-b43f3330d180","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":112,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"1e14bbb5-3eee-4bb4-bae8-83f455dbe0d5","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":112,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"832cc7f7-f95b-4f73-ad50-08d68fd675c3","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":112,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"f4258f44-8f7e-4595-986a-9dec3fd6ddd7","block_type":"box","text":"i.e.","page_number":112,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"f2985ef2-d72a-425f-a1ae-84930a6c4342","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":112,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"ceb1eefb-a0de-4f8a-b50c-35b929944353","block_type":"box","text":"rates).","page_number":112,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"c906a409-962e-4c19-9014-f9e4cbb738a8","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":112,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"4722dac6-c773-4db1-895a-48ff6760e4b3","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":112,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"db3e2bed-656f-4762-81a7-8d112b523199","block_type":"box","text":"e.g.","page_number":112,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"5c141b7d-1619-4c53-ac73-a773b8085f88","block_type":"box","text":", an exchange of fixed rate payments for","page_number":112,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"18ff8b26-7b25-4abe-8455-03cfdce5fd4c","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":112,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"6fe6ec59-9737-42e5-ace0-6d62fb1e688c","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":112,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"32dad210-239f-4d7a-a5b4-7b4868d3bc2b","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":112,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"7bf0ffc2-834e-41e4-8bea-fbf414867bec","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":112,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"1ef16ff6-6426-4366-8d34-a27672a849fa","block_type":"box","text":"with the same attributes as the swap (","page_number":112,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"f5198c8b-cf7a-493d-bdec-8780e23b8d7c","block_type":"box","text":"e.g.","page_number":112,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"5426e24f-c7ef-4429-b881-bdc6bd7f8fab","block_type":"box","text":", coupon, maturity, call feature).","page_number":112,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"bde2b2c6-c500-4bb0-a584-6f082b4d3f50","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":112,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"7ce2dbd9-2b38-4d45-8728-90e6a037452c","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":112,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"acb40368-92e8-4b83-a1d8-7a02fe3df0f4","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":112,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"d04e2396-011a-4d0a-af62-2cfd42e8539e","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":112,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"1b70332e-2b60-45ed-a736-184101496781","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":112,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"66695bb0-f31e-4ea4-bbc2-b5fe4ff67cd6","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":112,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"ce92335c-8110-4c5e-94c7-ae255a8389d8","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":112,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"81d425fe-a858-4d87-8b16-8c82f96fd47c","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":112,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"1c72f553-0bcb-48db-8550-6400f36af8f9","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":112,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"0fd89f4c-32e0-468f-b326-c3d97fc74f8e","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":112,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"0662118d-565d-41ce-adc0-1c1d0c9e6230","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":112,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"1cb95b9c-4d8f-4ab0-9044-7d0ba513e286","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":392,"width":816,"height":12}},{"id":"1a0350cb-3669-43c5-a47b-e9da5a144184","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":112,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"0a6e13fb-e268-4ac7-9cf1-6d922b8db40b","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":430,"width":788,"height":11}},{"id":"ca9c9a73-146d-4f8e-88f3-677638454755","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":446,"width":821,"height":10}},{"id":"758f2c7b-e385-41b6-ad0f-a205feba6687","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":112,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"30793acc-db85-4254-a9fa-ce61d37d9ce7","block_type":"box","text":"Insured Municipal Bonds.","page_number":112,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"f717b8ea-6c5e-4cfb-8793-0536233be9ca","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":483,"width":619,"height":11}},{"id":"dcccda38-1197-4af7-8180-636e8bd1fef4","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":498,"width":835,"height":11}},{"id":"885974ca-694c-477c-ba0f-79b1f2523561","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":513,"width":840,"height":12}},{"id":"1323c45e-0097-4e2e-a15f-3e677f7216b7","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":528,"width":818,"height":12}},{"id":"eb4f0688-f122-4df1-90fc-73eccc308a5c","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":544,"width":829,"height":11}},{"id":"c27aca2c-863a-484b-8efd-04d4c083ac4b","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":559,"width":827,"height":11}},{"id":"2d34473d-5fe5-4a63-9b8f-90dd4f14150a","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":574,"width":815,"height":11}},{"id":"6b83a31f-4bb4-4e05-bf5b-fb2e5a77a7e5","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":589,"width":829,"height":11}},{"id":"90309ba6-209d-4717-8fe1-78e2f17067e5","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":604,"width":767,"height":11}},{"id":"76e1303e-e259-4c26-a9cb-1529d1bd226d","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":619,"width":827,"height":11}},{"id":"eea49f62-824e-4f10-abad-1e9cfb43e841","block_type":"box","text":"bond could drop.","page_number":112,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"16827ee4-5376-42ba-b471-edacd6f4bc17","block_type":"box","text":"Build America Bonds.","page_number":112,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"d79c8c7b-efae-4889-97f3-844ebc0616f1","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":657,"width":616,"height":11}},{"id":"be606ec3-7a2b-49a4-8e8a-ac0544a35633","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":672,"width":825,"height":11}},{"id":"9e5b863d-0996-4fe5-b44c-dd394e45fb6f","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":687,"width":824,"height":11}},{"id":"9efa9d92-2fc3-48b6-bc9f-ec0d69df5387","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":702,"width":833,"height":11}},{"id":"1f9c4a0a-dda9-4f91-83ec-6297c0363b30","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":717,"width":815,"height":12}},{"id":"cabc7a62-cc5a-4f0d-b1c3-8efb9227fba8","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":732,"width":788,"height":12}},{"id":"37f24473-be12-470c-b786-f1c48b397111","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":748,"width":823,"height":11}},{"id":"45cc0034-23c2-43fa-b7d6-f332c382b871","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":763,"width":825,"height":11}},{"id":"a82c5ffa-faf2-4222-8097-a2a018fd6efb","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":778,"width":837,"height":11}},{"id":"730d68de-f855-4e86-8b3d-0a8efe1c016e","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":793,"width":802,"height":11}},{"id":"c2370d28-0f1b-4977-9a42-d80a01c24d3b","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":808,"width":821,"height":11}},{"id":"8f570f3c-60fa-4580-be73-de0117adec57","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":823,"width":760,"height":11}},{"id":"688558ae-77ab-44ec-a9c2-51a71618cdd5","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":838,"width":782,"height":12}},{"id":"6919c328-d2c9-4de6-be05-91640e9dd16c","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":854,"width":563,"height":11}},{"id":"036cdff1-b297-477f-a4a8-08a389a8bf52","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":112,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"ce84ed19-0415-4302-b7c1-5b951c735e2d","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":112,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"ec63f323-af7e-4699-8a8e-f64277151aa1","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":891,"width":798,"height":12}},{"id":"495c1e43-f049-4494-836e-42ea663b5e71","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":906,"width":823,"height":12}},{"id":"78335cf5-c3c5-453a-9c05-c54168eb78d2","block_type":"box","text":"II-62","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0fb3f96d-d876-472b-9e51-38c3a23ca43b","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6a09ba56-cf5a-44b0-8306-34e71d5daea0","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":113,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"d78ed4ae-a387-4d5b-86a9-970a0d8404fb","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":113,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"cca03d1e-9add-4441-95a5-17b67b462022","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":113,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"b2ff1916-661e-4853-990d-51ac9fa96022","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":113,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"9478e3f2-4169-4972-a2e7-bc536a41f81b","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":113,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"ce624049-1a6b-4aa1-9166-38325a5a71b8","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":113,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"7f05223e-fe2a-4a0c-bd1b-72cbc1b199aa","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":113,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"d4dc23f7-4544-4890-b2e4-52b7035221c1","block_type":"box","text":"their face value to the sponsor (","page_number":113,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"19ed52b5-55b3-47dd-9e6d-b10a963d6a7c","block_type":"box","text":"e.g.","page_number":113,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"d4c29f91-7f48-4e13-9c87-1988404f9940","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":113,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"ac069c80-4f3f-449e-9d08-f62c64bc66a3","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":113,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"31b94f10-9596-41e6-81d8-f0b426f11310","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":113,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"4475cdfb-263b-4750-a374-639253830fbf","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":113,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"d0b29492-5284-48cc-a838-7bbf088cb77b","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":113,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"59092294-dfc3-4199-a439-d4e48885ef97","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":113,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"9ccc62ee-87c4-4bb9-988a-43e6ed52c985","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":113,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"26ea7c06-104d-46fc-870f-7f02626d86e9","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":113,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"3f959c1d-aa2f-4919-9f28-28e8a662e834","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":113,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"9ff0054d-210f-40a6-a0a1-c62dae553c8c","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":113,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"91f6c4d1-9711-458f-b2b0-a0182576a01c","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":113,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"34c9b2fa-b843-4786-a328-f6cd542e38cd","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":113,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"d67558f8-c5ea-4143-a3be-c3ce3ace1925","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":355,"width":818,"height":11}},{"id":"f67b0dc4-93cb-4dcc-bcc5-cc07b5b03b6c","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":370,"width":828,"height":11}},{"id":"27a333c2-0d35-4a22-bd8b-a8dd06c61a9a","block_type":"box","text":"such opinions.","page_number":113,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"4e4d34d7-67b3-44be-9847-062f25f3b4a3","block_type":"box","text":"Operational and Technology Risks.","page_number":113,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"05b5bb47-8c51-4aaf-99ac-52d97715e2c3","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":113,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"727f21df-01ba-47c3-981d-cb5b0e7aee7b","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":423,"width":766,"height":11}},{"id":"aae852c6-bc92-4154-a50c-5090375be46c","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":438,"width":812,"height":11}},{"id":"30028d9f-9df4-4c91-9470-6eb036bd142e","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":453,"width":820,"height":11}},{"id":"ebe30d25-d590-4ca4-afb5-b0b4287da2db","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":468,"width":807,"height":11}},{"id":"82bb7756-7d62-4b03-ab6e-31f02baf893b","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":113,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"b73f48b3-69c2-4368-b46b-159abaa95062","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":498,"width":802,"height":11}},{"id":"96e22bbb-f013-42dc-8c08-e21efb943275","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":513,"width":818,"height":12}},{"id":"3a86cef7-fdf0-4574-a596-22fc58c582ff","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":528,"width":827,"height":12}},{"id":"81eaa9f1-38c5-492c-9079-f770eefd7bfe","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":544,"width":803,"height":11}},{"id":"1b22b235-9fa6-4c66-a37a-489431e27dfe","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":566,"width":796,"height":11}},{"id":"5d2e94eb-5afa-48b1-a8da-0c8f975237ca","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":581,"width":790,"height":12}},{"id":"4c861f14-95b5-4ba5-93d8-020f960ca155","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":596,"width":800,"height":12}},{"id":"644cbe19-7ef3-401a-b63b-a8b73372fde7","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":113,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"47729fc8-d900-4c97-8d14-c4b6ae5f983c","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":627,"width":827,"height":11}},{"id":"9bad074f-47aa-4ace-817f-554d4c4421d5","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":642,"width":760,"height":11}},{"id":"731354c0-cc6e-435e-8ff6-7ae3b6b2bc84","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":657,"width":763,"height":11}},{"id":"56e30447-c48f-43d2-ab31-a3c625e38ace","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":672,"width":835,"height":11}},{"id":"26b99f3e-ac9e-4e9d-8ce2-fc372ceb1df9","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":113,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"cd46cb3e-bf93-427d-b2ce-09ba0a598166","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":703,"width":804,"height":11}},{"id":"13fde0e7-e47d-4cce-be8f-d008ce7b6a56","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":717,"width":833,"height":12}},{"id":"5c2cbeae-4f0e-4b0b-87db-29d19cb71cde","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":732,"width":800,"height":12}},{"id":"110b5a91-b980-43fb-8ab7-c4f6fb9e12e5","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":113,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"28c66b65-8df8-466a-b54e-93f2d52fad16","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":763,"width":777,"height":11}},{"id":"cf1a8e29-0532-4695-bc63-e71dbfc27bb0","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":778,"width":824,"height":11}},{"id":"162b7320-0fc2-40fd-96b7-fb88a71f308d","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":793,"width":836,"height":11}},{"id":"e939f204-99d3-45e9-a580-8211a29c0485","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":808,"width":833,"height":11}},{"id":"8d217ed1-7c38-46ac-ad8d-04cd237d063b","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":823,"width":793,"height":12}},{"id":"2ad22056-99ea-4e05-9119-72faaab4600b","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":838,"width":822,"height":11}},{"id":"74b85e23-9e96-4e2b-a3aa-fc65f199c96a","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":113,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"ebe4324b-28cc-4b6a-9b40-bae08424d56b","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":869,"width":742,"height":11}},{"id":"031310d5-ec9b-4efe-9e59-ef45cce20c36","block_type":"box","text":"infrastructure assets.","page_number":113,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"638d8482-6b17-4909-a124-ecf25ab38c42","block_type":"box","text":"II-63","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0242b179-ee80-4454-8522-5ed2b7d48cc3","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d3aa3f7-67af-417c-ad3d-d5ba097e3647","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":114,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"671c4a50-233d-4bc6-8cef-a86a988efde6","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":114,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"45eeaaf0-3bcc-47f9-a23d-09dace3bc601","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":114,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"183cadca-9411-43b4-8340-28f8f2f722d5","block_type":"box","text":"or services.","page_number":114,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"040078a9-c145-4ce4-b403-cf08cba3b4ca","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":114,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"a8fbc36e-ac3f-482d-b90c-bccf9e292c63","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":114,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"4b570a43-5f9f-41dd-9212-7a22a18df568","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":114,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"ed7ab27d-0d19-4e9d-a682-79f929d59f6c","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":114,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"0a1ad4d0-5cd6-4cf8-a922-959c1881e13b","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":114,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"c108c54f-c914-48a9-ace4-308ec69529b6","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":114,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"a60a77c5-5097-431e-bff8-3d4842c4853d","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":114,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"5d76ddc6-4f9b-4b89-8482-4c6539a431fa","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":114,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"7a69036a-3b15-40e3-969e-a6afec2d0ddd","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":114,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"40699197-c31a-492b-a1b4-5b9138f37369","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":114,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"4f959346-b413-49a6-a533-de6061310eea","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":114,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"30606cf7-4348-406c-8193-e15ec89f3401","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":114,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"8c45a0c4-ec46-4759-951f-e50d91d96de6","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":114,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"bd218380-05cd-45e2-b015-c3bffc85e4c1","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":114,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"c2f1f484-f010-4777-a280-d469160cf17b","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":114,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"8bcbef39-0f97-4a61-a576-350472229610","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":114,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"41e8bf37-bae4-4452-a48b-22b59d7ee367","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":370,"width":839,"height":11}},{"id":"1257d6ae-f609-4a43-9e54-f00dacbe4378","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":385,"width":773,"height":11}},{"id":"8b6bf632-96b1-41e8-91bf-ba8ba0c8c70a","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":400,"width":826,"height":11}},{"id":"31604171-9043-4af3-81cd-8e1249c66efc","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":415,"width":805,"height":11}},{"id":"e7b30b95-0656-4cb4-b53c-13b7a714b4a8","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":114,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"aed1bb10-91bd-4828-a880-c19bbcbcac08","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":453,"width":797,"height":11}},{"id":"b87ccbf6-03b0-4852-b7e8-dd860d599dd0","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":468,"width":817,"height":11}},{"id":"b602e585-33a1-454b-85f9-c8251983b7dd","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":483,"width":824,"height":11}},{"id":"d4e3e63f-8cd2-4fac-af1f-584b6f85903a","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":114,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"7d016b4d-5bd7-49a3-befc-d753109e4d24","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":521,"width":747,"height":11}},{"id":"4a500144-15b6-472a-a77b-5754b9fc7522","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":536,"width":830,"height":11}},{"id":"03cb086d-0ce2-4851-bb07-f3e958fdf380","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":551,"width":823,"height":11}},{"id":"3cbcbeb0-a259-4278-b3d6-bebc8b0949f9","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":566,"width":755,"height":11}},{"id":"412557bd-489d-40b6-8574-b8ece5fdd2b2","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":582,"width":838,"height":11}},{"id":"c9070d78-73d3-432e-ba3a-54a520d7004e","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":596,"width":812,"height":12}},{"id":"176927c8-39ff-4f60-b31d-1417329e3917","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":612,"width":828,"height":11}},{"id":"a92215d5-1909-47b6-bad7-40ed49749930","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":627,"width":819,"height":11}},{"id":"a3c17deb-59d3-4417-919e-0a95ea826b61","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":642,"width":792,"height":11}},{"id":"da8d30f5-a64e-4637-b075-b1b2e3803c80","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":657,"width":775,"height":11}},{"id":"0ed8a8b0-2f2b-4eaa-97e7-77ca16293f9d","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":114,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"d3c73f28-0e6a-4193-898b-c7c8babd9b86","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":695,"width":771,"height":11}},{"id":"6372a859-4a98-46a3-a6c3-6542813d13b3","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":710,"width":816,"height":11}},{"id":"f54076c9-3919-4816-bae8-ae9c25701c8b","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":725,"width":778,"height":11}},{"id":"33066005-4fb4-4c0e-8f23-da059067fcee","block_type":"box","text":"resources to monitor and implement required changes.","page_number":114,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"2cb924c0-3da9-4cee-b395-060bc241805d","block_type":"box","text":"Participation Notes.","page_number":114,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"ef9c9231-5cf0-47d2-96d9-b8a2ac062c72","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":763,"width":641,"height":11}},{"id":"17190095-3fc2-4ddd-ac0a-03c1ae88a540","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":778,"width":766,"height":11}},{"id":"beac5a4e-69d2-4d33-8a18-8680d5c096dd","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":793,"width":772,"height":11}},{"id":"5b03568f-417d-4b1d-8065-4ab839b4878a","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":114,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"db63b395-c82f-4aae-a5bc-f97adae46358","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":831,"width":782,"height":11}},{"id":"31a7cb85-6153-461e-9a35-7527e6acf58f","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":846,"width":831,"height":11}},{"id":"471c9902-383b-4666-938c-5c31dc5ee87e","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":861,"width":831,"height":11}},{"id":"f0225fcf-6dda-4567-bcaf-28f0627cb480","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":876,"width":789,"height":11}},{"id":"68b73244-b63e-4ec7-8621-ee2292067d82","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":891,"width":791,"height":12}},{"id":"14d15759-acf9-46f0-955c-159699036d65","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":906,"width":827,"height":12}},{"id":"cba9acb8-9e04-4c1d-a9e4-c641065cc9c5","block_type":"box","text":"II-64","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"40c807af-aad6-481a-b05a-ea368b5c11ff","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"777ed5bc-1f64-42eb-b1da-858659c14adc","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":115,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"20ebccf1-a197-4e96-887a-ea26c099ff4c","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":115,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"cb00abc7-c2f4-441d-99b2-aef7fe26a82b","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":115,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"7c22a6cc-c492-4fca-a848-1a6dc1bf995c","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":115,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"59a445ab-d445-4894-bd18-0b5ee6906212","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":115,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"e31205df-7891-4b0e-81fe-9a1b924e5c97","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":115,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"4d0b4067-7cce-4ace-b9b3-3d60e6bf4d19","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":115,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"e48894b4-0ab9-4e8b-b4ee-e38a185efbea","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":115,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"d74c1ba3-7c76-4113-af96-49918ae27abc","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":115,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"9030018b-b285-42b7-99c4-f5e3c62780d0","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":115,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"a7fc879d-ee2c-429a-a8fb-d414c62adb76","block_type":"box","text":"Portfolio Turnover Rates.","page_number":115,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"811703a7-9ada-4d83-8bf5-cba7d451466a","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":115,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"a7e6e8df-bbd6-423f-a4cb-2b3b0fac3269","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":115,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"77fa971a-e2b7-4f06-b084-8e6f58d725cf","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":115,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"ae3eef7d-b21f-448c-bfc1-00752c2e7368","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":115,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"b2e22f29-77c0-4134-9db6-60f826a47518","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":115,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"0edde980-b483-45f8-b544-6bf5c35cc777","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":115,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"e8174a4e-e50a-4a3c-a99b-3c78398ace55","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":115,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"69b692fd-34a6-47dd-964a-b0a1f15800a8","block_type":"box","text":"i.e.","page_number":115,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"ab7ba20a-8c65-4620-802d-91b9cf893054","block_type":"box","text":", 100% or more) may result in","page_number":115,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"b0ae4d9b-678c-4031-9932-52e1e499f155","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":115,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"919c9e3c-e940-47f1-a5b7-47fd27655eb8","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":115,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"83bf6a7f-2b87-4a00-819c-1c3caab720f6","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":347,"width":831,"height":11}},{"id":"92b3a16d-676d-40bb-9879-3519b5eaace1","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":362,"width":795,"height":11}},{"id":"6dedf540-0389-4c69-b9d0-dea1e07faa8c","block_type":"box","text":"Preferred Stock.","page_number":115,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"e38e328e-1bd3-49d0-bb36-9929e35b2488","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":385,"width":665,"height":11}},{"id":"282e6519-e589-4ab7-bf63-3cc637934f70","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":400,"width":808,"height":11}},{"id":"d3883cfe-6b28-4aaa-b54c-55d9d685b04f","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":415,"width":834,"height":11}},{"id":"52c4f594-e75b-41cc-bcd8-c381fb796915","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":430,"width":808,"height":11}},{"id":"2fc43ab3-9058-4975-8137-f616d350f7a7","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":445,"width":813,"height":12}},{"id":"de48e6e2-8983-4085-b33d-7121e757ca60","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":460,"width":831,"height":12}},{"id":"14f71a59-f619-4735-a64d-fc59a43f66d7","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":475,"width":791,"height":12}},{"id":"6c8a0902-b028-481d-a853-bd1d3eaf8057","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":491,"width":838,"height":11}},{"id":"102be0d2-96ac-4af3-895e-9d28dfe120e8","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":115,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"cb693ef6-fd1c-4616-afd6-2f0909bcd417","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":115,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"108d7854-bece-411c-8a52-91dec89ba954","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":528,"width":588,"height":12}},{"id":"af10037e-4c6c-473e-815d-4d9ff3302df8","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":543,"width":806,"height":12}},{"id":"bc04df47-0e3b-4dde-975d-6753ca6b52a7","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":559,"width":814,"height":11}},{"id":"68c209fb-ac92-4e0d-85d5-bf78998addd9","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":574,"width":780,"height":11}},{"id":"d14f2f78-1098-4650-870f-bc2ae2e9f591","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":589,"width":820,"height":11}},{"id":"ab44ed3e-d98a-4012-a3f7-7b0652e229c2","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":604,"width":772,"height":11}},{"id":"fb6e8333-cc97-4703-823e-71e9159cd876","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":115,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"e9dacdd6-e6ce-46a0-b352-54b65fb1a59d","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":634,"width":834,"height":11}},{"id":"af159e92-90ea-4d8d-854a-e734ae59b4a9","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":115,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"efa0b69a-5761-4b10-8b64-2f7001bd41e3","block_type":"box","text":"Trust Preferred Securities.","page_number":115,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"4a4db5a8-966d-495f-a10b-f91c64146cff","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":115,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"ece8ada1-85b0-4bec-8cb2-71584e52eebe","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":687,"width":737,"height":11}},{"id":"6b87937e-3470-429b-8aaf-4db14cfa5191","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":702,"width":796,"height":12}},{"id":"3056c4a9-9c76-4971-b63d-a0d23704da96","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":717,"width":805,"height":12}},{"id":"190b8537-6217-4afc-b493-1a4dc72899dd","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":732,"width":773,"height":12}},{"id":"750d2369-bade-412a-8f26-703fa317576c","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":755,"width":770,"height":11}},{"id":"128d9905-99b8-446d-8b75-0bdce3e92ef1","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":770,"width":801,"height":12}},{"id":"005a31df-6eec-473b-9d52-5c6bae2f5112","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":785,"width":830,"height":12}},{"id":"3d5027a7-57b7-4839-95b2-02bfdbb08121","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":801,"width":822,"height":11}},{"id":"70826d53-e973-49ba-8ab4-c2a11134eff3","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":816,"width":777,"height":11}},{"id":"39754ccb-d28e-49d9-a350-259a4ac9d618","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":831,"width":831,"height":11}},{"id":"7407036f-1eb1-4add-b1b2-ae6b869bc30d","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":846,"width":757,"height":11}},{"id":"8327fd16-7495-41a7-ade8-9db8d91c6895","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":115,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"67a88a5e-2f95-48d2-8399-c087f0a24013","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":884,"width":715,"height":11}},{"id":"055afb72-0201-400f-8072-68cc812a0b47","block_type":"box","text":"®","page_number":115,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"735bf1f0-3b55-43f0-b7c5-a8a4773040ba","block_type":"box","text":"”); monthly","page_number":115,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"b0de09a1-1c49-4f35-8582-01b28a4554fc","block_type":"box","text":"income preferred securities (“MIPS","page_number":115,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"c398c6f6-6f65-4978-9e90-0af85ea225b9","block_type":"box","text":"®","page_number":115,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"a104bf14-63fa-4fef-b260-f26039cae317","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":115,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"173d138a-1d13-44e0-bb99-7e76820a0695","block_type":"box","text":"®","page_number":115,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"800c26a6-da60-48f5-9b03-3b8214a956bd","block_type":"box","text":"” ); quar terly income debt securities","page_number":115,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"720796ff-3b6a-4a26-8352-f05c53792346","block_type":"box","text":"II-65","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ffdd4293-da0b-46fc-bc82-0e23aa15b00c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cdb7c165-d1b4-42e1-96cd-b9faad965fe6","block_type":"box","text":"(“QUIDS","page_number":116,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"0c2f8553-c96a-4613-a34c-8e2431e0a132","block_type":"box","text":"®","page_number":116,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"cc269630-8448-41b3-858e-22d7cb69dc1c","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":116,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"6f863cf1-24f7-4ed7-873d-410df1fe07c1","block_type":"box","text":"SM","page_number":116,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"58e03c12-1b5d-4df7-88b8-80ed69fec6af","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":116,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"91faf62c-4482-4da6-9f4e-6270d837dc72","block_type":"box","text":"®","page_number":116,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"d44f430e-706e-4f15-b38b-482764163a59","block_type":"box","text":"”); public income","page_number":116,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"b1922f5d-5e06-412c-9426-94af81dc8b79","block_type":"box","text":"notes (“PINES","page_number":116,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"a26287e9-b56e-4174-bbf8-5d7b3db36408","block_type":"box","text":"®","page_number":116,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"0f5e80dd-31e4-4e00-872b-9d84a24b294a","block_type":"box","text":"”); and other trust preferred securities.","page_number":116,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"03e8d977-f9bb-4d94-b52e-653fbdea1c88","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":116,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"230ee8c2-0214-427c-b162-2e3fb80addd7","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":116,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"a3e8206c-f62d-4f0b-815a-46de64f0bbf4","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":116,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"a1ce66ce-44bc-4aa6-8093-996275cfc383","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":116,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"bb45b79e-cbf9-4506-a878-287feaa497a7","block_type":"box","text":"regard to whether all payments have been paid.","page_number":116,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"f2c90507-5f7c-4d49-8e91-e6f661e7abb1","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":116,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"30404362-211b-4907-9833-554dd3fc464b","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":116,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"5aef4c97-e78d-42d9-a09b-de4caac07d26","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":116,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"477eabc7-2dcd-4757-9b83-2a8f65a42431","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":116,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"8be93ed6-1e25-4d8a-b6ac-a1749438cfff","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":116,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"dd7107ad-911e-4154-9fad-7819e013c63e","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":116,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"310d150f-1f73-4ed6-83ad-5d90f51149c1","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":116,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"67bfabba-86cb-4beb-bfe9-ba613d6a5e72","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":116,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"c8455504-5a62-4a0d-92d2-6c6bc7edeceb","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":116,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"cebc454a-7817-4ffe-8258-2bef50c1f9ea","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":116,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"e52d6703-2b07-478a-82ad-b7a51943fc16","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":317,"width":778,"height":11}},{"id":"2de7fef5-0996-441c-ac17-fb26359f512f","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":332,"width":811,"height":11}},{"id":"fe6f0394-e9ce-469c-b0ef-25c0c588b6d0","block_type":"box","text":"debt securities.","page_number":116,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"0c55532a-1999-4dae-8a83-dcb7b319327f","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":116,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"da70a5e2-d5ab-492f-9bc0-5197dc7f25d3","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":116,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"d3121232-8a12-4419-977d-5c4ce3345866","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":385,"width":814,"height":11}},{"id":"24ac147a-45e6-47b5-9452-79f8ee2bd073","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":400,"width":814,"height":11}},{"id":"40402652-5288-45a2-ba59-338b980cd04a","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":116,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"b58afa72-d00f-489b-901c-820c90a046e4","block_type":"box","text":"i.e.","page_number":116,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"b7402253-ead0-4a30-9503-6b6dcbb358a5","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":116,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"3929a0bd-ad6e-4314-9116-710a00fc0a00","block_type":"box","text":"buildings.","page_number":116,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"1d74b000-94ce-4337-a4cb-a326d841b64c","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":453,"width":768,"height":11}},{"id":"76b0f6e9-1fc6-4939-b419-d508410efb53","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":468,"width":824,"height":11}},{"id":"ec30130e-0f9a-4533-8e46-74bccfeec625","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":483,"width":829,"height":11}},{"id":"76c4ea42-bb02-42ac-bdce-b7b770c7ece4","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":498,"width":813,"height":11}},{"id":"39690540-ebba-464b-83a6-5dcbc34b6814","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":513,"width":782,"height":12}},{"id":"a6fd76ad-9658-4afe-a42b-d56c81f4b9d5","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":529,"width":649,"height":11}},{"id":"97540031-22b2-4700-8563-7d722e987d50","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":551,"width":776,"height":11}},{"id":"d2a58352-5208-430d-b67c-53a8e89b1040","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":566,"width":822,"height":11}},{"id":"927f0a98-96bd-4788-8d52-ef313075efcd","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":581,"width":769,"height":12}},{"id":"67bec81d-6704-4804-a8d5-7aeffdb31805","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":596,"width":822,"height":12}},{"id":"d3f17e73-00f8-4ca5-91af-9970f8d3cb76","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":612,"width":831,"height":11}},{"id":"b33c6686-c925-403b-bdbf-a954da791469","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":627,"width":810,"height":11}},{"id":"4799c0bf-ba43-40ca-b5c4-9021638ea744","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":642,"width":812,"height":11}},{"id":"3b9fcacb-3feb-47d0-90d2-f5908dc8ca6a","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":657,"width":838,"height":11}},{"id":"489dd878-714e-4ba5-80f9-dd90e0afd096","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":672,"width":826,"height":11}},{"id":"8322672b-c80c-4d7a-b398-b94d9afc8510","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":687,"width":817,"height":11}},{"id":"5966e4d3-5770-4503-bc00-d703e9f56927","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":703,"width":822,"height":11}},{"id":"bd5b53ab-5fb3-45d7-b503-7ace98312a89","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":717,"width":792,"height":12}},{"id":"4ad148c4-9e69-4cee-af83-fda58c455958","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":732,"width":834,"height":12}},{"id":"c8a3ef1e-bf1b-4c58-a08f-c4eaea0f686a","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":748,"width":798,"height":11}},{"id":"03cf5433-d2ec-413b-88d9-9c419da2d590","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":763,"width":818,"height":11}},{"id":"83104f5c-3565-484f-9b64-22ca774d9e11","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":778,"width":821,"height":11}},{"id":"d4ffe319-837f-44cc-b1ab-1346e809e7cc","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":793,"width":797,"height":11}},{"id":"371f0466-d20a-46d6-952a-55637c2abfe4","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":808,"width":798,"height":11}},{"id":"11a0cd76-c4aa-486a-8aec-4bf91499d363","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":823,"width":820,"height":12}},{"id":"b035030b-260a-4e53-bd99-dee9090e6475","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":838,"width":831,"height":12}},{"id":"eb97d573-5728-4974-9623-39aa61b0e926","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":854,"width":801,"height":11}},{"id":"43b430d0-7b64-44ce-86b4-e42a0e234f20","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":116,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"aa7e6bed-ebcb-4531-a3c2-5e6fd5344e21","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":891,"width":772,"height":12}},{"id":"e2badadc-be75-4860-b62d-cec88c00b27a","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":906,"width":790,"height":12}},{"id":"d3d3cc56-f9de-4f15-a6eb-0eeb50778d97","block_type":"box","text":"II-66","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"019fb55e-1ed0-4ba1-a5ff-805ae63c4f0b","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f6f30bf8-c140-41f7-9437-7258a87cf2e8","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":117,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"04757256-2e4e-4b4b-8cdf-9be7130700e7","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":117,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"d8f37594-ea54-4474-9fb1-1d3bb60206d9","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":117,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"ad221c47-107e-4338-a7c9-ddff6595a900","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":117,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"65d43764-8815-41c8-8c47-de7b76bfa1fc","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":117,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"674d70c0-1d8c-438a-ac46-0791278abea0","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":117,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"51e51406-0b2a-4ab6-8ffe-72199be92ae7","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":117,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"bcdd8fcc-9275-4550-b7ad-e914c17f67e8","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":117,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"d58b9769-2c9e-4c65-aad0-fb2a8551ec41","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":117,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"f8ab22a2-4333-43e2-b2e1-a56fac82d33a","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":117,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"8c04da8a-d795-447f-a3c1-84787a8b7bd9","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":117,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"8e08bffb-efd4-479b-ac0e-20e11836f3a1","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":117,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"ecf48002-1844-4883-81bb-79a5351bd8be","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":117,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"5224fa01-bff1-4f56-ac11-438c847a40fb","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":117,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"861c7604-73e1-4794-b0e1-8336d580a759","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":117,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"1d38aa88-8d25-4e45-b78a-99e7a558b533","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":117,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"59ee9428-7164-4f6a-9108-13db636cc7e4","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":117,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"0a220306-9219-4219-b63a-3640237c8c99","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":117,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"7123c4f1-2ecb-4685-98e0-79456a114629","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":317,"width":796,"height":11}},{"id":"39e764d7-1137-45fe-9002-148d234dd134","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":332,"width":817,"height":11}},{"id":"67a4b296-9d44-4475-9ba6-8a0afb9f7d59","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":347,"width":812,"height":11}},{"id":"10662ad3-db37-45d7-97a4-6918f602e035","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":362,"width":807,"height":11}},{"id":"0a67adff-9304-4bd8-a3c8-6d454ae30779","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":377,"width":822,"height":12}},{"id":"ea6e807f-127e-4a4d-8912-b42b5dd632fe","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":392,"width":828,"height":12}},{"id":"904ecfc9-14b3-46d9-a0db-eb1b29568b60","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":407,"width":804,"height":12}},{"id":"bdf2cc2e-8f0c-4a21-adab-9b4754e28433","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":423,"width":787,"height":11}},{"id":"2a0dab9d-1d19-4dba-bf7f-11920f3bd82e","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":438,"width":819,"height":11}},{"id":"3d9176eb-b7df-4a7a-a052-4bd927aded24","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":453,"width":796,"height":11}},{"id":"cfafa123-997d-4d9c-8aea-1f81683af32b","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":468,"width":832,"height":11}},{"id":"531797cd-70da-4dbe-9422-ffe9063b17ec","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":483,"width":831,"height":11}},{"id":"96b7ae62-24ac-48bd-90bf-3b4458fa0802","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":498,"width":776,"height":11}},{"id":"d154e3da-c560-4a1b-afe5-cf81b4bc8fef","block_type":"box","text":"conditions.","page_number":117,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"50aac058-cb38-479d-9a5a-17495e01f19e","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":117,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"5c5f60c5-42df-4736-b9ff-7f85bfbee936","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":117,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"e37a3a94-c51d-4847-999f-999b070c52c4","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":117,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"be882d6e-05cf-4544-8bd1-6c5938ec4d98","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":117,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"cf397243-cf8b-4240-a3a4-001cc15ce21b","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":117,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"18581b1a-34ce-41b6-80bc-f1cc2704d1da","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":117,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"2b8a5dc1-2374-47cb-9582-ff9f1736f314","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":117,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"165258fd-fff4-4447-a9d2-e97d4b74b966","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":117,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"da393dc5-7bcc-4229-9e4b-e1e3a8a5dab9","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":117,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"afa75a62-0005-481d-a251-641ce980953a","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":117,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"7e1f983c-3b18-4494-86b0-0a67bcd1f8cc","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":117,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"47441a29-e901-4b05-8023-2f8bc1a2dd95","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":117,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"d3b6b00a-b216-4ba6-bd8d-d4e5c420c227","block_type":"box","text":"affected by such events.","page_number":117,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"320b1eee-b3fe-493f-98c9-b515e198fe1e","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":740,"width":795,"height":11}},{"id":"2c59a062-e457-48a8-950b-4a375deb9797","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":755,"width":830,"height":11}},{"id":"ceb82d45-007f-4fcf-9ab2-ef44ca48465e","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":771,"width":796,"height":11}},{"id":"cb150722-4482-4339-9450-e838a0b039da","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":786,"width":820,"height":11}},{"id":"b17ea8ed-ea84-4264-a209-cb4c1986face","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":801,"width":833,"height":11}},{"id":"e605f2ea-a98d-457a-a960-453b72062070","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":816,"width":759,"height":11}},{"id":"3a6d8222-74d0-4841-9cb5-14fc7cd9051c","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":831,"width":819,"height":11}},{"id":"532c348f-c62b-44eb-a671-0d63988818c4","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":846,"width":821,"height":11}},{"id":"2cbd95e2-069e-44ef-ba9d-a1452c9f29cc","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":861,"width":837,"height":11}},{"id":"39c28565-76e9-42bb-8c63-a540d73c9082","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":876,"width":795,"height":11}},{"id":"8e631b59-d2b0-4aa2-adf4-ab63c585c2df","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":891,"width":836,"height":12}},{"id":"c06cb5c0-412e-438a-bdae-e057024b990d","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":906,"width":817,"height":12}},{"id":"3c45665b-ce36-4103-86ee-8687ea463afb","block_type":"box","text":"II-67","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2606bcbc-a824-4a5d-850a-364ec9746d69","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30ff4be7-5849-43e8-b41f-102a3bcc2033","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":118,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"ce10d1af-40bd-42dd-a3fb-733d8ecf1f0a","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":118,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"46ef8a99-20b6-4e45-86cb-5875c2a02a2e","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":118,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"89a9cea4-4e2d-4891-8c43-16453f8b418f","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":118,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"9d1152f5-29bc-4aca-880a-4b2ee2ac12f2","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":118,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"201a494f-7d36-498a-96eb-bddfa1491231","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":118,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"baca6f33-0ddd-45f4-8afe-07e07c5a8004","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":118,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"b1012ec6-047f-4c9d-8887-3b4ca5493ed5","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":118,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"ba34dd3d-7f81-4e4f-bc1f-7524d0b56169","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":118,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"d78fa717-1aeb-4fa0-8355-58bdb1a7f631","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":118,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"e4fcab24-c61e-4da8-b3be-c2b00343c0e4","block_type":"box","text":"investments.","page_number":118,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"a6d833f9-36ed-46da-aec0-3806bc59348d","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":118,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"fc9ce628-3d1b-4a52-a6f5-f8b301a71195","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":118,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"42e6cf94-c2d1-4ce2-800b-6d32169fefd6","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":118,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"2ecd1272-7f63-4b68-861d-84f1c795c2e4","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":118,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"00c86e50-bf35-4a2e-adb9-151dc3d4752a","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":118,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"11fefef0-9f58-49e0-9be7-61d888729e5d","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":118,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"fc76a92f-3ac6-43eb-ba57-394b907b5705","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":118,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"b6096eb1-36f2-4704-96f9-f8dc43eaa63b","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":118,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"de542b51-b2ba-412b-8df5-b10dbff1ab37","block_type":"box","text":"Legal and Regulatory Risks.","page_number":118,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"2e87fae1-5be1-454e-8cd8-092aa5cb377c","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":347,"width":583,"height":11}},{"id":"988fd536-9b55-4da3-b3ea-3c67b0ce6355","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":362,"width":819,"height":11}},{"id":"369561b4-3cd5-4a1e-947d-76e64679b908","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":377,"width":820,"height":12}},{"id":"3a86728e-585f-43b9-b4a2-759ef7229962","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":392,"width":781,"height":12}},{"id":"f40526fd-8bb7-4983-8062-030b1b58301c","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":407,"width":763,"height":12}},{"id":"ebe9aaf4-67eb-4cc8-a4ea-ff28cce14b41","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":423,"width":838,"height":11}},{"id":"4b235371-1baa-4749-a9db-6d8609e63e1c","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":438,"width":781,"height":11}},{"id":"0153886b-d68e-4555-88e9-06a561dffd2d","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":453,"width":807,"height":11}},{"id":"3a8f70bf-06c3-4eba-a26b-ce59354bd7c2","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":468,"width":807,"height":11}},{"id":"99eb9146-9b88-4003-9ec0-f308ac60e76c","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":483,"width":666,"height":11}},{"id":"c8f489b1-be53-4135-926d-a08aa26f3383","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":118,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"86e58394-086e-4f84-8c8b-21cb11f19249","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":118,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"a16a6a5f-11fd-4480-8800-419caadaac64","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":521,"width":806,"height":11}},{"id":"2393f072-66a1-4008-b948-d4c2952128f1","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":536,"width":833,"height":11}},{"id":"51cc98ff-e381-4948-b216-3dbca39c4b68","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":551,"width":827,"height":11}},{"id":"3068b2da-e655-4bfe-9a88-5a5bcd004daa","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":566,"width":814,"height":11}},{"id":"0682bd4f-3b90-438f-b8b4-cfa5c61b3128","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":581,"width":821,"height":12}},{"id":"2be30e84-b5c2-4d75-bba7-60ccc6eb229f","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":118,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"059132dc-b84b-4362-9a46-a435d4775dfd","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":619,"width":796,"height":11}},{"id":"c1332643-8294-4b3c-ba74-39e77567e51c","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":634,"width":809,"height":12}},{"id":"f4e673b1-2281-41c4-9e9d-a3da652370b3","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":649,"width":799,"height":12}},{"id":"ec251370-5591-4a03-967b-9b43a7acd943","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":664,"width":823,"height":12}},{"id":"0d19296e-1f32-4fad-9b10-1c6ce9de085c","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":680,"width":801,"height":11}},{"id":"14813264-a1a9-457b-9915-26a8e2812c0b","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":695,"width":783,"height":11}},{"id":"e236024f-58d4-4bb5-b2c0-9f61b468244a","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":710,"width":753,"height":11}},{"id":"ee832c8a-bf38-4749-b804-e6b72b7c9c12","block_type":"box","text":"Geographic Risks","page_number":118,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"c1ef726c-d420-4fc8-b904-8843f08a4f79","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":732,"width":671,"height":12}},{"id":"acbff4a5-e362-43cb-b9d4-5f55909079b3","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":748,"width":835,"height":11}},{"id":"7db14d7c-ff48-4675-99fc-2a980a531947","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":763,"width":787,"height":11}},{"id":"ca28ea52-4eea-4c95-a61e-456c032295cc","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":778,"width":814,"height":11}},{"id":"c22b6156-8aa9-41d8-a3f3-5f2333defb28","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":793,"width":840,"height":11}},{"id":"da9a0a3d-0417-4cc6-9170-a59c65577dd2","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":808,"width":824,"height":11}},{"id":"7d89d442-eb04-4274-9a84-417cd1e54dfb","block_type":"box","text":"Fund.","page_number":118,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"15104c07-c7ad-4261-85a2-d711364b180a","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":118,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"0e98ed4c-de07-40d2-a660-d03c178e8c69","block_type":"box","text":"A Fund’s investments, payment obligations and financing terms may be","page_number":118,"box":{"x":363,"y":846,"width":508,"height":11}},{"id":"d85a16c4-90e5-4c9c-8448-5e03bcf88837","block_type":"box","text":"based on floating rates, such as the Secured Overnight Financing Rate (“SOFR”), Sterling Overnight Interbank Average","page_number":118,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"de6f3955-e3bf-4ded-ae37-3e33096e4099","block_type":"box","text":"Rate (“SONIA”), and other similar types of reference rates (“Reference Rates”). The elimination of a Reference Rate","page_number":118,"box":{"x":70,"y":876,"width":825,"height":11}},{"id":"91b5705a-5823-493b-b0c6-d94b5a634fdc","block_type":"box","text":"or any other changes or reforms to the determination or supervision of a Reference Rate could have an adverse","page_number":118,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"2afa3c73-961b-4e85-979e-901fb36a68c9","block_type":"box","text":"impact on the market for, or value of, any instruments (including debt instruments and cer tain derivative instruments)","page_number":118,"box":{"x":70,"y":906,"width":837,"height":12}},{"id":"ff90abca-ac9f-468a-93b9-acec5bbbe8d4","block_type":"box","text":"II-68","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"57ee8bb3-c787-49d9-82b0-bd138d7d5cb8","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6d6e4ffd-27e5-4502-bbf2-cfde53e81ba7","block_type":"box","text":"or payments linked to those Reference Rates. In addition, any substitute Reference Rate and any pricing adjustments","page_number":119,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"f6e84613-bea2-4e65-b643-eb703f6c791e","block_type":"box","text":"imposed by a regulator or by counterpar ties or otherwise may adversely affect a Fund’s per formance and/or net","page_number":119,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"3e3fe241-8ac1-4350-b829-bc39753c33e2","block_type":"box","text":"asset value. The London Interbank Offered Rate (“LIBOR”) had historically been used extensively in the U.S. and","page_number":119,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"d393dd0b-cb63-457f-80a0-d7d921d4731d","block_type":"box","text":"globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and","page_number":119,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"2ae893e7-e2a9-4a2f-ad6d-32062c0d01b5","block_type":"box","text":"municipal bonds, bank loans, asset-backed and mor tgage-related securities, interest rate swaps and other","page_number":119,"box":{"x":69,"y":105,"width":761,"height":11}},{"id":"eda1644e-8fac-4f6e-8484-d80454645f87","block_type":"box","text":"derivatives. Instruments in which a Fund may have historically paid interest at floating rates based on LIBOR or may","page_number":119,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"b39a5a89-d30e-4d0b-893b-acf72c249883","block_type":"box","text":"have been subject to interest caps or floors based on LIBOR. The Funds and issuers of instruments in which a Fund","page_number":119,"box":{"x":69,"y":135,"width":825,"height":11}},{"id":"a04f0edb-c0a9-4aa3-a0d8-247c5c36127b","block_type":"box","text":"invests may have also historically obtained financing at floating rates based on LIBOR. In connection with the global","page_number":119,"box":{"x":70,"y":150,"width":822,"height":12}},{"id":"3e5f5f0d-fbe8-4067-bf11-9bad714915d8","block_type":"box","text":"transition away from LIBOR led by regulators and market par ticipants as a result of benchmark reforms, LIBOR was","page_number":119,"box":{"x":68,"y":166,"width":822,"height":11}},{"id":"06b23417-bf8c-472d-9a44-6cd8c6549663","block_type":"box","text":"last published on a representative basis at the end of June 2023. Alternative Reference Rates to LIBOR have been","page_number":119,"box":{"x":70,"y":181,"width":817,"height":11}},{"id":"aa1cc89c-0ef0-4e40-80b6-3756e592af30","block_type":"box","text":"established in most major currencies and markets in these alternative rates are continuing to develop (","page_number":119,"box":{"x":69,"y":196,"width":736,"height":11}},{"id":"006973db-71d2-408b-badb-9458ae3d94f3","block_type":"box","text":"e.g.","page_number":119,"box":{"x":807,"y":197,"width":25,"height":10}},{"id":"e95ba306-e8c0-46bf-a408-c51c322c4e61","block_type":"box","text":", SOFR for","page_number":119,"box":{"x":835,"y":196,"width":70,"height":10}},{"id":"241eac0a-b080-4464-8b47-96697a54ef24","block_type":"box","text":"USD-LIBOR and SONIA for GBP-LIBOR). While the transition from LIBOR has gone relatively smoothly, residual risks","page_number":119,"box":{"x":70,"y":211,"width":814,"height":11}},{"id":"b942e91d-3b3c-420e-9a98-4617b8d044fc","block_type":"box","text":"associated with the transition may remain that may impact markets or par ticular investments and, as such, the full","page_number":119,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"4dbeeff8-45c3-4b23-99df-2637a227fc4d","block_type":"box","text":"impact of the transition on the Funds or the financial instruments in which the Funds invest cannot yet be fully","page_number":119,"box":{"x":70,"y":241,"width":784,"height":11}},{"id":"d24ea5bf-5d02-4539-80d5-2a2f40812d9b","block_type":"box","text":"determined.","page_number":119,"box":{"x":69,"y":257,"width":84,"height":8}},{"id":"478d934f-f1d8-4e2c-b924-63da2b1c4f78","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":119,"box":{"x":102,"y":279,"width":750,"height":11}},{"id":"8d27141e-a533-444e-ab1c-b77814561c4d","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":119,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"7d355488-8f46-4c1f-9912-0cf319d554c4","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":119,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"aa52c93c-9ada-47e4-9f7f-a837a7e907db","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":119,"box":{"x":70,"y":324,"width":801,"height":12}},{"id":"1faef82f-5fb1-4107-b241-2b108bc5df26","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":119,"box":{"x":70,"y":339,"width":810,"height":12}},{"id":"0a09ddd6-a31b-4884-8af1-e12c31417d2b","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":119,"box":{"x":69,"y":355,"width":803,"height":11}},{"id":"74a7705f-76a6-4bec-88a0-76df6a2a5fb7","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":119,"box":{"x":68,"y":370,"width":825,"height":11}},{"id":"c6a4c3c5-9deb-4064-a6a8-7c1317fc5032","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":119,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"c5d84791-af83-4374-bed2-bc793cbde197","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":119,"box":{"x":70,"y":400,"width":838,"height":11}},{"id":"28c97a81-b544-493a-9fa9-a8213871666e","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":119,"box":{"x":69,"y":415,"width":796,"height":11}},{"id":"31225020-3247-47cb-b86e-0683e4dbdf9e","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":119,"box":{"x":70,"y":430,"width":836,"height":11}},{"id":"6af614fe-b127-406f-902f-ae2582d6f871","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":119,"box":{"x":70,"y":445,"width":824,"height":11}},{"id":"688a6979-fe95-48c7-835f-c5de21368cc9","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":119,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"98000e84-b18e-4ecb-8ec5-ead4938b1816","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based Reference Rates, cannot be predicted based on SOFR’s","page_number":119,"box":{"x":69,"y":475,"width":809,"height":11}},{"id":"d792d424-de2c-4066-a8fb-1f74a9153dce","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":119,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"44487f02-342c-453a-a646-ed29f7c89c62","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":119,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"375989a3-5358-4b22-ab46-36214eadd578","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":119,"box":{"x":68,"y":521,"width":384,"height":11}},{"id":"73ebaea8-a03c-4734-b16f-fca6e13874b5","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":543,"width":782,"height":12}},{"id":"daaf7a70-8354-42c6-ae0d-cf6b8acf8156","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":559,"width":786,"height":11}},{"id":"e1afd5fa-6273-462d-a57e-a978467dad5b","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":574,"width":746,"height":11}},{"id":"bd30a123-f0dd-44fb-bf97-d9f38223577c","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":589,"width":822,"height":11}},{"id":"a19dd539-0e49-4ff7-a149-ac3f26730adc","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":604,"width":821,"height":11}},{"id":"28e0254f-9588-46d6-990b-7762bad18847","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":619,"width":799,"height":11}},{"id":"4e9174dc-a885-4c41-9f3e-60d04bdadb4f","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":634,"width":830,"height":12}},{"id":"3efcb1a8-6496-482c-8efe-bb1df1197563","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":649,"width":757,"height":12}},{"id":"809c2ca1-4a2f-402e-9662-35803730f896","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":665,"width":802,"height":11}},{"id":"655cf079-e03e-43a6-a741-87e4cc242a8b","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":680,"width":840,"height":11}},{"id":"81cbf26f-a024-4b25-8c67-51857ec7d385","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":695,"width":782,"height":11}},{"id":"aab12ded-7371-433b-9985-cd0de854cecc","block_type":"box","text":"consequences which cannot be predicted.","page_number":119,"box":{"x":69,"y":710,"width":298,"height":11}},{"id":"3a9010c6-127a-490d-b441-ffc7a392ad70","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":119,"box":{"x":102,"y":733,"width":432,"height":11}},{"id":"b21cfaf0-2de3-4e4c-b2f2-03228f6815e5","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":119,"box":{"x":541,"y":733,"width":347,"height":11}},{"id":"cc19a413-240b-4c87-9c65-0d0ec9eba07a","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":748,"width":821,"height":11}},{"id":"63e3928b-164a-4d93-9737-bdec58b982f1","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":763,"width":815,"height":11}},{"id":"fb00a7ff-4490-42bd-b63d-5a8cbb60094d","block_type":"box","text":"term of the agreement.","page_number":119,"box":{"x":68,"y":778,"width":164,"height":11}},{"id":"d8c01c34-098f-4f98-9ea6-c35073444d7a","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":801,"width":788,"height":11}},{"id":"68df34f5-c0af-4e0f-aac5-6db8a488ee4e","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":816,"width":831,"height":11}},{"id":"5eb9031b-8f7a-44a9-b334-2fbb334a54cd","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":831,"width":821,"height":11}},{"id":"f295470b-67f0-48a5-8476-86242a487662","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":846,"width":790,"height":11}},{"id":"0d1231ac-9417-49cc-a6b8-fcd95445b500","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":861,"width":827,"height":11}},{"id":"3e8ac5e3-36de-4b6c-8fe7-197b452fc770","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":876,"width":788,"height":11}},{"id":"1731dd3a-c7a1-4e66-bc39-27f01c568b3d","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":119,"box":{"x":68,"y":891,"width":522,"height":11}},{"id":"55d88d2f-d7cc-404f-a6ea-9473a6e974fa","block_type":"box","text":"II-69","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8205719f-30b5-4387-ba4e-2a16192c29ec","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a887eea-4df8-47b9-86f0-1f2ebe8285cc","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":120,"box":{"x":102,"y":45,"width":792,"height":11}},{"id":"7629cdf5-af70-473c-ae45-43db46a64b6e","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":120,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"e1ebfaf5-ebd5-4826-a06e-9f8c41b17852","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":120,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"4221ef2d-6e90-4226-bc0e-8336ccf131e7","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":120,"box":{"x":69,"y":90,"width":812,"height":11}},{"id":"640e9083-01f2-4b5b-915f-fea92ed918fd","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":120,"box":{"x":68,"y":105,"width":770,"height":11}},{"id":"b19a038b-a9f7-4dc1-8b84-86f1f1fbd955","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":120,"box":{"x":69,"y":120,"width":802,"height":12}},{"id":"40125c13-fb7b-422f-88db-8a09718d5ca5","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":120,"box":{"x":70,"y":135,"width":430,"height":12}},{"id":"aed64035-8384-4698-9d5b-5c060cbd7ec7","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":120,"box":{"x":102,"y":158,"width":759,"height":11}},{"id":"554f4baf-efb6-404c-83c1-7daa0ceca680","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":120,"box":{"x":70,"y":173,"width":765,"height":11}},{"id":"3e0e693c-6544-415d-9cd1-f70751768f93","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":120,"box":{"x":69,"y":188,"width":835,"height":12}},{"id":"87e87362-2879-4b44-8cb9-d542962eca4e","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":120,"box":{"x":69,"y":203,"width":799,"height":11}},{"id":"a7146653-a94e-48e8-9de5-2bfbafe51b55","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":120,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"f8d0b358-f145-4db5-b5a6-90fe4668e060","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":120,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"7e0cc619-736f-4e68-8a14-9303f4e2f4af","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":120,"box":{"x":70,"y":249,"width":831,"height":11}},{"id":"1e6e3f3d-8862-4f81-92a3-4e8f66f48ac8","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":120,"box":{"x":69,"y":264,"width":810,"height":11}},{"id":"f03dc793-25e5-4add-891e-171fa3d97ccd","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":120,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"da9a7448-d37e-48e1-8272-3bae747c5bbb","block_type":"box","text":"or by another authorized securities depository.","page_number":120,"box":{"x":69,"y":294,"width":329,"height":11}},{"id":"eb9a4601-f92c-44f5-ac88-7a41eb634627","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":120,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"60fa7f83-64f3-434b-b768-0e80ad247db0","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":120,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"a7edc3c8-2520-4f4d-ad1f-93946d917c2b","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":120,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"43edd518-44a1-4171-9b71-e8c5a3d8c171","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":120,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"94101565-7c2b-4414-9d13-77ddfa93d24c","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":120,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"7e1cb609-5115-4325-b8fe-d68a09ccce10","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":120,"box":{"x":70,"y":393,"width":810,"height":11}},{"id":"d8a96eaf-f2a0-4444-9d9e-8102b1fa306f","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":120,"box":{"x":69,"y":408,"width":812,"height":11}},{"id":"c45a8cad-8b21-403b-bcf4-5208ed3fc914","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":120,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"4a9243a1-4f3e-4871-8dd5-517e4e1b7a04","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":438,"width":817,"height":11}},{"id":"b9830f00-fca5-4cc3-833d-82ebbc0a4eb8","block_type":"box","text":"the repurchase price.","page_number":120,"box":{"x":68,"y":453,"width":151,"height":11}},{"id":"dd6761e5-ff99-45ea-bf5a-e6b3491d38b9","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":475,"width":805,"height":12}},{"id":"a6b41292-9c9e-485d-b730-c495f1c0a264","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":491,"width":837,"height":11}},{"id":"d49da890-857c-4928-aea4-565897f75d6b","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":506,"width":788,"height":11}},{"id":"9cc5f7d6-0bfe-4b6f-be4f-e3b894e6229f","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":521,"width":767,"height":11}},{"id":"56ab0ebd-ef1d-48d3-983a-8625e2d4c05a","block_type":"box","text":"strategies without the repurchase obligation.","page_number":120,"box":{"x":69,"y":536,"width":317,"height":11}},{"id":"c816bc5f-9418-4114-a253-659ea08d4dd7","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":559,"width":782,"height":11}},{"id":"9cf376ac-63e2-4dc0-9e18-c8cedac401f2","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":574,"width":776,"height":11}},{"id":"3855d1e1-0268-4e10-b1a1-fbc2d9f5b192","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":589,"width":799,"height":11}},{"id":"6ef43bef-28fd-471f-930a-8ebceb876c9e","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":604,"width":829,"height":11}},{"id":"85fbb3fa-51d1-449e-9c40-aee605f5380b","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":619,"width":825,"height":11}},{"id":"c7e29a7d-c62e-4ead-8b66-5d04eaceff42","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":120,"box":{"x":69,"y":634,"width":374,"height":11}},{"id":"4e9d8f74-136d-424f-a3b1-21a3688fb65f","block_type":"box","text":"i.e.","page_number":120,"box":{"x":445,"y":634,"width":20,"height":9}},{"id":"e51c18bc-6414-44ca-9976-ccb1d73293c9","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":120,"box":{"x":468,"y":634,"width":434,"height":11}},{"id":"ddf563e1-e934-44bb-8dd9-7c725e5e0fcc","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":649,"width":813,"height":12}},{"id":"5230fe67-b468-4839-857a-4fd1c2b3ef54","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":664,"width":816,"height":12}},{"id":"12b93649-729f-40f6-bcf4-0f903c6bc504","block_type":"box","text":"and income involved in the transaction.","page_number":120,"box":{"x":69,"y":680,"width":278,"height":9}},{"id":"12a47130-ed58-4c77-8b84-c670329d647b","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":702,"width":800,"height":12}},{"id":"1ab6e443-922e-4713-8b16-6cd5589f6009","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":717,"width":840,"height":12}},{"id":"0a238de2-7de9-45fa-a34a-1c899e8d8257","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":732,"width":814,"height":12}},{"id":"74607ab3-d344-4c71-9a07-b3fdab86af90","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":748,"width":790,"height":11}},{"id":"e09e359b-bb0e-457c-aaa1-e280d42b705e","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":763,"width":818,"height":11}},{"id":"da59bc08-f7a3-4cf5-a75e-b9cad0bfc57d","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":778,"width":783,"height":11}},{"id":"38142465-f16b-4bde-851b-7b8638218c9e","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":793,"width":821,"height":11}},{"id":"3cfb2792-cb1e-440b-8fb4-4ffa4a1f21e2","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":808,"width":800,"height":11}},{"id":"fd4e942f-9970-49fb-89d6-7018dfa5b915","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":823,"width":796,"height":12}},{"id":"f0de4c40-77a8-4016-9b03-ddb15d953ded","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":838,"width":834,"height":12}},{"id":"34a73bd3-ea93-4840-bef9-ec2e54c1055d","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":853,"width":824,"height":12}},{"id":"48ad4335-f5f4-4227-a028-dc168349451b","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":120,"box":{"x":69,"y":869,"width":279,"height":11}},{"id":"0fb7f605-653f-4e1b-8e78-dab4789c8cfd","block_type":"box","text":"Restricted Securities.","page_number":120,"box":{"x":102,"y":891,"width":157,"height":9}},{"id":"b81e440d-4b6a-4778-83b3-d7ef61ddba72","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":891,"width":617,"height":12}},{"id":"5621c39e-197e-4e50-b2ef-df62076082d1","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":906,"width":801,"height":12}},{"id":"4f50a190-2407-4acf-a0f5-160b722c9b5e","block_type":"box","text":"II-70","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"591ae70c-0635-4dd4-8ff5-1ed6b1909409","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b0b02cf-31a6-4d8a-8676-972fb1845c44","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":121,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"8b1cbf05-c145-47ad-94dd-8bad92d7551c","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":121,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"7385d2ed-b06d-46c2-9047-5510a96c32ec","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":121,"box":{"x":70,"y":75,"width":834,"height":11}},{"id":"2273aef2-aa41-4b80-b40c-374fd7b0d611","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":121,"box":{"x":68,"y":90,"width":825,"height":11}},{"id":"787407ce-76fa-407c-bfe3-0d99169caade","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":121,"box":{"x":68,"y":105,"width":815,"height":11}},{"id":"abe27d0d-277d-41b7-918d-4d25d2980402","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":121,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"28e25f3f-cec6-4eef-b382-35376bbc02ab","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":121,"box":{"x":69,"y":136,"width":831,"height":11}},{"id":"3a8956e4-ae9e-48b0-810c-3658a7280d61","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":121,"box":{"x":70,"y":150,"width":824,"height":12}},{"id":"6f7b7bb3-25e0-4113-961b-b8b468377fe8","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":121,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"0b0abda7-8e09-4004-805b-62633828539e","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":121,"box":{"x":69,"y":181,"width":769,"height":11}},{"id":"84325b5a-08b0-4609-b0b4-aeced3be62dd","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":121,"box":{"x":69,"y":196,"width":838,"height":11}},{"id":"1aafbc1a-6489-47a9-bb2a-5f61d102a180","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":121,"box":{"x":68,"y":211,"width":805,"height":11}},{"id":"7db396c4-b51d-4d02-b7ad-6c3f8639bab9","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":121,"box":{"x":68,"y":226,"width":840,"height":11}},{"id":"2c5f9c22-07bc-4b6f-b702-84a286522d76","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":121,"box":{"x":70,"y":241,"width":815,"height":11}},{"id":"e0500bc8-077b-4b4a-b261-51e3bb919855","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":121,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"d2204cd2-b4e4-4a5c-8542-16ac653920cb","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":121,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"45c6b2df-08c8-43d9-98d9-457f00473713","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":121,"box":{"x":70,"y":286,"width":830,"height":12}},{"id":"12f01016-9c1b-4577-80ee-f36c515819c8","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":121,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"757e42db-b61f-4f23-b1cb-5f98fc69848d","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":121,"box":{"x":68,"y":317,"width":825,"height":11}},{"id":"e32905c9-aca8-44ed-a99e-bbe56eb19596","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":121,"box":{"x":69,"y":332,"width":777,"height":11}},{"id":"fc5b4228-5d24-4139-bc69-fcce1d191d5f","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":121,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"063972c8-f179-41e4-b795-9ab1532651f9","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":121,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"dce3633c-528e-4655-b754-a0e096310935","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":121,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"0cee6083-f87b-43d0-a916-3a51a7269348","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":121,"box":{"x":69,"y":392,"width":836,"height":12}},{"id":"2382600d-a499-4d8a-aab9-4cc67c8f127a","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":121,"box":{"x":68,"y":407,"width":819,"height":12}},{"id":"fba83f27-b68e-440d-9cbc-5e4951f98e0e","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":121,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"bb49b15f-9cda-4198-8a72-2efc22a45c90","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":438,"width":798,"height":11}},{"id":"dc34ff1b-efd5-438c-b691-c6afc9dc815a","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":453,"width":780,"height":11}},{"id":"87975f04-c47c-4ed1-98ca-bea11041dc1f","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":468,"width":773,"height":11}},{"id":"f84ecdb7-6b1d-4b58-903d-06311b1eddd1","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":483,"width":784,"height":11}},{"id":"19a1222b-93a2-4dd9-bad1-f40cb5c3893a","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":498,"width":816,"height":11}},{"id":"e5d7a501-bbaf-473f-a6b4-d8c9707cc96e","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":513,"width":828,"height":11}},{"id":"71df7f8d-5567-49ad-9599-4adbe4fed48c","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":528,"width":831,"height":12}},{"id":"d1384599-91c5-4920-a744-71b317441361","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":543,"width":804,"height":12}},{"id":"c20dd94c-0c48-4657-98d5-50f26bef1f4c","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":559,"width":647,"height":11}},{"id":"7a1ac280-7b98-4cf1-be2b-867ab77ae8d4","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":581,"width":714,"height":11}},{"id":"fa6e067f-e2bf-4577-9be3-fc6b31475cc3","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":597,"width":823,"height":11}},{"id":"13808941-6c26-4ba7-9f3e-f73f73309bc4","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":612,"width":826,"height":11}},{"id":"70f24427-25a2-4c8d-ba2e-6744667cbb0c","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":627,"width":830,"height":11}},{"id":"471ddf7a-7e2d-4c16-a849-c57c3727c7db","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":642,"width":812,"height":11}},{"id":"fd28df63-9a5c-4a1f-a6e0-50b1ec2ba107","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":657,"width":787,"height":11}},{"id":"67646056-6c2a-4e89-bf73-e6555ead447e","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":672,"width":833,"height":11}},{"id":"52dd59bc-89c2-4b47-9674-a819f8b4bee7","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":687,"width":759,"height":11}},{"id":"bb74ac5c-70d0-43c3-ae25-9b456665a5b5","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":702,"width":833,"height":12}},{"id":"09e0f333-6d45-41fe-83cf-ce0df5511c48","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":717,"width":828,"height":12}},{"id":"e5e0f333-55e1-4845-a252-46cc1bf9c046","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":732,"width":827,"height":12}},{"id":"97aad110-ea72-4a2d-b81c-b2bbafbb2748","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":748,"width":804,"height":11}},{"id":"3d8d8971-b838-4c4f-be82-2a9c51d388d5","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":763,"width":816,"height":11}},{"id":"7d570874-c818-4a92-a788-22c23ace23e5","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":778,"width":835,"height":11}},{"id":"29dbdbf7-a1f9-46dd-be3e-3862f109b139","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":793,"width":768,"height":11}},{"id":"34c19b52-5c41-4474-aa3f-0357d88945b7","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":808,"width":815,"height":11}},{"id":"8b8bf722-d001-4ff3-9745-dc5160065f4d","block_type":"box","text":"especially as that Fund grows in size.","page_number":121,"box":{"x":69,"y":823,"width":264,"height":12}},{"id":"3e964784-e302-481f-9b3b-62c351396f54","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":846,"width":762,"height":11}},{"id":"2762605e-40d2-4d84-925d-4867dc9b8ff5","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":861,"width":795,"height":11}},{"id":"082e4884-7d00-43a8-b16a-a826541013aa","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":876,"width":751,"height":11}},{"id":"2db355f6-89b7-4d86-95b0-67b9648123ea","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":891,"width":755,"height":11}},{"id":"e422023c-6325-4c54-b1f7-9af39e51c840","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":906,"width":830,"height":12}},{"id":"0ad3242f-06ff-4c87-bb48-aed969885875","block_type":"box","text":"II-71","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1f3b3dd5-dc1e-4df0-97c2-714233f6e8c6","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"299c73fd-4cf2-45f1-bd2d-8eca031dafee","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":122,"box":{"x":70,"y":45,"width":835,"height":11}},{"id":"5dee22ab-2f60-4ab5-8078-49d8232cb879","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":122,"box":{"x":68,"y":60,"width":766,"height":11}},{"id":"c4f85951-6243-47b3-8d53-111811690fbe","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":122,"box":{"x":69,"y":75,"width":792,"height":11}},{"id":"0ef7f8bf-4f25-42fd-a646-8ed33259702e","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":122,"box":{"x":70,"y":90,"width":821,"height":11}},{"id":"a625b6f6-8000-4022-9f11-2ee2d9a0614e","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":122,"box":{"x":70,"y":105,"width":771,"height":11}},{"id":"7f2d9866-051f-4711-be0f-dd33f0af2f08","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":122,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"c6d3ede7-9b86-47e4-96c5-d7af917bb74f","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":122,"box":{"x":69,"y":135,"width":790,"height":11}},{"id":"251b6280-5f42-4e71-be19-236d0b9954b2","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":122,"box":{"x":69,"y":150,"width":828,"height":12}},{"id":"249a0305-c9d3-4efb-b067-bee6b9f8b55d","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":122,"box":{"x":69,"y":166,"width":810,"height":11}},{"id":"4d8344e7-8ea8-4a40-8ced-47c8c406c70e","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":122,"box":{"x":70,"y":181,"width":818,"height":11}},{"id":"9de5ee3e-f3e0-4f4d-8901-aacf03aab164","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":122,"box":{"x":68,"y":196,"width":839,"height":11}},{"id":"efc452e2-5c52-47d7-ae06-f120dbab0dc6","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":122,"box":{"x":68,"y":211,"width":514,"height":11}},{"id":"5f276d2d-7ec4-4630-abe4-2b789592f5d0","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":122,"box":{"x":102,"y":234,"width":385,"height":11}},{"id":"da20f82c-31e3-4ce1-90e7-e65014d6fa0b","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":122,"box":{"x":102,"y":257,"width":246,"height":10}},{"id":"5a1a886a-900f-41db-8d10-5c12303936e5","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":122,"box":{"x":354,"y":257,"width":548,"height":11}},{"id":"f494be1b-9c30-434d-a9be-e9ae74dbf59e","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":122,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"4fea0ef8-aefd-4d87-93b5-825393102d4a","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":122,"box":{"x":68,"y":287,"width":793,"height":11}},{"id":"3c02fa50-ba0b-4bb3-84c7-e48ba0b9079b","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":122,"box":{"x":69,"y":302,"width":784,"height":11}},{"id":"d8e3429d-cfec-490a-8055-fa0e5af9c4e5","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":122,"box":{"x":70,"y":317,"width":591,"height":11}},{"id":"65a4afd5-8a24-4da5-b326-ac64913933b9","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":122,"box":{"x":101,"y":339,"width":730,"height":12}},{"id":"6a91f1d5-aeab-4c27-8034-0969fa3795ac","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":122,"box":{"x":70,"y":355,"width":822,"height":11}},{"id":"b5fa7872-498f-4eef-a243-f23e9b5cffdd","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":122,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"5418be99-7eed-4cd4-b0e9-03c53fc4dfd1","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":122,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"e284dc06-333f-4ec0-9c0b-bcd9456e2af2","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":122,"box":{"x":69,"y":400,"width":830,"height":11}},{"id":"cc66a0f9-a2fb-4e9f-ab8c-694ce133f4dc","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":122,"box":{"x":69,"y":415,"width":354,"height":11}},{"id":"2423740a-91a5-46ee-a11d-2fd1e56f0c76","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":438,"width":769,"height":11}},{"id":"71d47e30-4abe-4efe-a2f4-6f4faf896414","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":453,"width":815,"height":11}},{"id":"03a7324d-6294-4e74-b6b2-07e822209639","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":468,"width":782,"height":11}},{"id":"9de49b16-ecbf-44b4-ac77-ed50ec73391d","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":122,"box":{"x":69,"y":483,"width":449,"height":11}},{"id":"922a8cbc-27a5-4933-89b6-201e8d72560a","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":506,"width":794,"height":11}},{"id":"4c338752-6c40-4c32-99ab-089d058c25c2","block_type":"box","text":"similar financing transactions (","page_number":122,"box":{"x":69,"y":521,"width":218,"height":11}},{"id":"581720b5-4548-4e79-8991-8111fb8c14b2","block_type":"box","text":"e.g.","page_number":122,"box":{"x":289,"y":522,"width":24,"height":10}},{"id":"3d20f38a-edaa-4919-95e5-dd4d0c53f9b0","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":122,"box":{"x":316,"y":521,"width":594,"height":11}},{"id":"83d548f7-28e3-49ac-ad68-6a131f7ad3ca","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":536,"width":813,"height":11}},{"id":"f8d4802c-708c-46ec-8232-dbc6ba9a3813","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":551,"width":789,"height":11}},{"id":"b01c502d-f410-4b98-b07f-9d0559310597","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":566,"width":836,"height":11}},{"id":"28d1bff1-9e1f-41fc-9865-584db2631e1a","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":581,"width":824,"height":12}},{"id":"dbb7f9ac-fa6d-4bc3-8c63-507573608dc2","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":596,"width":758,"height":12}},{"id":"3187b281-c4dc-4963-87ad-44cc39705137","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":612,"width":822,"height":11}},{"id":"bafe15aa-e58c-44ab-97bd-fd2194896376","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":627,"width":838,"height":11}},{"id":"3ac991af-26d3-4a3a-9c62-c6906e55b7ac","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":122,"box":{"x":69,"y":642,"width":538,"height":11}},{"id":"ba1b9032-4c89-4e7c-94cb-256da5c13375","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":665,"width":780,"height":11}},{"id":"03b50c3b-a317-47e8-9163-4fe1762d69b9","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":680,"width":838,"height":11}},{"id":"c4992261-8fda-4a06-863b-8ca118f999d9","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":695,"width":775,"height":11}},{"id":"396e15a3-caa3-464d-aec8-46e2c1420a4a","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":710,"width":754,"height":11}},{"id":"c7b29b79-f4e2-4d03-a7c6-004306283fd3","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":725,"width":818,"height":11}},{"id":"ce3dcdf7-0495-4bcb-9f52-13d11acbd67f","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":740,"width":783,"height":11}},{"id":"da60c8b2-b07e-4db0-9f33-39ceaa53a070","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":755,"width":800,"height":11}},{"id":"52ef264b-b423-4272-9a57-3e0649d83e7c","block_type":"box","text":"amounts to be received under such agreements.","page_number":122,"box":{"x":69,"y":771,"width":345,"height":11}},{"id":"06ea2afe-8415-418d-9f23-c0d09c3f9c69","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":122,"box":{"x":102,"y":793,"width":316,"height":11}},{"id":"6a6c56bf-3a54-45cc-82ae-3d5c01e2cecc","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":122,"box":{"x":424,"y":793,"width":481,"height":11}},{"id":"cf3e00d8-5beb-4dbe-a9b7-cb2633d85e92","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":808,"width":822,"height":11}},{"id":"17459a25-d815-458f-8bcc-069da9dcba9e","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":823,"width":776,"height":12}},{"id":"df766d25-8202-4300-8627-d696ca2ef729","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":838,"width":817,"height":12}},{"id":"8106b0cc-4b04-4e1e-8023-f7a00b318010","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":853,"width":833,"height":12}},{"id":"9b740b54-ffb4-4143-8a7b-58f699a41eaf","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":869,"width":835,"height":11}},{"id":"b38ae41e-aa88-4d39-9350-68de8675712b","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":884,"width":821,"height":11}},{"id":"6ae9fbc5-0e53-4b67-9138-c0fcb76af1fe","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":899,"width":830,"height":11}},{"id":"f7e5d8be-8306-46e1-b435-d2b0f0913b76","block_type":"box","text":"II-72","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"78a88367-1838-489f-871e-1433656fbded","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d740bbcf-f60d-48a8-a621-9a0dedabfcb4","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":123,"box":{"x":69,"y":45,"width":777,"height":11}},{"id":"d105954d-b2cf-4dbf-b273-760c5cd5b676","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":123,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"0e5bd122-079a-4d2e-b4da-91782bd6b2c2","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":123,"box":{"x":68,"y":75,"width":708,"height":11}},{"id":"3c226670-4ca9-417c-a953-a6ceb9b3d6f4","block_type":"box","text":"Rule 144A Securities.","page_number":123,"box":{"x":102,"y":98,"width":159,"height":9}},{"id":"2f474ccf-51ec-40f0-90a1-c63aa04ac001","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":123,"box":{"x":266,"y":98,"width":560,"height":11}},{"id":"63a2d89a-641f-4690-a133-217670eca6e5","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":123,"box":{"x":70,"y":113,"width":741,"height":11}},{"id":"0ededda9-71e8-4010-b88f-04624216af7a","block_type":"box","text":"Securities Lending.","page_number":123,"box":{"x":101,"y":135,"width":139,"height":11}},{"id":"e7946d63-8440-45cf-abfa-d727a070e860","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":123,"box":{"x":247,"y":135,"width":645,"height":11}},{"id":"8873f641-df5e-4fe6-863a-2983643f4837","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":123,"box":{"x":69,"y":150,"width":825,"height":12}},{"id":"806faaec-4a0f-4afe-82bc-5c3020ee3068","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":123,"box":{"x":69,"y":166,"width":817,"height":11}},{"id":"8af07f65-3373-4cbe-98f1-32cef4f3a977","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":123,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"b71263bc-5597-4a03-bb0c-fa9752ec249c","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":123,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"a529cfcc-7f22-4ce9-813b-4bb88a355619","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":123,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"ba097866-731c-4421-ac8b-e1793dfb9924","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":123,"box":{"x":69,"y":226,"width":838,"height":11}},{"id":"4d94b92b-e611-4b85-8b23-42fbcf45d0e5","block_type":"box","text":"the securities were not on loan.","page_number":123,"box":{"x":68,"y":241,"width":225,"height":9}},{"id":"13cdadf4-0262-463c-b785-27cdfa033440","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":123,"box":{"x":101,"y":264,"width":799,"height":11}},{"id":"2809532d-f2d6-49ae-b9d9-0fedc16a08d9","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":123,"box":{"x":69,"y":279,"width":835,"height":11}},{"id":"9c961d02-7256-415e-84cc-e9e343249a00","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":123,"box":{"x":69,"y":294,"width":824,"height":11}},{"id":"76f37850-b8e6-4b4c-954a-1652fa0ceb79","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":123,"box":{"x":69,"y":309,"width":821,"height":11}},{"id":"ca5451bf-c542-4479-b8bd-213f886a8fbb","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":123,"box":{"x":69,"y":324,"width":810,"height":11}},{"id":"bdd52c5d-0be0-4079-a62a-912c12ad3324","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":123,"box":{"x":70,"y":339,"width":789,"height":12}},{"id":"aafadea4-2b53-479e-996c-5f3b7f7dd8cf","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":123,"box":{"x":70,"y":355,"width":643,"height":11}},{"id":"25e05560-6157-4dac-b399-83c37d088bde","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":123,"box":{"x":102,"y":377,"width":568,"height":12}},{"id":"3482d7a5-92c3-4052-89cd-5612fa95749d","block_type":"box","text":"i.e.","page_number":123,"box":{"x":672,"y":377,"width":20,"height":9}},{"id":"e53672fa-9310-437a-9200-6e97e731c851","block_type":"box","text":", the risk of losses resulting","page_number":123,"box":{"x":695,"y":377,"width":198,"height":12}},{"id":"ef51b8e9-8248-4221-a811-2725ad81d79e","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":123,"box":{"x":68,"y":392,"width":501,"height":12}},{"id":"714a07e3-e31c-4b4d-ab5b-85152d7e743e","block_type":"box","text":"i.e.","page_number":123,"box":{"x":571,"y":393,"width":20,"height":8}},{"id":"d8c0ab55-4b85-4f7b-9124-a7755c7bba0d","block_type":"box","text":", the risk of a mismatch between the return","page_number":123,"box":{"x":594,"y":392,"width":307,"height":11}},{"id":"7fc48dc8-08fd-43c0-baf2-304ee15702a7","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":123,"box":{"x":69,"y":407,"width":794,"height":12}},{"id":"75463008-384f-48d8-8b57-52c222ce484c","block_type":"box","text":"i.e.","page_number":123,"box":{"x":865,"y":408,"width":20,"height":8}},{"id":"c9332910-4500-4dd2-b199-ed7ea65b9972","block_type":"box","text":",","page_number":123,"box":{"x":888,"y":415,"width":2,"height":3}},{"id":"2b3b1441-70a0-4260-bc05-c0de7f2aefd0","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":123,"box":{"x":68,"y":423,"width":788,"height":11}},{"id":"db957dbb-ea7c-4156-94b7-26c99addf418","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":438,"width":837,"height":11}},{"id":"103b8b4d-9cc0-463b-a913-fe07109e34e8","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":453,"width":822,"height":11}},{"id":"29320071-5a98-4ab4-b913-79feb747714f","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":468,"width":811,"height":11}},{"id":"edfe7607-540b-4eef-aed2-1d03f2a33b3b","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":483,"width":820,"height":11}},{"id":"729cd59f-8a9f-4665-8d02-1d1a9319f01d","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":498,"width":790,"height":11}},{"id":"9bd90a78-0107-49ca-9c2b-c7358b386c80","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":513,"width":820,"height":12}},{"id":"1cdff77e-c663-4eed-9767-f4fda13aed5c","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":528,"width":805,"height":12}},{"id":"9f17e77f-6e69-4b62-8d02-b04f9129f883","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":543,"width":816,"height":12}},{"id":"9fbcdf11-d483-43eb-8fbf-6f4ef277f89e","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":559,"width":775,"height":11}},{"id":"71d77b35-cb98-4232-a418-280ccba4217e","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":574,"width":821,"height":11}},{"id":"767edc28-97c4-41ad-bf77-484c69c537f1","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":589,"width":838,"height":11}},{"id":"f566c19e-1fb3-410b-9fec-091a8686736f","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":604,"width":837,"height":11}},{"id":"04027683-d580-41d3-8ad3-b88ff8db89bb","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":619,"width":808,"height":11}},{"id":"91f9df8d-0f97-46d1-8d48-6d018748b6e5","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":634,"width":839,"height":11}},{"id":"84c2be18-ad64-48c8-9417-f8f6ec9d4e3e","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":650,"width":832,"height":11}},{"id":"41cf5308-2229-4c91-b219-f785d65da028","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":664,"width":801,"height":12}},{"id":"93c5157b-b583-416e-978a-ead127b456d5","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":680,"width":823,"height":11}},{"id":"437ddbd2-c3fc-4efc-aadf-2f1a37af1ec3","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":695,"width":823,"height":11}},{"id":"907e2a35-b652-4e0d-9bcf-fb9362c99e1d","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":710,"width":812,"height":11}},{"id":"0a6d4c35-ddd2-4b96-9d84-6086f0de2b35","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":725,"width":814,"height":11}},{"id":"ca8911a9-c076-411c-9436-6dc81409bf91","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":740,"width":787,"height":11}},{"id":"76c71d8e-3bf0-49da-a212-7b9bc9c75889","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":755,"width":828,"height":11}},{"id":"8dbda05d-a57b-4e6b-9aa5-d7d6233c0ede","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":770,"width":809,"height":12}},{"id":"3d1b3cd6-e12f-475b-ae9a-3a87f9341efb","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":785,"width":821,"height":12}},{"id":"a9a63896-40fb-4f08-be08-d8d5f18b1356","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":801,"width":731,"height":11}},{"id":"3ec494f1-98c1-47a9-8cec-e048d4cef25c","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":823,"width":800,"height":12}},{"id":"fd4d5cd5-f8ce-4bad-92ee-6fbac107e8ad","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":838,"width":802,"height":12}},{"id":"c34e3f35-074c-4d31-b9fc-0abe9090b775","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":853,"width":783,"height":12}},{"id":"163dbcc7-099d-4799-aae7-2fd3dd544eec","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":869,"width":839,"height":11}},{"id":"664950f3-1caa-4f8e-8ec1-8c4ae064addc","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":884,"width":747,"height":11}},{"id":"711c75de-7a5f-458e-951d-629464c20ce6","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":899,"width":806,"height":11}},{"id":"bac9e2ec-0922-49ca-bda1-bd6a7204f685","block_type":"box","text":"II-73","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a46a2872-ea9f-47ff-8964-8e21a0f7a165","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"efaa4321-9273-4ce2-8286-be106ab6ae63","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":124,"box":{"x":69,"y":45,"width":808,"height":11}},{"id":"c59cdfec-270e-48ce-adc7-38ce23655c62","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":124,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"69e4481e-adda-477f-825d-195e74d1eeb4","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":124,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"bc824149-1cc0-43e7-852c-1205607a93c2","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":124,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"c2e84b40-aeeb-45f0-915b-b7111b5d72bd","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":124,"box":{"x":69,"y":105,"width":371,"height":11}},{"id":"e3806898-ef15-463b-84b6-6b85784e517b","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":124,"box":{"x":101,"y":128,"width":753,"height":11}},{"id":"c774e41f-454e-40c4-b0f3-9f00be03d60c","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":124,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"27bcfdf2-97f5-44cd-9f71-4ac33ea7bb9b","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":124,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"d1771594-3fa7-41f4-9e65-10057a2a2ba5","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":124,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"4df8bee9-c6f6-4c85-9745-c06bfd33eb80","block_type":"box","text":"the current expected compliance date.","page_number":124,"box":{"x":68,"y":188,"width":273,"height":11}},{"id":"1a770adb-9044-4e03-80a1-27ad0ca742c3","block_type":"box","text":"Short Sales.","page_number":124,"box":{"x":101,"y":211,"width":89,"height":9}},{"id":"00ad07f9-0656-471d-b129-f03fe655371b","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":124,"box":{"x":196,"y":211,"width":696,"height":11}},{"id":"a2b2713a-46cb-49f9-81d8-624cd4a02a46","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":124,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"c8384fc4-491c-456a-bde5-639128185626","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":124,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"9c48a2fd-1961-4c96-8105-f50fc15e5e30","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":124,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"e5559d40-6456-404a-90b4-8811a5299b13","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":124,"box":{"x":69,"y":272,"width":837,"height":11}},{"id":"4e806cda-6d50-4a30-b371-88e8fd2edd0b","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":124,"box":{"x":68,"y":287,"width":828,"height":11}},{"id":"8ec7654f-d3c5-4319-993a-ffc16381bf74","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":124,"box":{"x":70,"y":302,"width":829,"height":11}},{"id":"56e2f2b5-1e42-4895-a41e-3a309a2b4408","block_type":"box","text":"securities to the lender of the