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The portions of Part II of this Statement of Additional Information that do not relate to","page_number":21,"box":{"x":70,"y":354,"width":819,"height":12}},{"id":"1af6e87b-4ef8-4526-810e-9620ef996b0a","block_type":"box","text":"the Fund do not form a part of the Fund’s Statement of Additional Information, have not been incorporated by","page_number":21,"box":{"x":69,"y":369,"width":836,"height":12}},{"id":"cfba554d-605a-4990-abef-7317a3f97153","block_type":"box","text":"reference into the Fund’s Prospectuses and should not be relied upon by investors in the Fund. 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You may request a copy of the","page_number":21,"box":{"x":69,"y":430,"width":840,"height":12}},{"id":"7b0111c3-c52d-4366-b056-b3b3ae344daa","block_type":"box","text":"2025 Annual Financial Statements at no charge by calling (800) 441-7762 between 8:00 a.m. and 6:00 p.m.","page_number":21,"box":{"x":69,"y":445,"width":822,"height":12}},{"id":"60f82154-78ae-4e3b-a38f-0de2854c9e92","block_type":"box","text":"Eastern time on any business day.","page_number":21,"box":{"x":70,"y":460,"width":258,"height":12}},{"id":"a95486db-8cd4-450d-84a4-3ea2d10142b5","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":21,"box":{"x":103,"y":483,"width":767,"height":12}},{"id":"f8fef861-eb35-4753-8f03-97b5c3884ebf","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":21,"box":{"x":69,"y":498,"width":796,"height":12}},{"id":"d6cd33e5-814d-4613-a927-4ff3d2977b0d","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":21,"box":{"x":70,"y":513,"width":837,"height":12}},{"id":"cb25a405-2348-4abc-953a-1d574cb69774","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":21,"box":{"x":69,"y":528,"width":749,"height":12}},{"id":"4ae13963-c1aa-4e94-a276-0c90a477638d","block_type":"box","text":"Commission staff or other authority.","page_number":21,"box":{"x":70,"y":543,"width":274,"height":12}},{"id":"220c9715-3835-4cf5-ba07-ed23967b2b35","block_type":"box","text":"Class","page_number":21,"box":{"x":69,"y":572,"width":31,"height":7}},{"id":"bb1b599a-641d-4d9d-ba14-9db453c98640","block_type":"box","text":"Ticker Symbol","page_number":21,"box":{"x":827,"y":572,"width":82,"height":9}},{"id":"534723c1-ba8d-4cdd-a03c-d7569ff8a558","block_type":"box","text":"Investor A Shares","page_number":21,"box":{"x":70,"y":590,"width":124,"height":9}},{"id":"579d34a8-20a2-4138-9a74-e536addb4e9c","block_type":"box","text":".........................................................................","page_number":21,"box":{"x":208,"y":597,"width":588,"height":1}},{"id":"df95bcf8-debc-4f39-a539-bb36de6f59ed","block_type":"box","text":"BASMX","page_number":21,"box":{"x":844,"y":590,"width":50,"height":9}},{"id":"bd91e326-9bef-4198-9bdf-9beaef5af0c2","block_type":"box","text":"Institutional Shares","page_number":21,"box":{"x":70,"y":605,"width":137,"height":9}},{"id":"d8920e63-6503-4c5c-b09e-9ba2794485df","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Underwrite securities issued by others, except to the extent that the sale of por tfolio securities by the","page_number":28,"box":{"x":134,"y":135,"width":746,"height":11}},{"id":"9cd5312c-aab9-4ef8-92b3-c3a52d19e1f6","block_type":"box","text":"Fund may be deemed to be an underwriting or as otherwise permitted by applicable law.","page_number":28,"box":{"x":102,"y":151,"width":627,"height":11}},{"id":"9ffd70fb-8ae3-49e7-b592-077b5fb98b4a","block_type":"box","text":"6. Purchase or sell commodities or commodity contracts, except as permitted by the Investment Company","page_number":28,"box":{"x":134,"y":173,"width":757,"height":11}},{"id":"b4923859-9e99-4811-b167-c3eb3c593b79","block_type":"box","text":"Act.","page_number":28,"box":{"x":101,"y":188,"width":25,"height":9}},{"id":"08946b98-12a2-481c-9a10-e0c6e379552c","block_type":"box","text":"7. Make loans to the extent prohibited by the Investment Company Act.","page_number":28,"box":{"x":135,"y":211,"width":506,"height":11}},{"id":"ec31cdef-a803-4036-9283-bd5e985de700","block_type":"box","text":"8. Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":28,"box":{"x":134,"y":234,"width":729,"height":11}},{"id":"5e08494f-28a6-44b6-85f0-4f59c4dad7c9","block_type":"box","text":"Investment Company Act.","page_number":28,"box":{"x":102,"y":249,"width":179,"height":11}},{"id":"b4005fcb-09df-447a-98c9-d52b85b3cd23","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":28,"box":{"x":102,"y":272,"width":494,"height":11}},{"id":"76b1dd28-ecdb-4e1a-9c2f-ea0afd62d01f","block_type":"box","text":"The following notations are not considered to be par t of the Fund’s fundamental investment restrictions and are","page_number":28,"box":{"x":101,"y":294,"width":799,"height":11}},{"id":"cbf59a4f-9abc-4d47-bd59-461a627ccd05","block_type":"box","text":"subject to change without shareholder approval.","page_number":28,"box":{"x":69,"y":309,"width":341,"height":11}},{"id":"5e757b16-4ebb-4799-995b-2b5db3e7715e","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":28,"box":{"x":101,"y":332,"width":796,"height":11}},{"id":"9f8c3205-a6e1-4a1c-8c71-06f0484a7dfb","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":28,"box":{"x":68,"y":347,"width":811,"height":11}},{"id":"834ff594-22b8-485a-8f28-dfdf17afe4a3","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":28,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"ab171046-fa20-424b-94d0-1448491d8a59","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":28,"box":{"x":68,"y":377,"width":836,"height":12}},{"id":"c6c4e910-6b7c-43a2-b354-1fbb503185d5","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":28,"box":{"x":69,"y":392,"width":815,"height":12}},{"id":"1b5cfafb-dd74-4417-848b-976a2837105f","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":28,"box":{"x":70,"y":407,"width":813,"height":12}},{"id":"6b1e336d-dc62-455b-9ab4-9f17afc27ea0","block_type":"box","text":"securities of the U.S. Government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":28,"box":{"x":69,"y":423,"width":823,"height":11}},{"id":"4b556bd7-f1d7-40bf-8248-096ced935427","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":28,"box":{"x":69,"y":438,"width":809,"height":11}},{"id":"1d49d229-09bf-40bb-9da5-a457667975d1","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":28,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"701994b8-81fb-43af-984c-590cbeaa5eb3","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":28,"box":{"x":69,"y":468,"width":824,"height":11}},{"id":"6ae3da38-5321-44c6-9fa5-b3ed72070884","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":28,"box":{"x":67,"y":483,"width":829,"height":11}},{"id":"06e86a46-51db-4ebe-9053-d05cabc0aedd","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":28,"box":{"x":69,"y":498,"width":805,"height":11}},{"id":"b6f8386d-e2c0-4ff6-b3a3-d747fe1d45d5","block_type":"box","text":"member of a separate industry. With respect to the Fund’s industry classifications, the Fund currently utilizes any one","page_number":28,"box":{"x":69,"y":513,"width":840,"height":11}},{"id":"bb4f1567-e24e-494f-8126-7c5c90ef8188","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":28,"box":{"x":69,"y":528,"width":803,"height":12}},{"id":"defc602b-679c-42f7-957e-e16d742f13bf","block_type":"box","text":"indexes, and/or as defined by Fund management. The policy also will be interpreted to give broad authority to the","page_number":28,"box":{"x":70,"y":543,"width":807,"height":12}},{"id":"8bdbf9a3-3f49-4dcb-8cfe-5d74f3084a8e","block_type":"box","text":"Fund as to how to classify issuers within or among industries.","page_number":28,"box":{"x":70,"y":559,"width":438,"height":11}},{"id":"5d2c5a86-a2ef-445d-baab-f3209b9b5cfc","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":28,"box":{"x":101,"y":581,"width":750,"height":12}},{"id":"cc53e8c2-fa5f-4207-860b-2ab20d53a4dc","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to one-third of the Fund’s total assets from banks","page_number":28,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"8d75f1cf-86de-4600-849a-9c5418521fd3","block_type":"box","text":"for any purpose, and to borrow up to 5% of the Fund’s total assets from banks or other lenders for temporary","page_number":28,"box":{"x":68,"y":612,"width":781,"height":11}},{"id":"877bc851-945e-4a20-9bde-23d28e988a88","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":28,"box":{"x":70,"y":627,"width":815,"height":11}},{"id":"0a514836-19de-4de1-997b-03fa5d7c57c5","block_type":"box","text":"the Investment Company Act requires the Fund to maintain at all times an “asset coverage” of at least 300% of the","page_number":28,"box":{"x":68,"y":642,"width":825,"height":11}},{"id":"d488417a-da02-4063-a295-2c007eee5716","block_type":"box","text":"amount of its borrowings. Asset coverage means the ratio that the value of the Fund’s total assets (including","page_number":28,"box":{"x":69,"y":657,"width":777,"height":11}},{"id":"87c70f4d-0719-483b-b456-83cf313afcc2","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":28,"box":{"x":69,"y":672,"width":776,"height":11}},{"id":"3d4014a9-7ad5-4778-9491-c9a1860d374c","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as “leveraging.” Cer tain trading practices and investments,","page_number":28,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"c1a884f3-0740-46a1-b964-e777293b6bfb","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":28,"box":{"x":69,"y":703,"width":788,"height":11}},{"id":"f4d5cba6-fa2b-4c28-8e04-6a70e4535aa8","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":28,"box":{"x":69,"y":717,"width":813,"height":12}},{"id":"5d5eb382-cb7c-4ae2-9935-48f76b8d227a","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":28,"box":{"x":68,"y":732,"width":802,"height":12}},{"id":"6319300a-46f2-4549-ac61-ede90a7d52cf","block_type":"box","text":"either (i) maintain asset coverage of at least 300% with respect to such transactions and any other borrowings in the","page_number":28,"box":{"x":69,"y":748,"width":834,"height":11}},{"id":"26be23c7-4861-4795-bc0e-51d618649f2d","block_type":"box","text":"aggregate, or (ii) treat such transactions as “derivatives transactions” and comply with Rule 18f-4 with respect to","page_number":28,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"7b1a33cb-a057-4939-98ee-0c57869fc6bc","block_type":"box","text":"such transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":28,"box":{"x":69,"y":778,"width":831,"height":11}},{"id":"a6f1505f-a9ee-4fad-a835-237091b3679f","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":28,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"8bca106e-2a9c-4347-bbb1-cfb5bb714c16","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":28,"box":{"x":69,"y":808,"width":643,"height":11}},{"id":"cb8cdb66-32df-41e9-82bf-bbf600bf0843","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":28,"box":{"x":101,"y":831,"width":788,"height":11}},{"id":"de4643fb-0ce6-40ef-9be5-87bfeda58111","block_type":"box","text":"Act does not prohibit the Fund from engaging in the underwriting business or from underwriting the securities of other","page_number":28,"box":{"x":68,"y":846,"width":840,"height":11}},{"id":"34dcdff1-68e6-47ed-a362-00090635bd7e","block_type":"box","text":"issuers; in fact, in the case of diversified funds, the Investment Company Act permits a fund to have underwriting","page_number":28,"box":{"x":70,"y":861,"width":808,"height":11}},{"id":"bffaeca2-4a69-4ff8-8cde-59a6f6f69162","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":28,"box":{"x":69,"y":876,"width":811,"height":11}},{"id":"862ca15c-ee1b-488c-8aec-d90d6198dc7a","block_type":"box","text":"amount of the fund’s underwriting commitments, when added to the value of the fund’s investments in issuers where","page_number":28,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"e1eca583-1154-410e-a0cb-e24598718111","block_type":"box","text":"the fund owns more than 10% of the outstanding voting securities of those issuers, cannot exceed the 25% cap. A","page_number":28,"box":{"x":68,"y":906,"width":818,"height":12}},{"id":"bf64c1c0-5422-4da1-9a8a-66effcf24e82","block_type":"box","text":"I-6","page_number":28,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"26332bd3-1962-445c-920d-5557855e9afd","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":28,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84b44684-fc86-4276-934e-21400c4e6732","block_type":"box","text":"fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered to be","page_number":29,"box":{"x":68,"y":45,"width":826,"height":11}},{"id":"f00919ba-3079-41b5-9afc-8237edadc13f","block_type":"box","text":"an underwriter under the Securities Act of 1933, as amended (the “Securities Act”). Although it is not believed that","page_number":29,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"d3265d7d-7b3f-44ae-8b62-a13cf4299685","block_type":"box","text":"the application of the Securities Act provisions described above would cause a fund to be engaged in the business of","page_number":29,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"e9dd931c-c284-4bfa-b24e-cdf706161d13","block_type":"box","text":"underwriting, the policy in (5) above will be interpreted not to prevent a fund from engaging in transactions involving","page_number":29,"box":{"x":69,"y":90,"width":823,"height":11}},{"id":"584b93d3-4dac-4c40-8678-3b411cc4b1cb","block_type":"box","text":"the acquisition or disposition of por tfolio securities, regardless of whether the fund may be considered to be an","page_number":29,"box":{"x":68,"y":105,"width":796,"height":11}},{"id":"2a761246-1f59-4471-aba7-d8fcc7971a33","block_type":"box","text":"underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":29,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"cdd21017-5959-490a-9e84-f4d556b3dbfe","block_type":"box","text":"applicable law.","page_number":29,"box":{"x":69,"y":136,"width":102,"height":10}},{"id":"35b22764-6e61-41b7-9b50-2cfbbfa6fa52","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":29,"box":{"x":101,"y":158,"width":778,"height":11}},{"id":"b6a6da8e-7fb8-49a4-a09a-56da50e79cd1","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":29,"box":{"x":69,"y":173,"width":756,"height":11}},{"id":"8c93866d-bb71-4364-92ef-a8d4c6c4a36c","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":29,"box":{"x":70,"y":188,"width":807,"height":12}},{"id":"c558deab-a556-4119-ba61-fb18c42841d4","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":29,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"5f71dc29-c3c5-4325-81fa-3949ed12537c","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":29,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"d5f60063-f48a-4c10-8dca-a47f523501d1","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":29,"box":{"x":70,"y":234,"width":803,"height":11}},{"id":"60213abb-3f6e-465f-818a-ca9172803d43","block_type":"box","text":"loans.","page_number":29,"box":{"x":70,"y":249,"width":40,"height":9}},{"id":"3c85b1ae-1f6c-40ad-9b88-e419fc67f8bf","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":29,"box":{"x":101,"y":271,"width":777,"height":12}},{"id":"c7959edc-6588-4052-b460-dade921dd9ab","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":29,"box":{"x":70,"y":286,"width":751,"height":12}},{"id":"a2d65d5b-7c83-4d6f-8ce1-cb92f9dc0900","block_type":"box","text":"Government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":29,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"229dede5-74fd-44fb-a9fe-a43c701aba82","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":29,"box":{"x":69,"y":317,"width":827,"height":11}},{"id":"56494ba9-3c30-4cb3-914f-ea3688f78a7f","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":29,"box":{"x":69,"y":332,"width":781,"height":11}},{"id":"44d37ffb-aac2-49e9-9a3a-b915da7f010a","block_type":"box","text":"remaining 25% of its total assets, a Fund can invest more than 5% of its assets in one issuer. With respect to the","page_number":29,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"a94c8bee-76d9-4c46-8a5b-b499528c2906","block_type":"box","text":"fundamental policy relating to diversification set for th in (8) above, the Fund intends to be diversified in approximately","page_number":29,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"02a70b87-cfb1-4d04-b9e0-1f7e19e2fc2c","block_type":"box","text":"the same propor tion as its Underlying Index (as defined in the Fund’s Prospectus) is diversified. Under the","page_number":29,"box":{"x":68,"y":377,"width":758,"height":12}},{"id":"35877a12-fca9-4bbe-bae1-4d43c4bcdda2","block_type":"box","text":"Investment Company Act, a Fund cannot change its classification from diversified to non-diversified without","page_number":29,"box":{"x":70,"y":392,"width":760,"height":12}},{"id":"2c1a65b9-5af9-4354-9481-d5a5bc6cd69c","block_type":"box","text":"shareholder approval. However, while the Fund is classified as “diversified,” under applicable no-action relief from the","page_number":29,"box":{"x":69,"y":407,"width":838,"height":11}},{"id":"f24a6210-66a5-4139-9aff-ed2cfafc5e9e","block_type":"box","text":"SEC staff, the Fund may become non-diversified, as defined in the Investment Company Act, solely as a result of a","page_number":29,"box":{"x":69,"y":423,"width":816,"height":11}},{"id":"bb6af1a8-3aeb-4871-ba1a-fc02c2bcc06a","block_type":"box","text":"change in relative market capitalization or index weighting of one or more constituents of its Underlying Index, and","page_number":29,"box":{"x":69,"y":438,"width":811,"height":11}},{"id":"d0095ee6-3853-4830-b349-93a1fe8bdeb8","block_type":"box","text":"such a change will not require shareholder approval.","page_number":29,"box":{"x":69,"y":453,"width":371,"height":11}},{"id":"a0057021-2fca-4f02-af5b-b906c6418ecc","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":29,"box":{"x":102,"y":475,"width":768,"height":12}},{"id":"17b4f305-5c48-4448-84da-630d858a0cc9","block_type":"box","text":"approval, the Fund may not:","page_number":29,"box":{"x":69,"y":491,"width":197,"height":11}},{"id":"238fabdc-034a-4905-ad48-f5966bda5ea2","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":29,"box":{"x":134,"y":513,"width":742,"height":11}},{"id":"42b58316-4b0c-40e3-89ef-884fb15f37db","block_type":"box","text":"Company Act. As a matter of policy, however, the Fund will not purchase shares of any registered open-end","page_number":29,"box":{"x":102,"y":528,"width":759,"height":12}},{"id":"fff3b2a2-76e7-4aca-87db-12d7cdbc9921","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":29,"box":{"x":102,"y":543,"width":779,"height":12}},{"id":"5f7e6199-d641-4f50-8067-9c6136fe91f8","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":29,"box":{"x":101,"y":559,"width":761,"height":11}},{"id":"15d89092-d985-4ce7-90ac-53ca520b4fb3","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":29,"box":{"x":102,"y":574,"width":795,"height":11}},{"id":"5be26340-801c-4e5e-b396-053768f5caa6","block_type":"box","text":"12(d)(1).","page_number":29,"box":{"x":102,"y":589,"width":60,"height":11}},{"id":"61e43d36-d35a-450f-a7eb-a223caeff2e6","block_type":"box","text":"b. Make shor t sales of securities or maintain a shor t position, except to the extent permitted by the Fund’s","page_number":29,"box":{"x":134,"y":612,"width":765,"height":11}},{"id":"846f4fc1-6e6b-4b99-9ca8-698a949874f4","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":29,"box":{"x":102,"y":627,"width":509,"height":11}},{"id":"f71667de-f3df-4a21-bdae-5e1242ee33e5","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":29,"box":{"x":102,"y":649,"width":744,"height":11}},{"id":"d22330e8-5ff6-4c5e-9c5d-ce2f76791737","block_type":"box","text":"restrictions apply only at the time that a transaction is under taken. Any change in the percentage of the Fund’s","page_number":29,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"6eb8a988-7510-4eb5-85f1-5321f1764ef1","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":29,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"98ea7d2e-01ba-499b-9883-3cbb0359aaad","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BlackRock determines that it is","page_number":29,"box":{"x":70,"y":695,"width":780,"height":11}},{"id":"2be54985-0831-4828-8627-08abf45415bc","block_type":"box","text":"practicable to sell or close out the investment without undue market or tax consequences.","page_number":29,"box":{"x":70,"y":710,"width":642,"height":11}},{"id":"3daf7021-0624-47bc-a7ed-6fa23bfd6911","block_type":"box","text":"III. Information on Trustees and Officers","page_number":29,"box":{"x":69,"y":740,"width":290,"height":9}},{"id":"a19cd522-c65f-4a39-9d36-1593dcbb5a7d","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":29,"box":{"x":101,"y":763,"width":789,"height":11}},{"id":"eb7d83ad-7ee7-4614-858d-bedbe0143fcb","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":29,"box":{"x":68,"y":778,"width":779,"height":11}},{"id":"53f4a2c1-57be-4bfc-b8b9-38af1254fbc4","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":29,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"38e5710f-7600-415d-b086-c4314993e344","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":29,"box":{"x":70,"y":808,"width":793,"height":11}},{"id":"6681a6c9-160d-4002-8532-7233babe7c02","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":69,"y":823,"width":822,"height":11}},{"id":"616df7a4-990c-4782-92f8-69c80849c65a","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":29,"box":{"x":68,"y":838,"width":837,"height":12}},{"id":"f8789824-2709-4411-a23e-e10be860b1fc","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":29,"box":{"x":70,"y":854,"width":335,"height":10}},{"id":"efbf1776-1e17-4960-9540-e1154577751c","block_type":"box","text":"The Board has overall responsibility for the oversight of the Trust and the Fund. The Chair of the Board is an","page_number":29,"box":{"x":101,"y":876,"width":769,"height":11}},{"id":"e52ddcca-b0ef-4ba5-a6eb-718f12ccf9f8","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":29,"box":{"x":70,"y":891,"width":827,"height":11}},{"id":"b9c66109-dc1f-4e26-a00e-c433d91264f3","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":29,"box":{"x":70,"y":906,"width":821,"height":12}},{"id":"e136fb36-c93b-4c51-88ab-4b419b52fd09","block_type":"box","text":"I-7","page_number":29,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"0e042f5c-1876-4b8e-b0d3-4cc532f0ddad","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":29,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f26c59a9-c88f-49e7-999c-45b5119def23","block_type":"box","text":"Committee, a Per formance Oversight Committee and an Ad Hoc Topics Committee. The role of the Chair of the Board","page_number":30,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"8114205f-f6e3-42f7-8e55-4668132891ee","block_type":"box","text":"is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys and other","page_number":30,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"e6c9e419-04c6-461d-8b6c-192ac95e4f9d","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":30,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"de409bea-2db7-4bf6-b39f-d29027048742","block_type":"box","text":"Committee. The Chair of the Board or the Chair of a Committee may also per form such other functions as may be","page_number":30,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"b64a989a-c9db-444f-b86b-5d3bd7153bed","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":30,"box":{"x":69,"y":105,"width":809,"height":11}},{"id":"8f601461-78fb-4c64-9a41-c4cd9ae8cf35","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":30,"box":{"x":70,"y":120,"width":794,"height":12}},{"id":"97bda154-5b3e-4b1d-80be-baddea1efb76","block_type":"box","text":"regular meetings five times a year, and may hold special meetings if required before its next regular meeting. Each","page_number":30,"box":{"x":69,"y":135,"width":816,"height":12}},{"id":"ebd7268b-59f1-46ff-9eba-ec1f121f5227","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":30,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"7dad9b80-4f26-4991-afb0-04a865c55bc7","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":30,"box":{"x":70,"y":166,"width":811,"height":11}},{"id":"c538117c-e88b-473f-ba31-0dbe145a590a","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":30,"box":{"x":68,"y":181,"width":809,"height":11}},{"id":"d4238191-5904-4aad-a40e-371157ef4449","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":30,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"8d184f9a-1317-43ab-9553-a4277e487ee3","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":30,"box":{"x":69,"y":211,"width":441,"height":11}},{"id":"2acccdb2-e810-4c59-825f-cc69aa8ae81f","block_type":"box","text":"The Board has engaged the Manager to manage the Fund on a day-to-day basis. The Board is responsible for","page_number":30,"box":{"x":101,"y":234,"width":777,"height":11}},{"id":"2208657b-5b1b-4afa-95ae-4383744f7995","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":30,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"a5d97f69-6526-4dd2-b65c-17c9c6792799","block_type":"box","text":"the provisions of the Investment Company Act, state law, other applicable laws, the Trust’s char ter, and the Fund’s","page_number":30,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"a0c2e0ac-9c43-486c-bb6a-0fa61e42515a","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":30,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"a320126a-6362-475f-9688-8b0baf2c3705","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":30,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"a3599520-a61f-4dac-ac86-35f34f2a18fc","block_type":"box","text":"the operations of the Fund.","page_number":30,"box":{"x":68,"y":309,"width":192,"height":11}},{"id":"eefb427a-d46a-42e5-9d7e-7a735122e0be","block_type":"box","text":"Day-to-day risk management with respect to the Fund is the responsibility of the Manager or of sub-advisers or","page_number":30,"box":{"x":102,"y":332,"width":785,"height":11}},{"id":"ee53d4b3-0187-4d5b-9528-a035980962f8","block_type":"box","text":"other service providers (depending on the nature of the risk), subject to the supervision of the Manager. The Fund is","page_number":30,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"2f4c6ddb-5390-490e-8b0a-213935514c57","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":30,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"7ce21dcd-b558-4a33-a6b7-d56cd1a7b37a","block_type":"box","text":"there are a number of risk management functions per formed by the Manager and the sub-advisers or other service","page_number":30,"box":{"x":68,"y":377,"width":820,"height":12}},{"id":"3d138a47-1248-4b92-8f7c-f5732833a131","block_type":"box","text":"providers, as applicable, it is not possible to eliminate all of the risks applicable to the Fund. Risk oversight forms","page_number":30,"box":{"x":70,"y":392,"width":811,"height":12}},{"id":"33ac4e02-5fcd-4542-880d-c5d741affd4d","block_type":"box","text":"par t of the Board’s general oversight of the Fund and is addressed as par t of various Board and Committee","page_number":30,"box":{"x":70,"y":407,"width":767,"height":12}},{"id":"942955b9-fa8c-42e7-8ad7-19908e32d9e9","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":30,"box":{"x":69,"y":423,"width":815,"height":11}},{"id":"72e2a37d-d0e5-48d7-888f-d1b8153d506a","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":30,"box":{"x":70,"y":438,"width":803,"height":11}},{"id":"affa84ee-1010-4bc8-8a5c-3a516a42ff2e","block_type":"box","text":"adviser or its affiliates, as appropriate, regarding risks faced by the Fund and management’s or the service provider’s","page_number":30,"box":{"x":69,"y":453,"width":840,"height":11}},{"id":"0453037e-4fe8-4af6-a206-cc40a098026a","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":30,"box":{"x":69,"y":468,"width":812,"height":11}},{"id":"c523106f-390c-47a6-8243-d0a44f0ebea1","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":30,"box":{"x":69,"y":483,"width":817,"height":11}},{"id":"b4c7dbac-4d53-444e-8ab3-83321f4f47d8","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":30,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"35f8c7a5-0455-4577-bfec-41ee25b73746","block_type":"box","text":"testing of the Trust’s compliance program and repor ts to the Board regarding compliance matters for the Fund and","page_number":30,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"90173488-2f55-412f-a81d-94425c605167","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":30,"box":{"x":70,"y":529,"width":759,"height":11}},{"id":"feb50045-7128-4354-9005-1e9b3e480987","block_type":"box","text":"per forming their oversight responsibilities.","page_number":30,"box":{"x":70,"y":543,"width":299,"height":12}},{"id":"d23b0fd2-083a-46d3-a006-5ba887a6d6a8","block_type":"box","text":"Audit Committee.","page_number":30,"box":{"x":101,"y":566,"width":122,"height":9}},{"id":"f2759d29-0bc8-4970-b3dc-69fc7307b113","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":30,"box":{"x":229,"y":566,"width":673,"height":11}},{"id":"de2a411a-9265-4b08-9b27-e1752f223358","block_type":"box","text":"A. Cotty, Lori Richards, Kenneth L. Urish and Claire A. Walton, all of whom are Independent Trustees. The principal","page_number":30,"box":{"x":68,"y":581,"width":814,"height":11}},{"id":"85e610d6-e2a4-451e-a1f0-7957aa9183b7","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":30,"box":{"x":69,"y":596,"width":826,"height":11}},{"id":"78eb3fc2-8280-4fd8-a908-6c092786ff86","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":30,"box":{"x":69,"y":612,"width":753,"height":11}},{"id":"888b0ddd-451c-4587-b39a-3c49d6d2f019","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":30,"box":{"x":70,"y":627,"width":797,"height":11}},{"id":"0fc0550b-70f6-4d7c-92a7-56b81f189c1f","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":30,"box":{"x":70,"y":642,"width":825,"height":11}},{"id":"afd9abaf-db09-496b-b4a5-3d8186b34a60","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":30,"box":{"x":70,"y":657,"width":807,"height":11}},{"id":"dd8e6d86-e20d-4fa5-9141-b60c4c725eae","block_type":"box","text":"fees for the Fund; (3) review the conduct and results of each independent audit of the Fund’s annual financial","page_number":30,"box":{"x":68,"y":672,"width":781,"height":11}},{"id":"f08969d8-f417-4f9f-932f-15d7be609d42","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":30,"box":{"x":69,"y":687,"width":834,"height":11}},{"id":"e327f3fb-098b-412c-93b9-9060187fc368","block_type":"box","text":"regarding the accounting or financial repor ting policies and practices of the Fund and the internal controls of the Fund","page_number":30,"box":{"x":69,"y":702,"width":838,"height":12}},{"id":"3f45b977-7cea-4cfa-8654-bfbc14dd09a3","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":30,"box":{"x":69,"y":717,"width":825,"height":12}},{"id":"0372f89d-002e-4640-8c9c-d1682aa989ed","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":30,"box":{"x":70,"y":733,"width":809,"height":11}},{"id":"bcb678d6-6a0b-42e6-8335-d3d239b69eeb","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":30,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"b1c22ae3-bdb6-4dfa-b649-b2911d96fabe","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":30,"box":{"x":69,"y":763,"width":774,"height":11}},{"id":"a0486199-aa87-49da-8d48-6297ab43a6a4","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":30,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"6ec7d83d-ea74-4993-a851-5227f3c8a51e","block_type":"box","text":"regarding financial repor ting; and (9) under take such other duties and responsibilities as may from time to time be","page_number":30,"box":{"x":69,"y":793,"width":819,"height":11}},{"id":"34c4c784-8e1e-4e75-9044-faab55ada601","block_type":"box","text":"delegated by the Board to the Audit Committee. The Board has adopted a written char ter for the Audit Committee.","page_number":30,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"2dc69c0f-6790-4574-8a96-dbfd64e12f91","block_type":"box","text":"During the fiscal year ended July 31, 2025, the Audit Committee met four times.","page_number":30,"box":{"x":70,"y":823,"width":571,"height":12}},{"id":"8196155c-fd7b-47e5-9a3c-6ed89a5080a4","block_type":"box","text":"Governance and Nominating Committee.","page_number":30,"box":{"x":102,"y":846,"width":286,"height":11}},{"id":"16fd83fa-fc9b-40a3-9a05-54043c346505","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":30,"box":{"x":394,"y":846,"width":464,"height":11}},{"id":"857c9a47-22fb-44e1-a7d5-b6998d30cfa9","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":30,"box":{"x":70,"y":861,"width":833,"height":11}},{"id":"cafbba92-30a3-4717-bcba-9bdc000e9a3e","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":30,"box":{"x":69,"y":876,"width":769,"height":11}},{"id":"e0def9c3-1ab3-41bf-8352-7529d03c617b","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":30,"box":{"x":69,"y":891,"width":802,"height":11}},{"id":"079291cd-ed49-4c6b-b072-613a5d596183","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":30,"box":{"x":70,"y":906,"width":819,"height":12}},{"id":"73cc3037-ed77-4225-8f76-5c36ddf2afc7","block_type":"box","text":"I-8","page_number":30,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"d915564c-0168-40ad-9546-7b71f5a596be","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":30,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9e53f6c-4765-4fb2-be6d-b219f18a7e98","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":31,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"092e94c1-7da5-4dec-a1e5-4e1585428d0f","block_type":"box","text":"self-assessments of the Board and committees of the Board (other than the Audit Committee); (4) review and make","page_number":31,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"67e034d0-b28d-450d-801a-429ff7d65cba","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":31,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"6e1fd7c0-5b3a-4011-b8eb-eff562054e7c","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":31,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"a067701d-bf16-412e-a9a0-1c0d695a0f68","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":31,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"5c0631aa-7f0b-478f-aa74-da0ab82174b1","block_type":"box","text":"they relate to Independent Trustees; and (7) under take such other duties and responsibilities as may from time to","page_number":31,"box":{"x":68,"y":120,"width":815,"height":11}},{"id":"2b979368-f239-49d8-9b46-e45bd8bfdc3b","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":31,"box":{"x":68,"y":135,"width":841,"height":12}},{"id":"232fe40a-f372-4579-93c9-ff3d51ab5fa7","block_type":"box","text":"for Trustees made by the Fund’s shareholders as it deems appropriate. Under the Trust’s Amended and Restated","page_number":31,"box":{"x":68,"y":150,"width":809,"height":12}},{"id":"5234496a-f3e9-4417-8a56-6cdd4f02f05b","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":31,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"d221ace5-40ac-4fac-9e65-9f2d0f01da9d","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":31,"box":{"x":68,"y":181,"width":792,"height":11}},{"id":"170cbbd4-bb96-48a4-90eb-1ac970df12a4","block_type":"box","text":"notice of the proposed nominee to the Secretary of the Trust must be delivered to or mailed and received at the","page_number":31,"box":{"x":69,"y":196,"width":798,"height":11}},{"id":"f0a91ab6-e5ab-4726-a26a-be322c5aa655","block_type":"box","text":"principal executive offices of the Trust not later than the close of business on the fifth day following the day on which","page_number":31,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"38e539f0-d24d-4082-921a-77a58b709288","block_type":"box","text":"notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever","page_number":31,"box":{"x":69,"y":226,"width":812,"height":11}},{"id":"1b02d185-86b3-4ec5-9404-2095822926ac","block_type":"box","text":"first occurs. The Trust’s Bylaws provide that notice of a proposed nomination must include cer tain information about","page_number":31,"box":{"x":68,"y":241,"width":832,"height":11}},{"id":"af849fa6-84d5-4989-8fd2-4abfc95bab30","block_type":"box","text":"the shareholder and the nominee, as well as cer tain other information, including a written consent of the proposed","page_number":31,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"d5d6df89-6d93-474a-a919-0a408cecd473","block_type":"box","text":"nominee to serve if elected. Reference is made to the Trust’s Bylaws for more details. The Board has adopted a","page_number":31,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"e0d43c46-a55c-4354-a16d-30bec7cba422","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended July 31, 2025, the Governance","page_number":31,"box":{"x":68,"y":286,"width":762,"height":12}},{"id":"c7484020-d756-421e-9103-a831760f5dd4","block_type":"box","text":"Committee met six times.","page_number":31,"box":{"x":69,"y":302,"width":182,"height":9}},{"id":"1faa23b5-1f8c-49ec-a6a7-b1aeca2ddc5a","block_type":"box","text":"Compliance Committee.","page_number":31,"box":{"x":102,"y":324,"width":168,"height":11}},{"id":"9f6c8fe3-fcc6-4f5d-b7ea-406f0214f409","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":31,"box":{"x":276,"y":324,"width":629,"height":11}},{"id":"6bcb7c75-184c-4e97-96de-af161208f87d","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":31,"box":{"x":68,"y":339,"width":789,"height":12}},{"id":"8ca48566-c940-416a-bcf1-c436c0c3f94f","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":31,"box":{"x":70,"y":355,"width":812,"height":11}},{"id":"21f29a49-e6a7-49db-af86-cd98814aa5c9","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BlackRock and","page_number":31,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"f0d792f0-5637-47d0-a48c-b1f7e6c0aeb0","block_type":"box","text":"any sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":31,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"7ca591cf-813e-4a9b-9d78-c1b6ce3652f2","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":31,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"153124e2-dff7-42be-b6b3-f2c5b72d5533","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":31,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"38d56171-ca8e-44be-8fb5-58bc09df6fef","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":31,"box":{"x":69,"y":430,"width":798,"height":11}},{"id":"c717425b-11f5-464f-aea0-3708290bae60","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":31,"box":{"x":69,"y":445,"width":818,"height":12}},{"id":"b08b3003-8659-41c2-998d-82cca233c114","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":31,"box":{"x":69,"y":460,"width":803,"height":12}},{"id":"0325f59f-be9c-4b4e-adce-fc2b00f8c36e","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":31,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"b6965f4b-6495-44cf-8a50-fc9c2b4e0dd9","block_type":"box","text":"other duties and responsibilities as may from time to time be delegated by the Board to the Compliance Committee.","page_number":31,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"d00d5221-276a-43db-9504-3057f62dbff9","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended July 31, 2025,","page_number":31,"box":{"x":68,"y":506,"width":829,"height":11}},{"id":"917b48bb-7e16-4f80-a762-1f7e32a068ba","block_type":"box","text":"the Compliance Committee met four times.","page_number":31,"box":{"x":68,"y":521,"width":307,"height":11}},{"id":"bffbbd1e-9d4b-46ad-9fb3-e3379a6715b8","block_type":"box","text":"Per formance Oversight Committee.","page_number":31,"box":{"x":102,"y":543,"width":248,"height":12}},{"id":"720456f5-ad9c-403a-87ce-6ddfcda165c7","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":31,"box":{"x":356,"y":543,"width":531,"height":12}},{"id":"819dde30-a5cb-488f-a1ec-1acf9a53486a","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":31,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"eba77996-fa82-4a5a-816c-3f455069740e","block_type":"box","text":"A. Cotty, all of whom are Independent Trustees. The Per formance Oversight Committee’s purpose is to assist the","page_number":31,"box":{"x":68,"y":574,"width":808,"height":11}},{"id":"cf78e2d4-b60a-4bc4-8255-b0b68d15e8f4","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":31,"box":{"x":70,"y":589,"width":769,"height":11}},{"id":"e860b488-f87a-4abf-8aa9-d48ff88ca8c5","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":31,"box":{"x":70,"y":604,"width":775,"height":11}},{"id":"d80c7578-9179-4980-ad4e-17207ad717b1","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":31,"box":{"x":69,"y":619,"width":782,"height":11}},{"id":"607138d3-f45b-40b7-ad0d-605ab2cc028b","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":31,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"701a23ee-a52a-411e-91eb-2f756cb1cfe0","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":31,"box":{"x":69,"y":649,"width":816,"height":11}},{"id":"d9fff633-bd74-4bd0-ad55-f16f27652041","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":31,"box":{"x":69,"y":665,"width":803,"height":11}},{"id":"7f3df812-5496-4c95-bebd-0a3a8ff3c242","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":31,"box":{"x":69,"y":680,"width":827,"height":11}},{"id":"c44284b9-6c04-4ab8-8f6c-3157343ff14b","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":31,"box":{"x":68,"y":695,"width":811,"height":11}},{"id":"1a7138df-bcf7-42b2-bcfd-46db8f4a5dee","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":31,"box":{"x":69,"y":710,"width":757,"height":11}},{"id":"aec9a98e-7936-455f-a0af-53af753759e5","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":31,"box":{"x":70,"y":725,"width":835,"height":11}},{"id":"e2e63dfb-a066-4b7f-af49-72b55506d0dd","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":31,"box":{"x":68,"y":740,"width":800,"height":11}},{"id":"2db18862-e0b0-44ba-85de-6096326bb004","block_type":"box","text":"duties and responsibilities as may from time to time be delegated by the Board to the Per formance Oversight","page_number":31,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"0c4edfc7-c1d9-4b9d-8a53-19ceaf08e154","block_type":"box","text":"Committee. The Board has adopted a written char ter for the Per formance Oversight Committee. During the fiscal year","page_number":31,"box":{"x":69,"y":770,"width":838,"height":12}},{"id":"768d673c-4df6-45a3-9841-e8137cbc63bc","block_type":"box","text":"ended July 31, 2025, the Per formance Oversight Committee met five times.","page_number":31,"box":{"x":69,"y":785,"width":541,"height":12}},{"id":"5aa9243d-e045-45cf-9a91-9ce9ebdd4857","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":31,"box":{"x":101,"y":808,"width":186,"height":11}},{"id":"f5c89c90-de52-45c0-93cf-c5b9a01aec5e","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":31,"box":{"x":293,"y":808,"width":598,"height":11}},{"id":"3a273be6-9f8c-4a9e-aa96-48da9f2dc10c","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":31,"box":{"x":70,"y":823,"width":817,"height":11}},{"id":"f234e365-5c25-4dfd-b56c-62e833d8f869","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":31,"box":{"x":69,"y":838,"width":795,"height":11}},{"id":"3be9c2b9-8f6b-4fa2-a48e-b755f8e16ef7","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":31,"box":{"x":69,"y":853,"width":788,"height":12}},{"id":"2a73501c-cc99-42a3-924c-cb34b2a62cda","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":31,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"c1351789-7ae4-4adc-a4fd-e119365259a5","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":31,"box":{"x":68,"y":884,"width":816,"height":11}},{"id":"54368477-b7f1-42b6-b7de-7e110e58e38d","block_type":"box","text":"the fiscal year ended July 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":31,"box":{"x":68,"y":899,"width":572,"height":11}},{"id":"26a02cba-3d3b-4665-8d2f-c5c53ef4bcbf","block_type":"box","text":"I-9","page_number":31,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"b57c2ccf-79a2-4171-989d-582596cd6016","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":31,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a9bb9327-7ab8-4a56-84ad-23ab1ca4352c","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":32,"box":{"x":101,"y":45,"width":771,"height":11}},{"id":"bc368412-6eeb-4e5e-a431-2e43a0e3a830","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":32,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"2dbdc101-a29a-49c1-8d12-a8b8454b29cd","block_type":"box","text":"of Policy”). The Board believes that each Independent Trustee satisfied, at the time he or she was initially elected or","page_number":32,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"722aa067-6a5d-4a9e-81d8-e64222ed6cdc","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":32,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"ff01bf99-7732-42f1-9b54-7a34e0d67ede","block_type":"box","text":"in determining that a par ticular Independent Trustee was and continues to be qualified to serve as a Trustee, the","page_number":32,"box":{"x":70,"y":105,"width":807,"height":11}},{"id":"10d92ea1-f8a8-470c-a417-93f1952b9f6a","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":32,"box":{"x":70,"y":120,"width":787,"height":12}},{"id":"88e8b396-f1a9-42d5-a55e-13e94902bd47","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":32,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"3e58d405-d44b-41ef-821f-d1b0cce589c7","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":32,"box":{"x":68,"y":150,"width":794,"height":12}},{"id":"88b7b51b-771b-4ff0-aaee-922e094df5bc","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":32,"box":{"x":68,"y":166,"width":829,"height":11}},{"id":"5c2a1815-3b28-4c17-998c-acb32619e10a","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":32,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"c27a6f24-50e1-4fdc-855f-2df66463e3f5","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":32,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"3d6e08cf-aa60-4fd9-946a-c8387d83c24d","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":32,"box":{"x":69,"y":211,"width":473,"height":11}},{"id":"a5844c14-18db-4344-8b72-1e5bf34f2e56","block_type":"box","text":"Each Trustee’s ability to per form his or her duties effectively is evidenced by his or her educational background","page_number":32,"box":{"x":102,"y":234,"width":792,"height":11}},{"id":"f03dc4f4-a6f6-4865-942c-eb1de53ed9f8","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":32,"box":{"x":69,"y":249,"width":807,"height":11}},{"id":"373c1cbc-2cdd-40cb-a1c4-e54e1afd2b98","block_type":"box","text":"board member of the Trust and the other funds in the BlackRock Fund Complexes (and any predecessor funds), other","page_number":32,"box":{"x":69,"y":264,"width":837,"height":11}},{"id":"b7de78e3-f4d5-4a72-8c54-1af33c772e83","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":32,"box":{"x":70,"y":279,"width":759,"height":11}},{"id":"54e42854-7644-462f-9838-fe5c00817ac0","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":32,"box":{"x":70,"y":294,"width":685,"height":11}},{"id":"6194f9a9-9db8-437c-afd4-3f126f22fedb","block_type":"box","text":"ad hoc","page_number":32,"box":{"x":762,"y":294,"width":47,"height":9}},{"id":"6c7ae406-dedc-4bb3-b270-a86d26db221a","block_type":"box","text":"committees","page_number":32,"box":{"x":814,"y":294,"width":82,"height":9}},{"id":"f51c63c9-0eae-4961-8eb7-1c43b565d5b0","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":32,"box":{"x":68,"y":309,"width":395,"height":11}},{"id":"e9e0fc82-49b6-4708-a794-48caa3e20f56","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":32,"box":{"x":101,"y":332,"width":751,"height":11}},{"id":"109659ba-0695-4fd0-8edb-3f31663e1997","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":32,"box":{"x":69,"y":347,"width":492,"height":11}},{"id":"e9c9d0cd-19fb-45e3-8af5-326cce1af906","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":32,"box":{"x":68,"y":375,"width":409,"height":9}},{"id":"cf8f5a8c-d971-43ce-9b64-975cf90a8595","block_type":"box","text":"Independent Trustees","page_number":32,"box":{"x":70,"y":392,"width":154,"height":11}},{"id":"aa408aba-d4f3-40dd-9e2d-e5500757d350","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":32,"box":{"x":69,"y":407,"width":781,"height":11}},{"id":"e3aec616-84f3-4753-8bb9-632c125611aa","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":32,"box":{"x":265,"y":422,"width":604,"height":11}},{"id":"6b9aacf9-3be9-4c38-be77-fd0b498aa367","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":32,"box":{"x":265,"y":437,"width":623,"height":11}},{"id":"a2e59e76-fb9d-483d-91c4-619b65e94b1e","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":32,"box":{"x":265,"y":452,"width":637,"height":11}},{"id":"4415dea6-b0d4-4f38-9a3a-a2b76f71508e","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":32,"box":{"x":265,"y":467,"width":631,"height":12}},{"id":"5e6a2f9e-74a1-4ec6-92bc-552b35b9fb16","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":32,"box":{"x":264,"y":482,"width":626,"height":11}},{"id":"ab4669a8-b6c4-467c-ac86-2d152bb5ec20","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":32,"box":{"x":265,"y":498,"width":639,"height":11}},{"id":"73d24022-6f47-4a22-8a4a-dbe3b298d99a","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":32,"box":{"x":264,"y":513,"width":637,"height":11}},{"id":"f4ea11f0-1555-4bec-b1f2-6182c69d6641","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":32,"box":{"x":265,"y":528,"width":586,"height":11}},{"id":"ae3387d1-fe4e-426f-b67c-3f849f808d4a","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":32,"box":{"x":265,"y":543,"width":640,"height":11}},{"id":"11f2fe40-a1a1-489a-8990-f718ad62f42c","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":32,"box":{"x":265,"y":558,"width":389,"height":11}},{"id":"4dd35cc8-b794-4c20-9070-30c289d30b15","block_type":"box","text":"Susan J. Car ter Susan J. Car ter has over 35 years of experience in investment management. She has","page_number":32,"box":{"x":69,"y":581,"width":806,"height":11}},{"id":"ea9d16df-30c6-4b43-9c03-b98443066938","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":32,"box":{"x":265,"y":596,"width":604,"height":11}},{"id":"f4e2cd8f-9972-4d37-a185-6d686a489a61","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":32,"box":{"x":265,"y":611,"width":632,"height":11}},{"id":"da5488e9-d6c7-4b7b-9fc0-e11c35d86509","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":32,"box":{"x":265,"y":626,"width":562,"height":9}},{"id":"1d52bb91-b582-47ee-aa15-ee4823af6073","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":32,"box":{"x":265,"y":641,"width":616,"height":11}},{"id":"4a2679d9-4391-405f-840e-a555ed30d263","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":32,"box":{"x":264,"y":656,"width":591,"height":12}},{"id":"5a5b16a2-e84f-4e47-a23f-1b415eba3f0e","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":32,"box":{"x":265,"y":671,"width":641,"height":12}},{"id":"3dd076fc-6d5c-4947-86ff-9ab9aae8a2e8","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":32,"box":{"x":264,"y":686,"width":638,"height":12}},{"id":"41cd359f-12fc-4acb-a6f1-0208d971fe9c","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":32,"box":{"x":265,"y":702,"width":584,"height":11}},{"id":"591954b4-33a4-4add-b469-b65bbd857989","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":32,"box":{"x":265,"y":717,"width":630,"height":11}},{"id":"3c392a1c-8888-4a2c-bc7f-d7086cfa0c9b","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":32,"box":{"x":265,"y":732,"width":634,"height":11}},{"id":"a22e7d31-58ed-454e-a54a-efdb9db03463","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":32,"box":{"x":265,"y":747,"width":599,"height":11}},{"id":"f2e8f76b-6489-4cb6-9cd2-8390859dbd0c","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":762,"width":407,"height":11}},{"id":"d8dccfed-6573-4f6d-b619-340387e1ba19","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. 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These positions have provided her with insight and","page_number":32,"box":{"x":265,"y":845,"width":595,"height":12}},{"id":"1530354c-034d-4c02-8315-6ab7337f027a","block_type":"box","text":"perspective on the markets and the economy.","page_number":32,"box":{"x":265,"y":861,"width":323,"height":11}},{"id":"e4ec868a-72a4-48e3-b496-c9a29ec5b3df","block_type":"box","text":"I-10","page_number":32,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"ee0950fc-eb34-4c8a-b609-ae8a1dcb710a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":32,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89bb8841-4d42-4509-b09a-0b0ca7b48203","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":33,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"7237dc4f-5885-4fbc-ba84-5b899850da27","block_type":"box","text":"Neil A. Cotty Neil A. 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Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":33,"box":{"x":70,"y":179,"width":806,"height":11}},{"id":"f4a93fc1-9007-43db-9292-7312079eff0d","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":33,"box":{"x":264,"y":194,"width":584,"height":11}},{"id":"16298cf4-2e2a-41ba-a78e-6fa7f96f780f","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":33,"box":{"x":265,"y":209,"width":622,"height":11}},{"id":"5464c034-f17c-45fd-827d-d213dacc4a44","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":33,"box":{"x":265,"y":224,"width":638,"height":11}},{"id":"53f6ec11-1b70-49b7-b7de-f12a291ae458","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":33,"box":{"x":265,"y":239,"width":570,"height":12}},{"id":"ff882cf2-be6d-461c-abdf-b64cab59ec70","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":33,"box":{"x":265,"y":254,"width":642,"height":12}},{"id":"0c1af958-5286-4cdc-bee0-4b41956182c3","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":33,"box":{"x":265,"y":270,"width":626,"height":11}},{"id":"778cc636-a737-4b69-870a-1eb6aa889c8a","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":33,"box":{"x":265,"y":285,"width":630,"height":11}},{"id":"c2d90135-61f5-467f-91cf-e66ae961d75f","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":33,"box":{"x":265,"y":300,"width":602,"height":11}},{"id":"25fa04d1-d674-488e-985f-5d08aa538fe8","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":33,"box":{"x":264,"y":315,"width":643,"height":11}},{"id":"c2f67eff-2acd-4894-bd52-2d0c3faf4a2e","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":33,"box":{"x":264,"y":330,"width":639,"height":11}},{"id":"8cab4560-fd3a-4015-8328-b5a4a7d03569","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":33,"box":{"x":264,"y":345,"width":641,"height":11}},{"id":"943f8678-46ce-489c-8dc2-c46846933f57","block_type":"box","text":"applicable Commission rules.","page_number":33,"box":{"x":265,"y":360,"width":208,"height":11}},{"id":"30be9e35-620c-4aa9-8204-863660db81fd","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":33,"box":{"x":69,"y":383,"width":769,"height":11}},{"id":"1b46d98d-fb97-435d-8ec9-872028f2b942","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":33,"box":{"x":265,"y":398,"width":621,"height":11}},{"id":"471a756d-2129-4f97-bf99-264703047081","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":33,"box":{"x":265,"y":413,"width":599,"height":11}},{"id":"dd0d8959-fe2c-437e-92cb-1423ce6866be","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":33,"box":{"x":265,"y":428,"width":641,"height":12}},{"id":"672b5ca6-f3d1-4e53-9357-8dd4ab22ebdd","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":33,"box":{"x":264,"y":443,"width":602,"height":12}},{"id":"8dabd2c8-0aa8-4628-a9de-be8957404760","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":33,"box":{"x":264,"y":459,"width":617,"height":11}},{"id":"4b72e42a-57fc-4e0a-9bff-e037772b0038","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":33,"box":{"x":265,"y":474,"width":629,"height":11}},{"id":"f241002c-b134-4204-8035-12640db8276f","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":33,"box":{"x":264,"y":489,"width":628,"height":11}},{"id":"d42119f9-529f-49e1-b905-dc9724fabbe9","block_type":"box","text":"ar ticles and books on these topics.","page_number":33,"box":{"x":265,"y":504,"width":251,"height":11}},{"id":"089afd8e-34bc-4c20-b502-7d7f56c0cd9e","block_type":"box","text":"Donald C. Opatrny Donald C. Opatrny has more than 40 years of business, oversight and executive","page_number":33,"box":{"x":70,"y":526,"width":764,"height":12}},{"id":"56915bb9-daab-4d9c-8825-3776293032dc","block_type":"box","text":"experience, including through his service as president, director and investment committee","page_number":33,"box":{"x":265,"y":542,"width":642,"height":11}},{"id":"667fdc26-5687-4a5a-a2cb-400fef6e18c4","block_type":"box","text":"chair for academic and not-for-profit organizations, and his experience as a par tner,","page_number":33,"box":{"x":264,"y":557,"width":593,"height":11}},{"id":"d50796de-3ea5-464e-acb1-aa9b8bde2bd4","block_type":"box","text":"managing director and advisory director at Goldman Sachs for 32 years. He also has","page_number":33,"box":{"x":265,"y":572,"width":603,"height":11}},{"id":"6243020b-071f-4c6e-a44e-7ecbebe1fe64","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":33,"box":{"x":265,"y":587,"width":629,"height":11}},{"id":"d2589205-69cb-4208-badb-82c79b8469f0","block_type":"box","text":"I-11","page_number":33,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"fdd5f852-031b-4f4a-871a-306cb048edb7","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":33,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9de3c9e9-eb1b-466b-8bd1-020390f30b93","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":34,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"7bc35b94-6da9-4adb-afad-63c2b2586509","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":34,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"4c953ea2-7d79-4466-b9cc-9169c0b33dc5","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":34,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"c442a172-25e5-4712-b510-487877c32b72","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":34,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"4c98c6ac-ec31-40fb-9941-e3a74708ea9e","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":34,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"4fa4039d-0f57-4129-ad26-a2182000cb5a","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":34,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"4af7e8d1-b0da-4d7f-b6ad-fdfa14de8323","block_type":"box","text":"exchanges, and other industry firms. 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More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":34,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"27c0fb88-61b9-453b-ada0-835002c9f312","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":34,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"b5e9092a-b199-4618-a5a2-c1e6a8a89893","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":34,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"fd90b767-efa4-4148-8de0-238455f21add","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":34,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"d13da496-58d4-426f-a1a7-b7161aaf13d5","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":34,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"8d08a189-5e45-483f-bdb1-9b595fd43f99","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":34,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"e9a977f9-5669-4f5e-ab6d-1315d849e23a","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":34,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"6d83e0b7-b973-440a-954c-5b93a97e0a94","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":34,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"3ffe0c1a-2a4f-4f0c-adeb-e78e4fe6dfb7","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":34,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"e179ecc2-0529-4686-9a76-36e7cd12fcb6","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":34,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"25bc2873-c7e2-49c1-8c59-5eb7af24d51e","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":34,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"4ab25874-a58f-4746-8d1e-bb4ba76c31ab","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":34,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"2fe73ef2-e310-4687-8b33-d1e77f44c24f","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":34,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"937529be-3cc1-43c1-8938-82edb360d743","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":34,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"eb3ccc05-1ac5-4d03-807b-3e8d6da6a563","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":34,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"31639056-576d-412b-94bb-96b2ff47fc8b","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":34,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"a01ead3b-b56c-48e7-9ebe-849a9d90c62d","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":34,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"c8722993-973a-4ef4-9a78-6255bc2072d7","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":34,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"90cbb557-84a5-4003-b1db-6e30c0b662a6","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":34,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"2b078f78-fb29-425f-91e5-f52f8fa17b39","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":34,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"1c268f0e-a4b9-4689-b3e8-861b52281149","block_type":"box","text":"various private and non-profit boards.","page_number":34,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"32691319-d091-47ad-8ef6-265985194407","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":34,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"b788a18f-b44c-4308-9bf2-378f6ded4638","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":34,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"655aed4b-e75a-4c2a-b6a7-d7c4dcf267be","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":34,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"a33219e2-72be-4b38-bf45-64d931384c40","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":34,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"f6f6302c-56cf-4ced-9f45-b497b9f86486","block_type":"box","text":"accounting and consulting firm. 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The Chair of the Boards is paid an additional annual retainer of $150,000.","page_number":40,"box":{"x":69,"y":59,"width":697,"height":12}},{"id":"c4c7e444-96bc-48af-af1c-316f3fa902ba","block_type":"box","text":"The following table sets for th the compensation the Trust paid to the Trustees, on behalf of the Fund, for the","page_number":40,"box":{"x":101,"y":82,"width":776,"height":12}},{"id":"d342561e-6a7e-44be-b3f1-d22b531bcab7","block_type":"box","text":"fiscal year ended July 31, 2025 and the aggregate compensation paid to them by all BlackRock-advised Funds for the","page_number":40,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"3a878afd-36e4-4fe3-aea2-ce113abadd8f","block_type":"box","text":"calendar year ended December 31, 2024.","page_number":40,"box":{"x":69,"y":113,"width":298,"height":11}},{"id":"e3042790-8cb0-4b9a-b86c-ba3ac7c8eb2a","block_type":"box","text":"Name","page_number":40,"box":{"x":69,"y":181,"width":32,"height":7}},{"id":"596684ba-1d93-4bbf-9693-233e4545ddcd","block_type":"box","text":"Compensation","page_number":40,"box":{"x":551,"y":171,"width":83,"height":9}},{"id":"475aa64b-6bb0-4c0e-8f6e-492414c00234","block_type":"box","text":"from the Fund","page_number":40,"box":{"x":552,"y":181,"width":81,"height":7}},{"id":"fd5c05f7-3280-4198-b0e1-7f05e603d6a2","block_type":"box","text":"Estimated Annual","page_number":40,"box":{"x":664,"y":161,"width":102,"height":7}},{"id":"927aa855-8ddf-4ed9-b260-a27b9f6b1fd6","block_type":"box","text":"Benefits upon","page_number":40,"box":{"x":676,"y":171,"width":79,"height":9}},{"id":"ecb4f306-2380-458b-9357-dcf5a62b8eb9","block_type":"box","text":"Retirement","page_number":40,"box":{"x":683,"y":181,"width":64,"height":7}},{"id":"c1ed3b43-6cb8-47bd-bf63-6311eccdaaa0","block_type":"box","text":"Aggregate","page_number":40,"box":{"x":822,"y":141,"width":61,"height":9}},{"id":"98bc326b-4f98-4b8a-a1f5-75073b187af1","block_type":"box","text":"Compensation from","page_number":40,"box":{"x":796,"y":151,"width":113,"height":9}},{"id":"15f920c3-2785-4b1b-9314-b812556c78fe","block_type":"box","text":"the Fund and","page_number":40,"box":{"x":815,"y":161,"width":75,"height":7}},{"id":"32443aad-eea6-4521-a415-449b393a35fe","block_type":"box","text":"Other BlackRock","page_number":40,"box":{"x":802,"y":171,"width":102,"height":7}},{"id":"0485b58a-07e3-4f5d-8de5-0c935ff7534f","block_type":"box","text":"Advised Funds","page_number":40,"box":{"x":809,"y":181,"width":84,"height":7}},{"id":"7cb772c4-2b2e-4a5a-87e0-3be29b8728bd","block_type":"box","text":"1","page_number":40,"box":{"x":893,"y":181,"width":4,"height":4}},{"id":"43200d56-6ce8-415a-8cf1-ffae8656d10e","block_type":"box","text":"Independent Trustees","page_number":40,"box":{"x":70,"y":199,"width":154,"height":11}},{"id":"b1f054ad-6137-41f3-8fc2-d358b705263a","block_type":"box","text":"Christopher J. 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Cotty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,814 None","page_number":40,"box":{"x":79,"y":259,"width":654,"height":12}},{"id":"042b237d-6088-4fc5-a4c2-67677b9a9110","block_type":"box","text":"$435,000","page_number":40,"box":{"x":817,"y":259,"width":72,"height":11}},{"id":"a1218962-75c7-4950-a72e-b295e36b7acc","block_type":"box","text":"Lena G. 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Opatrny","page_number":40,"box":{"x":79,"y":320,"width":129,"height":11}},{"id":"689dfa34-1fe6-4e2d-a585-647eaba0b140","block_type":"box","text":"6","page_number":40,"box":{"x":208,"y":320,"width":4,"height":5}},{"id":"921b8082-46f4-42e4-8f49-881021c833c8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,101 None","page_number":40,"box":{"x":217,"y":319,"width":516,"height":11}},{"id":"d37c262d-b4a8-47e1-ae98-c6b704acbbbc","block_type":"box","text":"$480,000","page_number":40,"box":{"x":817,"y":319,"width":72,"height":11}},{"id":"8f26246d-b95b-4134-91e7-82787499c4ac","block_type":"box","text":"Lori Richards","page_number":40,"box":{"x":79,"y":335,"width":91,"height":9}},{"id":"8fb7757f-efb0-44b1-ae22-9b78d4616a0f","block_type":"box","text":"7","page_number":40,"box":{"x":172,"y":335,"width":4,"height":5}},{"id":"b09d8e36-647f-4b94-bd7f-7bcc455ab461","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,925 None","page_number":40,"box":{"x":184,"y":334,"width":549,"height":12}},{"id":"8d9beb91-94e5-4725-b193-c6318b131b5f","block_type":"box","text":"$235,110","page_number":40,"box":{"x":817,"y":334,"width":72,"height":12}},{"id":"6c8ee713-9cdb-4c7d-8e92-a1e14db24ddc","block_type":"box","text":"Mark Stalnecker","page_number":40,"box":{"x":79,"y":350,"width":115,"height":9}},{"id":"132af533-b39e-4bc9-9350-334de786b946","block_type":"box","text":"8","page_number":40,"box":{"x":194,"y":351,"width":5,"height":4}},{"id":"aad2a18c-1cd8-46f4-a384-b9b6da11e449","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $3,771 None","page_number":40,"box":{"x":208,"y":349,"width":525,"height":12}},{"id":"2a29996a-22f8-4122-aba5-202872589364","block_type":"box","text":"$585,000","page_number":40,"box":{"x":817,"y":349,"width":72,"height":12}},{"id":"92034849-d1e7-4d96-99c5-ecc14024c06e","block_type":"box","text":"Kenneth L. Urish . .","page_number":40,"box":{"x":79,"y":366,"width":131,"height":8}},{"id":"ab0cdac9-d32b-474c-900f-871ebfc59468","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,814 None","page_number":40,"box":{"x":217,"y":365,"width":516,"height":11}},{"id":"d8537bda-8e5c-4881-b1df-8dc0e91ce66e","block_type":"box","text":"$435,000","page_number":40,"box":{"x":817,"y":365,"width":72,"height":11}},{"id":"afc15beb-92ad-4fef-b6e8-d20d519f6ea6","block_type":"box","text":"Claire A. Walton","page_number":40,"box":{"x":79,"y":380,"width":111,"height":9}},{"id":"004027ef-ecb9-4891-908a-a9b82fca73da","block_type":"box","text":"9","page_number":40,"box":{"x":191,"y":381,"width":5,"height":4}},{"id":"e9410a0d-519d-4a63-b68c-8e2a8d6d7939","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $2,982 None","page_number":40,"box":{"x":200,"y":380,"width":533,"height":11}},{"id":"3dfe2e69-6e5b-4cb1-9685-6e9bda5d4bb8","block_type":"box","text":"$435,000","page_number":40,"box":{"x":817,"y":380,"width":72,"height":11}},{"id":"b917b58c-a73d-4cf8-971b-b31666a649cc","block_type":"box","text":"Interested Trustees","page_number":40,"box":{"x":70,"y":396,"width":138,"height":8}},{"id":"869fbc03-2f7a-4992-8553-4203cb17ff62","block_type":"box","text":"Rober t Fairbairn . .","page_number":40,"box":{"x":79,"y":411,"width":131,"height":9}},{"id":"0943b38c-8610-4363-b230-cdf21aee7d2f","block_type":"box","text":"......................................","page_number":40,"box":{"x":217,"y":418,"width":303,"height":2}},{"id":"c26e619e-9f03-4080-90dd-581939b55c70","block_type":"box","text":"None None None","page_number":40,"box":{"x":575,"y":411,"width":296,"height":9}},{"id":"0db05a1a-0520-4ecd-a75c-71ca360b39ea","block_type":"box","text":"John M. 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Management, Advisory and Other Service Arrangements","page_number":40,"box":{"x":69,"y":590,"width":432,"height":11}},{"id":"01859adb-9289-464e-a59f-3f239b4dabaa","block_type":"box","text":"Management Agreement","page_number":40,"box":{"x":69,"y":620,"width":180,"height":11}},{"id":"646046d1-209e-426b-8fd9-109c222b0941","block_type":"box","text":"The Trust, on behalf of the Fund, has entered into a management agreement with the Manager (the","page_number":40,"box":{"x":101,"y":642,"width":708,"height":12}},{"id":"d0aa107d-da11-4e7e-a247-0d9c38517d06","block_type":"box","text":"“Management Agreement”), pursuant to which the Manager is entitled to receive fees for the services it provides.","page_number":40,"box":{"x":70,"y":658,"width":809,"height":11}},{"id":"7262e5c6-30e5-4757-b49d-384a65cc9265","block_type":"box","text":"BlackRock has contractually agreed to waive the management fee with respect to any por tion of the Fund’s","page_number":40,"box":{"x":102,"y":680,"width":762,"height":12}},{"id":"a4534709-da7a-43bc-baf1-6d934a070615","block_type":"box","text":"assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange","page_number":40,"box":{"x":69,"y":695,"width":799,"height":12}},{"id":"64b78728-b5a0-4e85-b0f6-f8664c549dff","block_type":"box","text":"traded funds managed by BlackRock or its affiliates that have a contractual management fee through June 30, 2027.","page_number":40,"box":{"x":68,"y":710,"width":837,"height":12}},{"id":"2d54008d-e8f7-47a9-9299-3f94235d8ba1","block_type":"box","text":"In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory","page_number":40,"box":{"x":70,"y":726,"width":829,"height":11}},{"id":"4032c79e-f0ea-43ac-8c70-72f64f6e2252","block_type":"box","text":"fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or","page_number":40,"box":{"x":68,"y":741,"width":823,"height":11}},{"id":"a5d06362-c824-4c86-b1fe-1a2f8fdeef40","block_type":"box","text":"its affiliates through June 30, 2027. The contractual agreements may be terminated upon 90 days’ notice by a","page_number":40,"box":{"x":70,"y":756,"width":791,"height":11}},{"id":"5ab7d06d-a447-44f1-89db-50e5facb6318","block_type":"box","text":"majority of the Independent Trustees or by a vote of a majority of the outstanding voting securities of the Fund.","page_number":40,"box":{"x":69,"y":771,"width":788,"height":11}},{"id":"670a6052-13a1-4735-b396-229dbd59f15a","block_type":"box","text":"BlackRock has contractually agreed to waive and/or reimburse fees or expenses of the Fund in order to limit","page_number":40,"box":{"x":102,"y":794,"width":773,"height":11}},{"id":"9fb57cb5-fd44-4dc7-a0e7-91a2bdf1c379","block_type":"box","text":"Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend","page_number":40,"box":{"x":68,"y":809,"width":787,"height":11}},{"id":"2e53aebe-d24f-4879-bdc1-57e35fb0f5f5","block_type":"box","text":"Expense, Interest Expense, Acquired Fund Fees and expenses and cer tain other Fund expenses (as defined in the","page_number":40,"box":{"x":70,"y":824,"width":811,"height":11}},{"id":"bca0e203-8db8-47e2-81bd-a7be14e1059e","block_type":"box","text":"Fund’s Prospectuses)) as a percentage of average daily net assets to 0.33% for Investor A Shares, 0.08% for","page_number":40,"box":{"x":70,"y":839,"width":779,"height":11}},{"id":"0121c0ef-19b1-4fc2-bdc2-307ae1ee1807","block_type":"box","text":"Institutional Shares, and 0.03% for Class K Shares of average daily net assets through June 30, 2027. The","page_number":40,"box":{"x":70,"y":854,"width":765,"height":11}},{"id":"23c4b4d9-0a83-4d93-9ec7-369a5e3ea111","block_type":"box","text":"contractual agreement may be terminated upon 90 days’ notice by a majority of the Independent Trustees or by a","page_number":40,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"56ade145-13c9-41e9-a779-5e6fa88fb05f","block_type":"box","text":"vote of a majority of the outstanding voting securities of the Fund.","page_number":40,"box":{"x":68,"y":884,"width":468,"height":12}},{"id":"9cf99f88-b89d-4508-8325-5d203fbd8efd","block_type":"box","text":"I-18","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"8f95e78c-d8a5-434a-90ac-c6c76e4cf219","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f5a7625d-781c-4e34-8e61-3c3d71a21ea9","block_type":"box","text":"Pursuant to the Management Agreement, BlackRock may from time to time, in its sole discretion to the extent","page_number":41,"box":{"x":102,"y":45,"width":784,"height":11}},{"id":"d9edbfb8-0b8b-4fe0-9667-a16536d2e3a3","block_type":"box","text":"permitted by applicable law, appoint one or more sub-advisers, including, without limitation, affiliates of BlackRock, to","page_number":41,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"9e7a976b-7069-41f8-8396-6fa2f89c824d","block_type":"box","text":"per form investment advisory services with respect to the Fund. In addition, BlackRock may delegate cer tain of its","page_number":41,"box":{"x":70,"y":75,"width":810,"height":11}},{"id":"179926bc-8729-461d-818a-75adbd72a592","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":41,"box":{"x":70,"y":90,"width":779,"height":11}},{"id":"f4003fa6-3886-4c65-b272-200bb063d9cd","block_type":"box","text":"permitted by applicable law. BlackRock may terminate any or all sub-advisers or such delegation arrangements in its","page_number":41,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"8cf82d0d-37fd-476a-82f1-ecf5c3a37f06","block_type":"box","text":"sole discretion at any time to the extent permitted by applicable law.","page_number":41,"box":{"x":69,"y":120,"width":486,"height":11}},{"id":"b608d8b6-340b-48a2-9c9e-be186628ea5e","block_type":"box","text":"BlackRock has entered into a sub-advisory agreement with BlackRock Fund Advisors (“BFA”), pursuant to which","page_number":41,"box":{"x":102,"y":143,"width":792,"height":11}},{"id":"6c5204e1-32ea-4257-a661-f1057824b138","block_type":"box","text":"BlackRock pays BFA for providing services to BlackRock with respect to that por tion of the Fund for which it acts as","page_number":41,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"d012272c-812e-4c88-84be-5057b2642078","block_type":"box","text":"sub-adviser a monthly fee at an annual rate equal to a 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BlackRock","page_number":41,"box":{"x":820,"y":280,"width":80,"height":8}},{"id":"4cfb588a-1f7c-4132-947c-723e32d5a571","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":41,"box":{"x":70,"y":297,"width":449,"height":11}},{"id":"602d31c9-9e69-436d-9f59-3d7b53c9a155","block_type":"box","text":".....","page_number":41,"box":{"x":525,"y":305,"width":35,"height":1}},{"id":"d9e63c4d-6d4a-4997-9272-6d04ef0413ce","block_type":"box","text":"$379,418 $12,995 $ 6,828","page_number":41,"box":{"x":595,"y":297,"width":296,"height":11}},{"id":"6f67745c-38af-45c8-a46f-17ba1f6ca43f","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . . 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Pooled","page_number":41,"box":{"x":735,"y":541,"width":74,"height":7}},{"id":"b69bc272-d9fb-4a47-9aaa-b4dc46c25b7b","block_type":"box","text":"Investment","page_number":41,"box":{"x":740,"y":551,"width":64,"height":7}},{"id":"3acbd75c-315f-4eba-96c6-78453347ff45","block_type":"box","text":"Vehicles","page_number":41,"box":{"x":748,"y":561,"width":48,"height":7}},{"id":"d430912d-314e-447b-962a-49990a0032da","block_type":"box","text":"Other","page_number":41,"box":{"x":852,"y":551,"width":31,"height":7}},{"id":"28799d72-b2a0-4915-8bd6-d7cb31e4ec29","block_type":"box","text":"Accounts","page_number":41,"box":{"x":840,"y":561,"width":54,"height":7}},{"id":"ccabb76b-2f0c-4997-8c65-408778cd4e1f","block_type":"box","text":"Jennifer Hsui, CFA 372 111 0 0 0 0","page_number":41,"box":{"x":73,"y":575,"width":798,"height":8}},{"id":"63c3ecc9-d606-4cd9-a82b-8f63e2f1d964","block_type":"box","text":"$2.87 Trillion $86.58 Billion $0 $0 $0 $0","page_number":41,"box":{"x":321,"y":587,"width":553,"height":8}},{"id":"af35698a-69d0-4e6f-b40b-49141766efed","block_type":"box","text":"Peter Sietsema, CFA 373 202 63 0 0 0","page_number":41,"box":{"x":74,"y":600,"width":797,"height":9}},{"id":"19df8d8c-fbdf-449d-98dc-cfd237cef97a","block_type":"box","text":"$2.87 Trillion $898.37 Billion $657.92 Billion $0 $0 $0","page_number":41,"box":{"x":321,"y":612,"width":553,"height":9}},{"id":"40522462-2c52-4f2a-9c0f-11364f5c02a2","block_type":"box","text":"Matt Waldron, CFA 366 139 74 0 0 0","page_number":41,"box":{"x":74,"y":625,"width":797,"height":9}},{"id":"97ce29fa-1991-4c40-a968-91ef85386f81","block_type":"box","text":"$2.86 Trillion $354.45 Billion $166.57 Billion $0 $0 $0","page_number":41,"box":{"x":321,"y":637,"width":553,"height":9}},{"id":"823deb3d-960a-4f12-9de4-1f2b7a191f33","block_type":"box","text":"Steven White 365 0 0 0 0 0","page_number":41,"box":{"x":74,"y":651,"width":797,"height":7}},{"id":"65d6aceb-dfc3-43f0-b4d1-f052a07167a7","block_type":"box","text":"$2.86 Trillion $0 $0 $0 $0 $0","page_number":41,"box":{"x":321,"y":663,"width":553,"height":8}},{"id":"707da077-a56e-42ef-94c5-e88e5808c08b","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":41,"box":{"x":69,"y":697,"width":304,"height":12}},{"id":"5d75b67a-da7f-44db-b032-cdc9f9076626","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of July 31, 2025.","page_number":41,"box":{"x":101,"y":720,"width":653,"height":11}},{"id":"8d98e1b9-1062-4afb-a4e8-e1fa4d208935","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":41,"box":{"x":102,"y":743,"width":774,"height":11}},{"id":"4147cbc9-7198-4b09-85f9-a4a41c86e1f5","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":41,"box":{"x":70,"y":758,"width":837,"height":11}},{"id":"f9305418-073f-4a1a-ac04-858e854b91c9","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":41,"box":{"x":69,"y":773,"width":823,"height":11}},{"id":"e3097241-b1ed-452c-9074-85c1987380dd","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":41,"box":{"x":69,"y":788,"width":799,"height":11}},{"id":"7c5b0b40-ea6b-465e-a41a-dad2de343572","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":41,"box":{"x":70,"y":803,"width":670,"height":11}},{"id":"c7c0cd79-0bf4-455e-a91b-ff6073873582","block_type":"box","text":"Base Compensation.","page_number":41,"box":{"x":102,"y":826,"width":148,"height":11}},{"id":"101fc6c7-28f5-461a-9cd8-026e29943870","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":41,"box":{"x":257,"y":826,"width":640,"height":11}},{"id":"92a51e55-668f-4bcc-8e22-12dbc198002b","block_type":"box","text":"firm.","page_number":41,"box":{"x":68,"y":841,"width":32,"height":9}},{"id":"0c2efe1b-d9f3-43d0-951c-c739a0309234","block_type":"box","text":"Discretionary Incentive Compensation.","page_number":41,"box":{"x":102,"y":864,"width":281,"height":11}},{"id":"8e88d3ed-b9dd-4208-a439-b9f6a47c965e","block_type":"box","text":"Discretionary incentive compensation is a function of several","page_number":41,"box":{"x":391,"y":863,"width":432,"height":12}},{"id":"8d77d162-95a5-440d-9098-3fd7b1190571","block_type":"box","text":"components: the per formance of BlackRock, Inc., the per formance of the por tfolio manager’s group within","page_number":41,"box":{"x":69,"y":879,"width":759,"height":11}},{"id":"8210148e-6704-4240-89fd-35040c55ea86","block_type":"box","text":"BlackRock, the investment per formance, including risk-adjusted returns, of the firm’s assets under management or","page_number":41,"box":{"x":70,"y":894,"width":821,"height":11}},{"id":"919bdc48-8391-487b-86bb-591472a7dcc1","block_type":"box","text":"supervision by that por tfolio manager relative to predetermined benchmarks, and the individual’s per formance and","page_number":41,"box":{"x":69,"y":909,"width":819,"height":11}},{"id":"751628c3-9683-421c-a9bd-f43250d89952","block_type":"box","text":"I-19","page_number":41,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"3a4f92c9-6de2-4155-9cf1-3f0b40623dc4","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"13da46e5-1e33-410c-aa7b-8a0955690baf","block_type":"box","text":"contribution to the overall per formance of these por tfolios and BlackRock. In most cases, these benchmarks are the","page_number":42,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"0c027fe8-4b59-4813-932b-a589c768fe69","block_type":"box","text":"same as the benchmark or benchmarks against which the per formance of the Fund or other accounts managed by","page_number":42,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"090c58df-8abd-4ea4-aafe-e1ae2cbe0b45","block_type":"box","text":"the por tfolio managers are measured. Among other things, BlackRock’s Chief Investment Officers make a subjective","page_number":42,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"774b37ff-6deb-4d16-80b2-a96e0b38bb2d","block_type":"box","text":"determination with respect to each por tfolio manager’s compensation based on the per formance of the Fund and","page_number":42,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"42f92e6c-e5b6-4713-8819-a23350e983b5","block_type":"box","text":"other accounts managed by each por tfolio manager relative to the various benchmarks. Per formance of fixed-income","page_number":42,"box":{"x":69,"y":105,"width":832,"height":11}},{"id":"d1bbc8e5-f1ad-43ef-9baf-bca56fd826c6","block_type":"box","text":"and multi-asset class funds is measured on a pre-tax and/or after-tax basis over various time periods including 1-, 3-","page_number":42,"box":{"x":69,"y":120,"width":832,"height":12}},{"id":"1f68422b-34a0-43cc-826d-588a952e0dc7","block_type":"box","text":"and 5- year periods, as applicable. Per formance of index funds is based on the per formance of such funds relative to","page_number":42,"box":{"x":69,"y":135,"width":837,"height":11}},{"id":"b1871c0f-1903-4392-bec1-042ad528ea10","block_type":"box","text":"predetermined tolerance bands around a benchmark, as applicable. The per formance of Messrs. Waldron, Sietsema","page_number":42,"box":{"x":70,"y":150,"width":830,"height":11}},{"id":"a8727e9e-922d-44ce-b3ba-de71a31ae6d5","block_type":"box","text":"and White and Ms. Hsui is not measured against a specific benchmark.","page_number":42,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"a9635303-b898-4858-a132-e9845131790f","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":42,"box":{"x":102,"y":188,"width":389,"height":11}},{"id":"a5603307-b418-404b-a86e-1fc7bb32f66f","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":42,"box":{"x":499,"y":188,"width":383,"height":11}},{"id":"adefb9e5-64ec-4e0e-9cf4-678870cd0127","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":203,"width":815,"height":12}},{"id":"edabe79d-6836-44c4-9f71-23abe681ec9c","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":42,"box":{"x":68,"y":218,"width":522,"height":12}},{"id":"76080a34-40a1-45ea-897e-5776c5f25be4","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":241,"width":760,"height":11}},{"id":"8160e02a-c811-48f3-be84-fd927e7813bb","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":256,"width":795,"height":12}},{"id":"956ea1f9-c3be-49da-83fc-53278c369f10","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":271,"width":805,"height":12}},{"id":"e6aebebf-b0a2-4e70-a398-3b979f951db3","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":286,"width":822,"height":12}},{"id":"f0de560c-ccec-4b54-8bdb-077317d7ff30","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":302,"width":839,"height":11}},{"id":"7379ed1f-d9c4-4404-ae23-ec2793661266","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":317,"width":802,"height":11}},{"id":"b3b4a6b0-8d60-44b9-a57b-1e2e6b3b6942","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":332,"width":820,"height":11}},{"id":"69c186a4-53a4-4e5c-a63c-da46ae57203e","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":347,"width":801,"height":11}},{"id":"50c358ce-b3e8-4f15-8f82-4dda1044fa49","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":362,"width":831,"height":11}},{"id":"5ec62489-6758-46dd-8269-eefabf35dfa3","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":42,"box":{"x":69,"y":377,"width":479,"height":12}},{"id":"bf617ab8-f9aa-488d-a4e5-c1bf422bec31","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":400,"width":785,"height":11}},{"id":"3fbeb005-13a5-447f-babe-f530941c9622","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":415,"width":836,"height":11}},{"id":"79376ec8-0da6-4489-8e3e-5f3c042883ed","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":430,"width":821,"height":11}},{"id":"43a4984e-b704-4bbb-8e06-1643736214e6","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":445,"width":829,"height":11}},{"id":"cfa08938-5271-4f83-93ee-1d4290d46da9","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":460,"width":835,"height":12}},{"id":"ecc764ec-6c26-4dc2-8367-ccf30adabba8","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":42,"box":{"x":69,"y":475,"width":414,"height":12}},{"id":"89b1eb84-358c-4e6b-b1b7-9a9b77944d35","block_type":"box","text":"Other Compensation Benefits.","page_number":42,"box":{"x":101,"y":498,"width":218,"height":11}},{"id":"de3b5a6a-781f-42e9-a166-741585ef5e3e","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":42,"box":{"x":327,"y":498,"width":552,"height":11}},{"id":"7878fa1d-ca16-4816-bf56-9e88f35c63d6","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":42,"box":{"x":69,"y":513,"width":582,"height":12}},{"id":"9aab9347-6b0f-466e-9cfa-0657f0405e50","block_type":"box","text":"Incentive Savings Plans","page_number":42,"box":{"x":102,"y":536,"width":167,"height":11}},{"id":"7e4d0b50-b847-4339-9e07-a1fcbe434c02","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":42,"box":{"x":274,"y":536,"width":614,"height":11}},{"id":"3b4b4075-54d0-4dcd-9524-92a3b8b93aaf","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":42,"box":{"x":69,"y":551,"width":831,"height":11}},{"id":"3fc4e924-31d2-4e2f-9df9-7b4cd2b575ad","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":42,"box":{"x":70,"y":566,"width":785,"height":11}},{"id":"9a384b65-6bfa-45a1-98f3-313ef6088382","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":42,"box":{"x":69,"y":581,"width":830,"height":12}},{"id":"8d2c5d79-9c02-4fb4-8b33-13705fca865e","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":42,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"95c818b7-3167-48fc-bdf7-e6882d22b410","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":42,"box":{"x":69,"y":611,"width":831,"height":12}},{"id":"e3d3a63b-9041-4456-a514-5555815e3621","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":42,"box":{"x":69,"y":627,"width":798,"height":11}},{"id":"8904073f-48e1-4343-bc0f-3e2139301bc1","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":42,"box":{"x":70,"y":642,"width":809,"height":11}},{"id":"6c41ed01-02e3-45f3-ba99-31060d7c08d9","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":42,"box":{"x":68,"y":657,"width":793,"height":11}},{"id":"0ee18d94-6d95-430d-9769-c3d4e206f1ad","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":42,"box":{"x":70,"y":672,"width":832,"height":11}},{"id":"0eb2794f-02fd-47ba-9e84-4d3ba1a9f80a","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":42,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"fb86151a-e887-43cc-80fc-7101c5d92d52","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":42,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"d90d4c41-90d5-4547-aee1-bad7ec4b2cef","block_type":"box","text":"par ticipate in these plans.","page_number":42,"box":{"x":70,"y":718,"width":185,"height":10}},{"id":"d2aeaffe-17df-4550-9ccc-bd9b93c42315","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":42,"box":{"x":69,"y":748,"width":268,"height":11}},{"id":"e1c10549-fc03-4b16-8d71-2cc337f8728d","block_type":"box","text":"As of July 31, 2025, the Fund’s most recently completed fiscal year end, the dollar range of securities","page_number":42,"box":{"x":101,"y":770,"width":728,"height":12}},{"id":"8c00c500-b8aa-4777-b845-4a30e5dbad14","block_type":"box","text":"beneficially owned by the por tfolio managers in the Fund is shown below:","page_number":42,"box":{"x":69,"y":785,"width":519,"height":12}},{"id":"33d0ec0d-ec4a-4e9f-b20c-0a4c7c6d4af4","block_type":"box","text":"Portfolio Manager","page_number":42,"box":{"x":69,"y":824,"width":105,"height":9}},{"id":"69283ca1-48aa-4bd4-9ea9-9d38a975e935","block_type":"box","text":"Dollar Range of Equity","page_number":42,"box":{"x":759,"y":814,"width":129,"height":9}},{"id":"4df59880-d864-4cce-ba9a-8cfaa3ba501e","block_type":"box","text":"Securities Beneficially Owned","page_number":42,"box":{"x":736,"y":824,"width":173,"height":9}},{"id":"7abbb75c-aaf3-4f59-bfd5-233dd0dfc270","block_type":"box","text":"Jennifer Hsui, CFA","page_number":42,"box":{"x":69,"y":841,"width":128,"height":11}},{"id":"890d8c47-4dc2-4f37-94e6-ac7d5d7c30b3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":42,"box":{"x":206,"y":842,"width":635,"height":8}},{"id":"e430a824-0848-47a0-9ea7-5ff4d5a6701a","block_type":"box","text":"Matt Waldron, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":42,"box":{"x":70,"y":857,"width":771,"height":10}},{"id":"141daacd-d8e6-4d6e-9394-a110e7382a50","block_type":"box","text":"Peter Sietsema, CFA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":42,"box":{"x":69,"y":872,"width":772,"height":10}},{"id":"d3b936c2-e690-4bfc-848a-3e6840d7efb9","block_type":"box","text":"Steven White . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . None","page_number":42,"box":{"x":69,"y":887,"width":772,"height":9}},{"id":"369d9c73-2218-42b2-b67d-d8baacde4f81","block_type":"box","text":"I-20","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"26e31b0f-d137-4a30-a402-7330b8de8cb4","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eafd8b52-aa98-4b1f-a7e1-85151be8e538","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":43,"box":{"x":69,"y":45,"width":403,"height":11}},{"id":"aeb640a6-ca51-40b7-aaae-e2b5b2873edf","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":43,"box":{"x":102,"y":67,"width":727,"height":12}},{"id":"3cbb5a84-040a-4363-bfbb-99b42d935feb","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":43,"box":{"x":70,"y":82,"width":814,"height":12}},{"id":"7c509052-0f31-42bd-b52b-214c3ecc5752","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":43,"box":{"x":70,"y":98,"width":837,"height":11}},{"id":"c9c6647c-06b0-4362-8330-be61e680a28a","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":43,"box":{"x":70,"y":113,"width":810,"height":11}},{"id":"47265e72-d1df-4a1f-938a-5afd9f678491","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":43,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"a9021620-e023-4044-9ed9-15b24a9ef159","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":43,"box":{"x":69,"y":143,"width":830,"height":11}},{"id":"f2a0fcb1-d96c-4b67-aa30-e5b9d9ecb706","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":158,"width":828,"height":11}},{"id":"76af7c1f-c8c4-4624-9d98-bfa0727a755b","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":173,"width":834,"height":11}},{"id":"c94b84df-afe3-4d03-9b28-609b8a6f87b6","block_type":"box","text":"in the receipt of such fees), which may be the same as or different from those made to the Fund. In addition,","page_number":43,"box":{"x":70,"y":188,"width":777,"height":11}},{"id":"6f17dd11-2f43-4fc6-a330-4f2d1dab11d4","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":203,"width":821,"height":12}},{"id":"1bf388a5-fa84-4572-b1a4-4b3ed7bb3b2c","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":43,"box":{"x":69,"y":219,"width":819,"height":10}},{"id":"62303775-22f9-4395-b14b-6ffe326e974c","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":234,"width":832,"height":11}},{"id":"794fc3b1-6462-442a-9f96-fc135ec0874c","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":43,"box":{"x":68,"y":249,"width":804,"height":11}},{"id":"f858f23e-d880-40a2-86fb-aed04e5275e3","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":264,"width":760,"height":11}},{"id":"b7e1f8e0-1291-4648-957a-fff9aa27fd5a","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":279,"width":834,"height":11}},{"id":"5b7211fa-f95d-4551-8a98-63ed811b842e","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":294,"width":836,"height":11}},{"id":"4b46c160-df36-4918-8d65-d03ee1d3ce37","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":43,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"68cf6255-7442-412b-9df5-d6c8ba0eb198","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":43,"box":{"x":70,"y":324,"width":835,"height":12}},{"id":"67c91c42-d3e0-4434-b50b-a44ef1a53cd5","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that a por tfolio manager may be managing","page_number":43,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"d4d403c6-8fcc-4a59-9f38-e42d15135556","block_type":"box","text":"hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only accounts,","page_number":43,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"71f66690-3dfd-41ed-90e4-1c2c16821d60","block_type":"box","text":"subject to incentive fees. Such por tfolio managers may therefore be entitled to receive a por tion of any incentive fees","page_number":43,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"f2a28509-f6de-42cb-a91a-1a6fbe8188a0","block_type":"box","text":"earned on such accounts. Currently, the por tfolio managers of the Fund are not entitled to receive a por tion of","page_number":43,"box":{"x":69,"y":385,"width":787,"height":11}},{"id":"d1bcb95e-f90e-46c1-93f8-7339616d5352","block_type":"box","text":"incentive fees of other accounts.","page_number":43,"box":{"x":70,"y":400,"width":231,"height":9}},{"id":"862b5ce7-0ca5-476d-98fe-ece9ca6d948e","block_type":"box","text":"As a fiduciary, BlackRock owes a duty of loyalty to its clients and must treat each client fairly. When BlackRock","page_number":43,"box":{"x":101,"y":423,"width":788,"height":11}},{"id":"da568f79-42e9-45b8-ad8a-ce0c0e8527af","block_type":"box","text":"purchases or sells securities for more than one account, the trades must be allocated in a manner consistent with its","page_number":43,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"f792c4fb-573a-4ea8-87f1-ccea5622640b","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":43,"box":{"x":68,"y":453,"width":823,"height":11}},{"id":"9ddd00a6-1cdd-46db-b236-a70061230253","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":43,"box":{"x":68,"y":468,"width":812,"height":11}},{"id":"59284735-4ce9-48f7-be48-13bc760ae964","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":43,"box":{"x":69,"y":483,"width":777,"height":11}},{"id":"06c8fde8-4ce5-4590-8e90-eff7f875392c","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":43,"box":{"x":70,"y":498,"width":826,"height":11}},{"id":"0aa0f58a-1ea9-4f09-b2ac-43fe2aec054e","block_type":"box","text":"Accounting Services","page_number":43,"box":{"x":68,"y":529,"width":150,"height":11}},{"id":"25c4a2fc-c06a-4e16-8300-8f03479e8b84","block_type":"box","text":"State Street Bank and Trust Company (“State Street”), serves as the accounting services provider for the Fund.","page_number":43,"box":{"x":102,"y":551,"width":796,"height":11}},{"id":"c3b0e085-e49d-4038-a0db-877e18f7fcd6","block_type":"box","text":"State Street maintains the books of account and other financial records (other than those maintained by the Fund’s","page_number":43,"box":{"x":69,"y":566,"width":824,"height":11}},{"id":"17d6b222-87f7-4fea-aa68-7b970f5023c6","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":43,"box":{"x":69,"y":582,"width":779,"height":11}},{"id":"1ca0b42a-ab81-4d8a-9023-d37a178f9910","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":43,"box":{"x":69,"y":597,"width":796,"height":11}},{"id":"df0ef214-e256-4676-8b5c-94faa5c6533d","block_type":"box","text":"services as may be required. In connection with its accounting services, State Street also provides cer tain","page_number":43,"box":{"x":69,"y":612,"width":760,"height":11}},{"id":"ea56dc02-507a-4b3c-b4a8-f296d82ec077","block_type":"box","text":"administration services.","page_number":43,"box":{"x":69,"y":627,"width":170,"height":9}},{"id":"da49701b-e347-41dc-ac61-64048fd2e34a","block_type":"box","text":"The table below shows the amounts paid by the Fund to State Street for accounting services for the past three","page_number":43,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"b3792502-d907-459f-a5ac-1fcb2df6a590","block_type":"box","text":"fiscal years:","page_number":43,"box":{"x":68,"y":664,"width":85,"height":12}},{"id":"acfc15b3-20f2-45fe-8797-03da7679c6db","block_type":"box","text":"Fees Paid","page_number":43,"box":{"x":838,"y":693,"width":55,"height":7}},{"id":"579383da-12ac-4136-8a7b-4119169ea994","block_type":"box","text":"to State Street","page_number":43,"box":{"x":822,"y":703,"width":87,"height":7}},{"id":"905b1274-9bfc-43f7-ad1c-f6396a2103f3","block_type":"box","text":"Fiscal Year Ended July 31, 2025. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":721,"width":476,"height":11}},{"id":"2133a8e0-348b-4ae5-b14b-268b70294e9e","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":43,"box":{"x":552,"y":720,"width":340,"height":11}},{"id":"e926919c-bdb4-44b5-a19f-e2a164d9a76b","block_type":"box","text":"Fiscal Year Ended July 31, 2024. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":736,"width":476,"height":11}},{"id":"cdac7068-e9d9-426b-b8e1-caf43cb2da23","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":43,"box":{"x":552,"y":735,"width":340,"height":11}},{"id":"5492c913-8ba5-4c6a-881a-afb9480af1c5","block_type":"box","text":"Fiscal Year Ended July 31, 2023. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":43,"box":{"x":70,"y":751,"width":476,"height":11}},{"id":"0f7fa378-9edc-46b7-ac74-719879cbc936","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":43,"box":{"x":552,"y":750,"width":340,"height":11}},{"id":"39be4383-a049-42fa-999f-d5d91ab0cba5","block_type":"box","text":"Custodian","page_number":43,"box":{"x":69,"y":782,"width":72,"height":9}},{"id":"65f97e15-5bb6-4a5f-848c-82014f49d2ab","block_type":"box","text":"State Street, which has its principal place of business at One Congress Street, Suite 1, Boston, Massachusetts","page_number":43,"box":{"x":102,"y":805,"width":797,"height":11}},{"id":"f21abc7a-b803-44e2-9ab0-6cb43300575e","block_type":"box","text":"02114-2016, serves as the custodian for the Fund (the “Custodian”). The Custodian, among other responsibilities,","page_number":43,"box":{"x":69,"y":820,"width":822,"height":11}},{"id":"d542c53b-0d95-40e4-8cb8-e26d520c15c6","block_type":"box","text":"maintains a custody account or accounts in the name of the Fund, receives and delivers all assets for the Fund upon","page_number":43,"box":{"x":69,"y":835,"width":832,"height":11}},{"id":"c9d70d16-64f4-4cc9-a2c9-e61361cf9ad8","block_type":"box","text":"purchase and upon sale or maturity, and collects and receives all income and other payments and distributions on","page_number":43,"box":{"x":70,"y":851,"width":813,"height":10}},{"id":"5b84c93e-ba54-4e31-9d0f-28b350b092c1","block_type":"box","text":"account of the assets of the Fund.","page_number":43,"box":{"x":69,"y":865,"width":244,"height":9}},{"id":"911f581b-d25f-4bec-af09-10ac5290c3eb","block_type":"box","text":"I-21","page_number":43,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"439bbc06-45a7-4b51-b838-e0cc351bfd3e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"97229da6-37e5-4e76-b5a6-3b354159dcc2","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":44,"box":{"x":68,"y":45,"width":432,"height":11}},{"id":"425a8419-6c71-47a3-987e-80233368d928","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) , which has its principal place of business at 301","page_number":44,"box":{"x":102,"y":67,"width":770,"height":12}},{"id":"918db2f9-1b0a-444a-8c3d-43cede11e3e4","block_type":"box","text":"Bellevue Parkway, Wilmington, Delaware 19809, serves as the transfer agent and dividend disbursing agent for the","page_number":44,"box":{"x":70,"y":82,"width":820,"height":12}},{"id":"1fe529b7-0627-4987-9c68-6c9b10bbc06d","block_type":"box","text":"Fund.","page_number":44,"box":{"x":70,"y":98,"width":36,"height":9}},{"id":"0093c037-2804-48f9-b0e5-3a77fcbe6fe5","block_type":"box","text":"Pursuant to a shareholders’ administrative services agreement, BlackRock provides cer tain shareholder liaison","page_number":44,"box":{"x":102,"y":120,"width":793,"height":12}},{"id":"d5f0ec63-4feb-40ae-9ed3-dd84f470b389","block_type":"box","text":"services in connection with the Trust’s investor service center. The Trust, on behalf of the Fund, reimburses","page_number":44,"box":{"x":69,"y":135,"width":769,"height":11}},{"id":"b6fa218f-5ab3-44cd-beef-efc278bf5970","block_type":"box","text":"BlackRock for its costs in maintaining the service center, which costs include, among other things, employee","page_number":44,"box":{"x":70,"y":150,"width":774,"height":12}},{"id":"968402e8-c1cd-47c8-9c44-3d17c51b9645","block_type":"box","text":"salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":44,"box":{"x":69,"y":166,"width":458,"height":11}},{"id":"51b7020c-f58e-4bb5-87ab-56e0a164e6aa","block_type":"box","text":"For the periods shown below, the Trust, on behalf of the Fund, reimbursed BlackRock for shareholder liaison","page_number":44,"box":{"x":102,"y":188,"width":769,"height":11}},{"id":"35f51929-7e43-4c4f-bddf-e05a40a19049","block_type":"box","text":"services pursuant to such agreement in the amount set for th below:","page_number":44,"box":{"x":69,"y":203,"width":486,"height":12}},{"id":"ce125b3c-c5eb-4378-bc49-5edc0733ce02","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":732,"y":232,"width":56,"height":7}},{"id":"b4a9caea-422d-4efc-98a7-987019825b4c","block_type":"box","text":"to BlackRock","page_number":44,"box":{"x":720,"y":242,"width":80,"height":7}},{"id":"8d4aaf02-cb89-411b-a290-9dafbbb4f6b5","block_type":"box","text":"Fees Waived","page_number":44,"box":{"x":833,"y":232,"width":72,"height":7}},{"id":"9c8f5dfd-ea87-41e3-bb78-6f715901f943","block_type":"box","text":"by BlackRock","page_number":44,"box":{"x":830,"y":242,"width":80,"height":9}},{"id":"4fe5615b-96d4-4567-87a6-19383546016b","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":44,"box":{"x":70,"y":260,"width":269,"height":11}},{"id":"21f1a6b7-6f16-4065-ba21-fc7b922fa87c","block_type":"box","text":"...........................................","page_number":44,"box":{"x":345,"y":267,"width":345,"height":1}},{"id":"e953c57e-3e64-4536-96e0-183f600aa5f4","block_type":"box","text":"$24,358 $ 2,386","page_number":44,"box":{"x":729,"y":259,"width":171,"height":11}},{"id":"f9af0028-3833-49b4-b6eb-92f57e5a4d2f","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":44,"box":{"x":70,"y":275,"width":269,"height":11}},{"id":"64ea3561-44b0-41d4-9065-c41a9eacc961","block_type":"box","text":"...........................................","page_number":44,"box":{"x":345,"y":282,"width":345,"height":1}},{"id":"705fa30f-e231-4607-a31f-9b18e8faf27a","block_type":"box","text":"$19,278 $ 4,019","page_number":44,"box":{"x":729,"y":274,"width":171,"height":11}},{"id":"dab33e66-79d1-4b89-8b23-952604b04abc","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":44,"box":{"x":70,"y":290,"width":269,"height":11}},{"id":"4041aae3-f692-4d8e-93da-797dbdd04a69","block_type":"box","text":"...........................................","page_number":44,"box":{"x":345,"y":297,"width":345,"height":2}},{"id":"ab866d24-05dc-4079-8dbc-97ddd6cb23f4","block_type":"box","text":"$21,769 $12,525","page_number":44,"box":{"x":729,"y":289,"width":171,"height":11}},{"id":"04f16dd7-4e56-4bda-97c5-0567e6c7523e","block_type":"box","text":"Credit Agreement","page_number":44,"box":{"x":69,"y":321,"width":129,"height":11}},{"id":"a6e9af70-855d-4ae1-8ea8-570d1f2bcea6","block_type":"box","text":"The Trust, on behalf of the Fund, along with cer tain other funds managed by the Manager and its affiliates","page_number":44,"box":{"x":101,"y":344,"width":757,"height":11}},{"id":"3a6cc3de-468e-4234-af8d-637d65120f81","block_type":"box","text":"(“Par ticipating Funds”), is a par ty to a 364-day, $2.4 billion credit agreement with a group of lenders, which facility","page_number":44,"box":{"x":69,"y":358,"width":817,"height":12}},{"id":"1821e0af-421f-4305-945e-593c2425e02d","block_type":"box","text":"terminates on April 9, 2026, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":44,"box":{"x":68,"y":374,"width":743,"height":11}},{"id":"02b3175f-231e-4774-8fa6-30c53210e7c2","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":44,"box":{"x":69,"y":389,"width":825,"height":11}},{"id":"85813cbd-0e9a-4190-b0d0-9a55c65b68ab","block_type":"box","text":"to an aggregate commitment amount of $1.75 billion at any time outstanding, subject to asset coverage and other","page_number":44,"box":{"x":68,"y":404,"width":818,"height":12}},{"id":"fd122d1a-7d7b-4008-9aee-b72cb6693c1d","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":44,"box":{"x":70,"y":419,"width":761,"height":12}},{"id":"328ad77b-d8ce-4734-b98b-e7a1b138d7a5","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":44,"box":{"x":69,"y":435,"width":768,"height":11}},{"id":"bdbf433a-01e7-4031-a927-49531308a0e3","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":44,"box":{"x":68,"y":450,"width":825,"height":11}},{"id":"0055d586-8b90-4cd1-9d9c-43e4bfb71df1","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":44,"box":{"x":69,"y":465,"width":805,"height":11}},{"id":"665011df-0b53-4149-ac17-a25dea43c19d","block_type":"box","text":"other fees and expenses for the Fund which may impact the Fund’s net expenses. The costs of borrowing may reduce","page_number":44,"box":{"x":69,"y":480,"width":838,"height":11}},{"id":"ed97de74-fea6-49b9-8a9e-c2c31d573f29","block_type":"box","text":"the Fund’s return. The Fund is charged its pro rata share of upfront fees and commitment fees on the aggregate","page_number":44,"box":{"x":68,"y":495,"width":801,"height":11}},{"id":"5e3129e4-c7cc-46f9-a09b-5431481df93a","block_type":"box","text":"commitment amount based on its net assets. If the Fund borrows pursuant to the Credit Agreement, the Fund will be","page_number":44,"box":{"x":69,"y":510,"width":833,"height":11}},{"id":"e25a97bf-4dbe-4a11-89ed-24765518b1bf","block_type":"box","text":"charged interest at a variable rate.","page_number":44,"box":{"x":69,"y":526,"width":245,"height":11}},{"id":"781e2b28-77cd-441a-a710-36ba43a1a1d6","block_type":"box","text":"V. Information on Distribution Related Expenses","page_number":44,"box":{"x":68,"y":556,"width":349,"height":11}},{"id":"967eb09f-0681-4d47-8e48-ff34887cceb8","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor.","page_number":44,"box":{"x":102,"y":578,"width":657,"height":11}},{"id":"bf7c7a5a-b4a6-4766-b72c-9548aa8fbaef","block_type":"box","text":"The table below provides information for the fiscal year ended July 31, 2025 about the 12b-1 fees the Fund paid","page_number":44,"box":{"x":101,"y":601,"width":802,"height":11}},{"id":"5cdba971-135e-4b71-994b-f4ec7b59cd4e","block_type":"box","text":"to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for providing","page_number":44,"box":{"x":68,"y":616,"width":796,"height":11}},{"id":"e506ecf6-5a87-4f22-abbd-bf560a825692","block_type":"box","text":"shareholder servicing activities for Investor A Shares.","page_number":44,"box":{"x":69,"y":631,"width":379,"height":11}},{"id":"2ffcb338-5a93-4865-97c2-542d7a638ebe","block_type":"box","text":"Class Name","page_number":44,"box":{"x":69,"y":669,"width":68,"height":8}},{"id":"49268e19-63b0-4484-bc19-a68eb8cccb8e","block_type":"box","text":"Fees Paid","page_number":44,"box":{"x":845,"y":659,"width":56,"height":8}},{"id":"d8cd2f85-fd34-42a5-9bea-eded687bf829","block_type":"box","text":"to BRIL","page_number":44,"box":{"x":851,"y":670,"width":44,"height":7}},{"id":"2e433186-9428-4783-aeb9-ed716a8c7da8","block_type":"box","text":"Investor A Shares . . .","page_number":44,"box":{"x":70,"y":687,"width":157,"height":9}},{"id":"a51c7ab5-6ad7-4ad9-a30d-c8d98a48e351","block_type":"box","text":".......................................................................","page_number":44,"box":{"x":233,"y":695,"width":572,"height":1}},{"id":"2304b547-6abe-4cd0-b673-04a372cd9cc3","block_type":"box","text":"$705,140","page_number":44,"box":{"x":837,"y":686,"width":72,"height":12}},{"id":"4d1b7739-ae3e-4098-acf8-a96f704b275a","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":44,"box":{"x":68,"y":719,"width":318,"height":11}},{"id":"f2c7b04c-bcae-4345-99a6-434bc8db82f8","block_type":"box","text":"The offering price for each of the Investor A, Institutional and Class K Shares of the Fund is equal to the share","page_number":44,"box":{"x":101,"y":741,"width":788,"height":12}},{"id":"5324aec7-dafa-4a00-98e8-6c40b02486d2","block_type":"box","text":"class’ net asset value computed by dividing the value of the share class’ net assets by the number of shares of that","page_number":44,"box":{"x":69,"y":756,"width":831,"height":12}},{"id":"94085037-7686-49e4-aebc-317404dc9d7a","block_type":"box","text":"class outstanding.","page_number":44,"box":{"x":69,"y":772,"width":129,"height":11}},{"id":"bad56592-bfdf-47c2-84c6-74f17d0c0423","block_type":"box","text":"For more information on the purchasing and valuation of shares, please see “Purchase of Shares” and “Pricing","page_number":44,"box":{"x":102,"y":794,"width":793,"height":12}},{"id":"4dfb8969-dbbe-44e8-ba91-78d5a8a14550","block_type":"box","text":"of Shares” in Par t II of this SAI.","page_number":44,"box":{"x":69,"y":809,"width":223,"height":9}},{"id":"6f35c281-9e9d-484f-9e56-ca3270686c85","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":44,"box":{"x":68,"y":840,"width":302,"height":11}},{"id":"0255d0e6-8ef8-4562-9b88-7e6d16ffeac8","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":44,"box":{"x":102,"y":862,"width":609,"height":12}},{"id":"5b15e542-2438-412c-8163-9fb75edad5e6","block_type":"box","text":"I-22","page_number":44,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"59d9dd56-1285-4991-9d25-84139c5e480e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a0d3550a-7d5a-411f-a483-df580c91de5d","block_type":"box","text":"Information about the brokerage commissions paid by the Fund, including commissions paid to affiliates, is set","page_number":45,"box":{"x":102,"y":45,"width":794,"height":11}},{"id":"ccd28148-184c-419c-8050-8f565ad369db","block_type":"box","text":"for th in the following table:","page_number":45,"box":{"x":68,"y":60,"width":191,"height":11}},{"id":"a63589ef-3d12-4bf7-ae8d-2d323860108b","block_type":"box","text":"Aggregate Brokerage","page_number":45,"box":{"x":613,"y":88,"width":125,"height":9}},{"id":"3b81a357-3dc7-4784-b99e-16bea14e0d51","block_type":"box","text":"Commissions Paid","page_number":45,"box":{"x":623,"y":98,"width":106,"height":7}},{"id":"9c09dab3-b3ff-4347-b05d-3c7111fd2ced","block_type":"box","text":"Brokerage Commissions","page_number":45,"box":{"x":769,"y":88,"width":140,"height":9}},{"id":"1cef208d-32dd-474b-96c0-1e7a30870923","block_type":"box","text":"Paid to Affiliates","page_number":45,"box":{"x":791,"y":98,"width":96,"height":7}},{"id":"d66c5702-fdff-4fe4-9b79-6bc9d620a010","block_type":"box","text":"Fiscal Year Ended July 31, 2025 . . . . .","page_number":45,"box":{"x":70,"y":116,"width":268,"height":11}},{"id":"8fe0cc86-d818-41bf-b9a1-af9d445faaf7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 48,444 $0","page_number":45,"box":{"x":344,"y":115,"width":504,"height":11}},{"id":"e9db2e50-ae50-41a3-b3a3-ace9275dece4","block_type":"box","text":"Fiscal Year Ended July 31, 2024 . . . . .","page_number":45,"box":{"x":70,"y":131,"width":268,"height":11}},{"id":"55b240b4-681c-4b39-a25a-99d999de69b6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 97,341 $0","page_number":45,"box":{"x":344,"y":130,"width":504,"height":11}},{"id":"572b1639-5563-4a43-ac76-e9106b855186","block_type":"box","text":"Fiscal Year Ended July 31, 2023 . . . . .","page_number":45,"box":{"x":70,"y":146,"width":268,"height":11}},{"id":"6e80599d-4f49-435e-a297-aa9fbf0d6f26","block_type":"box","text":"..............................","page_number":45,"box":{"x":344,"y":154,"width":238,"height":1}},{"id":"f67afe1b-66d2-432d-99cd-a084f87942c2","block_type":"box","text":"$126,330 $0","page_number":45,"box":{"x":640,"y":145,"width":208,"height":12}},{"id":"312da3b2-52fe-42f9-afe8-020b5911944e","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":45,"box":{"x":101,"y":185,"width":770,"height":11}},{"id":"77bd09bf-79b5-48b3-a180-961df37d1abf","block_type":"box","text":"28(e) research/brokerage services under Section 28(e) of the Securities Exchange Act of 1934, as amended, and","page_number":45,"box":{"x":69,"y":200,"width":814,"height":12}},{"id":"adabfba6-eaed-47a5-9a85-a286b8cbebce","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended July 31, 2025. The provision of","page_number":45,"box":{"x":68,"y":215,"width":826,"height":11}},{"id":"26250252-c1f8-45dd-8e46-5eed98fe4207","block_type":"box","text":"Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage business","page_number":45,"box":{"x":69,"y":230,"width":822,"height":12}},{"id":"7cddda8d-2a81-4b2a-97c0-272d20a3a713","block_type":"box","text":"with such brokers.","page_number":45,"box":{"x":68,"y":246,"width":130,"height":9}},{"id":"7d131aa6-c8ba-490f-ad75-03290966a5c6","block_type":"box","text":"Amount of Commissions","page_number":45,"box":{"x":357,"y":274,"width":141,"height":7}},{"id":"f421dab6-6416-4c94-8892-0b51982e9372","block_type":"box","text":"Paid to Brokers for","page_number":45,"box":{"x":374,"y":284,"width":109,"height":7}},{"id":"e70422a0-67c4-46ff-a0ef-97bc1457df80","block_type":"box","text":"Providing 28(e) Eligible Research Services","page_number":45,"box":{"x":304,"y":294,"width":249,"height":9}},{"id":"36e1f18f-3179-450d-9132-751cac4ffd22","block_type":"box","text":"Amount of Brokerage","page_number":45,"box":{"x":593,"y":284,"width":124,"height":9}},{"id":"fc2c888f-2c11-4d00-95d3-198baf466cef","block_type":"box","text":"Transactions Involved","page_number":45,"box":{"x":592,"y":294,"width":126,"height":7}},{"id":"9393af5a-c86c-4eba-b466-fe2183eacaa1","block_type":"box","text":"$0 $0","page_number":45,"box":{"x":419,"y":311,"width":245,"height":11}},{"id":"a94fae4a-13aa-406d-9ca9-445393d9f416","block_type":"box","text":"The value of the Fund’s aggregate holdings of the securities of its regular brokers or dealers (as defined in Rule","page_number":45,"box":{"x":101,"y":336,"width":796,"height":11}},{"id":"d7a8b7b4-2fa2-4178-a69f-e674deb5fa1a","block_type":"box","text":"10b-1 under the Investment Company Act) or their parents if any por tion of such holdings were purchased during the","page_number":45,"box":{"x":69,"y":351,"width":830,"height":11}},{"id":"3907d226-4049-4d92-b79f-55c59c1f114c","block_type":"box","text":"fiscal year ended July 31, 2025 are as follows:","page_number":45,"box":{"x":68,"y":366,"width":334,"height":11}},{"id":"a54c86ce-ac1a-4f58-8d42-e155f5534236","block_type":"box","text":"Regular Broker/Dealer Debt (D)/Equity (E) Aggregate Holdings (000’s)","page_number":45,"box":{"x":69,"y":394,"width":840,"height":9}},{"id":"6d51aa1d-86b0-439f-8c70-27d2a4751169","block_type":"box","text":"Bank of America Corp","page_number":45,"box":{"x":70,"y":412,"width":152,"height":11}},{"id":"e7c761ee-dc8a-4ad1-b72d-36bc5e0b6bf8","block_type":"box","text":"........................................... E","page_number":45,"box":{"x":227,"y":412,"width":437,"height":9}},{"id":"13501c05-da16-4e2c-9ace-6f23c1af0603","block_type":"box","text":"$21,859","page_number":45,"box":{"x":797,"y":411,"width":62,"height":11}},{"id":"190c98b1-77d8-4eda-aa15-e87bf8e8236d","block_type":"box","text":"Wells Fargo & Co. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E","page_number":45,"box":{"x":68,"y":427,"width":596,"height":11}},{"id":"45487aa8-5be2-4f58-96f4-f1d9b070a5dc","block_type":"box","text":"$17,705","page_number":45,"box":{"x":797,"y":426,"width":62,"height":11}},{"id":"3bd11916-2fea-4178-92a9-761e0fc4dbb6","block_type":"box","text":"Morgan Stanley . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E","page_number":45,"box":{"x":70,"y":442,"width":594,"height":11}},{"id":"cee17ff1-3089-4ba2-afc5-2047d5dcc8bf","block_type":"box","text":"$11,031","page_number":45,"box":{"x":797,"y":441,"width":62,"height":12}},{"id":"5cb7abb3-32af-487f-aaf9-3cc5dae45d9a","block_type":"box","text":"Jefferies Financial Group . . . . . . . . . .","page_number":45,"box":{"x":69,"y":457,"width":257,"height":11}},{"id":"7f63acf4-6701-4f5e-a37a-555489db8863","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . E $ 602","page_number":45,"box":{"x":333,"y":457,"width":526,"height":10}},{"id":"735f4e46-2f4c-44dc-bedf-34e8e21f5660","block_type":"box","text":"Securities Lending","page_number":45,"box":{"x":68,"y":489,"width":135,"height":11}},{"id":"c830eadc-c032-44d3-bd2d-9c75e7f432a4","block_type":"box","text":"To the extent that the Fund engages in securities lending, the Fund conducts its securities lending pursuant to an","page_number":45,"box":{"x":101,"y":512,"width":807,"height":11}},{"id":"c3d3b748-5831-4801-a5fc-cdc3e8334660","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":45,"box":{"x":69,"y":526,"width":817,"height":12}},{"id":"46c18fe2-9081-4887-b0d5-c913dd512e1f","block_type":"box","text":"and to retain an affiliate of the Fund as securities lending agent. To the extent that the Fund engages in securities","page_number":45,"box":{"x":69,"y":542,"width":813,"height":11}},{"id":"6051ee61-6989-4425-b836-4647cbcfad94","block_type":"box","text":"lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities lending agent for the Fund, subject to","page_number":45,"box":{"x":70,"y":557,"width":832,"height":11}},{"id":"5625ac7c-06da-4e75-89f5-e8e6efcf8f03","block_type":"box","text":"the overall supervision of BlackRock, pursuant to a written agreement (the “Securities Lending Agency Agreement”).","page_number":45,"box":{"x":68,"y":572,"width":827,"height":11}},{"id":"58aff28c-a93e-4e37-814d-4bca5045b9c6","block_type":"box","text":"BTC administers the lending program in accordance with guidelines approved by the Board.","page_number":45,"box":{"x":70,"y":587,"width":647,"height":11}},{"id":"bb005c18-2792-4632-aa5e-15e748e50645","block_type":"box","text":"The Fund retains a por tion of the securities lending income and remits the remaining por tion to BTC as","page_number":45,"box":{"x":101,"y":610,"width":735,"height":11}},{"id":"7342e948-7bb2-4a75-9da0-65314e9dc2d4","block_type":"box","text":"compensation for its services as securities lending agent. Securities lending income is generally equal to the total of","page_number":45,"box":{"x":69,"y":625,"width":834,"height":11}},{"id":"d59a2e1f-146f-470b-869f-30b39b31c977","block_type":"box","text":"income earned from the reinvestment of cash collateral (and excludes collateral investment fees as defined below),","page_number":45,"box":{"x":70,"y":640,"width":822,"height":11}},{"id":"bf5d7677-6328-44fa-a9a9-499297122ff5","block_type":"box","text":"and any fees or other payments to and from borrowers of securities. As securities lending agent, BTC bears all","page_number":45,"box":{"x":69,"y":655,"width":788,"height":11}},{"id":"f686ce8e-dd86-40d5-968a-8c559557d129","block_type":"box","text":"operational costs directly related to securities lending. The Fund is responsible for fees in connection with the","page_number":45,"box":{"x":69,"y":670,"width":783,"height":11}},{"id":"6780f413-ed35-4649-b216-b01f92394166","block_type":"box","text":"investment of cash collateral received for securities on loan in money market funds advised by BlackRock or its","page_number":45,"box":{"x":70,"y":685,"width":792,"height":11}},{"id":"d1eec75c-d2e7-4c1a-81cc-9d751c054579","block_type":"box","text":"affiliates, and such fees will not be subject to any waivers (the “collateral investment fees”); however, BTC has","page_number":45,"box":{"x":69,"y":700,"width":791,"height":12}},{"id":"ae2ec72f-19eb-42fc-baa2-a0884bd89a27","block_type":"box","text":"agreed to reduce the amount of securities lending income it receives in order to effectively limit the collateral","page_number":45,"box":{"x":69,"y":715,"width":778,"height":12}},{"id":"1637f5f2-0b28-4853-bf1f-cdbdc1a6c1bb","block_type":"box","text":"investment fees the Fund bears to an annual rate of 0.04%. Such money market fund shares will not be subject to a","page_number":45,"box":{"x":70,"y":731,"width":828,"height":11}},{"id":"f89d62bc-763f-4e2f-8473-4295f2b5ddb2","block_type":"box","text":"sales load, distribution fee or service fee.","page_number":45,"box":{"x":69,"y":746,"width":296,"height":10}},{"id":"863f2fe0-add8-4f4b-be85-2f47e5a0c759","block_type":"box","text":"To the extent that the Fund invests cash collateral in a non-government money market fund, the Fund may be","page_number":45,"box":{"x":101,"y":768,"width":776,"height":12}},{"id":"4ed4a289-ac11-45fd-8b25-9a3772551a8c","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":45,"box":{"x":69,"y":783,"width":831,"height":12}},{"id":"37fdec38-097d-4198-87ed-8d2012f2d4fc","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":45,"box":{"x":68,"y":799,"width":812,"height":11}},{"id":"0d455e01-a785-43b8-accd-abff5a268dc0","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":45,"box":{"x":69,"y":814,"width":799,"height":11}},{"id":"74b33142-c913-4cef-ba14-0a48972261a7","block_type":"box","text":"Additionally, the Fund will be subject to a mandatory liquidity fee if the money market fund’s total net redemptions on","page_number":45,"box":{"x":68,"y":829,"width":835,"height":11}},{"id":"41971663-95c1-4359-8102-eef47f0a17ea","block_type":"box","text":"a single day exceed 5% of the money market fund’s net assets, unless the liquidity costs are de minimis (i.e., less","page_number":45,"box":{"x":69,"y":844,"width":818,"height":11}},{"id":"8509d7f7-5523-4f2d-9bec-9d7c0ebfe091","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":45,"box":{"x":68,"y":859,"width":789,"height":11}},{"id":"00e379c6-4849-490b-9447-efb86d538aab","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":45,"box":{"x":69,"y":874,"width":829,"height":12}},{"id":"545c15be-6651-4431-9923-5a5bc7d9ecba","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":45,"box":{"x":69,"y":889,"width":839,"height":12}},{"id":"7fbbb6e2-7558-4d09-a0a8-62d3ada9d0ac","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":45,"box":{"x":69,"y":904,"width":802,"height":12}},{"id":"645453f0-821e-48b9-a0dc-63d07c28d650","block_type":"box","text":"I-23","page_number":45,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"a06122c1-369f-4c34-8efd-843c4151ce1e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"953c26b0-efb2-4cae-88f7-3cbe155f1e19","block_type":"box","text":"por tfolio security in good faith and suppor ted by data, it is required to apply a default liquidity fee of 1% on the value","page_number":46,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"405da504-d738-45a5-b6f3-cb06fc521363","block_type":"box","text":"of shares redeemed on that day. The imposition of any such discretionary or mandatory liquidity fee would reduce the","page_number":46,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"00eafb1c-8305-4f04-8439-c721dc9df795","block_type":"box","text":"Fund’s returns on securities lending.","page_number":46,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"1d52aea4-cb79-4b0b-a01b-0572d66c70b0","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":46,"box":{"x":102,"y":98,"width":774,"height":11}},{"id":"ed3cee45-d9ec-414f-b57b-c07b2dccf493","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity, or fund of","page_number":46,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"c7c533fb-58b8-4168-a090-2a4f60911e1a","block_type":"box","text":"funds), each of which may be subject to a different fee arrangement, is based on a methodology agreed to by the","page_number":46,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"59524451-bd37-4f58-a513-e7a2720d7d40","block_type":"box","text":"Trust and BTC.","page_number":46,"box":{"x":68,"y":143,"width":104,"height":9}},{"id":"29b9ef32-2a4b-47cc-bce6-3b4bbeed3238","block_type":"box","text":"Pursuant to the current securities lending agreement: (i) the Fund retains 82% of securities lending income","page_number":46,"box":{"x":102,"y":166,"width":761,"height":11}},{"id":"36066b00-d034-431c-bb04-7945b0ac6ab4","block_type":"box","text":"(which excludes collateral investment fees); and (ii) this amount can never be less than 70% of the sum of securities","page_number":46,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"0db93a89-a2d2-4ac4-9f48-7675e5053e8a","block_type":"box","text":"lending income plus collateral investment fees.","page_number":46,"box":{"x":70,"y":196,"width":334,"height":11}},{"id":"bae917ed-49d4-438f-93c4-8fcc4065ff80","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":46,"box":{"x":102,"y":218,"width":753,"height":12}},{"id":"8ba66983-6644-4f25-93f2-eab1a9407989","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":46,"box":{"x":69,"y":234,"width":778,"height":11}},{"id":"4e133ee2-ea3e-49bc-bda5-02299a70d662","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":46,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"0996f372-3924-4746-bad8-329e9aaee01b","block_type":"box","text":"lending income as follows: (i) 85% of securities lending income (which excludes collateral investment fees); and","page_number":46,"box":{"x":70,"y":264,"width":794,"height":11}},{"id":"0756b21f-4d47-4a0a-b606-907ffe7cbf59","block_type":"box","text":"(ii) this amount can never be less than 70% of the sum of securities lending income plus collateral investment fees.","page_number":46,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"07fede87-2ac6-4ab1-b409-eadd87af5c65","block_type":"box","text":"Prior to January 1, 2025, the Fund was subject to a different securities lending fee arrangement.","page_number":46,"box":{"x":102,"y":302,"width":690,"height":11}},{"id":"5e1cd1f6-b65b-4626-a0da-ed211a7dd392","block_type":"box","text":"The services provided to the Fund by BTC, in the most recent fiscal year ended July 31, 2025, primarily included","page_number":46,"box":{"x":101,"y":324,"width":800,"height":11}},{"id":"6d9bca39-ffea-4de5-bc48-d8a21e1b702c","block_type":"box","text":"the following:","page_number":46,"box":{"x":68,"y":339,"width":93,"height":12}},{"id":"81597d32-1b65-428d-8c53-0c02dde32842","block_type":"box","text":"(1) selecting borrowers from an approved list of borrowers and executing a securities lending agreement as agent","page_number":46,"box":{"x":69,"y":360,"width":818,"height":11}},{"id":"fe7333f3-1c06-4b88-b442-17fbc2aa9c19","block_type":"box","text":"on behalf of the Fund with each such borrower;","page_number":46,"box":{"x":102,"y":375,"width":333,"height":10}},{"id":"bf336fa8-64a3-4e26-aeb0-e1a03d33b4b1","block_type":"box","text":"(2) 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Information contained in this","page_number":49,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"71e701b9-c076-4dc9-9c92-b0ca2e8d4e2b","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":49,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"74405747-2771-4515-abcd-924db1824495","block_type":"box","text":"applies only to those Funds specifically identified in Par t I of this SAI as making each type of investment or using","page_number":49,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"3f628cba-0e23-49ed-b87b-212f50338415","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). 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Only information that","page_number":49,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"0f3e268c-ded6-4652-a29d-8b213f5df4eb","block_type":"box","text":"is clearly identified as applicable to a Covered Fund is considered to form a par t of that Covered Fund’s SAI.","page_number":49,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"9d9bd52c-8a1b-489f-9fd0-1ff0c9c192be","block_type":"box","text":"Asset-Backed Securities.","page_number":49,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"86b787da-defb-441a-9002-998240f2c9f0","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":49,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"629e0dd1-3e61-4d2e-9b43-f3cf60dee389","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":49,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"7a2ce809-6928-4cd8-b6bf-62875ad43d7d","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":49,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"ca7e1752-2bb2-4555-81e2-bd0c0d58bb0a","block_type":"box","text":"credit card receivables) are passed through to a Fund. The value of asset-backed securities, like that of traditional","page_number":49,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"ff52b935-ac2c-43c7-b5dd-810b90026ee0","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":49,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"60788201-a5c5-4959-ab0f-936b74a761ff","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":49,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"52e2aec5-2e2b-4522-8446-f0e894309750","block_type":"box","text":"price paid by a Fund for its asset-backed securities, the yield the Fund expects to receive from such securities and","page_number":49,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"583285e3-d485-4ed4-9b3c-1ad70428e91b","block_type":"box","text":"the average life of the securities are based on a number of factors, including the anticipated rate of prepayment of","page_number":49,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"e337f603-99e7-479a-833b-d1039fc6cb4f","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":49,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"bb97a1d1-1b10-4928-b89e-14df1887889c","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":49,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"988ce71e-b1a1-4294-aec5-8e1f605c1f61","block_type":"box","text":"Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of","page_number":49,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"1bf9fcd6-6fa6-49e8-8921-e694801ef40a","block_type":"box","text":"interest that is lower than the rate on the security that was prepaid. To the extent that a Fund purchases asset","page_number":49,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"269c520d-9abc-4be3-9903-6a36666d7e23","block_type":"box","text":"backed securities at a premium, prepayments may result in a loss to the extent of the premium paid. If a Fund buys","page_number":49,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"f73e05f2-a033-432a-be80-ede24d9dd3e6","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":49,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"b9f75c9a-ac5b-40ae-aead-dff01e18fdbe","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":49,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"35383261-7178-4e6e-8eab-35c19f785836","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":49,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"502cd389-fa1f-464d-a145-ecb895e2024c","block_type":"box","text":"assets may occur at a slower than expected rate, creating maturity extension risk. This par ticular risk may effectively","page_number":49,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"7560fe48-e8c4-4a94-a249-38a458bc2adf","block_type":"box","text":"change a security that was considered shor t- or intermediate-term at the time of purchase into a longer term security.","page_number":49,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"7b9daaf2-aa23-4929-ac87-9f34cdcd3e0b","block_type":"box","text":"II-1","page_number":49,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"1145c8ce-9fc2-41bb-90d5-7c2f50e4debe","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"31f26bb9-12a5-4697-b734-8393b3fa7837","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":50,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"eaeeae28-8f60-42ae-931d-284d4051954f","block_type":"box","text":"than does the value of shor ter-term securities, maturity extension risk could increase the volatility of the Fund. When","page_number":50,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"46c694b6-03e9-4b28-8c20-07405ab75195","block_type":"box","text":"interest rates decline, the value of an asset-backed security with prepayment features may not increase as much as","page_number":50,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"a287b196-4338-42df-8c78-4bcd5c1d0af9","block_type":"box","text":"that of other fixed-income securities, and, as noted above, changes in market rates of interest may accelerate or","page_number":50,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"6eaf7726-e73f-4b88-9e11-81cb90123204","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":50,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"ee5d466e-1ce7-4581-8245-a2381a2e99f6","block_type":"box","text":"Asset-Based Securities.","page_number":50,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"6f2d4397-2c61-4f3f-8897-019b58308da5","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":50,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"de015714-7ffd-43d3-a973-60244974e4d7","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":50,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"26818fab-04e8-4de2-b055-f3409fdb2e18","block_type":"box","text":"asset such as gold bullion. These securities are referred to as “asset-based securities.” A Fund will purchase only","page_number":50,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"f19064f9-3146-4038-b871-8164467a45b8","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":50,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"fa3f585d-e152-452c-9800-671cccfaf5f0","block_type":"box","text":"investment grade (for example, AAA, AA, A or BBB by S&P Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or Baa by","page_number":50,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"63bd2de7-f145-4751-93ad-df14932c99f9","block_type":"box","text":"Moody’s Investors Service, Inc. (“Moody’s”) or commercial paper rated A-1 by S&P or Prime-1 by Moody’s) or by","page_number":50,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"612e94ca-4179-4f87-acd4-5b78af9562fd","block_type":"box","text":"issuers that the Manager has determined to be of similar creditwor thiness. Obligations ranked in the four th highest","page_number":50,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"dc700a12-6c51-4e1b-842c-1601ac0c6e6f","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":50,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"d6594e63-cf1b-4afe-9ae4-2e78f3618875","block_type":"box","text":"likely to be downgraded than securities rated in the three highest rating categories. If an asset-based security is","page_number":50,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"58a69e8d-e032-4e17-8978-663fecb56ee7","block_type":"box","text":"backed by a bank letter of credit or other similar facility, the Manager may take such backing into account in","page_number":50,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"84fe5c58-4715-432e-82aa-0649f8f491c8","block_type":"box","text":"determining the creditwor thiness of the issuer. While the market prices for an asset-based security and the related","page_number":50,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"2a8f5150-0c1b-487c-aaed-2707b18ab392","block_type":"box","text":"natural resource asset generally are expected to move in the same direction, there may not be per fect correlation in","page_number":50,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"f716c432-098b-4993-b83b-4a66a1134eaf","block_type":"box","text":"the two price movements. Asset-based securities may not be secured by a security interest in or claim on the","page_number":50,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"c5acf551-0a77-49fa-a978-d2a2d7076db8","block_type":"box","text":"underlying natural resource asset. The asset-based securities in which a Fund may invest may bear interest or pay","page_number":50,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"247cb411-855f-4b1a-bfc6-d1616b58d88f","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":50,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"65b6fe4f-1d55-445a-99d8-d3e22cb052e3","block_type":"box","text":"at maturity in cash at the stated principal amount or, at the option of the holder, directly in a stated amount of the","page_number":50,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"776c2ae3-74a6-4e46-a27c-fd08faa1c257","block_type":"box","text":"asset to which it is related. In such instance, because no Fund presently intends to invest directly in natural resource","page_number":50,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"284c9dcb-476a-4eb5-aef5-dfdcc8594d65","block_type":"box","text":"assets, a Fund would sell the asset-based security in the secondary market, to the extent one exists, prior to","page_number":50,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"f537457e-7d5e-4c50-9be6-4afdad5e0f13","block_type":"box","text":"maturity if the value of the stated amount of the asset exceeds the stated principal amount and thereby realize the","page_number":50,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"dfda50b7-237c-4aec-b244-7e9057dc1460","block_type":"box","text":"appreciation in the underlying asset.","page_number":50,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"0e4feb95-c0d6-41be-a3fb-3663d3b8040b","block_type":"box","text":"Precious Metal-Related Securities.","page_number":50,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"0da4d015-c1d4-43f0-b3ea-bce84548d53d","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":50,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"934af896-a485-43b6-bfa2-f7b5f9a1a26d","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":50,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"047ec54f-5d06-4951-8671-9be46ffe966e","block_type":"box","text":"e.g.","page_number":50,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"ea4a19ee-7d5f-4ed3-a389-43e2552397e4","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":50,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"fd5b6b81-cf6a-4309-a7ab-d7e7131adbbb","block_type":"box","text":"indexed to the value of such metals. Such securities may be purchased when they are believed to be attractively","page_number":50,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"e1f44531-3fba-45a7-83d9-5aa5fd9eb28e","block_type":"box","text":"priced in relation to the value of a company’s precious metal-related assets or when the values of precious metals","page_number":50,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"4792858d-6af4-48c0-8666-6eed06038a96","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":50,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"8dee358e-3628-4be7-b179-a3a2df6c8624","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":50,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"8a956dc0-f76f-4b9a-90f9-c7f9ab8caea8","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":50,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"83866a5d-891e-4bc1-8408-1169a0152842","block_type":"box","text":"metal prices during such periods. In addition, the instability of precious metal prices may result in volatile earnings of","page_number":50,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"48d6361f-3589-40d1-adb8-38fc14e892f5","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":50,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"18356afb-e7cb-4df7-ad49-24ce304387a7","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":50,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"fd416d95-2c28-4c01-a722-915bf18afc34","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":50,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"b54cb088-8e32-4af3-9a14-f6baca2c6a01","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":50,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"8a38b0ef-77ff-4d3e-874f-84423251a431","block_type":"box","text":"South African gold production.","page_number":50,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"40785f01-4466-41de-b813-e5c8f3a68fc0","block_type":"box","text":"Borrowing and Leverage.","page_number":50,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"91193090-e48a-46c5-9efd-1c26239cd2ef","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":50,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"72d9e5aa-cf98-422d-b16f-b291979ad16e","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":50,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"693876fd-702f-4fee-8d51-3c4024899f8c","block_type":"box","text":"securities at any time when borrowings exceed 5% of their total assets, except (a) to honor prior commitments or","page_number":50,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"fd29588f-6975-4d66-a615-2c18042c0568","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":50,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"4581962f-0f8c-413d-9ba5-95a5777d2155","block_type":"box","text":"other securities transactions.","page_number":50,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"d8afb5ef-6665-4d23-94ae-2b6c7d2bb878","block_type":"box","text":"Cer tain Funds may also borrow in order to make investments, to the extent disclosed in such Fund’s Prospectus.","page_number":50,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"091760e8-dfd7-4837-8bf6-4d0da66a6c1d","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":50,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"98ae3045-d68f-461e-ae01-7218355ccc81","block_type":"box","text":"leveraging increases the Fund’s exposure to capital risk, and borrowed funds are subject to interest costs that will","page_number":50,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"0b0f285e-d41f-46ae-b988-23fb133391c3","block_type":"box","text":"reduce net income. The use of leverage by a Fund creates an oppor tunity for greater total return, but, at the same","page_number":50,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"42fc2723-0a2d-4330-a25f-bfdef2c8e98f","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":50,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"32cbc3a5-64ac-4e42-9121-610107e030a7","block_type":"box","text":"shares and in the yield on the Fund’s por tfolio. Although the principal of such borrowings will be fixed, the Fund’s","page_number":50,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"b1efc849-03a4-4b83-9d2d-f31533aff636","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":50,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"6ba50bf2-e680-4fa4-bc48-77b2b53d4bda","block_type":"box","text":"for the Fund that can exceed the income from the assets purchased with the borrowings. To the extent the income or","page_number":50,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"894af2f8-1159-4451-a206-2e5562236806","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":50,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"6d4f6e02-9af3-4976-aac4-46c172e504a9","block_type":"box","text":"pay on the borrowings, the Fund’s return will be greater than if leverage had not been used. Conversely, if the income","page_number":50,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"99f09bb1-999a-4bb8-af11-031b6d1315a8","block_type":"box","text":"or capital appreciation from the securities purchased with such borrowed funds is not sufficient to cover the cost of","page_number":50,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"163c2258-edc4-4e1e-8b70-ec39ee27cbf8","block_type":"box","text":"borrowing, the return to the Fund will be less than if leverage had not been used and, therefore, the amount available","page_number":50,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"d517c6b5-a078-48b2-a781-97c6a5210aee","block_type":"box","text":"for distribution to shareholders as dividends will be reduced. In the latter case, the Manager in its best judgment","page_number":50,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"6db9ea33-0430-40f2-8cc0-8eb62ced20c6","block_type":"box","text":"II-2","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"9dc3251d-f765-4180-b647-5d3c5d034238","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a03fb06b-ebdb-4209-9c75-5c16ae1416cc","block_type":"box","text":"never theless may determine to maintain the Fund’s leveraged position if it expects that the benefits to the Fund’s","page_number":51,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"32a88da5-4fb6-48a1-b30f-34e1c14b7b3e","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":51,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"e62c4c3f-790b-4e7b-8f1d-1da5dd2c7de0","block_type":"box","text":"Cer tain types of borrowings by a Fund may result in the Fund being subject to covenants in credit agreements","page_number":51,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"afd65896-b6a3-4a03-8615-50ddad615f5e","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":51,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"30d9c5c3-4dc5-4b94-aee6-14502e55c677","block_type":"box","text":"observance of such covenants would impede the Manager from managing a Fund’s por tfolio in accordance with the","page_number":51,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"302ae9bd-6198-4ae7-96c6-fe970129c07a","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":51,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"4699263a-afd9-4158-9e63-ff0eeb29010f","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":51,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"2752d354-9720-44c6-bd99-8234e3780709","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":51,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"9d314556-f45c-4f06-bc6b-555308fe4c11","block_type":"box","text":"Each Fund may at times borrow from affiliates of the Manager, provided that the terms of such borrowings are","page_number":51,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"046ae7a2-fb9e-4ee3-a052-b8523ead6d36","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":51,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"1a784f58-5072-4103-a9bf-962c327bf1bc","block_type":"box","text":"Cash Management.","page_number":51,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"f3ba30e3-8c52-400d-8654-9d041fda5ec9","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":51,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"ee266a17-2f81-4e79-86cf-ab584aaeb714","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":51,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"e2a484e0-cc1e-46e6-998e-9f6a0e0852de","block_type":"box","text":"in the opinion of the Manager, a por tion of a Fund’s assets may be invested in cer tain types of instruments with","page_number":51,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"87682810-1b6e-448e-894e-953e20958b8b","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":51,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"cbc00eb3-30d6-462e-bed8-7a4a3bd5f941","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":51,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"e722fe5e-40b3-4a01-9b40-2d2a8d334fc9","block_type":"box","text":"Securities”); (ii) other fixed-income securities rated Aa or higher by Moody’s or AA or higher by S&P or, if unrated, of","page_number":51,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"2286d4ca-f365-4998-a23b-bad886d824f4","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":51,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"8ce0d1ca-7269-4697-9b20-1fa75abb0a38","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":51,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"59d30a63-ccea-425e-a490-17d4b6a17a01","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":51,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"1d0b4aab-5cbf-4a52-bb22-520252b08248","block_type":"box","text":"have outstanding debt rated Aa or higher by Moody’s or AA or higher by S&P or outstanding commercial paper, bank","page_number":51,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"a9db21e7-da1f-4efb-959f-7e4ec0f99937","block_type":"box","text":"obligations or other shor t-term obligations rated Prime-1 by Moody’s or A-1 by S&P; or, if no such ratings are","page_number":51,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"211b6c33-2fc2-48eb-a03b-9bf9dde0fe23","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":51,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"f0ee4fb1-2958-473b-8293-cb4119496aff","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":51,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"4f023796-083b-4ead-a1bb-fe5e549c0449","block_type":"box","text":"Collateralized Debt Obligations.","page_number":51,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"4e5e2a8c-5a73-45d6-966e-9399320d06db","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":51,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"5a838990-b9f8-4c38-a208-31029b85f1a5","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":51,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"83c8b2ff-e610-4460-895c-1a52e93ebcc7","block_type":"box","text":"structured securities. CDOs are types of asset-backed securities. A CBO is ordinarily issued by a trust or other","page_number":51,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"f03d571d-3405-4389-ab2f-e6c62ed32265","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":51,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"a7cc753a-3f68-4324-93b8-40e08dfc7b01","block_type":"box","text":"include high risk, below investment grade securities) held by such issuer. A CLO is ordinarily issued by a trust or","page_number":51,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"8b575caa-cbb8-494f-b0d7-7d2f7c5a2985","block_type":"box","text":"other SPE and is typically collateralized by a pool of loans, which may include, among others, domestic and non-U.S.","page_number":51,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"830e6df6-0fdd-4c7b-81e5-ca3e7f7b7084","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":51,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"ddb3cfae-a650-4e7d-b028-04cd82bca9b7","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":51,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"c47f87ce-2deb-4b70-9be7-a863d7622cca","block_type":"box","text":"the United States may not be deemed to be foreign securities if the CLO is collateralized by a pool of loans, a","page_number":51,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"9249fd52-8b48-4ef5-8335-4e689926615e","block_type":"box","text":"substantial por tion of which are U.S. loans. Although cer tain CDOs may benefit from credit enhancement in the form","page_number":51,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"dc9cfe48-28b8-41b8-aa8d-3372df7408bd","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":51,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"df836407-8c23-4cc5-8754-67e6f4554763","block_type":"box","text":"present, and may fail to protect a Fund against the risk of loss on default of the collateral. Cer tain CDO issuers may","page_number":51,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"277a99eb-6b8d-4b99-9482-c1fab59f5020","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":51,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"5427c855-690f-4a92-b2ff-7b282e3b02f6","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":51,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"8f2a3b3e-b592-4170-80f2-07402aa83f4e","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":51,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"87264345-a968-4a58-876a-f83b45791504","block_type":"box","text":"For both CBOs and CLOs, the cash flows from the SPE are split into two or more por tions, called tranches,","page_number":51,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"b6fb2341-cdfa-42a4-9bbb-de0ce44b4895","block_type":"box","text":"varying in risk and yield. The riskiest por tion is the “equity” tranche, which bears the first loss from defaults from the","page_number":51,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"f961dbcc-169d-4cfd-bace-3c31c6844be9","block_type":"box","text":"bonds or loans in the SPE and serves to protect the other, more senior tranches from default (though such protection","page_number":51,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"db38dd5f-841d-49ce-b831-edbfeda90167","block_type":"box","text":"is not complete). Since it is par tially protected from defaults, a senior tranche from a CBO or CLO typically has higher","page_number":51,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"90e31a85-9094-4a1d-9051-d1a504f4f808","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":51,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"c2555fee-07fb-41c6-b8bf-000025184777","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":51,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"ebc31ce5-37cc-440d-8ad3-9525d4c9b2fa","block_type":"box","text":"of the underlying collateral by rating agencies, forced liquidation of the collateral pool due to a failure of coverage","page_number":51,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"6aaba834-f26f-47fb-bee1-8fec56ba30cf","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":51,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"3d1e4799-ee36-41b5-92e7-d2305cff3b0c","block_type":"box","text":"anticipation of defaults as well as investor aversion to CBO or CLO securities as a class. Interest on cer tain tranches","page_number":51,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"4e781452-6233-48ce-b82e-52fafc6639d4","block_type":"box","text":"of a CDO may be paid in kind or deferred and capitalized (paid in the form of obligations of the same type rather than","page_number":51,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"3160b976-caf3-4eb0-889a-1b722508f89b","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":51,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"8bdcbc2b-c2a8-41b3-b953-39a154d82ef0","block_type":"box","text":"The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the","page_number":51,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"efffdb82-895c-432d-89f7-8cbc8864d5d4","block_type":"box","text":"CDO in which a Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus are not","page_number":51,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"57ce99f9-56dd-4ab6-be2e-679e32af371c","block_type":"box","text":"registered under the securities laws. However, an active dealer market may exist for CDOs, allowing a CDO to qualify","page_number":51,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"b6e9df20-859d-408a-9513-2b11d21e5632","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":51,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"2bd4f6f3-f4b1-4016-98ab-c21bed939dd4","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":51,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"232e34e9-09bb-4e1a-9ab8-1a62672a49ab","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":51,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"626b07d7-d29c-4466-8a0a-a69c74a286c8","block_type":"box","text":"II-3","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"aa286430-efb2-49a6-96d8-348bc9244e1e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c4ecf4a9-5fac-493a-9329-b6b2d9e38d56","block_type":"box","text":"risk that the collateral may default or decline in value or be downgraded, if rated by a nationally recognized statistical","page_number":52,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"0588894f-e459-42f5-add3-36072e3ac7eb","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":52,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"660bf863-f5d4-4160-a431-138ca54bd587","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":52,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"fdb9218f-60f1-47b7-96f4-b5e1163e1ef9","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":52,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"21a6311e-858f-43ed-8b11-ab17f3d1cebc","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":52,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"d260aad2-da04-4111-9b0a-d8bac0601eab","block_type":"box","text":"(vii) the risk of forced “fire sale” liquidation due to technical defaults such as coverage test failures; and (viii) the","page_number":52,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"d771dfb3-f8e7-4f6e-b0a0-7e3b5cbee8f0","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":52,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"15ea30f2-8149-4a3e-90c0-52f28f4a7b9d","block_type":"box","text":"Commercial Paper.","page_number":52,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"54c45851-ea26-41f9-946f-1ccbe81c5b61","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":52,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"de617029-fadd-45ae-9dba-c2544855be43","block_type":"box","text":"Fund includes “Section 4(a)(2) paper,” a term that includes debt obligations issued in reliance on the “private","page_number":52,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"fb2d0da9-160d-4f57-8381-b9a6709db7ff","block_type":"box","text":"placement” exemption from registration afforded by Section 4(a)(2) of the Securities Act. Section 4(a)(2) paper is","page_number":52,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"7f78a9af-3b1f-484c-a5db-3a8214ed884e","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":52,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"9b04fb7c-1b52-487b-8a17-47162838d7e1","block_type":"box","text":"investors such as the Fund through or with the assistance of investment dealers who make a market in the Section","page_number":52,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"1c8ca69b-9f71-454d-af3d-9509cbd0225c","block_type":"box","text":"4(a)(2) paper, thereby providing liquidity. Cer tain transactions in Section 4(a)(2) paper may qualify for the registration","page_number":52,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"beefc0af-76c4-403f-8d5f-4b0ff40d8c55","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":52,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"4c687890-b93b-493d-be5d-41466f70b555","block_type":"box","text":"time of purchase) “A-1” by S&P or “Prime-1” by Moody’s or when deemed advisable by a Fund’s Manager or sub","page_number":52,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"965996ed-a01e-46a6-b194-4d8342402579","block_type":"box","text":"adviser, “high quality” issues rated “A-2”, “Prime-2” or “F-2” by S&P, Moody’s or Fitch, respectively.","page_number":52,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"1b590fc0-1f46-453b-ade3-0e4fe8d3372e","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":52,"box":{"x":102,"y":302,"width":483,"height":11}},{"id":"6958e48c-c50d-4475-9263-3c993f613ee0","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":52,"box":{"x":591,"y":302,"width":308,"height":11}},{"id":"f3c5bd39-2d50-4e51-99ea-3cec4b61909e","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":52,"box":{"x":69,"y":317,"width":809,"height":11}},{"id":"4a4a9b49-2e98-423e-b713-7cad083ce76a","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":52,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"8e0cb856-0113-4524-a5e8-e53300322d73","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":52,"box":{"x":69,"y":347,"width":822,"height":11}},{"id":"d82572b9-ca8f-4431-b6d9-913b7e65266c","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":52,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"6a479ad0-1964-485b-b559-8cf2b23524be","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":52,"box":{"x":69,"y":377,"width":801,"height":11}},{"id":"260154b8-ec5c-4eb4-a1a6-3d753f84dee6","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":52,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"8b6f479a-01bd-4f58-b82f-33faa0e3ba89","block_type":"box","text":"variable.","page_number":52,"box":{"x":68,"y":408,"width":59,"height":8}},{"id":"e45fa535-9dea-4707-b676-6d2148b92279","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":52,"box":{"x":101,"y":430,"width":763,"height":11}},{"id":"f1b2f7c0-ef16-4439-b500-9a3d51038f2c","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":52,"box":{"x":68,"y":445,"width":783,"height":12}},{"id":"21451d48-15ba-437f-a81a-d7fc2c71d027","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":52,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"1cdaadc3-9c75-43f8-aed0-89c8f7e65f89","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":52,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"86d4cb38-c1b3-453b-9973-0e80a7896f6a","block_type":"box","text":"rising inflation, the prices of cer tain commodities, such as oil and metals, have historically tended to increase. Of","page_number":52,"box":{"x":69,"y":491,"width":811,"height":11}},{"id":"d7ddc410-84b7-41f8-a614-838812809a63","block_type":"box","text":"course, there cannot be any guarantee that these investments will per form in that manner in the future, and at","page_number":52,"box":{"x":69,"y":506,"width":791,"height":11}},{"id":"c874c244-265a-43ef-8c37-61416fb9b5b7","block_type":"box","text":"cer tain times the price movements of commodity-linked instruments have been parallel to those of debt and equity","page_number":52,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"56ae6955-1966-43df-b10d-970bedcc14a6","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":52,"box":{"x":69,"y":536,"width":795,"height":11}},{"id":"fb5760cc-5de2-4378-8fa1-4b561a76d822","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":52,"box":{"x":69,"y":551,"width":822,"height":11}},{"id":"94679598-3bf4-4c7d-a4f4-8f010b8461dd","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":52,"box":{"x":68,"y":566,"width":797,"height":11}},{"id":"27b2ebdf-9703-4a3e-8e02-ff1fa383daa3","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":52,"box":{"x":69,"y":581,"width":772,"height":11}},{"id":"3deb97ba-0a74-4684-a681-a7ad654a5704","block_type":"box","text":"securities. Over the long term, the returns on the Fund’s investments are expected to exhibit low or negative","page_number":52,"box":{"x":69,"y":597,"width":773,"height":11}},{"id":"bab058dc-746f-4ca1-b8b5-66840c8d853e","block_type":"box","text":"correlation with stocks and bonds.","page_number":52,"box":{"x":69,"y":612,"width":244,"height":9}},{"id":"447da98b-325e-43df-b490-2bfc2cd61f5f","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":52,"box":{"x":102,"y":634,"width":212,"height":12}},{"id":"47b041c2-40dd-4f67-80b8-1af5276aafbf","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":52,"box":{"x":320,"y":634,"width":552,"height":11}},{"id":"7454b28d-f7f1-4622-a887-190281356573","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":52,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"04c9eb14-2498-4be8-8034-d6f553acc442","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":52,"box":{"x":69,"y":664,"width":822,"height":12}},{"id":"84741b34-11ef-4741-b342-ac95367842d4","block_type":"box","text":"be predominantly a security if (a) the issuer of the hybrid instrument receives payment in full of the purchase price of","page_number":52,"box":{"x":69,"y":680,"width":834,"height":11}},{"id":"3df00f56-b14d-428c-b6b0-826aa3a7e80b","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":52,"box":{"x":68,"y":695,"width":816,"height":11}},{"id":"20571f27-2922-4fd0-b285-f13d272c1977","block_type":"box","text":"holder of the hybrid instrument is not required to make any payment to the issuer in addition to the purchase price","page_number":52,"box":{"x":69,"y":710,"width":817,"height":11}},{"id":"e9b3c09a-d408-4d92-8196-a95fc2232a21","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":52,"box":{"x":70,"y":725,"width":793,"height":11}},{"id":"1c8ba5b5-ab6a-497f-a5d9-7d20b019b9d7","block_type":"box","text":"instrument or at maturity; (c) the issuer of the hybrid instrument is not subject by the terms of the instrument to","page_number":52,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"339561bb-7a3f-434e-a492-134fe8834b3d","block_type":"box","text":"mark-to-market margining requirements; and (d) the hybrid instrument is not marketed as a contract of sale of a","page_number":52,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"249173f6-13dd-4d9f-9b32-de5e3c830aab","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":52,"box":{"x":69,"y":770,"width":783,"height":11}},{"id":"7a1bb99f-e6a9-4f85-8ab1-e53fd0548ee6","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":52,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"df7bea49-01f6-4dc4-bb48-00e49d3707e7","block_type":"box","text":"principal protected hybrid instrument means that the issuer will pay, at a minimum, the par value of the note at","page_number":52,"box":{"x":70,"y":801,"width":791,"height":11}},{"id":"5f21c54b-5a63-462f-9870-b8abb1136f51","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":52,"box":{"x":69,"y":816,"width":829,"height":11}},{"id":"2a7f7bea-47d2-435f-8a1e-5ca6b32f7d81","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":52,"box":{"x":68,"y":831,"width":837,"height":11}},{"id":"ad44eab2-965b-4772-af01-12084aad15fc","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":52,"box":{"x":70,"y":846,"width":772,"height":11}},{"id":"ad99a037-cca3-4708-9692-e9dc4e701ab2","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":52,"box":{"x":69,"y":861,"width":839,"height":11}},{"id":"3dd79b0f-fe05-4946-8291-049de0313caa","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":52,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"ded50397-f763-4ee1-b294-39d0f33450e6","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":52,"box":{"x":69,"y":891,"width":833,"height":12}},{"id":"c2411c5e-dcda-4d10-b0af-43e164b29da9","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":52,"box":{"x":68,"y":906,"width":831,"height":12}},{"id":"6ee64ec4-0d7a-4526-8b91-8cf4d1f51415","block_type":"box","text":"II-4","page_number":52,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"b88cdc43-e64b-4d20-96d9-120df5f4124b","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9cc4c006-1da7-47bb-bd96-fe16fa317f16","block_type":"box","text":"the Fund will receive at maturity of the hybrid instrument either the stated par value of the hybrid instrument, or","page_number":53,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"903a3e37-f20e-4afa-b910-e1a345e2fdb6","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":53,"box":{"x":70,"y":60,"width":784,"height":11}},{"id":"05b29aef-474e-4e55-946b-2a05b48f8194","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":53,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"5053419a-ba9e-4042-ad89-75ab5f28ebe0","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":53,"box":{"x":70,"y":90,"width":788,"height":11}},{"id":"be232b2b-7f7d-46c9-95d4-15364fe6410b","block_type":"box","text":"variable to which the hybrid instrument is linked declines in value during the term of the hybrid instrument. However,","page_number":53,"box":{"x":68,"y":105,"width":828,"height":11}},{"id":"1d3eafd2-5502-401a-bd13-3e63435e323b","block_type":"box","text":"par tially protected hybrid instruments have a specified limit as to the amount of principal that they may lose.","page_number":53,"box":{"x":70,"y":120,"width":773,"height":11}},{"id":"a539d568-320c-441c-9168-bab43814b67e","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":53,"box":{"x":102,"y":143,"width":339,"height":11}},{"id":"0019fd38-cd05-4eea-b096-065768b2f01b","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":53,"box":{"x":448,"y":143,"width":429,"height":11}},{"id":"01621988-ba81-4ca0-9596-55272e996e5e","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":53,"box":{"x":70,"y":158,"width":818,"height":11}},{"id":"dc3aa184-ce70-461e-9b56-0ee8d00ee829","block_type":"box","text":"economic variable may have declined sufficiently in value such that some or all of the face value of the hybrid","page_number":53,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"1d8159e1-ead8-43bc-a40b-d1fe40c80673","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":53,"box":{"x":70,"y":188,"width":773,"height":12}},{"id":"cff87bcd-7604-4c07-beda-e1a1dcc84808","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":53,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"268494d3-12a9-4c16-9836-fe719c20a7dd","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":53,"box":{"x":70,"y":218,"width":831,"height":12}},{"id":"5d3ee0ed-ed65-4bd0-981a-be4bb5f123d8","block_type":"box","text":"index or other economic variable over the term of the note, the cost of the note, and any other economic factors that","page_number":53,"box":{"x":70,"y":234,"width":831,"height":11}},{"id":"1df4d801-d305-4668-b86b-d0f252283f10","block_type":"box","text":"the Manager believes are relevant.","page_number":53,"box":{"x":68,"y":249,"width":247,"height":11}},{"id":"54a91b92-f017-41dc-811e-a6bd6a30567c","block_type":"box","text":"Limitations on Leverage.","page_number":53,"box":{"x":102,"y":272,"width":173,"height":11}},{"id":"b9dd7c42-455a-4b31-a5fd-bcc7b96a7e30","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":53,"box":{"x":281,"y":271,"width":598,"height":12}},{"id":"c7bef969-e154-4dbe-b13a-ff738dcf1d51","block_type":"box","text":"avoid being subject to undue leverage risk, a Fund will seek to limit the amount of economic leverage it has under any","page_number":53,"box":{"x":69,"y":286,"width":840,"height":12}},{"id":"de127f4f-594b-47fb-9dc8-61a89857e49b","block_type":"box","text":"one hybrid instrument that it buys and the leverage of the Fund’s overall por tfolio. A Fund will not invest in a hybrid","page_number":53,"box":{"x":69,"y":302,"width":816,"height":11}},{"id":"e9b66e63-ec0d-4f6a-93e3-a82404ce9ac5","block_type":"box","text":"instrument if, at the time of purchase: (i) that instrument’s “leverage ratio” exceeds 300% of the price increase in","page_number":53,"box":{"x":70,"y":317,"width":812,"height":11}},{"id":"80631457-074d-4cc8-9b1a-ca8124ece091","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":53,"box":{"x":68,"y":332,"width":803,"height":11}},{"id":"6328e674-1c8c-4641-8661-e0c5e7acfbd1","block_type":"box","text":"ratio” exceeds 150%, measured at the time of purchase. “Leverage ratio” is the expected increase in the value of a","page_number":53,"box":{"x":69,"y":347,"width":826,"height":11}},{"id":"19b20d5f-7f79-4ddc-9449-844e735d3938","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":53,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"13989782-c62d-4a19-9216-7c290fb32654","block_type":"box","text":"other economic factor. In other words, for a hybrid instrument with a leverage factor of 150%, a 1% gain in the","page_number":53,"box":{"x":69,"y":377,"width":783,"height":12}},{"id":"5d219adc-2276-4722-938f-c9e6b4b91ed9","block_type":"box","text":"underlying economic variable would be expected to result in a 1.5% gain in value for the hybrid instrument.","page_number":53,"box":{"x":69,"y":392,"width":758,"height":12}},{"id":"535963e5-9bce-432c-9a96-998a0ff43178","block_type":"box","text":"Conversely, a hybrid instrument with a leverage factor of 150% would suffer a 1.5% loss if the underlying economic","page_number":53,"box":{"x":69,"y":407,"width":818,"height":12}},{"id":"dd5dfd60-de4f-4212-9b23-d6897df08600","block_type":"box","text":"variable lost 1% of its value. “Por tfolio leverage ratio” is defined as the average (mean) leverage ratio of all","page_number":53,"box":{"x":68,"y":423,"width":763,"height":11}},{"id":"08f695c0-41e1-48ad-9ee0-69ee33470521","block_type":"box","text":"instruments in a Fund’s por tfolio, weighted by the market values of such instruments or, in the case of futures","page_number":53,"box":{"x":70,"y":438,"width":787,"height":11}},{"id":"c310263d-27fc-41d1-ac69-109d2d6fb9df","block_type":"box","text":"contracts, their notional values. A Fund may at times or from time to time decide not to use leverage in its","page_number":53,"box":{"x":69,"y":453,"width":757,"height":11}},{"id":"a5b98f58-a94c-4d38-ade8-014cdedee9cc","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":53,"box":{"x":70,"y":468,"width":477,"height":11}},{"id":"7ef51084-d447-4708-9e8b-ff38ca60b6b7","block_type":"box","text":"Counterpar ty Risk.","page_number":53,"box":{"x":102,"y":491,"width":130,"height":11}},{"id":"302a0e5f-a2dd-4c82-91f9-f3d650246955","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":53,"box":{"x":238,"y":491,"width":646,"height":11}},{"id":"95e814a6-8d70-4a6c-87fa-7b1bbae5d483","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":53,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"6562824e-2c9b-400c-87b8-476dbfca6ec0","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":53,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"adb7547e-aded-474e-9cba-89d9ae4efdbb","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":53,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"d552654a-eb88-4ea2-8514-5cb560025837","block_type":"box","text":"e.g.","page_number":53,"box":{"x":834,"y":537,"width":25,"height":10}},{"id":"82cbbe96-fda2-47df-b753-58979c6e852c","block_type":"box","text":",","page_number":53,"box":{"x":861,"y":543,"width":2,"height":3}},{"id":"adb83f87-3117-4899-8b42-cfac149e8100","block_type":"box","text":"ratings of AAA or AA by S&P). Therefore, the risk is small that an exchange clearinghouse might be unable to meet its","page_number":53,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"396ef69e-93be-4ca8-9e57-357bd4edc050","block_type":"box","text":"obligations at maturity. However, with a hybrid instrument, a Fund will take on the counterpar ty credit risk of the","page_number":53,"box":{"x":69,"y":566,"width":795,"height":11}},{"id":"f8baecc5-5c70-475b-8418-a0da86e7ff31","block_type":"box","text":"issuer. That is, at maturity of the hybrid instrument, there is a risk that the issuer may be unable to per form its","page_number":53,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"c6dd6767-a198-4804-8e1e-2c1b7cf70013","block_type":"box","text":"obligations under the structured note.","page_number":53,"box":{"x":69,"y":597,"width":268,"height":11}},{"id":"03494874-d1e2-433b-907f-13e7b06cb629","block_type":"box","text":"Convertible Securities.","page_number":53,"box":{"x":102,"y":619,"width":165,"height":9}},{"id":"6c780d8b-a80e-4aa4-9e7b-16a4f2a45630","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":53,"box":{"x":273,"y":619,"width":619,"height":11}},{"id":"0c807254-3466-4d70-9a27-3fdf95945f86","block_type":"box","text":"may be conver ted into or exchanged for a prescribed amount of common stock or other equity security of the same or","page_number":53,"box":{"x":69,"y":634,"width":839,"height":12}},{"id":"b60cec4f-1a57-40ba-b9e6-96e8a6a1854f","block_type":"box","text":"a different issuer within a par ticular period of time at a specified price or formula. A conver tible security entitles the","page_number":53,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"c842a7d7-db69-4fd9-a8ce-dc62a5f229d5","block_type":"box","text":"holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the conver tible","page_number":53,"box":{"x":69,"y":664,"width":781,"height":11}},{"id":"add411cc-e482-4725-8675-1131fdad2c1e","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":53,"box":{"x":69,"y":680,"width":750,"height":11}},{"id":"54788fc7-abaf-48f6-afc8-9e031ba9d349","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":53,"box":{"x":69,"y":695,"width":819,"height":11}},{"id":"01364675-9c80-4508-a28a-7c9568ded72b","block_type":"box","text":"with generally higher yields than those of common stocks of the same or similar issuers, but lower yields than","page_number":53,"box":{"x":68,"y":710,"width":784,"height":11}},{"id":"5b71b8b2-f7aa-46a9-a9d9-b725cda5bc3f","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":53,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"47ebbdde-d827-4e59-9c3c-ffae8c06d1d5","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":53,"box":{"x":68,"y":740,"width":780,"height":11}},{"id":"59531961-f98f-4814-b6c5-df6d7526f9a4","block_type":"box","text":"standing of the issuer and other factors also may have an effect on the conver tible security’s investment value.","page_number":53,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"9282cd59-e19d-4d29-8247-c14e3a1fe827","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":53,"box":{"x":69,"y":770,"width":826,"height":11}},{"id":"6b8cf77d-4f11-4905-93e7-f3ccb7bbead4","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":53,"box":{"x":68,"y":785,"width":811,"height":12}},{"id":"c267a30d-fc6f-47a6-bd50-9801e752f063","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":53,"box":{"x":70,"y":801,"width":563,"height":11}},{"id":"428f6bbc-9a7d-4e5d-ac59-4089c03db9e6","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":53,"box":{"x":101,"y":823,"width":767,"height":11}},{"id":"307f70a0-2d02-4aab-a647-e5c1af21367b","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":53,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"d4a70635-5b2c-40e6-9e34-cffc5982b373","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":53,"box":{"x":68,"y":853,"width":829,"height":12}},{"id":"8eeddf86-d2ef-441b-96d9-91ac5e9c2762","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":53,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"b40dfeab-ee76-440a-acac-a0e8493f001c","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":53,"box":{"x":70,"y":884,"width":788,"height":11}},{"id":"80a681cb-46ba-4a38-8be1-d01ac311115e","block_type":"box","text":"II-5","page_number":53,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"8a47682a-3eed-4b0d-af49-1370b6f75f7c","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c039229a-f703-4b0d-bd9f-29736eb09458","block_type":"box","text":"feature, however, the interest rate or dividend preference on a conver tible security is generally less than would be the","page_number":54,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"12affe86-4f80-4428-8833-c120b3135f7a","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":54,"box":{"x":69,"y":60,"width":409,"height":9}},{"id":"6b482700-9b37-423c-b5cd-633983a2a187","block_type":"box","text":"In analyzing conver tible securities, the Manager will consider both the yield on the conver tible security relative to","page_number":54,"box":{"x":102,"y":83,"width":802,"height":11}},{"id":"09fa462c-0148-4d11-be0b-a01277ffb1c0","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":54,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"6036e1b4-8e46-49ae-a639-f36bbf73c01b","block_type":"box","text":"things.","page_number":54,"box":{"x":68,"y":113,"width":47,"height":11}},{"id":"4c3e2cc5-1672-48a1-81a5-ffbe892c5708","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":54,"box":{"x":102,"y":135,"width":731,"height":9}},{"id":"ab15d664-523b-457a-a1a9-c513798726a3","block_type":"box","text":"substantial por tion of the conver tible securities held by a Fund are denominated in U.S. dollars, the underlying equity","page_number":54,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"03ddc4e6-4a0f-4d8d-b5fe-9a6965fc54de","block_type":"box","text":"securities may be quoted in the currency of the country where the issuer is domiciled. As a result, fluctuations in the","page_number":54,"box":{"x":69,"y":166,"width":832,"height":11}},{"id":"ee838df8-18a1-4623-b031-9dccd6258314","block_type":"box","text":"exchange rate between the currency in which the debt security is denominated and the currency in which the share","page_number":54,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"63549c78-905a-46d0-84e0-4dbcc76b5e05","block_type":"box","text":"price is quoted will affect the value of the conver tible security. With respect to conver tible securities denominated in","page_number":54,"box":{"x":70,"y":196,"width":828,"height":11}},{"id":"ffa1ab8a-ec07-4dd1-96e4-8c5cf6ba2765","block_type":"box","text":"a currency different from that of the underlying equity securities, the conversion price may be based on a fixed","page_number":54,"box":{"x":69,"y":211,"width":786,"height":11}},{"id":"9e816a6e-3f34-43f2-87bf-a604a6e02c32","block_type":"box","text":"exchange rate established at the time the security is issued, which may increase the effects of currency risk. As","page_number":54,"box":{"x":69,"y":226,"width":800,"height":11}},{"id":"7f68211d-8160-4e30-9a94-97bb1b5452ad","block_type":"box","text":"described below, a Fund is authorized to enter into foreign currency hedging transactions in which it may seek to","page_number":54,"box":{"x":69,"y":241,"width":800,"height":11}},{"id":"20ed2467-72d0-4403-8686-b2e89a929a27","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":54,"box":{"x":69,"y":256,"width":337,"height":12}},{"id":"f8d87a7d-5f1b-48da-973a-6c25d3cbe7f3","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":54,"box":{"x":101,"y":279,"width":741,"height":11}},{"id":"eacf4603-a4a2-4b28-9336-a14b1898d732","block_type":"box","text":"nonconver tible securities of comparable issuers and by the value of the underlying common stock. The value of a","page_number":54,"box":{"x":69,"y":294,"width":806,"height":11}},{"id":"f32e12dc-ecc5-4518-b88d-52e72fa7e58a","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":54,"box":{"x":69,"y":309,"width":485,"height":11}},{"id":"b95b0c85-99ee-45aa-a64b-2938d4a9f21b","block_type":"box","text":"i.e.","page_number":54,"box":{"x":557,"y":309,"width":20,"height":9}},{"id":"b56f89a0-6418-43c5-a7f4-691f622a3207","block_type":"box","text":", strictly on the basis of its yield) is","page_number":54,"box":{"x":579,"y":309,"width":248,"height":11}},{"id":"831b3cd8-4157-49e2-bc98-ad5d86744452","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":54,"box":{"x":69,"y":324,"width":808,"height":12}},{"id":"1791dc49-826c-460e-b937-1d7b16d1bd58","block_type":"box","text":"conver tible security typically will fluctuate. At the same time, however, the value of the conver tible security will be","page_number":54,"box":{"x":69,"y":339,"width":807,"height":12}},{"id":"d49268c3-a638-422c-b092-2dee72fe57b2","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":54,"box":{"x":70,"y":355,"width":778,"height":11}},{"id":"bdd19334-5ae1-49a2-9ef5-15bf6d0173d8","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":54,"box":{"x":69,"y":370,"width":769,"height":11}},{"id":"22e56fb5-e752-4cf1-8c68-a57e18dcd79c","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":54,"box":{"x":69,"y":385,"width":837,"height":11}},{"id":"501036c3-1426-4c7e-963f-87cda75b3e68","block_type":"box","text":"the price of the conver tible security is governed principally by its investment value. To the extent the conversion value","page_number":54,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"7918f864-0982-4f04-b7c2-df16a4469229","block_type":"box","text":"of a conver tible security increases to a point that approximates or exceeds its investment value, the price of the","page_number":54,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"f0b7a8e8-bf42-4dd1-a4fc-a065ef07f95b","block_type":"box","text":"conver tible security will be influenced principally by its conversion value. A conver tible security will sell at a premium","page_number":54,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"feeb8b23-a7d2-4c6c-b421-b174dad9441d","block_type":"box","text":"over the conversion value to the extent investors place value on the right to acquire the underlying common stock","page_number":54,"box":{"x":69,"y":446,"width":808,"height":11}},{"id":"6a14b53e-8056-45ea-bbdd-a0e473f5ac03","block_type":"box","text":"while holding a fixed-income security. The yield and conversion premium of conver tible securities issued in Japan and","page_number":54,"box":{"x":68,"y":460,"width":835,"height":12}},{"id":"1dece041-9b78-4317-9881-add7986327b1","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":54,"box":{"x":68,"y":475,"width":836,"height":12}},{"id":"60e2b364-8164-46ed-b5d4-0e0ee0311c99","block_type":"box","text":"than the securities’ investment value.","page_number":54,"box":{"x":68,"y":491,"width":268,"height":9}},{"id":"cd309a1f-c653-4620-bd99-f1553b937865","block_type":"box","text":"Holders of conver tible securities generally have a claim on the assets of the issuer prior to the common","page_number":54,"box":{"x":102,"y":513,"width":740,"height":12}},{"id":"67699f6d-1caa-465c-ba70-6e4e5d65beaf","block_type":"box","text":"stockholders but may be subordinated to other debt securities of the same issuer. A conver tible security may be","page_number":54,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"dd882037-52a4-4f15-9665-fe87f54c1f4e","block_type":"box","text":"subject to redemption at the option of the issuer at a price established in a char ter provision, indenture or other","page_number":54,"box":{"x":69,"y":543,"width":800,"height":12}},{"id":"cd0b3b5a-f84d-4364-b386-347d41a63750","block_type":"box","text":"governing instrument pursuant to which the conver tible security was issued. If a conver tible security held by a Fund is","page_number":54,"box":{"x":68,"y":559,"width":840,"height":11}},{"id":"cc6386ac-9dce-4851-bd67-a412b773004d","block_type":"box","text":"called for redemption, the Fund will be required to redeem the security, conver t it into the underlying common stock","page_number":54,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"816a8a78-b8c3-480b-b032-8c1473298a7a","block_type":"box","text":"or sell it to a third par ty. Cer tain conver tible debt securities may provide a put option to the holder, which entitles the","page_number":54,"box":{"x":69,"y":589,"width":835,"height":11}},{"id":"ab2486f9-4f0f-470f-a864-8152fe55f09a","block_type":"box","text":"holder to cause the security to be redeemed by the issuer at a premium over the stated principal amount of the debt","page_number":54,"box":{"x":69,"y":604,"width":832,"height":11}},{"id":"61db7808-3b2e-4d9f-af43-e05c6c1ca3bc","block_type":"box","text":"security under cer tain circumstances.","page_number":54,"box":{"x":69,"y":619,"width":267,"height":11}},{"id":"8d228ad1-897d-4598-810c-b8d824e2e2d6","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":54,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"98e54bb0-f945-437a-8e41-cad4f91685ab","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":54,"box":{"x":69,"y":657,"width":789,"height":9}},{"id":"293f540b-f489-46ca-8a46-6a1023172e5d","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":54,"box":{"x":69,"y":672,"width":831,"height":11}},{"id":"f11da157-fd96-4bf3-96ec-3a17bc25267d","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":54,"box":{"x":70,"y":687,"width":819,"height":11}},{"id":"a72732ef-20f2-4678-98ab-90421c9d62f3","block_type":"box","text":"issue a Cash-Settled Conver tible that is conver tible into common stock only if the company successfully completes a","page_number":54,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"51ffa2b2-9aec-4b9a-bf01-ae544ea2c8ab","block_type":"box","text":"public offering of its common stock prior to maturity and otherwise pays a cash amount to reflect any equity","page_number":54,"box":{"x":70,"y":717,"width":769,"height":12}},{"id":"9709c61d-b864-4b7d-9536-932808d7fd39","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":54,"box":{"x":69,"y":732,"width":791,"height":12}},{"id":"42b24d61-d4d2-4de5-bdb7-370019582158","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":54,"box":{"x":69,"y":748,"width":627,"height":11}},{"id":"b4edb47b-eb63-45f4-a2e2-da2f7384b936","block_type":"box","text":"i.e.","page_number":54,"box":{"x":703,"y":748,"width":20,"height":9}},{"id":"6db72e7f-2813-4540-baaf-67fc5cbbe62f","block_type":"box","text":", fixed-income (“fixed","page_number":54,"box":{"x":726,"y":748,"width":151,"height":11}},{"id":"73a7a432-ee6a-4463-bf25-fb5c44fca6f2","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":54,"box":{"x":70,"y":763,"width":830,"height":11}},{"id":"ef2e6475-4fa6-45f1-b1c0-d40da7b68b64","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":54,"box":{"x":70,"y":778,"width":814,"height":11}},{"id":"33d7ab49-1103-4b0a-a482-6a14dd90ff0e","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":54,"box":{"x":69,"y":793,"width":811,"height":11}},{"id":"9940dbb8-1197-4b88-a186-39e5fb3e8d6e","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":54,"box":{"x":69,"y":808,"width":779,"height":11}},{"id":"218dfaa5-6637-4ce5-b93e-eddaae448498","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":54,"box":{"x":69,"y":823,"width":813,"height":12}},{"id":"04939728-1f84-4149-af3c-5f9cb1e634c0","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":54,"box":{"x":69,"y":838,"width":744,"height":12}},{"id":"1aecd299-9c8e-4805-8c30-0d668119e95b","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":54,"box":{"x":101,"y":861,"width":804,"height":11}},{"id":"714c5e3e-0f05-4c35-b92e-0cc210533e5e","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":54,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"7fed6da7-b5a0-408b-b5cb-e56bb450c63e","block_type":"box","text":"II-6","page_number":54,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"776327b9-1fca-496f-b76b-9163fe658790","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b1e2afc-f51a-4935-9dc6-7304a977e7bf","block_type":"box","text":"comprised of two or more separate securities, each with its own market value. Therefore, the total “market value” of","page_number":55,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"5c7902c7-c028-484d-8481-1dc7b235ad2c","block_type":"box","text":"such a Manufactured Conver tible is the sum of the values of its fixed-income component and its conver tibility","page_number":55,"box":{"x":69,"y":60,"width":781,"height":11}},{"id":"ccc2ff28-7a74-4fcf-847d-17f3980bf339","block_type":"box","text":"component.","page_number":55,"box":{"x":69,"y":76,"width":82,"height":10}},{"id":"8f8f89ca-6c5b-4293-bc74-4c24ad40bdd0","block_type":"box","text":"More flexibility is possible in the creation of a Manufactured Conver tible than in the purchase of a traditional","page_number":55,"box":{"x":102,"y":98,"width":773,"height":11}},{"id":"93ad37bb-6ba5-4744-b224-1b1d969ebffa","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":55,"box":{"x":69,"y":113,"width":833,"height":11}},{"id":"80fbe580-c607-439e-ba2a-1e66c9f71a19","block_type":"box","text":"fixed-income instrument and an equity feature with respect to the stock of the issuer of the fixed-income instrument","page_number":55,"box":{"x":68,"y":128,"width":826,"height":11}},{"id":"c66371bc-c240-41a6-88da-988bf38b1895","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":55,"box":{"x":68,"y":143,"width":800,"height":11}},{"id":"83493b25-abfc-4ad5-9007-a1e7284f07c7","block_type":"box","text":"fixed-income instrument of an issuer with an equity feature with respect to the stock of a different issuer when the","page_number":55,"box":{"x":68,"y":158,"width":817,"height":11}},{"id":"9e30a778-c2ec-438c-a7bf-03cc4ccdba72","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":55,"box":{"x":70,"y":173,"width":772,"height":11}},{"id":"9c5cdc84-0f5c-441a-88f8-1fc7d98eef68","block_type":"box","text":"investments. For example, the Manager may combine an equity feature with respect to an issuer’s stock with a fixed","page_number":55,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"9501e003-c584-45c1-a2a1-d0c26fc42a8a","block_type":"box","text":"income security of a different issuer in the same industry to diversify the Fund’s credit exposure, or with a U.S.","page_number":55,"box":{"x":70,"y":203,"width":790,"height":12}},{"id":"2ead0981-e1d5-4650-913a-118200f7dfcd","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":55,"box":{"x":68,"y":218,"width":815,"height":12}},{"id":"7cba31be-8cd6-435d-812a-80fc98e32e1d","block_type":"box","text":"security issued by that issuer. A Manufactured Conver tible also is a more flexible investment in that its two","page_number":55,"box":{"x":69,"y":234,"width":764,"height":11}},{"id":"fd5fe132-210c-446a-8e55-819fd30b144a","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":55,"box":{"x":69,"y":249,"width":806,"height":11}},{"id":"992e436f-5e3b-4089-960e-ee74f2b80ae0","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":55,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"50362edf-2084-4479-a41e-c298b981e705","block_type":"box","text":"Conver tible while postponing the purchase of a suitable bond to pair with the warrant pending development of more","page_number":55,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"bd32b121-fd62-406e-a31f-933247c4671a","block_type":"box","text":"favorable market conditions.","page_number":55,"box":{"x":68,"y":294,"width":202,"height":9}},{"id":"5a4b7644-9bf3-4fe8-a4a2-9deedd39f15f","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":55,"box":{"x":101,"y":317,"width":805,"height":11}},{"id":"d12efc41-a7d1-4b24-8112-c5d68af73130","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":55,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"15cdebbc-7b60-41cd-bc1a-824d71c88461","block_type":"box","text":"by combining a shor t-term U.S. Treasury instrument and a call option on a stock, the Manufactured Conver tible would","page_number":55,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"2df26d74-1990-4fe8-8d08-616155d33b8f","block_type":"box","text":"be expected to outper form a traditional conver tible of similar maturity that is conver tible into that stock during","page_number":55,"box":{"x":69,"y":362,"width":787,"height":11}},{"id":"aac097cc-7235-4855-aa37-e2332e6bb130","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":55,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"0fb7fb19-3388-4e6d-bcd3-bdc798d0eed1","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":55,"box":{"x":68,"y":392,"width":523,"height":12}},{"id":"ab5bc248-07d4-4ad3-aa5b-20adaa489f7d","block_type":"box","text":"Corporate Loans.","page_number":55,"box":{"x":102,"y":415,"width":123,"height":11}},{"id":"7398e8d0-d9e2-47fa-8652-cabb9361080a","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":55,"box":{"x":231,"y":415,"width":647,"height":11}},{"id":"64af1484-1255-466c-b058-985bc831e20d","block_type":"box","text":"grade floating rate instruments. Usually, they are freely callable at the issuer’s option. Cer tain Funds may invest in","page_number":55,"box":{"x":68,"y":430,"width":817,"height":11}},{"id":"bf26de60-effb-4758-9b1c-b57d5396e209","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":55,"box":{"x":68,"y":445,"width":794,"height":12}},{"id":"8d50366d-a841-430a-9286-6f1e237895eb","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":55,"box":{"x":68,"y":460,"width":841,"height":12}},{"id":"ed659b33-bc86-4c6d-9e60-60eed00f07ad","block_type":"box","text":"in such Loans in the form of par ticipations in Loans (“Par ticipations”) and assignments of all or a por tion of Loans","page_number":55,"box":{"x":70,"y":475,"width":818,"height":12}},{"id":"b3802147-894d-4398-b818-00b677c5a868","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":55,"box":{"x":68,"y":491,"width":801,"height":11}},{"id":"1e464a41-9c06-4882-9c1b-9a5d6b778736","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":55,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"9aa9f85e-2433-48f6-84f7-50ff3728d5e4","block_type":"box","text":"only with the Lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and","page_number":55,"box":{"x":69,"y":521,"width":833,"height":11}},{"id":"d3de52ea-5582-4c38-a59a-f4e2f7341394","block_type":"box","text":"any fees to which it is entitled only from the Lender selling the Par ticipation and only upon receipt by the Lender of","page_number":55,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"9a6f70aa-8107-46a4-862f-e87e63f1dfe6","block_type":"box","text":"the payments from the borrower. In connection with purchasing Par ticipations, the Fund generally will have no right to","page_number":55,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"6061a20e-f3a8-46c3-bd1c-9f2ffd24a815","block_type":"box","text":"enforce compliance by the borrower with the terms of the loan agreement relating to the Loans, nor any rights of set","page_number":55,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"70751dcc-2948-4030-b486-e58f2fd3dace","block_type":"box","text":"off against the borrower, and the Fund may not benefit directly from any collateral suppor ting the Loan in which it has","page_number":55,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"4f256f67-70ae-471c-a082-aec9c8cd71b9","block_type":"box","text":"purchased the Par ticipation. As a result, the Fund will assume the credit risk of both the borrower and the Lender","page_number":55,"box":{"x":70,"y":596,"width":809,"height":11}},{"id":"16ad2b24-3dd0-4383-932e-1f6275f7dea4","block_type":"box","text":"that is selling the Par ticipation. In the event of the insolvency of the Lender selling the Par ticipation, the Fund may be","page_number":55,"box":{"x":68,"y":612,"width":838,"height":11}},{"id":"a47e20a7-08e4-4c96-9b22-7c852add044c","block_type":"box","text":"treated as a general creditor of the Lender and may not benefit from any set-off between the Lender and the","page_number":55,"box":{"x":68,"y":627,"width":772,"height":11}},{"id":"88a65b1c-1ce2-4fe4-a7e1-87247544b54f","block_type":"box","text":"borrower. The Fund will acquire Par ticipations only if the Lender interpositioned between the Fund and the borrower is","page_number":55,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"8f77b809-a3bb-433f-b715-bb85a5fcc64c","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":55,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"fa941f4b-4989-4cd0-a09a-eb37aadce19e","block_type":"box","text":"Fund will acquire direct rights against the borrower on the Loan, and will not have exposure to a counterpar ty’s credit","page_number":55,"box":{"x":70,"y":672,"width":834,"height":11}},{"id":"f2c286f0-9486-4a2e-b637-39b74b9e5347","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":55,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"88e2b218-079d-4e67-98d9-608914d0d16f","block_type":"box","text":"whereby a Fund would agree to purchase a Par ticipation or Assignment at set terms in the future. For more","page_number":55,"box":{"x":68,"y":702,"width":764,"height":12}},{"id":"ab38600b-29e4-4d95-af9b-35fa17bf8cc7","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":55,"box":{"x":70,"y":717,"width":805,"height":12}},{"id":"b412fa53-61e2-4124-b330-d86f367bebe1","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":55,"box":{"x":69,"y":733,"width":324,"height":9}},{"id":"881c15e4-a9c2-4ba7-8c46-23b9bdbfa254","block_type":"box","text":"A Fund may have difficulty disposing of Assignments and Par ticipations. In cer tain cases, the market for such","page_number":55,"box":{"x":101,"y":755,"width":782,"height":11}},{"id":"a98cb745-f6f2-4fc1-8eea-a055a16175df","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":55,"box":{"x":70,"y":770,"width":803,"height":11}},{"id":"19d62e28-1f20-4986-87b0-02ad0cfc1dfe","block_type":"box","text":"could be sold only to a limited number of institutional investors. The lack of a sufficiently liquid secondary market","page_number":55,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"7711cb30-e94e-43e7-a6ba-146307720c7a","block_type":"box","text":"may have an adverse impact on the value of such instruments and on the Fund’s ability to dispose of par ticular","page_number":55,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"2322105b-dcc1-4537-a585-db371cb4d902","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":55,"box":{"x":68,"y":816,"width":841,"height":11}},{"id":"d3ac5524-fce7-4ab5-90e2-057acce4b9bc","block_type":"box","text":"of the borrower.","page_number":55,"box":{"x":69,"y":831,"width":111,"height":9}},{"id":"b30a73d9-ff41-461e-bab5-200712107f3f","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":55,"box":{"x":102,"y":853,"width":750,"height":12}},{"id":"2d95b002-2016-4ed4-9d79-2da1188dc3a0","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":55,"box":{"x":69,"y":869,"width":834,"height":11}},{"id":"0a4bfbe9-ee03-4dae-b692-687426306362","block_type":"box","text":"If the agent develops financial problems, a Fund may not recover its investment or recovery may be delayed.","page_number":55,"box":{"x":70,"y":884,"width":770,"height":11}},{"id":"a77d4ac7-7069-4d83-9ca5-b3e197bd66c0","block_type":"box","text":"II-7","page_number":55,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5189ccb7-d081-43c5-a392-c6d70d4837ad","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"163d005a-4fa0-4386-bada-93f043a1eace","block_type":"box","text":"The Loans in which the Fund may invest are subject to the risk of loss of principal and income. Although","page_number":56,"box":{"x":101,"y":45,"width":740,"height":11}},{"id":"d96d496a-11e9-4b61-b717-72492677f95a","block_type":"box","text":"borrowers frequently provide collateral to secure repayment of these obligations they do not always do so. If they do","page_number":56,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"4832bef3-abc7-4a71-9b1d-ccee9e2a2511","block_type":"box","text":"provide collateral, the value of the collateral may not completely cover the borrower’s obligations at the time of a","page_number":56,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"bb629224-1e9c-4861-86f7-e249f558ce38","block_type":"box","text":"default. If a borrower files for protection from its creditors under the U.S. bankruptcy laws, these laws may limit a","page_number":56,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"127924c8-8b57-4036-b009-bd9b9ffceae3","block_type":"box","text":"Fund’s rights to its collateral. In addition, the value of collateral may erode during a bankruptcy case. In the event of","page_number":56,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"99799bba-54f9-4654-b761-a4e16bb08d2e","block_type":"box","text":"a bankruptcy, the holder of a Loan may not recover its principal, may experience a long delay in recovering its","page_number":56,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"b93284a2-ddac-473a-8df8-87a1541f2c0e","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":56,"box":{"x":70,"y":136,"width":406,"height":11}},{"id":"3aabf646-8ab4-4b75-b90d-fcad8b550048","block_type":"box","text":"Transactions in corporate loans may settle on a delayed basis. As a result, the proceeds from the sale of","page_number":56,"box":{"x":101,"y":158,"width":752,"height":11}},{"id":"596bba13-3fdb-4ed6-acbb-a344d9c3ee2e","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":56,"box":{"x":69,"y":173,"width":773,"height":11}},{"id":"1aee0c95-da92-433f-9828-652c59dfa8c8","block_type":"box","text":"obligations. To the extent the extended settlement process gives rise to shor t-term liquidity needs, a Fund may hold","page_number":56,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"9c07d071-00fe-455c-bcc4-6e2d48723fbf","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":56,"box":{"x":69,"y":203,"width":610,"height":12}},{"id":"1cfcdf4c-5a7d-4d4a-af6c-5fc2873faad9","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":56,"box":{"x":102,"y":226,"width":759,"height":11}},{"id":"c2369f38-3031-4e69-8561-fcc3edc96528","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":56,"box":{"x":68,"y":241,"width":784,"height":11}},{"id":"406cee0c-800e-4ae0-b971-ab87586f6ff5","block_type":"box","text":"interests in Loans, such as the Funds, may not have the protection of the anti-fraud provisions of the federal","page_number":56,"box":{"x":70,"y":256,"width":772,"height":11}},{"id":"6b5d0085-9e8e-494c-98a9-898a338b9785","block_type":"box","text":"securities laws as would otherwise be available for bonds or stocks. Instead, in such cases, par ties generally would","page_number":56,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"a3550dfd-514c-46fe-a945-67a7ad5a7caa","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":56,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"65affe8a-ad27-45d2-adb8-bf0222fe86fc","block_type":"box","text":"state law.","page_number":56,"box":{"x":69,"y":302,"width":67,"height":9}},{"id":"241e4ce5-4868-4e3a-8b81-d0f77342e617","block_type":"box","text":"Direct Lending.","page_number":56,"box":{"x":102,"y":325,"width":105,"height":11}},{"id":"65fb0a2d-c2c0-4b84-8e64-f0ee8b2bc0ae","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":56,"box":{"x":213,"y":324,"width":660,"height":12}},{"id":"3b741825-20f4-41c0-9959-f3b3a464a0b5","block_type":"box","text":"between the Fund and a borrower may not be administered by an underwriter or agent bank. The Fund may provide","page_number":56,"box":{"x":69,"y":340,"width":817,"height":11}},{"id":"ea0ec27e-016e-4a92-97c0-c5cadd134030","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":56,"box":{"x":68,"y":355,"width":811,"height":11}},{"id":"322769bb-ccc7-4689-8660-f1dd60f74f84","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":56,"box":{"x":69,"y":370,"width":764,"height":11}},{"id":"2d19e5b4-795a-4951-82f6-b5d20dfc3561","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":56,"box":{"x":70,"y":385,"width":405,"height":11}},{"id":"109f5377-b8b1-4bc5-b377-b7d4e973831d","block_type":"box","text":"In determining whether to make a direct loan, the Fund will rely primarily upon the creditwor thiness of the","page_number":56,"box":{"x":102,"y":407,"width":750,"height":12}},{"id":"cb365e28-3391-4019-aa72-05c7bc16e28a","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":56,"box":{"x":69,"y":423,"width":813,"height":11}},{"id":"1170ea38-4343-4ad3-8345-66529b7ba9a8","block_type":"box","text":"loans are substantially similar to those associated with investing in corporate loans. In making a direct loan, the Fund","page_number":56,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"46215465-dcfa-4e3a-92d4-c3493177fa76","block_type":"box","text":"is exposed to the risk that the borrower may default or become insolvent and, consequently, that the Fund will lose","page_number":56,"box":{"x":70,"y":453,"width":818,"height":11}},{"id":"e6298dee-1d6d-437e-bca9-4c1ccd256166","block_type":"box","text":"money on the loan. Fur thermore, direct loans may subject the Fund to liquidity and interest rate risk and cer tain","page_number":56,"box":{"x":69,"y":468,"width":798,"height":11}},{"id":"6c4a10ca-ae4f-470a-be3b-379efdcc2e5a","block_type":"box","text":"direct loans may be deemed illiquid. Direct loans are not publicly traded and may not have a secondary market. The","page_number":56,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"86471fd1-6f35-47d3-8095-8cefb5519d74","block_type":"box","text":"lack of a secondary market for direct loans may have an adverse impact on the ability of the Fund to dispose of a","page_number":56,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"56427fcb-8f2b-47a7-958c-84c4dc8c0c43","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":56,"box":{"x":69,"y":514,"width":301,"height":10}},{"id":"f3323bc3-4480-448b-82e5-5dc4fe9b3e6c","block_type":"box","text":"When engaging in direct lending, the Fund’s per formance may depend, in par t, on the ability of the Fund to","page_number":56,"box":{"x":101,"y":536,"width":762,"height":11}},{"id":"ea736912-24bb-4bdf-ad6c-d2931dcb344d","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":56,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"0f027c70-974c-4fe3-9857-a596d0cff0e3","block_type":"box","text":"Increased competition for, or a diminishment in the available supply of, qualifying loans could result in lower yields on","page_number":56,"box":{"x":70,"y":566,"width":836,"height":11}},{"id":"84651156-d094-4b50-a6ac-3f1f96d87169","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":56,"box":{"x":69,"y":581,"width":362,"height":11}},{"id":"7dcd44ad-3aa3-44be-801c-497d6a8fe83c","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":56,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"bfdf15ea-b01f-4133-a46f-822ce65623ea","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":56,"box":{"x":68,"y":619,"width":821,"height":11}},{"id":"95220c5f-bdf0-491b-9cc6-5dd2537aa2a2","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":56,"box":{"x":70,"y":634,"width":830,"height":12}},{"id":"adf64fbc-908a-4b59-b3b3-338661c5c7e9","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":56,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"2ce47d57-4d99-4a22-b275-ee0fd61fa225","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":56,"box":{"x":68,"y":664,"width":709,"height":12}},{"id":"ce662255-8628-431e-8bd6-f121262ae712","block_type":"box","text":"Credit Linked Securities.","page_number":56,"box":{"x":102,"y":687,"width":179,"height":9}},{"id":"00868bbf-67df-4c90-aba8-f4188e1f0b05","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":56,"box":{"x":287,"y":687,"width":596,"height":11}},{"id":"0acdf0db-f9c3-44e1-a635-0316ed9abdfa","block_type":"box","text":"securities, which are issued by a limited purpose trust or other vehicle that, in turn, invests in a derivative instrument","page_number":56,"box":{"x":69,"y":703,"width":837,"height":10}},{"id":"6e1e4652-bed3-4912-a5d1-7ac247913bf9","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":56,"box":{"x":69,"y":717,"width":823,"height":11}},{"id":"c2ab9327-cf89-4cc1-92b5-44a4b5bd93b3","block_type":"box","text":"to provide exposure to cer tain fixed-income markets. For instance, a Fund may invest in credit linked securities as a","page_number":56,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"04484f2f-2927-4e86-9907-73faf1dc9f39","block_type":"box","text":"cash management tool in order to gain exposure to a cer tain market and/or to remain fully invested when more","page_number":56,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"ec0df46d-e2a6-42da-963a-e0c99cdcd37c","block_type":"box","text":"traditional income producing securities are not available.","page_number":56,"box":{"x":68,"y":763,"width":404,"height":11}},{"id":"de52b1e4-b5e1-4647-8275-f6fc751adb37","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":56,"box":{"x":102,"y":786,"width":804,"height":11}},{"id":"5c53ae77-3828-4085-b564-6a0175715fe5","block_type":"box","text":"income payments (in the form of distributions) and payment of principal at the end of the term of the security.","page_number":56,"box":{"x":70,"y":801,"width":780,"height":11}},{"id":"0c581b97-d57b-4a13-89fd-49d815e1633a","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":56,"box":{"x":102,"y":823,"width":785,"height":11}},{"id":"d5740ee3-c964-411e-95c6-8745c7ea73e7","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":56,"box":{"x":69,"y":839,"width":821,"height":11}},{"id":"da5c101b-13a5-476f-b1ed-9e55f51b2d1e","block_type":"box","text":"instance, the issuer may sell one or more credit default swaps, under which the issuer would receive a stream of","page_number":56,"box":{"x":70,"y":853,"width":806,"height":12}},{"id":"d81f8aa9-06a9-4d65-af6c-678e34841e11","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":56,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"de8fd7bd-23aa-4dce-ad27-c308f0fa65bc","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":56,"box":{"x":69,"y":884,"width":826,"height":11}},{"id":"175fb7f0-7fc6-4ea1-a20a-710bc4f074fe","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":56,"box":{"x":68,"y":899,"width":807,"height":11}},{"id":"f78a1693-2238-4b17-8297-27f6bfc25eb5","block_type":"box","text":"II-8","page_number":56,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"4427c077-0cce-4b95-bd31-fe9262bcdd94","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"911db92a-f405-43b2-9779-f36648ce1041","block_type":"box","text":"obligation. This, in turn, would reduce the amount of income and principal that a Fund would receive. A Fund’s","page_number":57,"box":{"x":69,"y":45,"width":783,"height":11}},{"id":"5477b0ee-6d7e-4476-9465-0336e319aac3","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":57,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"22f99a07-b94f-44d5-b0c6-70cc34b66401","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":57,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"7aa37be9-fadc-4c51-adcb-2bcad0578c9a","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":57,"box":{"x":69,"y":90,"width":808,"height":11}},{"id":"cbfdc32a-0fff-4e8c-9fc7-355918f628c4","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":57,"box":{"x":68,"y":105,"width":752,"height":11}},{"id":"f6ce8c72-ca1e-4322-bd5c-35fcc4a27494","block_type":"box","text":"investments.","page_number":57,"box":{"x":70,"y":120,"width":89,"height":9}},{"id":"236a556a-64aa-4763-825c-a23af44f3842","block_type":"box","text":"Cyber Security Issues.","page_number":57,"box":{"x":102,"y":143,"width":162,"height":11}},{"id":"4f9ffa99-def6-4a92-99c6-d2818e27627e","block_type":"box","text":"With the increased use of technologies such as the Internet to conduct business, each","page_number":57,"box":{"x":269,"y":143,"width":620,"height":11}},{"id":"2ef87d15-84e4-4c2f-b39f-47d30abdf0b7","block_type":"box","text":"Fund, Authorized Par ticipants, service providers and the relevant listing exchange are susceptible to operational,","page_number":57,"box":{"x":70,"y":158,"width":801,"height":11}},{"id":"e6a14409-f91e-4776-bebd-0229df12e5bc","block_type":"box","text":"information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional","page_number":57,"box":{"x":70,"y":173,"width":823,"height":11}},{"id":"b2d0b514-d6fe-4c1b-bebf-764f891d7472","block_type":"box","text":"events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (","page_number":57,"box":{"x":69,"y":188,"width":721,"height":12}},{"id":"8f9c2f65-ee77-4016-ae73-323480e861ba","block_type":"box","text":"e.g.","page_number":57,"box":{"x":792,"y":190,"width":25,"height":10}},{"id":"76f581d4-9deb-4b06-8608-6c3eba912b33","block_type":"box","text":", through","page_number":57,"box":{"x":819,"y":188,"width":62,"height":12}},{"id":"410b82ea-f7d4-4496-ab27-3971f8e79db8","block_type":"box","text":"“hacking” or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting","page_number":57,"box":{"x":70,"y":203,"width":827,"height":12}},{"id":"b5820112-34f1-4a40-972e-aa7fd7d021e5","block_type":"box","text":"data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require","page_number":57,"box":{"x":69,"y":219,"width":800,"height":11}},{"id":"8969c826-2a37-4d3e-afe9-f1d53f84efc0","block_type":"box","text":"gaining unauthorized access, such as causing denial-of-service attacks on websites (","page_number":57,"box":{"x":68,"y":234,"width":605,"height":11}},{"id":"30b27b7f-ddd6-4bff-ab8c-74215b7d7931","block_type":"box","text":"i.e.","page_number":57,"box":{"x":676,"y":234,"width":20,"height":9}},{"id":"e37dff37-c75e-44d8-8ee5-1c52766e04ff","block_type":"box","text":", effor ts to make network","page_number":57,"box":{"x":698,"y":234,"width":181,"height":10}},{"id":"b5ed3f92-a49b-4a99-8df0-7c87ef7392a9","block_type":"box","text":"services unavailable to intended users). Cyber security failures or breaches by a Fund’s adviser, sub-adviser(s) and","page_number":57,"box":{"x":69,"y":249,"width":818,"height":11}},{"id":"de97e1c6-fcbb-41f0-97cc-84b665a8ee3d","block_type":"box","text":"other service providers (including, but not limited to, index providers, Fund accountants, custodians, transfer agents","page_number":57,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"b05c905d-3e07-43a8-a8bb-3ae13ae45902","block_type":"box","text":"and administrators), market makers, Authorized Par ticipants or the issuers of securities in which the Funds invest,","page_number":57,"box":{"x":69,"y":279,"width":815,"height":11}},{"id":"5166006c-ac99-4cf1-8605-6a7e6a8f53b4","block_type":"box","text":"have the ability to cause disruptions and impact business operations, potentially resulting in financial losses,","page_number":57,"box":{"x":69,"y":294,"width":779,"height":11}},{"id":"ec548aa3-18ce-495a-9109-f535adac4ea4","block_type":"box","text":"inter ference with a Fund’s ability to calculate its NAV, disclosure of confidential trading information, impediments to","page_number":57,"box":{"x":70,"y":309,"width":822,"height":11}},{"id":"655bebd2-e9a9-48ca-8a6a-f69f02175b86","block_type":"box","text":"trading, submission of erroneous trades or erroneous creation or redemption orders, the inability of Fund","page_number":57,"box":{"x":68,"y":324,"width":749,"height":12}},{"id":"ebb26ea3-9a9b-4d31-9d5d-a9f857d0bea8","block_type":"box","text":"shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties,","page_number":57,"box":{"x":69,"y":339,"width":781,"height":12}},{"id":"eb9d3253-c3ef-4a5a-abde-d4417fc78395","block_type":"box","text":"reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition,","page_number":57,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"b002560c-c360-4c18-8d14-5c3db5ca7d09","block_type":"box","text":"substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Funds have","page_number":57,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"391c885b-32c2-41ff-996c-c5f7daf529e5","block_type":"box","text":"established business continuity plans in the event of, and risk management systems to prevent, such cyber attacks,","page_number":57,"box":{"x":69,"y":385,"width":829,"height":11}},{"id":"62bacec0-4b3d-4ece-9e83-1115bcfb405c","block_type":"box","text":"there are inherent limitations in such plans and systems including the possibility that cer tain risks have not been","page_number":57,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"058ff883-a692-487e-80ce-06b1c389e227","block_type":"box","text":"identified. Fur thermore, the Funds cannot control the cyber security plans and systems put in place by service","page_number":57,"box":{"x":70,"y":415,"width":784,"height":11}},{"id":"f3d056b1-135c-4b9d-b417-328876cd8c72","block_type":"box","text":"providers to the Funds and issuers in which the Funds invest, market makers or Authorized Par ticipants. The Funds","page_number":57,"box":{"x":70,"y":430,"width":820,"height":11}},{"id":"fa5c53fd-031b-41e7-87d6-f480c4285554","block_type":"box","text":"and their shareholders could be negatively impacted as a result.","page_number":57,"box":{"x":69,"y":446,"width":457,"height":11}},{"id":"91377e60-5153-47b8-a414-129a82b8cc2d","block_type":"box","text":"Debt Securities.","page_number":57,"box":{"x":102,"y":468,"width":116,"height":9}},{"id":"435798bd-0b54-48b7-8311-4ed93fba9c2d","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":57,"box":{"x":225,"y":468,"width":677,"height":10}},{"id":"5d412cbf-542d-49d0-bf11-cb35f7ebcd74","block_type":"box","text":"timely payments of principal and interest. The degree of credit risk depends on the issuer’s financial condition and on","page_number":57,"box":{"x":68,"y":483,"width":839,"height":11}},{"id":"e3e4de1b-47d3-4787-b6ee-6b2dfac831e0","block_type":"box","text":"the terms of the debt securities. Changes in an issuer’s credit rating or the market’s perception of an issuer’s","page_number":57,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"f9b46753-017a-4007-a29f-bd4fb6404623","block_type":"box","text":"creditwor thiness may also affect the value of a Fund’s investment in that issuer. Credit risk is reduced to the extent","page_number":57,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"9a82a78f-f8a1-41e9-b49b-19d4e5a5da3b","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":57,"box":{"x":69,"y":529,"width":466,"height":8}},{"id":"24861f42-6656-4895-b85f-edf6c67819a6","block_type":"box","text":"All debt securities, however, are subject to interest rate risk. This is the risk that the value of the security may","page_number":57,"box":{"x":101,"y":551,"width":784,"height":11}},{"id":"c9d11b9f-4aff-43b6-a4e5-d1842369181e","block_type":"box","text":"fall when interest rates rise. If interest rates move sharply in a manner not anticipated by Fund management, a","page_number":57,"box":{"x":68,"y":566,"width":792,"height":11}},{"id":"e396e390-e216-4211-9643-6ffc71663c8d","block_type":"box","text":"Fund’s investments in debt securities could be adversely affected and the Fund could lose money. In general, the","page_number":57,"box":{"x":70,"y":581,"width":806,"height":12}},{"id":"f461c50a-28de-46cb-8745-69d58b48d87a","block_type":"box","text":"market price of debt securities with longer maturities will go up or down more in response to changes in interest","page_number":57,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"e7a91af4-fdcb-4efa-9980-5e3ba9ad404d","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":57,"box":{"x":69,"y":612,"width":448,"height":11}},{"id":"face5497-4945-46c6-a70a-6c701445ca5c","block_type":"box","text":"During periods of rising interest rates, the average life of cer tain fixed-income securities is extended because of","page_number":57,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"6e7a9a77-b37a-4b3c-ad78-dc870dbbbc5b","block_type":"box","text":"slower than expected principal payments. This may lock in a below-market interest rate and extend the duration of","page_number":57,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"40483f85-166f-4fe6-b92e-2de26ad5e737","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":57,"box":{"x":68,"y":664,"width":801,"height":12}},{"id":"1396ce30-f28b-40b8-866a-cee4cd298b17","block_type":"box","text":"interest rates. As a result, in a period of rising interest rates, these securities may exhibit additional volatility and","page_number":57,"box":{"x":70,"y":680,"width":806,"height":11}},{"id":"031a7ca6-6595-4b6b-a72b-806208dc809b","block_type":"box","text":"lose value. This is known as extension risk.","page_number":57,"box":{"x":70,"y":695,"width":307,"height":9}},{"id":"6883adfe-6243-409c-81c9-ce58adb0708d","block_type":"box","text":"The value of fixed-income securities in the Funds can be expected to vary inversely with changes in prevailing","page_number":57,"box":{"x":101,"y":717,"width":778,"height":12}},{"id":"63c4858f-d684-4db4-ad9a-4857a07880be","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":57,"box":{"x":70,"y":733,"width":798,"height":11}},{"id":"bd42916b-a498-4312-beff-c48f6bcad7ae","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":57,"box":{"x":70,"y":748,"width":812,"height":11}},{"id":"873fc877-1fde-4203-b6de-b58288a5cca0","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":57,"box":{"x":69,"y":763,"width":831,"height":11}},{"id":"30c41916-4cd6-4744-886b-f5e883686e8b","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":57,"box":{"x":69,"y":778,"width":259,"height":11}},{"id":"75575b33-3024-4a38-916b-f544f8c6d47f","block_type":"box","text":"Floating and Variable Rate Securities","page_number":57,"box":{"x":102,"y":801,"width":260,"height":11}},{"id":"cbb54c9f-5169-4edc-ba4e-711c1fc855c4","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":57,"box":{"x":364,"y":801,"width":526,"height":11}},{"id":"e6a4a88a-cc14-40f5-81b4-bc1f653bcfcd","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":57,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"55d041e1-6005-447d-866b-0c169d3209d2","block_type":"box","text":"with fixed interest rates, but may decline in value if their interest rates do not rise as much, or as quickly, as interest","page_number":57,"box":{"x":68,"y":831,"width":834,"height":11}},{"id":"e05e94ed-92ff-42cd-9c4f-ffdeeff8f25d","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":57,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"30c55b0f-9b76-40ac-8ab0-1b05938c76d3","block_type":"box","text":"impact of interest rate changes on floating rate investments is typically mitigated by the periodic interest rate reset of","page_number":57,"box":{"x":70,"y":861,"width":838,"height":11}},{"id":"a5f1f5c6-e3ad-49a2-9205-fe8329386b9c","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":57,"box":{"x":68,"y":876,"width":804,"height":11}},{"id":"a9ae5d9f-7616-42f6-9d90-0b0f3c027015","block_type":"box","text":"market interest rates.","page_number":57,"box":{"x":69,"y":891,"width":153,"height":9}},{"id":"845c0457-f8cf-47a4-bf17-db91c4bc8c2e","block_type":"box","text":"II-9","page_number":57,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"c539bc56-bb06-4365-bc71-41bbcbb0fcf4","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a907afbf-5baa-49db-853f-bec9961af0f8","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":58,"box":{"x":102,"y":45,"width":169,"height":9}},{"id":"97cc77ce-2eb8-46a9-93bc-ba37c32ec6e0","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":58,"box":{"x":278,"y":45,"width":632,"height":11}},{"id":"1dd474e5-a7ab-402b-a040-bdaa7a5508fe","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":58,"box":{"x":69,"y":60,"width":828,"height":11}},{"id":"3bbb8523-8a54-4752-9330-72a83659d5c6","block_type":"box","text":"common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of","page_number":58,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"8350c9e1-3b24-4fd4-af3e-b56bdff15c94","block_type":"box","text":"the bond. Most other issuers pay out the Consumer Price Index (“CPI”) accruals as par t of a semi-annual coupon.","page_number":58,"box":{"x":68,"y":90,"width":810,"height":11}},{"id":"b3c34bd8-f159-40f4-8555-beef70ccce5d","block_type":"box","text":"Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or thir ty years, although it is","page_number":58,"box":{"x":102,"y":113,"width":792,"height":11}},{"id":"cca7a416-401e-456f-b728-f253c4111066","block_type":"box","text":"possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on","page_number":58,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"21e753f8-0a42-43c4-8f57-b71adee96f3b","block_type":"box","text":"a semi-annual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if a Fund","page_number":58,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"dc9b5f64-cf20-449f-a72d-1d70991eedb8","block_type":"box","text":"purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5%","page_number":58,"box":{"x":70,"y":157,"width":814,"height":12}},{"id":"027cad5a-27b3-4420-955a-e76d9c944af7","block_type":"box","text":"semi-annually), and inflation over the first six months was 1%, the mid-year par value of the bond would be $1,010","page_number":58,"box":{"x":69,"y":172,"width":816,"height":12}},{"id":"8401fbf2-ed42-4133-b244-86cf4e5eb4c5","block_type":"box","text":"and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half","page_number":58,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"f8c94102-5b96-455f-8a94-dbbd94ed9985","block_type":"box","text":"of the year resulted in the whole year’s inflation equaling 3%, the end-of-year par value of the bond would be $1,030","page_number":58,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"05c5aa23-5aff-4853-a7df-63856aa9c1ba","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":58,"box":{"x":69,"y":218,"width":610,"height":12}},{"id":"dede247d-03d6-41da-8d38-723397fc5af4","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":58,"box":{"x":102,"y":241,"width":767,"height":11}},{"id":"b2cba245-a3c5-4b02-bfa0-831b59ef95b0","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":58,"box":{"x":69,"y":257,"width":833,"height":10}},{"id":"fe91c842-b09e-4491-bbeb-b6b9db248901","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":58,"box":{"x":70,"y":271,"width":834,"height":12}},{"id":"73bbc301-afe4-4a61-aabd-3dfb5c8c3c74","block_type":"box","text":"guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the","page_number":58,"box":{"x":68,"y":286,"width":795,"height":12}},{"id":"78fa82a2-f803-40d7-a553-909edee5fad4","block_type":"box","text":"current market value of the bonds is not guaranteed, and will fluctuate. Cer tain Funds may also invest in other","page_number":58,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"7ca68fd6-fb09-4777-942c-5fa1148a4068","block_type":"box","text":"inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided,","page_number":58,"box":{"x":70,"y":317,"width":823,"height":11}},{"id":"7b585751-a676-4173-82cb-dda996a36dba","block_type":"box","text":"the adjusted principal value of the bond repaid at maturity may be less than the original principal. In addition, if the","page_number":58,"box":{"x":68,"y":332,"width":821,"height":11}},{"id":"8dd96810-a980-4bdc-af81-22d9e0d08f42","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":58,"box":{"x":70,"y":347,"width":792,"height":11}},{"id":"8782ef8c-4ac6-482b-9ce7-df99cb479118","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":58,"box":{"x":70,"y":362,"width":570,"height":11}},{"id":"b0c83a0e-ee50-492e-b239-fede342ba5c3","block_type":"box","text":"The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real","page_number":58,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"5e3172ec-a369-4cc0-8b2d-9d05106a99a8","block_type":"box","text":"interest rates, in turn, are tied to the relationship between nominal interest rates and the rate of inflation. Therefore,","page_number":58,"box":{"x":70,"y":400,"width":831,"height":11}},{"id":"11a35fae-6f2a-47f1-9f9d-4f96332ebf12","block_type":"box","text":"if inflation were to rise at a faster rate than nominal interest rates, real interest rates might decline, leading to an","page_number":58,"box":{"x":70,"y":415,"width":808,"height":11}},{"id":"2ccbfbc7-f24f-4787-9529-48befbeb528b","block_type":"box","text":"increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increased at a faster rate than","page_number":58,"box":{"x":70,"y":430,"width":796,"height":11}},{"id":"7cc1df7c-4573-4edb-b9e9-20d8b3469d73","block_type":"box","text":"inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no","page_number":58,"box":{"x":70,"y":445,"width":805,"height":12}},{"id":"c7e3e38b-17d8-4f0b-99cd-27851e77894e","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":58,"box":{"x":69,"y":460,"width":824,"height":12}},{"id":"542cbd31-64f0-42e9-836a-6f68163ff4bc","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":58,"box":{"x":101,"y":483,"width":788,"height":11}},{"id":"bc32bb4b-13b9-4c52-b947-ca4cb80cb0d1","block_type":"box","text":"inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to","page_number":58,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"bfe00e9b-160c-4527-93bd-aa78845e933d","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":58,"box":{"x":69,"y":514,"width":784,"height":11}},{"id":"be43b0d3-a4b9-41d8-8eaa-2d4f80e05d89","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":58,"box":{"x":70,"y":528,"width":403,"height":9}},{"id":"545fd36c-1528-47c9-9334-fa19db2cebb0","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":58,"box":{"x":102,"y":551,"width":746,"height":11}},{"id":"263d10d2-bef8-4d3c-8b51-b14b9ca48ce9","block_type":"box","text":"Consumer Price Index for Urban Consumers (“CPI-U”), which is calculated monthly by the U.S. Bureau of Labor","page_number":58,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"8861ae48-0e4f-426f-869d-413ba2e6c1d6","block_type":"box","text":"Statistics. The CPI-U is a measurement of changes in the cost of living, made up of components such as housing,","page_number":58,"box":{"x":69,"y":581,"width":810,"height":12}},{"id":"809dd451-5b4c-4f3a-ad25-04a79bc313ba","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":58,"box":{"x":68,"y":596,"width":809,"height":12}},{"id":"f6ef2089-d390-46bf-9bda-1f18a3f1df0d","block_type":"box","text":"reflect a comparable inflation index, calculated by that government. There can be no assurance that the CPI-U or any","page_number":58,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"8fa34d80-af0e-486b-be6d-ff7c6822b6a8","block_type":"box","text":"foreign inflation index will accurately measure the real rate of inflation in the prices of goods and services. Moreover,","page_number":58,"box":{"x":68,"y":627,"width":833,"height":11}},{"id":"73f329f5-018b-4727-a721-d2b6cefaa95d","block_type":"box","text":"there can be no assurance that the rate of inflation in a foreign country will be correlated to the rate of inflation in the","page_number":58,"box":{"x":68,"y":642,"width":840,"height":11}},{"id":"0f16f0f9-f178-4fd0-a156-5ca44f88658b","block_type":"box","text":"United States.","page_number":58,"box":{"x":70,"y":657,"width":99,"height":9}},{"id":"8229e1f0-188e-4b9b-8cf8-62ff24b37866","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":58,"box":{"x":101,"y":680,"width":774,"height":11}},{"id":"47e489a8-75f2-4945-a487-447d3741fe2a","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":58,"box":{"x":69,"y":695,"width":464,"height":11}},{"id":"2ab9d3df-a67d-4c1f-861d-81ed31e74ece","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":58,"box":{"x":102,"y":718,"width":252,"height":11}},{"id":"54f33a4b-cac4-46c6-ab36-db39d60bf182","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":58,"box":{"x":360,"y":718,"width":493,"height":11}},{"id":"361ee6e1-9576-4944-9c54-d795193adb15","block_type":"box","text":"securities rated in the four highest rating categories of an NRSRO or deemed to be of equivalent quality by a Fund’s","page_number":58,"box":{"x":69,"y":732,"width":823,"height":12}},{"id":"c668f3d4-6871-420c-9be0-2eaff2db28ab","block_type":"box","text":"Manager. Cer tain Funds may invest in debt securities rated Aaa by Moody’s or AAA by S&P. It should be noted that","page_number":58,"box":{"x":70,"y":748,"width":815,"height":11}},{"id":"4c0d3e84-fdb1-489b-83e2-059fa4148000","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":58,"box":{"x":69,"y":763,"width":420,"height":11}},{"id":"8eff75e4-5c9c-45a9-98aa-d91653f993f9","block_type":"box","text":"i.e.","page_number":58,"box":{"x":492,"y":763,"width":20,"height":9}},{"id":"281417dc-ccd3-46a9-a5fc-64a9eb311e11","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":58,"box":{"x":514,"y":763,"width":377,"height":11}},{"id":"08ed49ef-e322-418d-bae9-48dbd13edc56","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":58,"box":{"x":68,"y":778,"width":829,"height":11}},{"id":"7836fb3b-8e8d-4c87-b733-34b42c7cc0e0","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":58,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"797b1742-94cb-4b8a-be4f-9a98fb2e452b","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":58,"box":{"x":69,"y":808,"width":763,"height":11}},{"id":"4a279121-886c-42cd-a1fa-169235eecd0b","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":58,"box":{"x":70,"y":823,"width":731,"height":12}},{"id":"73c3835c-7add-4411-8ad0-c3252eeeb25f","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":58,"box":{"x":102,"y":846,"width":536,"height":11}},{"id":"94ebf39a-0981-4604-a13e-df04a622525b","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":58,"box":{"x":102,"y":869,"width":278,"height":11}},{"id":"b0312314-861b-4d27-9c40-b76f8114e57a","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":58,"box":{"x":102,"y":891,"width":767,"height":12}},{"id":"194e92f9-d708-46b0-87d7-cc79f285c1dd","block_type":"box","text":"“junk bonds” are debt securities that are rated below investment grade by the major rating agencies or are securities","page_number":58,"box":{"x":70,"y":907,"width":834,"height":11}},{"id":"a952cde1-3153-4350-84bb-262075f5ebe1","block_type":"box","text":"II-10","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f062de5d-0081-45fc-94f4-d40ccf46159b","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff4c40fa-ee0d-47d9-90d5-b98a4e1e8921","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":59,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"603928c4-cbe6-4d7d-b43a-d44c0c94c7db","block_type":"box","text":"for gain, non-investment grade debt securities may be subject to greater risks than securities which have higher credit","page_number":59,"box":{"x":68,"y":60,"width":841,"height":11}},{"id":"8fe47103-9957-4551-91c5-dc45c55f96b1","block_type":"box","text":"ratings, including a high risk of default, and their yields will fluctuate over time. High yield securities will generally be","page_number":59,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"467daf70-2dbf-4202-a0ac-1a1aebc0ed47","block_type":"box","text":"in the lower rating categories of recognized rating agencies (rated “Ba” or lower by Moody’s or “BB” or lower by S&P)","page_number":59,"box":{"x":70,"y":90,"width":830,"height":11}},{"id":"95dacb49-b76e-4ae6-96f4-5819fc35a5d4","block_type":"box","text":"or will be non-rated. The credit rating of a high yield security does not necessarily address its market value risk, and","page_number":59,"box":{"x":69,"y":105,"width":824,"height":11}},{"id":"c71d7ae0-7a8f-4ab7-ba80-08d4ffa1e402","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":59,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"47470133-c2d2-460a-8eff-79da5a795e1a","block_type":"box","text":"condition. High yield securities are considered to be speculative with respect to the capacity of the issuer to timely","page_number":59,"box":{"x":69,"y":135,"width":817,"height":12}},{"id":"4952ef32-2194-47de-82e0-0b5842f98326","block_type":"box","text":"repay principal and pay interest or dividends in accordance with the terms of the obligation and may have more credit","page_number":59,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"a5000cc0-cec4-4666-91d9-e75ea8f53584","block_type":"box","text":"risk than higher rated securities.","page_number":59,"box":{"x":69,"y":166,"width":230,"height":11}},{"id":"6bfe49a1-03d7-4acb-ac98-bbdc40f03383","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":59,"box":{"x":101,"y":188,"width":447,"height":12}},{"id":"a3c7fff2-6c35-4461-a30e-63623eb6aa1d","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"29e1359d-5e80-4a4b-94a0-1eae7ecf244a","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":59,"box":{"x":101,"y":209,"width":796,"height":11}},{"id":"b7d80b8a-509b-46af-a29b-cef1340efcba","block_type":"box","text":"in the issuer’s industry and to general economic conditions. Issuers of junk bonds may be unable to meet their","page_number":59,"box":{"x":102,"y":223,"width":792,"height":12}},{"id":"8434df50-0b0f-4fce-af7d-16df27d1d588","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":59,"box":{"x":102,"y":239,"width":799,"height":11}},{"id":"d20fbbf9-f6a5-4eb6-8d04-9fece6c1e755","block_type":"box","text":"unavailability of additional financing.","page_number":59,"box":{"x":102,"y":254,"width":256,"height":11}},{"id":"08a29529-a1d5-49bd-aa47-824a41ed0aa2","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":277,"width":6,"height":4}},{"id":"812bfde6-4d1b-47c5-ad3b-39038693ac8e","block_type":"box","text":"The issuers of junk bonds may have a larger amount of outstanding debt relative to their assets than issuers of","page_number":59,"box":{"x":101,"y":274,"width":797,"height":11}},{"id":"1e033748-8ca2-46d5-b447-887e8d19adf3","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":59,"box":{"x":102,"y":289,"width":804,"height":11}},{"id":"8bed303c-6b28-4495-b07a-9e0637fec6f7","block_type":"box","text":"The issuer’s ability to pay its debt obligations also may be lessened by specific issuer developments, or the","page_number":59,"box":{"x":101,"y":304,"width":769,"height":11}},{"id":"41ea7140-efe2-4a66-bf8f-8d77833ed6a5","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":59,"box":{"x":102,"y":319,"width":746,"height":12}},{"id":"ccd146e2-926a-4636-9860-34f48d8bc91c","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":59,"box":{"x":101,"y":335,"width":432,"height":11}},{"id":"fb2601c2-b1ba-42ea-a852-6c0d3f4e06d4","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"f16a6d79-b0c9-4f26-b76d-7ad6fc6c91f6","block_type":"box","text":"Junk bonds are frequently ranked junior to claims by other creditors. If the issuer cannot meet its obligations, the","page_number":59,"box":{"x":101,"y":355,"width":808,"height":11}},{"id":"84bdc76b-fd1c-4ae3-bde7-74ba3b942c53","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":59,"box":{"x":102,"y":370,"width":789,"height":11}},{"id":"72c10e8c-7d4a-4455-a676-c8e24f2179ba","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":59,"box":{"x":101,"y":385,"width":796,"height":11}},{"id":"110fc9aa-2636-4d3c-864a-4d4dbe6eac5b","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":59,"box":{"x":102,"y":400,"width":782,"height":11}},{"id":"2c9809da-7de1-4a2a-b947-f479b6a502ae","block_type":"box","text":"investors in higher rated securities.","page_number":59,"box":{"x":102,"y":415,"width":249,"height":11}},{"id":"8cea48ab-c81e-4566-9ce9-7698ca83419b","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":438,"width":6,"height":5}},{"id":"8c8e4e5e-5ffd-4fc5-ac6c-048322973b70","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":59,"box":{"x":101,"y":435,"width":780,"height":11}},{"id":"2bf9465a-eab8-4a8c-9390-ac063a7498af","block_type":"box","text":"before it matures. If an issuer redeems the junk bonds, a Fund may have to invest the proceeds in bonds with","page_number":59,"box":{"x":102,"y":450,"width":784,"height":11}},{"id":"3abb3fa3-a7aa-4fd3-9343-197306f55a65","block_type":"box","text":"lower yields and may lose income.","page_number":59,"box":{"x":102,"y":466,"width":242,"height":11}},{"id":"ee04b1d3-c8c6-4871-9d8b-f5412728f113","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":489,"width":6,"height":4}},{"id":"e414ec78-7c0f-4dfb-8b97-5b8357fc61d1","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":59,"box":{"x":102,"y":486,"width":772,"height":11}},{"id":"01e9531f-32f5-46bc-81bf-7aa4b7ac1b36","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":59,"box":{"x":101,"y":501,"width":729,"height":11}},{"id":"73fbf536-5877-41cc-9773-2d9f0a8e0294","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":524,"width":6,"height":4}},{"id":"9599adb2-aed6-4889-b4f8-df986b94366a","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":59,"box":{"x":101,"y":521,"width":802,"height":11}},{"id":"4a519438-3907-4b3c-8437-06cf25bb5d9c","block_type":"box","text":"Under cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield","page_number":59,"box":{"x":102,"y":536,"width":768,"height":11}},{"id":"a09fe7f5-c16e-4ba8-a511-579edbada6f0","block_type":"box","text":"securities due to the limited number of investors in that sector of the market. There are fewer dealers in the junk","page_number":59,"box":{"x":102,"y":551,"width":805,"height":11}},{"id":"a3b5a2a8-cf70-45a8-8b2e-35d0700d39c1","block_type":"box","text":"bond market, and there may be significant differences in the prices quoted for junk bonds by the dealers, and","page_number":59,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"6cb1887d-1956-4d5c-a46d-761a9455b498","block_type":"box","text":"such quotations may not be the actual prices available for a purchase or sale. Because junk bonds are less","page_number":59,"box":{"x":102,"y":581,"width":767,"height":11}},{"id":"66f49e81-04d7-4cc9-b0fb-35ea7d750d2f","block_type":"box","text":"liquid than higher rated bonds, judgment may play a greater role in valuing cer tain of a Fund’s por tfolio securities","page_number":59,"box":{"x":102,"y":596,"width":806,"height":12}},{"id":"53660866-6c7c-4a72-83c6-3fa412ec5e15","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":59,"box":{"x":101,"y":612,"width":436,"height":11}},{"id":"fe5528ef-0a82-4034-94eb-e3c9d87cc70c","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":635,"width":6,"height":4}},{"id":"6b108958-8500-42e9-8291-68a360383e80","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":59,"box":{"x":101,"y":632,"width":763,"height":11}},{"id":"dc613ac5-61a0-4886-8a03-5b58febd6c23","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":59,"box":{"x":102,"y":647,"width":798,"height":11}},{"id":"83d9ce7c-a2e9-444a-b12f-f07eecbfadd9","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":59,"box":{"x":102,"y":662,"width":759,"height":11}},{"id":"adddd7f8-c187-4f83-838e-698a021e8e03","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":59,"box":{"x":101,"y":677,"width":798,"height":11}},{"id":"cbdf4e80-4a94-490b-86e2-42d75b850d5a","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":59,"box":{"x":101,"y":692,"width":739,"height":11}},{"id":"264408a3-4a7e-48ae-a3df-98287707d981","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":59,"box":{"x":101,"y":707,"width":792,"height":12}},{"id":"b657a1d7-cc55-4503-9f9a-a2ec6c8cf2bb","block_type":"box","text":"cer