securities.","page_number":124,"box":{"x":69,"y":317,"width":289,"height":9}},{"id":"9ac11549-3ce2-4c11-ad49-8ac6c7c01289","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":124,"box":{"x":101,"y":340,"width":772,"height":11}},{"id":"8c05d55a-c0d7-4f16-812b-73a8a1d4a47b","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":124,"box":{"x":69,"y":355,"width":795,"height":11}},{"id":"1e664aad-e09c-4a72-b29c-d250b24d6cbb","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":124,"box":{"x":69,"y":370,"width":801,"height":11}},{"id":"ec7fcce4-6be0-42b8-b60d-83f4b689e8a8","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":124,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"1f481fc2-9bbe-4cc6-ad61-2388422669ac","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":124,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"c7dd83b9-a067-4955-a3de-cb8bdf337ad2","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":124,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"31071d87-4123-4590-9411-909d8fc20fb4","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":124,"box":{"x":70,"y":430,"width":568,"height":11}},{"id":"bad04740-0fa8-438d-91d7-4d64ddedab61","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":453,"width":806,"height":11}},{"id":"43a64915-88ca-41fa-91ea-289ea95f1a76","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":468,"width":817,"height":11}},{"id":"64599f5e-f4c0-4178-9221-5931b963095b","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":483,"width":819,"height":11}},{"id":"36fdf4c0-8cd2-47d4-812e-381f81c88d9b","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":498,"width":758,"height":11}},{"id":"4901877f-ca47-48fe-84d3-ea6c0c9ae9b2","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":513,"width":817,"height":12}},{"id":"05e1b6aa-f937-4b2d-bfe1-5509f34959dc","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":528,"width":800,"height":12}},{"id":"477bde14-fd92-4fca-88d8-e5b77353287b","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":544,"width":818,"height":11}},{"id":"f7435dd0-3512-4178-8d4d-5870f6d901a5","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":559,"width":821,"height":11}},{"id":"b2341fd6-a2c4-4717-b866-d2286d6327f3","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":574,"width":640,"height":11}},{"id":"97239108-551f-4e1c-8fd2-46e7694d51b0","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":597,"width":673,"height":11}},{"id":"5d674f4c-6b21-494f-b626-083c2942a627","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":619,"width":721,"height":11}},{"id":"a34d5fce-f32a-4400-9730-8db8cee4f270","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":124,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"b7b98e8d-4b19-4d2c-bcb5-f19945a095a1","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":124,"box":{"x":70,"y":649,"width":489,"height":12}},{"id":"71f53e8c-72f1-43c4-93e4-be079e99ac24","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":672,"width":745,"height":11}},{"id":"1ef17f48-cdeb-4af0-b428-8d1788d073e6","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":687,"width":793,"height":11}},{"id":"a6deb597-87a7-4fcd-8095-19fff7f0947b","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":703,"width":796,"height":11}},{"id":"e8c45de1-7d65-462a-bcab-25177db5d031","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":718,"width":766,"height":11}},{"id":"853b9a8e-b92a-4055-92e2-0da29c11f69b","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":733,"width":754,"height":11}},{"id":"78b59106-9340-4d7a-b0ee-29b96089c74c","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":748,"width":800,"height":11}},{"id":"e6151eb9-3921-47ed-ba96-56b7edf6bafb","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":763,"width":823,"height":11}},{"id":"4adf66a2-17fb-4138-a311-5bbadf28f9b1","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":778,"width":782,"height":11}},{"id":"bb755ad4-33c3-4fba-ace8-cd858ab7d107","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":124,"box":{"x":69,"y":793,"width":460,"height":11}},{"id":"054bc459-f6a4-4e3e-a3c0-bf17d098a5e8","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":124,"box":{"x":101,"y":816,"width":293,"height":11}},{"id":"0ffa686f-37c9-4c3b-b99b-58543b1e9551","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":124,"box":{"x":400,"y":816,"width":504,"height":11}},{"id":"514cc6bf-1ab0-46d0-be09-8cb5192d3f24","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":831,"width":791,"height":11}},{"id":"3206c3cb-377e-420c-88f7-4a63ef77315f","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":846,"width":793,"height":11}},{"id":"a3f471dc-1bfd-41a5-b44c-8c9faba66c0e","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":861,"width":824,"height":11}},{"id":"bc57a444-bdf1-46bb-8499-001ff5374878","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":876,"width":821,"height":11}},{"id":"33539f5e-acc5-45bb-bfca-a452849aff38","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":891,"width":768,"height":12}},{"id":"8d1b06d9-e8ad-434d-827e-5a909a9c8ee5","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":906,"width":826,"height":12}},{"id":"7c7764eb-d161-4949-92f2-b0af8da64f70","block_type":"box","text":"II-74","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5a0596a9-ef35-49c4-bd31-dd0a65d85398","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"59373826-a546-44ea-8508-d0998f94d7cb","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":125,"box":{"x":69,"y":45,"width":809,"height":11}},{"id":"878f8e87-bfab-451c-b0cf-ab008cb51e50","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":125,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"293be087-5779-48b2-b342-8977c3b1e778","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":125,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"c95eea77-a234-4b9e-b98a-9256381365f3","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":125,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"8c883ee6-6f3b-4caf-a159-52d42a7bd2d4","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":125,"box":{"x":68,"y":105,"width":794,"height":11}},{"id":"80868e59-7fff-48fd-97d0-b4310fb080bc","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":125,"box":{"x":69,"y":120,"width":820,"height":12}},{"id":"8c6ef6da-65da-4d42-8b79-fe9773fd307d","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":125,"box":{"x":68,"y":135,"width":815,"height":12}},{"id":"c1503ea4-25a5-4fe4-acd6-f14d823769ed","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":125,"box":{"x":70,"y":150,"width":802,"height":12}},{"id":"89811ae7-dd3c-44c5-a8e2-ecd5c83c203a","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":125,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"787d120d-2db0-4586-b77b-7dae3b116b35","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":125,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"ce5e343f-45c0-4026-a07d-333fb27d5d68","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":125,"box":{"x":69,"y":196,"width":806,"height":11}},{"id":"7327f994-bbea-4a4c-b60d-abd974e0a4d7","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":125,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"3c93bb96-d132-4b3e-94e2-9d8b165e21ff","block_type":"box","text":"Standby Commitment Agreements.","page_number":125,"box":{"x":101,"y":234,"width":255,"height":11}},{"id":"68c57137-b6c0-4b73-9c82-677eee70594a","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":125,"box":{"x":362,"y":234,"width":511,"height":11}},{"id":"c051ef67-3469-4228-abb9-73ffd1d19e74","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":125,"box":{"x":68,"y":249,"width":834,"height":11}},{"id":"5d5bd683-4ee2-4014-bffc-de3fa151b1d5","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":125,"box":{"x":68,"y":264,"width":834,"height":11}},{"id":"2e2e251c-9d09-4b3e-9834-ec8ea3f3aeaf","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":125,"box":{"x":70,"y":279,"width":802,"height":11}},{"id":"794bce2b-9d48-4f71-99ac-db7b3af52c98","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":125,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"e4550ac5-4c5d-4c32-8696-94344513d9b0","block_type":"box","text":"advantageous to the Fund.","page_number":125,"box":{"x":69,"y":309,"width":188,"height":11}},{"id":"bf2caca5-f71c-4857-aadb-2c78d5e9a268","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":125,"box":{"x":101,"y":332,"width":800,"height":11}},{"id":"4aff85dd-4156-4ac1-85aa-12505d1ecb31","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":125,"box":{"x":68,"y":347,"width":816,"height":11}},{"id":"dfb457f2-8067-4291-ab72-81dac8bcaedc","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":125,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"3e51911b-12c0-4ee8-941e-e8e2361d8b48","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":125,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"206a6f54-f7a9-466d-94a7-ea33b76255c8","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":125,"box":{"x":101,"y":400,"width":785,"height":11}},{"id":"362515e0-8314-400f-aebe-be3e089bae57","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":125,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"11b1a72a-3778-46e4-9e4c-1a4f3aedb2c2","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":125,"box":{"x":68,"y":430,"width":815,"height":11}},{"id":"6cbb82e8-8a7f-490b-97fe-7dd770d9abab","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":445,"width":792,"height":11}},{"id":"3dde885d-26f1-4401-8aa3-325454d7f3e5","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":125,"box":{"x":70,"y":460,"width":415,"height":12}},{"id":"d8dca618-a439-4b51-824e-de9da34494b1","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":483,"width":789,"height":11}},{"id":"f1c55041-5e45-462c-ad0e-ab5f0a3c1f34","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":498,"width":814,"height":11}},{"id":"8cfd5f9a-d8e5-42e0-a7b1-0acf8ae807f9","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":513,"width":827,"height":12}},{"id":"85cca086-c259-4ac2-9387-45e4765e6a4f","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":528,"width":815,"height":12}},{"id":"e736d89b-d303-4625-abb9-8115440b36c1","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":543,"width":817,"height":12}},{"id":"28f4ec90-d8a5-4904-82fa-e711ca13d7b0","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":559,"width":578,"height":11}},{"id":"aff7e31a-5cad-4603-8187-bf9fb60816d5","block_type":"box","text":"Stripped Securities.","page_number":125,"box":{"x":101,"y":581,"width":143,"height":11}},{"id":"d9de85a9-3fd8-4990-a12d-d260a8887ee9","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":125,"box":{"x":251,"y":581,"width":596,"height":11}},{"id":"eac2f73b-dcf8-4df8-ab7b-f8eddc061673","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":596,"width":839,"height":12}},{"id":"3a7e9a83-6a51-419b-b861-2a3ef68ab8cd","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":612,"width":818,"height":11}},{"id":"34b7ed45-486a-423b-9488-e902e4a3be40","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":627,"width":813,"height":11}},{"id":"7e84a9d4-6e94-46e7-a98d-c915c6c3c116","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":642,"width":777,"height":11}},{"id":"f89e9db3-767a-4153-951b-67b49247a995","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":657,"width":802,"height":11}},{"id":"a6747e01-8637-4a08-8b08-e76601e3b530","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":672,"width":794,"height":11}},{"id":"d8b2a8b3-ecc5-409b-8905-d02faf445e27","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":687,"width":837,"height":11}},{"id":"0567db51-2edf-4b24-b084-ad202de8d6e3","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":702,"width":823,"height":11}},{"id":"b8c8b0cd-1075-4a8d-91a9-3b1b034d9062","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":125,"box":{"x":69,"y":717,"width":494,"height":12}},{"id":"7e28c3f0-84e8-41d3-932e-ee8b307042b2","block_type":"box","text":"Structured Notes.","page_number":125,"box":{"x":101,"y":740,"width":130,"height":9}},{"id":"72f46177-76da-49f1-9fa5-bb9dbbbe0049","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":125,"box":{"x":237,"y":740,"width":650,"height":11}},{"id":"329b2f61-69f0-47ca-a9ed-0eae27ca8577","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":755,"width":818,"height":11}},{"id":"76b65a3d-f9db-4353-8252-549a8abdc61d","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":770,"width":839,"height":12}},{"id":"4638ebec-3c67-4058-bf65-782a6a75cee5","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":786,"width":821,"height":11}},{"id":"bc1cd8d8-4dfb-43ab-82ad-9a6606a53988","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":801,"width":839,"height":11}},{"id":"bd6460c5-85bf-4999-9b34-5a678b6df5d2","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":816,"width":801,"height":11}},{"id":"0fdd2cc7-9863-4816-8db2-399d1cc47590","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":831,"width":813,"height":11}},{"id":"92868671-c600-473b-b9ae-79aec8df2a98","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":846,"width":673,"height":11}},{"id":"5459cce9-50d8-4318-b85b-6128ac1a1dc8","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":869,"width":768,"height":11}},{"id":"b7fbdfb1-6d2c-4bad-aab9-ee832c8777ef","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":884,"width":821,"height":11}},{"id":"83742199-3336-43e7-a73c-f7429fb21531","block_type":"box","text":"II-75","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3c351609-48d4-4096-ad17-35eea0646ab8","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"de2ce9d5-3a8a-4532-87aa-cc9079989c18","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":126,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"2435b8cb-0477-4de4-91a7-24daadf4eef0","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":126,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"df6df3e1-638e-4a28-aa12-6755e9e22fdf","block_type":"box","text":"the risk of loss.","page_number":126,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"ad88ef84-c0a0-45c3-9dcf-1e2932f4773c","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":126,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"8c0b7a6b-2dbf-4f60-abdb-e743c33f22cd","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":126,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"63a94e80-26e0-4167-81f6-cbf326de686b","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":126,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"a3c7cc7a-fdcd-40e0-bff5-13b6c9f0d434","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":126,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"f8c258c6-a754-492c-8fa5-6529e310cc2e","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":126,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"d465937d-1b8e-42e4-a7d5-f710383650b9","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":126,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"2f1e911f-3500-4557-a14e-884ed7186c04","block_type":"box","text":"Taxability Risk.","page_number":126,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"a64be148-0d09-46c5-bca3-207188234bda","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":126,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"a3408785-5599-4f2b-b685-6247942832a6","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":126,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"a9a22b5e-a321-48ba-aadc-2f97b5284e28","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":126,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"578f1f35-08a8-4e8a-a07a-d646cf26b1b2","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":126,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"166d42fd-e739-46e3-9f0c-e79a0a59ae27","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":126,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"b99c98d9-fe42-4ff7-bfd9-40994e490b35","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":126,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"aa6ef6e1-7f60-4b7e-af1e-b309480e9284","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":126,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"e0d70246-ee75-4696-b37d-8b4f6217381b","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":126,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"6e51e9e0-bccb-4a0f-9df5-217f0b77940e","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":126,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"2ec1d0a7-8b5c-4d21-a49d-6034fed7d178","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":126,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"6792a8ea-5388-4d88-b3d6-6138bb4c1787","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":126,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"50142354-519f-4a5c-89cd-358e98fa1489","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":126,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"a89bea14-3155-40a3-a9a2-ffd8d794651d","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":126,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"bfcffb1f-0f85-4b08-98aa-0fd048b777db","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":126,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"d59ad1c2-8d5c-4884-af47-f2bb274763d5","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":126,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"f3f2953e-f2bf-4390-9560-5a659a10513f","block_type":"box","text":"the value of an investment in the Fund.","page_number":126,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"185790d3-25f9-410b-8a49-97fd4ebb9fe7","block_type":"box","text":"Temporary Defensive Measures.","page_number":126,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"a1d130d1-92ed-4651-8b33-5862961fa711","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":126,"box":{"x":339,"y":445,"width":542,"height":12}},{"id":"d182ebfd-6f20-441f-928a-4ec8b8eb14f5","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":460,"width":811,"height":12}},{"id":"2d5d8eb9-91f5-4049-87ba-c23898fc2581","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":476,"width":813,"height":11}},{"id":"f899d044-1b56-4517-a01b-3aad76a62eeb","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":491,"width":833,"height":11}},{"id":"dba4f0a8-de26-4140-ab12-da65163c980c","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":506,"width":813,"height":11}},{"id":"806336f1-95d6-4d8d-b6e4-7e86ee1ca487","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":521,"width":795,"height":11}},{"id":"ec20943e-6308-4e8f-aa2d-4d8abaa28224","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":126,"box":{"x":68,"y":536,"width":806,"height":11}},{"id":"6e657c56-5b07-4575-8f24-1f3528d8f4de","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":551,"width":808,"height":11}},{"id":"5e6625b8-f06b-42cc-8a7f-bf0a06359efc","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":566,"width":820,"height":11}},{"id":"5d226af6-a679-493a-b984-c0a16fd82559","block_type":"box","text":"its investment objective.","page_number":126,"box":{"x":70,"y":582,"width":171,"height":10}},{"id":"f42221be-33e4-455d-9178-5220594247d0","block_type":"box","text":"U.S. Government Obligations.","page_number":126,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"8ad257b9-ab79-4ff3-923f-6a4242ac27f4","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":126,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"34be98cd-00d5-4641-98f1-c7659154cc64","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":619,"width":810,"height":11}},{"id":"86b1696e-d046-425a-9159-35889caac810","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":634,"width":826,"height":12}},{"id":"9b92506a-91e6-4a13-b96f-cb38548dd377","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":649,"width":779,"height":12}},{"id":"bbd65e14-a998-4113-b97f-94937b7084ec","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":664,"width":798,"height":12}},{"id":"c8ad9449-bff4-402e-b51f-5305fcaa8971","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":680,"width":822,"height":11}},{"id":"d053565d-fdd0-4876-89d0-3fb51aea08de","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":695,"width":809,"height":11}},{"id":"0ca552a9-60e0-462e-8275-f128eaf553dd","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":710,"width":805,"height":11}},{"id":"09adbcd4-87e8-4f1a-ba40-ddf341c1dc22","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":725,"width":807,"height":11}},{"id":"d54072f8-9ccc-47fc-ba67-268900716748","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":740,"width":832,"height":11}},{"id":"8adcead0-50b7-4ace-9915-a6e6fe0e6fcd","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":755,"width":829,"height":11}},{"id":"36f4bc81-fcf4-48c4-b2c1-53bf4f4cbdcd","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":770,"width":716,"height":11}},{"id":"c61887dd-638f-45a2-a145-d81fbbce90f0","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":793,"width":800,"height":11}},{"id":"7d378ed7-adb2-4a72-9a62-39db71cd5e23","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":808,"width":785,"height":11}},{"id":"6af9e447-db18-40ac-a69f-6a9b8056cef7","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":823,"width":813,"height":11}},{"id":"4e8bc0a3-6eff-44c2-ae4e-93decc9545e1","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":126,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"c33e306d-b695-4a92-8e6b-ffcbf103f72e","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":854,"width":835,"height":10}},{"id":"f11909a2-49bd-4caf-9c2d-81be48a899ed","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":869,"width":818,"height":11}},{"id":"b2176c7b-8a38-4ec3-a624-aa917b6027c4","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":884,"width":777,"height":11}},{"id":"f8fe7748-72ba-47e7-acbb-b4256c3b2be0","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":899,"width":749,"height":11}},{"id":"8776b858-f772-4c28-855c-3d9669e6e06d","block_type":"box","text":"II-76","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7a0f3ea6-ed21-407b-9ceb-e8f71e4f77de","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f356f852-9b6e-4a9b-9bff-a79d6e6de614","block_type":"box","text":"U.S. Treasury Obligations.","page_number":127,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"fd6ec723-2145-4490-ac62-eebf88fdf3b2","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":127,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"bb40ac78-7aaf-402a-a808-09b325ac9cbe","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":127,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"104a3271-75f3-4a39-a57b-789a57a06a3b","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":127,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"0153913d-162a-43ec-bc45-9e52a97b84dd","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":127,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"a0f7ccbf-618a-4102-9f21-944bb8e297bd","block_type":"box","text":"do so.","page_number":127,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"50ae7cc2-670f-4d8a-bf48-6a34a2b68b46","block_type":"box","text":"U.S. Treasury Rolls","page_number":127,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"fd43ed16-696e-46e0-91fb-8f804ffd86a1","block_type":"box","text":".","page_number":127,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"99f500ec-01c6-4cb2-acef-a631993ee62a","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":127,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"44f1243b-09d8-4949-8db3-92795e6ea2f5","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":127,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"435c967f-15cc-424f-b630-f2e8714cb18b","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":127,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"f2553e40-4f78-4ac2-a57d-847f77de6fb2","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":127,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"0c750af5-ea6b-4407-b321-82f7754d4ad8","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":127,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"6eb554dc-da2f-4d99-943b-d72029aa71a7","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":127,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"f9cb799c-eec0-4cbb-8e12-162d9b5023a3","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":127,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"cbb0eb65-27ac-4eb7-9adf-e5f7062ba443","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":127,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"ce0eb865-21ee-480b-b980-63c158b98ae6","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":127,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"346d3dbc-a974-427f-9e9e-009950d2c458","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":127,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"e2526f4a-1563-40a7-8fec-ca70dedb95ab","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":127,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"1e014ef5-29a1-4881-bd25-d38a7425b6f9","block_type":"box","text":"Utility Industries.","page_number":127,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"596f21a3-23d1-459c-a2ef-35091a72a34d","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":127,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"a063f6ec-88e5-4568-9b45-bd8de82c2e2e","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":127,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"9aae0bb9-8ab4-4d00-8189-937705aeeec2","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":127,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"cb802189-57a6-4786-b3ae-954e29a462fc","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":127,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"b7a1c365-4781-4a3f-a9dc-892b419772c1","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":127,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"167a92fa-69a4-4c4b-956b-842a7286ff3e","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":127,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"430dba20-7130-410b-b08f-674058859648","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":127,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"b999621f-5cd4-4265-b255-c375dff315d8","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":127,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"32dd1709-f383-4532-850f-34dfdb0e6236","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":127,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"8ca03b96-be83-4ece-9be7-f2cad894b363","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":445,"width":839,"height":11}},{"id":"0f8ed38c-4c61-4600-801d-7af846041062","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":460,"width":827,"height":12}},{"id":"3e1c25cf-880b-4d9d-8ffb-2e7e1b697337","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":475,"width":761,"height":12}},{"id":"46f3e729-52a7-4db4-b5f2-f733dd880ac3","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":491,"width":821,"height":11}},{"id":"51183b00-3cda-424b-b29b-7b12f4acacbf","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":506,"width":777,"height":11}},{"id":"fb2a7417-3480-4a03-aad9-01adfd878783","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":521,"width":820,"height":11}},{"id":"0532ac6c-4e9b-4bc7-aefa-7ab6e7f2181c","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":536,"width":835,"height":11}},{"id":"fbe58d38-3f28-41e4-8845-ef85583948bf","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":551,"width":778,"height":11}},{"id":"c3346f1f-ba16-4093-9e75-923eac0b55da","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":566,"width":808,"height":11}},{"id":"3410e636-fe99-4b5c-91dc-085db97c756b","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":581,"width":831,"height":12}},{"id":"5881621e-ce1b-4c73-86a3-410fed42daf8","block_type":"box","text":"utility.","page_number":127,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"4157d608-985d-48f4-ad36-ddf1e812ae94","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":619,"width":744,"height":11}},{"id":"3f83c6f2-93b5-48e1-a6c4-b688adb72cc9","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":634,"width":828,"height":12}},{"id":"12698df5-a52c-435a-aae5-654942d050f6","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":649,"width":817,"height":12}},{"id":"335a28d4-ff3f-41d1-a160-72df8721cfc5","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":127,"box":{"x":70,"y":664,"width":464,"height":12}},{"id":"b1c6cafa-a887-48a4-81ae-444da007520b","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":687,"width":789,"height":11}},{"id":"40215981-f0f1-4f4d-89d5-b467122948ed","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":702,"width":790,"height":12}},{"id":"6d18e72f-d8b2-4cf0-a219-00398758d4f6","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":717,"width":811,"height":12}},{"id":"daa42a2e-08be-47fb-ba31-5c534dbb50a0","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":732,"width":824,"height":12}},{"id":"6965ffbb-c71c-45ce-8fc9-a422b20b207c","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":748,"width":781,"height":11}},{"id":"7641e43c-947f-4563-a0ee-1643eaeff671","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":763,"width":826,"height":11}},{"id":"d38c5e9d-f39a-4777-a3f4-b375a62f3f68","block_type":"box","text":"continue in the future.","page_number":127,"box":{"x":69,"y":778,"width":156,"height":9}},{"id":"abcfaf61-8553-4f97-98a1-741743623754","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":801,"width":763,"height":11}},{"id":"0daa9237-b5ea-46ca-bdf6-82847f2d326f","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":816,"width":820,"height":11}},{"id":"2dcdc810-4793-4f4e-bfbd-f692e5d9e116","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":831,"width":834,"height":11}},{"id":"92ef1ad6-3254-414e-9c27-1533d1c980ff","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":846,"width":784,"height":11}},{"id":"a29e2916-b8e9-4700-9aae-4b12e94fea8b","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":861,"width":830,"height":11}},{"id":"9f44bdc4-2a44-4923-97c2-e95c12239125","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":876,"width":809,"height":11}},{"id":"78e6088b-7dbd-4f0b-9b7e-e69cdd67104a","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":891,"width":834,"height":12}},{"id":"c0544c43-c506-4e47-a3d8-2dd06e1c0fe1","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":906,"width":825,"height":12}},{"id":"a7541862-3ef0-4ccf-84a7-fb2ed45f2a3b","block_type":"box","text":"II-77","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"96176262-a701-4611-8de0-59ec0b9a6894","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2332c11-5a6d-43ae-8701-749c6a9d82fb","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":128,"box":{"x":68,"y":45,"width":840,"height":11}},{"id":"069222da-65b7-4035-b798-448f94a82236","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":128,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"812fa075-f4e5-428e-8ec1-99138e2b8383","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":128,"box":{"x":69,"y":75,"width":790,"height":11}},{"id":"8fcd0cab-181b-4828-8fef-ec5a6ee66fcb","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":128,"box":{"x":68,"y":90,"width":831,"height":11}},{"id":"4c36f423-1eca-42c5-a2c0-4febf8d3c766","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":128,"box":{"x":69,"y":105,"width":812,"height":11}},{"id":"d41bf8da-8247-4367-83cb-3a6225462da8","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":128,"box":{"x":68,"y":120,"width":833,"height":12}},{"id":"c80f0592-9376-4797-a0ed-edf7161553e4","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":128,"box":{"x":68,"y":135,"width":831,"height":12}},{"id":"977dcbd8-0026-4c67-b23d-522e7e686997","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":128,"box":{"x":102,"y":158,"width":720,"height":11}},{"id":"a714e25b-8013-4682-a4fd-cc8c2261da28","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":128,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"1fb902ac-6e21-4748-862f-258d4d8f94c2","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":128,"box":{"x":68,"y":188,"width":762,"height":12}},{"id":"dd9b0c09-31b0-45a2-9d03-6b1467cdfbe6","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":128,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"e4cd5250-8ad4-4943-8704-b8132772b381","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":128,"box":{"x":68,"y":219,"width":801,"height":11}},{"id":"8d61fc85-25c1-4eec-80e1-7387312ba979","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":128,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"fc4a4c8f-9bfc-4c59-b8ec-d69453f8af50","block_type":"box","text":"ways different from regulation in the United States.","page_number":128,"box":{"x":68,"y":249,"width":365,"height":11}},{"id":"68630d57-dbf8-4f7f-8027-e1106c49a93a","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":128,"box":{"x":101,"y":272,"width":745,"height":11}},{"id":"1abc1212-5b36-4b40-8702-dffb6a5817b7","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":128,"box":{"x":68,"y":286,"width":790,"height":12}},{"id":"2bc52bc4-0ba3-4668-9360-351c290a1f6e","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":128,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"92c420a2-8cfa-40b8-b7fa-c72e91b9b2c4","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":128,"box":{"x":69,"y":317,"width":810,"height":11}},{"id":"53705a98-1d1c-48eb-9e46-b851d6424dac","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":128,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"9634ed56-2fd5-4b7e-9680-0e073814591b","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":128,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"bc8b21f5-8251-4654-b9d7-0ff78cbab908","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":128,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"e72e5982-354e-4540-8eb6-e944d149f272","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":128,"box":{"x":69,"y":377,"width":786,"height":12}},{"id":"d621ffea-f042-4036-9b05-2d6dd68c4a17","block_type":"box","text":"increase.","page_number":128,"box":{"x":70,"y":393,"width":63,"height":8}},{"id":"0785d98a-8f00-4b32-9b30-8df64355c29f","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":415,"width":793,"height":11}},{"id":"f6a21298-cbad-4133-b479-848a1dc6ad71","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":430,"width":821,"height":11}},{"id":"50a19151-8ee4-4ce1-bb6a-7e439d7bf54a","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":128,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"934e880c-bedb-41b4-a995-d4c9724e2fd4","block_type":"box","text":"Electric.","page_number":128,"box":{"x":102,"y":468,"width":54,"height":9}},{"id":"a366f2d9-f090-404e-8ecc-af4f6cf4bdc3","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":468,"width":684,"height":11}},{"id":"6e61d62a-0de7-4888-8467-dc8c7fdd2a50","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":483,"width":793,"height":11}},{"id":"1511b794-591d-4ef1-b06b-3a2c07162745","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":498,"width":814,"height":11}},{"id":"59745cb8-82c5-40c4-903f-3e8873ddd73f","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":513,"width":833,"height":12}},{"id":"ef7e3294-5ddf-4a3a-aee1-5307014174dd","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":528,"width":821,"height":12}},{"id":"878c2d2d-bbb1-4699-ab6d-e69a825c1814","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":543,"width":823,"height":12}},{"id":"726bb5d9-ede4-4ffc-b634-6f7ba48daa40","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":559,"width":803,"height":11}},{"id":"c920e034-b2fb-4b9a-b9ba-2b5a9ba7f72f","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":574,"width":778,"height":11}},{"id":"12cd085d-e5e9-43d0-9e5d-6b46ee845a2d","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":589,"width":836,"height":11}},{"id":"526ce972-9682-4198-a4b7-c41e437a244b","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":604,"width":793,"height":11}},{"id":"e0dca70f-44ac-4110-8265-66b629122f03","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":619,"width":786,"height":11}},{"id":"2ede7c7f-cf81-4ecc-9758-9d81e56c6db4","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":634,"width":819,"height":12}},{"id":"2997ba79-4be0-4f80-b4fb-d2902d1dded6","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":649,"width":775,"height":12}},{"id":"ad609b4a-c535-41af-8a0e-d468139f5ee2","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":664,"width":770,"height":12}},{"id":"c470e909-d527-45bf-b406-f77f4d2cbb16","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":680,"width":826,"height":11}},{"id":"41611adc-5859-488f-ab94-479e52c6bd40","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":695,"width":800,"height":11}},{"id":"6a069da7-4684-4c5d-8aa5-f21002126d36","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":710,"width":836,"height":11}},{"id":"413aedb6-fa17-4414-af81-3a50074a015c","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":725,"width":826,"height":11}},{"id":"62a55848-d961-4fa5-8467-d92ecb279e52","block_type":"box","text":"and for decommissioning such plants.","page_number":128,"box":{"x":69,"y":740,"width":270,"height":11}},{"id":"99571423-5449-4e27-b184-074842f79f2d","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":763,"width":776,"height":11}},{"id":"074b3d2d-2eb2-4acb-b4f5-f87f37fd0270","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":778,"width":802,"height":11}},{"id":"9308640c-a8d7-43ce-8f53-a23948ac2948","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":793,"width":791,"height":11}},{"id":"58e71d10-06d7-46f8-af3c-25456e47cc87","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":808,"width":839,"height":11}},{"id":"55412ad0-f0af-4697-a417-f68fa2f7625c","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":823,"width":838,"height":12}},{"id":"5e9365af-b2c2-46e1-be57-46a333b73a26","block_type":"box","text":"greater predictability of cash flow.","page_number":128,"box":{"x":68,"y":838,"width":239,"height":12}},{"id":"5a855acf-ee9c-4fc1-a8e4-358e73ee5bea","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":861,"width":801,"height":11}},{"id":"df18bfc9-2ff2-45a4-a6f5-ab96205dec71","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":876,"width":821,"height":11}},{"id":"fc546092-e1d4-46cb-84a4-7bb1839e1326","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":891,"width":835,"height":12}},{"id":"9ea46d27-f548-4c78-b725-bf19cdea4b82","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":907,"width":815,"height":11}},{"id":"bb8fbdbb-73dd-4e1d-9428-04dc31d54552","block_type":"box","text":"II-78","page_number":128,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"686b1783-46b1-427d-96cc-5097817ff8b7","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":128,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ac8f13b3-79bf-4f5c-8b57-96b368d94c3c","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":129,"box":{"x":68,"y":45,"width":803,"height":11}},{"id":"2acb6ed2-0af3-4569-ae9f-5ea93c71f1c6","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":129,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"b8c1b5a8-c7a5-4c9f-9ac6-c4065e03e2e0","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":129,"box":{"x":69,"y":75,"width":819,"height":11}},{"id":"b7bc7ac3-33a6-443f-94e9-5c88ca2165fb","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":129,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"40437663-b2dc-40d1-8dbd-c5c78b3f5a19","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":129,"box":{"x":69,"y":105,"width":700,"height":11}},{"id":"d188e676-2f6c-4f9e-bc38-90a1f118af57","block_type":"box","text":"Telecommunications.","page_number":129,"box":{"x":103,"y":128,"width":147,"height":9}},{"id":"4b221b85-46b0-428d-8a81-9dd03a37b30a","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":129,"box":{"x":256,"y":128,"width":652,"height":11}},{"id":"5767b467-dc2a-4d77-9785-aa13e7466b22","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":129,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"430dd377-99ac-4023-a80a-50c4d39a305b","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":129,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"0e6a990c-f86d-4022-9c26-5a7a42b917e8","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":129,"box":{"x":69,"y":173,"width":786,"height":11}},{"id":"eeb2f19b-37a3-4725-91d8-bce3a647c1b6","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":129,"box":{"x":69,"y":188,"width":784,"height":12}},{"id":"34e83e6e-d6e9-4975-8b49-4fb64d7c583b","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":129,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"4c0add65-99b6-4c79-978d-c2d5aa5ebb8e","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":129,"box":{"x":69,"y":218,"width":790,"height":12}},{"id":"8921fddb-1b59-4f9b-90e6-04ef919c7441","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":129,"box":{"x":70,"y":234,"width":788,"height":11}},{"id":"337dd0a4-6bf2-4397-b301-44167734b973","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":129,"box":{"x":68,"y":249,"width":825,"height":11}},{"id":"7d927b26-b32b-4c64-ac64-a45bc378cbeb","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":129,"box":{"x":69,"y":264,"width":823,"height":11}},{"id":"811e78e8-6357-4a7f-b5ce-178f24bc94fb","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":129,"box":{"x":69,"y":279,"width":821,"height":11}},{"id":"d75f71df-ceef-4fd2-86cf-3ebf79ac0762","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":129,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"753d6a2e-bddf-49ee-bc79-cc85bcaef374","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":129,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"c2d5a5f1-71ea-4cb2-a189-aecd1b17ef2f","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":129,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"115c0286-0fda-463b-ae31-9f474e145a48","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":129,"box":{"x":68,"y":339,"width":804,"height":12}},{"id":"68c6c2dd-e516-4137-a5b6-857eb09a14a7","block_type":"box","text":"residential, corporate and governmental customers.","page_number":129,"box":{"x":69,"y":355,"width":367,"height":11}},{"id":"2d60a16e-c1d0-46d6-85f9-1530ccac10a9","block_type":"box","text":"Gas.","page_number":129,"box":{"x":102,"y":377,"width":31,"height":9}},{"id":"bf91beb8-e3fc-4087-8c7b-a15f78f4bd78","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":129,"box":{"x":139,"y":377,"width":740,"height":12}},{"id":"a2ba8f6a-948b-4318-9bcc-46a00db25c10","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":129,"box":{"x":70,"y":392,"width":834,"height":12}},{"id":"ecf752fb-7516-46f6-ae5c-aa052be28a52","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":407,"width":756,"height":12}},{"id":"3f485c73-4f49-4a37-94e6-79633560e3bb","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":423,"width":831,"height":11}},{"id":"0acbc7b4-e34b-448d-ab66-79fc4dfbd24e","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":438,"width":801,"height":11}},{"id":"15976c2f-7685-41ca-bdf8-a3a875a10628","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":453,"width":815,"height":11}},{"id":"51838d4f-7567-4515-b4ef-ce2297d0c5fe","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":468,"width":782,"height":11}},{"id":"db19f5ae-c8c9-4ef4-a791-891bb34cd8cf","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":483,"width":829,"height":11}},{"id":"15623176-25e6-4d60-8587-f3231249297f","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":498,"width":691,"height":11}},{"id":"51d7d5a2-2963-4a65-a640-a28b3601b8aa","block_type":"box","text":"Water.","page_number":129,"box":{"x":103,"y":521,"width":42,"height":9}},{"id":"4b19062d-fd7e-43f5-ae02-9882a17ac725","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":521,"width":754,"height":11}},{"id":"ce26d4f2-7d63-4bfc-af78-080bc506ad49","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":536,"width":796,"height":11}},{"id":"189cc785-d27e-4c6c-9bc6-bf33bcd8855c","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":551,"width":806,"height":11}},{"id":"128d19f7-d297-4d89-bd85-40c63fb1ba34","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":566,"width":814,"height":11}},{"id":"2a1082c4-8d1e-4bb1-9b82-9a80277b983f","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":581,"width":808,"height":12}},{"id":"87a51bc6-3686-4349-b6c1-1428409ca679","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":596,"width":832,"height":12}},{"id":"040b885e-8a3e-4b2d-87db-7c9ef4c7bfcf","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":129,"box":{"x":69,"y":612,"width":662,"height":11}},{"id":"abd40b64-82ac-40e2-890d-ae8732d2f09c","block_type":"box","text":"Utility Industries Generally.","page_number":129,"box":{"x":103,"y":634,"width":186,"height":11}},{"id":"cefbd160-6afa-4e1a-8929-2eb0723bf536","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":129,"box":{"x":296,"y":634,"width":584,"height":12}},{"id":"b83af117-8b3e-4dee-802e-7c15a5befc74","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":649,"width":837,"height":12}},{"id":"a509218c-023d-410b-af9f-17077ddc08be","block_type":"box","text":"not develop in the future.","page_number":129,"box":{"x":69,"y":664,"width":178,"height":11}},{"id":"c0534255-6ccd-4c05-aae6-158e7eb0e17b","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":129,"box":{"x":103,"y":687,"width":585,"height":11}},{"id":"ba94c1e7-4099-4224-af02-409782f58dd3","block_type":"box","text":"A Fund may purchase or sell","page_number":129,"box":{"x":694,"y":687,"width":200,"height":11}},{"id":"5c5dfcfa-6122-45d5-9e65-b7624843aa34","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":703,"width":795,"height":10}},{"id":"1d31a785-b25d-4983-ad8d-882e1e49f69a","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":717,"width":777,"height":12}},{"id":"11f8bec7-f33d-49da-8e6e-e3709c6c6e53","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":732,"width":820,"height":12}},{"id":"9c3f004d-e1ac-4da9-8e82-dcdc65814a42","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":748,"width":807,"height":11}},{"id":"26974f78-2762-4d78-ba24-ddf0dfe00e1c","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":129,"box":{"x":70,"y":763,"width":430,"height":11}},{"id":"10461f7a-f95e-4948-8a6e-b53ae69b30bd","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":785,"width":750,"height":12}},{"id":"afa776f8-d6c2-421a-b1c5-8119e5553cc1","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":801,"width":823,"height":11}},{"id":"c87f4462-5e1b-40c1-b161-b2600fcf9c55","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":816,"width":788,"height":11}},{"id":"04962375-9955-4a36-8d33-71df58804451","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":831,"width":755,"height":11}},{"id":"f9ede017-cc3f-4a28-8789-c2c01fc374f3","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":846,"width":799,"height":11}},{"id":"0bef2736-8a10-4d7a-9884-718938d75dd7","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":129,"box":{"x":69,"y":861,"width":614,"height":11}},{"id":"e07da626-c732-4418-ba08-53a0165e3ba9","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":884,"width":780,"height":11}},{"id":"127001f9-31a6-4a4b-a7f1-05010b7174e3","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":899,"width":823,"height":11}},{"id":"6540b147-5fa4-4a69-bd0b-2c06d933475a","block_type":"box","text":"II-79","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4ad39042-4eeb-4400-a1b5-826dd9be477c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c047cb2e-218a-40a1-b40a-f73f7c6a8d92","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":130,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"3b320c3b-d264-41e2-8941-ea8161075594","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":130,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"dd3a8e6f-3ac1-4914-ad5a-d9a3d289e693","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":130,"box":{"x":70,"y":75,"width":824,"height":11}},{"id":"14cd1aa8-a366-4bc2-ac2a-4a1816a8c947","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":130,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"50c31197-0831-4d96-a4bf-172b50bdf11f","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":130,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"cf6c52a0-1385-46e7-bfb4-bdfcc6e226af","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":130,"box":{"x":69,"y":128,"width":799,"height":11}},{"id":"4d136b77-adb0-4377-871e-f8284f40c2fd","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":130,"box":{"x":101,"y":150,"width":784,"height":12}},{"id":"3ff4644d-d46a-4978-b247-b4bf371944c5","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":130,"box":{"x":69,"y":166,"width":772,"height":11}},{"id":"783f344d-a8df-4917-aa55-176dc760ad6b","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":130,"box":{"x":69,"y":181,"width":434,"height":11}},{"id":"19478132-9ec8-47ad-bfb3-237289726d98","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":130,"box":{"x":101,"y":203,"width":745,"height":12}},{"id":"1fbae829-ddda-4db2-8abd-00a95ac4e695","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":130,"box":{"x":68,"y":218,"width":831,"height":12}},{"id":"e2ff2a5e-b106-40e9-8ffb-5ab1aaff0ed0","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":130,"box":{"x":69,"y":234,"width":823,"height":11}},{"id":"00727086-16b0-4ba9-a4eb-6329773f93fe","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":130,"box":{"x":68,"y":249,"width":514,"height":11}},{"id":"801e0524-d7e8-4f7a-aae0-5017f35d10a1","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":130,"box":{"x":102,"y":271,"width":759,"height":12}},{"id":"c296a72b-1a5a-4ebd-94b5-ddf86bcc1e43","block_type":"box","text":"securities (","page_number":130,"box":{"x":69,"y":287,"width":78,"height":11}},{"id":"0539eefa-8e9a-4545-ba9a-a8beaf89ff81","block_type":"box","text":"e.g.","page_number":130,"box":{"x":148,"y":288,"width":25,"height":10}},{"id":"6a498a09-28b8-4c2c-9656-d3cb40d39aec","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":130,"box":{"x":176,"y":286,"width":686,"height":12}},{"id":"f6d075ae-b43a-43ec-8553-f259331be799","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":130,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"860cd7d9-3f86-47f3-9172-f3f0b520dca4","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":130,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"1bc84d53-6b98-4ce6-9775-d03a1e815cb3","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":130,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"6f5dea76-84b1-42f6-b23e-1384ae9e566f","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":130,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"5cab0d6d-5815-4385-8fe0-e554a7fe5dbd","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":130,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"396915d9-eae8-481e-9c3e-e4175a1f9fa4","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":130,"box":{"x":70,"y":377,"width":349,"height":11}},{"id":"3c611ffc-361d-4db4-b228-6fb99c544ec2","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":400,"width":800,"height":11}},{"id":"4154d4e6-af22-46dd-8b4e-c531669f4fd7","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":415,"width":829,"height":11}},{"id":"e32c1ebb-b81a-4d93-a948-3a5b855a73e4","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":430,"width":814,"height":11}},{"id":"86c59110-6910-48f7-8f3a-2b7d9988db79","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":445,"width":799,"height":12}},{"id":"39114ddb-e153-4030-b69f-04ba0b5c22e4","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":460,"width":836,"height":12}},{"id":"d98ffd0b-7652-423a-9ea6-91452fc359a6","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":476,"width":824,"height":11}},{"id":"d30d6f67-7d78-41f5-9f6f-0eb2666b551e","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":491,"width":829,"height":11}},{"id":"85d581bb-f3a0-43b6-adda-9e8dc26d70cf","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":130,"box":{"x":68,"y":506,"width":573,"height":11}},{"id":"ac436b0d-afee-4593-a677-7e52185ee13c","block_type":"box","text":"Yields and Ratings.","page_number":130,"box":{"x":103,"y":529,"width":139,"height":11}},{"id":"bf764300-d1d6-45df-991f-76300f16c6ac","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":528,"width":628,"height":12}},{"id":"52dad5f6-e34e-4381-824f-a9b0efac034d","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":543,"width":834,"height":12}},{"id":"b1907e15-d136-45d2-862d-3d5fd3e52c1c","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":559,"width":799,"height":11}},{"id":"346b73f5-52ca-4210-b76f-dd229aabddb1","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":574,"width":824,"height":11}},{"id":"e8ab2183-3030-4e58-a336-497c03064f47","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":589,"width":792,"height":11}},{"id":"6f366845-24cc-4ff3-b0df-a4a43842ec42","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":604,"width":827,"height":11}},{"id":"9c38096b-fe3c-4336-8cfb-d40799b6611b","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":619,"width":786,"height":11}},{"id":"e7b50504-8f8c-4549-b4b6-639061760a46","block_type":"box","text":"continue to hold the security.","page_number":130,"box":{"x":69,"y":634,"width":204,"height":11}},{"id":"0bb1f959-f8da-46b2-8540-fdfb72c7d62d","block_type":"box","text":"Zero Coupon Securities.","page_number":130,"box":{"x":102,"y":657,"width":175,"height":11}},{"id":"f37c1391-3eb6-42dd-91b3-74eff0cd3f1a","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":657,"width":601,"height":11}},{"id":"a7d91bcd-6676-45e8-bcb1-c2b78b4e9f52","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":672,"width":837,"height":11}},{"id":"cb8148c2-9ca1-47ed-a33e-0b272101dfdd","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":687,"width":822,"height":11}},{"id":"c6911753-9f93-4e11-8898-0d4b9566ead5","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":702,"width":814,"height":11}},{"id":"5ca137f7-bbc1-4b4c-ae01-c267803c70ed","block_type":"box","text":"security.","page_number":130,"box":{"x":69,"y":718,"width":57,"height":11}},{"id":"f6a3d951-0a45-4412-a4b5-634afc7a28a3","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":740,"width":749,"height":11}},{"id":"06307552-23d3-4c7e-92e7-2b6474d06a43","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":755,"width":835,"height":11}},{"id":"5a507bdd-db47-4b2a-a19c-ce778d045061","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":770,"width":833,"height":12}},{"id":"56051cba-7ca0-40f6-b5c6-d14a97dd8dda","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":785,"width":836,"height":12}},{"id":"ec453d51-baa4-4b36-a757-544ada3ec80d","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":801,"width":804,"height":11}},{"id":"82b67a8b-784b-4e25-b123-062b92b08b95","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":816,"width":824,"height":11}},{"id":"4aa4f362-5662-4047-b025-a25e8fef9215","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":831,"width":805,"height":11}},{"id":"d70e092e-9dc0-45a9-b038-7721c718aea1","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":846,"width":837,"height":11}},{"id":"8ac9589d-8d90-464d-ac64-b09f098a5958","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":861,"width":791,"height":11}},{"id":"aadc5d1d-66d9-411a-a53d-c6e6fbf65193","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":876,"width":800,"height":11}},{"id":"ced617c0-883f-45ec-a6a7-54a5c6483e0e","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":130,"box":{"x":69,"y":891,"width":400,"height":12}},{"id":"f39d5a11-7bd2-4fd3-b1b0-3f9a5313021e","block_type":"box","text":"II-80","page_number":130,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3fc48fc9-7ceb-4f36-9b64-55f7ec0741de","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":130,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c54d3fa-cc99-4dea-af56-68e3473fc662","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":131,"box":{"x":101,"y":45,"width":775,"height":11}},{"id":"cd10d165-f057-4e7d-93e5-e501f7ca6601","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":131,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"71e33934-cfbd-409e-9604-78714551d096","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":131,"box":{"x":70,"y":75,"width":826,"height":11}},{"id":"f2406c6c-3a26-4360-86de-bbb532fd5d56","block_type":"box","text":"intervals.","page_number":131,"box":{"x":70,"y":90,"width":64,"height":9}},{"id":"b20ce01b-b8ee-4a82-9326-f91413042d4d","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":131,"box":{"x":102,"y":113,"width":749,"height":11}},{"id":"9b0642f4-8133-4beb-95df-a7692e4f1472","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":131,"box":{"x":69,"y":128,"width":784,"height":11}},{"id":"505af6e5-f500-42bd-904b-e2ce140d5205","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":131,"box":{"x":70,"y":143,"width":799,"height":11}},{"id":"28629fcd-4bcc-4a28-b616-04dd65e9294d","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":131,"box":{"x":68,"y":158,"width":799,"height":11}},{"id":"0027f002-1124-4832-abe1-4dcca1573393","block_type":"box","text":"exposure to zero coupon securities.","page_number":131,"box":{"x":69,"y":173,"width":253,"height":11}},{"id":"eb7f7c58-a8f6-4ba0-bf72-cbbe4753ce5f","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":131,"box":{"x":102,"y":196,"width":740,"height":11}},{"id":"779b8f9b-1c46-4c8c-9944-fed96527c61c","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":131,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"4caabd78-0c3f-4ead-979b-79095e32130f","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":131,"box":{"x":70,"y":226,"width":829,"height":11}},{"id":"dbb8fb0a-8872-462f-a0da-345f15d98240","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":131,"box":{"x":69,"y":241,"width":741,"height":11}},{"id":"be9e517c-b3b0-41ce-b23a-afaf1dd0654d","block_type":"box","text":"Suitability. (All Funds)","page_number":131,"box":{"x":101,"y":264,"width":161,"height":11}},{"id":"0524523a-54ca-43be-a533-d566c32e362f","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":131,"box":{"x":101,"y":286,"width":793,"height":12}},{"id":"ed1e726d-6d2c-4d55-80fa-29294af8c1ee","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":131,"box":{"x":68,"y":302,"width":811,"height":11}},{"id":"9eae9b1b-0bc9-4511-b962-0b29ce218a81","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":131,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"72dd1cd3-fa8a-4b34-b5db-a92f77b9ab8f","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":131,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"02d79132-876a-408c-88e8-0117d1ab3825","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":131,"box":{"x":68,"y":347,"width":460,"height":11}},{"id":"baf14cc4-898e-42a4-a582-06e015b2cac6","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":131,"box":{"x":102,"y":370,"width":264,"height":11}},{"id":"8a781ce1-2005-4e78-8091-86af44052c0a","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":392,"width":745,"height":11}},{"id":"7a2333f0-8cc9-4dc6-8569-2f04d789bc66","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":407,"width":807,"height":12}},{"id":"83f67ab5-128c-4c20-a537-1246fdaf9888","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":131,"box":{"x":69,"y":423,"width":528,"height":11}},{"id":"2eb3f063-5bfa-479f-a9fb-2de531586da8","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":445,"width":735,"height":12}},{"id":"345e4205-cba6-4cf4-ad8e-bd85799684bb","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":460,"width":775,"height":12}},{"id":"60e97762-3c95-4839-b2f2-341ccccdf132","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":475,"width":837,"height":12}},{"id":"210140dc-600c-46e1-a649-306f892ef151","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":491,"width":799,"height":11}},{"id":"62475d47-23ac-4c33-b676-2d616c75d057","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":506,"width":837,"height":11}},{"id":"5b72d2bf-4f3d-4c71-b769-4eae06b5b683","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":521,"width":825,"height":11}},{"id":"f11fca32-f0a6-4afd-94e0-13e0e8c6d569","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":536,"width":802,"height":11}},{"id":"39e440ba-6423-4d8c-93dd-f55925ce3f35","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":551,"width":837,"height":11}},{"id":"995061e5-bcc4-4d94-aaf9-100c35ecea02","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":566,"width":819,"height":11}},{"id":"38c27ad6-d2e4-41ca-a535-bb7739f26204","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":581,"width":828,"height":11}},{"id":"eb685728-3f5c-47d4-919c-8331d0d0fa3a","block_type":"box","text":"(","page_number":131,"box":{"x":69,"y":597,"width":3,"height":10}},{"id":"47155e9f-8276-4eab-ac73-3e2e2c77ced0","block_type":"box","text":"i.e.","page_number":131,"box":{"x":74,"y":597,"width":21,"height":8}},{"id":"e8dba82f-d822-4570-8c56-5e0e90915637","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":131,"box":{"x":97,"y":597,"width":806,"height":11}},{"id":"edc5edd0-68b1-4c18-877e-5ebaaf2650ba","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":612,"width":824,"height":11}},{"id":"e9713db4-67d5-40e5-8cac-b25033458ad1","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":627,"width":824,"height":11}},{"id":"cfb61464-0c00-4981-8203-ee1806b8197f","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":642,"width":838,"height":11}},{"id":"80edbbca-e90c-4322-aa0e-a63161ea800f","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":657,"width":815,"height":11}},{"id":"1d24f935-ba76-4a92-9a17-a118d9914825","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":672,"width":781,"height":11}},{"id":"083986e6-248b-41e8-951a-53d28e76c169","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":687,"width":810,"height":11}},{"id":"821fc93d-55f8-4b99-964f-4702f5ae4e49","block_type":"box","text":"regarded as the sole issuer.","page_number":131,"box":{"x":69,"y":703,"width":198,"height":11}},{"id":"a4f6d6e5-49ff-420f-84fe-b7113eaf5783","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":725,"width":784,"height":11}},{"id":"68d25db5-6139-453c-a150-6a2d61ce8dd2","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":740,"width":819,"height":11}},{"id":"0f6525d8-57a8-4bed-90e8-f0cb234f1f3f","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":755,"width":811,"height":11}},{"id":"4807194a-7816-4b12-865e-44fb9cb7a5bc","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":770,"width":747,"height":12}},{"id":"3b2d0726-0bb1-4bbb-91e4-e3c0d367b795","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":785,"width":834,"height":12}},{"id":"03ede691-6397-4904-9a82-dac35bd772da","block_type":"box","text":"75% of its total assets.","page_number":131,"box":{"x":69,"y":801,"width":165,"height":9}},{"id":"ed84a8f3-3c05-43b8-bae9-e2d01f4ce0d1","block_type":"box","text":"II-81","page_number":131,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ed6e1731-9514-455f-83f8-5148030fd9d5","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":131,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c684de7-6a21-43da-8b22-460fd421cdbd","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":132,"box":{"x":268,"y":45,"width":442,"height":10}},{"id":"eee4f444-2a03-4b18-bd13-16c7ba924920","block_type":"box","text":"Directors and Officers","page_number":132,"box":{"x":69,"y":76,"width":159,"height":8}},{"id":"74d5907a-3e68-4fab-acc6-f68c739c4553","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":132,"box":{"x":102,"y":98,"width":733,"height":11}},{"id":"c74ff295-29c6-4c93-b459-f3dc23140af5","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":132,"box":{"x":69,"y":113,"width":783,"height":12}},{"id":"46408896-9db8-4dfd-a82a-1f3b575941eb","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":132,"box":{"x":69,"y":128,"width":795,"height":12}},{"id":"eb1f0ca2-d4a2-4688-bf77-3d761ba7a328","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":132,"box":{"x":69,"y":143,"width":789,"height":12}},{"id":"f64d83aa-fdd8-4b60-b6b2-cfcd6c3cec9c","block_type":"box","text":"Management Arrangements","page_number":132,"box":{"x":69,"y":174,"width":202,"height":11}},{"id":"c1b319a2-6547-43df-93d5-77afb14a6c41","block_type":"box","text":"Management Services.","page_number":132,"box":{"x":102,"y":197,"width":162,"height":11}},{"id":"567c567b-2692-4685-99c1-2db5f72959f0","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":132,"box":{"x":270,"y":197,"width":615,"height":11}},{"id":"de8d1181-1e26-434a-a128-fd42ef81831c","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":132,"box":{"x":69,"y":212,"width":836,"height":11}},{"id":"17483d7f-33e1-466f-bc7d-b1f83abf2d40","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":132,"box":{"x":70,"y":227,"width":820,"height":11}},{"id":"995d8d56-6c17-44d7-85d6-07346e66ff25","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":132,"box":{"x":68,"y":242,"width":832,"height":11}},{"id":"7a6bded0-7abb-4a7c-8404-6e90fe4e1b20","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":132,"box":{"x":70,"y":257,"width":801,"height":11}},{"id":"de4433c1-028a-4df3-b7e9-bdff667f11b8","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":132,"box":{"x":69,"y":272,"width":370,"height":11}},{"id":"bbe89dbf-e9f9-46fc-b749-ce305a95f437","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":132,"box":{"x":102,"y":295,"width":778,"height":11}},{"id":"55c3830f-d2e0-4981-9a72-766fdc478c5d","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":132,"box":{"x":70,"y":310,"width":800,"height":11}},{"id":"85b38fb5-3fba-4992-b3a1-3ea1b4c9df40","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":132,"box":{"x":69,"y":325,"width":810,"height":11}},{"id":"2879690c-25ca-4280-9092-4cea917ae9aa","block_type":"box","text":"Management Fee.","page_number":132,"box":{"x":102,"y":348,"width":126,"height":11}},{"id":"ad65573c-8d45-4262-8ab5-051884cd4066","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":132,"box":{"x":235,"y":348,"width":646,"height":11}},{"id":"c420e9e4-0264-45e2-ae2b-f846fb35755c","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":132,"box":{"x":68,"y":363,"width":841,"height":11}},{"id":"114db706-97d5-4ca7-992d-2c9b82dd7eeb","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":132,"box":{"x":69,"y":378,"width":833,"height":11}},{"id":"82bd0a7d-3fc8-4a10-9b0f-f746375a994c","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":132,"box":{"x":68,"y":393,"width":746,"height":11}},{"id":"8af7d2c7-61a4-4480-9957-525373a87b58","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":132,"box":{"x":70,"y":408,"width":825,"height":11}},{"id":"95f65072-b2d5-4478-a1f7-b70142deb186","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":132,"box":{"x":102,"y":431,"width":774,"height":11}},{"id":"e5c4752a-4101-4c80-a7d2-466408847f4c","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":132,"box":{"x":69,"y":446,"width":826,"height":11}},{"id":"068f0442-42cd-432b-a446-2a171ae93cce","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":132,"box":{"x":70,"y":461,"width":820,"height":11}},{"id":"e26c620a-e81d-4a18-b3b4-05d1c62ce216","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":476,"width":797,"height":11}},{"id":"69a96ca9-b110-430a-a198-c5133dde1310","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":491,"width":830,"height":12}},{"id":"cc15acb8-67e1-4b6d-aff7-e974be51ddad","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":506,"width":802,"height":12}},{"id":"a9ddc85e-e7d2-40ed-b81f-dd12375a2f37","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":521,"width":809,"height":12}},{"id":"eb86b7f0-4563-4320-9a14-075e167b7d1f","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":537,"width":838,"height":11}},{"id":"6076c6c9-9eb7-47e2-843e-25a47764cf0d","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":552,"width":830,"height":11}},{"id":"765c7e74-8c8d-4f56-8f9d-22f688cc815a","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":567,"width":784,"height":11}},{"id":"9b688a4c-c5f8-4772-a3e1-4f8443dc4e3c","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":582,"width":767,"height":11}},{"id":"491426f7-a93d-4c09-9bd8-872158d600ca","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":597,"width":825,"height":11}},{"id":"8a126b52-b5ec-4643-becd-89f7297e327c","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":612,"width":830,"height":11}},{"id":"d62957af-c0c3-4125-84aa-fe852981b45e","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":627,"width":794,"height":12}},{"id":"ceb414f0-dc82-4cbe-a645-e428664d769e","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. The Distributor pays cer tain promotional","page_number":132,"box":{"x":69,"y":642,"width":778,"height":12}},{"id":"08a2b99d-cd64-4063-9e85-a1052b4c21ca","block_type":"box","text":"expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain expenses are financed","page_number":132,"box":{"x":69,"y":658,"width":839,"height":11}},{"id":"91213f57-38d6-46cf-a8ab-93a0983526c1","block_type":"box","text":"by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the Investment Company Act. See","page_number":132,"box":{"x":69,"y":673,"width":820,"height":11}},{"id":"891db394-113c-4a3d-94a7-f0b97bd4b803","block_type":"box","text":"“Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":132,"box":{"x":70,"y":688,"width":524,"height":11}},{"id":"3b3bbff5-8480-4527-9e4f-0d214af8e507","block_type":"box","text":"Sub-Advisory Fee.","page_number":132,"box":{"x":102,"y":711,"width":124,"height":11}},{"id":"44a49728-2ce6-42e8-8e01-37992f43a181","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":710,"width":643,"height":12}},{"id":"8bb0475c-1b29-4758-a21a-399119308e99","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":726,"width":839,"height":11}},{"id":"70a1a45b-8ee3-40e4-8f07-203cdef2a436","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":741,"width":830,"height":11}},{"id":"911cabc5-2576-48ac-b8b4-3d322650978d","block_type":"box","text":"Organization of the Manager.","page_number":132,"box":{"x":102,"y":763,"width":204,"height":12}},{"id":"df36f384-5d58-4dc6-9e42-3fa2375ba2f6","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":132,"box":{"x":313,"y":763,"width":560,"height":12}},{"id":"702258b6-06b4-4150-9667-3e41338c9ff2","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":778,"width":819,"height":12}},{"id":"59822de1-1747-45a6-b8c7-64048a13ccb8","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":794,"width":817,"height":11}},{"id":"2ad9dff0-ba55-4216-8d35-b8560cd918dc","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":132,"box":{"x":69,"y":809,"width":768,"height":11}},{"id":"277acce3-e804-4ba8-9558-7677610c03dc","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":132,"box":{"x":69,"y":824,"width":821,"height":11}},{"id":"475414ab-46e6-41df-95d3-574af14aee44","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":132,"box":{"x":69,"y":839,"width":517,"height":11}},{"id":"8f288c09-f370-4570-a2e0-47b32914b0ee","block_type":"box","text":"Duration and Termination.","page_number":132,"box":{"x":102,"y":862,"width":182,"height":9}},{"id":"3642dc5a-ab17-48ca-98c9-e487659f6988","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":132,"box":{"x":292,"y":862,"width":613,"height":11}},{"id":"7c4dffb9-d245-4d03-a517-2f91e0031438","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":877,"width":835,"height":11}},{"id":"e567c395-813f-476b-8b37-99b45f8abac5","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":892,"width":803,"height":11}},{"id":"c8c59742-bc65-4303-91e1-ccde06c5fdc7","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":907,"width":839,"height":11}},{"id":"d40b9582-b973-4e70-9455-05241f4ec2c4","block_type":"box","text":"II-82","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"df93cbf0-2599-4d2e-b6d4-103ed4975715","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b97317fb-d79a-410c-a6f5-2d29a5fb0aa8","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":133,"box":{"x":70,"y":45,"width":778,"height":11}},{"id":"fe86fc1a-5d05-4c3a-984e-446e27c1dfa2","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":133,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"f9bbc75c-819b-4148-aa0b-55e3a57d28e8","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":133,"box":{"x":69,"y":75,"width":388,"height":11}},{"id":"bc8dadfe-ced2-4624-8403-3b1ac42e2517","block_type":"box","text":"Other Service Arrangements","page_number":133,"box":{"x":69,"y":105,"width":205,"height":11}},{"id":"5ed74a8d-2303-471e-b485-48f2c1202d66","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":133,"box":{"x":101,"y":128,"width":338,"height":9}},{"id":"e9043627-1435-486e-9283-9341ef5d2c14","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":133,"box":{"x":446,"y":128,"width":439,"height":11}},{"id":"ebdb3dab-0f05-48e5-abbc-43c516f79d26","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":133,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"c16923b8-5084-4ebe-91aa-d3dbf2f05c92","block_type":"box","text":"SAI (each an “Administrator”). 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For information regarding any administrative fees paid by","page_number":133,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"c121f03d-18cf-46a9-b034-c6dfc4f05ac4","block_type":"box","text":"your Fund to the Administrator for the periods indicated, see “Management, Advisory and Other Service","page_number":133,"box":{"x":68,"y":188,"width":738,"height":12}},{"id":"ab9a4665-3021-4dd8-87e1-1f6675899b5e","block_type":"box","text":"Arrangements — Administration Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of","page_number":133,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"d562f4af-61ae-45f1-94d0-120969e71d1e","block_type":"box","text":"that Fund’s SAI.","page_number":133,"box":{"x":68,"y":219,"width":113,"height":8}},{"id":"faa0eda1-1422-4a9f-b66f-150574749f52","block_type":"box","text":"For Funds that have an Administrator, the Administration Agreement obligates the Administrator to provide","page_number":133,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"b39b12f8-4efe-4c56-976a-cc9c06c48279","block_type":"box","text":"cer tain administrative services to the Fund and to pay, or cause its affiliates to pay, for maintaining its staff and","page_number":133,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"326b6602-963d-4f29-bd10-b9b0f25665dc","block_type":"box","text":"personnel and to provide office space, facilities and necessary personnel for the Fund. Each Administrator is also","page_number":133,"box":{"x":70,"y":271,"width":809,"height":12}},{"id":"9db25a48-a9a2-4894-adbb-ae251e932a22","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":133,"box":{"x":69,"y":286,"width":826,"height":12}},{"id":"4730fb45-221b-4a05-8f3e-e7fc12698da8","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":133,"box":{"x":70,"y":302,"width":362,"height":11}},{"id":"e9f8a8e8-a0c5-44a6-9bd1-8208b4a2fc65","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":133,"box":{"x":102,"y":324,"width":390,"height":12}},{"id":"e56fc820-9490-42a9-8778-bb3e982347d4","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":133,"box":{"x":499,"y":325,"width":364,"height":10}},{"id":"9c821bf3-2239-4a49-9f72-02d7e7893227","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":133,"box":{"x":68,"y":339,"width":832,"height":12}},{"id":"98c182ca-f35f-48b8-a218-f8f91d5939ae","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":133,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"568bce5b-67a4-45ca-84c6-686794b84987","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":133,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"10974300-d798-4c21-a55f-186daf8f4c91","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":133,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"44a74892-eb4d-459b-869d-7d2869bf005c","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":133,"box":{"x":69,"y":400,"width":805,"height":11}},{"id":"af4285ae-51d9-46e5-90b1-33098f585f30","block_type":"box","text":"shareholders of the Fund.","page_number":133,"box":{"x":69,"y":415,"width":181,"height":9}},{"id":"6a716e0b-0ca6-44e4-9e82-742f2862aa36","block_type":"box","text":"Transfer Agency Services.","page_number":133,"box":{"x":103,"y":438,"width":180,"height":11}},{"id":"cdae7c05-73c4-4aed-9bfe-f44110b8d820","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":133,"box":{"x":291,"y":438,"width":595,"height":11}},{"id":"fd7f11b5-5ebd-4082-a67f-14aa0dcc5f96","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":453,"width":816,"height":11}},{"id":"329f531a-5768-43fc-b803-312b370b0681","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":133,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"50ccd3c5-231b-40a8-8d86-c25d301ef727","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":133,"box":{"x":68,"y":483,"width":792,"height":11}},{"id":"20727ff1-1dd5-480a-8624-988632572ed3","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":133,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"d9f4e0b8-8f46-4581-80af-4db0bb2c3d00","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":133,"box":{"x":68,"y":513,"width":839,"height":12}},{"id":"bc8a7fc8-bc50-4867-8035-212f6b225eee","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":133,"box":{"x":70,"y":528,"width":831,"height":12}},{"id":"b3f4c1c1-7c0d-4e19-be97-82d6aab1bfb1","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":133,"box":{"x":68,"y":543,"width":813,"height":12}},{"id":"3a055bf8-50a2-49bd-b46b-7deab75e36ac","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":133,"box":{"x":70,"y":559,"width":836,"height":11}},{"id":"02fa6268-51c7-4812-816b-485ed6db1468","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":133,"box":{"x":69,"y":574,"width":806,"height":11}},{"id":"bd02b021-9bf8-4b49-a43b-c52bb545cdcc","block_type":"box","text":"class on a recordkeeping system.","page_number":133,"box":{"x":69,"y":589,"width":238,"height":11}},{"id":"17209566-ba35-46a2-92e5-f062832c4ebe","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":133,"box":{"x":102,"y":612,"width":338,"height":11}},{"id":"e050f836-b8f4-4165-8dac-db47a75e45d2","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":133,"box":{"x":446,"y":612,"width":441,"height":10}},{"id":"0ba86562-030e-4916-acce-280f0434429a","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":133,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"0c9934d0-f362-43d0-89fd-61e1546eea03","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":133,"box":{"x":69,"y":642,"width":823,"height":11}},{"id":"b04d23f1-7e90-4c84-a6d6-ca72101f1484","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":133,"box":{"x":69,"y":657,"width":627,"height":11}},{"id":"41550f67-7953-460f-b62f-ae0d487688fe","block_type":"box","text":"Custodian Services.","page_number":133,"box":{"x":102,"y":680,"width":141,"height":9}},{"id":"8bc18681-c6f2-4b7b-b8ea-ca4272a5eb98","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":133,"box":{"x":249,"y":680,"width":654,"height":11}},{"id":"2589ed34-af3c-432e-a902-b4fabeb0f56d","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":133,"box":{"x":70,"y":695,"width":820,"height":11}},{"id":"d6dcbdbc-0df8-45ed-819b-62f88ec579c7","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":133,"box":{"x":70,"y":710,"width":814,"height":11}},{"id":"15176d84-e150-431b-a371-fb4bd091fea7","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":133,"box":{"x":68,"y":725,"width":802,"height":11}},{"id":"5c429b70-92bd-47a1-ab86-d482c191862b","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":133,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"49802a1c-6d3e-48f6-9bb7-6cd66cdafaf4","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":133,"box":{"x":69,"y":755,"width":792,"height":11}},{"id":"5e4f5f0e-9631-47fd-b0d9-59742001b6f1","block_type":"box","text":"cer tain assets.","page_number":133,"box":{"x":69,"y":771,"width":106,"height":8}},{"id":"67ad7005-b080-454d-bb52-49d0ce87a3d4","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":133,"box":{"x":102,"y":793,"width":716,"height":10}},{"id":"c24904df-468e-4360-9b57-d9b021b45a4b","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to cer tain Funds, on a monthly","page_number":133,"box":{"x":102,"y":816,"width":803,"height":11}},{"id":"c492b363-0c79-4d4a-98a8-6e37dcd29d35","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":133,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"2093eb3a-70ad-4927-bacf-2e25418d3ab3","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":133,"box":{"x":69,"y":846,"width":834,"height":11}},{"id":"74d44404-4c00-487b-a141-299dc3d79a26","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":133,"box":{"x":69,"y":861,"width":826,"height":11}},{"id":"06e5da0d-849c-4c6c-a211-af4e31ee95dc","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":133,"box":{"x":69,"y":876,"width":807,"height":11}},{"id":"9ee6ac5d-d08b-4252-af22-7ffbd252a96b","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":133,"box":{"x":68,"y":891,"width":836,"height":12}},{"id":"333f2466-aecd-4dfc-8349-e7847d953896","block_type":"box","text":"Fund.","page_number":133,"box":{"x":70,"y":907,"width":36,"height":8}},{"id":"60ea5410-d3a3-4959-9c2c-7cea2ee1a2dd","block_type":"box","text":"II-83","page_number":133,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b1ab3e9d-8687-438e-bff1-709585f84d37","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":133,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9022e63a-194e-49ae-a1d6-835046664283","block_type":"box","text":"Accounting Services.","page_number":134,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"9c9ac692-4294-4767-a216-11f1a548dd2f","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":134,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"62f9aa35-dcad-4940-853f-a3ef40fea8d9","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides cer tain accounting and administrative services to the Fund. Each","page_number":134,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"74f366eb-d5c2-4d5a-9fc6-80f3e36bb5bc","block_type":"box","text":"Fund pays a fee for these services. State Street, BNY Mellon or JPM provides similar accounting services to the","page_number":134,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"dacfa3bc-3fb3-4c9d-8105-8d1e137c2ed0","block_type":"box","text":"Master LLCs.","page_number":134,"box":{"x":70,"y":90,"width":91,"height":9}},{"id":"015e62cc-7ca8-4b3b-a196-291aa5720c8e","block_type":"box","text":"See “Management, Advisory and Other Service Arrangements — Accounting Services” or “Management and","page_number":134,"box":{"x":102,"y":113,"width":771,"height":11}},{"id":"e971e863-e211-499b-b182-ba0beace9f30","block_type":"box","text":"Advisory Arrangements — Accounting Services,” as applicable, in Par t I of each Fund’s SAI for information on the","page_number":134,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"b114fa33-fe58-48e2-a7c8-0b86af4fc082","block_type":"box","text":"amounts paid by your Fund and, if applicable, Master LLC to State Street, BNY Mellon or JPM and the Manager or, if","page_number":134,"box":{"x":69,"y":143,"width":828,"height":11}},{"id":"1c683fbc-a53e-461d-b6e5-e41f067e38d5","block_type":"box","text":"applicable, the Administrator for the periods indicated.","page_number":134,"box":{"x":69,"y":158,"width":386,"height":11}},{"id":"2ca708d4-ea1c-461f-8f16-1ab2c28f17d2","block_type":"box","text":"Distribution Expenses.","page_number":134,"box":{"x":102,"y":181,"width":158,"height":11}},{"id":"d63ce1a5-7d74-4619-baeb-0972f30689b2","block_type":"box","text":"Each Fund has entered into a distribution agreement with the Distributor in connection","page_number":134,"box":{"x":267,"y":181,"width":614,"height":11}},{"id":"512de142-0077-4f5e-b928-2392ad592055","block_type":"box","text":"with the continuous offering of each class of shares of the Fund (the “Distribution Agreements”). 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Such transactions, par ticularly in","page_number":139,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"9058717d-acbc-4c45-941a-614c89b5c788","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":664,"width":832,"height":12}},{"id":"9c5f983b-98ec-4f5c-9607-0eccdb5fc6ce","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":680,"width":652,"height":11}},{"id":"396122b0-8fc9-4903-b069-ab08a3d9e9ea","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":702,"width":787,"height":12}},{"id":"890c9431-f5f4-4f83-9396-d98874db8394","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":718,"width":832,"height":11}},{"id":"14d5867f-fd9b-4e58-ab10-f203368c05e5","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. 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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":831,"width":835,"height":11}},{"id":"ad36835f-4428-43c0-969c-44d68aefb8b2","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":846,"width":817,"height":11}},{"id":"38c02b25-cafc-4ed2-8b9d-4a0fff16b8e1","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":861,"width":823,"height":11}},{"id":"3ded37a4-d4ca-4e61-bce9-0c97783ace43","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":876,"width":803,"height":11}},{"id":"40729e3f-06bc-4636-827d-bbeece7753af","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":891,"width":827,"height":12}},{"id":"932ac7e0-1d1f-47d3-a695-984524dc6e99","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":906,"width":785,"height":11}},{"id":"13b10692-fa77-46d7-8587-d515b8a01a21","block_type":"box","text":"II-89","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d34373eb-6ce2-460a-ad49-2dccd6fb9814","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d6250ba-f506-4f2c-8134-b5a80f7cc2bf","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":140,"box":{"x":69,"y":45,"width":767,"height":11}},{"id":"19ee72ab-715b-4571-ab62-479aa941e8a1","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":140,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"f36e522f-28bc-41e4-a125-7ce933905c7b","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":140,"box":{"x":68,"y":75,"width":827,"height":11}},{"id":"56b28bce-3ba6-4514-9913-df9f82305dfd","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":140,"box":{"x":69,"y":90,"width":776,"height":11}},{"id":"a391f799-8cdc-48fd-9f93-c5789527afed","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":140,"box":{"x":70,"y":105,"width":774,"height":11}},{"id":"e089bd0a-b692-4ce4-b9b4-2721142fc022","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":140,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"81335590-bb80-4f5e-a25a-5d17cd4c2786","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":140,"box":{"x":69,"y":135,"width":787,"height":12}},{"id":"c80ee6b6-7ab3-475a-b529-f65877bf2c6f","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":140,"box":{"x":70,"y":150,"width":809,"height":12}},{"id":"6c5e379a-b35f-43d7-b4d7-9e972e1b6ac5","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":140,"box":{"x":70,"y":166,"width":805,"height":11}},{"id":"9302b07c-a673-4027-89ac-31c9461cdfa7","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":140,"box":{"x":70,"y":181,"width":797,"height":11}},{"id":"3b3d5637-3d70-417c-9c48-075eaf90fc9e","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":140,"box":{"x":69,"y":196,"width":573,"height":11}},{"id":"25282a03-931e-41fc-aa72-e99fbc3d78b1","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":140,"box":{"x":102,"y":218,"width":797,"height":12}},{"id":"af4ebebc-2de9-4b93-b757-f5f8bbb71ac2","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":140,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"56a2ef83-6b85-4ae3-b3c7-d3e3a21f6ea0","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":140,"box":{"x":69,"y":249,"width":835,"height":11}},{"id":"ef316fb3-a37d-4e60-a52d-8ab7a7b9c82f","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":140,"box":{"x":69,"y":264,"width":812,"height":11}},{"id":"965d0037-f946-4c22-a9cf-74032f7093a9","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":140,"box":{"x":69,"y":279,"width":803,"height":11}},{"id":"ff8dec58-1eb2-4051-9471-3f5ebf6646cb","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":140,"box":{"x":70,"y":294,"width":783,"height":11}},{"id":"2de7b8ac-7be9-400d-9169-b1ef6fef3f79","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":140,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"fc7ba92e-a085-45b7-ac28-4dd966ef75b9","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":140,"box":{"x":70,"y":324,"width":777,"height":11}},{"id":"1426816a-d83c-4f10-ae7c-13370472954e","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":140,"box":{"x":70,"y":339,"width":780,"height":12}},{"id":"2c5a4dbf-19a9-4906-9acd-7b07fa9d3cba","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":140,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"4b203e84-5d48-4605-9652-6163e0492844","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":140,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"16603094-4cbf-4268-b6a9-0ad82c0b68e8","block_type":"box","text":"Funds.","page_number":140,"box":{"x":70,"y":385,"width":44,"height":9}},{"id":"3979c271-25fa-4263-9aaa-00983f4c0c62","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":140,"box":{"x":102,"y":407,"width":755,"height":12}},{"id":"73099b39-22d8-4553-8faa-11c74e772dd4","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":140,"box":{"x":69,"y":423,"width":836,"height":11}},{"id":"9a749699-b24c-4db1-b320-93b7f7557fd8","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":140,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"59881cd6-abb0-4394-95ac-b303a88942c1","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":140,"box":{"x":69,"y":453,"width":679,"height":11}},{"id":"a8ef8b98-5de8-469a-88b8-f040c72aa5ad","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":476,"width":760,"height":11}},{"id":"b996703e-bf36-4259-90c3-faba8e48a4c6","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":140,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"b862211e-1cc7-4df1-a0ba-e2077b20dbfa","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":506,"width":836,"height":11}},{"id":"0ad6a125-47ea-43cb-be50-16e04d3db3ff","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":521,"width":825,"height":11}},{"id":"a2d7eb8f-3bea-4038-8416-def3869429d2","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":140,"box":{"x":68,"y":536,"width":421,"height":11}},{"id":"949494e1-9123-4406-b164-a6477ba2d4fd","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":559,"width":794,"height":11}},{"id":"3806d29a-3cf0-4fb1-a10e-4b9d814416a5","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":574,"width":817,"height":11}},{"id":"822811dd-ba88-414f-b2dc-f83f039f3e29","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":589,"width":797,"height":11}},{"id":"0a93a6e3-9eaa-44ca-9a1e-bbcf395e6160","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":604,"width":826,"height":11}},{"id":"b97ab171-33e3-4639-95d3-9dcf21c2c338","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":619,"width":780,"height":11}},{"id":"184b60b8-0039-470f-b72b-9737751fd13b","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":634,"width":791,"height":12}},{"id":"3dbad4b7-e2e8-4cfb-80a1-fbc7fca6dcd3","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":140,"box":{"x":70,"y":650,"width":457,"height":11}},{"id":"7bf6106c-eace-41d3-b4d6-fcb42980e71e","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":672,"width":784,"height":11}},{"id":"6a0a991c-65c7-4c39-924c-8e6851dd3d17","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":687,"width":840,"height":11}},{"id":"3c9c5b17-5e42-4e8e-ac72-708a7b7dc11f","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":702,"width":827,"height":12}},{"id":"6592d2b9-a87c-4f93-b4e6-83270d723348","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":717,"width":828,"height":12}},{"id":"3d81cc1a-4e7f-426a-8bd3-20c9814e559a","block_type":"box","text":"case.","page_number":140,"box":{"x":69,"y":735,"width":37,"height":7}},{"id":"639176bf-d41a-47ae-851b-a3f544d9a00e","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":755,"width":791,"height":11}},{"id":"8177d64c-305c-4f85-972c-f7262ed3e57a","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":771,"width":824,"height":11}},{"id":"62d06310-3302-423b-9358-90a56d6ea06c","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":786,"width":798,"height":11}},{"id":"db6a650b-937a-49c7-8db0-5728c6f817db","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":801,"width":828,"height":11}},{"id":"32498ecf-6431-4579-a309-8e0f7fe5193e","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":816,"width":835,"height":11}},{"id":"1b08d4ad-bd4d-40ae-8521-a49506575a14","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":831,"width":767,"height":11}},{"id":"e13e69d2-9efc-4ceb-a4dd-ba80e72c2206","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":853,"width":766,"height":12}},{"id":"d144b7e3-f634-481d-9eab-f35990c1312a","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":869,"width":786,"height":11}},{"id":"b1637dc0-1c82-4e01-92d9-4f50987de242","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":884,"width":828,"height":11}},{"id":"006017fb-2586-4960-9332-3bbd0d6863e7","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":899,"width":831,"height":11}},{"id":"220290a2-485c-4073-97ea-a0f565d3c372","block_type":"box","text":"II-90","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"903e4f16-9aa2-4dd2-ba19-c4a7f1fea9d5","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45051c7d-02cd-4e5e-b36e-e81dca6813e7","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":141,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"a1d48f3c-38be-4092-92d5-bfb97b857f80","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":141,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"dd16d1d4-4ddc-443c-8b08-a721a47157f5","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":141,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"75f02c8a-151b-48c9-b1a3-43fff9ccc345","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":141,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"04c7003d-0c0f-4856-a163-363cb58fed74","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":141,"box":{"x":70,"y":105,"width":271,"height":11}},{"id":"e2f59636-c969-46eb-a785-8cbe88b53493","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":141,"box":{"x":102,"y":128,"width":792,"height":11}},{"id":"b83f0186-525c-4a94-8e77-39ac75eefdc0","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":141,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"7b2e6ef8-4b14-42c2-a735-2b6e9d97ac45","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":141,"box":{"x":68,"y":158,"width":821,"height":11}},{"id":"23761214-a80f-4560-99e4-bcffd8a0dcc1","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":141,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"6b2f286b-8b8d-4785-bcec-9bd6e057c5d6","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":141,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"226180e5-d5ba-49ed-8c57-1f29d3474c98","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":141,"box":{"x":69,"y":203,"width":762,"height":12}},{"id":"1f7584c9-8da7-4865-8531-89fab558029f","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":141,"box":{"x":70,"y":218,"width":839,"height":12}},{"id":"92d6ac13-5171-4d40-80ab-e304e2be6159","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":141,"box":{"x":70,"y":234,"width":795,"height":11}},{"id":"c3c81efa-ec72-4fcb-b8c3-9df114a22674","block_type":"box","text":"managing a Fund.","page_number":141,"box":{"x":69,"y":249,"width":124,"height":11}},{"id":"9df23ae2-57a5-4f21-9b0d-3d1076ce3e78","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":141,"box":{"x":101,"y":271,"width":751,"height":12}},{"id":"0e055399-9678-4a1e-bcba-4f0d5ab93c5a","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":141,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"b32c8e04-fac0-4faa-a6c1-3392c4109fed","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":141,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"38dcfb6e-df37-4d7d-9b46-a10f3a42d048","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":141,"box":{"x":68,"y":317,"width":785,"height":11}},{"id":"cf8a550e-5dcd-4de7-9018-a0074b9ef3b2","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":141,"box":{"x":70,"y":332,"width":481,"height":11}},{"id":"e31e4bc0-ba60-47bc-a29f-0c507ab6cb66","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":141,"box":{"x":102,"y":355,"width":754,"height":11}},{"id":"59885bd5-9c51-45f6-93c5-2775524395a8","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":141,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"ffb8d5fb-360a-44e3-878d-0f0dbe5ea862","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":141,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"7b6413ca-8708-4238-bb5a-a0c027f20004","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":141,"box":{"x":69,"y":400,"width":680,"height":11}},{"id":"5a33eacb-927a-48c4-9bc2-43be672a57be","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":141,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"81c8b6ce-27a6-47e5-9de7-601de53f0414","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":141,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"b707f5c4-043b-4aa8-921c-036994794e07","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":141,"box":{"x":69,"y":453,"width":837,"height":11}},{"id":"52bd8b06-d983-401b-80f9-4e484e3c43d2","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":141,"box":{"x":70,"y":468,"width":832,"height":11}},{"id":"3855b993-194d-43af-9511-13e7be36cc81","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":483,"width":813,"height":11}},{"id":"18d9d5f5-26a9-411d-adf7-7124a0788c20","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":141,"box":{"x":70,"y":498,"width":344,"height":11}},{"id":"452531ce-4cb6-45a7-990c-47d28f60f595","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":521,"width":741,"height":11}},{"id":"cc454b36-fd5d-41e7-b522-eafe78da9232","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":536,"width":824,"height":11}},{"id":"d1f60470-17ff-4443-a89b-778584e5da1b","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":551,"width":825,"height":11}},{"id":"6725f07f-c206-491f-8a9c-35af029ea5dc","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":566,"width":777,"height":11}},{"id":"afee80b7-ab11-4605-a1c7-25b3bddb2f38","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":581,"width":810,"height":12}},{"id":"8030d16a-4bda-4f47-92f9-f939748192c3","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":597,"width":784,"height":11}},{"id":"08d13d57-0b3b-440d-85f1-5cfda2b4228c","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":612,"width":798,"height":11}},{"id":"ed9d7dc1-e005-4d54-94ee-b2251cbf1ab1","block_type":"box","text":"under management for BlackRock.","page_number":141,"box":{"x":69,"y":627,"width":243,"height":11}},{"id":"9e9d0f5d-7433-49b7-becd-83eaf9465ce1","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":649,"width":773,"height":12}},{"id":"88cf3a68-cf2a-442b-bcf9-26050a0a5fe8","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":664,"width":797,"height":12}},{"id":"2dd27a12-e27b-4f7d-b7b5-6565cc9dcae0","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":680,"width":817,"height":11}},{"id":"d8be8916-330a-496b-bfa5-477947cd5b88","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":695,"width":837,"height":11}},{"id":"78194364-bf5e-4a26-ab71-e49b59668a6d","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":710,"width":781,"height":11}},{"id":"17037300-e1b5-4e82-91bd-711950d2b01d","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":733,"width":779,"height":11}},{"id":"eb243f98-0fa0-4894-a3e6-0e8d6bff6512","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":748,"width":795,"height":11}},{"id":"1fa1baf7-770f-447b-b4d6-4140bc762703","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":763,"width":821,"height":11}},{"id":"9f4c92c6-70ae-4116-9321-2dab190247be","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":778,"width":802,"height":11}},{"id":"7a5278d6-f18e-479c-993a-43732da4ab2a","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":793,"width":792,"height":11}},{"id":"01476975-b78b-40b4-9889-9b6b05e4ae88","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":808,"width":832,"height":11}},{"id":"92752814-ba5b-484e-ac5d-fe8d96e6f972","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":823,"width":833,"height":11}},{"id":"bc10ff43-30c9-40ec-8e5c-60adb58ed3e2","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":838,"width":726,"height":12}},{"id":"c5b00f4f-feeb-4c1c-97d4-9857738dd669","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":861,"width":796,"height":11}},{"id":"997085f4-e12b-4dff-856c-79a0e9a91565","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":876,"width":837,"height":11}},{"id":"4727cfdc-6eef-4cf4-88b0-b05b87b8fd00","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":891,"width":823,"height":12}},{"id":"cb697b2c-0599-4e3a-94e1-971c9ea84cbd","block_type":"box","text":"II-91","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7201b0dc-a8f2-4618-8421-5b75b02f5738","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"710692c3-8a8f-4569-8639-3791a952f60d","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":142,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"4d4f9906-5133-41b8-8c9c-0724ae2f7974","block_type":"box","text":"any such fees or other amounts.","page_number":142,"box":{"x":69,"y":60,"width":230,"height":11}},{"id":"88ba406b-0595-4859-ad5a-a85cd37e0d47","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":142,"box":{"x":101,"y":83,"width":805,"height":11}},{"id":"11b84a84-9c23-4145-b619-78a52789ded4","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":142,"box":{"x":70,"y":98,"width":768,"height":11}},{"id":"93427281-d917-4005-9b09-9459c149517c","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":142,"box":{"x":101,"y":120,"width":766,"height":11}},{"id":"b094bced-4f3b-491b-80d4-b0bd0f89b492","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":142,"box":{"x":69,"y":136,"width":793,"height":11}},{"id":"14c2f36b-47bf-4b20-82e2-3d238a3c2aa6","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":142,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"3afcfe8a-9090-4ea9-946e-7af38af5df82","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":142,"box":{"x":70,"y":166,"width":374,"height":11}},{"id":"f1462952-abbd-4228-a41f-9ed81096d777","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":142,"box":{"x":102,"y":188,"width":768,"height":12}},{"id":"14fe5a9d-22d3-4cd0-b834-8f8857ba607c","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":142,"box":{"x":69,"y":203,"width":829,"height":12}},{"id":"46dbfc2e-aab8-43b7-9523-f862ae380c99","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":142,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"55693bca-8870-4ec7-a707-30a1d55dfd98","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":142,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"cd205c1b-d5b0-4964-8023-ad03abc78801","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":142,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"e721b984-f1a3-4455-b542-432647aa5a50","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":142,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"b34c1a4c-73ab-49ad-ad10-c304d6f723df","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":142,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"2381efc5-d304-4ef2-8522-b3f70d9211de","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":142,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"7214ccdc-54f7-4748-9bdd-c802be0df01d","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":142,"box":{"x":70,"y":309,"width":814,"height":11}},{"id":"8c03fef4-5f37-4f16-b785-cfbed2f96a64","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":142,"box":{"x":69,"y":325,"width":660,"height":11}},{"id":"b913c7c7-14b1-41b9-8ca8-2dc3bc438db9","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":142,"box":{"x":101,"y":347,"width":767,"height":11}},{"id":"e533ceff-7f7c-4dfe-bddb-d7019013cc6a","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":142,"box":{"x":68,"y":362,"width":820,"height":11}},{"id":"8726a3d0-ba4f-413f-8b6e-7812af177bb8","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":142,"box":{"x":70,"y":377,"width":806,"height":12}},{"id":"eecf2c77-a477-40be-be38-abca47ce2f10","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":142,"box":{"x":70,"y":393,"width":816,"height":11}},{"id":"87d59cd0-65d5-4238-976d-7cb55a2e6d48","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":142,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"ebde188a-82eb-41b6-8b36-0a41ccd9d857","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":142,"box":{"x":70,"y":423,"width":727,"height":11}},{"id":"29a0c4c0-537e-4ae8-aea4-f1f1c69350e6","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":142,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"29ce7637-4f07-461f-ade5-2502b4094eca","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":142,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"d373d1f5-7607-4538-b907-ca76992474f9","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":142,"box":{"x":70,"y":468,"width":796,"height":11}},{"id":"e710dc45-fb5f-4ff8-bcae-d2559f87a2d2","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":483,"width":799,"height":11}},{"id":"9e9edc56-dc25-4c95-bbd1-8f6da23f5022","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":142,"box":{"x":69,"y":498,"width":356,"height":11}},{"id":"89a4ef6d-974e-430f-97ef-d0869e6282fb","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":521,"width":801,"height":11}},{"id":"b1f6ce5b-9178-473d-8fb6-edd70e04d3f2","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":536,"width":817,"height":11}},{"id":"3b14b182-b1ca-4390-be7f-0fbfddff7428","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":551,"width":784,"height":11}},{"id":"b145fbd3-0fc0-4dbb-a78c-22510c1a52b2","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":566,"width":789,"height":11}},{"id":"55041ed9-af0b-4dbc-bd59-449be23825e1","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":581,"width":783,"height":11}},{"id":"7325c5a2-4095-457f-8d9d-6005721e50dd","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":596,"width":790,"height":12}},{"id":"836ce898-5046-448c-9a03-4f3b36201cd3","block_type":"box","text":"regulation.","page_number":142,"box":{"x":69,"y":612,"width":73,"height":11}},{"id":"a4e7960f-5208-4bbd-8e30-fcc5c7547cee","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":634,"width":777,"height":11}},{"id":"fa0b118d-85b9-4e19-9a50-de75763bfed6","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":649,"width":830,"height":12}},{"id":"0c6d7e17-b598-4223-ac6f-b4a1070e9c98","block_type":"box","text":"various program limits (","page_number":142,"box":{"x":68,"y":665,"width":168,"height":11}},{"id":"721734c5-7a7f-475b-9958-0e7bdddfadc5","block_type":"box","text":"i.e.","page_number":142,"box":{"x":238,"y":665,"width":20,"height":8}},{"id":"af50791d-06f1-45f5-9535-b5e4b1b85131","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":142,"box":{"x":265,"y":664,"width":621,"height":12}},{"id":"dd6c2990-4f86-4879-88f4-73776ce61181","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":680,"width":827,"height":11}},{"id":"09386bd0-6494-47ec-9ec2-75b615057c1c","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":695,"width":836,"height":11}},{"id":"2575b889-4ecd-4d09-be87-8f170a56680a","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":710,"width":780,"height":11}},{"id":"aeb7c56f-6d55-4407-b444-e6f5de02ddb8","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":725,"width":820,"height":11}},{"id":"d7d64651-ad6c-470a-ac2b-9f4dc412c37e","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":740,"width":834,"height":11}},{"id":"cedd7822-5874-4c43-94d2-249abdd4447b","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":142,"box":{"x":69,"y":755,"width":444,"height":11}},{"id":"216a96db-b4f6-489e-8ea9-5dec6d720b9b","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":778,"width":734,"height":11}},{"id":"7433e66c-2147-4b7e-a7aa-4500758e4c02","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":793,"width":840,"height":11}},{"id":"4f2861a7-6926-4343-9939-e705e3df07d0","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":808,"width":822,"height":11}},{"id":"f5d97af6-9b7e-4416-add2-66a41568b7bf","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":823,"width":788,"height":12}},{"id":"7ba21502-912e-4929-a812-f6408623a6e4","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":142,"box":{"x":70,"y":839,"width":426,"height":11}},{"id":"b3dad9c7-3d47-4d57-b6fa-a1e05bb1ddd7","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":861,"width":763,"height":11}},{"id":"89d03d8f-2d04-4b78-b574-123721aa6e8a","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":876,"width":828,"height":11}},{"id":"cf3d6360-2f6c-4958-9d19-3f931d6ce897","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":891,"width":767,"height":12}},{"id":"dcf31b52-e857-48c3-b14a-c987e3e1a3ca","block_type":"box","text":"II-92","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60fe5f97-4031-40de-ac27-16ad0e1cc3e0","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7d2600c-b117-46ec-8186-a9a37ec60307","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":143,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"9d770c4b-25db-459d-a511-e1b1de108aaf","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":143,"box":{"x":68,"y":60,"width":672,"height":11}},{"id":"bdf677c0-3109-42d8-b29a-a3882009c85c","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":143,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"da4e7af5-ff5c-4c53-9210-0f8d6ae4a80d","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":143,"box":{"x":69,"y":98,"width":832,"height":11}},{"id":"afd4f25c-c145-4734-b47e-2bfbdac76348","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":143,"box":{"x":69,"y":113,"width":805,"height":11}},{"id":"e1b2d8fe-6f31-4051-9456-2605e07ac1d0","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":143,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"cecb97cc-87fc-45a4-a89f-df53c5b63fd8","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":143,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"546784ec-4c61-46c3-8f78-836383398f60","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":143,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"58de92d6-bb3f-4cab-91fd-29ad0b8eff4f","block_type":"box","text":"than through client commissions.","page_number":143,"box":{"x":68,"y":173,"width":237,"height":11}},{"id":"7d2691fa-6e13-4292-aa77-21c3b0f70929","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":143,"box":{"x":102,"y":196,"width":770,"height":11}},{"id":"65185278-e9d1-490e-bb47-383de80aaec9","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":143,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"27e29c05-4d18-423f-b75e-b161059d588c","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":143,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"9b4f7a8f-709b-443c-a26e-a719581b3a08","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":143,"box":{"x":70,"y":241,"width":780,"height":11}},{"id":"7335d740-6326-42c6-b7e8-2e05f3931f77","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":143,"box":{"x":69,"y":257,"width":795,"height":10}},{"id":"e77acba7-798d-4a8b-b74c-0fcaff7cae53","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":143,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"fe1c00e6-5e28-4256-a370-40c7c122385e","block_type":"box","text":"research-oriented software and other services and