tain economic and/or market conditions, a Fund may have difficulty disposing of cer tain high yield securities","page_number":59,"box":{"x":101,"y":722,"width":797,"height":12}},{"id":"f73a8217-dd6a-4c38-9e9a-aebecf4b6fba","block_type":"box","text":"due to the limited number of investors in that sector of the market. An illiquid secondary market may adversely","page_number":59,"box":{"x":101,"y":738,"width":791,"height":11}},{"id":"d611dbba-a98c-4aff-bbb7-3e9d590c47f6","block_type":"box","text":"affect the market price of the high yield security, which may result in increased difficulty selling the par ticular","page_number":59,"box":{"x":102,"y":753,"width":777,"height":11}},{"id":"2529f84d-a1f2-4c37-b148-eea366a4a421","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":59,"box":{"x":102,"y":768,"width":788,"height":11}},{"id":"f92b3117-3832-4961-aa1f-787bf2ddbec4","block_type":"box","text":"on high yield securities are available only from a limited number of dealers, and such quotations may not be the","page_number":59,"box":{"x":102,"y":783,"width":797,"height":11}},{"id":"bb60473d-4e6c-471b-84b0-5546a9262470","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":59,"box":{"x":102,"y":798,"width":769,"height":11}},{"id":"4cb25f20-5148-4971-8d88-d4d78718b305","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":59,"box":{"x":102,"y":813,"width":772,"height":11}},{"id":"b0597a4d-17b9-4c9f-be13-292621841729","block_type":"box","text":"reliable objective data makes it more difficult to value a Fund’s securities, and judgment plays a more impor tant","page_number":59,"box":{"x":102,"y":828,"width":801,"height":12}},{"id":"d9d969cc-5655-4b0c-b251-6f13c227e641","block_type":"box","text":"role in determining such valuations.","page_number":59,"box":{"x":102,"y":844,"width":252,"height":11}},{"id":"0faf4b7c-184e-41e5-9ca4-54237c333a0a","block_type":"box","text":"•","page_number":59,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"611f645b-5970-4809-a8bd-b76eeb65e5b2","block_type":"box","text":"A Fund may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with","page_number":59,"box":{"x":101,"y":863,"width":808,"height":12}},{"id":"068b88c1-2b43-4174-91a4-c672599ba07b","block_type":"box","text":"a defaulting issuer.","page_number":59,"box":{"x":102,"y":879,"width":134,"height":11}},{"id":"475587d1-1b3d-45a6-9277-07423553a38d","block_type":"box","text":"II-11","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dbf08aff-81e2-4bc8-844d-babc33fd4c0c","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ab726ee0-a3ba-4277-bc7c-489642923979","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"1c3dcfe6-0479-45ad-b28c-bbf9496b296d","block_type":"box","text":"The junk bond markets may react strongly to adverse news about an issuer or the economy, or to the perception","page_number":60,"box":{"x":101,"y":45,"width":800,"height":11}},{"id":"a35e92b2-899d-4944-9a37-bbcd67922d4b","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":60,"box":{"x":102,"y":60,"width":793,"height":11}},{"id":"51766932-aefa-4838-b0ad-add1c5d7b8a7","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":60,"box":{"x":101,"y":75,"width":808,"height":11}},{"id":"c2ba50b1-5b2e-4220-bb4c-5fc5dfa19222","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":60,"box":{"x":102,"y":90,"width":756,"height":11}},{"id":"65be8189-14ec-4038-9684-93255580d530","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":60,"box":{"x":101,"y":105,"width":803,"height":11}},{"id":"47a7c17b-29f9-421c-b74f-d94d3f3c3d9a","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":60,"box":{"x":102,"y":120,"width":781,"height":12}},{"id":"4db09028-1645-46a0-a44e-d7775749e8d7","block_type":"box","text":"and loan associations of their investments in high yield bonds and limiting the deductibility of interest by cer tain","page_number":60,"box":{"x":102,"y":135,"width":798,"height":12}},{"id":"1e08421c-376e-48a4-9413-a11a4471b98e","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":60,"box":{"x":101,"y":150,"width":566,"height":12}},{"id":"c266b777-b115-4200-8759-f6be3c1301dc","block_type":"box","text":"•","page_number":60,"box":{"x":69,"y":174,"width":6,"height":4}},{"id":"df5de7ff-4560-4352-8fca-558976b48804","block_type":"box","text":"The rating assigned by a rating agency evaluates the issuing agency’s assessment of the safety of a non","page_number":60,"box":{"x":101,"y":171,"width":751,"height":11}},{"id":"7657593d-e0ef-4312-9f2f-3a4427afbcb8","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":60,"box":{"x":102,"y":186,"width":786,"height":11}},{"id":"73fd9273-2ade-4fc7-8196-fb84352de7b1","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":60,"box":{"x":102,"y":201,"width":782,"height":11}},{"id":"5b768d96-5c9a-4036-a7ce-27c8d0c1c98c","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":60,"box":{"x":102,"y":216,"width":762,"height":11}},{"id":"7947f744-a8eb-4b83-b6d1-302973661314","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":60,"box":{"x":102,"y":231,"width":767,"height":11}},{"id":"9c4ccc2c-3e7a-445f-a8f3-1fc0537b5414","block_type":"box","text":"depend more on the Manager’s or sub-adviser’s own credit analysis than in the case of mutual funds investing in","page_number":60,"box":{"x":101,"y":246,"width":806,"height":11}},{"id":"1a9a3977-2402-471f-90fb-15a45ab9461b","block_type":"box","text":"higher-rated securities.","page_number":60,"box":{"x":102,"y":262,"width":161,"height":11}},{"id":"c1600212-8be1-4e5f-82d3-6279a7a986f4","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":60,"box":{"x":102,"y":284,"width":751,"height":11}},{"id":"70f7e9f0-adab-49bf-aae5-d19891d0fd7b","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":60,"box":{"x":69,"y":299,"width":814,"height":11}},{"id":"879fd232-8b73-47bb-a0c9-d981bacf7c50","block_type":"box","text":"the securities and the diversity of the Fund. The Manager or sub-adviser continuously monitors the issuers of non","page_number":60,"box":{"x":68,"y":314,"width":812,"height":12}},{"id":"4d2dff45-8922-4e32-b3ea-3bd51dba2941","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":60,"box":{"x":70,"y":329,"width":808,"height":12}},{"id":"9462d625-daeb-42f8-a00c-7035e6f0b3a8","block_type":"box","text":"well as in an effor t to control the liquidity of the Fund so that it can meet redemption requests. If a security’s rating","page_number":60,"box":{"x":68,"y":344,"width":825,"height":12}},{"id":"03b3856d-faee-4c19-a5f7-a0723304cb18","block_type":"box","text":"is reduced below the minimum credit rating that is permitted for a Fund, the Fund’s adviser or sub-adviser will","page_number":60,"box":{"x":70,"y":360,"width":779,"height":11}},{"id":"1292cedf-d911-4201-b668-c8c60dab5869","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":60,"box":{"x":69,"y":375,"width":451,"height":11}},{"id":"fad5167f-ca28-4506-8e9a-44f80c93ac18","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":60,"box":{"x":102,"y":397,"width":782,"height":12}},{"id":"a64b9fb4-f81a-4813-90d2-efdf70a6de72","block_type":"box","text":"the Fund could be forced to sell its holdings without regard to the investment merits, thereby decreasing the assets","page_number":60,"box":{"x":68,"y":412,"width":825,"height":12}},{"id":"8d9eeaa5-28ae-43c9-b62c-b76e40abd62d","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":60,"box":{"x":69,"y":428,"width":328,"height":11}},{"id":"8c5acd4b-7987-4140-83c6-3cd68169081b","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":60,"box":{"x":101,"y":450,"width":764,"height":12}},{"id":"f69ad112-d295-4948-b3d4-f7a8f16d0f68","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":60,"box":{"x":69,"y":466,"width":455,"height":11}},{"id":"8641f7f3-b60c-4a52-a86e-0de2d06f31c5","block_type":"box","text":"Mezzanine Investments.","page_number":60,"box":{"x":102,"y":488,"width":170,"height":9}},{"id":"3feb2f09-b201-4fdc-8204-b7b514683bee","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":60,"box":{"x":279,"y":488,"width":612,"height":11}},{"id":"fdaa5794-2ce0-4c48-87e2-e2d6e5f7d4a2","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":60,"box":{"x":69,"y":503,"width":813,"height":12}},{"id":"1a49279e-837b-41b0-b424-ba2526120951","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":60,"box":{"x":69,"y":519,"width":729,"height":11}},{"id":"cd36d81d-c362-4109-845a-2af1287183bd","block_type":"box","text":"e.g.","page_number":60,"box":{"x":800,"y":520,"width":24,"height":10}},{"id":"a95c8b1c-204d-4abd-b3a0-6968f62902e7","block_type":"box","text":", with","page_number":60,"box":{"x":827,"y":519,"width":36,"height":10}},{"id":"4f230334-cadc-43d5-9afc-3b98355fc596","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":60,"box":{"x":69,"y":534,"width":818,"height":11}},{"id":"7d737ce9-4140-4446-a71e-7c0c294cb9c5","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":60,"box":{"x":69,"y":549,"width":827,"height":11}},{"id":"be868407-27db-4dcf-bc7a-d094acd1dadf","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":60,"box":{"x":70,"y":564,"width":813,"height":11}},{"id":"68c27612-cffe-41eb-91a2-ca4fce1c4207","block_type":"box","text":"other obligations of the issuer.","page_number":60,"box":{"x":69,"y":579,"width":216,"height":11}},{"id":"b2decb0e-83e0-4b43-b403-2de1de31d190","block_type":"box","text":"Pay-in-kind Bonds.","page_number":60,"box":{"x":102,"y":602,"width":127,"height":11}},{"id":"69e5f372-0e5d-4eaa-9045-ac29b27ebb5e","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":60,"box":{"x":236,"y":602,"width":615,"height":11}},{"id":"cdd7aebc-98e7-4323-84a9-f453013e2e08","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":60,"box":{"x":70,"y":617,"width":813,"height":11}},{"id":"26bdf70d-d034-4834-8955-935929424f6e","block_type":"box","text":"bonds also carry additional risk as holders of these types of securities realize no cash until the cash payment date","page_number":60,"box":{"x":69,"y":632,"width":820,"height":11}},{"id":"1bf11320-83c7-4900-8a1e-80c64b2e727a","block_type":"box","text":"unless a por tion of such securities is sold and, if the issuer defaults, a Fund may obtain no return at all on its","page_number":60,"box":{"x":69,"y":647,"width":784,"height":11}},{"id":"f7bafafc-9922-4237-b6ba-4364b3fe8631","block_type":"box","text":"investment. The market price of pay-in-kind bonds is affected by interest rate changes to a greater extent, and","page_number":60,"box":{"x":70,"y":662,"width":783,"height":11}},{"id":"3c830a49-3264-44e5-8b82-e248a6a99625","block_type":"box","text":"therefore tends to be more volatile, than that of securities which pay interest in cash. Additionally, current U.S.","page_number":60,"box":{"x":68,"y":677,"width":790,"height":11}},{"id":"bb9fe89e-019f-4ac0-80c7-76edbbde2c81","block_type":"box","text":"federal tax law requires the holder of pay-in-kind bonds to accrue income with respect to these securities prior to the","page_number":60,"box":{"x":68,"y":692,"width":831,"height":11}},{"id":"7fc42fb6-8cbe-4615-ba75-66d306a5b002","block_type":"box","text":"receipt of cash payments. To maintain its qualification as a regulated investment company and avoid liability for U.S.","page_number":60,"box":{"x":69,"y":707,"width":830,"height":12}},{"id":"d3ad4203-8d9a-4a4d-b352-df7c6acde987","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":60,"box":{"x":68,"y":722,"width":798,"height":12}},{"id":"3a20a5a2-a35d-4c07-b513-02a9ea91c2c5","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":60,"box":{"x":69,"y":738,"width":835,"height":11}},{"id":"5cbbf2e8-8734-4631-b3ab-2486efb04a5c","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":60,"box":{"x":69,"y":753,"width":336,"height":11}},{"id":"e4973cc9-c0c6-4d93-83fa-2c39194cde1d","block_type":"box","text":"Supranational Entities.","page_number":60,"box":{"x":102,"y":775,"width":160,"height":11}},{"id":"d9de7358-7a9d-489c-b457-e210cc2ef0bf","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":60,"box":{"x":268,"y":775,"width":629,"height":11}},{"id":"69a92bbe-764b-4cf0-a0fc-41df62b2902f","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":60,"box":{"x":70,"y":790,"width":814,"height":11}},{"id":"4646709f-af62-48dc-8cf2-9aa52d865c6c","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":60,"box":{"x":69,"y":806,"width":817,"height":11}},{"id":"c33133ba-471c-4f8d-994a-fc36c7093d7d","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":60,"box":{"x":70,"y":821,"width":759,"height":11}},{"id":"f4b7d9b2-478a-4698-8419-4ac054c29d1f","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":60,"box":{"x":69,"y":836,"width":836,"height":11}},{"id":"7e088720-e2e8-4951-9512-6b034c2e2b2f","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":60,"box":{"x":70,"y":851,"width":772,"height":11}},{"id":"086c8b52-730e-48e0-8bad-bc254795f9b4","block_type":"box","text":"additional capital contributions. If such contributions are not made, the entity may be unable to pay interest or repay","page_number":60,"box":{"x":69,"y":866,"width":830,"height":11}},{"id":"ed4b22c5-5743-4e35-8513-0fac960e0d40","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":60,"box":{"x":70,"y":881,"width":580,"height":11}},{"id":"fbe8474f-9412-4f4f-bc1b-28b3161c795f","block_type":"box","text":"II-12","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"fc0b742a-ba97-407e-ad09-3411e4d6778e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56b0bcee-e03e-45f6-9b03-48c40965b5cf","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":61,"box":{"x":102,"y":45,"width":334,"height":11}},{"id":"d092560a-00eb-4824-b9b0-578b27fbd619","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":61,"box":{"x":442,"y":45,"width":446,"height":11}},{"id":"75b7717a-99e8-4296-848a-089ed3c15610","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":61,"box":{"x":68,"y":60,"width":835,"height":11}},{"id":"a2bb39ff-72d9-43c6-a3e2-c358b8fde147","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":61,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"d3373155-3b36-4dd4-a7c4-f4eb9b461146","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":61,"box":{"x":69,"y":90,"width":781,"height":11}},{"id":"1b4cc14f-3f48-4e27-b6d1-ba7a639fda77","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":61,"box":{"x":70,"y":105,"width":823,"height":11}},{"id":"b766e1a3-ffbf-49b1-83ca-5d911b3305d1","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":61,"box":{"x":68,"y":120,"width":804,"height":12}},{"id":"7e62307c-bf4a-458a-9a82-f8cfb462e9fb","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":61,"box":{"x":70,"y":135,"width":799,"height":12}},{"id":"e92f5017-62e3-4192-b666-1e4dbc1014b8","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":61,"box":{"x":69,"y":150,"width":821,"height":12}},{"id":"d85c1d5a-6518-44ac-8602-55790de87107","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":61,"box":{"x":69,"y":166,"width":837,"height":11}},{"id":"ada6d42c-b1e1-4aa6-88af-abe6f3e0a0d0","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":61,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"abc68344-453a-40a4-83d3-9bbfc5359df0","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":61,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"2b606511-6d27-4fd4-a974-fa007815e5a9","block_type":"box","text":"credit exposure to the depository bank and to the sponsors and other par ties with whom the depository bank","page_number":61,"box":{"x":69,"y":211,"width":780,"height":11}},{"id":"2d31ea1e-33e7-40e9-8841-0d8bffdd019b","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":61,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"d7b982b3-2327-463e-ab8c-ba778ae878e9","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":61,"box":{"x":70,"y":241,"width":796,"height":11}},{"id":"aff8d7c8-aad2-4fc7-bd18-a83d0f6b2fce","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":61,"box":{"x":69,"y":257,"width":822,"height":11}},{"id":"5a7539a3-671c-4b99-acee-13f6f04e33da","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":61,"box":{"x":70,"y":271,"width":820,"height":12}},{"id":"55f468ce-a2be-4bc9-926a-c0a4c0294f87","block_type":"box","text":"Available information concerning the issuer may not be as current as for sponsored ADRs, EDRs and GDRs, and the","page_number":61,"box":{"x":68,"y":286,"width":827,"height":12}},{"id":"4f88676b-89b8-430e-b602-7cada6150c3b","block_type":"box","text":"prices of unsponsored ADRs, EDRs and GDRs may be more volatile than if such instruments were sponsored by the","page_number":61,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"4f33cedc-7d35-4dbb-a385-fe726ffeb2ef","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":61,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"b4fd6f19-ed84-4edf-8309-c48c2053dd1b","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":61,"box":{"x":70,"y":332,"width":737,"height":11}},{"id":"712d521c-0c4f-40ba-8231-979c6a8eef66","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":61,"box":{"x":69,"y":347,"width":449,"height":11}},{"id":"a724ecd2-d1d9-49c0-8a58-70d91ff6d562","block_type":"box","text":"Derivatives.","page_number":61,"box":{"x":102,"y":370,"width":84,"height":9}},{"id":"0ea9f0f8-72be-4941-a1c8-3eee74966688","block_type":"box","text":"General.","page_number":61,"box":{"x":102,"y":392,"width":58,"height":9}},{"id":"d8353259-d75c-43ce-b14c-39f1498c9025","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":61,"box":{"x":167,"y":392,"width":725,"height":12}},{"id":"6cc6dd36-db08-44a8-9acf-f3d09a375084","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":61,"box":{"x":68,"y":407,"width":836,"height":12}},{"id":"dd504989-3b29-4853-abb5-8be4e3000c78","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate). Derivatives may allow a","page_number":61,"box":{"x":70,"y":423,"width":823,"height":11}},{"id":"12b7617d-54d8-4670-b8ef-306828fc4942","block_type":"box","text":"Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and efficiently than with","page_number":61,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"2feee8a8-55c7-4b08-ae70-2f3ffc2236a7","block_type":"box","text":"other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and shor t positions. Unless","page_number":61,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"4bbf32ef-dac3-4808-a382-6b1e67e68484","block_type":"box","text":"otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset class it is prohibited by its","page_number":61,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"c33bceae-62ba-4977-8278-77595eb05a82","block_type":"box","text":"investment restrictions from purchasing directly. As described below, derivatives can be used for hedging or","page_number":61,"box":{"x":70,"y":483,"width":765,"height":11}},{"id":"a5e63f1b-9077-4ea5-9d9c-9e43e8883137","block_type":"box","text":"speculative purposes. Funds will engage in transaction-level payment netting,","page_number":61,"box":{"x":69,"y":498,"width":549,"height":11}},{"id":"51ccf5ef-48b7-4bcf-ae51-e0093a14eb0a","block_type":"box","text":"i.e.","page_number":61,"box":{"x":625,"y":498,"width":20,"height":9}},{"id":"647c0bfd-5397-4b49-8626-395931204df5","block_type":"box","text":", the payment obligations of","page_number":61,"box":{"x":648,"y":498,"width":198,"height":11}},{"id":"bc126dd8-8b5d-441c-9901-b8999528090a","block_type":"box","text":"derivatives contracts are netted against one another with the Fund receiving or paying, as the case may be, only the","page_number":61,"box":{"x":69,"y":514,"width":825,"height":11}},{"id":"88c2894d-a331-4941-98bd-8764962ce028","block_type":"box","text":"net amount of the two payment streams.","page_number":61,"box":{"x":69,"y":528,"width":289,"height":12}},{"id":"b4b7ceb1-a00b-4f53-84b4-0dd52735aec0","block_type":"box","text":"Hedging.","page_number":61,"box":{"x":102,"y":551,"width":60,"height":11}},{"id":"f2ab29bc-b36c-40ce-994b-4d6a1d73e11e","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":61,"box":{"x":169,"y":551,"width":717,"height":11}},{"id":"ac3cbfdc-50be-4c5a-bda3-31a4e0442c81","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":61,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"ecbc1992-a385-461c-96a4-f954562a2d1f","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":61,"box":{"x":69,"y":582,"width":834,"height":11}},{"id":"38a8ba2c-4b18-434c-be2e-cdb792d30d32","block_type":"box","text":"reduce or eliminate gains. In addition, hedging may cause losses if the market moves in an unanticipated manner, or","page_number":61,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"217a5eaf-bba0-457e-a41f-adc869c8b8b5","block_type":"box","text":"if the cost of the derivative outweighs the benefit of the hedge. The effectiveness of hedging may be reduced by","page_number":61,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"58257984-dcd2-46e5-bc19-83efdf19963d","block_type":"box","text":"correlation risk,","page_number":61,"box":{"x":69,"y":627,"width":109,"height":10}},{"id":"1e60b27f-8a4f-4eff-a848-44eb0c9f85a9","block_type":"box","text":"i.e.","page_number":61,"box":{"x":186,"y":627,"width":20,"height":9}},{"id":"aec6ea76-a752-4b94-a655-48be9f8d4995","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":61,"box":{"x":209,"y":627,"width":669,"height":11}},{"id":"1ac78b52-7438-464a-937e-6dd0704c5e1f","block_type":"box","text":"hedged as expected by a Fund, which may result in additional losses to the Fund. The inability to close or offset","page_number":61,"box":{"x":69,"y":642,"width":797,"height":11}},{"id":"cf0168b8-9945-454e-8353-70013bfabc7e","block_type":"box","text":"derivatives could also reduce the effectiveness of a Fund’s hedging. There is no assurance that a Fund’s hedging will","page_number":61,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"e7f5567c-e858-4c6d-9353-49170b329630","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":61,"box":{"x":69,"y":672,"width":434,"height":11}},{"id":"b28d1c1d-6471-4f90-8e92-9afbf4fa5057","block_type":"box","text":"Speculation.","page_number":61,"box":{"x":102,"y":695,"width":86,"height":11}},{"id":"054b8a41-aeb3-4b36-809b-1e65b058dbb4","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":61,"box":{"x":195,"y":695,"width":694,"height":11}},{"id":"8dd5d1ba-c06b-4b2d-a4f1-85565ebe513e","block_type":"box","text":"use of a derivative is speculative if the Fund is primarily seeking to achieve gains, rather than offset the risk of other","page_number":61,"box":{"x":69,"y":710,"width":831,"height":11}},{"id":"a7ff2699-a506-4e30-a743-6be47fc6251b","block_type":"box","text":"positions. To the extent a Fund invests in a derivative for speculative purposes, the Fund will be fully exposed to the","page_number":61,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"46bb7d36-cead-45c5-91c2-37e8fcdd8f2a","block_type":"box","text":"risks of loss of that derivative, which may sometimes be greater than the derivative’s cost, and the potential for loss","page_number":61,"box":{"x":69,"y":740,"width":831,"height":11}},{"id":"f884be85-e7d6-4c2b-90dd-7e123db13ddb","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":61,"box":{"x":70,"y":755,"width":243,"height":11}},{"id":"43bf0464-d54c-4450-a607-edaa87564577","block_type":"box","text":"Regulation of Derivatives.","page_number":61,"box":{"x":102,"y":778,"width":180,"height":11}},{"id":"0eb9a186-e79e-455d-a477-d8a0c415ef2a","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":61,"box":{"x":102,"y":801,"width":333,"height":11}},{"id":"e96027f6-47d8-4fe0-ba30-5ea5222dfe18","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":61,"box":{"x":442,"y":801,"width":458,"height":11}},{"id":"88db7fab-3b33-449a-9bf2-ba8616019c6b","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":61,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"53d583a6-4bda-45a6-a62e-b7b2d7a304e0","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":61,"box":{"x":69,"y":831,"width":759,"height":11}},{"id":"fd73fb54-1749-4cf8-9da0-5093c7014bc4","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":61,"box":{"x":70,"y":846,"width":825,"height":11}},{"id":"12adcbb6-d34f-4ba9-a525-35382fdd7501","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":61,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"bdba7481-2f5d-41a6-9f53-6ffa09301f59","block_type":"box","text":"coverage”).","page_number":61,"box":{"x":69,"y":876,"width":79,"height":11}},{"id":"3a26f2a4-27c8-4bfe-81c6-b4172bc39582","block_type":"box","text":"II-13","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"332a17ec-1103-489e-8e0f-9d9c4ffcfe3e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fa7dc1ff-7acc-4ff8-a856-3802f233bcd5","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":62,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"d54219ef-df53-403c-8599-9fa8710ed8d0","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":62,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"9d6dc729-0107-4238-beb6-cacdd7df509a","block_type":"box","text":"of the foregoing, or any similar instrument, under which a Fund is or may be required to make any payment or delivery","page_number":62,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"4e25d532-aa15-4151-8e77-912aa00a72b4","block_type":"box","text":"of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or","page_number":62,"box":{"x":69,"y":90,"width":801,"height":11}},{"id":"852b76b2-9e8a-4ab9-94b7-97800de1dd11","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":62,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"e387e42e-39b9-4d1b-b6a0-d81c497cee2c","block_type":"box","text":"financing transactions (","page_number":62,"box":{"x":68,"y":120,"width":166,"height":12}},{"id":"d492de52-39a5-4efe-9890-31b0f1e8fefa","block_type":"box","text":"e.g.","page_number":62,"box":{"x":236,"y":122,"width":25,"height":10}},{"id":"4f8cec70-b003-42aa-9ab5-4520d1f78006","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":62,"box":{"x":263,"y":120,"width":646,"height":11}},{"id":"ec9dc002-5008-4473-8d2c-3a866abb2918","block_type":"box","text":"treat these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":62,"box":{"x":68,"y":135,"width":785,"height":12}},{"id":"8dd4ac19-6d2a-430c-bf1b-7f92f95a3307","block_type":"box","text":"securities (","page_number":62,"box":{"x":69,"y":151,"width":78,"height":10}},{"id":"75efdc4f-84d1-4555-bdf4-3ebe0fb4d650","block_type":"box","text":"e.g.","page_number":62,"box":{"x":148,"y":152,"width":25,"height":10}},{"id":"246b100d-8235-4430-b825-0f3def268b94","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":62,"box":{"x":176,"y":150,"width":704,"height":12}},{"id":"439eb27d-1001-416d-87e3-5e1382067b61","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":62,"box":{"x":69,"y":166,"width":796,"height":11}},{"id":"978c5a9c-77a1-4240-b8f7-3e55e1062229","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":62,"box":{"x":69,"y":181,"width":732,"height":11}},{"id":"83d48946-c89e-4783-9117-1908f1e36d29","block_type":"box","text":"Commitments”).","page_number":62,"box":{"x":69,"y":196,"width":115,"height":11}},{"id":"0eeb469d-4e30-43d6-8f2d-025c8d69425a","block_type":"box","text":"Unless a Fund is relying on the Limited Derivatives User Exception (as defined below), the Fund must comply with","page_number":62,"box":{"x":102,"y":218,"width":805,"height":12}},{"id":"331308a9-6cbf-42fc-bfed-73f21d25ff92","block_type":"box","text":"Rule 18f-4 with respect to its Derivatives Transactions. Rule 18f-4, among other things, requires a Fund to adopt and","page_number":62,"box":{"x":70,"y":234,"width":832,"height":11}},{"id":"9dbc1897-7105-468f-adb3-34fb9e14886d","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":62,"box":{"x":70,"y":249,"width":808,"height":11}},{"id":"11899b4d-054d-480d-b473-eb3e30114060","block_type":"box","text":"absolute limit on Fund leverage risk calculated based on value-at-risk (“VaR”). The DRMP is administered by a","page_number":62,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"65aa2a59-fcc8-4243-9de7-319e3be831bc","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":62,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"e611c0b5-2cec-42d5-87b1-5b7a7d41be76","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":62,"box":{"x":69,"y":294,"width":482,"height":11}},{"id":"ae2f9327-0d3f-47dd-8ff1-35a1e4245a3b","block_type":"box","text":"Rule 18f-4 provides an exception from the DRMP, VaR limit and cer tain other requirements if a Fund’s","page_number":62,"box":{"x":102,"y":317,"width":724,"height":11}},{"id":"3eac4c6c-b422-47d8-9b68-acd60f7e0fa3","block_type":"box","text":"“derivatives exposure” is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund","page_number":62,"box":{"x":70,"y":332,"width":830,"height":11}},{"id":"d24b03c5-c274-4c1a-9082-a726bb086cd0","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":62,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"5c4b51ee-1282-48d3-a5d7-f7dd78cdc94a","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":62,"box":{"x":70,"y":362,"width":268,"height":11}},{"id":"aaffd935-f2f4-4ac5-9891-9a8fd280777b","block_type":"box","text":"Dodd-Frank Regulations.","page_number":62,"box":{"x":102,"y":385,"width":171,"height":11}},{"id":"d9266520-4296-4573-8e10-5dcd48ad2766","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":62,"box":{"x":279,"y":385,"width":575,"height":11}},{"id":"6ee654cd-6843-44d7-be4b-2cece2ee06b3","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":62,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"24bc6bf3-48b5-4e02-b6f7-b614de5c4d2b","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":62,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"d45e00af-545b-4957-b28e-b30562c137aa","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":62,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"8369ca04-83a0-4013-8c5d-7e259a0ef08a","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":62,"box":{"x":69,"y":445,"width":733,"height":12}},{"id":"a2f4f980-9923-46e6-9e16-d3c475873fb1","block_type":"box","text":"OTC derivatives dealers are now required to register with the CFTC as “swap dealers” and will ultimately be","page_number":62,"box":{"x":102,"y":468,"width":763,"height":11}},{"id":"f5e6b4fc-4476-46ab-850f-93c569d58db7","block_type":"box","text":"required to register with the SEC as “security-based swap dealers”. Registered swap dealers are subject to various","page_number":62,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"83dbec61-ccc7-4263-bf19-847b69b57c71","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":62,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"d9413a9d-0124-42a3-b450-d69236c7d86b","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":62,"box":{"x":70,"y":513,"width":826,"height":12}},{"id":"babd7aac-3054-406b-894e-e3098f85ec89","block_type":"box","text":"requirements.","page_number":62,"box":{"x":69,"y":529,"width":97,"height":10}},{"id":"0526a0e0-5541-4cd3-bc30-77914d8d7aa1","block_type":"box","text":"The CFTC requires that cer tain interest rate swaps and cer tain credit default swaps must be executed in","page_number":62,"box":{"x":101,"y":551,"width":745,"height":11}},{"id":"732ef86c-220a-4104-92b1-58db1b83880a","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":62,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"c9db4231-f52d-4f9b-bf9f-f61ef77fc9c8","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":62,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"b1c46235-ac97-426b-9e84-10b581ee48a6","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":62,"box":{"x":69,"y":597,"width":837,"height":11}},{"id":"d2364712-768c-4946-b08b-04d219603c8b","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":62,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"2f681c70-bcad-4c88-920c-ecb9a7d7dd5f","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":62,"box":{"x":69,"y":627,"width":815,"height":11}},{"id":"7f08c3c5-200c-40ff-a9ff-df760be7fc70","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":62,"box":{"x":69,"y":642,"width":770,"height":11}},{"id":"a8950c73-3852-46a2-a10e-291d54008d8b","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":62,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"98e24cc2-63c5-4f27-913d-8dda65ebbecb","block_type":"box","text":"the FCM and the customer. These regulatory requirements may make it more difficult and costly for the Funds to","page_number":62,"box":{"x":68,"y":672,"width":804,"height":11}},{"id":"ed27807e-4245-430a-861b-41b9f82868a6","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":62,"box":{"x":69,"y":687,"width":839,"height":11}},{"id":"c1f540d5-3672-40b7-816f-80e450260b47","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":62,"box":{"x":69,"y":702,"width":814,"height":11}},{"id":"dbee8616-b183-4160-ad52-aceb6767230b","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":62,"box":{"x":68,"y":717,"width":796,"height":12}},{"id":"22532376-8523-4d97-88cb-e0d8efbf0a54","block_type":"box","text":"member FCM or as a direct member, a Fund would be required to comply with the rules of the execution facility,","page_number":62,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"e89590f7-97dc-4816-9265-2d18e718ab36","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":62,"box":{"x":69,"y":748,"width":370,"height":11}},{"id":"73737ca4-8a78-4c18-8ffb-1fab768b569e","block_type":"box","text":"With respect to cleared OTC derivatives and futures contracts and options on futures, a Fund will not face a","page_number":62,"box":{"x":101,"y":770,"width":766,"height":11}},{"id":"69dce21a-ea9b-416e-9eba-63b7a594dc9c","block_type":"box","text":"clearinghouse directly but rather will do so through a FCM that is registered with the CFTC and/or SEC and that acts","page_number":62,"box":{"x":69,"y":786,"width":826,"height":11}},{"id":"2a4a0ea2-5c2f-4052-8ba5-767bfc11b48d","block_type":"box","text":"as a clearing member. A Fund may face the indirect risk of the failure of another clearing member customer to meet","page_number":62,"box":{"x":69,"y":801,"width":825,"height":11}},{"id":"21615821-5dcf-4acd-aeba-12822e58bef9","block_type":"box","text":"its obligations to its clearing member. Such scenario could arise due to a default by the clearing member on its","page_number":62,"box":{"x":70,"y":816,"width":791,"height":11}},{"id":"ee7f0ce6-cbdf-494a-ace5-c39e9829fa95","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":62,"box":{"x":69,"y":831,"width":793,"height":11}},{"id":"2fa095ef-f862-4b0c-a153-e97e44c213eb","block_type":"box","text":"member.","page_number":62,"box":{"x":69,"y":846,"width":60,"height":9}},{"id":"7ad3b4bf-4d26-43c5-9cd5-3f06747a2021","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":62,"box":{"x":102,"y":869,"width":782,"height":11}},{"id":"7a6bb720-fc81-45c8-ae6e-5eedb068ad61","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":62,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"53ec4f61-6ddc-4aa0-ae02-020ab394b967","block_type":"box","text":"was widely permitted before Dodd-Frank. While an FCM may require its customer to post initial margin in excess of","page_number":62,"box":{"x":68,"y":899,"width":818,"height":11}},{"id":"2de7644a-f291-426b-97a9-569480da48e5","block_type":"box","text":"II-14","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"871a8e28-20f3-467e-8230-56d00a453f45","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4813530c-a049-4df2-a680-dcda44cd97d9","block_type":"box","text":"clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on initial margin with","page_number":63,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"58d0df99-3e2d-4bac-993e-d457aa4baae5","block_type":"box","text":"their clearing members, some por tion of the initial margin that is passed through to the clearinghouse does not","page_number":63,"box":{"x":68,"y":60,"width":797,"height":11}},{"id":"bc8b526b-cc37-454a-8c63-dc91873f41e9","block_type":"box","text":"generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on initial margin for cleared","page_number":63,"box":{"x":68,"y":75,"width":823,"height":11}},{"id":"26b83f72-ea72-42ff-bce9-d93f2c9adea1","block_type":"box","text":"OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause FCMs to charge higher","page_number":63,"box":{"x":69,"y":90,"width":806,"height":11}},{"id":"31bfe1ce-c7d1-4357-b2f0-7e1f1795d5bc","block_type":"box","text":"fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will provide for non-cleared OTC","page_number":63,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"a6c3fe18-a4e8-438d-89cc-64328524f0e6","block_type":"box","text":"derivatives. Fur thermore, customers, including the Funds, are subject to additional fees payable to FCMs with respect","page_number":63,"box":{"x":69,"y":120,"width":840,"height":12}},{"id":"7e0da58f-2fbd-459c-a443-40e61e5682fb","block_type":"box","text":"to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared to trading non-cleared OTC","page_number":63,"box":{"x":68,"y":135,"width":810,"height":12}},{"id":"b556013c-52a2-4a31-a0ce-fe6bf6aadc69","block_type":"box","text":"derivatives bilaterally.","page_number":63,"box":{"x":69,"y":151,"width":151,"height":11}},{"id":"8ac1071a-c7f7-46a4-849d-d24f90121bb5","block_type":"box","text":"With respect to uncleared swaps, swap dealers are required to collect variation margin from a Fund and may be","page_number":63,"box":{"x":101,"y":173,"width":796,"height":11}},{"id":"109ac68a-649e-41cc-b2e6-3e54af6ee1db","block_type":"box","text":"required by applicable regulations to collect initial margin from a Fund. Both initial and variation margin may be","page_number":63,"box":{"x":69,"y":188,"width":790,"height":12}},{"id":"284fb479-11e6-4fef-9755-123d9b200257","block_type":"box","text":"comprised of cash and/or securities, subject to applicable regulatory haircuts. Shares of investment companies","page_number":63,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"1bec5faf-d09c-410c-8998-d665fd2c55a2","block_type":"box","text":"(other than cer tain money market funds) may not be posted as collateral under applicable regulations.","page_number":63,"box":{"x":69,"y":218,"width":728,"height":12}},{"id":"1fe06c4e-1d31-46d5-afc3-04c32acc4923","block_type":"box","text":"The CFTC and the U.S. commodities exchanges impose limits on the maximum net long or net shor t speculative","page_number":63,"box":{"x":101,"y":241,"width":799,"height":11}},{"id":"3997c38d-fff2-4ca9-8320-a0f907c40bc9","block_type":"box","text":"positions that any person may hold or control in any par ticular futures or options contracts traded on U.S.","page_number":63,"box":{"x":70,"y":256,"width":751,"height":11}},{"id":"377892dc-18e9-4ab9-bbb7-b8935eb93295","block_type":"box","text":"commodities exchanges. For example, the CFTC has historically imposed speculative position limits on a number of","page_number":63,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"40f8e59d-6ccc-4671-8183-f7cd4df555b3","block_type":"box","text":"agricultural commodities (","page_number":63,"box":{"x":69,"y":287,"width":183,"height":11}},{"id":"ef818efe-3857-44da-be79-901f8e3fefbf","block_type":"box","text":"e.g.","page_number":63,"box":{"x":254,"y":288,"width":24,"height":10}},{"id":"7445c5d1-4ca0-42d8-b5b1-a0df516406ac","block_type":"box","text":", corn, oats, wheat, soybeans and cotton) and United States commodities exchanges","page_number":63,"box":{"x":281,"y":287,"width":606,"height":11}},{"id":"626282a2-cb02-4c5d-aeda-923a8263c7eb","block_type":"box","text":"currently impose speculative position limits on many other commodities. A Fund could be required to liquidate","page_number":63,"box":{"x":69,"y":302,"width":783,"height":11}},{"id":"300cb035-d762-41a3-824e-e714acd9cfd6","block_type":"box","text":"positions it holds in order to comply with position limits or may not be able to fully implement trading instructions","page_number":63,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"23b93aa6-fb60-4902-aabc-a7e9ac0980ce","block_type":"box","text":"generated by its trading models, in order to comply with position limits. Any such liquidation or limited implementation","page_number":63,"box":{"x":68,"y":332,"width":840,"height":11}},{"id":"4a640fbc-b8df-44c2-a5c0-4ba0f5de0392","block_type":"box","text":"could result in substantial costs to a Fund.","page_number":63,"box":{"x":69,"y":347,"width":304,"height":9}},{"id":"ac6a5a9f-5c23-4264-8f04-e3143c0478a7","block_type":"box","text":"Dodd-Frank significantly expanded the CFTC’s authority to impose position limits with respect to agricultural","page_number":63,"box":{"x":102,"y":370,"width":763,"height":11}},{"id":"b9a52ef4-aa22-49ab-bfa3-1c7b1b828622","block_type":"box","text":"commodities and other physical commodity futures contracts, options on these futures contracts and economically","page_number":63,"box":{"x":69,"y":385,"width":819,"height":11}},{"id":"087df65a-a503-4297-a2ed-868bbf842a95","block_type":"box","text":"equivalent swaps. In October 2020, the CFTC adopted a new set of speculative position limit rules with respect to","page_number":63,"box":{"x":69,"y":400,"width":812,"height":11}},{"id":"fad3e9c2-46ab-4d7a-a542-340d63be768e","block_type":"box","text":"agricultural commodities and other physical commodity futures contracts, options on these futures contracts (“core","page_number":63,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"b99fd9d2-3665-4112-8bbb-c5b89b5a00c2","block_type":"box","text":"referenced futures contracts”) and economically equivalent swaps. An economically equivalent swap is a swap with","page_number":63,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"84e459d1-1d9f-4163-8cde-c513c188192f","block_type":"box","text":"identical material contractual specifications, terms and conditions to a core referenced futures contract, disregarding","page_number":63,"box":{"x":70,"y":445,"width":835,"height":12}},{"id":"a1b0a063-6b2d-43d0-ab3c-f88288072859","block_type":"box","text":"differences with respect to any of the following: (1) lot size specifications or notional amounts, (2) post-trade risk","page_number":63,"box":{"x":69,"y":460,"width":806,"height":12}},{"id":"cda926e6-411e-4be6-9419-19b2d4312eb7","block_type":"box","text":"management arrangements and (3) delivery dates for physically-settled swaps as long as these delivery dates","page_number":63,"box":{"x":69,"y":475,"width":785,"height":12}},{"id":"30546eb7-0480-4083-adb3-0499dca29951","block_type":"box","text":"diverge by less than one calendar day from the referenced contract’s delivery date (or, for natural gas, two calendar","page_number":63,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"83fb7e8f-627d-4381-9e93-890f191eabfb","block_type":"box","text":"days). A cash-settled swap could only be deemed to be economically equivalent to a cash-settled referenced contract,","page_number":63,"box":{"x":69,"y":506,"width":838,"height":11}},{"id":"ef95f3d4-6aa9-4f65-8e1c-53de7adec187","block_type":"box","text":"and a physically-settled swap could only be deemed to be economically equivalent to a physically-settled referenced","page_number":63,"box":{"x":69,"y":521,"width":823,"height":11}},{"id":"f132b738-f02c-4942-92bb-f282cf57a2c9","block_type":"box","text":"contract. However, a cash-settled swap that initially did not qualify as economically equivalent due to the fact that","page_number":63,"box":{"x":69,"y":536,"width":809,"height":11}},{"id":"8e655020-10b1-4bea-9ca4-0eb8d0a6773b","block_type":"box","text":"there was no corresponding cash-settled core referenced futures contract could subsequently become an","page_number":63,"box":{"x":68,"y":551,"width":751,"height":11}},{"id":"2d62896e-cab2-49f6-9227-165cbd32b24c","block_type":"box","text":"economically equivalent swap if a cash-settled futures contract market were to subsequently be developed. The","page_number":63,"box":{"x":69,"y":566,"width":794,"height":11}},{"id":"43a15f80-ac8e-48e8-a940-086b99923f4e","block_type":"box","text":"CFTC’s new position limits rules include an exemption from limits for bona fide hedging transactions or positions. A","page_number":63,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"45e9e5e4-de60-4d34-bf6a-11008452ee42","block_type":"box","text":"bona fide hedging transaction or position may exceed the applicable federal position limits if the transaction or","page_number":63,"box":{"x":69,"y":596,"width":790,"height":12}},{"id":"1e8d2fab-2b19-49e1-bfcd-dde79f34a29f","block_type":"box","text":"position: (1) represents a substitute for transactions or positions made or to be made at a later time in a physical","page_number":63,"box":{"x":70,"y":612,"width":810,"height":11}},{"id":"8ba3b09a-8fbc-48a5-93b2-2793b3f5416d","block_type":"box","text":"marketing channel; (2) is economically appropriate to the reduction of price risks in the conduct and management of","page_number":63,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"a6988898-c34d-4e13-95d7-0f3779a65bef","block_type":"box","text":"a commercial enterprise; and (3) arises from the potential change in value of (A) assets which a person owns,","page_number":63,"box":{"x":69,"y":642,"width":783,"height":11}},{"id":"e51beb71-faf4-4910-9fd2-8b7fd963ad28","block_type":"box","text":"produces, manufactures, processes or merchandises, or anticipates owning, producing, manufacturing, processing or","page_number":63,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"c0dbb102-641c-40b5-84ed-1e29bf7e9cc0","block_type":"box","text":"merchandising; (B) liabilities which a person owes or anticipates incurring; or (C) services that a person provides or","page_number":63,"box":{"x":69,"y":672,"width":822,"height":11}},{"id":"2b9adf86-838f-4563-a865-c00bb148331e","block_type":"box","text":"purchases, or anticipates providing or purchasing. The CFTC’s new position rules set for th a list of enumerated bona","page_number":63,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"0d763a40-0239-4703-ab36-42c8bd372895","block_type":"box","text":"fide hedges for which a market par ticipant is not required to request prior approval from the CFTC in order to hold a","page_number":63,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"b4a4c205-0e23-41da-b488-56e8eadf5958","block_type":"box","text":"bona fide hedge position above the federal position limit. However, a market par ticipant holding an enumerated bona","page_number":63,"box":{"x":69,"y":717,"width":834,"height":12}},{"id":"e307314e-d589-455b-b78c-91e0ecfe9902","block_type":"box","text":"fide hedge position still would need to request an exemption from the relevant exchange for exchange-set limits. For","page_number":63,"box":{"x":68,"y":732,"width":829,"height":12}},{"id":"ddc4aa19-f0f9-4232-9f3a-3217f5f6ce29","block_type":"box","text":"non-enumerated bona fide hedge positions, a market par ticipant may request CFTC approval which must be granted","page_number":63,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"11f9ce53-2eb1-4a18-b660-f472d3842436","block_type":"box","text":"prior to exceeding the applicable federal position limit, except where there is a demonstrated sudden or unforeseen","page_number":63,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"04be8aac-1c7a-48a8-9aef-5a41fb741c03","block_type":"box","text":"increase in bona fide hedging needs (in which case the application must be submitted within five business days after","page_number":63,"box":{"x":70,"y":778,"width":834,"height":11}},{"id":"81e57adb-26d7-40f7-8809-27634d614bd0","block_type":"box","text":"the market par ticipant exceeds the applicable limit). The compliance dates for the CFTC’s new federal speculative","page_number":63,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"d0ce59d9-5252-456d-ba03-c4fe48868390","block_type":"box","text":"position limits are January 1, 2022 for the core referenced futures contracts and January 1, 2023 for economically","page_number":63,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"cb2ac53b-c820-4d4b-82de-8ed0185ef611","block_type":"box","text":"equivalent swaps. While the ultimate effect of the final position limit rules are not yet known, these limits will likely","page_number":63,"box":{"x":69,"y":823,"width":820,"height":11}},{"id":"5706539d-fe3d-481e-9085-50636da16128","block_type":"box","text":"restrict the ability of many market par ticipants to trade in the commodities markets to the same extent as they have","page_number":63,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"1a5349f7-3ff8-4f00-a2c9-40015d6322b8","block_type":"box","text":"in the past. These rules may, among other things, reduce liquidity, increase market volatility, limit the size and","page_number":63,"box":{"x":70,"y":854,"width":783,"height":11}},{"id":"14726bc6-c0bc-409e-a5a2-fc82727f287e","block_type":"box","text":"duration of positions available to market par ticipants, and increase costs in these markets, which could adversely","page_number":63,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"8e7b9c6f-00e1-4deb-8fb9-0e7ee69ec961","block_type":"box","text":"affect a Fund.","page_number":63,"box":{"x":69,"y":884,"width":97,"height":9}},{"id":"5abd5a7e-7da0-407a-944b-d4dbf1bc0f34","block_type":"box","text":"II-15","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0a098ab6-e646-43b2-a3e2-1c1537c21e38","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd316f00-1644-487b-ab26-2229fafb2e10","block_type":"box","text":"These new regulations and the resulting increased costs and regulatory oversight requirements may result in","page_number":64,"box":{"x":101,"y":45,"width":777,"height":11}},{"id":"e50f18be-308c-49fd-9bb2-ea17d6545eff","block_type":"box","text":"market par ticipants being required or deciding to limit their trading activities, which could lead to decreased market","page_number":64,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"2313c3e2-fd31-4b53-b547-cd1b08ca41d7","block_type":"box","text":"liquidity and increased market volatility. In addition, transaction costs incurred by market par ticipants are likely to be","page_number":64,"box":{"x":70,"y":75,"width":830,"height":11}},{"id":"0a2896a5-77f4-4ad6-b49e-4338c5162a1f","block_type":"box","text":"higher due to the increased costs of compliance with the new regulations. These consequences could adversely","page_number":64,"box":{"x":69,"y":90,"width":798,"height":11}},{"id":"54d1bc16-8f17-49f4-b8be-001c7916da45","block_type":"box","text":"affect a Fund’s returns.","page_number":64,"box":{"x":69,"y":105,"width":167,"height":9}},{"id":"2cbc9068-e80e-423f-b97a-4a29593d56ff","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":64,"box":{"x":101,"y":128,"width":256,"height":11}},{"id":"969b61ff-e5f6-4b80-b210-e0736e8a260f","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":64,"box":{"x":364,"y":128,"width":513,"height":11}},{"id":"9a0b00ae-260f-412e-8857-4859862bda35","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":64,"box":{"x":70,"y":143,"width":757,"height":11}},{"id":"bc68aa88-b81d-4989-ad83-2b9c4f1a1ebf","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":64,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"6536467a-f053-47ad-9306-f72e5888d9f0","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":64,"box":{"x":68,"y":173,"width":762,"height":11}},{"id":"67f535b6-b486-41a8-b7d6-a77315424cb1","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":64,"box":{"x":69,"y":188,"width":825,"height":12}},{"id":"76d87214-7ae7-4ed1-af14-917796ca5d4f","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":64,"box":{"x":69,"y":203,"width":798,"height":12}},{"id":"f4d09200-32c4-48d8-bae3-bbda2635c37f","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":64,"box":{"x":70,"y":218,"width":785,"height":12}},{"id":"0506ee61-d2aa-47bf-a91e-74390172b7c4","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":64,"box":{"x":69,"y":234,"width":787,"height":11}},{"id":"73105e6e-c3dd-4fea-b182-b8277a004f70","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":64,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"3ba92035-1378-45c9-84d5-d491c0030884","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":64,"box":{"x":69,"y":264,"width":771,"height":11}},{"id":"f397e83c-734b-497c-ab09-7e19026e1f8a","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":64,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"5b82a808-b149-4646-81f5-0876d29944e1","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":64,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"77849a06-3a8e-41ad-adde-a4e09320a103","block_type":"box","text":"Member States to apply position limits to the size of a net position a person can hold at any time in commodity","page_number":64,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"25c5190c-29de-47f0-b9b7-46532eb73027","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":64,"box":{"x":69,"y":324,"width":765,"height":12}},{"id":"3e316840-bbcb-4203-81fc-4b65c6679a10","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":64,"box":{"x":69,"y":339,"width":720,"height":12}},{"id":"b0a354c0-2b48-435d-8f76-b046e22273e1","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":64,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"4f089175-817c-4c6f-8185-8be5fcb94b39","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":64,"box":{"x":69,"y":377,"width":762,"height":12}},{"id":"2ab0dfc5-465f-4a23-9551-7de3c618fad3","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":64,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"603ce3db-23c2-47ea-aa93-a55a70b591ef","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":64,"box":{"x":69,"y":407,"width":812,"height":12}},{"id":"bbb8f21c-f70f-41b2-aa86-35661f5a43b4","block_type":"box","text":"transfers of credit suppor t in the event that the prudentially regulated entity and/or its affiliates are subject to","page_number":64,"box":{"x":68,"y":423,"width":787,"height":11}},{"id":"8c3e40c5-6f15-4850-ba24-5f52db70d438","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. Similar regulations and laws have been adopted in non-U.S.","page_number":64,"box":{"x":69,"y":438,"width":810,"height":11}},{"id":"81135cfa-b7b2-48b2-87ee-a9c249616e9e","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. It is possible that these new","page_number":64,"box":{"x":67,"y":453,"width":813,"height":11}},{"id":"9c4fffa3-5124-41de-af95-a13793c9c658","block_type":"box","text":"requirements, as well as potential additional related government regulation, could adversely affect a Fund’s ability to","page_number":64,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"f82c29eb-d299-4fc5-b717-53f21f164728","block_type":"box","text":"terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with collateral","page_number":64,"box":{"x":68,"y":483,"width":779,"height":11}},{"id":"6bc9c10c-f44c-4e45-b14b-b77dd3f9b9ad","block_type":"box","text":"received under such contracts.","page_number":64,"box":{"x":69,"y":498,"width":217,"height":9}},{"id":"8fd76155-08da-4a3b-8027-80dc63a52fd9","block_type":"box","text":"Risk Factors in Derivatives.","page_number":64,"box":{"x":102,"y":521,"width":191,"height":9}},{"id":"9889a75d-6a6c-456a-b896-6742581d200b","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":64,"box":{"x":101,"y":543,"width":597,"height":12}},{"id":"f43e0e83-2620-4fa7-9f41-59adcd9e4a87","block_type":"box","text":"Correlation Risk","page_number":64,"box":{"x":102,"y":566,"width":114,"height":9}},{"id":"6b50c314-5af8-4fc0-973e-61b92436cba6","block_type":"box","text":"— the risk that changes in the value of a derivative will not match the changes in the value of","page_number":64,"box":{"x":220,"y":566,"width":668,"height":11}},{"id":"245b0ff2-7252-4ef9-a53d-17f54b57a39d","block_type":"box","text":"the por tfolio holdings that are being hedged or of the par ticular market or security to which the Fund seeks exposure.","page_number":64,"box":{"x":68,"y":581,"width":837,"height":12}},{"id":"f1bd12a8-9088-47c9-9320-83d7eb36261a","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":64,"box":{"x":68,"y":596,"width":818,"height":12}},{"id":"c68ac180-ddb3-42e7-987e-f73300051acf","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":64,"box":{"x":70,"y":612,"width":806,"height":11}},{"id":"4a9cf3a4-c874-4847-b609-b6e823813cbc","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":64,"box":{"x":69,"y":627,"width":725,"height":11}},{"id":"293e31b9-e721-4dd2-8d6e-02fbe4523e21","block_type":"box","text":"Counterpar ty Risk","page_number":64,"box":{"x":102,"y":649,"width":128,"height":12}},{"id":"eead7d28-07fc-4d47-ab95-49de0ff4bf1d","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":64,"box":{"x":233,"y":650,"width":632,"height":11}},{"id":"dc44487d-35d0-4c3c-b9cf-3ccf598bd2a4","block_type":"box","text":"payments or otherwise honor its obligations to a Fund and the related risks of having concentrated exposure to such","page_number":64,"box":{"x":70,"y":664,"width":830,"height":12}},{"id":"8a741f82-41b5-4956-951e-8e921553fa53","block_type":"box","text":"a counterpar ty. In par ticular, derivatives traded in OTC markets often are not guaranteed by an exchange or clearing","page_number":64,"box":{"x":69,"y":680,"width":824,"height":11}},{"id":"8d82fd54-e21d-41e1-9445-e6e0ab83a4b2","block_type":"box","text":"corporation and often do not require payment of margin, and to the extent that the Fund has unrealized gains in such","page_number":64,"box":{"x":69,"y":695,"width":834,"height":11}},{"id":"3f0490a8-f419-4aa1-a27c-3e2a5ba973f7","block_type":"box","text":"instruments or has deposited collateral with its counterpar ties the Fund is at risk that its counterpar ties will become","page_number":64,"box":{"x":70,"y":710,"width":831,"height":11}},{"id":"dc841931-eb5c-4519-b600-1e076b8c25de","block_type":"box","text":"bankrupt or otherwise fail to honor their obligations. A Fund will typically attempt to minimize counterpar ty risk by","page_number":64,"box":{"x":69,"y":725,"width":806,"height":11}},{"id":"5f1e38b9-a871-495e-9f1d-5d9305cf8d7b","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":64,"box":{"x":69,"y":740,"width":803,"height":11}},{"id":"4522a260-bc79-4d82-b59b-2a222301cfa0","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t.","page_number":64,"box":{"x":70,"y":755,"width":485,"height":11}},{"id":"2b28edae-c91c-4070-9b38-c344b45f306a","block_type":"box","text":"Credit Risk","page_number":64,"box":{"x":102,"y":778,"width":78,"height":9}},{"id":"045fba18-7617-424a-befa-141cba1233e2","block_type":"box","text":"— the risk that the reference entity in a credit default swap or similar derivative will not be able to","page_number":64,"box":{"x":184,"y":778,"width":698,"height":11}},{"id":"d44bd39a-4449-40cf-a900-34660a33b5e0","block_type":"box","text":"honor its financial obligations.","page_number":64,"box":{"x":69,"y":793,"width":213,"height":11}},{"id":"c4f2825f-7cf5-447d-aae7-74c95727b27d","block_type":"box","text":"Currency Risk","page_number":64,"box":{"x":102,"y":816,"width":98,"height":11}},{"id":"c56749cd-b2ce-413c-a5fa-06312f6077d5","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":64,"box":{"x":204,"y":816,"width":669,"height":11}},{"id":"033957e4-20d3-4c75-b757-4990c86e8df0","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":64,"box":{"x":68,"y":831,"width":300,"height":11}},{"id":"22e6d385-76b6-4bb7-aaf9-2fbf7a2a70b2","block_type":"box","text":"Illiquidity Risk","page_number":64,"box":{"x":102,"y":854,"width":98,"height":11}},{"id":"c3653f33-7897-4fdd-ada9-c060b1973a35","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":64,"box":{"x":204,"y":853,"width":693,"height":12}},{"id":"2661273d-a223-41a1-a3db-ac856d7fcf1a","block_type":"box","text":"or at the price desired by the counterpar ty in connection with payments of margin, collateral, or settlement payments.","page_number":64,"box":{"x":69,"y":869,"width":838,"height":11}},{"id":"692d40f8-33da-4510-b3bb-2a813d8d65ef","block_type":"box","text":"There can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a","page_number":64,"box":{"x":68,"y":884,"width":766,"height":11}},{"id":"39e06d62-c6ae-4a1c-aa8f-802622423e6a","block_type":"box","text":"secondary market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative","page_number":64,"box":{"x":69,"y":899,"width":820,"height":11}},{"id":"b1db48de-76e3-48c1-be26-9bf01bf9934b","block_type":"box","text":"II-16","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"063bfa0f-0cec-4b39-ba4b-ab546811852e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ecfac6ec-8eb7-41a8-bfa9-a6d7da92b30a","block_type":"box","text":"without incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve","page_number":65,"box":{"x":68,"y":45,"width":798,"height":11}},{"id":"a8791f57-e032-4756-a568-11e1a9fc76e2","block_type":"box","text":"substantial illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such","page_number":65,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"aee54e31-aba0-49e3-8407-0e317bd8691e","block_type":"box","text":"derivatives. A Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the","page_number":65,"box":{"x":69,"y":75,"width":764,"height":11}},{"id":"56d1d399-5303-43be-9aba-6be54f35d4d0","block_type":"box","text":"instrument is purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which","page_number":65,"box":{"x":70,"y":90,"width":831,"height":11}},{"id":"36e819a0-370e-4df7-a891-2b9e8f1c74ba","block_type":"box","text":"the Manager anticipates the Fund can receive on each business day at least two independent bids or offers, unless a","page_number":65,"box":{"x":68,"y":105,"width":840,"height":11}},{"id":"97bef17a-90a3-4a9b-a13b-02ac6ceaf084","block_type":"box","text":"quotation from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the","page_number":65,"box":{"x":69,"y":120,"width":821,"height":11}},{"id":"58d1292d-1583-4d7f-b71b-0a5242b1b968","block_type":"box","text":"derivatives markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable","page_number":65,"box":{"x":69,"y":135,"width":840,"height":12}},{"id":"a039ceac-4a4d-46e3-b137-f52b479a185a","block_type":"box","text":"supplies, the par ticipation of speculators, government regulation and intervention, and technical and operational or","page_number":65,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"2557294f-43da-4e5a-8e0e-965d8e81d956","block_type":"box","text":"system failures. In addition, the liquidity of a secondary market in an exchange-traded derivative contract may be","page_number":65,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"3b85dd85-84dc-4aca-9f25-3bcd9098c987","block_type":"box","text":"adversely affected by “daily price fluctuation limits” established by the exchanges which limit the amount of","page_number":65,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"cde53234-6176-4c04-b4aa-6d16bffad9d1","block_type":"box","text":"fluctuation in an exchange-traded contract price during a single trading day. Once the daily limit has been reached in","page_number":65,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"b937eca5-7734-40f7-bb18-d648fa4e06f6","block_type":"box","text":"the contract, no trades may be entered into at a price beyond the limit, thus preventing the liquidation of open","page_number":65,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"6a8a630d-627c-4774-b117-735f6340ea1a","block_type":"box","text":"positions. Prices have in the past moved beyond the daily limit on a number of consecutive trading days. If it is not","page_number":65,"box":{"x":70,"y":226,"width":817,"height":11}},{"id":"1cb01a64-59ff-46d9-aa3c-8960b3b568ce","block_type":"box","text":"possible to close an open derivative position entered into by the Fund, the Fund would continue to be required to","page_number":65,"box":{"x":70,"y":241,"width":802,"height":11}},{"id":"07304828-6c8f-4cb3-b6a4-c2fcb3f3e967","block_type":"box","text":"make daily cash payments of variation margin in the event of adverse price movements. In such a situation, if the","page_number":65,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"b3714f03-7b27-40c6-9dae-6fb7483f1b47","block_type":"box","text":"Fund has insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a","page_number":65,"box":{"x":70,"y":271,"width":814,"height":12}},{"id":"a2373a16-b11f-4956-83b4-2c28a5ee69cc","block_type":"box","text":"time when it may be disadvantageous to do so.","page_number":65,"box":{"x":68,"y":287,"width":337,"height":11}},{"id":"774e4930-d413-46ac-b232-e6394468049f","block_type":"box","text":"Index Risk","page_number":65,"box":{"x":102,"y":309,"width":73,"height":9}},{"id":"a336b873-4652-4672-8691-73b10b9ddfbb","block_type":"box","text":"— if the derivative is linked to the per formance of an index, it will be subject to the risks associated","page_number":65,"box":{"x":179,"y":309,"width":714,"height":11}},{"id":"11f807f8-fd7a-44d1-88ce-ff7ab6ca213c","block_type":"box","text":"with changes in that index. If the index changes, the Fund could receive lower interest payments or experience a","page_number":65,"box":{"x":68,"y":324,"width":800,"height":12}},{"id":"1f68d356-6755-4342-9996-ab3eab35b453","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":65,"box":{"x":69,"y":339,"width":678,"height":11}},{"id":"b02ff2c3-27bc-4d88-946b-be17a3fcde20","block_type":"box","text":"Legal Risk","page_number":65,"box":{"x":102,"y":362,"width":73,"height":11}},{"id":"6711b120-fe84-4472-9362-81e36b3c6fb1","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":65,"box":{"x":179,"y":362,"width":717,"height":11}},{"id":"dad92547-f125-46c9-9f86-249841f42f2d","block_type":"box","text":"or enforceability of a contract.","page_number":65,"box":{"x":69,"y":377,"width":211,"height":11}},{"id":"cd46f849-64b3-44ca-87b8-4eec4abdb739","block_type":"box","text":"Leverage Risk","page_number":65,"box":{"x":102,"y":400,"width":99,"height":11}},{"id":"4cf18f0c-e124-48bb-a1b3-addc7d8d3975","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":65,"box":{"x":205,"y":400,"width":648,"height":11}},{"id":"f1858a27-32f6-4b2f-886e-65a3446d82f9","block_type":"box","text":"Relatively small market movements may result in large changes in the value of a derivatives position and can result","page_number":65,"box":{"x":70,"y":415,"width":823,"height":11}},{"id":"7896e1c5-be0b-4b6a-ad32-285a662ee00e","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":65,"box":{"x":70,"y":430,"width":425,"height":11}},{"id":"f52ce56a-5044-49c5-91fc-40df0d7abe4e","block_type":"box","text":"Market Risk","page_number":65,"box":{"x":102,"y":453,"width":85,"height":9}},{"id":"a5986bca-6c8e-443b-827a-a7f8e9332278","block_type":"box","text":"— the risk that changes in the value of one or more markets or changes with respect to the value of","page_number":65,"box":{"x":191,"y":453,"width":716,"height":11}},{"id":"7c4021b0-aeac-4a35-a028-09177b9ecf53","block_type":"box","text":"the underlying asset will adversely affect the value of a derivative. In the event of an adverse movement, a Fund may","page_number":65,"box":{"x":68,"y":468,"width":833,"height":11}},{"id":"29d060fd-ece6-4833-9c74-b3168e6c3f13","block_type":"box","text":"be required to pay substantial additional margin to maintain its position or the Fund’s returns may be adversely","page_number":65,"box":{"x":69,"y":483,"width":794,"height":11}},{"id":"566da3dd-95c6-4ea7-927f-308676c13baf","block_type":"box","text":"affected.","page_number":65,"box":{"x":69,"y":498,"width":62,"height":9}},{"id":"8dc24418-48d8-4881-9621-5067a942f136","block_type":"box","text":"Operational Risk","page_number":65,"box":{"x":102,"y":521,"width":117,"height":11}},{"id":"7c187cea-e9d8-4d84-a9dc-df2de0b8d44b","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":65,"box":{"x":223,"y":521,"width":674,"height":11}},{"id":"e7797345-e5c3-4cee-b231-83242e66ef1f","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":65,"box":{"x":70,"y":536,"width":451,"height":11}},{"id":"d9d790dc-9adc-48be-9740-945a4d748784","block_type":"box","text":"Valuation Risk","page_number":65,"box":{"x":103,"y":559,"width":99,"height":9}},{"id":"46a1b590-9629-4f2d-8978-424aeab52a4e","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":65,"box":{"x":206,"y":559,"width":701,"height":11}},{"id":"e58af171-83db-4c35-8c45-df5448680b01","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":65,"box":{"x":70,"y":574,"width":779,"height":11}},{"id":"44072d2e-e951-4807-8e5a-168ef0026360","block_type":"box","text":"complex instruments or quote prices for them.","page_number":65,"box":{"x":69,"y":589,"width":329,"height":11}},{"id":"4327dd85-54ef-41e9-bdd5-cc154e4bd227","block_type":"box","text":"Volatility Risk","page_number":65,"box":{"x":103,"y":612,"width":93,"height":11}},{"id":"a1d62c47-b4ed-4c01-ae55-a4bce337d720","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":65,"box":{"x":200,"y":612,"width":652,"height":11}},{"id":"d1a59efe-a951-4c04-9397-068b123c037c","block_type":"box","text":"Types of Derivatives Transactions.","page_number":65,"box":{"x":103,"y":634,"width":240,"height":11}},{"id":"35638243-b4f0-49bb-a54b-4e2282c2acf8","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":65,"box":{"x":101,"y":657,"width":771,"height":11}},{"id":"79842750-d475-4a9e-a1c9-05e670999513","block_type":"box","text":"including the following:","page_number":65,"box":{"x":70,"y":672,"width":159,"height":11}},{"id":"df4d5614-b440-4ff1-8830-47c8beb7c3c1","block_type":"box","text":"Futures.","page_number":65,"box":{"x":102,"y":695,"width":56,"height":9}},{"id":"31991ff1-47da-4dd3-922c-4bdfe5597f46","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":65,"box":{"x":101,"y":717,"width":791,"height":12}},{"id":"0aa65ed5-4611-4db1-96f9-e2fcb20a542b","block_type":"box","text":"exchange-traded contracts that require a purchaser to take delivery, and a seller to make delivery, of a specified","page_number":65,"box":{"x":69,"y":732,"width":799,"height":12}},{"id":"1650853b-2828-41ef-a667-cc6d640919e3","block_type":"box","text":"amount of an asset at a specified future date and price. Upon purchasing or selling a futures contract, a Fund is","page_number":65,"box":{"x":69,"y":748,"width":800,"height":11}},{"id":"90c4be3f-ef30-4930-987a-2d252792cc8f","block_type":"box","text":"required to deposit initial margin equal to a percentage (generally less than 10%) of the contract value. Futures","page_number":65,"box":{"x":69,"y":763,"width":791,"height":11}},{"id":"45b0750f-d3b9-493d-a398-dceaf7f6a016","block_type":"box","text":"contracts are marked to market daily for the duration of the contract, and the Fund will either post additional margin","page_number":65,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"8f16dbca-c3de-42a6-9833-2d9ac52b60ff","block_type":"box","text":"or be entitled to a payment, as applicable, based on the mark-to-market movement of the contract.","page_number":65,"box":{"x":69,"y":793,"width":703,"height":11}},{"id":"6c29bcbf-670b-4885-a0d4-d23974fcc523","block_type":"box","text":"A Fund may sell a futures contract prior to the completion of its term to limit its risk of loss from a decline in the","page_number":65,"box":{"x":101,"y":816,"width":801,"height":11}},{"id":"46a2ad03-0f60-4ba1-9b46-f3db4bb17c35","block_type":"box","text":"market value of por tfolio holdings correlated with the futures contract. However, in the event the market value of the","page_number":65,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"9f9c8cd2-422a-4ff5-a69d-daab34fd43b4","block_type":"box","text":"por tfolio holdings correlated with the futures contract increases rather than decreases, a Fund will realize a loss on","page_number":65,"box":{"x":70,"y":846,"width":822,"height":11}},{"id":"dd878106-fcc8-460a-9013-887004a7df93","block_type":"box","text":"the futures position and a lower return on the por tfolio holdings than would have been realized without the purchase","page_number":65,"box":{"x":68,"y":861,"width":830,"height":11}},{"id":"3d65b6dd-6ee3-44f3-9b7b-4028060f9769","block_type":"box","text":"of the futures contract.","page_number":65,"box":{"x":69,"y":876,"width":162,"height":9}},{"id":"fa2e72c5-4fbd-43be-bb17-ca6f2782a978","block_type":"box","text":"II-17","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"360d4035-dff4-4f5d-ace1-0cf25dddfa8d","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2a7974c-1227-4f93-8507-aad6eaed02df","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":66,"box":{"x":101,"y":45,"width":756,"height":11}},{"id":"9945866f-a2f0-4216-8172-6b5907597b98","block_type":"box","text":"commodities directly. In the event that such securities or commodities decline in value or a Fund determines not to","page_number":66,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"e5709e75-5780-4ed6-9698-38655fee6cea","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":66,"box":{"x":69,"y":75,"width":789,"height":11}},{"id":"3a98b9de-221b-474a-80ee-7f429c07f316","block_type":"box","text":"relating to the futures position.","page_number":66,"box":{"x":69,"y":90,"width":219,"height":11}},{"id":"30d4be8e-66de-4cf9-aa1d-a1d409969d02","block_type":"box","text":"Futures contracts are also subject to position limits. In order to comply with position limits, a Fund may be","page_number":66,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"e6549beb-7449-4004-a68c-cdfcae28717a","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":66,"box":{"x":69,"y":128,"width":797,"height":11}},{"id":"5db1b0d7-1a9c-4e64-85c4-438906fdb23a","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":66,"box":{"x":70,"y":143,"width":816,"height":11}},{"id":"2cf3205c-9649-4684-9044-ccc2d907f5be","block_type":"box","text":"Regulations” above.","page_number":66,"box":{"x":70,"y":158,"width":140,"height":11}},{"id":"66758975-19e0-4a30-950f-9c3e5bdd40ad","block_type":"box","text":"A Fund is also permitted to purchase or sell call and put options on futures contracts, including financial futures","page_number":66,"box":{"x":101,"y":181,"width":799,"height":11}},{"id":"90f6f695-f398-4c2d-bafa-dd0415b31ac6","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":66,"box":{"x":69,"y":196,"width":818,"height":11}},{"id":"b06a33b4-0804-4e38-be55-0e13404d0a7c","block_type":"box","text":"(","page_number":66,"box":{"x":69,"y":211,"width":3,"height":11}},{"id":"036a993a-b97e-4d7b-8e3c-1926db9d1eb0","block_type":"box","text":"i.e.","page_number":66,"box":{"x":74,"y":211,"width":21,"height":9}},{"id":"2e672d94-227c-4d99-a7d5-9dc387015991","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":66,"box":{"x":97,"y":211,"width":803,"height":11}},{"id":"071b9939-1e8c-4741-b5a7-9d242b1f9db9","block_type":"box","text":"may purchase put options or write call options on futures contracts and stock indices in lieu of selling the underlying","page_number":66,"box":{"x":69,"y":226,"width":830,"height":11}},{"id":"9783a860-734e-4280-9f79-27cc416d3b09","block_type":"box","text":"futures contract in anticipation of a decrease in the market value of its securities. Similarly, a Fund can purchase call","page_number":66,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"4ddfcbd3-01fe-4058-a232-b36940bf413c","block_type":"box","text":"options, or write put options on futures contracts and stock indices, as a substitute for the purchase of such futures","page_number":66,"box":{"x":69,"y":256,"width":831,"height":11}},{"id":"26ec5ad9-bb2c-4080-bc19-5d4c18aad46f","block_type":"box","text":"contracts to hedge against the increased cost resulting from an increase in the market value of securities which the","page_number":66,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"f50243c1-1ff2-4f1c-9bf9-0dd62d1f5440","block_type":"box","text":"Fund intends to purchase.","page_number":66,"box":{"x":70,"y":287,"width":183,"height":10}},{"id":"a4e8e2e4-153f-44db-a7eb-a48f59d657c8","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":66,"box":{"x":101,"y":309,"width":768,"height":11}},{"id":"26450b5e-7b18-4671-b155-0719bf99d3f8","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":66,"box":{"x":69,"y":324,"width":835,"height":11}},{"id":"4d13998b-061d-4db3-bdae-10b7a458685c","block_type":"box","text":"determined by reference to the value of a security, an index of securities or a commodity at a future point in time. The","page_number":66,"box":{"x":69,"y":339,"width":839,"height":12}},{"id":"1ead2f10-1476-467c-a59e-ab7666256402","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":66,"box":{"x":69,"y":355,"width":773,"height":11}},{"id":"90a6655c-41d2-4e92-bc28-d45de644ef8d","block_type":"box","text":"illiquidity.","page_number":66,"box":{"x":70,"y":370,"width":63,"height":11}},{"id":"0b598ab0-d249-4934-a9b2-a18eded7ef93","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":66,"box":{"x":102,"y":392,"width":757,"height":12}},{"id":"e43a1037-33b9-4e40-b823-d74c56646ea8","block_type":"box","text":"illiquidity risk, market risk and counterpar ty risk with respect to a Fund’s futures broker or the clearinghouse. See","page_number":66,"box":{"x":70,"y":407,"width":807,"height":12}},{"id":"db0c4583-218a-4ad6-9fdc-c5eeee5240f3","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":66,"box":{"x":70,"y":423,"width":269,"height":9}},{"id":"c58f5450-4a47-4db6-a8ee-3aa514a78142","block_type":"box","text":"Cer tain Funds may invest in futures based on carbon “allowances.” Under cer tain regulatory regimes, a limit is","page_number":66,"box":{"x":102,"y":445,"width":791,"height":12}},{"id":"a511c301-a831-4b96-9129-0a55552c12c3","block_type":"box","text":"set by a regulator, such as a government entity, on the total amount of specific greenhouse gases, such as CO2, that","page_number":66,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"dbe5b5b3-14bb-4cec-8a93-a48a59df0eca","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":66,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"40b7f744-cad2-4bd1-84dc-756029b2590e","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":66,"box":{"x":69,"y":491,"width":837,"height":11}},{"id":"19a5c7a9-e0f3-4862-9e4c-77383404c42a","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":66,"box":{"x":68,"y":506,"width":657,"height":9}},{"id":"ceaa57fb-ff48-465c-a8cf-afec563a4ae8","block_type":"box","text":"The price for carbon futures contracts is based on a number of factors, including the supply of and the demand","page_number":66,"box":{"x":101,"y":528,"width":792,"height":12}},{"id":"5d9c020f-b2a5-4922-a7ca-820bad61d1fd","block_type":"box","text":"for carbon futures contracts. Market conditions and expectations, position limits, collateral requirements, and other","page_number":66,"box":{"x":68,"y":543,"width":826,"height":11}},{"id":"4719020d-c0ed-4f33-a9c9-e91d1aa1ffad","block_type":"box","text":"factors each can impact the supply of and demand for carbon futures contracts. The market for carbon futures","page_number":66,"box":{"x":68,"y":559,"width":787,"height":11}},{"id":"2014421b-957a-4c6e-b7c5-d206c1e34360","block_type":"box","text":"contracts is still developing and may be subject to periods of illiquidity. During such times it may be difficult or","page_number":66,"box":{"x":69,"y":574,"width":786,"height":11}},{"id":"72bc5ef2-57b8-47f5-bc1b-c085bb3f335a","block_type":"box","text":"impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it difficult to","page_number":66,"box":{"x":70,"y":589,"width":817,"height":11}},{"id":"b7174a45-8300-4b22-b0f5-5448b39f671f","block_type":"box","text":"find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":66,"box":{"x":68,"y":604,"width":561,"height":11}},{"id":"79b170e6-6094-43f4-8037-94bcc19ec16c","block_type":"box","text":"Swap Agreements.","page_number":66,"box":{"x":102,"y":627,"width":131,"height":11}},{"id":"13491ba4-4605-4faa-b5f3-49392350e342","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":66,"box":{"x":101,"y":649,"width":782,"height":12}},{"id":"337e2103-9a90-4b2c-9a01-98402f257e46","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":66,"box":{"x":69,"y":664,"width":796,"height":12}},{"id":"40e96f5e-cec1-40af-b65f-e9127058e1cf","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":66,"box":{"x":69,"y":680,"width":799,"height":11}},{"id":"01be5bdd-3f65-4f61-9ed5-d90ca37222c7","block_type":"box","text":"earned or realized from one or more underlying assets or rates of return, which may be adjusted for an interest","page_number":66,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"f9e3a403-c30b-41e8-b2f9-d256ff7c987a","block_type":"box","text":"factor. The gross returns to be exchanged or “swapped” between the par ties are generally calculated with respect to","page_number":66,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"efa61fec-a3ee-4fb4-89cb-b1a1ac376959","block_type":"box","text":"a “notional amount,”","page_number":66,"box":{"x":69,"y":725,"width":147,"height":10}},{"id":"ce564120-c094-4461-97e7-3fde0748443d","block_type":"box","text":"e.g.","page_number":66,"box":{"x":223,"y":726,"width":25,"height":10}},{"id":"f807ccf5-2a97-4469-a72c-32f9406c8e84","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":66,"box":{"x":251,"y":725,"width":602,"height":11}},{"id":"2821437e-cd6f-4003-bcf9-eb1b23b22049","block_type":"box","text":"interest rate, in a par ticular foreign currency, or in a “basket” of securities representing a par ticular index. The","page_number":66,"box":{"x":70,"y":740,"width":787,"height":11}},{"id":"df906a27-3bc1-4006-84ad-24e853e5a5a8","block_type":"box","text":"notional amount of the swap agreement is only used to calculate the obligations that the par ties to a swap","page_number":66,"box":{"x":69,"y":755,"width":762,"height":11}},{"id":"27b3f2e0-3d89-4528-9b7b-d163f2b14f34","block_type":"box","text":"agreement have agreed to exchange. A Fund’s obligations (or rights) under a swap agreement will generally be equal","page_number":66,"box":{"x":69,"y":771,"width":828,"height":11}},{"id":"35ded003-a070-47d0-8c97-d38013a27580","block_type":"box","text":"only to the net amount to be paid or received under the agreement based on the relative values of the positions held","page_number":66,"box":{"x":69,"y":785,"width":832,"height":12}},{"id":"35510e3a-6d0a-4516-aeec-41fce5180478","block_type":"box","text":"by each par ty to the agreement. Swaps that are not cleared involve substantial counterpar ty risk. A Fund will typically","page_number":66,"box":{"x":69,"y":801,"width":835,"height":11}},{"id":"8192717e-796c-458b-a125-2e5d7af419ad","block_type":"box","text":"attempt to mitigate this counterpar ty risk by entering into swap agreements only with creditwor thy entities that have","page_number":66,"box":{"x":69,"y":816,"width":826,"height":11}},{"id":"3700f33e-90b4-42db-88a3-b8984e29b00f","block_type":"box","text":"substantial capital or that have provided the Fund with a third-par ty guaranty or other credit suppor t. A Fund’s ability","page_number":66,"box":{"x":69,"y":831,"width":827,"height":11}},{"id":"425db2a9-ccb2-4dc5-a857-ac2756684c41","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":66,"box":{"x":68,"y":846,"width":763,"height":11}},{"id":"395c2dd2-ee86-4f68-a554-3f633e11fdee","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":66,"box":{"x":102,"y":869,"width":329,"height":11}},{"id":"6d77443f-bd34-43df-8e6d-d3ad3e523cc1","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":66,"box":{"x":438,"y":869,"width":439,"height":11}},{"id":"e29ff4dd-efbd-47dd-b9dd-e907973c1689","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":66,"box":{"x":70,"y":884,"width":821,"height":11}},{"id":"9557c0a7-23ea-487f-bc8f-990d22fd9875","block_type":"box","text":"“seller” an up-front payment, or a periodic stream of payments, over the term of the contract, provided generally that","page_number":66,"box":{"x":70,"y":899,"width":831,"height":11}},{"id":"cea39fd5-3968-4cb8-ac3a-317887c43616","block_type":"box","text":"II-18","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"51d86293-be3a-44cf-af8c-b897b28fe57c","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"69a9f74b-b104-4086-b19b-e33811ec7228","block_type":"box","text":"no credit event on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the","page_number":67,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"2c77840d-35ba-45c0-bb5d-ed4489b0be79","block_type":"box","text":"buyer the difference between the notional amount of the contract and the value of a por tfolio of securities issued by","page_number":67,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"c3d415f8-e116-4cb2-922d-8a7dfa698b13","block_type":"box","text":"the reference entity. A Fund may be either the buyer or seller in the transaction. The Funds may enter into credit","page_number":67,"box":{"x":68,"y":75,"width":798,"height":11}},{"id":"84aed3c0-6649-4b5e-bd5d-86a0c8facb12","block_type":"box","text":"default swaps that reference the obligations of a single entity (“single-name CDS”) or the obligations of entities that","page_number":67,"box":{"x":69,"y":90,"width":827,"height":11}},{"id":"9ae8d3de-7580-404b-a36d-a007ceb471f4","block_type":"box","text":"make up an index (“index CDS”). References to “credit default swaps” shall collectively refer to single-name CDS and","page_number":67,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"d066f3c4-3f1c-4663-a7f8-b913b0bf96f6","block_type":"box","text":"index CDS.","page_number":67,"box":{"x":70,"y":120,"width":75,"height":9}},{"id":"ef823582-40c1-4006-afcd-241e3cdb07a3","block_type":"box","text":"Credit default swaps have as reference obligations one or more securities or loans that are not currently held by","page_number":67,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"105de5fc-7ddc-4a01-8842-c00597d87550","block_type":"box","text":"a Fund. In circumstances in which a Fund does not own the securities or loans that are deliverable under a credit","page_number":67,"box":{"x":69,"y":158,"width":806,"height":9}},{"id":"5497b73c-e7ec-47b6-9a94-4908218a8b09","block_type":"box","text":"default swap, the Fund is exposed to the risk that deliverable securities will not be available in the market, or will be","page_number":67,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"08a362bc-3a95-42a3-9ed7-e39e674bd30a","block_type":"box","text":"available only at unfavorable prices, as would be the case in a so-called “shor t squeeze.” In cer tain instances of","page_number":67,"box":{"x":69,"y":188,"width":804,"height":11}},{"id":"c5cb5853-8d61-48a5-94dd-48467397a60c","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":67,"box":{"x":70,"y":203,"width":812,"height":12}},{"id":"c335ee32-c799-4cf0-9695-bbce53f877e6","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":67,"box":{"x":69,"y":219,"width":798,"height":11}},{"id":"72a1d7b8-569e-4a37-b178-f7186c701de6","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":67,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"6dd0fd87-1b21-4065-ac8e-e541c556f197","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":67,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"fa90f391-6151-41cc-a975-e8bae6b72c7c","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":67,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"1a2ad1de-25c5-4524-9742-0695ad8b7529","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":67,"box":{"x":69,"y":279,"width":811,"height":11}},{"id":"d1d79694-2c78-4170-9a85-2a3e5f0e50f7","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":67,"box":{"x":70,"y":294,"width":809,"height":11}},{"id":"74c26270-5070-44eb-b16a-9d035058bde6","block_type":"box","text":"uncer tainty as to the occurrence of credit events and the risk of a “shor t squeeze” by providing that the ISDA Credit","page_number":67,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"e7d31565-3a0b-47d6-a52e-5e0ef714553d","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":67,"box":{"x":70,"y":324,"width":834,"height":11}},{"id":"7205eb9e-4f04-440b-b34e-4d3b7eeeac69","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":67,"box":{"x":69,"y":339,"width":778,"height":12}},{"id":"ddd4d27a-0324-47c3-b9c6-1b43cf043b06","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":67,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"503b0f48-b6a1-469b-b356-8a9d45a5553b","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":67,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"e5d93c93-d233-4686-94fa-9cd6823c79ee","block_type":"box","text":"respect to a “credit event” or otherwise does not establish a cash settlement auction, a Fund may not be able to","page_number":67,"box":{"x":69,"y":385,"width":807,"height":11}},{"id":"3fb8e035-0278-4979-92c1-04e49678059c","block_type":"box","text":"realize the full value of the credit default swap upon a default by the reference entity. Fur thermore, a Fund may enter","page_number":67,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"411d636d-20e9-4342-b5e2-815b8446434e","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":67,"box":{"x":70,"y":415,"width":711,"height":11}},{"id":"55e414c7-da5d-478c-90a6-6919fd0e4907","block_type":"box","text":"If a Fund is a buyer, it will lose the payments made under the terms of the credit default swap and recover","page_number":67,"box":{"x":102,"y":438,"width":757,"height":11}},{"id":"04f4c7b2-a095-4e8b-acb7-3a16e7ae1b17","block_type":"box","text":"nothing should no credit event occur. If a Fund is a seller and a credit event occurs, the value of any deliverable","page_number":67,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"d11e6c61-1e4c-40c9-9d44-b800da8c07f3","block_type":"box","text":"obligation received by the Fund or the amount of cash settlement received by the Fund pursuant to the relevant cash","page_number":67,"box":{"x":69,"y":468,"width":830,"height":11}},{"id":"0809cceb-c477-4798-9625-1cfec81c5430","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":67,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"f9d188e3-cc29-4f7a-878e-31465b00e017","block_type":"box","text":"it pays to the buyer, resulting in a loss of value to the Fund. A Fund that sells credit default swaps incurs leveraged","page_number":67,"box":{"x":70,"y":498,"width":817,"height":11}},{"id":"61479ca6-90f0-4f98-8f91-44c2b384dcc6","block_type":"box","text":"exposure to the credit of one or more reference entities and is subject to many of the same risks it would incur if it","page_number":67,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"8985165a-9e9d-43d5-b6e0-febd8c69d9b8","block_type":"box","text":"were holding debt securities issued by the relevant reference entity. However, a Fund will not have any legal recourse","page_number":67,"box":{"x":68,"y":528,"width":833,"height":12}},{"id":"bc9048b5-7c9d-4a78-aa28-ad221d3f1496","block_type":"box","text":"against any reference entity and will not benefit from any collateral securing the reference entity’s debt obligations. In","page_number":67,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"d694f096-ef51-47b4-9117-812dec9f5645","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":67,"box":{"x":68,"y":559,"width":820,"height":9}},{"id":"96d85170-b16f-4a97-b0ba-d5e07bfea8e5","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":67,"box":{"x":70,"y":574,"width":828,"height":11}},{"id":"7a7f6885-4870-49ac-8862-22c3945218f4","block_type":"box","text":"which of the reference entity’s debt obligations to deliver to the Fund following a credit event and will likely choose","page_number":67,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"f0c847ae-d2de-4909-b570-4d244dae39d6","block_type":"box","text":"the obligations with the lowest market value in order to maximize the payment obligations of the Fund. In addition,","page_number":67,"box":{"x":68,"y":604,"width":814,"height":11}},{"id":"0b9e9c91-292a-4f10-ad07-016df19a5e9a","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":67,"box":{"x":69,"y":619,"width":766,"height":11}},{"id":"f4acbc5d-6e61-46f5-b818-f37f498390bf","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":67,"box":{"x":69,"y":634,"width":840,"height":11}},{"id":"e597c4c3-383d-4eb8-bc9a-1b21ccb10e00","block_type":"box","text":"conditions.","page_number":67,"box":{"x":69,"y":650,"width":76,"height":8}},{"id":"ef352a25-9b10-4951-84a7-b7c306b0823d","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":67,"box":{"x":102,"y":672,"width":762,"height":11}},{"id":"beba90cc-7eae-4a4e-9a50-8371b1185005","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":67,"box":{"x":69,"y":687,"width":824,"height":11}},{"id":"bfa14813-57a0-49b5-8a7e-97074e03c028","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":67,"box":{"x":69,"y":702,"width":727,"height":12}},{"id":"a1d2230e-1cb1-4879-846e-69396fe02166","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":67,"box":{"x":69,"y":717,"width":819,"height":12}},{"id":"5e70f030-16c8-4105-ba6f-9337ff4ea5b2","block_type":"box","text":"clear some, but not all, of the other credit default swaps not subject to mandatory clearing. The Funds face","page_number":67,"box":{"x":69,"y":732,"width":764,"height":12}},{"id":"16d5be7b-8805-4893-9db2-c2b0eb6d9f11","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":67,"box":{"x":69,"y":748,"width":813,"height":11}},{"id":"1926aa59-99f9-4a72-9a7d-fff6158f839e","block_type":"box","text":"CDS. The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared credit default","page_number":67,"box":{"x":69,"y":763,"width":813,"height":11}},{"id":"f39dafcc-84ae-491c-a396-2ac48ad7d004","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":67,"box":{"x":69,"y":778,"width":759,"height":11}},{"id":"379be6b0-3f0d-41b7-ab06-1f173245516a","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":67,"box":{"x":70,"y":793,"width":828,"height":11}},{"id":"3320f713-0fa7-4bf3-ac4e-1b8974388aa5","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":67,"box":{"x":68,"y":808,"width":355,"height":11}},{"id":"3871f296-3e4e-41b9-925e-d1aab1a0a43b","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":67,"box":{"x":102,"y":831,"width":750,"height":11}},{"id":"50fcde03-708a-4c8a-bffa-b68c498e845f","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":67,"box":{"x":70,"y":846,"width":836,"height":11}},{"id":"a49543d1-ccd2-46ed-a41d-62067a0d2697","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":67,"box":{"x":69,"y":861,"width":785,"height":11}},{"id":"e9a69b86-8cd0-4235-8b48-671ff0cf79f2","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":67,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"832f0b10-aa98-4936-8437-612720e11c70","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":67,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"ff1f7453-5200-4b6f-b63a-1054ccb5b661","block_type":"box","text":"II-19","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4cbfc9bf-981d-41c0-abf4-ffd13726ffdf","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db568798-fcf4-4be1-83c2-e04899cd824f","block_type":"box","text":"underlying security or loan to or by the Fund rather than by way of cash settlement, and there may be a wider range of","page_number":68,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"36601d5c-7393-4a57-8cd1-706195110776","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":68,"box":{"x":69,"y":60,"width":495,"height":11}},{"id":"114ceac0-a0b8-410f-a203-2d743dc38dc6","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":68,"box":{"x":102,"y":82,"width":752,"height":12}},{"id":"c50700b6-3e72-49fb-8108-e4b1f190ab94","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":68,"box":{"x":70,"y":98,"width":814,"height":11}},{"id":"596f3876-cf06-4af6-a5e0-1e6e15f38556","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":70,"y":113,"width":520,"height":11}},{"id":"79a4a840-9ab2-4c24-97a5-3466d28e1258","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":68,"box":{"x":102,"y":135,"width":273,"height":11}},{"id":"da5d4542-8a7c-4b18-bed1-88ce07cf3739","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":68,"box":{"x":381,"y":135,"width":515,"height":11}},{"id":"45dad3ad-e584-470f-8185-b7da0023ae15","block_type":"box","text":"swaps and interest rate caps and floors. As described in fur ther detail below, a Fund may enter into these","page_number":68,"box":{"x":69,"y":150,"width":755,"height":12}},{"id":"9cef4b26-7669-4a34-8fde-40a52b4a96a3","block_type":"box","text":"transactions primarily to preserve a return or spread on a par ticular investment or por tion of its holdings, as a","page_number":68,"box":{"x":68,"y":166,"width":788,"height":11}},{"id":"c7bcaf62-3315-4319-b004-059c0c26e25b","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":68,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"8c07af23-3c20-4586-a1f2-cb09d8a58eca","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":68,"box":{"x":70,"y":196,"width":461,"height":11}},{"id":"98fce2d3-acb9-46bd-9aaa-d131737db144","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":68,"box":{"x":102,"y":218,"width":748,"height":12}},{"id":"bd3d2199-654b-45c4-9c34-553a409d0a65","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":68,"box":{"x":69,"y":234,"width":799,"height":11}},{"id":"9c0698de-756b-4777-adee-436e42325b9a","block_type":"box","text":"interest rate swaps are permitted, although not required, to be cleared. Most of the interest rate swaps entered into","page_number":68,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"f1a39432-7bfd-4659-b8ef-fab70bdfe2fe","block_type":"box","text":"by the Funds are cleared. The Funds face counterpar ty risk with respect to the clearinghouse when entering into","page_number":68,"box":{"x":69,"y":264,"width":797,"height":11}},{"id":"dc28b29f-49c0-42ed-9bb2-7d076f1cf2dc","block_type":"box","text":"cleared interest rate swaps.","page_number":68,"box":{"x":69,"y":279,"width":198,"height":11}},{"id":"816c8354-d9cd-47b6-b97f-5bfd27f2748e","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":68,"box":{"x":101,"y":302,"width":766,"height":11}},{"id":"eae8475c-b104-4b6d-8285-0e1e66567f61","block_type":"box","text":"swaps and interest rate caps and floors. The typical counterpar ties for a Fund’s non-cleared interest rate derivatives","page_number":68,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"34306eaf-8f56-4e0a-96a2-983d048afe6e","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":68,"box":{"x":68,"y":332,"width":830,"height":11}},{"id":"9eb3c2e4-2b93-4efa-8bb9-03b664853ea0","block_type":"box","text":"Fund with a third-par ty guaranty or other credit suppor t. If the Fund’s counterpar ty defaults on such a transaction, a","page_number":68,"box":{"x":70,"y":347,"width":822,"height":11}},{"id":"552574db-8ffc-439a-ba3d-afef93202c41","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction. The market for interest rate swaps is relatively","page_number":68,"box":{"x":70,"y":362,"width":819,"height":11}},{"id":"eb1b9603-9533-4567-aee0-17e8523c545d","block_type":"box","text":"liquid in comparison with other similar instruments traded in the interbank market. A Fund may be limited in its ability","page_number":68,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"c04ed22e-184c-4794-aca2-a3c8b651bd42","block_type":"box","text":"to enter into cer tain interest rate derivatives due to applicable income tax requirements.","page_number":68,"box":{"x":68,"y":393,"width":629,"height":10}},{"id":"24e91031-d1a4-4117-b1bf-a40362c811b8","block_type":"box","text":"Interest rate swaps are transactions in which each par ty makes periodic interest payments based on a fixed or","page_number":68,"box":{"x":102,"y":415,"width":790,"height":11}},{"id":"9e5a4ee6-b9ff-49f8-a519-e77d08942b0a","block_type":"box","text":"variable interest rate, index or asset in return for periodic payments from its counterpar ty based on a different fixed","page_number":68,"box":{"x":68,"y":430,"width":825,"height":11}},{"id":"02a08b19-3ff5-40f0-816c-65c5564c7b9e","block_type":"box","text":"or variable interest rate, index or asset.","page_number":68,"box":{"x":69,"y":446,"width":280,"height":10}},{"id":"527339e9-b42b-4a31-bb14-f69ea9c7cf3a","block_type":"box","text":"The purchase of an interest rate floor entitles the purchaser, to the extent that a specified index falls below a","page_number":68,"box":{"x":101,"y":468,"width":780,"height":11}},{"id":"f15d8f50-eb6f-4492-9deb-e060578ef0dd","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":68,"box":{"x":70,"y":483,"width":805,"height":11}},{"id":"7ddea23b-3a4c-4f96-89f7-290e5ecd42bb","block_type":"box","text":"such interest rate floor.","page_number":68,"box":{"x":69,"y":498,"width":165,"height":9}},{"id":"23f28816-0a43-4dd8-bff6-52cdbdfebc8c","block_type":"box","text":"The purchase of an interest rate cap entitles the purchaser, to the extent that a specified index rises above a","page_number":68,"box":{"x":101,"y":521,"width":780,"height":11}},{"id":"f0c553f5-c3d5-4b82-a2aa-8c844356cddb","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":68,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"7f9e5692-fa31-491e-899f-50fdb9999903","block_type":"box","text":"such interest rate cap.","page_number":68,"box":{"x":69,"y":551,"width":159,"height":11}},{"id":"3ef8a310-be05-4a68-b55a-dcf202cc2f27","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":68,"box":{"x":101,"y":574,"width":729,"height":11}},{"id":"5bd6c844-408c-4df7-8c6f-00856608b9b7","block_type":"box","text":"commitments to pay or receive interest,","page_number":68,"box":{"x":69,"y":589,"width":282,"height":11}},{"id":"eb00ee0d-b95e-402e-b291-59f801af8402","block_type":"box","text":"e.g.","page_number":68,"box":{"x":359,"y":590,"width":24,"height":10}},{"id":"63dca957-d76f-4e1e-8f53-e5c37c73ef6e","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":68,"box":{"x":386,"y":589,"width":482,"height":11}},{"id":"dd12a989-1ac1-4815-9039-f09293002f19","block_type":"box","text":"example, if a Fund holds a mor tgage-backed security with an interest rate that is reset only once each year, it may","page_number":68,"box":{"x":69,"y":604,"width":814,"height":11}},{"id":"a1feecd9-8ebb-404f-87b8-1a049dd87167","block_type":"box","text":"swap the right to receive interest at this fixed rate for the right to receive interest at a rate that is reset every week.","page_number":68,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"27979dd0-aba7-4997-bdbc-4f13c14129ea","block_type":"box","text":"This would enable a Fund to offset a decline in the value of the mor tgage-backed security due to rising interest rates","page_number":68,"box":{"x":68,"y":634,"width":832,"height":12}},{"id":"067f5140-0f7b-430f-8c2f-06df6793160f","block_type":"box","text":"but would also limit its ability to benefit from falling interest rates. Conversely, if a Fund holds a mor tgage-backed","page_number":68,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"08f48c9f-b9ab-470a-b325-ac6d378e2f0a","block_type":"box","text":"security with an interest rate that is reset every week and it would like to lock in what it believes to be a high interest","page_number":68,"box":{"x":69,"y":665,"width":836,"height":11}},{"id":"f4b79014-64a7-4750-b3a7-d3fd64e139d2","block_type":"box","text":"rate for one year, it may swap the right to receive interest at this variable weekly rate for the right to receive interest","page_number":68,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"e26dc2a5-ecd0-47b8-a2c1-4dfcf6623ef3","block_type":"box","text":"at a rate that is fixed for one year. Such a swap would protect the Fund from a reduction in yield due to falling interest","page_number":68,"box":{"x":69,"y":695,"width":840,"height":11}},{"id":"c1897350-3c3c-45ce-b878-9c2213a9b583","block_type":"box","text":"rates and may permit the Fund to enhance its income through the positive differential between one week and one","page_number":68,"box":{"x":69,"y":710,"width":810,"height":11}},{"id":"92ba0752-e8ee-4caf-b1d5-27e92268a673","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":68,"box":{"x":68,"y":725,"width":646,"height":11}},{"id":"6db5547e-eb9e-4a2c-9be0-1445f7706b36","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":68,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"8a2aa4db-dca3-4782-9052-5e300597b00e","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":68,"box":{"x":70,"y":763,"width":490,"height":11}},{"id":"496309da-5485-4be8-bca4-724b7fdca6aa","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":68,"box":{"x":102,"y":785,"width":791,"height":12}},{"id":"fda0e5a7-79fd-4c18-b2af-23447b7d1579","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":68,"box":{"x":69,"y":801,"width":454,"height":9}},{"id":"ec07f9c4-7dd0-43a3-8f7b-da0407a3d630","block_type":"box","text":"Total Return Swaps.","page_number":68,"box":{"x":103,"y":823,"width":139,"height":11}},{"id":"cb838085-7b4e-4158-ba31-8b11eb3e3840","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":68,"box":{"x":249,"y":823,"width":634,"height":12}},{"id":"b8eb28ae-b246-432c-a112-fee20abb93a9","block_type":"box","text":"the other par ty based on the return of the assets underlying the contract in exchange for periodic payments based on","page_number":68,"box":{"x":68,"y":838,"width":838,"height":12}},{"id":"f6a746d2-8437-4b58-9e9c-14a9f394c94b","block_type":"box","text":"a fixed or variable interest rate or the total return from different underlying assets. The return of the assets","page_number":68,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"d9bf500c-7342-4e80-878a-0fd1298d4c51","block_type":"box","text":"underlying the contract includes both the income generated by the asset and the change in market value of the","page_number":68,"box":{"x":69,"y":869,"width":791,"height":11}},{"id":"2d59778d-c846-4ded-b3a5-c1c4baaf5dc2","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":68,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"ddf49bbc-5892-41e9-a15d-4493df2bfdf3","block_type":"box","text":"II-20","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94a63099-2341-4ec2-8043-ca8f9ad529b8","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3aca5ae9-ed93-4216-adea-a01f00a41412","block_type":"box","text":"Total return swaps on a specified security, basket of securities or securities indices may sometimes be referred to as","page_number":69,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"4d785055-cf7d-426f-94f2-3933a6cc9988","block_type":"box","text":"“contracts for difference.”","page_number":69,"box":{"x":70,"y":60,"width":184,"height":9}},{"id":"5fc069d4-a8d2-403b-9277-15f87ebae877","block_type":"box","text":"Total return swaps may be used to obtain exposure to a security or market without owning or taking physical","page_number":69,"box":{"x":101,"y":83,"width":770,"height":11}},{"id":"6eb91ec2-9e3a-4938-b2d5-14cc395af93e","block_type":"box","text":"custody of such security or investing directly in such market. Upon entering into a total return swap, a Fund is","page_number":69,"box":{"x":69,"y":98,"width":780,"height":11}},{"id":"1341f8e3-9a0b-47de-a115-20b6f41615e4","block_type":"box","text":"required to deposit initial margin but the par ties do not exchange the notional amount. As a result, total return swaps","page_number":69,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"27b91aff-46ab-47a5-88c3-49e2fb61704c","block_type":"box","text":"may effectively add leverage to the Fund’s por tfolio because the Fund would be subject to investment exposure on","page_number":69,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"41983c9c-27fd-44e0-a0cb-728da698723f","block_type":"box","text":"the notional amount of the swap.","page_number":69,"box":{"x":68,"y":143,"width":235,"height":11}},{"id":"a44787a9-c18c-4d50-8941-325d98d60e69","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":69,"box":{"x":101,"y":166,"width":746,"height":11}},{"id":"648eb87e-fc7b-4d06-913a-3983f1e97581","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":69,"box":{"x":69,"y":181,"width":433,"height":11}},{"id":"e0dd9380-c540-4387-ac35-7fca50c10092","block_type":"box","text":"Options.","page_number":69,"box":{"x":102,"y":203,"width":57,"height":11}},{"id":"2d046da1-6309-41ff-95f2-92ffce53f2ca","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":69,"box":{"x":102,"y":226,"width":319,"height":11}},{"id":"dabba696-7909-4f99-8beb-e7b5ec31cc39","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":69,"box":{"x":427,"y":226,"width":418,"height":11}},{"id":"780961ee-1c12-44d2-92c5-9c5b66e6bd81","block_type":"box","text":"securities, baskets of securities or securities indices, or par ticular measurements of value or rates, such as an index","page_number":69,"box":{"x":69,"y":241,"width":838,"height":11}},{"id":"364ba9b0-ed2b-444d-b808-bceceae61798","block_type":"box","text":"of the price of treasury securities or an index representative of shor t-term interest rates. Such investments may be","page_number":69,"box":{"x":69,"y":256,"width":820,"height":11}},{"id":"33badfdf-f031-433f-8e9e-95786394ae58","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":69,"box":{"x":69,"y":272,"width":826,"height":11}},{"id":"7b9c94fa-dda7-4b52-b15a-e59b438cf2ce","block_type":"box","text":"and expiration dates and require the par ties to post margin against their obligations, and the per formance of the","page_number":69,"box":{"x":69,"y":286,"width":806,"height":12}},{"id":"0aaeec53-e883-4dfc-9784-8477db72fd4e","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":69,"box":{"x":70,"y":302,"width":825,"height":11}},{"id":"3c268801-f0c8-4e29-a392-728d7fa9095c","block_type":"box","text":"OTC options have more flexible terms negotiated between the buyer and the seller, but are subject to greater credit","page_number":69,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"c051fac0-d5b6-4387-b6ad-6f89cf8a952d","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":69,"box":{"x":69,"y":332,"width":366,"height":11}},{"id":"7e033fd2-4d99-42b7-9b92-44b36d591043","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":69,"box":{"x":101,"y":355,"width":743,"height":11}},{"id":"fbfb2792-28ef-4c0e-b184-a8c155ed15f0","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":69,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"528e45c0-25da-4de0-b372-8f4ddfa756ab","block_type":"box","text":"exotic options that can only be exercised (or automatically expire) if the price of the underlying asset reaches one or","page_number":69,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"ef759038-dae3-4a9e-8a86-bb7cba483d64","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":69,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"7936b58e-989e-477b-a0c5-a952614b3c31","block_type":"box","text":"a fixed all-or-nothing payout if one or more predetermined conditions are met. Exotic options are typically traded in","page_number":69,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"01f58168-ee4f-400a-954b-ae2b216a8ab0","block_type":"box","text":"OTC markets.","page_number":69,"box":{"x":69,"y":430,"width":95,"height":9}},{"id":"a0f45285-bf1c-47b9-8cbe-9c5d0498121a","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":69,"box":{"x":101,"y":453,"width":806,"height":11}},{"id":"7d714b1a-fac7-4716-9d8c-f1e7f2f170a4","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":69,"box":{"x":69,"y":468,"width":791,"height":11}},{"id":"5d2bc2d2-7ad3-446d-9e6a-37b7fa6e9698","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary","page_number":69,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"e155db6c-4de7-4e3c-bb3d-5a5e3783da23","block_type":"box","text":"market for par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent","page_number":69,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"2fcd0485-d863-4d37-b098-c3d44317d989","block_type":"box","text":"for reasons which include the following: there may be insufficient trading interest in cer tain options; restrictions may","page_number":69,"box":{"x":68,"y":513,"width":832,"height":12}},{"id":"3e7247a4-41a1-4d88-b5ca-fc608512ebf0","block_type":"box","text":"be imposed by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or","page_number":69,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"db9b9a94-241c-4329-9091-97f96b2ea20a","block_type":"box","text":"other restrictions may be imposed with respect to par ticular classes or series of options or underlying securities;","page_number":69,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"4a90e271-df39-4601-9311-a2c61696d5ef","block_type":"box","text":"unusual or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange","page_number":69,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"226ac6f7-8b63-4cd9-a07d-8ac162d63a51","block_type":"box","text":"or the Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or","page_number":69,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"d9ad8f1b-35f9-4286-965d-064a90b1fbfa","block_type":"box","text":"more Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue","page_number":69,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"5043c498-86bd-44b1-b527-bb12ae4f5d5e","block_type":"box","text":"the trading of options (or a par ticular class or series of options), in which event the secondary market on that","page_number":69,"box":{"x":68,"y":604,"width":782,"height":11}},{"id":"db809e93-0371-4422-a063-a35149d58940","block_type":"box","text":"Exchange (or in that class or series of options) would cease to exist, although outstanding options that had been","page_number":69,"box":{"x":70,"y":619,"width":803,"height":11}},{"id":"b60b4df4-3dfd-4776-b3f0-d53bbe0bd287","block_type":"box","text":"issued by the Options Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in","page_number":69,"box":{"x":70,"y":634,"width":837,"height":12}},{"id":"b30781f5-68c5-469b-9a1b-4bcd947b6481","block_type":"box","text":"accordance with their terms.","page_number":69,"box":{"x":69,"y":650,"width":201,"height":8}},{"id":"f5210002-e6a1-4afd-a2d3-a5aeaa16758e","block_type":"box","text":"Call Options.","page_number":69,"box":{"x":102,"y":672,"width":89,"height":11}},{"id":"52a7b2b2-d183-4c26-a62a-efa7811eef32","block_type":"box","text":"A Fund may purchase call options on any of the types of securities or instruments in which it may","page_number":69,"box":{"x":197,"y":672,"width":694,"height":11}},{"id":"454a8e97-5d06-49dd-b8b8-5619ffed9154","block_type":"box","text":"invest. A purchased call option gives a Fund the right to buy, and obligates the seller to sell, the underlying security at","page_number":69,"box":{"x":70,"y":687,"width":838,"height":11}},{"id":"ebdde578-84ec-47c9-a370-a21da3074cf2","block_type":"box","text":"the exercise price at any time during the option period. A Fund also may purchase and sell call options on indices.","page_number":69,"box":{"x":68,"y":703,"width":813,"height":11}},{"id":"3342df75-a9b1-462c-89a8-79d2f64170a5","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":69,"box":{"x":70,"y":717,"width":795,"height":12}},{"id":"1526fbfd-6bb8-4d3e-a4a4-9dfd960db5e3","block_type":"box","text":"underlying the option at a specified price upon exercise, an index option gives the holder the right to receive cash","page_number":69,"box":{"x":69,"y":732,"width":807,"height":12}},{"id":"2a200de2-e2fc-43da-86c1-695e3d8c76e7","block_type":"box","text":"upon exercise of the option if the level of the index upon which the option is based is greater than the exercise price","page_number":69,"box":{"x":69,"y":748,"width":830,"height":11}},{"id":"6495e4a5-5cf9-48db-88c1-5a2b9cddd634","block_type":"box","text":"of the option.","page_number":69,"box":{"x":69,"y":763,"width":93,"height":11}},{"id":"35ea03d3-1440-4917-b4e2-c3946ecd25d5","block_type":"box","text":"A written call option is covered if a Fund holds a call on the same security or index as the call written where the","page_number":69,"box":{"x":101,"y":785,"width":794,"height":12}},{"id":"a8622bbd-2fe2-46a0-b8f7-b7b8f683b928","block_type":"box","text":"exercise price of the call held is (i) equal to or less than the exercise price of the call written, or (ii) greater than the","page_number":69,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"72c4a2be-1cc4-4814-a99f-c6ee130ba856","block_type":"box","text":"exercise price of the call written provided the difference is maintained by the Fund in assets which are not considered","page_number":69,"box":{"x":69,"y":816,"width":839,"height":11}},{"id":"bb49ec67-8a9d-48fb-88f7-89db2f904a12","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":69,"box":{"x":70,"y":831,"width":778,"height":11}},{"id":"a8a6b54b-d974-4ddb-acef-bbf60f7c682d","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":69,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"7c1ed003-b4c7-4c1d-93ec-56666cfcd288","block_type":"box","text":"A Fund may write (","page_number":69,"box":{"x":101,"y":869,"width":130,"height":11}},{"id":"999f427a-d298-41d9-8d0f-0a5f965ddb1e","block_type":"box","text":"i.e.","page_number":69,"box":{"x":233,"y":869,"width":20,"height":9}},{"id":"ce2bc376-f6da-4bc3-af79-46cc0fdbce57","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":69,"box":{"x":256,"y":869,"width":627,"height":11}},{"id":"f273ee06-3ec6-4790-a889-0236a831943d","block_type":"box","text":"enter into closing purchase transactions with respect to cer tain of such options. A covered call option is an option in","page_number":69,"box":{"x":69,"y":884,"width":831,"height":11}},{"id":"54612d1f-db1f-44d4-8cc4-505fc85022f9","block_type":"box","text":"which a Fund, in return for a premium, gives another par ty a right to buy specified securities owned by the Fund at a","page_number":69,"box":{"x":68,"y":899,"width":827,"height":11}},{"id":"4563b831-f93f-4af9-b7d5-d5245da3b66f","block_type":"box","text":"II-21","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d7ce73e7-a09f-447a-8704-43169a6631e9","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09c17a1f-f0fb-41df-b45f-18492c3e8e87","block_type":"box","text":"specified future date and price set at the time of the contract. The principal reason for writing call options is the","page_number":70,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"687d5b3c-3908-4549-b762-037435866b0b","block_type":"box","text":"attempt to realize, through the receipt of premiums, a greater return than would be realized on the securities alone.","page_number":70,"box":{"x":69,"y":60,"width":823,"height":11}},{"id":"6b023502-a920-4882-aa27-f38393a45191","block_type":"box","text":"By writing covered call options, a Fund gives up the oppor tunity, while the option is in effect, to profit from any price","page_number":70,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"2c4871bc-46ac-4925-bc97-97e56686896d","block_type":"box","text":"increase in the underlying security above the option exercise price. In addition, a Fund’s ability to sell the underlying","page_number":70,"box":{"x":70,"y":90,"width":825,"height":11}},{"id":"0b16d202-6939-4557-a17c-8823dc30a8a4","block_type":"box","text":"security will be limited while the option is in effect unless the Fund enters into a closing purchase transaction. A","page_number":70,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"ec74abb9-fe36-4acb-bf90-128d08fe4c72","block_type":"box","text":"closing purchase transaction cancels out a Fund’s position as the writer of an option by means of an offsetting","page_number":70,"box":{"x":69,"y":120,"width":792,"height":12}},{"id":"7c4c194a-92f3-4efa-8fa6-1b34e9fbd87c","block_type":"box","text":"purchase of an identical option prior to the expiration of the option it has written. Covered call options also serve as","page_number":70,"box":{"x":70,"y":135,"width":826,"height":11}},{"id":"9f8c46bf-3646-4349-937e-97173f0ccf9f","block_type":"box","text":"a par tial hedge to the extent of the premium received against the price of the underlying security declining.","page_number":70,"box":{"x":69,"y":150,"width":760,"height":12}},{"id":"4fe283f5-e9ed-4bf0-92e2-158de1c3a6aa","block_type":"box","text":"A Fund may write","page_number":70,"box":{"x":101,"y":173,"width":120,"height":11}},{"id":"89a092c5-b71f-4c7d-be7e-f4162cd89f9a","block_type":"box","text":"(i.e.","page_number":70,"box":{"x":228,"y":173,"width":25,"height":11}},{"id":"7a48c6c2-4706-440c-9fb3-44fd68bbc12a","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":70,"box":{"x":256,"y":173,"width":628,"height":11}},{"id":"1c04a3c3-9e1e-4f7c-b91f-26bfa3015b37","block_type":"box","text":"are not currently held by the Fund. The principal reason for writing uncovered call options is to realize income without","page_number":70,"box":{"x":69,"y":188,"width":834,"height":12}},{"id":"de50b75b-6712-4e9c-857a-4799f96d17b8","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":70,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"c85e00b6-1650-4b63-821b-054a866e0db8","block_type":"box","text":"a Fund must deposit and maintain sufficient margin with the broker-dealer through which it made the uncovered call","page_number":70,"box":{"x":69,"y":218,"width":825,"height":12}},{"id":"4d6642ac-35a3-41dc-9f65-d93ea16eacd0","block_type":"box","text":"option as collateral to ensure that the securities can be purchased for delivery if and when the option is exercised.","page_number":70,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"b9d98eec-f05d-4f6b-a596-7fa727781081","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":70,"box":{"x":70,"y":249,"width":806,"height":11}},{"id":"48e67337-4719-474c-82b9-117f3b7dd0c6","block_type":"box","text":"strategy to increase a Fund’s income with minimal capital risk. Uncovered calls are riskier than covered calls because","page_number":70,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"ced682fc-8f75-45c9-b2e8-3c13bdb2da1d","block_type":"box","text":"there is no underlying security held by a Fund that can act as a par tial hedge. Uncovered calls have speculative","page_number":70,"box":{"x":68,"y":279,"width":793,"height":11}},{"id":"7db0b034-3e4f-4fa7-adba-ed12b2924e89","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":70,"box":{"x":69,"y":294,"width":814,"height":11}},{"id":"e7a05918-38f2-4992-82cb-053b2c20f63c","block_type":"box","text":"the underlying security to meet its call obligation. There is also a risk, especially with preferred and debt securities","page_number":70,"box":{"x":68,"y":309,"width":818,"height":11}},{"id":"71683188-cb56-4e93-87b4-d4cf7cd9dff2","block_type":"box","text":"that lack sufficient liquidity, that the securities may not be available for purchase. If the purchase price exceeds the","page_number":70,"box":{"x":68,"y":324,"width":825,"height":11}},{"id":"dcf55237-9788-4acc-beda-60c0e5964e31","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":70,"box":{"x":69,"y":339,"width":326,"height":11}},{"id":"708fe736-11ef-4a78-9a69-47924c5ff428","block_type":"box","text":"Put Options.","page_number":70,"box":{"x":102,"y":362,"width":85,"height":11}},{"id":"d6ccee58-6f3a-4d58-9fff-b428df26da7c","block_type":"box","text":"A Fund may purchase put options to seek to hedge against a decline in the value of its securities