products.","page_number":143,"box":{"x":69,"y":286,"width":430,"height":11}},{"id":"fd18ba58-25be-4d11-8b80-73c38177efe5","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":143,"box":{"x":102,"y":309,"width":785,"height":11}},{"id":"fc4ffcf4-fc66-4446-ad07-3c2aa15b6c00","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":143,"box":{"x":70,"y":325,"width":768,"height":11}},{"id":"2aa67269-dd20-4c7d-9936-8548a3df4de3","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":143,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"a8d7f960-0bef-4c74-a91d-78e3ad0ac835","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":143,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"fad6294d-ae68-4fbb-a4fc-8ad61f6f41c8","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":143,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"71452b91-4c45-4037-8091-21e480eed974","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":143,"box":{"x":68,"y":385,"width":815,"height":11}},{"id":"93b8a1ed-7fc6-4272-a86b-76c1578316a0","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":143,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"caffcefe-df18-46db-b8e5-9a22284d957c","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":143,"box":{"x":69,"y":415,"width":804,"height":11}},{"id":"e5d688fc-103b-42e6-b1e1-0e831fe825b8","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":143,"box":{"x":70,"y":430,"width":819,"height":11}},{"id":"89e72bee-04f9-4fc8-80b8-ad635560eeae","block_type":"box","text":"and services itself.","page_number":143,"box":{"x":69,"y":445,"width":134,"height":9}},{"id":"80e3691b-ca53-4af1-8859-d7f78067456c","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":143,"box":{"x":102,"y":468,"width":793,"height":11}},{"id":"a9320f09-3e17-4003-9c91-5b2ad638e9c3","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":143,"box":{"x":68,"y":483,"width":805,"height":11}},{"id":"28ed22d6-ede1-423e-8533-9684be8be2b0","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":498,"width":833,"height":11}},{"id":"b42db8f1-a139-4bf2-80ba-25e76ca040fe","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":514,"width":836,"height":11}},{"id":"d5497180-81e5-430e-8dec-bfe437c234fb","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":529,"width":760,"height":11}},{"id":"41960478-11b7-4907-bd37-cabc21495785","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":543,"width":803,"height":12}},{"id":"f6b32e7e-c971-4a84-89bb-8909055eebd9","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":559,"width":807,"height":11}},{"id":"1899b3ad-1c6b-4951-b52f-b2c1569cef3b","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":574,"width":760,"height":11}},{"id":"507bfa67-a83a-47b0-a2b0-5d47b6e00e13","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":597,"width":799,"height":11}},{"id":"859aa743-1738-40a6-a16d-57e72ceaf43e","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":612,"width":767,"height":11}},{"id":"295539a3-c946-4c77-9b19-23065987a4b0","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":627,"width":794,"height":11}},{"id":"f3913b15-f424-4fa1-b3b1-e1441d985310","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":642,"width":825,"height":11}},{"id":"1c1ce3c2-5688-4031-bf97-d681399ef3bb","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":657,"width":821,"height":11}},{"id":"f467fbcd-e3fa-49d7-b06e-4031d950ff28","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":672,"width":833,"height":11}},{"id":"3465a169-eb75-42b8-9178-3d5e89669900","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":687,"width":812,"height":11}},{"id":"aef9bc8d-600b-493d-a96f-a749cacdfd94","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":702,"width":809,"height":11}},{"id":"75a7f332-31e1-481d-9c90-6482a9065a71","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":143,"box":{"x":68,"y":718,"width":519,"height":11}},{"id":"4f268559-b809-45bf-8dee-d619c43fe2df","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":740,"width":793,"height":11}},{"id":"cbead297-1d84-41b7-acaf-5b9ffb7fe991","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":755,"width":782,"height":11}},{"id":"a78981e9-099c-4905-95e9-4fc8228461d5","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":770,"width":710,"height":11}},{"id":"efbffee0-440f-419e-a3af-19cd2a470fff","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":793,"width":792,"height":11}},{"id":"d331e179-3106-4ab3-84c9-48c483963d5f","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":808,"width":784,"height":11}},{"id":"ce424ec3-af89-409f-817a-99ff0f9f681f","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":143,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"bcb07a50-dead-4c06-85b3-bb437271dc6f","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":143,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"1d300ec6-cc82-4e6b-bcb7-1204d2c991db","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":143,"box":{"x":68,"y":853,"width":837,"height":11}},{"id":"88589f43-ab98-413b-a8ae-72b7f58db556","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":143,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"32ea13f0-b428-4d8e-8308-b3b0a9819637","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":143,"box":{"x":70,"y":884,"width":490,"height":11}},{"id":"b34fedc5-6e73-46e9-93f2-e74b676dfdfb","block_type":"box","text":"II-93","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"26707598-f902-4aa7-af03-529b838739c1","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a736d8f0-e9d0-41df-8b2f-ac96ab64304f","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":144,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"d787a6fe-94c3-4eed-89a0-95dc99c8cc97","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":144,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"35eb6cd0-d476-4453-a672-59c483d228d6","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":144,"box":{"x":70,"y":75,"width":837,"height":11}},{"id":"ca777028-e024-40a0-98c1-6522f54ab16a","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":144,"box":{"x":69,"y":90,"width":774,"height":11}},{"id":"2d16b19f-9e04-49df-9b1b-a30e3a3b5579","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":144,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"fb8d16be-420c-4280-9a85-fcc761b7a634","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":144,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"d970d08a-cde6-4baa-95c3-941635fe97fb","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":144,"box":{"x":69,"y":135,"width":831,"height":11}},{"id":"92b7f3b7-1abc-4f87-8386-b8c84dc8601d","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":144,"box":{"x":69,"y":150,"width":834,"height":12}},{"id":"ff4fa0a4-6bfc-495e-8e3f-6ed313675dfc","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":144,"box":{"x":69,"y":166,"width":355,"height":11}},{"id":"8bd2917c-79a3-4b82-8676-72f59e9efe7d","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":144,"box":{"x":102,"y":188,"width":742,"height":12}},{"id":"4faedace-cdad-4e43-a3ae-696a8ca31f50","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":144,"box":{"x":70,"y":203,"width":838,"height":12}},{"id":"fcbc7b71-a10b-4186-aeb4-a033c59f0a07","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":144,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"23fb41b4-a478-446a-a35f-409a2f4b2e1c","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":144,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"fd930b41-74ce-40e4-8f02-57041cf5f10a","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":144,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"15b7448a-7de2-49e2-b2fe-1a803ec4caab","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":144,"box":{"x":68,"y":264,"width":822,"height":11}},{"id":"7e5c05a3-b939-47be-a9ea-57d045865a4c","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":144,"box":{"x":69,"y":279,"width":766,"height":11}},{"id":"d8728d81-3e8b-45d4-85ec-547e58397340","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":144,"box":{"x":70,"y":294,"width":533,"height":9}},{"id":"6e4180a8-4109-4628-9e4c-a50e6f5ad781","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":144,"box":{"x":102,"y":317,"width":789,"height":11}},{"id":"3243822e-7848-4fac-a284-8005c3174e7c","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":144,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"ca5df51d-a19a-49af-a149-78e8859bab92","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":144,"box":{"x":69,"y":347,"width":813,"height":11}},{"id":"1cad361b-c9eb-4aed-8de9-4f9f1b0cd04b","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":144,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"1ca46fd8-9ddd-4e91-bb82-3a277b2912f8","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":144,"box":{"x":69,"y":377,"width":788,"height":12}},{"id":"1c11e8f8-62d6-44fd-a929-a42f4ed7e69d","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":144,"box":{"x":70,"y":392,"width":745,"height":12}},{"id":"3d04802b-16e1-4eb5-b174-bf7cbd7d4c45","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":144,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"50129129-364e-4b9e-b7f3-9437bbdea3b3","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":144,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"00e53506-5509-4735-82f0-232050de2c81","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":144,"box":{"x":70,"y":438,"width":711,"height":11}},{"id":"55744149-3497-4761-b41a-8f9e73944202","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":144,"box":{"x":102,"y":461,"width":741,"height":11}},{"id":"bc945109-cd16-487e-ac09-87ec7d85ea4a","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":144,"box":{"x":70,"y":475,"width":823,"height":12}},{"id":"7b105dbd-f416-49dd-a0d7-b2603f7f762e","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":144,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"0c909346-871b-492e-bb1e-15a152930ae9","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":506,"width":825,"height":11}},{"id":"529930fa-7f5e-4ea1-9d68-b97a7448f717","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":521,"width":830,"height":11}},{"id":"c7a35b59-e7b9-46e3-b84e-17618b0ddcec","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":536,"width":824,"height":11}},{"id":"a10d9871-67c4-4e02-a87e-517806eff655","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":551,"width":792,"height":11}},{"id":"7d67274d-781b-46fc-a1bb-83725797560a","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":574,"width":784,"height":11}},{"id":"fa70e4bb-dc28-4d4c-8cfa-6083512bd714","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":589,"width":837,"height":11}},{"id":"a03056b0-b138-41ec-8a1b-acc9fc5abfa8","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":604,"width":803,"height":11}},{"id":"58a09a38-da71-4f38-9f39-79c2a5aafc90","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":619,"width":831,"height":11}},{"id":"0b551993-09d9-4349-9ee1-8b76e7593463","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":634,"width":811,"height":12}},{"id":"cf67b7fb-6249-425c-9ef1-af738c914e9c","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":649,"width":802,"height":12}},{"id":"4c9ea694-4a13-43c1-a27b-2b02c2bc3832","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":664,"width":829,"height":12}},{"id":"2e7764d2-4d20-4bb4-b16f-308e964233de","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":680,"width":832,"height":11}},{"id":"ecd218c7-c995-497b-be7a-729171b128b5","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":695,"width":837,"height":11}},{"id":"e8658da4-d106-4693-9e6d-c139b0969d6e","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":710,"width":829,"height":11}},{"id":"83fcf839-0ec2-4b83-b050-5f8046bd46b0","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":725,"width":796,"height":11}},{"id":"bb95d338-cf81-40d9-a00d-2b5c188fba6a","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":740,"width":839,"height":11}},{"id":"5afaef96-fe91-441c-8b0d-023d0f0162f6","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":755,"width":800,"height":11}},{"id":"03b1b17d-9fb7-4e26-90a5-5a3f2869dde1","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":770,"width":779,"height":12}},{"id":"a2b31f7c-24a0-4c80-99a8-f108fd31ed77","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":785,"width":834,"height":12}},{"id":"24503520-a569-4835-8514-2d356a848cc7","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":801,"width":788,"height":11}},{"id":"93fc5fd9-5d25-44ab-8d27-54fa2b1dec46","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":816,"width":765,"height":11}},{"id":"be001c15-614e-4940-8968-05571143e520","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":838,"width":784,"height":11}},{"id":"b7bb3846-4cd0-4dec-8a82-de82e3147b9d","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":853,"width":823,"height":12}},{"id":"ba48660e-929c-4efc-a4cf-2db394f40d60","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":869,"width":833,"height":11}},{"id":"95ecbd14-c090-4557-a3a5-7279681791c8","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":884,"width":822,"height":11}},{"id":"71a98e04-2d21-454e-bccf-388317b92024","block_type":"box","text":"some additional expenses.","page_number":144,"box":{"x":69,"y":899,"width":190,"height":11}},{"id":"27581f1f-bb3a-465b-bc98-5b1565abb4eb","block_type":"box","text":"II-94","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7db6026-668b-4769-bf57-22424c6abdda","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c85bae04-56f1-44a9-a25c-b1ba60bd203b","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":145,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"152ce37c-6c53-4672-b539-8afc63441492","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":145,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"1f0b8a15-e76c-4a3b-b1e0-4f105c2a2fcd","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":145,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"9e857ac2-d611-4882-8477-1a4633d11738","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":145,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"d145db70-6315-4d50-a2b1-25103c636713","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":145,"box":{"x":70,"y":105,"width":802,"height":11}},{"id":"441adfcd-f11c-4ace-8f1e-e087f6ab8382","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":145,"box":{"x":70,"y":120,"width":828,"height":11}},{"id":"7f45f7d2-9e0e-4adf-abb1-d71725b9c828","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":145,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"5adfe946-364c-4d02-86ed-b1b3570253a8","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":145,"box":{"x":70,"y":150,"width":816,"height":12}},{"id":"5f718af4-8f7b-410e-a8ed-fb6259789883","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":145,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"78588459-e2ee-4231-a619-c414224fe7f5","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":145,"box":{"x":69,"y":181,"width":352,"height":11}},{"id":"c71166b8-3ec4-4c1d-a02f-ed23bf925a15","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":145,"box":{"x":102,"y":203,"width":768,"height":12}},{"id":"6398a075-e76c-4f62-9189-4dcdb0e2bcf0","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":145,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"c7c6a3dd-cad4-43d0-a673-8d560b8a609f","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":145,"box":{"x":68,"y":234,"width":839,"height":10}},{"id":"eae9423f-9248-4528-a8b4-781eb4a8d591","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":145,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"580c85ed-cd47-4071-af9e-f4753774595f","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":145,"box":{"x":68,"y":264,"width":824,"height":11}},{"id":"4c864ea8-8f52-4ce7-9449-93ef1bc96194","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":145,"box":{"x":68,"y":279,"width":826,"height":11}},{"id":"3fb7f4f3-6245-4401-97aa-2736a881a72f","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":145,"box":{"x":68,"y":294,"width":810,"height":11}},{"id":"6cccbc08-3614-4eed-9d3c-0c4a5c552726","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":145,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"d61590b1-ce71-4513-8a44-97a076498f8d","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":145,"box":{"x":68,"y":324,"width":782,"height":11}},{"id":"7ff49f80-a796-4732-a17c-0beee540c0c5","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":145,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"70f2603e-d74a-4606-8f41-238c359da8ad","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":145,"box":{"x":70,"y":355,"width":804,"height":11}},{"id":"d7473ee8-b4a5-403e-91e8-202c891db2b4","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":145,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"e1092c1a-ccc1-4869-83c5-ff3d486d34b7","block_type":"box","text":"services or has proprietary positions. For example, when BlackRock is engaged to provide advisory or risk","page_number":145,"box":{"x":69,"y":385,"width":755,"height":11}},{"id":"e971ff9e-2dce-4acb-b04d-9428f32590da","block_type":"box","text":"management services for a company, BlackRock may be prohibited from or limited in purchasing or selling securities","page_number":145,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"dac64020-0f77-4019-a7c0-23c07f810776","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":145,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"59ee1731-7fe3-417d-b4fe-b72e624e26d5","block_type":"box","text":"public information about the company (","page_number":145,"box":{"x":70,"y":430,"width":276,"height":11}},{"id":"3150a369-d137-4a53-86a6-56fd561ca697","block_type":"box","text":"e.g.","page_number":145,"box":{"x":348,"y":432,"width":25,"height":9}},{"id":"29be5452-0958-4c7d-9a26-d465ebaaebbc","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Moreover,","page_number":145,"box":{"x":376,"y":430,"width":499,"height":11}},{"id":"ac35acd2-3ccb-4fbe-ac8a-6368b3379b3c","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":145,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"a74c08bc-a341-4d45-ad52-e134d1984b57","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":145,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"2cca3c4e-28b9-4c35-96a6-da577514856e","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":145,"box":{"x":69,"y":475,"width":830,"height":12}},{"id":"0484d3b6-e472-4012-bb43-a9dbd9bdc289","block_type":"box","text":"the investment. Similar situations could arise if personnel of BlackRock serve as directors of companies the","page_number":145,"box":{"x":68,"y":491,"width":773,"height":11}},{"id":"0e65df0a-2cd1-4ecf-9b59-23e88cd9226c","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":506,"width":832,"height":11}},{"id":"b4a32060-f28d-43cf-ad8c-f183035cf79a","block_type":"box","text":"with BlackRock’s policies and procedures (including the necessary implementation of appropriate information","page_number":145,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"2d12da62-1913-4df4-af5b-8e8908362258","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":536,"width":819,"height":11}},{"id":"dcd390e9-285c-43fc-8129-cb0eef3a3069","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":551,"width":832,"height":11}},{"id":"b75663dd-5d9d-42cb-aa2c-4c35a8f4c1b4","block_type":"box","text":"of the issuer.","page_number":145,"box":{"x":69,"y":566,"width":92,"height":9}},{"id":"f98ef8fa-1ed2-4d43-9784-10163c6cc081","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":589,"width":748,"height":11}},{"id":"1742bbab-ed47-416d-9238-8318b3ffaf4c","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":604,"width":819,"height":11}},{"id":"88208bd4-9540-4fdf-a157-58c32bebfa7f","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":619,"width":817,"height":11}},{"id":"f4dbcf7e-b097-437b-b41b-729ec9d091d5","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":634,"width":818,"height":12}},{"id":"5c8b1a9c-9f7f-4503-9ac3-8d5a8ed4e95b","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":649,"width":827,"height":12}},{"id":"c66e081d-66d9-4585-b38d-819e4d19822d","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":664,"width":835,"height":12}},{"id":"28419699-3103-4090-805f-1ca1359e7509","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":680,"width":797,"height":11}},{"id":"6c80c13b-42d9-4608-af16-c463b44fd177","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":695,"width":667,"height":11}},{"id":"f2c5c4e5-bf90-4902-bc31-4cab1115b554","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":717,"width":794,"height":12}},{"id":"9f3457b0-e206-4095-ab20-7b4c2a6bb7e6","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":145,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"71f79d9b-1022-4ef5-b45c-adba386715a9","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":748,"width":812,"height":11}},{"id":"031cf4dd-4727-412b-8268-0f5e1ca8657c","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":763,"width":818,"height":11}},{"id":"055d543e-1c49-4be6-ac16-93e8b3443f0e","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":778,"width":830,"height":11}},{"id":"b07547be-9098-474a-99ce-60da9908bee3","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":793,"width":835,"height":11}},{"id":"755f302d-15c1-4d02-a537-9001fad2cf1e","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":808,"width":824,"height":11}},{"id":"445e1e9d-8348-4227-ad9d-c08d8c2295c8","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":145,"box":{"x":68,"y":823,"width":472,"height":11}},{"id":"9108bd3f-9517-467a-99b2-bc91393a5b96","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":846,"width":744,"height":11}},{"id":"cf020377-acb8-4f8b-bd6e-b24667a5c185","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":861,"width":775,"height":11}},{"id":"f622762d-c494-4f9f-8dbe-db3512343c41","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":876,"width":818,"height":11}},{"id":"39b9aad1-c046-4ab6-8d13-d772cc732000","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":891,"width":779,"height":11}},{"id":"e54e99cc-7127-4cfc-a662-0017480458bc","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":906,"width":771,"height":12}},{"id":"c101cccb-94bb-42d1-867a-7acc47ea8b18","block_type":"box","text":"II-95","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7078bb00-7d7e-4d8f-9b12-423a70ca83d6","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e7388104-812a-4c1d-aa0c-d64b916b5464","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":146,"box":{"x":68,"y":45,"width":812,"height":11}},{"id":"ff26b992-82d6-413f-8778-a97dee6beb00","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":146,"box":{"x":70,"y":60,"width":803,"height":11}},{"id":"52e98fd6-8f3d-4759-ba30-aca90ea0abce","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":146,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"c8a4b72f-a3e5-461b-88cf-1a520a3e7a03","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":146,"box":{"x":69,"y":90,"width":829,"height":11}},{"id":"3bed875c-ef34-48f4-b20d-417ed5ff3bfc","block_type":"box","text":"a barrier.","page_number":146,"box":{"x":69,"y":105,"width":62,"height":9}},{"id":"47733781-2f28-44d2-a167-fe758c70c65d","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":146,"box":{"x":101,"y":128,"width":788,"height":11}},{"id":"08002ff2-d734-4b5b-9e2e-67cba84d29d0","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":146,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"08664d16-7d5b-4ddd-885a-dc33f0a35950","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":146,"box":{"x":69,"y":158,"width":805,"height":11}},{"id":"49d0dd9a-e743-4659-b5f9-1ff1c4f52779","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":146,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"5da40964-5727-4783-95ab-659a75a5b0a9","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":146,"box":{"x":69,"y":188,"width":806,"height":12}},{"id":"b2e4b06f-0d7d-40e6-81e0-8dd4d60af364","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":146,"box":{"x":70,"y":204,"width":818,"height":11}},{"id":"22b81304-e4cd-4fc5-b79f-126c742f9c87","block_type":"box","text":"that operate in cer tain industries (","page_number":146,"box":{"x":68,"y":219,"width":244,"height":11}},{"id":"4c0deaf4-1748-4003-a6ce-725da9222f7c","block_type":"box","text":"e.g.","page_number":146,"box":{"x":314,"y":220,"width":25,"height":10}},{"id":"8213dc28-1e9f-4874-a31e-804e4fc93006","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":146,"box":{"x":342,"y":219,"width":515,"height":11}},{"id":"65ccf467-8d9e-43c4-b2d2-68bd27766755","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":146,"box":{"x":69,"y":234,"width":523,"height":11}},{"id":"c56d2ee3-e36f-41da-848c-b8f649598700","block_type":"box","text":"e.g.","page_number":146,"box":{"x":594,"y":235,"width":25,"height":10}},{"id":"07166e31-236f-44e6-a43f-612de54ad2af","block_type":"box","text":", with mechanisms such as poison pills","page_number":146,"box":{"x":621,"y":234,"width":280,"height":11}},{"id":"0d059bc0-0a87-4a45-a83f-2c7384f567f4","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":146,"box":{"x":70,"y":249,"width":816,"height":11}},{"id":"935b4f70-a4dc-4522-af9c-357cb0e10fee","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":146,"box":{"x":70,"y":264,"width":825,"height":11}},{"id":"cb675092-4935-4734-9087-beeed867e7df","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":146,"box":{"x":69,"y":279,"width":837,"height":11}},{"id":"ec44a8f3-69c6-4a54-83f8-9d5eeca604e0","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":146,"box":{"x":69,"y":294,"width":769,"height":11}},{"id":"3e62d8e2-3ff6-4bf4-9857-ac916314e521","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":146,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"d6dc481f-bf6b-41c0-a7b3-0b8f6bcc8382","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":146,"box":{"x":69,"y":324,"width":839,"height":12}},{"id":"77d72ff9-0419-41c9-bc79-cb0ab836fc71","block_type":"box","text":"seek to make indirect investments (","page_number":146,"box":{"x":69,"y":340,"width":255,"height":10}},{"id":"785e0820-b7f5-439b-a8f2-0023dd4bbda8","block_type":"box","text":"e.g.","page_number":146,"box":{"x":326,"y":341,"width":24,"height":10}},{"id":"8c8b3aa5-070d-4247-ac22-0c42dea4bdd0","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":146,"box":{"x":353,"y":339,"width":514,"height":12}},{"id":"a63fe8a9-0438-4309-bbce-a61b8b5adc15","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":146,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"9e5aed36-956f-45cb-93dc-bb69c23ecccd","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":146,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"c7eb30c8-1e02-4c7f-899f-6f493502b378","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":146,"box":{"x":68,"y":385,"width":799,"height":11}},{"id":"c94ba1b7-d856-4258-92ba-d339cd57a845","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":146,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"797519f6-949b-4d26-8cba-6654a535a1e4","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":146,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"91fd7da9-4de1-43f9-92e1-0afdfe116dd2","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":146,"box":{"x":69,"y":430,"width":772,"height":11}},{"id":"e18d30d7-f941-44f0-a334-3a38059fe590","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":146,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"88aeb871-5cc3-4eb9-b6ee-fed549dcae31","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":146,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"f5900a62-df68-4b61-be79-424654bb142d","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":146,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"6c131b1b-8274-46ec-864f-452974b0d8c3","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":498,"width":818,"height":11}},{"id":"6868f844-802f-44d7-b395-341d8f2b2aa7","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":514,"width":821,"height":10}},{"id":"371b0818-2c2e-42ab-86c3-d791474dbf76","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":528,"width":806,"height":12}},{"id":"5349c772-5b08-4e79-b5df-5fb3a44dd61e","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":543,"width":839,"height":12}},{"id":"3f260b36-ee7c-4f0f-95cf-5ae241b39422","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":559,"width":826,"height":11}},{"id":"d7989db8-302e-4729-91b1-4935797b977b","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":574,"width":807,"height":11}},{"id":"62f7f3cd-4226-4eee-a256-0db5f90a30da","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":589,"width":830,"height":11}},{"id":"baa08a99-4882-4b3e-93bb-3b91687a25b3","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":604,"width":765,"height":11}},{"id":"75ea9795-8a5d-4791-8390-3e0ff18c1748","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":619,"width":781,"height":11}},{"id":"753f42e7-74d2-437c-8333-dc4860158338","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":634,"width":796,"height":12}},{"id":"00a4ccb7-5483-4f12-8a99-819f94f8c81c","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":649,"width":720,"height":12}},{"id":"e61d552a-2f84-4c47-9e52-0a469591faef","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":672,"width":807,"height":11}},{"id":"1bbec2c0-9342-4de4-8a64-8009dca9cd95","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":687,"width":810,"height":11}},{"id":"fce237a0-a73a-4846-87d2-379838362819","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":702,"width":829,"height":12}},{"id":"9a448b37-89e6-4fd4-934e-2e1ad8f4abd1","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":717,"width":824,"height":12}},{"id":"3cd5e82e-1d8f-4964-9d1e-5a7425928fea","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":732,"width":841,"height":12}},{"id":"39e1b103-cc9b-4d7e-ba86-c2a096374027","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":748,"width":770,"height":11}},{"id":"9ac67ec4-c9fa-4e33-8813-52ad740cade3","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":763,"width":769,"height":11}},{"id":"513f0e8c-7a79-4ff6-b7d2-f217e287b9ea","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":778,"width":794,"height":11}},{"id":"b58cb885-23fa-4bb5-9ca6-2a965ed85548","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":793,"width":757,"height":11}},{"id":"92cfe5ad-a3a7-4b59-9d6d-74828faf5f5e","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":808,"width":807,"height":11}},{"id":"66fb7a31-06b9-4bfb-bc4c-58f19c5077c3","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":823,"width":833,"height":11}},{"id":"2b9a1e92-2dca-4080-8732-1e9607045f50","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":838,"width":827,"height":11}},{"id":"afacc049-5683-436d-8e96-eaddb4b5c607","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":853,"width":803,"height":12}},{"id":"59e8b1d5-ad19-4ccb-a132-cdd068163984","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":869,"width":802,"height":11}},{"id":"8cf0c094-3596-490b-86c6-90edfc511390","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":884,"width":826,"height":11}},{"id":"391f7583-1ff7-4685-8bc3-2a437503892f","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":899,"width":834,"height":11}},{"id":"562dd3e1-db4c-4d4b-887e-60577c2b46e1","block_type":"box","text":"II-96","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"84ac4ad0-df38-4363-a52f-08a55a7a0fdc","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a23f49a-42a4-496c-9326-4f8277fed94b","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":147,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"fa6393f9-2af1-4d89-afc1-c401bff09385","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":147,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"45cb44d9-5b1a-4c89-842c-e78f64faa25c","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":147,"box":{"x":69,"y":75,"width":566,"height":11}},{"id":"71135ee4-750c-4991-a59a-3e0e2be8f16a","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":147,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"168a0583-ad47-4a89-a6bf-8955e685e005","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":147,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"0bc49467-094a-4fa1-bb55-84574f255fae","block_type":"box","text":"strategy with respect to such security or asset.","page_number":147,"box":{"x":69,"y":128,"width":333,"height":11}},{"id":"e21a9625-c005-4100-9b51-b261b2b0944e","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":147,"box":{"x":102,"y":151,"width":785,"height":11}},{"id":"40fef5be-43fa-472b-8f02-7ebda4a5f9f9","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":147,"box":{"x":70,"y":166,"width":760,"height":11}},{"id":"444c8667-ba06-4782-9252-252a577ed0af","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":147,"box":{"x":70,"y":181,"width":796,"height":11}},{"id":"91c6d120-c240-488b-ae7f-ede22d9ddd90","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":147,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"acf3fd8f-4565-495b-beaa-c4a5f39d899a","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":147,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"cf92b6ea-81f9-4952-91ae-75c3c38bee81","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":147,"box":{"x":68,"y":226,"width":829,"height":11}},{"id":"e901557b-52b9-4d0f-accc-56730ab654f7","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":147,"box":{"x":69,"y":241,"width":784,"height":11}},{"id":"46fe5454-acc0-4609-b904-c0adb8d77bae","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":147,"box":{"x":70,"y":257,"width":797,"height":11}},{"id":"efde14e5-158a-44c2-89c7-23408d26b136","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":147,"box":{"x":70,"y":271,"width":837,"height":12}},{"id":"c2d7459a-8efe-4fa1-af12-32cc8e355be4","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":147,"box":{"x":70,"y":286,"width":746,"height":12}},{"id":"7b1c7cf3-10e9-4436-afcc-278a2eac4571","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":147,"box":{"x":102,"y":309,"width":686,"height":11}},{"id":"ed28aef5-b7fb-4380-ae79-849a7ac23854","block_type":"box","text":"e.g.","page_number":147,"box":{"x":790,"y":311,"width":25,"height":9}},{"id":"31d64671-c500-47f4-a354-7baddad231ce","block_type":"box","text":", custodians,","page_number":147,"box":{"x":817,"y":309,"width":90,"height":11}},{"id":"40e652af-c9d5-4742-a764-3f33e35302ef","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":147,"box":{"x":69,"y":324,"width":756,"height":11}},{"id":"caf2b5e7-994b-44e3-b8c5-657118887f65","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":147,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"289b4536-5b56-42f2-9a48-32543940f8b9","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":147,"box":{"x":69,"y":355,"width":772,"height":11}},{"id":"46702598-9384-4f86-b771-db5ad342078b","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":147,"box":{"x":70,"y":370,"width":800,"height":11}},{"id":"2d3313ea-107f-4649-9729-ed888cb106f2","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":147,"box":{"x":69,"y":385,"width":771,"height":11}},{"id":"9ffa22f2-3ecb-40ec-86c4-d929d828911c","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":147,"box":{"x":69,"y":400,"width":839,"height":11}},{"id":"5eaa66aa-d6e1-42a9-99cf-b2605ab12be4","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":147,"box":{"x":70,"y":415,"width":785,"height":11}},{"id":"a3bf7b29-f5d5-4ebd-84d3-d04f5338df17","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":147,"box":{"x":70,"y":430,"width":786,"height":11}},{"id":"bf3f851a-f9f6-4a46-931f-37f94fd8b527","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":147,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"7ceadb24-afe4-4fc2-b6a9-616204ec1103","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":147,"box":{"x":69,"y":460,"width":809,"height":12}},{"id":"72fa89b3-93f9-4ab8-a2e4-77fa5262a4ec","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":483,"width":788,"height":11}},{"id":"e90e30fd-c57e-4b40-a056-3a50d5bb95d6","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":498,"width":795,"height":11}},{"id":"e7a24684-be89-40e1-a9cf-1f4966db29da","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":513,"width":835,"height":11}},{"id":"38a16526-3016-4daa-8df9-ccac9993b46e","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":147,"box":{"x":70,"y":528,"width":363,"height":9}},{"id":"7ca1f890-785a-4269-a696-4ee0179cc3c5","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":551,"width":757,"height":11}},{"id":"72fbf50e-6703-4f65-967a-0cc10a319b73","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":566,"width":826,"height":11}},{"id":"44e6c463-ec34-4ea0-9bbb-55bdbc237876","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":581,"width":822,"height":12}},{"id":"18266868-1c65-4f0f-93e4-ff3572934f61","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":597,"width":782,"height":11}},{"id":"645677dc-1cfb-4e1b-a9f7-77521f865639","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":612,"width":835,"height":11}},{"id":"3125c9df-7711-48fb-94fd-a06cfe4025ff","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":147,"box":{"x":69,"y":627,"width":465,"height":11}},{"id":"614c94f5-9299-44f3-af7c-b95b403a8728","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":649,"width":804,"height":12}},{"id":"89f83ad6-f40b-4b03-b9aa-01834143f14d","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":664,"width":840,"height":12}},{"id":"e9701afe-7f90-4b9d-982b-e349dd823445","block_type":"box","text":"provider.","page_number":147,"box":{"x":70,"y":680,"width":58,"height":11}},{"id":"731cace5-484c-4d22-801a-acc0adc870a5","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":702,"width":778,"height":12}},{"id":"1fc82329-ebd5-4df0-961a-2c93590c44dc","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":717,"width":831,"height":12}},{"id":"650cfb1b-4649-401c-9fed-b7bd9ef402ae","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":147,"box":{"x":68,"y":732,"width":485,"height":11}},{"id":"6f71acfb-5781-46ad-a09e-fb5eb5b45e6b","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":755,"width":742,"height":11}},{"id":"2e0dda46-cfd7-4911-8651-3399a4ea232f","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":147,"box":{"x":69,"y":770,"width":517,"height":12}},{"id":"53f1dc66-198d-42a4-bca0-52f20eb2c6a5","block_type":"box","text":"PURCHASE OF SHARES","page_number":147,"box":{"x":395,"y":800,"width":188,"height":10}},{"id":"ab181d05-5586-412e-861c-f168be0a63ef","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":823,"width":800,"height":11}},{"id":"2d13843a-0e24-4d00-9e08-4e0aae22bce0","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":838,"width":771,"height":11}},{"id":"cb7c3a47-74e9-4fb8-8c80-b69a1a52fee4","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":853,"width":822,"height":11}},{"id":"080d1eb3-417f-4b53-9d6a-ad100a1b850a","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":868,"width":809,"height":11}},{"id":"d306a95b-a5ee-45e5-859f-f1d57189bd88","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":883,"width":781,"height":11}},{"id":"7070a724-5607-4d47-9ced-301e7d5c4a5c","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":898,"width":833,"height":11}},{"id":"62884004-bae3-40be-8552-dd140e8ed30b","block_type":"box","text":"II-97","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"599d9399-9457-4d88-8999-c91cd7c5f49a","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4eb0c251-aac8-43ad-bc18-96ef03085317","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":148,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"85078ef0-61bb-4f56-b5e7-bea2c26cd269","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":148,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"fd44c72c-3b44-4955-8189-2fa496fc8c9b","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":148,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"0e05a1db-5b28-4829-855c-f83f73ea7bb8","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":148,"box":{"x":70,"y":90,"width":816,"height":11}},{"id":"2197454b-ccec-452b-931a-3d91e1a9de31","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":148,"box":{"x":68,"y":104,"width":835,"height":12}},{"id":"43122b70-6fb6-4c8e-98d9-e2994d6d56eb","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":148,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"807f9cda-f3fc-4cdc-b109-637273af666d","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":148,"box":{"x":69,"y":135,"width":757,"height":11}},{"id":"3319bde6-f26f-4e25-b321-cbe278701762","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":148,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"391c1d02-5649-4024-8fde-60ccf8bc54f4","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":148,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"c844c5bf-77b2-4623-ab51-a58f197500d8","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":148,"box":{"x":68,"y":188,"width":798,"height":12}},{"id":"6aa84ae3-4ed8-478f-ab11-2e743e086f35","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":148,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"5496d208-eca2-4c2f-b391-d6eef86e73aa","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":148,"box":{"x":68,"y":218,"width":786,"height":12}},{"id":"45983bb5-610b-476f-b53d-841ea9d0cefb","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":148,"box":{"x":69,"y":234,"width":839,"height":11}},{"id":"35b3e4ea-af6b-4941-a92c-ca10367047a1","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":148,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"ef6d552a-71e5-45bf-80de-7d5b5ab4fd4d","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":148,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"3c9a67eb-4c31-4c0a-bad2-659090b65990","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":148,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"52e4293d-6905-42a9-bef0-8d77884dbd85","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":148,"box":{"x":69,"y":294,"width":803,"height":11}},{"id":"d60e8049-fcee-4057-a5ce-0f2a0eb28259","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":148,"box":{"x":70,"y":309,"width":812,"height":11}},{"id":"4e7e0fee-1683-40b9-8a77-951bdae0f5f1","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":148,"box":{"x":68,"y":324,"width":828,"height":11}},{"id":"95c8a7e2-b13b-401f-867b-213b71d34d14","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":148,"box":{"x":68,"y":339,"width":788,"height":12}},{"id":"7394d3f0-1926-4efd-9f89-9a64d5878290","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":148,"box":{"x":69,"y":355,"width":779,"height":11}},{"id":"f45e13b9-7ba8-4685-963b-2b56968041f9","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":148,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"5df91b89-705d-4846-af12-0032cfa2e2a2","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":148,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"326e654a-9784-4142-8baa-22fb16996fd1","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":148,"box":{"x":68,"y":399,"width":762,"height":12}},{"id":"7637fe44-bcfc-42e6-a50a-fd1c8c3e1049","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":148,"box":{"x":101,"y":423,"width":768,"height":11}},{"id":"24f84b24-d771-4db4-9c2a-723708be152c","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":148,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"776b0734-5b44-4c18-9d57-6304a898e788","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":148,"box":{"x":69,"y":452,"width":769,"height":12}},{"id":"891ad8de-9791-44d7-982b-b6ca46dbec4b","block_type":"box","text":"investment is $25.","page_number":148,"box":{"x":70,"y":467,"width":132,"height":11}},{"id":"8b2ebbab-3108-4f7d-a0d4-599af84586ef","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":491,"width":802,"height":11}},{"id":"29e1ec3f-67fc-421c-8ca6-941b0313e8cf","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":506,"width":833,"height":11}},{"id":"84f7e7e3-b346-4054-bb6a-f5cfa5b4b55c","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":521,"width":806,"height":11}},{"id":"03e7eac6-25e7-40cb-8b52-c45c91fd5d69","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":536,"width":751,"height":11}},{"id":"a29d3083-ca27-4f96-8910-78379fca0605","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":551,"width":826,"height":11}},{"id":"c6e90f2f-4469-4616-bbce-5c42e4e9060a","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":574,"width":768,"height":11}},{"id":"9ec6c81c-6cf7-43e2-94c9-c7bf5f33de7a","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":589,"width":807,"height":11}},{"id":"a603f86c-13bd-4e38-831c-3f7e9de6036d","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":604,"width":836,"height":11}},{"id":"3693fc96-95be-414d-a5a5-84390f6e1044","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":619,"width":814,"height":11}},{"id":"4bc4fcee-2f1b-4552-8a81-0855cc7336d8","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":148,"box":{"x":68,"y":634,"width":740,"height":11}},{"id":"d02f2ed0-6f45-4f81-a100-034ff7e89d4e","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":657,"width":795,"height":11}},{"id":"07190677-65c6-4322-8e7c-0bc7edf418e1","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":672,"width":813,"height":11}},{"id":"c52e895e-e5fe-4cc1-bf0a-2c26455ed87c","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":687,"width":827,"height":11}},{"id":"f6459656-9b98-4108-a597-0685a092778d","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":702,"width":750,"height":12}},{"id":"b6e663bb-8692-4d1f-9a5d-50734ed3c7d1","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":725,"width":776,"height":11}},{"id":"314e7161-c3d2-4a6c-b99f-ad8de2bc3562","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":740,"width":831,"height":11}},{"id":"908d1ea3-67d6-4a02-aacf-40b159907015","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":755,"width":822,"height":11}},{"id":"d50ec9ff-1e8e-40aa-a63e-5d79aaa74acb","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":770,"width":802,"height":12}},{"id":"dee6539d-71cf-49e9-9f99-73b3170d708a","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":785,"width":839,"height":12}},{"id":"ad53bbf4-e0b0-4d9e-8c92-23ebc7ae6c87","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":801,"width":819,"height":11}},{"id":"178f148a-9345-4fdd-9afe-4800e773c4e4","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":816,"width":827,"height":11}},{"id":"bbc471f1-f7a7-467e-8f50-71e51fd34f72","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":831,"width":803,"height":11}},{"id":"f970cb80-c2ad-4fcc-96cc-f01e34674510","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":846,"width":788,"height":11}},{"id":"d0bc6fcc-eb56-4ef6-9410-fa5f3645062d","block_type":"box","text":"adviser.","page_number":148,"box":{"x":69,"y":861,"width":53,"height":9}},{"id":"17d21c63-b15a-4ee0-b18d-0861d68c855b","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":884,"width":795,"height":11}},{"id":"aadbfcea-3e33-4fdb-a2dc-6978cc82642b","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":899,"width":821,"height":11}},{"id":"0d045600-b09d-40fb-9475-653aafe46eec","block_type":"box","text":"II-98","page_number":148,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d6c8e83d-c052-4ea0-932d-731af0a3c5c0","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0cd5456a-7ed7-4c53-befc-2719f316d4bd","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":149,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"8d2e98b6-f166-41d7-8ab0-3266b17abada","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":149,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"2f913d36-32d3-4729-b593-85fbf4be5b22","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":149,"box":{"x":68,"y":75,"width":747,"height":11}},{"id":"cc0f58e3-4120-4dbf-8549-fe30f895451c","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":149,"box":{"x":70,"y":90,"width":809,"height":11}},{"id":"86dc788c-0ff0-4f1c-adb6-23be0abcf09d","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":149,"box":{"x":69,"y":105,"width":819,"height":11}},{"id":"10384ab7-137b-42ac-8d88-a9e68696c13c","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":149,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"8377c35e-f050-43e0-8dbe-e12fbb1336ea","block_type":"box","text":"also be restricted from making additional investments.","page_number":149,"box":{"x":69,"y":135,"width":388,"height":12}},{"id":"abf0757d-9980-4d75-a006-0fad35317caf","block_type":"box","text":"In-Kind Purchases","page_number":149,"box":{"x":102,"y":158,"width":127,"height":9}},{"id":"725bfb13-0b85-46b3-a984-da751ccc209e","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":149,"box":{"x":230,"y":158,"width":649,"height":11}},{"id":"2c284f9a-8b5a-4c69-bde3-860ec03cf0a6","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":149,"box":{"x":69,"y":173,"width":779,"height":11}},{"id":"7f159787-0ef5-4964-9603-02216bb29405","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":149,"box":{"x":70,"y":188,"width":820,"height":11}},{"id":"840d4458-be85-4c77-8ccc-02e960b42b78","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":149,"box":{"x":69,"y":203,"width":827,"height":12}},{"id":"83fa3b9e-9506-45bb-a399-d46d2cff9e9d","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":149,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"134607e7-7a4e-4df9-a05c-c708c7fd3b92","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":149,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"b5fb3e7b-51e1-4101-b7f9-8304f3ade099","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":149,"box":{"x":68,"y":249,"width":837,"height":11}},{"id":"1cff56d0-f2ab-420a-8cd1-9b4660285f7e","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":149,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"774eee93-078b-475a-b8c5-2801c60548ad","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":149,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"dcd02e5e-a5b4-43c5-888d-a7e4652ca2d0","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":149,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"6e1408a2-563d-4ce9-a71a-9760cd3b1aa2","block_type":"box","text":"has settled.","page_number":149,"box":{"x":69,"y":309,"width":83,"height":9}},{"id":"5cfc9a46-a8ec-47e1-a898-0469830212a8","block_type":"box","text":"Institutional Shares","page_number":149,"box":{"x":69,"y":340,"width":142,"height":8}},{"id":"eb6de541-2b28-4f8e-91f0-7049550e3c9e","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":149,"box":{"x":102,"y":362,"width":759,"height":11}},{"id":"ff4274ff-9f5b-41ea-a976-3024c384eac2","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":149,"box":{"x":70,"y":377,"width":756,"height":12}},{"id":"19e585c0-1ed5-4b77-82c2-dff4e22131ce","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":149,"box":{"x":70,"y":392,"width":775,"height":12}},{"id":"848324d8-79ca-469f-9bc8-73a9859f6267","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":149,"box":{"x":70,"y":407,"width":839,"height":12}},{"id":"ff00f892-5f63-44e3-9088-92d36e96350e","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":149,"box":{"x":69,"y":423,"width":807,"height":11}},{"id":"b4477fc2-d6fb-4672-8589-c4c1f99fdee1","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":149,"box":{"x":69,"y":438,"width":276,"height":11}},{"id":"dbe03a60-cbb3-4170-99a4-c7f8ba5900ef","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":149,"box":{"x":102,"y":460,"width":259,"height":12}},{"id":"ebbd146c-994f-4769-8732-b51f6f946160","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":149,"box":{"x":369,"y":460,"width":540,"height":12}},{"id":"ac616915-5017-4eb2-9270-ea3ba076b528","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":149,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"62b016c1-bb0b-4ff7-ae6b-0f9ad9938545","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":491,"width":796,"height":11}},{"id":"a22c72d4-a786-4de6-8a5c-8ef5ae34af8b","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":506,"width":819,"height":11}},{"id":"5accb574-4703-493c-a06d-f1ec3229d313","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":521,"width":840,"height":11}},{"id":"5038398d-9305-4dc0-90aa-d709d51d5e9a","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":536,"width":833,"height":11}},{"id":"ad296f91-5520-4730-8fe1-6b0425124af3","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":551,"width":802,"height":11}},{"id":"324ac1ae-bf9e-4583-bbfc-e3cd5923fb8a","block_type":"box","text":"these fees and conditions.","page_number":149,"box":{"x":68,"y":566,"width":189,"height":9}},{"id":"3796a4dc-4df5-46d9-bd53-91c05f7995a2","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":589,"width":805,"height":11}},{"id":"e3e961b1-cd3b-40e9-9c1a-2f43eafcc0bb","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":604,"width":825,"height":11}},{"id":"9aea2869-e9e1-4b99-8b20-3faae828ef5a","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":619,"width":817,"height":11}},{"id":"bc8ba529-0ae7-410e-abb8-9e4b267736b4","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":634,"width":831,"height":12}},{"id":"309e1324-1c26-4004-8200-8f6e05c0dded","block_type":"box","text":"incurred by the Fund.","page_number":149,"box":{"x":70,"y":650,"width":147,"height":11}},{"id":"2a6afb2e-10d2-465e-adc0-08b83ff94fe0","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":672,"width":774,"height":11}},{"id":"0e5bd212-858d-4001-af96-58a69e775a6e","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":687,"width":834,"height":11}},{"id":"0aa7ee4a-121e-4c10-8446-ae4f64c78a08","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":702,"width":773,"height":11}},{"id":"1883f3c0-074a-4554-b9ee-e440db527019","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":717,"width":762,"height":12}},{"id":"0ef4381f-7709-461d-a931-b9696a1f6710","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":732,"width":821,"height":12}},{"id":"274805b6-0db8-428d-b429-48f59007cfdf","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":748,"width":819,"height":11}},{"id":"dd57df67-8498-4760-8bd7-edfa228bc5b9","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":149,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"8af009a1-78d0-4fe7-af03-74b22ba0c2f3","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":778,"width":837,"height":11}},{"id":"7ea1018e-0d0b-49b1-adc2-b77dfcaa674b","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":793,"width":832,"height":11}},{"id":"949321ce-80ed-4f2d-b331-d61b8d9bc793","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":808,"width":815,"height":11}},{"id":"2cf75c85-21ae-4932-814d-6b84e9ab890a","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":823,"width":789,"height":12}},{"id":"a923ae5c-aaab-40b0-8953-acec1f2d43c4","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":838,"width":772,"height":12}},{"id":"909c0d45-c53b-49ab-9e2b-524bc5abfb47","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":853,"width":822,"height":12}},{"id":"b418ffa5-02cb-4f71-83e5-fdfac9899f68","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":869,"width":783,"height":11}},{"id":"1867386e-044b-44dd-842e-e9b70aec155f","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":884,"width":785,"height":11}},{"id":"f8041d12-65a1-47bc-974c-7d2b6491ac01","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":899,"width":838,"height":11}},{"id":"724dd9ae-119a-4b04-a5a3-53b039864863","block_type":"box","text":"II-99","page_number":149,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"64c00ad3-e57c-4e0e-85ae-a3052a6c30aa","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d49cb96-fe71-42c5-85cf-f537e2b4c704","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":150,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"9a3f69a0-1fc7-4530-9b0d-892ed7cecc77","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":150,"box":{"x":69,"y":60,"width":751,"height":11}},{"id":"e70a5c23-aab6-4023-b2d3-b91420fddfa8","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":150,"box":{"x":69,"y":74,"width":817,"height":12}},{"id":"6a785d38-d0a4-4bc5-9635-b0c0fa2b6716","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":150,"box":{"x":69,"y":90,"width":773,"height":11}},{"id":"927c9725-e641-48bc-853b-7201333bede9","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":150,"box":{"x":69,"y":105,"width":771,"height":11}},{"id":"2ce2be27-b7a3-4420-a446-68f82e61b6b4","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":150,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"207ad912-9963-448b-87e7-851aeccaf1ea","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":150,"box":{"x":68,"y":135,"width":771,"height":12}},{"id":"862e54aa-3551-465e-a208-b9cc3be4a19e","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":150,"box":{"x":70,"y":150,"width":801,"height":11}},{"id":"632d0150-6fbb-4954-8e69-f3ccb5aef79f","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":150,"box":{"x":69,"y":166,"width":770,"height":11}},{"id":"d1f7b4ee-aafb-4b0d-8c2f-e9dad463689b","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":150,"box":{"x":102,"y":188,"width":280,"height":12}},{"id":"95823b3c-b580-4e61-81fd-bdf4f76b14f3","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":150,"box":{"x":389,"y":188,"width":496,"height":11}},{"id":"497ef551-a1be-48f1-9b2b-9ff6f8748004","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":150,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"b0522c27-f17e-4f44-ad60-cde0aae7214d","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":150,"box":{"x":70,"y":219,"width":828,"height":11}},{"id":"31b8d5fe-ec25-41d9-9a57-cd64d78f2c52","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":150,"box":{"x":70,"y":234,"width":838,"height":11}},{"id":"a947c3bb-f43c-4c44-9c83-32f6f0a066e6","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":150,"box":{"x":68,"y":249,"width":826,"height":11}},{"id":"2704731a-e1f0-41aa-8356-1a607e5b673f","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":150,"box":{"x":69,"y":264,"width":279,"height":11}},{"id":"7a6220ea-f6f3-4d83-8fe9-063ffcd7fc37","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":150,"box":{"x":69,"y":294,"width":382,"height":11}},{"id":"57d9f938-d858-40d8-b83d-975d6dcebbbb","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":150,"box":{"x":102,"y":317,"width":770,"height":11}},{"id":"0dbf4909-b04a-4aa8-bd50-13664b87970a","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":150,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"8ce29bd9-f4ff-463a-8fc8-ca97fac046aa","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":150,"box":{"x":69,"y":347,"width":819,"height":11}},{"id":"7870a648-2a8a-4375-bee7-273c35c64f67","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":150,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"61dbc66d-2e0c-48d5-8db5-602b1273d25d","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":150,"box":{"x":69,"y":377,"width":815,"height":11}},{"id":"5ecefe9b-6647-43c1-b3d3-bf7c8a9eb549","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":150,"box":{"x":69,"y":392,"width":791,"height":11}},{"id":"f8bb831f-d377-4c7d-b19f-8b9e56b8155a","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":150,"box":{"x":70,"y":407,"width":727,"height":12}},{"id":"92534f6d-3e04-4b5e-a2cc-a4a07221cbbf","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":150,"box":{"x":102,"y":430,"width":770,"height":11}},{"id":"b517f3e5-8ea0-4406-8069-82ec0fa62fd2","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":150,"box":{"x":70,"y":445,"width":812,"height":12}},{"id":"bb2b6570-f2e0-4141-b87c-9cf1f11bf904","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":150,"box":{"x":69,"y":460,"width":791,"height":12}},{"id":"25e5c0af-db65-4c95-b2ac-656ef944a799","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":150,"box":{"x":69,"y":475,"width":826,"height":12}},{"id":"08d86f26-b3dd-442e-8bd0-5a47675ed6db","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":491,"width":808,"height":11}},{"id":"83e23af2-fd0a-45e5-be8e-ba0381ddd610","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":506,"width":834,"height":11}},{"id":"77f3065c-519d-4c02-beda-90c8c9a30335","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":521,"width":798,"height":11}},{"id":"73455707-989d-46ca-8453-6eff40f285b7","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":536,"width":789,"height":11}},{"id":"2f99e203-7bd8-4d0a-82ac-e4e464541f75","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":551,"width":805,"height":11}},{"id":"c602bc1f-6456-464a-9d26-018123aa4454","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":566,"width":792,"height":11}},{"id":"ff966075-f1a3-4a44-b8bd-f4546654051c","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":581,"width":826,"height":12}},{"id":"98e2b63e-927f-4fe8-b222-734d934a5bea","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":596,"width":802,"height":12}},{"id":"fabd0a36-f4bb-42b3-9379-877493fd352f","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":612,"width":834,"height":11}},{"id":"ceb7a60a-1adc-42e2-9b50-c8a8c537f087","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":150,"box":{"x":69,"y":627,"width":358,"height":9}},{"id":"ff60bdcb-8ea9-453c-8dbf-dded90dc8a95","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":649,"width":734,"height":12}},{"id":"46419399-ab1a-4301-b9fa-17322d38dbcc","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":664,"width":785,"height":11}},{"id":"0aff5646-c0d3-4274-a37d-17af9bdaef95","block_type":"box","text":"periods indicated.","page_number":150,"box":{"x":70,"y":680,"width":124,"height":11}},{"id":"78fa15f8-ced7-4c6c-bee2-7afcda8b7fd6","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":702,"width":806,"height":11}},{"id":"66e655ab-072c-4c80-8d5b-d4c0890570f2","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":718,"width":830,"height":11}},{"id":"42e01b1c-3a12-4686-80d4-7c48bceb2ec8","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":732,"width":832,"height":12}},{"id":"0ba9133d-3c01-41e4-9c23-b75c0b93aa28","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":748,"width":714,"height":11}},{"id":"18cf823a-538f-415e-8731-3338a323738c","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":150,"box":{"x":69,"y":778,"width":297,"height":11}},{"id":"12679956-de6e-4874-a68b-a549e791ed32","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":801,"width":761,"height":11}},{"id":"dca2860f-ee24-4351-9c86-9fb4810997f6","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":816,"width":800,"height":11}},{"id":"efb6224b-8efd-49d1-abd0-6dbd02b2b82f","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":831,"width":812,"height":11}},{"id":"73544a8d-c5f6-4de9-a9d4-5a76d5be65fb","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":846,"width":813,"height":11}},{"id":"982473c1-0896-4019-a75d-54dfc6d35830","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":861,"width":578,"height":9}},{"id":"40468256-7dc3-4563-a19a-a1ca1f9cffdf","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":884,"width":734,"height":11}},{"id":"14d9a914-8544-4267-b8b9-d0abc4b2b7eb","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":899,"width":800,"height":11}},{"id":"238fd130-35e2-4f28-932d-ce2d8704c0ca","block_type":"box","text":"II-100","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e3e3453f-4863-4863-85c3-42092a4eebc8","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f0b7b905-2336-4b25-8e4e-6d78b1b45d41","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":151,"box":{"x":101,"y":45,"width":806,"height":11}},{"id":"183469f2-4f13-4936-8832-471b0233b8ae","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":151,"box":{"x":68,"y":60,"width":830,"height":11}},{"id":"2fd0fb26-d7aa-46f1-b076-a21ffbf2d306","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":151,"box":{"x":69,"y":75,"width":832,"height":11}},{"id":"7167ff11-5327-4b8b-bcc5-fd32afb89c60","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":151,"box":{"x":69,"y":90,"width":714,"height":11}},{"id":"5d9a775b-ff96-4e8f-bc79-29d4b9690052","block_type":"box","text":"Reduced Initial Sales Charges","page_number":151,"box":{"x":69,"y":120,"width":219,"height":11}},{"id":"383b3fb9-4f81-4c02-bb6b-800ad617b21c","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":151,"box":{"x":102,"y":143,"width":782,"height":11}},{"id":"010cf61e-9e10-4ab0-b15f-8be1dd6ec5cb","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":151,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"77a73ff1-0860-4376-a496-a0f50ca0b5a0","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":151,"box":{"x":68,"y":173,"width":809,"height":11}},{"id":"2d30cff5-ede0-4410-97b1-20164d94b5c5","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":151,"box":{"x":69,"y":188,"width":823,"height":12}},{"id":"5174c5bc-d708-456d-b5a7-469889568229","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":151,"box":{"x":69,"y":203,"width":812,"height":12}},{"id":"ccf0e8a0-ef62-487a-8f69-b10e5b69abe1","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":151,"box":{"x":69,"y":218,"width":813,"height":12}},{"id":"87be670a-130a-46a6-886f-55317620dc9e","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":151,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"a2ec96bb-1424-4f9d-8fde-5ba0713ba995","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":151,"box":{"x":70,"y":249,"width":603,"height":11}},{"id":"aa446b21-70a5-4654-82ce-c15598493ec9","block_type":"box","text":"Reinvested Dividends.","page_number":151,"box":{"x":102,"y":272,"width":156,"height":8}},{"id":"780c2d29-848e-480b-ab11-5546f886d177","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":151,"box":{"x":265,"y":271,"width":566,"height":12}},{"id":"5d375f7d-3831-4c6b-99b5-2088944ec73d","block_type":"box","text":"reinvestment of dividends.","page_number":151,"box":{"x":69,"y":286,"width":186,"height":10}},{"id":"0aa23665-7f05-460c-895a-9ea4d09d8748","block_type":"box","text":"Right of Accumulation.","page_number":151,"box":{"x":102,"y":309,"width":158,"height":11}},{"id":"4bafe5a8-b35b-4f5b-a20d-c6d31fc2e0da","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":151,"box":{"x":267,"y":309,"width":574,"height":11}},{"id":"d7e07ff4-94cb-4b7e-8fe9-f427c821ee33","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":151,"box":{"x":69,"y":324,"width":826,"height":12}},{"id":"8dd81833-7fd0-403a-93a1-b6106bc75925","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":151,"box":{"x":69,"y":339,"width":810,"height":12}},{"id":"95e79367-4680-45bf-b360-56b1face9684","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":151,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"5badd165-affb-4f93-9655-3757a05772e4","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":151,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"27980a75-65b0-4938-bbeb-4a8a5b534704","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":151,"box":{"x":70,"y":385,"width":828,"height":11}},{"id":"bd704e39-3b4a-427f-b988-3ab06c6560e2","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":151,"box":{"x":69,"y":400,"width":804,"height":11}},{"id":"c4b736fb-d50c-4071-8b16-4449dcd414c7","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":151,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"b3e2d0fc-f177-46b7-b37a-ff39915ad85e","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":151,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"2bfde23c-69df-4e30-8897-9f43a81e82f0","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":151,"box":{"x":70,"y":445,"width":828,"height":12}},{"id":"9b63b9e4-7c3c-4901-a180-14917b8c8d52","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":151,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"f85f92be-31f1-4cbc-b23a-feb6a1960121","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":151,"box":{"x":70,"y":475,"width":776,"height":12}},{"id":"0a457542-1378-4ca4-af3d-a1e164dc118d","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":491,"width":835,"height":11}},{"id":"7c09f970-e1ae-4a5f-952f-596f65838683","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":506,"width":839,"height":11}},{"id":"d64d7737-b3e9-43e4-b81b-52d8b4d201e5","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":521,"width":829,"height":11}},{"id":"febb6844-7499-43eb-8133-65f512aa20ca","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":536,"width":774,"height":11}},{"id":"ae70e08a-8a19-4a26-8326-e4d7d0c36514","block_type":"box","text":"Letter of Intent.","page_number":151,"box":{"x":102,"y":559,"width":109,"height":9}},{"id":"5089c2b3-60ec-47c1-a44d-fb4b025603f7","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":151,"box":{"x":217,"y":559,"width":681,"height":11}},{"id":"7b414167-31de-4d30-a9ca-ad7019d7db18","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":574,"width":820,"height":11}},{"id":"1aa75e16-8edd-434a-b1c8-3aaa749e9dba","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":589,"width":792,"height":11}},{"id":"5f39cb1a-a824-4c94-b613-a24c63ae8af1","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":604,"width":802,"height":11}},{"id":"25ec7642-6591-4ad7-b63f-99c02c165d89","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":619,"width":760,"height":11}},{"id":"3a0191bf-2178-4208-b2f8-c9d344cff4ed","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":634,"width":800,"height":12}},{"id":"d21b9813-ecf6-4be5-8dc0-8cd9ba6d4738","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":649,"width":826,"height":12}},{"id":"160a27e6-3986-4548-95ee-1cd23ca5dae5","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":664,"width":822,"height":12}},{"id":"14d522c6-d129-42ba-8c1e-8630b0dba8a9","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":680,"width":764,"height":11}},{"id":"6d3b98c2-8cbf-4339-b1ed-ef32abcc1776","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":695,"width":800,"height":11}},{"id":"b3f069ff-ce32-4f18-91f9-6be092003401","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":710,"width":838,"height":11}},{"id":"fd76e0cd-b822-4c8f-938e-ed610602e166","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":725,"width":835,"height":11}},{"id":"d8bc37d2-7381-4cfb-935e-3d61e4269117","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":740,"width":811,"height":11}},{"id":"9f9eaf35-91c6-4e89-b222-9af024d044e7","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":755,"width":814,"height":11}},{"id":"f16975e1-02e5-4bb9-8307-6f07377fd8d8","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":770,"width":827,"height":12}},{"id":"2be7754f-713f-4326-a125-11df2921d6cf","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":785,"width":827,"height":12}},{"id":"fca3093a-ce09-4a77-8cfe-42f908c46367","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":801,"width":817,"height":11}},{"id":"210e8157-ab1b-42b7-b870-79539947e78c","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":816,"width":807,"height":11}},{"id":"a600fd3d-55dc-433f-bb4d-623457c2c86a","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":151,"box":{"x":69,"y":831,"width":423,"height":11}},{"id":"9603b037-8900-411f-9728-c908bfc746ce","block_type":"box","text":"Placement Fees.","page_number":151,"box":{"x":102,"y":854,"width":116,"height":8}},{"id":"627a6d52-710b-4860-8f34-e03c007195bb","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":876,"width":777,"height":11}},{"id":"0b459396-a638-498c-a0fa-758f7c9144a7","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":891,"width":704,"height":12}},{"id":"f1d304b1-e49d-4683-a4ad-2a6a3ba45bd1","block_type":"box","text":"II-101","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"3c58320c-4d74-41de-a305-bcbb98b5562a","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dfe83ac8-f2c1-4c39-8f8e-3db76fc629bf","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":152,"box":{"x":102,"y":45,"width":741,"height":11}},{"id":"a0cdda67-50c0-4015-be23-99cb3c7a990b","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":72,"width":361,"height":10}},{"id":"a2d7757d-5ae1-46fa-9082-3bff748726e3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":152,"box":{"x":535,"y":72,"width":288,"height":9}},{"id":"0ba9f84c-baa1-468c-8a34-6749d05a312b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":87,"width":361,"height":10}},{"id":"2ee68eb9-8f30-40a3-8a16-b4000eaf32c3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":88,"width":288,"height":8}},{"id":"4a900226-218c-492f-a0b2-f48e53b56e96","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":102,"width":345,"height":10}},{"id":"80394194-1d9d-4059-be85-6544de9d4448","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":103,"width":305,"height":9}},{"id":"be779fb9-7cd9-4996-beea-540d6abccf34","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":152,"box":{"x":101,"y":126,"width":776,"height":12}},{"id":"951574fd-5dcf-41eb-8a83-c0b1c6632c7a","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":152,"box":{"x":69,"y":142,"width":774,"height":11}},{"id":"251af726-6e79-4c9d-8bf0-69bdd620a1a4","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":152,"box":{"x":70,"y":157,"width":824,"height":11}},{"id":"8664f0e3-36a3-4394-9bd4-bd5781485f22","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":152,"box":{"x":69,"y":172,"width":695,"height":11}},{"id":"d808e51e-140d-4df4-9052-a3d5c72b2b5b","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":199,"width":410,"height":11}},{"id":"f607990c-d3f3-46ee-bf39-f961c28bed53","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":152,"box":{"x":583,"y":200,"width":240,"height":9}},{"id":"e1abc3b2-1ba7-4c01-8d63-ded02f036bb0","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":214,"width":361,"height":11}},{"id":"4741e303-f07b-4eea-8b11-ee510ec30fab","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":215,"width":288,"height":9}},{"id":"b79764af-32bd-4107-b194-f60d799a461e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":229,"width":345,"height":11}},{"id":"0fff6578-50fc-4e67-be13-baef430bf9d4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":230,"width":305,"height":9}},{"id":"83155550-2096-47b0-a7fb-63cd1fcc0f8a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":152,"box":{"x":101,"y":254,"width":806,"height":11}},{"id":"2c60c224-a13a-4d35-b4c9-83d8b6acd68e","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":152,"box":{"x":68,"y":269,"width":821,"height":11}},{"id":"a62199c2-835e-4291-ae3a-153de0517118","block_type":"box","text":"SM","page_number":152,"box":{"x":890,"y":269,"width":11,"height":5}},{"id":"754d4aa3-1d89-4f2b-b474-96e458290331","block_type":"box","text":",","page_number":152,"box":{"x":903,"y":276,"width":2,"height":3}},{"id":"3b33b5be-790c-442d-b221-a802d9a28c86","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":152,"box":{"x":70,"y":284,"width":816,"height":11}},{"id":"abc5bd9c-aaee-4d0b-8e98-ea37365d5638","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":152,"box":{"x":70,"y":299,"width":835,"height":11}},{"id":"4f627ce0-9a2b-4b64-8510-c85b9b911e08","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":314,"width":520,"height":12}},{"id":"88b5d453-bba7-4e9d-87ff-e3083eb55eec","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":341,"width":361,"height":11}},{"id":"7f3cd704-830e-4961-93d4-7a3695793ba1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":152,"box":{"x":535,"y":342,"width":288,"height":9}},{"id":"be48e042-7cee-423c-a48b-d97b2858d7e8","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":356,"width":361,"height":11}},{"id":"987cfb34-68f0-49f5-b107-d6ca79d04af4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":357,"width":288,"height":9}},{"id":"0f75e5bd-b3c9-4d46-b489-961bc457ac72","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":372,"width":345,"height":10}},{"id":"83cdbc8a-f617-416d-9eb3-ec9c373b7c69","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":372,"width":305,"height":9}},{"id":"143ab29b-648f-43ea-80b7-65f666e22aba","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":152,"box":{"x":101,"y":396,"width":743,"height":11}},{"id":"9e1fefa1-2a9a-433c-a05d-4207de90298f","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":411,"width":674,"height":12}},{"id":"f148c702-769e-4d79-855d-6862e8e1498e","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":438,"width":361,"height":11}},{"id":"41260346-8b7a-4b40-960a-5de1f3dfd8e0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":439,"width":288,"height":9}},{"id":"f41f0ae6-7bb8-4157-b523-94222c08679a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":453,"width":361,"height":11}},{"id":"84cf2b9f-b024-4345-a030-719621e0cd72","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":535,"y":454,"width":288,"height":9}},{"id":"0b2323c9-f034-4b78-9d99-600202ba3a0f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":469,"width":345,"height":10}},{"id":"18d4fb1e-476d-431a-ad7f-67edb47f9e0f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":518,"y":469,"width":305,"height":9}},{"id":"95c67d79-dadc-4a4e-bcb0-452ecc3f7969","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":493,"width":808,"height":11}},{"id":"c9911ec3-90f5-4423-9413-072dfb7923df","block_type":"box","text":"may be up to the following amounts:","page_number":152,"box":{"x":69,"y":508,"width":257,"height":12}},{"id":"2320d245-765d-41f3-98bc-bea6290f7658","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":535,"width":410,"height":11}},{"id":"e51d3d49-4b5d-4746-8b91-3164973906bb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":583,"y":536,"width":240,"height":9}},{"id":"1d3b8afa-9bf1-42e8-9b7f-e85190cf59ea","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":550,"width":361,"height":11}},{"id":"671c8b08-4986-4049-8cbf-1dc7fc15d1da","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":535,"y":551,"width":288,"height":9}},{"id":"35cf0a9d-fb9d-4dfe-bdbe-9972d1240d4e","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":566,"width":345,"height":10}},{"id":"7f4b4d48-b7fc-4c12-8940-1ad91004505e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":518,"y":566,"width":305,"height":9}},{"id":"adb2c1c9-9277-4f25-af94-38943dc08453","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":590,"width":768,"height":11}},{"id":"bf85b0f5-1134-4e9b-9c0c-d554c8a88629","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":605,"width":371,"height":12}},{"id":"1aeab81d-b3b4-4f61-a8dc-96e0f00f71b1","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":632,"width":361,"height":11}},{"id":"635be8b8-8844-4e82-affa-7de5a0ee6899","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":152,"box":{"x":535,"y":633,"width":288,"height":9}},{"id":"a803e782-024a-4522-8fec-47446e9640ab","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":647,"width":361,"height":11}},{"id":"96aa63aa-8739-4d68-acb1-80fc8821b638","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":152,"box":{"x":535,"y":648,"width":288,"height":9}},{"id":"1026bc7b-63cd-4ca7-9eba-12b73628e142","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":663,"width":345,"height":10}},{"id":"62fa1c3e-9964-4ddf-b389-0129f6f8ebee","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":152,"box":{"x":518,"y":663,"width":305,"height":9}},{"id":"49feaf94-6128-438e-8847-64d6bbf92bb3","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":687,"width":778,"height":11}},{"id":"c6da4d01-2b45-428d-b71c-95d1a7b50023","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":702,"width":830,"height":12}},{"id":"2258f9c1-ef8e-4376-a4db-f6c8c5b8a10a","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":152,"box":{"x":70,"y":717,"width":371,"height":12}},{"id":"d8cc6303-8e9c-423d-86e3-3d179db926bf","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":744,"width":410,"height":12}},{"id":"115b1119-44cd-4754-9eb1-6ed10e3e33d4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":152,"box":{"x":583,"y":745,"width":240,"height":9}},{"id":"0a89cafb-b351-4469-9b0a-db6f9d2ccba4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":760,"width":361,"height":10}},{"id":"b99b8a90-b3ba-47af-9708-90673e3d7501","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":535,"y":760,"width":288,"height":9}},{"id":"5427427b-7367-48fd-8d68-7559ac044254","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":152,"box":{"x":167,"y":775,"width":345,"height":10}},{"id":"96bf9934-364b-4108-96db-9823c581435f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":152,"box":{"x":518,"y":775,"width":305,"height":9}},{"id":"ec2ced42-8015-4369-a6e5-dc55b3fb3e96","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":799,"width":779,"height":11}},{"id":"01adfda0-c627-4ea2-ae55-73200cf56b42","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":814,"width":780,"height":12}},{"id":"dff932df-05f6-49b1-aa58-7775b6c2fa40","block_type":"box","text":"$250,000 and above . . . .","page_number":152,"box":{"x":167,"y":841,"width":182,"height":12}},{"id":"2b538efc-ca6a-4939-ae39-01c3940a8319","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":152,"box":{"x":355,"y":842,"width":468,"height":9}},{"id":"55940328-c3df-4e53-8cc8-7bb1607e6406","block_type":"box","text":"II-102","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bdfa282f-0d9c-4c43-96d2-1ee0aabb03d2","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ca3cee61-14a3-42ca-b6be-13c1a8584ff4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":153,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"f6d94847-1a82-4fdc-b206-e3e1e9b35f15","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":153,"box":{"x":70,"y":60,"width":819,"height":11}},{"id":"4c4ce8af-a112-46c6-b8f5-59bba22fc9c8","block_type":"box","text":"the following amounts:","page_number":153,"box":{"x":68,"y":75,"width":161,"height":11}},{"id":"02de244e-d37e-4015-9df4-84f00d0eaf4f","block_type":"box","text":"$100,000 and above . . . .","page_number":153,"box":{"x":167,"y":102,"width":182,"height":11}},{"id":"09b1af65-9f41-4774-b9b7-3f19a6aedc89","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":355,"y":103,"width":468,"height":9}},{"id":"4431a762-80da-4413-8bbb-7eb07e1d68ea","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":153,"box":{"x":101,"y":126,"width":779,"height":11}},{"id":"f4a09cd3-27aa-4448-9abb-eecff557a7da","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":153,"box":{"x":70,"y":142,"width":775,"height":11}},{"id":"fbe62687-e870-482c-953d-19ea0735899f","block_type":"box","text":"$250,000 and above . . . .","page_number":153,"box":{"x":167,"y":169,"width":182,"height":11}},{"id":"c0076f0f-4548-4a66-aa01-a48f5a037845","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":355,"y":169,"width":468,"height":9}},{"id":"024003af-3be2-457e-9832-b556f54e1f8c","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":153,"box":{"x":101,"y":193,"width":788,"height":12}},{"id":"f5c02860-de8b-4575-a00d-ea5950a5d50d","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":153,"box":{"x":69,"y":208,"width":792,"height":11}},{"id":"da6122bd-4c66-4227-a18e-9fe55a6a6eda","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":153,"box":{"x":70,"y":224,"width":787,"height":11}},{"id":"61cf1cde-0e62-47dc-b0f2-b73c909bbc84","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":153,"box":{"x":69,"y":239,"width":834,"height":11}},{"id":"cee3d687-701e-4525-9ef7-205aee949ff9","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":153,"box":{"x":70,"y":254,"width":729,"height":11}},{"id":"4583207e-4c10-47b4-9862-9667d6426a52","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":281,"width":410,"height":11}},{"id":"030d3b11-2046-449d-9f8f-35a263ef8796","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":153,"box":{"x":583,"y":282,"width":240,"height":8}},{"id":"def7e531-968e-4254-914f-8590a400de5a","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":296,"width":361,"height":10}},{"id":"a0e54736-060f-4cef-9b46-ef7f77f167fa","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":297,"width":288,"height":9}},{"id":"89cef907-bc38-4d3f-874e-13218ec0277e","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":311,"width":345,"height":11}},{"id":"8d511ab2-492c-44f8-a97f-084c9a6f16e4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":312,"width":305,"height":9}},{"id":"a02f1636-c631-4b51-88d3-6a803599178c","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":153,"box":{"x":101,"y":336,"width":801,"height":11}},{"id":"6282201c-3105-4d6d-a5a5-3372dbbe0337","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":153,"box":{"x":69,"y":351,"width":769,"height":11}},{"id":"139c0c38-59c1-40bd-b2f4-55826b463929","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":153,"box":{"x":70,"y":366,"width":818,"height":10}},{"id":"e20e7cbf-7ee2-4477-9dbc-94250508d632","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":153,"box":{"x":68,"y":381,"width":401,"height":11}},{"id":"46da02ce-9d47-4e76-aeaa-72d7fedf8d8c","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":408,"width":410,"height":11}},{"id":"d12a8688-4445-497a-a902-7a8018638569","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":153,"box":{"x":583,"y":409,"width":240,"height":9}},{"id":"8b11712b-ae5c-44a4-b9d1-3b19ffc6f03c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":423,"width":361,"height":11}},{"id":"831c5702-a2c0-42be-a5f3-5f5cdcdde5c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":153,"box":{"x":535,"y":424,"width":288,"height":9}},{"id":"05410fd6-1057-4241-b976-0d6e50d19e45","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":153,"box":{"x":167,"y":438,"width":345,"height":11}},{"id":"c1ea160f-1180-4864-b8f7-307e374a2f25","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":153,"box":{"x":518,"y":439,"width":305,"height":9}},{"id":"c545c842-7dda-4b58-b76f-6c087cf22cdc","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":153,"box":{"x":101,"y":463,"width":398,"height":11}},{"id":"4ce0fe0d-520a-446e-a501-a828a0a68219","block_type":"box","text":"®","page_number":153,"box":{"x":500,"y":463,"width":6,"height":5}},{"id":"ead4d63a-eb99-40e4-8c27-a1455da77f06","block_type":"box","text":"Index 2030 Fund, BlackRock 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a","page_number":153,"box":{"x":69,"y":899,"width":811,"height":11}},{"id":"c45e3ced-7e83-4ac1-a336-298ef988dd12","block_type":"box","text":"II-103","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e397f978-6336-48f7-a0d0-61b93727a619","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"092bcd06-539b-4124-aaca-a4e023623281","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":154,"box":{"x":68,"y":45,"width":827,"height":11}},{"id":"c9f8770b-16c5-42c0-9f37-c73fcc5ceb6e","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":154,"box":{"x":70,"y":60,"width":782,"height":11}},{"id":"c90ff2df-83ea-4c07-bfb1-f7d0fa1be731","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":154,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"b3cda563-c0f1-45ca-a8d7-861a13f5bc85","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":154,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"4a814a15-4c71-4811-952e-f8176c2898a3","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":154,"box":{"x":70,"y":105,"width":799,"height":11}},{"id":"21bbc92e-bd91-4d4b-8a6b-768ab030b28b","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":154,"box":{"x":69,"y":120,"width":752,"height":11}},{"id":"3d20605a-2831-4097-a602-3bf242fa6bbd","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":154,"box":{"x":70,"y":135,"width":836,"height":11}},{"id":"8e32f3ed-46cd-4a10-bbf1-6f58cd19c1b1","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":154,"box":{"x":69,"y":150,"width":812,"height":12}},{"id":"65ee6d45-f677-4ad1-9d82-503d6a39a980","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":154,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"e79431b2-4f55-4a5f-9570-3b8867f48b0d","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":154,"box":{"x":69,"y":181,"width":788,"height":11}},{"id":"966b3972-0158-4876-8544-4b45aea9958c","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":154,"box":{"x":70,"y":196,"width":838,"height":11}},{"id":"bb4b39a9-0f89-4909-bd2a-6cf2b6b8d88e","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":154,"box":{"x":69,"y":211,"width":810,"height":11}},{"id":"8382a0ba-8260-484f-9267-2672ed3af8a3","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":154,"box":{"x":68,"y":226,"width":787,"height":11}},{"id":"47a85f3d-917a-4c75-91f7-4c1ebaf37ade","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":154,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"ee34257e-05cf-4fac-9bfa-e60568edd5b7","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":154,"box":{"x":70,"y":256,"width":808,"height":12}},{"id":"3de6ffbf-8069-4b5f-92ef-eeef27c3dfdf","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":154,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"0f4a3604-273e-43b1-b08b-89f3591e8446","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":154,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"d65e9f4c-a826-445b-a3b8-7f275ac6a4fa","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":154,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"2e112d5d-b815-4a1a-a886-a507a409c0f8","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":154,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"338b0920-9c04-4841-92c5-7891ae1d6ea3","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":154,"box":{"x":69,"y":332,"width":783,"height":11}},{"id":"3a1fb9f5-9a17-46c9-ae51-f09743c24303","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":154,"box":{"x":70,"y":347,"width":668,"height":11}},{"id":"ba5f726f-bdf9-4fca-9846-6398cca1d53a","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":154,"box":{"x":102,"y":369,"width":754,"height":12}},{"id":"dbc817ae-ac46-4c52-8301-78a25cf71d08","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":154,"box":{"x":70,"y":385,"width":823,"height":11}},{"id":"43f914a3-3722-4a6b-a2ce-380eac48e1ee","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":154,"box":{"x":69,"y":400,"width":833,"height":10}},{"id":"09b91544-a067-4a1d-af44-ca4673fb83ec","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":154,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"cb283885-9707-438a-b5bb-80895dc2d076","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":154,"box":{"x":70,"y":430,"width":781,"height":11}},{"id":"44e323a0-8ab8-4943-9ffd-39cc7c055188","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":154,"box":{"x":70,"y":445,"width":819,"height":11}},{"id":"90d3bd41-a146-4a80-9fff-2ea8e68434ca","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":154,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"a1f4aa1f-943e-49c4-8d6d-2d80db66740e","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":154,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"ca5f0bab-89a9-4cea-9b1c-76bfa30d90b5","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":154,"box":{"x":70,"y":490,"width":792,"height":11}},{"id":"ae50d898-d334-45ed-9191-7e519ad76418","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":154,"box":{"x":70,"y":506,"width":813,"height":11}},{"id":"d755f476-0c92-4e39-a7f2-8f77650b1c28","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":521,"width":837,"height":11}},{"id":"2027fe9f-13be-47b3-a5c7-3a3acd6faac0","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":536,"width":790,"height":11}},{"id":"16991a00-a4e9-4fa1-a0a2-e2df742cd399","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":551,"width":736,"height":11}},{"id":"a14309f8-2954-4a66-b49e-27cbca99e81f","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":574,"width":763,"height":11}},{"id":"8aa2e66c-3679-4aa4-b7a7-ba2adcc2f18a","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":589,"width":782,"height":11}},{"id":"8e840813-a02b-4921-b58d-286da0eb0046","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":604,"width":832,"height":11}},{"id":"b01d35f8-a301-4e4b-9595-4fac3a328db6","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":618,"width":839,"height":12}},{"id":"5199d03d-f8e8-437b-a172-4c6e5c0eef23","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":634,"width":817,"height":12}},{"id":"e1c94b0b-842e-4d16-9ab7-69d3f750ffa0","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":649,"width":811,"height":12}},{"id":"25bda1e6-1b20-4560-9cf3-4fd57842982d","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":664,"width":818,"height":12}},{"id":"d7d3fa05-2c76-4806-9f64-85fb118fb5a4","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":680,"width":836,"height":11}},{"id":"553cc3c1-005a-490d-9dba-0eb4cd6a95c3","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":695,"width":830,"height":11}},{"id":"05cb7e57-0bb0-4941-8351-094181053256","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":710,"width":778,"height":11}},{"id":"c859c44a-e04d-42ab-8319-00cb7b6eebc1","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":154,"box":{"x":70,"y":725,"width":526,"height":11}},{"id":"84043a44-75bb-4b6d-87d2-0a10e92e0a2b","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":748,"width":788,"height":11}},{"id":"4c9d7c13-ad8d-4e82-ad25-fe0292961499","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":763,"width":819,"height":11}},{"id":"147114bd-780d-415f-bd99-14e684617f57","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":778,"width":820,"height":11}},{"id":"0dc10344-5362-4867-82af-f872872c46ff","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":793,"width":837,"height":11}},{"id":"697f26dd-2238-436a-8458-89dde4d658ba","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":808,"width":812,"height":11}},{"id":"7724220d-c4bd-40e3-b904-a7fa4e7506e0","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":823,"width":803,"height":11}},{"id":"20dce3b4-39df-47b3-86c3-515eeecf6344","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":838,"width":772,"height":12}},{"id":"0ba0bc7f-627d-4f8b-a644-237c6c1a44fb","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":853,"width":835,"height":12}},{"id":"02dcfc16-1dcc-4123-a8c5-24702c91ff21","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":869,"width":814,"height":11}},{"id":"61904c46-4740-4455-8c05-d999d2500d2a","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":884,"width":772,"height":11}},{"id":"0e408f73-565c-444c-b98f-1fcfdfa23250","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":899,"width":805,"height":11}},{"id":"85308876-7bb1-416e-b850-6107c7b9bcaa","block_type":"box","text":"II-104","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"457bf5eb-e1d6-4e67-9836-1b8b6ef24ef9","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"22ef88e9-e1ee-4dda-ac42-ca07c6e75469","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":155,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"fee787fd-4d48-4ffb-b18d-b788bfcbaf01","block_type":"box","text":"the absolute discretion of a Fund.","page_number":155,"box":{"x":68,"y":60,"width":239,"height":9}},{"id":"82eb8d0a-3718-45b8-a103-6cd10981217c","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":155,"box":{"x":101,"y":82,"width":794,"height":12}},{"id":"53540e0a-7e27-48f0-a89c-edf9395545f6","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":155,"box":{"x":68,"y":97,"width":776,"height":12}},{"id":"e69b915b-2661-45ca-ac7f-312275b9f6a8","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":155,"box":{"x":70,"y":113,"width":821,"height":11}},{"id":"3222249d-15bc-4658-a02a-b64fc03aaa0c","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":155,"box":{"x":70,"y":128,"width":800,"height":10}},{"id":"777bcf25-c5fc-4f4d-9874-8c8facb9db59","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":155,"box":{"x":70,"y":143,"width":806,"height":11}},{"id":"21a5706e-8345-4944-b225-0a89cb66dff2","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":155,"box":{"x":70,"y":158,"width":823,"height":11}},{"id":"dcd8cf70-a552-4912-aca1-64ba79e741cd","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":155,"box":{"x":70,"y":173,"width":770,"height":11}},{"id":"12f8cd73-e890-4572-8219-993f426852cf","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":155,"box":{"x":70,"y":188,"width":766,"height":11}},{"id":"ff61ee3b-1480-406d-bfc8-4803facb96f7","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":155,"box":{"x":69,"y":203,"width":837,"height":12}},{"id":"0962db48-51b8-40c9-98b2-520eff2a9f73","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":155,"box":{"x":70,"y":219,"width":805,"height":11}},{"id":"0ca2ae5c-f397-4679-9931-65728cf90291","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":155,"box":{"x":70,"y":233,"width":832,"height":12}},{"id":"fe47bb9c-6f98-43cf-aca7-988714ca4aac","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":155,"box":{"x":70,"y":249,"width":828,"height":11}},{"id":"c8075060-b99e-418b-a4f4-d6a842ffea94","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":155,"box":{"x":70,"y":264,"width":746,"height":11}},{"id":"1eb3376d-549f-4f4f-b118-8e5890f3b13e","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":155,"box":{"x":70,"y":279,"width":307,"height":11}},{"id":"f258c00d-0e47-4c77-bc54-fcf43115dbcf","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":155,"box":{"x":102,"y":302,"width":799,"height":11}},{"id":"b5b5c284-11d1-474e-8d3f-2bf2c057fa9b","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":155,"box":{"x":68,"y":317,"width":829,"height":11}},{"id":"00727300-7054-49e1-b853-4798bf2882a6","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":155,"box":{"x":68,"y":332,"width":317,"height":11}},{"id":"02bf8cfa-f472-40cf-a392-a81204aaef4d","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":155,"box":{"x":101,"y":355,"width":326,"height":11}},{"id":"0b49edbc-7d87-4c01-8bf4-2984a8c431d0","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":155,"box":{"x":434,"y":355,"width":413,"height":11}},{"id":"bcdc6d2b-dedc-4c72-baa8-eca3d02d0005","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":155,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"f88d394b-da5b-47c9-8258-6061c8da6bfc","block_type":"box","text":"public or private investment company.","page_number":155,"box":{"x":70,"y":385,"width":266,"height":11}},{"id":"f4032458-39bd-43d2-a1de-74610a2133d6","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":155,"box":{"x":102,"y":408,"width":372,"height":11}},{"id":"d09e9559-90dc-49be-ae60-f49660e5c60a","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":155,"box":{"x":481,"y":407,"width":421,"height":12}},{"id":"6ac5b5e5-3162-4f08-9ea1-95242be2867b","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":155,"box":{"x":70,"y":423,"width":825,"height":11}},{"id":"bfd6fe38-e6c4-4fba-b6bb-85ea333a0b88","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":155,"box":{"x":69,"y":438,"width":830,"height":11}},{"id":"77d942c3-9f4d-4425-9fa4-c04409ff0fd0","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":155,"box":{"x":69,"y":468,"width":405,"height":11}},{"id":"4e2cebaa-e556-4945-a521-1b5b3982f451","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":491,"width":799,"height":11}},{"id":"0f470394-30d0-4631-982d-2ec72912bd0c","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":506,"width":828,"height":11}},{"id":"84ccbbf1-b8f1-4593-81cd-986d7bfed374","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":520,"width":778,"height":12}},{"id":"765e27f6-c7aa-4640-a4dd-6e1cfd86ae3e","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":536,"width":826,"height":11}},{"id":"f14092d7-7683-4ee0-8e87-c6946158b13a","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":155,"box":{"x":69,"y":551,"width":311,"height":9}},{"id":"6e808f1f-ec66-4bac-a4ce-5f6663ba342e","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":574,"width":789,"height":11}},{"id":"a91fb4cc-788f-4619-ab7b-2bbed3e4cab2","block_type":"box","text":"intermediary associated with the account.","page_number":155,"box":{"x":70,"y":589,"width":297,"height":11}},{"id":"a03308d0-537b-4d95-9ac6-6700515e9b66","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":612,"width":669,"height":11}},{"id":"51a544b2-7cd0-4e58-8c66-c7cb911c0e80","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":634,"width":763,"height":12}},{"id":"64d47aac-106a-4cfd-b6c2-4465d3b4c76c","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":649,"width":815,"height":12}},{"id":"63a8e4e9-14b8-4d81-9b3b-de071a2b0ed9","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":664,"width":813,"height":12}},{"id":"dddbf8ee-6e2b-4fd5-8609-783824a454d0","block_type":"box","text":"CDSC shares.","page_number":155,"box":{"x":69,"y":680,"width":97,"height":9}},{"id":"845176a2-8f34-4632-ae8b-ca904e712176","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":702,"width":804,"height":12}},{"id":"6bd43031-439c-4635-b912-cadf0c1d50df","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":717,"width":827,"height":11}},{"id":"8c9cc80e-b4fb-4a3e-808a-381edfa1977b","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":732,"width":786,"height":12}},{"id":"0c6a95b5-5742-48ca-9d46-0908f0f78800","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":748,"width":831,"height":11}},{"id":"dadc3744-430b-46bf-bd8d-565a2d560ea6","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":763,"width":809,"height":11}},{"id":"b85bfa81-ccbb-4c55-b175-73cacf56b75c","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":778,"width":824,"height":11}},{"id":"92378f8f-f958-49ac-9b7b-14c5a3bcf5c6","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":793,"width":822,"height":11}},{"id":"105d3113-0e6b-4388-87bb-ba3de15dca86","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":155,"box":{"x":69,"y":808,"width":618,"height":11}},{"id":"901c7cbc-967f-4add-b3be-ac230879da81","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":831,"width":782,"height":11}},{"id":"95593ff0-3d5d-42e6-86e7-7a3b6d2ca3d6","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":846,"width":764,"height":11}},{"id":"1b5505a4-5b1b-4a6a-b3b3-4523c232ae45","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":861,"width":820,"height":11}},{"id":"b6e838b7-82e0-4668-b509-b7ac176b8ad0","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":876,"width":806,"height":11}},{"id":"05cd7de3-fb68-40f6-9224-b1de1472fd4f","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":891,"width":813,"height":11}},{"id":"176a14ae-54d7-43ae-b413-0558762580ea","block_type":"box","text":"II-105","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5229caf7-d543-41c8-9cca-dae898fe8386","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2d005c3e-cd03-4161-b7b3-99ffbc96aec7","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":156,"box":{"x":68,"y":45,"width":811,"height":11}},{"id":"315105cb-dfa6-4a3c-976d-3074328066c8","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":156,"box":{"x":68,"y":60,"width":554,"height":11}},{"id":"bcadf8c9-87be-41ae-97a6-86b1f8c6953f","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":156,"box":{"x":102,"y":82,"width":783,"height":11}},{"id":"b79a323d-b302-4bd1-adc8-5d8b9b78a51e","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":156,"box":{"x":70,"y":98,"width":808,"height":11}},{"id":"4798dd76-2bb4-4788-a398-fc1022705b74","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":156,"box":{"x":70,"y":113,"width":797,"height":11}},{"id":"07142fe9-3216-4930-9e2e-3c2ecff1171a","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":156,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"d20567ac-58fd-4fdb-aaf4-87418e42af64","block_type":"box","text":"Investor A Shares.","page_number":156,"box":{"x":70,"y":143,"width":128,"height":9}},{"id":"5604f38a-4542-4878-9fd6-a7e5da7b4564","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":156,"box":{"x":102,"y":166,"width":378,"height":9}},{"id":"6f6b8ca0-f1fe-479f-91cb-d1f4aec0fbdb","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":156,"box":{"x":102,"y":188,"width":804,"height":12}},{"id":"b9f73c19-b3e0-4245-bc18-859783736c76","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":156,"box":{"x":69,"y":203,"width":794,"height":12}},{"id":"74688c83-cc46-4e73-b9b0-b5f4560c696f","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":156,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"38dc2422-4935-4b73-b82c-8d859c0c231b","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":156,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"8dcd0cda-d712-417e-9db4-dad6355bf41a","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":156,"box":{"x":70,"y":249,"width":793,"height":11}},{"id":"870f534f-6489-4f95-a461-e15f120028bb","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":156,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"e0a18eba-757b-41c1-8cd0-9c0d5947e38e","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":156,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"77b947d7-2570-4938-b84d-e45171f6385a","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":156,"box":{"x":69,"y":294,"width":793,"height":11}},{"id":"f012c800-ff19-4e2b-bb52-08e7d7e2a306","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":156,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"da8b4fe8-109a-46c3-a4f1-7124ec4f012d","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":156,"box":{"x":68,"y":324,"width":814,"height":12}},{"id":"68771a61-a0ef-4f20-a703-b001d3653c63","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":156,"box":{"x":69,"y":339,"width":828,"height":12}},{"id":"a013a863-d260-4795-a721-26550fdb58da","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":156,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"bde34f4c-56e0-49e9-870d-060ac5846187","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":156,"box":{"x":69,"y":370,"width":718,"height":11}},{"id":"727fbda9-6598-49ef-b6bc-ebcb933d139f","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":156,"box":{"x":102,"y":392,"width":764,"height":12}},{"id":"4f1c9f14-eac5-411b-a500-dde1718b7eda","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":156,"box":{"x":70,"y":408,"width":816,"height":11}},{"id":"b35fabf6-216b-4b27-80d5-779c9d34c04a","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":156,"box":{"x":69,"y":423,"width":772,"height":11}},{"id":"810cbc5b-3482-4a2c-a618-6c2034833edd","block_type":"box","text":"“Investor C Conversions”).","page_number":156,"box":{"x":70,"y":438,"width":186,"height":11}},{"id":"8a7fad19-e87e-4e7c-b06d-8c49cce423e2","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":460,"width":776,"height":11}},{"id":"65e9a19e-a33d-47e6-b58c-9a52e6fd43e5","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":475,"width":824,"height":11}},{"id":"9e67c544-0f65-4be0-90cd-0f171c97938b","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":491,"width":827,"height":11}},{"id":"620e5dab-537d-4fb7-ab15-d968822d5138","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":506,"width":833,"height":11}},{"id":"f7e06f23-1cdd-435a-9dc9-b5ada0b40ef8","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":521,"width":818,"height":11}},{"id":"04188873-7e67-4fb3-9c36-82b537cc2803","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":536,"width":836,"height":11}},{"id":"7b3ee3b8-8a4c-4e1b-8669-0a36a2224652","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":156,"box":{"x":69,"y":551,"width":445,"height":11}},{"id":"59702e41-063e-4dff-89c8-82e8d0b2bf48","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":156,"box":{"x":102,"y":574,"width":396,"height":11}},{"id":"98ad0e5e-0f90-48e2-b7ed-a427055b06f8","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":596,"width":804,"height":12}},{"id":"e1bcbdb3-f016-4eed-8e31-382c71b19991","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":612,"width":826,"height":11}},{"id":"a3e7c2dd-7709-403b-817c-1e01b88de918","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":627,"width":837,"height":11}},{"id":"00a59f72-0209-45fc-a442-a112a95c588c","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":642,"width":795,"height":11}},{"id":"0e0b4aa4-5339-42b0-91bc-ea1c26ed9a50","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":657,"width":840,"height":11}},{"id":"4250f085-e672-4c3f-a7bd-bb5f134990de","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":672,"width":804,"height":11}},{"id":"313e2756-2139-496e-aaca-c5921091f844","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":687,"width":772,"height":11}},{"id":"37db9298-97ad-4b11-8c90-4cfa29673448","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":702,"width":790,"height":12}},{"id":"c5d5085c-9fe5-4117-8946-120389d5fcb6","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":717,"width":776,"height":9}},{"id":"736139cf-bd52-48df-bbde-820c00ba86c0","block_type":"box","text":"redemption.","page_number":156,"box":{"x":69,"y":733,"width":83,"height":10}},{"id":"8b6061b3-89b7-4ddd-943f-6879fa2fb91c","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":755,"width":734,"height":11}},{"id":"768c8510-db0d-4655-8945-ae7210f9dee9","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":770,"width":769,"height":11}},{"id":"957180d6-1172-44ca-814e-579caec91a88","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":156,"box":{"x":102,"y":793,"width":572,"height":11}},{"id":"b00bc391-ae4e-4006-bb8c-36b94ee47475","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":816,"width":740,"height":11}},{"id":"94bacec7-2772-4773-9cdd-e5925c17f946","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":831,"width":802,"height":11}},{"id":"4535cccf-0808-4221-89c3-92d9b5894063","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":846,"width":786,"height":11}},{"id":"558a909c-3576-4efd-a7ac-01ca239af8d2","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":861,"width":797,"height":11}},{"id":"c52bee6e-8108-451d-9147-4c04eefdc1d8","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":876,"width":776,"height":11}},{"id":"a5d658ad-7029-464f-a1fa-48037e4cdcf8","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":891,"width":747,"height":11}},{"id":"adacb224-713e-4a48-ad1e-8064e5b25315","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":906,"width":822,"height":12}},{"id":"b7c9c3c4-8902-47a4-8527-58748e5accd5","block_type":"box","text":"II-106","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a777377d-bdc1-4b56-914c-260cc11fd0fd","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3f383637-c037-4412-935a-b2ff3e440255","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":157,"box":{"x":68,"y":45,"width":836,"height":11}},{"id":"3358c614-dba1-4138-a851-49e3d1eb69d1","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":157,"box":{"x":69,"y":60,"width":806,"height":11}},{"id":"67fde517-9161-4016-a83a-ba080961ae1e","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":157,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"546c0fa8-cf3d-436f-9fb8-cda39dd75d86","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":157,"box":{"x":70,"y":90,"width":834,"height":11}},{"id":"495ab8a5-1c8c-43d6-a96f-8d730eb8dc68","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":157,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"9388f0b0-0c04-4cf9-b8a5-ad8992129fdd","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":157,"box":{"x":70,"y":120,"width":791,"height":11}},{"id":"3e780822-0f29-4d21-89f6-28f28e8c472b","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":157,"box":{"x":70,"y":135,"width":784,"height":12}},{"id":"924e2a33-11e9-4a69-ba15-e646c1be1ac8","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":157,"box":{"x":69,"y":150,"width":824,"height":12}},{"id":"6ec65bf2-6606-4616-81c7-187e6bacc551","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":157,"box":{"x":69,"y":166,"width":451,"height":11}},{"id":"2cd6b1a7-10e6-4f90-b8f9-1bccaf5dd90d","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":157,"box":{"x":102,"y":188,"width":781,"height":11}},{"id":"7ae5d232-4cee-425a-bd96-1e63754ac25e","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":157,"box":{"x":70,"y":203,"width":813,"height":12}},{"id":"d00562b9-c3a0-4896-995e-d3c4d9e17f9c","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":157,"box":{"x":69,"y":218,"width":462,"height":12}},{"id":"123be169-7eb3-4ffc-a73b-df1f42361aa8","block_type":"box","text":"Class R Shares","page_number":157,"box":{"x":69,"y":249,"width":110,"height":9}},{"id":"c47d156f-9e1e-42bf-ae28-75b1d650b5fa","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":157,"box":{"x":102,"y":271,"width":775,"height":11}},{"id":"3543e3d1-ec28-4d8e-945b-66239ddcc46c","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":157,"box":{"x":69,"y":287,"width":799,"height":11}},{"id":"cb45db15-b835-4b01-81ab-300bc769efe0","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":157,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"44dce927-653f-477c-9083-e8c67cf6bbf0","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":157,"box":{"x":69,"y":317,"width":772,"height":11}},{"id":"67d1557b-e349-4020-88cd-8cfe0db5c5ff","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":157,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"b0562b36-4fe5-4e4a-b949-d4aab44ebb9b","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":157,"box":{"x":68,"y":347,"width":636,"height":11}},{"id":"834d3f87-8e55-443a-97e1-5a1bd69fa1f8","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":157,"box":{"x":102,"y":370,"width":791,"height":11}},{"id":"ac5734f1-b74c-4e54-8ddd-510f11ad2272","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":157,"box":{"x":69,"y":385,"width":440,"height":11}},{"id":"fb2b2b26-e0ed-4f22-bb36-cb635f7715a9","block_type":"box","text":"Class K Shares","page_number":157,"box":{"x":69,"y":415,"width":109,"height":9}},{"id":"ded9786b-b5e1-40b7-8e30-ac6d37039e7b","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":438,"width":797,"height":11}},{"id":"61baea30-1f10-40bb-9537-66403469e629","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":453,"width":772,"height":11}},{"id":"bed57450-5193-4e47-b1ef-b9ace0629fa7","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":468,"width":827,"height":11}},{"id":"c954db0b-1af3-4d2e-8376-40723967930c","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":483,"width":817,"height":11}},{"id":"e9691d5a-d7b5-49c7-abbc-4ac93c446c95","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":498,"width":834,"height":11}},{"id":"efa02de3-5b2f-4a14-ab0b-e2ccf8219b40","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":514,"width":748,"height":10}},{"id":"cc89d9ff-d782-42b1-ae31-f875ea99d961","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":528,"width":828,"height":12}},{"id":"8b53ab27-9abe-4e50-8693-910b8ccc823d","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":543,"width":760,"height":12}},{"id":"37ce05bf-c9dd-4f0d-a506-e1595fa1c3dc","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":559,"width":823,"height":11}},{"id":"5264be59-36cb-4fa6-b1f8-6184745de761","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":574,"width":836,"height":11}},{"id":"bacfd52f-11b3-4e06-bfdf-b7558f2f5bcb","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":589,"width":814,"height":11}},{"id":"5931e92b-947b-450d-810c-62ef7986343a","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":604,"width":817,"height":11}},{"id":"d2c69408-bbf4-4a45-90ac-fce360e1ec5b","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":619,"width":823,"height":11}},{"id":"d06208bc-d44d-43ca-b4d3-6da24dbe47b6","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":634,"width":818,"height":12}},{"id":"ada4eb83-87c3-4af9-8f41-168e55aa9485","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":649,"width":833,"height":12}},{"id":"3bdab38f-50bd-4128-8860-57e07fb22ff7","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":664,"width":807,"height":12}},{"id":"f2e596bd-2f3f-4b01-bfeb-de11c7124cf4","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":680,"width":817,"height":11}},{"id":"3b6f7ad7-4401-471f-a7a0-f3bcaae78271","block_type":"box","text":"distribution and marketing agreement.","page_number":157,"box":{"x":69,"y":695,"width":270,"height":11}},{"id":"f6ebdf3b-2a11-4952-856f-ec1caf2c4e48","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":717,"width":734,"height":12}},{"id":"36432170-fa07-4d69-8f46-da477c74654e","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":732,"width":817,"height":12}},{"id":"e4a27cd2-d7c2-484e-83bc-d5a117f20b4a","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":748,"width":753,"height":11}},{"id":"d3b36933-2262-44af-8052-5c503993d025","block_type":"box","text":"Class G Shares","page_number":157,"box":{"x":69,"y":778,"width":110,"height":9}},{"id":"48dbb3f7-8e6b-4787-928c-169e63d75f43","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":801,"width":804,"height":11}},{"id":"b07e350a-25f3-4435-a2e4-54b2b34572d8","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":816,"width":826,"height":11}},{"id":"34bcc12d-700b-40e4-962c-36cb8a546e9e","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":830,"width":836,"height":12}},{"id":"14257b5c-4759-427f-af27-81886dbab160","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":846,"width":803,"height":11}},{"id":"ee74cabf-2223-4714-8b6c-98d4eedaefbe","block_type":"box","text":"eligibility requirements.","page_number":157,"box":{"x":69,"y":861,"width":164,"height":11}},{"id":"b6608abf-ea2f-4587-8b5f-5760d64d21c4","block_type":"box","text":"II-107","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9a4a7d70-ce2f-44b3-b061-1e1c28ad498b","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"64a2c9e3-38b2-43e4-af27-acf4a5fe7386","block_type":"box","text":"Service Shares","page_number":158,"box":{"x":68,"y":45,"width":109,"height":9}},{"id":"4eca2199-83f9-4f6f-a677-e729c3ca2111","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":158,"box":{"x":102,"y":67,"width":788,"height":12}},{"id":"5b6df083-8c0c-4d50-b049-ec02df7215ae","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":158,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"d99c70f6-febf-4a1c-8cb7-eb47b5a2f12d","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":158,"box":{"x":69,"y":98,"width":693,"height":11}},{"id":"0559eb2e-2c95-4d78-ba73-d886120ffd07","block_type":"box","text":"®","page_number":158,"box":{"x":763,"y":98,"width":6,"height":4}},{"id":"a6a1d660-1ae8-49fb-a9c7-64baa844c5ec","block_type":"box","text":"Fund in 1996; and","page_number":158,"box":{"x":775,"y":98,"width":130,"height":10}},{"id":"2cd8fe90-d16f-4ad1-8f32-3939c339a12c","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":158,"box":{"x":69,"y":113,"width":287,"height":11}},{"id":"90370dff-d853-4afc-9bee-5c5ef52c6b0c","block_type":"box","text":"SM","page_number":158,"box":{"x":357,"y":113,"width":11,"height":5}},{"id":"84058d46-fc50-4232-9bff-3d88c672bf3b","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":158,"box":{"x":374,"y":113,"width":534,"height":11}},{"id":"3b5a21f4-3b56-4032-80e6-36957a8d2542","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":158,"box":{"x":69,"y":128,"width":776,"height":11}},{"id":"1d198144-52e3-4cff-955e-cc8a516d2320","block_type":"box","text":"BlackRock Shares","page_number":158,"box":{"x":69,"y":158,"width":133,"height":9}},{"id":"fc7681e7-b5bc-480e-ac99-646cc9c50ccc","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":158,"box":{"x":102,"y":181,"width":760,"height":11}},{"id":"594b3192-708f-4bdd-bbb1-d22b85d9a89f","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":158,"box":{"x":69,"y":196,"width":813,"height":11}},{"id":"81d39390-841b-4e5c-ba4c-e866d03dad9c","block_type":"box","text":"fee-based programs.","page_number":158,"box":{"x":68,"y":211,"width":145,"height":11}},{"id":"c3edd1cd-8804-4164-8b4a-cb55e3f21fae","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":158,"box":{"x":69,"y":241,"width":348,"height":11}},{"id":"36123d48-ec9b-4933-b472-e75dcf4198bc","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":158,"box":{"x":102,"y":264,"width":790,"height":11}},{"id":"a7e00026-08ff-4ce2-83fb-f910b20feb29","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":158,"box":{"x":69,"y":279,"width":761,"height":11}},{"id":"5cf526e3-4f4e-4d6e-bd96-33a9c4e28baf","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":158,"box":{"x":69,"y":294,"width":541,"height":11}},{"id":"606183a1-893c-4292-9d1d-ee09d9083f11","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":158,"box":{"x":102,"y":317,"width":803,"height":11}},{"id":"22262bb2-a60f-4cf8-973c-fcecc481a846","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":158,"box":{"x":70,"y":332,"width":783,"height":11}},{"id":"c39c2bb2-fdb2-4c56-9ce3-4272fcf557f3","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":158,"box":{"x":70,"y":347,"width":809,"height":11}},{"id":"ae624f8f-4b24-460a-870c-d685f325863c","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":158,"box":{"x":69,"y":362,"width":360,"height":11}},{"id":"1561b2df-cb4c-4b8c-9f38-5cf8162ee1b3","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":158,"box":{"x":102,"y":385,"width":770,"height":11}},{"id":"8fc8590b-5e78-4825-9a74-7d328cacfb6a","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":158,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"6e66ace5-a4d8-4b56-bb5a-4ca68b6d11a8","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":158,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"2dab5094-b030-4c74-9636-cf3b4d387f59","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":158,"box":{"x":68,"y":430,"width":355,"height":11}},{"id":"c6978b29-0911-4cdd-b985-10e573a91ca8","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":453,"width":727,"height":11}},{"id":"a0e06483-6419-482a-8f5e-98309f2d5234","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":158,"box":{"x":69,"y":468,"width":799,"height":11}},{"id":"8f9cb8ae-6965-4c7d-80e8-3bb4995a14f5","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":483,"width":813,"height":11}},{"id":"09e7609b-5e81-423b-986a-9210a31c73fd","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":498,"width":809,"height":11}},{"id":"b786d35b-c2a8-4d4e-bca3-7553f3956c61","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":513,"width":786,"height":11}},{"id":"5befb2d2-c93f-4356-b31e-354fde23a52a","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":528,"width":789,"height":12}},{"id":"16ba4b3e-b193-4dbe-b7e3-79282f5582ff","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":158,"box":{"x":70,"y":543,"width":562,"height":12}},{"id":"020f2fb2-347e-4c1c-a508-8f75dbfc69e0","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":566,"width":798,"height":11}},{"id":"e5f13764-5233-45ed-bd78-c256ed6f1916","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":581,"width":808,"height":12}},{"id":"d2895a13-c746-4a48-9795-388b6007111a","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":596,"width":776,"height":12}},{"id":"372d6ff9-2ed8-426b-9267-c4ac91d78f56","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":612,"width":835,"height":11}},{"id":"16132ebe-4a75-40e8-bb04-a3743c728d43","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":627,"width":791,"height":11}},{"id":"ad26928e-28d1-4ccd-ad2a-0b10ee028027","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":642,"width":813,"height":11}},{"id":"43ea5475-e378-48a4-a4d6-b03e820b762c","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":657,"width":501,"height":11}},{"id":"278b18f8-b226-474e-96ec-9b5539b37c48","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":680,"width":783,"height":11}},{"id":"e207d036-9d67-46f3-a3a8-76ca1362325f","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":695,"width":810,"height":11}},{"id":"49e39a93-8291-4a0b-9ddc-68d37ae5c126","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":710,"width":813,"height":11}},{"id":"783e2470-ef95-4eb3-a6c1-7c409e97dc31","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":725,"width":836,"height":11}},{"id":"6a9d2a43-8c4d-41d2-8f66-8404781b76d3","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":740,"width":805,"height":11}},{"id":"91715319-f843-4c31-970f-98a8c7980d58","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":755,"width":832,"height":11}},{"id":"36effc20-ef2f-43fd-a04d-f4ea98e87656","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":770,"width":803,"height":12}},{"id":"b7f40af1-172c-43d3-91c6-beff88a61caa","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":158,"box":{"x":68,"y":785,"width":788,"height":12}},{"id":"1578a0b9-d54c-429b-9669-4ecc9e39b9e0","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":801,"width":798,"height":11}},{"id":"d9b63781-b2c4-4b5f-9db4-588f2352203e","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":816,"width":755,"height":11}},{"id":"ac60ed85-9c2e-4d02-9c26-db2c71be3304","block_type":"box","text":"compensation for selling different classes of shares.","page_number":158,"box":{"x":69,"y":831,"width":375,"height":11}},{"id":"eec49894-a532-405e-b1b5-380d8598a637","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":853,"width":803,"height":12}},{"id":"c3ce8d3e-f6ef-4313-9191-6c69f6e5ed57","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":869,"width":839,"height":11}},{"id":"15d2266f-9406-4df2-bdaa-29676b8d16df","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":884,"width":788,"height":11}},{"id":"a8a69eba-d702-471a-8067-685c8fe2c99c","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":899,"width":818,"height":9}},{"id":"84761e01-1d81-4c2a-8fed-82166914ec65","block_type":"box","text":"II-108","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"80861e24-116c-41bb-b136-42b5d57f2ea6","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5895905a-a60d-4eb5-8bbe-d286206da2e2","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":159,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"17733e96-2cb1-4f11-a940-4db87e9f0a77","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":159,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"eee397eb-7884-4f2b-911e-10631ea4621a","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":159,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"fcdb40b1-ad4d-4192-ab06-80f4e5180562","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":159,"box":{"x":70,"y":90,"width":773,"height":11}},{"id":"21a61aa2-c0a1-4c24-8ff1-ad88c3b1c0dc","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":159,"box":{"x":69,"y":105,"width":796,"height":11}},{"id":"176a6474-ba7d-4faf-ad9c-7c5a6ec903d8","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":159,"box":{"x":69,"y":120,"width":837,"height":12}},{"id":"e2523731-14fa-4432-8682-b7e3fbd3082f","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":159,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"fbbc015c-259f-43bf-a3d1-25f020b05eaf","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":159,"box":{"x":69,"y":150,"width":787,"height":12}},{"id":"9bc4543a-cb9b-482f-81d9-0eed4dfcf851","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":159,"box":{"x":70,"y":166,"width":802,"height":11}},{"id":"52e2264b-c60f-4acc-b0de-8976358f7dbe","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":159,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"2ccced42-d3bf-4fe6-a521-7e43705205cc","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":159,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"1f85a9a0-83c0-4853-b248-318d7e8d1a88","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":159,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"2cda7e50-4453-4f3a-8a79-920655a85d48","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":159,"box":{"x":68,"y":226,"width":792,"height":11}},{"id":"528ab979-6d4b-42b6-adf0-b49b7203c042","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":159,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"112c8f5b-436d-4614-baca-cd374956c3c7","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":159,"box":{"x":69,"y":256,"width":807,"height":11}},{"id":"b06c7dac-5610-473b-951e-b7da9c80e7dc","block_type":"box","text":"easily accessible place.","page_number":159,"box":{"x":69,"y":272,"width":167,"height":11}},{"id":"8b8ceee3-66a7-402f-814e-845d4b990f19","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":159,"box":{"x":102,"y":294,"width":804,"height":11}},{"id":"54f6ba19-43b4-4481-bcf4-216f342892dd","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":159,"box":{"x":70,"y":309,"width":542,"height":11}},{"id":"ffee6e24-8e06-49a4-8355-dec4f1a1cdf2","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":159,"box":{"x":102,"y":332,"width":734,"height":11}},{"id":"9d9bfe65-9e61-4374-9d6e-b51e0d0fe63b","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":159,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"cf396e9e-ddc7-407c-8b5b-acea49b44e1a","block_type":"box","text":"fiscal year.","page_number":159,"box":{"x":68,"y":362,"width":75,"height":11}},{"id":"5ebff655-894c-47c4-bd38-1924832b3e6e","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":159,"box":{"x":69,"y":392,"width":396,"height":11}},{"id":"35054fd2-2b9d-4c0d-b0c1-e38e3fa7132e","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":159,"box":{"x":101,"y":415,"width":777,"height":11}},{"id":"227c5b20-e44e-450e-a2e3-20d97662b0e6","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":159,"box":{"x":70,"y":430,"width":835,"height":11}},{"id":"370a1a2a-ec99-47f8-bab6-be0d42f270a0","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":159,"box":{"x":68,"y":445,"width":822,"height":11}},{"id":"1d13964c-34ff-4a43-bb09-08ce20cb6a6f","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":460,"width":778,"height":12}},{"id":"a9669463-2828-4e8e-9b3e-6276008012b2","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":475,"width":840,"height":12}},{"id":"ce20ef1e-6be0-4f80-831a-c8e6f4bd4f5d","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":159,"box":{"x":69,"y":491,"width":803,"height":11}},{"id":"6751085b-f872-4eb6-8301-15512eec786f","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":506,"width":794,"height":11}},{"id":"4978a0ab-1f33-48cc-bb17-c8208631e692","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":521,"width":839,"height":11}},{"id":"c72ad810-fde5-4358-a217-4fa5cd883ea6","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":536,"width":824,"height":11}},{"id":"1c3ad9c0-4210-4568-926b-46bd84d460a0","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":551,"width":839,"height":11}},{"id":"d8667e3e-6b1c-4478-81e6-737bc6616cd2","block_type":"box","text":"and Class R Shares of your Fund.","page_number":159,"box":{"x":69,"y":566,"width":236,"height":11}},{"id":"f1bf358e-730e-4bc7-b91d-acc8084facf8","block_type":"box","text":"Other Payments by the Fund","page_number":159,"box":{"x":69,"y":597,"width":206,"height":11}},{"id":"d33af74d-a5fa-40c5-8268-f1ace08b4d86","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":619,"width":800,"height":11}},{"id":"ff406333-4705-450b-ae91-433e3810534d","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":634,"width":816,"height":12}},{"id":"2f5593b0-e881-4841-94c1-c24e62feff85","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":649,"width":794,"height":12}},{"id":"a129280e-d071-4332-81a9-bb37d35aa591","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":664,"width":792,"height":12}},{"id":"70b2a8f0-3d05-41d0-bcd5-4a946919a322","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":680,"width":841,"height":11}},{"id":"38ce1587-ddcc-45b4-98c1-685d8e1581b2","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":695,"width":831,"height":11}},{"id":"18d2b76a-276e-4f79-8e8e-1efa0f794e36","block_type":"box","text":"of these payments may be substantial.","page_number":159,"box":{"x":69,"y":710,"width":276,"height":11}},{"id":"3eedc3cc-229c-43e7-a12a-3a84674e05e5","block_type":"box","text":"Additional Payments by BlackRock","page_number":159,"box":{"x":68,"y":740,"width":256,"height":11}},{"id":"eb01b846-7c8f-4fe8-810a-c175efa2916a","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":763,"width":803,"height":11}},{"id":"c0106238-d32a-42fc-aa58-bd4f210433bc","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":778,"width":823,"height":11}},{"id":"307290fe-68c9-470f-8e1d-639da2f4c8af","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":793,"width":768,"height":11}},{"id":"0811edae-792d-4d4f-b2fc-b1f2b2518e71","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":808,"width":830,"height":11}},{"id":"36ff2280-c9f4-4234-b564-c7e1079b317d","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":823,"width":599,"height":11}},{"id":"47705478-2940-42b3-8176-ba43017fcd5d","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":846,"width":776,"height":11}},{"id":"41f0201f-9539-482f-96ec-8240989dd3a5","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":861,"width":832,"height":11}},{"id":"9f6b59b0-d047-4d57-bfbd-b5fd6b7734e0","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":876,"width":833,"height":11}},{"id":"32e20194-404d-4aa1-9257-7706c4b60811","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":891,"width":802,"height":11}},{"id":"a71faf79-019f-4e32-ae3b-ce1be0dba906","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":906,"width":802,"height":12}},{"id":"eb76d4b8-da22-44b8-a506-8922780509cf","block_type":"box","text":"II-109","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"128e4259-d232-44b7-a24d-242258044b7b","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1755a1e2-9206-4331-8c04-1e637b177243","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":160,"box":{"x":70,"y":45,"width":796,"height":11}},{"id":"3bb181ee-246c-4dc1-80df-826b2f1910de","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":160,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"77ca5598-9f1e-41d9-9187-be5d7f00c5ae","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":160,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"72fd46d7-5a6d-4cee-884b-e2f356a80b6d","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":160,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"51a66a16-b23b-4a7e-bae0-f48790fa3960","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":160,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"5293a893-62dd-4b17-b106-4fa5cd785352","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":160,"box":{"x":70,"y":120,"width":294,"height":11}},{"id":"5672d90c-8142-4752-95a0-8ad322e20322","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":160,"box":{"x":101,"y":143,"width":803,"height":11}},{"id":"d744f664-6a07-424b-a267-3afb0289dc32","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":160,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"cfcf1d6e-5dff-4e21-9a54-262cb8c7fa3e","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":160,"box":{"x":69,"y":173,"width":623,"height":11}},{"id":"ae427c7f-a3f1-41bf-99e6-6c3f72906903","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":160,"box":{"x":102,"y":196,"width":765,"height":11}},{"id":"3839b96b-f1de-47bc-a17f-49d854ff1e19","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":160,"box":{"x":69,"y":211,"width":841,"height":11}},{"id":"f84de547-f14c-4c16-a06b-2773ba0a1d2d","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":160,"box":{"x":68,"y":226,"width":806,"height":11}},{"id":"0e69ea81-0c11-40a1-a276-ec804cf1d318","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":160,"box":{"x":69,"y":241,"width":776,"height":11}},{"id":"437350bd-c09a-4879-bc4c-17f4f34c55b7","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":160,"box":{"x":70,"y":256,"width":802,"height":11}},{"id":"04fede71-571d-46ff-aef5-75577acca8ae","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":160,"box":{"x":68,"y":271,"width":811,"height":12}},{"id":"15f77fc8-da76-41ce-99ac-eac2661edfe4","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":160,"box":{"x":69,"y":287,"width":538,"height":11}},{"id":"79874341-3c7d-4e83-a351-d89929e67f49","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":160,"box":{"x":101,"y":309,"width":795,"height":11}},{"id":"ff95ec12-af1b-4406-8329-b032b3830aa6","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":160,"box":{"x":69,"y":324,"width":807,"height":12}},{"id":"4be5996f-204a-49ee-b7a1-5efe88de2c6f","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":160,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"37cee3d0-81e8-4579-9ff0-2e7fad20258a","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":160,"box":{"x":68,"y":355,"width":819,"height":11}},{"id":"9420e62e-415c-4a9e-a112-ae722422aa4c","block_type":"box","text":"Funds.","page_number":160,"box":{"x":70,"y":370,"width":44,"height":9}},{"id":"bf57d646-51cc-4d05-9bac-64b8d18d83b7","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":160,"box":{"x":101,"y":392,"width":270,"height":12}},{"id":"3e48d6d3-da0b-46b0-b123-509f5e7a383c","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":160,"box":{"x":101,"y":415,"width":740,"height":11}},{"id":"c3f8fec4-e533-4ff0-b458-a42e504443d9","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":160,"box":{"x":70,"y":430,"width":764,"height":11}},{"id":"7a23a34f-9936-43f6-8a01-901bc72a31f6","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":160,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"0aefe7c9-236d-4e35-b401-215c631d1115","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":160,"box":{"x":69,"y":460,"width":742,"height":12}},{"id":"ad29f801-f88d-4e54-a446-fe081183421d","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":160,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"2f450241-bd92-4d3f-b8f8-2a730f78772f","block_type":"box","text":"the Fund on the Service Organization’s platform(s); “listing” fees for the placing of the Fund on a dealer’s list (which","page_number":160,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"5f4e68e9-2245-4f14-a3b4-eb38bd7246c2","block_type":"box","text":"may be a preferred or recommended list) of mutual funds available for purchase by its Customers or in cer tain sales","page_number":160,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"d709e944-1ac3-4f13-8549-59c139cbb4ae","block_type":"box","text":"programs from time to time; fees for providing assistance in promoting the sale of the Fund’s shares (which may","page_number":160,"box":{"x":70,"y":521,"width":803,"height":11}},{"id":"351cbebf-d57a-4d16-8fec-f441434b0aab","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":160,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"07bfcbed-2e00-45a5-b028-5bd730c9c3ab","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":160,"box":{"x":69,"y":551,"width":823,"height":11}},{"id":"a0038afe-6ede-4eec-b7c0-834d0dabeaf7","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":160,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"ef2e6a74-863f-438d-a8df-1e063769c742","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":160,"box":{"x":69,"y":581,"width":828,"height":12}},{"id":"d2e09cdd-8855-44b3-bd9b-7d35925b957f","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":160,"box":{"x":69,"y":596,"width":523,"height":12}},{"id":"936cbae3-a63f-4755-9c2f-e0646187894e","block_type":"box","text":"B. Shareholder Services","page_number":160,"box":{"x":102,"y":619,"width":172,"height":9}},{"id":"f729d444-efc2-4790-a3af-c118eeeaa363","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":160,"box":{"x":102,"y":642,"width":754,"height":11}},{"id":"7a15255f-aa80-43ce-a1fc-8d2db7170b81","block_type":"box","text":"situations, a Fund may not maintain accounts in the name of the Customers and Service Organizations may per form","page_number":160,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"32f190dd-08a8-484f-8a0f-512e7f90a41e","block_type":"box","text":"some of the functions for these Customers’ accounts that the Transfer Agent would have per formed if the accounts","page_number":160,"box":{"x":69,"y":672,"width":823,"height":11}},{"id":"10731366-eb11-4a05-95d0-0936c0c2a4f4","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":160,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"0e9e8719-7801-46f2-9c4e-8201376fc7f3","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":160,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"2e3f7667-bae1-481b-9dee-350cc44dc4cf","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":160,"box":{"x":69,"y":718,"width":837,"height":11}},{"id":"0895a016-a01d-4fea-bab8-f51a7094dfed","block_type":"box","text":"that would be earned on these assets by the Transfer Agent for the per formance of these or similar services. These","page_number":160,"box":{"x":68,"y":732,"width":828,"height":12}},{"id":"ab17cb15-1674-454f-9811-1537837dfe14","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":160,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"aa626ccc-bd2f-456f-8317-3e88d0fa19c4","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":160,"box":{"x":70,"y":763,"width":328,"height":11}},{"id":"bf3c5e11-79c6-47c9-9f75-2228eb1c295e","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":160,"box":{"x":102,"y":786,"width":299,"height":11}},{"id":"c6e1dc5b-2527-4e80-9266-376bef36b0f7","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":160,"box":{"x":102,"y":808,"width":805,"height":11}},{"id":"4cb5834a-a68e-4656-ae18-c3d95af99ea1","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":160,"box":{"x":69,"y":823,"width":788,"height":12}},{"id":"78430fd6-5b45-4b62-b3f7-e6bafa2cf650","block_type":"box","text":"suppor t. Such Additional Payments are generally made as a fixed dollar amount, and not based on assets or sales.","page_number":160,"box":{"x":69,"y":838,"width":821,"height":12}},{"id":"f4d8e08b-a3ce-46c3-83d0-228ddb88c99e","block_type":"box","text":"D. 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Service Organizations may charge their Customers additional fees in connection with the","page_number":164,"box":{"x":69,"y":598,"width":794,"height":11}},{"id":"2b2e3850-bdbf-4e78-95e7-ec10febea94d","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":613,"width":818,"height":11}},{"id":"46386de3-0715-4cb2-9171-f9a54b76d61b","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":628,"width":836,"height":11}},{"id":"0d35a8fc-eecf-43c8-8c85-2f819d6e9748","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":643,"width":723,"height":11}},{"id":"9c22ed6b-cfa5-486e-8542-849798781bf2","block_type":"box","text":"Shareholders should consider whether such incentives exist when evaluating any recommendations from a","page_number":164,"box":{"x":102,"y":666,"width":759,"height":11}},{"id":"b4502d96-b152-4107-bc62-d54e7c132ae1","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":681,"width":760,"height":11}},{"id":"6206db5e-d43e-4f04-9661-a00191e0b8bb","block_type":"box","text":"appropriate.","page_number":164,"box":{"x":69,"y":696,"width":84,"height":11}},{"id":"d181af85-7a64-4bcd-aede-e9d6f5d4d2a8","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":696,"width":738,"height":11}},{"id":"c20e5c61-4b02-4628-8f2b-e14777e70e08","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":711,"width":795,"height":11}},{"id":"5432f85f-cd7e-4487-932b-0aaabef091a6","block_type":"box","text":"described above.","page_number":164,"box":{"x":69,"y":726,"width":122,"height":9}},{"id":"77c16f96-3b15-412f-87a0-eeeb630f0df0","block_type":"box","text":"REDEMPTION OF SHARES","page_number":164,"box":{"x":385,"y":756,"width":208,"height":9}},{"id":"bc6764d1-254f-4c02-8feb-a1dc35d170f9","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":778,"width":798,"height":12}},{"id":"9c25d393-5c79-47be-96e7-ced85d5337e4","block_type":"box","text":"the right to redeem some or all of its shares in kind (valued in the same way as they would be valued for purposes of","page_number":164,"box":{"x":68,"y":794,"width":836,"height":11}},{"id":"1fff6e7c-c0c8-4703-b273-1deca3cac1cd","block_type":"box","text":"computing a Fund’s NAV), by delivery of securities and other assets selected from the Fund’s por tfolio holdings at the","page_number":164,"box":{"x":69,"y":809,"width":840,"height":11}},{"id":"315f1520-1e41-49c3-9de6-05afaa7b57fc","block_type":"box","text":"Manager’s discretion. In kind payment means payment will be made in por tfolio securities and other assets rather","page_number":164,"box":{"x":70,"y":824,"width":814,"height":11}},{"id":"87f9d4e6-3066-4127-b560-069e6ae4df2b","block_type":"box","text":"than cash. Redemptions in kind may be used in applicable circumstances, generally if the relevant shareholder is","page_number":164,"box":{"x":68,"y":839,"width":809,"height":11}},{"id":"9f5a0c12-75b9-4faa-a191-92046ea9af58","block_type":"box","text":"able to accept securities in kind, and may also be used in stressed market conditions. If this occurs, the redeeming","page_number":164,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"f85137c6-f5c4-4d84-8fe8-79fd2eb0ef13","block_type":"box","text":"shareholder might incur brokerage or other transaction costs to conver t the securities and other assets to cash. Each","page_number":164,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"a88a6f81-c1f7-4887-b3b5-67ad1762c422","block_type":"box","text":"Fund has elected, however, to be governed by Rule 18f-1 under the Investment Company Act so that the Fund is","page_number":164,"box":{"x":70,"y":884,"width":797,"height":12}},{"id":"e13a6e4c-0d03-42f5-9425-2e19a158870d","block_type":"box","text":"II-114","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"078ce1ad-68fa-4cf0-983b-07832c1db105","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f674882a-3394-4c4b-b7a8-5ca91c0f9005","block_type":"box","text":"obligated to redeem its shares solely in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period","page_number":165,"box":{"x":69,"y":44,"width":833,"height":12}},{"id":"1276472e-f2c4-44e5-8b80-1d8bfc2ccc9b","block_type":"box","text":"for any shareholder of the Fund.","page_number":165,"box":{"x":68,"y":60,"width":227,"height":11}},{"id":"779555c6-1797-46d5-9875-1c33da9362ee","block_type":"box","text":"The redemption price is the NAV per share next determined after the initial receipt of proper notice of","page_number":165,"box":{"x":101,"y":82,"width":722,"height":11}},{"id":"ea8a1588-2785-4feb-ade5-1f06c420e479","block_type":"box","text":"redemption. The value of shares of each Fund at the time of redemption may be more or less than your cost at the","page_number":165,"box":{"x":69,"y":98,"width":818,"height":11}},{"id":"127406d7-8c86-4765-a492-20f60d340993","block_type":"box","text":"time of purchase, depending in par t on the market value of the securities held by the Fund at such time. Except for","page_number":165,"box":{"x":68,"y":113,"width":821,"height":11}},{"id":"d5d914c6-f325-4714-b5ba-5834d373682a","block_type":"box","text":"any CDSC that may be applicable, there will be no redemption charge if your redemption request is sent directly to","page_number":165,"box":{"x":69,"y":128,"width":815,"height":11}},{"id":"9615d1ea-16ad-49d4-af03-2384ba2ed563","block_type":"box","text":"the Transfer Agent. If you are liquidating your holdings you will receive all dividends reinvested through the date of","page_number":165,"box":{"x":68,"y":143,"width":812,"height":11}},{"id":"c287e97e-90af-4221-b669-f6400fc06e4b","block_type":"box","text":"redemption.","page_number":165,"box":{"x":69,"y":158,"width":83,"height":11}},{"id":"639556fb-a286-4095-949e-4dea8bb020f8","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":165,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"945e52b6-9627-457e-8782-fd0cdb4481a1","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":165,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"999ee8d3-da0a-4fc2-9252-fe66dda18a5e","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":165,"box":{"x":68,"y":211,"width":811,"height":11}},{"id":"98734973-a415-40ef-94f6-711366292b87","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":165,"box":{"x":69,"y":226,"width":741,"height":11}},{"id":"54ff6936-b049-4f20-80d7-3f6e68346538","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":165,"box":{"x":69,"y":241,"width":813,"height":11}},{"id":"d972749d-5311-4a95-a33f-c5c780936ba0","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":165,"box":{"x":69,"y":256,"width":787,"height":11}},{"id":"f07b2ae8-9a3e-4ee3-a049-b1da82579599","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":165,"box":{"x":69,"y":271,"width":685,"height":12}},{"id":"2d411cb7-e1c8-4dbf-b2d5-81568f19c78c","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":165,"box":{"x":102,"y":294,"width":798,"height":11}},{"id":"6fc5099c-1be5-4af7-a3b7-9e7f92001b72","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":165,"box":{"x":69,"y":309,"width":820,"height":11}},{"id":"93247b88-98ef-442b-8767-cddb885a887b","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":165,"box":{"x":69,"y":324,"width":653,"height":12}},{"id":"992de614-04c5-4bc1-b887-85d5a8a406de","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":165,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"e93091aa-5d5f-4350-937c-e75a29686cd9","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":165,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"c01eedcc-538d-4ede-9763-bca09f63f188","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":165,"box":{"x":68,"y":377,"width":824,"height":12}},{"id":"5a4ebf03-8529-4ff6-a3b7-223d2e3008eb","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":165,"box":{"x":70,"y":392,"width":825,"height":12}},{"id":"cc086cda-9983-4d3f-a30a-0228d137fe62","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":165,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"552fadfb-eecf-43f9-a6e9-9f77177b96dd","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":165,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"376d39ba-9f11-425d-a8f7-58e4ffb42308","block_type":"box","text":"Redemption","page_number":165,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"7f96020b-e99e-40fa-8fed-9b981fe7e09d","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":165,"box":{"x":70,"y":476,"width":481,"height":10}},{"id":"72579038-44aa-4c6c-a226-c71967a8623b","block_type":"box","text":"Redeem by Telephone:","page_number":165,"box":{"x":102,"y":498,"width":162,"height":11}},{"id":"42045641-019c-40ed-8bab-e0a1e4c02452","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":165,"box":{"x":270,"y":498,"width":571,"height":11}},{"id":"f3370f9d-5242-49a5-a65d-8ff1c5ece501","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":513,"width":829,"height":12}},{"id":"27aeef54-997a-4341-b414-07be81bbe0eb","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":528,"width":798,"height":12}},{"id":"657af012-d61e-43b4-a377-a4f6e5a16ed5","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":543,"width":838,"height":12}},{"id":"1d1ae62a-0d70-44b3-ac7c-8445ff877e55","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":559,"width":831,"height":11}},{"id":"460a3926-e17f-4dd3-ac87-6a36af0dfdcf","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":574,"width":822,"height":11}},{"id":"855d08a8-efe0-4cd1-a9d8-7a2903ed429e","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":589,"width":791,"height":11}},{"id":"29df46ce-d7bf-49c4-8989-d4a88cbfe12f","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":604,"width":818,"height":11}},{"id":"37dc83c9-da4d-4beb-94a7-5719bb0a22b3","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":619,"width":829,"height":11}},{"id":"7874b83f-b87d-49a4-879c-c317183f31cc","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":634,"width":803,"height":12}},{"id":"99556f3d-20cb-45d3-af26-2397cea1610c","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":650,"width":834,"height":11}},{"id":"8b55158f-f132-4537-ab92-00dab61c6f8d","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":664,"width":825,"height":12}},{"id":"dc5f26e5-50d5-4c56-a34b-ee81ae671a5b","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":680,"width":840,"height":11}},{"id":"4c37c6ac-3401-41f4-bcde-0c700e6b05d0","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":695,"width":835,"height":11}},{"id":"a264100e-eda3-4c16-8223-f23648eb63bd","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":710,"width":828,"height":11}},{"id":"0a5f993e-b319-4ee8-a1d0-fa6dded8a8ef","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":725,"width":835,"height":11}},{"id":"6e12f433-29ea-4614-b2f6-5401f58e4f33","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":165,"box":{"x":70,"y":740,"width":603,"height":11}},{"id":"454e246f-16f4-4de2-b66a-f0865c6468f7","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":763,"width":774,"height":11}},{"id":"2f00044f-7ee7-483b-b3fc-f73bce6d56a8","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":778,"width":795,"height":11}},{"id":"25144ea3-49e4-4b8e-b29f-66002ab46eba","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":793,"width":821,"height":11}},{"id":"e19907cf-b077-4da2-b188-44960929adf5","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":808,"width":823,"height":11}},{"id":"2072ee21-0f4b-4cda-82b3-228aa701afef","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":823,"width":823,"height":11}},{"id":"9d83fbad-a8da-4db0-bee1-7e949b59888b","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":838,"width":809,"height":11}},{"id":"a1a92cc7-8240-4ccc-8a81-572b09ed1f03","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":853,"width":833,"height":12}},{"id":"14eabd78-169e-4e51-aa11-4e410fe1064c","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":869,"width":821,"height":11}},{"id":"efc906c4-34f7-49d6-bca8-dc0c15ce8e07","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":884,"width":785,"height":11}},{"id":"04bbf2d5-3f6b-495e-b35b-3f93f1638d49","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":899,"width":820,"height":11}},{"id":"4c21cee6-b8f3-42d3-8cdc-643a925ffcf4","block_type":"box","text":"II-115","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"363eb315-7fe4-4511-84a5-29273c42d58d","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74330953-9a61-4396-9354-9d7acf3ef07d","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":166,"box":{"x":69,"y":45,"width":782,"height":11}},{"id":"c9d4c052-dfce-48c9-a3e3-6189c9afb80d","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":166,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"fae836a5-b1ce-41a4-a0b7-2d16ebaefbda","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":166,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"44e194a0-d688-4989-b49a-82dafadf4875","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":166,"box":{"x":69,"y":90,"width":800,"height":11}},{"id":"51cdf648-1457-47bf-a879-9cc8efb726af","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":166,"box":{"x":102,"y":113,"width":776,"height":11}},{"id":"3bcdaf0b-e68c-4be4-85a3-607fbbe579f7","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":166,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"122d44d3-3a6a-4b91-a44d-643733dddb73","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":166,"box":{"x":69,"y":143,"width":820,"height":11}},{"id":"9eca6994-703c-4572-8830-f380d3e5d962","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":166,"box":{"x":68,"y":158,"width":826,"height":11}},{"id":"f8106361-a773-4287-98d4-ee66f84455d2","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":166,"box":{"x":68,"y":173,"width":817,"height":11}},{"id":"9024ba3d-f376-485c-8c1a-352034aa9078","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":166,"box":{"x":70,"y":188,"width":648,"height":11}},{"id":"36b418a9-302d-43dd-9a6c-f3fa5463b612","block_type":"box","text":"Redeem by VRU:","page_number":166,"box":{"x":102,"y":211,"width":120,"height":11}},{"id":"336f0c63-af7c-499a-bac0-b2b3f7c62ed8","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":166,"box":{"x":229,"y":211,"width":667,"height":11}},{"id":"b3a8c14f-bfb8-4342-8456-5c84b4b81d13","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":166,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"2ebbbb8a-592b-45aa-8a89-621d1a1cfa0a","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":166,"box":{"x":68,"y":241,"width":644,"height":11}},{"id":"9cd3e2d4-b25f-46d8-8054-b2412121443b","block_type":"box","text":"Redeem by Internet:","page_number":166,"box":{"x":102,"y":264,"width":147,"height":11}},{"id":"a56fd769-068e-4979-a414-6179ef44057e","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":166,"box":{"x":255,"y":264,"width":637,"height":11}},{"id":"474239a5-3a25-4f97-b836-61ce4d89dc39","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":166,"box":{"x":70,"y":279,"width":836,"height":11}},{"id":"2f7e5fd5-6876-4f57-a242-6e4e974a399f","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":166,"box":{"x":68,"y":294,"width":823,"height":11}},{"id":"9cef1f17-1d5c-4236-a10b-93c4b5a4a041","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":166,"box":{"x":68,"y":309,"width":789,"height":11}},{"id":"339e1729-b241-4ed3-8a86-e46d6d1759bf","block_type":"box","text":"institutional investors.","page_number":166,"box":{"x":70,"y":325,"width":155,"height":8}},{"id":"02affcd7-514a-4a42-b85d-5cbe5cfe5319","block_type":"box","text":"Redeem in Writing:","page_number":166,"box":{"x":102,"y":347,"width":137,"height":11}},{"id":"67cac175-2b6e-4d54-af8a-6a181cdceafa","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":166,"box":{"x":247,"y":347,"width":639,"height":11}},{"id":"d7011b17-2047-4ca0-b0b6-27bc67f6dfa4","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":166,"box":{"x":68,"y":362,"width":831,"height":11}},{"id":"6e2fea18-45d9-4cf6-9908-127e8d2bbc1a","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":166,"box":{"x":68,"y":377,"width":745,"height":12}},{"id":"128c6e2e-02aa-4196-bf3b-974241b2e8c7","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":166,"box":{"x":69,"y":392,"width":764,"height":12}},{"id":"d6b03bd9-4aa6-4cf4-8b06-71ffc62fca91","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":166,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"ced085ef-9200-4c8d-8d6e-0b1534e9c015","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":166,"box":{"x":68,"y":423,"width":794,"height":11}},{"id":"19783a3f-c432-4f3e-9a86-2d5f2f28e179","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":166,"box":{"x":68,"y":438,"width":782,"height":11}},{"id":"1b6c1dee-5b0e-414b-b81c-14938dceb899","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":453,"width":817,"height":11}},{"id":"a375f8da-4522-4a29-94f9-e2995e01a115","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":468,"width":836,"height":11}},{"id":"da242d53-5178-4a84-9e9c-feb2345b6766","block_type":"box","text":"or wire to the bank account of record.","page_number":166,"box":{"x":69,"y":483,"width":266,"height":9}},{"id":"8266e103-79e0-4175-85ae-9796d6566939","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":506,"width":802,"height":11}},{"id":"3c9a75cb-7663-49d4-8e30-7cab5ceba714","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":166,"box":{"x":69,"y":521,"width":489,"height":11}},{"id":"1d87e2b2-1038-419b-88d6-c8cc6eb2e6e7","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":543,"width":668,"height":12}},{"id":"194b24af-7c2e-460b-9448-2fa53d3b1684","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":566,"width":800,"height":11}},{"id":"4a3598cd-4b01-427e-8bfb-1d9c1b3faa0a","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":581,"width":838,"height":12}},{"id":"69fc0763-1bed-40d1-ae41-e062fdd482f4","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":596,"width":811,"height":11}},{"id":"5a619080-40d7-4167-815f-de754dfe07f3","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":612,"width":789,"height":11}},{"id":"ee43b6af-3bdc-4338-83e0-acaef21e44ac","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":627,"width":775,"height":11}},{"id":"c52bb9ee-39fe-4ab6-9fdb-087b7d9a4ac5","block_type":"box","text":"redeemed by the Fund.","page_number":166,"box":{"x":69,"y":642,"width":162,"height":11}},{"id":"fa730b03-d6a4-470a-890f-fb90f35d2845","block_type":"box","text":"Note on Low Balance Accounts.","page_number":166,"box":{"x":102,"y":665,"width":223,"height":8}},{"id":"2e1938c9-722e-45a1-826a-31ccad2342f4","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":166,"box":{"x":332,"y":664,"width":503,"height":12}},{"id":"944325bb-dbc9-4be6-b50f-58ad100ad365","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":679,"width":752,"height":12}},{"id":"84f886c6-96bc-4a8f-91c6-0a75b9b10cfb","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":694,"width":829,"height":12}},{"id":"0176ef14-76a5-4e9f-a298-3694dd098c95","block_type":"box","text":"for any reason, including market fluctuation.","page_number":166,"box":{"x":68,"y":710,"width":313,"height":11}},{"id":"e47ba20f-70e2-49e2-be91-e6c3c66d0540","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":732,"width":775,"height":12}},{"id":"017e6bb5-3f03-4e68-b0cc-b9e3ce66db8c","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":748,"width":773,"height":11}},{"id":"3c7ab79a-e595-4054-9cc3-2ff5b595cc70","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":762,"width":776,"height":12}},{"id":"6e84a0af-ca30-444f-a9a8-61d31f4ab63d","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":778,"width":834,"height":11}},{"id":"a80a7c7d-735d-4a2d-a493-ce11b1ee9509","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":793,"width":811,"height":11}},{"id":"3c88b0b5-f6f9-4880-bfda-c248ed00c95f","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":166,"box":{"x":69,"y":808,"width":435,"height":11}},{"id":"a1fa748e-b070-4d40-be62-6eb69b278d86","block_type":"box","text":"Redemptions in Kind:","page_number":166,"box":{"x":102,"y":831,"width":153,"height":11}},{"id":"063a0aa3-edd8-4f86-a664-6c70e250f965","block_type":"box","text":"Each Fund reserves the right to honor any request for redemption by making payment in","page_number":166,"box":{"x":263,"y":831,"width":624,"height":11}},{"id":"17b992b0-9091-43c9-9f73-e63517451260","block_type":"box","text":"whole or in par t by delivering securities valued in the same way as they would be valued for purposes of computing a","page_number":166,"box":{"x":68,"y":846,"width":833,"height":11}},{"id":"7ed32b71-a665-4c4e-b194-3f5acc57ed5e","block_type":"box","text":"Fund’s NAV, except that each Fund is obligated to redeem shares solely in cash up to the lesser of $250,000 or 1%","page_number":166,"box":{"x":70,"y":860,"width":825,"height":12}},{"id":"c40c7225-3ae7-426d-a7ff-3ff26736a8a7","block_type":"box","text":"of the Fund’s NAV during any 90-day period for any one shareholder. Redemptions in excess of those amounts will","page_number":166,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"43aebbf0-4a6d-4662-99df-a6d421dc1080","block_type":"box","text":"normally be paid in cash but may be paid wholly or par tly by a distribution in kind of securities.","page_number":166,"box":{"x":69,"y":891,"width":672,"height":11}},{"id":"f0f35ffb-89a7-4ca0-a77e-03d8f09250c1","block_type":"box","text":"II-116","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"adfe2d3e-a544-4097-b8ab-f8826c317d0d","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9506bda5-82a8-48e9-9a06-35d0cdcd574b","block_type":"box","text":"The specific security or securities to be distributed will be determined by the Manager and could include a pro","page_number":167,"box":{"x":101,"y":45,"width":787,"height":11}},{"id":"51372f6f-1b60-4047-881b-ad245202762c","block_type":"box","text":"rata representation of the Fund’s por tfolio or a non-pro-rata representation of the Fund’s por tfolio depending upon","page_number":167,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"f9f185dc-91cc-48a7-8ec0-e9b59e0cec01","block_type":"box","text":"various circumstances and subject to the Funds’ policies and procedures and any applicable laws or regulations. In","page_number":167,"box":{"x":68,"y":75,"width":822,"height":11}},{"id":"3abad8a4-6993-4407-b513-8825b12c18e1","block_type":"box","text":"effecting such redemption in kind, the Manager may select securities to distribute to the redeeming shareholder by","page_number":167,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"9be8f5b2-60ec-4234-9af0-bd4c8655bd46","block_type":"box","text":"considering cer tain factors, including, without limitation, the por tfolio management team’s model or optimal por tfolio,","page_number":167,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"f72d94d3-ae5c-41f5-b521-c525efa362bc","block_type":"box","text":"risk management considerations, compliance considerations, the active positioning of a Fund post-redemption, the","page_number":167,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"a3a68e09-56fc-45ef-9a76-dfe9f3dc8be6","block_type":"box","text":"liquidity of the securities, and the tax basis of the securities. There is no assurance that BlackRock will select to","page_number":167,"box":{"x":70,"y":135,"width":801,"height":11}},{"id":"19e0a670-b338-4b45-a763-3f1f3fbf4387","block_type":"box","text":"retain those securities that will per form the best. An Index Fund may deviate from pro rata redemptions but will seek","page_number":167,"box":{"x":69,"y":150,"width":832,"height":12}},{"id":"3f924469-31f6-466e-8c4a-0ea4ec5397d2","block_type":"box","text":"for the securities and other assets to be distributed to be deemed to be a fair representation of por tfolio holdings","page_number":167,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"304f2136-b7a0-4b22-a6c7-8c6818e43938","block_type":"box","text":"and the interests of the remaining shareholders in the Index Fund to not be diluted.","page_number":167,"box":{"x":69,"y":181,"width":594,"height":11}},{"id":"89ee8b7b-5a34-46b1-81bf-5400660927cc","block_type":"box","text":"The Funds may effect redemptions in kind in an effor t to, among other considerations: (a) manage the por tfolio","page_number":167,"box":{"x":101,"y":203,"width":795,"height":12}},{"id":"491b82eb-88b1-4bf5-b757-5ba5f921a7c9","block_type":"box","text":"efficiently or for any other por tfolio management purpose, and (b) externalize cer tain transaction costs that would","page_number":167,"box":{"x":69,"y":218,"width":810,"height":12}},{"id":"40294af1-1b41-4ff2-ba3c-a35ba4057649","block_type":"box","text":"otherwise be borne by a Fund in connection with redemption activity or por tfolio turnover. Redemptions in kind may","page_number":167,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"f7d5fc9a-8d84-42da-afa5-17e43306511f","block_type":"box","text":"reduce the need for the Fund to maintain shor t-term cash reserves, reduce Fund transaction costs, reduce the need","page_number":167,"box":{"x":69,"y":249,"width":828,"height":10}},{"id":"555c208b-d95a-49d8-a79e-9fcaa3275a3b","block_type":"box","text":"for the Fund to sell its investments at inoppor tune times, and lower Fund capital gain recognition, all of which may be","page_number":167,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"91b7c69a-5030-46f8-aec7-62b411410ed6","block_type":"box","text":"considerations when determining whether to effect a redemption in kind. However, there can be no assurance that","page_number":167,"box":{"x":69,"y":279,"width":817,"height":11}},{"id":"63062c50-a6b5-4f54-983b-a5a3434b9622","block_type":"box","text":"redemptions in kind can or will be effected when they would be beneficial to a Fund, and it may be impractical or","page_number":167,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"c324e1ce-d49f-4802-b037-77db18374839","block_type":"box","text":"impossible to effect redemptions in kind with many or substantially all of the Fund’s shareholders because of, among","page_number":167,"box":{"x":70,"y":309,"width":837,"height":11}},{"id":"6c143222-0a25-42a1-aa7e-a586e3eb4820","block_type":"box","text":"other things, how they hold their Fund shares or the small value of the redemptions.","page_number":167,"box":{"x":69,"y":324,"width":598,"height":12}},{"id":"88c2787d-6062-4944-b5da-8569919c23c3","block_type":"box","text":"In some circumstances, in order to meet Fund liquidity needs, for optimization of the Fund’s por tfolio, or a","page_number":167,"box":{"x":102,"y":347,"width":756,"height":11}},{"id":"18441a75-bd1c-4e39-8c80-d89819c00801","block_type":"box","text":"combination thereof, a Fund, in its discretion, may accept large purchase orders from one or more financial","page_number":167,"box":{"x":69,"y":362,"width":764,"height":11}},{"id":"77580743-f5df-4bf4-858f-32a9e25065c5","block_type":"box","text":"institutions that are willing, upon redemption of their investment in the Fund, to receive their redemption proceeds in","page_number":167,"box":{"x":70,"y":377,"width":830,"height":12}},{"id":"37b01357-b698-4f0f-936e-1649b2176575","block_type":"box","text":"kind rather than in cash. A Fund’s ability to pay these redemption proceeds in kind relieves the Fund of the need of","page_number":167,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"1eefe9d7-6627-4795-b17b-eb8a2c24275e","block_type":"box","text":"the Fund to sell the securities that are distributed in kind and incur brokerage and other transaction costs associated","page_number":167,"box":{"x":68,"y":408,"width":837,"height":11}},{"id":"f46e0a9e-d54d-4600-8ea5-fc5ee1dc608b","block_type":"box","text":"with such sale, and may have the effect of reducing the amount of taxable gains the Fund would otherwise be","page_number":167,"box":{"x":68,"y":423,"width":784,"height":11}},{"id":"63e8d1eb-00c5-4dd4-af65-35b8d09de1af","block_type":"box","text":"required to distribute to shareholders. A Fund’s ability to engage in such transactions is subject to, among other","page_number":167,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"7edc387a-aa10-4878-b5c7-3ceeedff9d2f","block_type":"box","text":"things, limitations on frequency of redemptions in kind under the Fund’s policies and availability of shareholders able","page_number":167,"box":{"x":68,"y":453,"width":835,"height":11}},{"id":"d7b75546-cc15-4973-b870-41f9137c8357","block_type":"box","text":"to transact in kind, and there is no assurance that the Fund can or will effect any redemptions in kind. Financial","page_number":167,"box":{"x":68,"y":468,"width":796,"height":11}},{"id":"b36d82e6-516d-489e-b736-8333a675a253","block_type":"box","text":"institutions that par ticipate in the transactions described in this sub-section do not receive a fee from the Fund for","page_number":167,"box":{"x":70,"y":483,"width":816,"height":11}},{"id":"4c632d1c-fa7c-44f6-8db9-845d13cdbc02","block_type":"box","text":"doing so. The Funds’ shor t-term trading policy shall not apply to the transactions described in this sub-section.","page_number":167,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"93d79166-37bf-4c06-b69d-1c9ca3d9fdf7","block_type":"box","text":"If you receive securities through a redemption in kind, and desire to conver t them to cash, you may pay taxes","page_number":167,"box":{"x":102,"y":521,"width":779,"height":11}},{"id":"55d49118-712c-4c41-9a8e-fd05c8b73e0a","block_type":"box","text":"and brokerage and other transaction costs to dispose of the securities. You may also receive less for the securities","page_number":167,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"77620c1f-fe82-4f96-9ce8-3431eddf5722","block_type":"box","text":"than the price at which they were valued for purposes of effecting the redemption. There may also be a risk that","page_number":167,"box":{"x":68,"y":551,"width":800,"height":11}},{"id":"385662f0-c063-49c2-9056-221f04ec2a59","block_type":"box","text":"redemption in kind activity could negatively impact the market value of the securities distributed in kind and, in turn,","page_number":167,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"3a440875-1792-4eef-b243-75f4beceb770","block_type":"box","text":"the NAV of the corresponding Fund.","page_number":167,"box":{"x":68,"y":581,"width":251,"height":12}},{"id":"32ac4002-e393-480f-98de-66bc8d24a38b","block_type":"box","text":"Repurchase","page_number":167,"box":{"x":69,"y":612,"width":85,"height":11}},{"id":"bf42d43b-1ff1-4897-ade0-4d5eba4ab01f","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":167,"box":{"x":101,"y":634,"width":800,"height":12}},{"id":"9b0c3d99-25cb-4ed7-8509-ca394c174459","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":167,"box":{"x":70,"y":649,"width":833,"height":12}},{"id":"8c2c29f2-fb3e-48cc-8dc6-1744c9633099","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":167,"box":{"x":69,"y":665,"width":822,"height":11}},{"id":"737c4429-a0fe-48c7-9de3-cb33a58133a4","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":167,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"48ae4175-61e6-41a0-a166-fee8363f8afa","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":167,"box":{"x":69,"y":695,"width":831,"height":11}},{"id":"75aac5b0-e889-4c38-913a-1f8c926d6fec","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":167,"box":{"x":70,"y":710,"width":796,"height":11}},{"id":"1abc0aed-54ec-4c39-b324-1d2d438623d7","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":167,"box":{"x":69,"y":725,"width":812,"height":11}},{"id":"bcad29de-a5aa-43c3-aedf-f3180394d1f1","block_type":"box","text":"next business day.","page_number":167,"box":{"x":69,"y":740,"width":130,"height":11}},{"id":"ef7ca304-121a-4104-9ff1-59e239d473c0","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":167,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"b56fbb53-6b3e-40c3-8a11-04b09becbd47","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":167,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"51b790e8-f879-4281-8e50-ad26afa64bff","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":167,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"e5659925-16e5-416e-880b-5180c91a8fc0","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":167,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"d5f5cc05-8af0-4386-aa63-b6bef85ebbc8","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":167,"box":{"x":69,"y":823,"width":788,"height":11}},{"id":"973dced8-0af7-41f3-843e-784653c936bc","block_type":"box","text":"redeem shares as set out above.","page_number":167,"box":{"x":69,"y":839,"width":235,"height":8}},{"id":"b93ac09f-bf9a-4ab2-b2d7-557e9a4af4f4","block_type":"box","text":"II-117","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"82bb0104-9fdc-4f96-8359-2c82008e41c1","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f2115d3-4c70-4d54-9543-a4856d6fb5c6","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":168,"box":{"x":69,"y":45,"width":440,"height":11}},{"id":"f89aa24b-1d4a-46b8-b5f0-595ded26e5bc","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":168,"box":{"x":102,"y":67,"width":791,"height":11}},{"id":"a2eb88e9-40f6-4b34-838d-ad88c724c557","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":168,"box":{"x":69,"y":82,"width":815,"height":12}},{"id":"5753335f-bd28-4f69-ac04-99a08f9d4d95","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":168,"box":{"x":69,"y":98,"width":822,"height":11}},{"id":"4477f0e8-1f5f-4999-b636-828a9ff378f3","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":168,"box":{"x":68,"y":113,"width":806,"height":11}},{"id":"b87d1e08-942d-43a7-ac10-9ae0ea53292e","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":168,"box":{"x":69,"y":128,"width":768,"height":11}},{"id":"ef8c011e-c9c0-4b7a-b818-a67970e70012","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":168,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"44ff5a02-6dac-4d18-891e-9da2ee1f7aec","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":168,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"3ba574c8-5f2c-4495-9c4e-e5d6c55b5e0c","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":168,"box":{"x":69,"y":173,"width":764,"height":11}},{"id":"d69ea3c5-98fc-4775-abe8-d5fbd24090ec","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":168,"box":{"x":69,"y":188,"width":400,"height":12}},{"id":"98652162-2ead-4e2c-8f5b-7beb1c67c2ac","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":168,"box":{"x":384,"y":218,"width":210,"height":9}},{"id":"aa3cf0b9-750f-404f-b6e6-70a70fa13cfa","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":168,"box":{"x":102,"y":241,"width":747,"height":11}},{"id":"b05f1e69-5894-4c94-afdc-b7ab7fc45470","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":168,"box":{"x":70,"y":256,"width":781,"height":11}},{"id":"d9132f9a-3033-4c8c-bc21-da947d70d1ac","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":168,"box":{"x":68,"y":271,"width":836,"height":11}},{"id":"75ec7aea-6101-4291-8c97-46f4d56cc31d","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":168,"box":{"x":69,"y":286,"width":641,"height":11}},{"id":"64bd3eed-a1d3-48d7-8171-ae0871d59df6","block_type":"box","text":"Investment Account","page_number":168,"box":{"x":69,"y":316,"width":146,"height":9}},{"id":"6d884ac0-e1b3-4401-9f13-1a626adb9c07","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":168,"box":{"x":102,"y":339,"width":774,"height":11}},{"id":"91d52da2-5ea8-4d98-be47-593a6b05965a","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":168,"box":{"x":70,"y":354,"width":796,"height":11}},{"id":"4c3fc802-dab2-4bae-a5a6-021dd81a7bde","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":168,"box":{"x":70,"y":369,"width":807,"height":11}},{"id":"bad62f07-16c9-4ae6-b231-fb39d214f869","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":168,"box":{"x":68,"y":384,"width":830,"height":11}},{"id":"a463dabf-5484-4574-8945-6b2f2c4c9df3","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":168,"box":{"x":69,"y":399,"width":829,"height":11}},{"id":"a162bea4-6596-440a-8ea9-a84efe8e1036","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":168,"box":{"x":68,"y":414,"width":815,"height":12}},{"id":"15ee8173-8c57-4fb5-966c-ea04b8f2dd7a","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":168,"box":{"x":70,"y":429,"width":781,"height":12}},{"id":"a8216e4d-e862-431d-a092-98e1ea659637","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":168,"box":{"x":69,"y":445,"width":825,"height":11}},{"id":"4eac244e-6021-4f14-bd79-26f48fc26f26","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":168,"box":{"x":69,"y":460,"width":785,"height":11}},{"id":"84dd978a-a84c-4bff-a6f7-cea3a531e998","block_type":"box","text":"automatically at the Transfer Agent.","page_number":168,"box":{"x":69,"y":475,"width":251,"height":11}},{"id":"486651fe-3855-417f-8871-3d0ef34faefa","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":168,"box":{"x":101,"y":498,"width":750,"height":11}},{"id":"4aa9ddc2-13b6-4f51-b305-c01e1b4b8c65","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":168,"box":{"x":69,"y":513,"width":797,"height":11}},{"id":"6236a711-d118-4b71-9509-820be596da39","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":168,"box":{"x":69,"y":528,"width":797,"height":11}},{"id":"d26b0b6f-f3d6-4b99-a31f-0526a9727f48","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":168,"box":{"x":69,"y":543,"width":826,"height":11}},{"id":"73b3bf9b-b8e3-4d5c-aa41-8f94bc52c8d6","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":168,"box":{"x":68,"y":558,"width":792,"height":11}},{"id":"9235652a-8fb0-4b1d-a372-35f415011b3e","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":168,"box":{"x":69,"y":573,"width":824,"height":11}},{"id":"c212fa6d-dbd8-4d83-9cfb-d8e5e8e2f63c","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":168,"box":{"x":69,"y":588,"width":820,"height":11}},{"id":"71efbc4e-581c-4ed9-a3d0-f2568aa8a8a2","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":168,"box":{"x":68,"y":603,"width":833,"height":12}},{"id":"bd7d595c-529a-417b-9ddd-26b1f606f1ec","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":168,"box":{"x":68,"y":618,"width":795,"height":12}},{"id":"e1402ad4-f2f5-4832-a71a-fa814eda3b1d","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":168,"box":{"x":70,"y":634,"width":822,"height":11}},{"id":"8670dd89-b828-4d5b-9a9a-63ba4184b3e4","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":168,"box":{"x":69,"y":649,"width":814,"height":11}},{"id":"218fac1b-c9a1-4b3a-a534-359bc723db17","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":168,"box":{"x":68,"y":664,"width":822,"height":11}},{"id":"1d07b3ee-6f34-48ad-ab3f-ee9cbc27e5af","block_type":"box","text":"issued.","page_number":168,"box":{"x":70,"y":679,"width":49,"height":9}},{"id":"fd40507f-b32c-43e0-a835-52f23ed3d3a2","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":168,"box":{"x":102,"y":702,"width":785,"height":11}},{"id":"63b8ca41-f526-4965-8633-1fa2134d45ec","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":168,"box":{"x":68,"y":717,"width":830,"height":11}},{"id":"0a9d2a9a-1a6a-4f0c-b7a7-2ed934f19994","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":168,"box":{"x":68,"y":732,"width":790,"height":11}},{"id":"9ae0c978-e21f-4e06-8049-f08292e49a2b","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":168,"box":{"x":69,"y":747,"width":831,"height":11}},{"id":"e6ac790a-7261-496e-b245-2a2c61a6ffa0","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":168,"box":{"x":68,"y":762,"width":652,"height":11}},{"id":"166cf9f1-49bd-435b-92fe-6f86895b5847","block_type":"box","text":"Exchange Privilege","page_number":168,"box":{"x":69,"y":792,"width":138,"height":11}},{"id":"3949da0d-8045-4645-ac38-35b3777ca62b","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":168,"box":{"x":102,"y":815,"width":797,"height":11}},{"id":"ab640fcc-944d-4c7f-9118-e5444f884360","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":168,"box":{"x":69,"y":830,"width":832,"height":11}},{"id":"3bb63fd3-8023-4613-a1f8-11937959a153","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":168,"box":{"x":68,"y":845,"width":788,"height":12}},{"id":"bcbc7d25-9838-4c22-bc0d-49abac307247","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":168,"box":{"x":69,"y":860,"width":796,"height":12}},{"id":"ac4cbb82-9588-413a-abf5-9399bdba5395","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":168,"box":{"x":69,"y":875,"width":824,"height":12}},{"id":"8348abc6-cc38-49dd-b987-3e5c5d33d152","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":168,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"b1d9a336-0952-4877-a340-68965bdeb4b0","block_type":"box","text":"II-118","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"aba4da37-64ce-4c27-844f-25d00b1caaf2","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ec43933-f608-4203-9347-0eefe5c0c765","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":169,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"2bc359bf-a2d7-44a0-989d-4f92fe7f184c","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":169,"box":{"x":69,"y":60,"width":600,"height":11}},{"id":"56f7044b-d539-4677-a861-aefa2210332c","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":169,"box":{"x":102,"y":82,"width":648,"height":12}},{"id":"94ff9dc3-5286-4491-ab7e-f02975ede343","block_type":"box","text":"Institutional Shares","page_number":169,"box":{"x":757,"y":83,"width":137,"height":8}},{"id":"d7771448-4118-4105-be21-4b58ad6cf835","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":169,"box":{"x":69,"y":98,"width":817,"height":11}},{"id":"cd6511b0-3bf8-4b8e-8313-f927005b4a8a","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":169,"box":{"x":70,"y":113,"width":798,"height":11}},{"id":"f4f43e4f-b213-4bc9-9b69-d7615db3f30e","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":169,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"f89b6149-7400-4ece-bebd-87c70b98efda","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":169,"box":{"x":70,"y":143,"width":834,"height":11}},{"id":"b60c8957-cd2e-4963-96ab-8417182cec5f","block_type":"box","text":"for Class G Shares of other Funds.","page_number":169,"box":{"x":68,"y":158,"width":246,"height":9}},{"id":"79da0043-8860-4538-bce9-b4ef33ad38e9","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":169,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"8b5b2edd-2ead-4f6a-80e6-d993f1b6ffa2","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":169,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"70620d03-1346-453a-b315-aba8e3fd658e","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":169,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"4403a984-7e39-4434-9550-12e30eed3bd7","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":169,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"a6d8327c-7355-4990-a3ba-8083814f6ca7","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":169,"box":{"x":70,"y":241,"width":814,"height":11}},{"id":"c07d2afd-c639-4a4a-b6fb-e271cbf48226","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":169,"box":{"x":69,"y":256,"width":796,"height":12}},{"id":"c635836c-6981-4b2c-a4fa-9d3bf1bf78a8","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":169,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"9b6d9369-b2a1-4eec-82a5-b3f1afa1c0a9","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":169,"box":{"x":69,"y":286,"width":561,"height":11}},{"id":"87fc6e54-eb0e-4712-a635-f72190259c63","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":169,"box":{"x":102,"y":309,"width":229,"height":11}},{"id":"dd725bda-5e11-47eb-a3bb-e8655d2b3c7d","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":169,"box":{"x":338,"y":309,"width":570,"height":11}},{"id":"47a794e5-6842-422f-bf71-4a45e19993dc","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":169,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"db342299-528e-491e-8772-f6aa30eaec5c","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":169,"box":{"x":68,"y":339,"width":839,"height":12}},{"id":"7d3dfc31-d0ae-4055-9ab7-a8491e1a8bf1","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":169,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"e602da4d-db8b-4853-9c14-4ed125836372","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":169,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"056f004c-56cf-476f-8154-fb2f5a0c5540","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":169,"box":{"x":68,"y":385,"width":781,"height":11}},{"id":"3e1d3b6c-b8e2-47ef-a539-5074ce22644f","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":169,"box":{"x":68,"y":400,"width":654,"height":11}},{"id":"ea5f5dc6-782d-410b-afa0-cb8a0c52c617","block_type":"box","text":"Exchanges of Service Shares.","page_number":169,"box":{"x":102,"y":423,"width":211,"height":11}},{"id":"b6a88c6d-2735-48ae-b68a-fb3a94e8228f","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":169,"box":{"x":319,"y":423,"width":588,"height":11}},{"id":"626297c6-b685-49e0-b584-fd735e6e1519","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":169,"box":{"x":69,"y":438,"width":342,"height":11}},{"id":"8ef165d1-dbf5-4247-b172-1073a927b85d","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":169,"box":{"x":102,"y":460,"width":335,"height":12}},{"id":"2c501d39-f720-4459-ab51-8fa78683ea59","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":169,"box":{"x":443,"y":460,"width":455,"height":12}},{"id":"16c32be8-3fc2-45ef-877a-8f4668e2d553","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":169,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"1c395f30-907d-4bb2-bf97-1aab890a8582","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":169,"box":{"x":70,"y":491,"width":793,"height":11}},{"id":"676548b6-95e4-4563-8703-aff74cca008c","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":169,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"cc2605f7-33bf-477f-9aaf-386f3503ee85","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":169,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"4ae07370-5f08-4b4c-a817-6f2825f7dff0","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":169,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"cb68049b-5e41-4607-89cf-e162384ddaf6","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":169,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"72017717-3524-4319-98c7-7f39f406ac01","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":169,"box":{"x":69,"y":566,"width":758,"height":11}},{"id":"815183c1-3418-4cf4-98df-21ce23b34f33","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":169,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"49920e58-64c1-4277-9244-352f7d75cbe3","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":169,"box":{"x":69,"y":596,"width":782,"height":12}},{"id":"bdb241eb-b32d-4b38-ba75-a1536b03459f","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":169,"box":{"x":70,"y":612,"width":814,"height":11}},{"id":"3c888558-55fb-4569-8ea8-3d12ab76800c","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":169,"box":{"x":69,"y":627,"width":830,"height":11}},{"id":"1cd94858-216d-4200-b260-f4ac8f57ae77","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":169,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"308cf78b-1bc5-4f2f-8181-67e70482067b","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":169,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"c520698a-822a-4cd3-85da-e9f6d4f7a7cc","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":169,"box":{"x":70,"y":672,"width":781,"height":11}},{"id":"05588c3a-d57c-414b-923a-fef1fc1861ea","block_type":"box","text":"exchange.","page_number":169,"box":{"x":69,"y":687,"width":70,"height":11}},{"id":"6e682f4c-44c2-4dd1-9db2-ee0c2842ef9c","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":169,"box":{"x":102,"y":710,"width":337,"height":11}},{"id":"05cefded-4b85-49f3-a0d2-9e5e73d555e5","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":169,"box":{"x":445,"y":710,"width":448,"height":11}},{"id":"eb654401-0f78-4648-980b-adbcae950afc","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":169,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"c070b55d-b553-4a50-9f51-2e7cc64eb7a3","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":169,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"c4b4e77f-dbef-4328-aa9d-004f10449571","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":169,"box":{"x":70,"y":755,"width":324,"height":11}},{"id":"9483b187-a375-4995-abf7-1b977e274392","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":169,"box":{"x":102,"y":778,"width":245,"height":11}},{"id":"49a32def-2784-4ea3-92e8-aed73d316a23","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":169,"box":{"x":353,"y":778,"width":543,"height":11}},{"id":"5893d0d5-048d-4212-a794-96848eea5b35","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":169,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"18bab677-0824-46e0-9878-5ffa0fd634ce","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":169,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"0fc096e1-4e18-4d6e-825b-c875a8d68423","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":169,"box":{"x":69,"y":823,"width":512,"height":12}},{"id":"bc0b9fe8-6c62-4ffe-a677-32f974da7f7b","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":169,"box":{"x":101,"y":846,"width":772,"height":11}},{"id":"9a275011-6546-4718-835d-e433a6836640","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":169,"box":{"x":68,"y":861,"width":824,"height":11}},{"id":"001aebde-6c7f-4d1e-96bd-badc2a2057b3","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":169,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"8f3922c5-f3ff-41f6-a438-0860f614bb8c","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":169,"box":{"x":68,"y":891,"width":817,"height":12}},{"id":"4943a133-0520-4654-9c69-ddf72ea65d75","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":169,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"2fdbb24a-6556-4966-b93e-fc4c510feca0","block_type":"box","text":"II-119","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6ed4f725-a845-4362-8be3-ac2e891a50f7","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fca2288a-c9fb-4f1d-8fdb-85b8edd19822","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":170,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"8148251c-d50e-4e4b-941c-d2ad8bd0453c","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":170,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"ff1ed066-53c1-455b-a610-095b04df3d47","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":170,"box":{"x":68,"y":75,"width":815,"height":11}},{"id":"e77329f4-4b3b-4383-bd09-ef25869b280a","block_type":"box","text":"Transfer Agent in writing.","page_number":170,"box":{"x":68,"y":90,"width":175,"height":11}},{"id":"b47bcef0-8844-4088-b60d-b0c9f973d6b1","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":170,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"807f1deb-0b23-4f0c-ad69-54eb128f6a1e","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":170,"box":{"x":69,"y":128,"width":828,"height":11}},{"id":"215cdaed-3f46-499b-b010-6afa6de952f3","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":170,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"147becde-3c86-4d3c-bc8d-bf6438d631b2","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":170,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"1ffa6bc9-a8f5-4836-bc7b-6b729386175c","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":170,"box":{"x":68,"y":173,"width":763,"height":11}},{"id":"bb08eb05-691e-414a-8c0f-34981ca3b6ac","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":170,"box":{"x":69,"y":188,"width":424,"height":12}},{"id":"496c0892-b1df-4caf-958b-f0c6661a6582","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":170,"box":{"x":101,"y":211,"width":790,"height":11}},{"id":"03286a57-3b51-40cf-acc2-5e87514a4339","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":170,"box":{"x":69,"y":226,"width":808,"height":11}},{"id":"1be1d54e-1773-45d8-aae7-ee7d15f56241","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":170,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"79755605-22cd-4bfa-a9c8-764a911c0fc6","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":170,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"d7950a4e-bfc6-499c-aa15-f0eec85143d7","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":170,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"2cd07869-8c10-49be-a629-a287af656408","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":170,"box":{"x":70,"y":286,"width":354,"height":12}},{"id":"eb5c27ac-56e9-430b-831d-ca82ce64a44d","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":170,"box":{"x":101,"y":309,"width":782,"height":11}},{"id":"c8441c8e-1fcb-40b1-98d6-7f87a911f4ca","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":170,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"63e1f151-bcac-4992-b595-c5697428f37c","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":170,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"e4dba7f5-a808-41d1-a051-e6428461fa8b","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":170,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"d0c282d5-c16e-48a2-b438-40df8ae3b812","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":170,"box":{"x":69,"y":370,"width":506,"height":11}},{"id":"66755538-d373-40ab-8129-18b0c68e9a81","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":170,"box":{"x":101,"y":392,"width":733,"height":12}},{"id":"e71ea3b7-3364-406e-8765-adcd9f363cb3","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":170,"box":{"x":69,"y":407,"width":793,"height":12}},{"id":"8cd70f47-3351-4b9a-a670-6611cceb6473","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":170,"box":{"x":70,"y":423,"width":832,"height":11}},{"id":"bfa91676-cfc9-4a5d-875b-5eafd46e1765","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":170,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"1caab4a9-ed77-477d-b438-4072286eb5f4","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":170,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"6beaed54-b1f9-44e6-af5a-cc454b5791d5","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":170,"box":{"x":68,"y":468,"width":837,"height":11}},{"id":"1b2458db-5965-4d0d-8136-2f329e144800","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":170,"box":{"x":69,"y":483,"width":767,"height":11}},{"id":"fc78d9aa-33b5-4074-82e6-49f52433ae45","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":170,"box":{"x":69,"y":498,"width":750,"height":11}},{"id":"ad3a12d5-9da2-41a6-a7d4-c91b2c3ade60","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":170,"box":{"x":102,"y":521,"width":757,"height":11}},{"id":"a28644a3-cdb9-4a19-90bf-faf4ee35ba7c","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":170,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"bac7a6b9-0355-4570-8701-e97cea5b7c7e","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":170,"box":{"x":69,"y":551,"width":805,"height":11}},{"id":"abac5f55-a1dd-4d55-9240-9cf50818c099","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":170,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"0346a4b7-9825-407e-a02b-7ed572171de6","block_type":"box","text":"may be distributed by the Distributor.","page_number":170,"box":{"x":69,"y":582,"width":262,"height":10}},{"id":"94c339d6-66a9-4e62-8be7-3497cf13b65b","block_type":"box","text":"Participation in Fee-Based Programs","page_number":170,"box":{"x":69,"y":612,"width":266,"height":11}},{"id":"ff1b532c-6156-4ed9-bf6a-f1269ea27b00","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":170,"box":{"x":102,"y":634,"width":780,"height":12}},{"id":"37427bb5-1855-4b30-bb7d-c3a565eca575","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":170,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"1808afb2-2427-4671-b586-1720455191aa","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":170,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"e8e52629-8e7b-4f29-952a-2644df7b20a2","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":170,"box":{"x":69,"y":680,"width":770,"height":11}},{"id":"db42de46-f710-4782-a51d-540c43e0b3b9","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":170,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"8a3898dc-7071-41c8-9485-609a3af5a312","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":170,"box":{"x":70,"y":710,"width":808,"height":11}},{"id":"fc4d9de0-e5a5-4194-8743-40a13deff2c7","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":170,"box":{"x":70,"y":725,"width":838,"height":11}},{"id":"7f4a95c3-5bcb-4d44-acee-579df715d562","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":170,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"a6c2efe6-5e79-4923-b06a-a60251c32856","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":170,"box":{"x":70,"y":755,"width":555,"height":11}},{"id":"0c658d52-8a48-4ad5-946d-3905e7f3a4af","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":170,"box":{"x":102,"y":778,"width":788,"height":11}},{"id":"c0c3c227-cd51-4688-8c69-0dc51a2bbeb2","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":170,"box":{"x":69,"y":793,"width":817,"height":10}},{"id":"4ca98ee8-48f9-4303-8892-69ae3f96a3d9","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":170,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"bf90f5ab-f9d4-434a-9683-1bfa227a8e5b","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":170,"box":{"x":70,"y":823,"width":754,"height":12}},{"id":"3293b561-9451-4c59-97d3-c6b9c992e101","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":170,"box":{"x":70,"y":838,"width":820,"height":12}},{"id":"12648978-d555-4e23-90eb-a131ab27e093","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":170,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"25b25f53-d243-4ff2-bfd2-353ab248b702","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":170,"box":{"x":70,"y":869,"width":791,"height":11}},{"id":"c22c0ea3-0af3-4832-bc52-6734e2fb77a1","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":170,"box":{"x":69,"y":884,"width":756,"height":11}},{"id":"692f22ef-5ee5-473e-ae40-c9b2a8e83e50","block_type":"box","text":"II-120","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"74d13f4e-950b-4914-a854-7d3948b5f8b9","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4ed1cea3-3ed0-4bc0-ac3c-662202b4fdfc","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":171,"box":{"x":102,"y":45,"width":793,"height":11}},{"id":"341c41de-880c-4595-95e1-64d95a474289","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":171,"box":{"x":68,"y":60,"width":791,"height":11}},{"id":"6e4f0572-1dc1-46f0-82a0-c7e7961f0f17","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":171,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"23ee1b77-368b-4794-849d-fdae5f7723f8","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":171,"box":{"x":69,"y":90,"width":807,"height":11}},{"id":"d1815840-f3a8-4913-8fb5-5904aebc0395","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":171,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"0274a8a5-d33e-498d-97aa-17bd2626625e","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":171,"box":{"x":69,"y":120,"width":424,"height":11}},{"id":"5ace4d1e-9248-439b-9a94-670b65f94a81","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":171,"box":{"x":102,"y":143,"width":752,"height":11}},{"id":"5aa3e011-e80d-44ae-8e75-4c90163bb9f6","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":171,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"293d4bd7-c692-4db9-81e2-13162f97509f","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":171,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"24eacf47-0350-46f8-ae5e-fa599c8fc425","block_type":"box","text":"information.","page_number":171,"box":{"x":70,"y":188,"width":83,"height":9}},{"id":"4954a6b5-9669-4a74-ad4d-f5d02baca6c1","block_type":"box","text":"Retirement and Education Savings Plans","page_number":171,"box":{"x":69,"y":219,"width":296,"height":11}},{"id":"78372cd3-b5e7-4290-94c8-6eeeb7a0ed73","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":171,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"fdc8c3be-a459-44c0-8fdf-9ee0fe2d1f51","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":171,"box":{"x":70,"y":256,"width":815,"height":11}},{"id":"a136a775-c0c8-4da6-9054-77d0b5961b37","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":171,"box":{"x":68,"y":271,"width":819,"height":12}},{"id":"34b60b40-1742-4bb1-98af-49fa527d0941","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":171,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"5962a958-fdbe-44e4-8485-bb6935e7cce0","block_type":"box","text":"your financial intermediary.","page_number":171,"box":{"x":68,"y":302,"width":191,"height":11}},{"id":"859638ae-dd66-4318-ad44-ddffd7e26cf9","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":171,"box":{"x":102,"y":324,"width":796,"height":11}},{"id":"d879cc41-bea4-4de3-b3aa-21eabaaf1aaa","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":171,"box":{"x":68,"y":339,"width":784,"height":12}},{"id":"667ccdf8-0c45-464f-86e3-c68bc4ca5c1c","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":171,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"5018aac0-647a-4cee-80dd-649d74f8d20c","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":171,"box":{"x":69,"y":370,"width":753,"height":11}},{"id":"19e42c77-336a-4116-ae9a-2ba6a4dba8de","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":171,"box":{"x":69,"y":385,"width":354,"height":11}},{"id":"26134020-b7a2-46a1-a1b9-8c73be450d06","block_type":"box","text":"Automatic Investment Plans","page_number":171,"box":{"x":68,"y":415,"width":207,"height":9}},{"id":"4d16f2bd-0622-4dd5-a30e-43d01df0617e","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":171,"box":{"x":102,"y":438,"width":773,"height":11}},{"id":"99d2ecd7-09cc-42b3-ab9b-66deb773d943","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":171,"box":{"x":69,"y":453,"width":477,"height":11}},{"id":"ef521a54-6e06-4c52-8652-21e9063f50a6","block_type":"box","text":"®","page_number":171,"box":{"x":547,"y":453,"width":6,"height":5}},{"id":"1706984c-0b2e-4e63-839c-a402818ebebc","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":171,"box":{"x":559,"y":453,"width":272,"height":11}},{"id":"c325d713-ba44-4992-a445-5cf57678fab1","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":171,"box":{"x":70,"y":468,"width":787,"height":11}},{"id":"51953684-c540-4d00-803c-165b4b6db25a","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":171,"box":{"x":69,"y":482,"width":822,"height":12}},{"id":"de21d3ee-bf9d-4ddd-8cbf-ba912110e76c","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":171,"box":{"x":68,"y":498,"width":805,"height":11}},{"id":"63e17401-a06c-4ab4-b0ce-f115d3810b47","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":171,"box":{"x":68,"y":529,"width":285,"height":8}},{"id":"c761edf1-69d6-43c9-bdae-c4f75878d37e","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":171,"box":{"x":102,"y":551,"width":782,"height":11}},{"id":"e839f000-ca04-43e9-a376-4f191b34ba50","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":171,"box":{"x":69,"y":566,"width":828,"height":11}},{"id":"61de3244-ea78-4744-aeed-a2cb300289e0","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":171,"box":{"x":69,"y":581,"width":839,"height":9}},{"id":"b370ee72-3974-4ef8-8056-d27e42a555bd","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":171,"box":{"x":70,"y":596,"width":822,"height":12}},{"id":"9a188f8c-ac97-4f59-8614-b0deeb6c0891","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":171,"box":{"x":69,"y":612,"width":614,"height":11}},{"id":"c3d9d2ad-c891-47cd-8b36-dd8d0b77624c","block_type":"box","text":"Systematic Withdrawal Plans","page_number":171,"box":{"x":68,"y":642,"width":214,"height":11}},{"id":"1a627d19-ea7e-4652-8cfe-12f463ed4ca8","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":171,"box":{"x":102,"y":664,"width":780,"height":12}},{"id":"370255c1-d586-40fe-9a12-ecea708d24ea","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":171,"box":{"x":70,"y":679,"width":742,"height":12}},{"id":"6e613abb-d299-4fcb-9370-eb1ffc86b52c","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":171,"box":{"x":69,"y":694,"width":834,"height":12}},{"id":"df677f81-aeac-4fe8-8f18-62406c780dcd","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":171,"box":{"x":68,"y":710,"width":823,"height":11}},{"id":"d59f5c5c-958a-4e8f-8177-d29f86ac8e96","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":171,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"6947c199-e083-40f1-89fd-7d664dd6da44","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":171,"box":{"x":69,"y":740,"width":800,"height":11}},{"id":"86585761-e65d-4e4c-a0e5-6fba33670d34","block_type":"box","text":"www.blackrock.com.","page_number":171,"box":{"x":68,"y":755,"width":142,"height":9}},{"id":"8b5c496d-5d6b-4ca9-84d5-5f2054406f70","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":171,"box":{"x":102,"y":778,"width":789,"height":11}},{"id":"9951dd41-f042-4c38-b3ea-588b30b61b7a","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":171,"box":{"x":68,"y":793,"width":774,"height":11}},{"id":"7e92a4f8-212c-4ec0-9785-cbd20a7919d0","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":171,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"563f1f70-32b9-464c-9573-114002281e60","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":171,"box":{"x":69,"y":823,"width":817,"height":11}},{"id":"37e91ee4-e9c4-43cf-941e-d7da18cbd965","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":171,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"b40458b0-9256-4fff-a879-e9b2b2471941","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":171,"box":{"x":69,"y":853,"width":820,"height":12}},{"id":"97f6532c-3cc0-4ffe-9477-f3b370914fd0","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":171,"box":{"x":69,"y":869,"width":810,"height":11}},{"id":"1a9fccf5-70f5-433d-8450-7b5e1ac57b17","block_type":"box","text":"II-121","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"13772c8b-3804-4134-a2b8-ce8c33fde281","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"112d0308-34f7-406c-8c5a-ff8b6096cc5b","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":172,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"f52d2ed7-3384-454e-88e2-6fb3fffc0378","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":172,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"6b3b9588-46ea-4d3e-ab78-a9aa16fed67f","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":172,"box":{"x":69,"y":75,"width":367,"height":11}},{"id":"e4f3a271-b6c8-421a-9804-63a69343867f","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":172,"box":{"x":102,"y":98,"width":798,"height":11}},{"id":"5b155143-7b44-4e14-a2f3-7adc94a42311","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":172,"box":{"x":68,"y":113,"width":834,"height":11}},{"id":"d146f13a-d61f-499f-847d-82cffdc35058","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":172,"box":{"x":69,"y":128,"width":311,"height":11}},{"id":"2a4282c9-d506-4fda-bfaf-ea39cc802bab","block_type":"box","text":"Dividend Allocation Plan","page_number":172,"box":{"x":69,"y":158,"width":176,"height":9}},{"id":"3259cc97-688b-44e2-ba5c-46f6e7b9db73","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":172,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"22454450-b216-4ee2-8f03-d3729e6ee79a","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":172,"box":{"x":69,"y":196,"width":763,"height":11}},{"id":"5b199c9e-dffd-4c71-aea1-fc16d5e2f8a6","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":172,"box":{"x":69,"y":211,"width":814,"height":11}},{"id":"898ba3a0-d671-47d6-ae42-8c4649f5204f","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":172,"box":{"x":70,"y":226,"width":771,"height":11}},{"id":"003e1df7-ff13-4c02-90bd-6d0acaf14948","block_type":"box","text":"PRICING OF SHARES","page_number":172,"box":{"x":406,"y":256,"width":167,"height":9}},{"id":"881c27ae-c024-479b-9081-f45a318bc29d","block_type":"box","text":"Determination of Net Asset Value","page_number":172,"box":{"x":69,"y":286,"width":243,"height":9}},{"id":"b6ba91d4-adaf-4f07-bcd2-d37a556fcf98","block_type":"box","text":"Valuation of Shares.","page_number":172,"box":{"x":101,"y":309,"width":145,"height":9}},{"id":"83fdf7b8-c6fd-4f24-897f-b5cc857fea66","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":172,"box":{"x":252,"y":309,"width":626,"height":11}},{"id":"f165bfc7-cad5-4f6d-be7c-017295eac382","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":172,"box":{"x":69,"y":324,"width":785,"height":11}},{"id":"3330dbed-61d2-483d-9c69-2ee70ffaef55","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":172,"box":{"x":68,"y":339,"width":343,"height":11}},{"id":"3a23b1ba-a372-48e0-a985-ce95dfc4689f","block_type":"box","text":"Equity Investments.","page_number":172,"box":{"x":102,"y":362,"width":143,"height":11}},{"id":"38d199b8-0ee9-4efc-85c3-248d3fd73246","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":172,"box":{"x":252,"y":362,"width":439,"height":11}},{"id":"aaa46e75-399d-4a47-9713-c7f77580175c","block_type":"box","text":"e.g.","page_number":172,"box":{"x":693,"y":363,"width":25,"height":10}},{"id":"966520ca-292b-4be6-90e4-b0e4323d2e8a","block_type":"box","text":", NYSE), on separate","page_number":172,"box":{"x":720,"y":362,"width":147,"height":11}},{"id":"7841cfd8-38ec-4ed9-91f0-3507039d8503","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":172,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"43873e8e-7513-4544-89d7-fc7b1b74ca4c","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":172,"box":{"x":70,"y":392,"width":808,"height":11}},{"id":"4e3c2b58-4ce7-4cec-a4d4-ff3ef91ff13e","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":172,"box":{"x":68,"y":407,"width":820,"height":11}},{"id":"c099a28a-49ad-467e-90be-3cccb91c1a00","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":172,"box":{"x":70,"y":422,"width":805,"height":11}},{"id":"767cf4bb-6445-43f1-a6bf-3f51313628b4","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":172,"box":{"x":69,"y":437,"width":793,"height":11}},{"id":"e1aacecb-6532-4acf-a5ad-401b9ee9e5f8","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":172,"box":{"x":70,"y":452,"width":836,"height":11}},{"id":"40818930-129c-42b4-9478-d20b8da0f8d0","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":172,"box":{"x":68,"y":468,"width":815,"height":11}},{"id":"7392acb2-ead3-44cd-8397-83eed6350226","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":172,"box":{"x":70,"y":482,"width":837,"height":12}},{"id":"c74417b5-3b0c-4075-a31b-44b83b53736e","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":172,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"e30d8972-59e0-4147-9c9c-7e049c8dea31","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":172,"box":{"x":68,"y":513,"width":828,"height":11}},{"id":"11d6d9b6-f4be-4b26-936d-420f34ca00ef","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":172,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"bc19335b-cd4d-4e8b-8b79-f19119226e98","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":172,"box":{"x":70,"y":543,"width":798,"height":11}},{"id":"36c71bad-aee9-42c1-82a9-5a57b8ed282e","block_type":"box","text":"defined below).","page_number":172,"box":{"x":69,"y":558,"width":106,"height":11}},{"id":"67b1920c-4312-4cca-836e-a90ff30fa2d5","block_type":"box","text":"Fixed-Income Investments.","page_number":172,"box":{"x":102,"y":581,"width":194,"height":9}},{"id":"917954fd-223b-4e66-a98f-ec7667d48e0a","block_type":"box","text":"Fixed-income securities are generally valued using prices provided by dealers or","page_number":172,"box":{"x":304,"y":581,"width":565,"height":11}},{"id":"e60584c8-e4e1-4ae3-9fb1-49efd2518f96","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":172,"box":{"x":70,"y":596,"width":825,"height":11}},{"id":"1628f8c0-b917-4b55-9cea-d8b7fc26d460","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":172,"box":{"x":69,"y":611,"width":823,"height":11}},{"id":"6126906d-cc23-4e28-8031-812b24ffb72c","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":172,"box":{"x":69,"y":626,"width":443,"height":11}},{"id":"a846674c-64e3-4330-973e-c9ac14ef012d","block_type":"box","text":"e.g.","page_number":172,"box":{"x":514,"y":628,"width":24,"height":9}},{"id":"54422c14-3b9b-4ce9-a0ec-58e5d91953f4","block_type":"box","text":", recent representative bids and offers), credit","page_number":172,"box":{"x":541,"y":626,"width":328,"height":11}},{"id":"645ccf5e-f638-49c7-b293-cbf04cff8dc9","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":172,"box":{"x":69,"y":641,"width":834,"height":11}},{"id":"8862ddff-ae7b-4244-b615-913c35b07978","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":172,"box":{"x":69,"y":656,"width":769,"height":11}},{"id":"1252cfe4-a375-4c68-a35b-11ea81cf6b37","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":172,"box":{"x":70,"y":671,"width":797,"height":12}},{"id":"ac3042e8-1644-4b90-9f1f-5ee1f449815e","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":172,"box":{"x":69,"y":686,"width":821,"height":12}},{"id":"3afb36fb-c8be-4df8-bb5a-7c61ad054318","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":172,"box":{"x":68,"y":702,"width":798,"height":11}},{"id":"5228e976-d73b-4125-84a3-a537b0a344a5","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":172,"box":{"x":69,"y":717,"width":825,"height":11}},{"id":"1a511c63-0b32-4e2d-bd10-358256d5e823","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":172,"box":{"x":69,"y":732,"width":791,"height":11}},{"id":"81d6610b-0246-4094-b3d0-ead395617af5","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":172,"box":{"x":69,"y":747,"width":814,"height":11}},{"id":"c9294974-e3aa-408d-bb6d-5d36d9c15fa7","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":172,"box":{"x":68,"y":762,"width":802,"height":11}},{"id":"332b6e2a-f9ce-4844-97a2-51fe47745959","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":172,"box":{"x":69,"y":777,"width":773,"height":11}},{"id":"1a946a59-ff47-4920-b32b-0eeb95725d46","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":172,"box":{"x":69,"y":792,"width":795,"height":12}},{"id":"891e6156-cdcd-4d68-87a9-136aa84d8ae0","block_type":"box","text":"attributes of the tranche.","page_number":172,"box":{"x":69,"y":807,"width":176,"height":9}},{"id":"fbc5a188-b08c-47f7-bb0e-866928da4f4a","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":172,"box":{"x":101,"y":830,"width":344,"height":11}},{"id":"afe7c99f-7797-42c5-8eec-dba90947b082","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":172,"box":{"x":453,"y":830,"width":416,"height":11}},{"id":"0815b607-8ac6-45ba-b2ca-ca29e5e1bb44","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":172,"box":{"x":70,"y":845,"width":829,"height":11}},{"id":"63c4c119-b4e4-4418-90a8-3a4ef0a7233f","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":172,"box":{"x":69,"y":860,"width":824,"height":12}},{"id":"580119ad-25c8-4545-a69e-a2bf760ece0f","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":172,"box":{"x":68,"y":875,"width":838,"height":12}},{"id":"4e3be63c-7a98-44db-926c-d7f42b7aebb5","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":172,"box":{"x":68,"y":891,"width":820,"height":11}},{"id":"401df9ce-117c-420e-96b2-59bf72af393c","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":172,"box":{"x":68,"y":906,"width":808,"height":11}},{"id":"391d7a15-2e49-4022-aafb-3796eec5763c","block_type":"box","text":"II-122","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"adaa4c6a-93bf-445b-a5d7-72b6d3f9da55","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e63436fb-4010-4b87-946e-93908641f491","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":173,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"e887d103-c6c2-4995-9de3-83b4ef46f367","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":173,"box":{"x":68,"y":60,"width":789,"height":11}},{"id":"066abef7-804b-4d44-8a4e-a25bea348203","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":173,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"1b00355a-ab21-4c27-ae0f-fa688f71bd78","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":173,"box":{"x":69,"y":90,"width":824,"height":11}},{"id":"69096b2b-383a-4226-8a08-eb69fc006c27","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":173,"box":{"x":69,"y":105,"width":833,"height":11}},{"id":"a34df602-b3ca-4016-87b3-57210379b442","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":173,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"186e8b90-bb2a-4842-bea3-75f408757f42","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":173,"box":{"x":69,"y":136,"width":301,"height":8}},{"id":"98679ed3-fa28-46b5-bb99-8bda26608809","block_type":"box","text":"Underlying Funds.","page_number":173,"box":{"x":102,"y":158,"width":128,"height":11}},{"id":"fb21458c-aefb-4451-8454-d64f161a1c90","block_type":"box","text":"Shares of underlying open-end funds that are not traded on an exchange (including money","page_number":173,"box":{"x":237,"y":158,"width":640,"height":11}},{"id":"86fdb2cf-e90b-4176-a60e-9e8556f15ef9","block_type":"box","text":"market funds) are valued at NAV. Shares of underlying exchange-traded closed-end funds or other ETFs will be valued","page_number":173,"box":{"x":69,"y":173,"width":830,"height":11}},{"id":"7ad5b43e-aa02-4750-87a8-e20d57a2fc61","block_type":"box","text":"at their most recent closing price.","page_number":173,"box":{"x":69,"y":188,"width":238,"height":12}},{"id":"7de4177d-c56e-48df-b0c5-b7271e02ac05","block_type":"box","text":"General Valuation Information.","page_number":173,"box":{"x":101,"y":211,"width":220,"height":9}},{"id":"dc25e292-f27d-48ea-9395-1c8372a31eac","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":173,"box":{"x":328,"y":211,"width":564,"height":11}},{"id":"61301739-35fb-42cc-9d8e-24bc3792fcb8","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":173,"box":{"x":69,"y":226,"width":831,"height":9}},{"id":"0ba87826-1edc-4784-8c43-2184a3e4a755","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":173,"box":{"x":68,"y":241,"width":828,"height":11}},{"id":"51cc487a-f041-43bf-b83b-b1e97d8f140b","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":173,"box":{"x":69,"y":257,"width":829,"height":11}},{"id":"e86742b5-f13a-42b5-9e1d-06a49c61ae64","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":173,"box":{"x":69,"y":271,"width":817,"height":12}},{"id":"e290e008-579c-46bc-9798-d7ff69191436","block_type":"box","text":"the revision.","page_number":173,"box":{"x":68,"y":287,"width":87,"height":9}},{"id":"fd477f05-b98d-4bcb-8d12-a5c206cc1476","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":173,"box":{"x":102,"y":309,"width":784,"height":11}},{"id":"c745ffa2-cbdb-4156-96a6-959ad88ad405","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":173,"box":{"x":69,"y":325,"width":823,"height":11}},{"id":"55f911e7-d624-476c-aa3c-699a8e997754","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":173,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"35411913-76e2-43bb-a53d-4770fc3177c0","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":173,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"25bb8684-6916-4d02-b6aa-6a0dea938878","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":173,"box":{"x":70,"y":370,"width":832,"height":11}},{"id":"b25e0dc8-93ab-41be-b4c9-a25a156c0e2d","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":173,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"c3fe47f9-42db-4050-b40c-f26a2bb79a06","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":173,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"7aa63778-38eb-4ea7-a008-1a848a100193","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":173,"box":{"x":70,"y":415,"width":833,"height":11}},{"id":"a065fed7-520f-4a65-8eb1-6c44209cf78a","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":173,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"ae7267cc-be99-411b-b3b6-4fc3a77f881a","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":173,"box":{"x":70,"y":446,"width":741,"height":11}},{"id":"a39d4f84-2957-45fa-9b3f-ef3ab242ffc7","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":173,"box":{"x":102,"y":468,"width":800,"height":11}},{"id":"e1753751-04dc-4674-89ec-334f20b02f3f","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":173,"box":{"x":69,"y":483,"width":811,"height":11}},{"id":"a2f342ce-7ac0-4402-856a-52c4d806b6c4","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":173,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"656ca3e6-3fe3-4339-b42f-4bd3dd85ad0b","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":173,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"9fba978c-50fa-48d7-9596-6a932cd322f0","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":173,"box":{"x":69,"y":528,"width":817,"height":12}},{"id":"b3c6f993-1bec-4491-b2b7-2fb403035e20","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":173,"box":{"x":69,"y":543,"width":802,"height":12}},{"id":"c7df96b7-2ebd-4043-9ee4-292bfd2a239d","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":173,"box":{"x":69,"y":559,"width":685,"height":11}},{"id":"6033811b-02be-4b13-9ca1-398a886a4566","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":173,"box":{"x":102,"y":581,"width":795,"height":12}},{"id":"1847f31d-8628-49ed-8ed9-2e701586e1c0","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":173,"box":{"x":68,"y":596,"width":805,"height":12}},{"id":"45fbe480-3850-4be4-ae30-bc27d6b0eb35","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":173,"box":{"x":69,"y":612,"width":529,"height":11}},{"id":"a9feef95-503e-4505-9614-18198730caed","block_type":"box","text":"Fair