or","page_number":70,"box":{"x":194,"y":362,"width":712,"height":11}},{"id":"5e5e93f2-3898-496e-a0da-058db1950309","block_type":"box","text":"to enhance its return. By buying a put option, a Fund acquires a right to sell the underlying securities or instruments","page_number":70,"box":{"x":68,"y":377,"width":828,"height":12}},{"id":"e240b913-97b2-46ab-963a-1d52c4e39bd1","block_type":"box","text":"at the exercise price, thus limiting the Fund’s risk of loss through a decline in the market value of the securities or","page_number":70,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"c6cddb81-c674-4336-a331-4e3f79d17700","block_type":"box","text":"instruments until the put option expires. The amount of any appreciation in the value of the underlying securities or","page_number":70,"box":{"x":70,"y":407,"width":820,"height":12}},{"id":"7d8d7b1c-425c-48f1-b777-2654aed1b127","block_type":"box","text":"instruments will be par tially offset by the amount of the premium paid for the put option and any related transaction","page_number":70,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"d2d7c322-78b6-4504-8c45-1134bbb5e005","block_type":"box","text":"costs. Prior to its expiration, a put option may be sold in a closing sale transaction and profit or loss from the sale","page_number":70,"box":{"x":69,"y":438,"width":815,"height":11}},{"id":"6de9dab6-b776-45f4-95f1-94667ba0d450","block_type":"box","text":"will depend on whether the amount received is more or less than the premium paid for the put option plus the related","page_number":70,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"397228c2-de60-42fe-b151-062a41d2da20","block_type":"box","text":"transaction costs. A closing sale transaction cancels out a Fund’s position as the purchaser of an option by means of","page_number":70,"box":{"x":68,"y":468,"width":841,"height":11}},{"id":"93e24d6a-158c-4ccd-896d-73dca19c61e7","block_type":"box","text":"an offsetting sale of an identical option prior to the expiration of the option it has purchased. A Fund also may","page_number":70,"box":{"x":69,"y":483,"width":785,"height":11}},{"id":"2424a743-e49b-45d7-bde9-f5316f78b594","block_type":"box","text":"purchase uncovered put options.","page_number":70,"box":{"x":70,"y":498,"width":231,"height":11}},{"id":"c1c93b28-ffdd-48a2-a3de-0b91ea979a25","block_type":"box","text":"A Fund also may write (","page_number":70,"box":{"x":101,"y":521,"width":165,"height":11}},{"id":"500e9b08-609e-4bd1-9c98-2e3d8f1d5841","block_type":"box","text":"i.e.","page_number":70,"box":{"x":268,"y":521,"width":20,"height":9}},{"id":"d6730ef8-dffc-420c-ac02-2e8edc6f0c2b","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":70,"box":{"x":291,"y":521,"width":591,"height":11}},{"id":"56eae472-78a7-4c56-a217-048b674c6193","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":70,"box":{"x":70,"y":536,"width":675,"height":11}},{"id":"46be326b-9f43-4836-b921-4704007ee1bc","block_type":"box","text":"A Fund also may write (","page_number":70,"box":{"x":101,"y":559,"width":165,"height":11}},{"id":"fbff2a25-5235-4e91-8f56-e083b87e6532","block_type":"box","text":"i.e.","page_number":70,"box":{"x":268,"y":559,"width":20,"height":9}},{"id":"d6b069d3-0322-4dd3-bdd9-4c063a4bc2c5","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":70,"box":{"x":291,"y":559,"width":593,"height":11}},{"id":"edbad8be-a138-46b4-8475-abb477c655bf","block_type":"box","text":"with respect to which the Fund does not currently have a corresponding shor t position or has not deposited as","page_number":70,"box":{"x":68,"y":574,"width":789,"height":11}},{"id":"c5675874-7820-4e69-ad01-661846082eda","block_type":"box","text":"collateral cash equal to the exercise value of the put option with the broker-dealer through which it made the","page_number":70,"box":{"x":69,"y":589,"width":773,"height":11}},{"id":"6f031e0a-ae65-4eef-9881-700197c7ef11","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":70,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"10656361-a70b-4a69-8876-9231160e41f0","block_type":"box","text":"acquire such securities or instruments at a net cost below the current market value. A Fund has the obligation to buy","page_number":70,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"cae92ac4-fe9d-4d61-af1c-dd09a9ae70cb","block_type":"box","text":"the securities or instruments at an agreed upon price if the price of the securities or instruments decreases below","page_number":70,"box":{"x":68,"y":634,"width":818,"height":12}},{"id":"a16d875b-d087-491e-a940-43f2b42ab79c","block_type":"box","text":"the exercise price. If the price of the securities or instruments increases during the option period, the option will","page_number":70,"box":{"x":68,"y":649,"width":800,"height":12}},{"id":"698567df-dbfa-4a74-8835-b19a2a049be7","block_type":"box","text":"expire wor thless and a Fund will retain the premium and will not have to purchase the securities or instruments at","page_number":70,"box":{"x":69,"y":665,"width":814,"height":10}},{"id":"f8e52d5b-b38a-4a5f-92b9-633f31ff37fe","block_type":"box","text":"the exercise price.","page_number":70,"box":{"x":68,"y":680,"width":130,"height":11}},{"id":"c3d59d10-2afc-456e-92af-557e2168f269","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":70,"box":{"x":102,"y":702,"width":556,"height":12}},{"id":"7525df1a-504e-4b2c-b166-e0afee5502cb","block_type":"box","text":"The following information relates","page_number":70,"box":{"x":664,"y":702,"width":232,"height":12}},{"id":"d8f0f76b-38c5-46e6-917a-06e8a4d39e9e","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":70,"box":{"x":68,"y":717,"width":784,"height":12}},{"id":"3e953f3a-a131-47e5-bc35-848c14c8ac7a","block_type":"box","text":"Cer tificates declines each month as a result of mor tgage payments, a Fund, as a writer of a GNMA call holding GNMA","page_number":70,"box":{"x":69,"y":732,"width":840,"height":12}},{"id":"d8401d3c-811d-43cf-82b7-d46a4bdd5fb4","block_type":"box","text":"Cer tificates as “cover” to satisfy its delivery obligation in the event of exercise, may find that the GNMA Cer tificates","page_number":70,"box":{"x":69,"y":748,"width":827,"height":11}},{"id":"4f6359de-a995-4548-b9c2-13de48decaea","block_type":"box","text":"it holds no longer have a sufficient remaining principal balance for this purpose. Should this occur, a Fund will","page_number":70,"box":{"x":70,"y":763,"width":781,"height":11}},{"id":"a54d2008-89ea-4e9d-886d-004df928ecce","block_type":"box","text":"purchase additional GNMA Cer tificates from the same pool (if obtainable) or other GNMA Cer tificates in the cash","page_number":70,"box":{"x":70,"y":778,"width":803,"height":11}},{"id":"3c1f2d88-3119-4625-8037-3bc5eb2a91b6","block_type":"box","text":"market in order to maintain its “cover.”","page_number":70,"box":{"x":69,"y":793,"width":277,"height":9}},{"id":"630be3cd-9684-4fdd-bb6f-c32cfde76c4b","block_type":"box","text":"A GNMA Cer tificate held by a Fund to cover an option position in any but the nearest expiration month may cease","page_number":70,"box":{"x":101,"y":816,"width":807,"height":11}},{"id":"39af844b-c7d0-4f2c-ae58-43934d7a75ff","block_type":"box","text":"to represent cover for the option in the event of a decline in the GNMA coupon rate at which new pools are originated","page_number":70,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"579fe17b-7f83-4a75-a152-664627beb904","block_type":"box","text":"under the FHA/VA loan ceiling in effect at any given time. If this should occur, a Fund will no longer be covered, and","page_number":70,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"856a401e-579a-4cc7-9e22-fe51213c3fcb","block_type":"box","text":"the Fund will either enter into a closing purchase transaction or replace such Cer tificate with a cer tificate that","page_number":70,"box":{"x":68,"y":861,"width":784,"height":11}},{"id":"2895dbbd-f673-45d7-bda8-9552ab419898","block_type":"box","text":"represents cover. When a Fund closes its position or replaces such Cer tificate, it may realize an unanticipated loss","page_number":70,"box":{"x":69,"y":876,"width":820,"height":11}},{"id":"4181e49a-48e2-4655-a9f5-fb475d5e4102","block_type":"box","text":"and incur transaction costs.","page_number":70,"box":{"x":69,"y":891,"width":197,"height":9}},{"id":"b0e76b91-5c98-4406-b4cc-6e1fb4f90c2d","block_type":"box","text":"II-22","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a3b67e1-e5c3-4133-b946-e39065a52de3","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2cc9e245-187c-47d0-ac1a-a2e7d196b498","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":71,"box":{"x":102,"y":45,"width":235,"height":11}},{"id":"61e4d77e-16b6-4ba6-982d-75d06e6484c2","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":71,"box":{"x":343,"y":45,"width":563,"height":11}},{"id":"8338f0b8-88a8-49f6-911d-d5be6f81e8ba","block_type":"box","text":"a new swap agreement or to shor ten, extend, cancel or otherwise modify an existing swap agreement, at a","page_number":71,"box":{"x":69,"y":60,"width":763,"height":11}},{"id":"31c12d23-4a35-4336-b6c6-2a421eba2968","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":71,"box":{"x":69,"y":75,"width":439,"height":11}},{"id":"e10edc88-4974-44b4-ba97-7b2466ce3d56","block_type":"box","text":"i.e.","page_number":71,"box":{"x":510,"y":75,"width":20,"height":9}},{"id":"6716bd9e-6b7e-42fe-b0e6-c458d9796c01","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":71,"box":{"x":533,"y":75,"width":309,"height":11}},{"id":"45258db5-798b-4f9e-9717-bdc2b03b937b","block_type":"box","text":"Depending on the terms of the par ticular option agreement, a Fund will generally incur a greater degree of risk when","page_number":71,"box":{"x":70,"y":90,"width":826,"height":11}},{"id":"3ff69a75-abb6-4a78-bf8d-17dd5e612a67","block_type":"box","text":"it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks","page_number":71,"box":{"x":70,"y":105,"width":793,"height":11}},{"id":"b62d115d-30ce-4aea-ac01-d0615ed16d6c","block_type":"box","text":"losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However,","page_number":71,"box":{"x":70,"y":120,"width":802,"height":12}},{"id":"ca169396-0f2c-471d-8df4-e3fbd5550ffe","block_type":"box","text":"when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of","page_number":71,"box":{"x":68,"y":135,"width":836,"height":12}},{"id":"e9faad67-92fa-4cda-b172-0e3190b1ca30","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":71,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"573122a4-aeeb-4fdc-b924-f24752547546","block_type":"box","text":"required, to be cleared.","page_number":71,"box":{"x":69,"y":166,"width":165,"height":11}},{"id":"91067ba2-3328-4dd2-9a0d-3a9d02d0bfd0","block_type":"box","text":"A Fund will likely enter into these transactions to preserve a return or spread on a par ticular investment or","page_number":71,"box":{"x":101,"y":188,"width":760,"height":11}},{"id":"5419f80c-279a-48f2-97b4-6074a501276e","block_type":"box","text":"por tion of its por tfolio or to protect against any increase in the price of securities the Fund anticipates purchasing at","page_number":71,"box":{"x":70,"y":203,"width":830,"height":12}},{"id":"278fd15f-dc59-40c2-b4e5-aceec03effde","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":71,"box":{"x":69,"y":218,"width":706,"height":12}},{"id":"8637fcd6-1ac8-4593-8312-2c7799b87ed9","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":71,"box":{"x":102,"y":241,"width":805,"height":11}},{"id":"3bab69f6-fe11-422c-8b23-4212f9318e52","block_type":"box","text":"Derivatives” above.","page_number":71,"box":{"x":70,"y":257,"width":135,"height":8}},{"id":"689ee739-7a14-403a-ac31-9f2d855739d7","block_type":"box","text":"FLEX Options.","page_number":71,"box":{"x":102,"y":279,"width":96,"height":11}},{"id":"bd368516-2922-4fa7-9396-faa86cc23957","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":71,"box":{"x":206,"y":279,"width":702,"height":11}},{"id":"60e15bba-7776-4fba-8c60-005d84062d8a","block_type":"box","text":"are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are listed on a U.S. national","page_number":71,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"bde997ae-aec4-4ca5-bdb9-56dd0b799234","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":71,"box":{"x":69,"y":309,"width":818,"height":11}},{"id":"d7254f3c-e4d6-48e0-809e-90f2f34e331b","block_type":"box","text":"exercise prices, exercise styles (","page_number":71,"box":{"x":69,"y":325,"width":231,"height":10}},{"id":"4b820948-a0a8-4fcc-a3eb-082a2b1d57c0","block_type":"box","text":"i.e.","page_number":71,"box":{"x":302,"y":325,"width":20,"height":8}},{"id":"749784e8-2b93-4dd3-b7df-612880475bc1","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":71,"box":{"x":325,"y":325,"width":561,"height":10}},{"id":"9bbcaa71-2e2d-4e42-b2ba-c56f7a7a26b6","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":71,"box":{"x":69,"y":340,"width":768,"height":11}},{"id":"b42c1415-c0d3-4d0d-8391-43a87103099a","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":71,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"4937dbef-9e47-4dbe-9557-27376d7ab109","block_type":"box","text":"option contract entitles the holder thereof to purchase (for the call options) or sell (for the put options) shares of the","page_number":71,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"68f148d4-9627-43fb-8557-848b45d66486","block_type":"box","text":"reference asset at the strike price. A Fund’s por tfolio may include several types of FLEX Options, including both","page_number":71,"box":{"x":69,"y":385,"width":792,"height":11}},{"id":"75e6898c-c5ee-4a15-a010-ad7b9e084b64","block_type":"box","text":"purchased and written put and call options (as fur ther described below). The FLEX Options are all European style","page_number":71,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"23e16cbf-6a83-45d4-bbc4-aad74eb1e80a","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":71,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"3177e7c1-cf4a-4226-b3d8-e478a120ef0b","block_type":"box","text":"FLEX Option’s expiration date.","page_number":71,"box":{"x":70,"y":430,"width":211,"height":11}},{"id":"ae5f0b22-1876-4dd9-bc71-e886a405dad0","block_type":"box","text":"The OCC guarantees per formance by each of the counterpar ties to the FLEX Options, becoming the “buyer for","page_number":71,"box":{"x":101,"y":453,"width":783,"height":11}},{"id":"8830dc06-83af-42c1-984d-3a0e59a5f288","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":71,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"789cce9c-c0a0-4567-94a4-7b2677c2b56a","block_type":"box","text":"Although guaranteed for settlement by the OCC, FLEX Options are still subject to counterpar ty risk with the OCC and","page_number":71,"box":{"x":68,"y":483,"width":826,"height":11}},{"id":"b1dbf9d5-032f-4b0a-b2da-42774ab88a38","block_type":"box","text":"subject to the risk that the OCC may fail to per form the settlement of the FLEX Options due to bankruptcy or other","page_number":71,"box":{"x":69,"y":498,"width":814,"height":11}},{"id":"b6252e18-ec61-4c88-b165-af8f143c7c02","block_type":"box","text":"adverse reasons. A Fund bears the risk that the OCC will be unable or unwilling to per form its obligations under the","page_number":71,"box":{"x":69,"y":513,"width":822,"height":12}},{"id":"a7d4024b-cacc-40a1-ac01-38f0c3a0063f","block_type":"box","text":"FLEX Options contracts.","page_number":71,"box":{"x":70,"y":529,"width":166,"height":10}},{"id":"834bef0d-aaff-4988-a4f6-387f565bb2b8","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":71,"box":{"x":102,"y":551,"width":748,"height":11}},{"id":"59a34239-cf77-4d4e-822a-f0b9b32c4fec","block_type":"box","text":"Options for cer tain events (collectively, “Corporate Actions”) specified in the OCC’s by-laws and rules: cer tain stock","page_number":71,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"aafb7b2c-5845-4b77-9fef-30cc6a0bb558","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":71,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"7d24049c-3092-40fc-8bfc-c981bdfc9cba","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":71,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"3005e0df-a44f-408c-a966-bb927f08662c","block_type":"box","text":"liquidation of the issuer of the underlying security. According to the OCC’s by-laws, the nature and extent of any such","page_number":71,"box":{"x":70,"y":612,"width":829,"height":11}},{"id":"eef87878-0def-4187-a708-a63e339bd992","block_type":"box","text":"adjustment is to be determined by the OCC’s Securities Committee, in light of the circumstances known to it at the","page_number":71,"box":{"x":69,"y":627,"width":821,"height":11}},{"id":"56fcedf5-11f9-49fe-b8b9-5ea902368e27","block_type":"box","text":"time such determination is made, based on its judgment as to what is appropriate for the protection of investors and","page_number":71,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"7cdc846c-8aeb-4733-900f-834c68202dcf","block_type":"box","text":"the public interest, taking into account such factors as fairness to holders and writers (or purchasers and sellers) of","page_number":71,"box":{"x":68,"y":657,"width":829,"height":11}},{"id":"d8f61b4d-9cbc-4575-994a-53eef63749b2","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":71,"box":{"x":68,"y":672,"width":753,"height":11}},{"id":"ff138181-bee9-4c1d-be06-d8a54113fc3d","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":71,"box":{"x":70,"y":687,"width":806,"height":11}},{"id":"f301c1f2-1924-49aa-91d4-a31c444cac1f","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":71,"box":{"x":69,"y":702,"width":593,"height":12}},{"id":"ff01c43e-206b-43f7-8a01-f95bb0dc579f","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":71,"box":{"x":135,"y":725,"width":298,"height":11}},{"id":"5cb9aa82-6fd9-4f62-bd7b-d55fd9bba496","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":71,"box":{"x":435,"y":725,"width":461,"height":11}},{"id":"416e6692-8e59-45fc-ae10-39dcc57bf859","block_type":"box","text":"on an exchange-traded fund (“ETF”) or the S&P 500 Index (together with such ETF, a “Reference Asset”). As","page_number":71,"box":{"x":102,"y":740,"width":768,"height":11}},{"id":"1374f36b-e7ec-4e1a-ac10-a0526f638025","block_type":"box","text":"such, the value of a Fund’s FLEX Options will fluctuate with changes in the value of the securities held by the","page_number":71,"box":{"x":102,"y":755,"width":775,"height":11}},{"id":"bb280698-04fe-4d70-b2fd-3f9fb1b93c20","block_type":"box","text":"ETF, and thus the ETF’s share price. In addition to the value of the ETF, the value of an option, in general, will","page_number":71,"box":{"x":102,"y":770,"width":777,"height":12}},{"id":"5c56674a-3eea-462e-b2f8-b294fd19788f","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":71,"box":{"x":102,"y":785,"width":799,"height":12}},{"id":"95c367c9-8783-41d2-ab9e-928af406c93d","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":71,"box":{"x":102,"y":801,"width":777,"height":11}},{"id":"18aa7566-cd1c-4e25-81a1-0dd6fbe50a57","block_type":"box","text":"expire unexercised have no value.","page_number":71,"box":{"x":101,"y":816,"width":240,"height":11}},{"id":"a47d9ea7-8a62-4af9-91cc-67e48fb51ae8","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put","page_number":71,"box":{"x":135,"y":838,"width":743,"height":12}},{"id":"8756a721-45c4-4546-8f5a-bf79efe9819c","block_type":"box","text":"options on the same asset that may be bought or written by a single investor, whether acting alone or in concer t","page_number":71,"box":{"x":102,"y":854,"width":800,"height":11}},{"id":"6f808975-595a-4b42-a679-d525083dfbe8","block_type":"box","text":"with others (regardless of whether such options are written on the same or different exchanges or are held or","page_number":71,"box":{"x":101,"y":869,"width":782,"height":11}},{"id":"b6494eaa-f7de-4f36-9ec4-483c9f530147","block_type":"box","text":"written on one or more accounts or through one or more brokers). Under these limitations, option positions of all","page_number":71,"box":{"x":101,"y":884,"width":803,"height":11}},{"id":"fbd6556d-850c-4470-a223-2365e2dc1074","block_type":"box","text":"investment companies advised by the Manager are combined for purposes of these limits. Pursuant to these","page_number":71,"box":{"x":102,"y":899,"width":775,"height":11}},{"id":"ea882f37-e7b9-4850-b204-b3f1fdc5051d","block_type":"box","text":"II-23","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"207a4ecb-3dae-4b1a-bce0-27608397c66e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f4b96249-58eb-4c43-ab4b-e7ed703c22c3","block_type":"box","text":"limitations, an exchange may order the liquidation of positions and may impose other sanctions or restrictions.","page_number":72,"box":{"x":102,"y":45,"width":789,"height":11}},{"id":"d04671f4-fcb7-4359-a48e-2c51b9022ea1","block_type":"box","text":"These position limits may restrict the number of listed options that a Fund may buy or sell. Currently, the relevant","page_number":72,"box":{"x":101,"y":60,"width":809,"height":11}},{"id":"afb31d40-85aa-41c6-ad77-1863bdf19787","block_type":"box","text":"national securities exchanges have no position limits for the instruments in which the Funds expect to invest.","page_number":72,"box":{"x":102,"y":75,"width":778,"height":11}},{"id":"613d2fc6-fc81-4683-8420-54d4304c6a2e","block_type":"box","text":"The puts and calls on the Reference Asset entitle the purchaser of the option the right to purchase (for a","page_number":72,"box":{"x":134,"y":98,"width":747,"height":11}},{"id":"cfa9fba2-8bd6-460f-86e4-9e79f64a7b91","block_type":"box","text":"call option) or sell (for a put option) the Reference Asset at a predetermined specified price (the “strike price”).","page_number":72,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"82c1f582-6ec7-491d-9b9d-5798a774935c","block_type":"box","text":"When a Fund writes a call on the Reference Asset, it receives a premium and agrees that the purchaser of the","page_number":72,"box":{"x":101,"y":128,"width":786,"height":11}},{"id":"e07978ac-fad7-4129-81df-1a066c942eb7","block_type":"box","text":"call, upon exercise of the call, will receive from the Fund the delivery of a specified number of shares of the ETF","page_number":72,"box":{"x":101,"y":143,"width":798,"height":11}},{"id":"50f666b2-b8c9-4744-ae18-411b7ab61f2d","block_type":"box","text":"in exchange for the strike price. When a Fund buys a call on the Reference Asset, it pays a premium and has the","page_number":72,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"499e121b-b9ca-4ff9-9541-b2bbeefd0627","block_type":"box","text":"same rights to such call as indicated above. When a Fund buys a put on the Reference Asset, it pays a premium","page_number":72,"box":{"x":102,"y":173,"width":800,"height":11}},{"id":"f9d01c48-7c45-4733-b158-9ac16b559bea","block_type":"box","text":"and has the right to require the seller of the put, upon the Fund’s exercise of the put, to deliver the specified","page_number":72,"box":{"x":102,"y":188,"width":774,"height":12}},{"id":"b590b84a-01e2-4d1d-8a60-ff3a6c8e6224","block_type":"box","text":"number of shares of the ETF in exchange for the strike price. When a Fund writes a put on the Reference Asset,","page_number":72,"box":{"x":102,"y":203,"width":793,"height":12}},{"id":"e652e324-a92d-4c23-8a28-6161b43e4aef","block_type":"box","text":"it receives a premium and the purchaser of the put has the right to require the Fund to deliver the specified","page_number":72,"box":{"x":102,"y":218,"width":764,"height":12}},{"id":"66f6f0a1-2964-48a0-8ff6-9ccc5d2dc9bf","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":72,"box":{"x":102,"y":234,"width":430,"height":11}},{"id":"06b07671-ddc1-4d36-8507-4d7a3bb24a9d","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":72,"box":{"x":134,"y":256,"width":740,"height":12}},{"id":"e7c0e253-3ad0-4aa3-8bd6-f8a38e095577","block_type":"box","text":"FLEX Options that are cash-settled. Cash-settled options give the holder the right to receive an amount (or owe","page_number":72,"box":{"x":102,"y":272,"width":787,"height":11}},{"id":"704d751d-48c6-4efa-8428-adc65a1f568d","block_type":"box","text":"an amount) of cash upon the exercise of the option. Gain or loss depends on changes in the value of the ETF’s","page_number":72,"box":{"x":102,"y":286,"width":790,"height":12}},{"id":"36e25e11-c30b-4478-91ef-6f932d3d15de","block_type":"box","text":"share price relative to the strike price for a given option contract. The amount of cash is equal to the difference","page_number":72,"box":{"x":102,"y":302,"width":793,"height":11}},{"id":"4c0031e5-5a29-4dd7-bad3-c366186e3ff9","block_type":"box","text":"between the closing price of the ETF’s share price and the exercise price of the option contract times a specified","page_number":72,"box":{"x":102,"y":317,"width":802,"height":11}},{"id":"ff30233c-d857-477c-bb94-6aff9aca0854","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":72,"box":{"x":102,"y":332,"width":635,"height":11}},{"id":"99868ac8-c2f0-4649-8697-6fdd955a38da","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":72,"box":{"x":135,"y":355,"width":297,"height":11}},{"id":"c0239e4b-c34e-4553-9e74-68bf214b5a61","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":72,"box":{"x":433,"y":355,"width":448,"height":11}},{"id":"98a7e804-10a0-4366-b7c7-d057990d710f","block_type":"box","text":"closing value for that day is available, it runs the risk that the level of the Reference Asset may subsequently","page_number":72,"box":{"x":101,"y":370,"width":777,"height":11}},{"id":"bdbc5f3d-15a9-4fea-98eb-aca79bd44683","block_type":"box","text":"change. If such a change causes the exercised option to fall out of the money, the applicable Fund will be","page_number":72,"box":{"x":101,"y":385,"width":753,"height":11}},{"id":"91ff482e-3f9e-4da6-acb7-33d05b56ddee","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":72,"box":{"x":102,"y":400,"width":780,"height":11}},{"id":"10255de8-1056-48de-91b5-6ed0e7f0fd93","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":72,"box":{"x":102,"y":415,"width":387,"height":11}},{"id":"98ab7a65-3ebf-4c88-b15d-6d2cc94c1f0e","block_type":"box","text":"Foreign Exchange Transactions.","page_number":72,"box":{"x":102,"y":438,"width":222,"height":11}},{"id":"a721291e-9eee-4481-b72d-ef1de5031df1","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":72,"box":{"x":101,"y":460,"width":807,"height":12}},{"id":"a224cb96-85bd-4097-9a84-63ffc25b44aa","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":72,"box":{"x":69,"y":475,"width":818,"height":12}},{"id":"35f11fb4-4388-4434-bc6e-f8b57fe12670","block_type":"box","text":"“Currency Instruments”) for purposes of hedging against the decline in the value of currencies in which its por tfolio","page_number":72,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"6906c087-4ed3-449e-9645-2a348e35ee0d","block_type":"box","text":"holdings are denominated against the U.S. dollar or, with respect to cer tain Funds, to seek to enhance returns.","page_number":72,"box":{"x":69,"y":506,"width":792,"height":11}},{"id":"5790e110-7379-4846-bc80-abc8719ed8ca","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":72,"box":{"x":102,"y":528,"width":790,"height":12}},{"id":"b0ef9a04-3767-481f-8fbf-a35d46370a8a","block_type":"box","text":"Fund, sold by a Fund but not yet delivered, or committed or anticipated to be purchased by a Fund. As an illustration,","page_number":72,"box":{"x":70,"y":544,"width":830,"height":11}},{"id":"1fbfcf42-5b9f-46e1-855d-a5f38f630f60","block_type":"box","text":"a Fund may use such techniques to hedge the stated value in U.S. dollars of an investment in a yen-denominated","page_number":72,"box":{"x":69,"y":559,"width":808,"height":11}},{"id":"72374925-a19d-465b-a14e-8db56815b96b","block_type":"box","text":"security. For example, the Fund may purchase a foreign currency put option enabling it to sell a specified amount of","page_number":72,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"414c8752-ba98-48ca-8116-979a9926a5e2","block_type":"box","text":"yen for dollars at a specified price by a future date. To the extent the hedge is successful, a loss in the value of the","page_number":72,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"3c79814b-fe9c-4753-bebf-bcbefdda9f7b","block_type":"box","text":"yen relative to the dollar will tend to be offset by an increase in the value of the put option. To offset, in whole or in","page_number":72,"box":{"x":68,"y":604,"width":821,"height":11}},{"id":"0411e920-3a0a-438d-9b17-adaf39d08307","block_type":"box","text":"par t, the cost of acquiring such a put option, the Fund may also sell a call option which, if exercised, requires it to","page_number":72,"box":{"x":70,"y":619,"width":813,"height":11}},{"id":"1a3aa88b-842d-42ca-bb7e-fd930eba22b3","block_type":"box","text":"sell a specified amount of yen for dollars at a specified price by a future date (a technique called a “straddle”). By","page_number":72,"box":{"x":69,"y":634,"width":813,"height":11}},{"id":"1cd6b24e-f631-4f33-9fad-92a559b9fb47","block_type":"box","text":"selling such a call option in this illustration, the Fund gives up the oppor tunity to profit without limit from increases in","page_number":72,"box":{"x":69,"y":649,"width":835,"height":12}},{"id":"19ac555a-da31-42e7-8d1d-b77dce49a8ce","block_type":"box","text":"the relative value of the yen to the dollar. “Straddles” of the type that may be used by a Fund are considered hedging","page_number":72,"box":{"x":68,"y":664,"width":836,"height":12}},{"id":"8c3ca405-bb76-4d41-893c-00f71765c53c","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":72,"box":{"x":68,"y":680,"width":794,"height":11}},{"id":"9d0ccfab-8e43-477a-9aa8-3f006f9e0a56","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":72,"box":{"x":102,"y":702,"width":805,"height":12}},{"id":"99572cf7-68f8-4e33-ae8e-dbf452fc8236","block_type":"box","text":"use of Currency Instruments to effect hedging strategies is intended to reduce the volatility of the NAV of the Fund’s","page_number":72,"box":{"x":69,"y":717,"width":828,"height":12}},{"id":"7925b7e8-a60d-4ab9-a0ca-d302c0ff9b3e","block_type":"box","text":"shares; however, the use of such hedging strategies will not prevent the NAV of the Fund’s shares from fluctuating.","page_number":72,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"ec667f8d-fa0f-4aad-bba9-f8afab684009","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":72,"box":{"x":70,"y":748,"width":773,"height":11}},{"id":"ca2fdfb4-10cc-43ea-9b7a-b6c2f4f2cf6f","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":72,"box":{"x":69,"y":763,"width":814,"height":11}},{"id":"ceafb80b-7785-4d19-aca0-86ae2c3b889b","block_type":"box","text":"accurately predicted and that the Fund’s hedging strategies will be ineffective. To the extent that a Fund hedges","page_number":72,"box":{"x":69,"y":778,"width":796,"height":11}},{"id":"d1d77b7b-de3f-44d8-9404-a2c98dd0e6bb","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":72,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"0c71a4eb-d898-43f2-94a9-c09fcc9f6283","block_type":"box","text":"Fur thermore, a Fund will only engage in hedging activities from time to time and may not be engaging in hedging","page_number":72,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"68438a5c-979c-43c8-8866-23a0af87d360","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":72,"box":{"x":69,"y":823,"width":493,"height":12}},{"id":"f771f0f0-1c50-4220-9447-9bb20e93c22b","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":72,"box":{"x":102,"y":846,"width":738,"height":11}},{"id":"bdd2b91d-f100-4acc-b098-7250747cfd80","block_type":"box","text":"domestic bank, or foreign or domestic securities dealer, to make or take future delivery of a specified amount of a","page_number":72,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"29a17a6a-f497-4e12-b07f-27a1f128f6a5","block_type":"box","text":"par ticular currency. There are no limitations on daily price moves in such forward contracts, and banks and dealers","page_number":72,"box":{"x":70,"y":876,"width":819,"height":11}},{"id":"d99c194c-39e8-4348-b423-ffd2bbdc60d9","block_type":"box","text":"are not required to continue to make markets in such contracts. There have been periods during which cer tain banks","page_number":72,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"43d6820c-c7b8-4090-9329-459ad87bfa3b","block_type":"box","text":"or dealers have refused to quote prices for such forward contracts or have quoted prices with an unusually wide","page_number":72,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"5156dfdc-84a2-4b20-bc67-49598200d4f1","block_type":"box","text":"II-24","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7e4d48e8-1231-4cda-a08b-59d7b0543185","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"35672492-f5db-4b03-8444-a82b49613339","block_type":"box","text":"spread between the price at which the bank or dealer is prepared to buy and that at which it is prepared to sell.","page_number":73,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"eaeb019a-f440-496c-aa8f-65dea8992b65","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":73,"box":{"x":69,"y":60,"width":841,"height":11}},{"id":"b28d0ba1-39e9-45b6-97e8-6efb8825263c","block_type":"box","text":"of forward contracts, if any, a Fund will be subject to counterpar ty risk. Any such failure to per form by a counterpar ty","page_number":73,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"3bcf319d-cd5a-448d-95e1-c5d234f90d54","block_type":"box","text":"would deprive the Fund of any profit potential or force the Fund to cover its commitments for resale, if any, at the","page_number":73,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"b1354490-5c00-4be1-af0e-7857d7c94172","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":73,"box":{"x":68,"y":105,"width":401,"height":11}},{"id":"2e238534-509b-4c61-9031-d5b98e26d2dd","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":73,"box":{"x":102,"y":128,"width":738,"height":11}},{"id":"1a878d54-5b66-4128-8648-2e4c47057f95","block_type":"box","text":"anticipated, in the event that (i) the currency exchange rate movement is so generally anticipated that the Fund is not","page_number":73,"box":{"x":69,"y":143,"width":837,"height":11}},{"id":"3076d608-0eee-4e56-8ac4-53670d8c209d","block_type":"box","text":"able to enter into a hedging transaction at an effective price, or (ii) the currency exchange rate movement relates to a","page_number":73,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"e77a5ede-c220-4457-ad23-2c659f5f8d1a","block_type":"box","text":"market with respect to which Currency Instruments are not available and it is not possible to engage in effective","page_number":73,"box":{"x":69,"y":173,"width":800,"height":11}},{"id":"d6310760-abfd-4c3e-b0a0-dbeb71a01122","block_type":"box","text":"foreign currency hedging. The cost to a Fund of engaging in foreign currency transactions varies with such factors as","page_number":73,"box":{"x":68,"y":188,"width":829,"height":12}},{"id":"78e4dd2d-6aef-4972-bc6e-bd47c7c063aa","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":73,"box":{"x":68,"y":203,"width":753,"height":12}},{"id":"1636f502-a672-4c7c-90f7-75259623ab31","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":73,"box":{"x":68,"y":218,"width":811,"height":12}},{"id":"78336106-fed7-4e1c-8bf4-78ba52a174bb","block_type":"box","text":"involved.","page_number":73,"box":{"x":70,"y":234,"width":59,"height":9}},{"id":"16dabf09-f97d-4b59-ac79-56068fed93fe","block_type":"box","text":"A Fund will not hedge a currency in excess of the aggregate market value of the securities that it owns (including","page_number":73,"box":{"x":101,"y":256,"width":803,"height":12}},{"id":"bdc30884-748a-4af9-90d3-973f672e071e","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":73,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"0a6a6b10-7fbb-4226-a879-2525cf6c1785","block_type":"box","text":"denominated in such currency.","page_number":73,"box":{"x":69,"y":287,"width":216,"height":11}},{"id":"4ec4e818-0db5-45fe-987a-2f2c3948c06b","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":73,"box":{"x":102,"y":309,"width":254,"height":11}},{"id":"b5bd7c72-0272-451c-9fff-12e047eae966","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":73,"box":{"x":364,"y":309,"width":527,"height":11}},{"id":"fbab5223-66ef-4d63-af6f-37c83ccf3bcb","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":73,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"fadef23b-a290-4517-9225-58ab87108b93","block_type":"box","text":"transactions are similar but are settled in the current, or “spot”, market. A Fund will enter into foreign exchange","page_number":73,"box":{"x":68,"y":339,"width":798,"height":12}},{"id":"3cf890c7-aeec-45b7-8f5f-452645cdf5f3","block_type":"box","text":"transactions for purposes of hedging either a specific transaction or a por tfolio position, or, with respect to cer tain","page_number":73,"box":{"x":68,"y":355,"width":817,"height":11}},{"id":"66990087-b219-43d6-a95a-d0e5316fce5f","block_type":"box","text":"Funds, to seek to enhance returns. FX forwards involve substantial currency risk, credit risk and liquidity risk. A Fund","page_number":73,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"d05c2421-c048-4713-8c0c-854e41f58494","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":73,"box":{"x":69,"y":385,"width":774,"height":11}},{"id":"91f553a5-1680-41c2-9fd8-48dfa28e89fb","block_type":"box","text":"purchasing a currency needed to settle a security transaction or selling a currency in which the Fund has received or","page_number":73,"box":{"x":70,"y":400,"width":828,"height":11}},{"id":"df3a99bc-ff06-4e93-a1dd-7879e24c0cba","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":73,"box":{"x":69,"y":415,"width":830,"height":11}},{"id":"ad294d95-1613-4e9b-af45-7f1438e5aa3e","block_type":"box","text":"hedging a por tfolio position by selling forward a currency in which a por tfolio position of the Fund is denominated or","page_number":73,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"676cc0ad-6fd3-4813-86b9-5c6c8f09261b","block_type":"box","text":"by purchasing a currency in which the Fund anticipates acquiring a por tfolio position in the near future. A Fund may","page_number":73,"box":{"x":69,"y":445,"width":819,"height":12}},{"id":"df5416fc-977e-47f5-8180-50b1ba7b97ac","block_type":"box","text":"also hedge a currency by entering into a transaction in a Currency Instrument denominated in a currency other than","page_number":73,"box":{"x":69,"y":460,"width":822,"height":12}},{"id":"42fd26e0-5913-482f-84b4-c1c5c48a5ce7","block_type":"box","text":"the currency being hedged (a “cross-hedge”). A Fund will only enter into a cross-hedge if the Manager believes that","page_number":73,"box":{"x":68,"y":475,"width":819,"height":12}},{"id":"7762181a-55a7-4a9a-83ac-ac0add302313","block_type":"box","text":"(i) there is a demonstrably high correlation between the currency in which the cross-hedge is denominated and the","page_number":73,"box":{"x":69,"y":491,"width":814,"height":11}},{"id":"095e6e49-3426-4657-af18-fa19e6d954c1","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":73,"box":{"x":69,"y":506,"width":745,"height":11}},{"id":"d6836832-f40d-40c3-8cce-99c57bed63c0","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":73,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"bc0c76aa-2b37-4293-b64a-4a75cf1b8fac","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":73,"box":{"x":69,"y":536,"width":428,"height":11}},{"id":"38748f47-22b8-47fb-b4d4-5f62781525c3","block_type":"box","text":"A Fund may also engage in proxy hedging transactions to reduce the effect of currency fluctuations on the value","page_number":73,"box":{"x":101,"y":559,"width":797,"height":11}},{"id":"90797d6f-12a1-4edd-aa28-cb87871365c9","block_type":"box","text":"of existing or anticipated holdings of por tfolio securities. Proxy hedging is often used when the currency to which the","page_number":73,"box":{"x":69,"y":574,"width":829,"height":11}},{"id":"a6f43734-4dd9-476e-90ab-c2a5ce836ad1","block_type":"box","text":"Fund is exposed is difficult to hedge, or to hedge against the U.S. dollar. Proxy hedging entails entering into a forward","page_number":73,"box":{"x":70,"y":589,"width":838,"height":11}},{"id":"98956b6a-20d6-44f6-9fcc-d9e11abdf576","block_type":"box","text":"contract to sell a currency whose changes in value are generally considered to be linked to a currency or currencies","page_number":73,"box":{"x":69,"y":604,"width":823,"height":11}},{"id":"5f25e553-5c21-4683-ac4d-5971e8994efb","block_type":"box","text":"in which some or all of the Fund’s securities are, or are expected to be, denominated, and to buy U.S. dollars. Proxy","page_number":73,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"5db159f6-fda5-4fe6-81ae-bd9b9701ea44","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":73,"box":{"x":69,"y":634,"width":838,"height":12}},{"id":"e4630f66-14c3-4dd9-ae49-bb1c44a9bb80","block_type":"box","text":"transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a","page_number":73,"box":{"x":68,"y":649,"width":798,"height":12}},{"id":"320e3e33-9b56-470c-bb41-373ec95c9d01","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":73,"box":{"x":69,"y":665,"width":819,"height":11}},{"id":"ac2dbdac-1342-4298-9817-19cbb22ee1cd","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":73,"box":{"x":69,"y":680,"width":691,"height":11}},{"id":"0a0cae80-4723-4801-9928-d6f09b8334f9","block_type":"box","text":"A Fund may also cross-hedge currencies by entering into forward contracts to sell one or more currencies that","page_number":73,"box":{"x":101,"y":702,"width":785,"height":12}},{"id":"81a21083-8181-476e-9ac8-4b3cae19152b","block_type":"box","text":"are expected to decline in value relative to other currencies to which the Fund has or in which the Fund expects to","page_number":73,"box":{"x":69,"y":718,"width":811,"height":10}},{"id":"c7a9dbfe-eb66-46ec-944b-5db912d51b93","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":73,"box":{"x":69,"y":732,"width":828,"height":12}},{"id":"be165725-a5c6-438d-a49b-f75ae0da0901","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":73,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"29da80ad-be19-4454-b2b6-24fbcdab22cb","block_type":"box","text":"Fund would sell Canadian dollars to reduce its exposure to that currency and buy Japanese yen. This strategy would","page_number":73,"box":{"x":70,"y":763,"width":823,"height":11}},{"id":"2ed5e01c-2af6-4447-8bee-7bab3762693a","block_type":"box","text":"be a hedge against a decline in the value of Canadian dollars, although it would expose the Fund to declines in the","page_number":73,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"b9a6c4c8-86c4-49e8-9692-0a893359de79","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":73,"box":{"x":68,"y":793,"width":372,"height":11}},{"id":"56098156-74ca-4dce-aaae-2007527058bf","block_type":"box","text":"Some of the forward non-U.S. currency contracts entered into by the Funds are classified as non-deliverable","page_number":73,"box":{"x":102,"y":816,"width":768,"height":11}},{"id":"2fd9217a-0ed2-4938-8440-b1725d5adde4","block_type":"box","text":"forwards (“NDFs”). NDFs are cash-settled, shor t-term forward contracts that may be thinly traded or are denominated","page_number":73,"box":{"x":68,"y":831,"width":838,"height":11}},{"id":"ee04bbf3-78b8-4206-8581-2b4eb9931cb4","block_type":"box","text":"in non-conver tible foreign currency, where the profit or loss at the time at the settlement date is calculated by taking","page_number":73,"box":{"x":70,"y":846,"width":829,"height":11}},{"id":"688a30e8-09e0-4580-b94c-5ae53b66f0c8","block_type":"box","text":"the difference between the agreed upon exchange rate and the spot rate at the time of settlement, for an agreed","page_number":73,"box":{"x":68,"y":861,"width":806,"height":11}},{"id":"faacd9cb-638d-44ce-b553-58ebd411a972","block_type":"box","text":"upon notional amount of funds. All NDFs have a fixing date and a settlement date. The fixing date is the date at which","page_number":73,"box":{"x":69,"y":876,"width":839,"height":11}},{"id":"053a7c3e-bb1e-49aa-99dd-c97623d4a105","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":73,"box":{"x":68,"y":891,"width":812,"height":12}},{"id":"4c0fedaa-c947-4359-9bc1-0414e87879af","block_type":"box","text":"settlement date is the date by which the payment of the difference is due to the par ty receiving payment. NDFs are","page_number":73,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"91313d40-32d0-44de-9892-a93047ab8eef","block_type":"box","text":"II-25","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"95f61701-3b2a-4176-8de4-236dd591264d","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96f8da1d-817d-4d3a-adf4-f9d91384cef8","block_type":"box","text":"commonly quoted for time periods of one month up to two years, and are normally quoted and settled in U.S. dollars.","page_number":74,"box":{"x":69,"y":45,"width":835,"height":11}},{"id":"13ad85e8-fea7-46fd-83b6-b0cb27ccf0e1","block_type":"box","text":"They are often used to gain exposure to and/or hedge exposure to foreign currencies that are not internationally","page_number":74,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"421826e9-bfea-4d95-88f0-389a0db8c199","block_type":"box","text":"traded.","page_number":74,"box":{"x":68,"y":75,"width":49,"height":9}},{"id":"b367e0ae-ecf8-4add-9554-ba8f57ee9263","block_type":"box","text":"Currency Futures.","page_number":74,"box":{"x":102,"y":98,"width":123,"height":11}},{"id":"e4a1728b-ae40-489d-b150-217511c5131f","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":74,"box":{"x":232,"y":98,"width":654,"height":11}},{"id":"23ee8c75-6609-40f1-97f9-f24cd2161a20","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":74,"box":{"x":68,"y":113,"width":782,"height":11}},{"id":"93fbea75-0bbb-4b72-ad41-e7a444a6ccf4","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":74,"box":{"x":69,"y":128,"width":774,"height":11}},{"id":"53be5917-0ca2-402b-9af0-dc6e48b0ca0d","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":74,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"684bf623-84ae-4091-9130-0b4338456ce7","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":74,"box":{"x":69,"y":158,"width":269,"height":9}},{"id":"7c997e74-c392-4b59-adb1-8c5e145a3049","block_type":"box","text":"Currency Options.","page_number":74,"box":{"x":102,"y":181,"width":125,"height":11}},{"id":"9d66b561-628c-4d0e-af93-d2fbb70a44ee","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":74,"box":{"x":233,"y":181,"width":654,"height":11}},{"id":"620d97f8-afbc-454e-bc3a-fa8ae4a6435f","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":74,"box":{"x":68,"y":196,"width":776,"height":11}},{"id":"9fbe89c4-11a0-434f-a80f-be5d0665df8d","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":74,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"42887e45-f780-4348-9d05-e4d5d743168f","block_type":"box","text":"securities. For example, in consideration for an option premium the writer of a currency option is obligated to sell (in","page_number":74,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"8e9d08d5-4031-4936-9087-f03a20a00a6c","block_type":"box","text":"the case of a call option) or purchase (in the case of a put option) a specified amount of a specified currency on or","page_number":74,"box":{"x":68,"y":241,"width":820,"height":11}},{"id":"e436c82c-be8f-407f-9702-f258eae60b1f","block_type":"box","text":"before the expiration date for a specified amount of another currency. A Fund may engage in transactions in options","page_number":74,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"6ada0e51-fda1-4faa-bd52-ca09ba1aa2ef","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":74,"box":{"x":69,"y":272,"width":790,"height":11}},{"id":"ab145ef3-7981-40fb-8906-ed9c123f7598","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":74,"box":{"x":69,"y":286,"width":813,"height":12}},{"id":"3762a122-05e9-4a59-944f-e07c1d6ca205","block_type":"box","text":"structures and/or expirations. Where a Fund is permitted to write currency options, it may write covered call options","page_number":74,"box":{"x":69,"y":302,"width":826,"height":11}},{"id":"905eb718-f0b3-4bbc-9c5b-84e59c56696e","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":74,"box":{"x":69,"y":317,"width":776,"height":11}},{"id":"eec108b6-8288-4eee-a7c2-9f6fb59932ec","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":74,"box":{"x":69,"y":332,"width":483,"height":11}},{"id":"fd654f60-883a-421a-b5eb-b13a03824dc6","block_type":"box","text":"Currency Swaps.","page_number":74,"box":{"x":102,"y":355,"width":117,"height":11}},{"id":"7f23deb0-4634-4f35-9f53-b176dd29e4d6","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":74,"box":{"x":225,"y":355,"width":652,"height":11}},{"id":"97922be6-9334-424b-9efd-1923d06e8bbb","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":74,"box":{"x":69,"y":370,"width":799,"height":11}},{"id":"6f2a82b6-eb73-47ae-99ba-be79779c8279","block_type":"box","text":"second currency on a spot basis and sold for the second currency on a forward basis. Currency swaps involve the","page_number":74,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"178ae835-7bda-4132-b28e-fb82f4bb5d17","block_type":"box","text":"exchange of the rights of a Fund and another par ty to make or receive payments in specified currencies, and typically","page_number":74,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"bd5fdb57-549f-43ef-9831-314efd8167dd","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":74,"box":{"x":69,"y":415,"width":800,"height":11}},{"id":"dbd8e9d8-2493-478c-8a22-48f856fb8ab3","block_type":"box","text":"currency. As a result, the entire principal value of a currency swap is subject to the risk that the other par ty to the","page_number":74,"box":{"x":69,"y":430,"width":810,"height":11}},{"id":"672ccdc7-21f1-4f3b-b029-938cfd9cba34","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":74,"box":{"x":69,"y":445,"width":393,"height":12}},{"id":"25599c64-0c67-4bad-91e8-49cb734f2610","block_type":"box","text":"Distressed Securities.","page_number":74,"box":{"x":102,"y":468,"width":159,"height":9}},{"id":"c6980cab-44cc-4857-81f0-081740f9282a","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":74,"box":{"x":267,"y":468,"width":633,"height":11}},{"id":"53b914bc-93dc-4572-97eb-32c8b58affce","block_type":"box","text":"are the subject of bankruptcy proceedings or otherwise in default or in risk of being in default as to the repayment of","page_number":74,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"31269935-67c7-4b93-94d9-25114ece296d","block_type":"box","text":"principal and/or interest at the time of acquisition by the Fund or that are rated in the lower rating categories by one","page_number":74,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"3345aa24-0884-4793-a9d1-fb70548f4570","block_type":"box","text":"or more nationally recognized statistical rating organizations (for example, Ca or lower by Moody’s and CC or lower by","page_number":74,"box":{"x":69,"y":513,"width":835,"height":12}},{"id":"8688c939-fb5d-489a-a213-d3089c33a0d8","block_type":"box","text":"S&P or Fitch) or, if unrated, are in the judgment of the Manager of equivalent quality (“Distressed Securities”).","page_number":74,"box":{"x":69,"y":528,"width":784,"height":12}},{"id":"b87b81ee-0d24-4023-abe9-80ba449471af","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":74,"box":{"x":70,"y":543,"width":569,"height":12}},{"id":"765e7592-22ba-44e6-999a-291435bbff53","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":74,"box":{"x":101,"y":566,"width":766,"height":11}},{"id":"f299ee70-09ef-44ae-8f7f-02c168ccdc44","block_type":"box","text":"issuer of the Distressed Securities will make an exchange offer or will be the subject of a plan of reorganization","page_number":74,"box":{"x":70,"y":581,"width":795,"height":12}},{"id":"53a17a09-9be6-4fab-a899-c2f00b3b78f8","block_type":"box","text":"pursuant to which the Fund will receive new securities in return for the Distressed Securities. However, there can be","page_number":74,"box":{"x":70,"y":596,"width":826,"height":11}},{"id":"a1fa8280-8cb4-459e-8278-da6f592381e5","block_type":"box","text":"no assurance that such an exchange offer will be made or that such a plan of reorganization will be adopted. In","page_number":74,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"1552f39c-b30a-4097-9f63-6982b90ed016","block_type":"box","text":"addition, a significant period of time may pass between the time at which a Fund makes its investment in Distressed","page_number":74,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"7e06998e-49b3-42a3-888b-3f7847436243","block_type":"box","text":"Securities and the time that any such exchange offer or plan of reorganization is completed. During this period, it is","page_number":74,"box":{"x":69,"y":642,"width":824,"height":11}},{"id":"fb6a0017-9aa4-4b77-bb31-ba05e0931a40","block_type":"box","text":"unlikely that a Fund will receive any interest payments on the Distressed Securities, the Fund will be subject to","page_number":74,"box":{"x":69,"y":657,"width":789,"height":11}},{"id":"2b8304fe-b146-4942-a88d-4db438018fc7","block_type":"box","text":"significant uncer tainty as to whether or not the exchange offer or plan of reorganization will be completed and the","page_number":74,"box":{"x":69,"y":672,"width":810,"height":11}},{"id":"9fa9a5db-60c7-4960-ad3c-d079640f485c","block_type":"box","text":"Fund may be required to bear cer tain extraordinary expenses to protect and recover its investment. Therefore, to the","page_number":74,"box":{"x":70,"y":687,"width":831,"height":11}},{"id":"3fc16521-1060-439f-aa85-a7fa3c4b7485","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":74,"box":{"x":69,"y":703,"width":826,"height":11}},{"id":"3b15a16c-80fa-4177-9624-080f065523af","block_type":"box","text":"current income for its shareholders may be diminished. The Fund also will be subject to significant uncer tainty as to","page_number":74,"box":{"x":69,"y":717,"width":827,"height":12}},{"id":"cef30bc8-4c77-4071-aa0d-2aa5fb1eefe8","block_type":"box","text":"when and in what manner and for what value the obligations evidenced by the distressed securities will eventually be","page_number":74,"box":{"x":68,"y":732,"width":834,"height":12}},{"id":"508cb786-cf51-4740-a573-5c0d0291f01e","block_type":"box","text":"satisfied (","page_number":74,"box":{"x":69,"y":748,"width":70,"height":11}},{"id":"c84a503e-2f19-494b-9d84-2a2e1c6937d1","block_type":"box","text":"e.g.","page_number":74,"box":{"x":140,"y":749,"width":25,"height":10}},{"id":"edec9c5d-1f96-45d4-91c1-55af04a5293a","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":74,"box":{"x":168,"y":748,"width":729,"height":11}},{"id":"c22d8940-b322-490f-a6d9-4539caf5cc0f","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":74,"box":{"x":69,"y":763,"width":807,"height":11}},{"id":"c8c7eb3a-de15-4260-972d-cdbb7bd93326","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":74,"box":{"x":69,"y":778,"width":797,"height":11}},{"id":"c41bbc07-747b-48a7-805e-b769aa4ed60f","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":74,"box":{"x":69,"y":793,"width":816,"height":11}},{"id":"087d70ba-4c42-4565-b395-df5469ada1c2","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":74,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"fac5163a-5bf9-49c0-8ff3-f5e2586eff89","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":74,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"68941b6d-c8c0-416e-9cb6-613cb9dec0ad","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":74,"box":{"x":69,"y":838,"width":800,"height":12}},{"id":"4eb877c2-bd8f-4074-9bec-57d7d4a0238a","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":74,"box":{"x":69,"y":853,"width":770,"height":12}},{"id":"4d11720d-c833-4cba-96eb-98d5e63701bd","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":74,"box":{"x":69,"y":869,"width":809,"height":11}},{"id":"51545e23-5999-403d-bf8b-20811e07a92b","block_type":"box","text":"II-26","page_number":74,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e014da19-f3f1-49cb-93c8-812a69e19ac2","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":74,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61970158-dbdf-4b67-9227-ddbe6d0010fa","block_type":"box","text":"Fund may have a more active par ticipation in the affairs of the issuer than that assumed generally by an investor. The","page_number":75,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"43d5c157-8173-42ea-8bb4-1322a911ba79","block_type":"box","text":"Fund, however, will not make investments for the purpose of exercising day-to-day management of any issuer’s","page_number":75,"box":{"x":70,"y":60,"width":787,"height":11}},{"id":"4864f56b-7a82-4369-9787-94aed506906f","block_type":"box","text":"affairs.","page_number":75,"box":{"x":69,"y":75,"width":49,"height":9}},{"id":"7c1791d2-20be-4fa9-a7d3-01597f50b0e4","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":75,"box":{"x":102,"y":98,"width":428,"height":11}},{"id":"a643b87d-9c3e-4e34-b536-195be6aaf70a","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":75,"box":{"x":531,"y":98,"width":341,"height":11}},{"id":"9db5358b-6537-47e0-897a-24be037683de","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":75,"box":{"x":69,"y":113,"width":785,"height":11}},{"id":"62f8697a-420c-4afb-ba46-55e9f0c55593","block_type":"box","text":"consider ESG factors as par t of the investment process for the Fund. Fund management views ESG integration as the","page_number":75,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"f1e5adb8-5c54-4a80-9a97-e0f626ae5f27","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":75,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"56e3a8a7-8321-4d5d-955d-52eda71c0ac2","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":75,"box":{"x":69,"y":158,"width":806,"height":11}},{"id":"49451d0a-c508-4284-9884-14de3b62ec8e","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":75,"box":{"x":69,"y":173,"width":812,"height":11}},{"id":"b93c7e2e-afe3-496a-acf8-787693ff376b","block_type":"box","text":"research across the ESG risks and oppor tunities regarding an issuer. The ESG characteristics utilized in a Fund’s","page_number":75,"box":{"x":69,"y":188,"width":807,"height":12}},{"id":"ec6b053e-2213-499b-9bbe-c39194c35809","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":75,"box":{"x":70,"y":204,"width":800,"height":11}},{"id":"15a91d00-89fd-4dae-9b5c-caa09cd06e89","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":75,"box":{"x":69,"y":218,"width":377,"height":12}},{"id":"be0c149e-139c-4d2b-ad69-ffc3a56f93d2","block_type":"box","text":"Cer tain of these considerations may affect a Fund’s exposure to cer tain companies or industries. While Fund","page_number":75,"box":{"x":102,"y":241,"width":778,"height":11}},{"id":"bd335c5c-050f-42a9-8c18-be63aebafb1c","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":75,"box":{"x":69,"y":256,"width":800,"height":12}},{"id":"c3a97269-e8d9-4247-a4ed-90e926415354","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":75,"box":{"x":68,"y":272,"width":400,"height":11}},{"id":"3899f112-f432-44b2-ab8e-1fb747af7d7d","block_type":"box","text":"Equity Securities.","page_number":75,"box":{"x":102,"y":294,"width":127,"height":11}},{"id":"c1e73820-576b-4b79-a39e-17aafe4d2729","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":75,"box":{"x":235,"y":294,"width":648,"height":11}},{"id":"4e34b0b9-9634-403a-9112-5edc131ea899","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":75,"box":{"x":70,"y":309,"width":802,"height":11}},{"id":"479e7cf6-bfe8-404b-a481-d26f2d0cd461","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":75,"box":{"x":70,"y":324,"width":817,"height":12}},{"id":"4f23e1f3-d5fb-4d0f-b983-7abe85da4e05","block_type":"box","text":"markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a por tfolio","page_number":75,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"7992c541-08aa-420f-b0be-d2823ca3bd81","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":75,"box":{"x":70,"y":355,"width":813,"height":11}},{"id":"c25c6047-a882-4e01-b22e-c98aec32edda","block_type":"box","text":"and overall market and economic conditions. The value of equity securities purchased by the Fund could decline if the","page_number":75,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"cbd23a49-cb12-4d95-b7de-2cb33d611926","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":75,"box":{"x":68,"y":385,"width":775,"height":11}},{"id":"2dec38fb-e737-4fb5-8259-437448c91586","block_type":"box","text":"deteriorate. They may also decline due to factors that affect a par ticular industry or industries, such as labor","page_number":75,"box":{"x":69,"y":400,"width":777,"height":11}},{"id":"06092d28-6746-4c86-ae9f-07b5c4a560f9","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":75,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"7048b889-f200-400b-8795-aaaa32e3c642","block_type":"box","text":"due to general market conditions that are not specifically related to a company or industry, such as real or perceived","page_number":75,"box":{"x":69,"y":430,"width":831,"height":11}},{"id":"3483c171-c3f7-4907-b010-8eef2bc163e9","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":75,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"038e58bc-20eb-4644-8f97-b13793cfa9c5","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":75,"box":{"x":69,"y":461,"width":325,"height":11}},{"id":"70d1f829-8946-4385-be32-d0f3f6ce4148","block_type":"box","text":"From time to time cer tain of the Funds may invest in shares of companies through initial public offerings","page_number":75,"box":{"x":102,"y":483,"width":745,"height":11}},{"id":"a4967660-cde6-4cfc-8e28-6fd8c73d45af","block_type":"box","text":"(“IPOs”). IPOs have the potential to produce, and have in fact produced, substantial gains for cer tain Funds. There is","page_number":75,"box":{"x":69,"y":498,"width":833,"height":11}},{"id":"11ce9cc0-03bc-433e-aa3c-1b316df31a4f","block_type":"box","text":"no assurance that any Fund will have continued access to profitable IPOs and therefore investors should not rely on","page_number":75,"box":{"x":69,"y":513,"width":824,"height":11}},{"id":"5ce20b33-9a4f-4edf-b064-919edebec95c","block_type":"box","text":"these past gains as an indication of future per formance. The investment per formance of a Fund during periods when","page_number":75,"box":{"x":68,"y":528,"width":834,"height":12}},{"id":"cb754423-a537-4218-adea-474448c28389","block_type":"box","text":"it is unable to invest significantly or at all in IPOs may be lower than during periods when it is able to do so. In","page_number":75,"box":{"x":70,"y":543,"width":782,"height":12}},{"id":"545477f7-f7e1-4512-83f9-270a5af45925","block_type":"box","text":"addition, as a Fund increases in size, the impact of IPOs on its per formance will generally decrease. Securities","page_number":75,"box":{"x":69,"y":559,"width":790,"height":11}},{"id":"faaf0b4f-2e2f-4f98-8a80-a9389d4b3956","block_type":"box","text":"issued in IPOs are subject to many of the same risks as investing in companies with smaller market capitalizations.","page_number":75,"box":{"x":70,"y":574,"width":823,"height":11}},{"id":"012ecd81-79d0-468c-a906-52a12c14b438","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":75,"box":{"x":69,"y":589,"width":805,"height":11}},{"id":"03eee159-a083-4d37-9d54-5b5315a94d87","block_type":"box","text":"limited periods. In addition, the prices of securities sold in IPOs may be highly volatile or may decline shor tly after the","page_number":75,"box":{"x":70,"y":604,"width":836,"height":11}},{"id":"8da24288-911d-4fbb-a952-00ba6de8c516","block_type":"box","text":"initial public offering.","page_number":75,"box":{"x":70,"y":619,"width":147,"height":11}},{"id":"8a828294-be9d-4c3a-a2c8-b7cea0459f61","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":75,"box":{"x":101,"y":642,"width":777,"height":11}},{"id":"b53a6ace-1f48-4c4a-a5d8-5f9dede412f8","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":75,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"5a320ac2-c20c-421d-9ef8-262e824853b9","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":75,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"ae904d81-7994-490f-a347-77311708bb77","block_type":"box","text":"companies, which tend to be less well known, have shor ter operating histories, do not have significant ownership by","page_number":75,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"ee23c37d-42ac-45f3-a6fb-21bc8c3d43ed","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":75,"box":{"x":70,"y":702,"width":831,"height":12}},{"id":"7de168bb-a8b8-4411-bf6e-2488b002461a","block_type":"box","text":"are often traded in the OTC markets and may have fewer market makers and wider price spreads. This may result in","page_number":75,"box":{"x":69,"y":717,"width":826,"height":12}},{"id":"2f1bcf81-ebca-4fcd-9aab-990a22639b5e","block_type":"box","text":"greater price movements and less ability to sell a Fund’s investment than if the Fund held the securities of larger,","page_number":75,"box":{"x":68,"y":732,"width":810,"height":12}},{"id":"b0fc0174-5e8d-446d-8874-447271ae6713","block_type":"box","text":"more established companies.","page_number":75,"box":{"x":69,"y":748,"width":209,"height":11}},{"id":"c9e7bfce-8bbf-4abf-9c74-09cc4975c9a0","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":75,"box":{"x":102,"y":770,"width":776,"height":11}},{"id":"63e0c79c-c238-4097-bf00-56f4957571ba","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":75,"box":{"x":70,"y":785,"width":810,"height":12}},{"id":"efae2397-de9c-456d-b190-3c27bcaee89c","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":75,"box":{"x":70,"y":801,"width":799,"height":11}},{"id":"9a9e19fb-5c2d-426d-84e0-ab997ea18e9b","block_type":"box","text":"below.","page_number":75,"box":{"x":69,"y":816,"width":43,"height":9}},{"id":"b85c24c6-62fe-4360-92a6-51c1555b745f","block_type":"box","text":"Real Estate-Related Securities.","page_number":75,"box":{"x":102,"y":838,"width":219,"height":9}},{"id":"677c113f-ee34-48fa-99bc-43338014c079","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":75,"box":{"x":327,"y":839,"width":565,"height":11}},{"id":"1bd85526-0bb5-4561-8116-6ac6ed11103d","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":75,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"43d9d7e9-f852-4302-b8a0-ecf758d40260","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":75,"box":{"x":69,"y":869,"width":814,"height":11}},{"id":"b96bb844-aa44-41d4-ad73-8adde1e7222c","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":75,"box":{"x":70,"y":884,"width":796,"height":11}},{"id":"43631c89-29d3-41e6-91d4-83ce1fbb4d95","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":75,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"db284b6f-cf42-4dc2-bc8c-71fd3269b492","block_type":"box","text":"II-27","page_number":75,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"06cd545a-d8e5-4cee-a46e-55946664ce48","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":75,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e004dc5a-88f0-467d-8b02-b392e680a564","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":76,"box":{"x":69,"y":45,"width":795,"height":11}},{"id":"4b95a50e-e361-4e13-bd76-e9ebab5e1661","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":76,"box":{"x":68,"y":60,"width":828,"height":11}},{"id":"159c8073-c365-4d0b-b863-4fe2d917ba77","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":76,"box":{"x":69,"y":75,"width":794,"height":11}},{"id":"ddc68983-1a72-4070-aa97-7620d09660c8","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":76,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"06c26926-7350-402c-8edd-9dd50fafe2ce","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":76,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"1a9f7f51-f0d4-49fc-a678-95788ec0b827","block_type":"box","text":"rents; investment in developments that are not completed or that are subject to delays in completion; and changes in","page_number":76,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"09a609df-f68c-41fd-9f15-6a71bdd54a15","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":76,"box":{"x":70,"y":136,"width":838,"height":11}},{"id":"4a488411-f9c5-4fdb-a727-5d7594aac2c0","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":76,"box":{"x":68,"y":150,"width":785,"height":12}},{"id":"3801d28e-54c5-4a7f-b652-0b1935cba422","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":76,"box":{"x":70,"y":166,"width":836,"height":11}},{"id":"34927ce6-3bd3-4a7f-9bff-92d7622e1fbc","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":76,"box":{"x":68,"y":181,"width":381,"height":11}},{"id":"0dd7d20e-b053-4a83-a78a-fa2d012a50fe","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":76,"box":{"x":102,"y":203,"width":797,"height":12}},{"id":"8bf6d9b9-2da6-4c0d-a796-b6574cc74ef6","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":76,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"4f9b60cf-6f5c-4d0e-8a1b-ac876256923b","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":76,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"d1f46007-480a-418b-bfea-b52e64bd1dce","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":76,"box":{"x":69,"y":249,"width":730,"height":11}},{"id":"00e9a7d3-02c7-4a6b-8835-fb71ae9a376e","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":76,"box":{"x":102,"y":271,"width":381,"height":12}},{"id":"c1fee116-29b7-4ff4-9210-80719817cc2c","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":76,"box":{"x":490,"y":272,"width":376,"height":11}},{"id":"880b5d5e-9a82-40b5-b7fe-76c1f254365e","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":76,"box":{"x":70,"y":287,"width":828,"height":11}},{"id":"b8156ea6-d99e-4473-b5ed-8fbca938506a","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":76,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"f39ac295-c330-425d-bc49-e19f1548c95e","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":76,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"55cb891e-4739-4562-ba87-e6d06d98dea5","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":76,"box":{"x":69,"y":332,"width":647,"height":11}},{"id":"6baab8a7-06b9-4f8c-93ca-a39cac255d7b","block_type":"box","text":"While smaller or emerging growth company issuers may offer greater oppor tunities for capital appreciation than","page_number":76,"box":{"x":101,"y":355,"width":795,"height":11}},{"id":"c27d06e4-66a4-40b7-959d-f05722685d01","block_type":"box","text":"large cap issuers, investments in smaller or emerging growth companies may involve greater risks and thus may be","page_number":76,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"8a24bbc4-5a17-40ed-bc78-b57d30f4e0b4","block_type":"box","text":"considered speculative. Fund management believes that properly selected companies of this type have the potential","page_number":76,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"ed80aeaa-3cca-4c62-a568-545da8f55ba5","block_type":"box","text":"to increase their earnings or market valuation at a rate substantially in excess of the general growth of the economy.","page_number":76,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"bdd2ade9-59ab-4d1b-9b6f-68855617eb16","block_type":"box","text":"Full development of these companies and trends frequently takes time.","page_number":76,"box":{"x":70,"y":415,"width":506,"height":11}},{"id":"a255dbdf-cb3e-4d0b-a253-c61e6f5a8cae","block_type":"box","text":"Small cap and emerging growth securities will often be traded only in the OTC market or on a regional securities","page_number":76,"box":{"x":102,"y":438,"width":797,"height":11}},{"id":"de1a47a9-3ae9-489a-acdb-88c347962bca","block_type":"box","text":"exchange and may not be traded every day or in the volume typical of trading on a national securities exchange. As a","page_number":76,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"41624f98-c0b1-4acf-8037-6b05146a494f","block_type":"box","text":"result, the disposition by a Fund of por tfolio securities to meet redemptions or otherwise may require the Fund to","page_number":76,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"3f083fcf-5895-492c-aa85-e553c592566d","block_type":"box","text":"make many small sales over a lengthy period of time, or to sell these securities at a discount from market prices or","page_number":76,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"9ed0ef18-f18a-4c9b-8adb-7397ec0ffdfb","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":76,"box":{"x":69,"y":498,"width":631,"height":11}},{"id":"04ceb0ee-7d3c-41d2-ae7e-80d4c2c3c1be","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not, of course, guarantee","page_number":76,"box":{"x":101,"y":521,"width":759,"height":11}},{"id":"fb3d75b9-5a12-491d-be47-7e9c36a24791","block_type":"box","text":"successful investment results; however, it does provide access to an asset class not available to the average","page_number":76,"box":{"x":69,"y":536,"width":781,"height":11}},{"id":"26612c87-88f7-4670-8ee5-f9035d460195","block_type":"box","text":"individual due to the time and cost involved. Careful initial selection is par ticularly impor tant in this area as many","page_number":76,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"a0c730e4-1eec-4964-aecc-f919424e1934","block_type":"box","text":"new enterprises have promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small","page_number":76,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"1e4294a8-ce5c-4587-83cd-a327a0a5c187","block_type":"box","text":"cap and emerging growth companies requires specialized research and analysis. In addition, many investors cannot","page_number":76,"box":{"x":69,"y":582,"width":825,"height":11}},{"id":"50001f4f-cdcb-4102-b04e-852db60ab200","block_type":"box","text":"invest sufficient assets in such companies to provide wide diversification.","page_number":76,"box":{"x":70,"y":596,"width":524,"height":11}},{"id":"dd45b66e-ff73-4fa2-b169-b9e14f6951f3","block_type":"box","text":"Small companies are generally little known to most individual investors although some may be dominant in their","page_number":76,"box":{"x":102,"y":619,"width":798,"height":11}},{"id":"8fedf945-bf84-47ca-a436-1da99f113e17","block_type":"box","text":"respective industries. Fund management believes that relatively small companies will continue to have the","page_number":76,"box":{"x":69,"y":634,"width":757,"height":12}},{"id":"6a2a6e63-d233-418e-8f42-dcd969eb7436","block_type":"box","text":"oppor tunity to develop into significant business enterprises. A Fund may invest in securities of small issuers in the","page_number":76,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"19f8cf7a-673b-4db9-abd8-f354c9aadbb2","block_type":"box","text":"relatively early stages of business development that have a new technology, a unique or proprietary product or","page_number":76,"box":{"x":69,"y":664,"width":786,"height":12}},{"id":"4ee249ff-d5c9-4dbe-9bac-6df69135a42a","block_type":"box","text":"service, or a favorable market position. Such companies may not be counted upon to develop into major industrial","page_number":76,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"f7e70d32-77d1-4d58-8700-c48da68c680c","block_type":"box","text":"companies, but Fund management believes that eventual recognition of their special value characteristics by the","page_number":76,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"0fc2adea-4108-4a1b-9cbe-8b3842b6b714","block_type":"box","text":"investment community can provide above-average long-term growth to the por tfolio.","page_number":76,"box":{"x":70,"y":710,"width":590,"height":11}},{"id":"b41a0fe2-1078-4d43-bb66-d6178f35f372","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":76,"box":{"x":102,"y":732,"width":729,"height":12}},{"id":"37b5e2ed-11a3-4e85-a567-e759b4f16d84","block_type":"box","text":"appreciation during varying por tions of economic or securities market cycles, as well as during varying stages of their","page_number":76,"box":{"x":69,"y":748,"width":837,"height":11}},{"id":"a250db32-fdae-4137-ba90-8c74c3d0d491","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":76,"box":{"x":69,"y":763,"width":794,"height":11}},{"id":"c865f608-8be7-4713-b10a-365dd96827b8","block_type":"box","text":"cycles, presenting attractive investment oppor tunities at various points during these cycles.","page_number":76,"box":{"x":69,"y":778,"width":652,"height":11}},{"id":"9eeab107-10cf-494c-b6fb-18ad11de5225","block_type":"box","text":"Smaller companies, due to the size and kinds of markets that they serve, may be less susceptible than large","page_number":76,"box":{"x":102,"y":801,"width":778,"height":11}},{"id":"c49e53cd-4fea-4215-81c3-3bc26d98ced3","block_type":"box","text":"companies to intervention from the Federal government by means of price controls, regulations or litigation.","page_number":76,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"a26e28fe-3b62-4dfb-9594-bec08278aea6","block_type":"box","text":"Tracking Stocks","page_number":76,"box":{"x":103,"y":838,"width":110,"height":12}},{"id":"946ff5a5-58c8-4f4e-a1aa-2becee23d9ef","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":76,"box":{"x":214,"y":838,"width":640,"height":12}},{"id":"06a26b71-a03a-4fff-bb6c-f97d1df55424","block_type":"box","text":"business unit or operating division within a larger company and is designed to “track” the per formance of such","page_number":76,"box":{"x":69,"y":853,"width":791,"height":12}},{"id":"6db80e06-0e2c-47ac-82c2-1dff90d5ebb0","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":76,"box":{"x":69,"y":869,"width":826,"height":11}},{"id":"05f9763d-cf3f-4737-8cae-9f2b2982cb6c","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":76,"box":{"x":68,"y":884,"width":801,"height":11}},{"id":"6380eed5-6ff3-4f1f-ae5e-e220760f14ba","block_type":"box","text":"holders of the tracking stock may not have the same rights as holders of the company’s common stock.","page_number":76,"box":{"x":69,"y":899,"width":740,"height":11}},{"id":"7b9cb6ca-7677-431e-a090-a478d651ed1a","block_type":"box","text":"II-28","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2a0b4e27-35e1-4420-a5ee-0b197869bcae","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f32364e2-4c02-4199-a4fc-db1ae638f2c7","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":77,"box":{"x":102,"y":45,"width":245,"height":11}},{"id":"c9e276eb-c2c9-4d1b-83a3-266f8899f12b","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":77,"box":{"x":354,"y":45,"width":521,"height":11}},{"id":"b0076b8a-a0d8-4f69-9794-b65cd19af770","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine both aspects of bonds and ETFs. An ETN’s returns","page_number":77,"box":{"x":69,"y":60,"width":814,"height":11}},{"id":"8d592b33-186d-44ae-8b12-6556424cc14b","block_type":"box","text":"are based on the per formance of one or more underlying assets, reference rates or indexes, minus fees and","page_number":77,"box":{"x":69,"y":75,"width":774,"height":11}},{"id":"eb3f4d7a-f810-4889-84fd-9f0f53341575","block_type":"box","text":"expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an","page_number":77,"box":{"x":69,"y":90,"width":822,"height":11}},{"id":"61ccc148-3e16-4ac9-9085-cf49c546785d","block_type":"box","text":"ETF, an ETN can be held until the ETN’s maturity, at which time the issuer will pay a return linked to the per formance","page_number":77,"box":{"x":70,"y":105,"width":831,"height":11}},{"id":"af42ffa0-5811-46a2-928f-964439c01f1a","block_type":"box","text":"of the specific asset, index or rate (“reference instrument”) to which the ETN is linked minus cer tain fees. Unlike","page_number":77,"box":{"x":69,"y":120,"width":805,"height":11}},{"id":"053f8dd0-fcf9-4931-9f58-acecd5ab9095","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":77,"box":{"x":69,"y":136,"width":654,"height":11}},{"id":"14b569f9-2e8b-4dc7-a467-2d68e4b77547","block_type":"box","text":"The value of an ETN may be influenced by, among other things, time to maturity, level of supply and demand for","page_number":77,"box":{"x":101,"y":158,"width":794,"height":11}},{"id":"a79b3d05-e269-4c52-8418-7432435cf597","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":77,"box":{"x":68,"y":173,"width":748,"height":11}},{"id":"db3a7570-2512-4858-961c-67dae32b5e70","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":77,"box":{"x":70,"y":188,"width":789,"height":12}},{"id":"88174556-fd7e-4a1a-9cff-40af54568c3a","block_type":"box","text":"geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not","page_number":77,"box":{"x":68,"y":203,"width":783,"height":12}},{"id":"9513e7a4-608d-496f-9f11-66019d831bfc","block_type":"box","text":"replicate the per formance of the reference instrument. ETNs also incur cer tain expenses not incurred by their","page_number":77,"box":{"x":69,"y":218,"width":783,"height":12}},{"id":"3a9e5884-0641-43f1-ad5c-14fc3b63fee3","block_type":"box","text":"applicable reference instrument. Some ETNs that use leverage may, at times, be illiquid and may be difficult to","page_number":77,"box":{"x":69,"y":234,"width":791,"height":11}},{"id":"2bb5bcc1-286d-4274-aec6-4f2ef3117844","block_type":"box","text":"purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in","page_number":77,"box":{"x":70,"y":249,"width":825,"height":11}},{"id":"57b5b361-6295-4e52-a84a-df9c1ca81c99","block_type":"box","text":"any form. While leverage allows for greater potential return, the potential for loss is also greater. Finally, additional","page_number":77,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"cb1402e7-52c9-4035-967f-d2942b2edd26","block_type":"box","text":"losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the","page_number":77,"box":{"x":70,"y":279,"width":820,"height":11}},{"id":"e73e2630-e229-4080-b46c-3d0b05ce322c","block_type":"box","text":"loan still needs to be repaid.","page_number":77,"box":{"x":70,"y":294,"width":202,"height":11}},{"id":"32a24fe2-216c-47db-b1ad-cc09dd313110","block_type":"box","text":"Because the return on the ETN is dependent on the issuer’s ability or willingness to meet its obligations, the","page_number":77,"box":{"x":102,"y":317,"width":774,"height":11}},{"id":"98f3761d-34cb-422c-ab84-ee23a2753cb1","block_type":"box","text":"value of the ETN may change due to a change in the issuer’s credit rating, despite no change in the underlying","page_number":77,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"0d7c03da-84ef-45f7-aa61-1246975eaf4f","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":77,"box":{"x":69,"y":347,"width":810,"height":11}},{"id":"4c3f6698-5ae6-48f7-aa41-7c632553b5cb","block_type":"box","text":"difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in","page_number":77,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"17a993d8-856d-43a2-a0c5-db1832ca0234","block_type":"box","text":"time is not always identical to the supply and demand in the market for the assets underlying the reference","page_number":77,"box":{"x":68,"y":377,"width":766,"height":12}},{"id":"963c7db2-f967-4b4f-b0f2-9c809f33c52d","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":77,"box":{"x":70,"y":393,"width":279,"height":8}},{"id":"b072627b-62a6-430a-a380-734a5ca470b7","block_type":"box","text":"There may be restrictions on the Fund’s right to redeem its investment in an ETN, which are generally meant to","page_number":77,"box":{"x":101,"y":415,"width":791,"height":11}},{"id":"938bcce8-cff5-4032-bcca-476ba42907d6","block_type":"box","text":"be held until maturity. The Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary","page_number":77,"box":{"x":69,"y":430,"width":818,"height":11}},{"id":"e10846e1-958f-43dc-ac29-90cc24384d97","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":77,"box":{"x":69,"y":445,"width":547,"height":9}},{"id":"f289e588-7e5e-4e30-8ed3-3d6db9e04b59","block_type":"box","text":"Foreign Investments.","page_number":77,"box":{"x":102,"y":468,"width":152,"height":11}},{"id":"b37804ea-e035-40fa-a618-0cd309a2752c","block_type":"box","text":"Foreign Investment Risks.","page_number":77,"box":{"x":102,"y":491,"width":182,"height":11}},{"id":"0b1884b1-fb06-401a-a36d-6c4462287045","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":77,"box":{"x":291,"y":491,"width":567,"height":11}},{"id":"e16d0677-b245-461d-a960-0910d2edd437","block_type":"box","text":"located in emerging market countries. These securities may be denominated in U.S. dollars or in a foreign currency.","page_number":77,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"5a65f228-d2ec-4ad1-abcc-9c7c46c5ad10","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":77,"box":{"x":70,"y":521,"width":774,"height":11}},{"id":"1d0f56db-9b8c-4fc0-8e8b-4c6754459fb6","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":77,"box":{"x":69,"y":536,"width":738,"height":11}},{"id":"0e29ca67-4535-49d0-a37d-e42b060f8ceb","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":77,"box":{"x":102,"y":559,"width":782,"height":11}},{"id":"532c222a-efd1-4ecd-bc86-f560343521d5","block_type":"box","text":"securities (but rather deemed to be U.S. securities) if (i) the company’s principal operations are conducted from the","page_number":77,"box":{"x":69,"y":574,"width":824,"height":11}},{"id":"071ac9f7-9b7f-4b15-bad8-2fb2e20b3be8","block_type":"box","text":"U.S., (ii) the company’s equity securities trade principally on a U.S. stock exchange, (iii) the company does a","page_number":77,"box":{"x":70,"y":589,"width":771,"height":11}},{"id":"e58545fa-e0d3-41ce-b31d-42289685fc17","block_type":"box","text":"substantial amount of business in the U.S. or (iv) the issuer of securities is included in the Fund’s primary U.S.","page_number":77,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"de2f07e3-b275-4c71-9ed2-8d4c3d4804a8","block_type":"box","text":"benchmark index.","page_number":77,"box":{"x":69,"y":619,"width":124,"height":9}},{"id":"ab6ca157-6423-45dc-8293-c049306047db","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":77,"box":{"x":102,"y":642,"width":767,"height":11}},{"id":"5d0002c5-6d3e-4df4-a9fb-28e0930c454b","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":77,"box":{"x":68,"y":657,"width":742,"height":11}},{"id":"445ceb1e-32cc-4304-b5ac-49348c691582","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":77,"box":{"x":69,"y":672,"width":818,"height":11}},{"id":"36bf91da-4be8-41f7-84e6-4060bd6e0483","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":77,"box":{"x":69,"y":687,"width":780,"height":11}},{"id":"254c609a-a6fa-44ca-8e48-2382b0cf66a3","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":77,"box":{"x":69,"y":702,"width":837,"height":12}},{"id":"5f346617-a780-41c2-8f5a-8eac2446751a","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":77,"box":{"x":69,"y":718,"width":794,"height":11}},{"id":"769d8ee6-eabf-4732-ab98-6813670ebfeb","block_type":"box","text":"securities and zero-coupon securities.","page_number":77,"box":{"x":69,"y":733,"width":268,"height":10}},{"id":"ae20814c-30ff-4e0b-9a9a-e0094aeff4ce","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":77,"box":{"x":102,"y":755,"width":785,"height":11}},{"id":"d816fe17-7d7f-4e39-9ba4-7dfcdbe6db3f","block_type":"box","text":"taxes.","page_number":77,"box":{"x":68,"y":771,"width":42,"height":8}},{"id":"d3f180d6-7446-43e5-a2ce-06d1b428f21b","block_type":"box","text":"To the extent that the underlying securities or other instruments held by a Fund trade on foreign exchanges or in","page_number":77,"box":{"x":101,"y":793,"width":798,"height":11}},{"id":"ff31ec69-4ba5-40fa-acd5-4a91270b5fab","block_type":"box","text":"foreign markets that are closed when the securities exchange on which the Fund’s shares trade is open, there are","page_number":77,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"a9c2baa4-7c38-437b-b2e6-2efe2cb5a86a","block_type":"box","text":"likely to be deviations between the current price of such an underlying security and the last quoted price for the","page_number":77,"box":{"x":70,"y":823,"width":792,"height":12}},{"id":"dbe7713f-c19d-4da3-9e74-310b2f81e2b8","block_type":"box","text":"underlying security (","page_number":77,"box":{"x":69,"y":839,"width":140,"height":11}},{"id":"66760047-3d9e-42c2-8612-564ed023edea","block_type":"box","text":"i.e.","page_number":77,"box":{"x":211,"y":839,"width":20,"height":8}},{"id":"1fc112ea-180f-449a-b39e-92090ba1a648","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":77,"box":{"x":234,"y":838,"width":675,"height":12}},{"id":"e35eba60-0edf-488f-a01a-a56949631510","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":77,"box":{"x":70,"y":853,"width":809,"height":12}},{"id":"da5f369b-ec44-46dd-9dbd-74658ca7d5ce","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":77,"box":{"x":68,"y":869,"width":800,"height":11}},{"id":"7a0e05d2-1675-437d-9770-77957af2e814","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":77,"box":{"x":69,"y":884,"width":815,"height":11}},{"id":"2a83a12f-81d2-474d-ab2b-355a4fd0e6e2","block_type":"box","text":"II-29","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"103acd02-fe4f-464c-827f-72fcc48b6967","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec171ffb-fc29-4a50-9ff9-c2aa8c73c30f","block_type":"box","text":"Foreign Market Risk.","page_number":78,"box":{"x":102,"y":45,"width":144,"height":11}},{"id":"dad5d6a9-7ed9-49ff-9bf3-95f08b2ab602","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":78,"box":{"x":254,"y":45,"width":652,"height":11}},{"id":"435f9c60-3779-4efc-96b5-f9e1ea9d182d","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":78,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"548ac918-a019-4241-8fce-5a66579c68a4","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":78,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"51c7aa38-e70b-44a8-bffc-c3fa90b1ff9c","block_type":"box","text":"risks not present in U.S. investments that can increase the chances that a Fund will lose money. In par ticular, a Fund","page_number":78,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"7e6f2caa-9ec8-4df9-b003-ee0a050d88f2","block_type":"box","text":"is subject to the risk that, because there are generally fewer investors on foreign exchanges and a smaller number of","page_number":78,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"c9df822f-c1de-417a-96e9-5da68246cbd0","block_type":"box","text":"shares traded each day, it may be difficult for the Fund to buy and sell securities on those exchanges. In addition,","page_number":78,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"ca5d0e44-e572-461e-996e-36bd2ef90b14","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":78,"box":{"x":70,"y":135,"width":820,"height":12}},{"id":"fb332435-83ee-4427-a605-fdb80e415373","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes. In","page_number":78,"box":{"x":68,"y":150,"width":829,"height":12}},{"id":"e316bb3d-f4bc-4e07-b86d-71f0e33e1544","block_type":"box","text":"addition, economic conditions, such as volatile currency exchange rates and interest rates, political events, military","page_number":78,"box":{"x":69,"y":166,"width":824,"height":11}},{"id":"fa2af304-9a51-4f33-8b23-a4e52e9276a8","block_type":"box","text":"action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the U.S.","page_number":78,"box":{"x":69,"y":181,"width":798,"height":11}},{"id":"7123de56-340b-4e7a-adad-7cd40ef85ffd","block_type":"box","text":"Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital controls","page_number":78,"box":{"x":69,"y":196,"width":836,"height":11}},{"id":"1d866fe3-0e77-42e6-92ac-0f693fb1b5cd","block_type":"box","text":"and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital controls","page_number":78,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"7db5ba26-2044-47a1-bbfc-31e690df0602","block_type":"box","text":"and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency, securities,","page_number":78,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"297200d0-a8b7-4d48-8970-2cf119542176","block_type":"box","text":"derivatives or other assets and may also include retaliatory actions of one government against another government,","page_number":78,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"678afc3a-5bc6-4438-bbdb-fd6ff8363af9","block_type":"box","text":"such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell, transfer,","page_number":78,"box":{"x":69,"y":256,"width":798,"height":11}},{"id":"87be18d5-63cb-4c6e-a22d-5a1457456f97","block_type":"box","text":"receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to transfer the","page_number":78,"box":{"x":69,"y":271,"width":804,"height":12}},{"id":"8bf4fb3a-9f17-4a27-89fa-058d7169aee4","block_type":"box","text":"Fund’s assets or income back into the United States, and could negatively impact the value and/or liquidity of such","page_number":78,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"5664c1c0-0431-407b-9c2e-fdcc8a8304df","block_type":"box","text":"assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other potential","page_number":78,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"c371d13b-3b52-4545-a6c0-15c27e21b3d1","block_type":"box","text":"foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign government","page_number":78,"box":{"x":68,"y":317,"width":792,"height":11}},{"id":"0f31ac5b-9175-4a5a-8d20-13c80d673dae","block_type":"box","text":"securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social conditions,","page_number":78,"box":{"x":69,"y":332,"width":806,"height":11}},{"id":"08c9bf58-060c-4f4f-8d05-b94eb86955b1","block_type":"box","text":"such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or assets, or","page_number":78,"box":{"x":69,"y":347,"width":808,"height":11}},{"id":"3065d93f-7a39-48bc-8574-e8827ba7df69","block_type":"box","text":"imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain foreign","page_number":78,"box":{"x":70,"y":362,"width":804,"height":11}},{"id":"064d19c2-209c-48fd-ab51-16b6f3243bf4","block_type":"box","text":"countries may be less extensive than those available to investors in the United States or other foreign countries. In","page_number":78,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"0900bca3-b565-4f81-b69d-c720da0d1dfd","block_type":"box","text":"addition, changes in government administrations or economic or monetary policies in the United States or abroad","page_number":78,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"beac5fb6-39a8-4600-a00e-289529a5c0cb","block_type":"box","text":"could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a Fund’s","page_number":78,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"b0667042-9ad8-469e-b4d8-a09bde144072","block_type":"box","text":"operations.","page_number":78,"box":{"x":69,"y":423,"width":78,"height":11}},{"id":"3504aeb7-5146-42de-a447-8fddcf457acc","block_type":"box","text":"Foreign Economy Risk.","page_number":78,"box":{"x":102,"y":446,"width":158,"height":11}},{"id":"7a61267d-c507-4ee9-a9a0-7c1424ff60d7","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":78,"box":{"x":267,"y":445,"width":636,"height":12}},{"id":"63467d80-27a2-4b42-b175-64bbeb4ccf6b","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":78,"box":{"x":70,"y":460,"width":812,"height":12}},{"id":"f3e85d38-7b46-48ef-92e5-c3171c178bd1","block_type":"box","text":"and balance of payments position. Cer tain such economies may rely heavily on par ticular industries or foreign capital","page_number":78,"box":{"x":69,"y":475,"width":835,"height":12}},{"id":"5bb429b1-500e-4cde-91d1-d4d4aecf20b1","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":78,"box":{"x":69,"y":491,"width":795,"height":11}},{"id":"e3fcd850-7c2b-4f5f-8828-787639c74a40","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":78,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"a2b7c137-063b-42e4-8883-29808600bd54","block_type":"box","text":"measures.","page_number":78,"box":{"x":69,"y":523,"width":74,"height":7}},{"id":"f698dd2f-8c3d-41ab-ab41-0d0ff33fa84d","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":78,"box":{"x":102,"y":544,"width":240,"height":11}},{"id":"22c0141c-0f9c-4385-992d-3500c372856c","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":78,"box":{"x":349,"y":543,"width":534,"height":12}},{"id":"e77875ee-3607-4a12-b377-353b87af2ffc","block_type":"box","text":"interest in foreign currencies, the value of a Fund that invests in foreign securities as measured in U.S. dollars will be","page_number":78,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"cf17a400-9e61-40d7-bf88-f934c171b842","block_type":"box","text":"affected favorably or unfavorably by changes in exchange rates. Generally, when the U.S. dollar rises in value against","page_number":78,"box":{"x":69,"y":574,"width":833,"height":11}},{"id":"06d02112-7b2a-46c1-944d-81b6ad7f4ccc","block_type":"box","text":"a foreign currency, a security denominated in that currency loses value because the currency is wor th fewer U.S.","page_number":78,"box":{"x":69,"y":589,"width":801,"height":11}},{"id":"a9acfa43-12d5-4c54-a8cd-9016b3b4e4cc","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":78,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"2aad7fec-491a-41c5-af76-8521a93f8f19","block_type":"box","text":"that currency gains value because the currency is wor th more U.S. dollars. This risk, generally known as “currency","page_number":78,"box":{"x":68,"y":619,"width":816,"height":11}},{"id":"c99ccbda-cbbf-4935-a156-d9190947f851","block_type":"box","text":"risk,” means that a stronger U.S. dollar will reduce returns for U.S. investors while a weak U.S. dollar will increase","page_number":78,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"513ad412-e34c-4a13-ae0b-9e2b6bb95feb","block_type":"box","text":"those returns.","page_number":78,"box":{"x":68,"y":650,"width":100,"height":8}},{"id":"83f28fc0-ec49-429c-8abd-fc0220e3401b","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":78,"box":{"x":102,"y":672,"width":466,"height":11}},{"id":"35189843-055a-41eb-ad71-73344edd6951","block_type":"box","text":"Many foreign governments supervise and","page_number":78,"box":{"x":575,"y":672,"width":293,"height":11}},{"id":"f1086463-da54-4037-afed-dec51cae133c","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":78,"box":{"x":69,"y":687,"width":828,"height":11}},{"id":"26ce9b7e-683d-4801-b9f4-46d6cf4974ca","block_type":"box","text":"not have laws to protect investors comparable to the U.S. securities laws. For example, some foreign countries may","page_number":78,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"a846dae1-eb12-4318-ae3c-825773685c8a","block_type":"box","text":"have no laws or rules against insider trading. Insider trading occurs when a person buys or sells a company’s","page_number":78,"box":{"x":69,"y":718,"width":778,"height":11}},{"id":"8de397d0-966c-4bce-a22c-f23fcc7d9692","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":78,"box":{"x":69,"y":732,"width":794,"height":12}},{"id":"b1fdd4fb-19d7-427b-b448-7ceeb359b2e5","block_type":"box","text":"necessarily the same as in the United States. If the accounting standards in another country do not require as much","page_number":78,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"e278f98d-c289-4dd0-a616-008009b79065","block_type":"box","text":"detail as U.S. accounting standards, it may be harder for Fund management to completely and accurately determine a","page_number":78,"box":{"x":69,"y":763,"width":840,"height":11}},{"id":"54d42b8a-332c-4a50-8c18-6b2aba6b3d29","block_type":"box","text":"company’s financial condition. In addition, the U.S. Government has from time to time in the past imposed","page_number":78,"box":{"x":69,"y":778,"width":760,"height":11}},{"id":"7da53712-c6fe-45c4-93ed-be929e32371a","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":78,"box":{"x":69,"y":793,"width":803,"height":11}},{"id":"a5a89e86-d45f-4ee9-9691-3d851b445e4b","block_type":"box","text":"restrictions should be reinstituted, it might become necessary for the Fund to invest all or substantially all of its","page_number":78,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"81909bb0-adc3-4cc4-b66e-442f0a37c6a3","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":78,"box":{"x":69,"y":823,"width":793,"height":12}},{"id":"1cad591d-971e-4a60-b578-1d6ddbc58532","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":78,"box":{"x":69,"y":838,"width":797,"height":12}},{"id":"d231aec1-fdc9-4bb8-89f3-633b1218260c","block_type":"box","text":"investments.","page_number":78,"box":{"x":70,"y":854,"width":89,"height":8}},{"id":"e0988dec-5293-4da4-8430-c3c68ba59437","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":78,"box":{"x":102,"y":876,"width":458,"height":11}},{"id":"e9c5a970-fd04-4823-af9b-07461397e50e","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":78,"box":{"x":566,"y":876,"width":341,"height":11}},{"id":"b4ea06d6-01e6-4f9a-84f2-cdb995f11d5a","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":78,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"7d9cf7af-8e4c-4930-851a-56f053ecc26b","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":78,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"e3d9160c-6aa2-4251-992b-6dc743e5af3d","block_type":"box","text":"II-30","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"87f27f03-4f85-44e6-98af-59d50140a7bf","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fe75727e-56f7-461b-a6a2-99ac366a6e27","block_type":"box","text":"their operations. Also, the laws of cer tain countries may put limits on a Fund’s ability to recover its assets if a foreign","page_number":79,"box":{"x":68,"y":45,"width":838,"height":11}},{"id":"473dbb22-d919-46a5-8aa2-e3e8a6dc7e2e","block_type":"box","text":"bank or depository or issuer of a security or any of their agents goes bankrupt. In addition, it is often more expensive","page_number":79,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"a1d21201-32be-4dd4-a232-ffa0248d6662","block_type":"box","text":"for a Fund to buy, sell and hold securities in cer tain foreign markets than in the United States. The increased","page_number":79,"box":{"x":68,"y":75,"width":777,"height":11}},{"id":"224b5ae2-c209-492d-9b82-21f7bb4c86a8","block_type":"box","text":"expense of investing in foreign markets reduces the amount a Fund can earn on its investments and typically results","page_number":79,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"f152265a-bd4f-47cf-82bf-5978e94a36f9","block_type":"box","text":"in a higher operating expense ratio for the Fund as compared to investment companies that invest only in the United","page_number":79,"box":{"x":70,"y":105,"width":828,"height":11}},{"id":"db082794-f689-4434-8a10-932db593f19b","block_type":"box","text":"States.","page_number":79,"box":{"x":69,"y":120,"width":49,"height":9}},{"id":"3f9bc4ac-fb26-4159-9306-2aab0a09e98c","block_type":"box","text":"Publicly Available Information.","page_number":79,"box":{"x":102,"y":143,"width":210,"height":11}},{"id":"b117377a-20b6-493b-ab23-2007b73487fe","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":79,"box":{"x":319,"y":143,"width":558,"height":11}},{"id":"1babea12-cd6d-4c40-aa57-a895afa335dd","block_type":"box","text":"than is available with respect to U.S. companies. Most foreign companies are also not subject to the uniform","page_number":79,"box":{"x":68,"y":158,"width":779,"height":11}},{"id":"4dd96b31-d23f-4b52-a4e5-5ff57da267bf","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":79,"box":{"x":69,"y":173,"width":793,"height":11}},{"id":"f7615d40-7d65-4f0d-adc5-9c673331d636","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":79,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"494c4073-a74a-4e20-8786-b5a62849cbb1","block_type":"box","text":"the New York Stock Exchange. Accordingly, a Fund’s foreign investments may be less liquid than, and their prices may","page_number":79,"box":{"x":68,"y":203,"width":841,"height":12}},{"id":"477cafdb-4659-4f79-aa90-24577511d5d5","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":79,"box":{"x":69,"y":219,"width":813,"height":11}},{"id":"2b061adf-a3e8-48b8-978f-e23f37eec1e7","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":79,"box":{"x":68,"y":234,"width":827,"height":11}},{"id":"32f17a53-2e3e-4164-82fb-3040c9a42853","block_type":"box","text":"United States.","page_number":79,"box":{"x":70,"y":249,"width":99,"height":9}},{"id":"d36c1b5b-88f0-443c-99d4-c31a7c78213c","block_type":"box","text":"Settlement Risk.","page_number":79,"box":{"x":102,"y":272,"width":116,"height":8}},{"id":"3bf6d1c7-063c-4aca-92d6-5e156e999f2d","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":79,"box":{"x":225,"y":271,"width":669,"height":12}},{"id":"345254fa-72bf-4e7b-ad5a-4da2f1785e55","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":79,"box":{"x":70,"y":287,"width":808,"height":11}},{"id":"df2dc4c3-5325-4dd3-be55-f9e07ffe7584","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":79,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"b3ef75a1-9afb-4d52-9516-3feb39f1392f","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":79,"box":{"x":102,"y":324,"width":781,"height":12}},{"id":"c873671e-7ef9-4879-a660-3c3c206cd87b","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":79,"box":{"x":69,"y":339,"width":771,"height":12}},{"id":"6bf0847e-d3db-41de-bd25-0833b8da2dc4","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":79,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"34d29e5b-9977-4be5-87cc-9d9f7383363e","block_type":"box","text":"these problems may make it difficult for a Fund to carry out transactions. If a Fund cannot settle or is delayed in","page_number":79,"box":{"x":68,"y":370,"width":802,"height":11}},{"id":"6be64609-7e40-44ef-8f7c-713f1daa77fa","block_type":"box","text":"settling a purchase of securities, it may miss attractive investment oppor tunities and cer tain of its assets may be","page_number":79,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"72828240-e986-4a94-8cad-a3c3520f73b1","block_type":"box","text":"uninvested with no return earned thereon for some period. If a Fund cannot settle or is delayed in settling a sale of","page_number":79,"box":{"x":69,"y":400,"width":821,"height":11}},{"id":"f3e3ff43-1fbb-49f6-963d-0a845d38e677","block_type":"box","text":"securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to","page_number":79,"box":{"x":69,"y":415,"width":816,"height":11}},{"id":"5a6d8123-d37d-48dd-a965-a126f4e3f2b3","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":79,"box":{"x":69,"y":430,"width":539,"height":11}},{"id":"6b26f7f8-bbbf-459e-98fa-8c918e25186a","block_type":"box","text":"Sovereign Debt.","page_number":79,"box":{"x":102,"y":453,"width":111,"height":11}},{"id":"ce6f8836-698e-441d-832b-f210dec57050","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":79,"box":{"x":221,"y":453,"width":653,"height":11}},{"id":"f2545561-af76-4324-a235-d4ead8e47393","block_type":"box","text":"controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in","page_number":79,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"6c18ab4c-3d38-4d7d-8c95-d8faa272fa71","block_type":"box","text":"accordance with the terms of such debt. A governmental entity’s willingness or ability to repay principal and interest","page_number":79,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"0f4cb60d-05a4-4aa0-b7c6-b5f1159c4259","block_type":"box","text":"due in a timely manner may be affected by, among other factors, its cash flow situation, the extent of its foreign","page_number":79,"box":{"x":69,"y":498,"width":798,"height":11}},{"id":"bef50057-54bd-4d17-8991-987ee64c72c4","block_type":"box","text":"reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt","page_number":79,"box":{"x":69,"y":513,"width":809,"height":12}},{"id":"99e83f38-9d4d-47f8-a338-d9dad5de5740","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":79,"box":{"x":69,"y":529,"width":832,"height":11}},{"id":"dd27a3b7-0e47-482e-b9d2-8ec8ba4e9bae","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":79,"box":{"x":69,"y":544,"width":790,"height":11}},{"id":"9c6b04e3-f4c2-41a3-bc48-a9af3983e041","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":79,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"3a08155c-c78e-4df8-91be-d968a4e678f2","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":79,"box":{"x":70,"y":574,"width":805,"height":11}},{"id":"0fc38b7c-1003-40ad-9fbb-37302012ce69","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":79,"box":{"x":69,"y":589,"width":772,"height":11}},{"id":"3ad5c256-4af7-4aab-8897-2e0670b4d94d","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":79,"box":{"x":69,"y":604,"width":789,"height":11}},{"id":"fd69fd9a-65fd-476f-830c-776d0392d9f4","block_type":"box","text":"achieve such levels of economic per formance or repay principal or interest when due may result in the cancellation of","page_number":79,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"8cab3082-2ba4-4de5-a772-d9f479a94cca","block_type":"box","text":"such third par ties’ commitments to lend funds to the governmental entity, which may fur ther impair such debtor’s","page_number":79,"box":{"x":69,"y":634,"width":810,"height":12}},{"id":"3059f65b-0559-40a1-8806-3d6e471c574b","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":79,"box":{"x":69,"y":649,"width":821,"height":12}},{"id":"b241a9d4-5b46-4c2a-88fd-dd006078766e","block_type":"box","text":"debt.","page_number":79,"box":{"x":69,"y":665,"width":34,"height":8}},{"id":"66378967-2ef2-4481-a7c5-1f136d242844","block_type":"box","text":"Holders of sovereign debt may be requested to par ticipate in the rescheduling of such debt and to extend fur ther","page_number":79,"box":{"x":102,"y":687,"width":807,"height":11}},{"id":"b7d7cb9a-e00d-4ab3-a861-3ab7279345d3","block_type":"box","text":"loans to governmental entities. In the event of a default by a governmental entity, there may be few or no effective","page_number":79,"box":{"x":70,"y":702,"width":814,"height":12}},{"id":"ac168eb9-ab05-49c3-a9cd-0692b0294516","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":79,"box":{"x":70,"y":717,"width":300,"height":12}},{"id":"5aa60da2-7a5d-45ad-975d-7e86961b2699","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":79,"box":{"x":103,"y":740,"width":215,"height":11}},{"id":"037fa47b-8b88-4a44-b689-3404c58fb1aa","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":79,"box":{"x":318,"y":740,"width":542,"height":11}},{"id":"95e65e2f-0875-4a53-a12b-2fc063e7ec35","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":79,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"ddb114b7-e54a-4506-a770-2d6471e155c5","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":79,"box":{"x":69,"y":771,"width":795,"height":11}},{"id":"9bc85987-0b11-4f68-ace3-e2fdcabd4211","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":79,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"effd7733-a2d1-4fca-8088-08e78ae86a87","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":79,"box":{"x":68,"y":801,"width":838,"height":11}},{"id":"9764947a-0ca0-40c2-bf4b-884530b91174","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":79,"box":{"x":68,"y":816,"width":807,"height":11}},{"id":"ef803b9c-5b19-4432-a213-87e8dac8d447","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":79,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"034b303e-9b78-4002-b1cf-38eff291b769","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":79,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"946d1d09-f752-470a-ba40-80c27d3e29a6","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":79,"box":{"x":69,"y":861,"width":819,"height":11}},{"id":"059435c2-e0c5-4bae-bd10-f08b642983ac","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":79,"box":{"x":68,"y":876,"width":833,"height":11}},{"id":"5b15db82-a9f3-40f8-b3fe-a4633b1ad67d","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":79,"box":{"x":69,"y":891,"width":814,"height":12}},{"id":"b59c2b34-0126-42ac-ae21-91cc40a1ab6c","block_type":"box","text":"II-31","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a39b078c-6391-4aed-b276-15f217db31b3","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f4d12ce-2971-4b05-946f-bf65ebc77fad","block_type":"box","text":"the Fund’s net asset value. Shareholders who sold their shares prior to such time will not benefit from such increase","page_number":80,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"38434315-f31d-4d86-a4bf-dd81d050b2a3","block_type":"box","text":"in the Fund’s net asset value.","page_number":80,"box":{"x":70,"y":60,"width":209,"height":9}},{"id":"cf5b52c6-08fe-4ba6-bf4f-d1fa83a93c4b","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":80,"box":{"x":103,"y":83,"width":263,"height":11}},{"id":"1558b393-5519-41a2-ba45-a28788f82d9f","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":80,"box":{"x":372,"y":82,"width":532,"height":12}},{"id":"929f3599-0420-44f5-b326-0ae200fb6b2e","block_type":"box","text":"trading par tner of, or foreign investor in, cer tain countries in which a Fund may invest. As a result, economic","page_number":80,"box":{"x":68,"y":98,"width":773,"height":11}},{"id":"69546c15-7a2f-44c6-b4ec-c4ea742aab0d","block_type":"box","text":"conditions of such countries may be par ticularly affected by changes in the U.S. economy. A decrease in U.S. impor ts","page_number":80,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"99c83280-7980-4d1e-b818-c603593fd4c2","block_type":"box","text":"or expor ts, new trade and financial regulations or tariffs, changes in the U.S. dollar exchange rate or an economic","page_number":80,"box":{"x":69,"y":128,"width":812,"height":11}},{"id":"85e727c8-5c33-425e-bbfb-b47eae8b3cef","block_type":"box","text":"slowdown in the United States may have a material adverse effect on a country’s economic conditions and, as a","page_number":80,"box":{"x":69,"y":143,"width":803,"height":11}},{"id":"6cadaa23-f16c-4d05-bb3b-f99bb82eff28","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":80,"box":{"x":69,"y":158,"width":824,"height":11}},{"id":"aad6a67c-ed9c-42ab-9080-864848033c6a","block_type":"box","text":"of interest or principal on U.S. Government debt, such as reaching the legislative “debt ceiling.” Such non-payment","page_number":80,"box":{"x":69,"y":173,"width":819,"height":11}},{"id":"ffc13971-dc7d-465b-bb24-da9f379f1430","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":80,"box":{"x":68,"y":188,"width":746,"height":12}},{"id":"3f664c52-8ce9-4f6f-a97a-0c21855d6b02","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":80,"box":{"x":101,"y":211,"width":787,"height":11}},{"id":"266aa29d-0ee3-41d8-8437-ab0a0444b980","block_type":"box","text":"allies, such as cer tain European countries, and historical adversaries, such as Nor th Korea, Iran, China and Russia.","page_number":80,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"914b2643-5c3f-4e51-bd8e-98eab3f49240","block_type":"box","text":"If these relations were to worsen, it could adversely affect U.S. issuers as well as non-U.S. issuers that rely on the","page_number":80,"box":{"x":70,"y":241,"width":817,"height":11}},{"id":"642448bf-299b-44d5-be78-628cbd6db56f","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":80,"box":{"x":70,"y":256,"width":791,"height":11}},{"id":"3e4f2ecf-5321-4901-92a6-fe5e0d48f027","block_type":"box","text":"trends were to continue, it may have an adverse impact on the U.S. economy and many of the issuers in which a","page_number":80,"box":{"x":68,"y":271,"width":803,"height":12}},{"id":"b54a1629-48be-4fd3-a82b-3389599fe4a3","block_type":"box","text":"Fund may invest.","page_number":80,"box":{"x":70,"y":287,"width":117,"height":11}},{"id":"547a4f14-b37a-4712-ba5f-075bb2ba280d","block_type":"box","text":"Funding Agreements.","page_number":80,"box":{"x":102,"y":309,"width":154,"height":11}},{"id":"47b2878c-2a29-41e8-8123-915ac8ed7455","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":80,"box":{"x":262,"y":309,"width":584,"height":11}},{"id":"6c237939-9268-4e73-9a4b-b2d2f0a1db54","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":80,"box":{"x":69,"y":324,"width":773,"height":12}},{"id":"5d114b9a-dd32-44b7-804f-2d3b6ae77322","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":80,"box":{"x":70,"y":340,"width":761,"height":11}},{"id":"ffabf43e-bc2b-4d68-84fa-27bf0df7ddf7","block_type":"box","text":"guaranteed interest, which is based on an index (such as the London Interbank Offered Rate (“LIBOR”)). The funding","page_number":80,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"03bb9ebe-d3f5-4b34-b745-2e30ac0d6a9c","block_type":"box","text":"agreements provide that this guaranteed interest will not be less than a cer tain minimum rate. The purchase price","page_number":80,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"15d5980d-1493-4f81-aee6-83fccc42bc37","block_type":"box","text":"paid for a funding agreement becomes par t of the general assets of the insurance company, and the contract is paid","page_number":80,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"9ab24b7c-340a-421b-80b6-bc7474a95b57","block_type":"box","text":"from the general assets of the insurance company. Generally, funding agreements are not assignable or transferable","page_number":80,"box":{"x":68,"y":400,"width":831,"height":11}},{"id":"f03cc3c5-d171-404a-9936-43204ad05539","block_type":"box","text":"without the permission of the issuing insurance companies, and an active secondary market in some funding","page_number":80,"box":{"x":68,"y":415,"width":780,"height":11}},{"id":"f847523c-914e-4bb3-8e4a-a2e015e27469","block_type":"box","text":"agreements does not currently exist.","page_number":80,"box":{"x":69,"y":430,"width":260,"height":11}},{"id":"1c7028ab-f5d6-499a-963b-05aae8bf8abb","block_type":"box","text":"Guarantees.","page_number":80,"box":{"x":102,"y":453,"width":87,"height":9}},{"id":"cc9a3e02-7c0d-45be-a923-fa52fc084d5c","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":80,"box":{"x":194,"y":453,"width":685,"height":11}},{"id":"b06e4fc1-5f82-479f-b133-7751d24bf6af","block_type":"box","text":"issuer of the security. Generally, the guarantor of a security (often an affiliate of the issuer) will fulfill an issuer’s","page_number":80,"box":{"x":70,"y":468,"width":797,"height":11}},{"id":"798e0fb3-bf85-4260-8e17-de03a41b79fb","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":80,"box":{"x":70,"y":483,"width":488,"height":11}},{"id":"be17e376-daea-449c-be08-4d9d543b3d6b","block_type":"box","text":"Illiquid Investments.","page_number":80,"box":{"x":102,"y":506,"width":146,"height":11}},{"id":"438cbb4c-d101-4f2d-b5dd-c21b378715cc","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":80,"box":{"x":255,"y":506,"width":630,"height":11}},{"id":"143ac4a4-5f80-4ca3-8a1b-f4ee2aa6868c","block_type":"box","text":"Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment is any","page_number":80,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"6f38608e-1ab3-4b1a-8f16-45fdd5faf8c3","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":80,"box":{"x":70,"y":536,"width":792,"height":11}},{"id":"775bc34b-e7f0-4634-adc8-100f496a1f95","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":80,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"6a12c939-0a01-426e-8e27-3f4a9d47375f","block_type":"box","text":"investments may become illiquid after purchase by a Fund, par ticularly during periods of market turmoil. There can be","page_number":80,"box":{"x":70,"y":566,"width":838,"height":11}},{"id":"e41f26b2-81d0-4763-9c91-194c218cea26","block_type":"box","text":"no assurance that a security or instrument that is deemed to be liquid when purchased will continue to be liquid for","page_number":80,"box":{"x":69,"y":581,"width":824,"height":11}},{"id":"e159f5da-9af5-4596-8134-632982bd49fe","block_type":"box","text":"as long as it is held by a Fund, and any security or instrument held by the Fund may be deemed an illiquid investment","page_number":80,"box":{"x":69,"y":597,"width":838,"height":11}},{"id":"2c47a091-cdbf-47b8-b08a-47f09a4142e4","block_type":"box","text":"pursuant to the Fund’s liquidity risk management program. A Fund’s illiquid investments may reduce the returns of","page_number":80,"box":{"x":70,"y":612,"width":816,"height":11}},{"id":"1ac6d4d3-6714-46da-8f2f-60b6857ac4fc","block_type":"box","text":"the Fund because it may be difficult to sell the illiquid investments at an advantageous time or price. In addition, if a","page_number":80,"box":{"x":68,"y":627,"width":832,"height":11}},{"id":"6334b7a8-45f8-44d5-9568-1d02ac862df0","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":80,"box":{"x":70,"y":642,"width":803,"height":11}},{"id":"93b5c2e7-d559-4872-aa1e-2c286459265e","block_type":"box","text":"selling their shares, or the Fund’s net assets otherwise shrink, the Fund will need to dispose of liquid securities to","page_number":80,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"1279eab1-71a2-4574-8d64-7edeb533945c","block_type":"box","text":"meet redemption requests and illiquid securities will become a larger por tion of the Fund’s holdings. If illiquid","page_number":80,"box":{"x":69,"y":672,"width":781,"height":11}},{"id":"5f4a9110-5195-4c56-8d28-133630199e63","block_type":"box","text":"investments exceed 15% of a Fund’s net assets, the Liquidity Rule (as defined below) and the Liquidity Program (as","page_number":80,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"90b48444-68f2-4a22-9aa0-c1b81f3c03f8","block_type":"box","text":"defined below) will require that cer tain remedial actions be taken. Illiquid investments may trade at a discount from","page_number":80,"box":{"x":69,"y":702,"width":822,"height":11}},{"id":"4a2522db-8cd6-4412-ab5c-41a9cfafa70c","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":80,"box":{"x":69,"y":717,"width":813,"height":12}},{"id":"7bd76316-11e1-4e5b-a683-4bdff4825926","block_type":"box","text":"Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of","page_number":80,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"8fa755f8-6d94-463a-abc0-b8ca1eb67afa","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":80,"box":{"x":69,"y":748,"width":833,"height":11}},{"id":"f851df73-23c3-4550-a73f-a054bb104e91","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":80,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"6f803238-1f62-4cba-8ae1-0ca4993c6ae3","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":80,"box":{"x":69,"y":778,"width":651,"height":11}},{"id":"3cb3ef46-3df1-4dca-8985-efa0fc0a493d","block_type":"box","text":"Index Funds.","page_number":80,"box":{"x":102,"y":801,"width":91,"height":9}},{"id":"63c16972-04f1-414b-9279-0894ee11befe","block_type":"box","text":"Cash