Value.","page_number":173,"box":{"x":102,"y":634,"width":74,"height":9}},{"id":"f2f9e0ee-eb04-4c6a-b7b4-42c2464ed705","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":173,"box":{"x":183,"y":634,"width":693,"height":11}},{"id":"99c2bc61-a100-46e6-b27a-8d8a3ce5797c","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":173,"box":{"x":70,"y":649,"width":785,"height":12}},{"id":"b0e8a5dd-0c1c-4235-800b-f67f5cc14e39","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":173,"box":{"x":69,"y":664,"width":816,"height":12}},{"id":"b1d8bd4a-ca0c-4af0-af9e-03edf971be22","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":173,"box":{"x":70,"y":680,"width":779,"height":11}},{"id":"d98328ff-2a67-41bb-b5f5-7bf8fb4b6d48","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":173,"box":{"x":70,"y":695,"width":773,"height":11}},{"id":"51a23ba9-4cf8-4b2d-992e-9448067aa801","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":173,"box":{"x":69,"y":710,"width":772,"height":11}},{"id":"21126049-92ce-48db-ab53-3d3c9224d637","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":173,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"a23b3705-99fb-4760-94c7-4632a0e1c54f","block_type":"box","text":"(","page_number":173,"box":{"x":69,"y":740,"width":3,"height":11}},{"id":"099c13ff-4b12-4de8-997f-96922caad616","block_type":"box","text":"e.g.","page_number":173,"box":{"x":74,"y":742,"width":25,"height":9}},{"id":"84e1484a-f843-4518-a1e1-2474eae44624","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":173,"box":{"x":101,"y":740,"width":806,"height":11}},{"id":"7526b6ca-6edc-4da1-8029-198b4b82091f","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":173,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"144c3e4f-4969-4877-bdf3-ca0b6e16198c","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":173,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"7d287e01-fa15-413c-a9f4-f32f01a34098","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":173,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"d82f61c2-b488-4a92-b83e-119ac60e7efa","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":173,"box":{"x":69,"y":801,"width":824,"height":11}},{"id":"06a3e676-4429-4f9d-888b-1fdc821a4260","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":173,"box":{"x":69,"y":816,"width":828,"height":11}},{"id":"c427b4ce-feda-4107-b7ab-73e630df904a","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":173,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"2fbeae93-67e4-4653-99b0-44962f2ba7d4","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":173,"box":{"x":70,"y":846,"width":819,"height":11}},{"id":"4963ac8b-7dbc-47d7-97ba-e34185cd8502","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":173,"box":{"x":68,"y":861,"width":810,"height":11}},{"id":"e8693f25-b94d-480c-8f83-cfdc8b804875","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":173,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"c0a94303-946f-4e77-bf05-9a901b233253","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":173,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"aa7e1326-e501-4521-a5f5-88d86e993587","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":173,"box":{"x":68,"y":906,"width":814,"height":12}},{"id":"2359383a-d56a-4691-9698-c3c76f731298","block_type":"box","text":"II-123","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1c5bdd7c-58ed-41b8-aeee-ae447b1e6c57","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bea10344-1c5f-483d-94b9-5650f60e2416","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":174,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"53baecd3-1da9-4feb-b18d-88bf6d16093c","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":174,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"a415bafe-bb89-4204-8e4c-390bc91b8d2d","block_type":"box","text":"pricing time.","page_number":174,"box":{"x":70,"y":75,"width":85,"height":11}},{"id":"9b7abdaf-e520-4a21-aea9-f58784cd268b","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":174,"box":{"x":102,"y":98,"width":794,"height":11}},{"id":"551d956e-07d5-48d0-95c9-b57abfd74da5","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":174,"box":{"x":69,"y":113,"width":829,"height":11}},{"id":"39a310cc-8358-46be-af09-1d59bbad50cd","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":174,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"3030f522-6675-4458-96b0-7522f97e804e","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":174,"box":{"x":70,"y":143,"width":808,"height":11}},{"id":"c82f6f80-ebc8-49d8-bed9-ca5ed6239744","block_type":"box","text":"assets and liabilities of the Funds.","page_number":174,"box":{"x":69,"y":158,"width":245,"height":9}},{"id":"4f5bddc8-6234-4c33-99a5-9bc15c66d017","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":174,"box":{"x":101,"y":181,"width":795,"height":11}},{"id":"ddc705ed-8111-49b8-b9a4-65da524fe678","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":174,"box":{"x":69,"y":196,"width":832,"height":11}},{"id":"1412e2d7-9c56-44cd-ac49-2eec7e523144","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":174,"box":{"x":69,"y":211,"width":805,"height":11}},{"id":"0215084e-1e3e-45b3-a53d-46b885c67441","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":174,"box":{"x":69,"y":226,"width":834,"height":11}},{"id":"1ea8265c-4960-49be-90d8-e0bc46531c42","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":174,"box":{"x":69,"y":241,"width":744,"height":11}},{"id":"b7a7f2a5-d799-4663-ba8c-4460499d5414","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":174,"box":{"x":69,"y":257,"width":791,"height":11}},{"id":"c37dbedb-cf28-4339-9793-b2e1889da682","block_type":"box","text":"valuation models.","page_number":174,"box":{"x":68,"y":272,"width":125,"height":8}},{"id":"66391e2f-8b7f-4dea-89b3-dc8c74a050ff","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":174,"box":{"x":102,"y":294,"width":785,"height":11}},{"id":"bf6ce286-ff09-468c-98ed-70aa8402b519","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":174,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"709123b7-f3c8-4716-8dbc-060b142de950","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":174,"box":{"x":68,"y":324,"width":820,"height":12}},{"id":"a2974045-ff73-4227-9593-e6068863a441","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":174,"box":{"x":69,"y":339,"width":818,"height":12}},{"id":"81c7e51e-b655-4357-bae3-0c0decd50bb6","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":174,"box":{"x":69,"y":355,"width":766,"height":11}},{"id":"97519685-a7f6-41d4-a8cb-7bc207529fb2","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":174,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"3ba93511-17cc-4f1b-8932-de14408fe540","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":174,"box":{"x":69,"y":385,"width":378,"height":11}},{"id":"d2d74d49-f8c7-4823-9971-dcfa999b9955","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":174,"box":{"x":101,"y":407,"width":784,"height":12}},{"id":"1473a34a-2051-4e95-af20-9094fa8a10fd","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":174,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"74390b34-54f6-49e8-b1c7-700264ca7818","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":174,"box":{"x":70,"y":438,"width":834,"height":11}},{"id":"4fcc4195-da4f-4718-9df1-92065dab7e17","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":174,"box":{"x":68,"y":453,"width":728,"height":11}},{"id":"ed7f239c-9f6d-4975-b37c-a056532f3056","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":174,"box":{"x":102,"y":475,"width":786,"height":12}},{"id":"738db112-dd4e-42ad-a330-67857c126587","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":174,"box":{"x":68,"y":491,"width":809,"height":11}},{"id":"a2e18ac9-28b2-46d1-a054-e5fc2bd3d298","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":174,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"4e18e533-e3a6-422b-aee2-f6547b7c1740","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":174,"box":{"x":70,"y":521,"width":818,"height":11}},{"id":"b88c1d29-96ff-4e3e-8cfc-0fa8c2e367df","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":174,"box":{"x":69,"y":536,"width":641,"height":11}},{"id":"7c46e717-6f71-49c8-8788-530364d9f4a6","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":174,"box":{"x":102,"y":559,"width":786,"height":11}},{"id":"47b4431a-0f0b-4b2f-a7b8-9c9b9fbdfad1","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":174,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"34ac54ea-2fdb-4f44-8239-b2ab195a21af","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":174,"box":{"x":69,"y":589,"width":780,"height":11}},{"id":"3ee3a8d4-4ac4-43bd-9bf3-9a3e293ab43c","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":174,"box":{"x":70,"y":604,"width":810,"height":11}},{"id":"a53715d9-df55-4205-978e-cfd192828bfa","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":174,"box":{"x":70,"y":619,"width":810,"height":11}},{"id":"2658b44c-fadf-46ab-a427-ae3b28438a87","block_type":"box","text":"par ty determination of fair market value.","page_number":174,"box":{"x":70,"y":634,"width":285,"height":11}},{"id":"a493ab60-4ea7-432f-8a84-c2319613c666","block_type":"box","text":"Computation of Offering Price Per Share","page_number":174,"box":{"x":69,"y":665,"width":292,"height":11}},{"id":"f79c7be6-3410-4af7-a8c9-bc932a215814","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":174,"box":{"x":102,"y":687,"width":791,"height":11}},{"id":"53750619-6c78-41e2-a067-39f269b1bd64","block_type":"box","text":"the offering price for shares of your Fund.","page_number":174,"box":{"x":68,"y":702,"width":295,"height":12}},{"id":"b8ab2aed-3fd4-4483-834a-ec94f9fb2716","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":174,"box":{"x":303,"y":732,"width":373,"height":10}},{"id":"3220b9e8-1cd8-4e7e-9a6c-bd06b4412256","block_type":"box","text":"Transactions in Portfolio Securities","page_number":174,"box":{"x":68,"y":762,"width":257,"height":9}},{"id":"dd8e03ff-d3e1-4423-903f-26e282f7f3c8","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":174,"box":{"x":102,"y":785,"width":798,"height":11}},{"id":"372f5107-402a-4619-bc11-695af1e98734","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":174,"box":{"x":69,"y":800,"width":839,"height":11}},{"id":"7232f6d8-1c80-4360-b564-1f469d1f1340","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":174,"box":{"x":70,"y":815,"width":822,"height":11}},{"id":"a13317ff-345e-466a-b337-36e286e6ea75","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":174,"box":{"x":69,"y":830,"width":820,"height":11}},{"id":"d08f8e85-d6c8-4ee3-b088-a26fed6dec4e","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":174,"box":{"x":68,"y":845,"width":798,"height":11}},{"id":"d3adbb1b-26fb-4ea2-9c8a-17e23bf11afd","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":174,"box":{"x":69,"y":860,"width":765,"height":12}},{"id":"de86b997-fb70-4366-9287-1b25bd5773bf","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":174,"box":{"x":69,"y":876,"width":768,"height":11}},{"id":"02431ec6-d15c-4f6e-acd0-db7de49416cd","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":174,"box":{"x":70,"y":891,"width":830,"height":11}},{"id":"d8edf866-382e-4f03-801b-59b3e35fa80a","block_type":"box","text":"II-124","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"59b1c84f-416b-4540-a26e-d3b74fd6e48f","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56954c77-4966-4adc-93aa-971adcea73ba","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":175,"box":{"x":69,"y":45,"width":760,"height":11}},{"id":"494326e0-a1fe-45a0-8480-53c35c38169e","block_type":"box","text":"reasonable in relation to the services provided.","page_number":175,"box":{"x":69,"y":60,"width":336,"height":11}},{"id":"32f36dc2-9f05-4c4f-987a-ce42fe7e1132","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":175,"box":{"x":102,"y":82,"width":794,"height":12}},{"id":"15cf6f4a-a4d0-46a1-b80c-cff6d5a92e0f","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":175,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"0d4adff7-2f2d-4157-a472-5b8da2004156","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":175,"box":{"x":102,"y":120,"width":784,"height":12}},{"id":"f13816f2-c693-447a-906b-f2966025e5a8","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":175,"box":{"x":68,"y":135,"width":829,"height":12}},{"id":"0821b5bd-8e5f-42f8-91b3-9c89454cb77d","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":175,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"945cfffc-254c-4512-8fcc-30f17333efcf","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":175,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"6d9a9dd4-d6c2-43e8-aefa-0d6b7f44bd31","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":175,"box":{"x":69,"y":181,"width":789,"height":11}},{"id":"dcb6c06f-d0db-4ee6-9def-7b62d40d22ba","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":175,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"9ced5754-2cd9-4bb5-9eb6-95798e504b59","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":175,"box":{"x":69,"y":211,"width":769,"height":11}},{"id":"ab3ab028-26b9-4689-b693-f9295798140b","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":175,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"e3b81ff3-4d2e-416e-af9f-71af4ca73a36","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":175,"box":{"x":69,"y":241,"width":391,"height":11}},{"id":"2833b10f-bea9-45bf-a2ec-d7b79d629a78","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":175,"box":{"x":102,"y":264,"width":801,"height":11}},{"id":"921e04db-7f59-4599-91b3-90f42a854d9e","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":175,"box":{"x":68,"y":279,"width":802,"height":11}},{"id":"6991102b-9959-4f80-ba1b-f2ded6f1fd9f","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":175,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"e96422dd-2da2-4b20-8d85-3a5335ab7312","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":175,"box":{"x":69,"y":309,"width":790,"height":11}},{"id":"2916fdfe-9b3e-49e5-8a0f-6a8617716597","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":175,"box":{"x":70,"y":324,"width":827,"height":12}},{"id":"c5c47431-7487-4405-a0bb-eef3f202f55b","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":175,"box":{"x":68,"y":339,"width":753,"height":12}},{"id":"76051ed9-6a8b-42c9-90cf-c235a5f0cac4","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":175,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"34e9bda9-9ef6-4b19-8c70-7e0fe8463083","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":175,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"c81a4a1e-7d16-40dc-a0fc-1c35c26f6608","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":175,"box":{"x":70,"y":385,"width":775,"height":11}},{"id":"2501b0a5-e5b3-45d9-bf4b-e043162543c2","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":175,"box":{"x":69,"y":400,"width":764,"height":11}},{"id":"dd052762-e8fe-4fb1-8b61-eced515aa525","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":175,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"047b9212-25c2-4c75-b8dd-078aa2681e1d","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":175,"box":{"x":69,"y":430,"width":599,"height":11}},{"id":"caf9d3f1-32f6-480d-b000-4125cab7e432","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":175,"box":{"x":102,"y":453,"width":796,"height":11}},{"id":"2ae3f2ed-b7f1-4fd4-907f-aa8c00f60829","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":175,"box":{"x":70,"y":468,"width":829,"height":11}},{"id":"bf8c3d96-5512-49a5-9caf-e9de599fadd0","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":175,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"0808e713-cdd1-4d96-ae8f-4532a26b2c95","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":175,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"497a97a9-0fcc-47b5-898e-5ddc1bb9d07c","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":175,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"de1fbba8-3414-42ee-b996-962d68ad1c03","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":175,"box":{"x":69,"y":528,"width":808,"height":12}},{"id":"4018b54d-b48b-4d48-abdb-216a22f329af","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":175,"box":{"x":69,"y":544,"width":818,"height":11}},{"id":"49d394ca-6cba-4833-9f70-4db225a82015","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":175,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"c5ee3e62-fb21-4d38-8ac3-a7a861e1b316","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":175,"box":{"x":70,"y":574,"width":801,"height":11}},{"id":"7245c2ca-7e75-4611-82d4-c4cb6b3aec19","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":175,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"a22b5823-fa90-459d-b9d2-97cf800e87e9","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":175,"box":{"x":69,"y":604,"width":790,"height":11}},{"id":"a21ab3ef-1f47-430d-9286-1a586ea07b81","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":175,"box":{"x":70,"y":619,"width":361,"height":11}},{"id":"b91bc36b-d1f7-43ea-9eef-32a7eb40e406","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":175,"box":{"x":102,"y":642,"width":791,"height":11}},{"id":"9c666b3a-88e1-467b-a4ea-589eeade7750","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":175,"box":{"x":69,"y":657,"width":819,"height":11}},{"id":"7049744b-e6b1-4e86-be34-3dc9455ee29f","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":175,"box":{"x":69,"y":672,"width":772,"height":11}},{"id":"bc3bfe56-89eb-485f-829e-57ae91e80e60","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":175,"box":{"x":70,"y":687,"width":785,"height":11}},{"id":"c52a5df2-8d97-413c-8279-fe902b8c0d39","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":175,"box":{"x":70,"y":702,"width":806,"height":12}},{"id":"8face6e6-b7e7-4c13-ac2b-b1701258ef10","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":175,"box":{"x":68,"y":718,"width":772,"height":11}},{"id":"acdcf84f-3d37-427c-bf01-83bf36b85320","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":175,"box":{"x":69,"y":732,"width":838,"height":12}},{"id":"966cf14d-dcde-48a4-9402-0c6d8a176469","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":175,"box":{"x":68,"y":748,"width":769,"height":11}},{"id":"c3032d15-0d7a-478f-a361-986319830ee0","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":175,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"de7416bd-59b5-45d6-be0a-60d4af83a811","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":175,"box":{"x":69,"y":778,"width":778,"height":11}},{"id":"707cc108-44ce-451c-bba2-d3436129fba2","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":175,"box":{"x":69,"y":793,"width":363,"height":11}},{"id":"3e6ed84d-aecb-4e5a-b0a2-5da688c0f961","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":175,"box":{"x":102,"y":816,"width":749,"height":11}},{"id":"ccc8e63a-02ba-4018-9606-f63aa230dd7d","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":175,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"0851dbb3-0338-43b1-927a-b6dcd9284a17","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":175,"box":{"x":70,"y":846,"width":752,"height":11}},{"id":"d877e373-21fb-47fe-b691-d10962f53796","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":175,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"9d02d224-330e-4465-a9b0-f4f050ad664f","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":175,"box":{"x":70,"y":876,"width":822,"height":11}},{"id":"97e47f06-6527-431e-8213-7e0f3c7b5195","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":175,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"984968b2-fdb7-4f70-8a1d-888c0a7d6143","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":175,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"544b4dd2-7647-47ba-80ad-69e4e28b8400","block_type":"box","text":"II-125","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"20e3fc5e-e94d-4916-ba07-05fad37c72e7","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1cfbbe0-e0de-4e95-8c2d-1b7fc56d3b4e","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":176,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"2c0f2285-80c8-402a-8893-616cd8240daa","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":176,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"9f92338e-d147-4d9f-bc40-e3ca2f971127","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":176,"box":{"x":70,"y":75,"width":832,"height":11}},{"id":"5c6d3476-42f0-48ca-ba16-d05436d98740","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":176,"box":{"x":70,"y":90,"width":798,"height":11}},{"id":"6fa17b76-bb44-48f5-94f5-9c6566cc8252","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":176,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"f16f6067-e484-4ca8-82b2-0c88fb28bb7d","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":176,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"2f56b0f8-5dc5-477e-9b1f-10b162bf798d","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":176,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"4232bf70-e6a0-42fe-837c-d951e9c0a78a","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":176,"box":{"x":69,"y":150,"width":797,"height":12}},{"id":"2c2d5a9c-509c-40ee-9b55-ed880cd10183","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":176,"box":{"x":70,"y":166,"width":815,"height":11}},{"id":"070b6835-19e1-4bd4-8c15-4b8c9b78369e","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":176,"box":{"x":68,"y":181,"width":555,"height":11}},{"id":"8278b55e-f32f-4fc0-ac5f-7e6e7ecc3570","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":176,"box":{"x":102,"y":203,"width":802,"height":12}},{"id":"bb9f7b29-abb6-4685-82c0-8084664effc5","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":176,"box":{"x":68,"y":218,"width":825,"height":12}},{"id":"979c768a-1d4f-4156-bb15-5470005d649d","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":176,"box":{"x":69,"y":234,"width":798,"height":11}},{"id":"dc73a8ee-f5b2-4220-9a15-d914794fd716","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":176,"box":{"x":68,"y":249,"width":824,"height":11}},{"id":"1339da08-9766-495e-9e15-92cf453ec2ce","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":176,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"6e2d82ed-f3ef-414b-b65d-6c8e6fdc65a7","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":176,"box":{"x":69,"y":279,"width":547,"height":11}},{"id":"acbe20e9-461a-4801-b8d4-05429d751dbd","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":176,"box":{"x":102,"y":302,"width":804,"height":11}},{"id":"17d169b8-ce34-4bbe-a051-61ab262098a4","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":176,"box":{"x":68,"y":317,"width":806,"height":11}},{"id":"86aea69b-2d60-4ab3-b8f3-f542f20e9e9a","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":176,"box":{"x":70,"y":332,"width":836,"height":11}},{"id":"5dfa5fcf-55ea-4f20-a67c-2f3df4f023e1","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":176,"box":{"x":70,"y":347,"width":777,"height":11}},{"id":"fff4da69-5d46-4fe5-857e-098f15def028","block_type":"box","text":"brokerage.","page_number":176,"box":{"x":69,"y":362,"width":74,"height":11}},{"id":"c7222292-4a9b-4f51-806d-ebb7cd6225dc","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":176,"box":{"x":102,"y":385,"width":781,"height":11}},{"id":"006d9bd1-7045-4f05-b32f-2aaddd87aa8b","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":176,"box":{"x":68,"y":400,"width":810,"height":11}},{"id":"4b2aa620-d9d9-4e07-8170-0160ec48b734","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":176,"box":{"x":69,"y":415,"width":771,"height":11}},{"id":"c305c9f2-396a-4115-80a7-08dc4e00f1e6","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":176,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"45d0481b-38ca-43d8-a935-2961d60689fc","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":176,"box":{"x":68,"y":445,"width":821,"height":12}},{"id":"065b12f8-d6d3-4e38-9fdc-b22b186c9676","block_type":"box","text":"Section 28(e).","page_number":176,"box":{"x":69,"y":460,"width":99,"height":11}},{"id":"74e9329f-fca1-41b6-8087-a2c8bfb1d586","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":176,"box":{"x":102,"y":483,"width":755,"height":9}},{"id":"ff5d0f42-04b2-45d7-9113-6a4b2c4e0324","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":176,"box":{"x":69,"y":498,"width":828,"height":11}},{"id":"005d7da5-b611-4205-8a9f-a78c34493a97","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":176,"box":{"x":69,"y":513,"width":799,"height":11}},{"id":"f2695d34-9a24-4c70-a6ff-9866557e4f63","block_type":"box","text":"execute transactions for those mutual funds.","page_number":176,"box":{"x":69,"y":528,"width":319,"height":9}},{"id":"9fb0160c-c510-4cb0-b9bb-75f2da3598d7","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":176,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"71bd9c3a-602a-42ac-88ac-41b773aeb086","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":176,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"ae6c687e-5b79-4473-96fb-cbd75993f3fc","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":176,"box":{"x":70,"y":581,"width":816,"height":12}},{"id":"3f8d2c24-9792-442a-8a9f-ad4b95daae01","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":176,"box":{"x":69,"y":597,"width":805,"height":11}},{"id":"002c4ed0-621c-4179-8e84-396b4a457ce0","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":176,"box":{"x":68,"y":612,"width":773,"height":11}},{"id":"24f69457-c481-4338-bcde-1e667e894322","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":176,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"3b6a11cd-4b63-48a9-bfa2-a4167976cdd4","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":176,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"3a968dcd-d1ec-4a3f-8058-6c98d23d9a28","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":176,"box":{"x":69,"y":657,"width":754,"height":11}},{"id":"3e110809-68c1-48ca-b27a-e23e6378d554","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":176,"box":{"x":69,"y":672,"width":540,"height":11}},{"id":"947693fc-af73-4705-865b-01d58b44c90b","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":176,"box":{"x":102,"y":695,"width":798,"height":11}},{"id":"bd5d9888-5737-4b2e-8c2b-84bbcb12625b","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":176,"box":{"x":68,"y":710,"width":597,"height":11}},{"id":"a09a8f86-71cd-4995-a57f-196deabafa70","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":176,"box":{"x":102,"y":733,"width":802,"height":11}},{"id":"1eed11b5-8bb0-463e-ac30-0a188c92c268","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":176,"box":{"x":68,"y":748,"width":822,"height":11}},{"id":"593e68ae-5697-4bd1-84f4-4fe92e242666","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":176,"box":{"x":69,"y":763,"width":804,"height":11}},{"id":"46788592-aaa0-4514-a857-378b29ee825c","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":176,"box":{"x":69,"y":778,"width":832,"height":11}},{"id":"c87aa94a-5b57-41b3-a62b-ebf57e75f388","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":176,"box":{"x":69,"y":793,"width":762,"height":11}},{"id":"24154dcc-8a67-4e74-bee4-9078584481f1","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":176,"box":{"x":68,"y":808,"width":770,"height":11}},{"id":"ac43bda5-2ad3-4d7a-addb-2499850a66f5","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":176,"box":{"x":69,"y":823,"width":828,"height":11}},{"id":"31c3f428-f5c3-43ef-8a05-1967038111fa","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":176,"box":{"x":70,"y":838,"width":814,"height":12}},{"id":"9c4db793-0d9f-4d39-ab99-107278b1cac5","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":176,"box":{"x":69,"y":853,"width":825,"height":12}},{"id":"a645dde4-9d6d-44fc-9fa3-23b61b27e0c7","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":176,"box":{"x":69,"y":869,"width":645,"height":11}},{"id":"83d6d98f-2167-4c6f-94c7-014eaefc916e","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":176,"box":{"x":102,"y":891,"width":797,"height":12}},{"id":"c1ec84f3-8eae-4e48-9ec7-5bff27dc9e06","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":176,"box":{"x":69,"y":906,"width":826,"height":12}},{"id":"0416531a-b71a-48ef-bcff-2087d21ccc32","block_type":"box","text":"II-126","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"e14f0d4a-4b7e-41f3-ac15-a3d9e579b074","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b310e418-d627-4a24-8aba-76e849a42568","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":177,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"97761ff8-0d9b-4ffd-ab23-8a0050aec7b5","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":177,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"bf8fd202-2c76-47d8-8918-8d20f674c689","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":177,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"cb505d82-ff29-40ca-8c8b-0ae750d5d3d4","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":177,"box":{"x":70,"y":90,"width":730,"height":11}},{"id":"e624b44c-0f08-4e5e-9650-6c032ccd881e","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":177,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"4dd432e6-5335-45ff-8670-575a73ebfb3a","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":177,"box":{"x":69,"y":128,"width":807,"height":11}},{"id":"d316e9d2-bde9-4965-84c3-6f8f9e1ebffe","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":177,"box":{"x":70,"y":143,"width":812,"height":11}},{"id":"4184f2ce-897c-4376-b4c1-55c6a3014a92","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":177,"box":{"x":69,"y":158,"width":807,"height":11}},{"id":"4f10d5c8-7b35-41c1-95cb-75b07a9798b9","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":177,"box":{"x":68,"y":173,"width":827,"height":11}},{"id":"4f7c4173-74be-4257-9cbf-c722d5adf068","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":177,"box":{"x":68,"y":188,"width":817,"height":11}},{"id":"3e3d75ab-2c0a-44be-a271-c6904010f143","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":177,"box":{"x":69,"y":204,"width":802,"height":11}},{"id":"36ef0baa-6cb8-41dd-b971-632982162494","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":177,"box":{"x":69,"y":218,"width":700,"height":12}},{"id":"2901485c-9fdf-49cb-bb05-f685e65d64a8","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":177,"box":{"x":102,"y":241,"width":756,"height":11}},{"id":"3a0cb6f7-ed4f-4c8b-a434-4640fb0b40d8","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":177,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"034ed9f9-9ab0-4d88-8f1f-729b6c7154c3","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":177,"box":{"x":69,"y":271,"width":766,"height":12}},{"id":"d185027c-d73c-468e-bb0c-a2164ff2efd4","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":177,"box":{"x":101,"y":294,"width":780,"height":11}},{"id":"4423308a-809f-4e65-a840-c418015076f2","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":177,"box":{"x":69,"y":309,"width":826,"height":11}},{"id":"60b9849d-d3db-4480-9a10-730e021176f9","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":177,"box":{"x":69,"y":324,"width":806,"height":11}},{"id":"136debff-e2d2-4615-bf3e-1db25b654fd3","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":177,"box":{"x":69,"y":339,"width":776,"height":12}},{"id":"26c52f77-24eb-4f4c-92d6-ab710d376c83","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":177,"box":{"x":70,"y":355,"width":800,"height":11}},{"id":"aed42330-f67b-4e43-80f2-da8d9e14d515","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":177,"box":{"x":69,"y":370,"width":352,"height":11}},{"id":"40ad1ff3-c104-436b-9f71-25986117c854","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":177,"box":{"x":102,"y":392,"width":800,"height":12}},{"id":"d14db796-76fa-4033-aa7d-e2c772a0c493","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":177,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"37f63e39-6e91-4b71-a56c-81b563b9393e","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":177,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"2fe158fa-d84b-4b77-8f3c-cf64dc1be7e2","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":177,"box":{"x":68,"y":438,"width":788,"height":11}},{"id":"f2ced470-9372-4eee-a4a7-b8eb8fd89cfc","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":177,"box":{"x":69,"y":453,"width":759,"height":11}},{"id":"d04aa34c-18b5-484a-9594-0ecbad61b21f","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":177,"box":{"x":69,"y":468,"width":780,"height":11}},{"id":"b4dd5412-cefc-47a8-b829-6410a0b87d96","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":177,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"62f30678-2050-4a34-9eab-3123530d7125","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":177,"box":{"x":69,"y":498,"width":788,"height":11}},{"id":"123deea9-e7dd-42e5-abe4-02ca3ea19caf","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":177,"box":{"x":69,"y":514,"width":811,"height":11}},{"id":"55959a30-185a-470e-a897-17268b07bc01","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":177,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"d152bdc0-f3cc-45e4-97bf-d37452406fa0","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":177,"box":{"x":68,"y":543,"width":808,"height":12}},{"id":"394a8016-e44e-4a82-b92f-2c973e1618bf","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":177,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"680996be-a842-4621-a743-ed97fb51c42a","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":177,"box":{"x":70,"y":574,"width":836,"height":11}},{"id":"d49f289d-4631-4597-8b36-d8546bab2674","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":177,"box":{"x":69,"y":589,"width":613,"height":11}},{"id":"cb17e2b5-e110-4f71-9291-33811e936ca9","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":177,"box":{"x":102,"y":612,"width":802,"height":11}},{"id":"feb6cccb-3891-4eb2-aa2e-5c8a9e0366fa","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":177,"box":{"x":69,"y":627,"width":800,"height":11}},{"id":"e0b9a062-4d56-478e-90c1-b93091748a5f","block_type":"box","text":"accounts and compliance constraints.","page_number":177,"box":{"x":69,"y":642,"width":269,"height":11}},{"id":"11b5a0bf-fdc2-4177-9f0e-4d0baf1426f3","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":177,"box":{"x":102,"y":664,"width":736,"height":12}},{"id":"d1b0d100-9766-4817-877b-c103663845a6","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":177,"box":{"x":69,"y":680,"width":808,"height":11}},{"id":"813aec4b-3db5-481e-9f07-36a31da6075d","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":177,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"dc51bcaa-95ee-4856-ba82-451c71f8219c","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":177,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"480a115f-2d41-4741-bc8e-bf8349f26aeb","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":177,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"c6b2d915-9494-42bd-b07a-2295bcd07452","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":177,"box":{"x":69,"y":740,"width":793,"height":11}},{"id":"bbcf0d8d-28eb-47d4-b12f-a9a1f5858dda","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":177,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"ef523352-9993-4f0e-b389-85ce93e80d5f","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":177,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"8871522d-ff82-4727-9760-af70128db038","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":177,"box":{"x":68,"y":785,"width":839,"height":12}},{"id":"7cadf39a-ddd1-4c1a-98f1-27e3cabca70e","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":177,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"119de90b-7891-41cc-97cb-fcdfbe48c4dc","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":177,"box":{"x":69,"y":816,"width":819,"height":11}},{"id":"3c4eb2a8-c96c-4264-9ac9-e49d9bba0c71","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":177,"box":{"x":69,"y":831,"width":808,"height":11}},{"id":"54f934a7-571b-4947-a8ac-01f710465adc","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":177,"box":{"x":69,"y":846,"width":791,"height":11}},{"id":"b60881b5-254d-49b4-8220-5d51d4978868","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":177,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"21ed9bd7-ee3f-449f-ad89-43d9c3c9cab3","block_type":"box","text":"clients may be used as well.","page_number":177,"box":{"x":69,"y":876,"width":200,"height":11}},{"id":"e40fec1c-3386-4ced-b008-6b231b98340b","block_type":"box","text":"II-127","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0951e766-c885-4a04-9070-eadc7a531944","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce02be71-5a50-4d38-b74f-6cbde0fa805a","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":178,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"6bc21b92-8d49-4e6e-b467-f27d4122cd77","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":178,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"188c59f9-1eb1-4310-8762-24f815866335","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":178,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"2ca8d7dc-fa57-4fe6-bbfa-2ecbe9a18b0e","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":178,"box":{"x":68,"y":90,"width":833,"height":11}},{"id":"dbff959a-1845-42fa-af09-69a22e5e5ddd","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":178,"box":{"x":69,"y":105,"width":829,"height":11}},{"id":"8f0a8c57-2e8a-46ad-8e11-14b26d55f76d","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":178,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"04dd5824-6a92-4d04-9e61-4f10762f9548","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":178,"box":{"x":69,"y":135,"width":806,"height":11}},{"id":"03ca2f35-0f0f-4bc5-bec9-f1af50c7f02d","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":178,"box":{"x":69,"y":150,"width":814,"height":12}},{"id":"784b24d5-cefc-4a60-8c15-beece8996902","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":178,"box":{"x":69,"y":166,"width":836,"height":9}},{"id":"7bcca202-eae7-4355-b0d7-3c30f99bf27f","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":178,"box":{"x":69,"y":181,"width":773,"height":11}},{"id":"b4618cca-3fdb-42b8-939b-403dac41673f","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":178,"box":{"x":69,"y":196,"width":467,"height":11}},{"id":"73ef9728-1fe9-4579-925b-a982fd67a24e","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":178,"box":{"x":102,"y":218,"width":741,"height":12}},{"id":"3b06ab96-78a9-4e25-8ec3-a5e370127002","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":178,"box":{"x":69,"y":234,"width":721,"height":11}},{"id":"9fe5d18b-b399-44d3-aad4-7686779bec03","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":178,"box":{"x":69,"y":249,"width":824,"height":11}},{"id":"039482e2-ca86-4e55-a88e-f7eba3252bec","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":178,"box":{"x":68,"y":264,"width":795,"height":11}},{"id":"c8e489e9-d2eb-458c-837a-6c8c19861f20","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":178,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"7e75266a-9c59-4433-8f17-d39fd8a8cc21","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":178,"box":{"x":69,"y":294,"width":783,"height":11}},{"id":"89274bb6-63bf-4588-8876-db3e3f0cd9db","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":178,"box":{"x":70,"y":309,"width":796,"height":11}},{"id":"24410c34-83d1-4251-8aef-7d64946d320f","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":178,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"692fc8c3-e4ff-47e6-b028-131b004c6d30","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":178,"box":{"x":68,"y":339,"width":819,"height":12}},{"id":"d1756254-09f0-4ac9-90c8-930eaa290e96","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":178,"box":{"x":70,"y":355,"width":771,"height":11}},{"id":"2de7d940-2c69-4adb-ba3f-92bbe08f5aa1","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":178,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"b2bfcec5-1419-4cf6-9392-7bd4733165bc","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":178,"box":{"x":68,"y":385,"width":835,"height":11}},{"id":"e45f9179-5290-419d-b5ff-b9391a822c7c","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":178,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"0ebe26bd-554a-4d7d-99e0-78d0756c7ca7","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":178,"box":{"x":68,"y":415,"width":823,"height":11}},{"id":"dbff4ddb-b21a-4870-886d-f849e96feadc","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":178,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"386f1b66-ac3e-4948-8f3d-19704bb7a520","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":178,"box":{"x":101,"y":453,"width":767,"height":11}},{"id":"1cfc1722-d605-4d2d-a713-9bf02cc138ea","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":178,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"5f7a936c-ebc8-47a4-b411-cef2a8042e0f","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":178,"box":{"x":69,"y":483,"width":816,"height":11}},{"id":"a23b5b43-249c-477c-9a2c-50d3657f9d53","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":178,"box":{"x":70,"y":498,"width":833,"height":11}},{"id":"3fbc92c6-d67b-4800-8df7-f57946fcee36","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":178,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"ee90877c-995e-40ae-84e6-927961ff020e","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":178,"box":{"x":101,"y":536,"width":786,"height":11}},{"id":"e1a4e413-84b0-4997-acc3-85dc38fdce29","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":178,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"7f0467e7-514b-4614-b405-6114d7ddcb1e","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":178,"box":{"x":69,"y":566,"width":751,"height":11}},{"id":"0b760d5a-5684-4015-a225-9404222b9edf","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":178,"box":{"x":68,"y":582,"width":829,"height":11}},{"id":"1ff76fbf-faa7-4231-8caf-58e52ba42bb9","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":178,"box":{"x":68,"y":596,"width":799,"height":12}},{"id":"58e85a1e-1176-4eed-9176-4dd6378347ea","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":178,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"3d8ec681-899f-4047-8be2-eda019fc307b","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":178,"box":{"x":68,"y":627,"width":820,"height":11}},{"id":"1af29db4-75de-48b4-8091-46c49a63ad59","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":178,"box":{"x":70,"y":642,"width":812,"height":11}},{"id":"54d44cb5-6245-41e8-8849-2a5ad587c094","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":178,"box":{"x":69,"y":657,"width":781,"height":10}},{"id":"8fce6f87-bc6a-4a5b-bf39-23c568ef8084","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":178,"box":{"x":69,"y":672,"width":805,"height":11}},{"id":"86a59d22-2c7a-4fc7-86e0-58072cecb9fc","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":178,"box":{"x":69,"y":687,"width":840,"height":11}},{"id":"ac0b6e30-bec4-460f-ba4b-cf85d6ee0531","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":178,"box":{"x":69,"y":702,"width":815,"height":11}},{"id":"85871152-ac13-41b6-9637-37a7af7b812a","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":178,"box":{"x":69,"y":718,"width":713,"height":11}},{"id":"6e3ffc83-672b-43b7-8dc3-6645c3df8401","block_type":"box","text":"Portfolio Turnover","page_number":178,"box":{"x":69,"y":748,"width":129,"height":9}},{"id":"9f0ea0e2-d137-4296-8116-9e124d1a03ca","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":178,"box":{"x":101,"y":770,"width":798,"height":12}},{"id":"e22bf2cb-70e2-40fd-958d-e6bbf251edd4","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":178,"box":{"x":69,"y":785,"width":839,"height":11}},{"id":"e387955e-78f3-4776-ade4-07bbeb7e1443","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":178,"box":{"x":68,"y":801,"width":814,"height":11}},{"id":"cf324e94-768b-4843-8fff-c3b58151ab89","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":178,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"101ef828-04b6-4628-ab24-6107e0493996","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":178,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"26e7c1ca-be84-43c0-88fd-b2092701457b","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":178,"box":{"x":69,"y":846,"width":519,"height":11}},{"id":"c0b8f352-fb98-448d-a544-bdbbd4d3f2bf","block_type":"box","text":"II-128","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d039cf71-4ac8-4493-a7e8-3c8ac422e2bf","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff20af5a-e432-4730-9e03-a5de596041f2","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":179,"box":{"x":396,"y":45,"width":186,"height":10}},{"id":"aa5d62e2-13b0-4f96-9197-c52d4f18445d","block_type":"box","text":"Dividends","page_number":179,"box":{"x":69,"y":76,"width":69,"height":8}},{"id":"f4820892-3f0c-499f-a609-c3877696dcd8","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":179,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"161f823a-32d7-4a9e-8b0e-5452b80d2fce","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":179,"box":{"x":70,"y":113,"width":795,"height":11}},{"id":"3570b607-c54a-4a87-ad7b-b235068ec106","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":179,"box":{"x":69,"y":128,"width":837,"height":12}},{"id":"995f4e59-6b42-4662-8b25-e3948d48be4f","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":179,"box":{"x":69,"y":143,"width":836,"height":12}},{"id":"d2d763fb-6513-414d-8cbb-a55124ffe2ed","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":179,"box":{"x":70,"y":159,"width":822,"height":11}},{"id":"0363780c-5f51-4357-9cc1-17c23f9ccded","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":179,"box":{"x":69,"y":174,"width":739,"height":11}},{"id":"bdbc7d82-08c4-48d9-8613-ea8be9bd726f","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":179,"box":{"x":102,"y":196,"width":773,"height":12}},{"id":"c3c8952d-00d2-411c-ac06-81871759a08b","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":179,"box":{"x":70,"y":212,"width":819,"height":11}},{"id":"8ac29c7f-df4f-4c4e-9963-9dca9f3fc829","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":179,"box":{"x":69,"y":227,"width":807,"height":11}},{"id":"f25e95c5-4972-4e03-8588-67e13c58f492","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":179,"box":{"x":68,"y":242,"width":800,"height":11}},{"id":"1874a739-2985-427f-9204-13a01ae94909","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":179,"box":{"x":69,"y":257,"width":801,"height":11}},{"id":"8f366cb1-c125-4d19-a74c-f813bc6a9d30","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":179,"box":{"x":69,"y":272,"width":783,"height":11}},{"id":"b63e5abc-ce76-4f75-a41f-cda6e42e5a99","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":179,"box":{"x":69,"y":287,"width":820,"height":11}},{"id":"34989942-4754-4c27-a419-4beba3bcf30c","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":179,"box":{"x":69,"y":302,"width":794,"height":11}},{"id":"47161f06-75c0-4fc0-b298-d969d4bcb219","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":179,"box":{"x":69,"y":317,"width":834,"height":12}},{"id":"1f78cc1a-0575-4b45-b9f8-4180dcdd82ba","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":179,"box":{"x":68,"y":332,"width":826,"height":11}},{"id":"df4618db-32c2-43d2-8a5b-afe4e69027a6","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":179,"box":{"x":69,"y":348,"width":816,"height":11}},{"id":"71683c5f-11d3-4645-b46f-a9d17e07ddb5","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":179,"box":{"x":68,"y":363,"width":461,"height":11}},{"id":"4c9a3e0a-2b1b-4ccc-9881-73d74d6b673d","block_type":"box","text":"Taxes","page_number":179,"box":{"x":68,"y":393,"width":42,"height":9}},{"id":"24eb07c6-bcc3-4065-a6a4-3e7da0ee8b6f","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":179,"box":{"x":102,"y":416,"width":732,"height":11}},{"id":"6fa6b5b9-a99b-4b81-8490-bf976baf51c8","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":179,"box":{"x":69,"y":431,"width":825,"height":11}},{"id":"b6f92775-820a-4745-ab40-f0ba52c3f843","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":179,"box":{"x":70,"y":446,"width":817,"height":11}},{"id":"407d87bc-9044-448e-99e2-21667aabd7cf","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":179,"box":{"x":69,"y":461,"width":832,"height":11}},{"id":"87c28ef8-5c82-47a6-8dcc-5670f2864246","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":179,"box":{"x":69,"y":476,"width":791,"height":11}},{"id":"ac02a16e-6456-4ac4-94f8-ee2c91c7f3b7","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":179,"box":{"x":69,"y":491,"width":786,"height":12}},{"id":"35c20e98-ea06-4a8f-a002-d70ac6c186bf","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":179,"box":{"x":69,"y":506,"width":831,"height":11}},{"id":"73caba0f-e1d6-4f8f-b8ab-6626f2ae71f3","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":179,"box":{"x":68,"y":521,"width":819,"height":12}},{"id":"59d1a69a-2063-48d6-8517-db796e7bdf27","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":179,"box":{"x":69,"y":537,"width":824,"height":11}},{"id":"ef3d9fcc-b3fc-42b5-a3ba-fd2b3d117875","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":179,"box":{"x":69,"y":552,"width":739,"height":11}},{"id":"5cc60929-764d-4409-b8b5-70f5b808be98","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":179,"box":{"x":101,"y":574,"width":792,"height":12}},{"id":"472db097-8be3-4238-8fb6-27adccfe7900","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":179,"box":{"x":68,"y":589,"width":819,"height":12}},{"id":"64b05a92-78f3-4490-83fd-3c0242e79b24","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":179,"box":{"x":70,"y":605,"width":830,"height":11}},{"id":"b066ed6c-becd-4aaa-b9d3-30eb31d6bb95","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":179,"box":{"x":68,"y":620,"width":744,"height":11}},{"id":"1b5b40e1-86f5-46a4-8003-93060b27b7b2","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":179,"box":{"x":69,"y":635,"width":835,"height":11}},{"id":"f22f0974-4994-4316-acdc-4a77b1f7b4cd","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":179,"box":{"x":69,"y":650,"width":808,"height":11}},{"id":"fd3b3fe9-d9f1-44c0-8846-22f41e0acacc","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":179,"box":{"x":69,"y":665,"width":767,"height":11}},{"id":"9068f5ac-1fae-4652-9861-92c1b6ed2879","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":179,"box":{"x":70,"y":680,"width":826,"height":12}},{"id":"f4c4a5dc-f3ad-49a1-8c0f-1cccc1aa79de","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":179,"box":{"x":68,"y":695,"width":521,"height":12}},{"id":"b8c24d4e-11fc-4ea5-9e73-0a208a7303f6","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":179,"box":{"x":102,"y":718,"width":798,"height":11}},{"id":"eb1e429d-955a-4f62-a67b-57d8e964737e","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":179,"box":{"x":69,"y":733,"width":762,"height":11}},{"id":"35c33215-8eac-45e1-854e-8f5ce4a52840","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":179,"box":{"x":70,"y":748,"width":789,"height":11}},{"id":"03889d4d-375f-48d9-8de6-5dc1f177fd50","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":179,"box":{"x":69,"y":763,"width":837,"height":12}},{"id":"aeabbc8e-1d8d-4ac1-b4cd-25af573acdf3","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":179,"box":{"x":69,"y":778,"width":831,"height":12}},{"id":"0493da8b-5d0e-4234-aa30-3c176fe214fa","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":179,"box":{"x":69,"y":794,"width":837,"height":11}},{"id":"db5a0511-4049-4765-ae2c-6db5f1403096","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":179,"box":{"x":69,"y":809,"width":825,"height":11}},{"id":"dac9240c-4dd7-4c6a-9c7b-e316e3bf8612","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":179,"box":{"x":69,"y":824,"width":811,"height":11}},{"id":"81783bcf-4bab-4a29-8123-49abed003b98","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":179,"box":{"x":70,"y":839,"width":813,"height":11}},{"id":"2554ed4f-7f80-419e-b356-c062edf8c1bc","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":179,"box":{"x":69,"y":854,"width":834,"height":11}},{"id":"cf9bd403-c531-48cc-92cf-1ed969caf8fb","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":179,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"5ba45c84-17dc-4186-9ee5-d1147867688d","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":179,"box":{"x":69,"y":884,"width":771,"height":12}},{"id":"da8f5593-e72b-4431-abd9-b68b9e6c5757","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":179,"box":{"x":69,"y":899,"width":512,"height":11}},{"id":"362127d4-1ab4-4af4-9f1c-e0a72bb91217","block_type":"box","text":"II-129","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4ce6b0e4-a7d9-49af-becf-fd7c3f265789","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"affc70bf-c03c-4c22-b5d2-d9445496fcc5","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":180,"box":{"x":101,"y":45,"width":759,"height":11}},{"id":"3db3f97a-8272-4bdd-9851-836a2d6b8ea8","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":180,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"039d7475-b51f-4049-8614-02d362368725","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":180,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"1480ecf7-99e9-4dd1-9316-b8fe117e53ac","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":180,"box":{"x":68,"y":90,"width":832,"height":11}},{"id":"e7eeeb6a-4ef1-46ce-8dc4-b919e1b83fcc","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":180,"box":{"x":70,"y":105,"width":825,"height":11}},{"id":"4a480fde-72f9-4675-a756-59492d18868a","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":180,"box":{"x":70,"y":120,"width":810,"height":11}},{"id":"83496787-bfdf-4b8f-a6cd-2542602554d4","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":180,"box":{"x":69,"y":135,"width":828,"height":12}},{"id":"06d6e9c5-23c0-43ec-baf5-426d7e68b751","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":180,"box":{"x":68,"y":150,"width":666,"height":12}},{"id":"52f4c2c0-b920-413f-ac35-ea95899b0ea4","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":180,"box":{"x":102,"y":173,"width":790,"height":11}},{"id":"d6072701-7837-476a-adbb-fececbeca516","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":180,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"bae3af27-57b1-44c1-999e-95d79ac65ee0","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":180,"box":{"x":69,"y":203,"width":770,"height":12}},{"id":"30f08fde-f569-42c4-b4ba-efaa2900f5f9","block_type":"box","text":"limitation.","page_number":180,"box":{"x":70,"y":219,"width":68,"height":8}},{"id":"24eda8de-c0fb-4283-8e38-cbd6d7c148fe","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":180,"box":{"x":102,"y":241,"width":803,"height":11}},{"id":"409feab5-4596-4404-b338-e9b8f8ad519e","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":180,"box":{"x":68,"y":256,"width":790,"height":12}},{"id":"60d8a38d-3e76-46b9-90f3-51e45f3a7b65","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":180,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"21f4da11-4b98-49a3-8451-aa43de65c184","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":180,"box":{"x":68,"y":286,"width":748,"height":12}},{"id":"83b73024-5d05-42a3-8795-c4af2fd89baf","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":180,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"4d20dcad-75c5-4106-b936-23ca699fc057","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":180,"box":{"x":70,"y":317,"width":829,"height":11}},{"id":"e78a2682-1cd9-4eb0-bc4e-292b1d9366b4","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":180,"box":{"x":70,"y":332,"width":785,"height":11}},{"id":"c1eaf908-6e21-4d13-855e-c6e2eaa774d0","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":180,"box":{"x":69,"y":347,"width":795,"height":11}},{"id":"d2ee63f5-c04f-4b5e-9cee-bd4a20f88d3d","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":180,"box":{"x":70,"y":362,"width":809,"height":11}},{"id":"22f277a6-a527-4bd1-bb89-80c70386fd9e","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":180,"box":{"x":68,"y":377,"width":814,"height":12}},{"id":"67e7d4a9-dcf9-4b5a-89a3-0b2e4a2c77b7","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":180,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"46bcbba1-0ac2-4ff5-98a9-7beb39d570a9","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":180,"box":{"x":68,"y":407,"width":751,"height":11}},{"id":"b1353626-806f-4d11-86e1-32774d7cf724","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":180,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"4cee0f34-aa5d-4088-a930-6a6c4558d5cb","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":180,"box":{"x":68,"y":438,"width":817,"height":11}},{"id":"9af96cf6-6718-4931-916d-29a1515ff49e","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":180,"box":{"x":68,"y":453,"width":813,"height":11}},{"id":"b3c472b7-a8ca-4c9b-98f1-0420a1ba1143","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":180,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"cafbac81-141a-44e5-9b5e-d0697b7228fb","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":180,"box":{"x":68,"y":483,"width":789,"height":11}},{"id":"f5aae695-89c6-4135-818d-18ed2209931e","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":180,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"5d7ff0f5-3f84-4e96-a414-7eb565308323","block_type":"box","text":"constitute “qualified dividend income.”","page_number":180,"box":{"x":69,"y":513,"width":275,"height":11}},{"id":"c8428838-b666-4b8c-a078-7440f04e4402","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":180,"box":{"x":101,"y":536,"width":806,"height":11}},{"id":"f1879c05-280f-4754-936f-cdad4d6f2692","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":180,"box":{"x":70,"y":551,"width":368,"height":11}},{"id":"f641af63-6661-4aca-9194-bb1e8a53ed9e","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":180,"box":{"x":101,"y":574,"width":772,"height":11}},{"id":"408ea45b-fc88-496e-adf2-6dd978f2bb81","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":180,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"96676ff7-b3e3-4190-80b4-3301a375d16a","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":180,"box":{"x":70,"y":604,"width":745,"height":11}},{"id":"5f28f5dc-726d-4d97-a4c5-991fc16837b8","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":180,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"14ef73e8-3139-4496-899d-4174bd2b9316","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":180,"box":{"x":70,"y":634,"width":838,"height":12}},{"id":"8f4d08fb-3038-4c14-8a35-8aee803195f4","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":180,"box":{"x":69,"y":649,"width":809,"height":12}},{"id":"4c3fe4d5-a333-46c2-8713-a8492b42d950","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":180,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"a71234dd-863b-4b1b-bbca-a2ef621af627","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":180,"box":{"x":69,"y":680,"width":838,"height":11}},{"id":"3f4aeb9a-7b15-4fd0-ac74-237dc96e99be","block_type":"box","text":"against their taxes.","page_number":180,"box":{"x":69,"y":695,"width":135,"height":11}},{"id":"257aac27-9968-4361-a6e8-f733dcf32014","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":180,"box":{"x":102,"y":717,"width":783,"height":12}},{"id":"e885d15d-97b7-4bba-801c-12f552c8b56d","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":180,"box":{"x":68,"y":732,"width":812,"height":12}},{"id":"f55f3bcf-37cb-4e43-863c-41b138bc6bf8","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":180,"box":{"x":69,"y":748,"width":769,"height":11}},{"id":"c217ccb5-66fd-40bb-b2c2-86c726c6f485","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":180,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"92ede1ad-7d6c-46fd-b373-224a66b6b4cd","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":180,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"3c093dd5-d1a5-4167-8032-69fee5838404","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":180,"box":{"x":68,"y":793,"width":831,"height":11}},{"id":"0e3bc0a7-9331-491c-981d-108521e32248","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":180,"box":{"x":68,"y":808,"width":817,"height":11}},{"id":"0d17e990-5d4a-42bc-a93e-0cd1de666554","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":180,"box":{"x":70,"y":823,"width":797,"height":12}},{"id":"fa99a362-092f-47b2-b921-3af89c9ba745","block_type":"box","text":"dividends received by the shareholder.","page_number":180,"box":{"x":69,"y":839,"width":272,"height":10}},{"id":"2036a139-35ac-4c58-a00d-f758fc1229e7","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":180,"box":{"x":102,"y":861,"width":792,"height":11}},{"id":"4b50c355-1852-4835-8c91-fc5dd51ede99","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":180,"box":{"x":69,"y":876,"width":835,"height":11}},{"id":"80e58e5d-b96c-448b-98ea-409c873cc245","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":180,"box":{"x":68,"y":891,"width":809,"height":11}},{"id":"4588bd4f-0e8c-4092-8073-8324c007f6c6","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":180,"box":{"x":68,"y":906,"width":819,"height":11}},{"id":"9b819db2-a929-4edf-9baf-87d22c0f9eef","block_type":"box","text":"II-130","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bc486310-8d65-4258-8f96-ab42ab129b62","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3779cc3b-5b06-4fd7-baa6-29905bbeeebe","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":181,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"e3060f4c-2cac-4f29-8a66-dc08fcca9102","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":181,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"877fd78a-33b4-4a00-830c-226ad9e8a00c","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":181,"box":{"x":69,"y":75,"width":804,"height":11}},{"id":"6442df0b-0939-4fbd-9862-96f63de08d0c","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":181,"box":{"x":70,"y":90,"width":797,"height":11}},{"id":"1705cf6e-e67b-4b39-9dc3-4ae4c5bdc256","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":181,"box":{"x":69,"y":105,"width":810,"height":11}},{"id":"5326722c-15c3-47f3-bb86-dc3c24e7a3a6","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":181,"box":{"x":68,"y":120,"width":826,"height":12}},{"id":"5c95b81b-010b-47ee-a08e-07af79a3b5ab","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":181,"box":{"x":70,"y":135,"width":772,"height":12}},{"id":"e2b38458-2c19-497f-9a6d-82c17ae43f22","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":181,"box":{"x":70,"y":150,"width":795,"height":12}},{"id":"41df39bf-8971-4cbb-bee0-89fb77cc52c2","block_type":"box","text":"taxable year.","page_number":181,"box":{"x":68,"y":166,"width":89,"height":11}},{"id":"8793414a-8c3f-4510-ba39-3f231c3cb5a2","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":181,"box":{"x":102,"y":188,"width":733,"height":12}},{"id":"8e553bcf-c238-4b84-b0e9-9f41a33b8299","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":181,"box":{"x":69,"y":203,"width":832,"height":11}},{"id":"5f216960-556a-4622-b0b0-853d72eb6bd2","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":181,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"54aff2f8-eb23-41ae-9dec-c8ece55c097c","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":181,"box":{"x":69,"y":234,"width":362,"height":11}},{"id":"f8f174ce-2d46-440b-abb4-d39443225ec2","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":181,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"db11c65a-1cae-4885-916a-169e5167262a","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":181,"box":{"x":69,"y":271,"width":824,"height":12}},{"id":"ccb4a9ee-1954-474b-b052-1d210ca461b9","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":181,"box":{"x":69,"y":287,"width":797,"height":11}},{"id":"b72a13b5-4c3c-48a5-bbdf-07361e099574","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":181,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"b6228d4b-54ee-4a91-8239-2150fb35d221","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":181,"box":{"x":70,"y":317,"width":646,"height":11}},{"id":"7e95d412-9644-4ca0-a5d2-77a36d924c81","block_type":"box","text":"A sale, redemption, or exchange of Fund shares may give rise to a gain or loss. In general, any gain or loss","page_number":181,"box":{"x":101,"y":339,"width":762,"height":12}},{"id":"9321f2ee-de78-4654-9416-276379315846","block_type":"box","text":"realized upon a taxable disposition of shares of a Fund will be treated as long-term capital gain or loss if such shares","page_number":181,"box":{"x":69,"y":355,"width":836,"height":11}},{"id":"01dfb7e8-14da-4afa-9516-0436e28d4b73","block_type":"box","text":"have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund shares will","page_number":181,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"0b5438b3-994e-4bb9-9a5d-2a1690c041d0","block_type":"box","text":"generally be treated as shor t-term capital gain or loss. Any loss realized upon a taxable disposition of shares held for","page_number":181,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"ea242717-57fc-4466-a0f0-1cbf63fdd404","block_type":"box","text":"six months or less will be treated as long-term capital loss, rather than shor t-term capital loss, to the extent of any","page_number":181,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"39156dd2-5084-470b-8739-6f273d679931","block_type":"box","text":"amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the","page_number":181,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"bbae3079-b4ec-441f-ad24-2fd23a72d661","block_type":"box","text":"shareholder as undistributed capital gains). Shareholders that hold shares of a Fund through a qualified tax-exempt","page_number":181,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"82195867-4b83-4cf8-9cd4-15b769a9cbf6","block_type":"box","text":"plan described in section 401(a) of the Internal Revenue Code should see the Fund’s Prospectus for a discussion of","page_number":181,"box":{"x":70,"y":445,"width":829,"height":11}},{"id":"0d66e607-4a13-4d0c-8ac9-a77e3e942ebe","block_type":"box","text":"special tax rules that apply to their investments.","page_number":181,"box":{"x":69,"y":461,"width":343,"height":11}},{"id":"af31418a-3030-461f-97f5-2dc292e8302e","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":181,"box":{"x":101,"y":483,"width":807,"height":11}},{"id":"382de9cf-9325-4cf6-916e-3e2d2d299016","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":181,"box":{"x":69,"y":498,"width":839,"height":11}},{"id":"d189438f-58ea-440e-869a-59a16a111311","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":181,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"745b13b6-0365-4702-a5b0-fd5a4298c3bc","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":181,"box":{"x":69,"y":528,"width":534,"height":12}},{"id":"ea905d72-13dd-4ec3-b1d5-b0a829e9b557","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":181,"box":{"x":101,"y":551,"width":792,"height":11}},{"id":"6ce54094-1945-4d77-9736-658ef9563b78","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":181,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"51c58a9a-3a56-4519-835f-bdc88fb01512","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":181,"box":{"x":70,"y":581,"width":828,"height":12}},{"id":"454fc9ad-bc03-48b3-9042-ff61aa1bcd0b","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":181,"box":{"x":70,"y":596,"width":824,"height":12}},{"id":"45c33f37-0712-40e1-a7a3-fe3104bb1c8b","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":181,"box":{"x":69,"y":612,"width":816,"height":11}},{"id":"5a8fcbd9-8348-4bdb-a525-e3391efa9adb","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":181,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"ac3b304e-17c4-4d56-a204-113964a4dc1b","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":181,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"6161991c-287b-4286-aaeb-53abda184f5a","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":181,"box":{"x":69,"y":657,"width":788,"height":11}},{"id":"b269f928-068f-40c2-ad9b-a25de98b25d5","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":181,"box":{"x":69,"y":672,"width":797,"height":11}},{"id":"f9bb2646-b96f-4091-890f-6a27c469bda0","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":181,"box":{"x":69,"y":687,"width":821,"height":11}},{"id":"95cf8aee-1dae-4b14-9017-984f7a15c338","block_type":"box","text":"redemption of such shares.","page_number":181,"box":{"x":69,"y":702,"width":195,"height":11}},{"id":"2402481c-2f72-4f97-affe-f8d9784f2f61","block_type":"box","text":"The Manager may determine it is in the best interest of a Fund to distribute por tfolio securities in kind for the","page_number":181,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"1d4d47f9-77ee-41d9-a2e2-31f10002145a","block_type":"box","text":"purposes of por tfolio management when meeting redemption requests. When the Manager determines to do so, a","page_number":181,"box":{"x":70,"y":740,"width":814,"height":11}},{"id":"9f532b9e-0a8e-4cd3-830d-8aded89e7018","block_type":"box","text":"Fund generally will not recognize taxable gains in respect of the por tfolio securities it distributes to the redeeming","page_number":181,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"ca209125-9448-4463-9a3d-a0f375eb15cd","block_type":"box","text":"shareholder, which may reduce the amount of taxable gains the Fund would otherwise be required to distribute.","page_number":181,"box":{"x":69,"y":770,"width":793,"height":12}},{"id":"dbae2eaf-5688-41c8-8dd3-3d70d45027c0","block_type":"box","text":"While a Fund may engage in redemptions in kind that have the effect of reducing or eliminating distributable","page_number":181,"box":{"x":101,"y":793,"width":770,"height":11}},{"id":"1cc694d1-b49e-4437-853d-2154fbbac6d4","block_type":"box","text":"capital gains as described above, the Funds do not employ a systematic approach to tax management. There is no","page_number":181,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"ff06b358-f0e7-459c-a5d7-075166fe46cf","block_type":"box","text":"assurance that a Fund can or will be successful in effecting any redemptions in kind and shareholders should expect","page_number":181,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"fd374fd0-53e3-493a-8634-8443d74744cb","block_type":"box","text":"that each Fund will distribute capital gains.","page_number":181,"box":{"x":68,"y":839,"width":305,"height":11}},{"id":"78887dc3-dc5e-4694-b4b5-a7c3d567acd0","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":181,"box":{"x":102,"y":861,"width":799,"height":11}},{"id":"fd8bcf20-3482-4abf-95e0-ecdbcf52d8b4","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":181,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"70b68e52-c3f5-446d-9272-55df98059c27","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":181,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"c5c2667c-fc32-45a5-82af-5f3b568376fb","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":181,"box":{"x":69,"y":906,"width":803,"height":12}},{"id":"4ea0bfd2-927f-4d54-b068-d0265523d93d","block_type":"box","text":"II-131","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0298866a-61b3-455e-a136-b036486495ef","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e280e5a-7619-4ff2-998e-b43361fa5e98","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":182,"box":{"x":70,"y":45,"width":825,"height":11}},{"id":"7127e004-7dd6-41b9-8a86-56b7ea07d8cc","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":182,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"e029b817-9397-489a-969b-7a2cc943d8b0","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":182,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"de56bf7f-75d8-4848-9d6c-a7d91e82f28b","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":182,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"d862d62a-4c80-4d2d-9297-00d60f99420b","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":182,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"e4e16919-5c42-4708-ba62-abed598bfb40","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":182,"box":{"x":69,"y":120,"width":816,"height":12}},{"id":"9fdd9c5d-5b0d-4b53-86af-ca91e056cfe0","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":182,"box":{"x":69,"y":135,"width":832,"height":12}},{"id":"57180cbf-1d78-4f90-971d-17cecb8a6e50","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":182,"box":{"x":68,"y":150,"width":542,"height":12}},{"id":"f2c89b49-cf8d-461a-92de-4636ca6ec3fb","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":182,"box":{"x":102,"y":173,"width":744,"height":11}},{"id":"9cab2f51-3f2a-433f-9cd6-929970b00625","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":182,"box":{"x":69,"y":188,"width":751,"height":11}},{"id":"f0f47802-b0c4-4384-905c-089655a31308","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":182,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"0e43d522-b771-4e5e-90eb-d9a2335a07cb","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":182,"box":{"x":69,"y":219,"width":823,"height":11}},{"id":"d5684a3e-b326-4eb3-8609-074951951a9a","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":182,"box":{"x":68,"y":234,"width":823,"height":11}},{"id":"6ad27986-7662-47c5-a45e-97c4e021d227","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":182,"box":{"x":68,"y":249,"width":807,"height":11}},{"id":"cecb7635-6023-4f12-8878-5fd9427f8c7f","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":182,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"b0a24242-353f-4b3f-a164-ab9970b9e4af","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":182,"box":{"x":68,"y":279,"width":838,"height":11}},{"id":"c3af5e95-d5a7-4edb-bfb0-7d0402d2e38e","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":182,"box":{"x":69,"y":294,"width":695,"height":11}},{"id":"9adf6dc5-5dbd-4356-983b-acd5b62f47df","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":182,"box":{"x":102,"y":317,"width":768,"height":11}},{"id":"71614520-7afa-4258-94f8-d742a869abca","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":182,"box":{"x":69,"y":332,"width":769,"height":11}},{"id":"e6cda742-6f63-4b87-8341-2672011358e2","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":182,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"d0725918-6ca7-4277-a30b-b6c70154f23c","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":182,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"ec6369a0-4f6b-4444-a9be-edc301c3dced","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":182,"box":{"x":68,"y":377,"width":818,"height":12}},{"id":"0d214456-57a6-4552-952e-d3ee47a5220c","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":182,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"e52f9168-63a6-42cd-86a8-d4e3975f3a4c","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":182,"box":{"x":70,"y":407,"width":792,"height":12}},{"id":"84aadb0f-6486-4ade-9fa7-a9e36bfbf193","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":182,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"56d88180-4d1f-4498-8408-f5a216591855","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":182,"box":{"x":70,"y":438,"width":812,"height":11}},{"id":"f0f6cee7-a5aa-434a-9f99-75292dde695a","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":182,"box":{"x":69,"y":453,"width":789,"height":11}},{"id":"263ee83f-08ee-410b-8cf0-482d7b2f86bc","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":182,"box":{"x":68,"y":468,"width":777,"height":11}},{"id":"150c147a-1497-4ed2-9d57-0bc7e13aad22","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":182,"box":{"x":69,"y":483,"width":810,"height":11}},{"id":"13097813-abf9-48ee-b0f8-cd4e5f76eb38","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":182,"box":{"x":70,"y":498,"width":801,"height":11}},{"id":"75bd0a8f-7e25-446a-91b8-b3d40e8a831e","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":182,"box":{"x":69,"y":513,"width":762,"height":12}},{"id":"b1c37bb7-3308-480c-8f10-fff2de225e9f","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":182,"box":{"x":70,"y":528,"width":827,"height":12}},{"id":"6601341a-37fa-4c62-9f12-18ba36e37077","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":182,"box":{"x":69,"y":544,"width":787,"height":11}},{"id":"eab03234-67c3-44b3-896d-02eefb8a4ef5","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":182,"box":{"x":70,"y":559,"width":822,"height":11}},{"id":"12391a06-5537-4635-83ca-38d9e3edb474","block_type":"box","text":"in subsequent taxable years.","page_number":182,"box":{"x":70,"y":574,"width":203,"height":11}},{"id":"22a67403-620c-440e-b9a0-d2e99cd3f60b","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":182,"box":{"x":102,"y":596,"width":795,"height":12}},{"id":"9df5bf98-df25-486b-942c-a905a4f654f2","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":182,"box":{"x":68,"y":612,"width":816,"height":11}},{"id":"c09d05c8-2e96-45e4-9f55-e6460b0202ae","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":182,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"5ab3e046-cb13-4c70-ad0b-b82f3b340996","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":182,"box":{"x":68,"y":642,"width":815,"height":11}},{"id":"458fc756-749d-4ce5-9cd0-73f4d4b69cae","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":182,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"6f07235c-5455-4d1d-aaec-fe59013fcfb3","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":182,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"4a646b32-d89e-4b1c-a3a0-fcca77b1a689","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":182,"box":{"x":69,"y":687,"width":781,"height":11}},{"id":"5f3e6b6d-43cd-423c-9df3-24564719fe69","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":182,"box":{"x":69,"y":702,"width":824,"height":12}},{"id":"280bc43a-2290-4458-910c-46e7b2f9f9cb","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":182,"box":{"x":69,"y":718,"width":832,"height":11}},{"id":"8e0281c5-5990-4c0d-a4ad-9f903a50b72d","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":182,"box":{"x":68,"y":733,"width":808,"height":11}},{"id":"45815684-648f-4ba0-904f-a1f16e1417e7","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":182,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"ed5179f8-ba94-423f-87c0-b63b9e2694d2","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":182,"box":{"x":69,"y":763,"width":830,"height":11}},{"id":"4a08b91c-4af6-45d0-a9ed-c78d97c0a554","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":182,"box":{"x":69,"y":778,"width":811,"height":11}},{"id":"56ce5e46-dbc5-4ecc-808f-80da65aff5a0","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":182,"box":{"x":68,"y":793,"width":784,"height":11}},{"id":"955e8f71-da00-468f-bc62-4959ca07cf9e","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":182,"box":{"x":69,"y":808,"width":828,"height":11}},{"id":"c0104ab1-b0dc-4890-bf03-dd467f2f9fc7","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":182,"box":{"x":70,"y":823,"width":839,"height":12}},{"id":"baac5771-4d1b-4cfc-a877-8e7d62b91e20","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":182,"box":{"x":70,"y":839,"width":772,"height":11}},{"id":"7970adaf-207b-4f86-89f2-ca88e3469f98","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":182,"box":{"x":70,"y":853,"width":791,"height":11}},{"id":"e9b3bdb8-8367-4c51-9fcd-3841b539b92c","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":182,"box":{"x":70,"y":869,"width":787,"height":11}},{"id":"279a3765-abb3-4169-a247-e1b64f1f177f","block_type":"box","text":"dividends under these rules.","page_number":182,"box":{"x":69,"y":884,"width":201,"height":9}},{"id":"94860ecf-138c-4833-86ee-fbb1596403fe","block_type":"box","text":"II-132","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"026ce9ab-9783-42ba-bea7-a014c7c6a226","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b1d827b-0098-4b9f-ab19-b57a66d1c8d2","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":183,"box":{"x":102,"y":45,"width":747,"height":11}},{"id":"70a47112-a5e6-422b-a051-b26487f47550","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":183,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"222fb62a-83aa-4a98-b0f5-ce713552e748","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":183,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"9d04c4da-a587-4cb3-a43d-7a38c50029de","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":183,"box":{"x":69,"y":90,"width":817,"height":11}},{"id":"d54eeab7-9c2c-4b0e-855d-c5652a2ac25d","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":183,"box":{"x":69,"y":105,"width":786,"height":11}},{"id":"ef47ed85-1b27-4332-b651-be15c05205dc","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":183,"box":{"x":69,"y":120,"width":800,"height":12}},{"id":"a0a8a348-c488-4fdb-a844-34b2198f6926","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":183,"box":{"x":70,"y":135,"width":807,"height":12}},{"id":"2d447972-0b5b-43f9-b453-60a4a341fc70","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":183,"box":{"x":69,"y":150,"width":772,"height":12}},{"id":"ce9b9a4d-e12e-46fd-b6bc-8ae0dabfb9f0","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":183,"box":{"x":68,"y":166,"width":818,"height":11}},{"id":"ac3da668-705e-4c4c-9a41-8ab40be2b0b7","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":183,"box":{"x":68,"y":181,"width":820,"height":11}},{"id":"42d5d522-7554-4757-8a95-c06a7cf8c5f0","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":183,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"dc75b287-de99-42bf-9549-0302f194e856","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":183,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"28b43350-4f13-4289-bfd6-c3116d8f9c6d","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":183,"box":{"x":69,"y":226,"width":774,"height":11}},{"id":"e7ec1355-57a9-4a02-9f0f-3bd2aa317297","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":183,"box":{"x":69,"y":241,"width":839,"height":11}},{"id":"a8fa0dfe-6506-4395-bf48-266da0875d57","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":183,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"f7c328db-058b-4a53-8ce0-5723ed05c709","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":183,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"d9265acf-f7b3-40b5-bf04-3de9eba41d65","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":183,"box":{"x":69,"y":286,"width":823,"height":12}},{"id":"f6e6a55a-8304-4192-b382-76e96cfab732","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":183,"box":{"x":68,"y":302,"width":827,"height":11}},{"id":"81ff47fe-d4a6-4312-921d-a8c4be1c1704","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":183,"box":{"x":69,"y":317,"width":596,"height":11}},{"id":"f41a120b-40ef-4bab-a4f1-324164efa5d3","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":183,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"a4e16851-2a1b-4ab7-96a2-8928ffd6ad96","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":183,"box":{"x":69,"y":355,"width":827,"height":11}},{"id":"a3c2e2a2-5507-4315-a912-94cb55dd4111","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":183,"box":{"x":69,"y":370,"width":804,"height":11}},{"id":"00f33180-0749-4229-86c2-e34cb89c5652","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":183,"box":{"x":69,"y":385,"width":824,"height":11}},{"id":"269f2f9d-8fbf-4cfb-99a2-f7b39b7de13b","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":183,"box":{"x":68,"y":400,"width":801,"height":11}},{"id":"fcf4bb45-f44d-4453-8267-9d6bc28f288a","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":183,"box":{"x":69,"y":415,"width":803,"height":11}},{"id":"a142ea74-880c-4988-91c9-8d2521d377aa","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":183,"box":{"x":69,"y":430,"width":785,"height":11}},{"id":"3658834d-59b8-4843-aaa1-9b19b930e191","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":183,"box":{"x":69,"y":445,"width":676,"height":12}},{"id":"054a4482-10f5-48a8-af94-b6b4b4c54f75","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":183,"box":{"x":101,"y":468,"width":798,"height":11}},{"id":"d92f71a0-3d18-4e5e-a154-328c518a9ed6","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":183,"box":{"x":69,"y":483,"width":651,"height":11}},{"id":"4c0a32d3-b3ff-4ef8-bb0e-8432d593e775","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":183,"box":{"x":102,"y":506,"width":731,"height":11}},{"id":"bbb3a01c-3ae8-4a53-bdcf-5af5455bc381","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":183,"box":{"x":69,"y":521,"width":570,"height":11}},{"id":"6c72861b-81c5-4ef7-ae33-c70e5d236c22","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":183,"box":{"x":102,"y":544,"width":763,"height":11}},{"id":"a2f69601-cb87-4b67-a08e-62d8fabfc2da","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":183,"box":{"x":70,"y":559,"width":820,"height":11}},{"id":"e5253860-a5e2-47db-8c32-9ecebc72e646","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":183,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"188c5b02-8f05-4236-a19b-4ba1b71dcd6d","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":183,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"41d1eeb0-f451-4148-bc34-5be16c716f39","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":183,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"d11dae7e-f516-413a-9060-119322fdee3f","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":183,"box":{"x":68,"y":619,"width":791,"height":11}},{"id":"b4489aa4-4cd2-4412-b627-56bc6cd6a3ad","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":183,"box":{"x":70,"y":634,"width":822,"height":12}},{"id":"760bd563-6962-4c6c-8b8e-4e4888701bee","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":183,"box":{"x":70,"y":649,"width":739,"height":12}},{"id":"39010481-19db-4369-8282-07a4b4348f16","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":183,"box":{"x":102,"y":672,"width":786,"height":11}},{"id":"f1a6ef11-79b4-436a-8c69-a404cea1ab72","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":183,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"a60563a6-042d-49df-8749-831cd2f915dc","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":183,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"43716b53-3f1f-4be3-856b-41f52a484059","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":183,"box":{"x":70,"y":717,"width":821,"height":12}},{"id":"b9a8c640-87e7-4b96-807b-96e8e041597f","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":183,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"1c3b81f9-6b8e-460d-80e1-c37fb9f5cf07","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":183,"box":{"x":69,"y":748,"width":826,"height":11}},{"id":"e63b3d01-eea5-4cfd-898a-6c55c25d415e","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":183,"box":{"x":69,"y":763,"width":802,"height":11}},{"id":"45f5ae98-d88a-48af-ba42-b4dd3f7c3661","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":183,"box":{"x":69,"y":778,"width":364,"height":11}},{"id":"ce8b48a3-616f-4195-8d3d-4a2197b888c6","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":183,"box":{"x":102,"y":800,"width":774,"height":12}},{"id":"d6cd7fe5-4d87-4717-b62e-22673bcd5496","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":183,"box":{"x":68,"y":815,"width":787,"height":12}},{"id":"7a7c1543-d648-430e-b16b-9f80e4e670d6","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":183,"box":{"x":68,"y":830,"width":835,"height":12}},{"id":"4c1906a1-8f4b-4262-9a18-96c0d7c66d6e","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":183,"box":{"x":68,"y":846,"width":809,"height":11}},{"id":"b47fa0e7-c3e5-42b4-9f87-9ece8df4d2c0","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":183,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"fd60f68a-56e4-4001-9304-6c8ef2ef20aa","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":183,"box":{"x":69,"y":876,"width":783,"height":11}},{"id":"50dc91f4-2c55-4761-b395-53b4f75d9f57","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":183,"box":{"x":69,"y":891,"width":710,"height":12}},{"id":"4d48b5b4-0585-4643-8449-99599ecb5bce","block_type":"box","text":"II-133","page_number":183,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"df05861c-aa2d-4f47-b492-798f9fe0a2e6","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8236dacd-6048-47b9-8a34-71593d276df1","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":184,"box":{"x":102,"y":45,"width":758,"height":11}},{"id":"489255ac-0352-4800-a28c-b4e13a3899d0","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":184,"box":{"x":69,"y":60,"width":782,"height":11}},{"id":"a50f7785-25bd-4582-a165-77236781b4ad","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":184,"box":{"x":70,"y":75,"width":783,"height":11}},{"id":"47863785-014e-42e0-898d-7ab752291e78","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":184,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"c3c8d663-9949-45aa-9dba-6dc75b10010c","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":184,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"faeeca9c-7bd4-4a39-94ea-816e2e97533f","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":184,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"88edc977-8299-4c6a-a765-416077e777b1","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":184,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"567b0615-21c7-4b3a-a518-797a7744bfd1","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":184,"box":{"x":69,"y":150,"width":808,"height":12}},{"id":"fc219aa6-d2c0-4d0e-ba24-478b128a5a33","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":184,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"097d6573-6614-4393-b384-151fa11ccefd","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":184,"box":{"x":70,"y":181,"width":770,"height":11}},{"id":"afeb0394-48e3-48be-98b5-234e6e5f5b9f","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":184,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"5f6a34ce-af93-4997-ae85-c4fd7ed18db7","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":184,"box":{"x":70,"y":211,"width":796,"height":11}},{"id":"cef1510f-59a4-422b-b379-da2389c3626f","block_type":"box","text":"investment oppor tunities.","page_number":184,"box":{"x":70,"y":226,"width":180,"height":11}},{"id":"d6e8f0e8-7b62-4676-8f50-ec4f6bfc8316","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":184,"box":{"x":102,"y":249,"width":801,"height":11}},{"id":"132615e9-58e9-4a44-b51a-0fa0a45d1fba","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":184,"box":{"x":70,"y":264,"width":839,"height":11}},{"id":"9ef11b5a-7432-4327-b2b0-54f2823863dd","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":184,"box":{"x":69,"y":279,"width":840,"height":11}},{"id":"3a52a77c-bb76-4da2-aaf7-30a5e1030f04","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":184,"box":{"x":68,"y":294,"width":837,"height":11}},{"id":"309aef75-32c5-4e15-9e02-1f43dec97617","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":184,"box":{"x":70,"y":309,"width":774,"height":11}},{"id":"d29b8c1b-1b51-4b6a-a532-7aa7d381a6c3","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":184,"box":{"x":69,"y":324,"width":820,"height":12}},{"id":"f63c6956-e0ef-437d-bcc1-be7236464050","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":184,"box":{"x":69,"y":339,"width":795,"height":12}},{"id":"cfd04a37-fd2d-4795-aecf-d2904f48cfb5","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":184,"box":{"x":69,"y":355,"width":755,"height":11}},{"id":"0e600093-1024-4b0f-9ba3-1ee409de4618","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":184,"box":{"x":69,"y":370,"width":811,"height":11}},{"id":"26c064ff-06b2-4df2-87df-7bb796ef7eee","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":184,"box":{"x":69,"y":385,"width":839,"height":11}},{"id":"7e8b8775-5e0e-48a8-bc8a-4ac1717672cb","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":184,"box":{"x":68,"y":400,"width":812,"height":11}},{"id":"656ed692-cf09-465c-80e0-98497a24a3bc","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":184,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"d64f0b86-d379-484a-89b3-2af4ea17709f","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":184,"box":{"x":68,"y":430,"width":827,"height":11}},{"id":"873fef4a-2c6e-4991-bb8e-d6012f45bf45","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":184,"box":{"x":70,"y":445,"width":829,"height":12}},{"id":"2d2a0d55-9cd6-4b92-96ba-17809e4119de","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":184,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"9348db42-2dfb-487b-8558-723c60179d75","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":184,"box":{"x":69,"y":475,"width":788,"height":12}},{"id":"2d77057f-d0ad-4678-8d61-37d7e9925354","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":184,"box":{"x":69,"y":491,"width":818,"height":11}},{"id":"5e07930f-292d-4a58-b8e6-f2b5c9d7a2c3","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":184,"box":{"x":69,"y":506,"width":773,"height":11}},{"id":"1f931224-d25e-4290-ad4b-62e1f158a5cf","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":184,"box":{"x":69,"y":521,"width":817,"height":11}},{"id":"5c25aeca-ef7b-45f0-9280-c2932b44f590","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":184,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"33cbdcfa-661a-4c9e-b708-f6e799c28823","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":184,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"2138467c-92eb-4b54-9558-849559344319","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":184,"box":{"x":68,"y":566,"width":527,"height":11}},{"id":"9a49eb04-d175-46a9-9892-df6942726fca","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":184,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"dd99d4fd-6dc3-4904-826f-a8707fb8581e","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":184,"box":{"x":69,"y":604,"width":780,"height":11}},{"id":"31d49b0b-105c-4c28-9c8d-0c2b67a992e3","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":184,"box":{"x":69,"y":619,"width":797,"height":11}},{"id":"b5aa9092-f426-47fc-ae10-31f063735e42","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":184,"box":{"x":69,"y":634,"width":802,"height":11}},{"id":"abb47ecd-4c7a-4186-a3dd-9bcd80b4ce11","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":184,"box":{"x":69,"y":649,"width":831,"height":12}},{"id":"4ccb2f43-5682-4bce-acd7-bc0915314804","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":184,"box":{"x":69,"y":664,"width":776,"height":12}},{"id":"9ea2b7b1-20d7-4781-961e-d2000bb88fba","block_type":"box","text":"positions in its por tfolio (","page_number":184,"box":{"x":70,"y":680,"width":177,"height":11}},{"id":"fd8b4afd-e399-42b6-adea-91871682c227","block_type":"box","text":"i.e.","page_number":184,"box":{"x":249,"y":680,"width":20,"height":9}},{"id":"a1069699-9bb2-4a6a-af8b-867cbbc26d93","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":184,"box":{"x":272,"y":680,"width":636,"height":11}},{"id":"75c77d56-3f46-44b9-b7a8-6a7e834a0a3e","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":184,"box":{"x":69,"y":695,"width":795,"height":11}},{"id":"7d9238a8-bfa1-4668-bfb2-e221fb1ed538","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":184,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"55030b19-ca69-40dc-a6d7-5ad8c3064317","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":184,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"fbf15c5a-d368-4dcd-950c-fe126ff7c91f","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":184,"box":{"x":69,"y":740,"width":415,"height":11}},{"id":"fc32db92-7b8a-4422-aa98-c95d8569932f","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":184,"box":{"x":102,"y":763,"width":781,"height":11}},{"id":"98a53df0-1353-45fb-9800-ee276a665348","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":184,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"cf1609a4-18ac-4092-922a-022343df9282","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":184,"box":{"x":70,"y":793,"width":811,"height":11}},{"id":"8faf732a-3b7e-43e0-9c98-2bd4b302d85b","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":184,"box":{"x":69,"y":808,"width":818,"height":11}},{"id":"f38459cc-ddb0-442e-9234-0a17233870c7","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":184,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"8f59340c-5cf3-42b9-b1e8-0420f1e914a8","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":184,"box":{"x":69,"y":838,"width":834,"height":11}},{"id":"270d38ec-826a-4825-8227-87b818d9f659","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":184,"box":{"x":69,"y":853,"width":833,"height":12}},{"id":"08aabb23-5850-4d92-9f39-8227fa0f69c1","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":184,"box":{"x":69,"y":869,"width":805,"height":11}},{"id":"b3fa4e77-0ea1-4d2c-8023-8c0c84272c9e","block_type":"box","text":"II-134","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"483cae05-c393-4bf3-af36-3c10fcacb8e0","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7c1f14c-f154-4501-8574-663e7bdfba22","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":185,"box":{"x":69,"y":45,"width":805,"height":11}},{"id":"b321f4ed-b680-4b96-a134-a865c92e7ae1","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":185,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"12f45b1e-9cda-43c2-a3dc-97630f3eebdd","block_type":"box","text":"capital asset.","page_number":185,"box":{"x":69,"y":75,"width":95,"height":11}},{"id":"297b59ea-865f-4f2c-9e59-1b9407d3c501","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":185,"box":{"x":102,"y":98,"width":787,"height":11}},{"id":"cbe7557a-f9bd-44cf-b258-5d708f2f0683","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":185,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"a5844fff-4f53-4c50-92eb-fd7053f6e004","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":185,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"eaa1ba2b-e5d7-4f84-9bfe-948ba5a67bd0","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":185,"box":{"x":69,"y":143,"width":805,"height":11}},{"id":"bb6a99a9-406a-4b0c-9c1c-397b9b43478e","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":185,"box":{"x":68,"y":158,"width":829,"height":11}},{"id":"2138f6ea-3306-4139-b180-77d1058469b8","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":185,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"7b5b6104-a37f-4dc7-b2a3-0f4fb6cc4449","block_type":"box","text":"Fund were to invest otherwise.","page_number":185,"box":{"x":70,"y":188,"width":216,"height":9}},{"id":"389ec74a-b20f-440b-b1ae-be3114e20082","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":185,"box":{"x":101,"y":211,"width":721,"height":11}},{"id":"74ad3dbb-baba-4ad7-96fc-a85f1230d02f","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":185,"box":{"x":70,"y":226,"width":787,"height":11}},{"id":"8ba40ac8-ba00-4a2d-9a1d-7c238378609c","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":185,"box":{"x":70,"y":241,"width":831,"height":11}},{"id":"40099709-a442-4df6-b32d-cee28636869a","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":185,"box":{"x":68,"y":256,"width":823,"height":12}},{"id":"c755f4f4-0405-4fea-85cd-f9e39766b6d0","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":185,"box":{"x":69,"y":271,"width":825,"height":12}},{"id":"38fe7a06-910e-42b9-9063-6f9775baefda","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":185,"box":{"x":68,"y":286,"width":838,"height":12}},{"id":"c6d5f6fa-cc01-4932-9cd7-611e7fa368ca","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":185,"box":{"x":68,"y":302,"width":830,"height":11}},{"id":"dc07ac63-647b-49d8-a146-9500c6e3940d","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":185,"box":{"x":69,"y":317,"width":515,"height":11}},{"id":"d79d3a28-c70f-43c6-896b-c33e39d7494f","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":185,"box":{"x":102,"y":339,"width":798,"height":12}},{"id":"771dbf27-d5d9-4c59-afba-9f6cbd36ec15","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":185,"box":{"x":68,"y":355,"width":835,"height":11}},{"id":"f3a270dd-f6d1-4471-8916-4864a81815e3","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":185,"box":{"x":70,"y":370,"width":827,"height":11}},{"id":"db35483d-0628-40dd-af8b-70863a333744","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":185,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"a6b0241e-1bbd-40d2-8bcf-2d96961850bd","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":185,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"51dbba13-7039-4159-a6dc-0b2307e00b49","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":185,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"6efdde92-0ad0-4145-9e08-bc5e08474dbd","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":185,"box":{"x":70,"y":430,"width":797,"height":11}},{"id":"a98c754d-cc5a-4666-9e08-1c53c5c09268","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":185,"box":{"x":69,"y":445,"width":801,"height":11}},{"id":"ffcbb6d7-1897-4525-8e8a-306b4a994e22","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":185,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"a13b4c76-5454-4df0-b87c-910c3b6dff40","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":185,"box":{"x":68,"y":475,"width":797,"height":12}},{"id":"09ef1fff-43c8-410f-a95b-377003bd5095","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":185,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"6d9abbf3-c9ba-485b-83e4-73238ef32dc3","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":185,"box":{"x":68,"y":506,"width":804,"height":11}},{"id":"529ce729-319a-43e1-ab5e-4a3f0b220d0f","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":185,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"25ea4845-5d57-4156-ba93-554d7c88324d","block_type":"box","text":"PFICs.","page_number":185,"box":{"x":69,"y":536,"width":42,"height":9}},{"id":"4462ec0f-a893-4789-be06-7d07d4679e0c","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":185,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"9b700a84-1a35-4c2b-a44a-479e70a53e79","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":185,"box":{"x":69,"y":574,"width":816,"height":11}},{"id":"902e50f9-5402-4ed3-b0b4-6920acfd738a","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":185,"box":{"x":69,"y":589,"width":816,"height":11}},{"id":"8e6b6915-bd93-41e6-9867-990b50e9ac43","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":185,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"0ebb8ad7-839f-49de-9336-c3a2f51e0a75","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":185,"box":{"x":68,"y":619,"width":804,"height":11}},{"id":"32cd84d3-8b5f-46c7-aff3-fedd302ea990","block_type":"box","text":"difficult or impossible to obtain.","page_number":185,"box":{"x":69,"y":634,"width":225,"height":11}},{"id":"d61fd770-e94b-486b-b8aa-71f1297e49d1","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":185,"box":{"x":102,"y":657,"width":796,"height":11}},{"id":"e1c41f2f-451c-45ea-bfeb-930788f30876","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":185,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"fa07b022-1ae9-43b3-90ce-6eceb8e31f1c","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":185,"box":{"x":69,"y":687,"width":778,"height":11}},{"id":"049950c5-b403-46ac-ae94-e704bbf90a5b","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":185,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"cc98f3fe-0cd4-4f77-bcd5-845091eab7eb","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":185,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"d627a96e-9cda-4448-b8e1-3b4450b91341","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":185,"box":{"x":69,"y":732,"width":830,"height":12}},{"id":"68336ebc-657e-4909-8a69-843ee83dffc6","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":185,"box":{"x":69,"y":748,"width":511,"height":11}},{"id":"b76fc4c2-df0e-4095-80fc-1b06ae5e4f9b","block_type":"box","text":"Municipal Funds","page_number":185,"box":{"x":102,"y":771,"width":115,"height":10}},{"id":"026ea361-7040-414e-bcdc-fdf27a78ce99","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":185,"box":{"x":102,"y":793,"width":798,"height":11}},{"id":"e89eb34c-13a5-49fc-9187-eb3044535091","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":185,"box":{"x":69,"y":808,"width":815,"height":11}},{"id":"80ae90ee-cfb7-4f14-b1b0-fa247b1f4509","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":185,"box":{"x":70,"y":823,"width":803,"height":12}},{"id":"3054996e-f692-418e-b997-f0220644eec0","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":185,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"5ca01b93-f54f-4d34-8a42-52483effba84","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":185,"box":{"x":69,"y":853,"width":752,"height":12}},{"id":"5f98ae10-1b02-430b-b02f-27d298795306","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":185,"box":{"x":70,"y":869,"width":817,"height":11}},{"id":"cb038c5d-af89-4ddf-8419-92aa1771d52a","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":185,"box":{"x":70,"y":884,"width":780,"height":11}},{"id":"c48b3a88-ab1b-4894-9331-1ad5585fc2be","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":185,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"66bc2c79-a491-44ed-8e96-28377cece55e","block_type":"box","text":"II-135","page_number":185,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c88661ee-984f-4fd4-b5c3-dccf0a77b704","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ddb6a723-aaaf-4850-8dce-635f5e55cb74","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":186,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"befe17e3-8e43-4f4e-a34f-55d6a78fb010","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":186,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"319fa56c-256e-40b0-8198-f6f36b8de5cd","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":186,"box":{"x":68,"y":75,"width":730,"height":11}},{"id":"2942cef3-ac96-4152-a192-5252cf4b1593","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":186,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"282790ae-0bb1-4a89-bc35-6e33e9d18208","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":186,"box":{"x":70,"y":113,"width":809,"height":11}},{"id":"e21133ac-fdaf-4bc1-9ed7-f980e63cd3f4","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":186,"box":{"x":69,"y":128,"width":821,"height":11}},{"id":"4bfd7ef7-0bf6-40ec-b35a-77c1e2466304","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":186,"box":{"x":69,"y":143,"width":831,"height":11}},{"id":"b179e6b9-ad05-4763-91c7-722fa38ef54c","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":186,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"5e5e170a-a271-4c33-b968-89f57a31942b","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":186,"box":{"x":69,"y":173,"width":810,"height":11}},{"id":"f85c45f4-8c3e-414e-b783-1f9a65e184a0","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":186,"box":{"x":70,"y":188,"width":836,"height":11}},{"id":"67e03ffe-b6eb-4abb-bb82-a515bca9468d","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":186,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"22e4fbae-c326-4c8e-a176-87a5dea52701","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":186,"box":{"x":69,"y":218,"width":217,"height":12}},{"id":"923953d2-e781-47f7-bcb7-198b12546ce3","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":186,"box":{"x":102,"y":241,"width":788,"height":11}},{"id":"d627467b-74a4-4b50-83b3-bdd80388674c","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":186,"box":{"x":70,"y":256,"width":790,"height":11}},{"id":"5750b807-c314-403f-b6c1-2f82d79ad54a","block_type":"box","text":"constitute exempt-interest dividends.","page_number":186,"box":{"x":69,"y":272,"width":261,"height":10}},{"id":"ccbe34fe-eef7-4f4c-b388-9024c0291717","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":186,"box":{"x":102,"y":294,"width":765,"height":11}},{"id":"de210762-57cc-4f56-8869-c36e736707a6","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":186,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"e23311af-fd57-442f-9521-e1c51115c759","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":186,"box":{"x":68,"y":324,"width":813,"height":12}},{"id":"5f469e51-f0e7-4b36-882c-5aa7b6375722","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":186,"box":{"x":70,"y":339,"width":809,"height":12}},{"id":"79f5869c-4437-4b43-949a-ca3a25678a54","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":186,"box":{"x":69,"y":355,"width":829,"height":11}},{"id":"3de0dc00-272d-4045-9f2e-1fbc51ce752b","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":186,"box":{"x":69,"y":370,"width":388,"height":11}},{"id":"c64a5d75-4459-4c87-a415-6fbdf10754db","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":186,"box":{"x":101,"y":392,"width":787,"height":12}},{"id":"78455571-95c4-4b41-ad39-86b3633f280f","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":186,"box":{"x":69,"y":407,"width":817,"height":12}},{"id":"d5308aa0-2ced-470f-b0ce-8eabace70b2d","block_type":"box","text":"income dividends received by shareholders.","page_number":186,"box":{"x":70,"y":423,"width":309,"height":11}},{"id":"6ac251af-fe3c-42ed-b1ab-0203650ba848","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":186,"box":{"x":101,"y":446,"width":766,"height":11}},{"id":"7b63c08a-7ab3-4740-b22c-f90215923b23","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":186,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"e210e986-d806-4d73-8857-c12d72672401","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":186,"box":{"x":70,"y":476,"width":815,"height":11}},{"id":"5c04febd-cbe2-42db-85c8-642032a514b2","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":186,"box":{"x":70,"y":491,"width":815,"height":11}},{"id":"dae8734f-2f3b-4cb9-88ae-b160993449c8","block_type":"box","text":"the accrued market