Flows; Expenses.","page_number":80,"box":{"x":102,"y":823,"width":162,"height":11}},{"id":"f39a60ef-0c2f-4673-81c8-aea745d50702","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":80,"box":{"x":270,"y":823,"width":613,"height":11}},{"id":"dee87413-6433-46b9-8ea3-2cf2a9822503","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":80,"box":{"x":68,"y":838,"width":803,"height":12}},{"id":"12ba3cf8-917e-41eb-9d70-a4de3ec2df95","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":80,"box":{"x":70,"y":853,"width":810,"height":12}},{"id":"9a941f38-9a0b-4ae6-a0ca-464df51b0d93","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":80,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"73a49c8b-7c5c-4fee-949c-45e561086213","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":80,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"80953763-ea46-45d6-9cf5-cbc5ee86536b","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":80,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"dc968910-0097-43e9-bbab-7a95d3f888bb","block_type":"box","text":"II-32","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9644e708-f6f3-48c0-aab4-d6928759096e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"eefa1c5d-a532-475f-a3ec-8d31e645ca13","block_type":"box","text":"(","page_number":81,"box":{"x":69,"y":45,"width":3,"height":11}},{"id":"9064e402-16c5-4e92-906d-5bce137363f7","block_type":"box","text":"e.g.","page_number":81,"box":{"x":74,"y":46,"width":25,"height":10}},{"id":"d7753892-104a-44ae-a8a1-ccd59e0837f7","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":81,"box":{"x":101,"y":45,"width":749,"height":11}},{"id":"0cdfa33a-30a3-4318-89b3-a29da93e3218","block_type":"box","text":"replicate the total return of its target index, the Manager generally will not attempt to judge the merits of any","page_number":81,"box":{"x":69,"y":60,"width":774,"height":11}},{"id":"2c8c4194-0ab5-4599-bf84-02a2bf6d6ffc","block_type":"box","text":"par ticular security as an investment.","page_number":81,"box":{"x":70,"y":75,"width":258,"height":11}},{"id":"5b94eb50-1a4c-4370-bcc4-ac1104a133f5","block_type":"box","text":"Tracking Error Risk","page_number":81,"box":{"x":103,"y":98,"width":132,"height":11}},{"id":"d6bc26cd-5a41-4d4d-98af-d5ce7d30a31f","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":81,"box":{"x":236,"y":98,"width":658,"height":11}},{"id":"57f7faf7-b6fa-491f-9a9b-8dae39b4dfe9","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":81,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"64c41fc7-f684-413f-b746-ec2625da8a12","block_type":"box","text":"instruments held in the Fund’s por tfolio and those included in the Underlying Index, pricing differences (including, as","page_number":81,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"1157373d-d82e-4ad0-ba75-3c6364a9de32","block_type":"box","text":"applicable, differences between a security’s price at the local market close and the Fund’s valuation of a security at","page_number":81,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"7d8c487d-a09d-41dd-b00e-59ba6007e6ac","block_type":"box","text":"the time of calculation of the Fund’s net asset value), differences in transaction costs incurred by the Fund, the","page_number":81,"box":{"x":68,"y":158,"width":797,"height":11}},{"id":"5658e21a-f200-4379-bb9f-2366b9447135","block_type":"box","text":"Fund’s holding of uninvested cash, differences in timing of the accrual of or the valuation of dividends or other","page_number":81,"box":{"x":70,"y":173,"width":787,"height":11}},{"id":"e2009aa3-d2e7-4de8-af16-8196b85c8b7b","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":81,"box":{"x":69,"y":188,"width":830,"height":12}},{"id":"64eb3b45-00b9-475f-ad82-753097ca93b6","block_type":"box","text":"minimize the distribution of capital gains to shareholders, changes to the Underlying Index or the costs to the Fund of","page_number":81,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"f59040f5-327b-4eee-a45e-f3e59f4f0199","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":81,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"c559a337-1d3f-4850-ac07-3e4b518342f7","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":81,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"ad6c0748-0da3-4b16-93ce-8a502a84ec48","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":81,"box":{"x":70,"y":249,"width":487,"height":11}},{"id":"74f451c2-3b3b-4530-895e-0a3f5a8645dc","block_type":"box","text":"When an issuer is introduced by an index provider into an index tracked by a Fund, the Manager may conduct an","page_number":81,"box":{"x":101,"y":272,"width":799,"height":11}},{"id":"c5e00a77-cc2f-49ca-9074-69dd1208ee41","block_type":"box","text":"analysis on such issuer’s securities to identify and screen for outlier high risk behavior (such as rapid or unusual","page_number":81,"box":{"x":69,"y":286,"width":803,"height":12}},{"id":"965b76bc-c69e-437c-a3fe-83d11e39fed5","block_type":"box","text":"price growth that does not appear to be suppor ted by publicly available information on the business and assets of","page_number":81,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"a0a972d9-8a99-432b-ba30-a7be93acfbc5","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":81,"box":{"x":68,"y":317,"width":838,"height":11}},{"id":"f9ad419a-92a4-41de-927e-4ef8a0ad3245","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":81,"box":{"x":68,"y":332,"width":778,"height":11}},{"id":"4a35b995-15ce-4f32-adfe-47e5446b6c5b","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":81,"box":{"x":70,"y":347,"width":816,"height":11}},{"id":"1ac5faf6-96b0-4a9e-850a-2e63af252491","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":81,"box":{"x":70,"y":362,"width":836,"height":11}},{"id":"a1b5e21e-1515-4eae-8192-e6f5048e0a57","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":82,"box":{"x":70,"y":816,"width":802,"height":11}},{"id":"228ab891-ab6e-4032-a5f6-3bd943683a68","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":82,"box":{"x":69,"y":831,"width":735,"height":11}},{"id":"d741d391-3789-4c27-83f4-1dd13a8d924d","block_type":"box","text":"ICE BofA Indexes.","page_number":82,"box":{"x":102,"y":853,"width":124,"height":9}},{"id":"f8e7a4f7-9971-4724-8483-e8145cb90759","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":82,"box":{"x":233,"y":853,"width":670,"height":12}},{"id":"450eb753-78d5-4198-8115-13680be86824","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":82,"box":{"x":70,"y":869,"width":819,"height":11}},{"id":"55600403-3578-4d2e-a93f-8f23941f09fa","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":82,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"ffb1568d-bf31-43bd-9e1e-f88be1c87ee7","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":82,"box":{"x":69,"y":899,"width":793,"height":11}},{"id":"527a9783-b2e8-4421-ae87-4b7c2550f1fb","block_type":"box","text":"II-34","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3e703a2a-0dfb-45a9-b892-1db5f63af399","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"05f9598d-2d5c-442a-9f2f-5e519e532982","block_type":"box","text":"publications and ICE and BofA make no representation or warranty, express or implied, as to their accuracy, or","page_number":83,"box":{"x":70,"y":45,"width":785,"height":11}},{"id":"0cd8744e-e776-4d3f-bf76-efcb72214602","block_type":"box","text":"completeness, or otherwise.","page_number":83,"box":{"x":69,"y":60,"width":202,"height":11}},{"id":"cc60e9d7-eb5a-43bb-8a24-b2f65be68980","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":83,"box":{"x":102,"y":83,"width":779,"height":11}},{"id":"5be44d8f-253a-44db-adcf-3d541cee9d7a","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":83,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"8caf2805-16d5-45c7-bf41-fb349aaf7c0b","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":83,"box":{"x":70,"y":113,"width":608,"height":11}},{"id":"a82d3007-9971-43f9-8588-0d974dea288f","block_type":"box","text":"Indexed and Inverse Securities.","page_number":83,"box":{"x":102,"y":135,"width":228,"height":9}},{"id":"9a093477-70d5-4bec-81dd-d44314fc700e","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":83,"box":{"x":336,"y":136,"width":523,"height":10}},{"id":"305ae31f-6f83-478f-9fe8-5cd9c3849954","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":83,"box":{"x":70,"y":150,"width":831,"height":12}},{"id":"e3627d44-b353-4af6-845a-ec1e8a66f30e","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":83,"box":{"x":70,"y":166,"width":814,"height":11}},{"id":"147c3f5f-3290-43cb-bbee-6e1a72f2b5df","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":83,"box":{"x":68,"y":181,"width":830,"height":11}},{"id":"51bcaeed-2f11-4630-9925-024a5ff9ec98","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":83,"box":{"x":69,"y":196,"width":827,"height":11}},{"id":"c24747cb-7da2-4d95-8699-2f8d5e165cbc","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":83,"box":{"x":68,"y":211,"width":812,"height":11}},{"id":"5831c517-bff6-42d7-9965-f6191e0f6296","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":83,"box":{"x":69,"y":226,"width":837,"height":11}},{"id":"c6df5dbc-a696-4280-9030-e088740080d5","block_type":"box","text":"or “residual interest bonds” on which the interest rates vary inversely with a floating rate (which may be reset","page_number":83,"box":{"x":69,"y":241,"width":781,"height":11}},{"id":"2a5e0f5c-4bc7-4837-99f3-c5f71e92f8a1","block_type":"box","text":"periodically by a Dutch auction, a remarketing agent, or by reference to a shor t-term tax-exempt interest rate index). A","page_number":83,"box":{"x":70,"y":256,"width":838,"height":12}},{"id":"ed13aa3a-52ea-4383-9ac5-a4872074e302","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":83,"box":{"x":70,"y":271,"width":771,"height":12}},{"id":"c07862c4-3840-4bf9-bd6a-8af15bc8ad7c","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":83,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"594bbecf-16b7-4888-b924-4642ca087db6","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":83,"box":{"x":70,"y":302,"width":835,"height":11}},{"id":"8751626f-2974-463c-bb74-2959ab0b65f8","block_type":"box","text":"increase or decrease in value in response to changes, as an illustration, in market interest rates at a rate that is a","page_number":83,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"79af06fc-b4eb-4c03-aa2e-e2241bfe9a5e","block_type":"box","text":"multiple of the rate at which fixed-rate securities increase or decrease in response to such changes. As a result, the","page_number":83,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"1615561c-e4c4-432a-86e5-6a571b3358d4","block_type":"box","text":"market values of such securities will generally be more volatile than the market values of fixed-rate securities. To","page_number":83,"box":{"x":69,"y":347,"width":804,"height":11}},{"id":"67cf1259-e237-4346-a791-8ff945c22f70","block_type":"box","text":"seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shor ter-term","page_number":83,"box":{"x":69,"y":362,"width":838,"height":11}},{"id":"e1ba6802-2689-43bd-9f3a-5121c57489f5","block_type":"box","text":"maturities or that contain limitations on the extent to which the interest rate may vary. Cer tain investments in such","page_number":83,"box":{"x":69,"y":377,"width":819,"height":11}},{"id":"90b43ff5-ed67-4e40-a339-34a70a19afad","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":83,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"11016b9b-6b62-49b5-89db-f4691f61b7f9","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":83,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"0c7a51c8-4387-44a3-9179-d16f7f8dc9a7","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":83,"box":{"x":70,"y":423,"width":834,"height":11}},{"id":"fb7de0a6-2cdd-44cd-ad41-f25e5935fa4d","block_type":"box","text":"Fund may invest in indexed and inverse securities for hedging purposes or to seek to increase returns. When used for","page_number":83,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"45cee9ca-a1a1-47b6-ab9e-02ca0eef8996","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":83,"box":{"x":69,"y":453,"width":781,"height":11}},{"id":"ff02abe3-7f3e-4842-94e4-fb3652afdad8","block_type":"box","text":"includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund","page_number":83,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"efeb11b7-2b9d-4da7-a53f-3bc34679b786","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":83,"box":{"x":69,"y":483,"width":553,"height":11}},{"id":"5a290361-b020-4d0f-99b7-62cff9f65e53","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":83,"box":{"x":101,"y":506,"width":741,"height":11}},{"id":"c4f78887-682b-4fca-8493-29d051d7fa1f","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":83,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"8d877b8c-3812-409a-943a-a9b11ab1aa2d","block_type":"box","text":"rates. In general, the return on inverse floaters will decrease when shor t-term interest rates increase and increase","page_number":83,"box":{"x":69,"y":536,"width":817,"height":11}},{"id":"1b178ca1-33c5-4e48-83ec-dbe1139feaed","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":83,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"47704975-d057-4f41-b2f3-e3d771b29dee","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":83,"box":{"x":70,"y":566,"width":813,"height":11}},{"id":"f063e63e-1157-48ec-b00d-c17970eb8817","block_type":"box","text":"Inflation Risk.","page_number":83,"box":{"x":102,"y":589,"width":100,"height":9}},{"id":"165431d6-7fdf-405b-ab18-2bb683e612bd","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":83,"box":{"x":209,"y":589,"width":663,"height":11}},{"id":"8836a8cc-78aa-4b15-a6f9-4417942491d5","block_type":"box","text":"value of assets or income from investments will be less in the future as inflation decreases the value of money. As","page_number":83,"box":{"x":68,"y":604,"width":820,"height":11}},{"id":"a98c5b1d-661a-482c-a5cc-7914ef32da3d","block_type":"box","text":"inflation increases, the present value of a Fund’s assets can decline as can the value of a Fund’s distributions.","page_number":83,"box":{"x":70,"y":619,"width":792,"height":11}},{"id":"6c624975-cdb3-48d8-9154-bcef51ac89fc","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":83,"box":{"x":102,"y":642,"width":253,"height":11}},{"id":"b6363f62-2e49-4476-bf3f-6ac8c9df250b","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":83,"box":{"x":361,"y":642,"width":540,"height":11}},{"id":"650a2d83-951f-4263-9115-56252e4fbacd","block_type":"box","text":"the secondary market are affected by the per formance of the stock market overall. If IPOs are brought to the market,","page_number":83,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"a2c3492a-2bc5-470a-a098-de6a3f462daf","block_type":"box","text":"availability may be limited and a Fund may not be able to buy any shares at the offering price, or if it is able to buy","page_number":83,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"ffbc8e88-4eb7-43d4-b8d3-53a72b72315e","block_type":"box","text":"shares, it may not be able to buy as many shares at the offering price as it would like. In addition, the prices of","page_number":83,"box":{"x":69,"y":687,"width":795,"height":11}},{"id":"3e18ae3a-2313-4dad-8c5d-4d56d495dc3f","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":83,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"e6954465-2cf0-4483-b83c-af263d9d18c8","block_type":"box","text":"stocks. IPOs have the potential to produce substantial gains. A Fund may hold shares from an IPO for only a shor t","page_number":83,"box":{"x":69,"y":717,"width":814,"height":12}},{"id":"2a8f36b8-8686-4d31-8c5b-ff446476df96","block_type":"box","text":"period of time given possible price volatility. This may result in increased por tfolio turnover and expenses, such as","page_number":83,"box":{"x":70,"y":732,"width":813,"height":12}},{"id":"4d50e9a5-2de2-4516-9fab-6cf36f508103","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":83,"box":{"x":69,"y":748,"width":828,"height":11}},{"id":"0a9eac2f-96bb-4846-bb86-7d19079705c4","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":83,"box":{"x":68,"y":763,"width":802,"height":11}},{"id":"0d7848e8-2680-420e-94de-3c32436f5020","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":83,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"b9aae21c-480e-430d-a7a9-09a54451a464","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":83,"box":{"x":70,"y":793,"width":832,"height":11}},{"id":"d2af413b-d107-4a4b-be9a-34b8d9119fcd","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":83,"box":{"x":70,"y":808,"width":777,"height":11}},{"id":"223f7b85-6758-40b5-b2fb-2b7aafa43c17","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":83,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"ab016f3b-c8e1-4051-8e55-9607fa75525f","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":83,"box":{"x":69,"y":838,"width":823,"height":12}},{"id":"cf8488fa-9b77-411b-8f2f-9f63147fbb72","block_type":"box","text":"be available for very limited periods.","page_number":83,"box":{"x":69,"y":853,"width":257,"height":12}},{"id":"0093c05a-1b3b-44d3-9104-346d92c29fb2","block_type":"box","text":"Investment in Emerging Markets.","page_number":83,"box":{"x":102,"y":876,"width":242,"height":11}},{"id":"b14084cc-e85a-4af6-a59e-271a046682af","block_type":"box","text":"General.","page_number":83,"box":{"x":102,"y":899,"width":58,"height":9}},{"id":"600d7c7c-e68c-4b27-a85a-06a51c658962","block_type":"box","text":"II-35","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e09b360-f96b-4c14-bb65-fc8f7f1e3fc7","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"853fc5eb-89fa-4076-b89d-5b2fce2ece63","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":84,"box":{"x":102,"y":45,"width":748,"height":11}},{"id":"3985b71e-fb2f-4ae0-9c51-42a41f73a61e","block_type":"box","text":"markets. Unless otherwise provided in a Fund’s Prospectus, a country with an emerging capital market is any country","page_number":84,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"bf5560d3-6aa4-46ee-8250-e8d1540af7db","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":84,"box":{"x":68,"y":75,"width":813,"height":11}},{"id":"0ec9d466-ae24-4245-9e4d-556231f39ade","block_type":"box","text":"the International Finance Corporation, or determined by the World Bank to have a low, middle or middle upper income","page_number":84,"box":{"x":68,"y":90,"width":836,"height":11}},{"id":"7ed1a36e-bfdc-4f55-b4cc-e121b6e14e30","block_type":"box","text":"economy; (ii) classified by the United Nations or its authorities to be developing; and/or (iii) included in a broad-based","page_number":84,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"23cd31c2-9261-41b5-b744-b0436304335a","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":84,"box":{"x":70,"y":120,"width":831,"height":12}},{"id":"982d9858-1aff-4f89-92b3-f281a8c3f013","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":84,"box":{"x":69,"y":135,"width":396,"height":11}},{"id":"b761dfce-a47e-4695-acc2-6873f24cce95","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":84,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"26e14361-ebe1-4143-b4df-bddbcca3daa4","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":84,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"41315de8-af77-4496-a441-9dedcf0e3ced","block_type":"box","text":"such as (i) low or non-existent trading volume, resulting in market illiquidity and increased volatility in prices for such","page_number":84,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"0f5f73aa-b0ae-46c4-a699-7a323ccaaa08","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":84,"box":{"x":69,"y":203,"width":779,"height":11}},{"id":"5730dd5e-c799-4267-9295-1ec21c10b265","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":84,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"8d8473d2-bda2-4bd3-8cf9-91a6e9dfc2d1","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":84,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"8f924040-1ed9-4aaa-a73b-7e25d2a24b03","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":84,"box":{"x":69,"y":249,"width":800,"height":11}},{"id":"73085cb2-0217-4452-bbbe-7727a669ff8f","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":84,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"ee832619-e2ba-4805-b6f4-6a8feb6515db","block_type":"box","text":"policies that may limit a Fund’s investment oppor tunities such as restrictions on investment in issuers or industries","page_number":84,"box":{"x":70,"y":279,"width":824,"height":11}},{"id":"7b80f1a9-0b3b-47b8-9ee9-54343f7aa755","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":84,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"fbafdbd9-1b2d-48c0-bf61-4b6fe8cd890d","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":84,"box":{"x":70,"y":309,"width":813,"height":11}},{"id":"be9eb242-077d-47a7-9ff2-0de106c5f882","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":84,"box":{"x":69,"y":324,"width":694,"height":12}},{"id":"0be35291-01be-47ef-94b6-a0eff96ecc59","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":84,"box":{"x":102,"y":347,"width":767,"height":11}},{"id":"25b340e5-8762-49f2-b88b-60f778c577a3","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":84,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"c41127aa-f3c2-4ffa-9e78-20859621389a","block_type":"box","text":"developed countries. In such a dynamic environment, there can be no assurance that any or all of these capital","page_number":84,"box":{"x":69,"y":377,"width":792,"height":11}},{"id":"35f8085e-e3a7-4e5d-9627-98cc90ec319f","block_type":"box","text":"markets will continue to present viable investment oppor tunities for a Fund. In the past, governments of such nations","page_number":84,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"d1fc830f-9ac5-46fa-9ad5-52a9289bc42e","block_type":"box","text":"have expropriated substantial amounts of private proper ty, and most claims of the proper ty owners have never been","page_number":84,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"cdd905f0-c144-4dda-9908-542620a1ddb2","block_type":"box","text":"fully settled. There is no assurance that such expropriations will not reoccur. In such an event, it is possible that a","page_number":84,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"93befd86-0142-4505-929e-d4ccad87b0b6","block_type":"box","text":"Fund could lose the entire value of its investments in the affected market. As a result the risks described above,","page_number":84,"box":{"x":70,"y":438,"width":802,"height":10}},{"id":"99b6611f-0b71-481f-8e96-3114f8d1d134","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":84,"box":{"x":70,"y":453,"width":838,"height":11}},{"id":"2688abcb-ee3d-4799-94ce-5847e05c99fb","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":84,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"9497ba54-ec3b-4a38-b439-b66cf8e9ee81","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":84,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"7361929e-2eeb-476c-bb8f-86269fdbe88c","block_type":"box","text":"the limited volume of trading in securities in these countries may make investments in the countries illiquid and more","page_number":84,"box":{"x":68,"y":498,"width":838,"height":11}},{"id":"d3eb3e63-e983-4339-8d06-ca3f049f8ba6","block_type":"box","text":"volatile than investments in Japan or most Western European countries.","page_number":84,"box":{"x":68,"y":514,"width":513,"height":10}},{"id":"ad6f2c90-cf10-4c77-b0c7-898654cd3f86","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":84,"box":{"x":101,"y":536,"width":805,"height":11}},{"id":"f63c7c20-b935-4880-a7b3-ea6125be4690","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":84,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"ccae439c-f05c-403d-9513-49ba75e16593","block_type":"box","text":"financial repor ting standards and requirements comparable to those to which U.S. companies are subject. In cer tain","page_number":84,"box":{"x":68,"y":566,"width":831,"height":11}},{"id":"8b857f63-2932-4e84-af88-7a87b6d0cb59","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":84,"box":{"x":69,"y":582,"width":768,"height":11}},{"id":"6fa5fec8-c4a8-48b6-94c4-9d628e5873a6","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":84,"box":{"x":69,"y":597,"width":811,"height":11}},{"id":"7f4928ef-6bce-45a2-827b-5039d7d924c7","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":84,"box":{"x":69,"y":612,"width":795,"height":11}},{"id":"588b1499-86d2-452c-9f0e-d512b05ca3be","block_type":"box","text":"shares may be held by a limited number of persons. This may adversely affect the timing and pricing of the Fund’s","page_number":84,"box":{"x":69,"y":627,"width":814,"height":11}},{"id":"9ca7ce68-799d-4459-b30d-d3612d6de7d4","block_type":"box","text":"acquisition or disposal of securities.","page_number":84,"box":{"x":69,"y":642,"width":257,"height":11}},{"id":"37f69c67-5d27-4faa-8447-ab807d2d9cc3","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":84,"box":{"x":102,"y":664,"width":800,"height":12}},{"id":"b4eadc80-d9e3-44d3-8a7d-ea5c8081bcba","block_type":"box","text":"in developed markets, in par t because a Fund will need to use brokers and counterpar ties that are less well","page_number":84,"box":{"x":70,"y":680,"width":769,"height":11}},{"id":"d10fbe26-0b86-4fba-940d-7425ca3e6465","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":84,"box":{"x":69,"y":695,"width":798,"height":11}},{"id":"aa7aef70-c9a0-415a-b0b5-ecea090a2b53","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":84,"box":{"x":69,"y":710,"width":819,"height":11}},{"id":"f4e96bd1-316b-4d63-bc45-f9d99f85a45a","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":84,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"c076c89f-452e-4730-b751-fa2ca4332d03","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":84,"box":{"x":69,"y":740,"width":794,"height":11}},{"id":"23274b46-1caf-4728-9f5a-3da22fc8e83e","block_type":"box","text":"There could be additional impacts on the value of a Fund as a result of sustainability risks, in par ticular those","page_number":84,"box":{"x":101,"y":763,"width":783,"height":11}},{"id":"846548a4-e9ac-43b5-b57f-3761caa65aa2","block_type":"box","text":"caused by environmental changes related to climate change, social issues (including relating to labor rights) and","page_number":84,"box":{"x":69,"y":778,"width":801,"height":11}},{"id":"535df2c8-052a-41e4-bb45-97b4d038f8c2","block_type":"box","text":"governance risk (including but not limited to risks around board independence, ownership and control, or audit and","page_number":84,"box":{"x":68,"y":793,"width":818,"height":11}},{"id":"1485d7a1-bd31-4660-9638-9275ac95a236","block_type":"box","text":"tax management). Additionally, disclosures or third-par ty data coverage associated with sustainability risks is","page_number":84,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"53bcc9e7-d6c1-4c39-a84f-5018bfe1e2b1","block_type":"box","text":"generally less available or transparent in these markets.","page_number":84,"box":{"x":68,"y":823,"width":401,"height":12}},{"id":"a40eb7f0-ce26-4a70-8175-c01bd9cd34d8","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":84,"box":{"x":102,"y":846,"width":778,"height":11}},{"id":"91c17cef-1b62-44a5-b287-5a489ccd7639","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":84,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"bc60e28a-288a-4247-b790-a91b4af0a6e9","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":84,"box":{"x":68,"y":876,"width":797,"height":11}},{"id":"8f8aef63-11a9-49c1-9769-2c9350da5723","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":84,"box":{"x":69,"y":891,"width":832,"height":12}},{"id":"efc93e13-aad3-4540-8238-e12925fd756d","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":84,"box":{"x":68,"y":906,"width":799,"height":12}},{"id":"92ffad77-cf17-4a3a-ba70-9860ec51fa06","block_type":"box","text":"II-36","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4a8616ae-feb6-420a-95ef-bec190a2a55e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"065ca6b8-c247-4374-bef6-7b41b8bd783a","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":85,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"16281e62-d996-4974-a048-abc4e2db5d35","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":85,"box":{"x":68,"y":60,"width":740,"height":11}},{"id":"d17fd3a5-daad-490f-9c3c-72d2524a1255","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":85,"box":{"x":102,"y":82,"width":305,"height":12}},{"id":"18f05299-c37d-4222-a252-45857104f9de","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":85,"box":{"x":414,"y":82,"width":485,"height":12}},{"id":"be85850b-b5ea-4270-a8ec-406527ce896d","block_type":"box","text":"in developing markets, the developing market Asia-Pacific countries in which a Fund may invest are subject to cer tain","page_number":85,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"50260471-2954-4aca-9c72-58dd14356a19","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":85,"box":{"x":69,"y":113,"width":808,"height":11}},{"id":"a1f52d09-28a2-4a9f-b6c3-ffdd893e99e5","block_type":"box","text":"these markets, there is a high concentration of market capitalization and trading volume in a small number of issuers","page_number":85,"box":{"x":68,"y":128,"width":838,"height":11}},{"id":"4e66fc2d-6593-4c9d-97b2-302a020383d0","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":85,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"c29b8680-422a-4a40-9389-1b3724f51fb3","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":85,"box":{"x":70,"y":158,"width":791,"height":11}},{"id":"81f0547f-9c71-4705-bf12-f1b8d1f98799","block_type":"box","text":"region such as in Japan and Hong Kong. Brokers in developing market Asia-Pacific countries typically are fewer in","page_number":85,"box":{"x":69,"y":173,"width":804,"height":11}},{"id":"3050638e-d99d-45b4-b450-467204300d9a","block_type":"box","text":"number and less well capitalized than brokers in the United States. These factors, combined with the U.S. regulatory","page_number":85,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"47fedd2e-a62e-41cd-a2ff-54adfbe1bdfc","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":85,"box":{"x":69,"y":203,"width":830,"height":12}},{"id":"635401ba-db80-4dc4-99d3-c83e3fed6f08","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":85,"box":{"x":70,"y":218,"width":766,"height":12}},{"id":"f23d9045-5313-4910-bc87-36f72152f784","block_type":"box","text":"per formance of the Fund.","page_number":85,"box":{"x":70,"y":234,"width":179,"height":11}},{"id":"1b8705aa-027c-4c5e-a082-aff0586367c7","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":85,"box":{"x":102,"y":256,"width":784,"height":12}},{"id":"ae28eae4-cf56-4fa2-b584-116060518812","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":85,"box":{"x":69,"y":272,"width":803,"height":11}},{"id":"6febbd7b-4e07-4bd0-b0e4-30cd653e5bac","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":85,"box":{"x":69,"y":286,"width":788,"height":12}},{"id":"53892265-f6bd-4eb6-b525-3300ce912446","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":85,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"bef234ed-9a91-451f-a6aa-44513b0d30a1","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":85,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"3384e082-2a23-41a9-833d-c1f9f234021d","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":85,"box":{"x":68,"y":332,"width":822,"height":11}},{"id":"275c3e21-32fe-4c9b-937b-29ac4e710bc2","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":85,"box":{"x":69,"y":347,"width":818,"height":11}},{"id":"08b1f6d9-3cc1-406d-be50-17c3587b0682","block_type":"box","text":"common to most such countries is that the economy is heavily expor t oriented and, accordingly, is dependent upon","page_number":85,"box":{"x":69,"y":362,"width":821,"height":11}},{"id":"e460d7cf-98c3-4e23-a8b1-e79593be33c3","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":85,"box":{"x":70,"y":377,"width":827,"height":11}},{"id":"0232efd6-a9a7-41ef-ae6c-709b1cc9011c","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":85,"box":{"x":70,"y":392,"width":803,"height":12}},{"id":"c121738f-9d18-465c-9a32-eccbb4ef0d3b","block_type":"box","text":"expor ts of primary commodities and, therefore, are vulnerable to changes in commodity prices that, in turn, may be","page_number":85,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"44ef9e98-a200-407d-aa65-8e9520a116a5","block_type":"box","text":"affected by a variety of factors.","page_number":85,"box":{"x":69,"y":423,"width":220,"height":11}},{"id":"db82921b-e061-4bee-a84c-ad32c76770d1","block_type":"box","text":"The legal systems in cer tain developing market Asia-Pacific countries also may have an adverse impact on the","page_number":85,"box":{"x":101,"y":445,"width":785,"height":12}},{"id":"fc6e1f41-f229-4b3d-960b-f645e700e51b","block_type":"box","text":"Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the","page_number":85,"box":{"x":70,"y":460,"width":789,"height":12}},{"id":"7e5cc0c9-5f99-44ab-aea5-bd3a8860d76c","block_type":"box","text":"corporation is generally limited to the amount of the shareholder’s investment, the notion of limited liability is less","page_number":85,"box":{"x":69,"y":475,"width":814,"height":12}},{"id":"8eaf1009-3ef0-4c65-b3ca-4e3d99332964","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":85,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"79c27a96-6d79-4eba-87b8-cd4197afee7e","block_type":"box","text":"Pacific companies may be more limited than those of shareholders of U.S. corporations. It may be difficult or","page_number":85,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"3dcacc32-8317-45f5-900f-e96f3299df0b","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":85,"box":{"x":70,"y":521,"width":652,"height":11}},{"id":"3aa8dafe-cd37-44df-b26d-9d5e3e2b9c59","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":85,"box":{"x":102,"y":543,"width":737,"height":12}},{"id":"d4def92c-523b-43d8-a21f-38492c4808ef","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":85,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"a95eedc9-5483-49d2-884a-1d1e6e36a378","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":85,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"7ae5ae2e-2886-4968-8e07-75355da89437","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":85,"box":{"x":69,"y":589,"width":793,"height":11}},{"id":"2c2edf82-82b7-4e99-afb1-76ad2ab21573","block_type":"box","text":"sector companies and a Fund itself, as well as the value of securities in the Fund’s por tfolio. In addition, economic","page_number":85,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"cd4e2836-4565-4ba5-ad2c-55eace26dd78","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":85,"box":{"x":69,"y":619,"width":839,"height":11}},{"id":"0d61f509-0eb8-41da-bcb6-6f918e5456ed","block_type":"box","text":"nations.","page_number":85,"box":{"x":69,"y":634,"width":56,"height":9}},{"id":"0ea3357d-3b1b-4646-93df-9dfd36e2db47","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":85,"box":{"x":102,"y":657,"width":794,"height":11}},{"id":"4128e728-dcdf-4a71-b454-3acf6ffd5ce3","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":85,"box":{"x":68,"y":672,"width":773,"height":11}},{"id":"b0855dbb-9312-456e-875c-37b2ab0007b3","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":85,"box":{"x":69,"y":687,"width":808,"height":11}},{"id":"acc80b38-8f9c-4c21-ae0b-22455a28db92","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":85,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"538e3a05-6f63-4be1-830f-eaadf450ab9c","block_type":"box","text":"cer tain assets and liabilities on the company’s balance sheet in order to express items in terms of currency of","page_number":85,"box":{"x":69,"y":717,"width":790,"height":12}},{"id":"862017b5-7698-49f1-ac9d-6f12cc9bd69c","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":85,"box":{"x":69,"y":732,"width":790,"height":12}},{"id":"e7bbff33-4fd7-4153-b5cf-1cd1fa880c86","block_type":"box","text":"market Asia-Pacific companies.","page_number":85,"box":{"x":69,"y":748,"width":220,"height":11}},{"id":"6cce1f20-90cf-4a3a-ae75-17f3c9f8a31f","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":85,"box":{"x":102,"y":770,"width":780,"height":12}},{"id":"1a13cfd5-1272-4d7f-ae86-5c299ee553dc","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":85,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"16f7cae2-71e8-40bf-90fa-7a184d26d34c","block_type":"box","text":"services for such securities outside such countries.","page_number":85,"box":{"x":69,"y":801,"width":367,"height":9}},{"id":"a8df303a-f559-4145-99b4-84f2bd8f24a3","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":85,"box":{"x":102,"y":823,"width":795,"height":12}},{"id":"9039e785-bdd3-4632-8c89-0994306ba32b","block_type":"box","text":"to commercial banks and foreign governments.","page_number":85,"box":{"x":68,"y":838,"width":335,"height":12}},{"id":"cbead0b7-2854-41c2-8752-94b20216adfd","block_type":"box","text":"On March 11, 2011, a power ful ear thquake and resulting tsunami struck nor theastern Japan causing major","page_number":85,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"43af1495-7478-4fa7-a204-2566b66c639f","block_type":"box","text":"damage along the coast, including damage to nuclear power plants in the region. Future similar disasters, and the","page_number":85,"box":{"x":69,"y":876,"width":813,"height":11}},{"id":"59e9e34b-7811-4924-9439-628a473789b1","block_type":"box","text":"II-37","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bfd20982-8cd1-46c4-a548-f0b98cd1796b","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e38ff18-4c78-4d43-9836-fa11a6dbcdbf","block_type":"box","text":"resulting damage, could have a severe and negative impact on a Fund’s investment por tfolio and, in the longer term,","page_number":86,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"145a162c-a798-400c-be1a-0b07ad3fd905","block_type":"box","text":"could impair the ability of issuers in which the Fund invests to conduct their businesses in the manner normally","page_number":86,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"52d98555-9c2b-4fee-9ed2-7f01fa2769d3","block_type":"box","text":"conducted.","page_number":86,"box":{"x":69,"y":75,"width":76,"height":9}},{"id":"7387cd1b-903d-4424-8840-4cb43def1953","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":86,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"9b3d924c-0b2c-4927-9bfb-35cd0c40ca1f","block_type":"box","text":"practicable or appropriate to invest in a par ticular developing Asia-Pacific country. A Fund may invest in countries in","page_number":86,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"455ff6df-34db-4086-b9e3-14ae442f351a","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":86,"box":{"x":68,"y":128,"width":711,"height":11}},{"id":"1a1b16d1-4f79-495e-a8a7-944c2e3403b2","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":86,"box":{"x":102,"y":150,"width":435,"height":12}},{"id":"0f3d01ff-4785-43de-a96d-0a3e4ef924a2","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":86,"box":{"x":543,"y":150,"width":355,"height":12}},{"id":"bedd3d68-5246-4050-9592-c9436d08b2b6","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":86,"box":{"x":70,"y":166,"width":817,"height":11}},{"id":"4652bc8a-c2b6-4dfe-89bb-53b148bdf369","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":86,"box":{"x":69,"y":181,"width":836,"height":11}},{"id":"ec3595ad-f1e1-4f5d-9bfe-d009a5104041","block_type":"box","text":"foreign persons or limit the amount of investment by foreign persons in a par ticular company or limit the investment","page_number":86,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"48373ab4-bb6b-46db-bce3-9639a579819c","block_type":"box","text":"by foreign persons to only a specific class of securities of a company which may have less advantageous terms","page_number":86,"box":{"x":69,"y":211,"width":794,"height":11}},{"id":"6bfc9e1f-1b1b-4970-b236-920e9f799426","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":86,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"d6742aae-a3ab-43fa-99f8-84c9c6fb4043","block_type":"box","text":"be no assurance that a Fund will be able to obtain required governmental approvals in a timely manner. In addition,","page_number":86,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"5c3cfff2-2f1a-465f-8a1b-a2c47531bfaa","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":86,"box":{"x":69,"y":256,"width":820,"height":12}},{"id":"e36e3a9a-6a01-4848-ae62-5aebe8166665","block_type":"box","text":"have an adverse effect on the value of such shares. Cer tain countries may restrict investment oppor tunities in","page_number":86,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"f61b1fd7-f14c-4d43-a19a-dbe99b607966","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":86,"box":{"x":70,"y":287,"width":434,"height":10}},{"id":"8abbac0d-60c1-4499-858f-3045f410016c","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":86,"box":{"x":101,"y":309,"width":787,"height":11}},{"id":"240fdc2e-cbee-4978-b179-857e7bd632bf","block_type":"box","text":"well as limitations on such investments, also may have an adverse impact on the operations of a Fund. For example,","page_number":86,"box":{"x":68,"y":324,"width":833,"height":11}},{"id":"f7de6bb2-cdf2-4b22-b516-76de4a81550b","block_type":"box","text":"a Fund may be required in cer tain of such countries to invest initially through a local broker or other entity and then","page_number":86,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"0550004e-bd0b-4c92-9d92-71efa227c598","block_type":"box","text":"have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able","page_number":86,"box":{"x":69,"y":355,"width":831,"height":11}},{"id":"fdeadeaa-c620-4c19-8917-4f2d825393a3","block_type":"box","text":"to occur on a timely basis, resulting in a delay during which a Fund may be denied cer tain of its rights as an investor,","page_number":86,"box":{"x":68,"y":370,"width":834,"height":11}},{"id":"34dd4afd-ef3e-45e7-8b76-3b7fff289ed0","block_type":"box","text":"including rights as to dividends or to be made aware of cer tain corporate actions. There also may be instances where","page_number":86,"box":{"x":70,"y":385,"width":836,"height":11}},{"id":"6f49a0f7-d47a-48b1-ac3d-4a348c158358","block_type":"box","text":"a Fund places a purchase order but is subsequently informed, at the time of re-registration, that the permissible","page_number":86,"box":{"x":69,"y":400,"width":800,"height":11}},{"id":"51cb982d-f057-4ee0-8e01-ef54a8b49538","block_type":"box","text":"allocation of the investment to foreign investors has been filled, depriving the Fund of the ability to make its desired","page_number":86,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"2fe25aa1-3323-427c-a8b6-df60bbde7e68","block_type":"box","text":"investment at that time.","page_number":86,"box":{"x":70,"y":430,"width":168,"height":9}},{"id":"cf62c899-23a6-47ef-b8d6-ea114820c9ad","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":86,"box":{"x":102,"y":453,"width":774,"height":11}},{"id":"5f02be0d-a4a7-46af-8c30-504fc529ec41","block_type":"box","text":"income, capital or the proceeds of sales of securities by foreign investors. A Fund could be adversely affected by","page_number":86,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"27091408-86ed-45ab-b815-4972e8529c36","block_type":"box","text":"delays in, or a refusal to grant, any required governmental approval for repatriation of capital, as well as by the","page_number":86,"box":{"x":69,"y":483,"width":789,"height":11}},{"id":"8d672f95-e4f6-4152-bdb1-3b8aaf706b05","block_type":"box","text":"application to the Fund of any restrictions on investments. It is possible that cer tain countries may impose currency","page_number":86,"box":{"x":69,"y":498,"width":826,"height":11}},{"id":"6f9e5c43-d5d7-4f4c-8f4e-ad5fb2e6a8c3","block_type":"box","text":"controls or other restrictions relating to their currencies or to securities of issuers in those countries. To the extent","page_number":86,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"5f735186-5353-4d39-b727-7c77d7255a83","block_type":"box","text":"that such restrictions have the effect of making cer tain investments illiquid, securities may not be available for sale","page_number":86,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"9e3676cd-a025-43fa-af3b-6f9aa8908ca2","block_type":"box","text":"to meet redemptions. Depending on a variety of financial factors, the percentage of a Fund’s por tfolio subject to","page_number":86,"box":{"x":68,"y":543,"width":800,"height":12}},{"id":"ee0e8c2b-41f0-470e-85a0-c9d69fc3089f","block_type":"box","text":"currency controls may increase. In the event other countries impose similar controls, the por tion of the Fund’s assets","page_number":86,"box":{"x":69,"y":559,"width":839,"height":11}},{"id":"7e047f7a-56b5-4777-bd52-db4d341b093b","block_type":"box","text":"that may be used to meet redemptions may be fur ther decreased. Even where there is no outright restriction on","page_number":86,"box":{"x":68,"y":574,"width":798,"height":11}},{"id":"21427aff-2f32-4364-a9a0-d5b8fce96b0d","block_type":"box","text":"repatriation of capital, the mechanics of repatriation may affect cer tain aspects of the operations of a Fund (for","page_number":86,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"d507e094-28ff-4c55-84a4-b333c4d2313f","block_type":"box","text":"example, if funds may be withdrawn only in cer tain currencies and/or only at an exchange rate established by the","page_number":86,"box":{"x":69,"y":604,"width":808,"height":11}},{"id":"bbfa0859-d23b-4e57-83cd-b1bc64d34403","block_type":"box","text":"government).","page_number":86,"box":{"x":68,"y":619,"width":92,"height":11}},{"id":"963cf84b-1a21-48d6-ab89-3a118372cd64","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":86,"box":{"x":102,"y":642,"width":790,"height":11}},{"id":"02ef0a79-b0ca-448a-954e-bae42d5dfb07","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":86,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"803761c1-050f-4171-b718-7911d98026c4","block_type":"box","text":"securities of an issuer that, in its most recent fiscal year, derived more than 15% of its revenues from “securities","page_number":86,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"37cc20c8-87ce-4f5e-a854-9cebeb285cfc","block_type":"box","text":"related activities,” as defined by the rules thereunder. These provisions may restrict a Fund’s investments in cer tain","page_number":86,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"db3257d6-b0a3-4600-8696-22fb4b3f14da","block_type":"box","text":"foreign banks and other financial institutions.","page_number":86,"box":{"x":68,"y":702,"width":322,"height":12}},{"id":"97690b87-a69f-4bd5-86ab-050dbb188f2c","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":86,"box":{"x":102,"y":725,"width":767,"height":11}},{"id":"d4873965-e937-4efe-9706-d377f29e9560","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":86,"box":{"x":69,"y":740,"width":814,"height":11}},{"id":"cfa102c0-0fe6-4f34-836e-0ab2b1b828f7","block_type":"box","text":"developed countries. Some of these countries may have in the past failed to recognize private proper ty rights and","page_number":86,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"a997e314-5593-4d12-9f06-53fe22b64bb8","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":86,"box":{"x":69,"y":770,"width":812,"height":11}},{"id":"a6158447-8749-443a-b299-3563000d1c3b","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":86,"box":{"x":70,"y":785,"width":838,"height":12}},{"id":"bedbb665-3267-4c7f-b664-b913f7985758","block_type":"box","text":"or social developments may affect the value of investments in these countries and the availability to a Fund of","page_number":86,"box":{"x":69,"y":801,"width":788,"height":11}},{"id":"a0635d1f-5409-46dc-a341-e074afd85823","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":86,"box":{"x":69,"y":816,"width":812,"height":11}},{"id":"e3a5f28a-cc0b-4609-8f0c-0a9fb22eef57","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":86,"box":{"x":69,"y":831,"width":835,"height":11}},{"id":"5aee0d9d-4f3a-4542-b60c-41d831062ac7","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":86,"box":{"x":68,"y":846,"width":837,"height":11}},{"id":"0bcda631-1b87-4cf3-b03a-517ae197ac5a","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":86,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"eef825e9-2259-47b0-93f3-9527d5cef4d3","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":86,"box":{"x":69,"y":876,"width":711,"height":11}},{"id":"872a33ca-40db-44ff-acb0-84d23b4ff30d","block_type":"box","text":"II-38","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8e88ddd9-2c25-4db8-801a-a141259a09b5","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"060dad79-cb5c-43d7-9282-9b92ea1f4bc8","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":87,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"db700bdb-ded6-479f-8156-0a5c3840b032","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":87,"box":{"x":68,"y":60,"width":840,"height":11}},{"id":"6a3f9e53-6367-4929-9c99-4e33f9639daf","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":87,"box":{"x":68,"y":75,"width":838,"height":11}},{"id":"bb8e1776-e3fc-4c6f-a385-70f8e9350549","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":87,"box":{"x":68,"y":90,"width":802,"height":11}},{"id":"73c7f84d-dd31-4f0d-b88c-0639ac650d1f","block_type":"box","text":"foreign securities.","page_number":87,"box":{"x":68,"y":105,"width":127,"height":11}},{"id":"b77a5f0a-2207-4be1-b019-b829b4b2eaa8","block_type":"box","text":"Risks of Investments in Russia.","page_number":87,"box":{"x":102,"y":128,"width":224,"height":9}},{"id":"a044b6b7-49e8-4d00-97f6-025d7a3ac7e9","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":87,"box":{"x":332,"y":128,"width":539,"height":11}},{"id":"404a7adf-e9d2-4eba-a3a2-10c2cd998a8c","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":87,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"59851dda-4587-4e37-bcfc-e47b33d1e6dc","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":87,"box":{"x":70,"y":158,"width":821,"height":11}},{"id":"13c0f3a8-d6c2-4e40-bb45-7c273e7be679","block_type":"box","text":"and a substantial por tion of securities transactions are privately negotiated outside of stock exchanges. The","page_number":87,"box":{"x":69,"y":173,"width":772,"height":11}},{"id":"9b2d0085-a7ac-480a-a957-621572a6351c","block_type":"box","text":"inexperience of the Russian securities market and the limited volume of trading in securities in the market may make","page_number":87,"box":{"x":70,"y":188,"width":834,"height":12}},{"id":"3bc58823-d22b-4c93-a2e1-398e325e541a","block_type":"box","text":"obtaining accurate prices on por tfolio securities from independent sources more difficult than in more developed","page_number":87,"box":{"x":69,"y":203,"width":804,"height":12}},{"id":"99879a97-fe61-445a-868f-1b1f77c8944a","block_type":"box","text":"markets.","page_number":87,"box":{"x":69,"y":219,"width":61,"height":8}},{"id":"fc4230ba-9385-4bc0-b9c2-91ab7390f1a7","block_type":"box","text":"Because of the recent formation of the Russian securities markets, the underdeveloped state of Russia’s","page_number":87,"box":{"x":102,"y":241,"width":753,"height":11}},{"id":"eb94fedd-cc0c-411d-9dcb-dc65e5d8bee9","block_type":"box","text":"banking and telecommunication system and the legal and regulatory framework in Russia, settlement, clearing and","page_number":87,"box":{"x":69,"y":256,"width":819,"height":12}},{"id":"baf7ff16-6d48-47bf-b4ac-e0255ea3c03f","block_type":"box","text":"registration of securities transactions are subject to additional risks. Prior to 2013, there was no central registration","page_number":87,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"f25745e1-f041-4eec-8166-bb0fa14269b0","block_type":"box","text":"system for equity share registration in Russia and registration was carried out either by the issuers themselves or by","page_number":87,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"058dbb72-fb39-4d7e-985b-cf3d0079f263","block_type":"box","text":"registrars located throughout Russia. These registrars may not have been subject to effective state supervision or","page_number":87,"box":{"x":69,"y":302,"width":815,"height":11}},{"id":"8838b465-b3d9-4c34-bb80-c7d1ee867025","block_type":"box","text":"licensed with any governmental entity. In 2013, Russia established the National Settlement Depository (“NSD”) as a","page_number":87,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"5438eb6d-e1db-409b-93a3-58a1b3d366da","block_type":"box","text":"recognized central securities depository, and title to Russian equities is now based on the records of the NSD and","page_number":87,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"8b706d25-79a9-479b-9d8f-81cd25c46702","block_type":"box","text":"not on the records of the local registrars. The implementation of the NSD is generally expected to decrease the risk","page_number":87,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"64c3d3c0-c266-4653-ad0d-437d75f5d179","block_type":"box","text":"of loss in connection with recording and transferring title to securities; however, loss may still occur. Additionally,","page_number":87,"box":{"x":69,"y":362,"width":802,"height":11}},{"id":"0f1deaee-88bf-4b47-9626-eb5cac6f2385","block_type":"box","text":"issuers and registrars remain prominent in the validation and approval of documentation requirements for corporate","page_number":87,"box":{"x":70,"y":377,"width":825,"height":12}},{"id":"b25cffab-f8e1-405c-8f9a-ea6b197e412a","block_type":"box","text":"action processing in Russia, and there remain inconsistent market standards in the Russian market with respect to","page_number":87,"box":{"x":69,"y":393,"width":823,"height":11}},{"id":"7a94933b-0055-42c7-9528-2efc78a45a5a","block_type":"box","text":"the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title","page_number":87,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"0660e119-0e4e-4556-a255-f8075a717722","block_type":"box","text":"or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its rights or","page_number":87,"box":{"x":69,"y":423,"width":768,"height":11}},{"id":"6e154dfe-45ad-4568-9e10-7c4d5bf61aaa","block_type":"box","text":"otherwise remedy the loss.","page_number":87,"box":{"x":69,"y":438,"width":192,"height":11}},{"id":"f2763965-9c3f-4036-8dea-351ce6862dcf","block_type":"box","text":"In addition, Russia also may attempt to asser t its influence in the region through economic or even military","page_number":87,"box":{"x":102,"y":460,"width":765,"height":12}},{"id":"f6d1f85b-e4f6-49c1-a6c5-42eca44fe2fe","block_type":"box","text":"measures, as it did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a","page_number":87,"box":{"x":69,"y":475,"width":798,"height":12}},{"id":"8b90702d-6bec-453a-956d-a1bced289db4","block_type":"box","text":"large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting","page_number":87,"box":{"x":70,"y":491,"width":782,"height":11}},{"id":"9ad5e88c-ceed-4e2d-af46-f5c665f98dee","block_type":"box","text":"sanctions and resulting future market disruptions, including declines in its stock markets and the value of the ruble","page_number":87,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"b9484474-d0b5-4d23-9eec-6db252ba3fcf","block_type":"box","text":"against the U.S. dollar, are impossible to predict, but could be significant. Any such disruptions caused by Russian","page_number":87,"box":{"x":69,"y":521,"width":818,"height":11}},{"id":"e29a7dce-1156-418a-8c1e-33e969795406","block_type":"box","text":"military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses","page_number":87,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"6f053d85-5c80-467a-9abe-d25ca2901eb6","block_type":"box","text":"to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser","page_number":87,"box":{"x":68,"y":551,"width":787,"height":11}},{"id":"dc0c40fc-b256-4d6b-9df0-61c65f0a53ef","block_type":"box","text":"preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian","page_number":87,"box":{"x":70,"y":566,"width":759,"height":11}},{"id":"5061daa7-745f-42ba-bdda-e3264c68e531","block_type":"box","text":"individuals, including politicians, may impact Russia’s economy and Russian issuers of securities in which the Fund","page_number":87,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"bc23647a-3a53-48d4-9a0a-b05650b3b375","block_type":"box","text":"invests. Actual and threatened responses to such activity, including purchasing restrictions, sanctions, tariffs or","page_number":87,"box":{"x":70,"y":596,"width":797,"height":12}},{"id":"e259a187-cd61-4c91-8540-3e78c8bdeb07","block_type":"box","text":"cyberattacks on the Russian government or Russian companies, may impact Russia’s economy and Russian issuers","page_number":87,"box":{"x":69,"y":612,"width":830,"height":11}},{"id":"6f51bc88-3c67-4f6f-9073-9e892c8347a9","block_type":"box","text":"of securities in which the Fund invests. Actual and threatened responses to such military action may also impact the","page_number":87,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"7fd181c4-b4fe-4107-a901-b76e888b0671","block_type":"box","text":"markets for cer tain Russian commodities, such as oil and natural gas, as well as other sectors of the Russian","page_number":87,"box":{"x":69,"y":642,"width":786,"height":11}},{"id":"4f71cd0d-9421-4713-a3f8-245b6fc970cd","block_type":"box","text":"economy, and may likely have collateral impacts on such sectors globally.","page_number":87,"box":{"x":69,"y":657,"width":521,"height":11}},{"id":"4336273a-f933-45ef-a9ed-531e3b4058f7","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":87,"box":{"x":102,"y":680,"width":745,"height":11}},{"id":"596c19cc-4444-4c0d-9f7f-05e728e34e42","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":87,"box":{"x":70,"y":695,"width":826,"height":11}},{"id":"41a5d6ab-f842-4b9a-96e3-1763d6733d85","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":87,"box":{"x":70,"y":710,"width":799,"height":11}},{"id":"8690f9ac-c1fe-4c53-b9d0-aef9372292a4","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":87,"box":{"x":70,"y":725,"width":788,"height":11}},{"id":"44b392f7-a688-4d03-96c8-9a927c55ab02","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":87,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"7a19d372-318f-46e5-81b9-ba9ab7d800b2","block_type":"box","text":"payments. These sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and","page_number":87,"box":{"x":70,"y":755,"width":782,"height":11}},{"id":"3b1c2d4d-b837-4ff8-9749-51288651e669","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":87,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"b725c4b6-60bd-45fb-8e0a-df2e867f36ca","block_type":"box","text":"These sanctions could also result in the immediate freeze of Russian securities and/or funds invested in prohibited","page_number":87,"box":{"x":68,"y":785,"width":826,"height":11}},{"id":"e782a49c-219f-4b74-9634-450905740610","block_type":"box","text":"assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Sanctions could","page_number":87,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"969b0cf3-80da-40a3-84de-b38affd7b136","block_type":"box","text":"also result in Russia taking counter measures or retaliatory actions which may fur ther impair the value and liquidity","page_number":87,"box":{"x":69,"y":816,"width":823,"height":11}},{"id":"4f4d0589-011a-4c96-a3e1-c92cbc028e97","block_type":"box","text":"of Russian securities.","page_number":87,"box":{"x":69,"y":831,"width":153,"height":9}},{"id":"a711ff5e-7eb9-4742-ab92-95a08b8b342b","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":87,"box":{"x":102,"y":853,"width":241,"height":12}},{"id":"c527893d-6621-4d80-b246-68a8398e23bc","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":87,"box":{"x":350,"y":853,"width":523,"height":12}},{"id":"41bd90ff-95ef-4d0f-b628-adeaec72c6d6","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":87,"box":{"x":70,"y":869,"width":838,"height":11}},{"id":"e26ac8ba-5cd6-437c-a954-458be0dbd8a1","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":87,"box":{"x":69,"y":884,"width":814,"height":11}},{"id":"462d4182-ac50-4ce1-9f9d-7865e34aa022","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":87,"box":{"x":68,"y":899,"width":793,"height":11}},{"id":"caee4934-75d7-480c-b384-7708f74a588c","block_type":"box","text":"II-39","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"60a98090-7a42-4f3b-8d45-15095be438a2","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f807844e-5205-4880-93c2-43dc4b4ecd1d","block_type":"box","text":"including a limitation on a Fund’s ownership of any single issuer listed on the Saudi Arabian Stock Exchange, which","page_number":88,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"e2318f5c-30ff-4e6c-9c27-6cc1d2d5009f","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":88,"box":{"x":69,"y":60,"width":777,"height":11}},{"id":"de457f81-7163-4597-a005-609d005253b1","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":88,"box":{"x":70,"y":75,"width":803,"height":11}},{"id":"b7ac6185-5a6b-4711-bc7e-f0291fd7ad52","block_type":"box","text":"approvals or additional foreign taxes, may be instituted at any time. A Fund may not be able to obtain or maintain any","page_number":88,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"fb35d7c9-58da-4b0f-bf67-7c64e20e88f5","block_type":"box","text":"such licenses or approvals and may not be able to buy and sell securities at full value. Major disruptions or","page_number":88,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"e60cd991-85c3-4718-917e-2a36f25194bd","block_type":"box","text":"regulatory changes could occur in the Saudi Arabian market, any of which could negatively impact a Fund. These risks","page_number":88,"box":{"x":69,"y":120,"width":838,"height":12}},{"id":"2d78df8d-384e-4d8c-8baf-f87e8cc23715","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":88,"box":{"x":69,"y":135,"width":805,"height":12}},{"id":"22901afc-ace8-4b8e-a3e5-2056e9e6dbae","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":88,"box":{"x":69,"y":151,"width":837,"height":11}},{"id":"b591cf46-8e34-4b23-ad23-ba8852c435de","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":88,"box":{"x":69,"y":166,"width":826,"height":11}},{"id":"a76e8e6a-61e4-479c-9464-0dd76c9e9e22","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":88,"box":{"x":69,"y":181,"width":834,"height":11}},{"id":"2adab957-f50f-49e5-ac45-a2d51a3e11fd","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":88,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"6d185271-b5a7-40b2-acf7-0b7a085b9e8b","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":88,"box":{"x":69,"y":211,"width":797,"height":11}},{"id":"d420b502-3637-4c74-a9a5-71ae114d679d","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":88,"box":{"x":68,"y":226,"width":781,"height":11}},{"id":"fbc0ffc7-a623-493d-bbfb-a1f29cad6962","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":88,"box":{"x":69,"y":241,"width":811,"height":11}},{"id":"f365fa0b-53bf-4df4-a90f-eb121ab1b422","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":88,"box":{"x":69,"y":256,"width":833,"height":11}},{"id":"d8b28c89-82f1-4054-94a0-5aca12ddae81","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":88,"box":{"x":69,"y":272,"width":831,"height":11}},{"id":"46cdc994-9094-4e3b-8e2b-fd5425dda8b7","block_type":"box","text":"due to re-nationalization of such privatized entities. There is no assurance that similar losses will not recur. Fur ther,","page_number":88,"box":{"x":69,"y":286,"width":823,"height":11}},{"id":"7f7e9f21-d156-4729-91e0-94fceeb3516a","block_type":"box","text":"under income tax laws imposed by the Depar tment of Zakat and Income Tax, dividends paid by a Saudi Arabian","page_number":88,"box":{"x":69,"y":302,"width":791,"height":11}},{"id":"163e7d7a-7c6e-4780-b703-6a1916669553","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":88,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"2e4a21db-e61b-494a-a7cb-37d46a9989f2","block_type":"box","text":"to an applicable treaty). Saudi Arabia is highly reliant on income from the sale of petroleum and trade with other","page_number":88,"box":{"x":68,"y":332,"width":799,"height":11}},{"id":"2cbdf675-4ad9-4e4c-a419-d233dd1a4723","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":88,"box":{"x":69,"y":347,"width":815,"height":11}},{"id":"c5bfc5c5-48cb-4626-9d19-26fdb4580ac5","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":88,"box":{"x":68,"y":362,"width":818,"height":11}},{"id":"7c5421ff-57ad-4c5b-a381-d3ac93cf51c2","block_type":"box","text":"impacted.","page_number":88,"box":{"x":70,"y":377,"width":67,"height":11}},{"id":"366fa6b7-c368-4a02-afe0-ef34da817448","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":88,"box":{"x":102,"y":400,"width":773,"height":11}},{"id":"8b2fc760-254d-43f9-a6e8-d17b8f40a165","block_type":"box","text":"many aspects of the private sector. Although liberalization in the wider economy is underway, in many areas it has","page_number":88,"box":{"x":69,"y":415,"width":812,"height":11}},{"id":"38aa076a-2793-4379-9846-0e6487023eb8","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":88,"box":{"x":70,"y":430,"width":818,"height":11}},{"id":"49608283-c40f-47d3-930c-054cf08e04c3","block_type":"box","text":"key industries. The situation is exacerbated by the fact that Saudi Arabia is governed by an absolute monarchy. Saudi","page_number":88,"box":{"x":69,"y":445,"width":836,"height":12}},{"id":"09285c53-f76f-4f63-aa17-fb344f7edff0","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":88,"box":{"x":68,"y":461,"width":826,"height":11}},{"id":"981aa8e6-d876-43ea-a2ec-9d4ce9338781","block_type":"box","text":"the Middle East due to geopolitical events. Incidents involving a Middle Eastern country’s or the region’s security,","page_number":88,"box":{"x":68,"y":476,"width":809,"height":11}},{"id":"dd423d52-464f-4467-85ac-ddd1644868ea","block_type":"box","text":"including terrorism, may cause uncer tainty in their markets and may adversely affect its economy and a Fund’s","page_number":88,"box":{"x":70,"y":491,"width":790,"height":11}},{"id":"d2aea31e-5904-44f2-9974-95bc63a4e343","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":88,"box":{"x":70,"y":506,"width":798,"height":11}},{"id":"477d94bc-55b3-48e9-b4c0-5dee67de8090","block_type":"box","text":"Arabia, which could affect private sector companies and a Fund, as well as the value of securities in a Fund’s","page_number":88,"box":{"x":68,"y":521,"width":781,"height":11}},{"id":"35a2aae6-a27f-4bfd-b418-699ed26c0d90","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":88,"box":{"x":70,"y":536,"width":836,"height":11}},{"id":"b665b2b5-499a-4d40-8333-98ce61b41755","block_type":"box","text":"of sanctions, may result in the decline of the value and liquidity of Saudi Arabian securities, a weakening of the Saudi","page_number":88,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"56c8da9f-0521-4e7d-beb7-ed144cacb368","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":88,"box":{"x":69,"y":566,"width":838,"height":11}},{"id":"03c47d87-31f0-42b3-9212-68c724c9ad2f","block_type":"box","text":"on cheap, foreign labor, and changes in the availability of this labor supply could have an adverse effect on the","page_number":88,"box":{"x":69,"y":581,"width":790,"height":12}},{"id":"a809c203-f405-45a8-a722-f14714e3aff6","block_type":"box","text":"economy.","page_number":88,"box":{"x":69,"y":599,"width":65,"height":9}},{"id":"1a866825-554e-4da7-bcd0-764f6f671d30","block_type":"box","text":"The securities markets in Saudi Arabia may not be as developed as those in other countries. As a result,","page_number":88,"box":{"x":101,"y":619,"width":747,"height":11}},{"id":"f0df1d59-bc84-4c0f-9bd9-96487eff04a5","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":88,"box":{"x":69,"y":634,"width":776,"height":12}},{"id":"2aab2631-120f-4e57-b239-ef9a8371ef3e","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":88,"box":{"x":69,"y":649,"width":836,"height":12}},{"id":"4ccbacc3-7809-4f81-aca0-504b28ec7f58","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":88,"box":{"x":69,"y":664,"width":830,"height":12}},{"id":"4d42b2e2-d9cb-4f7a-96ea-50d62343755d","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":88,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"f80958db-dc17-401d-b1ba-cf5f246244b1","block_type":"box","text":"infrequent trading may adversely affect the pricing of these securities and a Fund’s ability to sell these securities in","page_number":88,"box":{"x":70,"y":695,"width":822,"height":11}},{"id":"79d5a47d-a809-4242-8658-e3cb39b65722","block_type":"box","text":"the future. Current regulations in Saudi Arabian markets may require a Fund to execute trades of securities through a","page_number":88,"box":{"x":68,"y":710,"width":837,"height":11}},{"id":"90c30bda-c318-4584-8069-c676df61f217","block_type":"box","text":"single broker. As a result, the Manager will have less flexibility to choose among brokers on behalf of a Fund than is","page_number":88,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"1fba3236-0e43-4e78-90a7-c94e29345b88","block_type":"box","text":"typically the case for investment managers.","page_number":88,"box":{"x":68,"y":740,"width":309,"height":11}},{"id":"1303a64b-ecb6-45c9-969b-370d7230c937","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":88,"box":{"x":101,"y":763,"width":806,"height":11}},{"id":"d6f7c9e3-4238-458b-a987-b6e6903b31d6","block_type":"box","text":"instability, and there remains the possibility that the stability will not hold in the future or that instability in the larger","page_number":88,"box":{"x":70,"y":778,"width":828,"height":11}},{"id":"9c97674c-c6eb-4e6b-8c55-ff65766b81a6","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":88,"box":{"x":70,"y":793,"width":777,"height":11}},{"id":"c53af19c-9a0c-4401-a00a-9bc76db0321b","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":88,"box":{"x":69,"y":808,"width":796,"height":11}},{"id":"f3abf36b-c95a-418a-b812-4defb6671e9c","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":88,"box":{"x":70,"y":823,"width":830,"height":12}},{"id":"503fc5b0-e9d6-4dc4-83f3-73a16d34ccfc","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":88,"box":{"x":70,"y":838,"width":827,"height":12}},{"id":"31d7ab8d-8fd3-4177-a116-3007966a2fab","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":88,"box":{"x":68,"y":853,"width":764,"height":12}},{"id":"4bf79307-1a45-43dd-8820-0dcbe5869a29","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":88,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"c884164c-82f6-4c6b-9e48-f89ad13d4087","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":88,"box":{"x":69,"y":884,"width":835,"height":11}},{"id":"b9957dd4-1d8d-4c87-a571-0e9525e4cf53","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":88,"box":{"x":70,"y":899,"width":829,"height":11}},{"id":"6f256a78-5b28-48ba-8749-e0a890b76814","block_type":"box","text":"II-40","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1420cd15-22ab-4382-990d-6e986f9183b7","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7082390d-2b35-4199-8d04-b558d3690db5","block_type":"box","text":"an economic slowdown in the U.S. may have a material adverse effect on the economic conditions of Saudi Arabia","page_number":89,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"437c25d6-ae8b-4017-8188-0b530104c86b","block_type":"box","text":"and, as a result, securities to which the Fund has exposure. Political instability in Nor th Africa and the larger Middle","page_number":89,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"53625e04-926b-4d90-9fcf-b37352b19ee3","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":89,"box":{"x":70,"y":75,"width":797,"height":11}},{"id":"83590e7b-9f7f-4290-8bde-2ac98228bef3","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":89,"box":{"x":69,"y":90,"width":510,"height":11}},{"id":"5f9375d5-5483-4943-a6c7-964e6d763e89","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":89,"box":{"x":102,"y":113,"width":773,"height":11}},{"id":"abeecec9-2488-4bfc-b37c-58d559b59dcf","block_type":"box","text":"and/or embargoes imposed by the U.S. Government and the United Nations and/or countries identified by the U.S.","page_number":89,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"55a077f4-5e48-4e4a-9281-73bea69ba5fc","block_type":"box","text":"Government as state sponsors of terrorism. As a result, an issuer may sustain damage to its reputation if it is","page_number":89,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"972f51c5-bd68-4ae8-b3cb-c217d4d2448a","block_type":"box","text":"identified as an issuer which operates in, or has dealings with, such countries. A Fund, as an investor in such issuers","page_number":89,"box":{"x":70,"y":158,"width":837,"height":11}},{"id":"e25d48a5-e65d-4c7d-aaa9-5e3b55f2d3ef","block_type":"box","text":"will be indirectly subject to those risks.","page_number":89,"box":{"x":68,"y":173,"width":277,"height":11}},{"id":"8188f24e-33b8-4d4d-bf40-c4cc837f4c69","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":89,"box":{"x":102,"y":196,"width":223,"height":11}},{"id":"bec6960a-0c3f-4d07-8f82-be745d973079","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":89,"box":{"x":332,"y":196,"width":521,"height":11}},{"id":"37294882-4d1e-4ca1-a0e1-fc104b149d50","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":89,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"f39e8426-9a10-4687-8469-1fcc3d04e33b","block_type":"box","text":"is extremely well endowed with natural resources and its economy is heavily dependent on expor t of natural","page_number":89,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"4e3e1d85-815c-44f6-9042-b1eb07060751","block_type":"box","text":"resources to key trading par tners. According to the Organization of Petroleum Expor ting Countries (“OPEC”),","page_number":89,"box":{"x":69,"y":241,"width":769,"height":11}},{"id":"0821c62c-fd25-4734-a9d5-555f5ef58310","block_type":"box","text":"Venezuela boasts the world’s largest oil reserves. According to an industry repor t, Venezuela also has the","page_number":89,"box":{"x":68,"y":257,"width":757,"height":11}},{"id":"8b5c8f9b-c90d-4842-9457-d22ab332a1f1","block_type":"box","text":"continent’s largest natural gas reserves at an estimated 152 trillion cubic meters. Any act of terrorism, an armed","page_number":89,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"c19a53ef-94d1-45a5-a45c-239d4e02c5a6","block_type":"box","text":"conflict or a breakdown of a key trading relationship that disrupts the production or expor t of natural resources will","page_number":89,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"ef5ed08f-c917-464f-b44b-d8c17c728f81","block_type":"box","text":"likely negatively affect the Venezuelan economy. The government continues to control key sectors of the economy,","page_number":89,"box":{"x":70,"y":302,"width":810,"height":11}},{"id":"56ace6b1-1126-4487-81f1-12229cb3f676","block_type":"box","text":"including upstream oil and gas production, and has sought to increase its role in key sectors, such as","page_number":89,"box":{"x":70,"y":317,"width":726,"height":11}},{"id":"7ceff9b0-ec0c-4d17-bee0-c980d8950956","block_type":"box","text":"telecommunications and steel. Meanwhile, ambiguities in the investment environment remain, such as continued","page_number":89,"box":{"x":68,"y":332,"width":808,"height":11}},{"id":"2784f839-79ff-4a0b-9c71-b4b8277c0307","block_type":"box","text":"high levels of bureaucracy and corruption, large macroeconomic imbalances, and political and policy uncer tainty.","page_number":89,"box":{"x":69,"y":347,"width":802,"height":11}},{"id":"63070a36-9162-42ce-8d46-16b831f15221","block_type":"box","text":"Friction continues between the governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions,","page_number":89,"box":{"x":70,"y":362,"width":821,"height":11}},{"id":"a6de9a5c-e420-47c1-b96e-e43a8fd911cb","block_type":"box","text":"which consist of asset freezes and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate","page_number":89,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"19c91742-6370-4e53-9c3d-c794521010b8","block_type":"box","text":"entities, and on the Venezuelan government. The U.S. could also institute broader sanctions on Venezuela. These","page_number":89,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"6a158c01-c5fc-4714-bf1a-fc3993e56917","block_type":"box","text":"sanctions, or even the threat of fur ther sanctions, may result in the decline of the value and liquidity of Venezuelan","page_number":89,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"f582d0f5-76b9-4c8a-aaa8-cb3d70dfe92a","block_type":"box","text":"securities, a weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions","page_number":89,"box":{"x":69,"y":423,"width":820,"height":11}},{"id":"37be3e99-6eac-447f-b0a1-d1f15d21af98","block_type":"box","text":"impair the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against","page_number":89,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"d5538dfd-32c7-4f95-8843-d86fc384bdb4","block_type":"box","text":"Venezuela may in the future be imposed by the U.S. or other countries. These factors, among others, can have a","page_number":89,"box":{"x":68,"y":453,"width":803,"height":11}},{"id":"bc713601-2042-4fd1-a025-755fbe86dc67","block_type":"box","text":"negative impact on a Fund’s investments.","page_number":89,"box":{"x":69,"y":468,"width":296,"height":11}},{"id":"91a8d3dc-52ba-4f86-a83f-9815dc12c9b1","block_type":"box","text":"Brady Bonds.","page_number":89,"box":{"x":102,"y":491,"width":92,"height":11}},{"id":"ec7ae10e-467b-4fa8-999a-bc7ca7a7947b","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":89,"box":{"x":201,"y":491,"width":689,"height":11}},{"id":"8590add7-fba0-408f-bbf6-4fb7c52d10d2","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":89,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"56c39c0e-6265-41a0-af30-dcc11d527c07","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":89,"box":{"x":69,"y":521,"width":766,"height":11}},{"id":"0c59b42a-3224-4d72-90a2-7b13b03cf856","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":89,"box":{"x":69,"y":536,"width":784,"height":11}},{"id":"30b40a8b-67c1-4340-809e-72e35ee72fca","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":89,"box":{"x":68,"y":551,"width":837,"height":11}},{"id":"fc7680d2-4d13-4cb4-9a42-4774f44fe934","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":89,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"083d24ec-74a3-42bb-82c2-d2732f38b2ca","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay and Venezuela.","page_number":89,"box":{"x":70,"y":582,"width":555,"height":11}},{"id":"af7ff6c4-030a-4a18-abbb-8f169d256138","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":89,"box":{"x":102,"y":604,"width":798,"height":11}},{"id":"f2c55aab-22c0-494a-9cb2-64c2da327cf9","block_type":"box","text":"and are actively traded in the OTC secondary market. Brady Bonds are not considered to be U.S. Government","page_number":89,"box":{"x":69,"y":619,"width":780,"height":11}},{"id":"7269754e-eee8-4f3b-b3b4-250b4ba9b832","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":89,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"c74eea9c-6865-4149-ab1e-7b7736507ea5","block_type":"box","text":"discount bonds, are generally collateralized in full as to principal by U.S. Treasury zero-coupon bonds having the","page_number":89,"box":{"x":69,"y":649,"width":796,"height":12}},{"id":"a511ac4f-4d90-4e20-8052-2a29870355c0","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":89,"box":{"x":69,"y":665,"width":812,"height":11}},{"id":"4032ce0b-df99-4480-81e5-97f346f92fd8","block_type":"box","text":"year or longer rolling-forward basis by cash or securities in an amount that, in the case of fixed rate bonds, is equal","page_number":89,"box":{"x":68,"y":680,"width":823,"height":11}},{"id":"8dac1971-7906-40e3-b981-bbebedb6eae2","block_type":"box","text":"to at least one year of interest payments or, in the case of floating rate bonds, initially is equal to at least one year’s","page_number":89,"box":{"x":68,"y":695,"width":833,"height":11}},{"id":"d437ce06-bba8-4e44-b45b-9b1d258ac1f1","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":89,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"a908bc5b-cb35-4a2d-8d5e-8e604b6118ce","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":89,"box":{"x":69,"y":725,"width":818,"height":11}},{"id":"acde7507-2422-4ff3-b23b-1b1b15c1e8b6","block_type":"box","text":"supplemental interest payments but generally are not collateralized. For example, some Mexican and Venezuelan","page_number":89,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"473c9e97-4ad1-4a33-a622-690f27bc8926","block_type":"box","text":"Brady Bonds include attached value recovery options, which increase interest payments if oil revenues rise. Brady","page_number":89,"box":{"x":70,"y":755,"width":812,"height":11}},{"id":"be0c08bd-181b-4896-9263-7438c2467818","block_type":"box","text":"Bonds are often viewed as having three or four valuation components: (i) the collateralized repayment of principal at","page_number":89,"box":{"x":70,"y":770,"width":825,"height":12}},{"id":"366be99b-caf5-452e-9c01-0dbfc361f0d7","block_type":"box","text":"final maturity; (ii) the collateralized interest payments; (iii) the uncollateralized interest payments; and (iv) any","page_number":89,"box":{"x":68,"y":785,"width":780,"height":12}},{"id":"3a850a9c-d6b2-455b-ae5c-03d700b4caf5","block_type":"box","text":"uncollateralized repayment of principal at maturity (the uncollateralized amounts constitute the “residual risk”).","page_number":89,"box":{"x":69,"y":801,"width":790,"height":11}},{"id":"33f06874-08b5-464a-8d5e-17952d50f542","block_type":"box","text":"Most Mexican Brady Bonds issued to date have principal repayments at final maturity fully collateralized by U.S.","page_number":89,"box":{"x":102,"y":823,"width":795,"height":11}},{"id":"5b62d4d2-6e83-4ac6-97cb-8d2ec9935b8f","block_type":"box","text":"Treasury zero-coupon bonds (or comparable collateral denominated in other currencies) and interest coupon","page_number":89,"box":{"x":68,"y":839,"width":770,"height":10}},{"id":"472bcd68-4dd8-431f-a137-25d396fcaa6e","block_type":"box","text":"payments collateralized on an 18-month rolling-forward basis by funds held in escrow by an agent for the","page_number":89,"box":{"x":70,"y":853,"width":745,"height":12}},{"id":"7545d587-3d54-4625-872b-a09e402772a7","block_type":"box","text":"bondholders. A significant por tion of the Venezuelan Brady Bonds and the Argentine Brady Bonds issued to date have","page_number":89,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"ec528906-2b10-421a-9635-7337eb6afb71","block_type":"box","text":"repayments at final maturity collateralized by U.S. Treasury zero-coupon bonds (or comparable collateral denominated","page_number":89,"box":{"x":69,"y":884,"width":837,"height":11}},{"id":"80f2888d-45b4-4c39-b056-ad4b42876040","block_type":"box","text":"II-41","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1895a6df-12d6-4bee-8546-9b9947485aaf","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ce3b16b6-a732-42fc-86ba-2c5df588753b","block_type":"box","text":"in other currencies) and/or interest coupon payments collateralized on a 14-month (for Venezuela) or 12-month (for","page_number":90,"box":{"x":70,"y":45,"width":820,"height":11}},{"id":"c88987a2-50bb-4089-b8bd-7dbd77e562e7","block_type":"box","text":"Argentina) rolling-forward basis by securities held by the Federal Reserve Bank of New York as collateral agent.","page_number":90,"box":{"x":68,"y":60,"width":790,"height":11}},{"id":"d9dd7b45-3624-42e4-a8f4-7d2517b340c1","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":82,"width":807,"height":12}},{"id":"d2de8ba8-1fbf-49e9-bd19-2fc889031b10","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":98,"width":838,"height":11}},{"id":"1da61c9f-c3fa-40c6-ae8d-1fa5b5995fc8","block_type":"box","text":"Bonds. In light of the residual risk of Brady Bonds and, among other factors, the history of defaults, investments in","page_number":90,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"34c2ca8c-a1c4-430c-aba4-c2e607ab25ad","block_type":"box","text":"Brady Bonds are considered speculative. There can be no assurance that Brady Bonds in which the Funds may invest","page_number":90,"box":{"x":70,"y":128,"width":835,"height":11}},{"id":"02713d89-de74-4b11-b748-a2f17799dc0d","block_type":"box","text":"will not be subject to restructuring arrangements or to requests for new credit, which may cause the Funds to suffer a","page_number":90,"box":{"x":68,"y":143,"width":841,"height":11}},{"id":"1371745a-f93e-40e8-bd11-486c0c21ac22","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":90,"box":{"x":70,"y":158,"width":351,"height":11}},{"id":"a66d9dcb-0586-4179-8b60-42a2a2ff3e93","block_type":"box","text":"China Investments Risk.","page_number":90,"box":{"x":102,"y":181,"width":171,"height":9}},{"id":"4d1281d7-6ecd-4c9e-b99d-972ed744abf2","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":90,"box":{"x":102,"y":203,"width":763,"height":11}},{"id":"da97f9be-0702-4a37-a7ad-7217b7f72d55","block_type":"box","text":"including cer tain Hong Kong-listed and U.S.-listed securities, involve a high degree of risk and special considerations","page_number":90,"box":{"x":70,"y":218,"width":830,"height":12}},{"id":"d0e3b9ed-0190-4af7-aa1a-fc4001beeddf","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":90,"box":{"x":69,"y":234,"width":821,"height":11}},{"id":"889f0a95-5d8e-4189-a8ff-f1d296889715","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":90,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"8ca8bdcf-df76-4f0a-aacd-c0e05a1b8400","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":90,"box":{"x":69,"y":264,"width":713,"height":11}},{"id":"e7b0020f-d066-42d4-b4b4-ce26502365ea","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":90,"box":{"x":102,"y":286,"width":762,"height":12}},{"id":"928feff2-edbf-408b-9353-bc1765f1a5f8","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":90,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"34b95203-8b01-4f36-8da0-cef4c8b71e5f","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":90,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"7867e0c1-43f6-47fe-bc88-8afbb96bf2e1","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":90,"box":{"x":68,"y":332,"width":777,"height":11}},{"id":"3c3b1ddc-8f40-45ed-a234-8ba9349ce2b0","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":90,"box":{"x":69,"y":347,"width":809,"height":11}},{"id":"1790d88e-748c-4916-85a4-fa1418023737","block_type":"box","text":"even fur ther. Due to the interconnected nature of the Hong Kong and Chinese economies, this instability in Hong","page_number":90,"box":{"x":69,"y":362,"width":805,"height":11}},{"id":"70170377-7880-4646-a9c1-a6ab8ede10ee","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":90,"box":{"x":70,"y":377,"width":770,"height":12}},{"id":"473fe926-2dba-4d29-8ed0-d09d33e4eb55","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":90,"box":{"x":69,"y":392,"width":821,"height":12}},{"id":"a1100bd2-ecd6-42d1-8c6a-5de0e0070cbd","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":90,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"a12bf6c0-a41b-4028-a64e-e693cecafb2f","block_type":"box","text":"value of the Fund’s investments in China or Taiwan, may cause a suspension in a Fund’s ability to trade in cer tain","page_number":90,"box":{"x":68,"y":423,"width":812,"height":11}},{"id":"d3c0e601-53e5-4f32-b0b4-b358eaae0a21","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":90,"box":{"x":69,"y":438,"width":818,"height":11}},{"id":"8842ca9c-4c9b-42c0-8f52-32742d238a7f","block_type":"box","text":"hostility between China and Taiwan would likely have a significant adverse impact on the value of the Fund’s","page_number":90,"box":{"x":69,"y":453,"width":769,"height":11}},{"id":"272463ad-5864-4a64-b5d6-9d6d1d5f4b59","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":90,"box":{"x":70,"y":468,"width":836,"height":11}},{"id":"d9954e34-3d12-4203-860a-6310f7729d73","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":90,"box":{"x":68,"y":483,"width":810,"height":11}},{"id":"c605c384-f827-424a-b7e3-7e4b176f9015","block_type":"box","text":"Frictions between China and the Philippines in the South China Sea pose a risk of escalation potentially leading to","page_number":90,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"598608c3-a516-42ea-a220-c9fd7bb569af","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":90,"box":{"x":69,"y":513,"width":811,"height":12}},{"id":"4f33c23a-5876-490a-94ab-a114e4e41a8a","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":90,"box":{"x":69,"y":528,"width":804,"height":12}},{"id":"bc7e8d46-0b27-48e3-9fb0-0687b248d95a","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":90,"box":{"x":69,"y":543,"width":829,"height":12}},{"id":"854380b9-6363-485f-82b6-eef728889b51","block_type":"box","text":"companies, may impact China’s economy and Chinese issuers of securities in which a Fund invests. China could be","page_number":90,"box":{"x":69,"y":559,"width":825,"height":11}},{"id":"637695a4-42b5-4e97-83f8-6880a585a10c","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":90,"box":{"x":69,"y":574,"width":819,"height":11}},{"id":"8a20a500-cce8-4ea3-bafe-77dcc5df8461","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":90,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"219da59b-c977-40e2-8932-81a2f9b98b4c","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":90,"box":{"x":101,"y":612,"width":792,"height":11}},{"id":"35fc3473-938a-48b4-84d0-94c55e048408","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":90,"box":{"x":70,"y":627,"width":818,"height":11}},{"id":"8c0ac37e-807b-4cb8-aa82-08a9dfd66755","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":90,"box":{"x":68,"y":642,"width":835,"height":11}},{"id":"b648733c-16c0-4d59-857c-fcf7e50c17bf","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":90,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"6f7a0693-90ef-4f2a-b5ab-51284f1997b3","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":90,"box":{"x":70,"y":672,"width":763,"height":11}},{"id":"1539e896-18e4-4072-a24b-dbe3a6e4c4b0","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":90,"box":{"x":69,"y":687,"width":829,"height":11}},{"id":"25f742d9-b58b-4aae-a112-e8c6e754bebf","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":90,"box":{"x":70,"y":702,"width":813,"height":12}},{"id":"fee40666-6d8a-4c97-a405-3e71900980d8","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":90,"box":{"x":68,"y":717,"width":653,"height":12}},{"id":"e84008bd-5a82-4032-befb-9e0325a73d99","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":90,"box":{"x":101,"y":740,"width":783,"height":11}},{"id":"7f28c473-440c-4ae5-8428-eb08255bea84","block_type":"box","text":"restrictions, a ban on “naked” shor t selling or the suspension of shor t selling for cer tain stocks. This may affect","page_number":90,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"6e40267e-bbc8-4762-85fd-08cae0bb3aa1","block_type":"box","text":"market price and liquidity of these stocks, and may have an unpredictable impact on the investment activities of the","page_number":90,"box":{"x":69,"y":770,"width":827,"height":11}},{"id":"98079408-1446-4d3c-9610-025c6b3ceece","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":90,"box":{"x":70,"y":786,"width":821,"height":11}},{"id":"dd50b79d-4322-4ce4-b65e-61d94d8b8cd1","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":90,"box":{"x":69,"y":801,"width":683,"height":11}},{"id":"948332b5-b69c-47ae-bde6-d615c6dfc32a","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":90,"box":{"x":102,"y":823,"width":797,"height":12}},{"id":"4ae1e116-5e1f-4c13-be77-73ab44fe3ffa","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":90,"box":{"x":69,"y":838,"width":779,"height":12}},{"id":"5ed7db97-9a91-46b8-be42-120db26cb9d0","block_type":"box","text":"Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulation as are U.S.","page_number":90,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"9df3b22c-e489-4c07-9eb9-f650e0dc025f","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":90,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"21cfe4f0-4146-4fc5-84fa-5f3e909443e4","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":90,"box":{"x":69,"y":884,"width":778,"height":11}},{"id":"ef345938-7690-4ac4-b9e7-aceb52e8bd7d","block_type":"box","text":"information. Securities markets in China are in the process of change and fur ther development. This may lead to","page_number":90,"box":{"x":70,"y":899,"width":803,"height":11}},{"id":"8712773a-c5b1-402e-975e-72d3a84c75f9","block_type":"box","text":"II-42","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b9dd9315-9fcb-4e37-baff-a82708188e14","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a161f6bb-23b2-4632-8568-810a29b29759","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":45,"width":816,"height":11}},{"id":"a409bbfd-eba0-467e-b6a2-f9c25475e221","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":60,"width":816,"height":11}},{"id":"51ad8d04-24d5-452b-90cf-1fdfa3f96840","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":75,"width":798,"height":11}},{"id":"9aa84b62-66a5-498e-86bd-20c7a970bb04","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":90,"width":826,"height":11}},{"id":"bd124151-c81b-4fa1-9148-1254ae4d7061","block_type":"box","text":"sub-custodian.","page_number":91,"box":{"x":69,"y":105,"width":102,"height":9}},{"id":"f2dbfd4d-9919-49ef-86fe-2b949358c808","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":91,"box":{"x":101,"y":128,"width":801,"height":11}},{"id":"429237a1-afd3-439b-9891-824adc050413","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":91,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"11bf34b9-ab94-42a9-b874-93f7ebf38b9c","block_type":"box","text":"on investor protection considerations.","page_number":91,"box":{"x":69,"y":158,"width":268,"height":11}},{"id":"bbec6838-634e-40fc-9752-ebd80ba4576c","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":91,"box":{"x":101,"y":181,"width":806,"height":11}},{"id":"b1e3793e-e737-4684-a80e-8acf84c5731b","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":91,"box":{"x":70,"y":196,"width":829,"height":11}},{"id":"ff3e5341-5fcd-4814-9c44-7bdc6f304033","block_type":"box","text":"for compliance with U.S. law and professional standards. On August 26, 2022, the PCAOB signed a Statement of","page_number":91,"box":{"x":68,"y":211,"width":810,"height":11}},{"id":"65a2a920-f133-4e42-a2f9-91aca0fbaf60","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":91,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"45098afd-554e-45a1-8bf7-3d6f3608284a","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":91,"box":{"x":68,"y":241,"width":774,"height":11}},{"id":"e8327336-a4d2-41d3-9bdd-9a639f35109a","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":91,"box":{"x":69,"y":256,"width":760,"height":12}},{"id":"a2ad2d51-ddfb-4656-a239-4ae3dffdf1d9","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":91,"box":{"x":69,"y":271,"width":788,"height":12}},{"id":"4681b370-2560-49ad-94ca-7c5e0456ced2","block_type":"box","text":"per formed by PCAOB-registered accounting firms in mainland China and Hong Kong may be less reliable than those","page_number":91,"box":{"x":70,"y":286,"width":822,"height":12}},{"id":"79177f7f-5f95-422e-8b02-0c6d3a33e2e4","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":91,"box":{"x":70,"y":302,"width":821,"height":11}},{"id":"c08f2025-eb0b-46ef-9d4b-11f69c50b18f","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":91,"box":{"x":70,"y":317,"width":820,"height":11}},{"id":"74a6d9ea-52fd-48f5-8dbf-6a308ec815af","block_type":"box","text":"2020, which requires that the PCAOB be permitted to inspect the accounting firm of a U.S.-listed Chinese issuer,","page_number":91,"box":{"x":69,"y":332,"width":805,"height":11}},{"id":"4196a64d-511f-4ad0-86d5-dca1322cd566","block_type":"box","text":"Chinese companies with securities listed on U.S. exchanges may be delisted if the PCAOB is unable to inspect the","page_number":91,"box":{"x":69,"y":347,"width":816,"height":11}},{"id":"1077a942-480d-4ae2-a770-91e9abeb59c1","block_type":"box","text":"accounting firm.","page_number":91,"box":{"x":69,"y":362,"width":112,"height":11}},{"id":"2d98d2ac-2a3d-4b96-800a-016c4d548be2","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":91,"box":{"x":101,"y":385,"width":780,"height":11}},{"id":"95209f5c-8aa1-48fe-9266-836191822119","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":91,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"67cf55b0-4be5-4d9b-8ab6-ceda181cacd6","block_type":"box","text":"negatively impact per formance and liquidity of the Funds as capital may become trapped in the PRC. The Funds could","page_number":91,"box":{"x":69,"y":415,"width":837,"height":11}},{"id":"e6e1ca9f-ea16-4ef5-b824-284f25d04b63","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":91,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"3886199e-fbb0-43a9-b763-b15427ecde61","block_type":"box","text":"capital, as well as by the application to the Funds of any restrictions on investments. Investing in entities either in, or","page_number":91,"box":{"x":69,"y":445,"width":837,"height":12}},{"id":"66d146d7-de79-47ad-ac25-1488b5bbd5be","block_type":"box","text":"which have a substantial por tion of their operations in, the PRC may require the Funds to adopt special procedures,","page_number":91,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"9f0c02db-f649-4517-b1d6-34d4d2bc43eb","block_type":"box","text":"seek local government approvals or take other actions, each of which may involve additional costs and delays to the","page_number":91,"box":{"x":69,"y":475,"width":828,"height":12}},{"id":"0770000a-c12c-44be-bbea-1564f7db4201","block_type":"box","text":"Funds. The Fund may also incur costs in connection with conversions between U.S. dollars and RMB, as well as in","page_number":91,"box":{"x":70,"y":491,"width":812,"height":11}},{"id":"f778fb28-8482-4f3b-948a-7141663671c8","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":91,"box":{"x":69,"y":506,"width":808,"height":11}},{"id":"a5a4b849-adb0-427c-bf08-edf9d3f6d7b9","block_type":"box","text":"RMB (“CNH”).","page_number":91,"box":{"x":70,"y":521,"width":97,"height":11}},{"id":"3f955d48-d452-4020-837b-2876b1b8bd50","block_type":"box","text":"Many Chinese companies listed on U.S. exchanges use variable interest entities or “VIEs” in their structure as a","page_number":91,"box":{"x":102,"y":544,"width":802,"height":11}},{"id":"44701665-ed89-4b29-bc6d-ae86f97f94ce","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":91,"box":{"x":69,"y":559,"width":837,"height":11}},{"id":"7f62f6ef-75d4-4776-a9ad-9e2880d2a142","block_type":"box","text":"in another jurisdiction to issue stock to public shareholders. When a VIE structure is used by a Chinese company to","page_number":91,"box":{"x":70,"y":574,"width":822,"height":11}},{"id":"37722c4c-e7d3-4a09-a5c6-1d5052d8f385","block_type":"box","text":"list its stock in the U.S., instead of owning the equity securities of the Chinese company, the U.S.-listed shell","page_number":91,"box":{"x":70,"y":589,"width":775,"height":11}},{"id":"96ad024b-f340-49b9-93ec-9f48ea6dfdb1","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":91,"box":{"x":69,"y":604,"width":809,"height":11}},{"id":"cbb6aef2-b818-429e-97a0-0bb74e91eff0","block_type":"box","text":"contracts provide the U.S.-listed shell company with only economic exposure to the Chinese company and do not","page_number":91,"box":{"x":69,"y":619,"width":803,"height":11}},{"id":"fa948c89-893b-4dc4-aad8-97d7e36e48dd","block_type":"box","text":"represent equity ownership in the operating company.","page_number":91,"box":{"x":69,"y":634,"width":380,"height":12}},{"id":"a0f7858b-068f-4883-a028-5c5278f03b02","block_type":"box","text":"While VIEs are a longstanding practice that is well known to Chinese officials and regulators, they have not been","page_number":91,"box":{"x":101,"y":657,"width":801,"height":11}},{"id":"45aabab0-b09a-4184-a64a-2153e78a4f80","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":91,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"2f88fe4e-2a57-4948-93dc-14a6be048db1","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":91,"box":{"x":69,"y":687,"width":825,"height":11}},{"id":"f202dea9-defc-4dc0-ab69-5ca994a501d6","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":91,"box":{"x":69,"y":702,"width":832,"height":11}},{"id":"c8c362c8-afaf-40de-a5d9-bce97c9122ff","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":91,"box":{"x":69,"y":718,"width":826,"height":11}},{"id":"4aee772a-f08d-4f75-a041-a68571d8cef9","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":91,"box":{"x":69,"y":733,"width":770,"height":11}},{"id":"e6f8e3f7-f9a7-42bc-991a-2d2f7a96973e","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":91,"box":{"x":69,"y":748,"width":829,"height":11}},{"id":"240d460f-4352-4828-b7c5-ec6cb5f53fcd","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":91,"box":{"x":69,"y":763,"width":815,"height":11}},{"id":"93e87447-1cfd-41e6-af8b-5790c314f863","block_type":"box","text":"company and the value of the U.S.-listed stock. Fur ther, the VIE contractual arrangement would likely be subject to","page_number":91,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"9db8abda-23b9-4ba5-89bf-854167075d21","block_type":"box","text":"Chinese law and jurisdiction, and remedies available to the U.S.-listed shell company are uncer tain and could be","page_number":91,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"a52b24eb-5fe2-4f0e-98f1-b01fabdb89ff","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":91,"box":{"x":70,"y":808,"width":828,"height":11}},{"id":"9626f58f-b4a4-4106-9adf-363298ecbf24","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":91,"box":{"x":69,"y":823,"width":833,"height":11}},{"id":"c4b844f5-fbf2-40da-9ed0-6443e7401a96","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":91,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"0db75e5a-23d8-4fe8-9b9f-1135234ba4ec","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":91,"box":{"x":68,"y":853,"width":798,"height":12}},{"id":"3a5a6c9d-2f22-4d4e-ab6a-6186e1e0c6b1","block_type":"box","text":"losses on its investments through a VIE structure with little or no recourse available. Any change in the operations of","page_number":91,"box":{"x":70,"y":869,"width":833,"height":11}},{"id":"07dfd5f8-f5c5-4ebb-9b01-51f7c20b9a11","block_type":"box","text":"II-43","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c3ea2a20-f61a-44a0-a525-5dc3b519fcf3","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"abc254e8-7cd9-4fbd-96b1-97fce70cadb2","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":45,"width":837,"height":11}},{"id":"f8558a8a-832e-4f24-bc01-20072bf31a94","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":60,"width":792,"height":11}},{"id":"096327b4-e206-47e0-bdd9-25789bcbc6d8","block_type":"box","text":"losses to a Fund.","page_number":92,"box":{"x":70,"y":75,"width":120,"height":9}},{"id":"975af684-1d21-438f-ab3b-24b0720f26c6","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":98,"width":760,"height":11}},{"id":"fb881ea2-106d-40a7-943c-41bc134525f2","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, and an","page_number":92,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"f2da6cba-5edb-45e1-a4a7-dd50a76b2ca3","block_type":"box","text":"aging population. China continues to face pressure from its trading par tners over its expor ting of its excess industrial","page_number":92,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"c3766c8d-0a4c-478f-9382-9283fa3a7132","block_type":"box","text":"capacity and overall approach to economic management. China’s economy is heavily dependent on expor t growth.","page_number":92,"box":{"x":69,"y":143,"width":812,"height":11}},{"id":"3f4aae6d-ae1f-4573-b889-9985306380cc","block_type":"box","text":"Reduction in spending on Chinese products and services, supply chain diversification, institution of additional tariffs,","page_number":92,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"3afdbff6-60d4-4a67-9532-d24877aa51fc","block_type":"box","text":"sanctions or other trade barriers (including as a result of heightened trade tensions between China and the United","page_number":92,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"c3ce81de-a05c-4fc2-aafd-54ac3840162b","block_type":"box","text":"States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the economies of China’s","page_number":92,"box":{"x":69,"y":188,"width":815,"height":12}},{"id":"fa986755-fe34-4217-b3b3-bf4194fbbb36","block_type":"box","text":"key trading par tners may have an adverse impact on the Chinese economy and the companies in which a Fund","page_number":92,"box":{"x":69,"y":203,"width":788,"height":12}},{"id":"7a21d6de-3837-4001-a54f-d3c584fffc13","block_type":"box","text":"invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly subject to","page_number":92,"box":{"x":70,"y":218,"width":775,"height":12}},{"id":"aa59a4b3-3ef1-449b-a0c1-8d31806b88c4","block_type":"box","text":"economic or trade restrictions imposed by the U.S. or other governments due to national security, human rights or","page_number":92,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"2f7e3176-088a-47c1-986c-9af924bd6674","block_type":"box","text":"other concerns of such government. For example, cer tain foreign technology companies are subject to U.S. expor t","page_number":92,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"f5332b1d-9a7b-49ca-baa2-3bdb74c59596","block_type":"box","text":"controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of goods","page_number":92,"box":{"x":69,"y":264,"width":795,"height":11}},{"id":"d2cf5fdd-a86e-450b-8e8c-dcb4e447e2f8","block_type":"box","text":"produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor. Such","page_number":92,"box":{"x":70,"y":279,"width":796,"height":11}},{"id":"561be962-2b93-4ace-acd1-7584d2d7a9dd","block_type":"box","text":"restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action that","page_number":92,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"2bb129b3-05c8-4522-98c3-138a35f151a3","block_type":"box","text":"targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement or","page_number":92,"box":{"x":68,"y":309,"width":812,"height":11}},{"id":"48e08a76-4ff2-462e-9892-a6e3fefd7ee3","block_type":"box","text":"cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":92,"box":{"x":69,"y":324,"width":820,"height":11}},{"id":"2e29f417-aa65-4547-8ace-fac54caf7e59","block_type":"box","text":"restrictions) imposed by the U.S. or other governments due to national security, human rights or other concerns of","page_number":92,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"59fcee53-723c-488c-8b0f-aa4d0eb69a56","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":92,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"eaa83c52-1f70-475b-a310-41095598e8ac","block_type":"box","text":"such companies.","page_number":92,"box":{"x":69,"y":370,"width":119,"height":11}},{"id":"9d990129-7a06-4139-803d-5c4d75ce76a2","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":92,"box":{"x":101,"y":392,"width":792,"height":12}},{"id":"8907dd69-284d-492a-8562-3c9e2ec4da70","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":92,"box":{"x":69,"y":407,"width":840,"height":12}},{"id":"1d76d43f-15eb-4d52-b340-4bc63c2726d4","block_type":"box","text":"tax authorities are not as consistent and transparent as those of more developed nations, and may vary over time","page_number":92,"box":{"x":68,"y":423,"width":815,"height":11}},{"id":"e8a64a70-6d87-4c7f-b739-395c305c287e","block_type":"box","text":"and from region to region. The application and enforcement of PRC tax rules could have a significant adverse effect","page_number":92,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"fba8b52b-b464-4263-b3a1-27853c1a36e7","block_type":"box","text":"on a Fund and its investors, par ticularly in relation to capital gains withholding tax imposed upon non-residents. In","page_number":92,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"018b3ba9-b5be-4d7f-9144-39455a442bdb","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":92,"box":{"x":69,"y":468,"width":821,"height":11}},{"id":"26bc40fa-2bbd-40bc-867b-a81ce706140b","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":92,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"ee0d5b2b-70ad-4da0-a641-eb0a8cf09637","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":92,"box":{"x":68,"y":498,"width":773,"height":11}},{"id":"b94286fd-eb4e-4934-b326-ebe6ca34ee8b","block_type":"box","text":"standards.","page_number":92,"box":{"x":69,"y":514,"width":74,"height":8}},{"id":"88c82815-dd0b-4a7c-ab8f-9e1e6702442d","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":92,"box":{"x":102,"y":536,"width":794,"height":11}},{"id":"069d1380-c456-4060-b185-5a1c4ccd868a","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":92,"box":{"x":69,"y":551,"width":792,"height":11}},{"id":"7606dfed-ab68-416d-b7a9-4b108e646d86","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":92,"box":{"x":69,"y":566,"width":803,"height":11}},{"id":"74680f65-26e3-4138-9176-3c14ae05235e","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":92,"box":{"x":69,"y":581,"width":811,"height":12}},{"id":"162e78ab-6026-4411-8f7a-3e03f3c7f768","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":92,"box":{"x":69,"y":596,"width":548,"height":12}},{"id":"f9af7c6e-a8bc-48c8-beb8-2b4549d7d9ec","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":92,"box":{"x":102,"y":619,"width":288,"height":11}},{"id":"1c31c882-aa20-4a83-8bef-557a9eb97e5d","block_type":"box","text":"General","page_number":92,"box":{"x":102,"y":642,"width":55,"height":9}},{"id":"c88a86bc-4e8a-4ae1-8fb4-80649800a23c","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":92,"box":{"x":158,"y":642,"width":704,"height":11}},{"id":"0b43863b-697d-47e4-8c85-9b981695ce69","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":92,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"524cd5f5-8979-4197-9fc1-e7477723e49c","block_type":"box","text":"Stock Exchange (“BSE”) (“A-shares”). Foreign investment in A-shares on the SSE and SZSE is not permitted, other","page_number":92,"box":{"x":69,"y":672,"width":815,"height":11}},{"id":"47c42313-f0ac-49f3-bc6c-86a06fbcf645","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":92,"box":{"x":68,"y":687,"width":833,"height":11}},{"id":"095600c3-fd5f-4de5-8693-255f3d084441","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":92,"box":{"x":69,"y":702,"width":744,"height":12}},{"id":"b492b988-eba2-4eda-b8a9-bb2e25af9999","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":92,"box":{"x":102,"y":725,"width":745,"height":11}},{"id":"21bb3c2c-f16d-4bbf-9d2e-586d29f9b1a0","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":92,"box":{"x":69,"y":740,"width":807,"height":11}},{"id":"109e4a10-a22b-41fc-95a9-105f7e90fd23","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":92,"box":{"x":70,"y":755,"width":834,"height":11}},{"id":"21662cd3-9984-4842-8840-450788d8d49c","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":92,"box":{"x":69,"y":770,"width":812,"height":12}},{"id":"85a6d518-3c2e-4e06-92be-410338fe57e6","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":92,"box":{"x":70,"y":786,"width":819,"height":11}},{"id":"fb6abab7-ec0b-4fa4-bb6e-26841fa8a3e3","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":92,"box":{"x":69,"y":801,"width":793,"height":11}},{"id":"c566568f-ee35-4397-924f-3d019c4c1e87","block_type":"box","text":"market access between the PRC and Hong Kong by permitting investors to trade and settle shares on each market","page_number":92,"box":{"x":69,"y":816,"width":818,"height":11}},{"id":"2cdcecce-24dd-4811-8823-6a26726376ce","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":92,"box":{"x":68,"y":831,"width":824,"height":11}},{"id":"2c8253a2-3a38-482d-a9f0-91c732cb7c21","block_type":"box","text":"the SSE or SZSE, as applicable, would be effectuated through its Hong Kong broker and a securities trading service","page_number":92,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"3f453b69-c427-4936-9804-609375dfad2e","block_type":"box","text":"company established by SEHK.","page_number":92,"box":{"x":69,"y":861,"width":219,"height":11}},{"id":"a4cd18ce-e88f-4aff-ab78-580a4f326ee5","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":92,"box":{"x":101,"y":884,"width":794,"height":11}},{"id":"ba3c7029-c1cd-4e8e-81cd-32dea9956a6b","block_type":"box","text":"through a Stock Connect’s Nor thbound Trading Link is subject to daily investment quota limitations which require that","page_number":92,"box":{"x":68,"y":899,"width":839,"height":11}},{"id":"67824149-45e0-4ead-990d-654a6c9cb1ec","block_type":"box","text":"II-44","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b78e3c56-a325-46e1-9cef-32097e7bd4f8","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94f92976-659b-4685-a180-53eb9adbc98d","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":45,"width":779,"height":11}},{"id":"f9d26d07-d183-428c-adaf-82152d640ee4","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":60,"width":824,"height":11}},{"id":"e3180c75-f228-4260-89b3-51521913f72c","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":75,"width":827,"height":11}},{"id":"a7ae3652-7852-43b6-a4e0-817e29316916","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":90,"width":837,"height":11}},{"id":"5a308948-4148-4c23-ad69-18fc728d71f4","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":105,"width":802,"height":11}},{"id":"7c2218a7-02d9-411c-8e0a-6af15cd5589e","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":120,"width":831,"height":12}},{"id":"9cd2eeec-f001-4934-94cf-071174c482d5","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":135,"width":821,"height":12}},{"id":"239c6b59-73a4-4b8b-bdc4-2029b5ce4c1e","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":150,"width":829,"height":12}},{"id":"04845c97-bd49-4d24-b74f-b27d16006fe6","block_type":"box","text":"Securities in the investor’s account before the market opens on that day. If there are insufficient Stock Connect","page_number":93,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"3577b78a-3554-43bd-aed5-588a7702e427","block_type":"box","text":"Securities in the investor’s account, the sell order will be rejected by the SSE or SZSE, as applicable. SEHK carries","page_number":93,"box":{"x":69,"y":181,"width":820,"height":11}},{"id":"4a29d140-fd6c-49fc-84fb-0bb50debb3c7","block_type":"box","text":"out pre-trade checking on sell orders of cer tain stocks listed on the SSE market (“SSE Securities”) or SZSE market","page_number":93,"box":{"x":69,"y":196,"width":820,"height":11}},{"id":"1d8c8ce7-f664-4722-a1b7-b085538e7ac8","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":93,"box":{"x":69,"y":211,"width":278,"height":11}},{"id":"4d885b53-fdd9-4f3c-a3ec-42ab5659d3c3","block_type":"box","text":"i.e.","page_number":93,"box":{"x":349,"y":211,"width":21,"height":9}},{"id":"e5db9e61-9faa-4188-badc-1b1a8c35dea5","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":93,"box":{"x":372,"y":211,"width":524,"height":11}},{"id":"3d91e097-fd99-4287-b646-b91381a560c5","block_type":"box","text":"must be designated as eligible to be traded under a Stock Connect, those shares may also lose such designation,","page_number":93,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"12b4fa8d-9c17-446d-b4bf-46d1e86b8353","block_type":"box","text":"and if this occurs, such shares may be sold but cannot be purchased through a Stock Connect. In addition, Stock","page_number":93,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"47262b0e-6de9-45ef-8b2f-1628d58d08a1","block_type":"box","text":"Connects will only operate on days when both the Chinese and Hong Kong markets are open for trading, and banking","page_number":93,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"be12d729-cefd-445c-bd52-dd4868bbc06a","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":93,"box":{"x":69,"y":271,"width":799,"height":12}},{"id":"51129b2e-fec3-4c85-82d3-bf74179db2c8","block_type":"box","text":"Connect Securities through a Stock Connect may subject a Fund to a risk of price fluctuations on days when the","page_number":93,"box":{"x":69,"y":286,"width":797,"height":12}},{"id":"48639d80-7946-471b-b238-f7abe3671b6f","block_type":"box","text":"Chinese market is open, but a Stock Connect is not trading. Moreover, day (turnaround) trading is not permitted on","page_number":93,"box":{"x":69,"y":302,"width":818,"height":11}},{"id":"a834bfd5-a814-46c3-84a8-5227e32cd94f","block_type":"box","text":"the Stock Connect Securities market. If an investor buys Stock Connect Securities on day “T,” the investor will only","page_number":93,"box":{"x":68,"y":317,"width":820,"height":11}},{"id":"2f8bd1bd-6404-4a8d-8c90-0c7b15edd084","block_type":"box","text":"be able to sell the Stock Connect Securities on or after day T+1. Fur ther, since all trades of Stock Connect Securities","page_number":93,"box":{"x":69,"y":332,"width":836,"height":11}},{"id":"e52e05af-5904-4943-80dc-5170f0cbb0da","block_type":"box","text":"must be settled in RMB, investors must have timely access to a reliable supply of offshore RMB, which cannot be","page_number":93,"box":{"x":69,"y":347,"width":811,"height":11}},{"id":"5ac1afb6-d7f5-47b7-b71c-832dd9041b0f","block_type":"box","text":"guaranteed. There is also no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could","page_number":93,"box":{"x":68,"y":362,"width":815,"height":11}},{"id":"c4a10f9c-62a8-42c2-ba4f-135eca96e903","block_type":"box","text":"adversely affect a Fund’s investments. If a Fund holds a class of shares denominated in a local currency other than","page_number":93,"box":{"x":69,"y":377,"width":824,"height":11}},{"id":"d5327c4a-4b7a-4e05-8791-0260bc50b557","block_type":"box","text":"RMB, the Fund will be exposed to currency exchange risk if the Fund conver ts the local currency into RMB for","page_number":93,"box":{"x":70,"y":392,"width":777,"height":12}},{"id":"5f5c1959-11a6-4a27-92ca-607614b6f744","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":93,"box":{"x":70,"y":408,"width":582,"height":11}},{"id":"4dc961fc-a183-47c6-83de-ceeed1acc904","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":93,"box":{"x":102,"y":430,"width":802,"height":11}},{"id":"d7a973f1-26a8-4f33-9034-36c6f91da69b","block_type":"box","text":"as nominee on behalf of investors. The precise nature and rights of a Fund as the beneficial owner of the SSE","page_number":93,"box":{"x":69,"y":445,"width":784,"height":12}},{"id":"b37772e2-75b1-4836-b626-97c05610ce51","block_type":"box","text":"Securities or SZSE Securities through HKSCC as nominee is not well defined under the PRC laws. There is a lack of a","page_number":93,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"54018fd3-a5ec-4cba-87e5-7fd97f36b5a7","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":93,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"e2833632-04c5-428e-b6a3-731170e18858","block_type":"box","text":"have been few cases involving a nominee account structure in the PRC cour ts. The exact nature and methods of","page_number":93,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"ec2f29b5-af73-4f69-a1d1-0a965bf4b595","block_type":"box","text":"enforcement of the rights and interests of a Fund under the PRC laws is also uncer tain. In the unlikely event that","page_number":93,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"a2dcd062-9595-4bff-9a3d-86014b3a240c","block_type":"box","text":"HKSCC becomes subject to winding up proceedings in Hong Kong, there is a risk that the SSE Securities or SZSE","page_number":93,"box":{"x":70,"y":521,"width":807,"height":11}},{"id":"7add0913-1450-4e9b-8d0a-4fe7041ccfaf","block_type":"box","text":"Securities may not be regarded as held for the beneficial ownership of a Fund or as par t of the general assets of","page_number":93,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"7dc6cbac-fe00-403d-9226-45a6e13cb2f4","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":93,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"ec09a90a-44ca-441f-a386-5d5fc4ff5480","block_type":"box","text":"proprietary interests in the SSE Securities or SZSE Securities held in its omnibus stock account in the CSDCC, the","page_number":93,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"253bb1ad-aa2e-45a5-817f-098069d28850","block_type":"box","text":"CSDCC as the share registrar for SSE- or SZSE-listed companies will still treat HKSCC as one of the shareholders","page_number":93,"box":{"x":69,"y":581,"width":808,"height":12}},{"id":"079e3b14-6c78-4676-af38-93aaa5ac6dab","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":93,"box":{"x":68,"y":596,"width":779,"height":11}},{"id":"ce939c17-eed3-4f34-b71a-7d6da65fda03","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":93,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"82afb4e8-0e9a-4f14-af1c-9350386951f6","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":93,"box":{"x":69,"y":627,"width":839,"height":11}},{"id":"68586d19-a841-4cce-bbba-cce7a8b3b5e1","block_type":"box","text":"order to par ticipate in them. Investors may only exercise their voting rights by providing their voting instructions to","page_number":93,"box":{"x":69,"y":642,"width":811,"height":11}},{"id":"a937a67d-bbe0-451f-b1bd-f5b02c0109ea","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":93,"box":{"x":70,"y":657,"width":783,"height":11}},{"id":"51da83e7-195c-4395-9835-e254cf617601","block_type":"box","text":"HKSCC, who will then submit a combined single voting instruction to the relevant SSE- or SZSE-listed company. As