discount.","page_number":186,"box":{"x":68,"y":506,"width":208,"height":9}},{"id":"87f6b9a4-ccb4-4000-a6db-0aaa899c4309","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":186,"box":{"x":101,"y":528,"width":801,"height":12}},{"id":"373672e7-6233-438f-bcb3-a890aac45809","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":186,"box":{"x":68,"y":543,"width":818,"height":12}},{"id":"a87b1313-15a4-4e0d-85fc-b9a453ca847b","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":186,"box":{"x":69,"y":559,"width":816,"height":11}},{"id":"99eed36f-2f84-4c03-8a32-2c55111c28f7","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":186,"box":{"x":69,"y":574,"width":351,"height":11}},{"id":"2aa590ba-8383-48e2-af4e-be665b392c15","block_type":"box","text":"e.g.","page_number":186,"box":{"x":422,"y":575,"width":24,"height":10}},{"id":"bb9a9ff1-2dfe-4b01-97cc-fa345fde1464","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":186,"box":{"x":449,"y":574,"width":441,"height":11}},{"id":"7a2a53eb-da11-420d-9a3c-6e300389c19e","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":186,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"06c42e9c-3041-4167-999f-02d5b9f9e087","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":186,"box":{"x":69,"y":604,"width":786,"height":11}},{"id":"5db85bd9-f17c-4549-9b9e-edf99830baf6","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":186,"box":{"x":70,"y":619,"width":782,"height":11}},{"id":"fcad03ff-5c6b-43ae-97b6-0e7ad9fe2114","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":186,"box":{"x":69,"y":634,"width":740,"height":12}},{"id":"29bc2c90-52da-4012-a164-86cdc99c7fa5","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":186,"box":{"x":102,"y":657,"width":802,"height":11}},{"id":"74fc7b61-1f5e-4e08-bec1-a6e3db5b6814","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":186,"box":{"x":68,"y":672,"width":812,"height":11}},{"id":"223d7e37-94a5-4b2e-97ec-5fa6915648a1","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":186,"box":{"x":69,"y":687,"width":794,"height":11}},{"id":"d9bb17b1-a98b-4927-9dc4-f9284d20d1f8","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":186,"box":{"x":70,"y":703,"width":776,"height":10}},{"id":"0f497d2a-232d-464d-96a8-70967f91e346","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":186,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"a95bbb85-5cb3-47a4-a243-5604e628a583","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":186,"box":{"x":69,"y":733,"width":436,"height":11}},{"id":"ad0b59a8-df39-4d07-8c69-502e851b14b1","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":186,"box":{"x":102,"y":755,"width":771,"height":11}},{"id":"bb35040d-67ba-4616-a565-9e60a80c5549","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":186,"box":{"x":69,"y":770,"width":828,"height":11}},{"id":"dfaa7864-5c73-4427-8a45-95acdf350da4","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":186,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"8f765b7f-c21a-4d4f-9d4b-372db0b10c75","block_type":"box","text":"within each applicable state.","page_number":186,"box":{"x":68,"y":801,"width":203,"height":11}},{"id":"59f46044-4de4-492f-8730-508d01c85a8d","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":186,"box":{"x":102,"y":823,"width":774,"height":12}},{"id":"47f97bd3-fce3-4864-a1ab-9c459b868a1a","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":186,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"9af77511-b642-472c-8e94-d000f5b3c36e","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":186,"box":{"x":70,"y":853,"width":816,"height":12}},{"id":"9e68e957-7b6c-454b-b297-a3d127e89b1f","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":186,"box":{"x":69,"y":869,"width":830,"height":11}},{"id":"8abbe69d-bf6c-4828-8281-2f13270681d8","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":186,"box":{"x":68,"y":884,"width":822,"height":11}},{"id":"6326f330-7e98-4b36-bee1-496f2bdf4dac","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":186,"box":{"x":70,"y":899,"width":783,"height":11}},{"id":"5a4de0d9-e624-4aff-9981-00892eb03a96","block_type":"box","text":"II-136","page_number":186,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"959f6e77-8505-4b47-82b8-ebe57fa55ec9","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"53778c7e-7bd4-413e-9009-b104c477b8d5","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":187,"box":{"x":68,"y":45,"width":822,"height":11}},{"id":"06c7366d-3064-497a-b54c-f13527bc104e","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":187,"box":{"x":68,"y":60,"width":710,"height":11}},{"id":"2c5ecdcc-e43f-4413-b279-c2204db6faa5","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":187,"box":{"x":102,"y":83,"width":796,"height":11}},{"id":"8b958f51-2e70-40e9-8ee6-ab95fba24c6b","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":187,"box":{"x":68,"y":98,"width":828,"height":11}},{"id":"69b6fe13-f4c3-459c-8014-38f1746c866b","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":187,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"f8deb405-721b-44fa-b4a9-699c80e70122","block_type":"box","text":"exempt from state income tax.","page_number":187,"box":{"x":69,"y":128,"width":216,"height":11}},{"id":"fc7cdebd-2b1b-4625-8964-6276042608d8","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":187,"box":{"x":102,"y":150,"width":771,"height":12}},{"id":"cf740cb9-183d-4b06-b4e6-538251ab60f9","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":187,"box":{"x":68,"y":166,"width":823,"height":11}},{"id":"c0a7bc7f-64d1-4caa-a379-cfa300ad1691","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":187,"box":{"x":68,"y":181,"width":309,"height":9}},{"id":"fd18956e-8e2e-4bb2-99c6-cf185c3bc6a6","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":187,"box":{"x":101,"y":203,"width":749,"height":12}},{"id":"57de97ae-3fbe-4cb9-897a-91f517e2f895","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":187,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"1b1c9709-391d-4f17-8d27-81d3a90eeb88","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":187,"box":{"x":69,"y":234,"width":801,"height":11}},{"id":"b8e87544-a7e8-4d40-9e68-dff2ec364efd","block_type":"box","text":"decisions may have a retroactive effect.","page_number":187,"box":{"x":69,"y":249,"width":283,"height":11}},{"id":"0c568868-7427-43d1-aac3-d01296759e57","block_type":"box","text":"PERFORMANCE DATA","page_number":187,"box":{"x":403,"y":278,"width":173,"height":10}},{"id":"7399a0a2-478b-4e78-97f0-391fec3597d8","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":187,"box":{"x":102,"y":301,"width":738,"height":11}},{"id":"a6b198d7-82d4-4fd5-ac3d-e6531a2d926d","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":187,"box":{"x":69,"y":316,"width":779,"height":11}},{"id":"11e6da1d-e7f5-4417-83b5-7c1213541fd3","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":187,"box":{"x":69,"y":331,"width":833,"height":11}},{"id":"f26b213f-b496-40cc-901c-d79903f19ab7","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":187,"box":{"x":70,"y":346,"width":792,"height":12}},{"id":"79cf1a2e-6200-4193-a722-152a953c6108","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":187,"box":{"x":69,"y":361,"width":473,"height":12}},{"id":"6b965e80-30f5-4b80-b6f2-b07bc6faaab2","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":187,"box":{"x":102,"y":384,"width":761,"height":11}},{"id":"0f1d719f-53c1-41e5-86a5-a1ce51e8e061","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":187,"box":{"x":69,"y":399,"width":836,"height":12}},{"id":"a3baabf6-0695-42f5-b35a-0799dcb7a854","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":187,"box":{"x":68,"y":414,"width":798,"height":12}},{"id":"b3b8ffcb-54a0-45d0-be2b-c0fbdf5a252b","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":187,"box":{"x":69,"y":429,"width":765,"height":12}},{"id":"55e611b1-9a51-4cc2-9f24-f0ebc642233d","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":187,"box":{"x":69,"y":445,"width":808,"height":11}},{"id":"e070eb17-1e68-4dfe-acec-2b541502ac28","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":187,"box":{"x":69,"y":460,"width":813,"height":11}},{"id":"3e5af553-360d-4132-bef3-2d69dc31aecc","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":187,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"130b6881-87b1-4e11-9ace-2c7bd0563e49","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":187,"box":{"x":69,"y":490,"width":546,"height":11}},{"id":"42a7b6f2-d7ad-4af6-8a00-0ffea542c8af","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":187,"box":{"x":102,"y":513,"width":781,"height":11}},{"id":"9356221a-7d75-4da7-aa1e-6140175c2fd1","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":187,"box":{"x":68,"y":528,"width":819,"height":11}},{"id":"85a9a788-ee49-4c5c-8f44-66065d0b6370","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":187,"box":{"x":68,"y":543,"width":810,"height":11}},{"id":"6d933da1-67f2-4575-b398-bbd09ecfa795","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":187,"box":{"x":70,"y":558,"width":823,"height":11}},{"id":"3391ea6c-6dab-4d21-9ed1-4b69454d4576","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":187,"box":{"x":69,"y":573,"width":780,"height":11}},{"id":"7e48ca1d-0ae4-4b32-8f5c-0035655a30ee","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":187,"box":{"x":70,"y":588,"width":825,"height":12}},{"id":"a8cc22ce-ba83-40d8-b4aa-d5d799e50048","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":187,"box":{"x":69,"y":603,"width":817,"height":11}},{"id":"37dbb139-f1b5-4601-813d-f052f89f3d1d","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":187,"box":{"x":69,"y":618,"width":820,"height":12}},{"id":"03d242ea-7e2e-42aa-91dd-a6c3d14d6805","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":187,"box":{"x":70,"y":634,"width":833,"height":11}},{"id":"1973f1c2-8e6a-4792-80e9-ab7cb2a18bdb","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":187,"box":{"x":69,"y":649,"width":797,"height":11}},{"id":"65f08da3-2a05-458d-95f9-22bf0a911c58","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":187,"box":{"x":68,"y":664,"width":824,"height":11}},{"id":"d2701bcb-1dbe-4df1-90a5-e783dfa758a1","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":187,"box":{"x":69,"y":679,"width":837,"height":11}},{"id":"096e5c0b-76bd-4640-bace-3ccc7fbba48e","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":187,"box":{"x":69,"y":694,"width":814,"height":11}},{"id":"f122dc81-b19f-43b8-87ae-ac946a5a8e69","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":187,"box":{"x":69,"y":709,"width":830,"height":11}},{"id":"f94ee7ec-c61c-446c-b09d-297fa4112b13","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":187,"box":{"x":69,"y":724,"width":774,"height":11}},{"id":"0b45fd4f-80db-49ff-a723-80870b4478b5","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":187,"box":{"x":102,"y":747,"width":752,"height":11}},{"id":"f6b78d34-5883-4237-b497-d834ca132e75","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":187,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"c218ea93-37c0-49ef-b0d8-67f9d76bd133","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":187,"box":{"x":70,"y":777,"width":820,"height":12}},{"id":"b18599dc-3802-4273-b68c-cffad0f53337","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":187,"box":{"x":69,"y":792,"width":756,"height":12}},{"id":"03fcdb01-25c4-49a4-b835-8434da21c590","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":187,"box":{"x":69,"y":808,"width":772,"height":11}},{"id":"2c9f5c5f-3364-4871-96b5-66eb4e9a6a2b","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":187,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"a4f2aad6-f170-45eb-970b-08c2e7005fef","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":187,"box":{"x":69,"y":838,"width":825,"height":11}},{"id":"640cdf2d-92c8-4c2e-ab2d-4f42afe4a9fd","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":187,"box":{"x":70,"y":853,"width":812,"height":11}},{"id":"866becb1-65ec-4808-9709-db6848394542","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":187,"box":{"x":69,"y":868,"width":795,"height":11}},{"id":"9fbce596-943e-461f-a124-389a76088e36","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":187,"box":{"x":69,"y":883,"width":768,"height":11}},{"id":"813959a7-3f08-4ddd-ae1e-431eab75ee2b","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":187,"box":{"x":69,"y":898,"width":810,"height":11}},{"id":"c3a642d9-e5a9-466c-ba51-536667e87622","block_type":"box","text":"II-137","page_number":187,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ea907741-0a17-4145-91a4-bd33e77715c2","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d53fb71-4d51-4549-b8e5-db29a29cf40c","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":188,"box":{"x":69,"y":45,"width":802,"height":11}},{"id":"59f53929-512a-4b12-8b62-96e0503e3045","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":188,"box":{"x":70,"y":60,"width":825,"height":11}},{"id":"d7ef4125-77ef-44d0-8778-f550702a8be1","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":188,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"7995e082-8ec6-4546-9acd-3fab28fbeb10","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":188,"box":{"x":69,"y":90,"width":743,"height":11}},{"id":"ca57c63d-84d6-4d9f-a46c-ea9f6ddc0c2d","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":188,"box":{"x":69,"y":105,"width":814,"height":11}},{"id":"7fb2eeb1-8736-475f-883d-b60a4aad9451","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":188,"box":{"x":68,"y":120,"width":422,"height":12}},{"id":"334903ad-8012-43f5-b324-297d59d37dce","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":188,"box":{"x":101,"y":143,"width":720,"height":11}},{"id":"6f44488c-84a2-4e25-988e-29534c8bef44","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":188,"box":{"x":70,"y":157,"width":813,"height":12}},{"id":"d8b7c95b-b744-4517-ab8c-24188f65e6de","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":188,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"a5756c84-6efa-4ed7-a31e-163cf4882da0","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":188,"box":{"x":69,"y":188,"width":837,"height":11}},{"id":"3ff15b14-2693-4216-9606-c69b10f23a71","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":188,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"b5a4cc48-8c76-48f9-b16a-9500c6d349aa","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":188,"box":{"x":68,"y":218,"width":815,"height":11}},{"id":"2693cf90-151a-4fc4-9f6f-93c2ac88e88f","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":188,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"f82acb9b-2fa5-42ea-ae51-60a499f848a7","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":188,"box":{"x":69,"y":249,"width":819,"height":11}},{"id":"30c7d4cd-f6b8-481b-a8a3-f5051c787b43","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":188,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"1101d542-3cdd-42e3-b2f5-e9d994f5387f","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":188,"box":{"x":69,"y":279,"width":686,"height":11}},{"id":"f3839f41-7d62-4716-b25b-5063a7b5bb90","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":188,"box":{"x":101,"y":302,"width":796,"height":11}},{"id":"02357336-6433-4b3a-93f7-c2f17bb6bb34","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":188,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"e3af0de9-6d5a-43db-bdd6-5b9a4df6becf","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":188,"box":{"x":68,"y":332,"width":817,"height":11}},{"id":"21a6efed-9190-4eb0-a2c0-280fa1398ec0","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":188,"box":{"x":68,"y":347,"width":837,"height":11}},{"id":"1a762687-035d-4644-bbee-058ac776eb9b","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":188,"box":{"x":69,"y":362,"width":759,"height":11}},{"id":"501fe513-9500-4131-a308-8b44c23818ca","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":188,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"dc69f5e4-e0c1-42d3-8439-d4d0069cf3a2","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":188,"box":{"x":70,"y":400,"width":819,"height":11}},{"id":"d1d9eed1-51fa-4a52-91b7-988ed9ae6d00","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":188,"box":{"x":68,"y":415,"width":830,"height":11}},{"id":"8cb4d7a6-6f37-44ee-9b42-fed64514fbfb","block_type":"box","text":"less than their original cost.","page_number":188,"box":{"x":70,"y":430,"width":196,"height":11}},{"id":"4567febc-d612-43a7-ab87-4d35334a3565","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":188,"box":{"x":102,"y":453,"width":782,"height":11}},{"id":"2b67744b-a0da-42dd-98eb-3aaa5360bc10","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":188,"box":{"x":68,"y":468,"width":836,"height":11}},{"id":"78966a20-2270-47c8-aa8f-5e8a49464685","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":188,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"c6c8a94b-3c98-4c76-8ab9-19b044aabbe9","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":188,"box":{"x":68,"y":498,"width":820,"height":11}},{"id":"ab4925a2-08b2-4c27-b71e-ad823afdb504","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":188,"box":{"x":68,"y":513,"width":824,"height":12}},{"id":"7b72a59d-3203-4ba8-9626-92271a9c1ce7","block_type":"box","text":"lower amount of expenses is deducted.","page_number":188,"box":{"x":70,"y":528,"width":278,"height":11}},{"id":"0a4b4efb-3bf0-4c11-a5e2-ae11e9d51803","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":188,"box":{"x":102,"y":551,"width":741,"height":11}},{"id":"a0d1da8f-a38e-4111-abae-c6d201cc55ac","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":188,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"9bd7517d-c702-4e4f-a184-19a6c0c3a875","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":188,"box":{"x":70,"y":581,"width":646,"height":12}},{"id":"7e0846f7-7649-401c-aab8-2d33ca4d4a60","block_type":"box","text":"Money Magazine, U.S.","page_number":188,"box":{"x":724,"y":581,"width":156,"height":12}},{"id":"68e2af3e-8eda-4369-a331-d721d326eba0","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":188,"box":{"x":70,"y":597,"width":533,"height":11}},{"id":"d7846061-6588-441f-8f52-2ddce02c8d61","block_type":"box","text":"or other industry publications. When","page_number":188,"box":{"x":608,"y":597,"width":257,"height":11}},{"id":"0c519e07-289d-4994-be46-384ee9981da6","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":188,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"7de3cb75-95b7-491d-a909-f412ab876e05","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":188,"box":{"x":69,"y":627,"width":803,"height":11}},{"id":"08f82e86-cb69-4a20-a5b3-0c0870322b84","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":188,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"4982f059-e7ad-42ca-b57c-da1319840ccc","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":188,"box":{"x":70,"y":657,"width":818,"height":11}},{"id":"eddf351e-9cbf-4b53-9768-fd82e5acf232","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":188,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"71cd71a3-f350-4526-8117-4272b7045236","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":188,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"b1f9c72f-3b07-4480-a4b9-9552f03f9466","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":188,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"b1154662-e969-4c9e-a9b2-2060a7b06259","block_type":"box","text":"developed by Fund management.","page_number":188,"box":{"x":69,"y":718,"width":233,"height":11}},{"id":"f28b9df5-524e-4f3a-a7c6-3f9059c42db6","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":188,"box":{"x":101,"y":740,"width":780,"height":11}},{"id":"cd1d73c9-52db-4657-b183-f01ba0c22a87","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":188,"box":{"x":70,"y":755,"width":810,"height":11}},{"id":"a23bcc31-a148-495a-835f-b85cde1ce423","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":188,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"26a4474b-0f10-4cdd-9678-f24dbd7e582f","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":188,"box":{"x":69,"y":785,"width":792,"height":12}},{"id":"4cf3712b-3d81-4758-bd49-3f67f0ea3401","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":188,"box":{"x":68,"y":801,"width":788,"height":11}},{"id":"143c7776-073d-4fff-a8d4-5ef1917561d4","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":188,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"ee24008a-2a16-4fbf-9ebd-218e86fa0a4d","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":188,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"cf70b712-bdcb-45c7-8c3c-2e153a0b9ca1","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":188,"box":{"x":68,"y":846,"width":461,"height":11}},{"id":"bb6b8ffd-abde-46ed-a233-fd9613731e78","block_type":"box","text":"II-138","page_number":188,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0e30f76a-514d-4a27-a684-48cb36826fe4","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92424e3b-f82a-4a76-8a39-02bc4841e479","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":189,"box":{"x":308,"y":45,"width":362,"height":10}},{"id":"109bd47c-7b3a-44bb-882a-585354e81934","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":189,"box":{"x":101,"y":68,"width":802,"height":11}},{"id":"a19249ff-e07e-4136-a8fd-5b37127045b6","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":189,"box":{"x":70,"y":83,"width":809,"height":11}},{"id":"8b1fb79a-cf29-485d-a45a-a2d8e32bd201","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":189,"box":{"x":69,"y":98,"width":833,"height":11}},{"id":"6ea2edbc-db54-4d4b-875e-ec154ee5d077","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":189,"box":{"x":70,"y":113,"width":755,"height":11}},{"id":"d7b98bb7-25e6-4a34-9097-23e554ae9077","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":189,"box":{"x":101,"y":136,"width":785,"height":11}},{"id":"a172e6f3-1796-41dd-9781-4ed189b6a840","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":189,"box":{"x":68,"y":151,"width":822,"height":11}},{"id":"d100b9e1-880c-4f8a-90c5-08d713738dd0","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":189,"box":{"x":70,"y":166,"width":824,"height":11}},{"id":"49d85537-7302-486a-b6ff-d3d5166447c5","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":189,"box":{"x":68,"y":181,"width":812,"height":12}},{"id":"519d50f2-bdcf-477b-8554-ea9224cdd129","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":189,"box":{"x":69,"y":197,"width":392,"height":10}},{"id":"0a2c78d4-f276-4d6c-81f8-ec93a73b9590","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":189,"box":{"x":101,"y":219,"width":749,"height":11}},{"id":"0af2f9a2-ddaa-4b75-9a45-a6dd40667f51","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":189,"box":{"x":70,"y":234,"width":759,"height":11}},{"id":"3d511158-7c65-492f-9771-c16d2ab5e192","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":189,"box":{"x":70,"y":250,"width":830,"height":11}},{"id":"aa55a375-451b-4174-a026-22e96051053f","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":189,"box":{"x":69,"y":264,"width":838,"height":12}},{"id":"71d652c0-d963-405d-88a0-2005b25438ee","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":189,"box":{"x":68,"y":280,"width":822,"height":11}},{"id":"5dffedcb-666d-4112-9230-1f83f28efa0d","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":189,"box":{"x":69,"y":295,"width":392,"height":11}},{"id":"a0367630-05b6-44eb-be0c-5dcc77ebdcc1","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":189,"box":{"x":102,"y":317,"width":767,"height":12}},{"id":"2d323608-73f6-4824-b2d3-df5b6e96a85d","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":189,"box":{"x":68,"y":332,"width":827,"height":12}},{"id":"5476e319-a438-4732-815b-3965a203966d","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":189,"box":{"x":69,"y":348,"width":819,"height":11}},{"id":"fa1ae2f0-c0b3-45c0-a2fd-47f20ab349ad","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":189,"box":{"x":69,"y":363,"width":684,"height":11}},{"id":"5c25d776-e25b-47ba-9c94-6746ff1d7ace","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":189,"box":{"x":102,"y":385,"width":766,"height":12}},{"id":"c43b618f-2900-4f64-9a19-d48490736d6a","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":189,"box":{"x":69,"y":401,"width":784,"height":11}},{"id":"9f391711-49fc-4c31-b9e4-4c817ece9a31","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":189,"box":{"x":69,"y":416,"width":805,"height":11}},{"id":"400ace4f-5ab9-4fdc-806b-635fd44fd70e","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":189,"box":{"x":68,"y":431,"width":790,"height":11}},{"id":"70bb4829-edef-4903-8391-12c3d2c1902f","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":189,"box":{"x":70,"y":446,"width":810,"height":11}},{"id":"3ce60140-9ad8-4fd1-a2c8-87b3db812f0d","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":189,"box":{"x":69,"y":461,"width":788,"height":11}},{"id":"bb50bca5-3d95-421d-949c-4550779447f8","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":189,"box":{"x":69,"y":476,"width":327,"height":11}},{"id":"636de9ef-b1c4-454f-8986-a1a94ad12992","block_type":"box","text":"GENERAL INFORMATION","page_number":189,"box":{"x":391,"y":506,"width":195,"height":9}},{"id":"9c93049c-c9e8-4eb0-b6b3-acc956a47e85","block_type":"box","text":"Description of Shares","page_number":189,"box":{"x":69,"y":536,"width":156,"height":11}},{"id":"55fcdaec-7402-443d-b8f2-f570121fd3dd","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":189,"box":{"x":102,"y":559,"width":800,"height":9}},{"id":"6e3d0b44-c06f-4244-a91b-46e06957a798","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":189,"box":{"x":69,"y":574,"width":811,"height":11}},{"id":"65fcc462-502e-4ad7-ab2d-915169d054c7","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":189,"box":{"x":69,"y":589,"width":825,"height":11}},{"id":"83a8f7b8-8809-4cf2-89a2-162ff29b368d","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":189,"box":{"x":69,"y":604,"width":838,"height":11}},{"id":"84a3259f-aa7a-4cdb-bd75-10c74c2279a7","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":189,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"c884d932-5bbc-4808-a7b3-39d955c71f86","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":189,"box":{"x":69,"y":634,"width":781,"height":12}},{"id":"a26fa99e-6ba6-46bf-b85b-da88c0347736","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":189,"box":{"x":102,"y":657,"width":801,"height":11}},{"id":"68287851-7c81-4a00-bc63-ab920688514f","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":189,"box":{"x":69,"y":672,"width":760,"height":11}},{"id":"2c035026-b8d9-4576-9b91-cf5ca2d78185","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":189,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"16220942-df78-4b05-bf9e-37c354420392","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":189,"box":{"x":69,"y":702,"width":790,"height":12}},{"id":"f4f17fe4-5f53-499c-9d15-9cb0e86ada7b","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":189,"box":{"x":69,"y":717,"width":787,"height":12}},{"id":"9d0c98b4-9a0c-4fa3-ba3f-5e069c9a3fe5","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":189,"box":{"x":69,"y":733,"width":797,"height":11}},{"id":"53bf394f-6d7b-4d68-b228-f35fb0ede1bb","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":189,"box":{"x":69,"y":748,"width":658,"height":11}},{"id":"1075e0c0-6245-4bdd-938b-652f5c591f20","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":189,"box":{"x":102,"y":770,"width":741,"height":12}},{"id":"82fd9432-4d72-46d7-a6fe-271777235eba","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":189,"box":{"x":69,"y":785,"width":790,"height":12}},{"id":"f773ffb1-352a-4c5e-a209-f5f553bf94c6","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":189,"box":{"x":69,"y":801,"width":546,"height":11}},{"id":"cacaee8d-0cd6-4ce6-a5cf-7558da410aea","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":189,"box":{"x":102,"y":823,"width":712,"height":12}},{"id":"2ac15aaa-a17b-4643-89fb-32f685c64ef9","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":189,"box":{"x":69,"y":838,"width":765,"height":11}},{"id":"9d50c1a7-3727-41ea-a837-063e7be23fb0","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":189,"box":{"x":69,"y":853,"width":834,"height":12}},{"id":"487e869d-7af1-4c38-9333-04e2b8e99a82","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":189,"box":{"x":68,"y":869,"width":729,"height":11}},{"id":"76e96df2-636a-4084-b022-8b843a7ec73b","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":189,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"c4346562-8d09-49c9-9f11-f538f464355c","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":189,"box":{"x":68,"y":899,"width":761,"height":11}},{"id":"c35a4f40-a897-4703-b16a-22387fb9de9d","block_type":"box","text":"II-139","page_number":189,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0e07c622-21cb-477e-9e5e-fd5a3fb5b824","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"47b21868-9675-44a4-ada3-d65d2554ae81","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":190,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"886e8256-7e61-473c-897c-59ae6f3584e9","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":190,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"ac85e32e-3f9c-4848-956e-de07cef4f110","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":190,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"11c244da-3c08-4010-915f-fa06a584d316","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":190,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"14ef7168-28db-46dd-a895-59ece8b54ec8","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":190,"box":{"x":70,"y":105,"width":699,"height":11}},{"id":"5ba81f99-3a55-4134-aca1-08c114f0342b","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":190,"box":{"x":102,"y":128,"width":413,"height":11}},{"id":"3efd4267-5b5b-41fb-82af-e07a66e81e62","block_type":"box","text":"Additional Information","page_number":190,"box":{"x":68,"y":158,"width":161,"height":9}},{"id":"2736e68a-e374-41fc-aaa3-23116096d5a0","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":190,"box":{"x":102,"y":181,"width":789,"height":11}},{"id":"bb13d427-eab1-498a-b9df-47ca2482c480","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":190,"box":{"x":69,"y":196,"width":799,"height":11}},{"id":"c5d8f916-269a-4ce7-8d30-d26bc685019e","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":190,"box":{"x":70,"y":211,"width":837,"height":11}},{"id":"4733312c-d170-4f46-a7ba-6992a7c8adab","block_type":"box","text":"such name to any other company.","page_number":190,"box":{"x":69,"y":226,"width":238,"height":11}},{"id":"cc6fc527-ec7d-4b32-9e9b-afc6a6f4b1a1","block_type":"box","text":"II-140","page_number":190,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1619b681-9571-4713-b685-ab19a85d1fa2","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92484e6d-9572-41b5-9944-c0686500d777","block_type":"box","text":"APPENDIX A","page_number":191,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"44a4e577-e66f-4100-a26d-7c4a223e14ea","block_type":"box","text":"Description of Bond Ratings","page_number":191,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"4be2975e-d645-4dcc-8597-f04306f492ff","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":191,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"0fd62421-07a0-4acd-b468-45318fa3cdeb","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the Securities and Exchange","page_number":191,"box":{"x":69,"y":106,"width":787,"height":12}},{"id":"6321b35b-99e8-43af-8a05-ecf3545ce4b3","block_type":"box","text":"Commission (“SEC”). While NRSROs may from time to time revise such ratings, they under take no obligation to do","page_number":191,"box":{"x":69,"y":121,"width":817,"height":12}},{"id":"d2c921ee-534c-4ace-8efd-106e98716590","block_type":"box","text":"so, and the ratings given to securities at issuance do not necessarily represent ratings which would be given to these","page_number":191,"box":{"x":69,"y":137,"width":837,"height":11}},{"id":"7311cbb3-e717-4cab-91da-3aada2ed303f","block_type":"box","text":"securities on a par ticular subsequent date.","page_number":191,"box":{"x":69,"y":152,"width":306,"height":11}},{"id":"db1c8067-7dfd-4600-816e-a1385cbb5f8d","block_type":"box","text":"NRSROs may rate specific investments (","page_number":191,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"88a22081-723f-48cc-ae0f-84525cb4a4b9","block_type":"box","text":"e.g.","page_number":191,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"1f129984-bb04-49c3-ab10-0caa41f9afd7","block_type":"box","text":", bonds), issuers (","page_number":191,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"b0b132db-29bf-4a55-914c-8c5cb277c2be","block_type":"box","text":"e.g.","page_number":191,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"1570453d-9c9e-452e-a35a-ec2c6fb22921","block_type":"box","text":", corporations, governments and financial","page_number":191,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"bc8a51c9-7f56-4a73-8212-f092c7e3eb4c","block_type":"box","text":"institutions) and/or programs (","page_number":191,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"db8aaab9-68e6-4093-b564-528c7f0115b5","block_type":"box","text":"e.g.","page_number":191,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"3910e174-a931-48e4-a640-37fc7ccfa427","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":191,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"34bcbdcb-ddd4-4349-9cc7-2355e7662a8d","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":191,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"885efe98-29a2-40d7-bb4d-a6955772640c","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. For these types of","page_number":191,"box":{"x":69,"y":220,"width":777,"height":11}},{"id":"0ad0f9ef-977b-451f-91dd-eccdec4059a5","block_type":"box","text":"investments, as well as US Treasury securities (some of which are not rated), where an NRSRO has not rated the","page_number":191,"box":{"x":70,"y":235,"width":807,"height":11}},{"id":"906308c4-b6b7-4f89-83b2-175e49da21e9","block_type":"box","text":"specific investment but has rated the investment’s issuer, program, financial institution or underlying reference","page_number":191,"box":{"x":69,"y":250,"width":791,"height":11}},{"id":"112398cc-fa62-47e3-9b74-f6f88e3a0c88","block_type":"box","text":"asset, BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates (“BlackRock”) may consider","page_number":191,"box":{"x":69,"y":265,"width":816,"height":11}},{"id":"50b04aa3-6eac-4615-adf1-c7287b2113b7","block_type":"box","text":"the investment to have the same NRSRO rating as its issuer, program, financial institution or underlying reference","page_number":191,"box":{"x":68,"y":280,"width":812,"height":12}},{"id":"2a23e30f-dd73-45d7-9ce5-960d11a20533","block_type":"box","text":"asset, as applicable. In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":191,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"1a50d3ff-4a70-4ec8-ba85-a728cd2d077b","block_type":"box","text":"security (","page_number":191,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"b9bcb250-be13-44a6-a7a7-25d678187658","block_type":"box","text":"e.g.","page_number":191,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"a92ff455-ce8e-4476-8c52-7bc02e0d7265","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":191,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"ca3a220e-8c7b-4f91-8a99-d1a60894dd68","block_type":"box","text":"highest of the multiple ratings.","page_number":191,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"7021e371-f2d2-40a7-b331-2abce7d80d7a","block_type":"box","text":"New issue securities (regardless of type) may not be rated by an NRSRO at the time of their initial offering.","page_number":191,"box":{"x":102,"y":348,"width":760,"height":12}},{"id":"a7842a5f-3119-4f68-b9ca-3574dc884361","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":191,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"2de4ad72-2643-4209-82c5-47f521093a33","block_type":"box","text":"determined by the underwriter and/or issuer) or an NRSRO rating for the issuer of the security. If applicable, when","page_number":191,"box":{"x":69,"y":378,"width":812,"height":12}},{"id":"d8214e36-2df9-4f7e-b0d8-61515e75ebe2","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by an NRSRO, BlackRock may","page_number":191,"box":{"x":69,"y":394,"width":776,"height":11}},{"id":"1d75a6b6-6e12-4ede-a7d7-76140f978479","block_type":"box","text":"attribute an expected rating to the security based on: (i) the expected rating of the security set for th in the","page_number":191,"box":{"x":69,"y":409,"width":756,"height":11}},{"id":"e9e1873e-634e-4a5c-ac05-b23ba525d1ad","block_type":"box","text":"preliminary prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in","page_number":191,"box":{"x":70,"y":424,"width":835,"height":11}},{"id":"14137f22-c199-4bc8-bd9c-d120dd470f3b","block_type":"box","text":"the preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of","page_number":191,"box":{"x":68,"y":439,"width":836,"height":11}},{"id":"a79a25b4-07a2-4aba-9d47-c21706372ef3","block_type":"box","text":"a prior issuance having a similar structure or the same sponsor.","page_number":191,"box":{"x":69,"y":454,"width":456,"height":11}},{"id":"fadfcb62-c4be-427a-a9ec-0263e21c016e","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":191,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"a14fa843-b25a-4ba2-aa81-468fd636bfbe","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":191,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"485e32d0-c152-4974-8825-8cebd93cf282","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":191,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"0fbe9cd6-1814-4e23-91b9-84e716c21611","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":191,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"6c0fb9f5-f307-4797-841b-d920f71153ee","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":191,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"32231404-1887-4abb-ac35-387654da110b","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":191,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"3bbe1975-5cfe-4553-b9e4-34406a1c1555","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":191,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"55517357-cefa-42fb-87f1-086d40bd7253","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":191,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"504126ff-651c-44c0-a76e-3409b1a25e70","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":191,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"3646703d-6e7f-46f3-adc5-51c00b05fb9d","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds (although BlackRock may","page_number":191,"box":{"x":70,"y":620,"width":811,"height":12}},{"id":"f0047810-e1d9-4a80-a3b8-87fd29f2d528","block_type":"box","text":"deem such unrated securities to be of higher quality). Evaluation of these securities is dependent on BlackRock’s","page_number":191,"box":{"x":69,"y":635,"width":809,"height":12}},{"id":"55c837ff-a74c-4cba-a122-01c7e92a5542","block_type":"box","text":"judgment, analysis and experience in the evaluation of such securities.","page_number":191,"box":{"x":67,"y":651,"width":506,"height":11}},{"id":"a475f929-60aa-42d9-b61a-2379f680326f","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":191,"box":{"x":102,"y":673,"width":776,"height":12}},{"id":"85d7c586-48f7-4e57-8470-4f7136710c77","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":191,"box":{"x":69,"y":688,"width":818,"height":12}},{"id":"80f8296d-e5b1-435f-9e1b-e3ccf2c7eca2","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":191,"box":{"x":102,"y":711,"width":799,"height":11}},{"id":"0a554e7b-e860-4f84-b49d-3e40f7c17cd4","block_type":"box","text":"Fitch. Other terms used to describe such securities include “lower rated bonds,” “non-investment grade bonds,”","page_number":191,"box":{"x":70,"y":726,"width":798,"height":11}},{"id":"25029501-6e4d-4b0e-bc7d-15e4fdae1f42","block_type":"box","text":"“below investment grade bonds,” and “junk bonds.”","page_number":191,"box":{"x":70,"y":742,"width":368,"height":11}},{"id":"945c23f6-4090-408f-8dc0-9e5dcfec8bba","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":191,"box":{"x":101,"y":764,"width":643,"height":11}},{"id":"a967e782-ed1d-4c93-a038-a284fa17ac0d","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":191,"box":{"x":68,"y":794,"width":616,"height":11}},{"id":"d6d4cfc0-db45-4a19-ac79-e6db02233004","block_type":"box","text":"Credit ratings are assigned on Moody’s global long-term and shor t-term rating scales and are forward-looking","page_number":191,"box":{"x":102,"y":817,"width":777,"height":11}},{"id":"6ca49cac-aa35-4b3c-a507-e258e3d46cec","block_type":"box","text":"opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions,","page_number":191,"box":{"x":69,"y":832,"width":818,"height":11}},{"id":"620930da-189a-474d-bfa6-4e39e9f0d8ab","block_type":"box","text":"structured finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the","page_number":191,"box":{"x":69,"y":847,"width":812,"height":11}},{"id":"0cd87ff4-95fb-442c-a96a-fe562d6d8127","block_type":"box","text":"risk that an entity may not meet its contractual financial obligations as they come due and any estimated financial","page_number":191,"box":{"x":69,"y":862,"width":812,"height":12}},{"id":"8335c3d4-62a5-4014-984e-13336f407dd7","block_type":"box","text":"loss in the event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are","page_number":191,"box":{"x":70,"y":877,"width":807,"height":12}},{"id":"888f195d-6052-451e-9ceb-62519e745e77","block_type":"box","text":"those that call for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based","page_number":191,"box":{"x":68,"y":892,"width":821,"height":12}},{"id":"75cbaa47-34e3-4d56-afc5-89d9647c914e","block_type":"box","text":"upon standard sources of variation (","page_number":191,"box":{"x":69,"y":908,"width":257,"height":11}},{"id":"31662901-2422-42c0-b1ce-99865880364d","block_type":"box","text":"e.g.","page_number":191,"box":{"x":328,"y":909,"width":25,"height":10}},{"id":"13e73838-ecb2-4fc7-9f1d-173df7d5d54b","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses","page_number":191,"box":{"x":355,"y":908,"width":548,"height":11}},{"id":"af74af87-524c-4e0b-923b-c1aab577e3fc","block_type":"box","text":"A-1","page_number":191,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a1eeb6ae-fc1d-4dcc-a547-270fb233dad3","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d1281779-61fe-4a52-ba34-014730aca2cb","block_type":"box","text":"the issuer’s ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do","page_number":192,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"7e9e4c24-e1bf-427e-bc60-b04df7c94467","block_type":"box","text":"not address non-standard sources of variation in the amount of the principal obligation (","page_number":192,"box":{"x":69,"y":60,"width":627,"height":11}},{"id":"692726d9-96ab-47fa-a6c6-307bee45fbb1","block_type":"box","text":"e.g.","page_number":192,"box":{"x":697,"y":61,"width":25,"height":10}},{"id":"ce0e0559-ea2d-4189-ab11-8fadafd5ed92","block_type":"box","text":", equity indexed), absent","page_number":192,"box":{"x":725,"y":60,"width":174,"height":11}},{"id":"8eb791ab-4414-4365-883c-17ae6daa859f","block_type":"box","text":"an express statement to the contrary in a press release accompanying an initial rating. Long-term ratings are","page_number":192,"box":{"x":69,"y":75,"width":777,"height":11}},{"id":"3ad69173-503f-43b3-b210-6ddea6fdd8ec","block_type":"box","text":"assigned to issuers or obligations with an original maturity of eleven months or more and reflect both on the","page_number":192,"box":{"x":69,"y":90,"width":771,"height":11}},{"id":"d6eef43d-336e-4f15-a4b0-8789b56e9671","block_type":"box","text":"likelihood of a default or impairment on contractual financial obligations and the expected financial loss suffered in","page_number":192,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"aa5bd6b4-34f8-4017-889a-da33d6bd4b65","block_type":"box","text":"the event of default or impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen","page_number":192,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"0b7edaac-927c-4fce-8d31-98c4083f4d16","block_type":"box","text":"months or less and reflect both on the likelihood of a default or impairment on contractual financial obligations and","page_number":192,"box":{"x":69,"y":135,"width":822,"height":12}},{"id":"c85aed36-ce31-460d-89a5-5d98cd9e339c","block_type":"box","text":"the expected financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level","page_number":192,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"d81be53c-99ee-4963-a69a-3c58ffd20c9c","block_type":"box","text":"and instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly","page_number":192,"box":{"x":69,"y":166,"width":784,"height":11}},{"id":"71df9301-84b8-4408-963d-6744f2894da7","block_type":"box","text":"available although private and unpublished ratings may also be assigned.","page_number":192,"box":{"x":69,"y":181,"width":521,"height":11}},{"id":"54011572-c718-4f3b-8f60-b62011097530","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":192,"box":{"x":102,"y":203,"width":542,"height":12}},{"id":"b21a46c5-667e-4d43-8035-615b0312a30a","block_type":"box","text":"i.e.","page_number":192,"box":{"x":646,"y":204,"width":20,"height":8}},{"id":"949a1f1f-fb7b-4a51-a8e4-8d745ed8997a","block_type":"box","text":", ratings on nonfinancial","page_number":192,"box":{"x":669,"y":203,"width":169,"height":12}},{"id":"0dc98393-8ba4-4d2d-934c-cc62d51231b4","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":192,"box":{"x":69,"y":218,"width":837,"height":12}},{"id":"94928630-0c78-426e-9661-bd3a99e64879","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":192,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"8736233c-98ce-40bd-a5e9-b5b772122ddf","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":192,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"2b813ade-2819-464c-9572-68bfe2e2b3df","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":192,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"d7a424c7-0191-414d-b484-575f0f82680d","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":192,"box":{"x":69,"y":279,"width":771,"height":11}},{"id":"47485834-4e09-4740-a220-60f31ab7f689","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":192,"box":{"x":69,"y":294,"width":821,"height":11}},{"id":"9b750967-1013-4953-804c-05a63662464a","block_type":"box","text":"of time.","page_number":192,"box":{"x":69,"y":309,"width":53,"height":9}},{"id":"24211eee-2f25-4083-8f5e-0b8973dbfb13","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":192,"box":{"x":69,"y":339,"width":395,"height":12}},{"id":"db4be838-fef7-4b0f-9072-6b53eab21e81","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":192,"box":{"x":68,"y":367,"width":815,"height":11}},{"id":"071129f6-87f0-40a1-a262-e287cdf08f03","block_type":"box","text":"risk.","page_number":192,"box":{"x":197,"y":383,"width":28,"height":8}},{"id":"4a19abbd-7ab5-4a93-a40a-11855fe72512","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":192,"box":{"x":68,"y":402,"width":773,"height":12}},{"id":"5bab6fd8-c7c4-4d02-b142-c8c064cedb4a","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":192,"box":{"x":68,"y":423,"width":776,"height":11}},{"id":"a143c3ad-8cc0-45da-aef8-47284985dfda","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":192,"box":{"x":70,"y":443,"width":813,"height":11}},{"id":"141d3a9b-2824-4847-8889-6c23a823f05b","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":192,"box":{"x":196,"y":458,"width":385,"height":11}},{"id":"b36f7f7e-198e-4c46-90ca-495e3a424647","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":192,"box":{"x":70,"y":478,"width":775,"height":11}},{"id":"1b4af5aa-836d-43f1-8c2b-b66ee8ff274d","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":192,"box":{"x":70,"y":498,"width":707,"height":11}},{"id":"d84d0618-3337-421f-8642-b0024d90e64e","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":192,"box":{"x":69,"y":518,"width":810,"height":12}},{"id":"d87d1673-7e98-4174-b9ad-a9ebc2174df8","block_type":"box","text":"credit risk.","page_number":192,"box":{"x":196,"y":534,"width":74,"height":8}},{"id":"183c3a91-1d83-46fa-adac-b78ab3f333ea","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":192,"box":{"x":69,"y":554,"width":783,"height":11}},{"id":"e64691dc-c04b-4e9e-a9ee-e39412737057","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":192,"box":{"x":197,"y":569,"width":322,"height":11}},{"id":"7663fc89-bd68-4b73-bc3f-8309037b7146","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":192,"box":{"x":69,"y":589,"width":834,"height":11}},{"id":"236e7d39-12b6-4ce7-8cf7-77aeaf87dda6","block_type":"box","text":"of principal or interest.","page_number":192,"box":{"x":196,"y":604,"width":160,"height":11}},{"id":"beaf1d83-0d5b-412c-a7c8-581179902571","block_type":"box","text":"Note:","page_number":192,"box":{"x":102,"y":624,"width":37,"height":9}},{"id":"42b2082d-3053-4081-b48d-e559ca2183cb","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":192,"box":{"x":146,"y":624,"width":731,"height":11}},{"id":"855f61f2-6ee7-48c3-861a-af5bed5bc526","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":192,"box":{"x":69,"y":639,"width":831,"height":12}},{"id":"b7ca01b5-b539-4889-a3bc-7027b77318d5","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":192,"box":{"x":70,"y":654,"width":829,"height":12}},{"id":"d2422c04-2102-499f-9b9e-8f31be26193e","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":192,"box":{"x":68,"y":669,"width":795,"height":12}},{"id":"7ada770e-2689-42f3-aba6-347b25d355bd","block_type":"box","text":"companies, and securities firms.","page_number":192,"box":{"x":69,"y":685,"width":232,"height":11}},{"id":"e02c30d0-ea42-4068-8979-d0b38a2c83ac","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":192,"box":{"x":102,"y":707,"width":787,"height":11}},{"id":"433af234-1732-4258-9e7d-dca08f20287b","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":192,"box":{"x":68,"y":722,"width":788,"height":12}},{"id":"caf760ef-0ad3-4fd2-b343-471b27199777","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":192,"box":{"x":69,"y":738,"width":833,"height":11}},{"id":"2081f67a-6164-49f9-8f67-eadef00ab6f3","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":192,"box":{"x":70,"y":753,"width":809,"height":11}},{"id":"5f568eae-8f44-4755-a7e9-701686c658e7","block_type":"box","text":"that security.","page_number":192,"box":{"x":68,"y":768,"width":91,"height":11}},{"id":"ff2c6487-df45-4559-b20b-da65eb1de794","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":192,"box":{"x":69,"y":798,"width":400,"height":11}},{"id":"c9cffe04-3546-48c5-99bc-e865c8199cf6","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":192,"box":{"x":69,"y":826,"width":658,"height":11}},{"id":"b1ac3b87-1754-44d0-8b73-39189e59b4cd","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":192,"box":{"x":69,"y":846,"width":645,"height":11}},{"id":"efc395fa-9b53-441e-ada7-264c92aacc47","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":192,"box":{"x":69,"y":866,"width":686,"height":11}},{"id":"e5755422-d11b-42b3-bc98-14541a7898bd","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":192,"box":{"x":70,"y":886,"width":778,"height":12}},{"id":"888da2da-1778-4c2d-ba77-cc91984ae348","block_type":"box","text":"categories.","page_number":192,"box":{"x":196,"y":902,"width":77,"height":11}},{"id":"e6c7d936-6cb0-49c0-848a-486cea0e5591","block_type":"box","text":"A-2","page_number":192,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"a90dfa00-bd2b-4fd0-90b9-1e4279e96422","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":192,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5c152ea-8ac7-4ab9-95bf-ba617727fdee","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":193,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"2d133c99-cbde-4ca8-86d7-066f87af82f4","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":193,"box":{"x":102,"y":67,"width":784,"height":12}},{"id":"5ce50d0f-0fab-4e64-92c1-c45f530f6437","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":193,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"4965a6bb-bcf4-401d-a74a-c7a5307c4072","block_type":"box","text":"an issuer’s self-liquidity.","page_number":193,"box":{"x":69,"y":98,"width":170,"height":11}},{"id":"f24aec87-9b3b-4995-99ab-5b78b81d9623","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":193,"box":{"x":102,"y":120,"width":736,"height":12}},{"id":"a0e205ff-d1e6-406f-ac36-d6443b7fc48a","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":193,"box":{"x":70,"y":135,"width":796,"height":11}},{"id":"93e76c70-0062-4db3-82a7-6de228164050","block_type":"box","text":"MIG Ratings","page_number":193,"box":{"x":102,"y":158,"width":85,"height":11}},{"id":"55478750-6984-4abf-8616-d1d79adc2812","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":193,"box":{"x":102,"y":181,"width":803,"height":11}},{"id":"33010686-0c2b-4a24-8d6d-63335687e3ef","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":193,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"7f5b363d-da85-4238-a04b-3b0ec0058b02","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":193,"box":{"x":69,"y":211,"width":480,"height":11}},{"id":"8be4d877-1d0e-4c6a-8884-b1aedf42cfa6","block_type":"box","text":"MIG Scale","page_number":193,"box":{"x":102,"y":234,"width":71,"height":9}},{"id":"051e1839-49c5-4faf-bcf4-dfc3069bc5fe","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":193,"box":{"x":70,"y":261,"width":802,"height":12}},{"id":"7074a641-5663-4ef7-8fb6-5a321ca4fd2f","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":193,"box":{"x":196,"y":276,"width":703,"height":12}},{"id":"26b9afec-a48e-4173-9a4e-c404fa67dff6","block_type":"box","text":"refinancing.","page_number":193,"box":{"x":197,"y":292,"width":80,"height":11}},{"id":"ac61da1b-303d-454a-a1ec-ffbb94489cb6","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":193,"box":{"x":70,"y":312,"width":809,"height":11}},{"id":"6d1e4281-e8e1-4f01-9746-260fd4a41356","block_type":"box","text":"large as in the preceding group.","page_number":193,"box":{"x":197,"y":327,"width":224,"height":11}},{"id":"b2882aa4-cbde-4f1e-8996-783497ba59b3","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":193,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"b880a0ca-cc53-4159-b52c-cbe1790569c6","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":193,"box":{"x":197,"y":362,"width":554,"height":11}},{"id":"f5102114-2aef-4a65-89e9-7e31a47d8c3d","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":193,"box":{"x":69,"y":382,"width":813,"height":12}},{"id":"b916fdfa-9b34-43eb-aad0-2cc87baeaa61","block_type":"box","text":"lack sufficient margins of protection.","page_number":193,"box":{"x":197,"y":397,"width":259,"height":12}},{"id":"26f52881-0bdc-4156-8d36-f5bbd0c58249","block_type":"box","text":"VMIG Ratings","page_number":193,"box":{"x":68,"y":425,"width":100,"height":11}},{"id":"197d908a-c08d-4d45-908f-19aea37604a9","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":193,"box":{"x":102,"y":448,"width":804,"height":11}},{"id":"af3f1e20-6322-4232-99c7-1b906265bf0a","block_type":"box","text":"are a long-term rating and a shor t-term payment obligation rating. The long-term rating addresses the issuer’s ability","page_number":193,"box":{"x":69,"y":463,"width":829,"height":11}},{"id":"5d146d04-117a-45de-8212-28bd573ed52a","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term payment obligation rating addresses the ability of","page_number":193,"box":{"x":68,"y":478,"width":836,"height":11}},{"id":"e5ffea14-2489-4f40-9aa9-85394a64ee9e","block_type":"box","text":"the issuer or the liquidity provider meet any purchase-price payment obligation resulting from optional tenders (“on","page_number":193,"box":{"x":68,"y":493,"width":817,"height":11}},{"id":"3a83891e-82cc-4cf9-abe8-6629d06e03fd","block_type":"box","text":"demand”) and/or mandatory tenders of the VRDO. The shor t-term demand obligation rating uses the VMIG scale.","page_number":193,"box":{"x":69,"y":508,"width":807,"height":12}},{"id":"f8d206a7-d62c-466c-ae07-a4bb2433ddc6","block_type":"box","text":"VMIG ratings with liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t","page_number":193,"box":{"x":68,"y":523,"width":800,"height":12}},{"id":"56f63006-89fa-4604-9a56-5a27cd741d1b","block_type":"box","text":"provider, or the long-term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of","page_number":193,"box":{"x":70,"y":538,"width":832,"height":12}},{"id":"6d9fb28c-a0e1-488e-9dd8-8ede8802c93f","block_type":"box","text":"VMIG ratings of demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to","page_number":193,"box":{"x":68,"y":554,"width":807,"height":11}},{"id":"e16386f9-7283-4b57-bd44-78bcef4237c5","block_type":"box","text":"reflect the risk that external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment","page_number":193,"box":{"x":69,"y":569,"width":812,"height":11}},{"id":"c71c79a4-61b5-4598-8245-d79ad6cab349","block_type":"box","text":"grade.","page_number":193,"box":{"x":68,"y":584,"width":43,"height":11}},{"id":"95f7e160-5db6-4309-9114-5da44f9afa46","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":193,"box":{"x":102,"y":606,"width":807,"height":12}},{"id":"05ddce9b-9d92-4161-b862-d0bf85fd0cf6","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":193,"box":{"x":70,"y":622,"width":833,"height":11}},{"id":"a23892f6-f60e-46aa-83d4-207a6b987f34","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":193,"box":{"x":70,"y":637,"width":635,"height":11}},{"id":"cf9f1491-6166-4883-9dbe-09e3c7e0dfd0","block_type":"box","text":"Industrial development bonds in the US where the obligor is a corporate may carry a VMIG rating that reflects","page_number":193,"box":{"x":102,"y":659,"width":778,"height":12}},{"id":"41976733-8315-454e-b662-c8d332cc32a4","block_type":"box","text":"Moody’s view of the relative likelihood of default and loss. In these cases, liquidity assessment is based on the","page_number":193,"box":{"x":70,"y":675,"width":795,"height":11}},{"id":"4c0dde0f-1ce4-419e-adfd-9496d6651dc5","block_type":"box","text":"liquidity of the corporate obligor.","page_number":193,"box":{"x":70,"y":690,"width":226,"height":11}},{"id":"f8a71a33-fc81-416b-bcd1-f105b7f74626","block_type":"box","text":"VMIG Scale","page_number":193,"box":{"x":101,"y":712,"width":81,"height":9}},{"id":"de9c3c60-31b0-4873-80c8-d4214d61c4b0","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":193,"box":{"x":68,"y":740,"width":808,"height":11}},{"id":"8a4e806f-a6fc-4dc2-9d2a-8f62e9de90ea","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":193,"box":{"x":196,"y":755,"width":613,"height":11}},{"id":"6a4e7c72-da0e-4f28-a68b-6ca939c2ce38","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":193,"box":{"x":68,"y":775,"width":834,"height":12}},{"id":"54e98332-a4ba-4a16-9e44-b56df5644da0","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections.","page_number":193,"box":{"x":196,"y":790,"width":533,"height":12}},{"id":"f509aa9f-d58e-46f4-887c-9eed1df10ae3","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":193,"box":{"x":68,"y":811,"width":768,"height":11}},{"id":"192bb1e5-8040-4d33-bcd4-167e00be0683","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections.","page_number":193,"box":{"x":196,"y":826,"width":701,"height":11}},{"id":"10a621b2-2dd1-4daa-86dd-41349d5cfb5d","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":193,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"fbdb5b05-d312-433c-965b-3cfa9bed972e","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":193,"box":{"x":197,"y":861,"width":711,"height":11}},{"id":"8caf6a47-c18d-48f7-b53d-73bfcb4ea37f","block_type":"box","text":"may lack the structural or legal protections.","page_number":193,"box":{"x":197,"y":876,"width":308,"height":11}},{"id":"6da3a796-a279-49da-903e-c69b689dabbf","block_type":"box","text":"A-3","page_number":193,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"8dee6645-66c3-4cd3-b093-cfe63d69e8c0","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":193,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"922a0b54-f4fb-4171-b54c-150d78d942b8","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":194,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"62c1a0c8-ab2b-4f66-b121-9f7ae585af2e","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":194,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"52c1795c-db20-41d0-ae48-ce06f4827232","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":194,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"f10a6db7-e836-43c3-b59a-43a30b78f399","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":194,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"f457b35c-1138-4dda-b9ba-110022eb0870","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":194,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"03aa3daf-5dc0-47ad-9b5f-712d2669ce76","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":194,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"b49bc449-2207-4a3b-a65b-e0ab7ea6d08e","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":194,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"521c0fa7-c5be-4b58-9b28-44dad667cce4","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":194,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"b263fbb9-02e5-4641-a1e1-7e517659af4d","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":194,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"25348da5-0dc2-400e-9b55-61e52bdb0502","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":194,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"645f1410-72e4-4620-baec-b892194f7ab6","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":194,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"347518a0-3b69-4bea-a6d6-6fec45884e47","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":194,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"833a94f3-5822-42b4-aef5-8af2b70de5cc","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":194,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"e09ac7b1-d01f-43ab-ad7f-69ef89b7c127","block_type":"box","text":"from these guidelines based on market practices.","page_number":194,"box":{"x":68,"y":256,"width":354,"height":12}},{"id":"32818d76-5159-4e90-9415-d2bcf050325c","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":194,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"a3721513-6e3a-4f35-ad3b-66eb78d02518","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"b1d462d3-e006-4afa-a30b-58de15727319","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":194,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"19cbf6fd-8970-438f-8d62-e458fe4f080d","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":194,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"2f99fd35-94d4-4fb8-b613-57c0a9479454","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"9349a5c4-3624-4abd-aefc-08534dfd473f","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":194,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"f9d6978a-f1b2-414f-91cb-2985f3f8de91","block_type":"box","text":"•","page_number":194,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"62848fc1-eb1e-4597-af19-5ab66054d5a1","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":194,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"d787953e-a168-482e-be0f-59299d17bf4c","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":194,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"9c01f9f2-8417-4751-8435-6e763d0b9b42","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":194,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"8d0d837f-99b9-4e71-af3c-f0b4a9f98986","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":194,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"466f5002-b04c-4845-af47-0a8661d27a48","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":194,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"89197529-4526-48b4-a979-6eb5c76054b2","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":194,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"9c6e37a4-8ae2-486f-8f73-d5f70cdf7b13","block_type":"box","text":"obligations.)","page_number":194,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"3f8dfc56-f95f-437f-8d09-48b2b933ca72","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":194,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"b7e22fa1-bb3b-494c-b2e7-5a3b8c0c7220","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":194,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"a047433b-556f-4bed-a3e5-5c6302f9d810","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":194,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"2b1330f5-a84f-49ed-8c84-7d79a0c40777","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":194,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"5c02efec-0f21-48db-bd38-37a7b0348ce3","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":194,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"b5e2ff25-8ae8-4cc1-a34b-157e14f7419a","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":194,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"2086b1a8-e3b4-4833-a977-a31384651000","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":194,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"2c327e84-7704-43de-896c-e27774e40fa6","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":194,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"13fceff2-b553-4ce5-9432-7943524f0557","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":194,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"e8fbe1da-9f74-469b-92d0-7739085aaf1e","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":194,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"f1b1f9ea-40ba-44a1-b90b-08760a2affc5","block_type":"box","text":"financial commitments on the obligation.","page_number":194,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"e02b8515-383c-4261-a4b3-8f91cf135c09","block_type":"box","text":"BB,","page_number":194,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"982e2575-74cf-4e53-9177-312297ece08e","block_type":"box","text":"B,","page_number":194,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"05afaf25-fdbb-4721-b1cc-ff5d6b737b51","block_type":"box","text":"CCC,","page_number":194,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"0df763d7-14d0-4e5d-9da1-a95b201bd1a3","block_type":"box","text":"CC,","page_number":194,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"e735b617-01b5-4d5c-86f7-058b4378fe1d","block_type":"box","text":"and C","page_number":194,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"d9aff069-875a-4074-bd69-4ce957a8d0e1","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":194,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"6931cc3e-aa76-407c-833a-1e61b6970088","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":194,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"b77bb1e7-de41-4831-a3e5-c188efd6c27a","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":194,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"8e0392d5-9192-4ff3-8186-ca85aa59fe83","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":194,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"c7630056-f7e1-415b-9934-59577a33c14a","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":194,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"8ba70965-44b0-4458-88ae-1efd48625131","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":194,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"943b0b6d-efc7-4640-a82c-bb82d5d6f21d","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":194,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"d7bb328a-9431-493d-8938-b5349b531b0a","block_type":"box","text":"on the obligation.","page_number":194,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"99550d9e-45e6-407d-ba11-56c803d86906","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":194,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"039d0d22-b5a7-4727-804a-aa146d0c86aa","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":194,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"ba810fb0-4d37-4dbc-a7d0-6c93b703e581","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":194,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"fb5363f5-8c58-4304-8137-3faa44f3e8a7","block_type":"box","text":"financial commitments on the obligation.","page_number":194,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"9ec087ba-57a3-4a78-ba42-4e5f3c3351aa","block_type":"box","text":"A-4","page_number":194,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"43a8a9a9-5338-4352-b515-d92d44972909","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":194,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e6d410e9-23f2-4005-a48e-a088cf63a595","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":195,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"46c40d5d-fd7c-4a2a-9a00-e3a4906b21ff","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":195,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"bec9f36d-4791-422b-afd0-2064443ffb60","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":195,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"100734cb-7551-4b05-a657-ae3213e1dbdd","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":195,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"f3b49cdb-4603-4132-bd22-27adcc7583f4","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":195,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"9eb41830-6def-4da0-9069-1f803e6e7844","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":195,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"e80d2e1b-138c-444f-adae-bd33749e10dd","block_type":"box","text":"anticipated time to default.","page_number":195,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"61acc0d0-9f99-4096-9110-a2b54e6e0f29","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":195,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"51238182-7111-49d3-a248-92413da7aa37","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":195,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"09d7ae84-b8a4-4122-9f83-ad248a641746","block_type":"box","text":"higher.","page_number":195,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"a12195da-11d2-4b15-a1e8-6c9fc72c717c","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":195,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"8a21dd44-f8cd-4524-8830-aa30ae335d47","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":195,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"a7ecb87d-9f04-4d8a-98ed-ac9821be27dc","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":195,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"1e3c8b58-df70-4633-a71a-2e6073780378","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":195,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"fe587129-94d2-41ed-b523-08ee9636709d","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":195,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"d6edbb14-6416-4101-9cce-68ec3f6b8971","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":195,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"d9006c44-6585-4e75-bf7a-b54e8b5099e6","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":195,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"d1671624-5fd7-435b-b3a4-c9dba70f0edd","block_type":"box","text":"restructuring.","page_number":195,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"5f60b5e0-6ec5-4718-b2b9-ba9fc870303f","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":195,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"43b0b088-3075-492b-872d-bea0178cbbdc","block_type":"box","text":"standing within the rating categories.","page_number":195,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"c8a73596-8951-447c-a4da-e805c6fc54ed","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":195,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"70c8685e-0949-4184-b0a9-966de4d8f94c","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":195,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"53188096-40a6-4369-b79e-a01854e94f88","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":195,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"66cbad20-2e7d-42ba-a261-d784c0cb8b7f","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":195,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"3017d69a-5868-4073-9426-80f3af883ae3","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":195,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"4af7229f-b006-4b72-8b3b-a1f206c1349c","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":195,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"9e5dc01b-8a79-42de-9bbe-2fb31f81f7c1","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":195,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"c8876fcb-5334-451c-b912-9e6d992685b2","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":195,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"0d705890-8aa8-41ae-8be6-f746d96b133a","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":195,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"eff9c446-df13-4cef-88dd-304b1d9e936f","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":195,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"f7439eb5-5341-4e71-b889-1a6d1e0b3421","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":195,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"9555a4d0-5779-4418-9b98-64c572a86d85","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":195,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"34e0c734-98c1-4efe-9dab-d213ee8f8b59","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":195,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"6f049fff-6764-477a-aea6-0a6fb31b8f18","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":195,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"ab9c944c-3a0d-453d-926b-a6102bdadee9","block_type":"box","text":"financial commitments.","page_number":195,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"b1945eb9-8c46-4f8b-9f00-502ea186e426","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":195,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"6769642e-8a3d-4e28-abbb-58e4bc08c353","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":195,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"37455e1d-34ba-4c21-b26a-36dc495b1cc4","block_type":"box","text":"commitments on the obligation.","page_number":195,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"78af0386-2adb-4b4b-a744-bb5387e2332c","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":195,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"d196c5ce-07f0-4d46-911a-e0639d82c00a","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":195,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"9381aeef-1328-4344-ae71-9f483aacc002","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":195,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"fe5120ca-f163-4c2f-b80f-a0591d2855b1","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":195,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"dc99253b-489d-4dc7-bdf7-a17704d4016d","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":195,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"ecc0789b-d3c2-4f3f-ad30-0c1f85906453","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":195,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"83eaae33-7f08-4156-b8a2-8491028d0707","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":195,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"a4f2fa56-0da1-46a9-a8d3-4701a14b30fb","block_type":"box","text":"debt restructuring.","page_number":195,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"36674a9c-cfc1-42c1-b14d-6790bee1461f","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":195,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"7ce3ab94-b104-4350-9f5d-024e530ea5ef","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":195,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"8915a1a0-7603-46e9-bab0-4df6e75f5e0c","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":195,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"9078d7e3-e8ec-4edd-9a62-d8a09d9e5080","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":195,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"04b775dd-d832-4cec-b084-bafcb9795dd8","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":195,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"61a1974e-e120-4bb3-a71b-f5af45c88ad3","block_type":"box","text":"A-5","page_number":195,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"6cec50f0-93ac-4be9-a290-ba7725706a42","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"594c04d8-30bc-43f1-a14e-3d92b2527f01","block_type":"box","text":"•","page_number":196,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"496d65e2-9fae-4b19-8135-2b4923bb6a41","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":196,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"660e63cd-20c6-4f08-b947-377d2a6d7b88","block_type":"box","text":"as a note; and","page_number":196,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"23324762-07c2-4588-b7d0-7d549549f559","block_type":"box","text":"•","page_number":196,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"d23c4d8e-7b34-4ced-ac44-8995dce7c247","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":196,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"c8d88168-0d6d-4f89-80d7-45a6d9f9371a","block_type":"box","text":"treated as a note.","page_number":196,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"491e7890-8680-40fc-96ba-291349679bb6","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":196,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"b10da16f-23c8-4352-adfb-20ae8ee6fee4","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":196,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"ea0a9cb2-bf57-4984-80dc-67f0eb505c9f","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":196,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"6c05d550-dc81-4d5c-9033-4c09361cc713","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":196,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"40e285c7-385b-4c31-b355-ca0115475caf","block_type":"box","text":"economic changes over the term of the notes.","page_number":196,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"86900d1e-757d-4a71-8cc3-7106ef1b9887","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":196,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"6c302cfd-19b2-4a8c-9c52-1beb89788682","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":196,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"26db9218-4540-4920-a3b9-4c920ca04417","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":196,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"1181ec31-f4c6-4910-9d09-a810fe94edf9","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":196,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"854fee51-3fe0-4c2f-bea1-a77cac3bc0bb","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch”) Credit Ratings Scales","page_number":196,"box":{"x":69,"y":294,"width":442,"height":11}},{"id":"e45431fc-84d2-4870-96e6-4744719838eb","block_type":"box","text":"Fitch publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to","page_number":196,"box":{"x":102,"y":317,"width":793,"height":11}},{"id":"7df64761-0b1d-41a7-a0de-e30c54a02941","block_type":"box","text":"meet financial commitments. Issuer default ratings (IDRs) are assigned to corporations, sovereign entities, financial","page_number":196,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"d4c1f206-adbe-41ed-bb28-cb26b4fbdced","block_type":"box","text":"institutions such as banks, leasing companies and insurers, and public finance entities (local and regional","page_number":196,"box":{"x":70,"y":347,"width":756,"height":11}},{"id":"184a706e-644a-4722-86c1-b74dae9425f8","block_type":"box","text":"governments). Issue level ratings are also assigned, often include an expectation of recovery and may be notched","page_number":196,"box":{"x":68,"y":362,"width":813,"height":11}},{"id":"2ce10bc2-19b8-4a5e-8ead-4c1d59379f42","block_type":"box","text":"above or below the issuer level rating. Issue ratings are assigned to secured and unsecured debt securities, loans,","page_number":196,"box":{"x":69,"y":377,"width":819,"height":12}},{"id":"7abd221f-a995-4157-a453-07899caf2c92","block_type":"box","text":"preferred stock and other instruments, Structured finance ratings are issue ratings to securities backed by","page_number":196,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"5b8321a1-2e02-429a-9d31-ac8178dabc7f","block_type":"box","text":"receivables or other financial assets that consider the obligations’ relative vulnerability to default.","page_number":196,"box":{"x":69,"y":407,"width":694,"height":12}},{"id":"bdd7c383-87bd-4dd8-93e8-22422bc06a5c","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":196,"box":{"x":102,"y":430,"width":747,"height":11}},{"id":"bd8a5c51-9f06-49ac-a662-879541c6c2f2","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":196,"box":{"x":69,"y":445,"width":782,"height":11}},{"id":"a4b2697e-df3f-4004-8dc2-ce9ee51210ce","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":196,"box":{"x":69,"y":460,"width":793,"height":12}},{"id":"ed1ccf95-aa55-4b4d-a47f-6d185d54aca5","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":196,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"2c685c7a-5a94-4143-9c44-b50ff198fffb","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":196,"box":{"x":69,"y":491,"width":766,"height":11}},{"id":"e3f508c2-6549-4c90-a9cd-84cad92a2daf","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":196,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"62e2b6bd-e91b-43d6-8280-79df67a2837f","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":196,"box":{"x":69,"y":521,"width":779,"height":11}},{"id":"34b61e29-de33-4b2f-8113-58f7ebb4e97e","block_type":"box","text":"receivables or other financial assets.","page_number":196,"box":{"x":69,"y":536,"width":262,"height":9}},{"id":"cb1ec571-7872-4a6c-8e04-a94001cd266c","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":196,"box":{"x":101,"y":559,"width":794,"height":11}},{"id":"479f78b0-8dc2-42f0-8bef-73f81e744a34","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":196,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"0cdf8f6a-3650-4512-9a46-7332b109abda","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":196,"box":{"x":68,"y":589,"width":800,"height":11}},{"id":"21eacb3e-d777-4cea-b9e9-365fdf6f26a9","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":196,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"206da2ab-4517-4e3a-af10-e2b13207e599","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":196,"box":{"x":68,"y":619,"width":793,"height":11}},{"id":"594b44b8-18c2-4a70-a073-529fb7c78631","block_type":"box","text":"occurred.","page_number":196,"box":{"x":69,"y":634,"width":65,"height":9}},{"id":"32d987a6-a4cc-40b0-93d3-0a291992dbc6","block_type":"box","text":"Fitch may also include issues relating to a rated issuer that are not and have not been rated on its web page.","page_number":196,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"69aa2944-1690-4fc4-84a9-65af6788eaa4","block_type":"box","text":"Such issues are also denoted as ‘NR’.","page_number":196,"box":{"x":69,"y":672,"width":274,"height":9}},{"id":"92705515-9fbb-4a58-961c-73cdcb86c590","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":196,"box":{"x":102,"y":695,"width":797,"height":11}},{"id":"865219c6-ad5a-4c82-86cd-56b71be1c284","block_type":"box","text":"not predictive of a specific frequency of default or loss.","page_number":196,"box":{"x":69,"y":710,"width":391,"height":11}},{"id":"3010df0d-cc0a-43f9-8eda-ddb5ba7aad0c","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":196,"box":{"x":102,"y":733,"width":798,"height":11}},{"id":"fc8820fe-01ae-4e11-8207-02332908be5e","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":196,"box":{"x":68,"y":748,"width":780,"height":11}},{"id":"78ea076c-88bd-47f9-8861-244691a4c0b2","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":196,"box":{"x":69,"y":763,"width":821,"height":11}},{"id":"86601838-809a-4ba5-a459-9d7697eef6d1","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":196,"box":{"x":69,"y":778,"width":531,"height":11}},{"id":"b1f3e1eb-c73e-411e-b261-f515c53e3dcb","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":196,"box":{"x":102,"y":801,"width":801,"height":11}},{"id":"8d2bb925-a9bd-45f0-bea0-b80d607d5dc5","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":196,"box":{"x":68,"y":816,"width":639,"height":11}},{"id":"15fe54cc-15dd-43c1-b781-81ede5e4adaf","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":196,"box":{"x":102,"y":838,"width":799,"height":12}},{"id":"4421f7b2-6941-402a-978b-8de3905eec26","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":196,"box":{"x":68,"y":853,"width":794,"height":12}},{"id":"3e8355ee-cad8-4403-8eec-db3e7dfb052c","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":196,"box":{"x":70,"y":869,"width":420,"height":11}},{"id":"fc455cb6-e382-4eaa-99eb-3e216359e83f","block_type":"box","text":"i.e.","page_number":196,"box":{"x":492,"y":869,"width":20,"height":9}},{"id":"1140fa2c-81db-48b4-8ff2-2076306c8c83","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":196,"box":{"x":519,"y":869,"width":380,"height":11}},{"id":"1369830f-e6b1-40c3-a449-2259ac5a8254","block_type":"box","text":"the obligation’s documentation).","page_number":196,"box":{"x":68,"y":884,"width":230,"height":11}},{"id":"ff82af64-4c50-4fad-b066-59cc0ece652f","block_type":"box","text":"A-6","page_number":196,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"1135d9f3-7761-48bd-bbe9-63926e31e24a","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"30af40d7-f476-4def-a573-2f1f54c8deb0","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":197,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"4edd3d26-d41f-40c9-82b1-27b9d6daae80","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":197,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"c20a0369-6924-4256-8050-df1e318c8ca7","block_type":"box","text":"agents in the form of a rating letter.","page_number":197,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"ad44632e-af8e-40d0-85be-35e72474b366","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":197,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"df3f593f-5811-4c6d-8667-81672b7911a5","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":197,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"4442dd61-a715-4f20-97d0-7931077daf37","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":197,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"790b2b2d-cfe5-417d-851d-9675d654f1fa","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":197,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"a4914471-a831-4362-928c-63f862a4733a","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":197,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"e2fe60aa-c7f2-4603-9af9-e742d5a947d4","block_type":"box","text":"e.g.","page_number":197,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"96ed8929-bee4-4e1e-a515-79933a92dff8","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":197,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"0eeaaa13-7d09-4e70-a509-766ef8e052d0","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":197,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"f9d1db7b-cab8-4278-bb55-37a40a14270d","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":197,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"dd0e9893-dc7a-4cdf-8119-255344b084d9","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":197,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"61f38a19-6791-47f3-81e1-57e5781acc9b","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":197,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"d6463c23-01d4-4d00-b663-a48847089b06","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":197,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"0c79d6d0-5527-45ee-a701-4471b0065029","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":197,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"8545d009-6114-4400-b44d-6062695f0441","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":197,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"ec1cb4db-70b6-42ff-a189-4107abe70f68","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":197,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"bf8aebd4-cf75-4fa2-b2c1-fa5cf94d0336","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":197,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"a7359290-f9f3-44ea-bf0e-14f680e5c710","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":197,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"db8e520e-b581-4842-99ea-ca620d0256fa","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":197,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"98a41876-0257-4809-a270-04bd5205bd2d","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":197,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"3087a390-30b5-4c5a-8c5a-1caf073a4d34","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":197,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"51b6e4fe-adcc-4577-bd75-6c3447556a9d","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":197,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"d464a417-d6fc-485f-a058-e8dd75a54577","block_type":"box","text":"Ratings.","page_number":197,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"c9a72341-cfef-4f52-83b6-7e7117752d8a","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":197,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"8b2a5be6-c074-4491-8d31-ec84fdc51820","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":197,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"b0e1a9ef-050b-4319-8668-4125039d65f2","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":197,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"954fae4a-4150-42a1-adaa-fc22aef2e60f","block_type":"box","text":"obligation ratings.","page_number":197,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"84453bf9-c0e9-43ce-ad99-c9fb153121b0","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":197,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"bd6476e4-02c1-4611-a1ad-d588f93e6666","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of default risk. They are","page_number":197,"box":{"x":68,"y":533,"width":774,"height":12}},{"id":"2f891ffc-ef6b-43c4-ba90-1d13922a7568","block_type":"box","text":"assigned only in cases of exceptionally strong capacity for payment of financial commitments. This","page_number":197,"box":{"x":196,"y":549,"width":703,"height":11}},{"id":"0e93a746-0f82-41e4-a4ac-e389218a831a","block_type":"box","text":"capacity is highly unlikely to be adversely affected by foreseeable events.","page_number":197,"box":{"x":196,"y":564,"width":521,"height":11}},{"id":"8eb1268c-820a-43f0-a832-2755886f5b53","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low default risk. They indicate very","page_number":197,"box":{"x":68,"y":584,"width":838,"height":11}},{"id":"be0007c1-a537-4146-93f3-351bda4bf233","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":197,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"fcf40917-c243-46f5-aee2-8b29f72d140f","block_type":"box","text":"to foreseeable events.","page_number":197,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"1949a336-2eb8-4077-9706-0ec639405c1b","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low default risk. The capacity for payment of","page_number":197,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"87defccf-3634-4add-85ff-55136f065a72","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":197,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"c305ea6f-96bd-409d-a902-1e49ce0c0905","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":197,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"925b5932-7acd-437b-9c8d-879dd185c4b6","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of default risk are currently low. The","page_number":197,"box":{"x":70,"y":685,"width":814,"height":11}},{"id":"15137077-5899-47f1-bfb9-8dc25d29e141","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":197,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"7e10dedd-a6ff-4b0e-9f35-cfe9845e37cd","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":197,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"f6e65693-5f7c-4f2b-afd3-853447efa67a","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to default risk, par ticularly in the event of","page_number":197,"box":{"x":70,"y":735,"width":839,"height":11}},{"id":"1ccea56b-af35-4e08-8ece-9f6391b4f6be","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":197,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"bbc14c20-856d-4259-9f68-ae3121466e3f","block_type":"box","text":"flexibility exists that suppor ts the servicing of financial commitments.","page_number":197,"box":{"x":196,"y":765,"width":495,"height":12}},{"id":"6fab4f06-6ee4-4624-b5e2-4eb2b7bcbce3","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material default risk is present, but a limited margin of","page_number":197,"box":{"x":70,"y":785,"width":828,"height":12}},{"id":"91759876-80a5-473a-ac5c-e44a76aa7bee","block_type":"box","text":"safety remains. Financial commitments are currently being met; however, capacity for continued","page_number":197,"box":{"x":196,"y":801,"width":682,"height":11}},{"id":"37ebf187-8a50-437a-820b-4ddf41580d24","block_type":"box","text":"payment is vulnerable to deterioration in the business and economic environment.","page_number":197,"box":{"x":197,"y":816,"width":584,"height":11}},{"id":"fc973ec5-21dc-47f6-b3f0-5fa3b2b0a514","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate very low margin for safety. 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The modifiers “+” or “-” may be appended to a rating to denote","page_number":198,"box":{"x":101,"y":164,"width":808,"height":12}},{"id":"92bbf5f7-df2d-4b04-895b-0414238c0e3a","block_type":"box","text":"relative status within major rating categories.","page_number":198,"box":{"x":69,"y":180,"width":320,"height":11}},{"id":"1d4ae298-da08-4105-894f-237b143dbdc1","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":198,"box":{"x":102,"y":202,"width":761,"height":11}},{"id":"2db296d5-f754-4587-98f0-d6611fd2c9a7","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":198,"box":{"x":70,"y":217,"width":813,"height":12}},{"id":"27513b5f-e19a-4d82-8538-76ce52892628","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":198,"box":{"x":69,"y":232,"width":289,"height":12}},{"id":"5d982c22-3894-4024-a616-97f95dd376f6","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":198,"box":{"x":69,"y":263,"width":568,"height":11}},{"id":"081c6142-af12-45b3-a10f-24e1e3d4e398","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":198,"box":{"x":101,"y":285,"width":806,"height":12}},{"id":"d0d58172-d708-4032-8e0b-a9c3a0d03f4c","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":198,"box":{"x":69,"y":300,"width":817,"height":12}},{"id":"29c1ac84-1afa-43fc-8433-2dffed64e746","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":198,"box":{"x":69,"y":315,"width":822,"height":12}},{"id":"dc2317ea-dc28-48d5-8863-0342e6fd5305","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":198,"box":{"x":69,"y":331,"width":827,"height":11}},{"id":"d08be1cb-3a7a-47ac-9eb0-b04788c517d3","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":198,"box":{"x":70,"y":346,"width":808,"height":11}},{"id":"3fa004f7-af66-4af9-a17d-739af7b45f44","block_type":"box","text":"finance markets.","page_number":198,"box":{"x":68,"y":361,"width":118,"height":9}},{"id":"54078252-2226-4145-bdd7-318a51f7fd8d","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":198,"box":{"x":102,"y":383,"width":273,"height":12}},{"id":"0e7c35b0-09bb-42d2-afd5-338abbb8e6b0","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":198,"box":{"x":70,"y":411,"width":816,"height":12}},{"id":"a0e8b5ca-6c67-4b76-b4d6-92fae44ea55a","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":198,"box":{"x":196,"y":426,"width":692,"height":12}},{"id":"3d024ef4-6b6d-424c-9424-66fdc2137b48","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":198,"box":{"x":70,"y":446,"width":734,"height":12}},{"id":"f6762a75-8608-4ae6-8631-b6467af26293","block_type":"box","text":"commitments.","page_number":198,"box":{"x":196,"y":462,"width":100,"height":9}},{"id":"9323e919-a947-457e-be18-1f8e545c9a9d","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":198,"box":{"x":70,"y":482,"width":831,"height":11}},{"id":"75e9f3bb-1beb-4585-b1a9-7d110cc16ee4","block_type":"box","text":"adequate.","page_number":198,"box":{"x":196,"y":497,"width":70,"height":11}},{"id":"aa4b7458-beb9-4cb0-b854-697f4c703da7","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":198,"box":{"x":70,"y":517,"width":737,"height":11}},{"id":"1dfe2600-3bb9-4a71-a65e-cf509aa5c5f1","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":198,"box":{"x":196,"y":532,"width":641,"height":11}},{"id":"15955fb5-570f-45e3-b1ca-6df7451a5e7f","block_type":"box","text":"economic conditions.","page_number":198,"box":{"x":196,"y":548,"width":149,"height":8}},{"id":"ea21e9fb-4453-4ae3-b9a5-e24ae912d54f","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":198,"box":{"x":69,"y":567,"width":535,"height":12}},{"id":"e9a82acf-ccca-442f-8063-c8f052fe9849","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":198,"box":{"x":70,"y":588,"width":749,"height":11}},{"id":"b1889a9a-89e8-4eb3-8a7d-6a38ea85a1b9","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":198,"box":{"x":196,"y":603,"width":714,"height":11}},{"id":"091acfe5-965f-430f-9d4b-44d7c4bb9a8b","block_type":"box","text":"ratings only.","page_number":198,"box":{"x":197,"y":618,"width":83,"height":11}},{"id":"caff320d-ee27-4905-8eee-5265b1508d89","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":198,"box":{"x":70,"y":638,"width":761,"height":11}},{"id":"d5e70feb-b3cf-4916-9075-7a2548323d2e","block_type":"box","text":"obligation.","page_number":198,"box":{"x":196,"y":653,"width":72,"height":11}},{"id":"a9fd2bc2-8cfb-4c03-8953-1b3944acda9d","block_type":"box","text":"A-8","page_number":198,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"798aa1ca-7805-4ae9-acb8-8fb6cf00aae7","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1da1dac-23b0-45fd-b891-37b77c24e1b8","block_type":"box","text":"APPENDIX B","page_number":199,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"820749a7-21c8-4ba9-94fa-f0d407197de2","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":199,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"6d0d667a-3e75-47d2-a2be-6cda6cc67a75","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":199,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"d7accfa4-2b68-44a0-9d06-def8648bff47","block_type":"box","text":"Effective Date: January 1, 2025","page_number":199,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"71e36921-e0c8-4050-a8f9-84d595c1b303","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":199,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"8dae4958-1b95-4fc9-8371-db9147668cec","block_type":"box","text":"□","page_number":199,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"95672aa2-16fd-4018-b6d2-d035ebcbf11d","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded 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Funds","page_number":199,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"accd2d6c-1723-4209-8ecb-62329bc63ede","block_type":"box","text":"□","page_number":199,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"992db339-572e-4fe2-81b5-dec63e04d6f2","block_type":"box","text":"Other","page_number":199,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"608b9e11-5f6b-44b6-a2dd-8dea28995f49","block_type":"box","text":"Objective and Scope","page_number":199,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"89f6a2aa-a06b-4d52-8c97-6940276d41a5","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":199,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"f99f548e-7151-44de-8aa6-f42dafe24096","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":199,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"2343a366-0e17-42fa-b073-bdd1db3c723f","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":199,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"ef46a7c5-29cc-4edd-8905-1f7eb4d33523","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":199,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"49d95bd9-c392-468c-8ec9-16760b8e4b99","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":199,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"566ed646-6a6f-4579-9bee-2dd89dc85000","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":199,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"a8b0cc4c-c4b3-47bb-b249-b48ed6eca143","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":199,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"7d92dbb8-a9b3-4a63-ab24-4e4c580eeaf3","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":199,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"0dfee5a9-f605-4488-8e36-8d10affe144c","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":199,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"6b0e840d-2fb5-4fe4-b89e-483608f3ff08","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":199,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"fd7e41af-6817-46f2-809f-74316133c306","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":199,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"20cb2b1f-8036-43fd-b0a6-f9c91847b4eb","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":199,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"1a1277dd-5444-4284-89df-76327c815964","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":199,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"d0b6c647-9f47-452f-90cd-a4d3a3c570e8","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":199,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"1fe3a934-e59c-4699-8fbe-4498ce971321","block_type":"box","text":"Conflicts Management","page_number":199,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"0478d500-7b43-49a9-a81c-5db870c2c02d","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":199,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"141ebc96-5b36-47ef-ae2d-11c2ce05251a","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":199,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"58dcb47f-3010-43e7-9787-388cde22f5ed","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":199,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"9569e071-6126-449f-874f-30d497409d0c","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":199,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"49df81ba-6386-47c4-9aba-ff6979b0bf3d","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":199,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"3e9e381a-55d2-4b7d-aebb-43943bc75be0","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":199,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"30aa27bd-cb3a-4798-823a-30b098a5a68c","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":199,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"17ca1dec-1e25-4576-98ab-77b76d84a598","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":199,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"c8edc80f-98c3-4cf5-9720-cee488c20f94","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":199,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"fdcc78fa-36de-4575-89ea-1a5f385790a4","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":199,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"985a800d-8fbb-4e4b-8537-1eab35baa97e","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":199,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"0e34b6c4-5da3-4b57-a151-ad130cc52aa9","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":199,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"25b5053a-79af-43cb-b2fa-7ccf5a0bc212","block_type":"box","text":"in clients’ financial interests. 