a","page_number":93,"box":{"x":70,"y":672,"width":826,"height":11}},{"id":"b5783f95-ef16-401a-92ae-27f264b5ba1f","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":93,"box":{"x":69,"y":687,"width":752,"height":11}},{"id":"c7454d83-53de-41fa-bf21-4f3e809d6822","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":93,"box":{"x":102,"y":710,"width":804,"height":11}},{"id":"0cf765c0-ca70-42f7-8c73-d4a0e51cdc5d","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":93,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"56438729-7648-402c-9cad-767c343d60aa","block_type":"box","text":"to exchange-traded products in Hong Kong. For defaults occurring on or after January 1, 2020, Hong Kong’s","page_number":93,"box":{"x":68,"y":740,"width":769,"height":11}},{"id":"0a204afb-2923-49de-857c-0ad84ced57b1","block_type":"box","text":"Investor Compensation Fund covers investors’ losses in relation to securities (i) that are traded on the SSE or the","page_number":93,"box":{"x":70,"y":755,"width":809,"height":11}},{"id":"294aa6a0-2c10-4ec5-ad35-afd79b349365","block_type":"box","text":"SZSE and (ii) in respect of which an order for sale or purchase is permitted to be routed through the Nor thbound","page_number":93,"box":{"x":69,"y":770,"width":801,"height":12}},{"id":"1dcdbeae-2a17-4c4f-bc7f-869fe6671161","block_type":"box","text":"Trading Link of a Stock Connect. On the other hand, since a Fund carries out Nor thbound trading through securities","page_number":93,"box":{"x":68,"y":785,"width":822,"height":12}},{"id":"f31e56b3-f528-4ae0-a188-d12428bc8911","block_type":"box","text":"brokers in Hong Kong but not PRC brokers, it is not protected by the China Securities Investor Protection Fund in the","page_number":93,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"9eee9312-65f6-40df-8494-8cc319c843e1","block_type":"box","text":"PRC.","page_number":93,"box":{"x":69,"y":816,"width":32,"height":9}},{"id":"61a7cc26-1f5a-4674-b449-d61b14b8ea66","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":93,"box":{"x":102,"y":838,"width":796,"height":12}},{"id":"5d8e26a1-81b6-4f40-bf65-d88327e6bf2e","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":93,"box":{"x":69,"y":853,"width":815,"height":12}},{"id":"a4889407-2b25-49d1-8304-91ab1cca756b","block_type":"box","text":"house. Fur ther, the “connectivity” in Stock Connects requires routing of orders across the border of Hong Kong and","page_number":93,"box":{"x":69,"y":869,"width":822,"height":11}},{"id":"3eab2245-6119-4a97-a604-1bed80c1b46c","block_type":"box","text":"the PRC. This requires the development of new information technology systems on the par t of SEHK and exchange","page_number":93,"box":{"x":68,"y":884,"width":818,"height":11}},{"id":"0f8f6643-6bfa-4649-807d-75abe90b65fe","block_type":"box","text":"par ticipants. There is no assurance that the systems of SEHK and market par ticipants will function properly or will","page_number":93,"box":{"x":70,"y":899,"width":813,"height":11}},{"id":"f525316f-dea7-410d-b8af-770c29f20640","block_type":"box","text":"II-45","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"305811c8-509e-4aec-bbfe-e7003ea306b5","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"45ce266f-de8d-495b-9065-4f40d69fb0f8","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":45,"width":827,"height":11}},{"id":"e6052076-813b-4814-addd-35f54f4ab197","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":94,"box":{"x":68,"y":60,"width":695,"height":11}},{"id":"321ee095-2b55-4135-a49c-495f8606e3af","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":83,"width":772,"height":11}},{"id":"66d4ff39-557b-4d69-bc35-0fce8f639ac1","block_type":"box","text":"Stock Connect program launched in December 2016 are both in their initial stages. New or revised regulations may","page_number":94,"box":{"x":69,"y":98,"width":823,"height":11}},{"id":"9eecc3b3-b666-4776-ae51-5d776d330c33","block_type":"box","text":"be issued from time to time by the regulators and stock exchanges in China and Hong Kong in connection with","page_number":94,"box":{"x":69,"y":113,"width":787,"height":11}},{"id":"35163d1e-7e36-46ba-8260-b58ec03e6968","block_type":"box","text":"operations, legal enforcement and cross-border trades under Stock Connects. In addition, there can be no assurance","page_number":94,"box":{"x":69,"y":128,"width":835,"height":11}},{"id":"b6ec8b14-d01f-449e-a5fa-5f254cd56b52","block_type":"box","text":"that Stock Connect will not be discontinued. A Fund may be adversely affected as a result of such changes.","page_number":94,"box":{"x":68,"y":143,"width":767,"height":11}},{"id":"396a0864-d7b4-4015-89ce-b9f58ad60ead","block_type":"box","text":"Fur thermore, the securities regimes and legal systems of China and Hong Kong differ significantly and issues may","page_number":94,"box":{"x":70,"y":158,"width":815,"height":11}},{"id":"9b8ce743-d434-44e6-87b5-733f76466c22","block_type":"box","text":"arise from the differences on an on-going basis. In the event that the relevant systems fail to function properly,","page_number":94,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"338bc912-8dc5-4ff3-9f30-f4b8808d0620","block_type":"box","text":"trading in both markets through Stock Connects could be disrupted and a Fund’s ability to achieve its investment","page_number":94,"box":{"x":68,"y":188,"width":807,"height":12}},{"id":"8178b181-e2ce-4bfe-8bec-1057f3691fe6","block_type":"box","text":"objective may be adversely affected. In addition, a Fund’s investments in Stock Connect Securities through Stock","page_number":94,"box":{"x":69,"y":203,"width":808,"height":12}},{"id":"d351e61f-9c6a-4df0-bca4-d1bade0f10cd","block_type":"box","text":"Connects are generally subject to Chinese securities regulations and listing rules, among other restrictions. Fur ther,","page_number":94,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"e24c4d2d-509d-4b0e-987c-95416ed8327c","block_type":"box","text":"different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect Securities through Stock","page_number":94,"box":{"x":69,"y":234,"width":816,"height":11}},{"id":"b4f72945-30e8-4ade-90ca-aa0fd009390c","block_type":"box","text":"Connects, and these fees, costs and taxes may be higher than comparable fees, costs and taxes imposed on owners","page_number":94,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"822b31d0-7678-4772-b39f-51b1695c05f4","block_type":"box","text":"of other securities providing similar investment exposure.","page_number":94,"box":{"x":69,"y":264,"width":407,"height":11}},{"id":"2a78da62-d228-487b-ae04-45971b1a2490","block_type":"box","text":"Suspension Risk.","page_number":94,"box":{"x":102,"y":287,"width":122,"height":10}},{"id":"59612e43-cd14-441a-af3c-c8016621ee48","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":94,"box":{"x":231,"y":286,"width":675,"height":12}},{"id":"9648969c-6633-4516-a89b-535f1197cf48","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":94,"box":{"x":68,"y":302,"width":829,"height":11}},{"id":"2577cfba-6441-4cc3-aeb0-e8ee0d30c59b","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":94,"box":{"x":68,"y":317,"width":823,"height":11}},{"id":"1ed50133-39b3-42a4-ac1d-4bcd4782794a","block_type":"box","text":"global equity markets. Each of the SEHK, SSE and SZSE reserves the right to suspend trading of SSE Securities and","page_number":94,"box":{"x":68,"y":332,"width":831,"height":11}},{"id":"191d137f-5e52-4ec2-9ea7-601d98392a9d","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":94,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"aa9e321c-b8b8-4268-8d8c-12aad3b7ba0e","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":94,"box":{"x":68,"y":362,"width":791,"height":11}},{"id":"59fa0444-0eae-43fa-a02a-5f6719fc0fd9","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":94,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"d6220de5-9fdb-4979-87df-f8e2134bd6a7","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":94,"box":{"x":69,"y":392,"width":796,"height":12}},{"id":"ab625ce6-4e05-4eb8-9d6e-499a95f0e88d","block_type":"box","text":"Connect is effected, the Fund’s ability to access the PRC market will be adversely affected. Trading suspensions in","page_number":94,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"a8f4d2dd-952f-42ad-8c1c-9127cb4d4b9e","block_type":"box","text":"cer tain stocks could lead to greater market execution risk and costs for a Fund. The SSE and SZSE currently apply a","page_number":94,"box":{"x":69,"y":423,"width":829,"height":11}},{"id":"59ff8bcb-ae4c-491d-9a05-5d63b0fee78b","block_type":"box","text":"daily price limit, generally set at 10% or 20%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":94,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"047def39-90e3-4797-9091-2e039d5f49c0","block_type":"box","text":"Securities and SZSE Securities during a single trading day. The daily price limit refers to price movements only and","page_number":94,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"7d235150-8a35-4602-8d8e-a9aec09e6345","block_type":"box","text":"does not restrict trading within the relevant limit. There can be no assurance that a liquid market on an exchange will","page_number":94,"box":{"x":69,"y":468,"width":833,"height":11}},{"id":"da3c5354-a8dc-4a90-8410-e89c1d43b403","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":94,"box":{"x":69,"y":483,"width":563,"height":11}},{"id":"75efc268-1be3-4a62-8c78-9bdbd576ebfe","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":94,"box":{"x":102,"y":506,"width":542,"height":11}},{"id":"c4cdc227-c4b1-4a9f-a2c5-6bb04ae88ecb","block_type":"box","text":"A Fund may invest directly in the","page_number":94,"box":{"x":650,"y":506,"width":230,"height":11}},{"id":"0899c311-349f-4747-8cde-9548b390337c","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":94,"box":{"x":69,"y":521,"width":791,"height":11}},{"id":"cc899118-064b-48fe-88be-d0ddb3156d95","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":94,"box":{"x":69,"y":536,"width":790,"height":11}},{"id":"3aeae772-7036-43c7-bc72-8dc27e4c2cdb","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":94,"box":{"x":69,"y":551,"width":803,"height":11}},{"id":"ab7eb50d-596e-4a8b-83f0-09dbfd22f995","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":94,"box":{"x":70,"y":566,"width":832,"height":11}},{"id":"ba54a952-6af1-40c9-a585-bffa45e05426","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":94,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"0d1fd974-8113-4923-b888-bd1077648bc3","block_type":"box","text":"regulations in the PRC, eligible foreign investors are allowed to invest in the bonds circulated in the China Interbank","page_number":94,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"41ea5422-2818-4192-9657-c3b3540ebf70","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":94,"box":{"x":70,"y":612,"width":825,"height":11}},{"id":"708bf189-5cc8-4274-962d-5ea2aa3763d5","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":94,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"340d966b-47f5-4e15-9a57-f7a5b83fe8bd","block_type":"box","text":"turn transmit their requests for quotation to CFETS. CFETS will send the requests for quotation to a number of","page_number":94,"box":{"x":68,"y":642,"width":786,"height":11}},{"id":"90454f66-1eeb-4497-8fed-2ea9c3e53bb9","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":94,"box":{"x":69,"y":657,"width":830,"height":11}},{"id":"e07c1b1a-67a8-4699-8190-d5200c797509","block_type":"box","text":"The approved onshore dealer(s) will respond to the requests for quotation via CFETS and CFETS will send their","page_number":94,"box":{"x":68,"y":672,"width":788,"height":11}},{"id":"d24c7297-a4b3-48e0-b046-78cc3ac9e373","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":94,"box":{"x":69,"y":687,"width":827,"height":11}},{"id":"0cab4e8b-dd02-4c6a-9120-a28ed5a081fe","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":94,"box":{"x":69,"y":702,"width":570,"height":12}},{"id":"9f6e47e8-35e0-4bb8-b458-4a96a42e67d9","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":94,"box":{"x":101,"y":725,"width":773,"height":11}},{"id":"f9178d0a-ce0f-4ca9-9ff8-ceb7e36ebc12","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":94,"box":{"x":69,"y":740,"width":823,"height":11}},{"id":"2e503cbc-f935-4217-8c0f-d99714c7177c","block_type":"box","text":"as onshore custodians and clearing institutions in the PRC. Under the settlement link, CDCC or SCH will effect gross","page_number":94,"box":{"x":69,"y":755,"width":832,"height":11}},{"id":"d091c9ff-d55c-498b-a165-7071cd83c67f","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":94,"box":{"x":69,"y":770,"width":822,"height":11}},{"id":"b6f3a23d-2783-4406-ab54-44b66b7bc018","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":94,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"440241ac-667d-48cf-9b5b-d39db2f45bdd","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":94,"box":{"x":69,"y":801,"width":787,"height":11}},{"id":"75ca595b-83ce-465f-9f94-37a0e360c368","block_type":"box","text":"carried out simultaneously on a real-time basis. Pursuant to the prevailing regulations in the PRC, CMU, as the","page_number":94,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"9b0c60df-e713-48b5-96cb-e5617de84114","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":94,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"5ba559f0-e2b0-488a-a6ae-ae6a77498672","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":94,"box":{"x":68,"y":846,"width":500,"height":11}},{"id":"7819fbe3-b543-4ed2-9d74-ee999cd7ebe5","block_type":"box","text":"i.e.","page_number":94,"box":{"x":570,"y":846,"width":20,"height":9}},{"id":"de8763f6-841c-4484-afb5-5f40cf665378","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":94,"box":{"x":593,"y":846,"width":267,"height":11}},{"id":"6c0d6e78-af34-437a-b1db-77207fb72f2d","block_type":"box","text":"eligible foreign investors through Bond Connect will be registered in the name of CMU, which will hold such bonds as","page_number":94,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"096cd0cc-88bc-4542-86b2-749f9db34cea","block_type":"box","text":"a nominee owner. Therefore, a Fund will be exposed to custody risks with respect to CMU. In the remote event of a","page_number":94,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"f6f42c94-a21c-4d74-9d12-177e5d876d56","block_type":"box","text":"CDCC or SCH default, CMU’s liabilities in Bond Connect bonds under its market contracts with clearing par ticipants","page_number":94,"box":{"x":69,"y":891,"width":822,"height":12}},{"id":"3ea636d9-20ff-4d8f-973c-aa44bc3b06ff","block_type":"box","text":"will be limited to assisting clearing par ticipants in pursuing their claims against CDCC or SCH. The Fund may suffer","page_number":94,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"c779a051-f248-451d-b4d9-86a7ffc04320","block_type":"box","text":"II-46","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"04b12785-5fb8-42f9-a9fc-5d561d18f43a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67c0f1fc-3c4e-492e-a0b7-2fbecea5a3b9","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":45,"width":793,"height":11}},{"id":"604eacb9-0d64-4a82-93d4-e6ab9d58fe40","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":60,"width":802,"height":11}},{"id":"66acdcfd-b6b4-497e-8518-e0e7b697a2ee","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":75,"width":812,"height":11}},{"id":"54e928f2-57b3-48bb-aeaa-5e7beb04bdd7","block_type":"box","text":"par ties.","page_number":95,"box":{"x":70,"y":90,"width":52,"height":11}},{"id":"29f6b6aa-424d-4969-b408-65c6bb5d5c99","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":113,"width":799,"height":11}},{"id":"6d101842-7a6a-466f-aefb-82ade19e3516","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":128,"width":785,"height":11}},{"id":"3119cdfe-4dad-4b0a-bdd6-1e9c79e75543","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":143,"width":776,"height":11}},{"id":"ec839831-f821-4a7d-a1a6-bed3d6ccc4f9","block_type":"box","text":"involving a nominee account structure in the PRC cour ts. The exact nature and methods of enforcement of the rights","page_number":95,"box":{"x":70,"y":158,"width":830,"height":11}},{"id":"2e47fe7c-a450-4251-94a3-c3b502eb49fc","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":95,"box":{"x":69,"y":173,"width":412,"height":9}},{"id":"80ae0f6a-9af2-42f7-8864-7a07d2865dd6","block_type":"box","text":"Market volatility and potential lack of liquidity due to low trading volume of cer tain bonds in the China Interbank","page_number":95,"box":{"x":102,"y":196,"width":793,"height":11}},{"id":"295e347b-d289-42bf-b744-13d12f4fe32a","block_type":"box","text":"Bond Market may result in prices of cer tain bonds traded on such market fluctuating significantly. A Fund investing in","page_number":95,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"db6d6f06-c485-4db1-b3af-2c09d792bf81","block_type":"box","text":"such market is therefore subject to liquidity and volatility risks. The bid-ask spreads of the prices of such securities","page_number":95,"box":{"x":69,"y":226,"width":821,"height":11}},{"id":"4f105c90-16ea-473c-9a8a-9e89efbb6799","block_type":"box","text":"may be large, and a Fund may therefore incur significant costs and may suffer losses when selling such investments.","page_number":95,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"f1db4166-a6a6-465c-8156-98bcdddfb4c8","block_type":"box","text":"The bonds traded in the China Interbank Bond Market may be difficult or impossible to sell, which may impact a","page_number":95,"box":{"x":68,"y":256,"width":798,"height":11}},{"id":"0a724ee3-017e-4751-92af-a5a4de64deb1","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":95,"box":{"x":70,"y":271,"width":556,"height":12}},{"id":"97a53867-06f4-4c41-93fb-c8660c06e225","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":95,"box":{"x":102,"y":294,"width":762,"height":11}},{"id":"805428a3-f965-48ef-88bb-7a6935596a6a","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":95,"box":{"x":69,"y":309,"width":835,"height":11}},{"id":"e7793a54-81a2-41aa-9bca-0d7178710828","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":95,"box":{"x":69,"y":324,"width":835,"height":12}},{"id":"b7e5052e-fc0a-428c-9986-2c0ddf6e586e","block_type":"box","text":"systems of China and Hong Kong differ significantly and issues may arise based on these differences. In the event","page_number":95,"box":{"x":69,"y":339,"width":820,"height":12}},{"id":"997c8e2f-b8dc-4c32-99a7-87cc73ad0197","block_type":"box","text":"that the relevant authorities suspend account opening or trading on the China Interbank Bond Market, a Fund’s ability","page_number":95,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"1a805240-8b6b-43c3-9ed7-d6141831c7a8","block_type":"box","text":"to invest in the China Interbank Bond Market will be adversely affected and limited. In such event, the Fund’s ability","page_number":95,"box":{"x":68,"y":370,"width":826,"height":11}},{"id":"baf278bf-8b29-4973-bb71-f9901b15f121","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":95,"box":{"x":68,"y":385,"width":808,"height":11}},{"id":"7f66c620-1e35-4514-a0da-06305cebcb8d","block_type":"box","text":"Fund may suffer substantial losses as a result. Fur ther, if Bond Connect is not operating, a Fund may not be able to","page_number":95,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"b1bad8c7-4179-4467-8184-17fe021b2577","block_type":"box","text":"acquire or dispose of bonds through Bond Connect in a timely manner, which could adversely affect the Fund’s","page_number":95,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"ee1fd2a1-e1c0-4553-8233-409fefaab4e5","block_type":"box","text":"per formance.","page_number":95,"box":{"x":70,"y":430,"width":93,"height":11}},{"id":"21f62798-5482-4046-824b-b857e958d1c8","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":95,"box":{"x":101,"y":453,"width":803,"height":11}},{"id":"9d5309d3-8fbc-4370-84ce-7ac33407f19e","block_type":"box","text":"There is no assurance that such systems will function properly or will continue to be adapted to changes and","page_number":95,"box":{"x":68,"y":468,"width":776,"height":11}},{"id":"0b0d8f33-f474-427a-a0f6-480221d0d00c","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":95,"box":{"x":69,"y":483,"width":806,"height":11}},{"id":"4b59777c-5e74-46ad-bc78-fd2d7e2e973e","block_type":"box","text":"Connect may be disrupted. A Fund’s ability to trade through Bond Connect (and hence to pursue its investment","page_number":95,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"fc3a62b3-151a-4dae-a8be-eb9ac6c3a7c2","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":95,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"fd3536e7-0321-49b6-965e-aebd3f43b999","block_type":"box","text":"through Bond Connect, it may be subject to risks of delays inherent in the order placing and/or settlement systems.","page_number":95,"box":{"x":68,"y":528,"width":827,"height":12}},{"id":"28e59bab-f3d2-4fa3-acda-90dc042bb7d9","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":95,"box":{"x":102,"y":551,"width":755,"height":11}},{"id":"eb94e93f-9835-421d-9e1f-aafbb1dc9333","block_type":"box","text":"conver tible. As a result, a Fund will be exposed to currency risk, and it cannot be guaranteed that investors will have","page_number":95,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"d738b6f8-7e59-4fa0-8042-7cc22fa87e8d","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":95,"box":{"x":68,"y":581,"width":298,"height":11}},{"id":"139d2c32-bfa7-4dac-8192-62e30eefd986","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":95,"box":{"x":103,"y":604,"width":277,"height":11}},{"id":"62252688-c0c6-40cd-b7f2-1287d5767ab7","block_type":"box","text":".","page_number":95,"box":{"x":381,"y":611,"width":2,"height":2}},{"id":"75e4fe5a-0e51-49e4-a3a0-431b79672f42","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":95,"box":{"x":101,"y":627,"width":758,"height":11}},{"id":"4b14e3c8-a429-4c32-8a66-8a673a63351f","block_type":"box","text":"interests from non-government bonds paid to a non-PRC tax resident enterprise, unless the rate is reduced under an","page_number":95,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"ee44444a-421c-4acf-bf6e-29b743b55cbd","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":95,"box":{"x":69,"y":657,"width":831,"height":11}},{"id":"0d6c07b3-870f-4f3e-8853-eaaff13e5293","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":95,"box":{"x":69,"y":672,"width":425,"height":11}},{"id":"1685facd-30d4-483d-a277-40f6585ec8c1","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":95,"box":{"x":101,"y":695,"width":697,"height":11}},{"id":"4e34156c-bb16-4142-af73-b4f4e30599e0","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":95,"box":{"x":102,"y":717,"width":803,"height":12}},{"id":"f650ee3f-00bf-419e-a3db-a7aa6461e3bb","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":95,"box":{"x":68,"y":733,"width":822,"height":11}},{"id":"81350fdd-45ae-48b1-8fe3-d2aae13cca03","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":95,"box":{"x":69,"y":748,"width":794,"height":11}},{"id":"a72ecac8-02c5-4b1b-a702-bec7a0cdcaad","block_type":"box","text":"(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or","page_number":95,"box":{"x":69,"y":763,"width":812,"height":11}},{"id":"5b0344c0-e517-4fe4-b6b9-a184b2f961b1","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":95,"box":{"x":69,"y":778,"width":800,"height":11}},{"id":"f2b83691-0f1e-43eb-bcf7-92e55baf59b5","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":95,"box":{"x":68,"y":793,"width":783,"height":11}},{"id":"62f9321a-b395-4547-a9f6-dc17f37a84d7","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":95,"box":{"x":69,"y":808,"width":825,"height":11}},{"id":"cb455871-59df-4ff0-bb1e-f14a7a6eb100","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":95,"box":{"x":69,"y":823,"width":809,"height":12}},{"id":"359802cd-f7ac-4aab-952f-56501998589e","block_type":"box","text":"temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or","page_number":95,"box":{"x":68,"y":838,"width":818,"height":11}},{"id":"2a195050-6c3e-459d-97e6-e23879ed5b6d","block_type":"box","text":"without notice.","page_number":95,"box":{"x":68,"y":854,"width":103,"height":8}},{"id":"2020420a-58a3-48a3-86f2-71cc7faa3375","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":95,"box":{"x":102,"y":876,"width":759,"height":11}},{"id":"4f5dde60-1549-41d6-b0e1-3c3cae95dbf4","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":95,"box":{"x":70,"y":891,"width":827,"height":12}},{"id":"40d26e1a-5dd2-4f0a-99a4-afac59baeda5","block_type":"box","text":"the PRC bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA","page_number":95,"box":{"x":68,"y":906,"width":798,"height":11}},{"id":"2a769e96-0326-499e-b89c-c10ed2d4c38b","block_type":"box","text":"II-47","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ab446b3f-d146-4ad2-b1b9-d8844980817a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2dffde95-7942-4ddd-bca4-c1ba83ba8b8f","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is","page_number":96,"box":{"x":70,"y":45,"width":806,"height":11}},{"id":"64de70e7-6804-49f0-82f0-c72b197168a4","block_type":"box","text":"unclear whether the temporary exemption will be fur ther extended.","page_number":96,"box":{"x":69,"y":60,"width":473,"height":11}},{"id":"b0672f3e-beae-4267-ab52-cabc4a4f44ba","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":96,"box":{"x":103,"y":83,"width":225,"height":10}},{"id":"0f7f1382-a2bb-4ec6-a74b-dd1d17805bab","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":83,"width":569,"height":11}},{"id":"d4c0437d-e386-49f6-86c1-314b31dd903b","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":96,"box":{"x":69,"y":98,"width":528,"height":11}},{"id":"fcbc7ccc-2514-4c3a-af91-26b4336adaa5","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":120,"width":697,"height":12}},{"id":"bcfc4ff6-c128-428d-8f32-766190e01027","block_type":"box","text":"VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the","page_number":96,"box":{"x":101,"y":143,"width":789,"height":11}},{"id":"10f9cc1c-5e5d-4aa7-8c31-e1b2d2450870","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":96,"box":{"x":69,"y":158,"width":565,"height":9}},{"id":"31d4faa8-e488-43f3-8e07-8fc8e334dde3","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":96,"box":{"x":102,"y":181,"width":749,"height":11}},{"id":"c1e19ef0-5519-4d8c-ab5d-42266922f1cf","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":96,"box":{"x":70,"y":196,"width":791,"height":11}},{"id":"3058db44-5d90-4217-b08a-5ca9605883c0","block_type":"box","text":"market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public","page_number":96,"box":{"x":69,"y":211,"width":840,"height":11}},{"id":"cd0f3dd5-769c-408a-994f-460a9a3f8f74","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":96,"box":{"x":70,"y":226,"width":766,"height":11}},{"id":"e0b83c86-65b8-4d20-9577-e2e21a993dc8","block_type":"box","text":"July 31, 2025, the MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to","page_number":96,"box":{"x":69,"y":241,"width":826,"height":11}},{"id":"58e589c9-1ec3-46fa-be7a-0c0730551873","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":96,"box":{"x":70,"y":256,"width":772,"height":12}},{"id":"63736093-6729-42e5-b54d-086dd1447256","block_type":"box","text":"August 8, 2025. It is understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption","page_number":96,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"7b3dd5dd-0ebe-40f0-ab98-4921229f1283","block_type":"box","text":"for foreign institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public","page_number":96,"box":{"x":68,"y":286,"width":828,"height":12}},{"id":"4f9e2b4a-dc2f-42df-bea6-0512060fdba6","block_type":"box","text":"Notice 34 will be fur ther extended with respect to interest income on bonds derived from the PRC bond market and","page_number":96,"box":{"x":70,"y":302,"width":820,"height":11}},{"id":"8f2891c5-ae52-4fba-9493-08477910f8f7","block_type":"box","text":"issued before August 8, 2025.","page_number":96,"box":{"x":70,"y":317,"width":216,"height":11}},{"id":"2e00d6c2-7389-4ac6-8a92-058b99efa489","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":96,"box":{"x":101,"y":339,"width":801,"height":12}},{"id":"35a9ccdf-ca6c-4410-9f81-24fd9c7b21d7","block_type":"box","text":"tax authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may","page_number":96,"box":{"x":68,"y":355,"width":821,"height":11}},{"id":"1709821b-4197-44d7-95c0-d79b8c2cec90","block_type":"box","text":"withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or","page_number":96,"box":{"x":68,"y":370,"width":808,"height":11}},{"id":"4d7d0143-f692-4598-b9cd-d057f89e94c3","block_type":"box","text":"PCR sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the","page_number":96,"box":{"x":69,"y":385,"width":810,"height":11}},{"id":"630f3668-6b82-400d-a2e4-76514c4ce080","block_type":"box","text":"temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and","page_number":96,"box":{"x":68,"y":400,"width":829,"height":11}},{"id":"b4702e38-5237-446f-87b9-b920786b210a","block_type":"box","text":"may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be","page_number":96,"box":{"x":69,"y":415,"width":819,"height":11}},{"id":"4c3a339b-c905-4575-a793-2df17e9f2dda","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":96,"box":{"x":69,"y":430,"width":833,"height":11}},{"id":"7f465bef-1136-4fb9-9d06-e7e79fbfe4ee","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":96,"box":{"x":68,"y":445,"width":474,"height":11}},{"id":"ed52880b-6714-4e26-944c-28bf69e842a0","block_type":"box","text":"BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to","page_number":96,"box":{"x":102,"y":468,"width":777,"height":11}},{"id":"1ae8fc26-538c-4057-b602-b409891c9d42","block_type":"box","text":"time, make a provision for potential tax liabilities if in its opinion such provision is warranted or as fur ther clarified by","page_number":96,"box":{"x":68,"y":483,"width":836,"height":11}},{"id":"3176e9ff-f4c8-454b-b50b-f27499465958","block_type":"box","text":"the PRC in notifications.","page_number":96,"box":{"x":68,"y":498,"width":171,"height":9}},{"id":"c9556949-9eb6-414e-bbc3-8c0a9d26fd4a","block_type":"box","text":"Investment in Other Investment Companies.","page_number":96,"box":{"x":102,"y":521,"width":320,"height":11}},{"id":"5dbb0a18-ffe3-4a6d-987c-a54d63631d27","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":96,"box":{"x":429,"y":521,"width":402,"height":11}},{"id":"7e59cad6-1028-4723-bfd1-f5285c45ba3d","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":96,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"25e669c5-ad63-4aa2-859f-40c60d0735a2","block_type":"box","text":"market funds and ETFs, which are typically open-end funds or unit investment trusts listed on a stock exchange.","page_number":96,"box":{"x":69,"y":551,"width":797,"height":11}},{"id":"cf258219-6f3d-4c1d-86aa-355b356677e6","block_type":"box","text":"Under Section 12(d)(1)(A) of the Investment Company Act, however, a Fund may invest up to 10% of its total assets","page_number":96,"box":{"x":70,"y":566,"width":822,"height":11}},{"id":"c679ac5e-81d3-4a23-87d4-59b3f3b15e2d","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":96,"box":{"x":70,"y":581,"width":814,"height":11}},{"id":"7a651412-0af4-4b80-8ad8-2a5a82b73487","block_type":"box","text":"12(d)(1)(A) of the Investment Company Act a Fund may not acquire securities of an investment company if such","page_number":96,"box":{"x":70,"y":596,"width":793,"height":12}},{"id":"62ffaf95-67a7-4b83-b75a-b62fc62321af","block_type":"box","text":"acquisition would cause the Fund to own more than 3% of the total outstanding voting stock of such investment","page_number":96,"box":{"x":69,"y":612,"width":796,"height":11}},{"id":"c1ba7933-4ca3-4937-883f-d942c2b91c90","block_type":"box","text":"company and a Fund may not invest in another investment company if such investment would cause more than 5% of","page_number":96,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"01be48bc-424e-4e3d-9b2f-518bf73dc501","block_type":"box","text":"the value of the Fund’s total assets to be invested in securities of such investment company. (These limits do not","page_number":96,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"438e6105-78be-4b4a-92da-87a3eab4222c","block_type":"box","text":"restrict a Feeder Fund from investing all of its assets in shares of its Master Por tfolio.) In addition to the restrictions","page_number":96,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"b583ab6d-e8e5-4302-babf-dd2e6a007871","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":96,"box":{"x":69,"y":672,"width":827,"height":11}},{"id":"6b405187-130a-49a8-9aee-fc60d4f299a6","block_type":"box","text":"Act a Fund may not invest in a registered closed-end investment company if such investment would cause the Fund","page_number":96,"box":{"x":68,"y":687,"width":821,"height":11}},{"id":"c26eef80-4e6e-47fd-9eee-8165114273a1","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":96,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"a915b171-0a96-4c45-8242-46bda3edebac","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":96,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"4e9b4c70-1950-4ceb-87e1-62e8b82ca575","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":96,"box":{"x":70,"y":732,"width":802,"height":12}},{"id":"b623bbb3-d1ff-4c21-9188-69a5245e7f1a","block_type":"box","text":"cer tain conditions. In addition, a Fund may be able to rely on cer tain rules under the Investment Company Act to","page_number":96,"box":{"x":69,"y":748,"width":801,"height":11}},{"id":"b3a6c076-79dd-46b9-ae4b-463122fa3f3d","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":96,"box":{"x":70,"y":763,"width":829,"height":11}},{"id":"f8df1d18-a019-4aaa-8ae0-ff837d185257","block_type":"box","text":"subject to cer tain conditions.","page_number":96,"box":{"x":69,"y":778,"width":206,"height":11}},{"id":"6daa9a7d-1528-4fed-b99b-e98ec0af5660","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":96,"box":{"x":101,"y":801,"width":799,"height":11}},{"id":"b60ad8e0-d4c2-47f1-9832-c679e7252798","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":96,"box":{"x":102,"y":823,"width":779,"height":12}},{"id":"7df45477-01eb-49e9-9d3f-07e97e004773","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":96,"box":{"x":69,"y":839,"width":824,"height":11}},{"id":"91746e57-61fb-4241-8b58-8de01a07d3e5","block_type":"box","text":"held by a Fund that trade on an exchange could trade at a discount from NAV, and such discount could increase while","page_number":96,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"3db4dce3-6481-41cb-94ba-9797c16972c8","block_type":"box","text":"the Fund holds the shares. If the market price of shares of an exchange-traded investment company decreases below","page_number":96,"box":{"x":68,"y":869,"width":839,"height":11}},{"id":"c2632a19-5674-4046-8456-e41bf8311148","block_type":"box","text":"II-48","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b53829f-8857-488a-a4f0-f1570fc2e42f","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb5fc4cd-47ea-4765-afc0-9167491e0219","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":45,"width":806,"height":11}},{"id":"5a4410fa-b425-4337-9245-32a5343cd93a","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":60,"width":810,"height":11}},{"id":"0cffbf26-848d-4b44-ba8e-02d78ddadff9","block_type":"box","text":"loss.","page_number":97,"box":{"x":70,"y":75,"width":31,"height":9}},{"id":"242eb991-d137-4450-a497-b3a645452ee2","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":98,"width":758,"height":11}},{"id":"ef9430df-d2c6-4a0f-a63b-998b90fb65ed","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":113,"width":837,"height":11}},{"id":"12156e7a-5aed-49b5-9014-f2a9bcf5fb58","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":128,"width":835,"height":11}},{"id":"29dae467-c656-4a09-a054-d060746d64be","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":143,"width":816,"height":11}},{"id":"948ad68c-8101-4be6-808b-18443486d625","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":158,"width":768,"height":11}},{"id":"9226bdf8-2007-4c1e-a6a6-7cacc48760da","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":173,"width":807,"height":11}},{"id":"4ca635b8-7327-45f1-8c78-4ec5fb29f4c9","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":188,"width":830,"height":12}},{"id":"e3d1b223-e991-4581-ac4d-4e8f93b39f06","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":97,"box":{"x":68,"y":203,"width":804,"height":12}},{"id":"7220c341-920a-4f6f-8745-29ad7fad6607","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":97,"box":{"x":70,"y":218,"width":778,"height":11}},{"id":"ba63fff5-2cee-4118-a142-66fd745c30f4","block_type":"box","text":"charged by other investment companies and pooled investment vehicles in which a Fund invests a por tion of its","page_number":97,"box":{"x":69,"y":234,"width":796,"height":11}},{"id":"ce62f1a9-c365-4127-ad2a-25cda304bd76","block_type":"box","text":"assets.","page_number":97,"box":{"x":69,"y":249,"width":51,"height":9}},{"id":"32887e99-569d-49b8-bdab-44823ecd7dd5","block_type":"box","text":"To the extent shares of a Fund are held by another fund, the ability of the Fund itself to purchase other funds","page_number":97,"box":{"x":101,"y":271,"width":776,"height":12}},{"id":"c459a382-0d9f-4808-8d3d-c602ec3b13f2","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":97,"box":{"x":69,"y":286,"width":313,"height":12}},{"id":"22e3560f-cca0-4eb4-a98a-1dad3ea1f449","block_type":"box","text":"e.g.","page_number":97,"box":{"x":384,"y":288,"width":24,"height":10}},{"id":"bf22d480-2046-4515-9eb5-2f72d2fecd79","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":97,"box":{"x":411,"y":287,"width":491,"height":11}},{"id":"8b49c25f-cf75-4744-84f9-2bbb63e84011","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":97,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"773ad20e-e4e9-491e-a01c-0cce58f28dd2","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":97,"box":{"x":69,"y":317,"width":472,"height":11}},{"id":"a5eaedb1-7b3f-43c1-acac-51f24c784d3d","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":97,"box":{"x":101,"y":339,"width":790,"height":12}},{"id":"bcfc14e1-543b-4558-8ec6-e6a38f7c6ddb","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":97,"box":{"x":70,"y":355,"width":818,"height":11}},{"id":"c0d488f1-ff8a-4795-aa30-bab7c3645445","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":97,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"2dd3949c-c283-4d1a-a431-2d353702a57b","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":97,"box":{"x":70,"y":385,"width":795,"height":11}},{"id":"801ea412-3d44-4edd-a56f-cc2532b5c020","block_type":"box","text":"investment companies set for th above may limit oppor tunities for a Fund to invest indirectly in cer tain developing","page_number":97,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"4db5a31b-7420-4762-8e9b-a1cce671ce14","block_type":"box","text":"countries.","page_number":97,"box":{"x":69,"y":415,"width":69,"height":9}},{"id":"ad116d24-b9b8-4439-ae8f-c412ca4daf14","block_type":"box","text":"Issuer Insolvency Risk.","page_number":97,"box":{"x":102,"y":438,"width":166,"height":11}},{"id":"ed802a4b-cea9-42df-89fb-3ee1e7527be0","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":97,"box":{"x":275,"y":438,"width":631,"height":11}},{"id":"7ea6c12a-6302-4a06-84cf-dd48059e886f","block_type":"box","text":"a high degree of credit and market risk, which may be heightened during an economic downturn or recession. Should","page_number":97,"box":{"x":69,"y":453,"width":832,"height":11}},{"id":"b281f388-de72-43d4-97bf-44cc648f52fb","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":97,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"d745d52a-5d07-428e-89fc-94eedc59cb1c","block_type":"box","text":"restructuring, a wide variety of considerations make an evaluation of the outcome of the Fund’s exposure to the","page_number":97,"box":{"x":69,"y":483,"width":797,"height":11}},{"id":"cef382c1-d18e-4104-9549-7dd1c574d880","block_type":"box","text":"issuer uncer tain.","page_number":97,"box":{"x":70,"y":498,"width":118,"height":9}},{"id":"2fbacad2-1cb5-425a-9a0b-a8b4e8047404","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":97,"box":{"x":102,"y":521,"width":788,"height":11}},{"id":"f8f990d0-4179-44f5-a6f5-30389cc394be","block_type":"box","text":"will receive any interest payments on the securities of the issuer. A Fund will be subject to significant uncer tainty as","page_number":97,"box":{"x":68,"y":536,"width":827,"height":11}},{"id":"f420f395-0c27-4806-b931-29aa1fbe3078","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":97,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"32c7945f-bb6e-4a5c-8e32-0f014e7091a7","block_type":"box","text":"expenses to protect and recover its investment. A Fund will also be subject to significant uncer tainty as to when and","page_number":97,"box":{"x":69,"y":566,"width":829,"height":11}},{"id":"df362824-cb2e-43a5-b610-1ca9bd8b23b0","block_type":"box","text":"in what manner and for what value the obligations evidenced by the securities of the issuer held by the Fund will","page_number":97,"box":{"x":70,"y":581,"width":797,"height":12}},{"id":"24fb2afe-b4f7-4b92-b387-dcfbad4d8155","block_type":"box","text":"eventually be satisfied.","page_number":97,"box":{"x":69,"y":596,"width":162,"height":12}},{"id":"424d6d3e-0c73-4a03-a9bc-500c7ca36ce5","block_type":"box","text":"Even if a plan of reorganization or restructuring is adopted with respect to the securities of the issuer held by the","page_number":97,"box":{"x":102,"y":619,"width":805,"height":11}},{"id":"a10a01ad-fdac-4b38-8205-b4b36d063e66","block_type":"box","text":"Fund, there can be no assurance that the securities or other assets received by a Fund in connection with such plan","page_number":97,"box":{"x":70,"y":634,"width":827,"height":11}},{"id":"4dd82b60-665d-4aa3-9a7a-1bd5d66e54dc","block_type":"box","text":"of reorganization or restructuring will not have a lower value or income potential than may have been anticipated or","page_number":97,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"5b63dfef-e2a6-4bcd-9d26-12826bf64aca","block_type":"box","text":"no value. A Fund may be unable to enforce its claims or rights in any collateral or may have its claims or security","page_number":97,"box":{"x":69,"y":664,"width":802,"height":12}},{"id":"fa5deebe-2915-4fea-a505-243e673aed40","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":97,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"30a8b1c6-482c-431f-a912-94e4e425342b","block_type":"box","text":"In addition, amendments to the U.S. Bankruptcy Code or other relevant laws could alter the expected outcome or","page_number":97,"box":{"x":70,"y":695,"width":805,"height":11}},{"id":"72e4946c-6f91-40d5-9be0-eea5f4879bef","block_type":"box","text":"introduce greater uncer tainty regarding the outcome of the Fund’s securities holdings in the issuer. In a bankruptcy","page_number":97,"box":{"x":70,"y":710,"width":820,"height":11}},{"id":"d86878de-9802-45d5-a94b-84d2c1e8b940","block_type":"box","text":"proceeding, a reorganization or restructuring, the securities of the issuer held by a Fund could be re-characterized or","page_number":97,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"36c5ba66-df96-4523-b9dd-4397e9ceb711","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":97,"box":{"x":69,"y":740,"width":820,"height":11}},{"id":"28d696c1-2f39-4aaa-9e71-98e470920701","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":97,"box":{"x":70,"y":755,"width":820,"height":11}},{"id":"d3d8196d-ee57-4590-9f29-0ac3455315f2","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":97,"box":{"x":69,"y":770,"width":824,"height":12}},{"id":"92949dba-a8aa-4a5e-9f6e-d94388955796","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":97,"box":{"x":68,"y":786,"width":788,"height":11}},{"id":"d04546f4-678d-440f-bb71-4cd5107699b2","block_type":"box","text":"volatile than those of other asset classes. Holders of equity securities are subject to more risk than holders of debt","page_number":97,"box":{"x":68,"y":801,"width":826,"height":11}},{"id":"061c2984-f4ee-498e-8260-fb2cf1e77dff","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":97,"box":{"x":69,"y":816,"width":809,"height":11}},{"id":"30157729-8fc0-482a-aa44-9b0413485d46","block_type":"box","text":"value of equity securities received by a Fund could decline if the financial condition of the issuer deteriorates or if","page_number":97,"box":{"x":68,"y":831,"width":809,"height":11}},{"id":"8ee105cf-0345-4065-ae01-2e90a2ff9c9b","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":97,"box":{"x":69,"y":846,"width":741,"height":11}},{"id":"17917b6a-7d82-4360-a02e-5dc017531db2","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":97,"box":{"x":101,"y":869,"width":780,"height":11}},{"id":"e60c7831-b499-4ad9-9c74-1233f3a110c5","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":97,"box":{"x":68,"y":884,"width":807,"height":11}},{"id":"c86a256a-a66c-4523-99de-fe5863294787","block_type":"box","text":"example of assets that a Fund could receive is an interest in one or more loans made to the issuer as par t of a","page_number":97,"box":{"x":69,"y":899,"width":795,"height":11}},{"id":"d946687e-b5a6-4a0f-a930-424379f8572f","block_type":"box","text":"II-49","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"024f124b-de59-4631-8534-0d9a7770ce5f","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2aef8779-fcd4-4fd8-b5c7-8d2bc0b61408","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":45,"width":814,"height":11}},{"id":"941ea924-2019-4f36-bdf2-d567f348583d","block_type":"box","text":"loans to the extent permitted by the 1940 Act.","page_number":98,"box":{"x":70,"y":60,"width":329,"height":11}},{"id":"e0eb3ef6-df12-4ffd-9c8a-b4b12e9946c1","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":82,"width":806,"height":12}},{"id":"ca50c0c8-a8cf-4e67-a8d4-d29cfc0662c7","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":98,"width":829,"height":11}},{"id":"87100864-922e-4813-959f-b4d87a46dac7","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":113,"width":767,"height":11}},{"id":"c4755704-d2be-4d97-b24b-79f22cdc6eda","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":128,"width":771,"height":11}},{"id":"65accf14-82fd-4f55-bde1-380300b4bd4d","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":143,"width":823,"height":11}},{"id":"3517d696-4d2e-4139-b70c-6e78af5d0288","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":158,"width":822,"height":11}},{"id":"d0417ab3-7c8c-4606-b5d3-df62ff71556d","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":173,"width":828,"height":11}},{"id":"0b12caa6-88fc-43ba-9886-f2b805e24cc4","block_type":"box","text":"that assumed generally by an investor.","page_number":98,"box":{"x":68,"y":188,"width":274,"height":12}},{"id":"092bf624-8051-408d-a219-a0b77c50e657","block_type":"box","text":"Lease Obligations.","page_number":98,"box":{"x":102,"y":211,"width":133,"height":11}},{"id":"747ac006-7418-4303-bea4-6dc9aaea8296","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":98,"box":{"x":241,"y":211,"width":653,"height":11}},{"id":"e4f4139c-6ebb-4f6f-a479-6d979c1132ae","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":98,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"8cb9c82b-15e1-456b-8043-0ea7b9e83cfa","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":98,"box":{"x":69,"y":241,"width":602,"height":11}},{"id":"1fea039a-3943-4f5d-8268-7f6303fb996d","block_type":"box","text":"Life Settlement Investments.","page_number":98,"box":{"x":102,"y":264,"width":210,"height":9}},{"id":"639b20be-7620-4813-9322-f929612cbe7f","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":98,"box":{"x":318,"y":264,"width":589,"height":11}},{"id":"d31eed56-8ee1-47ac-bbf7-54ae5b9eea76","block_type":"box","text":"Fund, of existing life insurance contracts for more than their cash surrender value but less than the net benefits to be","page_number":98,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"992afdc4-58ce-466e-bffa-6dea8ad495fd","block_type":"box","text":"paid under the policies. When a Fund acquires such a contract, it pays the policy premiums in return for the expected","page_number":98,"box":{"x":70,"y":294,"width":834,"height":11}},{"id":"1023e7a8-5e6a-4d43-b007-3c322d15a145","block_type":"box","text":"receipt of the net benefit as the beneficiary under the policy. Investments in these contracts involve cer tain risks,","page_number":98,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"dab7384d-e8c2-4ca8-a9d6-c70355b7db6e","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":98,"box":{"x":70,"y":324,"width":797,"height":12}},{"id":"08ddfb54-fbf0-4ba5-8327-efa20cf917ca","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":98,"box":{"x":70,"y":340,"width":775,"height":11}},{"id":"480afad7-dfcf-4873-95ea-77652602ed89","block_type":"box","text":"secondary market through life settlement agents. Also, in the event of a bankruptcy of the insurance carrier for a","page_number":98,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"f1af2fe7-1647-4c84-ad14-d45f5d685ece","block_type":"box","text":"policy, the Fund may receive reduced or no benefits under the contract. A Fund seeks to minimize credit risk by","page_number":98,"box":{"x":70,"y":370,"width":789,"height":11}},{"id":"292d3853-2872-4202-8f18-d2d56db69a1c","block_type":"box","text":"investing in policies issued by a diverse range of highly-rated insurance carriers. Fur thermore, a Fund may encounter","page_number":98,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"8e7f93ff-45d9-42a9-8e92-c283b5ab9811","block_type":"box","text":"losses on its investments if there is an inaccurate estimation of the life expectancies of viators. A Fund intends to","page_number":98,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"d2b8d0da-1b1e-4fcd-9de3-5cd09cd21815","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":98,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"49bf9a97-0295-4b3d-82cc-79acc1347d2b","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":98,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"ce5cd4e3-4d5f-4204-a424-1395d4bb21bf","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the Internal","page_number":98,"box":{"x":69,"y":445,"width":793,"height":12}},{"id":"db416dea-32fd-43b4-bd0f-cf72d36713b2","block_type":"box","text":"Revenue Service (the “IRS”) 90% gross income test a Fund must satisfy each year to qualify as a regulated","page_number":98,"box":{"x":70,"y":460,"width":764,"height":12}},{"id":"cb58ec07-6c2f-4230-99a7-3fdcbdb7d545","block_type":"box","text":"investment company. A Fund intends to monitor its investments to ensure that the Fund remains qualified as a","page_number":98,"box":{"x":70,"y":475,"width":788,"height":12}},{"id":"42b6a261-1cd3-46a7-8e69-fab8f6e98883","block_type":"box","text":"regulated investment company.","page_number":98,"box":{"x":69,"y":491,"width":220,"height":11}},{"id":"0ef4dfb9-e629-418f-bb07-bc52c87646d7","block_type":"box","text":"Liquidity Risk Management.","page_number":98,"box":{"x":102,"y":513,"width":202,"height":11}},{"id":"dc9f83e0-f252-40de-a53b-f73fe337b8c2","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":98,"box":{"x":311,"y":513,"width":591,"height":11}},{"id":"c91924d0-9748-4884-b364-c12b1d259d93","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":98,"box":{"x":69,"y":528,"width":835,"height":12}},{"id":"ae351f56-07df-440c-b3a1-0f15c4d6c1f6","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":98,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"49579b7a-7c07-48aa-a665-68a67090f987","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":98,"box":{"x":70,"y":559,"width":801,"height":11}},{"id":"99fecc94-fbe9-4fb4-976f-fd75d48f8c21","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":98,"box":{"x":69,"y":574,"width":822,"height":11}},{"id":"268f16b2-b6dd-4c2e-9eff-46b42d75cb19","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":98,"box":{"x":69,"y":589,"width":808,"height":11}},{"id":"8b3f2954-2887-4153-bb14-7552c7281827","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":98,"box":{"x":70,"y":604,"width":838,"height":11}},{"id":"3e9c08e6-70c5-4d41-87cd-aff2bafebb13","block_type":"box","text":"“illiquid investment.” The Liquidity Rule defines “liquidity risk” as the risk that a Fund could not meet requests to","page_number":98,"box":{"x":70,"y":619,"width":804,"height":11}},{"id":"086d61f3-1f18-4720-b64d-08f438ccc32e","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":98,"box":{"x":69,"y":634,"width":821,"height":12}},{"id":"b402f7e6-ad10-4c89-b188-9c16ba22b12b","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":98,"box":{"x":70,"y":649,"width":815,"height":12}},{"id":"7d670283-cf5e-4223-9b30-c95af52d50e2","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":98,"box":{"x":69,"y":665,"width":823,"height":11}},{"id":"ee249306-84d3-4a06-98ec-54a4d4319cce","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":98,"box":{"x":69,"y":680,"width":601,"height":11}},{"id":"a2bfc957-9038-4d2e-9bd7-73fc9d2312ea","block_type":"box","text":"Master Limited Partnerships.","page_number":98,"box":{"x":102,"y":702,"width":211,"height":11}},{"id":"d69758f2-f2f6-4495-ad32-d057f0603363","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":98,"box":{"x":320,"y":702,"width":577,"height":11}},{"id":"de22a0e3-9956-4deb-be17-f1845abe0fe9","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":98,"box":{"x":68,"y":718,"width":816,"height":11}},{"id":"3ded3117-b866-4bcd-818f-35716610cac0","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":98,"box":{"x":68,"y":732,"width":777,"height":12}},{"id":"d4f4a349-31a9-4ae0-ba2f-29c7f9470ff8","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":98,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"762f9cbb-9216-4c8b-8482-155bc2a25a2f","block_type":"box","text":"generally have two classes of owners, the general par tner and limited par tners. When investing in an MLP, a Fund","page_number":98,"box":{"x":68,"y":763,"width":811,"height":11}},{"id":"0668b98a-f064-4074-b725-9bb3ee611e21","block_type":"box","text":"intends to purchase publicly traded common units issued to limited par tners of the MLP. The general par tner is","page_number":98,"box":{"x":70,"y":778,"width":791,"height":11}},{"id":"c26eca8e-0ca1-4fe7-9a01-49f77ed62f1e","block_type":"box","text":"typically owned by a major energy company, an investment fund, the direct management of the MLP or is an entity","page_number":98,"box":{"x":68,"y":793,"width":812,"height":11}},{"id":"cc18c5e8-8d37-4d2f-a4b6-5eace843941a","block_type":"box","text":"owned by one or more of such par ties. The general par tner may be structured as a private or publicly traded","page_number":98,"box":{"x":69,"y":808,"width":770,"height":11}},{"id":"2cc74148-1261-41e0-b69e-d02ffa808735","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":98,"box":{"x":69,"y":823,"width":833,"height":12}},{"id":"0c6537c3-f6f9-4250-8b51-3f440c4f08d6","block_type":"box","text":"an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units.","page_number":98,"box":{"x":69,"y":838,"width":799,"height":11}},{"id":"811ba422-778d-4e44-9f7c-666fb0670d90","block_type":"box","text":"Limited par tners own the remainder of the par tnership, through ownership of common units, and have a limited role","page_number":98,"box":{"x":70,"y":853,"width":825,"height":12}},{"id":"d2ded2c4-c4c0-4c38-9858-0140e1239481","block_type":"box","text":"in the par tnership’s operations and management.","page_number":98,"box":{"x":70,"y":869,"width":352,"height":11}},{"id":"fc073ab1-1e22-4773-a9cb-2152ae34fcd9","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":98,"box":{"x":102,"y":891,"width":794,"height":12}},{"id":"4df33338-7393-431f-972f-06c0764b83dd","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":98,"box":{"x":69,"y":906,"width":809,"height":12}},{"id":"b3b2d839-61f3-49ff-bb73-f283d7b5bd20","block_type":"box","text":"II-50","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f2b16c37-d4ed-4f70-9c15-873589a06007","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c5ef17f-0b35-4929-b3db-76cdd96889e2","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":45,"width":804,"height":11}},{"id":"d177d3b4-0163-4b00-89af-f850486cf08f","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":60,"width":808,"height":11}},{"id":"a539079e-f292-4888-9230-84e11b7b1c0f","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":75,"width":816,"height":11}},{"id":"0cc29948-da18-4917-a4c8-b6d7e38717bc","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":90,"width":831,"height":11}},{"id":"c1253db5-8624-48f2-b4dc-ddb4d1416e47","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":105,"width":835,"height":11}},{"id":"a34d1162-1635-4bae-9cba-86d9994f44df","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":120,"width":838,"height":12}},{"id":"5a49c5c9-0e27-4b38-a979-a954af14fe6e","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":135,"width":839,"height":12}},{"id":"5e8e70d7-a287-422b-83b4-7072d9d17c5e","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":151,"width":828,"height":11}},{"id":"6e54a0cd-02ca-44c0-adbe-6b985506501f","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":166,"width":761,"height":11}},{"id":"9079bcf1-11fb-4de4-9af2-69544d9f41f2","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":181,"width":830,"height":11}},{"id":"19928cbd-316d-40f0-a2bf-fd6826d71e6c","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":196,"width":824,"height":11}},{"id":"a55ce033-628d-4b82-8a2d-81da4a1dd48e","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":99,"box":{"x":69,"y":211,"width":366,"height":11}},{"id":"2a438440-46b2-4a25-8cdc-f33104faac01","block_type":"box","text":"MLP common units represent a limited par tnership interest in the MLP. Common units are listed and traded on","page_number":99,"box":{"x":102,"y":234,"width":790,"height":11}},{"id":"efe6874d-740d-4949-a8b4-634494592ad3","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":99,"box":{"x":70,"y":249,"width":820,"height":11}},{"id":"2259e82d-7a46-4121-8a1e-f81ec91ac041","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":99,"box":{"x":69,"y":264,"width":787,"height":11}},{"id":"a018a5cd-bfda-48b4-a162-d6f36e03c4d0","block_type":"box","text":"common stock of a corporation, owners of common units have limited voting rights and have no ability to annually","page_number":99,"box":{"x":69,"y":279,"width":810,"height":11}},{"id":"8f9cf59c-edd6-4a83-be16-3119ff20faf5","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":99,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"0a2f9ce5-936e-403a-a4f9-8d0aaf4a10fd","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":99,"box":{"x":69,"y":309,"width":387,"height":11}},{"id":"1746dd44-de52-474b-9638-d123cd00fbe6","block_type":"box","text":"Merger Transaction Risk.","page_number":99,"box":{"x":102,"y":332,"width":183,"height":11}},{"id":"034aff55-7437-4f95-a2b8-c0a701b3b637","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":99,"box":{"x":291,"y":332,"width":616,"height":11}},{"id":"841ee71b-6d3f-4138-91ae-1ef71736cdc3","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":99,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"72f1ad45-f157-40a3-b627-3ca123ca3cc5","block_type":"box","text":"in cash, stock of the acquiring company or a combination of both) in excess of the purchase price paid by the Fund","page_number":99,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"4810afd5-91c2-4bb6-842a-627d160b7d34","block_type":"box","text":"for the target company’s stock. However, a Fund is subject to the risk that the merger transaction may be canceled,","page_number":99,"box":{"x":68,"y":377,"width":825,"height":12}},{"id":"4c7aef84-d3d8-46b4-9c80-8f0cc418cde2","block_type":"box","text":"delayed or restructured, in which case a Fund’s holding of the target company’s stock may not result in any profit for","page_number":99,"box":{"x":69,"y":392,"width":832,"height":12}},{"id":"7fc3f8bf-025d-4431-87a0-189c55e06ab6","block_type":"box","text":"the Fund and may lose significant value.","page_number":99,"box":{"x":68,"y":407,"width":286,"height":12}},{"id":"322952e9-eea4-47a1-b8d9-22e1915042bb","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":99,"box":{"x":102,"y":430,"width":723,"height":11}},{"id":"1f809bef-d507-4194-b20a-f742b7a1109e","block_type":"box","text":"Cer tain","page_number":99,"box":{"x":831,"y":430,"width":50,"height":9}},{"id":"faaa7d8e-a0bc-42b1-8dfa-a06269ba9c27","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":99,"box":{"x":70,"y":445,"width":778,"height":12}},{"id":"90b3ef80-a579-4a8b-96f7-a568abecacaf","block_type":"box","text":"deposits, including instruments issued or suppor ted by the credit of U.S. or foreign banks or savings institutions","page_number":99,"box":{"x":69,"y":460,"width":802,"height":12}},{"id":"c0e2b7e0-d57c-422c-a245-12411c994de1","block_type":"box","text":"having total assets at the time of purchase in excess of $1 billion. These obligations may be general obligations of","page_number":99,"box":{"x":69,"y":475,"width":820,"height":12}},{"id":"a71e0527-5522-4904-943f-19e2accf3b71","block_type":"box","text":"the parent bank or may be limited to the issuing branch or subsidiary by the terms of a specific obligation or by","page_number":99,"box":{"x":68,"y":491,"width":794,"height":11}},{"id":"4f7fc540-f196-4cda-adc3-8ad561f0e619","block_type":"box","text":"government regulation. The assets of a bank or savings institution will be deemed to include the assets of its","page_number":99,"box":{"x":68,"y":506,"width":781,"height":11}},{"id":"eb800e1c-8720-4835-aaa0-dc6ecdfcf7fa","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":99,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"0d93b412-4c3b-4b23-9025-6770dc44d7cc","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":99,"box":{"x":69,"y":536,"width":785,"height":11}},{"id":"fc06f4db-0bd1-46af-bf16-6c7dbc0b1395","block_type":"box","text":"branches of domestic banks.","page_number":99,"box":{"x":69,"y":551,"width":205,"height":9}},{"id":"f32ccf12-b9f4-4ffc-823d-7db02d16650a","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":99,"box":{"x":101,"y":574,"width":785,"height":11}},{"id":"32ca74dc-4b36-474b-9531-03e3a7aab0de","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":99,"box":{"x":68,"y":589,"width":787,"height":11}},{"id":"6ca3742a-5c00-46c8-9f73-7a5e7ee4d1d0","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":99,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"1f504860-d677-4a4c-826a-2b0eea3a6af8","block_type":"box","text":"paper of a foreign issuer.","page_number":99,"box":{"x":70,"y":619,"width":176,"height":11}},{"id":"2f2e84e0-0841-4b21-9c49-76da68f57e8d","block_type":"box","text":"Money Market Securities.","page_number":99,"box":{"x":102,"y":642,"width":188,"height":11}},{"id":"a9ebbd03-8835-4692-a230-05d9842a801c","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":99,"box":{"x":296,"y":642,"width":578,"height":11}},{"id":"f5df79d2-bf26-492a-b808-3edd607e0b03","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":99,"box":{"x":69,"y":657,"width":802,"height":11}},{"id":"669de8c5-a200-4648-939c-7b4789eb1f0e","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":99,"box":{"x":69,"y":672,"width":386,"height":11}},{"id":"52858163-65de-428d-a6a3-0ba1409ae1ee","block_type":"box","text":"(a) U.S. dollar-denominated obligations issued or suppor ted by the credit of U.S. or foreign banks or savings","page_number":99,"box":{"x":69,"y":692,"width":779,"height":11}},{"id":"872b2d7b-2016-4fec-adbb-f19526f297e8","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":99,"box":{"x":102,"y":707,"width":776,"height":12}},{"id":"18ff0de7-c16d-4102-87c0-93b59eab4e49","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":99,"box":{"x":69,"y":727,"width":821,"height":12}},{"id":"dcaef704-ce60-44e7-85ae-d2ab3c413125","block_type":"box","text":"other issuers rated (at the time of purchase) A-2 or higher by S&P, Prime-2 or higher by Moody’s or F-2 or higher","page_number":99,"box":{"x":102,"y":743,"width":795,"height":11}},{"id":"9a4f3a2c-6c71-4e47-ac25-495fb10fde71","block_type":"box","text":"by Fitch, as well as high quality corporate bonds rated (at the time of purchase) A or higher by those rating","page_number":99,"box":{"x":102,"y":758,"width":757,"height":11}},{"id":"19d9e71b-b983-4c4b-ba19-544b42500337","block_type":"box","text":"agencies;","page_number":99,"box":{"x":102,"y":773,"width":66,"height":11}},{"id":"64ca7bb6-fe71-43e8-878f-84f8ba31d79f","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":99,"box":{"x":69,"y":793,"width":792,"height":11}},{"id":"d36e8846-b103-4362-b939-4739d2907eb8","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":99,"box":{"x":102,"y":808,"width":344,"height":11}},{"id":"8dd46980-8f22-46f2-b37c-378feb8ee7ff","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":99,"box":{"x":69,"y":828,"width":776,"height":12}},{"id":"167d46c0-9495-4738-ae36-e858451ef0f1","block_type":"box","text":"obligations and credit card receivables);","page_number":99,"box":{"x":102,"y":844,"width":283,"height":11}},{"id":"a242c318-132b-42be-b00e-45d13b5b86ac","block_type":"box","text":"(e) securities issued or guaranteed as to principal and interest by the U.S. Government or by its agencies or","page_number":99,"box":{"x":69,"y":864,"width":778,"height":11}},{"id":"8d8f8579-016b-4e94-ad8c-79f5d09be7e1","block_type":"box","text":"authorities and related custodial receipts;","page_number":99,"box":{"x":102,"y":879,"width":296,"height":11}},{"id":"97632587-308a-444c-99d4-519aff12f02a","block_type":"box","text":"II-51","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cfffdd16-89f5-4176-93ba-4c107548e751","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"61fb1942-3e51-4490-848f-63e17d77d2bd","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":45,"width":782,"height":11}},{"id":"85bc9a21-5480-4552-b0ab-e37040397476","block_type":"box","text":"agencies or authorities;","page_number":100,"box":{"x":102,"y":60,"width":166,"height":11}},{"id":"ac1a24f8-3e82-45b6-bafe-f94a6138c49d","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":100,"box":{"x":69,"y":80,"width":528,"height":11}},{"id":"39a5474c-cc6e-4e30-ad9d-ac3cc939c830","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":100,"box":{"x":69,"y":100,"width":534,"height":11}},{"id":"c875d92a-c9e2-459c-a43e-61c2d89d08fa","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":100,"box":{"x":69,"y":120,"width":447,"height":12}},{"id":"92089fbb-2cfb-4416-b7b9-bfca1fb11945","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":140,"width":812,"height":12}},{"id":"c7d2b220-e918-4940-a829-a3abb0181ec7","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":155,"width":766,"height":12}},{"id":"0f036a1b-d9c4-47dd-b303-d1288b0836ff","block_type":"box","text":"States;","page_number":100,"box":{"x":102,"y":171,"width":49,"height":10}},{"id":"7c71e23a-82a9-4e25-b83a-527cf2538754","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":191,"width":829,"height":11}},{"id":"23bb0572-939d-4bf6-96dd-5193c5a44fe4","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":206,"width":379,"height":11}},{"id":"220df2b2-c0dd-4a68-bb23-a5b78594c3a4","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":226,"width":826,"height":11}},{"id":"d8151f81-9ba2-4d1d-83a2-53f7f8c4cc39","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":100,"box":{"x":102,"y":241,"width":207,"height":11}},{"id":"8ddb37c2-cde3-4cf7-8aad-b2b82a16bd63","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":100,"box":{"x":69,"y":261,"width":458,"height":12}},{"id":"4b5f6624-c136-4ca3-b9f9-a2146a118319","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":100,"box":{"x":69,"y":281,"width":837,"height":12}},{"id":"2098a1b0-558c-4588-8cdd-5447c484b855","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":100,"box":{"x":101,"y":297,"width":589,"height":11}},{"id":"dd8cbca1-3919-46e3-86d1-4a074b425c6a","block_type":"box","text":"(o) municipal bonds and notes which are guaranteed as to principal and interest by the U.S. Government or an","page_number":100,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"55bd02ef-bf52-463b-8196-f793302449e2","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":100,"box":{"x":102,"y":332,"width":764,"height":11}},{"id":"ca8d7b1c-0a3b-4fa3-9f6f-8d67eedf37d8","block_type":"box","text":"States.","page_number":100,"box":{"x":102,"y":347,"width":49,"height":9}},{"id":"d3f15801-a6f6-4113-9c82-91a6941a56a0","block_type":"box","text":"Mortgage-Related Securities.","page_number":100,"box":{"x":102,"y":370,"width":213,"height":11}},{"id":"55294af4-fc2a-4f8a-ae07-24fbbee465d1","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":100,"box":{"x":102,"y":392,"width":203,"height":12}},{"id":"8c76414d-3815-4f23-9378-7856e029aeea","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":100,"box":{"x":312,"y":392,"width":560,"height":12}},{"id":"361c6bd2-cc43-4d89-b801-77f976c07567","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":100,"box":{"x":70,"y":407,"width":805,"height":12}},{"id":"38b4bbbd-79e1-4805-9b46-bc0f2ab6bd7d","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":100,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"04d1affb-1d89-4b0d-ba5c-93a4cc441dc5","block_type":"box","text":"(net of any fees paid to the issuer or guarantor of the securities). Mor tgage-backed securities differ from other forms","page_number":100,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"ee958bda-bbf5-45ce-8d8d-1dcbcc4c2186","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":100,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"636b99d4-c71a-4abb-a63c-7cabcd7cfcfb","block_type":"box","text":"maturity or specified call dates.","page_number":100,"box":{"x":69,"y":468,"width":222,"height":11}},{"id":"a8f52860-2157-481d-866c-2476f2e8fd9c","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":100,"box":{"x":102,"y":491,"width":785,"height":11}},{"id":"eca67d9e-5c58-429f-b208-b7c40cd53299","block_type":"box","text":"that is, they may lose value if the value of the underlying real estate to which a pool of mor tgages relates declines. In","page_number":100,"box":{"x":68,"y":506,"width":838,"height":11}},{"id":"a3afa667-64e6-4611-8393-b09f51701207","block_type":"box","text":"addition, investments in mor tgage-backed securities involve cer tain specific risks. These risks include the failure of a","page_number":100,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"79cc510f-3878-444d-84eb-e42a46997f2a","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":100,"box":{"x":70,"y":536,"width":837,"height":11}},{"id":"a8f05bc2-4aa1-42e8-8cfd-8b6ee9be13b4","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":100,"box":{"x":69,"y":551,"width":810,"height":11}},{"id":"b9605c8e-f59b-4dc5-a0f4-ab84e39d73f2","block_type":"box","text":"principal and interest payments made by the borrower on the underlying mor tgages are passed through to a Fund.","page_number":100,"box":{"x":70,"y":566,"width":811,"height":11}},{"id":"4c5e712a-7c27-4a51-b789-6763b0e3f29f","block_type":"box","text":"The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases when","page_number":100,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"eb89d6bb-6873-470a-8715-7ed21489563e","block_type":"box","text":"interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from traditional","page_number":100,"box":{"x":70,"y":596,"width":837,"height":12}},{"id":"b2e9b28c-61c6-4144-a53e-97f5aa63936f","block_type":"box","text":"fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund for its","page_number":100,"box":{"x":68,"y":612,"width":804,"height":11}},{"id":"e823fe2c-a947-4941-924f-fb3698b4a8ca","block_type":"box","text":"mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted average life","page_number":100,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"a75d162c-6452-4011-a185-be6e87fc9f70","block_type":"box","text":"of the securities are based on a number of factors, including the anticipated rate of prepayment of the underlying","page_number":100,"box":{"x":69,"y":642,"width":807,"height":11}},{"id":"a61e364d-b7b5-4c4a-809f-7b409a3c78a0","block_type":"box","text":"mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more quickly than","page_number":100,"box":{"x":69,"y":657,"width":832,"height":11}},{"id":"3d23d3fc-1ee3-4563-ac01-934b66cb7b49","block_type":"box","text":"anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed securities. Moreover,","page_number":100,"box":{"x":69,"y":672,"width":825,"height":11}},{"id":"47b15989-db51-44f5-a3f2-def786157660","block_type":"box","text":"when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely receive a rate of interest","page_number":100,"box":{"x":68,"y":687,"width":818,"height":11}},{"id":"c5e9153d-0319-4c4b-9637-90a5cc5223b2","block_type":"box","text":"that is lower than the rate on the security that was prepaid.","page_number":100,"box":{"x":68,"y":703,"width":423,"height":10}},{"id":"d7671020-b265-4a98-9d9e-1449ca1ed701","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":100,"box":{"x":101,"y":725,"width":761,"height":11}},{"id":"b8935ac5-4694-4307-9259-1eb1ea9e2f7f","block_type":"box","text":"principal prepayments may result in a loss to the extent of the premium paid. If a Fund buys such securities at a","page_number":100,"box":{"x":70,"y":740,"width":800,"height":11}},{"id":"10c47758-e42b-4159-b978-9d2800c745fa","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":100,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"94860aeb-90f4-4e6b-89d5-452762fb39a6","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":100,"box":{"x":69,"y":770,"width":809,"height":12}},{"id":"b6c88358-2157-476b-b608-23409aa6a664","block_type":"box","text":"income. In a period of rising interest rates, prepayments of the underlying mor tgages may occur at a slower than","page_number":100,"box":{"x":70,"y":785,"width":801,"height":12}},{"id":"ad36f9f4-018b-4c1c-ab9e-4f4f858e47a5","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":100,"box":{"x":69,"y":801,"width":778,"height":11}},{"id":"8fa9e0d2-8eae-432a-b28c-da242da65e9c","block_type":"box","text":"considered shor t- or intermediate-term at the time of purchase into a long-term security. Since the value of long-term","page_number":100,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"bee3acc9-563d-4ced-86e6-48e2370b50c8","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":100,"box":{"x":69,"y":831,"width":773,"height":11}},{"id":"e842f688-eb84-4f27-8f3d-ca4d30b8037e","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":100,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"5eaeb70f-796b-442d-81f2-bf776bb4c752","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":100,"box":{"x":70,"y":861,"width":822,"height":11}},{"id":"21cd3eb1-fa4f-48ee-859e-dc2b090dfe99","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":100,"box":{"x":69,"y":876,"width":399,"height":11}},{"id":"a246359a-9e42-4e65-af93-268796875741","block_type":"box","text":"II-52","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"52c86320-9afe-4545-b6b8-89b45021a765","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ae125c6b-2aa1-4745-bf27-b58dc18f1533","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":45,"width":802,"height":11}},{"id":"0b7eae86-1b91-486a-b792-d627790827df","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":60,"width":830,"height":11}},{"id":"9ee87b5f-9c8c-4381-8702-977303b29cad","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":75,"width":818,"height":11}},{"id":"65f8fb19-a317-4069-a11e-31766dbbf642","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":90,"width":766,"height":11}},{"id":"4b463a57-9432-4a84-83b9-63e765aaa7ae","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":105,"width":808,"height":11}},{"id":"2362ca4a-c155-48cb-bbdc-69fcc11a6f0c","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":120,"width":825,"height":12}},{"id":"5748b51a-c0dc-4e50-b0d1-e52e676a683f","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement. All of","page_number":101,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"e8cd2841-c3d1-4f9b-9f34-ff3741ce5077","block_type":"box","text":"these three types of securities are considered “mor tgage-related securities” for purposes of BATS: Series A","page_number":101,"box":{"x":68,"y":150,"width":769,"height":12}},{"id":"f625f5e0-3bf7-4026-9b07-ab42c43f9b3f","block_type":"box","text":"Por tfolio’s fundamental investment restriction relating to concentration.","page_number":101,"box":{"x":69,"y":166,"width":509,"height":11}},{"id":"33525377-4702-4c19-9ab0-aae91176e35e","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":188,"width":743,"height":12}},{"id":"e54cbdba-b1ce-41cb-a819-584ebef824bd","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":203,"width":831,"height":12}},{"id":"fe5a64c7-fa11-4e68-a706-02b891aba312","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":218,"width":815,"height":12}},{"id":"38795d03-3773-4e13-b404-80a2f4ca0821","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":234,"width":737,"height":11}},{"id":"564f6291-e3c9-4d0e-b40b-3eda70421909","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":249,"width":814,"height":11}},{"id":"bed1acd1-6044-4bb7-b877-93afe2bfa6e1","block_type":"box","text":"guaranteed by Ginnie Mae (such cer tificates are also known as “Ginnie Maes”) are guaranteed as to the timely","page_number":101,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"3235b3e2-f419-487a-be42-0e8de36b9b41","block_type":"box","text":"payment of principal and interest by Ginnie Mae, whose guarantee is backed by the full faith and credit of the United","page_number":101,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"52cc00e6-c048-48cf-a16c-6f4b6b9255d3","block_type":"box","text":"States. Ginnie Mae cer tificates also are suppor ted by the authority of Ginnie Mae to borrow funds from the U.S.","page_number":101,"box":{"x":69,"y":294,"width":798,"height":11}},{"id":"ce1e21ae-3d60-4b4d-89aa-9b51ef3335bc","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":101,"box":{"x":68,"y":309,"width":798,"height":11}},{"id":"6d6a6201-0795-4732-8b82-14a3841d1e1f","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":101,"box":{"x":70,"y":324,"width":788,"height":12}},{"id":"4ad940f1-7906-4e08-a235-8d36b5d297f1","block_type":"box","text":"guaranteed as to timely payment of principal and interest by Fannie Mae. They are not backed by or entitled to the full","page_number":101,"box":{"x":68,"y":339,"width":840,"height":12}},{"id":"2742b543-7b18-4991-a863-a1968230ee7e","block_type":"box","text":"faith and credit of the United States, but are suppor ted by the right of Fannie Mae to borrow from the U.S. Treasury","page_number":101,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"3c241508-8db6-4bb2-8df3-ef525dbd7272","block_type":"box","text":"Depar tment. Fannie Mae was established as a federal agency in 1938 and in 1968 was char tered by Congress as a","page_number":101,"box":{"x":70,"y":370,"width":830,"height":11}},{"id":"db068370-bb75-4e9c-8f69-9e192dbdafa2","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":101,"box":{"x":70,"y":385,"width":770,"height":11}},{"id":"4d5b0c17-a5ee-4540-abea-f792942a719f","block_type":"box","text":"Mor tgage Par ticipation Cer tificates (also known as “Freddie Macs” or “PCs”). Freddie Mac is a stockholder-owned","page_number":101,"box":{"x":70,"y":400,"width":812,"height":11}},{"id":"83b29b40-fa81-4215-8039-2a8a257e27a5","block_type":"box","text":"corporation char tered by Congress in 1970. Freddie Macs are not guaranteed by the United States or by any Federal","page_number":101,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"21c15537-8726-4f01-bf66-ec7ffd195f71","block_type":"box","text":"Home Loan Banks and do not constitute a debt or obligation of the United States or of any Federal Home Loan Bank.","page_number":101,"box":{"x":70,"y":430,"width":832,"height":11}},{"id":"eb5cdff5-bdee-44bc-95de-eddc93d76de6","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":101,"box":{"x":70,"y":445,"width":792,"height":12}},{"id":"d4a8caba-05bc-48b2-a0fd-b0da0a466d7a","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":101,"box":{"x":68,"y":460,"width":819,"height":12}},{"id":"a1e34807-e848-470f-829a-05e3e0082766","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":101,"box":{"x":68,"y":475,"width":829,"height":12}},{"id":"4bc28ad9-47e8-4479-ba95-aa783257d664","block_type":"box","text":"on account of its guarantee of ultimate payment of principal at any time after default on an underlying mor tgage, but","page_number":101,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"e8926ac6-ec1c-4874-9be6-4e0a29b05b8a","block_type":"box","text":"in no event later than one year after it becomes payable. On September 6, 2008, Director James Lockhar t of the","page_number":101,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"eee49d94-75ab-4d34-9419-d03091cba5dd","block_type":"box","text":"Federal Housing Finance Agency (“FHFA”) appointed FHFA as conservator of both Fannie Mae and Freddie Mac. In","page_number":101,"box":{"x":70,"y":521,"width":808,"height":11}},{"id":"3887d4bf-2100-46a3-9183-1b4d4013477a","block_type":"box","text":"addition the U.S. Treasury Depar tment agreed to provide Fannie Mae and Freddie Mac up to $100 billion of capital","page_number":101,"box":{"x":69,"y":535,"width":818,"height":12}},{"id":"e79344e5-c661-4362-9109-838c4eaa0aad","block_type":"box","text":"each on an as needed basis to insure that they continue to provide liquidity to the housing and mor tgage markets.","page_number":101,"box":{"x":69,"y":551,"width":816,"height":11}},{"id":"857a5d54-7d8d-48e8-9739-e15ff9fa3ef6","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":101,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"3b1759d6-b634-4228-b4e2-185bc4bd3169","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":101,"box":{"x":69,"y":589,"width":777,"height":11}},{"id":"11bb1bbe-6c4e-40f1-9e46-014b7a89d6a6","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":101,"box":{"x":69,"y":604,"width":782,"height":11}},{"id":"0a302a64-5c09-4a72-b8e4-9ffa4136ac30","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":101,"box":{"x":102,"y":627,"width":802,"height":11}},{"id":"af65e011-2244-4173-aa89-40606fa98dbb","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":101,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"cdbae95a-107c-4280-8ba7-7af9bdb97971","block_type":"box","text":"in the private pools. However, timely payment of interest and principal of these pools may be suppor ted by various","page_number":101,"box":{"x":70,"y":657,"width":814,"height":11}},{"id":"7ff5907f-fe81-4f58-90a6-fbc87f5a50a6","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":101,"box":{"x":68,"y":672,"width":833,"height":11}},{"id":"24be0e5c-1f06-4db6-a08d-03eecb312fa0","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":101,"box":{"x":70,"y":687,"width":789,"height":11}},{"id":"1af54745-242b-4062-a5c0-36f9fcb5a96f","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":101,"box":{"x":70,"y":702,"width":827,"height":12}},{"id":"7b2835fc-55c0-4a31-ad6b-0ebc72a8f4f2","block_type":"box","text":"a mor tgage-related security meets a Fund’s investment quality standards. There can be no assurance that the private","page_number":101,"box":{"x":69,"y":718,"width":838,"height":11}},{"id":"a7d14aa9-a3c3-4ba1-a1f1-2116339f899a","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":101,"box":{"x":70,"y":733,"width":810,"height":11}},{"id":"f18b50a9-62e2-4e95-a365-cf9a2e3ccb0d","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":101,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"6a292092-f239-4473-9321-5ab50950598f","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":101,"box":{"x":70,"y":763,"width":812,"height":11}},{"id":"b36ea1ab-1a1f-4449-a780-251bf52bc9ad","block_type":"box","text":"meet a Fund’s quality standards. Any mor tgage-related securities that are issued by private issuers have some","page_number":101,"box":{"x":69,"y":778,"width":790,"height":11}},{"id":"7e796ef9-bf60-4e6e-85c4-db98cd3057fd","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":101,"box":{"x":69,"y":793,"width":604,"height":11}},{"id":"51e5e79d-f8d7-4980-8141-d15e70be69a8","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":101,"box":{"x":102,"y":816,"width":774,"height":11}},{"id":"98096edf-8a59-4751-a7bc-524a59cf9685","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":101,"box":{"x":69,"y":831,"width":791,"height":11}},{"id":"b1fa7b94-d89b-44d8-9bcb-fec1318e73cf","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":101,"box":{"x":68,"y":846,"width":832,"height":11}},{"id":"995e3a88-265c-47c5-9772-9dcf6768066c","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":101,"box":{"x":69,"y":861,"width":742,"height":11}},{"id":"c6592ad6-5663-4d76-b430-ffacdec68adf","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":101,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"12a60a16-42c0-41d4-9bea-66c20268170e","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":101,"box":{"x":69,"y":891,"width":840,"height":12}},{"id":"87bc443e-c88b-4f48-b2d2-9190d5ff6d09","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":101,"box":{"x":68,"y":906,"width":809,"height":12}},{"id":"8569e663-f96e-4498-a6b8-709e13c985a1","block_type":"box","text":"II-53","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"da17aaa9-1619-4ecc-9f6b-9248d5076e03","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55a14e90-a431-4583-a48c-f4ee126538f4","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":45,"width":828,"height":11}},{"id":"83bfd83b-fce9-4053-beee-71a15eca7383","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":60,"width":830,"height":11}},{"id":"b26101c1-3397-43d7-bd9a-ef1915dbe17f","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":75,"width":810,"height":11}},{"id":"5e4f5295-ccdb-4dd2-921c-5228503a9700","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":90,"width":804,"height":11}},{"id":"0a4792f1-5cdf-416a-b8f4-6a056d48defc","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":102,"box":{"x":69,"y":105,"width":669,"height":11}},{"id":"72277edc-31a6-4bc2-b1c7-598ae4b6e4d9","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":128,"width":754,"height":11}},{"id":"e64432a3-a604-4c3e-abcd-7c59ad1e6af1","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":143,"width":795,"height":11}},{"id":"e08e4fad-a40f-4b9e-8727-78f7cfa0cf61","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":158,"width":812,"height":11}},{"id":"7f128f3c-78d7-43df-81e9-a064dc4d81db","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":173,"width":788,"height":11}},{"id":"2cc00bc8-a764-483b-9ab5-e5036b728660","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":102,"box":{"x":70,"y":188,"width":361,"height":12}},{"id":"e5f37075-fc07-4b1e-b507-5a122f32b706","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":211,"width":784,"height":11}},{"id":"22fde6c6-b8c8-4e0a-bc57-65fbc253e8cf","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":226,"width":813,"height":11}},{"id":"c3f1d077-8d53-45d2-bde1-958cc77a2865","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":241,"width":835,"height":11}},{"id":"081489f0-123d-4ff8-9e51-30c715cf479f","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":256,"width":714,"height":12}},{"id":"e2ff631f-f3e3-4e67-9e71-378aedb36f1f","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":102,"box":{"x":102,"y":279,"width":328,"height":11}},{"id":"bee81be5-aa5b-4c3e-aab4-4e4b402b1633","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":102,"box":{"x":437,"y":279,"width":407,"height":11}},{"id":"4f09da3c-e269-46e4-a277-745602fc4137","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":294,"width":800,"height":11}},{"id":"69629f69-5bfa-4af8-8c58-a4dd5ba2d508","block_type":"box","text":"principal are generally paid monthly. CMOs may be collateralized by whole mor tgage loans or private mor tgage pass","page_number":102,"box":{"x":70,"y":309,"width":827,"height":11}},{"id":"c00055b2-4636-4dff-af70-089f33836a6c","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":102,"box":{"x":68,"y":324,"width":826,"height":12}},{"id":"4e77ca3b-d7d4-4fc1-abb4-39bfa85be535","block_type":"box","text":"by Ginnie Mae, Freddie Mac, or Fannie Mae. The issuer of a series of CMOs may elect to be treated as a Real Estate","page_number":102,"box":{"x":69,"y":339,"width":833,"height":12}},{"id":"bae03fc3-3dd2-4f4e-8246-dff64e3a7688","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":102,"box":{"x":70,"y":355,"width":661,"height":11}},{"id":"7721a588-154c-43a6-bf72-ba5c3713233d","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":102,"box":{"x":102,"y":377,"width":803,"height":11}},{"id":"6d85a421-ae59-4f99-8b66-3f34327b7f3e","block_type":"box","text":"or fixed interest rate, and bearing a different stated maturity date and each must be fully retired no later than its final","page_number":102,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"10af4a98-7ac5-46e8-845f-1ec39f7ca628","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":102,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"62ace574-6323-402d-b569-3815bdc67b0b","block_type":"box","text":"is ordinarily unrelated to the stated maturity date. CMOs often provide for a modified form of call protection through a","page_number":102,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"3a2d4a20-b17d-4bfa-b4ff-ddebb36ebd4e","block_type":"box","text":"de facto breakdown of the underlying pool of mor tgages according to how quickly the loans are repaid. Monthly","page_number":102,"box":{"x":69,"y":438,"width":791,"height":11}},{"id":"61764b9e-891c-4f3a-82e3-1d8e67bdf5f4","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":102,"box":{"x":70,"y":453,"width":792,"height":11}},{"id":"e9fb99fd-e6f4-4095-a779-1ab3500a0542","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":102,"box":{"x":70,"y":468,"width":820,"height":11}},{"id":"0c9f634e-0006-48de-81c5-1787b5c512c8","block_type":"box","text":"only after the first class has been retired. An investor may be par tially protected against a sooner than desired return","page_number":102,"box":{"x":69,"y":483,"width":836,"height":11}},{"id":"4ab8b36c-5808-43a1-9341-79159f219a49","block_type":"box","text":"of principal because of the sequential payments.","page_number":102,"box":{"x":69,"y":498,"width":346,"height":11}},{"id":"8749cd1c-4000-4d8e-80a4-0bd88a244a8c","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":102,"box":{"x":102,"y":521,"width":723,"height":11}},{"id":"22e5d15a-0a44-4289-b7dc-7d07623a0c50","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":102,"box":{"x":69,"y":536,"width":768,"height":11}},{"id":"c570abdc-d8c9-4ace-85c1-94f9a50c9f69","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":102,"box":{"x":70,"y":551,"width":800,"height":11}},{"id":"ef906422-1cf8-4fce-bd93-3d613a4cbb2f","block_type":"box","text":"earlier Commission interpretation, a Fund’s investments in cer tain other qualifying CMOs, which cannot or do not rely","page_number":102,"box":{"x":69,"y":566,"width":836,"height":11}},{"id":"ea68f30b-7ed1-4385-9cc2-08d7b60507b8","block_type":"box","text":"on the rule, are also not subject to the limitation of the Investment Company Act on acquiring interests in other","page_number":102,"box":{"x":69,"y":581,"width":793,"height":12}},{"id":"e41c7f39-22e3-4c86-a41b-3edec9569a98","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":102,"box":{"x":70,"y":597,"width":767,"height":11}},{"id":"d84caf73-5dfa-45d4-96e6-41950f6d91b0","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":102,"box":{"x":69,"y":612,"width":838,"height":11}},{"id":"77fc63ee-567d-4c70-93a3-6b5575f8f467","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":102,"box":{"x":69,"y":627,"width":773,"height":11}},{"id":"22a85fdf-ee01-4313-93bd-a926b4304daa","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":102,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"51c1b07a-4a0f-49b3-879b-caa1587a835a","block_type":"box","text":"To the extent that a Fund selects CMOs that cannot rely on the rule or do not meet the above requirements, the Fund","page_number":102,"box":{"x":68,"y":657,"width":836,"height":11}},{"id":"ad1eeb3f-2154-4808-86a1-260196679c7c","block_type":"box","text":"may not invest more than 10% of its assets in all such entities and may not acquire more than 3% of the voting","page_number":102,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"5f4ec43d-356e-4fff-abf0-4d9c3d50e7da","block_type":"box","text":"securities of any single such entity.","page_number":102,"box":{"x":69,"y":687,"width":248,"height":11}},{"id":"ac92c699-a872-4a13-9b9c-c98d434fe5c2","block_type":"box","text":"A Fund may also invest in, among other things, parallel pay CMOs, sequential pay CMOs, and floating rate CMOs.","page_number":102,"box":{"x":101,"y":710,"width":807,"height":11}},{"id":"8fb0d50d-83dc-430f-8f36-32affd08c505","block_type":"box","text":"Parallel pay CMOs are structured to provide payments of principal on each payment date to more than one class,","page_number":102,"box":{"x":69,"y":725,"width":805,"height":11}},{"id":"34d622a7-4ebf-4e86-98a4-bff16b56c9e9","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":102,"box":{"x":69,"y":740,"width":819,"height":11}},{"id":"651e2e7f-849a-4378-870f-48c33700a4b9","block_type":"box","text":"calculating the final distribution date of each class. Sequential pay CMOs generally pay principal to only one class at","page_number":102,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"2179a9ef-be87-4529-962f-7c8f78cfda72","block_type":"box","text":"a time while paying interest to several classes. A wide variety of REMIC Cer tificates may be issued in the parallel pay","page_number":102,"box":{"x":69,"y":770,"width":835,"height":12}},{"id":"09515123-0fea-4f12-8d92-bd2ff7c1c0bb","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":102,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"976af5b5-ec01-49af-8f79-6e0b60eea1de","block_type":"box","text":"accrue interest at a specified rate until all other cer tificates having an earlier final distribution date have been retired","page_number":102,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"c9cb6524-8d34-4a8e-abf6-2c836a4fc4f9","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":102,"box":{"x":69,"y":816,"width":801,"height":11}},{"id":"e7516979-052a-4b9f-9c9e-8152eb58cc78","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":102,"box":{"x":68,"y":831,"width":813,"height":11}},{"id":"5c157fab-1407-4011-a9f8-013e5da9a23a","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), LIBOR, one-year Treasury yields, and ten-year Treasury yields.","page_number":102,"box":{"x":69,"y":846,"width":761,"height":11}},{"id":"954e0f33-f552-45e0-995c-a2ed594d5e87","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":102,"box":{"x":102,"y":869,"width":742,"height":11}},{"id":"54493e77-06b0-48b5-a197-d1673e2cf68c","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":102,"box":{"x":69,"y":884,"width":784,"height":11}},{"id":"3cc14d1b-8d90-4401-87cc-be972991496e","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":102,"box":{"x":69,"y":899,"width":800,"height":11}},{"id":"f6f074bf-43bb-4843-a961-441dc1d60783","block_type":"box","text":"II-54","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bbca5bdb-5e69-4438-bf03-432f41357813","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"054df7c6-9fd3-4b48-b006-e2437a0dd066","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":45,"width":802,"height":11}},{"id":"d4fdf3a9-33dc-4f5e-ada7-6505a32045b6","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":60,"width":834,"height":11}},{"id":"bc2f173c-e108-4708-afbc-73e6b967c8b2","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":75,"width":835,"height":11}},{"id":"fde4a56c-c556-411c-b91d-69cd3b089097","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":90,"width":772,"height":11}},{"id":"6524a256-d3f4-4925-b76b-a380a8322021","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":105,"width":792,"height":11}},{"id":"d827e1da-cd35-4703-9166-13eb2015e63d","block_type":"box","text":"classes.","page_number":103,"box":{"x":69,"y":120,"width":57,"height":9}},{"id":"a9f420f4-bb15-4f9d-a3f3-5a8e3e8d76d3","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":143,"width":774,"height":11}},{"id":"e33ca38c-8412-4720-bbb9-43adf2fe2838","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":158,"width":835,"height":11}},{"id":"77c5ccca-ded6-4359-92bf-c7c17e2e4a7c","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":173,"width":815,"height":11}},{"id":"259aee9b-a654-49a1-a761-a72eff016d7b","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":188,"width":833,"height":12}},{"id":"ce4ca1c1-199b-4b2b-8def-d6f329a2e866","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":203,"width":839,"height":12}},{"id":"267fb7b0-1080-4722-8fdb-f5838fb3bf39","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":219,"width":541,"height":11}},{"id":"359b29cb-9056-4c4c-8c51-6c342ffcebcf","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":103,"box":{"x":101,"y":241,"width":265,"height":11}},{"id":"032140b4-dc92-4de6-b823-60f99c9a1a42","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":103,"box":{"x":372,"y":241,"width":523,"height":11}},{"id":"67f29bc4-0845-4f1e-af32-42a6166d16d1","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":256,"width":807,"height":12}},{"id":"3b71e1e3-f2a3-4f0d-8bc6-40240a310809","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":271,"width":835,"height":12}},{"id":"e1770802-f644-45d2-9d1a-b25b2c052913","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":286,"width":824,"height":12}},{"id":"18c1cdef-3b83-4c57-aa62-5717c04bcadf","block_type":"box","text":"to a designated benchmark index.","page_number":103,"box":{"x":68,"y":302,"width":241,"height":11}},{"id":"5c403389-2f1b-4efd-8802-74eabbe967fa","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":103,"box":{"x":101,"y":325,"width":767,"height":11}},{"id":"889b649f-421a-43f4-b420-91943d6c7dc4","block_type":"box","text":"lifetime of the security. In addition, cer tain ARMs provide for additional limitations on the maximum amount by which","page_number":103,"box":{"x":70,"y":339,"width":828,"height":12}},{"id":"689fb7d3-337c-4833-9af3-40cf087fd2eb","block_type":"box","text":"the mor tgage interest rate may adjust for any single adjustment period. In the event that market rates of interest rise","page_number":103,"box":{"x":68,"y":355,"width":837,"height":11}},{"id":"66844c1b-5742-4d93-9923-a6ec9d236c0e","block_type":"box","text":"more rapidly to levels above that of the ARM’s maximum rate, the ARM’s coupon may represent a below market rate","page_number":103,"box":{"x":69,"y":370,"width":830,"height":11}},{"id":"dee6ae89-3040-45bb-8fc5-274d30e93a98","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":103,"box":{"x":69,"y":385,"width":676,"height":11}},{"id":"a4cb6177-6675-45e4-82bb-f5d997beb36d","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":103,"box":{"x":102,"y":408,"width":757,"height":11}},{"id":"c76fe771-4ba5-4ab7-9d93-2249179f7e08","block_type":"box","text":"payment is not sufficient to pay the interest accruing on an ARM, any such excess interest is added to the principal","page_number":103,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"20c3fe97-d6e0-4df8-9c07-058df50d4e51","block_type":"box","text":"balance of the mor tgage loan, which is repaid through future monthly payments. If the monthly payment for such an","page_number":103,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"35f3cf31-4b0c-492e-9bca-cca9846128e6","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":103,"box":{"x":70,"y":453,"width":782,"height":11}},{"id":"78b12f72-1df2-4ee9-bb63-cc73ba6272ad","block_type":"box","text":"payment required at such point to amor tize the outstanding principal balance over the remaining term of the loan, the","page_number":103,"box":{"x":70,"y":468,"width":838,"height":11}},{"id":"df848d0a-a1c6-47a9-bd81-16c42908346d","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":103,"box":{"x":69,"y":483,"width":544,"height":11}},{"id":"e5af2b8c-5fae-4949-bee5-16512919479b","block_type":"box","text":"CMO Residuals.","page_number":103,"box":{"x":102,"y":506,"width":112,"height":9}},{"id":"51b0d401-c737-4399-8113-750607f23ee4","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":103,"box":{"x":221,"y":506,"width":682,"height":11}},{"id":"a24cbf31-993e-4b55-8fac-3f8aabd8e1b5","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":103,"box":{"x":70,"y":521,"width":740,"height":11}},{"id":"66215184-8d06-41a1-97fa-194484e2bc78","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":103,"box":{"x":69,"y":536,"width":829,"height":11}},{"id":"60df9f44-6054-42c0-ad18-7bf08106d96c","block_type":"box","text":"the foregoing. The cash flow generated by the mor tgage assets underlying a series of CMOs is applied first to make","page_number":103,"box":{"x":68,"y":551,"width":826,"height":11}},{"id":"2b83d880-b8cd-452a-81e3-b7c05397952c","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses of","page_number":103,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"f235d4d0-a584-4e73-8327-bcb390d47520","block_type":"box","text":"the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after","page_number":103,"box":{"x":68,"y":581,"width":832,"height":12}},{"id":"884ff180-fc51-4bce-8377-b3404ce45927","block_type":"box","text":"making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual","page_number":103,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"b0d5a22e-c8b4-4999-b180-b0605429a114","block_type":"box","text":"represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on,","page_number":103,"box":{"x":69,"y":612,"width":833,"height":11}},{"id":"dd228d3b-b80f-443c-8bdd-cb212036263a","block_type":"box","text":"among other things, the characteristics of the mor tgage assets, the coupon rate of each class of CMO, prevailing","page_number":103,"box":{"x":69,"y":627,"width":809,"height":11}},{"id":"5232efb8-15f1-45cb-841f-eb2bbfc2f9ac","block_type":"box","text":"interest rates, the amount of administrative expenses and the prepayment experience on the mor tgage assets. In","page_number":103,"box":{"x":70,"y":642,"width":810,"height":11}},{"id":"686f406c-547d-4c28-8b4e-6f544d7d59f4","block_type":"box","text":"par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the related underlying","page_number":103,"box":{"x":70,"y":657,"width":795,"height":11}},{"id":"0ca5820c-7b3b-4018-8a79-da11ecdcba34","block_type":"box","text":"mor tgage assets, in the same manner as an interest-only (“IO”) class of stripped mor tgage-related securities. In","page_number":103,"box":{"x":69,"y":672,"width":801,"height":11}},{"id":"e2550d12-d90f-46a5-a84f-f660be9e1849","block_type":"box","text":"addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the","page_number":103,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"0c24b2e1-42ef-4c7f-9db7-7325b50dbe3c","block_type":"box","text":"related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate","page_number":103,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"dc530ad6-71fb-4b24-ae82-2cb9c38c96bb","block_type":"box","text":"adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in a CMO","page_number":103,"box":{"x":69,"y":717,"width":793,"height":12}},{"id":"5a147503-3aad-4687-9611-58312548f728","block_type":"box","text":"residual.","page_number":103,"box":{"x":69,"y":733,"width":60,"height":9}},{"id":"bdf28049-671d-4d82-b570-efc0d7a78e8d","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":103,"box":{"x":102,"y":755,"width":758,"height":11}},{"id":"ed82324c-a033-4c8e-b199-48c07e120186","block_type":"box","text":"banking firms acting as brokers or dealers. The CMO residual market has developed relatively recently and CMO","page_number":103,"box":{"x":69,"y":770,"width":798,"height":12}},{"id":"0eec4c80-a1d3-47bb-8910-3a3054ee63c2","block_type":"box","text":"residuals may not have the liquidity of more established securities trading in other markets. Transactions in CMO","page_number":103,"box":{"x":69,"y":785,"width":806,"height":12}},{"id":"279d6008-dfb5-4731-ae0a-4b6c69ec41bb","block_type":"box","text":"residuals are generally completed only after careful review of the characteristics of the securities in question. In","page_number":103,"box":{"x":69,"y":801,"width":796,"height":11}},{"id":"adc85250-99f8-48f8-8096-eb35956bd06e","block_type":"box","text":"addition, CMO residuals may or, pursuant to an exemption therefrom, may not have been registered under the","page_number":103,"box":{"x":69,"y":816,"width":784,"height":11}},{"id":"e06b6ad0-8281-457b-a975-e7b073dca110","block_type":"box","text":"Securities Act. Residual interests generally are junior to, and may be significantly more volatile than, “regular” CMO","page_number":103,"box":{"x":69,"y":831,"width":822,"height":11}},{"id":"831fbaba-1d5b-4686-a0b5-7da888980d5c","block_type":"box","text":"and REMIC interests.","page_number":103,"box":{"x":69,"y":846,"width":149,"height":9}},{"id":"5e311714-e33c-4c4b-a7c9-9e32b13863bc","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":103,"box":{"x":102,"y":869,"width":267,"height":11}},{"id":"7054ef2f-feef-4045-883c-3154205287e0","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":103,"box":{"x":375,"y":869,"width":493,"height":11}},{"id":"5f7525e8-a170-44e1-807d-72fce0a221cd","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":103,"box":{"x":70,"y":884,"width":798,"height":11}},{"id":"7dff98fa-1310-4b68-b21c-b8a501819b67","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":103,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"a9c05d56-a47b-4f1b-b3da-92f969670b51","block_type":"box","text":"II-55","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e8d5c845-4506-4a1a-89fb-961de9d31e24","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e03bd20-6d33-4c9d-8c0d-671786c2d773","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":45,"width":832,"height":11}},{"id":"fba37a53-68a6-4bae-afe8-a02c3385912a","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":60,"width":821,"height":11}},{"id":"cd6406d3-b55f-428e-93e8-c7218bd87f7c","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":75,"width":826,"height":11}},{"id":"fc10a569-cef3-4241-96f8-9ab8e774a827","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":90,"width":822,"height":11}},{"id":"98ecf88c-d988-416d-a834-d9e9df8f9f7c","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":105,"width":834,"height":11}},{"id":"0c48b6ea-6532-4cf3-aa65-ff289ecfc8c6","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":120,"width":800,"height":12}},{"id":"a223a6c1-4422-40d1-a32f-5dc6a7364591","block_type":"box","text":"related underlying assets, and a rapid rate of principal payments in excess of that considered in pricing the securities","page_number":104,"box":{"x":69,"y":135,"width":837,"height":12}},{"id":"b22f2cb6-4254-446f-b60d-a85c0d26fa75","block_type":"box","text":"will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets experience","page_number":104,"box":{"x":68,"y":150,"width":832,"height":12}},{"id":"d28b09b6-5fe4-4272-adfb-a5c7cc3ec4df","block_type":"box","text":"greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs. In addition,","page_number":104,"box":{"x":68,"y":166,"width":836,"height":11}},{"id":"9e8d048a-1083-46ce-ace3-a0de4f4a9357","block_type":"box","text":"there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the interest","page_number":104,"box":{"x":68,"y":181,"width":802,"height":11}},{"id":"651e1c25-10d1-406c-a0b2-ab7493bd0057","block_type":"box","text":"por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased because of","page_number":104,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"6c7e358b-69b0-4823-9b3d-e8f1912f78e4","block_type":"box","text":"the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund generally will","page_number":104,"box":{"x":68,"y":211,"width":830,"height":11}},{"id":"3182c77c-b853-4bd8-8fc2-7481089e85b4","block_type":"box","text":"purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs will be","page_number":104,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"b6dc337e-3da6-41f7-9337-9b334ef8b586","block_type":"box","text":"matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate securities;","page_number":104,"box":{"x":69,"y":241,"width":829,"height":11}},{"id":"6a3d5dab-baf9-4405-a784-4eb04a995b29","block_type":"box","text":"as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative effect on a","page_number":104,"box":{"x":69,"y":256,"width":808,"height":12}},{"id":"35b35711-4c3a-4afc-8572-413ea26cfc14","block_type":"box","text":"Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on the inverse","page_number":104,"box":{"x":70,"y":271,"width":815,"height":12}},{"id":"a38bc9e3-5f6b-4f06-a64c-e1cda55bb87c","block_type":"box","text":"floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":104,"box":{"x":68,"y":286,"width":599,"height":12}},{"id":"1844fe6e-b392-4c51-992f-bc54cb3b3d10","block_type":"box","text":"Tiered Index Bonds.","page_number":104,"box":{"x":103,"y":309,"width":138,"height":9}},{"id":"3ffff8c7-df69-4028-96b9-575069b3ea29","block_type":"box","text":"Tiered index bonds are relatively new forms of mor tgage-related securities. The interest rate","page_number":104,"box":{"x":247,"y":309,"width":657,"height":11}},{"id":"abd075e4-5e0a-4375-b49a-6ac988db4c39","block_type":"box","text":"on a tiered index bond is tied to a specified index or market rate. So long as this index or market rate is below a","page_number":104,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"2280922f-f2cb-4c26-a246-a90dc7f22a04","block_type":"box","text":"predetermined “strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index","page_number":104,"box":{"x":70,"y":339,"width":830,"height":11}},{"id":"bb940889-6a60-43b6-a406-205cefa994dd","block_type":"box","text":"or market rate rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under","page_number":104,"box":{"x":69,"y":355,"width":800,"height":10}},{"id":"cc227138-b121-4161-b410-008150f5b5c8","block_type":"box","text":"these circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite","page_number":104,"box":{"x":68,"y":370,"width":788,"height":11}},{"id":"7c3c042e-39d7-4ff1-9f3d-85467e9fc379","block_type":"box","text":"direction of prevailing interest rates, with the result that the price of the tiered index bond may be considerably more","page_number":104,"box":{"x":69,"y":385,"width":830,"height":11}},{"id":"50bdc8e2-3d39-43db-99a8-ee723b6a2f9f","block_type":"box","text":"volatile than that of a fixed-rate bond.","page_number":104,"box":{"x":68,"y":400,"width":266,"height":9}},{"id":"42f5e0a3-1d37-4949-a2a4-2165ef93024a","block_type":"box","text":"TBA Commitments.","page_number":104,"box":{"x":103,"y":423,"width":133,"height":9}},{"id":"59c6b4ab-9448-433e-9ba0-f49477e00d2b","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":104,"box":{"x":243,"y":423,"width":653,"height":11}},{"id":"bbce6f51-add9-4bc5-9914-6bc7aafcd1ab","block_type":"box","text":"are forward agreements for the purchase or sale of securities, including mor tgage-backed securities for a fixed price,","page_number":104,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"845d6f68-f69d-48cd-bb88-9bef8b68edab","block_type":"box","text":"with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not","page_number":104,"box":{"x":68,"y":453,"width":825,"height":11}},{"id":"91c82c09-2018-4f21-b4b7-c99b02d77ad6","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":104,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"d2cdab7d-3718-4968-9109-25fbeffa72b7","block_type":"box","text":"mor tgage terms. When the Fund enters into a TBA commitment for the sale of mor tgage-backed securities for a fixed","page_number":104,"box":{"x":69,"y":483,"width":833,"height":11}},{"id":"fbb36c40-e38a-4b9d-ae62-d0a9c0e01dc7","block_type":"box","text":"price, with payment and delivery on an agreed upon future settlement date (which may be referred to as having a","page_number":104,"box":{"x":70,"y":498,"width":804,"height":11}},{"id":"bc127a5d-7d13-43ac-abe5-fd2a33748bac","block_type":"box","text":"shor t position in such TBA securities), the Fund may or may not hold the types of mor tgage-backed securities","page_number":104,"box":{"x":69,"y":513,"width":779,"height":12}},{"id":"897727fc-13ab-43c0-a4fb-075020989866","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":104,"box":{"x":69,"y":529,"width":810,"height":11}},{"id":"3b9d5a58-167d-4dec-a92d-435c66b98585","block_type":"box","text":"below.","page_number":104,"box":{"x":69,"y":544,"width":43,"height":9}},{"id":"9e94675c-3214-4f0f-89c7-7babfe2a2955","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":104,"box":{"x":102,"y":566,"width":157,"height":11}},{"id":"0e2b06e9-89fb-487d-b795-21c7c8acb871","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":104,"box":{"x":266,"y":566,"width":634,"height":11}},{"id":"9e0918ee-2b63-4108-bd43-8f08bd875e49","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":104,"box":{"x":70,"y":581,"width":825,"height":12}},{"id":"8f8ae68d-7d63-437f-9ed1-e4ae870ab8d1","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":104,"box":{"x":69,"y":596,"width":805,"height":12}},{"id":"c5b5a2dd-3089-425e-88e0-2c0f480e0425","block_type":"box","text":"interest rate and a similar maturity as those sold, but pools of mor tgages collateralizing those securities may have","page_number":104,"box":{"x":70,"y":612,"width":817,"height":11}},{"id":"97972ec8-5e41-4ffc-b317-a2a9be43a7f1","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":104,"box":{"x":69,"y":627,"width":820,"height":11}},{"id":"318eb55d-92af-4fd7-b6ac-7766c8f1efa9","block_type":"box","text":"be entitled to receive interest and principal payments on the securities sold. Proceeds of the sale will be invested in","page_number":104,"box":{"x":69,"y":642,"width":827,"height":11}},{"id":"3febc41c-e02e-4e72-9305-d94adba00102","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":104,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"4971ccce-62df-45f7-9b6a-473347df2730","block_type":"box","text":"such income does not exceed the income, capital appreciation and gain or loss that would have been realized on the","page_number":104,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"0ce631d5-3f9c-4e84-9323-2663bbe60f44","block_type":"box","text":"securities sold as par t of the dollar roll, the use of this technique will diminish the investment per formance of a Fund","page_number":104,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"e2a7046a-bd2d-4937-88c1-07e3ce1ed5fb","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":104,"box":{"x":69,"y":702,"width":607,"height":11}},{"id":"54545f43-23a6-4d64-b006-12741384b707","block_type":"box","text":"Each mor tgage dollar roll transaction is accounted for as a sale or purchase of a por tfolio security and a","page_number":104,"box":{"x":102,"y":725,"width":744,"height":11}},{"id":"2af2eb40-5383-4cdc-914b-9c1f8f71e03f","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":104,"box":{"x":69,"y":740,"width":796,"height":11}},{"id":"9d1ac3be-090a-441d-b67b-50e648ff249b","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":104,"box":{"x":69,"y":755,"width":433,"height":11}},{"id":"f2a243e3-c9d3-4b3a-a1e8-a90646eb1771","block_type":"box","text":"In the event the buyer of the securities under a mor tgage dollar roll files for bankruptcy or becomes insolvent, a","page_number":104,"box":{"x":102,"y":778,"width":795,"height":11}},{"id":"758df189-2947-43c5-a930-a7a7d5671771","block_type":"box","text":"Fund’s use of the proceeds of the current sale por tion of the transaction may be restricted pending a determination","page_number":104,"box":{"x":70,"y":793,"width":824,"height":11}},{"id":"0a070a45-92b9-4911-86f4-83b6633791e6","block_type":"box","text":"by the other par ty, or its trustee or receiver, whether to enforce the Fund’s obligation to purchase the similar","page_number":104,"box":{"x":69,"y":808,"width":774,"height":11}},{"id":"774c32cb-3bba-439c-8215-51ff52425bda","block_type":"box","text":"securities in the forward transaction.","page_number":104,"box":{"x":69,"y":823,"width":261,"height":9}},{"id":"fd67c31e-6a9d-4a53-aa90-dc6304590d70","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance return. Successful use of mor tgage dollar rolls may","page_number":104,"box":{"x":101,"y":846,"width":777,"height":11}},{"id":"8fb5caad-8f77-4c05-bff0-759b47f3b4b8","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":104,"box":{"x":69,"y":861,"width":812,"height":11}},{"id":"98e3aa0c-c4f2-429a-9f96-123aed387a84","block_type":"box","text":"that the market value of the securities subject to a Fund’s forward purchase commitment may decline below, or the","page_number":104,"box":{"x":68,"y":876,"width":824,"height":11}},{"id":"a659cba9-d904-455c-8f39-9636707e2f19","block_type":"box","text":"market value of the securities subject to a Fund’s forward sale commitment may increase above, the exercise price","page_number":104,"box":{"x":69,"y":891,"width":824,"height":11}},{"id":"8e648209-fd37-4b7c-a82f-e8eeccb50f75","block_type":"box","text":"II-56","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a22701d9-d974-4073-b193-35a73971c967","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"739d863d-1ce3-4521-9850-3b875e2dfc7d","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":45,"width":828,"height":11}},{"id":"839266cc-9088-44f0-af32-e23565dff6be","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":105,"box":{"x":69,"y":60,"width":430,"height":11}},{"id":"bcb2d7b8-e8bd-40d6-a31d-6e2a54486b55","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":82,"width":759,"height":12}},{"id":"bbf10d71-68a1-482b-b125-3f263c03dd7b","block_type":"box","text":"securities (","page_number":105,"box":{"x":69,"y":98,"width":78,"height":11}},{"id":"a204063b-67ba-4c7f-898d-75c2056943ec","block_type":"box","text":"e.g.","page_number":105,"box":{"x":148,"y":99,"width":25,"height":10}},{"id":"3de1a115-c138-48a0-b8ff-e80f543808ab","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":105,"box":{"x":176,"y":98,"width":681,"height":11}},{"id":"5a9184ac-c261-4335-abf5-06334c66e7d9","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":113,"width":813,"height":11}},{"id":"2a7b43be-7e82-4942-a25e-8ba74218ffd0","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":128,"width":783,"height":11}},{"id":"2966742a-0a67-4234-ae3d-39bf5f2b0b7c","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":143,"width":832,"height":11}},{"id":"fe9c8149-e97b-4844-ab10-c13b357f7c5b","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":158,"width":830,"height":11}},{"id":"d89ef11f-04cd-46e7-a019-8b3209fc56a6","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":173,"width":788,"height":11}},{"id":"90be9b9b-cdaf-46da-aa16-75ab69c5b43d","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":105,"box":{"x":70,"y":188,"width":489,"height":11}},{"id":"615c6208-da55-4f22-bd07-e65fd1a142df","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":105,"box":{"x":102,"y":211,"width":260,"height":11}},{"id":"19bdba17-9481-42e1-8212-adbba58677a9","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":105,"box":{"x":368,"y":211,"width":473,"height":11}},{"id":"e8b33cc6-e522-4f1d-a06e-8f511e3d5bd7","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":226,"width":768,"height":11}},{"id":"41fa3b00-04cf-4dc4-b1c3-81bd5bd33873","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":241,"width":836,"height":11}},{"id":"c7aa35ba-b54a-436c-a193-fd2ca7a9a6f7","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":256,"width":760,"height":12}},{"id":"50fb5ce5-8c82-4d6b-b739-55a2d89400d3","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":272,"width":832,"height":11}},{"id":"b4e38cb1-80eb-4e8d-9897-93af93199b20","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":286,"width":810,"height":12}},{"id":"1e5e137c-ccee-4b3f-8c56-77b3fbf848bc","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":302,"width":764,"height":11}},{"id":"d2fc40f0-2abc-4e28-96e5-f886ee04dbad","block_type":"box","text":"Municipal Investments.","page_number":105,"box":{"x":102,"y":324,"width":169,"height":11}},{"id":"d5de3fa2-15bd-4cbf-ae44-c5e3eb39c869","block_type":"box","text":"Cer tain Funds may invest in obligations issued by or on behalf of states, territories and possessions of the","page_number":105,"box":{"x":102,"y":347,"width":763,"height":11}},{"id":"7dd4838f-b8a6-4ba4-8fea-893f0eeaeb21","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":105,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"e52241a1-bb71-4042-a239-2c12e8281a35","block_type":"box","text":"payments from which, in the opinion of bond counsel to the issuer, are excludable from gross income for U.S. federal","page_number":105,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"12a0daf1-7f46-4d91-83ee-ce9d878e6187","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":105,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"cd4c1fd2-18d5-4296-8b8c-e39e7220e2c7","block_type":"box","text":"pay interest excludable from gross income for purposes of state and local income taxes of the designated state and/","page_number":105,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"550148f5-cb7e-4c0f-a598-1157ca17a9a5","block_type":"box","text":"or allow the value of a Fund’s shares to be exempt from state and local taxes of the designated state (“State","page_number":105,"box":{"x":69,"y":423,"width":779,"height":11}},{"id":"f348f308-8e0f-4dd3-a29b-85f43a8bd4f1","block_type":"box","text":"Municipal Bonds”). The Municipal Funds may also invest in securities not issued by or on behalf of a state or territory","page_number":105,"box":{"x":70,"y":438,"width":838,"height":11}},{"id":"c6836b56-ae60-4dd8-a46a-8674f8e5f4d6","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":105,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"d38c1c70-d09f-4924-876d-916703de077a","block_type":"box","text":"gross income for purposes of U.S. federal income tax and state and local income taxes of the designated state and/","page_number":105,"box":{"x":68,"y":468,"width":834,"height":11}},{"id":"d55e8efc-ccce-45df-97ce-9e6886515af3","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":105,"box":{"x":69,"y":483,"width":801,"height":11}},{"id":"e6f00b46-7d60-4353-8470-1140434dc7de","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":105,"box":{"x":70,"y":498,"width":807,"height":11}},{"id":"3e5cc093-9e16-4309-bf00-0a7f53d3c655","block_type":"box","text":"more long term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":105,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"8aec200e-a15a-467e-8134-3549b5a854b9","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":105,"box":{"x":70,"y":529,"width":809,"height":11}},{"id":"6ad8b609-26e0-46dc-81b9-ff3458996f3e","block_type":"box","text":"law. Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for U.S. federal income tax","page_number":105,"box":{"x":70,"y":543,"width":826,"height":12}},{"id":"6961fa01-ae02-48e5-8cfd-d25138606e9d","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":105,"box":{"x":70,"y":559,"width":834,"height":11}},{"id":"ff31d34a-f340-4195-86a1-0272bb0b6f74","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":105,"box":{"x":70,"y":574,"width":800,"height":11}},{"id":"6a9fc5e3-b5e1-49d6-9b10-271074ea821e","block_type":"box","text":"income tax and state and local income taxes of a designated state and/or allow the value of a Fund’s shares to be","page_number":105,"box":{"x":70,"y":589,"width":819,"height":11}},{"id":"5ae69303-4c2f-418c-bb30-0744b3f13982","block_type":"box","text":"exempt from state and local personal proper ty taxes of that state will be considered “State Municipal Bonds” for","page_number":105,"box":{"x":69,"y":604,"width":805,"height":11}},{"id":"22fff62c-f238-452b-9b0f-5a87c448ca1b","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":105,"box":{"x":70,"y":619,"width":805,"height":11}},{"id":"0589338f-1412-404e-8d97-a069b817dda0","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":105,"box":{"x":70,"y":634,"width":721,"height":11}},{"id":"859aaf1e-149a-48f3-b235-b8cc7e1425a6","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":105,"box":{"x":102,"y":657,"width":495,"height":11}},{"id":"2e87b570-6bc4-4090-80b4-9ead5c859963","block_type":"box","text":"The risks and special considerations","page_number":105,"box":{"x":603,"y":657,"width":260,"height":11}},{"id":"baa0cc47-7ad5-4d80-9d35-8a91bb34c032","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":105,"box":{"x":70,"y":672,"width":806,"height":11}},{"id":"6e18f4f4-2d37-4955-88f6-2d22ea954119","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain instruments","page_number":105,"box":{"x":70,"y":687,"width":828,"height":11}},{"id":"60925b52-5d56-4838-8db4-b4d9d5e1923d","block_type":"box","text":"in which a Fund may invest may be characterized as derivatives.","page_number":105,"box":{"x":70,"y":703,"width":453,"height":10}},{"id":"71434ff6-d6c5-4966-a059-3c7aaf9ac00a","block_type":"box","text":"The value of Municipal Bonds generally may be affected by uncer tainties in the municipal markets as a result of","page_number":105,"box":{"x":101,"y":725,"width":799,"height":11}},{"id":"1fff8f23-5441-4a7e-93ab-b0b3b6ded2b8","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":105,"box":{"x":70,"y":740,"width":829,"height":11}},{"id":"ffa5677e-462d-4a41-864d-a5a8136c6fb9","block_type":"box","text":"Municipal Bond holders in the event of a bankruptcy. Municipal bankruptcies are rare and cer tain provisions of the","page_number":105,"box":{"x":70,"y":755,"width":814,"height":11}},{"id":"d7b8278d-85e4-4b23-a035-02dc3c7d09ca","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":105,"box":{"x":70,"y":770,"width":802,"height":12}},{"id":"e0926205-0232-4a02-accc-1c0606dc3724","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":105,"box":{"x":70,"y":786,"width":834,"height":11}},{"id":"a39ee3c1-688c-4fa6-8f9b-fcd41e2cdc6d","block_type":"box","text":"uncer tainties could have a significant impact on the prices of the Municipal Bonds in which a Fund invests.","page_number":105,"box":{"x":69,"y":801,"width":761,"height":11}},{"id":"14f31891-af05-410c-ab6b-e990590e1e4a","block_type":"box","text":"II-57","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"491385e5-8d3d-43b2-84b7-c9c2d1eb3869","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"92dfa61d-a2bf-405c-be91-e49920e44de7","block_type":"box","text":"Description of Municipal Bonds.","page_number":106,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"f9d41f39-8190-4b16-887c-a59a0b12174c","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":106,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"98967bb0-d8eb-4e74-a7fb-27bc04f3ce1c","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":106,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"67fb3deb-a1a5-481e-bfc6-daf607a955fc","block_type":"box","text":"operating expenses and loans to other public institutions and facilities. In addition, cer tain types of bonds are issued","page_number":106,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"72c4ccb0-d7be-4dc8-9ffc-8e13c5999d0e","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":106,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"50555e5c-152d-426f-9297-be649752fdd8","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":106,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"e2e14732-60f8-47d4-a96b-179b5e85b6be","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":106,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"2d463ae6-f3fd-4c44-869f-b19764cc859d","block_type":"box","text":"excluded from gross income for U.S. federal income tax purposes and any applicable state and local taxes. Other","page_number":106,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"47a10106-de22-4898-9f29-2b2f5e360b0c","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":106,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"21900b95-721d-40de-b430-2ba63a08ab71","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":106,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"73908426-9a87-4809-a593-53d407d422be","block_type":"box","text":"federal tax laws place substantial limitations on the size of such issues. The interest on Municipal Bonds may bear a","page_number":106,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"f2fa801e-ad41-48fb-b10c-ce8ac61e55fa","block_type":"box","text":"fixed rate or be payable at a variable or floating rate. The two principal classifications of Municipal Bonds are “general","page_number":106,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"85093bb2-2a75-46ce-bc88-492e6cf6a6bb","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":106,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"3ce06ed1-d0b1-4446-b2d0-68da23590a23","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":106,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"bcdce338-0f54-4a28-bf5b-554a02f253e6","block_type":"box","text":"General Obligation Bonds.","page_number":106,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"d5569235-2e09-406f-90c3-6766644ff152","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":106,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"1fc4d482-e6c1-4b50-8f5e-438a302c9e8e","block_type":"box","text":"taxing power for the payment of principal and interest. The taxing power of any governmental entity may be limited,","page_number":106,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"6c08a31c-101f-46e7-8af5-6ceeae4647ae","block_type":"box","text":"however, by provisions of its state constitution or laws, and an entity’s creditwor thiness will depend on many factors,","page_number":106,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"0191fcc1-1553-4720-8631-f74accc21f7b","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":106,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"b9877e6f-c406-408f-a417-1526fd3d3ce7","block_type":"box","text":"industrial base or inability to attract new industries, economic limits on the ability to tax without eroding the tax base,","page_number":106,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"93bbada5-5415-4a92-8995-f104133e0e34","block_type":"box","text":"state legislative proposals or voter initiatives to limit ad valorem real proper ty taxes and the extent to which the entity","page_number":106,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"d0735bb4-0b26-4d5a-b27b-38432b580f85","block_type":"box","text":"relies on federal or state aid, access to capital markets or other factors beyond the state’s or entity’s control.","page_number":106,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"f7b25183-e5c1-4cb8-8a13-4fde4469c761","block_type":"box","text":"Accordingly, the capacity of the issuer of a general obligation bond as to the timely payment of interest and the","page_number":106,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"1b7cb7cf-5710-4bf5-a867-343a71601b4d","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":106,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"08cc3c19-8cb6-40f5-b468-313b8c7a3fd2","block_type":"box","text":"Revenue Bonds.","page_number":106,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"723d07f2-29cc-4d4f-a766-fffd41dad65b","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":106,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"716f2f99-be0a-4757-a138-2607be45701f","block_type":"box","text":"facilities or, in some cases, from the proceeds of a special excise tax or other specific revenue source such as","page_number":106,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"b232c518-b671-41b6-bf61-5c74636ec3a3","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":106,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"bacc315f-ca1c-4a13-b72c-b195a75bbb09","block_type":"box","text":"of principal in accordance with the terms of the revenue or special obligation bond is a function of the economic","page_number":106,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"163f1711-b8ca-4afd-be68-1d1d796d9431","block_type":"box","text":"viability of such facility or such revenue source.","page_number":106,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"72f074ff-847e-4228-bb7b-fe9bb899f992","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":106,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"0eca6677-c35c-4d49-b2d6-8ad613adc6e7","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":106,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"1a066b1c-78ed-4942-a028-2909da6b6090","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":106,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"e494cd6f-489e-45eb-bf78-3fa1006af5ae","block_type":"box","text":"recourse against the proper ty owner, may be junior to the rights of others with an interest in the proper ties, may pay","page_number":106,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"4ff28dd9-1278-420a-af72-0c868982933d","block_type":"box","text":"interest that changes based in par t on the financial per formance of the proper ty, may be prepayable without penalty","page_number":106,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"7ac5034b-b44c-4cb8-934c-4ed86aa24295","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":106,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"ca6b22e5-bce5-41a9-ac77-01023e14d1e1","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":106,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"12ac1d0c-3f92-48c2-b4cd-5c3f4eb25f44","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":106,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"7b82102d-fc00-4d6e-90a6-56b70924a896","block_type":"box","text":"PABs.","page_number":106,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"4c0b3f08-cde5-45f6-b094-5d8be4c1e599","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":106,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"cb0154e4-08fa-4966-9dd5-1469af63cf42","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":106,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"0646dd68-c67e-4636-ac94-1231938093c4","block_type":"box","text":"construction or improvement of a facility to be used by the entity. Such bonds are secured primarily by revenues","page_number":106,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"82db6233-cc76-4499-8736-f89133abb1a5","block_type":"box","text":"derived from loan repayments or lease payments due from the entity, which may or may not be guaranteed by a","page_number":106,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"770c579c-2ea5-493a-a8f8-d9f1e98cd2e6","block_type":"box","text":"parent company or otherwise secured. PABs generally are not secured by a pledge of the taxing power of the issuer of","page_number":106,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"7f325942-778b-452c-9f76-9052ec226602","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":106,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"444b02e1-8393-4c6e-a449-55724fdbea76","block_type":"box","text":"revenues of a private entity and be aware of the risks that such an investment may entail. The continued ability of an","page_number":106,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"5b60beb2-004f-4b6a-b9a8-ad1573f228ab","block_type":"box","text":"entity to generate sufficient revenues for the payment of principal and interest on such bonds will be affected by","page_number":106,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"304241b5-fa5e-45b1-81e5-7d0ce658a916","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":106,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"be042e5b-dabe-4aa0-a01a-6ddcfe6cc2b5","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":106,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"01ea5096-9d3c-4964-939d-8b67b7f3fd42","block_type":"box","text":"the par ticular facility being financed.","page_number":106,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"339c5aa3-51fb-4c75-9564-07dc25236ec6","block_type":"box","text":"Moral Obligation Bonds.","page_number":106,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"8c44df88-8d55-42ba-80fc-a479d7def804","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":106,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"d65348c0-1533-4262-9920-8411c95b2c48","block_type":"box","text":"issuer of moral obligation bonds is unable to meet its obligations, the repayment of such bonds becomes a moral","page_number":106,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"a7e0773e-63c4-4d90-ae7c-f8462bc53d87","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":106,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"4d79cd0c-023b-4ce2-b072-e27b4597db80","block_type":"box","text":"that issued the bonds.","page_number":106,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"225f92a6-67c2-4b63-8c5b-f27218f319fd","block_type":"box","text":"Municipal Notes.","page_number":106,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"c1401c6f-8dd5-4f24-89a0-94b3ea3036b9","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":106,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"31567aaf-83c3-4bd8-ac71-f71f1882c001","block_type":"box","text":"in anticipation of tax collection, bond sales or revenue receipts. If there is a shor tfall in the anticipated proceeds,","page_number":106,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"9139a83b-fa7c-4ce8-955e-cb4792429f5a","block_type":"box","text":"repayment on the note may be delayed or the note may not be fully repaid, and a Fund may lose money.","page_number":106,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"abddb912-5d41-4182-ad19-21eccc663714","block_type":"box","text":"II-58","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8a05cd3c-8db6-456d-84e5-b4680ff0fd86","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2e8d4be-ef39-4ea2-8137-d5d228997470","block_type":"box","text":"Municipal Commercial Paper.","page_number":107,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"9497fa44-e9d9-4254-9f6c-77c2a4042e6b","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":107,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"e3b1b25d-8d54-4b3b-a010-d072ffd33289","block_type":"box","text":"financing needs. The lack of security presents some risk of loss to a Fund since, in the event of an issuer’s","page_number":107,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"87fda79c-9cba-4e3b-b35c-33184e4a8ddc","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":107,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"352700ed-3a01-4cd9-8a1c-716aca8cf4ae","block_type":"box","text":"Municipal Lease Obligations.","page_number":107,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"447692df-0683-43ee-9af7-6c14b0f3cd63","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":107,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"fda7bd6e-9776-47f2-9b07-fe650d3b19e0","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":107,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"5aa3e133-2649-4136-9570-d9145f218ae4","block_type":"box","text":"equipment, land and/or facilities. The COPs represent par ticipations in a lease, an installment purchase contract or a","page_number":107,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"4db82a0d-9db9-43ef-b425-9481e5409215","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":107,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"b81fffed-ba4f-4c59-a372-5bde0a9b7cb3","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":107,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"99fdc528-d30a-4511-b15c-55839897c078","block_type":"box","text":"lease obligations do not constitute general obligations of the issuer for which the issuer’s unlimited taxing power is","page_number":107,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"0fa5cc47-b40d-4bb5-ae4a-0b9a8f79a5d6","block_type":"box","text":"pledged, a lease obligation is frequently backed by the issuer’s covenant to budget for, appropriate and make the","page_number":107,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"e24c1733-7f61-4f70-8e23-2c1492d09a8b","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":107,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"37a3af9e-b8c9-4f60-8028-932397e1ea73","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":107,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"2a6d48d9-6563-409b-be1a-edd59a5cec00","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":107,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"abff0b4c-0c4c-49fb-ae03-b67b2010f753","block_type":"box","text":"secured by the leased proper ty, disposition of the proper ty in the event of foreclosure might prove difficult. These","page_number":107,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"fa0fd1e9-5ff9-49cc-afcd-f3829a716064","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":107,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"95f5ba93-171c-491d-bcce-f0bbefc71c88","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":107,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"dbafc3f5-5bb6-4fed-835d-435cb04d5a7a","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":107,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"a242487c-21da-49ce-b314-160a4dbfef3e","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":107,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"4cdc522d-1e05-4905-93ad-16ff0256613f","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund, and could result in","page_number":107,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"a9b0eba0-249a-41c6-a646-a349b66d812c","block_type":"box","text":"a reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":107,"box":{"x":69,"y":347,"width":812,"height":11}},{"id":"942c94cb-ea0f-459e-926b-bec214a9ebae","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":107,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"e2c0459b-fc30-4c8b-a60e-5f2852b971a3","block_type":"box","text":"such an issuer, a Fund could experience delays and limitations with respect to the collection of principal and interest","page_number":107,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"75ee28d6-ed14-4c5e-a109-49c257a2ce4f","block_type":"box","text":"on such municipal leases and a Fund may not, in all circumstances, be able to collect all principal and interest to","page_number":107,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"8acc8707-593a-4a2d-84b2-99ad81b4f077","block_type":"box","text":"which it is entitled. To enforce its rights in the event of a default in lease payments, a Fund might take possession of","page_number":107,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"a8e8da79-4b25-4e16-86d9-700c367fbe57","block_type":"box","text":"and manage the assets securing the issuer’s obligations on such securities, which may increase a Fund’s operating","page_number":107,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"746e7f24-89ea-4fec-9bce-00f5d627a151","block_type":"box","text":"expenses and adversely affect the NAV of a Fund. When the lease contains a non-appropriation clause, however, the","page_number":107,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"b31c5df7-cdb8-41bb-84b9-79ced0bbcf9a","block_type":"box","text":"failure to pay would not be a default and a Fund would not have the right to take possession of the assets. Any","page_number":107,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"02be7fea-12aa-45cb-acd3-018d0d7f21ff","block_type":"box","text":"income derived from a Fund’s ownership or operation of such assets may not be tax-exempt. In addition, a Fund’s","page_number":107,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"71286f83-0afa-4bed-860f-20e14013da82","block_type":"box","text":"intention to qualify as a “regulated investment company” under the Code, may limit the extent to which a Fund may","page_number":107,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"f890a06a-1f4a-4106-a2c6-1143a071887b","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":107,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"ee4ed3e0-0459-4be2-89bc-b311e1214c0c","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":107,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"4e2a8759-7bf4-4c4d-a8c2-7f78fc44de98","block_type":"box","text":"Tender Option Bonds.","page_number":107,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"794cabfa-8eef-4f4f-ab0f-53424c551c5d","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":107,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"bea1bb12-7dcf-4b02-9242-b85567c468ec","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":107,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"5658ce6c-3a7b-4e2d-ab4d-b5ac80685d3f","block_type":"box","text":"invest pay interest or income that, in the opinion of counsel to the issuer, is exempt from regular U.S. federal income","page_number":107,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"3854924e-8dd2-4cfe-9550-9a3a45101d2e","block_type":"box","text":"tax. BlackRock will not conduct its own analysis of the tax status of the interest or income paid by TOB Residuals","page_number":107,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"1a8aeddd-19e8-4ed2-8803-7d53db67a8e0","block_type":"box","text":"held by the Funds, but will rely on the opinion of counsel to the issuer. Although volatile, TOB Residuals typically offer","page_number":107,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"514b662e-4f9f-4758-a662-dc1186904a2d","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":107,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"f97c0b88-49c6-4cd8-9741-5dc7db345336","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":107,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"94635cce-5261-4e4b-8ae8-7c4b0025183b","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":107,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"c1f6a55a-4c2b-4f55-b48e-c1ead6e438e7","block_type":"box","text":"Municipal Bonds contributed by one or more funds (a “TOB Trust”). A TOB Trust typically issues two classes of","page_number":107,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"9e040bb4-d8fc-47f2-9eb2-6677d755ee99","block_type":"box","text":"beneficial interests: shor t-term floating rate interests (“TOB Floaters”), which are sold to third par ty investors, and","page_number":107,"box":{"x":69,"y":680,"width":814,"height":11}},{"id":"cc52a321-9b59-4b98-9e1e-291d2932031d","block_type":"box","text":"TOB Residuals, which are generally issued to the fund(s) that transferred Municipal Bonds to the TOB Trust. The","page_number":107,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"d0ec90c4-730c-4863-b534-23737389b27c","block_type":"box","text":"Funds may invest in both TOB Floaters and TOB Residuals. TOB Floaters may have first priority on the cash flow from","page_number":107,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"960ae02b-f554-46c5-ab67-3a0e2e355c75","block_type":"box","text":"the Municipal Bonds held by the TOB Trust and are enhanced with a liquidity suppor t arrangement from a third par ty","page_number":107,"box":{"x":68,"y":725,"width":829,"height":11}},{"id":"54d0a8fb-2738-49d7-a66e-a75e6a26084a","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":107,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"3a14545d-9a2d-4fe8-96f7-2996d97c6633","block_type":"box","text":"as a holder of TOB Residuals, is paid the residual cash flow from the TOB Trust. A Fund that contributes the","page_number":107,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"0bb29b9c-bfda-4bdd-be53-54c072aac259","block_type":"box","text":"Municipal Bonds to the TOB Trust is paid the cash received by the TOB Trust from the sale of the TOB Floaters, less","page_number":107,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"b2d1bcac-81a2-494f-bef5-b2bc3280e4b6","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":107,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"5db0f931-8b56-44ce-8414-436a3876ad28","block_type":"box","text":"investments permitted by its investment policies. If a Fund ever purchases all or a por tion of the TOB Floaters sold by","page_number":107,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"06c465a9-c59b-4ba4-827b-bfccb1309e3d","block_type":"box","text":"the TOB Trust, it may surrender those TOB Floaters together with a propor tionate amount of TOB Residuals to the","page_number":107,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"66c0014f-17fc-47e7-b505-7eff70910426","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":107,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"2ed2d293-2e5b-457f-8958-3709d6204df7","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":107,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"72991e79-69e5-4744-8ce8-f4120dd9a81c","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":107,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"f667ff58-31fb-47c6-9168-fc2e46b29a2f","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":107,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"fa518fd1-22e9-4bbe-be03-3efde5f4a976","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":107,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"bf7bc28e-7786-40a5-89f5-09eba044501c","block_type":"box","text":"II-59","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"637b14e6-affe-4d91-b0df-289b3748185e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94412867-9a26-419e-8f7f-84c3ff9306a5","block_type":"box","text":"The Municipal Bonds transferred to a TOB Trust typically are high grade Municipal Bonds. In cer tain cases, when","page_number":108,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"bf4166a7-bbba-4dfb-a3c8-ccea4c36677a","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":108,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"e20ef6af-72f4-41ae-b291-536429b6cace","block_type":"box","text":"enhancement feature that provides for the timely payment of principal and interest on the bonds to the TOB Trust by","page_number":108,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"e20a85d6-15b3-4a68-82ec-c5c3020f465e","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":108,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"dd2b5e2e-eef4-46b1-963f-eed574ec01e4","block_type":"box","text":"and a Fund, as a TOB Residual holder, would be responsible for reimbursement of any payments of principal and","page_number":108,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"8039be91-d26a-47f6-b978-8b21a597aced","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":108,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"40284455-f8dc-4190-8f89-31d252f5103e","block_type":"box","text":"The TOB Residuals held by a Fund generally provide the Fund with the right to cause the holders of a propor tional","page_number":108,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"42df85f8-65eb-41a3-bd62-108404efd074","block_type":"box","text":"share of the TOB Floaters to tender their notes to the TOB Trust at par plus accrued interest. Thereafter, the Fund","page_number":108,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"0d6a75a7-46ea-48f7-a20d-f90190b3d49d","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":108,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"136b9755-bd55-4fbb-bd4d-79a2beeb6ce0","block_type":"box","text":"exposure for the Fund to the entire return of the Municipal Bonds in the TOB Trust, with a net cash investment by the","page_number":108,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"0565f3eb-3554-4ca8-8b7c-7784149b6ad2","block_type":"box","text":"Fund that is less than the value of the Municipal Bonds in the TOB Trust. This multiplies the positive or negative","page_number":108,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"37a7e4bb-ae35-4126-837c-fd797f261c9c","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":108,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"7903e127-3606-43a6-a224-b6a9502bd027","block_type":"box","text":"depends on the value of the Municipal Bonds deposited in the TOB Trust relative to the value of the TOB Floaters it","page_number":108,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"616e596d-9291-49bc-8010-e408f23cadfe","block_type":"box","text":"issues.","page_number":108,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"2708942c-3f3b-4c74-bd42-9bbbbdfac883","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":108,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"ff360288-d663-423e-bc07-ea8bbb1966d4","block_type":"box","text":"the principal amount of the TOB Floaters issued by the related TOB Trust exceeds 75% of the principal amount of the","page_number":108,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"8ba9197a-81c5-47b6-9012-9834efa8a880","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":108,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"796eb742-f567-4361-9168-f8c9aaffba94","block_type":"box","text":"The TOB Trust may be collapsed without the consent of a Fund upon the occurrence of tender option termination","page_number":108,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"1abc003e-233d-41b9-8eda-f57c04982b60","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":108,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"22ba55f5-2fe3-477a-9a20-786b0cda0744","block_type":"box","text":"include the bankruptcy or default of the issuer of the Municipal Bonds held in the TOB Trust, a substantial downgrade","page_number":108,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"c6d27b36-c9d4-4c7d-bdaf-a0c0df7d9a3a","block_type":"box","text":"in the credit quality of the issuer of the Municipal Bonds held in the TOB Trust, failure of any scheduled payment of","page_number":108,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"371873d9-9fcd-43e2-99dc-9799fd2b5177","block_type":"box","text":"principal or interest on the Municipal Bonds, and a judgment or ruling that interest on the Municipal Bonds is subject","page_number":108,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"24dba095-2dce-4c78-9106-078b92dad812","block_type":"box","text":"to U.S. federal income taxation. MTEs may include, among other things, a failed remarketing of the TOB Floaters, the","page_number":108,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"fccd7156-7ac9-4243-86d0-126357b14c59","block_type":"box","text":"inability of the TOB Trust to obtain renewal of the liquidity suppor t agreement, and a substantial decline in the market","page_number":108,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"9b33ac65-fefa-4961-86c2-5ff605c63d4f","block_type":"box","text":"value of the Municipal Bonds held in the TOB Trust. Upon the occurrence of a TOTE or an MTE, a TOB Trust would be","page_number":108,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"abe8f37a-e66e-481d-b495-7cc3ddaa3d84","block_type":"box","text":"liquidated with the proceeds applied first to any accrued fees owed to the trustee of the TOB Trust, the remarketing","page_number":108,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"cd86eac9-56c6-4312-b01e-22e83dd6696f","block_type":"box","text":"agent of the TOB Floaters and the Liquidity Provider (defined below). In the case of an MTE, after the payment of fees,","page_number":108,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"eb354c66-6ba1-4e82-8e64-5931b19b7294","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":108,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"70acfba2-c46a-438c-85c2-36701d3c9cdd","block_type":"box","text":"i.e.","page_number":108,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"333a9454-f0eb-4400-9cce-f47b81209423","block_type":"box","text":", the Fund). In contrast, in the","page_number":108,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"19dfe9c3-bb28-42b0-bae0-a85aacdb2c35","block_type":"box","text":"case of a TOTE, after payment of fees, the holders of TOB Floaters and the TOB Residual holders would be paid pro","page_number":108,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"a08d19d0-7f38-4750-ab36-70335a8f6c6d","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":108,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"103fa100-92c2-4ef3-9991-ee66ab9392e4","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse and recourse basis. TOB Trusts are typically","page_number":108,"box":{"x":101,"y":529,"width":733,"height":11}},{"id":"231fbd27-a154-4366-87e7-8c9747aa3a0a","block_type":"box","text":"suppor ted by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”)","page_number":108,"box":{"x":69,"y":543,"width":810,"height":12}},{"id":"1c731fcc-026b-42b8-8b41-7f3ae2bb40c8","block_type":"box","text":"that allows the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued","page_number":108,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"267cb9ca-f989-480c-ad8f-4b88265074b9","block_type":"box","text":"interest on any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure","page_number":108,"box":{"x":70,"y":574,"width":829,"height":11}},{"id":"6efe721c-5b11-4662-ab93-3cb66f8381d3","block_type":"box","text":"of the TOB Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a","page_number":108,"box":{"x":69,"y":589,"width":822,"height":11}},{"id":"c326f998-fbe8-45e4-98e1-38355046048e","block_type":"box","text":"loan from the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":108,"box":{"x":70,"y":604,"width":504,"height":11}},{"id":"cc6c8b27-17b1-42dc-90cc-f2cb1816fc0e","block_type":"box","text":"When a Fund invests in TOB Trusts on a non-recourse basis, and the Liquidity Provider is required to make a","page_number":108,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"bda019ff-5b0e-4b58-8078-7b37002f1b3c","block_type":"box","text":"payment under the liquidity facility, the Liquidity Provider will typically liquidate all or a por tion of the Municipal Bonds","page_number":108,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"8efffa0e-8246-4dce-accf-ee5328712386","block_type":"box","text":"held in the TOB Trust and then fund the balance, if any, of the amount owed under the liquidity facility over the","page_number":108,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"12b8f646-511d-4e4b-85fd-1f28732ca30e","block_type":"box","text":"liquidation proceeds (the “Liquidation Shor tfall”). If a Fund invests in a TOB Trust on a recourse basis, it will typically","page_number":108,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"0f39a394-2293-411b-a9fb-ebd7c4cc560c","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":108,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"18f6e0ca-8074-413a-8f82-6e2321d06b9a","block_type":"box","text":"the Liquidity Provider the amount of any Liquidation Shor tfall. As a result, if the Fund invests in a recourse TOB Trust,","page_number":108,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"e39edec7-5d28-49e9-a4e2-84548a6f2713","block_type":"box","text":"the Fund will bear the risk of loss with respect to any Liquidation Shor tfall. If multiple BlackRock-advised funds","page_number":108,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"6a182397-adc2-47c2-853d-bbce5b2fcc06","block_type":"box","text":"par ticipate in any such TOB Trust, these losses will be shared ratably, in propor tion to their par ticipation in the TOB","page_number":108,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"d87bc1f7-88e5-42ab-84b4-cec058b0c16d","block_type":"box","text":"Trust.","page_number":108,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"c339b1d9-9216-4921-ab1e-782da17adfe4","block_type":"box","text":"Under accounting rules, Municipal Bonds of a Fund that are deposited into a TOB Trust are investments of the","page_number":108,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"020f353f-80e3-4f00-a920-267c5438dd1d","block_type":"box","text":"Fund and are presented on the Fund’s Schedule of Investments and outstanding TOB Floaters issued by a TOB Trust","page_number":108,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"d84eea6f-05fd-4fc0-9b88-1aec9a610105","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":108,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"43748bfa-63b8-4e54-ad0d-8ec2dfbbba29","block_type":"box","text":"Municipal Bonds is recorded by a Fund on an accrual basis. Interest expense incurred on the TOB Floaters and other","page_number":108,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"5a4e1fc9-df3c-496a-b995-8b5bf5c85e46","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":108,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"2bfcd519-efce-4ecc-b0aa-d3c5df0426bd","block_type":"box","text":"of a Fund. In addition, under accounting rules, loans made to a TOB Trust sponsored by a Fund may be presented as","page_number":108,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"2aaef41b-2eff-4b81-9ca7-fb8f4cbdf22d","block_type":"box","text":"loans of the Fund in the Fund’s financial statements even if there is no recourse to the Fund’s assets.","page_number":108,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"75cdc5f2-2820-4f04-b26c-e2cb6a25e4c2","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":108,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"52fe395d-d07e-49ca-bac0-f245bcf4e7dc","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":108,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"55adb506-ccbb-4b36-8c0b-a1ee6a57f99f","block_type":"box","text":"II-60","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dec0ad5f-e933-45a7-96cb-c1d1fe91abdd","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"405000bc-e6ec-4d00-b47a-b0aed9c7fe18","block_type":"box","text":"Since the tender option feature has a shor ter term than the final maturity or first call date of the underlying Municipal","page_number":109,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"9a0a2074-552f-4c89-b2ba-bdcad4888203","block_type":"box","text":"Bonds deposited in the TOB Trust, the holder of the TOB Floaters relies upon the terms of the agreement with the","page_number":109,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"fc5721a8-a047-4c90-b411-8ea5d9f95e8d","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":109,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"edc669bb-0878-4772-993b-c5d03becd8c1","block_type":"box","text":"with TOB Floaters, however, may be increased in the current market environment as a result of recent downgrades to","page_number":109,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"fad8c9f8-a2af-4e8e-8330-4eca45d19f42","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":109,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"ee8ddae9-6a37-4163-bc54-30d7420cc54b","block_type":"box","text":"of which sponsor and/or provide liquidity suppor t to TOB Trusts. This in turn may reduce the desirability of TOB","page_number":109,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"593b2feb-8dce-489c-9b2d-6fe3473c9f7a","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":109,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"ce9e934a-2a2a-48f3-8ba5-bab6bd12edd0","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":109,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"fd1f56e1-4f6a-4200-8ef8-8aeb653c9b60","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":109,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"cf6341d1-36dd-4141-85fa-2cd6b4edb77e","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":109,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"0eb337e1-d501-4810-a83f-5d5b978f760b","block_type":"box","text":"(i) complies with the 300% asset coverage ratio with respect to such transactions and any other borrowings in the","page_number":109,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"ef3275d2-cf0e-48f4-8c75-2204de71c3c1","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":109,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"3b16d928-3c77-4f4e-b35b-ae04b27eb2d2","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":109,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"9f49d204-4cf1-43e8-a3d0-49d66691ed33","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":109,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"04334375-d15c-4fbe-87ef-2f62c4956373","block_type":"box","text":"In response to the restrictions imposed by the section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":109,"box":{"x":102,"y":279,"width":799,"height":11}},{"id":"7d535672-d386-4573-87cc-90e35c95fb60","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a new structure for TOB Trusts designed to","page_number":109,"box":{"x":69,"y":294,"width":819,"height":11}},{"id":"1246f6bb-e61f-4c9f-942e-9dfd9a7d6142","block_type":"box","text":"ensure that no banking entity is sponsoring the TOB Trust for purposes of the Volcker Rule. Specifically, a Fund will","page_number":109,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"7da7726e-88ad-472a-af9f-cd499c82706a","block_type":"box","text":"establish, structure and “sponsor” the TOB Trusts in which it holds TOB Residuals. In such a structure, cer tain","page_number":109,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"bb9fdf35-9fed-4dfc-a79e-fff5457c3dc9","block_type":"box","text":"responsibilities that previously belonged to the sponsor bank will be per formed by, or on behalf of, a Fund. A Fund","page_number":109,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"ee948383-e987-4002-b974-55d445f61eb8","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":109,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"a388dcbd-bcde-4ad6-9aef-2d4655804b4e","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under the","page_number":109,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"0cbfce18-7290-40f4-bd37-494ceeaeb184","block_type":"box","text":"new TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":109,"box":{"x":69,"y":385,"width":804,"height":11}},{"id":"880f9197-ad57-44eb-b717-6e3c741a3b17","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":109,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"85877eb1-5a79-4ff6-a6c7-2a6ddc6dc81c","block_type":"box","text":"Under the new structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees,","page_number":109,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"793e96d3-3b47-4945-a900-05754e923093","block_type":"box","text":"and remarketing agents, act at the direction of, and as agent of, the Fund as the TOB Residual holder. Similar to the","page_number":109,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"dcd153f0-7e1b-44c5-8636-bb13b690a724","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":109,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"881f5cb5-02a9-440c-abad-c5449750379a","block_type":"box","text":"Residuals, the TOB Trust then issues and sells TOB Floaters to third par ty investors, and the proceeds of the sale of","page_number":109,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"3f06c722-2654-4b13-b529-33151db6ee16","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":109,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"3cb0c46e-fdf4-4b36-ba95-2bad3078dbef","block_type":"box","text":"i.e.","page_number":109,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"f8c07759-db93-44da-9786-526acf9d75b1","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":109,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"f5284249-de47-440f-83a7-082b7e04cd9b","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":109,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"ec528d9d-1f65-4e16-9d67-241ecc904b37","block_type":"box","text":"TOB Floaters for its own account in the event of a failed remarketing, which may increase the likelihood that a TOB","page_number":109,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"a572a0ff-3425-45d9-96ce-c7dea5626eb4","block_type":"box","text":"Trust will need to be collapsed and liquidated in order to purchase the tendered TOB Floaters. In the event of a failed","page_number":109,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"fd27be21-4b73-4092-b0e5-d4bb7afbf839","block_type":"box","text":"remarketing of TOB Floaters, the Liquidity Provider, at its option, may advance a loan to the TOB Trust the proceeds","page_number":109,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"ffbab293-e408-4faf-ba5d-956aa8e712c4","block_type":"box","text":"of which would be used by the TOB Trust to purchase the tendered TOB Floaters. The Liquidity Provider is not","page_number":109,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"e13a1416-d380-4bfe-8a38-0d8c6f219c3d","block_type":"box","text":"obligated to advance such a loan. The TOB Trust would be the borrower with respect to any such loan. Any loans","page_number":109,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"8813313e-1d80-426f-8a92-31954c41e099","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":109,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"8f1a928a-acb9-4fce-95ae-b43e93c56c8b","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":109,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"d3b43524-4858-4cb1-9251-a0cd53ec4932","block_type":"box","text":"recourse TOB Residuals under the new structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":109,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"9457e7d1-064d-4056-8cf9-d57fc718a535","block_type":"box","text":"contractual recourse to the Fund’s assets if the Fund holds a non-recourse TOB Residual. However, as described","page_number":109,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"ce8857a4-9964-4585-83e0-8082b4f642aa","block_type":"box","text":"above, a Fund would bear the risk of loss with respect to any Liquidation Shor tfall if it holds a recourse TOB Residual.","page_number":109,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"6bfa235a-35f3-487d-83e7-ee8bbba9e88d","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":109,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"6cfb2b7a-65e0-43d9-9d4d-36eff62c17ee","block_type":"box","text":"(the “Risk Retention Rules”), which took effect in December 2016. The Risk Retention Rules require the sponsor of a","page_number":109,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"49f0c497-da15-4fcb-b5ed-11afed45654f","block_type":"box","text":"TOB Trust to retain at least 5% of the credit risk of the underlying assets suppor ting the TOB Trust’s Municipal","page_number":109,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"8cbc6b33-0cc4-4349-930f-a04a1c6dc2ce","block_type":"box","text":"Bonds. The Risk Retention Rules may adversely affect the Fund’s ability to engage in TOB Trust transactions or","page_number":109,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"c7490583-2a41-4396-a204-fe4a54365ec8","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":109,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"f8cf80e9-138d-4a52-9c82-ce5f7e00f47a","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":109,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"9931572d-746b-44d6-a8ef-9fe021114cf6","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":109,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"8433d512-0de8-465e-afae-b1a87ddea67a","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":109,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"f300b441-23e6-4c49-9e21-71f077e0acbe","block_type":"box","text":"could adversely affect the Funds. The ultimate impact of these rules on the TOB market and the overall municipal","page_number":109,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"4260aa7c-96d5-4687-b3f7-c5bc03cd1115","block_type":"box","text":"market is not yet cer tain.","page_number":109,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"48059500-1375-436b-86ff-19fdff38d0a0","block_type":"box","text":"Yields.","page_number":109,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"6415402f-6946-487b-b2da-d6556c963203","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":109,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"95651dfb-9872-43b7-afb4-d5b0ceaf02e8","block_type":"box","text":"money market and of the municipal bond market, the size of a par ticular offering, the financial condition of the","page_number":109,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"846ac4f9-623e-43db-92b4-164ac32a0ba9","block_type":"box","text":"issuer, the maturity of the obligation and the rating of the issue. The ability of a Fund to achieve its investment","page_number":109,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"71f6d5aa-017c-46c5-9f3c-ef0d0fb40453","block_type":"box","text":"objective is also dependent on the continuing ability of the issuers of the securities in which the Fund invests to meet","page_number":109,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"f9659785-c907-43ef-9406-31ad5b74535c","block_type":"box","text":"their obligations for the payment of interest and principal when due. There are variations in the risks involved in","page_number":109,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"29937757-0653-4d3c-a366-29a94d9ea2ef","block_type":"box","text":"II-61","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"91e67bee-6a13-4be6-b6d7-b0e7522dec65","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79ef5994-cc8f-496a-9be7-a490e2d8da19","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":110,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"d04f7e19-2d4d-4cfe-9288-c5cae50d5875","block_type":"box","text":"factors. Fur thermore, the rights of owners of Municipal Bonds and the obligations of the issuer of such Municipal","page_number":110,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"0cddc844-5011-4c91-8a4e-7ba01b27997a","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":110,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"6ea6cc0e-c500-4f93-93e2-0e86eccd680e","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":110,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"52181c85-6e35-4d88-ab8f-6cdc6db70b98","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":110,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"ad0447b5-d7d9-4b78-8dec-04a3ad74b292","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":110,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"96bea6c1-143e-49ba-a1ab-4605cac23ab2","block_type":"box","text":"variable interest rate adjustment formula and a right of demand on the par t of the holder thereof to receive payment","page_number":110,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"05a36b32-2cb8-4d19-add3-5f177abbea74","block_type":"box","text":"of the unpaid principal balance plus accrued interest upon a shor t notice period not to exceed seven days.","page_number":110,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"185a121a-48f3-42db-8103-1855dc6346f1","block_type":"box","text":"There is the possibility that because of default or insolvency the demand feature of VRDOs may not be honored.","page_number":110,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"33db363d-7404-47ef-9637-e991ec10d1fb","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":110,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"0932799c-fbfd-40d7-bca6-dd467322d86c","block_type":"box","text":"adjustment formula being calculated to maintain the market rate of the VRDOs at approximately the par value of the","page_number":110,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"9a8b9a32-a9f7-48c5-bb99-10db8bb0a0ab","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":110,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"566d2823-4e2e-4ac8-9048-4b8d8537f5eb","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":110,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"3f481e21-0de7-4930-99a4-71fe18e0a207","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":110,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"cb62c1ea-ac7e-4575-b444-60d382009bdf","block_type":"box","text":"During periods of declining interest rates, a Fund’s yield on a VRDO will decrease and its shareholders will forego the","page_number":110,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"ce6cadb2-8e14-48e5-9e72-ca5a5a432a45","block_type":"box","text":"oppor tunity for capital appreciation. During periods of rising interest rates, however, a Fund’s yield on a VRDO will","page_number":110,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"1c48d13a-da08-4092-8b1f-1a434ca6c555","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":110,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"9a1b1247-a309-44a8-922c-34c618765b45","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":110,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"371bd01d-3776-4e4f-a29a-d48440e23f6f","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":110,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"9159b206-b9c9-460c-87d3-327e91193548","block_type":"box","text":"deal in financial futures contracts based on a long-term municipal bond index developed by the Chicago Board of","page_number":110,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"c01a5413-34cc-4474-9327-3b7e1682d8d8","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 tax","page_number":110,"box":{"x":68,"y":347,"width":817,"height":11}},{"id":"10ea41a1-7861-4697-867d-b9f3449b3b9d","block_type":"box","text":"exempt municipal revenue and general obligation bonds. Each bond included in the Municipal Bond Index must be","page_number":110,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"b9a79e91-2909-41a3-a966-08e29313fab8","block_type":"box","text":"rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more. Twice a month new","page_number":110,"box":{"x":69,"y":377,"width":811,"height":12}},{"id":"c426b9ce-5440-4fc1-b055-f55338b41b46","block_type":"box","text":"issues satisfying the eligibility requirements are added to, and an equal number of old issues are deleted from, the","page_number":110,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"de6055ee-bd70-48a0-ac2f-c69173d7b13c","block_type":"box","text":"Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a formula based on the","page_number":110,"box":{"x":70,"y":407,"width":825,"height":12}},{"id":"7baff0ce-332f-422e-ab75-34fccf3859a8","block_type":"box","text":"price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":110,"box":{"x":70,"y":423,"width":656,"height":11}},{"id":"21120e00-08e5-407f-a250-dd19a07752bf","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":110,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"301cc78d-3d62-4b36-9181-cd8c1fecf7b6","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":110,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"9a1a41ad-ce90-497a-8731-a1e46c4f361f","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":110,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"8054d501-510b-4bfc-bfdf-b4df6932ea9c","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":110,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"e4794e02-1985-47fd-9e23-de6fde9128e4","block_type":"box","text":"contract may vary from the bonds held by a Municipal Fund. As a result, a Municipal Fund’s ability to hedge","page_number":110,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"0a42f0c4-d02e-4005-86cb-2cb8e2d2d780","block_type":"box","text":"effectively all or a por tion of the value of its Municipal Bonds through the use of such financial futures contracts will","page_number":110,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"e0c3b3b4-82fd-4ab8-919f-d7c2eb53e2b4","block_type":"box","text":"depend in par t on the degree to which price movements in the index underlying the financial futures contract","page_number":110,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"ba23c0bd-d95e-450b-bdf3-3f92a75f6f62","block_type":"box","text":"correlate with the price movements of the Municipal Bonds held by the Fund. The correlation may be affected by","page_number":110,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"a99ed34a-11b8-4b7f-affa-d55898348ca7","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":110,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"8ea28d7a-ee92-461c-b38e-eda8e229e1cf","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":110,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"ad862d8e-10a8-4a5c-84ac-dd11d680bc50","block_type":"box","text":"correlation between movements in the value of the Municipal Bond Index may be subject to change over time as","page_number":110,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"84e20b83-39ff-4f44-a61e-225444443082","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":110,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"aefe6c2d-4d2f-4a58-8f2a-3ed089567ceb","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":110,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"5a81abd9-f8de-4f2b-acc9-3d5504066275","block_type":"box","text":"affected by similar factors and the risk of imper fect correlation between movements in the prices of such futures","page_number":110,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"bd64747a-8fe0-49b5-8d84-2f3fd85f98e8","block_type":"box","text":"contracts and the prices of Municipal Bonds held by a Municipal Fund may be greater. Municipal Bond Index futures","page_number":110,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"fa1d4231-1008-44fe-8b05-a285f7430382","block_type":"box","text":"contracts were approved for trading in 1986. Trading in such futures contracts may tend to be less liquid than trading","page_number":110,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"329ed8ef-9bc8-4495-8f5b-5e3fa966ad88","block_type":"box","text":"in other futures contracts. The trading of futures contracts also is subject to cer tain market risks, such as inadequate","page_number":110,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"62921d8c-7430-40ff-b1b4-6cd348888c81","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":110,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"9686ddb5-7f2f-41e1-a693-de1dcc103661","block_type":"box","text":"Call Rights.","page_number":110,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"abed837a-87f4-4e7d-ae28-1aae1b7daf07","block_type":"box","text":"A Fund may purchase a Municipal Bond issuer’s right to call all or a por tion of such Municipal Bond","page_number":110,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"a7825b0d-00de-4387-9e63-726e4dcc7dfd","block_type":"box","text":"for mandatory tender for purchase (a “Call Right”). A holder of a Call Right may exercise such right to require a","page_number":110,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"494398bd-1532-42fe-b5eb-eb2a9c31602d","block_type":"box","text":"mandatory tender for the purchase of related Municipal Bonds, subject to cer tain conditions. A Call Right that is not","page_number":110,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"0c2f47ee-3687-4b79-b559-6d78b09103e4","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":110,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"d9b0c09b-2633-4d2e-9168-f099f246344e","block_type":"box","text":"both the Call Right and the related Municipal Bond is identical to holding a Municipal Bond as a non-callable security.","page_number":110,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"9cd0127e-94d0-401f-a856-ed73027e2357","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":110,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"9f4c821e-5ca7-4308-86dd-f14dc398bc66","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":110,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"e45084eb-6872-49f5-aa3e-89986bfd3d9a","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":110,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"0cc5af8f-dc6c-4b27-9ca5-db7f00ad501e","block_type":"box","text":"fluctuations or to enhance a Fund’s income, a Fund may enter into interest rate swap transactions such as Municipal","page_number":110,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"360f340e-1cf6-41b8-9173-167bb9c69eb6","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":110,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"d6fb52ce-4470-4441-95d1-ea1635da850b","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":110,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"694e8552-dcde-4069-af38-9edd34066553","block_type":"box","text":"expects to do so primarily to preserve a return or spread on a par ticular investment or por tion of its por tfolio or to","page_number":110,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"c08196e0-71a7-49d4-942a-193f76127294","block_type":"box","text":"protect against any increase in the price of securities the Fund anticipates purchasing at a later date. A Fund intends","page_number":110,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"93082828-aba8-48d0-a65e-95c663a28736","block_type":"box","text":"II-62","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"36dbb038-f4dc-486a-8003-1e4fc9dbbefb","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dec0e445-51bd-4075-b7f5-edaccd01d86c","block_type":"box","text":"to use these transactions primarily as a hedge rather than as a speculative investment. However, a Fund also may","page_number":111,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"46f471de-d8d4-4055-aeed-8a7a1dfa5c27","block_type":"box","text":"invest in MMD Swaps and SIFMA Swaps to enhance income or gain or to increase the Fund’s yield, for example,","page_number":111,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"e9cc154a-92cd-4456-ad4c-509cb79d4537","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":111,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"e016184a-f75b-43ba-911e-41fcb2879b61","block_type":"box","text":"i.e.","page_number":111,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"52df7ddf-3acd-4373-8f46-2ff6e1cba4ba","block_type":"box","text":", wide differences between shor t term and long term interest","page_number":111,"box":{"x":449,"y":75,"width":436,"height":11}},{"id":"a22e4b22-fca6-4f87-825c-2cf5da9517a8","block_type":"box","text":"rates).","page_number":111,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"b0100eca-ca01-4e03-b676-3521ff90e0e8","block_type":"box","text":"A Fund may purchase and sell SIFMA Swaps in the SIFMA swap market. In a SIFMA Swap, a Fund exchanges with","page_number":111,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"89eb1984-7b8c-4d26-925b-da8470a795eb","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":111,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"2e789b4a-be71-49ff-b851-ee5606595b6c","block_type":"box","text":"e.g.","page_number":111,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"893e780b-9a36-4141-af51-0a83188d6393","block_type":"box","text":", an exchange of fixed rate payments for","page_number":111,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"1af804f9-13a8-42e6-abc2-69963c4614de","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":111,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"033220cb-7194-4a35-86cd-8e6110e0eb5d","block_type":"box","text":"index, SIFMA Swaps may reduce cross-market risks incurred by a Fund and increase a Fund’s ability to hedge","page_number":111,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"48e9f462-90a0-40ec-b199-b9c37bb2deb5","block_type":"box","text":"effectively. SIFMA Swaps are typically quoted for the entire yield curve, beginning with a seven day floating rate index","page_number":111,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"259fd987-f967-42f6-aae4-5f06ff7c44af","block_type":"box","text":"out to 30 years. The duration of a SIFMA Swap is approximately equal to the duration of a fixed-rate Municipal Bond","page_number":111,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"a638a844-7a46-457e-bf20-e54026cbe612","block_type":"box","text":"with the same attributes as the swap (","page_number":111,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"19245b1b-a2a4-4fa7-b260-789ce3d77af4","block_type":"box","text":"e.g.","page_number":111,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"8f40fa02-3d7c-4bb0-9b0c-de20e620993f","block_type":"box","text":", coupon, maturity, call feature).","page_number":111,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"29ba5f11-408a-4a1a-a4a2-90a63d0a08de","block_type":"box","text":"A Fund may also purchase and sell MMD Swaps, also known as MMD rate locks. An MMD Swap permits a Fund","page_number":111,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"da6366d1-24cc-489a-97da-d6923b26fedf","block_type":"box","text":"to lock in a specified municipal interest rate for a por tion of its por tfolio to preserve a return on a par ticular","page_number":111,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"430b9c1d-30f8-407b-ba6b-56a610a32a20","block_type":"box","text":"investment or a por tion of its por tfolio as a duration management technique or to protect against any increase in the","page_number":111,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"d2579e9c-873f-48ca-97da-11127c6846d1","block_type":"box","text":"price of securities to be purchased at a later date. By using an MMD Swap, a Fund can create a synthetic long or","page_number":111,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"f648c0a2-9e8b-4b7e-bc18-085359f51fe2","block_type":"box","text":"shor t position, allowing the Fund to select the most attractive par t of the yield curve. An MMD Swap is a contract","page_number":111,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"342151ec-6cb6-448f-90e4-8dc00515f08c","block_type":"box","text":"between a Fund and an MMD Swap provider pursuant to which the par ties agree to make payments to each other on","page_number":111,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"7c38138f-7220-49b6-a11d-02e76fe94c09","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":111,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"a161f6cc-aba9-4f1c-b773-e74359c968e8","block_type":"box","text":"below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Swap and the","page_number":111,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"43eb0cd9-0a5e-4fb6-a65f-d6160b1c9265","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":111,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"3e722399-4238-422f-a05e-d5209c4ebb6a","block_type":"box","text":"counterpar ty to the contract will make a payment to the Fund equal to the specified level minus the actual level,","page_number":111,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"d913b92c-87ff-4718-8ede-ddc256b84a7f","block_type":"box","text":"multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above","page_number":111,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"54008d19-0708-47da-9524-99cb3400617b","block_type":"box","text":"the specified level on the expiration date, a Fund will make a payment to the counterpar ty equal to the actual level","page_number":111,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"d34ca12a-7329-469d-93f5-6e89c399453a","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":111,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"e10dfec3-d8d0-405e-8daa-8441f0c35bd0","block_type":"box","text":"In connection with investments in SIFMA and MMD Swaps, there is a risk that municipal yields will move in the","page_number":111,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"ed8687c5-ae25-41ec-812a-b81b12a43b6b","block_type":"box","text":"opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterpar ty in","page_number":111,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"4e168c49-edf1-4c54-a6e8-287158965b0e","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance. A Fund has no obligation to enter into SIFMA or","page_number":111,"box":{"x":68,"y":460,"width":825,"height":12}},{"id":"15d17223-ca5a-41b5-be58-68be08bb1f0e","block_type":"box","text":"MMD Swaps and may not do so.","page_number":111,"box":{"x":70,"y":476,"width":229,"height":11}},{"id":"ce2adb9a-8717-42c8-9064-b7bdfa395eb6","block_type":"box","text":"Insured Municipal Bonds.","page_number":111,"box":{"x":102,"y":498,"width":179,"height":11}},{"id":"1d78927c-5a5a-47c0-9368-9455360976d4","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":111,"box":{"x":288,"y":498,"width":619,"height":11}},{"id":"2a355ae5-8964-4fa8-8011-c4a827f817ce","block_type":"box","text":"payments on the bond will be made on time and the principal will be repaid when the bond matures. Either the issuer","page_number":111,"box":{"x":70,"y":514,"width":835,"height":10}},{"id":"5b2010d9-8527-4d2f-9011-935e2206535d","block_type":"box","text":"of the bond or the Fund purchases the insurance. Insurance is expected to protect the Fund against losses caused by","page_number":111,"box":{"x":69,"y":528,"width":840,"height":12}},{"id":"8583af59-321e-49a8-9d9f-5e261f476200","block_type":"box","text":"a bond issuer’s failure to make interest or principal payments. However, insurance does not protect the Fund or its","page_number":111,"box":{"x":69,"y":543,"width":818,"height":12}},{"id":"d82ae1f7-1c2a-4bba-9c5d-00d06d353348","block_type":"box","text":"shareholders against losses caused by declines in a bond’s market value. Also, the Fund cannot be cer tain that any","page_number":111,"box":{"x":69,"y":559,"width":829,"height":11}},{"id":"ece79b03-c95c-496f-bd26-934521a11a96","block_type":"box","text":"insurance company does not make these payments. In addition, if the Fund purchases the insurance, it may pay the","page_number":111,"box":{"x":70,"y":574,"width":827,"height":11}},{"id":"b742aceb-fa6c-4411-97f0-9bdac817d88e","block_type":"box","text":"premiums, which will reduce the Fund’s yield. The Fund seeks to use only insurance companies with claims paying","page_number":111,"box":{"x":70,"y":589,"width":815,"height":11}},{"id":"7e096e7b-14cc-4155-b18f-2a33004945e0","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":111,"box":{"x":69,"y":604,"width":829,"height":11}},{"id":"e68f3ff0-0f0c-437d-8c40-da42dc13418c","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":111,"box":{"x":68,"y":619,"width":767,"height":11}},{"id":"a1a0bee9-1c3f-465c-8ab7-cd1fb82247b0","block_type":"box","text":"insurance or insured bonds. If a bond’s insurer fails to fulfill its obligations or loses its credit rating, the value of the","page_number":111,"box":{"x":70,"y":634,"width":827,"height":12}},{"id":"7328efed-5495-43f9-8aa5-1b57ac401be3","block_type":"box","text":"bond could drop.","page_number":111,"box":{"x":69,"y":650,"width":118,"height":10}},{"id":"da6a95bf-4c8d-43e0-a082-29e43052c163","block_type":"box","text":"Build America Bonds.","page_number":111,"box":{"x":102,"y":672,"width":150,"height":9}},{"id":"de7c7e51-bf18-4186-a582-664665084166","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":111,"box":{"x":259,"y":672,"width":616,"height":11}},{"id":"a0bbdeea-79fd-455d-9265-d0a52d6faf08","block_type":"box","text":"income tax credit; however, the issuer of a Build America Bond may instead elect to receive a cash payment directly","page_number":111,"box":{"x":70,"y":687,"width":825,"height":11}},{"id":"2b90a89a-8b47-4365-b4ef-24a4ff92a65d","block_type":"box","text":"from the federal government in lieu of holders such as the fund receiving a tax credit. The interest on Build America","page_number":111,"box":{"x":68,"y":702,"width":824,"height":12}},{"id":"fde2967c-2c50-4053-828b-ac454db2f14a","block_type":"box","text":"Bonds is taxable for U.S. federal income tax purposes. If the Fund does receive tax credits from Build America Bonds","page_number":111,"box":{"x":70,"y":717,"width":833,"height":11}},{"id":"7528be12-2c9d-4412-bae4-aaf38262ea55","block_type":"box","text":"or other tax credit bonds on one or more specified dates during the fund’s taxable year, and the Fund satisfies the","page_number":111,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"59a0c90c-59a0-4e51-aef0-f74238ada04d","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":111,"box":{"x":69,"y":748,"width":788,"height":11}},{"id":"4ddf8c41-4746-494b-8f51-834f37aa3a5c","block_type":"box","text":"shareholders tax credits otherwise allowable to the Fund for that year with respect to such bonds. A tax credit bond","page_number":111,"box":{"x":69,"y":763,"width":823,"height":11}},{"id":"dc5fe2fc-59d9-4e0e-a518-eb44552622c9","block_type":"box","text":"is defined in the Code as a “qualified tax credit bond” (which includes a qualified forestry conservation bond, a new","page_number":111,"box":{"x":70,"y":778,"width":825,"height":11}},{"id":"a76bff51-1dbe-4709-8c88-ca9f12194fe4","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":111,"box":{"x":69,"y":793,"width":837,"height":11}},{"id":"a9c1e2cd-864a-4277-a17b-b26dc2b8ee46","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":111,"box":{"x":69,"y":808,"width":802,"height":11}},{"id":"847e14ca-42f7-4cf7-8dbb-47f0bb741ef1","block_type":"box","text":"bonds issued before January 1, 2011) or cer tain other specified bonds. If the Fund were to so elect, a shareholder","page_number":111,"box":{"x":69,"y":823,"width":821,"height":11}},{"id":"471569ad-9682-4b4a-88b9-89d0e9a5307e","block_type":"box","text":"would be required to include in income and would be entitled to claim as a tax credit an amount equal to a","page_number":111,"box":{"x":68,"y":839,"width":760,"height":10}},{"id":"64d6f652-d1d6-4244-b8e9-d25f646245a1","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":111,"box":{"x":70,"y":853,"width":782,"height":12}},{"id":"36608056-7af3-4fcf-9e9f-8d561679959f","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":111,"box":{"x":69,"y":869,"width":563,"height":11}},{"id":"6c63a55b-eea5-4528-9e1b-1811665854c5","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":111,"box":{"x":103,"y":891,"width":246,"height":11}},{"id":"e4c65b00-dad5-4bac-97c9-9d611c1771a2","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":111,"box":{"x":355,"y":891,"width":534,"height":11}},{"id":"b1087fd2-7701-4c29-a8f1-7d2c8e9b2506","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":111,"box":{"x":68,"y":906,"width":798,"height":12}},{"id":"df9876ae-50a3-4bd3-bd0e-63ac688aa512","block_type":"box","text":"II-63","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01b593b1-21be-42cc-8f13-cda5347ce88f","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b886b185-8bc4-4c82-9818-0897452d1fb5","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":45,"width":823,"height":11}},{"id":"8a3e02f1-450b-4680-b1eb-0aa5b7cb2d9c","block_type":"box","text":"of the structures used by cer tain Funds include interests in long-term fixed-rate municipal debt obligations, held by a","page_number":112,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"2e96aefe-21e6-4311-957f-dd1fbb1ac2da","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":112,"box":{"x":68,"y":75,"width":832,"height":11}},{"id":"78d61ae6-a3ce-4177-8236-bec239868a24","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":112,"box":{"x":70,"y":90,"width":819,"height":11}},{"id":"10e56ba4-794b-40c0-a387-5b5d8b6a17c3","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":112,"box":{"x":69,"y":105,"width":752,"height":11}},{"id":"18905ae7-d494-4db0-97a0-52e2c221dae1","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":112,"box":{"x":102,"y":128,"width":770,"height":11}},{"id":"9cf6cea2-3d9f-4609-b53b-950ddc31cd4a","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":112,"box":{"x":69,"y":143,"width":806,"height":11}},{"id":"34ce099c-1d25-42b7-9352-8a8c968b7584","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":112,"box":{"x":70,"y":158,"width":809,"height":11}},{"id":"81e85539-f201-4af6-be8e-a6a7f8d0edb6","block_type":"box","text":"their face value to the sponsor (","page_number":112,"box":{"x":68,"y":173,"width":228,"height":11}},{"id":"fbfe779b-02d7-449c-826c-07718871b0ac","block_type":"box","text":"e.g.","page_number":112,"box":{"x":297,"y":175,"width":25,"height":9}},{"id":"ab1f37b4-8e07-45e9-ba30-01c3046dcbc4","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":112,"box":{"x":325,"y":173,"width":557,"height":11}},{"id":"021a1b0d-7808-4774-a909-d9433102c587","block_type":"box","text":"periodic fees equal to the difference between the securities’ fixed coupon rate and the rate that would cause the","page_number":112,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"41828c60-3f8a-49e5-947e-6f9f3201beab","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":112,"box":{"x":69,"y":203,"width":648,"height":12}},{"id":"346d4c88-82f7-4a23-87da-93f426d155ea","block_type":"box","text":"A par ticipation interest gives the Fund an undivided interest in a Municipal Bond in the propor tion the Fund’s","page_number":112,"box":{"x":101,"y":226,"width":775,"height":11}},{"id":"dece0040-89ce-4fa4-b28c-37fe6aa4248d","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":112,"box":{"x":70,"y":241,"width":785,"height":11}},{"id":"19da087f-bd2b-4b22-b8ac-faab8f3ad669","block_type":"box","text":"feature for all or any par t of the full principal amount of the par ticipation interest, plus accrued interest. Trusts and","page_number":112,"box":{"x":68,"y":256,"width":821,"height":11}},{"id":"ceddf04b-a8f4-4e8a-9132-8d47714bfc03","block_type":"box","text":"par tnerships are typically used to conver t long-term fixed rate high quality bonds of a single state or municipal issuer","page_number":112,"box":{"x":70,"y":271,"width":833,"height":12}},{"id":"4a47cc5c-ae35-4b7b-9534-9a02e46f0d02","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":112,"box":{"x":70,"y":286,"width":351,"height":12}},{"id":"12c0a6a7-4583-45b6-a3f9-b76e6dd05c2a","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":112,"box":{"x":101,"y":309,"width":797,"height":11}},{"id":"672eb5e5-702f-4139-b471-7ba67e0fb7a4","block_type":"box","text":"which give the holder the right to receive payment of principal subject to the conditions described above. The IRS has","page_number":112,"box":{"x":68,"y":324,"width":836,"height":12}},{"id":"2299efaf-5178-47f9-9679-22cfdbd74b7b","block_type":"box","text":"not ruled on whether the interest received on tax-exempt municipal investments in the form of par ticipation interests","page_number":112,"box":{"x":69,"y":339,"width":831,"height":11}},{"id":"8f0a1b69-0edf-4a65-aa33-5e739ea5c850","block_type":"box","text":"or custodial receipts is tax-exempt, and accordingly, purchases of any such interests or receipts are based on the","page_number":112,"box":{"x":69,"y":355,"width":809,"height":11}},{"id":"b87e3be4-154b-4a04-80e6-01a420b29429","block_type":"box","text":"opinions of counsel to the sponsors of such derivative securities. Neither a Fund nor its investment adviser or sub","page_number":112,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"7802ab13-d36f-406f-aa99-75799bb14b3d","block_type":"box","text":"advisers will review the proceedings related to the creation of any tax-exempt municipal investments or the basis for","page_number":112,"box":{"x":69,"y":385,"width":828,"height":11}},{"id":"5c3f889d-ae2a-44fe-a75a-3459d75d2555","block_type":"box","text":"such opinions.","page_number":112,"box":{"x":69,"y":400,"width":102,"height":11}},{"id":"11900fd5-d288-49ea-9f9f-4d933b04132d","block_type":"box","text":"Participation Notes.","page_number":112,"box":{"x":102,"y":423,"width":145,"height":11}},{"id":"59aef712-ecb1-433f-9263-8b815f3715e0","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":112,"box":{"x":253,"y":423,"width":641,"height":11}},{"id":"7870b9f6-61d1-4cef-b1b1-fd349cf6b2eb","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":112,"box":{"x":70,"y":438,"width":766,"height":11}},{"id":"7699277d-263a-4b19-a43c-83bf589ec01d","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":112,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"f91fe3f8-cb18-4511-82b9-79dd0a58bd94","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":112,"box":{"x":69,"y":468,"width":475,"height":11}},{"id":"130a7c24-c875-4def-a2a7-7ff6614c27a7","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":112,"box":{"x":101,"y":491,"width":782,"height":11}},{"id":"c46957d6-2e8e-4d27-a7e2-081dd2b4bf12","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":112,"box":{"x":68,"y":506,"width":831,"height":11}},{"id":"811f4a38-549f-43c2-8a06-3054a80c85d5","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":112,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"e69d04cd-aaee-468a-9322-083c9e4cdcc8","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":112,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"6b1de5a6-368d-4efd-a400-67c06f1c61d3","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":112,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"66727df6-a6f5-4a07-9511-84729008b785","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":112,"box":{"x":70,"y":566,"width":827,"height":11}},{"id":"ce3fab6d-1e32-4913-8239-81e5cd6e5b67","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":112,"box":{"x":69,"y":581,"width":834,"height":12}},{"id":"2dee1115-de9d-4a9c-a977-d1765aacc96f","block_type":"box","text":"the 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":112,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"f575061b-7049-4de9-87a0-b695ed379ad1","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers which BlackRock deems to be","page_number":112,"box":{"x":69,"y":612,"width":797,"height":11}},{"id":"89410fe2-35b5-47d0-9d9d-0bdd14029e8b","block_type":"box","text":"creditwor thy.","page_number":112,"box":{"x":69,"y":627,"width":89,"height":11}},{"id":"53048dda-d480-4374-bc3c-f18e3fbb1a87","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":112,"box":{"x":101,"y":649,"width":743,"height":12}},{"id":"e2edd740-18f1-4431-97f4-5afcdf31c60f","block_type":"box","text":"obligation. The fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":112,"box":{"x":69,"y":664,"width":840,"height":12}},{"id":"d0125055-0488-4efe-8e9a-84c53fd12532","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, that Fund receives a","page_number":112,"box":{"x":70,"y":680,"width":804,"height":11}},{"id":"5a43c591-37fb-44cb-9e5c-c56c41a4b47d","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":112,"box":{"x":70,"y":695,"width":776,"height":11}},{"id":"2b919b55-9b3b-4b7e-82cd-4d3c4a479d8c","block_type":"box","text":"transaction costs). The price, per formance and liquidity of the par ticipation note are all linked directly to the","page_number":112,"box":{"x":68,"y":710,"width":771,"height":11}},{"id":"619d0161-b426-4900-b2b9-fb4e62e0a62c","block_type":"box","text":"underlying security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity","page_number":112,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"a0825c5b-2670-425e-af43-f07640e45236","block_type":"box","text":"in the local trading market for the security underlying the par ticipation note.","page_number":112,"box":{"x":70,"y":740,"width":536,"height":11}},{"id":"0a64e2ac-f4eb-44a7-96d7-91d5399c3c77","block_type":"box","text":"Portfolio Turnover Rates.","page_number":112,"box":{"x":102,"y":763,"width":181,"height":9}},{"id":"b8fd96ea-888b-414c-8b05-d2774975b03e","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":112,"box":{"x":289,"y":763,"width":558,"height":11}},{"id":"7a4dad0d-0d3d-4ee3-ae34-8c32d6ff1437","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":112,"box":{"x":70,"y":778,"width":804,"height":11}},{"id":"2aa3126f-de72-4d25-a67a-cc5be811e6ed","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":112,"box":{"x":70,"y":793,"width":806,"height":11}},{"id":"e23ef701-7007-4c07-9a88-865d8e03edeb","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":112,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"56872319-91ca-4a67-8ee0-6dac8f13af0c","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":112,"box":{"x":70,"y":823,"width":818,"height":12}},{"id":"6b803f0f-c7c3-41b6-8540-f98214f46a03","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":112,"box":{"x":68,"y":838,"width":800,"height":12}},{"id":"f1f14933-3fa7-42ac-beaa-07c180e606d0","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":112,"box":{"x":68,"y":853,"width":595,"height":12}},{"id":"36da5a2c-947e-45bb-ba14-c24fa544aab1","block_type":"box","text":"i.e.","page_number":112,"box":{"x":665,"y":854,"width":20,"height":8}},{"id":"25b86d5c-79a9-42b4-979a-b50efee4487a","block_type":"box","text":", 100% or more) may result in","page_number":112,"box":{"x":687,"y":854,"width":210,"height":11}},{"id":"c0c2d431-7ee0-42a9-ae13-ea24c0faabec","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":112,"box":{"x":70,"y":869,"width":797,"height":11}},{"id":"471b9f81-8464-4e25-bbc4-7625e82275d3","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":112,"box":{"x":69,"y":884,"width":832,"height":11}},{"id":"b5ab5219-c693-486a-90f7-9c1f629f1b8e","block_type":"box","text":"II-64","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"020966e7-1186-47d4-b8ec-2ef1f5cedcfd","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"990a3632-9afe-499a-b182-352201bddca9","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":113,"box":{"x":68,"y":45,"width":831,"height":11}},{"id":"069efcf6-3fe6-4b24-ad46-c531a23eb95c","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":113,"box":{"x":68,"y":60,"width":795,"height":11}},{"id":"534a5e95-8325-4995-bd44-94845f780ce8","block_type":"box","text":"Preferred Stock.","page_number":113,"box":{"x":102,"y":82,"width":118,"height":9}},{"id":"384c0336-3980-4029-95ad-34b815c751ba","block_type":"box","text":"Cer tain of the Funds may invest in preferred stocks. Preferred stock has a preference over","page_number":113,"box":{"x":226,"y":82,"width":647,"height":12}},{"id":"a3a0c2ad-883c-4350-99a1-414292d5700d","block_type":"box","text":"common stock in liquidation (and generally dividends as well) but is subordinated to the liabilities of the issuer in all","page_number":113,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"9a53f428-dbc4-4913-a99a-4941cd79df99","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":113,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"47b093fd-c479-4f09-9a8c-0118b5a4b892","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":113,"box":{"x":68,"y":128,"width":808,"height":11}},{"id":"7ec3f08f-3c2c-44fc-9b43-f50a1fe496ea","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":113,"box":{"x":68,"y":143,"width":813,"height":11}},{"id":"72f7124d-7281-4c53-866f-61bdded98906","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":113,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"21ddeb5a-89f9-4861-b143-f674a14142b9","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":113,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"f2729bd3-b5a0-476e-a36d-3671919825c1","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":113,"box":{"x":70,"y":188,"width":838,"height":11}},{"id":"18e15b17-227b-4d0e-b44a-969b6d8dc245","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":113,"box":{"x":69,"y":203,"width":604,"height":12}},{"id":"a3660dfc-5882-49e4-b4e5-f5ff49194d8f","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":113,"box":{"x":103,"y":226,"width":207,"height":11}},{"id":"4dc74fbc-953d-4d49-834c-42df16663d6e","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":113,"box":{"x":316,"y":226,"width":588,"height":11}},{"id":"5476d69c-3a8b-4dbd-b3b1-55cdf31a9333","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":113,"box":{"x":69,"y":241,"width":806,"height":11}},{"id":"91f05409-f877-4f93-99cf-821506824684","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":113,"box":{"x":69,"y":256,"width":814,"height":12}},{"id":"65d6dc64-2729-4ddc-99e9-cc4a1473ed04","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":113,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"fb1f7aea-11dc-4cb5-b924-7a648d1e355b","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":113,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"7f354eb7-bc59-49bb-a4c1-6840ccbb00b7","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":113,"box":{"x":69,"y":302,"width":772,"height":11}},{"id":"d5b32dfd-faeb-4d16-ba4b-f68cc309ad89","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":113,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"8596ae83-a916-4535-ab23-e2beebe2b921","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":113,"box":{"x":69,"y":332,"width":834,"height":11}},{"id":"b8fc90a1-a502-47b1-870c-c434fa126286","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":113,"box":{"x":70,"y":347,"width":474,"height":11}},{"id":"7dfdf438-9301-4842-9580-a5302906292c","block_type":"box","text":"Trust Preferred Securities.","page_number":113,"box":{"x":103,"y":370,"width":184,"height":9}},{"id":"a7ff1300-f4df-4098-bc56-5e40a5d0d0f6","block_type":"box","text":"Cer tain of the Funds may invest in trust preferred securities. Trust preferred","page_number":113,"box":{"x":294,"y":370,"width":542,"height":11}},{"id":"5e1b8ed2-2be5-44ad-93c0-3d013e5934b6","block_type":"box","text":"securities are typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":113,"box":{"x":69,"y":385,"width":838,"height":11}},{"id":"67483296-26a8-461f-b8b5-9876c0793090","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":113,"box":{"x":69,"y":400,"width":796,"height":11}},{"id":"aad2c004-48b7-4a78-8c8f-5002e7e81f44","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":113,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"8f23ff8d-d01d-4774-a9f0-c0c505a8e100","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":113,"box":{"x":68,"y":430,"width":773,"height":11}},{"id":"3ef91ff1-370b-4aed-9fdb-2e350936016a","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":113,"box":{"x":101,"y":453,"width":770,"height":11}},{"id":"0ad4026c-fcec-4dde-b743-bb7d34cf3c4c","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":113,"box":{"x":68,"y":468,"width":801,"height":11}},{"id":"d50b3006-a45a-43f7-8944-303418e8bf5b","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":113,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"11ea6cc5-86a4-4b82-bb81-d308d1c10053","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":113,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"950aedcc-bec1-425f-8ed0-5520b61a5e1e","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":113,"box":{"x":68,"y":513,"width":777,"height":11}},{"id":"5aaf81d1-36c0-4a1f-961d-520d10658147","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":113,"box":{"x":69,"y":528,"width":831,"height":12}},{"id":"d27bc32f-7f82-4aa7-93a9-7b9c83aaa37d","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":113,"box":{"x":68,"y":543,"width":757,"height":12}},{"id":"a79b546f-073e-4a4a-aa5a-c9a68ce8ef47","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":113,"box":{"x":69,"y":559,"width":548,"height":11}},{"id":"237cf932-d233-4d0b-84e2-edd86aadaab6","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":113,"box":{"x":101,"y":581,"width":715,"height":12}},{"id":"4f7993ac-6489-4c81-95c6-e9ccbbd756fd","block_type":"box","text":"®","page_number":113,"box":{"x":817,"y":582,"width":5,"height":4}},{"id":"a94867a6-68cb-49a6-850f-c931d45309ba","block_type":"box","text":"”); monthly","page_number":113,"box":{"x":824,"y":582,"width":77,"height":10}},{"id":"cc00b38b-6ab1-4708-9e97-ce7baa2a71f9","block_type":"box","text":"income preferred securities (“MIPS","page_number":113,"box":{"x":70,"y":596,"width":248,"height":11}},{"id":"fffc7c39-aa2a-4d75-9f60-1bde02b916ce","block_type":"box","text":"®","page_number":113,"box":{"x":319,"y":597,"width":6,"height":4}},{"id":"ff12f88a-2c80-432b-a91e-a0d3bc3bbb57","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":113,"box":{"x":326,"y":597,"width":317,"height":11}},{"id":"93f62c6b-fca8-42b3-909f-2827fa678737","block_type":"box","text":"®","page_number":113,"box":{"x":644,"y":597,"width":6,"height":4}},{"id":"83ed70e5-0fb2-431a-810d-16f433a62727","block_type":"box","text":"” ); quar terly income debt securities","page_number":113,"box":{"x":652,"y":597,"width":255,"height":11}},{"id":"8faee36f-4984-446c-94c0-7d1359ef410e","block_type":"box","text":"(“QUIDS","page_number":113,"box":{"x":69,"y":612,"width":57,"height":11}},{"id":"b0783db4-7d62-4cb4-9cba-ca4ce53c21ab","block_type":"box","text":"®","page_number":113,"box":{"x":127,"y":612,"width":6,"height":4}},{"id":"f55a17d3-ea74-40b1-b50e-166e6a7ad27f","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":113,"box":{"x":135,"y":612,"width":346,"height":11}},{"id":"8bcaa9e7-0393-48bf-9396-ac31e5c1dee7","block_type":"box","text":"SM","page_number":113,"box":{"x":482,"y":612,"width":11,"height":4}},{"id":"0d8aca51-955a-4c44-895c-b5070e4c3b2b","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":113,"box":{"x":495,"y":612,"width":267,"height":11}},{"id":"a91d264e-4e2d-4269-a0fc-7dd8b3350eba","block_type":"box","text":"®","page_number":113,"box":{"x":762,"y":612,"width":6,"height":4}},{"id":"c9291838-91f9-47f1-95fd-6cc68a2db66c","block_type":"box","text":"”); public income","page_number":113,"box":{"x":770,"y":612,"width":118,"height":11}},{"id":"4da0c5bb-3315-4701-9fd5-0ed96f367c3d","block_type":"box","text":"notes (“PINES","page_number":113,"box":{"x":69,"y":627,"width":99,"height":11}},{"id":"0c1814a5-3521-45e5-95c1-d7f773abf275","block_type":"box","text":"®","page_number":113,"box":{"x":169,"y":627,"width":6,"height":5}},{"id":"3643fafb-9060-4dc8-8652-8f4b98a24160","block_type":"box","text":"”); and other trust preferred securities.","page_number":113,"box":{"x":177,"y":627,"width":275,"height":11}},{"id":"97b55958-1efc-42c4-b551-b288abf79767","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":113,"box":{"x":101,"y":649,"width":790,"height":12}},{"id":"affeedee-d5a9-4b08-8025-f70019dc4613","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":113,"box":{"x":70,"y":664,"width":825,"height":12}},{"id":"8ea1ec1f-b68e-4edb-8891-212d55c7a46a","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":113,"box":{"x":68,"y":680,"width":827,"height":11}},{"id":"0770a4bb-82d5-4917-810b-3a26c9f974d9","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":113,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"5837b64f-8d9a-4f03-aac9-52d540ee2a60","block_type":"box","text":"regard to whether all payments have been paid.","page_number":113,"box":{"x":69,"y":710,"width":338,"height":11}},{"id":"1cad3223-1c65-4c03-b814-16acc44c937a","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":113,"box":{"x":102,"y":732,"width":784,"height":12}},{"id":"71af2cd3-2cd5-4735-9c6d-d6324e6913f2","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":113,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"17b0e08b-18e8-4761-8f68-e66ed5f1d8c3","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":113,"box":{"x":69,"y":763,"width":817,"height":11}},{"id":"465281eb-5d12-4253-af34-32b20a0bdea0","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":113,"box":{"x":68,"y":778,"width":785,"height":11}},{"id":"db519b5f-a268-439d-8056-d63983c4edca","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":113,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"24cb1ab0-0c59-4c5f-88db-f3e45ac65e69","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":113,"box":{"x":70,"y":808,"width":819,"height":11}},{"id":"a9f38868-43f5-40ba-9845-7df0d2cc12d3","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":113,"box":{"x":68,"y":823,"width":827,"height":12}},{"id":"34efb27c-c7c7-4143-a0b4-fbbc087b8c56","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":113,"box":{"x":68,"y":838,"width":824,"height":12}},{"id":"b527013f-9968-42cf-98e7-6f36d3f31f54","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":113,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"77d47bc4-ce22-4243-8863-023fff115d44","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":113,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"9cb87c55-a022-43ac-bb3d-962a63040926","block_type":"box","text":"II-65","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01b21aa7-de79-4ae2-8a68-85b70401b08b","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12fbdf6c-2410-4bec-be2c-41ceaec439b8","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":114,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"933baf9a-df83-4561-8f35-101519204a80","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":114,"box":{"x":68,"y":60,"width":811,"height":11}},{"id":"378371e1-b70a-4802-ab2f-45e5b6562d4f","block_type":"box","text":"debt securities.","page_number":114,"box":{"x":69,"y":75,"width":109,"height":9}},{"id":"fb83f44b-b817-45cb-bf06-bec574f36cc2","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":114,"box":{"x":102,"y":98,"width":300,"height":11}},{"id":"e5b5dc74-ec32-4f8d-86d1-6b7574b364b3","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":114,"box":{"x":409,"y":98,"width":473,"height":11}},{"id":"8b53fbf2-055f-43c7-8d10-7ef837672182","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":114,"box":{"x":70,"y":113,"width":814,"height":11}},{"id":"cf363bfd-de94-4ea6-be7a-4afd39df04ff","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":114,"box":{"x":68,"y":128,"width":814,"height":11}},{"id":"7a55f3e1-324d-482d-b805-b19b184f3e7d","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":114,"box":{"x":68,"y":143,"width":329,"height":11}},{"id":"1a0797cc-db69-4911-be02-ab03708b7070","block_type":"box","text":"i.e.","page_number":114,"box":{"x":405,"y":143,"width":20,"height":9}},{"id":"88016be9-cb7e-4e47-8262-7c74e2349931","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":114,"box":{"x":428,"y":143,"width":411,"height":11}},{"id":"2db9651e-7f57-43a6-a123-37f3325a84b7","block_type":"box","text":"buildings.","page_number":114,"box":{"x":69,"y":158,"width":66,"height":11}},{"id":"ddeac05a-130a-4628-9295-1b47acc5d7e9","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":114,"box":{"x":102,"y":181,"width":768,"height":11}},{"id":"54ff3f97-07f2-4117-ba6f-a526e743931d","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":114,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"c69b61be-5e41-4b12-b495-cb8aaabf5d15","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":114,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"84ac19db-9a11-43c2-8fbb-d31e3b9a2170","block_type":"box","text":"proper ty; they derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":114,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"f06b3e69-b56e-4ef5-949e-b26ebbcf5ba6","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":114,"box":{"x":68,"y":241,"width":782,"height":11}},{"id":"2bedae7b-16bc-488c-b958-99148e2da880","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":114,"box":{"x":70,"y":257,"width":649,"height":11}},{"id":"5a553363-9847-4d09-9efb-b9ba25a40feb","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":114,"box":{"x":102,"y":279,"width":776,"height":11}},{"id":"4ccf63bc-4bb7-41dc-ad3d-2488a332f53b","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":114,"box":{"x":69,"y":294,"width":822,"height":11}},{"id":"44328a64-575a-46bf-af97-e9b34b9d3831","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":114,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"e2b67245-6eee-4d46-96db-10de40b11368","block_type":"box","text":"economic climate and real estate conditions, perceptions of prospective tenants of the safety, convenience and","page_number":114,"box":{"x":69,"y":324,"width":795,"height":11}},{"id":"0b869c47-447d-4d57-8741-74547d759c9a","block_type":"box","text":"attractiveness of the proper ties, the ability of the owners to provide adequate management, maintenance and","page_number":114,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"57169ef2-109a-4523-8f8a-9b266c2d75c8","block_type":"box","text":"insurance, the cost of complying with the Americans with Disabilities Act, increased competition from new proper ties,","page_number":114,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"7cb0b438-fa36-47b1-8c1a-9a5e4f6deca4","block_type":"box","text":"the impact of present or future environmental legislation and compliance with environmental laws, failing to maintain","page_number":114,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"e50d4943-918d-44c8-88da-e7f859109bc0","block_type":"box","text":"their exemptions from registration under the Investment Company Act, changes in real estate taxes and other","page_number":114,"box":{"x":68,"y":385,"width":782,"height":11}},{"id":"54dcc671-6b35-4b33-9748-1885058ff01a","block_type":"box","text":"operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in zoning laws and","page_number":114,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"36ec8fee-b516-4d7c-b86a-1b04050684dc","block_type":"box","text":"other factors beyond the control of the issuers of the REITs. In addition, distributions received by a Fund from REITs","page_number":114,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"272b27f4-537a-4472-8bfc-10317fcc6f69","block_type":"box","text":"may consist of dividends, capital gains and/or return of capital. As REITs generally pay a higher rate of dividends (on","page_number":114,"box":{"x":69,"y":430,"width":829,"height":11}},{"id":"2259848f-d8cc-46c0-b243-60b15bf36836","block_type":"box","text":"a pre-tax basis) than operating companies, to the extent application of the Fund’s investment strategy results in the","page_number":114,"box":{"x":69,"y":445,"width":825,"height":12}},{"id":"94c828e6-c05a-4dd7-8f70-dede8236e70d","block_type":"box","text":"Fund investing in REIT shares, the percentage of the Fund’s dividend income received from REIT shares will likely","page_number":114,"box":{"x":70,"y":460,"width":805,"height":12}},{"id":"013b5e83-61b5-4ce4-a4b8-81e930bcc391","block_type":"box","text":"exceed the percentage of the Fund’s por tfolio which is comprised of REIT shares. Ordinary REIT dividends received by","page_number":114,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"4a4870ab-f656-40bf-8849-54621c67cf18","block_type":"box","text":"the Fund and distributed to the Fund’s shareholders will generally be taxable as ordinary income and will not","page_number":114,"box":{"x":68,"y":491,"width":774,"height":11}},{"id":"16f5dbbe-f412-40a4-bbc7-068572942511","block_type":"box","text":"constitute “qualified dividend income.” However, a non-corporate taxpayer who is a direct REIT shareholder may claim","page_number":114,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"fe4f7ac5-3637-4461-af5c-c57770af7ebd","block_type":"box","text":"a 20% “qualified business income” deduction for ordinary REIT dividends, and a regulated investment company may","page_number":114,"box":{"x":69,"y":521,"width":828,"height":11}},{"id":"284a795f-cd6a-4f30-a27f-ebbca8ca3395","block_type":"box","text":"repor t dividends as eligible for this deduction to the extent the regulated investment company’s income is derived","page_number":114,"box":{"x":69,"y":536,"width":811,"height":11}},{"id":"415c2544-de42-4b41-86a9-fd2338d3cd40","block_type":"box","text":"from ordinary REIT dividends (reduced by allocable regulated investment company expenses). A shareholder may","page_number":114,"box":{"x":68,"y":551,"width":804,"height":11}},{"id":"17027d17-99d6-4cbb-93ce-92b7b019f2fd","block_type":"box","text":"treat the dividends as such provided the regulated investment company and the shareholder satisfy applicable","page_number":114,"box":{"x":68,"y":566,"width":788,"height":11}},{"id":"65a9f2e6-8507-4547-8fb5-f642d68a040c","block_type":"box","text":"holding period requirements.","page_number":114,"box":{"x":69,"y":582,"width":203,"height":11}},{"id":"157d3701-da46-40cf-b0ed-07a9db5de7a0","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":114,"box":{"x":102,"y":604,"width":772,"height":11}},{"id":"c9114899-ded5-460d-accd-cc8add241dad","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":114,"box":{"x":70,"y":619,"width":790,"height":11}},{"id":"75ecdb35-c33a-4355-a8ac-0eb1da5403a4","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":114,"box":{"x":69,"y":634,"width":834,"height":12}},{"id":"953eb741-4114-4a9d-96ef-fda78a3cb67c","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":114,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"1a99c820-6a46-4817-bb48-8dc0a15ff30e","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":114,"box":{"x":69,"y":664,"width":812,"height":12}},{"id":"a73ba9f7-5f50-45f5-8754-9c65208d48f7","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":114,"box":{"x":69,"y":680,"width":759,"height":11}},{"id":"0aca8bf9-98a5-4ed1-899b-2079bb0b4d56","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":114,"box":{"x":69,"y":695,"width":778,"height":11}},{"id":"c79c6b53-546d-4240-860c-99c54da416ce","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":114,"box":{"x":102,"y":717,"width":773,"height":12}},{"id":"58a62e8c-e71a-4330-90c9-05f857139b4e","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":114,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"c4889733-6eba-4339-8051-e86342e72d91","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":114,"box":{"x":68,"y":748,"width":839,"height":11}},{"id":"0b6ee90e-0cf6-4971-9a45-f6e35ef15134","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":114,"box":{"x":69,"y":763,"width":832,"height":11}},{"id":"6828f4d3-5b17-46a9-af60-fd10a347b45d","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":114,"box":{"x":70,"y":778,"width":832,"height":11}},{"id":"4f3688d3-9d42-41b4-bfa9-9993fddce458","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":114,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"462e2f4d-9d88-4231-b7a3-58a408bc446f","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":114,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"9e094613-d941-499c-9f49-05d18e53c03c","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":114,"box":{"x":68,"y":823,"width":761,"height":12}},{"id":"fa6582ad-6374-4ac9-9117-0ed39cf62caf","block_type":"box","text":"Recent Market Events.","page_number":114,"box":{"x":102,"y":846,"width":167,"height":9}},{"id":"e878273f-8f30-481e-87e5-0d6167aa7c78","block_type":"box","text":"Since the market stresses associated with the 2008 financial crisis in the United States","page_number":114,"box":{"x":275,"y":846,"width":631,"height":9}},{"id":"b67f706b-3883-4d86-95f3-fa4c6b140b87","block_type":"box","text":"and global economies, periods of unusually high volatility in the financial markets and restrictive credit conditions,","page_number":114,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"786737c0-69e1-42e4-9366-e72081ff88e9","block_type":"box","text":"sometimes limited to a par ticular sector or a geography, continue to recur. Some countries, including the United","page_number":114,"box":{"x":69,"y":876,"width":797,"height":11}},{"id":"d6e34a0f-c1e3-4c7e-a6c2-0a0ff30b2640","block_type":"box","text":"States, have adopted and/or are considering the adoption of more protectionist trade policies, a move away from the","page_number":114,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"94b272de-78c3-42a3-a8bf-05a4aaa85295","block_type":"box","text":"tighter financial industry regulations that followed the financial crisis, and/or substantially reducing corporate taxes.","page_number":114,"box":{"x":68,"y":906,"width":826,"height":12}},{"id":"d9cfb813-a6eb-4f64-b309-54d96c48d392","block_type":"box","text":"II-66","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"97ea734c-9c91-4413-99db-3088fc7a456a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6042ee35-5cfd-4b79-bf39-29a64eb8b4d4","block_type":"box","text":"The exact shape of these policies is still being considered, but the equity and debt markets may react strongly to","page_number":115,"box":{"x":68,"y":45,"width":807,"height":11}},{"id":"34091c8a-472c-45af-b745-3a45d76fd0a5","block_type":"box","text":"expectations of change, which could increase volatility, especially if the market’s expectations are not borne out. A","page_number":115,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"d87b5a9a-931a-4fbe-afc4-6955bba32010","block_type":"box","text":"rise in protectionist trade policies, and the possibility of changes to some international trade agreements, could","page_number":115,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"3a9c7434-2147-4685-a017-a46bdb6f68b0","block_type":"box","text":"affect the economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition,","page_number":115,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"3073e2ff-1c60-410f-9f55-3a969e67c141","block_type":"box","text":"geopolitical and other risks, including environmental and public health, may add to instability in world economies and","page_number":115,"box":{"x":68,"y":105,"width":833,"height":11}},{"id":"f5383fce-f87e-4af7-8127-e01c3a139815","block_type":"box","text":"markets generally. Economies and financial markets throughout the world are becoming increasingly interconnected.","page_number":115,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"298f22ee-14fe-4cba-b074-9d9740b6cfb8","block_type":"box","text":"As a result, whether or not a Fund invests in securities of issuers located in or with significant exposure to countries","page_number":115,"box":{"x":68,"y":135,"width":830,"height":12}},{"id":"e4cdfdea-704e-450e-be36-a02b7f33aef0","block_type":"box","text":"experiencing economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be","page_number":115,"box":{"x":69,"y":150,"width":836,"height":12}},{"id":"dc794a2b-2347-4a0a-9926-422f2c02299b","block_type":"box","text":"negatively affected by such events.","page_number":115,"box":{"x":69,"y":166,"width":249,"height":11}},{"id":"72707ebc-bb3e-4270-aeb8-7763d41520dc","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":115,"box":{"x":102,"y":188,"width":795,"height":12}},{"id":"20eca203-147f-4b6a-aeac-e2a42a8b43c2","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":115,"box":{"x":68,"y":203,"width":830,"height":12}},{"id":"ec4ad372-d82a-4372-b357-fd30cef1050a","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":115,"box":{"x":69,"y":219,"width":796,"height":11}},{"id":"43888905-f730-42ff-91de-28f6560ffc0c","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":115,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"71d00ee2-313b-4bd5-91cd-db7a3de5a382","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":115,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"de4ae0b2-ff5b-406e-be8b-206b32c07093","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets, and could adversely affect the","page_number":115,"box":{"x":68,"y":264,"width":763,"height":11}},{"id":"db5e839e-1d28-4938-8f6a-1355321a8d7a","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":115,"box":{"x":70,"y":279,"width":819,"height":11}},{"id":"8ba8285d-0b9a-4dcb-b222-0915f8176a7d","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":115,"box":{"x":68,"y":294,"width":821,"height":11}},{"id":"273c9049-41b2-4e8e-9b90-875ef06b95e3","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":115,"box":{"x":68,"y":309,"width":837,"height":11}},{"id":"030cd2a5-6d8e-4ac1-9d19-2e13923ff555","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":115,"box":{"x":69,"y":324,"width":795,"height":12}},{"id":"d4495c70-a601-4108-8003-c2a095ce82cb","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":115,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"c1fe5ea7-abcc-4b3d-8e98-21e8fb92ed61","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":115,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"ea1b2458-79b8-4c5a-8610-b9d849368bdd","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":115,"box":{"x":70,"y":370,"width":816,"height":11}},{"id":"93fa5e67-371c-4001-a7be-df4b8c71ed27","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":115,"box":{"x":70,"y":385,"width":813,"height":11}},{"id":"34e5c8da-d1d9-40d6-b255-cb5f4c298534","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":115,"box":{"x":69,"y":400,"width":815,"height":11}},{"id":"551f388a-1fea-4d40-8627-ecd3941ba049","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":115,"box":{"x":69,"y":415,"width":836,"height":11}},{"id":"6193db77-ab40-4aad-a4ad-bc9bf634c22d","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":115,"box":{"x":69,"y":430,"width":820,"height":11}},{"id":"9dd250d3-4dfd-4033-88cb-ec58ea568a47","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":115,"box":{"x":69,"y":445,"width":785,"height":12}},{"id":"478edc62-f1a3-4fb4-b352-116d4c7a07c3","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":115,"box":{"x":70,"y":460,"width":832,"height":12}},{"id":"d871077a-9ecd-4972-9201-2df3e4ed1f2b","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":115,"box":{"x":68,"y":475,"width":799,"height":12}},{"id":"78f3f68b-407c-4bbc-bed0-fd4ac651c147","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":115,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"2fdc0a1c-eccf-4419-8c9c-16734d151d72","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":115,"box":{"x":69,"y":506,"width":746,"height":11}},{"id":"c2ed4aba-a79f-4bd0-a612-50d8338ed7e1","block_type":"box","text":"investments.","page_number":115,"box":{"x":70,"y":521,"width":89,"height":9}},{"id":"de38e33d-eb35-4b06-950b-5c648d56875e","block_type":"box","text":"An outbreak of respiratory disease caused by a novel coronavirus (COVID-19) that was first detected in","page_number":115,"box":{"x":101,"y":543,"width":733,"height":12}},{"id":"b000529e-8d28-4df8-be64-1285d8f96cb2","block_type":"box","text":"December 2019 developed into a global pandemic. This pandemic resulted in closing borders, enhanced health","page_number":115,"box":{"x":70,"y":559,"width":794,"height":11}},{"id":"41e7cf4e-7d03-420f-88d7-44f9efbc9d6a","block_type":"box","text":"screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and","page_number":115,"box":{"x":69,"y":574,"width":834,"height":11}},{"id":"a80f7053-75f3-4653-a0da-d4b4296ef23b","block_type":"box","text":"customer activity, as well as general concern and uncer tainty for a period of time. The impact of this outbreak has","page_number":115,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"15c55889-281b-4fc9-9553-3a7b9d954876","block_type":"box","text":"adversely affected the economies of many nations and the entire global economy and impacted individual issuers","page_number":115,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"19318ac4-04f9-419b-b4f1-ca5356c7141a","block_type":"box","text":"and capital. Other infectious illness outbreaks that may arise in the future could have similar or other unforeseen","page_number":115,"box":{"x":69,"y":619,"width":806,"height":11}},{"id":"8c05b4cb-e7b1-402b-88e6-f4056fce09f2","block_type":"box","text":"effects. The duration of any such outbreak and its effects cannot be determined with cer tainty.","page_number":115,"box":{"x":69,"y":634,"width":676,"height":11}},{"id":"55cafa52-c336-4c84-8863-4b8408800d45","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":115,"box":{"x":102,"y":657,"width":255,"height":11}},{"id":"dec68ea0-aace-433c-96ff-e2ebe9813fc8","block_type":"box","text":"A Fund may be exposed to financial instruments that recently transitioned","page_number":115,"box":{"x":363,"y":657,"width":525,"height":11}},{"id":"49ef7316-3342-477d-80b3-201309ccd8a1","block_type":"box","text":"from, or continue to be tied to, the London Interbank Offered Rate (previously defined as “LIBOR”) to determine","page_number":115,"box":{"x":68,"y":672,"width":796,"height":11}},{"id":"bdc75b6b-04c4-4cb6-b9f6-683f1ccf3760","block_type":"box","text":"payment obligations, financing terms, hedging strategies or investment value.","page_number":115,"box":{"x":70,"y":687,"width":551,"height":11}},{"id":"970299ee-2548-4fd4-8113-0a96d224d0c8","block_type":"box","text":"The United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, has ceased publishing all","page_number":115,"box":{"x":101,"y":710,"width":770,"height":11}},{"id":"dcf3ea1d-378f-4790-b090-4a472c7a5ef6","block_type":"box","text":"LIBOR settings. In April 2023, however, the FCA announced that some USD LIBOR settings will continue to be","page_number":115,"box":{"x":70,"y":725,"width":779,"height":11}},{"id":"4ec739ba-b477-4591-b72e-47948d13c0d5","block_type":"box","text":"published under a synthetic methodology until September 30, 2024 for cer tain legacy contracts. The Secured","page_number":115,"box":{"x":70,"y":740,"width":779,"height":11}},{"id":"1a9323a3-c08f-44b2-a845-fd8c89e18c73","block_type":"box","text":"Overnight Financing Rate (“SOFR”) is a broad measure of the cost of borrowing cash overnight collateralized by U.S.","page_number":115,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"ff7afda3-7fe6-4d36-9e39-5f2aeb611434","block_type":"box","text":"Treasury securities in the repurchase agreement (“repo”) market and has been used increasingly on a voluntary","page_number":115,"box":{"x":68,"y":771,"width":800,"height":11}},{"id":"1a0502bd-1ca9-477a-82c4-ee6e4ad2f31d","block_type":"box","text":"basis in new instruments and transactions. Under U.S. regulations that implement a statutory fallback mechanism to","page_number":115,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"6c6171ce-c820-4bd8-bb20-a6a762bae62d","block_type":"box","text":"replace LIBOR, benchmark rates based on SOFR have replaced LIBOR in cer tain financial contracts.","page_number":115,"box":{"x":69,"y":801,"width":709,"height":11}},{"id":"bce75ffc-437a-427f-8782-727200ce0624","block_type":"box","text":"Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. While some","page_number":115,"box":{"x":102,"y":823,"width":751,"height":11}},{"id":"0b107094-e178-4169-b11c-c653f19ce2e6","block_type":"box","text":"existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an","page_number":115,"box":{"x":69,"y":838,"width":833,"height":12}},{"id":"cc3a849a-bf04-42f9-a103-ef44c66726c0","block_type":"box","text":"alternative rate-setting methodology, there may be significant uncer tainty regarding the effectiveness of any such","page_number":115,"box":{"x":69,"y":853,"width":805,"height":12}},{"id":"7b12dac3-3736-4d90-b329-9b9c411adcd2","block_type":"box","text":"alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate","page_number":115,"box":{"x":69,"y":869,"width":808,"height":11}},{"id":"b5efff1e-5944-4f10-a27f-e3fa04c52122","block_type":"box","text":"setting provisions and there remains uncer tainty regarding the willingness and ability of issuers to add alternative","page_number":115,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"b6de3398-8e7f-403b-8a2c-3be9e053a3f2","block_type":"box","text":"rate-setting provisions in cer tain existing instruments. Par ties to contracts, securities or other instruments using","page_number":115,"box":{"x":69,"y":899,"width":804,"height":11}},{"id":"3a6db740-35c7-43c1-8fa6-cc34e7fe860e","block_type":"box","text":"II-67","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5adbc477-d15f-4e0a-9153-1381acdfcf99","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67c3e4f6-d39b-4342-91c6-16892dc3896c","block_type":"box","text":"LIBOR may disagree on transition rates or the application of transition regulation, potentially resulting in uncer tainty","page_number":116,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"abaff058-3b41-4134-a4c3-af367d1eed74","block_type":"box","text":"of per formance and the possibility of litigation. A Fund may have instruments linked to other interbank offered rates","page_number":116,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"1254d8a2-4048-487e-b1ac-21914fa92003","block_type":"box","text":"that may also cease to be published in the future.","page_number":116,"box":{"x":68,"y":75,"width":356,"height":11}},{"id":"0e2306ae-555c-401e-aced-bd4cfef0552f","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":116,"box":{"x":102,"y":98,"width":432,"height":11}},{"id":"1036076f-6e6b-4812-9c43-6f19e04a15b8","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":116,"box":{"x":541,"y":98,"width":347,"height":11}},{"id":"4fc282b4-083d-4fc1-ad66-22fcef2b1244","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":116,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"aaa66b03-2043-43b3-98bf-0264bb17c64a","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":116,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"5e2ca2da-a4bc-4a6c-8b95-86ae081d8339","block_type":"box","text":"term of the