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The money BlackRock manages is not its own — it","page_number":204,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"ec658ed2-29de-4df4-9f9a-63b5d1fb0334","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":204,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"f50cd9b8-4eec-47c1-9ad5-1d5476ed1543","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":204,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"ee4a8ddd-5f0e-49d9-9824-911612f0b3c6","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":204,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"cb971e82-fd13-4671-8c38-62a31b28d0e9","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":204,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"d40bdb05-94cc-4091-b3f8-87f6e8a6f08b","block_type":"box","text":"this work with research, data and analytics.","page_number":204,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"4f3be9cd-5ebf-4968-81a7-8cadcb675857","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":204,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"56be3bc0-2984-4e87-ad12-ca98e6fbc981","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":204,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"6a6b3684-6372-47e4-bfed-c514b19d36d0","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":204,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"cad8ca56-bc5c-4180-bd2a-50600075b01f","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":204,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"e6c54250-7cb3-44db-8f06-c4e16d4250e6","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":204,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"0939829a-8d0e-41b9-ba13-f69932c81cb2","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":204,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"a0397e22-c276-4293-a3c1-0b209e11475c","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":204,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"1cc3ef0f-6701-4c8a-8863-f359c5bf23ce","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":204,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"e0d1e036-cf7f-4cc3-883c-6183715e2bca","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":204,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"2a92bee2-0069-4583-a377-12f5d61cd07d","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":204,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"559c4f0d-2ab2-4524-861a-5de55a6cb808","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":204,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"d753e41c-b3cf-40fd-8cfd-ca27804b91ca","block_type":"box","text":"shareholder meetings.","page_number":204,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"3d54b90f-429e-4c80-a72f-b4cf4231f504","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":204,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"b2812571-2a80-41e9-8eb9-918132985fa5","block_type":"box","text":"investing.","page_number":204,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"a235a32b-9657-4e0f-9e03-5847479f87fe","block_type":"box","text":"3","page_number":204,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"258a297f-b732-4e93-a93b-dbc35ef32526","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":204,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"92c04b87-3b68-47a5-93bb-eeb4be0ce53d","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":204,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"5ced7a11-3070-4136-a74a-dee3a7f75f5c","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":204,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"0e8e690f-af8f-44d5-b18a-aff9a072da18","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":204,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"3ae52dcf-cb31-4595-a3ab-93b21302130b","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":204,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"fa717cfd-5b1f-4216-b93d-c8a8e2ed0965","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":204,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"ce96676d-0d02-4652-93f2-c318e186c1f3","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":204,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"b91da1a2-ca23-4246-b40b-9a4b5166fe06","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":204,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"78077333-3925-48c3-92c7-98c9498ad9e3","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":204,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"30a62316-4961-4a9f-9682-dbeebf9978bd","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":204,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"820ad064-9ea4-4d90-8388-462a366a8bc1","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":204,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"95ceed67-56b5-4f40-bc0e-7139aa1c323e","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":204,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"a3a99e9d-7528-4721-bba1-152c421e28b1","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":204,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"a7bf3493-a717-49f2-9501-f13b5a0bc6d5","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":204,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"ebfaace2-9b1e-45f2-a427-977aacf5487e","block_type":"box","text":"management teams and board directors","page_number":204,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"c2c6212a-7316-4c37-a093-46cb3e778c5e","block_type":"box","text":"4","page_number":204,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"0d6b7693-0611-4141-ae37-f46220df12a2","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":204,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"4bb407c5-c00f-4ba4-948e-94c6f23c5f04","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":204,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"8c3d4651-408f-46a7-a916-3b285691072b","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":204,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"8623ee61-2699-4392-8a4d-d5306aa47076","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":204,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"d57a8083-0bbe-4973-8046-209bc7cee56e","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":204,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"816f3dfa-d903-4f4a-bf66-92bd5e4beed0","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":204,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"517136bd-f950-4ce1-9be9-5a7118740bac","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":204,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"0c10ca28-14d7-4007-af9b-8090a82accb0","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":204,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"c93c2a9d-0bf2-437f-a5a1-790a0669050d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":204,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"d7536823-e928-46d7-9b26-c2c10f95e08b","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":204,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"d9911aa7-c459-4f2a-bb8f-055ec6bec571","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":204,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"8006100c-cef4-4993-a009-ed7be0620706","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":204,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"74c4da40-9927-4437-8536-4ba0b490947e","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":204,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"e7ae54fe-230d-47f4-9980-42238d132e37","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":204,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"5456bbe5-ce51-4133-b74c-abf6b6c36f57","block_type":"box","text":"3","page_number":204,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"07565216-112e-4538-b5c9-5b683825ccf3","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":204,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"f83a5bdd-6f7f-428b-adb1-722bc8eba749","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":204,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"0ff525a9-58b3-4ae4-bec9-6e861bc56309","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":204,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"c6bea64c-192c-4060-b64e-1da682d762ac","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":204,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"b8e80120-4c8c-417c-9af6-eef35bbc9067","block_type":"box","text":"4","page_number":204,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"25dd792d-4a5f-492e-8b6b-6d67de47cea0","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":204,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"34af1211-6017-40b5-9e5b-5cedb4e5f4a5","block_type":"box","text":"boards and their members, where relevant.","page_number":204,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"d1df5887-986e-4ceb-9a5e-4f6992d5fea5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"4e002d8a-185b-4052-83b6-2b1b71fddb5a","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":204,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d3113a18-10b1-4201-ae6c-3f17fc6fdf89","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce95695d-c325-4eed-934f-c104e25f3bd4","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":205,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"fa9863ce-c1f6-467a-9116-36189392dd41","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":205,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"57614cca-2ad2-443c-96bb-7de707111102","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":205,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"f469013a-e4b9-4ddc-9cb0-0cb696ca1efc","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":205,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"cb5b06d5-c971-4611-b49a-61a072df4367","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":205,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"771b6cdd-770c-4e28-9565-72be345f8949","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":205,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"489ffe7f-0159-4ab8-befe-2434d4d23fe3","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":205,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"16ef2acb-e1e5-4747-9d1f-303f42385a36","block_type":"box","text":"5","page_number":205,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"03597e22-63bf-40f6-bf33-8c748e46ad5d","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":205,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"801d19ba-d934-416c-9588-97e37541041d","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":205,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"8ac13f50-ab5d-452b-9d13-3c424516c5e4","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":205,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"6f8000c6-d362-4362-89cb-0593ce407f75","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":205,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"e6a3990e-3d8c-45e7-98de-96d498e6f13a","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":205,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"2fd1fdac-dcce-4635-9560-183f455bbdab","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":205,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"8e2adbdc-6541-43de-8484-1fa5295f22a4","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":205,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"a939d917-4a1f-4e5a-bdf0-b4428e74c604","block_type":"box","text":"5","page_number":205,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"501a6d50-ac30-4a86-b8c3-dac49c6adfff","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":205,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"81da708a-36df-467b-b3b3-86c1072aeab9","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":205,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"c476f921-507c-40fd-a477-aa5b2a4625f7","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":205,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"2ea3b1cb-56b2-4f75-a950-1892f3ddb5cd","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"907e91fc-0420-4643-b9da-adcf38a96e8f","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":205,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"d94defa5-9f33-488a-8b2d-b52b6477d8ee","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a8f331b-75f8-4338-b973-1b0bfac40632","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":206,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"8abd3966-3c07-497a-aaae-1ae63ec1727f","block_type":"box","text":"Roles and responsibilities","page_number":206,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"11211ef9-81af-42d7-928e-5e48d75c82c8","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":206,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"6258fcfc-457c-4aa7-a6ee-244db9413f30","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":206,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"89f4eae1-3e05-4af4-ae23-e8269301438c","block_type":"box","text":"6","page_number":206,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"c0e1463e-7a44-413c-8791-3b52efd61db3","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":206,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"27f701a9-e8ae-428c-b0be-e34226252653","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":206,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"22265ef6-9cb7-410b-8fd3-5540066b3488","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":206,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"949c0c69-b36a-42a6-a8cf-e741224ff415","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":206,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"b34018d6-63dc-4d3f-8686-2f90695af761","block_type":"box","text":"per formance over time.","page_number":206,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"4f56dbf5-6951-487e-bde3-d5b3bc170b11","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":206,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"61f619f1-7cab-4952-9d51-4a160d32c4d9","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":206,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"5b9689ce-5b18-4ae3-af50-f38257716de7","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":206,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"1c3b1e8d-f9cd-410c-9550-2d763bd8d8e3","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":206,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"3c34c005-e936-4887-8d77-9c9b5676950e","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":206,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"b6c74fae-aa62-4337-b5dd-5fa553ec4707","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":206,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"0f191283-bbe0-4b95-a9d9-2fe3c87edb80","block_type":"box","text":"Composition and effectiveness","page_number":206,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"9acac7aa-4af8-44f7-a2c7-7954195ea9c8","block_type":"box","text":"Appointment process","page_number":206,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"37f0a5a5-92b8-44f0-8a01-5f5b69b25f2d","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":206,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"ad2fb773-e4b8-430b-9fdb-dd495c01ad97","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":206,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"ef622dad-12a5-4e3f-8293-46cb021807cb","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":206,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"78304947-f6ae-4216-a87d-f75f828678c4","block_type":"box","text":"e.g.","page_number":206,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"4971b11e-6b29-4453-9581-9009ef166071","block_type":"box","text":", sector, maturity, geographic","page_number":206,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"75062af0-dd40-4e7e-970b-f8a7b24d6f7d","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":206,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"49e2996b-b4fd-46df-a993-e85e4ea285a0","block_type":"box","text":"e.g.","page_number":206,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"3a019f09-8d22-4bb7-8410-1cb58e637f13","block_type":"box","text":", financial exper tise, industry track record). To","page_number":206,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"eea3026e-2054-410d-b83c-d5202c57efbe","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":206,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"4feee1aa-4ccd-41fa-a3f4-1d304eec012b","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":206,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"82ac64f4-ef6e-40d6-9a6a-8cefdb067a79","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":206,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"de7bd871-be3f-408d-8504-b45555940bfe","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":206,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"1560a220-0f2f-4dff-b322-a15bc4a7bd4b","block_type":"box","text":"and local market requirements.","page_number":206,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"4f7bf4ac-e64b-4f37-b358-2db29d8c9a16","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":206,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"d2408543-ac08-4032-94ff-b8169c1af81a","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":206,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"9d79dd8d-ff65-4b2c-9570-ffcf289c4fe3","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":206,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"503a2e39-8480-4063-a12f-7efbd3661008","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":206,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"e28ae17f-a71f-4107-a894-eadb0e492305","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":206,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"29ac1429-3652-4a8e-8092-0d5432269321","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":206,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"1fb00815-41d0-4a8e-91cf-576170edd752","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":206,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"beaf3f54-8a7d-4917-bf40-9cef640828d9","block_type":"box","text":"Independence","page_number":206,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"f90b7b0e-d2b4-4eb5-bc28-6c58826025da","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":206,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"01a34503-e41a-4287-9820-7ad84ec15d4c","block_type":"box","text":"e.g.","page_number":206,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"c1ec1245-47d2-4173-8e9b-3fc25bd4f11e","block_type":"box","text":", government or","page_number":206,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"484d1816-c58e-4dbd-a660-54227c6f57ab","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":206,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"ee8e9b48-84f0-4299-9e66-355538e8947f","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":206,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"7ae3e30e-cb64-4c24-b11f-c5e20196ae67","block_type":"box","text":"conflicts of interest or undue influence.","page_number":206,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"896315bf-ecfb-4449-93dd-b85905ea0545","block_type":"box","text":"7","page_number":206,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"ed75a448-4856-4b3a-9c75-79786a35f95d","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":206,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"9aec4f39-3e45-4efd-9516-cc175ece6abd","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":206,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"f8a8c277-fbbd-484c-af58-f9cccc8ce4a4","block_type":"box","text":"independence should meet those local requirements.","page_number":206,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"aa450c4f-1392-4e75-a238-90680d3f6ee3","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":206,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"9d3c2769-8d01-409b-b5df-1f7091c2a1b7","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":206,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"82d1c1ff-0210-48e7-84a2-bc022bbcc02d","block_type":"box","text":"composition if this is a perennial issue.","page_number":206,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"e7abd56a-7cd5-4589-8ea6-f8429c3b54b6","block_type":"box","text":"6","page_number":206,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"6e90974f-820c-4725-92e5-927335a7c706","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":206,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"4c5b147f-af5d-4033-84ca-aaac74c72fff","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":206,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"2d12f287-9c63-48f7-861c-a8aad6f649b5","block_type":"box","text":"7","page_number":206,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"56b6b97a-5729-44ec-8c59-e4cc0ecf5873","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":206,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"0e9e1b32-0af3-4e26-a080-1c1995946f1a","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":206,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"a1c4a78a-69fa-4c84-bf95-2b113d8977dd","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":206,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"669a5035-1ef1-4de3-a2d9-486836f466e7","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":206,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"77e699fb-c029-4616-be3e-5a8ee869a406","block_type":"box","text":"of the company and shareholders.","page_number":206,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"c2afa259-928b-4a44-8c9b-ba46db61a9aa","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5435e674-9584-41e5-9037-30a534353261","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":206,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"0866bfa1-836d-4f6f-88c2-1250521b1f09","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"44e96ab5-a3fb-4ca2-90aa-d33a05af1082","block_type":"box","text":"Independent board leadership","page_number":207,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"faa20cdd-644f-400b-b923-33ee050299cc","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":207,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"e70d1f11-f250-474e-b3b3-43c200c9c146","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":207,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"f80ea54b-dd92-47d0-aba4-17677b757c17","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":207,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"3a963bbd-aca5-4789-9139-be20bc0acd62","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":207,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"3fbe4d31-d7c6-495f-883f-a9a3d8b75b7e","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":207,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"e17ee4fb-1d8a-4f49-b218-a94b0bb377d9","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":207,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"e193a3a1-ce11-4672-9636-57b57caed3af","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":207,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"df954568-fcb5-489c-ac0b-7ff6498f4aed","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":207,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"bceaaa0a-a306-44a3-bd88-bf013181f570","block_type":"box","text":"how it serves the interests of shareholders.","page_number":207,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"582d5f63-dfcc-495b-8976-f861da603c2b","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":207,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"ea7ed736-7c57-4ed6-ad02-f0c6ee223fac","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":207,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"ddaf73bb-ba4a-4336-9473-6b14ad1474b5","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":207,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"f42a2b69-345e-48c5-851c-579800d1b9f3","block_type":"box","text":"Tenure and succession","page_number":207,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"7b215f14-5fa2-4615-bf04-4fde50841bfc","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":207,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"30d020eb-1693-4003-adde-46785d57c4bd","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":207,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"ed8ed544-e7f0-4ca5-a64a-94a8ab821872","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":207,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"266b6858-5d40-4ca3-ba23-00db5981ccde","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":207,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"455c8d59-654b-4ee5-9e61-0800c3da743a","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":207,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"2f9373a9-5b05-4a6d-80bc-e4609fea0172","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":207,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"4f027143-3ff2-4960-9d04-ae8f004f7231","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":207,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"c1050827-2d7a-4565-86c3-fb7466a8e6ac","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":207,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"473ed80b-4649-4a3b-9021-1b045c815c40","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":207,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"cadbf1c0-5bdd-431f-bbe8-dbb9cb90cefb","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":207,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"5909e022-6121-47e0-9713-bc77c76a90d6","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":207,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"0bced45c-7271-4d96-929c-4649f5a2b149","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":207,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"47f085ec-f567-40c9-8277-b0b6dfe5cc7e","block_type":"box","text":"for their continued service is not evident.","page_number":207,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"bc0bd6e1-2b5e-4434-baed-d87bb7429b6a","block_type":"box","text":"Capacity","page_number":207,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"abf66ec2-e4dc-4a7c-939f-ad85e811d0bf","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":207,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"6713ce35-15c9-4b64-8fc5-7989fd45fd22","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":207,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"98b76834-cccc-4598-8825-0250b86e409b","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":207,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"9fe4c837-151c-4074-a545-4d20a69fd5cd","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":207,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"b5cd1769-d3fb-41bc-b555-830d9e41aa5c","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":207,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"05c43b74-3078-4e58-bd6d-c23e789ec878","block_type":"box","text":"determinations across markets.","page_number":207,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"64d44b03-5b00-4de8-a59c-776b6b879eb8","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":207,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"4f321f82-8362-409b-afdf-97e08ed6c934","block_type":"box","text":"their duties to the board and company.","page_number":207,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"64c8617c-fa52-47e2-9186-56142eee41a0","block_type":"box","text":"Director elections","page_number":207,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"52e208fe-a6bc-4b77-89f6-2a4eb2c71f2e","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":207,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"3bea4f40-bc11-484b-a98d-910c4f31946b","block_type":"box","text":"structure","page_number":207,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"8ac7f7e0-2422-4143-afdd-21af999924b7","block_type":"box","text":"8","page_number":207,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"7d7e1908-e915-46e4-b09f-67004672166c","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":207,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"ff68621b-a6e8-42ef-abfa-8fb754ae3da4","block_type":"box","text":"basis of its business model (","page_number":207,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"608d6646-2ccb-4a47-974a-a1ceef2ae5ae","block_type":"box","text":"e.g.","page_number":207,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"41a536c7-eaa2-44b3-a4d2-b7ab71b828ab","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":207,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"1c38fe3e-8cd6-48e2-9c15-5f42f0caa0e8","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":207,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"057db58e-4669-44ed-a082-991305c4ed69","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":207,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"16c310aa-7b46-4b4e-8f57-f6274a1bb720","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":207,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"bcb61706-898e-4b72-b608-069d55ecb674","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":207,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"d2cde2f5-c27e-4475-834c-cb78b0317f16","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":207,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"c8bf058a-3f1e-4576-ab0a-555ca435d0be","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":207,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"6ac5210f-d9ad-4b30-a3aa-5cd52b6ce37b","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":207,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"79c4674b-cbc0-492e-a001-9c4e867ecaf5","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":207,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"e63dc877-8838-42a2-9cf7-52348a676396","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":207,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"26f7bd2f-2115-4da8-b1d6-f21b604cbbcc","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":207,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"0c31cf7a-e25a-41db-b9c3-10fa3621a2dd","block_type":"box","text":"8","page_number":207,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"822a626a-ea79-49e0-93fa-5a5fc8bfe769","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":207,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"e98c3f83-8e7f-47ad-82f1-ab42ca67e3e2","block_type":"box","text":"directors stands for election in any one year.","page_number":207,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"a3702d86-0bcb-43c1-b927-b8cb3d1a2666","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2fcda65e-2a7b-4529-8a43-adb53b6cb7f0","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":207,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"73c5fccf-754e-469a-899e-d0be35b7352e","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"95e435c4-5e2e-4c3d-a85a-b26c0b88245c","block_type":"box","text":"Committees","page_number":208,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"99ca7182-25ef-4177-9c1d-49cf86db5a62","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":208,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"403e4507-f689-42ce-92a4-bb4ef404d992","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":208,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"d75ab5d5-54ce-46bc-8ee8-9377df5e7a6d","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":208,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"c733c08a-8a8a-42ab-b7a0-e7239beddb2f","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":208,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"02a81c5d-7112-4b9e-a661-cea5c6ec4598","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":208,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"8562573d-2394-40c7-b38b-7d9c43cfcc27","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":208,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"3b5f00af-c825-4ead-bba7-67a6e8e22810","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":208,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"bd7f85f4-b615-4bbd-92af-194b81b07f8e","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":208,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"a9a77ead-ced9-4bd6-a27e-018d42ea139f","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"8f66e0e5-8f97-48e7-bb0e-e986c93ff394","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":208,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"50d5b5d6-f2de-4249-96d9-aa46c2b21644","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":208,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"1a4cec3c-6a22-4934-a3c1-0d7aec9d96e3","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":208,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"c0bb2ab6-b196-439c-b33f-ec6df661d68b","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"e0710107-5c63-46c2-b30b-61ee2af00e76","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":208,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"ef3764bc-ccb0-44a3-8893-d0a744818e2c","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":208,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"4408cf25-05af-4587-9965-fff0f6ee956a","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":208,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"3c630148-3cc0-4432-bf98-682a923e4b3f","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":208,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"012d3769-66df-4ee2-bcdd-4b862fe4e5ae","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"d7f8be1b-bc40-442b-a9c8-54669d259f47","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":208,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"69d3187b-d936-4adb-9f8b-dbf4330ff095","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":208,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"828333ed-9b64-4873-bd7c-43de23908e3b","block_type":"box","text":"firm-wide compensation policies.","page_number":208,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"ac258799-976e-4b0d-82d5-d34e267b044a","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":208,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"300736ec-2c18-4c5f-9622-afd5a8d178cb","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":208,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"9b3853f9-9e93-4646-bee5-222b70e800fc","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":208,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"e557a170-e083-4eb8-b00a-c092304f1b3e","block_type":"box","text":"Board and director evaluation","page_number":208,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"bc6500ee-db01-4e6f-8afd-96781d526846","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":208,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"31d692eb-a73c-451f-b0fc-87b7d69ac7cf","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":208,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"5ca8e4d6-ee8a-4a6a-a21b-d527210aca95","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":208,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"68c9872f-0914-4d27-a98b-55d76ff5e87a","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":208,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"9c031c91-93a9-407d-9b82-ad7a30330b9a","block_type":"box","text":"a result.","page_number":208,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"0079be54-240b-4c59-aac6-99b711c69937","block_type":"box","text":"Access to independent advice","page_number":208,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"fccb359e-da86-4de3-9868-a03fc9deecb1","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":208,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"15209c00-6a5f-458d-bc0b-28fcf0625bfc","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":208,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"f07bbc8f-164a-425a-a790-b3741eb733b6","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":208,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"a8726487-2f42-4907-9f33-a1ad7539ba4f","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":208,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"0e1740db-eeb9-4602-bf83-7c021e868c16","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":208,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"05ac024d-3c7f-479a-878a-def627d45e74","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":208,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"856e7b7e-cc39-4ac3-8118-1db3776857e2","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":208,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"984e49cc-9eaf-4c72-a025-cd67cfb5b3ba","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":208,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"874200b4-0e72-4234-9541-e0be0cb8d318","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":208,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"ceb99e21-c473-4aca-95c8-4f547d165f52","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":208,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"c1d43206-232e-45c4-b529-15a3025bd414","block_type":"box","text":"per formance.","page_number":208,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"d0ed2532-f6c9-47c4-b854-04fbd9ba385c","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":208,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"638cfc4f-016f-4988-97e5-d059a966ab29","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":208,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"cae981bd-68df-4173-8249-ecc9faefb66c","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":208,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"9b91621c-8704-4754-b0f1-2d17b367ad79","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":208,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"26299880-8da4-40be-ba8f-8b6953d6926b","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":208,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"d58af157-34d3-45bd-86a0-22bd2ae3f7c7","block_type":"box","text":"recruit and motivate.","page_number":208,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"167ebb0f-1327-4633-8d1b-9a86a44f1681","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":208,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"56accc82-e612-41a6-90db-68a60c6e947b","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":208,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"9c136602-ec8c-4696-8ac0-4627d519b8a2","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":208,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"2e00c40d-04d9-4c6b-818a-f096c910341b","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":208,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"9e18511d-9e91-4d86-9a39-e6bdc4da6083","block_type":"box","text":"arrangements include:","page_number":208,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"8d31a212-7af8-4051-84f3-ffb6e8df648a","block_type":"box","text":"•","page_number":208,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"dce21adf-f8e4-45d6-a20a-0eed13be7187","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":208,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"8f79c598-3275-4518-8d70-757d7fdddfed","block_type":"box","text":"the company’s size, sector and market.","page_number":208,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"3d44e582-41d7-4735-804b-55939d7b96c7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a0941776-36fd-4a93-a838-c4278bb13cdf","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":208,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"32d5b624-75d8-4de2-aa98-2a5d93f226a5","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b8be6e11-c61d-4e7b-8c29-fc33c5c1333b","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"3b1ddfc2-aff5-47bd-8c18-a8b83f0f9e4c","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":209,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"95c1eaec-947d-45e8-ba16-e1db4cd9b9fc","block_type":"box","text":"strategic objectives.","page_number":209,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"9968465e-c878-46cd-9913-ed945e8272a8","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"5b9cf7c1-2d87-42a0-9a01-8f93a3c64b34","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":209,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"a39e9e31-bc5c-475f-8291-5f3196ffdb88","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"d83ada02-4e1c-407d-a20b-d76bbffd8bea","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":209,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"c0d200de-9e06-456e-936f-871cef75a446","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":209,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"b0872185-05a4-4953-9de7-2f4f8fd51d7b","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"94ffe2f3-df69-4ee3-af19-ca946e69e7b6","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":209,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"d82fd7d0-12bd-4a25-ac4c-2a6ec80d5ab1","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"b36f2b35-db55-4c7a-9867-46da68cbc6a4","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":209,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"55a8ca84-0824-44a0-8d58-0c42f4f466f6","block_type":"box","text":"transparently.","page_number":209,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"f836801f-812a-4f5f-b673-be2c5becef10","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"7d0072da-00c7-424a-a6d5-dd5fc2a37bce","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":209,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"1c199b81-6d62-4248-803f-b50ecf9a29dc","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":209,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"bf743501-77f2-4e3e-a631-d81d32fbbd73","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"0eebcd0e-6bde-4444-97db-6f3738bd87cd","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":209,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"9de70801-b706-4477-9c61-bf2d9e387951","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"e642b6a8-100b-4e15-ad22-ec940f8dbdce","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":209,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"0e671d33-7600-4b46-add9-83571ae89638","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":209,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"d620ded0-9e5e-48a1-8870-0176de11f99f","block_type":"box","text":"misconduct.","page_number":209,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"95a14184-cb31-4d9a-a422-a4395de9893b","block_type":"box","text":"•","page_number":209,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"f27ecc82-ef80-4172-99af-688099c9a34e","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":209,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"8e071df8-a10c-47ae-8662-7326c87766ec","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":209,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"0ada2d98-b44d-4b0e-be3d-40aff4c45904","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":209,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"24439453-d8e0-4843-99d5-bfed57bc6868","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":209,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"22a069f4-dfdb-4e25-b131-a6d205a34938","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":209,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"570ce2f3-556c-454d-ac44-092653a43658","block_type":"box","text":"committee, or the most senior independent director.","page_number":209,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"2c425068-fcd9-4835-8dd9-abd442693a8a","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":209,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"e4c06cbf-4bc2-4436-aaf9-048d228f6a5c","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":209,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"7ba1a80e-5427-4bea-82d9-a25eacb75f2b","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":209,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"bc4cb4da-fa05-443c-827c-2cc2cfb6c11a","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":209,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"4ae0e0a0-cf48-4cbe-9ee4-2f2a3bcba6fc","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":209,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"6dbb332d-1a8f-40b9-8a4c-90484b8cbb20","block_type":"box","text":"CAPITAL STRUCTURE","page_number":209,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"ccde531d-61de-4cad-b85e-064e162735a6","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":209,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"3d686e14-6f38-4213-91d4-ff6532405b50","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":209,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"da77108d-b058-431d-8cbe-206f6966ab9a","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":209,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"c46419dd-c0f7-4993-84aa-9c62f19e608a","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":209,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"2c5d08b8-909e-4387-b8f8-55141eb473ef","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":209,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"c4410b88-8024-469c-89aa-b8b8ed1ca714","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":209,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"5bc84635-a9f8-43c1-9c0e-901dc14a90bc","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":209,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"b9fa0414-b2aa-40df-a6d4-13563cc6107e","block_type":"box","text":"Share issuance","page_number":209,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"60c120e1-2b0d-4776-ac71-4efca87e8905","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":209,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"b576f781-09e0-4d1b-88d0-a17605bede27","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":209,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"c00f62ab-a920-4198-9268-4ff0a5c9e3cf","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":209,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"3ff796d2-c56f-4362-88b8-3a7fbb830d47","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":209,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"3682c047-e73e-486b-96f4-e21a17e41512","block_type":"box","text":"market environment.","page_number":209,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"d97e19dd-df9f-4b7e-9cdd-42bce639de9b","block_type":"box","text":"Share buybacks","page_number":209,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"113da375-2d1c-466c-a0e3-99dc2920b7f1","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":209,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"063174bd-76b7-4e62-8e08-f9e2cf50e962","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":209,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"1f2a5917-200d-4a55-afbc-2748e1a092d0","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":209,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"7f7b4aed-a099-4747-a0ee-67121d482fbb","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":209,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"8bb9ec2b-d9ad-4332-8eca-ee933c439889","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":209,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"b0943d0f-7190-41bb-af2c-1db3d0e3a764","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":209,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"165b23b0-9115-4b5c-970a-85a04497aaaa","block_type":"box","text":"of the company and the market environment.","page_number":209,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"ce4feae0-d316-41d7-b4d2-fb4d5f8f3ac1","block_type":"box","text":"Dividends","page_number":209,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"ff9a1edb-f9d8-4c7a-8936-6d9d51d699d5","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":209,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"0f9bc697-2a3f-4683-9406-ce1ffd812aaa","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":209,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"3f5bfbcc-03dc-49fa-ac8d-3320b569ad99","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"e3532809-9626-4bdc-9bd6-f159d56ac0de","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":209,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c19ff6dc-f805-4608-b7da-48f8ec54a788","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9fa74f98-1f23-49c8-96b2-eeb0ac8591d9","block_type":"box","text":"Differentiated voting rights","page_number":210,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"34d7922d-ab74-4340-aac9-c788905cc75c","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":210,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"b54fad4c-e851-4e75-b5f4-48c5b411b49a","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":210,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"48e03fb0-8412-48e2-ba04-abfb7135ab85","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":210,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"696953cd-eecd-4f2a-96b8-97f54865dad9","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":210,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"0b47bac6-086d-48ef-a7b4-ebb3a0e5ec1e","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":210,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"dfece46d-da09-4e5c-baab-9161c00b5d26","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":210,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"e7643fce-bae8-4b8f-9725-5d11f6d86c5e","block_type":"box","text":"analyses of proposals.","page_number":210,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"33b49abc-4bc7-4504-a89a-b21240526456","block_type":"box","text":"Mergers and acquisitions","page_number":210,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"89dd84e8-c9d6-4843-a82e-2eaaadb51e5d","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":210,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"c05cf5c7-2788-49eb-8b20-350bac8b3385","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":210,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"ac681c83-5f8d-4fdb-bdc6-3b0a3d9d0aeb","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":210,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"fd636471-a680-451a-a02b-92a50a084bb8","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":210,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"12d5208a-885d-4bc4-86df-75f9f92c7109","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":210,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"ba3b2497-6cae-4bbf-917a-7f385abbe457","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":210,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"e6fbbc41-7fc3-4bd4-bc33-bd68c4b6dffa","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":210,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"ce0f985f-4bee-47f5-9234-41c3ef34e2f0","block_type":"box","text":"Anti-takeover defenses","page_number":210,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"2408ea0b-2756-4f05-aa55-eb57bfff405d","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":210,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"5b5c74a0-9567-459c-a42e-437c8ae71509","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":210,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"6a811d10-253c-4540-9a22-094bb56f8a74","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":210,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"67ec9434-2ab3-4465-b17b-20b5a58e1253","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":210,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"ac675cba-d680-4431-af65-237ea7840fba","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":210,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"37e0a1d1-c634-4849-9e1e-c9c83c83ef18","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":210,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"e250a813-1574-48dc-b584-8b0ca69597e8","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":210,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"e4aba7d5-cb72-4b23-874c-69ecf6180d13","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":210,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"db284759-6d9e-4fb9-9b9f-ba2a73ce5f94","block_type":"box","text":"Shareholder activism","page_number":210,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"807f3825-668f-4c85-8eb3-793fa2348925","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":210,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"6ca3076a-9504-4c87-9b5f-e53ef992b9bc","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":210,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"8fea22eb-16a6-4703-85bc-42539c5e8ced","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":210,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"d1c866b7-398e-4ce6-89e9-dd105b50fc33","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":210,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"2793b0d4-a0cd-4449-966d-d58658f91c80","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":210,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"b23db1c8-7187-492c-8c6e-288ba8c1d049","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":210,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"87b7c77a-4818-463a-a5aa-f0e01f339e15","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":210,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"dad9a409-f07e-451f-9075-907e67581cae","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":210,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"e103bfc6-adb3-4e39-a9ff-7247e5e01bf2","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":210,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"8a8d6898-2e20-40ad-96f8-3daf3b6e35e5","block_type":"box","text":"protecting shareholders’ interests.","page_number":210,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"1370537b-3868-47ad-ac4f-92873e44f423","block_type":"box","text":"Significant shareholders and related party transactions","page_number":210,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"33d55966-6fa1-4e95-8231-aa5dad254ad4","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":210,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"96eee560-cd5d-4a8e-b744-2a232d814914","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":210,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"482abff0-6fbb-4a63-a254-b3f9b8453ceb","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":210,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"817edc5e-693e-4ea2-b561-60dfe5660b4a","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":210,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"a969edd1-f6c6-4b8a-adcf-4f9aeeb37a15","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":210,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"9d7b8e7d-cc86-44e2-889e-aaa6644fb199","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":210,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"0e23896c-4e36-40ae-bc3f-c86e4f41b4ce","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":210,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"c97c3392-bef3-44c6-a3cd-ae087da707e3","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":210,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"6c5e891b-74f1-47e2-a50c-9c5280f7b5e5","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":210,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"75544ffa-c679-405e-81dd-b6e2dcd5531c","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":210,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"f9e165b8-14e4-4fb6-bc37-7c8acf80ee15","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":210,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"44bbbcc1-51c8-45e2-9e43-15d5e77afad4","block_type":"box","text":"audit.","page_number":210,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"c436a08b-2e3c-4fce-80bb-5231e9da3977","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":210,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"08cfd517-e39a-4ab2-a92b-6f29e71d26a1","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":210,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"431a49de-af25-46a8-a5d7-5b40d6706e11","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":210,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"e0d0ba69-a03d-4f2d-8552-5dcd21411e36","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":210,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"76f1bc45-ff25-433a-9d47-808a23fb33a7","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":210,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"67e0fb01-8d14-4484-8960-5f4c912c741f","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":210,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e61ca130-417d-4eec-ba96-37dae845f8b3","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":211,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"a206c87d-e8bb-41b7-aff2-9900af78e107","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":211,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"115b5370-1472-4ae1-a1fb-7e318f683732","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":211,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"73f0696c-03e4-4919-8ca6-7228e0136f90","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":211,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"89fe904f-525e-4966-b7ab-c70196838cf9","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":211,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"903c9013-8ee0-4b0b-83e5-fafa72c508a7","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":211,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"e1420bb6-298a-41a8-b950-e41b13b94870","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":211,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"42b3b657-82b9-47ff-bc83-d7de0e0c2b97","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":211,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"536b96db-f59a-4d35-896c-13ffbce8da56","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":211,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"f9ba4c9f-960f-4b4b-ad73-c787d0c802c4","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":211,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"117625ae-f671-40a6-b5b0-149dfdc4fc62","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":211,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"70557ddd-b573-410f-b287-124764300bf5","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":211,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"ab4b0817-0a87-47f1-a82a-f7bdf815dadf","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":211,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"25a6a02a-08d6-4080-8313-dd3889b1a774","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":211,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"afee4019-283f-4315-8c1e-4566d9979be4","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":211,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"e6cfe01f-da4a-4a93-870e-bfd1815ae5ad","block_type":"box","text":"9","page_number":211,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"f187ebac-71c4-4ca1-b059-cc6116e70fa6","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":211,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"af45c89e-712b-47ef-af74-4a8de4e136dd","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":211,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"3e521243-8275-4953-8d58-68133792024e","block_type":"box","text":"standards specified by policy makers.","page_number":211,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"d6f43041-77b3-4436-b5f6-db09eba6728b","block_type":"box","text":"10","page_number":211,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"c3668134-7e2f-4089-8849-cdeb030d9dba","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":211,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"3357b321-8141-47fc-bf32-c246b8a1631e","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":211,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"03e8dcfa-471e-46a1-a873-a2dbfe40425f","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":211,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"5799080a-d21f-4bae-b446-534fb5764c17","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":211,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"d51e299c-cd1d-4f06-99ee-027ffd469c03","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":211,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"956b1b59-cedd-441f-b1bf-d27a72434b0b","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":211,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"be74a670-ab09-47eb-9d4c-0b5991389f4a","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":211,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"ade3efca-8300-4bd3-b813-bb585af7f168","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":211,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"e4e7dade-8ced-4c2a-a0a0-fc9697d47261","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":211,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"6af878f7-89ce-40ea-9a8e-75420955ac8d","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":211,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"b9fbd4aa-2b07-4e23-9112-dff95b539003","block_type":"box","text":"remained independent.","page_number":211,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"2d55f719-5553-47f2-9ace-48aafcb0c55e","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":211,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"756b8dd6-e774-4f03-a202-68f025c1507c","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":211,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"1e5e3e95-ae53-46cc-b23a-707d4785664c","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":211,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"6b968880-9f1c-45f6-bca6-976eca39c836","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":211,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"30d19648-98a3-4b5a-9128-52132fbb0d5d","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":211,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"b932e387-ad08-4b35-88f8-c572b22d189c","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":211,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"a344eb90-9edd-40fa-b9ec-8603fb227b64","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":211,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"de1d6173-a0d8-434d-818f-3b59074707c1","block_type":"box","text":"General shareholder meetings","page_number":211,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"8aebd669-bd87-4996-ad4e-d6e9169c0035","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":211,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"4b1c1fbd-6aba-464f-a2ea-981cd4f5ba99","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":211,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"ecaef8e7-74af-4b63-9c9a-4bd52f9eda0a","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":211,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"bbeca878-f27b-4043-b14c-cfc869f77a4d","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":211,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"0104745a-dc4f-426c-a6e9-d46733b6a8ab","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":211,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"184f96e0-7f39-4158-9372-e5da7d14a4a6","block_type":"box","text":"an in-person meeting.","page_number":211,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"247b261c-b4b2-4338-beea-096f2e06fe67","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":211,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"9b4db99f-1741-4bc4-9e5d-b5bbe3e6ebc7","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":211,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"e3fde0cd-71a2-459e-83b9-f8b2e3914a55","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":211,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"fef85171-616a-4afb-becb-45a0d3113103","block_type":"box","text":"par ticipation.","page_number":211,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"270a2890-fc68-440e-b7a7-249ed48adb8a","block_type":"box","text":"9","page_number":211,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"b4ef1fed-a82b-4f6b-b82c-93557d37cdbd","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":211,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"f228c88a-ce71-4671-818d-ddbc495b0d04","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":211,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"250cd907-ab1f-4e16-a764-b08ed26b0b53","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":211,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"e7c02ffa-9505-4634-a3ce-b2f5f788ca96","block_type":"box","text":"Disclosures.”","page_number":211,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"ec2720e2-7932-4beb-8b7f-9e289cfc3f23","block_type":"box","text":"10","page_number":211,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"300c34f1-4b09-4e2f-a62c-9b4a3226b45f","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":211,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"3e360018-9745-4439-8faa-ae07479bc73f","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":211,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"1b769712-0efb-43fb-a1a2-11c262829aa6","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":211,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"77b77a6c-1b22-49f9-90cd-6788a000f58b","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":211,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"702624c2-f5eb-462d-a42f-fd9bb264766b","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":211,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"44003691-79a2-4523-8745-af9d173eb416","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":211,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"278e5cc7-4fbb-4e88-bb29-e0721935cd97","block_type":"box","text":"Bylaw amendments","page_number":212,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"b9790a24-88ba-472a-bd9f-c339ab4922c9","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":212,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"77f4665a-290a-4124-83e3-7ae3f347c57f","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":212,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"c753d95d-1d11-401e-9604-bd40bb8ab34f","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":212,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"0afd1adb-5f2a-49d2-9bea-e29cc61fbaa5","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":212,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"76738345-33ab-4a63-821a-d97534afcc31","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":212,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"d4836c43-4ad3-4347-82d1-7bb0e1a1f1be","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":212,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"e9b1bf08-c96f-4dfc-9d75-94d1ea5c4970","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":212,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"402d1246-b708-4e73-8284-38948ffded36","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":212,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"b75a22aa-4134-4874-b3ac-be9957c8aad5","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":212,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"f93a3aa7-c26f-4937-8fab-2c92bfe0a70c","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":212,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"c56fb13f-7e3e-4d2e-8ec1-d338f164adfe","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":212,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"ecfe7151-d38e-4b0f-8e2d-a253e86c9630","block_type":"box","text":"nomination process.","page_number":212,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"e509ff8a-a4b0-4849-8c03-4fba2b209a56","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":212,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"ba14cba4-5ae8-4d15-9223-03fffac33adb","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":212,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"5aae013c-2f1c-42df-adcd-5c6e71b2c36f","block_type":"box","text":"Change of domicile","page_number":212,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"13af9589-4084-4587-946f-db9f9366d725","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":212,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"a9127be1-c4ac-4d0a-a94c-67a40545cddc","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":212,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"a958a0dd-c613-4b9a-bc59-dde8fce11dc6","block_type":"box","text":"immaterial.","page_number":212,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"62b74b70-7be9-44e3-b15d-d2e8d2880dcf","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":212,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"b03f7db5-30fc-47f1-83e7-869d261a4788","block_type":"box","text":"with our clients’ financial interests.","page_number":212,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"ec86027c-d239-4e8c-87c4-251fe4719290","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":212,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"8abd265e-1eb3-442b-a7b4-f7329083ae96","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":212,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"4045f072-03d6-4192-908c-96dbd0e0d59e","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":212,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"92f7f44e-debd-4e89-8777-3e145d5a8e26","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":212,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"fad6f525-eae4-4d1a-8631-07319ec446c4","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":212,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"6a961424-12ea-4a5d-bdf6-4a754c41a743","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":212,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"6453030d-91e3-4369-b9fa-19a3c2f4a788","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":212,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"9c116a05-b05e-4e32-9b1a-0d0aba3038f6","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":212,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"f186e4d3-cd29-457d-bcd4-205ddd2e7f0b","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":212,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"6b124fc0-277a-45fd-be77-8cd84f8b9cd5","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":212,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"3b6caf15-7f3d-4bf4-922d-359691eac661","block_type":"box","text":"relevant to a company’s business.","page_number":212,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"e2e07418-ca12-4228-86eb-6714351f8602","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":212,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"3542891a-5c4c-4887-9eb0-0862285042d8","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":212,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"7b0c613a-de53-48ed-a21d-cacc1ac6fc4d","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":212,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"9b662caa-0dc0-41d0-9f14-84637184d344","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":212,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"e2b1339f-8b08-4588-8d94-6b4f09cc78fc","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":212,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"981d644e-16dd-4c91-8f24-48018f3a22ce","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":212,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"0845b909-218a-433a-8010-9a11adf8e795","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":212,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"a391155e-f782-4de1-be0c-7c46df36663d","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":212,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"2fcb95fa-edc4-4159-af43-ba35adb56492","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":212,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"7e310053-e90b-43df-88de-4030de9f5239","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":212,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"f6d347a6-d687-4bc4-b236-8c869ebf4e6e","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":212,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"a27c317d-e6aa-444e-b53d-9ca108bac0db","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":212,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"d415bbe4-439d-4021-affe-10c6544ac197","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":212,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"9c65d13a-be6f-45ab-bb6c-5996dfe65658","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":212,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"1cd29879-ce29-4bfa-9049-d6d595ad1c49","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":212,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"813d0a74-502e-4459-b02e-fb321709b18b","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":212,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"09129981-b80b-411d-b9a0-4be4b3ec13e2","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":212,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"38d9367f-2abd-436f-9f3f-fdd10a74cfb3","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":212,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"93a12a65-a1fe-4543-a6bc-eee7476486fd","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":212,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"dfbac82c-ea98-4796-bbf6-2ec0f2287248","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":212,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"5c723145-b291-4c19-8e19-c4b55ff229d0","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":212,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"78c8f65f-f4ac-4bd8-8d39-e31c069cc918","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":212,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"f6b50f55-c89e-4145-b6ab-614742776565","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":212,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0eb8f258-5f76-4bd2-80d2-9911d15000b4","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":213,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"298d4f02-5a33-49ee-aa74-522d92b94870","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":213,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"3e942e7b-c44a-41a7-8193-8d2e9ea73af8","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":213,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"d087c897-ca42-41d2-a742-59f672ee32d7","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":213,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"74fccf2e-98b7-4514-bffe-0ae86764a979","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":213,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"3317eb78-df8f-45ed-be8a-a9594cdef17f","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":213,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"43e269f9-f179-4796-bfd0-98bdd58fe72d","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":213,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"42ef0759-ad9e-434c-9992-41f641353547","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":213,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"f1a98275-03ce-4b28-909c-01a8f2cc88e5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":213,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"290a89bd-bf20-4e46-8520-c479f39e1774","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":213,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ac19e2f6-b1ea-4690-97b8-23ea8e934c6a","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":213,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97a91b7d-23e3-4fda-933e-71ac1b12bd48","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":214,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"24fac3f4-8e61-4f08-84e2-fb4f18b8894d","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":214,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"87f3ef78-30d5-44c7-80a2-bf0ef59e486f","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":214,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"1c1b8263-4497-4c8e-8f26-6d0904bdff74","block_type":"box","text":"11","page_number":214,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"03f50559-4de9-49b9-9768-2f43f689cdc3","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":214,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"169afdcb-e0e1-44da-91c5-67d9ce20def4","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":214,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"45b8d8b5-cc73-4390-a5a5-518d652e6584","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":214,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"d71d1ca6-7678-4ea5-92b1-5a909603be2d","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":214,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"2ee09892-53d7-4674-9fe5-305171526a35","block_type":"box","text":"regulatory requirements.","page_number":214,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"b6b506e2-90d2-4d78-9ce1-a10787ffa0d6","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":214,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"0cdf13e0-b661-4eca-8bd3-e98929ccc5cc","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":214,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"ffddcf9d-95ee-44c7-9de0-2620d8587517","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":214,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"81dbac3a-c3b2-42d8-8600-87dfcde5a156","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":214,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"84edfc6e-0545-4fcb-bc86-34293edd2869","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":214,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"8841b55d-2a28-4848-b847-e0a956e09f4d","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":214,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"e631a6e7-86ee-4435-a65f-d49b8d983ccf","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":214,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"9da2c6a3-82ab-4af7-a277-f19debf4cc85","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":214,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"be4acdd7-5680-43ef-a4fc-123dd5696b42","block_type":"box","text":"returns.","page_number":214,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"c0bf5478-33d5-4be3-b5a7-0e4d54dc757b","block_type":"box","text":"KEY STAKEHOLDERS","page_number":214,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"b4150a92-b1a0-47d8-a1d2-f21570e9eb86","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":214,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"302ee719-51cc-404e-a3ed-4fd207b41403","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":214,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"80a19675-638d-486c-ab9f-829446b5d8a6","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":214,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"cedba817-02ad-423d-a553-e7b7d257bddf","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":214,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"9466f82f-431e-420b-9021-34e536fb2faa","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":214,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"b1cbdbf4-3e43-4781-9a48-0f1f2758ecc2","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":214,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"396fd9d5-d7a6-4ba3-a6e3-8c7c579b49d2","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":214,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"651d57b7-e02f-4ec3-9e89-17daf5a7ff52","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":214,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"652b864c-82fd-4eb5-a425-d80a6606cdc7","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":214,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"e4a2cd32-a4e0-4255-9299-f4585d44cc12","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":214,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"ba1ad168-f96b-46b8-a257-91de31b65ab8","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":214,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"382acce6-e64e-4114-a425-1639f686ab30","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":214,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"a362b847-670e-47e2-a98c-2ffc232f8d94","block_type":"box","text":"i.e.","page_number":214,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"eb49f803-99f8-44f6-9a0b-15877441f2f7","block_type":"box","text":", one in which global","page_number":214,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"40624ee5-8749-4e24-ae79-227f909fa840","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":214,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"e9dbf6a3-7cad-44ed-9b70-f96376da1403","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":214,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"1160b9a2-3684-4f9e-b37f-dfed1439d5d9","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":214,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"035fa2ba-5d2a-46a9-acd5-9cac9540ac9e","block_type":"box","text":"client.","page_number":214,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"3c744698-d169-4c24-aa3f-aa18e84530fe","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":214,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"74cc9ce0-432f-4f63-be0d-8a76c898ca5b","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":214,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"b3904e08-0a23-4431-b0e3-cbca1e653174","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":214,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"fcc3be50-e214-4274-8896-efe3e61e0fdb","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":214,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"e9eda37a-c758-47a1-8dcc-09dc6d57d47d","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":214,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"30057ee1-93ba-479a-803f-f87ed403d1be","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":214,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"8b2ec643-3b2d-411c-bfef-3ebc37872bfd","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":214,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"0650316e-d6b9-4122-83b0-358edf1990e0","block_type":"box","text":"1 and 2 emissions.","page_number":214,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"16b3ec11-b776-4eb1-ad52-6cafa4812146","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":214,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"6609b8b3-e53e-4ca5-981a-373998523862","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":214,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"ebd9d2ff-2e1a-487e-9357-7af9cd8f2d2f","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":214,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"89ba3a90-029b-4240-a5c0-f0dd042eed8c","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":214,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"527c8681-eebe-4365-bea9-5c2ede26c23e","block_type":"box","text":"11","page_number":214,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"466f6cd8-4ac7-4259-9f8f-3c70045b9cf5","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":214,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"7cad6732-a8d0-4ea4-949e-af66ca9296b2","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":214,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"213771b2-e96d-4e9b-bae3-41283f4dccc9","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":214,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"99e2fbc2-1462-4851-8a1c-70fc4f2d333e","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":214,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"af734ef7-7f53-4f92-87c6-ddb8c37cf909","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":214,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"722e271a-e1bc-4faa-9821-ac6dc42e8c9d","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":214,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"15e89ff8-163a-4d6d-9104-2bf564893862","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":214,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"23df3ca7-5f7f-405e-9417-9e4f99bcb8f3","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":214,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"632119ef-3007-4e5f-ae6c-d891df4c9d36","block_type":"box","text":"sound governance framework.","page_number":214,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"d2239a5b-037b-4559-8cc7-cd3b6ad52578","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":214,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"10971509-4539-4b3d-8d67-74214d35d4cb","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":214,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"905ae162-9552-4ce8-9f57-015d322b40a6","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":214,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2ec94ee3-65f0-4612-bf1f-5a6f7d789486","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":215,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"7ae68b69-bc91-44a8-a112-11039ed2b426","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":215,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"2459ae2d-9336-42c9-8c6b-d98fea8dcf00","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":215,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"8222554f-533d-4c61-8571-eb6392de63c2","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":215,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"f7162c15-208e-4a6a-9ce1-bb35033e8339","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":215,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"a6283974-954e-42ed-bb4b-8d3ee5fa02d0","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":215,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"8d1620e1-68ff-4f96-bf86-18fd2992a5c9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"2ad3ff14-f720-4904-8a47-42fe7ad38656","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":215,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"69a3c582-9dae-4627-8170-b1f1ee2982e1","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6dfbb595-3d3e-48bd-9321-878f77fda25b","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":216,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"74e8c824-4fa3-46a8-b530-bd00012d0b76","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":216,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"0a716af6-545e-4491-b92a-5d310ad5c461","block_type":"box","text":"Oversight","page_number":216,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"c9337ebc-3e96-4571-8cfc-a3fef46c1c7c","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":216,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"17c95359-ca11-4440-9b5c-092699cc6100","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":216,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"e1d7e3a2-90cd-42b9-bb55-c7cb9c68253b","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":216,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"295df5db-8afc-4d3e-b009-9da377e89be7","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":216,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"5a2f007a-030c-4116-a0f9-5e37cfdfe744","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":216,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"e4d8f765-7d9d-4f88-9062-cb0c3579bdd3","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":216,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"13470714-dc62-48bc-a977-10d0cc3d75ba","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":216,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"97093195-20b4-4c69-8625-e1b100ff8aa4","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":216,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"6ab13ecb-c9f1-4636-a391-4f932dff3176","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":216,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"da20d318-9a99-4420-8724-ddaf7874a410","block_type":"box","text":"relevant active equity investors.","page_number":216,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"cfe6f586-49fd-4b36-bae1-cd0ad26ca40d","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":216,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"d98c1a13-6c28-4d9d-8860-db169b2da455","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":216,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"8bce0d10-1a78-4279-aa4a-d42612f3f54c","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":216,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"7d22497c-590d-42e8-a418-142b38e2aceb","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":216,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"93183e5b-b81a-4235-949f-0a56b0d7e664","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":216,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"6d6ac5c4-fee8-4b72-862f-eb302e324ca8","block_type":"box","text":"third-par ty vote services providers” below).","page_number":216,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"34520d67-4eb8-4089-976f-3f860848322f","block_type":"box","text":"Voting guidelines and vote execution","page_number":216,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"9e0d3354-40f0-4359-bde8-1af3292794ed","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":216,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"c3da183f-4a53-4ad2-9174-8310e0e0a61f","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":216,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"ffa46532-2fc7-49d6-ac87-c77a66bb058a","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":216,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"7b0d8e50-d83b-4ffe-9df2-f99731140cd2","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":216,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"98bc9cdc-84c3-40d0-8914-d5c26940be26","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":216,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"cd776267-5f26-4913-a035-b7d43f1755bc","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":216,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"4b5b29bd-9034-4761-beed-b5df36c36aef","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":216,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"46348021-7442-4be7-b462-059d51c2ae61","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":216,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"0c418087-a2bd-4c98-9f3c-2f6712e21b4d","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":216,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"a5fb8527-984c-4acd-bcaf-351fb5cdb5de","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":216,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"15963f40-6de5-456e-8703-49a97b83167f","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":216,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"fe163635-56b7-44e7-9643-b0cf0b638074","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":216,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"02bc8274-7453-47e3-896e-08cbc250abec","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":216,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"db8aa7af-774a-48f0-8204-0f48113169a0","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":216,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"c96225f6-da2d-434f-bd3e-6e41f41eea38","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":216,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"b8162045-74eb-412c-84e8-231753565767","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":216,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"fe43ad5d-a6bd-45e2-ad47-27482272a2ad","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":216,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"5f5a0dbc-a175-4bf5-ac46-9395db6d3a55","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":216,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"f1ae5b16-e703-4564-9334-2d6141cd619f","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":216,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"de1b54fb-b6eb-451c-9cf3-05d08a15fb07","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":216,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"a32bec60-0a0a-4d17-92a6-96283e289132","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":216,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"bb6c24ca-c8ca-496b-811b-c7d7b8203d40","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":216,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"c1ddb3ff-22ae-44fa-8f7d-a942a225583e","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":216,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"536364ad-d507-43d0-b1fb-db0b4dbb1f41","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":216,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"3ebfbc99-ea4a-40c0-bb74-38c877acb3e3","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":216,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"a277511d-954a-4b43-9cda-05dd46715dbe","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":216,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"99955a2f-b234-4016-b04c-c654b45da244","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":216,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"99754f34-e96e-4979-b87b-b9152d1016c7","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":216,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"fe649181-2c07-4d4b-8e85-10587e9ba2af","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":216,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"f1684f25-80ca-4e1e-a2c3-02f3e4fc3239","block_type":"box","text":"Voting Choice","page_number":216,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"e3a417e3-62a7-4b5b-9bac-8f7913078ff0","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":216,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"5baf8a8d-4db0-417b-88eb-618654980afd","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":216,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"4a074334-cf71-4fca-a569-0e877abd08ff","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1272f8c8-f9c8-4f64-b928-9b669d8bb09b","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":216,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"54a1193e-24c0-4485-823e-76b01e1d8b61","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec9ba8ce-2666-43cb-a33a-48a5f36f05af","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":217,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"9d5ac91d-f10d-4404-807f-f9cbdac79e1b","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":217,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"82651cef-ea8c-406c-8e92-eea6a7be0995","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":217,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"6b428b2e-301e-4ec5-9ee0-bcf3b4c9f68d","block_type":"box","text":"strategies.","page_number":217,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"e6abc1f2-7244-467e-ad40-33f0f58d9b82","block_type":"box","text":"12","page_number":217,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"02eb816b-5361-4d0f-adc5-8bb5b2fe8107","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":217,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"9cff4963-c44e-4606-a4cc-9595becaca3d","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":217,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"a21b28d6-b323-4e71-9df1-484c5b7640e1","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":219,"box":{"x":68,"y":822,"width":823,"height":11}},{"id":"de6927a0-603b-4b50-b53b-2640a55ee938","block_type":"box","text":"at the sole discretion of the reader.","page_number":219,"box":{"x":69,"y":837,"width":250,"height":9}},{"id":"8e682668-4173-4901-862c-7cff15fa8f0f","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":219,"box":{"x":69,"y":868,"width":196,"height":10}},{"id":"eda6103b-5a4f-4675-aa34-9805162f0e67","block_type":"box","text":"©","page_number":219,"box":{"x":68,"y":898,"width":6,"height":4}},{"id":"5851c2f9-962c-46bf-a417-cbb6343326c3","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved. BLACKROCK is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":219,"box":{"x":75,"y":898,"width":809,"height":11}},{"id":"4c838d5d-c9bd-43a8-aa9a-d079bb8b53f4","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":219,"box":{"x":70,"y":913,"width":624,"height":11}},{"id":"9f2d0a24-aefd-41bb-bcac-90673fb51354","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6b260f25-3dcb-4a28-a6b2-a994c62a5a96","block_type":"box","text":"Global Engagement and Voting Guidelines | 19","page_number":219,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"5ed54910-9967-455d-8ab9-1b958249494e","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0c10a831-d20f-4ad2-894c-7f2d2658a5b7","block_type":"box","text":"Index Equity Fund Proxy Voting Policy","page_number":220,"box":{"x":352,"y":75,"width":275,"height":11}},{"id":"8de6c956-a2d4-4154-b9bc-51560faf0b27","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund 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Funds","page_number":220,"box":{"x":205,"y":173,"width":589,"height":11}},{"id":"e0eec589-8d6d-47bc-ae35-adccadd94c2d","block_type":"box","text":"□","page_number":220,"box":{"x":405,"y":196,"width":14,"height":11}},{"id":"6ed2c95a-8473-4c8f-bad8-36117555d092","block_type":"box","text":"Money Market Funds","page_number":220,"box":{"x":426,"y":196,"width":147,"height":11}},{"id":"23577109-9172-4326-b941-7ff072d53651","block_type":"box","text":"□","page_number":220,"box":{"x":416,"y":218,"width":14,"height":12}},{"id":"401528e3-477a-44cf-a4c6-3614366f4a90","block_type":"box","text":"Closed-End Funds","page_number":220,"box":{"x":437,"y":219,"width":125,"height":8}},{"id":"f4b29dfc-3147-4e9e-9b27-d88c7a81f696","block_type":"box","text":"□","page_number":220,"box":{"x":460,"y":241,"width":14,"height":11}},{"id":"9ee93a7f-1ab6-469f-823c-c3e0174cdfc1","block_type":"box","text":"Other","page_number":220,"box":{"x":481,"y":241,"width":38,"height":9}},{"id":"b6d1a432-972d-48b4-84f3-9854877a2c15","block_type":"box","text":"Objective and Scope","page_number":220,"box":{"x":101,"y":260,"width":149,"height":11}},{"id":"557148a0-6e0b-4e4f-ac39-a02b3de9c67c","block_type":"box","text":"Set for th below is the Index Equity Fund Proxy Voting Policy.","page_number":220,"box":{"x":134,"y":279,"width":421,"height":11}},{"id":"b9b8f226-3866-4482-9785-313882227b31","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":220,"box":{"x":102,"y":297,"width":354,"height":11}},{"id":"702ae9a2-8642-4ba0-988c-8886ef267ef3","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":220,"box":{"x":134,"y":316,"width":702,"height":11}},{"id":"d491ae96-1e42-4e9f-9253-29ba5cb8b7e4","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":220,"box":{"x":102,"y":331,"width":789,"height":11}},{"id":"f435ec5c-69f1-413b-b2af-a0af5eb40efa","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":220,"box":{"x":101,"y":346,"width":801,"height":11}},{"id":"be97151b-029c-4a4d-aa3f-746659a78d83","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":220,"box":{"x":101,"y":361,"width":763,"height":11}},{"id":"93847428-0a8c-4904-9914-f05a71a69338","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":220,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"d6e1b458-aa44-4a4e-b498-18b0302899c3","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":220,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"5046df28-2611-4179-803a-923431c70674","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":220,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"ee291d41-023a-4b62-a238-69b9dcb8d4d7","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":220,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"7fad3904-9990-4adc-9049-ccca6b1bfae1","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":220,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"c3682ca3-d610-4e2f-9262-29507f8d8fab","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":220,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"57293adb-f4a7-44e9-bde9-428029a14ca9","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":220,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"d176dc6a-533a-40f6-8dae-885fa8ab0319","block_type":"box","text":"Appendix A.","page_number":220,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"74ef514e-3089-4fcc-99c7-abef31418d34","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":220,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"5e36554a-e3a9-40df-8736-3bf83a966541","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":220,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"049a04ad-dcba-4b1c-ad8d-5aca708f0d37","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":220,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"90cda5ce-b9ae-4d9f-8bc0-1df8f81f47d7","block_type":"box","text":"Conflicts Management","page_number":220,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"a8ac5f0b-7f1e-4704-bd18-4af12071e457","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":220,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"4ef2903d-97fe-48e6-90c3-2bb473f12fe6","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":220,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"070eae78-aa4d-4765-856b-70a76aa90c4c","block_type":"box","text":"proxy voting responsibilities. 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The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":220,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"04f61150-3d95-439b-afd7-09e5929cf250","block_type":"box","text":"connection with proxy voting.","page_number":220,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"4a532e55-101c-4584-b3b6-aecb0d540840","block_type":"box","text":"Reports to the Board","page_number":220,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"247dc411-e5ae-4987-996d-a41d2f7d0ee0","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":220,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"6d3d2809-7ca7-4f89-97c7-cc4c63496153","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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These are topics that shareholders may have","page_number":225,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"9b74162a-e2bc-441d-aef9-a56a93c53b5e","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":225,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"3a2fdd4d-5633-4087-b7be-9ae69f9f7f60","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"93773a19-ce7e-44e4-a511-c3b55b820555","block_type":"box","text":"Boards and directors","page_number":225,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"fabf5dfa-f61a-45c6-8a59-704267e116c1","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"43dbacfd-54f5-4b49-9295-1376dbcd5121","block_type":"box","text":"Auditors and audit-related issues","page_number":225,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"7fdad61c-9023-450a-b2df-fd6cba7c37f6","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"8fcb9b9f-8c41-414f-8565-d384b9aca385","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":225,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"06f7d7b0-94d0-4e0f-b91d-b1891f7ddd90","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"11e2b820-b739-4b4b-904d-c6c4d2845b2a","block_type":"box","text":"Executive compensation","page_number":225,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"6b169c12-b121-43e0-8dbd-3abdf7796daa","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"0c1e6490-cec4-48bf-97c5-5715b3a6b576","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":225,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"44aeddf1-6523-4a42-99c9-e452325228f0","block_type":"box","text":"•","page_number":225,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"fbd5aa68-73f3-4738-b73e-b307d1f1ea06","block_type":"box","text":"Shareholder proposals","page_number":225,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"31d33b55-38c0-4e84-b997-8a471111f6c1","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":225,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"71c602b2-d660-4061-9bc0-906175343367","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":225,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"71283df7-7310-495b-8634-6e1119f30eff","block_type":"box","text":"which companies operate.","page_number":225,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"563e3f9a-2303-435d-8030-d286888b7dfb","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":225,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"2ef7b9bd-4026-43ab-8874-906c777885be","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":225,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"d04c1d6d-c7ad-453c-83b9-d611203dc383","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":225,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"d955134a-fec3-4c36-bc8b-2e52cdc2bf7c","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":225,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"d0221f13-d47a-4d36-97c1-02da42f9abf1","block_type":"box","text":"4","page_number":225,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"7e8073c4-129a-476a-8134-8f75892bafb4","block_type":"box","text":"3","page_number":225,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"40d60037-1be0-4df2-b11d-8e15008f84ab","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":225,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"55c2e262-af3c-4278-9bb2-b77c716ac3bb","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":225,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"1e8a251f-da71-426d-a040-aa7e83ff94e5","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":225,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"db9fada7-29a0-4978-a148-16de36d7ec1b","block_type":"box","text":"4","page_number":225,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"da828ddd-58bb-42dc-a670-622160e22198","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":225,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"5ad27df1-d440-4bc4-8f7d-8ad3c500fbfa","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":225,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"c130e5db-e36e-403f-b46e-c728d123b7c5","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":225,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"dceedd64-f251-4ea8-9df9-dd100f502a61","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":225,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"2964964e-e7ed-4243-8d90-7717c042f8c4","block_type":"box","text":"guidelines.","page_number":225,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"13fba1d7-afca-4ca5-96a6-b45e967e51fb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"d65abed6-97d9-4543-ab7b-23f6a459b04d","block_type":"box","text":"Global Principles | 4","page_number":225,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"787a1387-b121-4fae-92a8-c58b3c042270","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"137a08e3-c7d1-4207-bb7e-74c43108a7b9","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":226,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"bd9a8006-ac62-49af-9973-c218e16395e5","block_type":"box","text":"Oversight role of the board","page_number":226,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"6896bfe6-7b08-4bbe-9feb-30f30cea55dc","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":226,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"65100219-e774-4b85-a087-6ef148e75b3c","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":226,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"d7d6c2d8-a2a7-438e-b7dd-19297b7525f7","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":226,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"b1da79cb-87d5-49e2-a877-bd8b0bf3b0a7","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":226,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"3925a52c-0ac2-4a0e-8b13-ffd07472ccc2","block_type":"box","text":"long-term financial per formance.","page_number":226,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"10307659-e7b6-47a0-8cac-53b06cce48c0","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":226,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"d2a307bf-ca1e-4b6e-a634-3d1814ea2885","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":226,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"2f454e3b-964f-405d-a71d-92e3861c312c","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":226,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"ec36a3b4-136f-46b1-979c-98e3f588328d","block_type":"box","text":"the business environment in which a company is operating.","page_number":226,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"408d7cb9-0e45-4cbd-be0a-8061754215f9","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":226,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"82b247b3-9c9e-46e5-a20d-efa157784ec1","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":226,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"e8000569-3d7b-4929-b67f-843bff9bd25a","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":226,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"4510d9bc-7bd7-4bed-8d02-416ff41f779f","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":226,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"525e9983-23a0-4367-b97b-5f8f90860416","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":226,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"4cb03bcc-95b1-40ca-9f67-434dc892f365","block_type":"box","text":"mitigating such risks.","page_number":226,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"101dabc5-8209-471a-b841-8bd19babb4b4","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":226,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"125dc9f4-4374-47a7-bc04-52a9ab368b07","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":226,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"e03347a2-ba65-4446-9881-1008cc60dbd0","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":226,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"3ca23937-c24e-4c1c-929a-6255eb0f2f40","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":226,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"4e4cecef-a3f7-40a2-b7c9-b377c3a42f51","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":226,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"f7ac81b8-ebe1-4fc7-badc-bff6e19b38a0","block_type":"box","text":"strategy.","page_number":226,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"4ac29a5e-a2d6-4ecf-ae7e-0d437270738d","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":226,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"602b056b-6d4f-43d0-a496-5c94c1a291c7","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":226,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"1d09addd-7572-4368-abd1-9c20002995dc","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":226,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"2d7c1dd8-9adb-4138-b2f5-ce565bc99e35","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":226,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"b5081a34-b167-4ed1-8deb-008bdbc007fb","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":226,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"1a1a8c4f-78e6-46c5-b96a-3d3dbc32fd5f","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":226,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"b6cb07af-94dc-4cf7-9582-0033b80dc82d","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":226,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"3eb1ff18-72f3-4d34-9243-7259439da49c","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":226,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"34c1cc4e-c88b-451c-acff-e550a7c810c5","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":226,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"9ed508b3-89bb-4b3a-a1b4-986736293b43","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":226,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"e91e8916-c505-49c3-b342-ea0eb2d75db1","block_type":"box","text":"Regular accountability through director elections","page_number":226,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"5cbddb08-f13f-411a-9dcf-498a9f904232","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":226,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"3756d079-d1d5-410b-b560-a71aa0f4ced5","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":226,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"2c0b42cd-2d03-4c24-b951-59113b7d9af4","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":226,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"e9175188-af83-4c87-8ded-7cb336f65701","block_type":"box","text":"5","page_number":226,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"f7b803b2-eae1-4706-b666-a48875136e8c","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":226,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"c361d76a-de16-4729-a35d-e9b69aa814c2","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":226,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"1c04e22d-cece-4d4b-973d-ae3c5f64e124","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":226,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"1c10fa83-a5eb-4fcf-ada6-03b551704fbb","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":226,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"12726936-4e54-4df5-a788-945720b03ca0","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":226,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"39f020a0-3105-4fad-bbb3-e633410287a7","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":226,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"046fa7d4-7111-4cbb-9544-dd2110c39b54","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":226,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"3fbc43cb-cc80-4c0d-8be7-6923a88b92b2","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":226,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"b89bc4d0-f5b7-4701-8a95-4084b25b88d3","block_type":"box","text":"5","page_number":226,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"a1398db6-0d1d-4ee6-9ad2-24eb9c8353fc","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":226,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"79c2fdbd-4573-47a7-a47d-3a1ead9ef84c","block_type":"box","text":"market regulation or voluntary best practice.","page_number":226,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"6ba22ca7-2558-4b05-a0f7-ec34647190e8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7a9d9371-9e52-4c84-9142-a9eba27e6192","block_type":"box","text":"Global Principles | 5","page_number":226,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6965d5ab-81a4-4d16-8819-f8676b438f85","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3ecc1b8-433e-4f0d-8b3c-a2168dd90e10","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":227,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"97a75e5e-0ecd-4471-870d-ac9da7d0beb8","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":227,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"e542b59f-7e55-48d2-b50f-bbb48ce3e6fd","block_type":"box","text":"recently.","page_number":227,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"2f4499f5-dca5-459a-abf1-4b7cfab90902","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":227,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"fc7a4c21-185c-4123-8983-818d8cbd40ba","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":227,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"8bb280db-e529-444a-bdbe-66e1183c9066","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":227,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"8372badf-c2ce-46e7-8777-5c2cc89b25bf","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":227,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"d82d7324-065a-4b18-badb-63ca8d8a062a","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":227,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"2db5a575-2ebd-4474-8ffd-d17d9d9be3cd","block_type":"box","text":"Director independence","page_number":227,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"cb8b487a-49fc-451c-93f5-b95b3da48433","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":227,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"cde5ab83-cd89-4021-bd18-e11effa738d9","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":227,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"5939766d-7591-47ef-9214-d7b055b53119","block_type":"box","text":"6","page_number":227,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"9ea9d433-0753-471b-a63b-d96e714f3017","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":227,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"dd6463fd-5a0b-45aa-b21c-b3e6eeb9027c","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":227,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"045d8d54-dc77-4678-bad5-c4ba5efbfb81","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":227,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"ef1625fc-de2c-4e99-9925-926841d1eeac","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":227,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"db61cbdb-94cb-4516-ad91-f0c0999c3e1c","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":227,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"3988a8e5-eed8-45ab-9593-94b1029a32c3","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"424bdc2c-7724-4e3c-9899-39b33080e932","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":227,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"2fd4ba32-d6ea-4b8d-a282-7e7bc134b563","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"de29e2a8-b3ff-4e69-b860-ae1d85f36efd","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":227,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"f5e2c554-0296-4703-b9fa-8761d00084c5","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"2db233cd-aa4e-4044-8613-5c829b946668","block_type":"box","text":"Interlocking directorates","page_number":227,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"7645a89f-4a2f-4c49-a5d5-0775b3fe6554","block_type":"box","text":"•","page_number":227,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"3737d64a-dc1d-4674-8be4-8b294d08a8ea","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":227,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"d02bee3c-e5c6-4e05-8f0c-fd99d2f8fd18","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":227,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"a701583d-3574-4934-84cd-d48f8b19b2d7","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":227,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"fb04a286-6206-4584-b4b5-52a2f636047b","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":227,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"3133fade-b637-486e-bc98-2a232d7bf4dc","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":227,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"6ea72e28-5fef-4975-a567-6f95f4b5b631","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":227,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"61445603-17bd-4745-9fb3-eb1d1599532d","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":227,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"64edd50d-31c5-4389-985a-bbda8858af39","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":227,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"41aee8d2-416b-4edb-83de-5b3602c4f160","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":227,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"6cb61d78-7926-471b-8d94-ac53e05ef423","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":227,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"2c653122-cbfc-48cc-aef9-1b36c32168bf","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":227,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"c9d887e3-9a51-4b11-9db1-21f7515df88d","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":227,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"6a99e188-78d7-465b-96ea-5064a59c61e2","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":227,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"bb6056e6-5034-4063-b63f-1de3805a1fc5","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":227,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"1daf2226-8526-4602-a60f-2c9ac5b1ea81","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":227,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"888467a6-8477-4fb2-82ed-0ef678e99d4d","block_type":"box","text":"Sufficient capacity","page_number":227,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"97be8b5f-bff7-4527-a19f-cb30307b5f60","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":227,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"f0f2882f-1579-4c0b-abc6-c582751d5b3c","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":227,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"00afc39d-09af-4c9e-9ff7-ffa47d634fab","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":227,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"cf4eca50-0006-489e-becd-3c5051a157d3","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":227,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"be55fb14-ec9b-490b-9dae-74c2f64ff89b","block_type":"box","text":"Board composition","page_number":227,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"9fd63016-5e2a-4c42-bb10-16ce109f381f","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":227,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"13fbdd0a-a7f5-49fb-9c14-6835db16f8b1","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":227,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"0c66294f-593f-4125-b113-74efafd0ef04","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":227,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"3fc93ec0-597f-48b2-8b97-6c7debb2c77f","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":227,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"a751b177-f998-4e4d-852f-6dc514637840","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":227,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"5b6d0b23-cbce-4b46-a292-b1fb2d59f57e","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":227,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"514a2d56-d393-4606-acd3-a05e9dcd8c6e","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":227,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"f150ef2f-77a8-405a-b6bc-849b2eb165a6","block_type":"box","text":"6","page_number":227,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"79d24d27-e76f-49ac-9111-00e6cdedf1ad","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":227,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"7b2945ba-d293-4de8-9366-480f5b5b06b0","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":227,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"8dc81e91-f602-45f1-a2f1-b880e72252bb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"9364bdf1-c6eb-4825-ab60-2bfa7ded3560","block_type":"box","text":"Global Principles | 6","page_number":227,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c13e3fbc-42fa-46c7-bbcf-8fc9e17585fe","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b335b5bd-96f5-4fe9-bc4c-95ce923262f2","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":228,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"eac76764-4f21-43e0-a572-089ae311be14","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":228,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"485b3d42-b3c6-4f3b-b372-e6e6fc5ec61d","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":228,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"239f0431-1359-47dc-9f10-efefecdd0919","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":228,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"7763c620-17f2-458c-8226-563f5a70ca0a","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":228,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"16123d69-f6fa-4f32-bb97-fbd0190111ee","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":228,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"6ed6e057-d464-4103-88c9-9f0b2b3561e4","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":228,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"c659059c-8047-4752-882e-d9f47c9555ef","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":228,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"f7625558-35d0-4a77-9d79-43900e999305","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":228,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"5fa749aa-a572-4b7f-aa99-189857895888","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":228,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"d16ee811-fb52-4d4f-bb6a-d7c26c6743e1","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":228,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"a81abb6a-000a-4d76-afe2-54930bfd7cbb","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":228,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"6001b497-ace0-4efb-a481-045e0e25ac93","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":228,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"6a350844-0712-497e-849d-ac197e458012","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":228,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"7026c58e-c6ca-4a75-bcbd-6d328520c1be","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":228,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"2d57fa31-ffff-455b-93dd-f5f726e5fca6","block_type":"box","text":"systems.","page_number":228,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"b657deab-7164-48d2-80bd-5b14efb388b3","block_type":"box","text":"7","page_number":228,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"5beb0371-086d-4880-b488-ab345d88a276","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":228,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"8235805f-b217-4a81-91d7-66ff04f12ff0","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":228,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"2ee140d4-d9b6-4405-9517-84c6d5531c31","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":228,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"dc3beee6-49d3-426f-a922-d0d2a78c54fc","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":228,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"c1477bf1-c3b0-4962-bf3f-b0d76b4cc3d5","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":228,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"216cb398-5d1f-43ba-a6ac-794fdfd14abf","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":228,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"0f76c8c3-74ac-415d-927c-a5d614e1f96c","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":228,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"6b61d277-8f07-4a46-a548-79cae04d9baa","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":228,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"e22dba9a-2fb5-4e91-bacb-9157d239cbf6","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":228,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"f052c270-7310-4934-b82d-6a90f9ee633d","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":228,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"dc4ef117-2cf3-4d4e-830f-3a75cb3de9c0","block_type":"box","text":"or internal audit function.","page_number":228,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"f10724ea-62cb-4b81-b799-c1fb1a6f5824","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":228,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"3d37d7b5-9a6b-4764-a892-36245970f758","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":228,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"74fd7470-8075-4785-8f08-2df8c6e791c5","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":228,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"7c051e1c-3e42-4240-8efa-be0e89341058","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":228,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"09de47da-eadc-4ae1-b5d3-ad920f9e3490","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":228,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"ede8a39d-0c87-4c82-9f8e-86c1082a225e","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":228,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"14d0d012-e604-40b9-80b3-5ee38f383138","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":228,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"7ea6fb49-3113-46c8-942d-9ad14e9a9f4c","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":228,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"68d41f62-b89f-42a1-a55b-fe8fc9e0bdad","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":228,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"d4ad5c3a-256f-45cf-8fe2-6f2cd70cf1a1","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":228,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"6d7396c9-bdcb-482a-805e-f235ef710d93","block_type":"box","text":"risk.","page_number":228,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"d0f18d1e-f8fc-4e28-8910-56db8c80a175","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":228,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"e54a9c6d-f79e-4e82-bf8a-0c3abbb14cd1","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":228,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"1af21ec3-9ba7-444a-8501-76272965cf4c","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":228,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"b3de82cf-14e6-45c5-ae47-45db405d3648","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":228,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"c59e6e0d-9318-4185-ae96-f2fee21e1a5f","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":228,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"8a11270f-fb80-41c6-89c3-ecfc874cfbc5","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":228,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"19486b85-017f-4c59-830f-697f0d34598b","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":228,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"1668bd76-fe4a-4520-947d-82a945333a9b","block_type":"box","text":"7","page_number":228,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"5d1e19ce-7b49-46f3-b975-2a28875a1f62","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":228,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"3e8e440c-8178-46fb-9280-fda2dff219a7","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":228,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"99494fda-382c-4141-bd95-ac508e1b735b","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":228,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"9f7a9b38-eb80-4ee4-9692-08998b7f7770","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":228,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"8368ea92-2535-4477-9a70-fd64fb183220","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":228,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"f32b5bbe-483e-4ad5-93f3-f3cb32104731","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"1e013c58-aa10-4989-867e-957cb9459a1a","block_type":"box","text":"Global Principles | 7","page_number":228,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"671f5ed7-f787-4dcc-82fa-2c0bd2638fd1","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73366fb0-6ed7-4080-87df-e5624e07c3d1","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":229,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"73be2375-b224-47e3-9298-1f7758ab2094","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":229,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"e13cfd00-b68c-4bc9-876e-0c93ef2728b2","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":229,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"68f036b9-97ae-4858-a825-3505260b538b","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":229,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"27b99fdb-b87f-4f9a-9d68-e498c842d6fc","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":229,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"ee6dce6c-1058-4a7c-b8c7-ec84a65b37f3","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":229,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"d65c9314-0295-475e-9af2-ee2879513147","block_type":"box","text":"minimizing costs to shareholders.","page_number":229,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"d7c1a028-cd5d-45ff-97f7-98c0c2ae1eb6","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":229,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"50efd276-a5f5-4b15-8f07-c49c42039c6f","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":229,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"212a6189-457c-4d02-9217-d36ea4c29d8f","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":229,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"291973e6-48e0-4969-9543-13fd0c73a004","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":229,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"b0028827-0f75-4ba1-9ce8-974be19f3ea7","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":229,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"5097236c-69cb-4e19-9b77-d620d68e6261","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":229,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"f51b1b3c-d905-4bd0-bbea-08af03be828c","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":229,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"741db622-9720-4fc4-8e1b-c43904b654e1","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":229,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"2a2c1e5e-a0bf-4754-a812-b88628ba6cdb","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":229,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"5ba38410-08e2-4f86-a5e8-2900d8fb5b31","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":229,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"377e1dc8-18a5-4245-aa21-11cae488aa74","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":229,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"b02104bc-7d39-45bd-8ee0-e520f3e1e68e","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":229,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"dfc41cd7-61fa-424a-9a1d-b99e95b2b2d4","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":229,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"f7eb2c87-7f76-4a50-b595-e498ba69c8d5","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":229,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"02aa3f1f-c146-4dce-ba7e-f10ffc019c6c","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":229,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"3f930bb8-1f5c-4a93-b85e-86eed74fabee","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":229,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"f96754e7-54cd-4187-985e-df684029f2c9","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":229,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"dc901fef-3223-4ee4-b211-cfdf76618178","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":229,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"a87fd31d-776d-4a01-9a11-88642355efc9","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":229,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"9f7cc74b-6580-4bbf-b63b-75c0f372905e","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":229,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"178d4f41-b7d8-4d2b-a88e-0fe2da71919a","block_type":"box","text":"ownership.","page_number":229,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"f21d1fcf-12c4-4b30-a97c-64f04484d8b2","block_type":"box","text":"8","page_number":229,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"879a1d76-ec55-4af8-8926-96acd9c03ac2","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":229,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"267ab300-4dc0-4bab-a3bb-f50d71d5905d","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":229,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"3eea2bc3-f8c3-4a94-9ebf-7c483e3c8197","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":229,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"f106b350-ef45-4659-9362-397e79491267","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":229,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"d805e3f2-24bb-4555-852b-1c01d5e0fc78","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":229,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"ac8ecc57-dff8-4a4e-a2f8-9f9a27c01ce4","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":229,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"c729ea99-01bb-42ec-8efc-38af00812666","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":229,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"d3476652-cca6-417c-a538-09b3872f9928","block_type":"box","text":"results over a period of years.","page_number":229,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"bdb5de0b-8efe-44d4-b736-1d56c8619387","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":229,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"bbd4a460-8e31-465b-b504-8df5804ade26","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":229,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"593cf14a-a197-4e0e-aa16-0319e5436644","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":229,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"e0e0d0ee-fa98-405c-b987-4364d6c4a8a3","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":229,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"0600bc27-deb3-4e5a-8ff8-7e0409fcb501","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":229,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"311375f6-4bfb-4a00-8d2c-42845d621229","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":229,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"178e8d08-0aa0-4f8d-9fff-fed80a2fa770","block_type":"box","text":"executive compensation strategies.","page_number":229,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"d29a168c-e28d-4882-8cdc-5dbb3b077991","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":229,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"e9a0e57a-1731-4a85-9ffb-dca3c3c8c109","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":229,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"98932e47-0146-4d23-b694-a8fc92785572","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":229,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"0aea8dea-a321-4e76-8f72-4ccd8b7b6c3c","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":229,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"1e5735fe-8491-413d-8fc1-c1ccd4ab3683","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":229,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"893fd6b6-6bf1-4e8d-99cb-b3d5407de5a8","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":229,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"6ecdd48f-634b-4a4e-92dd-0180cee9c554","block_type":"box","text":"8","page_number":229,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"b1b7a637-9a1b-46c7-bd09-cae89a1abfa1","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":229,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"ff57cc9d-567b-4018-adf2-328dbfe00f53","block_type":"box","text":"different markets.","page_number":229,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"2f8470cf-6d87-42f3-bb21-3cb8aa578b52","block_type":"box","text":"BlackRock Investment Stewardship","page_number":229,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0c7de042-f22f-41ec-895f-2e06c65a4103","block_type":"box","text":"Global Principles | 8","page_number":229,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"1d16eb2a-2e15-4fa8-b605-f099536f9c31","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":229,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe967ca2-a8bc-43b0-bdce-ef573db22e75","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":230,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"c10a08f1-b7d3-47ea-b86f-656b693eb940","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":230,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"497b563e-bdd6-45e5-99c1-779470e50fde","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":230,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"3db8545b-17be-4f9e-93b8-1dc73a084c58","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":230,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"934f1608-7137-4a24-9f68-beaa813e20de","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":230,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"ab73fdec-9b21-4779-8ac0-63adaba64ebf","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":230,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"2e62a474-1e34-47e6-b0d5-3c8e2ecac831","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":230,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"03d74319-00c3-4659-9091-8f4c9a68ad02","block_type":"box","text":"whom they are charged with overseeing.","page_number":230,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"f2a70bc2-3504-4d6a-8025-3e4ef717a262","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":230,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"fb3a7988-cda6-4f38-88cb-33898eecbdac","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":230,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"e6124b5b-5226-4db9-850e-49f3951bddfd","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":230,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"cbe2d357-e509-4ccc-9276-2cbd741e43cb","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":230,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"d931869d-d3a4-483b-b82a-a03f32edeccb","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":230,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"557ba04a-c388-47f3-9646-d7d42daa9b6d","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":230,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"7eb0b2d2-853e-42b5-8eed-7459709cc096","block_type":"box","text":"structures.","page_number":230,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"b61d82d0-174d-467f-8cb9-0e17966ec5ac","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":230,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"86d3c1a1-5aee-4dc5-91ae-10d58f315dbd","block_type":"box","text":"Corporate form","page_number":230,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"a66ce591-59cd-4353-9105-3707284a6f1a","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":230,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"d7c666b2-0daf-4e5e-bc03-f60c18855160","block_type":"box","text":"the company’s purpose and business model.","page_number":230,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"810de8bd-83b8-4773-b128-35c8cfd3fafa","block_type":"box","text":"9","page_number":230,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"79b47b53-568b-4f57-bbf7-96d60707d9d4","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":230,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"b84a0409-8bb3-40df-bbce-f95f3a75c39b","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":230,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"51919839-2a54-467d-9ec2-e099bb8a2642","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":230,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"95c9ff86-6ff5-40ec-88d7-5d2fceb0a916","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":230,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"838d1159-8b28-4a25-9833-30b7fe74db92","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":230,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"7e269e70-727a-491f-a1d0-6d7bfeeb835d","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":230,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"7b39fe03-8e66-42aa-a754-538d4cba458d","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":230,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"1bb7ad6a-9d47-4bc3-975e-a303d5bbf872","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":230,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"798166e6-4823-49fa-9643-cf1759698f87","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":230,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"f070cd16-5173-49ad-8851-ea3a8732e009","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":230,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"a3d0db93-e04a-48e8-b80e-601c6cb314ff","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":230,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"3def172e-2836-4267-9017-ce3dd82a7f95","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":230,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"94becbdc-301b-4aef-b4d6-b874353210b3","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":230,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"bffa9d2e-a76b-4834-8d19-a5671ef4d2f0","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":230,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"bf5f8df7-9373-4a9b-bb4e-de79f8c4a5b7","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":230,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"d80e450a-4744-4988-a602-1357628813dd","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":230,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"869f1bca-95ec-4486-b4cf-7b040b40dd19","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":230,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"ae2c7fb5-12e5-44b6-81a0-1685f9b2ee7f","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":230,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"7d3868a3-34a8-48a9-bc35-72c2aa17c5d2","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":230,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"ce5f2f40-ffe8-4c6a-8321-bb2147ab01b5","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":230,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"9d087506-120f-464f-bcb5-1495267e53c9","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":230,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"3203649f-724e-4b6a-a16c-15822854e4da","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":230,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"9a9bfe4a-ef6d-4839-9dad-b46b102e1145","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":230,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"ffc5a804-2d0d-421a-9d03-33b43b4c47da","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":230,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"36e94418-08e8-4ae8-949f-988f490a8a87","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":230,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"cd546ef6-1cff-45a5-bf5b-2764de3942d4","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":230,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"f19c9948-160f-44ea-b88f-5bf9f96505d8","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":230,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"6cf09193-d263-4d97-bb65-7c652f3cb997","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":230,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"096d070d-ffbe-404c-b80c-fde6473c1cef","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":230,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"85177b4d-5136-4edd-867d-003944260313","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":230,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"5331fe85-55f3-4ae4-94dd-e8b0ea83b2f2","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":230,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"a78d3f9d-3567-4795-85ad-3b6f2a1e74f1","block_type":"box","text":"9","page_number":230,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"69a40684-3d3d-48b4-806b-12cafa584ea9","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":230,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"f5a82985-9ac6-4035-b38a-cfb6b24390aa","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"251cf9ef-250e-47e0-a354-5cf17cfbca39","block_type":"box","text":"Global Principles | 9","page_number":230,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"cd4d61f1-a58d-4e02-be89-f3b0afb77b3c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7628718f-2ea9-4086-a79c-93a6a938079e","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":231,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"7d3a9439-fa23-4998-8017-5335d2158c9c","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":231,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"949f156f-9d72-46b8-a8dd-d49247d03e5c","block_type":"box","text":"long-term financial interests.","page_number":231,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"6176ec67-5a6b-4c62-92b1-cbbc4e32bbb5","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":231,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"20b908a0-520f-451c-9a09-f06ca8aa24d5","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":231,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"88aa5bb6-2ecc-48ed-8c17-50773b5e301d","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":231,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"ce2242d4-e52b-4bb7-b46d-842372ce6502","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":231,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"257cf1fb-0ddd-4475-a393-81f735bea97f","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":231,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"cd0c4995-3f30-4e99-b0f8-b0f5e6656704","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":231,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"e6dc1c65-ecf4-401f-ae1d-d61e6ce7ca69","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":231,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"b1f2dcd8-6bb8-49a9-9e44-44f41d4e7529","block_type":"box","text":"term financial value creation.","page_number":231,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"4b2b4e90-f487-4be9-9d60-579fa4b1be1a","block_type":"box","text":"10","page_number":231,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"4a0e6418-a8a0-440e-a834-e5b78b9b4535","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":231,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"5fff2eed-d37c-4da7-9aad-11e1f0fdb8aa","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":231,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"58a99ea5-8ecd-4e0f-abb7-a4201b408ebe","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":231,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"127c3b88-c367-4625-bdbb-d5d2ce3e7b32","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":231,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"773ca0f7-3ed4-4167-a068-cfe27650a9f9","block_type":"box","text":"industry-specific metrics.","page_number":231,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"bff1513b-9e90-4a52-8482-99d06bed3c1d","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":231,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"7a277f44-93ec-47a9-a778-5d3fc45e3b3d","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":231,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"1a39d034-3d62-4094-97ee-cf809c20f21a","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":231,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"62f8ea27-5abe-4b5a-a7b4-8efcc366a466","block_type":"box","text":"11","page_number":231,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"908dc078-dd03-4af3-8dc5-abf002b50524","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":231,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"58ea17f7-d4fb-4556-94f1-0588d055d8ab","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":231,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"c12a86a4-6b2b-4b20-ae7c-df8c3adfff6e","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":231,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"445d7113-7449-40da-8aec-14511246ea57","block_type":"box","text":"specific.","page_number":231,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"d713bc69-7ee6-42b8-b661-95083eb5ea23","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":231,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"7c422b4c-a179-410d-9b28-24605d609561","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":231,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"11283dde-d9f1-4976-924e-367c693d5458","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":231,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"c95152bd-9b8a-4216-9458-4dd7de7a15d8","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":231,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"132b52a2-8462-4958-89ce-da003edb9714","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":231,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"192a6fef-99fd-4597-ab7a-c8bb9334250d","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":231,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"4e5dad4c-1957-4f1d-897f-840fbd037772","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":231,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"435e3752-32ce-4b82-842d-835f6f08af42","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":231,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"433c92e7-b045-4701-a828-b1a73714f57d","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":231,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"88bc02aa-f99c-4cc8-b149-7cd54f5459f8","block_type":"box","text":"10","page_number":231,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"0f3c1619-279c-4897-b60f-a0ff9958343d","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":231,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"bbb75db1-d334-489b-870e-43da1cdfa4f0","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":231,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"4e2638d8-4f3a-4413-bac5-3f7bfe030259","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":231,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"b07f095f-4450-442a-82c2-bb3eefc601cc","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":231,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"c197c401-bf33-47e6-a522-81a8617ce375","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":231,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"db818f3a-8eb1-4f7b-8f66-540697e32f54","block_type":"box","text":"11","page_number":231,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"82f4a08e-6d23-4a48-a2a6-b252736910e1","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":231,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"beab58ed-1eeb-49d6-8fd3-19624cf09880","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":231,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"869b01aa-9dca-4624-98ae-3bb50956350c","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":231,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"11534676-256d-4964-b3ca-e02b4276e8e0","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":231,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"4a013180-621c-4598-bc43-66e68c181cd7","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":231,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"3b83d213-9362-4387-9cea-a3ff08f78e4a","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":231,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"186fb9af-4fd5-40b9-8ccd-b64f62cf7053","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8c832ec2-e4ae-45ee-9562-3489188209d1","block_type":"box","text":"Global Principles | 10","page_number":231,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"c8c0840e-78fb-42be-91ea-a2753cc66980","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61472465-c418-407e-9cc7-a7983d85c7eb","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":232,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"b70e3868-64de-43a2-8b86-265876ba5f4a","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":232,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"90df8fce-e2bf-43d2-9bd1-0944caad981e","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":232,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"8b2867c6-58a0-43a1-9a74-bb9336038265","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":232,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"2dcf93e7-5b20-4e0c-a288-582132dac639","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":232,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"dcdfbecc-1c1f-4592-ae4e-fc6b43c6fd07","block_type":"box","text":"12, 13","page_number":232,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"75561909-9652-4dce-a5b9-90729b312db7","block_type":"box","text":"From company disclosures and","page_number":232,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"b2bebf9c-bfeb-4ae4-95d5-1cf9a6da5401","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":232,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"80921d6e-c55c-44a7-a7f7-faede2f1fabc","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":232,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"b0573d65-a1b2-48c2-a19b-9a2857051663","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":232,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"8092f193-8852-4aac-87df-1e5492b4c734","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":232,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"bcf723dd-9b8c-4df7-aee6-d019ebed93b7","block_type":"box","text":"viewed as best practice in the market.","page_number":232,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"a36dcd73-9995-4351-9516-435ca4b1e1c5","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":232,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"9735c60c-6a41-4f14-8946-5b0312212edb","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":232,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"9e2c6eb6-d3a1-4ffc-88c5-c37e34586ac0","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":232,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"76badf72-53aa-4b2c-9fb1-d3d80b1ac73c","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":232,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"bbfd5c2b-5dd4-4bf6-9c29-4f6d1ed7ff2c","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":232,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"31e476cb-7aa2-4138-b9e1-0870dac1b998","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":232,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"36a78e26-55e9-4a0f-b444-efdee516a88e","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":232,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"02db2518-b00c-47af-90ca-b2c0cf640f5d","block_type":"box","text":"interests of their investors.","page_number":232,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"6bb05fc0-8fa5-4615-9c4b-beb51073299f","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":232,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"04052fa9-be74-4695-b5a9-79ec931e2189","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":232,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"aa30a28d-7b2a-476e-ba76-b40e30aaa481","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":232,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"11f8e4e4-2a03-41bf-a782-7bff7aed997e","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":232,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"ad7c4f12-3e3a-4f0b-853e-d3e0ee771477","block_type":"box","text":"good-faith basis as methodology develops.","page_number":232,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"1d3b4eb8-c796-435b-9990-3771f5c9168e","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":232,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"fbde048d-d4ec-4292-b7b7-cb141aab9293","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":232,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"93eb7486-e99c-4453-aa8d-782db3fdf3b3","block_type":"box","text":"generate long-term financial returns.","page_number":232,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"59588d2c-a864-4e7e-aaad-c940a2abad11","block_type":"box","text":"14","page_number":232,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"683d404d-8573-4d25-b835-c66c7f61faf0","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":232,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"4729de00-da55-4c88-ba7f-b2300cf93ebf","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":232,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"cca37018-5d61-4c8a-9bc4-54fc967f6cb6","block_type":"box","text":"15","page_number":232,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"13f0a0b3-e737-4dc4-afd9-510d01c14e92","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":232,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"acd98765-22f6-4184-a076-7a9145db0eb8","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":232,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"39777262-6663-4db2-ae91-59e3de93daab","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":232,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"cca03a55-ce22-475e-a0e3-cfa470cf52f1","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":232,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"0c15099b-df9f-4df9-b8a5-1e19a56fc0c3","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":232,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"b93ea70a-f415-4247-8822-ab5327611d96","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":232,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"5682a2c7-d035-4757-8acc-f3018664dec1","block_type":"box","text":"12","page_number":232,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"5c2007df-f49c-44cc-b4ad-b697df1a6b64","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":232,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"434b51de-608f-4a20-b9f1-ae0ccec00aa8","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":232,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"b8f8e8bf-3b2e-4756-b676-18ec5ee3b561","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":232,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"886feb95-cb65-4d17-846f-671fd9d974e1","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":232,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"a029cc9a-e178-4155-ade4-4d771c674274","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":232,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"a1801e1e-6141-4506-a434-7235215d4405","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":232,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"5452b159-fed1-4e7d-b85a-3581a60595c1","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":232,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"d228ad37-f734-45d9-833e-d88678a77aee","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":232,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"728a69ac-be82-4dff-a347-f0a01721d7f4","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":232,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"4fa2ab41-3637-4de4-b369-e3c82cbf974b","block_type":"box","text":"13","page_number":232,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"37cf4200-dc96-4621-86db-5c3a8551fbac","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":232,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"84e3c4bd-119d-46c8-857e-6a5da1f9e68a","block_type":"box","text":"2025.","page_number":232,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"8801d121-5ba1-45d9-9025-9d0da31b18c3","block_type":"box","text":"14","page_number":232,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"b7928b59-0c59-4b42-8b81-e2cb6c1ac3de","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":232,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"90b9f26e-4c58-4a8e-b8e8-a5e653b59fd2","block_type":"box","text":"2025.","page_number":232,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"9b498635-0ea1-4e3d-86ad-e7b4fa58ba8a","block_type":"box","text":"15","page_number":232,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"23831ee0-75f5-4f41-bf25-29d0bccc4bf2","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":232,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"727b4583-e329-4438-a305-1929f628eebc","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":232,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"16c61b0e-1b63-4cf1-a8d5-416b008448db","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":232,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"3f9c16a6-66ed-49cb-a2c7-d917af26ae6d","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":232,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"131b3646-98ab-483b-8ada-9b2a732e38ab","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":232,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"e277a5f6-781c-4950-8d2c-a3a19982bf48","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"18203afb-d8c2-4870-9f32-6a886dc8facb","block_type":"box","text":"Global Principles | 11","page_number":232,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"7386cb3a-f72b-4e09-a330-502699c80756","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6d793d8-528a-4d34-8e26-04d83c670e91","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":233,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"dad9b6d4-aaa0-4be7-9229-aee607d1b61a","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":233,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"10745f51-93ef-4dfb-8b93-73fa7b0e03f9","block_type":"box","text":"16","page_number":233,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"3a9a33bc-30e1-457d-88e1-8b4cc7dc5b98","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":233,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"6de1ca12-711b-42f3-aa91-d4627e6290ab","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":233,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"b99c71cc-10f5-4589-aea6-d40635b99e39","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":233,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"8f5fbdba-6830-470c-b11e-f56869cd5f84","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":233,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"4a18872f-9b39-423d-8d81-a2a28f93c777","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":233,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"3dcbcaf9-11d2-4e96-ab25-708bc7fbafda","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":233,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"cfc79568-ddbd-4b97-a00b-3339f077de42","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":233,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"2812ee21-e80f-4982-9772-1646e7fef39f","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":233,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"e76db6a3-9ea7-4042-a4b7-88c7eb331163","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":233,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"e5ad545d-f7b2-47c6-8191-6b6adebe226d","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":233,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"c5e8b285-0dbd-41e6-b71e-af659acce0ea","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":233,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"5e90256d-ce37-4a5b-bb0f-87706c3bc324","block_type":"box","text":"impacts.","page_number":233,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"33bd61ca-9f99-426c-9ef3-4d28fc9a875b","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":233,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"d503cf79-1aa3-409e-a8b9-5920a7c85af2","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":233,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"729a424b-8bcd-45c5-8ddb-3e80a6995053","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":233,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"862abf7c-8306-4348-a3b9-866605161b39","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":233,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"6f32e132-11da-483c-866c-323e914ef2fe","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":233,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"855c28a8-5f3e-4b6e-895a-add63eaf0956","block_type":"box","text":"clients at the global and regional level.","page_number":233,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"ab3063c7-0d08-41fc-bf30-ee3f3415cf90","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":233,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"4530e02e-f5dd-4623-a033-e1860fb25740","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":233,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"cd34f5d8-39e5-4806-a16e-2508b9376d51","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":233,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"a33d469b-1296-4a8c-8201-5d0d0ba08cf9","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":233,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"7d04a3cf-06a8-45f6-bfd3-ce7a5a93dc92","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":233,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"8a25f135-71dc-42c6-a65b-cb3f7f1b34cd","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":233,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"815b22b0-9dab-4fd7-a689-eca69bb39108","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":233,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"e55cf6da-49d1-4573-be4b-3fe3bc3a1e56","block_type":"box","text":"are independent from the investment stewardship function.","page_number":233,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"1a777f2d-a3ff-46d5-958b-f41a4eead6bc","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":233,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"f2b745a4-a208-4bb9-950c-8893e2c4137b","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":233,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"6a77a88f-085d-4997-ab66-e6963bb9019d","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":233,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"8bbe4440-60ab-48cc-a4ab-7a69f837bce8","block_type":"box","text":"VOTE EXECUTION","page_number":233,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"b27fef98-9397-4928-a693-66d99c9b8b5f","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":233,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"9bd3edac-f430-4f79-a8c3-0cc808b78e99","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":233,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"e6842ced-decc-4016-be73-477c4149b66c","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":233,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"160fd083-75da-4641-bd74-52fa7c9e1f3b","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":233,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"50202a42-e2b9-4a35-9d5a-d166b8d4b7d1","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":233,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"10c3dcc0-1ec4-4294-8489-f0abfa8c34cc","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":233,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"d0db451b-60ef-4841-8d4e-180bad3ad859","block_type":"box","text":"management policies and procedures,” below).","page_number":233,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"eebf7ba1-73d5-41d2-81a7-168cbab99de0","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":233,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"58ac1210-4994-4df9-9ac9-ed662f7822e7","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":233,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"1f17bfba-981a-463b-93a1-43a0ae3b7411","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":233,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"ab316496-6efe-49fb-b40d-c5086176c6ac","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":233,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"6c2a526f-a65f-459b-9765-c5d18f730256","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":233,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"7960144f-8c15-4153-ba4f-22a1cc815d8a","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":233,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"fb1ee997-75b2-459d-887a-1859bfae95a2","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":233,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"9b8c038f-2fa1-4e32-8030-1eda13ca6a18","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":233,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"d69dd69d-8873-4a9a-9b95-7b55e27f81e3","block_type":"box","text":"16","page_number":233,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"09489c8e-656b-473f-a72d-bb0e16987dfe","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":233,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"2a463c8b-bc54-44a6-bca3-c50cd66ca559","block_type":"box","text":"December 2025.","page_number":233,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"cf130047-c5b5-4910-a48c-9e47f6fd8c2e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"97d9b255-3d9b-4e76-8949-74a4b410781c","block_type":"box","text":"Global Principles | 12","page_number":233,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"96e0ccb1-5975-4a44-b183-0f808277171c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1dff975e-c610-4b99-86ed-321603a2fb20","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":234,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"0843aac3-a588-4ef4-9fbe-22147cc59183","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":234,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"2a14f50d-e2af-4780-9219-3e95436bf700","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":234,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"e0b1bf11-ea2a-4f5c-be78-6b318dcec445","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":234,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"688e641b-7979-4a0a-b676-e695ac56a715","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":234,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"babc2e38-cc15-43ae-84b8-fd8eb12da965","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":234,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"2e2a4ca0-87a6-4f8b-992b-b2397a2d50c0","block_type":"box","text":"enterprise-level vendor management activities.","page_number":234,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"6dc32b2a-5fe0-4086-8a1d-05baadb11a1c","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":234,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"abf3c2ce-aee0-453b-8c3a-ca281ca8efdc","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":234,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"66a62917-71bc-4f7a-a10b-568b4dc434af","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":234,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"d9fb69cb-1518-4ce7-b331-b6e304c17d7d","block_type":"box","text":"BlackRock employees.","page_number":234,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"ed4e3d25-4138-4594-86f7-e98566d4dd59","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":234,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"63cc2716-de22-40b3-8110-83e39cf382ff","block_type":"box","text":"SECURITIES LENDING","page_number":234,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"0a63061f-5b24-495a-8428-1b0665841e22","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":234,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"2e5e5c77-bea3-4a08-8f26-a14544ded66a","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":234,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"072a5612-afc4-49b9-a06c-0d805d74de10","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":234,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"a549da15-9d82-4cb4-8b5c-e93712a9d3b9","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":234,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"040aa464-07da-4790-8dd9-7fc07427ce3d","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":234,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"ac9f393e-901e-4a9e-bc27-0b1a916db41f","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":234,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"051d4e89-a36f-40a6-8b9c-98e0e4045ce0","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":234,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"d818debe-e3d2-4132-ae35-4721000722f4","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":234,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"20aa8ded-fcfd-447f-9b60-5c794c1fbc4b","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":234,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"30ad8fa8-02e6-4249-9094-2ca6466f75df","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":234,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"3f198fd3-c205-494a-9ada-7ab85157340e","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":234,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"892c6bf7-f32a-4301-b815-77f352a177d8","block_type":"box","text":"of recall consideration).","page_number":234,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"79ed47cb-587a-4c87-958f-6247f67d6b56","block_type":"box","text":"17","page_number":234,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"6ba36e73-ae8b-497c-914a-ae2289e345ff","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":234,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"ac18fb65-f12c-40d5-88ae-cc9232d8cf17","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":234,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"0d5a437d-b4e8-4baf-9421-f44a35d43635","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":234,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"15b4e404-22b8-4efc-91ec-c5e516956a28","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":234,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"e452ba1d-71c6-450a-82f3-b83ff6d89ac8","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":234,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"518d973b-b507-47b5-bc5d-593e1e1b81d9","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":234,"box":{"x":68,"y":559,"width":822,"height":11}},{"id":"330280ba-2285-4a4f-a3c7-2a64af49bf89","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":234,"box":{"x":70,"y":574,"width":752,"height":11}},{"id":"c25e5fdb-ebd7-4c24-ba8a-fe2e11853446","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":234,"box":{"x":102,"y":596,"width":790,"height":12}},{"id":"7528c397-88e6-48eb-83f5-24d77503cfe5","block_type":"box","text":"and may modify it as necessary.","page_number":234,"box":{"x":69,"y":612,"width":228,"height":11}},{"id":"e7b7553a-ffce-4335-ba29-7b3627a351c3","block_type":"box","text":"VOTING CHOICE","page_number":234,"box":{"x":430,"y":642,"width":117,"height":9}},{"id":"38efede1-54ed-4bb4-9a59-e8518fec0ded","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":234,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"818fd14b-85c4-4e24-8677-9ffcd048a9e3","block_type":"box","text":"the proxy voting process, where legally and operationally viable.","page_number":234,"box":{"x":68,"y":680,"width":452,"height":11}},{"id":"a133486e-d0d3-4f18-9adc-8c896f20686c","block_type":"box","text":"18","page_number":234,"box":{"x":522,"y":680,"width":9,"height":4}},{"id":"bc3c2bc6-8690-4640-8358-4341b98589f7","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":234,"box":{"x":101,"y":702,"width":786,"height":12}},{"id":"aecd7fc8-0213-46f4-b43c-1f61f35ab7d5","block_type":"box","text":"UK, Ireland, Canada, and Switzerland that utilize index equity investment strategies, as well as eligible clients in","page_number":234,"box":{"x":70,"y":718,"width":797,"height":11}},{"id":"86295860-6d9f-4c2d-b981-437afbcd7a74","block_type":"box","text":"17","page_number":234,"box":{"x":69,"y":747,"width":8,"height":4}},{"id":"e870c240-bd47-4434-9118-7cc518e6fc53","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":234,"box":{"x":84,"y":747,"width":789,"height":11}},{"id":"23a93efd-7bc8-48b2-bfd0-cc844caa1fac","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":234,"box":{"x":69,"y":762,"width":763,"height":11}},{"id":"453a1d41-eca6-4773-85da-b6ef30b9e717","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":234,"box":{"x":70,"y":777,"width":794,"height":11}},{"id":"e4af1f88-b8e6-43e6-b47f-4ee34ce64643","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":234,"box":{"x":69,"y":792,"width":833,"height":11}},{"id":"9d15cdb2-3962-4344-953b-25c0d80a0cf9","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":234,"box":{"x":69,"y":807,"width":821,"height":11}},{"id":"fd884800-b3bc-43e9-9471-b4c2f22bee56","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":234,"box":{"x":69,"y":822,"width":823,"height":12}},{"id":"32948806-4d1f-49d5-9d50-27dafa655af5","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":234,"box":{"x":68,"y":837,"width":822,"height":12}},{"id":"1fb98a38-339b-4866-9892-980b2b3699d0","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":234,"box":{"x":70,"y":852,"width":558,"height":12}},{"id":"8e7b989a-7feb-42ae-a699-26320d6bcba5","block_type":"box","text":"18","page_number":234,"box":{"x":69,"y":870,"width":9,"height":5}},{"id":"7c1dab3e-dc10-4b58-9dac-d90be26a7755","block_type":"box","text":"BlackRock will determine eligibility criteria under this program based upon, among other things, local market","page_number":234,"box":{"x":84,"y":870,"width":771,"height":11}},{"id":"50ad1a39-d166-4c4b-8693-8bbe90a73e4f","block_type":"box","text":"regulation and practice, cost considerations, operational risk and/or complexity, and financial considerations,","page_number":234,"box":{"x":69,"y":885,"width":779,"height":11}},{"id":"1594a477-aa47-40b7-a58d-e5cd9778c756","block_type":"box","text":"including the decision to lend securities.","page_number":234,"box":{"x":70,"y":901,"width":285,"height":11}},{"id":"34fcf746-ecac-4109-a030-5e52f7cdda0e","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"43ea4f7a-a653-4561-9d7b-a026d12f1847","block_type":"box","text":"Global Principles | 13","page_number":234,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"f974d53f-13e8-4ab9-a68f-affec242b57c","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54dfcb61-07a5-4334-ab64-5a00eef324c7","block_type":"box","text":"cer tain institutional pooled funds in the U.S., UK, Canada, and Switzerland that use systematic active equity","page_number":235,"box":{"x":69,"y":45,"width":772,"height":11}},{"id":"d401b510-9ff2-4559-ae5b-75819d72480a","block_type":"box","text":"(SAE) strategies. In addition, institutional clients in separately managed accounts (SMAs) continue to be eligible for","page_number":235,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"94627f78-593b-4ab4-84c2-978e277154bf","block_type":"box","text":"BlackRock Voting Choice regardless of their investment strategies.","page_number":235,"box":{"x":70,"y":75,"width":471,"height":11}},{"id":"a2fae9b6-3812-401a-a695-06125ff1e4d3","block_type":"box","text":"19","page_number":235,"box":{"x":543,"y":75,"width":9,"height":5}},{"id":"0cb58445-fb24-441d-9d8a-6f0ea4804a9b","block_type":"box","text":"Voting Choice is also available for eligible U.S.","page_number":235,"box":{"x":558,"y":75,"width":328,"height":11}},{"id":"eb1e2e8d-8b8f-4ae4-8740-1cb2d7d51d9a","block_type":"box","text":"retail shareholder accounts invested in BlackRock’s largest U.S. exchange-traded fund.","page_number":235,"box":{"x":69,"y":90,"width":619,"height":11}},{"id":"e9e5ed75-80e6-4f61-9fca-4b2fccadfd48","block_type":"box","text":"20","page_number":235,"box":{"x":690,"y":90,"width":9,"height":5}},{"id":"bac2d7bb-205a-4a79-86f2-805550961979","block_type":"box","text":"As a result, the shares attributed to BlackRock por tfolios in company share registers may be voted differently","page_number":235,"box":{"x":101,"y":113,"width":782,"height":11}},{"id":"5742f5bf-54a8-4375-aea2-5e48d60ca774","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":235,"box":{"x":69,"y":128,"width":767,"height":11}},{"id":"7c26f557-d7d4-4c96-b9e3-22d09cd7a447","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":235,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"3c060e47-9737-4fa8-9c52-966af8d574bd","block_type":"box","text":"have greater control over proxy voting because of Voting Choice.","page_number":235,"box":{"x":69,"y":158,"width":454,"height":11}},{"id":"61599ab8-eb00-43e9-9fd5-48cd6e0f3e93","block_type":"box","text":"21","page_number":235,"box":{"x":525,"y":158,"width":9,"height":5}},{"id":"1ff38cd0-fd1b-4f58-9108-6dd905d3b84e","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":235,"box":{"x":343,"y":188,"width":293,"height":9}},{"id":"1993abf1-0f99-4ce3-8ca2-9e710d0007b0","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":235,"box":{"x":101,"y":211,"width":789,"height":11}},{"id":"c8ee105a-81a0-4012-bef2-ae887925a1b1","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":235,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"a25b248f-1577-45f3-aaed-c2ea22a93d84","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":235,"box":{"x":68,"y":241,"width":795,"height":11}},{"id":"be612f08-6946-429d-87e6-c61844690c2d","block_type":"box","text":"invest on their behalf. We also publish commentaries to share our approach to engagement on our five engagement","page_number":235,"box":{"x":70,"y":256,"width":825,"height":12}},{"id":"d0fec08e-b1f6-48b2-a6a2-124909fd2f8b","block_type":"box","text":"priorities, as well as quar terly repor ts detailing our proxy voting and engagement activities.","page_number":235,"box":{"x":70,"y":272,"width":644,"height":11}},{"id":"231727c3-3182-4897-8e9a-8a539d09fc41","block_type":"box","text":"19","page_number":235,"box":{"x":69,"y":324,"width":9,"height":4}},{"id":"8b24db9d-af20-4832-8c98-d37b6cb0a8a0","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":235,"box":{"x":83,"y":323,"width":739,"height":12}},{"id":"d17b1e26-6e88-4681-ae4a-4830d50b4972","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":235,"box":{"x":70,"y":338,"width":800,"height":12}},{"id":"0ac1dc41-e96f-41a3-8d51-a576ea4e7f3e","block_type":"box","text":"infrastructure to cast votes for the SMA based on the client’s selected voting policy.","page_number":235,"box":{"x":70,"y":354,"width":596,"height":11}},{"id":"dcbf9523-af09-4ce5-bb7a-f9169233c5f3","block_type":"box","text":"20","page_number":235,"box":{"x":69,"y":372,"width":9,"height":4}},{"id":"30a352b9-6db0-45fe-b69c-6771f37eeaed","block_type":"box","text":"Read more about BlackRock Voting Choice on our website.","page_number":235,"box":{"x":84,"y":371,"width":415,"height":11}},{"id":"5519ec3d-c3c4-495c-b437-2b713b47a9f8","block_type":"box","text":"21","page_number":235,"box":{"x":69,"y":389,"width":9,"height":5}},{"id":"ae0b2b05-d57a-4ab6-ab74-e17430b8066d","block_type":"box","text":"BlackRock does not disclose client information, including a client’s selection of proxy policy, without client consent.","page_number":235,"box":{"x":84,"y":389,"width":820,"height":11}},{"id":"9e353434-ef28-44da-97eb-48b4c01992d9","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0fc7df77-8d96-4b57-bce1-8d30bad7e693","block_type":"box","text":"Global Principles | 14","page_number":235,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"ca8bc872-b628-4f8f-85b5-dc515d2b9753","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e33fd413-77b6-41d3-a6c4-3622a45a7c65","block_type":"box","text":"Want to know more?","page_number":236,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"2f281a2a-91df-4ca8-9a18-a27f4934c537","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":236,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"46983ead-71ba-41b5-bd45-f49bccdd3de9","block_type":"box","text":"This document is provided for information and educational purposes only. 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Fur ther, the Guidelines consider the","page_number":241,"box":{"x":102,"y":45,"width":751,"height":11}},{"id":"5ef68c6a-b270-4571-a00d-1a2696ff6044","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":241,"box":{"x":101,"y":60,"width":778,"height":11}},{"id":"a2959ae7-6a4b-4fb3-b0e7-c93a5f50971a","block_type":"box","text":"does not.","page_number":241,"box":{"x":101,"y":75,"width":66,"height":9}},{"id":"698164fd-e885-4e57-ace1-a7f214915545","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":98,"width":6,"height":4}},{"id":"96651bbb-3d7e-4a4b-adbb-0729ac373b72","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":241,"box":{"x":102,"y":95,"width":729,"height":11}},{"id":"b4cafb4c-2fc9-42bd-b245-edc35f4ee6a3","block_type":"box","text":"limitations:","page_number":241,"box":{"x":102,"y":110,"width":80,"height":9}},{"id":"b9f6adf8-bedb-4e5d-b79a-465af3923d67","block_type":"box","text":"Under the Guidelines, the dedicated team looks for disclosures that outline key milestones and","page_number":241,"box":{"x":189,"y":110,"width":679,"height":11}},{"id":"627fd6ed-13f9-40b2-adf7-9ee612177cd2","block_type":"box","text":"dependencies underpinning the company’s low-carbon transition strategy, explain the trade-offs required to adapt","page_number":241,"box":{"x":101,"y":125,"width":807,"height":12}},{"id":"3f1c7a6e-8ec0-43ba-a5a5-07ece9c50db5","block_type":"box","text":"the business model, and include relevant data and narrative.","page_number":241,"box":{"x":101,"y":141,"width":433,"height":10}},{"id":"97420d77-1e8b-4556-acba-158ff4c0e966","block_type":"box","text":"•","page_number":241,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"86d0ea48-bcbb-44f8-ae80-2864bd0a276d","block_type":"box","text":"Consistency with the participating clients’ position as a minority investor:","page_number":241,"box":{"x":101,"y":161,"width":541,"height":11}},{"id":"fd9b08f9-f43a-4ab0-a132-64e6fe53155a","block_type":"box","text":"The boards and executive leadership","page_number":241,"box":{"x":648,"y":161,"width":261,"height":11}},{"id":"77b2e0e4-4bda-440d-a60f-34563d0ffa0c","block_type":"box","text":"of companies determine a company’s strategy and its implementation. Under the Guidelines, the dedicated team","page_number":241,"box":{"x":102,"y":176,"width":805,"height":11}},{"id":"16de04e7-515e-4aca-8bb4-3ffe43886456","block_type":"box","text":"makes decisions on how to engage companies and vote proxies independently, based on its professional","page_number":241,"box":{"x":102,"y":191,"width":748,"height":11}},{"id":"7f5018a1-db63-4214-8fe4-326b8fd4b580","block_type":"box","text":"judgment of the priorities and outcomes most aligned with par ticipating clients’ investment objectives.","page_number":241,"box":{"x":100,"y":206,"width":730,"height":11}},{"id":"95e77d2c-0f1e-40e6-a1b0-455e465b53b8","block_type":"box","text":"Voting approach under the Guidelines","page_number":241,"box":{"x":68,"y":236,"width":273,"height":11}},{"id":"d42e6bf0-a31b-44f7-9a7d-11938ee6a376","block_type":"box","text":"12","page_number":241,"box":{"x":342,"y":237,"width":9,"height":4}},{"id":"2f60c762-fe5d-4858-988f-d0573d68c133","block_type":"box","text":"When evaluating each voting item across management or shareholder proposals, the dedicated team applies a","page_number":241,"box":{"x":101,"y":259,"width":791,"height":11}},{"id":"8f5ac895-6442-454e-8746-b4292dc8f064","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":241,"box":{"x":69,"y":274,"width":813,"height":11}},{"id":"f3c12707-0e5b-4f2e-af49-4fd20c426bef","block_type":"box","text":"acknowledges the distinction between what company management can influence and what lies beyond its control. As","page_number":241,"box":{"x":69,"y":289,"width":833,"height":11}},{"id":"0b885a95-51df-4987-bb78-54348303f3e4","block_type":"box","text":"a result, voting decisions — on behalf of in-scope funds and SMAs — on similar proposals included on different","page_number":241,"box":{"x":69,"y":304,"width":799,"height":11}},{"id":"6afdd176-2dc8-4b57-9156-6b47ee80a6d1","block_type":"box","text":"companies’ shareholder meeting agendas may vary depending on company, sector, or market-specific circumstances.","page_number":241,"box":{"x":69,"y":319,"width":837,"height":12}},{"id":"54544954-34dd-4057-aa8c-01533649500a","block_type":"box","text":"Consistent with the investment objective of each fund or account that has selected these Guidelines, the","page_number":241,"box":{"x":102,"y":342,"width":748,"height":11}},{"id":"6f48992c-5ab4-46a2-9246-740a28bae6f7","block_type":"box","text":"dedicated team will look to the companies to demonstrate the following:","page_number":241,"box":{"x":69,"y":357,"width":513,"height":11}},{"id":"0e3cb14d-f2b6-4cdd-beaf-3fd3ce82257e","block_type":"box","text":"Corporate Disclosures","page_number":241,"box":{"x":69,"y":387,"width":160,"height":11}},{"id":"49a21e95-71ea-4555-9ca2-af8259c83512","block_type":"box","text":"13","page_number":241,"box":{"x":230,"y":388,"width":9,"height":4}},{"id":"f9604cbc-a991-4911-9d04-2e7f2462030c","block_type":"box","text":"In the context of these Guidelines, the dedicated team looks for companies to provide sufficient disclosure to","page_number":241,"box":{"x":102,"y":410,"width":781,"height":11}},{"id":"7a469462-1dcf-4864-9e6b-11eb3e18e917","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":241,"box":{"x":69,"y":425,"width":825,"height":11}},{"id":"f05e720b-07d7-4536-b6a6-529659cee7e0","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":241,"box":{"x":68,"y":440,"width":812,"height":12}},{"id":"8eb70846-c7fd-4c72-aa68-2ef0bdf36da1","block_type":"box","text":"frameworks that they have determined most appropriate, which may include:","page_number":241,"box":{"x":68,"y":455,"width":545,"height":11}},{"id":"6789ec9a-a459-4f1d-865e-87a82313d514","block_type":"box","text":"(1) a low-carbon transition strategy to demonstrate their alignment with the ambition to limit average global","page_number":241,"box":{"x":69,"y":476,"width":769,"height":11}},{"id":"6d2fe0ee-10f8-4d2d-a932-4cb1609cc8a4","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":241,"box":{"x":101,"y":491,"width":800,"height":11}},{"id":"2309f993-a008-49be-bd3d-be6ed2c45135","block_type":"box","text":"net-zero GHG emissions by 2050, with appropriate near- and medium-term milestones to assess their progress.","page_number":241,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"654f32bb-3e71-446a-8f4a-7560b0dd9560","block_type":"box","text":"(2) low-carbon transition-related repor ting. Standardized disclosure of sustainability-related data suppor ts investors","page_number":241,"box":{"x":69,"y":526,"width":828,"height":11}},{"id":"1220ff9c-42da-470f-9edb-cf1723de091d","block_type":"box","text":"in making informed decisions. The International Sustainability Standards Board (ISSB) standards, IFRS S1 and","page_number":241,"box":{"x":102,"y":541,"width":787,"height":11}},{"id":"0b5a2a63-72e0-45c7-aa2d-8407fef87bb5","block_type":"box","text":"S2, represent one such approach to standardization that the dedicated team finds useful in its analysis.","page_number":241,"box":{"x":102,"y":556,"width":741,"height":11}},{"id":"d0cd3039-870b-42b4-9c8f-2f19906ac6bb","block_type":"box","text":"14, 15","page_number":241,"box":{"x":845,"y":557,"width":25,"height":5}},{"id":"deeb8bb2-7c02-4177-8f41-ee2686d821de","block_type":"box","text":"IFRS","page_number":241,"box":{"x":877,"y":556,"width":30,"height":9}},{"id":"78202dcf-5a29-440f-80be-8f4f95330699","block_type":"box","text":"S1 addresses the general requirements of sustainability repor ting and IFRS S2 sets out the disclosures that","page_number":241,"box":{"x":102,"y":571,"width":774,"height":12}},{"id":"64a186bb-67c3-4686-830e-bdbf0d75d02e","block_type":"box","text":"provide investors with decision-useful information about a company’s most significant climate- and low-carbon","page_number":241,"box":{"x":102,"y":586,"width":781,"height":12}},{"id":"ae6b72b9-d581-49c3-9c14-b8373f07c058","block_type":"box","text":"transition-related risks and oppor tunities. This includes receiving independent, third-par ty assurances, as audit","page_number":241,"box":{"x":101,"y":602,"width":792,"height":11}},{"id":"47429728-e1c0-48c1-9add-6827b997c0bc","block_type":"box","text":"and assurance standards are developed.","page_number":241,"box":{"x":102,"y":617,"width":290,"height":11}},{"id":"7867ab80-37b5-4c38-a531-1544010ec3f6","block_type":"box","text":"12","page_number":241,"box":{"x":69,"y":646,"width":9,"height":5}},{"id":"5c278fc0-cad3-426e-bdc3-4471c3bf3fd1","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":241,"box":{"x":83,"y":646,"width":825,"height":11}},{"id":"9d6b4901-7fc9-4abf-841a-e27e1666b89b","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":241,"box":{"x":69,"y":661,"width":833,"height":11}},{"id":"31e680d2-0e86-42fa-b1d4-99df5f4b8774","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":241,"box":{"x":68,"y":676,"width":830,"height":11}},{"id":"9c76e3e5-ae97-4fd0-ac82-36479939f821","block_type":"box","text":"company, as well as individual ballot items at shareholder meetings.","page_number":241,"box":{"x":69,"y":691,"width":486,"height":11}},{"id":"c23aacfd-a51c-4ae5-ac87-e622b0d5262d","block_type":"box","text":"13","page_number":241,"box":{"x":69,"y":709,"width":9,"height":5}},{"id":"7051f620-e6ee-4e7f-a143-cfbdbe2c8d7e","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":241,"box":{"x":84,"y":709,"width":764,"height":11}},{"id":"5dd7cdb9-7833-43a8-9d8a-10773edd95fa","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":241,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"0d169d84-0c8b-42d9-b66b-a851eb06fd9f","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":241,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"bdbcee3d-918c-49d0-b49b-3f68dbebcfc0","block_type":"box","text":"14","page_number":241,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"1f4bb5e1-fbfb-4b21-8a24-b76a851e1d40","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":241,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"9e9e576b-a8b5-4cd6-aef8-ef22622797e8","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":241,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"333bf67d-8695-4846-ad66-22257f2751e8","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":241,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"2b911932-3842-4cbd-87ce-2b177ad39719","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":241,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"eede5350-d7b5-4c9d-9301-1cc562f67edd","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":241,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"2e6998be-ebd8-40ed-a132-9049c81f05e2","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":241,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"41aebb26-8cfa-4f45-b17d-2f230b998fcf","block_type":"box","text":"15","page_number":241,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"5d5ceae3-7083-48bc-acda-fb53596251a9","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":241,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"e21920c9-4652-459c-8df1-6501a61f1d78","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":241,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"6144635b-c261-4946-91e3-bea4b3447545","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":241,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"a9adb395-ab50-43c8-bb2d-fbc844e3fc66","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":241,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"3ca2455f-17a9-4b54-b00a-1aa41ce8b5da","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":241,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"70e75fe9-7008-469a-ab24-f22d638cac46","block_type":"box","text":"BlackRock Investment Stewardship","page_number":241,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5dfddb39-dda3-484c-adfc-3cccc788b1ad","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":241,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"ae125f8c-ce0a-4ca0-b930-fc58a5e931f0","block_type":"box","text":"BNM1026U-6032383-19202703","page_number":241,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9e422b2-efc4-4e78-83d3-d1fb4d50c71a","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":242,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"fae64c77-9702-486b-947c-79e392fbc271","block_type":"box","text":"16, 17","page_number":242,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"868fddc0-8c67-4a91-9627-dd7f2ea40700","block_type":"box","text":"In addition, the dedicated team looks to","page_number":242,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"8a25ba0d-7b88-4e7e-84ed-df4dc917325f","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":242,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"0100d821-bc42-43cb-b6fc-a219b613ca0c","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":242,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"ec5d1ed7-8ab4-40fa-97b6-4b5b4b80b3b0","block_type":"box","text":"scope 3 emissions reductions. 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For some companies that play an impor tant role in the low-carbon transition, scope","page_number":242,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"5283df30-f1c8-41b0-9c1a-57b26906a743","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":242,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"b9445c23-6dee-4e49-b8a7-210b39f5ce0f","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":242,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"5cbe7782-7291-475f-875b-6720150351d5","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":242,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"4aca70c3-46a4-49b0-bd5d-d613c8488241","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":242,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"57cc74b6-34ff-4698-b125-0db981f23bd0","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":242,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"f11a1ccf-6d94-4644-a670-639219a5fe7f","block_type":"box","text":"transition risks.","page_number":242,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"45906520-44cd-44e1-8950-b3f074f3e762","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":242,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"bbbfdefa-5ff6-4436-b095-cc22b56adccd","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":242,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"1d86cc94-95f2-4f57-b448-7759a41e8228","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":242,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"db078174-a09d-40dc-aad3-46a413f1838b","block_type":"box","text":"Transition plans","page_number":242,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"076a5fde-3d0d-4453-81fe-a899dfc341fd","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":242,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"5506b6c5-2448-4bc8-8f13-89032da39e56","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":242,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"cfa7857c-6805-4064-966f-6acdb104ffd0","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":242,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"16f759fa-0dbc-4da5-9f48-8fa4710c5d49","block_type":"box","text":"(see Appendix 1).","page_number":242,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"fc6d6a96-9e89-4b92-8f53-b7959a9723c7","block_type":"box","text":"19","page_number":242,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"283e84d8-f107-4aa7-ae32-d007e338fff9","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":242,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"ba24a3ea-3913-43af-97fa-f8fa74b47a8a","block_type":"box","text":"transition plans.","page_number":242,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"73e948d0-4bdc-474e-8e77-60962b019224","block_type":"box","text":"20","page_number":242,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"868cfb90-3a1b-4d27-b7a7-bc2889691be3","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":242,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"f2e1b827-f691-4b76-baeb-7b9235e2f9a2","block_type":"box","text":"repor ting approaches.","page_number":242,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"4ae11558-37f0-4643-b0a5-bcb1647a7866","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":242,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"5e15aa40-d58f-4d67-8ff9-bda914f57312","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":242,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"77954610-18ce-4443-8b45-9a9a6b09c40b","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":242,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"9fcad875-42d4-44d2-99f7-a3643d89797f","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":242,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"624c37ba-a950-452b-9ed9-18cec81d2071","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":242,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"19ff898b-10ca-4c5a-a9bd-2dac2579f4d2","block_type":"box","text":"informed voting decisions.","page_number":242,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"06a93438-93e5-4d9d-a057-e5333aabf82a","block_type":"box","text":"16","page_number":242,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"ef64b3e8-3a95-4643-a6f9-362889542089","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":242,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"a26527d0-2bf5-4fba-a4c1-1fff257f9df9","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":242,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"5afee264-491b-4fb5-a6a5-63422aedc816","block_type":"box","text":"December 2025.","page_number":242,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"4292e840-c5db-4b6a-ab6c-7bc3189808c6","block_type":"box","text":"17","page_number":242,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"7d7ca8c7-94c8-4d53-8717-10db055c2a7c","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":242,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"3ed895f3-36b8-4ad6-b254-7d320b8bacda","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":242,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"99ee83ac-de94-40af-ad92-098d897c21b7","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":242,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"fd338464-c71a-4783-8602-064dfbec1e30","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":242,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"7395723b-c280-4053-97c0-50d9f7888149","block_type":"box","text":"18","page_number":242,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"e79fc6d6-d365-4695-90c6-d2bdb882b265","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":242,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"a89f13aa-1329-4d80-b3a3-25014de37657","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":242,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"251e94c4-55aa-4ef8-9ae6-e7d2433de6a7","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":242,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"cc953ac5-d737-4e45-9478-f6037759c091","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":242,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"13c85709-7f43-4687-8c6d-7711966167cc","block_type":"box","text":"material to their business models.","page_number":242,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"c1886b2d-52d9-4834-a31d-b829cc7c1abd","block_type":"box","text":"19","page_number":242,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"95df693e-788a-4cf2-aebc-f611daa43395","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":242,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"0d0ff612-3ffc-4714-8129-9f6814bf2b9e","block_type":"box","text":"December 2025.","page_number":242,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"a92b5e03-cbcf-447b-8e5c-2e548f9ee680","block_type":"box","text":"20","page_number":242,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"77c674e3-247e-4e8b-9e76-fe5a5075c93b","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":242,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"4d884d9c-b91c-44fd-a749-06e3f6485ed7","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":242,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"5042acf0-1911-4c03-9434-85d486d7c386","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":242,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"6e0369e7-890c-4990-8e88-e0613133c5ac","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":242,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"c999aa9a-f676-4450-9348-8aba2ef3030f","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":242,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"e810217d-6702-4b56-a3e7-5e6d4626772d","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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The directors most likely to be in focus are the chair of the board","page_number":243,"box":{"x":69,"y":629,"width":780,"height":11}},{"id":"7333bb98-34c8-43d8-b088-d060e15056ee","block_type":"box","text":"committee with low-carbon transition, climate or sustainability risk oversight responsibilities, other members of the","page_number":243,"box":{"x":69,"y":644,"width":817,"height":12}},{"id":"75e5c7ff-2745-4af6-b9c4-9953907b31c4","block_type":"box","text":"relevant committee, the lead independent director or the non-executive chair of the board. 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The Guidelines consider these","page_number":244,"box":{"x":69,"y":143,"width":782,"height":11}},{"id":"6b2172fd-ba0d-47d0-955f-b43ba509b585","block_type":"box","text":"proposals as a valuable governance mechanism that can enhance transparency, accountability, and investors’","page_number":244,"box":{"x":70,"y":158,"width":782,"height":11}},{"id":"ab414e0e-88d3-434d-9d73-bb64f93d6008","block_type":"box","text":"understanding of a company’s climate strategy. The dedicated team generally suppor ts management’s climate","page_number":244,"box":{"x":69,"y":173,"width":787,"height":11}},{"id":"cc4c6b0d-1a3c-4b2a-8733-fcd2bb46010b","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":244,"box":{"x":69,"y":188,"width":838,"height":12}},{"id":"2b0cd130-517a-4fc6-b0ef-3c59be67523e","block_type":"box","text":"transition. Similarly, the dedicated team generally suppor ts management’s proposal on a progress repor t if the","page_number":244,"box":{"x":68,"y":203,"width":792,"height":12}},{"id":"d8687257-d4cd-414a-b9bd-b1c6f3f9b08a","block_type":"box","text":"company has clearly explained its progress against, and any deviations from or changes to, its stated low-carbon","page_number":244,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"44c53a95-7af0-4d5c-b7b2-5e884a5133f5","block_type":"box","text":"transition plan and targets.","page_number":244,"box":{"x":68,"y":234,"width":193,"height":11}},{"id":"ecbfec0d-0cc8-4af7-b440-33538ddb87bc","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":244,"box":{"x":68,"y":264,"width":495,"height":11}},{"id":"73c213ac-9708-450d-a9bb-d4dc0c087b93","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":244,"box":{"x":102,"y":287,"width":777,"height":11}},{"id":"43a0ee26-1a23-4f26-bdf5-39f7c92cecce","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics and have varying degrees","page_number":244,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"c5b305da-0a03-485e-96db-650da091779b","block_type":"box","text":"of relevance for companies across sectors, locations, and business models.","page_number":244,"box":{"x":69,"y":317,"width":543,"height":11}},{"id":"0192a642-9df0-4556-ad1e-b7b5bb3bcd78","block_type":"box","text":"Each shareholder proposal is evaluated on a case-by-case basis, focusing on its merit while considering the","page_number":244,"box":{"x":102,"y":339,"width":767,"height":12}},{"id":"04091e49-23d5-4c43-8784-a1b3df5750ef","block_type":"box","text":"company’s individual circumstances. 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The dedicated team assesses the implications for, and the relevance to, the","page_number":244,"box":{"x":68,"y":407,"width":770,"height":12}},{"id":"b0266146-db67-472c-b247-ddd8088920e7","block_type":"box","text":"company’s stated low-carbon transition strategy and targets. Under the Guidelines, the team may suppor t","page_number":244,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"932ce197-f7eb-47ca-a260-5dcf8aeeb1e9","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":244,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"8d89e95e-57dd-41f7-918d-9868999c8abc","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"c27184a8-fc01-41f2-9bea-3dedf6169223","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":244,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"0ae11b9b-7168-4944-a9ff-587cc043e226","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":244,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"5de97431-3df7-4ad4-b30b-8e39fcd8d259","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"c0382baa-0a3f-426d-8550-a9a9fbbb59ad","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":244,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"7ab42ff9-1151-4241-be09-15d7f44b58ac","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":244,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"d1a97d08-74ec-4061-b506-8ffeda448f8c","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"11ef11e0-b739-415c-aa1d-e679999692a6","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":244,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"94d3af06-31af-4bf0-8e84-e0892f044669","block_type":"box","text":"•","page_number":244,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"50760d98-706f-4774-b1c3-2e80c21cbf7d","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":244,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"e83074f6-8389-4a39-8d1a-8e63aed3f351","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":244,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"77ba0b46-1dc8-45fc-ba0e-730454499ea5","block_type":"box","text":"25","page_number":244,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"a3994b40-d8b4-4a63-9572-7a7fccf72222","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":244,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"0898eccf-30b9-404d-87f1-e75c68f338fc","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":244,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"e5614949-f0e9-4eff-b6e8-6d8123b7ea2a","block_type":"box","text":"RELATED MATTERS","page_number":244,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"f7a9fe4a-93dc-4143-8e6d-3fb9e9f98872","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":244,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"d2ac6d1a-1c06-4b90-99db-96b916a70c40","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":244,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"8acdc7d4-c476-4122-8c93-277c860d6902","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. 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Some companies, in light of their long-term strategy, may decide to include relevant","page_number":244,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"04ea1f0d-70be-4bd9-a98a-5c165d3f7cdb","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":244,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"a00f3fc0-80f4-4547-86f2-b80fe06102d0","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":244,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"8fb97910-20c8-47e6-942d-df124dd3bc61","block_type":"box","text":"24","page_number":244,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"f3f67c9e-7447-4e0b-b260-37dd68522b2f","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":244,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"f070fd65-f798-4cc7-8a0a-d0abe11ec70c","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":244,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"0e2ce624-5a69-4d2c-b3e5-f1202fa8051e","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. 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The team notes that assurance of corporate disclosures related to climate risk and the","page_number":245,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"ca07c524-0884-4ace-81d5-3ac4bfd44aa6","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":245,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"cd02e2cf-5660-4e4b-b799-98febdbeb984","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":245,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"510be196-4289-4b7c-937a-baabad29be1d","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":245,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"4c8cdd7a-67a2-42be-a1e9-2ef67b15c5ea","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":245,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"4d052840-788e-48fe-97fe-1bc372db6cd2","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":245,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"9e7aa33b-15ab-4591-9293-f83e86471a1b","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":245,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"69fe5d92-f2f5-4a75-a4e7-47b0b6ff12f7","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":245,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"046303ce-fae7-4a1d-a7fa-a45cd71c49dc","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":245,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"3b251612-2024-4973-bb88-843f3746968c","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":245,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"7414b4b1-d510-4e26-9507-fbffead1f0f3","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":245,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"94996cda-36b3-47a4-8f64-e89043c2d8c1","block_type":"box","text":"stakeholders.","page_number":245,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"93fa69b5-8b78-4cc4-898f-f4aaa6925fe7","block_type":"box","text":"26","page_number":245,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"3eb490ac-7318-4d35-910a-6fe104a3ddbe","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":245,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"c42e0772-11d2-4a8e-8b4a-66f81c018aad","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":245,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"8dd0169b-f988-42e0-83a1-c3c8a8263208","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. 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The economic transformation is being driven by changes in","page_number":246,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"4cbaa97d-e39c-4c35-a900-d774c4efe32b","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":246,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"2dae077a-baa0-4d09-89be-a473814a586a","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":246,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"25f62d8d-c2f5-4ec9-921b-63cd371b29df","block_type":"box","text":"Decarbonization:","page_number":246,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"42f7ca15-5548-47fe-8579-468862bfba5b","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":246,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"e0de77ef-d343-46ee-b511-90e92222b7cb","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":246,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"5ab3e60a-2544-4afd-bc4d-38f0725c74f7","block_type":"box","text":"individual consumers. Sometimes the concept is understood to include the reduction and elimination of other GHG,","page_number":246,"box":{"x":70,"y":271,"width":820,"height":11}},{"id":"4ea58409-916e-47c6-97ba-183cde0bbfdb","block_type":"box","text":"e.g., methane.","page_number":246,"box":{"x":69,"y":287,"width":102,"height":11}},{"id":"79fe06cd-3fe1-4bce-b052-28f891646fd0","block_type":"box","text":"Climate-related risks and opportunities:","page_number":246,"box":{"x":101,"y":309,"width":289,"height":11}},{"id":"90949048-7a1b-4156-8ea1-e7b5e4f89c86","block_type":"box","text":"The investment oppor tunities and risks associated with the transition","page_number":246,"box":{"x":396,"y":309,"width":495,"height":11}},{"id":"3d6b5390-2c23-4b97-8ec8-1117729bab44","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":246,"box":{"x":68,"y":325,"width":838,"height":11}},{"id":"82c4962c-1c49-494d-9e33-bd2e6be29b60","block_type":"box","text":"to physical climate change.","page_number":246,"box":{"x":68,"y":340,"width":193,"height":11}},{"id":"1b87dd6b-75b8-46a5-aab1-0bd471037361","block_type":"box","text":"Climate-related transition plan:","page_number":246,"box":{"x":101,"y":362,"width":226,"height":11}},{"id":"d622e801-8352-4a9d-99cc-ee50b272c5fb","block_type":"box","text":"“An aspect of an entity’s overall strategy that lays out the entity’s targets,","page_number":246,"box":{"x":334,"y":362,"width":525,"height":11}},{"id":"d5ad49c9-0116-4159-96c7-29276e8dd727","block_type":"box","text":"actions or resources for its transition towards a lower-carbon economy, including actions such as reducing its","page_number":246,"box":{"x":69,"y":377,"width":778,"height":12}},{"id":"4addf02d-6cd9-4307-ab50-6240f559f891","block_type":"box","text":"greenhouse gas emissions.”","page_number":246,"box":{"x":68,"y":393,"width":203,"height":11}},{"id":"20efe44c-40a2-4fde-aa52-0a8b586e8d38","block_type":"box","text":"27","page_number":246,"box":{"x":273,"y":393,"width":9,"height":4}},{"id":"525e053c-7616-4433-b847-f4f215d4f1a6","block_type":"box","text":"Science-based GHG emissions reduction targets:","page_number":246,"box":{"x":101,"y":415,"width":356,"height":11}},{"id":"f6c80e4d-4029-463c-a6f4-da10ea16f2c3","block_type":"box","text":"Targets that “","page_number":246,"box":{"x":463,"y":415,"width":96,"height":11}},{"id":"99c0e2cd-a86a-4e4a-9215-54f454bc69ab","block_type":"box","text":"are in line with what the latest climate science","page_number":246,"box":{"x":569,"y":415,"width":331,"height":9}},{"id":"318fbabf-69c6-406e-bd68-0727f59372f9","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":246,"box":{"x":69,"y":430,"width":822,"height":11}},{"id":"633a5d70-3aca-4657-9bc1-66f349a94774","block_type":"box","text":"levels. Science-based targets give companies a clearly defined path to reduce GHG emissions in line with limiting","page_number":246,"box":{"x":70,"y":445,"width":806,"height":12}},{"id":"41845d22-6be9-4644-a919-bd9c4228f0e1","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":246,"box":{"x":68,"y":460,"width":824,"height":12}},{"id":"c5cfffb8-2785-49c2-abfd-4a6731809f41","block_type":"box","text":"with the Paris Agreement goals.”","page_number":246,"box":{"x":68,"y":476,"width":232,"height":11}},{"id":"f81cd2fa-57c1-4019-afd8-358f23982c06","block_type":"box","text":"28","page_number":246,"box":{"x":302,"y":476,"width":9,"height":4}},{"id":"b346ca97-ef12-4d72-bf8f-72620978ae57","block_type":"box","text":"Scope 1:","page_number":246,"box":{"x":101,"y":498,"width":63,"height":11}},{"id":"741bffe9-c815-4c38-ad2f-186541f4a0b0","block_type":"box","text":"Direct GHG emissions. Direct GHG emissions occur from sources that are owned or controlled by the","page_number":246,"box":{"x":172,"y":498,"width":718,"height":11}},{"id":"3a13422b-49db-45e3-bdd2-086ccd0474ae","block_type":"box","text":"company, for example, emissions from combustion in owned or controlled boilers, furnaces, vehicles, etc.; emissions","page_number":246,"box":{"x":69,"y":513,"width":836,"height":11}},{"id":"505a558a-b2a0-4a6f-8076-a9af748e69e6","block_type":"box","text":"from chemical production in owned or controlled process equipment.","page_number":246,"box":{"x":68,"y":528,"width":489,"height":11}},{"id":"57eb05ad-5279-4a60-acea-bcec17d09e74","block_type":"box","text":"29","page_number":246,"box":{"x":559,"y":529,"width":9,"height":4}},{"id":"3d792460-e2ac-4419-a993-20df90682164","block_type":"box","text":"Scope 2","page_number":246,"box":{"x":101,"y":551,"width":59,"height":11}},{"id":"30a1892a-f3a2-43c5-8fad-da7a0b6fa97d","block_type":"box","text":": Electricity indirect GHG emissions Scope 2 accounts for GHG emissions from the generation of","page_number":246,"box":{"x":162,"y":551,"width":685,"height":11}},{"id":"5bfd5da6-535f-482f-a076-e1c25a268713","block_type":"box","text":"purchased electricity [steam, and heating/cooling] consumed by the company. [It] is defined as electricity [steam,","page_number":246,"box":{"x":70,"y":566,"width":807,"height":11}},{"id":"f5bd49dc-79b8-4aa8-8a0f-9c8b1c5464d5","block_type":"box","text":"and heating/cooling] that is purchased or otherwise brought into the organizational boundary of the company.","page_number":246,"box":{"x":69,"y":581,"width":781,"height":12}},{"id":"f1bdb579-fc17-4fd8-9c53-15d038a60f79","block_type":"box","text":"30","page_number":246,"box":{"x":852,"y":582,"width":9,"height":4}},{"id":"feec9f17-ab20-4ce7-b152-3a3c08ada0c3","block_type":"box","text":"Scope 3:","page_number":246,"box":{"x":101,"y":604,"width":63,"height":11}},{"id":"2768e17c-a4dd-49c8-8c73-7f9311138944","block_type":"box","text":"Other indirect GHG emissions. Scope 3 is an optional repor ting category that allows for the treatment","page_number":246,"box":{"x":171,"y":604,"width":725,"height":11}},{"id":"664e73f9-d5f3-4c94-81a4-9b69c6d9e49e","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":246,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"fe9e16df-ffc2-4832-b730-1390888755a1","block_type":"box","text":"from sources not owned or controlled by the company.","page_number":246,"box":{"x":68,"y":634,"width":386,"height":11}},{"id":"8b77be03-d373-4c4d-a88e-1417ad0e1308","block_type":"box","text":"31","page_number":246,"box":{"x":456,"y":635,"width":9,"height":4}},{"id":"a339ddb5-fe9d-4d5e-805e-160574672c41","block_type":"box","text":"27","page_number":246,"box":{"x":69,"y":679,"width":8,"height":4}},{"id":"526ff83f-1f1e-4988-9c1a-bd6af1138794","block_type":"box","text":"As defined by the International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023..","page_number":246,"box":{"x":83,"y":679,"width":821,"height":11}},{"id":"1f757c07-fe7e-4330-931f-f1e49ecad442","block_type":"box","text":"Several jurisdictions are basing their own transition plan disclosure frameworks on the IFRS S2 definition. We","page_number":246,"box":{"x":69,"y":694,"width":779,"height":11}},{"id":"e44eb75f-15a8-496d-9587-26f0c9d7e82f","block_type":"box","text":"anticipate transition plan disclosure becoming mandatory in an increasing number of jurisdictions over the near term.","page_number":246,"box":{"x":69,"y":709,"width":836,"height":11}},{"id":"575e2841-5b15-4879-a68f-1f1984186ef0","block_type":"box","text":"28","page_number":246,"box":{"x":69,"y":727,"width":9,"height":4}},{"id":"f71a1656-f2d2-47cb-a338-11bdde0c4dfd","block_type":"box","text":"As defined by the Science Based Targets initiative (SBTi). SBTi “is a corporate climate action organization that","page_number":246,"box":{"x":83,"y":726,"width":785,"height":12}},{"id":"8a72fb02-524e-45e9-8a26-c81bbdece8af","block_type":"box","text":"enables companies and financial institutions worldwide to play their par t in combating the climate crisis. 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