agreement.","page_number":116,"box":{"x":68,"y":143,"width":164,"height":11}},{"id":"b191327c-ec08-45a6-b76b-78fcb530d01d","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":116,"box":{"x":101,"y":166,"width":788,"height":11}},{"id":"a379408b-f331-497c-b525-86ad4690e62c","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":116,"box":{"x":68,"y":181,"width":831,"height":11}},{"id":"f6f8cfcb-02b7-4dcf-8d23-9a83581a2cc5","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":116,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"6a474798-5caf-4d38-9a8a-786da812aba8","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":116,"box":{"x":69,"y":211,"width":790,"height":11}},{"id":"a0443916-d8e4-43c6-9923-64caad56020d","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":116,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"d8d97fd9-d4e6-4896-8c17-420873852fc5","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":116,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"9cc624d8-6f51-4fed-8511-25fd3c06c696","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":116,"box":{"x":68,"y":256,"width":522,"height":11}},{"id":"f8e69835-fc67-4b57-98cb-35bf37d7ab5f","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":116,"box":{"x":102,"y":279,"width":792,"height":11}},{"id":"d3d516de-be0d-4e97-a198-994ee662ab5f","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":116,"box":{"x":70,"y":294,"width":784,"height":11}},{"id":"242f9485-8498-4547-847d-f14cb419803e","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":116,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"b4b5fe18-16b2-4182-9ea3-ace2467cb157","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":116,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"117b69aa-76fd-4830-b571-b9ffc1d257e8","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":116,"box":{"x":68,"y":339,"width":770,"height":12}},{"id":"453aec36-9ccf-4a7b-be97-4e67c5a75e69","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":116,"box":{"x":69,"y":355,"width":802,"height":11}},{"id":"5d36919b-6831-4e51-b210-50ba7fb1da56","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":116,"box":{"x":70,"y":370,"width":430,"height":11}},{"id":"66bb66c9-479d-40f5-8ae0-6e2df32c720a","block_type":"box","text":"Both types of agreement usually cover shor t periods, such as less than one week, although they may have","page_number":116,"box":{"x":102,"y":392,"width":759,"height":12}},{"id":"ce3a7c11-e7e3-4ead-91d2-5dae3de90441","block_type":"box","text":"longer terms, and may be construed to be collateralized loans by the purchaser to the seller secured by the","page_number":116,"box":{"x":70,"y":408,"width":765,"height":11}},{"id":"15c4147b-bca5-4464-9f4a-32af7b2ad7d3","block_type":"box","text":"securities transferred to the purchaser. In the case of a repurchase agreement, as a purchaser, a Fund’s Manager or","page_number":116,"box":{"x":69,"y":423,"width":835,"height":11}},{"id":"9808e324-d6ed-4368-a86a-92949c16717c","block_type":"box","text":"sub-adviser will monitor the creditwor thiness of the seller, and a Fund will require the seller to provide additional","page_number":116,"box":{"x":69,"y":438,"width":799,"height":11}},{"id":"2579e3b3-12f3-4ee2-8bdb-0120620db8dc","block_type":"box","text":"collateral if the market value of the securities falls below the repurchase price at any time during the term of the","page_number":116,"box":{"x":69,"y":453,"width":801,"height":11}},{"id":"d024e528-813c-468a-ac61-9c7ff07583b9","block_type":"box","text":"repurchase agreement. The Fund does not have this right to seek additional collateral as a purchaser in the case of","page_number":116,"box":{"x":69,"y":468,"width":826,"height":11}},{"id":"80452a65-449c-49d9-b7c5-58effbfa77d8","block_type":"box","text":"purchase and sale contracts. The Fund’s Manager or sub-adviser will mark-to-market daily the value of the securities.","page_number":116,"box":{"x":70,"y":483,"width":831,"height":11}},{"id":"08149953-a529-499f-a25e-70995ae20839","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":116,"box":{"x":69,"y":498,"width":810,"height":11}},{"id":"be267c93-f856-4332-8092-e5da0d424997","block_type":"box","text":"contracts will be held by the Fund’s custodian (or sub-custodian) in the Federal Reserve/Treasury book-entry system","page_number":116,"box":{"x":69,"y":514,"width":829,"height":10}},{"id":"36b00da3-e733-4616-898b-e11d750f8059","block_type":"box","text":"or by another authorized securities depository.","page_number":116,"box":{"x":69,"y":529,"width":329,"height":11}},{"id":"7bfbbd47-07f2-4a1d-ad8b-8f7fd340c962","block_type":"box","text":"In the event of default by the seller under a repurchase agreement construed to be a collateralized loan, the","page_number":116,"box":{"x":102,"y":551,"width":770,"height":11}},{"id":"64e2845f-53ab-4517-a9f4-6027e72dfb61","block_type":"box","text":"underlying securities are not owned by the Fund but only constitute collateral for the seller’s obligation to pay the","page_number":116,"box":{"x":69,"y":566,"width":805,"height":11}},{"id":"8d2376d8-0b16-422c-8e41-75470e9e7eb3","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":116,"box":{"x":69,"y":581,"width":819,"height":11}},{"id":"d23bc52c-5e24-4468-abbf-90b7a2abdbd4","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":116,"box":{"x":69,"y":596,"width":778,"height":12}},{"id":"8c0a3692-c7b3-4a66-abe1-630e85c40de3","block_type":"box","text":"applicable bankruptcy or other laws, a Fund’s ability to dispose of the underlying securities may be restricted. Finally,","page_number":116,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"2dae22ef-eb06-4904-952b-b1761d449b9f","block_type":"box","text":"it is possible that a Fund may not be able to substantiate its interest in the underlying securities. To minimize this","page_number":116,"box":{"x":70,"y":627,"width":810,"height":11}},{"id":"d8771c18-c361-45bf-a0a5-d0681bbc8464","block_type":"box","text":"risk, the securities underlying the repurchase agreement will be held by the applicable custodian at all times in an","page_number":116,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"4206d23d-74ee-430c-886c-b582481bf9ac","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":116,"box":{"x":69,"y":657,"width":778,"height":11}},{"id":"0724c3ce-abcc-48c5-b87c-effbaeb88e2a","block_type":"box","text":"securities, a Fund may suffer a loss to the extent proceeds from the sale of the underlying securities are less than","page_number":116,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"79de5761-0803-405c-960f-cd03035327ae","block_type":"box","text":"the repurchase price.","page_number":116,"box":{"x":68,"y":687,"width":151,"height":11}},{"id":"dbb97744-116c-46ea-a9f8-3dcdc0030ebf","block_type":"box","text":"In any repurchase transaction to which a Fund is a par ty, collateral for a repurchase agreement may include cash","page_number":116,"box":{"x":102,"y":710,"width":805,"height":11}},{"id":"cf4ec032-4d7d-4b41-93a7-ea0fe7ab9db9","block_type":"box","text":"items and obligations issued by the U.S. Government or its agencies or instrumentalities. For cer tain Funds, however,","page_number":116,"box":{"x":70,"y":725,"width":837,"height":11}},{"id":"5585bd87-8c3d-42ab-8511-2fee780d49d1","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":116,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"cb3377f7-f368-4499-9191-af8927614b64","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":116,"box":{"x":69,"y":755,"width":767,"height":11}},{"id":"e5bdddcf-a036-41cd-b9d5-fa965a6d8ac7","block_type":"box","text":"strategies without the repurchase obligation.","page_number":116,"box":{"x":69,"y":771,"width":317,"height":11}},{"id":"59f9b791-8471-40cd-87cc-2992195e33f3","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":116,"box":{"x":101,"y":793,"width":782,"height":11}},{"id":"6c2373f7-6023-4b67-95da-0e2c112c36ad","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":116,"box":{"x":69,"y":808,"width":776,"height":11}},{"id":"66720f84-b119-4633-852b-c4d336cf4290","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":116,"box":{"x":69,"y":823,"width":799,"height":12}},{"id":"f867529f-51e7-428e-94d6-8009ccfea154","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":116,"box":{"x":69,"y":838,"width":829,"height":12}},{"id":"d3cf48d6-dc8c-4f5c-9d17-0162a2385509","block_type":"box","text":"the amount of collateral not be sufficient to cover the counterpar ty’s repurchase obligation, a Fund would retain the","page_number":116,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"56c8688d-7e9d-4829-acbb-9f9792cd9b49","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":116,"box":{"x":69,"y":869,"width":374,"height":11}},{"id":"4b1e3d1b-6869-4c88-9555-827b9c76cff0","block_type":"box","text":"i.e.","page_number":116,"box":{"x":445,"y":869,"width":20,"height":9}},{"id":"078fcb31-c94b-4b8c-ab38-a6ab36fd8531","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":116,"box":{"x":468,"y":869,"width":434,"height":11}},{"id":"018d74a2-0268-490c-a6f1-deeffd3613f8","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":116,"box":{"x":70,"y":884,"width":813,"height":11}},{"id":"a2aa2435-b9d3-4e3d-bd00-d3b9d07fc98b","block_type":"box","text":"II-68","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"adbdadad-0446-4952-93df-5fd4463029b1","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e52a7f24-c33f-4b00-9eca-51cd64e8ad40","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":117,"box":{"x":68,"y":45,"width":816,"height":11}},{"id":"e05e4553-1064-488f-b747-0219885216c3","block_type":"box","text":"and income involved in the transaction.","page_number":117,"box":{"x":69,"y":60,"width":278,"height":9}},{"id":"6953b394-2432-4ea3-aa93-96608fd03612","block_type":"box","text":"Repurchase agreements and purchase and sale contracts may be entered into only with financial institutions","page_number":117,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"ca00924f-baec-427f-b0c2-80ff1a79edfb","block_type":"box","text":"that have capital of at least $50 million or whose obligations are guaranteed by an entity that has capital of at least","page_number":117,"box":{"x":68,"y":97,"width":828,"height":12}},{"id":"99b30385-6f20-43e6-9fc5-c0dd1ae85c88","block_type":"box","text":"$50 million.","page_number":117,"box":{"x":69,"y":112,"width":84,"height":10}},{"id":"fd2a4396-464e-4ab4-865b-24ccef8df186","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":117,"box":{"x":102,"y":135,"width":743,"height":12}},{"id":"62e1cc9b-7285-41f0-90c1-e3f9835718e6","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many repurchase","page_number":117,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"d8ec61ee-7877-4071-a3b5-5aab578f96c8","block_type":"box","text":"agreements and purchase and sale contracts, terms that delay or restrict the rights of counterpar ties, such as a","page_number":117,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"6d49a7fa-f0de-42b7-96d7-56e753ba116a","block_type":"box","text":"Fund, to terminate such agreements, take foreclosure action, exercise other default rights or restrict transfers of","page_number":117,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"5633b15d-c848-45b3-bff7-51aaaa398784","block_type":"box","text":"credit suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or","page_number":117,"box":{"x":69,"y":196,"width":803,"height":11}},{"id":"1c239541-1756-442b-ae42-b4a4c767f6fd","block_type":"box","text":"insolvency proceedings. It is possible that these new requirements, as well as potential additional government","page_number":117,"box":{"x":70,"y":211,"width":787,"height":11}},{"id":"11ff0b04-6c4f-4069-858b-595fdf34b57f","block_type":"box","text":"regulation and other developments in the market, could adversely affect a Fund’s ability to terminate existing","page_number":117,"box":{"x":69,"y":226,"width":778,"height":11}},{"id":"1e888440-5136-4af7-8ee0-6363693e774c","block_type":"box","text":"repurchase agreements and purchase and sale contracts or to realize amounts to be received under such","page_number":117,"box":{"x":69,"y":241,"width":754,"height":11}},{"id":"612f4f7c-ef87-4e29-83ad-4475a0969f99","block_type":"box","text":"agreements.","page_number":117,"box":{"x":69,"y":257,"width":87,"height":11}},{"id":"0a97d571-25df-4246-9948-c3b9a0aaf68c","block_type":"box","text":"Restricted Securities.","page_number":117,"box":{"x":102,"y":279,"width":157,"height":9}},{"id":"669711fa-b4bc-4482-bbe6-4c59134c7623","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":117,"box":{"x":265,"y":279,"width":617,"height":11}},{"id":"cc89d330-8dab-4885-93a6-f891d55e1270","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":117,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"67f5f0aa-c373-4c6e-b602-b6627bf3e534","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":117,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"e2277593-e90e-4da7-92d0-004e0e1694b7","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":117,"box":{"x":70,"y":325,"width":802,"height":11}},{"id":"853a17c7-18c2-4003-a1c5-e9e5c456302f","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":117,"box":{"x":70,"y":340,"width":834,"height":11}},{"id":"99baca63-90a1-464e-8f91-27bbbd49445d","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":117,"box":{"x":68,"y":355,"width":825,"height":11}},{"id":"c1235e11-0eaf-4e96-9301-1eb17556b3a4","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":117,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"2c365654-1448-4dcf-a579-9b7e0c312a86","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":117,"box":{"x":69,"y":385,"width":821,"height":11}},{"id":"cbacc350-f6b4-4eda-bcc8-e3ef42024e6d","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":117,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"bd135748-fc0e-4fb0-9a1c-20d71c903ad8","block_type":"box","text":"Fund may not be able to resell some of its holdings for extended periods, which may be several years. There can be","page_number":117,"box":{"x":70,"y":415,"width":824,"height":11}},{"id":"f8640ddf-719f-4065-84cb-ff9722e780b6","block_type":"box","text":"no assurance that a Fund will be able to realize the value of such restricted securities in a timely manner or at all. As","page_number":117,"box":{"x":69,"y":430,"width":834,"height":11}},{"id":"035df8e6-e8ad-4b8b-b7ad-337d49fb10c0","block_type":"box","text":"a result of the absence of a public trading market and the potential bespoke nature on cer tain transactions,","page_number":117,"box":{"x":69,"y":445,"width":769,"height":12}},{"id":"87c947ee-995d-467e-8289-7f08545c9e0b","block_type":"box","text":"restricted securities may be deemed to be illiquid investments or less liquid investments and may be more difficult to","page_number":117,"box":{"x":69,"y":460,"width":838,"height":12}},{"id":"3cd140f5-ac75-4210-9d77-95c9716dd270","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":117,"box":{"x":68,"y":476,"width":805,"height":11}},{"id":"aea3ee7e-2566-40e2-8b53-7866a4613c85","block_type":"box","text":"transactions, the prices realized from the sales, due to lack of liquidity, could be less than those originally paid by the","page_number":117,"box":{"x":68,"y":491,"width":840,"height":11}},{"id":"bdbf4b56-39a7-403b-b2af-d465edc9e706","block_type":"box","text":"Fund or less than their fair market value. The amount of any discount may vary depending on the security type, the","page_number":117,"box":{"x":70,"y":506,"width":815,"height":11}},{"id":"c14aa169-7703-4d15-b2fa-03eecfeffd5a","block_type":"box","text":"character of the issuer, which par ty (if any) will bear the expenses of registering the restricted security, and prevailing","page_number":117,"box":{"x":69,"y":521,"width":835,"height":11}},{"id":"6335d95f-5bf8-460f-9198-ff613e307bf9","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":117,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"045482e2-1c4b-4bdc-90ba-c7873d645a9d","block_type":"box","text":"listed may not be subject to the disclosure and other investor protection requirements that may be applicable if their","page_number":117,"box":{"x":70,"y":551,"width":830,"height":11}},{"id":"40931442-1442-4e62-8682-e45dc10caa50","block_type":"box","text":"securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under","page_number":117,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"27f6a4e9-c5ca-463b-8c65-010069154a83","block_type":"box","text":"the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses","page_number":117,"box":{"x":68,"y":581,"width":825,"height":12}},{"id":"1ae27cc9-e020-4e05-ba00-f45a10b0664e","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":117,"box":{"x":69,"y":596,"width":777,"height":12}},{"id":"2b44acb2-0f4c-4d99-b55e-1c7e0a15a9cc","block_type":"box","text":"between the time the Fund decides to sell the security and the time it is actually permitted to sell the security under","page_number":117,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"b39771e7-99a6-416a-a5e1-92754cc89c08","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":117,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"3b973c50-da83-4882-a5c9-d79254bfbfd5","block_type":"box","text":"obtain less favorable pricing terms than when it decided to sell the security. In addition, the Fund may be deemed to","page_number":117,"box":{"x":69,"y":642,"width":828,"height":11}},{"id":"089022a7-5590-4853-9eae-4b419ed8292f","block_type":"box","text":"be an “underwriter” for purposes of the Securities Act when selling restricted securities. If so, the Fund may be liable","page_number":117,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"48633f8b-a68f-4444-883e-62ac5ef4cf1a","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":117,"box":{"x":68,"y":672,"width":819,"height":11}},{"id":"7a391ecc-fa90-4ee5-aab0-cb872540e167","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":117,"box":{"x":70,"y":687,"width":822,"height":11}},{"id":"ca1cfdf6-621e-464d-8c85-442a04fe23f8","block_type":"box","text":"costs that are higher than those for transactions in unrestricted securities. Cer tain of the Fund’s investments in","page_number":117,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"3a98aadc-9526-43ab-a7b1-a62dec4bd257","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":117,"box":{"x":70,"y":717,"width":780,"height":12}},{"id":"f67621f7-5ef6-422d-8d3f-2b139ad4203f","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":117,"box":{"x":70,"y":732,"width":773,"height":12}},{"id":"b0f1bd76-9637-4a1b-8f8a-808e183fb5e8","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":117,"box":{"x":69,"y":748,"width":784,"height":11}},{"id":"e3ae0037-1bf1-4386-a9a7-e84ee04d710e","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":117,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"2622e2a1-8ddb-44ba-a56d-93195e1bf855","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":117,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"83e23ed3-2f6a-4dd0-a4be-f48e7640b62a","block_type":"box","text":"operations of such issuers, and investments in securities of such issuers may involve a high degree of business and","page_number":117,"box":{"x":69,"y":793,"width":831,"height":11}},{"id":"df3a71ca-446e-41fb-a832-298438c2033a","block_type":"box","text":"financial risk and may result in substantial losses to the Fund. Such issuers may also have limited product lines,","page_number":117,"box":{"x":68,"y":808,"width":804,"height":11}},{"id":"4240601a-6d9e-47a5-b31e-2b460bc2ce0a","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":117,"box":{"x":69,"y":823,"width":647,"height":12}},{"id":"7ffe6adf-b1c2-4ca9-b59f-7bb83e486144","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":117,"box":{"x":102,"y":846,"width":714,"height":11}},{"id":"a98dcec5-b503-4e4c-a021-e0481975d1ba","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":117,"box":{"x":70,"y":861,"width":823,"height":11}},{"id":"5e15904c-2e60-4e43-aab2-8e8baec69950","block_type":"box","text":"Fund’s net assets grow from new or additional investments made in the Fund by other shareholders. The issuer of a","page_number":117,"box":{"x":70,"y":876,"width":826,"height":11}},{"id":"7b9465ab-82bf-44b9-8f35-2aa3ff24e04d","block_type":"box","text":"private placement may later register those shares for public sale in an IPO, but there is no guarantee that an IPO will","page_number":117,"box":{"x":70,"y":891,"width":830,"height":12}},{"id":"00cc7c6c-81e7-4786-8d73-b9e507214766","block_type":"box","text":"ever be completed. Even after an IPO, there may be a limited trading market for securities of that issuer, including","page_number":117,"box":{"x":69,"y":906,"width":812,"height":12}},{"id":"d1a03103-61ac-4a94-b133-d86775a98407","block_type":"box","text":"II-69","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2b3d6dcc-fea7-4d15-8aca-c9be8e8de3df","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54187fe9-ae86-4b95-81e7-cde0902268a0","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":118,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"2ec6194c-cc03-4826-965d-65177be4d86d","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":118,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"2e15d1cc-5dcb-4c7b-aee1-42c0d20058c4","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":118,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"c616acb2-fde9-4cc4-9f5d-ddc2c39aae54","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":118,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"30965c54-4a2e-4426-a26e-b98c4655c554","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":118,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"9872bbd3-ccf8-4a80-bcaa-8f57eb8ec291","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":118,"box":{"x":69,"y":120,"width":827,"height":12}},{"id":"a67ef9ce-93e4-4c2c-8ab9-0127b50e94a3","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":118,"box":{"x":70,"y":135,"width":804,"height":12}},{"id":"8fd93dc4-ca85-4a89-a362-5000e74b98f3","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":118,"box":{"x":69,"y":150,"width":816,"height":12}},{"id":"3571ea72-844c-4a93-b306-fed2a49a4379","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":118,"box":{"x":70,"y":166,"width":835,"height":11}},{"id":"0df58f2a-2dd5-4ae4-be05-d2b8851b47fb","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":118,"box":{"x":69,"y":181,"width":768,"height":11}},{"id":"59ef02cf-08eb-4f62-a8c8-3eaeb90bc35d","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":118,"box":{"x":70,"y":196,"width":815,"height":11}},{"id":"ff96d1e0-611f-4da7-84c6-c36b05d9466d","block_type":"box","text":"especially as that Fund grows in size.","page_number":118,"box":{"x":69,"y":211,"width":264,"height":11}},{"id":"14357b83-f707-4bb1-bc0d-075d4a4f7cd3","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":118,"box":{"x":101,"y":234,"width":762,"height":11}},{"id":"4f83c769-a90a-494c-8b20-a3443b117362","block_type":"box","text":"securities issued by private companies). Each Fund values restricted securities in accordance with BlackRock’s","page_number":118,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"be808959-36e5-4d91-afc7-ac7cbf7fe16f","block_type":"box","text":"valuation policies and procedures, which are designed to value investments such that they accurately reflect fair","page_number":118,"box":{"x":68,"y":264,"width":801,"height":11}},{"id":"fca2be3b-d89e-4668-ac41-94695b60fd9c","block_type":"box","text":"value. Due to the inherent uncer tainty and subjectivity of determining the fair value of investments that do not have a","page_number":118,"box":{"x":68,"y":279,"width":836,"height":11}},{"id":"146d13f9-f573-4f6d-ae02-eabfa53d52e1","block_type":"box","text":"readily available market value, the fair value of a Fund’s private investments may differ significantly from the values","page_number":118,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"4058f3a5-c4f7-410c-95b2-d744eaf1adf9","block_type":"box","text":"that would have been used had a readily available market value existed for such investments and may differ","page_number":118,"box":{"x":68,"y":309,"width":772,"height":11}},{"id":"37815f83-5ef8-4b2e-bf43-bc5b078da8de","block_type":"box","text":"materially from the amounts the Fund may realize on any dispositions of such investments. Differences in the value","page_number":118,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"f91f6cb9-3ee7-4d94-b12c-f6cc6ea5b056","block_type":"box","text":"of the Fund’s private investments could result in the Fund’s shareholder transactions being effected at a NAV that","page_number":118,"box":{"x":69,"y":339,"width":813,"height":12}},{"id":"5b38bd4c-8665-4e03-95f6-ac7dafd48ada","block_type":"box","text":"does not accurately reflect the underlying value of the Fund’s por tfolio, potentially resulting in the dilution of","page_number":118,"box":{"x":69,"y":355,"width":770,"height":11}},{"id":"1fc88071-3a19-4c4a-b6c4-2c5925e09bd4","block_type":"box","text":"shareholder interests and increasing oppor tunities for shareholder arbitrage. The values used by the Fund to price its","page_number":118,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"88657e93-9ccd-4a78-905b-73e0d383a228","block_type":"box","text":"restricted securities may also differ from those used by other investment companies and investors to price the same","page_number":118,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"9b7cee9d-c3d7-4556-8cdc-e64ec6d9a142","block_type":"box","text":"restricted securities. In addition, the impact of changes in the market environment and other events on the fair","page_number":118,"box":{"x":69,"y":400,"width":790,"height":11}},{"id":"36e9be84-a7d0-4856-814d-d538716bf224","block_type":"box","text":"values of a Fund’s investments that have no readily available market values may differ from the impact of such","page_number":118,"box":{"x":68,"y":415,"width":792,"height":11}},{"id":"308d4590-56a2-4a3d-ab3d-3618e6084497","block_type":"box","text":"changes on the readily available market values for the Fund’s other investments. A Fund’s NAV could be adversely","page_number":118,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"86f9fbe2-73fa-4fd4-8928-266947834f87","block_type":"box","text":"affected if the Fund’s determinations regarding the fair value of the Fund’s investments were materially higher than","page_number":118,"box":{"x":69,"y":445,"width":821,"height":12}},{"id":"e7a13fd9-cfbf-46be-89c2-ead46606c573","block_type":"box","text":"the investment’s actual market or fair value or the values that the Fund ultimately realizes upon the disposal of such","page_number":118,"box":{"x":68,"y":460,"width":832,"height":12}},{"id":"d8ad65cf-2f84-4443-993a-846a44e4a645","block_type":"box","text":"investments.","page_number":118,"box":{"x":70,"y":476,"width":89,"height":8}},{"id":"1b1b2357-a592-4435-bbb8-ada57725cbbe","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":118,"box":{"x":102,"y":498,"width":385,"height":11}},{"id":"f466a5d2-fcca-4758-af86-b18afe678372","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":118,"box":{"x":102,"y":521,"width":246,"height":11}},{"id":"691f8f2f-78c8-467a-b6bc-fbe24d017523","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":118,"box":{"x":354,"y":521,"width":548,"height":11}},{"id":"e90ed1ae-d3db-48a6-b663-2b6ac01fa03e","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":118,"box":{"x":68,"y":536,"width":830,"height":11}},{"id":"bce43672-b137-4ca2-8d41-8e6981b3a343","block_type":"box","text":"to another par ty and agrees to repurchase them at a par ticular date and price. A Fund may enter into a reverse","page_number":118,"box":{"x":68,"y":551,"width":793,"height":11}},{"id":"ec1b5243-47a2-49d9-8790-d3d230d29b36","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":118,"box":{"x":69,"y":566,"width":784,"height":11}},{"id":"6f9e4afb-6842-4956-adbd-2536c2070094","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":118,"box":{"x":70,"y":581,"width":591,"height":12}},{"id":"4d92564d-deca-4ac0-a0ad-b9e0ac593d97","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":118,"box":{"x":101,"y":604,"width":730,"height":11}},{"id":"e4a69396-c298-4271-883d-b68d1b3848fd","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":118,"box":{"x":70,"y":619,"width":822,"height":11}},{"id":"b6f2d04d-1e6f-47a1-9a2b-8eb1bad77a12","block_type":"box","text":"of the proceeds will be less than the interest expense, (ii) the market value of the securities retained in lieu of sale","page_number":118,"box":{"x":69,"y":634,"width":821,"height":11}},{"id":"d0601701-31ae-4b4a-822a-aa7972b016a8","block_type":"box","text":"by a Fund may decline below the price of the securities the Fund has sold but is obligated to repurchase, (iii) the","page_number":118,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"8a6bb996-0465-41cd-94e6-1992f5920335","block_type":"box","text":"market value of the securities sold will decline below the price at which the Fund is required to repurchase them and","page_number":118,"box":{"x":69,"y":664,"width":830,"height":11}},{"id":"748a9ae7-feae-4ad7-954e-696403fed871","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":118,"box":{"x":69,"y":680,"width":354,"height":11}},{"id":"dbd37aca-c660-415b-8eff-165448437e07","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":118,"box":{"x":102,"y":702,"width":769,"height":12}},{"id":"9ee489dc-7cb3-40bf-86cf-eb8611a756f0","block_type":"box","text":"insolvent, such buyer or its trustee or receiver may receive an extension of time to determine whether to enforce a","page_number":118,"box":{"x":70,"y":717,"width":815,"height":12}},{"id":"7e79d0ce-761e-4d32-9510-1e7d46558fa0","block_type":"box","text":"Fund’s obligations to repurchase the securities and the Fund’s use of the proceeds of the reverse repurchase","page_number":118,"box":{"x":70,"y":732,"width":782,"height":12}},{"id":"e5a12136-c589-4436-a3e2-e5e09418ccdc","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":118,"box":{"x":69,"y":748,"width":449,"height":11}},{"id":"df3241a9-874d-430b-9fed-0722b1276e98","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":118,"box":{"x":102,"y":770,"width":794,"height":12}},{"id":"b76a806d-b746-4cff-8522-5c513661a4f9","block_type":"box","text":"similar financing transactions (","page_number":118,"box":{"x":69,"y":785,"width":218,"height":12}},{"id":"e6f1ed9f-6753-4283-aebc-36e33b17aafa","block_type":"box","text":"e.g.","page_number":118,"box":{"x":289,"y":787,"width":24,"height":10}},{"id":"65eb7471-bb63-4e1c-a93e-a24356f8ce50","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":118,"box":{"x":316,"y":786,"width":594,"height":11}},{"id":"563fe9c2-7b93-4bc5-875a-ef78e4c6d39b","block_type":"box","text":"the limitation on the issuance of senior securities in Section 18 of the Investment Company Act, provided that the","page_number":118,"box":{"x":68,"y":801,"width":813,"height":11}},{"id":"fd1dd635-4a82-431b-a591-fd19afc0dfe7","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to such transactions and any other","page_number":118,"box":{"x":70,"y":816,"width":768,"height":11}},{"id":"7b0e5cbe-e15a-42f6-997f-fd2d4d0018e7","block_type":"box","text":"borrowings in the aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":118,"box":{"x":69,"y":831,"width":814,"height":11}},{"id":"4369ee4c-2800-49ef-98b0-2b299e1d55cb","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":118,"box":{"x":70,"y":846,"width":693,"height":11}},{"id":"71aff13e-31f3-45f8-8be4-726c6b413c57","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators that are now in effect require cer tain bank","page_number":118,"box":{"x":101,"y":869,"width":763,"height":11}},{"id":"380f591e-7946-4c05-81bc-e6c3218daf6b","block_type":"box","text":"regulated counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many reverse","page_number":118,"box":{"x":69,"y":884,"width":840,"height":11}},{"id":"26389e1d-500a-4139-9310-4383397bd416","block_type":"box","text":"repurchase agreements, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such","page_number":118,"box":{"x":69,"y":899,"width":823,"height":11}},{"id":"31efd692-0054-4fcd-9bb6-076cd00d159b","block_type":"box","text":"II-70","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2fb6fbb3-f226-4e08-a6e4-f33d1d683a10","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7a570233-9719-4524-bcd0-c290bdd70f41","block_type":"box","text":"agreements, take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event","page_number":119,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"681fa018-d337-4532-8aae-17226f29c375","block_type":"box","text":"that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is","page_number":119,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"ea5e2cc7-245c-48a1-b444-2cabbf9f4134","block_type":"box","text":"possible that these new requirements, as well as potential additional government regulation and other developments","page_number":119,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"0f24e3a3-b5e6-41e6-897b-99308196b77b","block_type":"box","text":"in the market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to","page_number":119,"box":{"x":70,"y":90,"width":793,"height":11}},{"id":"9ab6a22b-62db-482a-88d1-7be65117c80a","block_type":"box","text":"realize amounts to be received under such agreements.","page_number":119,"box":{"x":69,"y":105,"width":396,"height":11}},{"id":"c62d5638-a7cf-4174-93c5-9332541e7d12","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":119,"box":{"x":102,"y":128,"width":316,"height":11}},{"id":"ac6d9a85-b092-4065-8104-5da6f7a52efc","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":119,"box":{"x":424,"y":128,"width":481,"height":11}},{"id":"7d416d3f-5fe3-4d33-9440-7965a17c376b","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":119,"box":{"x":68,"y":143,"width":822,"height":11}},{"id":"c210a631-91a6-4f3e-9ffb-bd585810abe7","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":119,"box":{"x":69,"y":158,"width":776,"height":11}},{"id":"a23d95f1-bcea-4294-98c3-6d254247a1ea","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":119,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"b4c569ad-949d-43cb-8e12-a9da6fd0a45d","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":119,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"95c65ebf-ba2d-4daa-9dd5-c2b313d36354","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":119,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"e124baba-73f8-4e51-9f68-6c70bf9ab9c5","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":119,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"59d64d2d-2770-484f-b852-46d2eb3d8a35","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":119,"box":{"x":69,"y":234,"width":830,"height":11}},{"id":"f4220ad3-3d84-4c83-8ebb-ce41cc501263","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":119,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"222cbd3c-6d9f-48f7-8322-ec44dd1adef3","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":119,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"969ebfe9-6359-47a3-8b55-fbb36f287f39","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":119,"box":{"x":68,"y":279,"width":708,"height":11}},{"id":"79fd141c-7e57-4334-8d33-adc10514196c","block_type":"box","text":"Rule 144A Securities.","page_number":119,"box":{"x":102,"y":302,"width":159,"height":9}},{"id":"2cfc192b-f56f-40c3-af97-f8eb928f047d","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":119,"box":{"x":266,"y":302,"width":560,"height":11}},{"id":"3b4b1e51-cd90-4516-8ccf-f4cbc6572106","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":119,"box":{"x":70,"y":317,"width":741,"height":11}},{"id":"fe8dbbd6-3b4f-45fd-9725-f396d3d046a8","block_type":"box","text":"Securities Lending.","page_number":119,"box":{"x":101,"y":340,"width":139,"height":11}},{"id":"5c588d4e-d672-45ba-b1a7-c36649e2e778","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":119,"box":{"x":247,"y":339,"width":645,"height":12}},{"id":"98c6d06c-b476-4b26-a988-81cffc703e27","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":119,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"80d413e7-86d2-4466-aad9-693fad6b3547","block_type":"box","text":"an amount at least equal to the current market value of the securities loaned. No securities loan shall be made on","page_number":119,"box":{"x":69,"y":370,"width":817,"height":11}},{"id":"ca150c17-910c-483f-bdce-662d707f3694","block_type":"box","text":"behalf of a Fund if, as a result, the aggregate value of all securities loans of the par ticular Fund exceeds one-third of","page_number":119,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"61803e34-a4b6-4263-8e3b-291c8fba778f","block_type":"box","text":"the value of such Fund’s total assets (including the value of the collateral received). A Fund may terminate a loan at","page_number":119,"box":{"x":68,"y":400,"width":827,"height":11}},{"id":"163422c9-3353-4d0a-b15a-c149e43060a5","block_type":"box","text":"any time and obtain the return of the securities loaned. Each Fund receives, by way of substitute payment, the value","page_number":119,"box":{"x":69,"y":415,"width":829,"height":11}},{"id":"5ebd4d01-d9d2-477b-9fd9-93a58b3224a8","block_type":"box","text":"of any interest or cash or non-cash distributions paid on the loaned securities that it would have otherwise received if","page_number":119,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"859f23b4-50b3-43e3-9f30-dacdaa79c75d","block_type":"box","text":"the securities were not on loan.","page_number":119,"box":{"x":68,"y":446,"width":225,"height":8}},{"id":"30595507-95c0-46ce-94de-20556f0c5ea8","block_type":"box","text":"With respect to loans that are collateralized by cash, the borrower may be entitled to receive a fee based on the","page_number":119,"box":{"x":101,"y":468,"width":799,"height":11}},{"id":"ae2b6ab6-d608-4fd9-8ffd-36b793933711","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":119,"box":{"x":69,"y":483,"width":835,"height":11}},{"id":"62d7daa1-cf6e-46ea-aea3-0ca6d7db60ed","block_type":"box","text":"reinvestment of cash collateral and the fee paid to the borrower. In the case of collateral other than cash, a Fund is","page_number":119,"box":{"x":69,"y":498,"width":824,"height":11}},{"id":"9ef84400-ac9a-4478-8598-71c438806537","block_type":"box","text":"compensated by a fee paid by the borrower equal to a percentage of the market value of the loaned securities. Any","page_number":119,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"a1b0b8dc-9076-46f4-b858-e99e2a5da665","block_type":"box","text":"cash collateral received by the Fund for such loans, and uninvested cash, may be reinvested in cer tain shor t-term","page_number":119,"box":{"x":69,"y":528,"width":810,"height":12}},{"id":"07d35181-1cf3-4c9c-9b22-d8335145ecf3","block_type":"box","text":"instruments either directly on behalf of the Fund or through one or more joint accounts or money market funds,","page_number":119,"box":{"x":70,"y":543,"width":789,"height":12}},{"id":"0470c426-d1af-4e64-ac40-bc5b7b611309","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":119,"box":{"x":70,"y":559,"width":643,"height":11}},{"id":"a5fbc385-1120-493d-aaa2-7fae7387b6e9","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":119,"box":{"x":102,"y":581,"width":568,"height":12}},{"id":"93f69225-eea9-426d-a866-4a516fa978b2","block_type":"box","text":"i.e.","page_number":119,"box":{"x":672,"y":582,"width":20,"height":8}},{"id":"360caa51-bfb1-478e-83cb-96eba8288b3c","block_type":"box","text":", the risk of losses resulting","page_number":119,"box":{"x":695,"y":581,"width":198,"height":12}},{"id":"3996ce66-a636-4b49-979d-98a7bf0f3f98","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":119,"box":{"x":68,"y":596,"width":501,"height":12}},{"id":"803281f2-df88-4ce1-88b6-69da0793cec5","block_type":"box","text":"i.e.","page_number":119,"box":{"x":571,"y":597,"width":20,"height":8}},{"id":"307e3cab-22a9-42ba-aeca-c179ff8b25dc","block_type":"box","text":", the risk of a mismatch between the return","page_number":119,"box":{"x":594,"y":596,"width":307,"height":11}},{"id":"cb02f68d-e590-4223-892b-52141fed5ada","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":119,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"a8d8a4be-4493-4bb6-898c-803be2b425dd","block_type":"box","text":"i.e.","page_number":119,"box":{"x":865,"y":612,"width":20,"height":9}},{"id":"22c981a0-bd5e-49e3-86a6-8f219fee1f50","block_type":"box","text":",","page_number":119,"box":{"x":888,"y":619,"width":2,"height":3}},{"id":"651e79c1-2d69-46ff-a61e-9337eedce1d6","block_type":"box","text":"the risk of a shor tfall at default when a cash collateral investment is denominated in a currency other than the","page_number":119,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"b4c6551c-90cf-4c4a-8445-22e7edcea12f","block_type":"box","text":"currency of the assets being loaned due to movements in foreign exchange rates), and credit, legal, counterpar ty and","page_number":119,"box":{"x":69,"y":642,"width":837,"height":11}},{"id":"27441eb4-b737-41c7-a0ba-650d53a9cbc1","block_type":"box","text":"market risks (including the risk that market events, including but not limited to corporate actions, could lead a Fund","page_number":119,"box":{"x":69,"y":657,"width":822,"height":11}},{"id":"4c34a280-9a0a-48c4-a3a3-0df463b3b8cc","block_type":"box","text":"to lend securities that are trading at a premium due to increased demand, or to recall loaned securities or to lend","page_number":119,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"7415efed-9a37-4d63-af64-543d5e3cb8a8","block_type":"box","text":"less or not at all, which could lead to reduced securities lending revenue). If a Fund were to lend out securities that","page_number":119,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"3645cf92-4acf-4d22-977e-addd7e7ba728","block_type":"box","text":"are subject to a corporate action and commit to the borrower a par ticular election as determined by the Fund’s","page_number":119,"box":{"x":69,"y":703,"width":790,"height":10}},{"id":"7d9b3c8f-a089-456c-9a82-dbce2468f674","block_type":"box","text":"investment adviser, the benefit the Fund would receive in respect of committing to such election may or may not be","page_number":119,"box":{"x":70,"y":717,"width":820,"height":12}},{"id":"b1973b0e-ff21-4db7-8d46-706c6618d1ee","block_type":"box","text":"less than the benefit the Fund would have received from making a different election in such corporate action. If a","page_number":119,"box":{"x":70,"y":732,"width":805,"height":12}},{"id":"3f60eb82-5ed4-483c-9951-f12893d12dbb","block_type":"box","text":"securities lending counterpar ty were to default, a Fund would be subject to the risk of a possible delay in receiving","page_number":119,"box":{"x":69,"y":748,"width":816,"height":11}},{"id":"a396fc47-b11f-496f-858f-74a0ced83880","block_type":"box","text":"collateral or in recovering the loaned securities, or to a possible loss of rights in the collateral. In the event a","page_number":119,"box":{"x":69,"y":763,"width":775,"height":11}},{"id":"24941522-bb4e-4d51-ac16-2a48e62e147b","block_type":"box","text":"borrower does not return a Fund’s securities as agreed, the Fund’s ability to par ticipate in a corporate action event","page_number":119,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"70efefd9-ebc3-4a51-8984-cf2456eea41b","block_type":"box","text":"may be impacted, or the Fund may experience losses if the proceeds received from liquidating the collateral do not at","page_number":119,"box":{"x":69,"y":793,"width":838,"height":11}},{"id":"a67d5094-f0e3-4954-9fca-29d552254c54","block_type":"box","text":"least equal the value of the loaned security at the time the collateral is liquidated, plus the transaction costs incurred","page_number":119,"box":{"x":70,"y":808,"width":837,"height":11}},{"id":"777326f0-eacc-45f7-b033-0aa2081f665b","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":119,"box":{"x":70,"y":823,"width":808,"height":12}},{"id":"a5c5734c-ebcd-4b06-a59c-12e844788169","block_type":"box","text":"could lose money if its shor t-term investment of the collateral declines in value over the period of the loan. Substitute","page_number":119,"box":{"x":69,"y":838,"width":839,"height":11}},{"id":"4adfb44d-d600-451e-9b89-38f0a0507353","block_type":"box","text":"payments received by a Fund representing dividends paid on securities loaned out by the Fund will not be considered","page_number":119,"box":{"x":70,"y":854,"width":832,"height":11}},{"id":"c7ce2312-2f4f-4719-a8e8-6cbc17b3d8c0","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":119,"box":{"x":69,"y":869,"width":801,"height":11}},{"id":"cdc31360-7eef-42c1-860e-7c65659db57c","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":119,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"46b2bd5c-69cf-4335-87e3-d8847ff22c65","block_type":"box","text":"REIT securities loaned out by the Fund will not be considered qualified REIT dividends, and distributions by the Fund","page_number":119,"box":{"x":70,"y":899,"width":823,"height":11}},{"id":"a7b3cdb2-ae45-416f-8d9d-a02bc17c001c","block_type":"box","text":"II-71","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d2051c86-37e3-44d7-92e2-b7744b958dc6","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2813be6e-0881-4bef-846a-f8253b956ffb","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":120,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"b73c526b-aff6-42d3-9e4f-315b72c49140","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":120,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"46656fc0-d293-49de-a0b8-32c5702cd971","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":120,"box":{"x":68,"y":75,"width":787,"height":11}},{"id":"77d1bbc1-7191-4bcc-9b88-fced0828b640","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":120,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"afd9f1f3-dc5a-431c-afdd-232add289ad6","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":120,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"33985ba7-2369-47ee-8176-39715dbc6098","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":120,"box":{"x":69,"y":120,"width":821,"height":12}},{"id":"e6309d8e-ad9d-4a97-8b0e-62b56a15c7b8","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":120,"box":{"x":69,"y":135,"width":731,"height":11}},{"id":"fc86f147-47d9-4def-b43e-8d9989d5d8fd","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":158,"width":800,"height":11}},{"id":"e116572c-278d-44a9-a2a6-74c79e0b1bba","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":120,"box":{"x":68,"y":173,"width":802,"height":11}},{"id":"c5ba057b-3376-4999-8fc8-a51818fbe673","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":120,"box":{"x":69,"y":188,"width":783,"height":12}},{"id":"ad643703-45cd-4f9c-a2e9-7e64f98b227f","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":120,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"b6c0cb29-1c48-4e83-aa93-51f24dfd5d33","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":120,"box":{"x":70,"y":218,"width":747,"height":12}},{"id":"e501b7e9-fd90-4f46-96a6-447fc62c68ab","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":120,"box":{"x":69,"y":234,"width":806,"height":11}},{"id":"2193250a-b00f-4632-8baf-6fb7753d31e6","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":120,"box":{"x":69,"y":249,"width":808,"height":11}},{"id":"f3e1c6cd-bb48-4f0e-b88c-1c5873cad675","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":120,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"0d2ee868-7215-466e-b2a6-22e6fbc331fe","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":120,"box":{"x":69,"y":279,"width":827,"height":11}},{"id":"a1ad4616-718e-4ae7-bc5f-df2cc9db4b16","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":120,"box":{"x":69,"y":294,"width":794,"height":11}},{"id":"106ba5fb-762a-40b8-af01-f12ed33fa22b","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":120,"box":{"x":69,"y":309,"width":371,"height":11}},{"id":"7a80cd44-98c8-43f6-8d39-05774f913a65","block_type":"box","text":"Short Sales.","page_number":120,"box":{"x":101,"y":332,"width":89,"height":9}},{"id":"ea04ddd6-266f-4580-84c5-a4000f4e9bdd","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":120,"box":{"x":196,"y":332,"width":696,"height":11}},{"id":"da3a8f5b-00c3-4ff2-af12-262119be798b","block_type":"box","text":"value of a por tfolio security or to realize appreciation when a security that the Fund does not own declines in value.","page_number":120,"box":{"x":68,"y":347,"width":821,"height":11}},{"id":"4493481b-91b6-4b72-aa5b-ebe829906ba3","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":120,"box":{"x":69,"y":362,"width":778,"height":11}},{"id":"6447168d-8f00-4a92-951a-ef015bf09f5b","block_type":"box","text":"“against-the-box.” In a shor t sale “against-the-box,” at the time of the sale, the Fund owns or has the immediate and","page_number":120,"box":{"x":70,"y":377,"width":831,"height":12}},{"id":"6aebbf8c-233f-4a3d-a0c7-b832bb47bf2b","block_type":"box","text":"unconditional right to acquire the identical security at no additional cost. When a Fund makes a shor t sale, it borrows","page_number":120,"box":{"x":69,"y":393,"width":837,"height":11}},{"id":"19ed2664-825e-4a96-b8b4-6ac077b5ba96","block_type":"box","text":"the security sold shor t and delivers it to the broker-dealer through which it made the shor t sale. A Fund may have to","page_number":120,"box":{"x":68,"y":408,"width":828,"height":11}},{"id":"4d634bac-cd5d-4171-b491-aadd77bdff3a","block_type":"box","text":"pay a fee to borrow par ticular securities and is often obligated to turn over any payments received on such borrowed","page_number":120,"box":{"x":70,"y":423,"width":829,"height":11}},{"id":"6f4fedfe-730f-4142-b6e4-4bd8dd685dac","block_type":"box","text":"securities to the lender of the securities.","page_number":120,"box":{"x":69,"y":438,"width":289,"height":9}},{"id":"a208c9db-a1b3-4f74-a497-136f681396f2","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":120,"box":{"x":101,"y":461,"width":772,"height":11}},{"id":"460863db-6e46-41ea-9afb-44a7f37ce4bb","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":120,"box":{"x":69,"y":476,"width":795,"height":11}},{"id":"b3ad2266-7215-4fc8-a5e0-70afb7700c4c","block_type":"box","text":"uncovered shor t positions, a Fund is required to deposit similar collateral with its custodian, if necessary, to the","page_number":120,"box":{"x":69,"y":491,"width":801,"height":11}},{"id":"f0a01342-cd5b-4536-96d9-58ed3f252d4f","block_type":"box","text":"extent that the value of both collateral deposits in the aggregate is at all times equal to at least 100% of the current","page_number":120,"box":{"x":69,"y":506,"width":830,"height":11}},{"id":"89267a4a-f3b7-4991-aa1c-b08314c31312","block_type":"box","text":"market value of the security sold shor t. Depending on arrangements made with the broker-dealer from which the Fund","page_number":120,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"3f347dcb-1553-4dfc-9988-a6f5b1cdd035","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":120,"box":{"x":69,"y":536,"width":770,"height":11}},{"id":"60af086f-5c86-4693-845d-32d8a85e8b3a","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":120,"box":{"x":70,"y":551,"width":568,"height":11}},{"id":"04b82cd6-3988-4db0-a926-bccb858136e4","block_type":"box","text":"Because making shor t sales in securities that it does not own exposes a Fund to the risks associated with those","page_number":120,"box":{"x":102,"y":574,"width":806,"height":11}},{"id":"141dcd0c-5ebe-439a-b9f2-53888d3d9a48","block_type":"box","text":"securities, such shor t sales involve speculative exposure risk. A Fund will incur a loss as a result of a shor t sale if","page_number":120,"box":{"x":69,"y":589,"width":817,"height":11}},{"id":"a5a2b2e7-8c81-4716-a9cb-dc2d1f0904f9","block_type":"box","text":"the price of the security increases between the date of the shor t sale and the date on which the Fund replaces the","page_number":120,"box":{"x":68,"y":604,"width":819,"height":11}},{"id":"95066c52-09b4-4be5-9526-8a7426d0e5ad","block_type":"box","text":"borrowed security. As a result, if a Fund makes shor t sales in securities that increase in value, it will likely","page_number":120,"box":{"x":69,"y":619,"width":758,"height":11}},{"id":"bcd4cf3f-7ebc-4ad8-9fae-db10ac8206f9","block_type":"box","text":"underper form similar mutual funds that do not make shor t sales in securities. A Fund will realize a gain on a shor t","page_number":120,"box":{"x":69,"y":634,"width":817,"height":12}},{"id":"d9cf4616-40db-4d2c-91b2-7c980edb77f8","block_type":"box","text":"sale if the security declines in price between those dates. There can be no assurance that a Fund will be able to","page_number":120,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"45d9c3f6-5ac7-4d06-8fa6-c8978fdfae48","block_type":"box","text":"close out a shor t sale position at any par ticular time or at an acceptable price. Although a Fund’s gain is limited to","page_number":120,"box":{"x":69,"y":665,"width":818,"height":11}},{"id":"822d1253-6041-4cde-a564-01a24e852bde","block_type":"box","text":"the price at which it sold the security shor t, its potential loss is limited only by the maximum attainable price of the","page_number":120,"box":{"x":68,"y":680,"width":821,"height":11}},{"id":"ad924b61-24f4-4733-b046-af0d26e2f026","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":120,"box":{"x":69,"y":695,"width":640,"height":11}},{"id":"c1bc028d-bcfa-48ad-86ec-22b6326c6d94","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":120,"box":{"x":101,"y":718,"width":673,"height":11}},{"id":"60fc34a8-e231-4b2b-8b21-3405e5dbcc8d","block_type":"box","text":"A Fund must comply with Rule 18f-4 under the Investment Company Act with respect to its shor t sale","page_number":120,"box":{"x":101,"y":740,"width":721,"height":11}},{"id":"9aec3c13-df38-4cc8-af83-f65216b586f6","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":120,"box":{"x":69,"y":755,"width":791,"height":11}},{"id":"43d7686b-51fa-45e5-b91b-cb1ff3697f30","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":120,"box":{"x":70,"y":770,"width":489,"height":11}},{"id":"c116cf04-c472-4af5-94df-71bd532b1020","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":120,"box":{"x":101,"y":793,"width":293,"height":11}},{"id":"4029dad4-a641-4a9c-882d-2f9ebfaa29cd","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":120,"box":{"x":400,"y":793,"width":504,"height":11}},{"id":"25e65bbf-f267-4360-9817-10d17e192368","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":120,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"b583b9ae-f4a2-4883-a048-608386430658","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":120,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"df9cbc80-eafd-4d6e-b2c7-49ad0d565c88","block_type":"box","text":"publicly traded company that raises investment capital via an IPO for the purpose of identifying and acquiring one or","page_number":120,"box":{"x":70,"y":838,"width":824,"height":12}},{"id":"ca8c1dd4-133c-4c34-bb38-9533178e1997","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":120,"box":{"x":69,"y":853,"width":821,"height":12}},{"id":"58c1989e-5106-48d0-bfd5-beb08ab00734","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":120,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"8a7663a8-f34f-46dc-ad8f-16d312192b16","block_type":"box","text":"percentage (typically 20%) of the SPAC’s outstanding common stock upon completion of the IPO. At the time a SPAC","page_number":120,"box":{"x":70,"y":884,"width":826,"height":11}},{"id":"64734999-074f-4939-80fc-12e1a4c7322a","block_type":"box","text":"conducts an IPO, it has selected a management team but has not yet identified a specific acquisition oppor tunity.","page_number":120,"box":{"x":69,"y":899,"width":809,"height":11}},{"id":"473deb96-a74c-42df-b74f-63e6c1d81992","block_type":"box","text":"II-72","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c39c9aa7-7a1e-4952-8340-4851169c1c58","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"40f76c62-3a20-4cf1-846b-9b07b6df2bdb","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":121,"box":{"x":70,"y":45,"width":797,"height":11}},{"id":"2afe2cba-6321-4401-8ce3-c5496374df75","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":121,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"6b33a64b-3a87-4f53-b285-38378709a9e6","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":121,"box":{"x":68,"y":75,"width":788,"height":11}},{"id":"e2132ef4-a0d3-4cfc-b8dc-aaf108646de6","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":121,"box":{"x":68,"y":90,"width":794,"height":11}},{"id":"5b3a5dee-60fe-487f-ac49-95be34fd1e4c","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":121,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"321809e6-52a3-407f-95aa-86b2dd40914a","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long term capital appreciation of their securities is","page_number":121,"box":{"x":68,"y":120,"width":817,"height":12}},{"id":"926068a3-270c-41b8-a819-eaef6c46cb7b","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":121,"box":{"x":70,"y":135,"width":802,"height":12}},{"id":"946ee0a4-5a28-4737-9fa7-335887e07c12","block_type":"box","text":"There is no guarantee that the SPACs in which the Fund invests will complete an acquisition or that any acquisitions","page_number":121,"box":{"x":68,"y":151,"width":826,"height":11}},{"id":"daeec874-5d5e-4fd3-9ef7-24a1f8584625","block_type":"box","text":"completed by the SPACs in which the Fund invests will be profitable. Some SPACs may pursue acquisitions only within","page_number":121,"box":{"x":69,"y":166,"width":838,"height":11}},{"id":"db1205a2-a672-4c84-892d-a3746c00f6e4","block_type":"box","text":"cer tain industries or regions, which may ultimately lead to an increase in the volatility of their prices following the","page_number":121,"box":{"x":69,"y":181,"width":806,"height":11}},{"id":"4a5ea7e3-3750-4a8c-aa2c-449096435c87","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":121,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"aa548477-cb73-432f-ad10-34e8686142ad","block_type":"box","text":"Standby Commitment Agreements.","page_number":121,"box":{"x":101,"y":219,"width":255,"height":11}},{"id":"546aeef0-5523-4274-85e3-6afd4f9a1cd5","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":121,"box":{"x":362,"y":218,"width":511,"height":12}},{"id":"6bcf4b4c-6473-4f88-894e-8ea4201c31ec","block_type":"box","text":"time, to purchase a stated amount of securities that may be issued and sold to that Fund at the option of the issuer.","page_number":121,"box":{"x":68,"y":234,"width":834,"height":11}},{"id":"ada925c0-c2d6-43c8-89ed-8c42ac86263a","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, the Fund","page_number":121,"box":{"x":68,"y":249,"width":831,"height":11}},{"id":"91332d0c-4946-40e6-8d48-37b307224a57","block_type":"box","text":"is paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":121,"box":{"x":70,"y":264,"width":819,"height":11}},{"id":"ab1f680b-7bfc-4e60-a6d7-adbd9f532b18","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":121,"box":{"x":69,"y":279,"width":793,"height":11}},{"id":"7042171b-4d60-4810-83b7-269679bb52aa","block_type":"box","text":"advantageous to the Fund.","page_number":121,"box":{"x":69,"y":294,"width":188,"height":11}},{"id":"af3914f9-1d38-4ac4-98cc-b98f6ebeddca","block_type":"box","text":"There can be no assurance that the securities subject to a standby commitment will be issued, and the value of","page_number":121,"box":{"x":101,"y":317,"width":800,"height":11}},{"id":"b0755f0a-68e0-4271-a741-e799f565002c","block_type":"box","text":"the security, if issued, on the delivery date may be more or less than its purchase price. Since the issuance of the","page_number":121,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"e1fc5d9e-6310-4998-9491-10091fdc0d7f","block_type":"box","text":"security underlying the commitment is at the option of the issuer, the Fund may bear the risk of a decline in the value","page_number":121,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"4b5d299d-d266-4e44-944a-d5ce01a71828","block_type":"box","text":"of such security and may not benefit from an appreciation in the value of the security during the commitment period.","page_number":121,"box":{"x":69,"y":362,"width":828,"height":11}},{"id":"7411a8bf-3562-4bb0-ac8f-0e192151872e","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":121,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"367d15a4-7bd8-492b-9d63-953bbf7e7de0","block_type":"box","text":"be recorded on the date on which the security can reasonably be expected to be issued, and the value of the security","page_number":121,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"5df50ed7-ef61-4af8-8f73-eebb128258bb","block_type":"box","text":"thereafter will be reflected in the calculation of a Fund’s NAV. The cost basis of the security will be adjusted by the","page_number":121,"box":{"x":68,"y":415,"width":815,"height":11}},{"id":"5ef75662-61e0-4d42-a04c-a7664e207bd9","block_type":"box","text":"amount of the commitment fee. In the event the security is not issued, the commitment fee will be recorded as","page_number":121,"box":{"x":69,"y":430,"width":792,"height":11}},{"id":"ac86e8e8-b287-42a7-9f9b-c61fddf7478a","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":121,"box":{"x":70,"y":445,"width":415,"height":11}},{"id":"5ebcd1aa-e90b-4c54-a3b0-4183b514affb","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":121,"box":{"x":102,"y":468,"width":789,"height":11}},{"id":"f5929217-996c-4f24-af75-a5f8cd9f9115","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":121,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"2e177e19-bf73-4f35-8afd-197a5e1b900c","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":121,"box":{"x":70,"y":498,"width":827,"height":11}},{"id":"405508a4-822c-4dbf-9b14-c4bbab488fbd","block_type":"box","text":"at zero in determining NAV. Accordingly, where a Fund pays directly or indirectly for a standby commitment, its cost","page_number":121,"box":{"x":69,"y":513,"width":815,"height":12}},{"id":"46bd8a67-2bd0-4da8-b561-c804fb168a6d","block_type":"box","text":"will be reflected as an unrealized loss for the period during which the commitment is held by such Fund and will be","page_number":121,"box":{"x":68,"y":528,"width":817,"height":12}},{"id":"33b824f9-86c5-437d-861f-f3826f2556cb","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":121,"box":{"x":69,"y":543,"width":578,"height":12}},{"id":"05403cd0-b8c3-4421-93e8-56ccff2223da","block_type":"box","text":"Stripped Securities.","page_number":121,"box":{"x":101,"y":566,"width":143,"height":11}},{"id":"9a6c7ebf-6954-4b38-ad0b-ba834e150b49","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":121,"box":{"x":251,"y":566,"width":596,"height":11}},{"id":"63f6de35-4176-4f21-97e4-3357ff6696f5","block_type":"box","text":"components of an instrument and sells them as separate securities. In general, one security is entitled to receive the","page_number":121,"box":{"x":69,"y":581,"width":839,"height":12}},{"id":"87c663bd-a9aa-49cf-b1cf-2221e0c7d8ec","block_type":"box","text":"interest payments on the underlying assets (the interest only or “IO” security) and the other to receive the principal","page_number":121,"box":{"x":70,"y":597,"width":818,"height":11}},{"id":"e1cd7f39-c895-4dc5-a9d5-70efc33cb6ba","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":121,"box":{"x":70,"y":612,"width":813,"height":11}},{"id":"b4dbe937-5e5f-4e8c-8457-8fc8cf793bc3","block_type":"box","text":"principal payments. The yields to maturity on IOs and POs are sensitive to the expected or anticipated rate of","page_number":121,"box":{"x":70,"y":627,"width":777,"height":11}},{"id":"80f81260-0a4f-41f8-87a8-2a75f23374aa","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":121,"box":{"x":70,"y":642,"width":802,"height":11}},{"id":"4205c9cd-443d-4ed9-87f9-cee64ab05446","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":121,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"1db56fcc-fce4-4e51-b239-b487399179f3","block_type":"box","text":"principal, a Fund may not fully recoup its initial investment in IOs. Conversely, if the underlying assets experience less","page_number":121,"box":{"x":70,"y":672,"width":837,"height":11}},{"id":"8ea592cb-0ff3-4bdf-9a84-7608282ce5ba","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":121,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"0f053c89-6d70-405e-9760-e84eedce17e3","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":121,"box":{"x":69,"y":702,"width":494,"height":12}},{"id":"10440f98-29ec-4719-9d3b-20ffe4821f55","block_type":"box","text":"Structured Notes.","page_number":121,"box":{"x":101,"y":725,"width":130,"height":9}},{"id":"db9a107b-22c1-4847-a9ff-6b894b5af3b4","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":121,"box":{"x":237,"y":725,"width":650,"height":11}},{"id":"b8e80061-3874-46d6-8aa5-8bbaf480d6ff","block_type":"box","text":"negotiated debt obligations where the principal and/or interest is determined by reference to the per formance of a","page_number":121,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"33d26958-04c1-48e9-a6c2-75cbeb371a79","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes include","page_number":121,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"9d6a0c63-e1bc-46ea-9c45-050b7e933eab","block_type":"box","text":"corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may increase","page_number":121,"box":{"x":69,"y":771,"width":831,"height":10}},{"id":"93914b29-2454-4e4b-9724-9d844470ed07","block_type":"box","text":"or decrease, depending upon changes in the value of the reference measure. The terms of a structured note may","page_number":121,"box":{"x":69,"y":785,"width":809,"height":12}},{"id":"645b9091-abed-41bd-8417-fc731f85b826","block_type":"box","text":"provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of invested","page_number":121,"box":{"x":70,"y":801,"width":830,"height":11}},{"id":"3498c484-1273-441b-939a-85f008b0cd7c","block_type":"box","text":"capital by a Fund. The interest and/or principal payments that may be made on a structured product may vary widely,","page_number":121,"box":{"x":69,"y":816,"width":833,"height":11}},{"id":"1e428dc1-1425-4072-ad58-106404bde8d3","block_type":"box","text":"depending on a variety of factors, including the volatility of the reference measure.","page_number":121,"box":{"x":69,"y":831,"width":585,"height":11}},{"id":"db241c84-3e3c-4bbe-9f25-e455003711b1","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":121,"box":{"x":102,"y":853,"width":768,"height":12}},{"id":"22f9fcd7-1de7-4608-b60a-91405dfc5118","block_type":"box","text":"produce an increase or a decrease in the interest rate or the value of the principal at maturity. The rate of return on","page_number":121,"box":{"x":70,"y":869,"width":821,"height":11}},{"id":"e9dd9afe-2385-46b4-815d-bee20e011ab6","block_type":"box","text":"II-73","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"aae3c1e0-b5ac-422e-9047-34ab4d72df00","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e12c413b-f4cb-4c68-9c78-7ef7bf23f5b7","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":122,"box":{"x":69,"y":45,"width":787,"height":11}},{"id":"553af2b9-c7ab-4f8b-84af-8b7a41be056b","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":122,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"ac50cae3-2f21-43ba-8860-f73694575808","block_type":"box","text":"the risk of loss.","page_number":122,"box":{"x":68,"y":75,"width":110,"height":9}},{"id":"a74816d0-2228-4b73-8740-4f2487900962","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":122,"box":{"x":101,"y":98,"width":759,"height":11}},{"id":"e9e55861-c37c-4766-ab69-9f27e83a28f0","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":122,"box":{"x":69,"y":113,"width":795,"height":11}},{"id":"a1e1102d-01c8-452b-b041-aa27019934e7","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":122,"box":{"x":69,"y":128,"width":819,"height":11}},{"id":"140b2457-2746-4bb5-bc5b-582bd438bf2a","block_type":"box","text":"illiquid making them difficult to sell when the Fund determines to sell them. The possible lack of a liquid secondary","page_number":122,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"b8458510-a4ac-48d8-b0af-72f584de7090","block_type":"box","text":"market for structured notes and the resulting inability of the Fund to sell a structured note could expose the Fund to","page_number":122,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"db3c3e6c-9103-4603-86c9-bdf05b61af47","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":122,"box":{"x":70,"y":173,"width":618,"height":11}},{"id":"7d38ec71-ae62-4907-b1aa-4efd64257932","block_type":"box","text":"Taxability Risk.","page_number":122,"box":{"x":103,"y":196,"width":109,"height":11}},{"id":"5052f738-af30-4314-95a4-2f4fcb0d6a0a","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":122,"box":{"x":218,"y":196,"width":644,"height":11}},{"id":"e1552b08-4a19-4aad-8d16-b895b95d2893","block_type":"box","text":"investing in tax-exempt or municipal securities in reliance at the time of purchase on an opinion of bond counsel to","page_number":122,"box":{"x":70,"y":211,"width":817,"height":11}},{"id":"63967623-c9dd-4cc8-b778-4b7b89f122a3","block_type":"box","text":"the issuer and, in the case of derivative securities, sponsors’ counsel, that the interest paid on those securities will","page_number":122,"box":{"x":68,"y":226,"width":827,"height":11}},{"id":"877965f8-fca0-4124-b448-3a91ca6a958c","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":122,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"88ea4d44-4a37-402a-9433-64b019f11d24","block_type":"box","text":"to pay, or have paid, taxable income subsequent to the Fund’s acquisition of the securities. In that event, the IRS","page_number":122,"box":{"x":68,"y":256,"width":809,"height":11}},{"id":"864798dc-289c-4be3-9ed8-d65abacefb19","block_type":"box","text":"may demand that the Fund pay U.S. federal income taxes on the affected interest income, and, if the Fund agrees to","page_number":122,"box":{"x":69,"y":271,"width":832,"height":12}},{"id":"528d2731-2f6b-4f61-ba13-690b55356aa5","block_type":"box","text":"do so, the Fund’s yield could be adversely affected. In addition, the treatment of dividends previously paid or to be","page_number":122,"box":{"x":69,"y":286,"width":816,"height":12}},{"id":"c8751245-1d77-4dd0-a1f6-dbb7925ee8f7","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":122,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"9e2ab396-5f2a-4819-a7b3-4eac2be8985c","block_type":"box","text":"increased U.S. federal income tax liabilities. If the interest paid on any tax-exempt or municipal security held by the","page_number":122,"box":{"x":70,"y":317,"width":818,"height":11}},{"id":"86a87207-d7c6-46c0-8b63-524afc7823eb","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":122,"box":{"x":70,"y":332,"width":771,"height":11}},{"id":"aae05380-7ef5-44a8-8027-1ceb09e9c0ee","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":122,"box":{"x":70,"y":347,"width":765,"height":11}},{"id":"d39120bd-b7ff-4b2d-962b-6773b7b3f874","block_type":"box","text":"securities to be subject, directly or indirectly, to U.S. federal income taxation or interest on state municipal securities","page_number":122,"box":{"x":69,"y":362,"width":834,"height":11}},{"id":"c6fe6103-3ee7-4d13-82be-0afc5b30d90b","block_type":"box","text":"to be subject to state or local income taxation, or the value of state municipal securities to be subject to state or","page_number":122,"box":{"x":68,"y":377,"width":807,"height":11}},{"id":"28f8af98-6652-45ed-a3be-67d9564a242d","block_type":"box","text":"local intangible personal proper ty tax, or may otherwise prevent the Fund from realizing the full current benefit of the","page_number":122,"box":{"x":70,"y":392,"width":830,"height":12}},{"id":"6334b3db-861c-449f-97f7-4af61885956c","block_type":"box","text":"tax-exempt status of such securities. Any such change could also affect the market price of such securities, and thus","page_number":122,"box":{"x":68,"y":407,"width":838,"height":12}},{"id":"74430cfd-14da-4941-a1f0-15ae630ec650","block_type":"box","text":"the value of an investment in the Fund.","page_number":122,"box":{"x":68,"y":423,"width":278,"height":9}},{"id":"a9a1c7c9-d5d8-4b82-8ba5-9fcbff59ab88","block_type":"box","text":"Temporary Defensive Measures.","page_number":122,"box":{"x":103,"y":445,"width":230,"height":11}},{"id":"72b52500-16fd-418a-9649-398999146a43","block_type":"box","text":"As a temporary defensive measure, for example, to respond to adverse market,","page_number":122,"box":{"x":339,"y":445,"width":567,"height":11}},{"id":"8f13db7a-eb38-44c2-8cf0-60c8371176ef","block_type":"box","text":"economic, political or other conditions, if its Manager determines that market conditions warrant, a Fund may depar t","page_number":122,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"6a555321-4db6-40f3-b0ee-9dc4e6d21ff3","block_type":"box","text":"from its principal investment strategies and may invest without limitation in high quality money market instruments.","page_number":122,"box":{"x":68,"y":475,"width":823,"height":12}},{"id":"e1e03bdf-08e8-4d91-aaf3-7724e6842de5","block_type":"box","text":"Cer tain Funds may also invest in high quality money market instruments pending investment or to meet anticipated","page_number":122,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"2474a404-1757-4e2a-9ffa-c36b43f6023d","block_type":"box","text":"redemption requests. High quality money market instruments include U.S. Government obligations, U.S. Government","page_number":122,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"f7de149b-6ce7-4374-81b5-9ec1e8a99898","block_type":"box","text":"agency obligations, dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries","page_number":122,"box":{"x":69,"y":521,"width":815,"height":11}},{"id":"e618304f-6538-45f3-87fc-f1889af6667e","block_type":"box","text":"and branches of foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of","page_number":122,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"38e648db-8a73-42fd-9b99-da49dc1896e7","block_type":"box","text":"supranational organizations. Generally, such obligations will mature within one year from the date of settlement, but","page_number":122,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"ead29d34-0085-4ad5-9cae-0374a065e320","block_type":"box","text":"may mature within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability","page_number":122,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"538118ad-716a-411c-974b-3a8315b9606a","block_type":"box","text":"to achieve its investment objective.","page_number":122,"box":{"x":68,"y":582,"width":251,"height":10}},{"id":"483a3552-90de-4a88-9a42-487874bdc5a8","block_type":"box","text":"U.S. Government Obligations.","page_number":122,"box":{"x":102,"y":604,"width":213,"height":11}},{"id":"8e249a5e-b5f2-4d13-bdca-f3de795da0a9","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":122,"box":{"x":321,"y":604,"width":566,"height":11}},{"id":"5a6829a0-2559-487f-828b-723c523ec68b","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":122,"box":{"x":69,"y":619,"width":810,"height":11}},{"id":"3c6a1ce8-8a51-4db4-bb9d-97294d85e0ad","block_type":"box","text":"U.S. Government are suppor ted by the full faith and credit of the U.S. Treasury. Others are suppor ted by the right of","page_number":122,"box":{"x":70,"y":634,"width":826,"height":12}},{"id":"72ae40fd-0727-4c8d-af0f-f40f7541b0e9","block_type":"box","text":"the issuer to borrow from the U.S. Treasury; and still others are suppor ted only by the credit of the agency or","page_number":122,"box":{"x":68,"y":649,"width":779,"height":12}},{"id":"c8f60a90-996a-4188-87ca-d41beb19b7ed","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":122,"box":{"x":70,"y":664,"width":798,"height":12}},{"id":"064824e7-a561-4694-89cf-f078efbe8fd1","block_type":"box","text":"suppor t to U.S. Government-sponsored instrumentalities if it is not obligated to do so by law. Cer tain U.S. Treasury","page_number":122,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"22b441fa-3602-4bf7-ba20-c7c9fbeb3c31","block_type":"box","text":"and agency securities may be held by trusts that issue par ticipation cer tificates (such as Treasury income growth","page_number":122,"box":{"x":69,"y":695,"width":809,"height":11}},{"id":"e55fd7fa-3069-46ae-a3dd-b3aad2f6ebd0","block_type":"box","text":"receipts and cer tificates of accrual on Treasury cer tificates). These cer tificates, as well as Treasury receipts and","page_number":122,"box":{"x":69,"y":710,"width":805,"height":11}},{"id":"5cd257c4-f3d2-4ee5-a244-0ca22e249c12","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":122,"box":{"x":69,"y":725,"width":807,"height":11}},{"id":"b85ad31f-a04b-4803-9017-5a1d05ab38e8","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":122,"box":{"x":70,"y":740,"width":832,"height":11}},{"id":"6322b6f0-c59a-4a72-a5d1-39cc92ede428","block_type":"box","text":"and may (par ticularly in the case of stripped mor tgage-backed securities) exhibit greater price volatility than ordinary","page_number":122,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"ea94d30e-8ef6-4b80-9a5d-f8d483050c44","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":122,"box":{"x":69,"y":770,"width":716,"height":11}},{"id":"d2caf523-3f90-4ae5-ab98-e4bbc4f02dca","block_type":"box","text":"Examples of the types of U.S. Government obligations that may be held by the Funds include U.S. Treasury Bills,","page_number":122,"box":{"x":102,"y":793,"width":800,"height":11}},{"id":"e6c69e4a-3993-4d36-b8e1-4200bad04e97","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":122,"box":{"x":68,"y":808,"width":785,"height":11}},{"id":"d48a463b-9364-49fa-b68c-d77c0ca45d9d","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":122,"box":{"x":68,"y":823,"width":813,"height":11}},{"id":"c9e502cf-d637-4f80-afb0-6f78dbf7fb52","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":122,"box":{"x":70,"y":838,"width":794,"height":12}},{"id":"37c45130-d0bc-4852-a860-13440bfd45ed","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":122,"box":{"x":69,"y":854,"width":835,"height":10}},{"id":"12d42dbd-1a67-4549-b4f0-af76703c8938","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":122,"box":{"x":69,"y":869,"width":818,"height":11}},{"id":"0f930ef0-6925-4fcc-971c-d0051cf26db9","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":122,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"0c408f4b-0519-43a0-91d0-36ceef68041d","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":122,"box":{"x":70,"y":899,"width":749,"height":11}},{"id":"bce10914-c02e-4e64-a9c7-467f6635c9cb","block_type":"box","text":"II-74","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"436c7456-704f-466b-88ad-80f46da4f1e2","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d44eef6a-7446-412b-9ece-7b5267aa535f","block_type":"box","text":"U.S. Treasury Obligations.","page_number":123,"box":{"x":103,"y":45,"width":183,"height":11}},{"id":"bd9787d5-c212-47cf-b8ee-5b71adcca4d9","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":123,"box":{"x":292,"y":45,"width":593,"height":11}},{"id":"6bb17033-3939-4622-b7ab-6e99be2325b9","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":123,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"ac614272-8f5b-4043-b9fd-97f513fffdc7","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":123,"box":{"x":69,"y":75,"width":827,"height":11}},{"id":"4705dd9a-b0f6-4c53-b68a-2214a0ed55ad","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":123,"box":{"x":68,"y":90,"width":823,"height":11}},{"id":"d71d5da7-8ba9-406b-927e-744adc69bc48","block_type":"box","text":"do so.","page_number":123,"box":{"x":69,"y":105,"width":42,"height":9}},{"id":"10c002cb-47c9-4489-869b-b8166521352d","block_type":"box","text":"U.S. Treasury Rolls","page_number":123,"box":{"x":102,"y":128,"width":139,"height":11}},{"id":"68b8e99f-125f-47c9-b00c-6abccc9d529d","block_type":"box","text":".","page_number":123,"box":{"x":241,"y":135,"width":3,"height":2}},{"id":"8ec329d6-a4b3-47c1-838f-915dd5b11824","block_type":"box","text":"Cer tain Funds may invest in U.S. Treasury rolls. In a U.S. Treasury roll transaction, the Fund","page_number":123,"box":{"x":250,"y":128,"width":656,"height":11}},{"id":"d50b1652-ac49-405b-b963-ef13cd6b2e94","block_type":"box","text":"sells a treasury security to a counterpar ty with a simultaneous agreement to repurchase the same security at an","page_number":123,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"a744dc18-f9be-475f-b0e5-5524c67e51b4","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":123,"box":{"x":69,"y":158,"width":820,"height":11}},{"id":"45824fa1-a82c-408f-895f-6cf5c498a0dd","block_type":"box","text":"maturity of a Fund’s por tfolio and increase the interest yield on the Fund’s por tfolio by extending the average maturity","page_number":123,"box":{"x":69,"y":173,"width":840,"height":11}},{"id":"92de8ceb-eba3-42f3-8944-949af026c159","block_type":"box","text":"of the por tfolio in a normal yield curve environment. During the period before the settlement date of a U.S. Treasury","page_number":123,"box":{"x":69,"y":188,"width":828,"height":12}},{"id":"fa397b07-e076-4d50-a27a-bc814a8e96f2","block_type":"box","text":"roll, a Fund continues to earn interest on the securities it is selling; however, it does not earn interest on the","page_number":123,"box":{"x":69,"y":204,"width":775,"height":11}},{"id":"faecfb9d-e1fe-4723-80e9-50ef31ee76c7","block_type":"box","text":"securities it is purchasing until after the settlement date. A Fund could suffer an oppor tunity loss if the counterpar ty","page_number":123,"box":{"x":69,"y":218,"width":829,"height":12}},{"id":"c1411ff2-4354-4b36-9db1-874e970ef52e","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":123,"box":{"x":68,"y":234,"width":657,"height":11}},{"id":"1a74b5f7-1d69-4fbf-aa50-ae9267328223","block_type":"box","text":"The market value of the securities that a Fund is required to purchase may decline below the agreed upon","page_number":123,"box":{"x":101,"y":256,"width":756,"height":12}},{"id":"99425900-0dbd-486b-a6c7-4a488b9a1519","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":123,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"fc8a1b72-4a69-4f9d-b3a2-4b817e056bb2","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":123,"box":{"x":70,"y":286,"width":617,"height":12}},{"id":"88dc9d1d-253d-4631-8644-0c51f5b71871","block_type":"box","text":"Utility Industries.","page_number":123,"box":{"x":102,"y":309,"width":124,"height":11}},{"id":"ad8ea9e4-fd1b-4182-b4c1-53b91e1c88e7","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":123,"box":{"x":233,"y":309,"width":674,"height":11}},{"id":"12325dcf-07fa-4a2b-9708-8684c702bb96","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":123,"box":{"x":69,"y":324,"width":812,"height":12}},{"id":"9b53391d-236f-488e-b0f1-bb2c86a493a0","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":123,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"857eb31d-25f8-45ec-9d7b-6c30dfb07c8c","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":123,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"4dd38b54-3a53-46c6-b8d4-88cdf0f829af","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":123,"box":{"x":68,"y":370,"width":815,"height":11}},{"id":"8a798251-666e-418c-a5fd-f94d74f8192e","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":123,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"f86daed7-d4a5-4df3-ad1c-58599b5b4eae","block_type":"box","text":"availability and high costs of natural gas for resale, the effects of energy conservation, the effects of a national","page_number":123,"box":{"x":69,"y":400,"width":795,"height":11}},{"id":"877c7989-87b8-4979-9992-6f9cb8f402ef","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":123,"box":{"x":69,"y":415,"width":774,"height":11}},{"id":"2296ba0f-163b-42de-855e-6b8144e46786","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":123,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"188ed720-9d69-4339-b9c4-146f9dbe0a1b","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":123,"box":{"x":69,"y":445,"width":839,"height":11}},{"id":"4ecc91fd-c79e-4547-85a8-8c09ad38ecb5","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":123,"box":{"x":68,"y":460,"width":827,"height":12}},{"id":"56d738cf-e48c-4ee5-88a8-a95b5044fa57","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":123,"box":{"x":69,"y":475,"width":761,"height":12}},{"id":"87b4447f-78a1-4bf7-8b47-b1d10ec16bee","block_type":"box","text":"authorities will, in the future, grant rate increases or that such increases will be adequate to permit the payment of","page_number":123,"box":{"x":69,"y":491,"width":821,"height":11}},{"id":"a03ff0cb-c694-41ee-8f12-6cb434d2da62","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":123,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"427d0339-8b16-4978-88f8-d9ef9bf7d55a","block_type":"box","text":"legislation may make it even more difficult for utilities to obtain adequate relief. Cer tain of the issuers of securities","page_number":123,"box":{"x":70,"y":521,"width":820,"height":11}},{"id":"11b9e723-9155-4f9d-8860-c5c4104276c9","block_type":"box","text":"held in the Fund’s por tfolio may own or operate nuclear generating facilities. Governmental authorities may from time","page_number":123,"box":{"x":69,"y":536,"width":835,"height":11}},{"id":"e60b6f14-bb2b-4160-83b7-7b706f782510","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":123,"box":{"x":68,"y":551,"width":778,"height":11}},{"id":"5957e690-6fac-4660-89ef-456bb348bc90","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":123,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"d3853d1b-68a5-433e-aa8c-7b33920533a2","block_type":"box","text":"both the revenues of an electric and gas utility as well as the expenses of a utility, par ticularly a hydro-based electric","page_number":123,"box":{"x":69,"y":581,"width":831,"height":12}},{"id":"02eb813e-bf49-4825-9bee-729d55aadb9f","block_type":"box","text":"utility.","page_number":123,"box":{"x":69,"y":597,"width":39,"height":11}},{"id":"239f0de0-cb75-4457-a4d4-244619c3c23d","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":123,"box":{"x":102,"y":619,"width":789,"height":11}},{"id":"d5a2b206-11fc-4943-8a4d-ad245816587d","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":123,"box":{"x":69,"y":634,"width":790,"height":12}},{"id":"790537e4-370a-4254-bcf8-f18962c8d7dd","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":123,"box":{"x":69,"y":649,"width":811,"height":12}},{"id":"d633216f-b885-4899-8bff-c7be9f51a927","block_type":"box","text":"regulated in the United States and in foreign countries with the intention of protecting the public while ensuring that","page_number":123,"box":{"x":69,"y":664,"width":824,"height":12}},{"id":"efde333c-337e-4f8a-a895-c5eb20428913","block_type":"box","text":"the rate of return earned by utility companies is sufficient to allow them to attract capital in order to grow and","page_number":123,"box":{"x":68,"y":680,"width":781,"height":11}},{"id":"5e9b2529-cf97-4d12-9795-3c34bafeab6e","block_type":"box","text":"continue to provide appropriate services. There can be no assurance that such pricing policies or rates of return will","page_number":123,"box":{"x":69,"y":695,"width":826,"height":11}},{"id":"fc3b2ef7-5026-4bc7-a8a5-86e14aa22923","block_type":"box","text":"continue in the future.","page_number":123,"box":{"x":69,"y":710,"width":156,"height":9}},{"id":"d2458836-90df-4f28-8072-d149e501fe9c","block_type":"box","text":"The nature of regulation of the utility industries continues to evolve both in the United States and in foreign","page_number":123,"box":{"x":101,"y":732,"width":763,"height":12}},{"id":"38600fd2-f00c-4047-aa66-c6a093dba552","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":123,"box":{"x":69,"y":748,"width":820,"height":11}},{"id":"7af8d485-95cd-4bd1-b53f-05d1d46af8b0","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":123,"box":{"x":70,"y":763,"width":834,"height":11}},{"id":"176fa288-f3ef-42b9-bdc3-0c5bc768c27c","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":123,"box":{"x":69,"y":778,"width":784,"height":11}},{"id":"a9d98c38-2455-48e7-9b3c-f9906d559653","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":123,"box":{"x":70,"y":793,"width":830,"height":11}},{"id":"47872089-a0fa-45b9-bd5a-6662f46e66f1","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":123,"box":{"x":68,"y":808,"width":809,"height":11}},{"id":"7c3d0444-1c9e-4665-807c-f3ed1b6e1e0f","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":123,"box":{"x":69,"y":823,"width":834,"height":12}},{"id":"80b9e40a-2e64-446f-aac5-13f5476d8b85","block_type":"box","text":"utility companies being able to earn more than their traditional regulated rates of return, while others may be forced","page_number":123,"box":{"x":69,"y":838,"width":825,"height":12}},{"id":"8fdd06c0-b140-4972-8f44-5c784bec5aa4","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":123,"box":{"x":68,"y":853,"width":840,"height":12}},{"id":"b86dadb5-7710-4ddd-9868-fc83fb7c858a","block_type":"box","text":"new uses of funds (such as for expansion, operations or stock buybacks) could result in cuts in dividend payout","page_number":123,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"cfe7fa0b-b5fd-4408-9280-a955bb4a2dba","block_type":"box","text":"rates. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from these","page_number":123,"box":{"x":69,"y":884,"width":780,"height":11}},{"id":"046fa5a9-36d2-46ec-8309-9230768e8460","block_type":"box","text":"structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":123,"box":{"x":69,"y":899,"width":785,"height":11}},{"id":"c3ed75e1-a066-427e-b164-453fcb37e113","block_type":"box","text":"II-75","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cc187703-6493-4535-9995-8a67530bbdd9","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96c98024-bad4-46fa-8370-eeffa2520a57","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":124,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"79f7222e-98f4-4d87-adfe-fd574d94d998","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":124,"box":{"x":69,"y":60,"width":838,"height":11}},{"id":"1ecc9191-d7b6-4a49-a6ff-15447a7e1dc2","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":124,"box":{"x":68,"y":75,"width":762,"height":11}},{"id":"ea793526-5833-43c1-b389-d75d53ab4bf8","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":124,"box":{"x":68,"y":90,"width":815,"height":11}},{"id":"da90db20-d2d2-4e36-b53e-4f9110d9f1b1","block_type":"box","text":"than those used in the United States, which may require such utilities to invest in pollution control equipment to","page_number":124,"box":{"x":68,"y":105,"width":801,"height":11}},{"id":"4fa91293-78f5-428b-a045-d3315b81adf6","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":124,"box":{"x":69,"y":120,"width":828,"height":12}},{"id":"5815b717-27f1-4645-bb5c-95f813201484","block_type":"box","text":"ways different from regulation in the United States.","page_number":124,"box":{"x":68,"y":135,"width":365,"height":12}},{"id":"0b3a179f-c7de-40c1-afe3-0d24e0f294d3","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":124,"box":{"x":101,"y":158,"width":745,"height":11}},{"id":"7c91217a-68ba-4de6-8d8c-80a6d893b04d","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":124,"box":{"x":68,"y":173,"width":790,"height":11}},{"id":"b17ae0b7-5b34-4f5d-9b52-5b7fc692e991","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":124,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"2720a631-d4a6-49c5-bbbd-7cc7dbc25b5a","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":124,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"a231053d-45cc-46d2-b059-d16d479df188","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":124,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"297271c5-db89-4e2f-bd6f-ad41d613bd50","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":124,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"08b32e40-5b83-4801-88a7-67f28d570e58","block_type":"box","text":"ownership, is expected to occur in newer, faster-growing economies and in mature economies. Of course, there is no","page_number":124,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"0a39cde2-93da-477f-a7d1-5f9115ef60ba","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":124,"box":{"x":69,"y":264,"width":786,"height":11}},{"id":"2794eda3-0a13-438e-b090-67298af587b0","block_type":"box","text":"increase.","page_number":124,"box":{"x":70,"y":279,"width":63,"height":9}},{"id":"817b0db0-f728-4db4-a85a-23603bab71b7","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":124,"box":{"x":101,"y":302,"width":793,"height":11}},{"id":"bdb9c638-3690-41f1-a63b-06ee392b58ca","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":124,"box":{"x":70,"y":317,"width":821,"height":11}},{"id":"4ae887ec-0998-4171-83ee-3b6b682f2459","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":124,"box":{"x":69,"y":332,"width":619,"height":11}},{"id":"1b82a877-e520-4bea-93f1-85a5f54e5d4d","block_type":"box","text":"Electric.","page_number":124,"box":{"x":102,"y":355,"width":54,"height":9}},{"id":"3746bf0b-7024-46fa-82da-7b38046a2996","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":124,"box":{"x":163,"y":355,"width":684,"height":11}},{"id":"25d0db95-3dd5-44fd-8e90-b71100f77e67","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":124,"box":{"x":68,"y":370,"width":793,"height":11}},{"id":"ab441fd2-6867-40ff-8960-7df80e9b7174","block_type":"box","text":"electric utility companies, in general, have been favorably affected by lower fuel and financing costs and the full or","page_number":124,"box":{"x":69,"y":385,"width":814,"height":11}},{"id":"a21dd2f7-a8e1-4604-9158-266560b7e5d3","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":124,"box":{"x":69,"y":400,"width":833,"height":11}},{"id":"d0154236-32e1-49ed-bebd-ebd35ff6cfe0","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":124,"box":{"x":69,"y":415,"width":821,"height":11}},{"id":"2245da19-f584-414b-bbc4-911f17f9e3f4","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":124,"box":{"x":69,"y":430,"width":823,"height":11}},{"id":"cc4f62b6-0c70-49be-8a6f-ddda2484e2cd","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":124,"box":{"x":68,"y":446,"width":803,"height":11}},{"id":"1c43f74b-b82a-4a47-a7c7-70a23d2fd979","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":124,"box":{"x":70,"y":460,"width":778,"height":12}},{"id":"8a609137-110e-43a0-bc54-a0b3256f294c","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":124,"box":{"x":70,"y":475,"width":836,"height":12}},{"id":"9a4c2a0f-4d72-4e2d-87ed-0075395a4c4d","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":124,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"0d931732-388a-4ad2-8c0e-32e7168cd1bb","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":124,"box":{"x":69,"y":506,"width":786,"height":11}},{"id":"8d599ceb-af6c-4418-b267-8b7fbda0bd50","block_type":"box","text":"caused the benefits of the rate declines to be shared wholly or in par t with customers. In a period of rising interest","page_number":124,"box":{"x":69,"y":521,"width":819,"height":11}},{"id":"2284ab9b-a79e-4170-91c2-7453e4081ca4","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":124,"box":{"x":69,"y":536,"width":775,"height":11}},{"id":"72a05866-32f6-4009-8616-84b1af6c64d2","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":124,"box":{"x":69,"y":551,"width":770,"height":11}},{"id":"465eed5d-81a7-4aaf-b832-9064126870ab","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":124,"box":{"x":70,"y":566,"width":826,"height":11}},{"id":"1040461e-f2b8-4ba7-a532-5e5a94a24b0e","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":124,"box":{"x":69,"y":581,"width":800,"height":12}},{"id":"c07d40b2-92a5-41fe-894a-f2c276082b0f","block_type":"box","text":"costs in rate authorizations or the risk that a company may not be permitted to operate or complete construction of a","page_number":124,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"82816bd6-a5cc-44e5-a9c1-ff8bed99087b","block_type":"box","text":"facility. In addition, operators of nuclear power plants may be subject to significant costs for disposal of nuclear fuel","page_number":124,"box":{"x":68,"y":612,"width":826,"height":11}},{"id":"dde16556-ab02-4c0e-82e1-df07983849b7","block_type":"box","text":"and for decommissioning such plants.","page_number":124,"box":{"x":69,"y":627,"width":270,"height":11}},{"id":"f8510a67-c702-4279-a644-56e76817be0b","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":124,"box":{"x":101,"y":649,"width":776,"height":12}},{"id":"6765fc86-e3ea-4cfa-a858-862aedc6520c","block_type":"box","text":"impacted to a greater extent in the future by the division of their asset base. Electric utility companies that focus","page_number":124,"box":{"x":70,"y":664,"width":802,"height":12}},{"id":"f7d8997a-05ff-4b9f-a135-f9a7fbb6af92","block_type":"box","text":"more on the generation of electricity may be assigned less favorable ratings as this business is expected to be","page_number":124,"box":{"x":69,"y":680,"width":791,"height":11}},{"id":"8600b6e5-ada8-483d-aab8-a432d3f7dc35","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":124,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"bbccb0f1-eddb-44f4-87fb-79c64260a970","block_type":"box","text":"is expected to be the least competitive and the more regulated par t of the business, may see higher ratings given the","page_number":124,"box":{"x":70,"y":710,"width":838,"height":11}},{"id":"abab17d5-4386-4176-b29a-9c7566131d55","block_type":"box","text":"greater predictability of cash flow.","page_number":124,"box":{"x":68,"y":725,"width":239,"height":11}},{"id":"c18e9622-face-47b0-9e98-c0b6f7466ecd","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":124,"box":{"x":101,"y":748,"width":801,"height":11}},{"id":"3851419c-7161-4a86-bf10-759dc2150f89","block_type":"box","text":"the industry as a result of such deregulation has at times resulted in lower revenue, lower credit ratings, increased","page_number":124,"box":{"x":68,"y":763,"width":821,"height":11}},{"id":"e0c388de-5212-4ab6-86a2-205adf6fd403","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":124,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"f98185fd-a950-408c-ae01-1ac63cb27739","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":124,"box":{"x":68,"y":793,"width":815,"height":11}},{"id":"1d03721b-b0c3-4937-ad11-e9f1c8b2e819","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":124,"box":{"x":68,"y":808,"width":803,"height":11}},{"id":"f5f032b4-6885-406b-a085-bad53cd0d236","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":124,"box":{"x":69,"y":823,"width":777,"height":12}},{"id":"e253d0a3-df50-4e42-aeae-97c922a36d0b","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":124,"box":{"x":69,"y":838,"width":819,"height":12}},{"id":"ed15aa64-2e40-4a4b-875a-cd0821b2e55d","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":124,"box":{"x":68,"y":854,"width":835,"height":11}},{"id":"a0e87448-8900-4606-b39a-1abd449ad382","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":124,"box":{"x":69,"y":869,"width":700,"height":11}},{"id":"db03e97b-f658-4347-9eb6-6440b504b7d8","block_type":"box","text":"Telecommunications.","page_number":124,"box":{"x":103,"y":891,"width":147,"height":9}},{"id":"78515ca6-0c6c-4f69-a7c3-ef68fffc05ca","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":124,"box":{"x":256,"y":891,"width":652,"height":11}},{"id":"a5ef166c-b04b-4d5d-ba4b-618d2a210629","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":124,"box":{"x":69,"y":906,"width":813,"height":12}},{"id":"d5995b6d-e05e-472e-a055-22135344fdab","block_type":"box","text":"II-76","page_number":124,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d8d6ace3-8998-4973-b9d9-62ca14cc5ae4","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":124,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c704c5cf-b3ab-41f7-8847-c2c36ff86322","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":125,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"6a976c07-57f1-4784-8078-dfd0833bde22","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":125,"box":{"x":69,"y":60,"width":786,"height":11}},{"id":"33765367-7f68-4bc5-be01-62b5c17c8629","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":125,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"0c8fb450-ee0e-4a2c-a24a-1ad3ed0b0422","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":125,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"11397aab-273c-45fe-b97a-79366a1f7c2e","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":125,"box":{"x":69,"y":105,"width":790,"height":11}},{"id":"99491544-0379-4e20-b22d-e234979f8e99","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":125,"box":{"x":70,"y":120,"width":788,"height":12}},{"id":"21294649-88e5-49fb-87bd-526f7fd88abf","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":125,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"0813eefc-e4b0-4769-8665-97ae88f092c9","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":125,"box":{"x":69,"y":150,"width":823,"height":12}},{"id":"96c50041-b824-40c7-af0f-479824cd760e","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":125,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"5c8bce92-d771-41ba-912f-2b8ec43e5405","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":125,"box":{"x":69,"y":181,"width":830,"height":11}},{"id":"a374e536-4f2f-4f0a-9e27-2a5801fc599e","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":125,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"951e6959-87d4-42ef-b760-e7177e8fb780","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":125,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"fcec52e2-6fec-402f-a7f1-c4538d712b74","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":125,"box":{"x":68,"y":226,"width":804,"height":11}},{"id":"342e64f3-7191-47c3-ad02-7081c0bb334b","block_type":"box","text":"residential, corporate and governmental customers.","page_number":125,"box":{"x":69,"y":241,"width":367,"height":11}},{"id":"9a88f0f2-ffe2-4d67-b0aa-a25fb2eb829e","block_type":"box","text":"Gas.","page_number":125,"box":{"x":102,"y":264,"width":31,"height":9}},{"id":"4d5701e4-4fa3-4f15-a631-563da32fac03","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":125,"box":{"x":139,"y":264,"width":740,"height":11}},{"id":"693a8e3c-d41f-45d1-9159-dfee08b93dd2","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":125,"box":{"x":70,"y":279,"width":834,"height":11}},{"id":"b1a0cf78-6cd4-46f0-a726-95082a591e7e","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":125,"box":{"x":70,"y":294,"width":756,"height":11}},{"id":"78b51f12-fa74-435d-aba7-5d6e8aaeea31","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":125,"box":{"x":69,"y":309,"width":831,"height":11}},{"id":"307f13c5-a34a-4b1a-baf9-e0eb59fec2c8","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":125,"box":{"x":69,"y":324,"width":801,"height":11}},{"id":"8c17fdc6-c8b1-4aaf-841f-699a98ee5065","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":125,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"a68cbe47-9c42-4012-8ec1-c57f3f6231ab","block_type":"box","text":"outlook in the future. For example, natural gas is the cleanest of the hydrocarbon fuels, and this may result in","page_number":125,"box":{"x":69,"y":355,"width":782,"height":11}},{"id":"454a8058-6e58-4f5e-afe7-d2097b303b44","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":125,"box":{"x":70,"y":370,"width":829,"height":11}},{"id":"e7864a0a-f0f2-4f7f-a21b-7e1167fa0ea8","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":125,"box":{"x":70,"y":385,"width":691,"height":11}},{"id":"d9d0e474-23ca-4911-8133-bc8dbaaf0077","block_type":"box","text":"Water.","page_number":125,"box":{"x":103,"y":408,"width":42,"height":8}},{"id":"1185b3d2-d7fa-4dcd-a87d-325ccf36e0fa","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":125,"box":{"x":151,"y":407,"width":754,"height":12}},{"id":"2756dafe-7dfa-469f-8895-4935f211e985","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":125,"box":{"x":69,"y":423,"width":796,"height":11}},{"id":"51b9a5b9-6fee-49eb-8015-556eb53698d9","block_type":"box","text":"Companies in this industry are generally mature and are experiencing little or no per capita volume growth. In the","page_number":125,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"16e74e4b-7ed1-4d76-81ca-636f8a26eccf","block_type":"box","text":"opinion of the Manager, there may be oppor tunities for cer tain companies to acquire other water utility companies","page_number":125,"box":{"x":69,"y":453,"width":814,"height":11}},{"id":"f6794dee-2b97-4645-8aaa-0d55dec0e3b8","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":125,"box":{"x":69,"y":468,"width":808,"height":11}},{"id":"8c40dab0-2cac-493f-9d72-833d7d12f78a","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":125,"box":{"x":69,"y":483,"width":832,"height":11}},{"id":"5833f906-5d5e-44b8-aeef-49bbae3a7501","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":125,"box":{"x":69,"y":498,"width":662,"height":11}},{"id":"be1c43c1-2a18-4d5b-8f2a-7bc4c558bf8b","block_type":"box","text":"Utility Industries Generally.","page_number":125,"box":{"x":103,"y":521,"width":186,"height":11}},{"id":"cced4fec-a7e0-43ec-a960-f069435791c3","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":125,"box":{"x":296,"y":521,"width":584,"height":11}},{"id":"f919144e-445d-4925-b899-10b7a5c0527c","block_type":"box","text":"those relating to privatization and changing regulation, will occur or that risk factors other than those noted above will","page_number":125,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"77ecb612-f839-43b6-9127-eca37e81a8ea","block_type":"box","text":"not develop in the future.","page_number":125,"box":{"x":69,"y":551,"width":178,"height":11}},{"id":"faa369b5-f88a-4f96-88a7-3d9f03682574","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":125,"box":{"x":103,"y":574,"width":585,"height":11}},{"id":"d9e42c70-213a-42d3-a96b-fd67bb8b9c66","block_type":"box","text":"A Fund may purchase or sell","page_number":125,"box":{"x":694,"y":574,"width":200,"height":11}},{"id":"a7703c93-fecd-44ce-ae19-d81a22546caa","block_type":"box","text":"securities that it is entitled to receive on a when-issued basis. A Fund may also purchase or sell securities on a","page_number":125,"box":{"x":69,"y":589,"width":795,"height":11}},{"id":"c3e0ba42-94f5-4052-ae5d-258eea91dc81","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":125,"box":{"x":69,"y":604,"width":777,"height":11}},{"id":"8bcc4466-2000-439d-b51e-2532c96849b6","block_type":"box","text":"transactions involve the purchase or sale of securities by a Fund at an established price with payment and delivery","page_number":125,"box":{"x":68,"y":619,"width":820,"height":11}},{"id":"ce6a6940-52ef-40c1-bfa8-b346fcf558d8","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":125,"box":{"x":68,"y":634,"width":807,"height":12}},{"id":"2a076b42-840f-43c0-b8a9-3d1a7516adac","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":125,"box":{"x":70,"y":649,"width":430,"height":12}},{"id":"49f8c373-c9f6-4cfe-aca1-719793b354c7","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":125,"box":{"x":102,"y":672,"width":750,"height":11}},{"id":"ab696faa-4873-4b00-89fb-02d1cc388a1a","block_type":"box","text":"Reserve Bank of New York, a Fund or its counterpar ty generally will be required to post collateral when entering into","page_number":125,"box":{"x":70,"y":687,"width":823,"height":11}},{"id":"b87346cc-e0ee-429b-b65e-2cc3fb8f021b","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions.","page_number":125,"box":{"x":69,"y":702,"width":587,"height":12}},{"id":"a847c720-c8cf-4cbc-a447-c3001b649878","block_type":"box","text":"There can be no assurance that a security purchased on a when-issued basis will be issued or that a security","page_number":125,"box":{"x":101,"y":725,"width":780,"height":11}},{"id":"aa8d6aa6-2aba-4166-a232-c47bac8a2343","block_type":"box","text":"purchased or sold on a delayed delivery basis or through a forward commitment will be delivered. Also, the value of","page_number":125,"box":{"x":70,"y":740,"width":823,"height":11}},{"id":"e90814e2-8c48-4cb5-8f33-458c043ab174","block_type":"box","text":"securities in these transactions on the delivery date may be more or less than the price paid by the Fund to purchase","page_number":125,"box":{"x":69,"y":755,"width":838,"height":11}},{"id":"eaf2395f-9e7f-47b4-9305-bd8262e2f4fb","block_type":"box","text":"the securities. The Fund will lose money if the value of the security in such a transaction declines below the purchase","page_number":125,"box":{"x":68,"y":770,"width":839,"height":11}},{"id":"c2920a69-978c-49fd-a705-29e97b6804af","block_type":"box","text":"price and will not benefit if the value of the security appreciates above the sale price during the commitment period.","page_number":125,"box":{"x":70,"y":785,"width":824,"height":12}},{"id":"8f0db7e6-831f-48d2-b4e7-31db1ac229da","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":125,"box":{"x":102,"y":808,"width":776,"height":11}},{"id":"34e7e74f-d08b-40a7-b760-ea6b2092cb1c","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":125,"box":{"x":69,"y":823,"width":795,"height":11}},{"id":"fad5e76d-dee5-4da7-96d6-5babe0b661e0","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":125,"box":{"x":69,"y":839,"width":799,"height":11}},{"id":"99aa61e6-a815-4d46-bc49-c5f4511306ef","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":125,"box":{"x":101,"y":861,"width":784,"height":11}},{"id":"d113410e-ac36-452a-87f3-dd508e66da08","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":125,"box":{"x":69,"y":876,"width":772,"height":11}},{"id":"526fe8bb-85e2-4adf-9dc2-f6dca8d27987","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":125,"box":{"x":69,"y":891,"width":434,"height":12}},{"id":"14389141-69e8-4983-ae3c-453a71b49d8d","block_type":"box","text":"II-77","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ca4f9c58-ebf2-45e1-82b0-619d1325ba27","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5f2c032b-d376-48ab-8b23-6d0973108454","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":126,"box":{"x":101,"y":45,"width":745,"height":11}},{"id":"c5059a9a-0f32-4eca-b111-582e697c3bef","block_type":"box","text":"fluctuations in their market value, is taken into account when determining the market value of a Fund star ting on the","page_number":126,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"885730ac-dc53-4ce0-b67a-fe1a2655d069","block_type":"box","text":"day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities it has committed","page_number":126,"box":{"x":69,"y":75,"width":823,"height":11}},{"id":"f4959f69-314a-43ea-97c1-31b34ecce8ed","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":126,"box":{"x":68,"y":90,"width":514,"height":11}},{"id":"1472de6d-424a-4839-b4b8-a8e14b07182c","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into when-issued or forward-settling","page_number":126,"box":{"x":102,"y":113,"width":759,"height":11}},{"id":"153a5507-4a9b-49d2-9ad4-ccbcffa5b157","block_type":"box","text":"securities (","page_number":126,"box":{"x":69,"y":128,"width":78,"height":11}},{"id":"e6cb07a6-4584-4db3-9ae1-9ad600bf1205","block_type":"box","text":"e.g.","page_number":126,"box":{"x":148,"y":129,"width":25,"height":10}},{"id":"3142a95a-bfaf-4050-9230-7df601a2bd15","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":126,"box":{"x":176,"y":128,"width":686,"height":11}},{"id":"77c5adf3-6545-4efe-ad8f-31b9abbd268b","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":126,"box":{"x":69,"y":143,"width":813,"height":11}},{"id":"2455c848-5a55-493b-8534-6b2a3e2be1e9","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":126,"box":{"x":70,"y":158,"width":822,"height":11}},{"id":"dabd8e2a-2546-4599-b687-4ee97d169bab","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":126,"box":{"x":69,"y":173,"width":802,"height":11}},{"id":"f715e7eb-670f-431a-8a29-efbd7ed852cb","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":126,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"6d8864c3-9f71-481f-af8b-19315ba62f2b","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":126,"box":{"x":70,"y":203,"width":816,"height":12}},{"id":"6a40b47c-6efe-4cba-bb3b-5506dc7d6dbb","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":126,"box":{"x":70,"y":218,"width":349,"height":12}},{"id":"581f6ff3-cf89-41f9-a9e8-291553ebc331","block_type":"box","text":"Regulations adopted by global prudential regulators that are now in effect require cer tain bank-regulated","page_number":126,"box":{"x":102,"y":241,"width":743,"height":11}},{"id":"5a8a7216-b22d-4bfa-a9dc-3d26074041e2","block_type":"box","text":"counterpar ties and cer tain of their affiliates to include in cer tain financial contracts, including many agreements with","page_number":126,"box":{"x":69,"y":256,"width":833,"height":12}},{"id":"2f88292c-2f1f-48d7-856d-ce44d2ecaffb","block_type":"box","text":"respect to when-issued, TBA and forward commitment transactions, terms that delay or restrict the rights of","page_number":126,"box":{"x":69,"y":271,"width":771,"height":12}},{"id":"d585d6a4-5315-4bf4-88b3-cf518b5aa51f","block_type":"box","text":"counterpar ties, such as a Fund, to terminate such agreements, foreclose upon collateral, exercise other default","page_number":126,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"99bcf454-48b5-4f6d-863c-b6cb44828814","block_type":"box","text":"rights or restrict transfers of credit suppor t in the event that the counterpar ty and/or its affiliates are subject to","page_number":126,"box":{"x":69,"y":302,"width":797,"height":11}},{"id":"48400962-a86b-49ee-b3b4-d3fee21f8e6e","block_type":"box","text":"cer tain types of resolution or insolvency proceedings. It is possible that these new requirements, as well as potential","page_number":126,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"1129245a-e3d5-4822-aeb0-153715de7d28","block_type":"box","text":"additional government regulation and other developments in the market, could adversely affect a Fund’s ability to","page_number":126,"box":{"x":69,"y":332,"width":807,"height":11}},{"id":"9b426fba-03c0-47a8-997d-4da35661876d","block_type":"box","text":"terminate existing agreements with respect to these transactions or to realize amounts to be received under such","page_number":126,"box":{"x":68,"y":347,"width":812,"height":11}},{"id":"759eb8c4-ec9f-407e-a49d-e3c296caab96","block_type":"box","text":"agreements.","page_number":126,"box":{"x":69,"y":363,"width":87,"height":10}},{"id":"e9e57b56-3ec3-42fd-b973-6b5e2d2acd5e","block_type":"box","text":"Yields and Ratings.","page_number":126,"box":{"x":103,"y":385,"width":139,"height":11}},{"id":"e597fba4-6415-4312-913c-141a38a8e277","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":126,"box":{"x":247,"y":385,"width":628,"height":11}},{"id":"d1de99be-86be-4000-9bd0-edd3d3dbeb2f","block_type":"box","text":"market conditions, conditions in the par ticular market for the obligation, the financial condition of the issuer, the size","page_number":126,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"575358e8-14ac-42d2-9312-e42966b9df1d","block_type":"box","text":"of the offering, the maturity of the obligation and the ratings of the issue. The ratings of Moody’s, Fitch and S&P","page_number":126,"box":{"x":69,"y":415,"width":799,"height":11}},{"id":"b7f1d0ec-e3a3-4f73-9e3d-61a544e40f88","block_type":"box","text":"represent their respective opinions as to the quality of the obligations they under take to rate. Ratings, however, are","page_number":126,"box":{"x":69,"y":430,"width":824,"height":11}},{"id":"f8244ddd-46f0-4a16-8b37-ca28901f06ee","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":126,"box":{"x":68,"y":445,"width":792,"height":12}},{"id":"7e77a15a-3666-4d2c-9396-75fe691abb20","block_type":"box","text":"interest rate may have different market prices. Subsequent to its purchase by a Fund, a rated security may cease to","page_number":126,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"4373a019-28f2-4502-8c71-00d78427e52f","block_type":"box","text":"be rated. A Fund’s Manager or sub-adviser will consider such an event in determining whether the Fund should","page_number":126,"box":{"x":69,"y":476,"width":786,"height":11}},{"id":"4f67ad6f-d630-4f17-bd3b-b52597c59f28","block_type":"box","text":"continue to hold the security.","page_number":126,"box":{"x":69,"y":491,"width":204,"height":11}},{"id":"d4a7e41e-703a-4b84-a429-dd33e6241adf","block_type":"box","text":"Zero Coupon Securities.","page_number":126,"box":{"x":102,"y":513,"width":175,"height":11}},{"id":"c968e198-241c-49c2-a284-4d4b63fb561e","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":126,"box":{"x":283,"y":514,"width":601,"height":10}},{"id":"9b98c168-e22d-41ae-862b-b88b3081b075","block_type":"box","text":"not pay interest during the life of the security. The discount approximates the total amount of interest the security will","page_number":126,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"9035ddd8-0eb5-451c-be70-421221bd9246","block_type":"box","text":"accrue and compound over the period until maturity at a rate of interest reflecting the market rate of the security at","page_number":126,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"46499542-7f3b-445a-87e7-11cc22c64a2f","block_type":"box","text":"the time of issuance. Upon maturity, the holder of a zero coupon security is entitled to receive the par value of the","page_number":126,"box":{"x":68,"y":559,"width":814,"height":11}},{"id":"510a67a5-293a-4395-808e-b1c3aee12a7a","block_type":"box","text":"security.","page_number":126,"box":{"x":69,"y":574,"width":57,"height":11}},{"id":"5da0948c-a60e-4172-9e90-942cc9c015eb","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":126,"box":{"x":101,"y":596,"width":749,"height":12}},{"id":"0ba19a2f-30b2-4903-83f4-b329c41ff717","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":126,"box":{"x":69,"y":612,"width":835,"height":11}},{"id":"75196daf-56ff-407c-81e2-e0f3d5fd1c12","block_type":"box","text":"owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original","page_number":126,"box":{"x":69,"y":627,"width":833,"height":11}},{"id":"097359bd-4d49-437f-9f03-988574eb23fa","block_type":"box","text":"investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of","page_number":126,"box":{"x":70,"y":642,"width":836,"height":11}},{"id":"cfdd5988-0cdd-414e-a942-bcee3c9f2f10","block_type":"box","text":"earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit","page_number":126,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"223a43e8-358b-4955-959a-ef2e629e7c18","block_type":"box","text":"yield on the zero coupon bond, but at the same time eliminates the holder’s ability to reinvest at higher rates in the","page_number":126,"box":{"x":68,"y":672,"width":824,"height":11}},{"id":"5b88b3ef-7f60-4626-bb04-bf71676393af","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":126,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"1c4567c8-8dde-487b-8e6c-f5bb26935e05","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":126,"box":{"x":70,"y":702,"width":837,"height":12}},{"id":"58984e23-3e17-46fb-a94a-04ef73748f03","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":126,"box":{"x":69,"y":718,"width":791,"height":10}},{"id":"473700dd-dad8-4c68-adb6-f2e4940e56e4","block_type":"box","text":"benefit the issuer by mitigating its need for cash to meet debt service, but also require a higher rate of return to","page_number":126,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"ce81da33-5a17-4d41-8759-266b15486283","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":126,"box":{"x":69,"y":748,"width":400,"height":11}},{"id":"22b2ef43-5c98-4df0-ba7a-7e3e1cef1f87","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":126,"box":{"x":101,"y":770,"width":775,"height":12}},{"id":"c9eed52d-a93c-4d34-a1d1-17528729d439","block_type":"box","text":"prior to the receipt of cash payments. Zero coupon securities may be subject to greater fluctuation in value and less","page_number":126,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"5a4b14bf-40d3-4b75-bea3-c21329077b25","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":126,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"44404d03-e941-4ce0-9ad1-0b6723af7280","block_type":"box","text":"intervals.","page_number":126,"box":{"x":70,"y":816,"width":64,"height":9}},{"id":"87e3caae-3f8a-4861-b96f-2058a6b4bacc","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":126,"box":{"x":102,"y":838,"width":749,"height":12}},{"id":"dd8684f3-edc6-4215-b75a-b46534d7b53a","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":126,"box":{"x":69,"y":853,"width":784,"height":12}},{"id":"10595668-c976-4100-8ac8-1f961bb2e2c7","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":126,"box":{"x":70,"y":869,"width":799,"height":11}},{"id":"076d4b8d-ebd9-446b-8e6c-3f02baf8d49c","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":126,"box":{"x":68,"y":884,"width":799,"height":11}},{"id":"f0139787-ba6a-482a-9490-879371379c79","block_type":"box","text":"exposure to zero coupon securities.","page_number":126,"box":{"x":69,"y":899,"width":253,"height":11}},{"id":"23bad7c8-02f6-46d4-9283-745476ea5749","block_type":"box","text":"II-78","page_number":126,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"01ea3f9d-0eba-4712-8d69-7e0996555bbf","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":126,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"12157a7f-6514-41f5-a6de-449e540ad2de","block_type":"box","text":"In addition to the above-described risks, there are cer tain other risks related to investing in zero coupon","page_number":127,"box":{"x":102,"y":45,"width":740,"height":11}},{"id":"863ecdfa-576b-4388-be59-91b03f69eb44","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":127,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"be23d480-5387-49be-a78a-03542d94f405","block_type":"box","text":"In addition, as these securities do not pay cash interest, a Fund’s investment exposure to these securities and their","page_number":127,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"61bf8623-ad0f-4d7f-b0f5-2409d31c1037","block_type":"box","text":"risks, including credit risk, will increase during the time these securities are held in the Fund’s por tfolio.","page_number":127,"box":{"x":69,"y":90,"width":741,"height":11}},{"id":"c1c444c0-69aa-461b-b3c5-ee20ba620301","block_type":"box","text":"Suitability. (All Funds)","page_number":127,"box":{"x":101,"y":113,"width":161,"height":11}},{"id":"5f71836d-6f70-4603-8a39-34ceaf529623","block_type":"box","text":"The economic benefit of an investment in any Fund depends upon many factors beyond the control of the Fund,","page_number":127,"box":{"x":101,"y":135,"width":793,"height":11}},{"id":"a1403bf4-fdde-478e-b95f-a199f1860401","block_type":"box","text":"the Manager and its affiliates. Each Fund should be considered a vehicle for diversification and not as a balanced","page_number":127,"box":{"x":68,"y":150,"width":811,"height":12}},{"id":"4526ec81-ab91-4ad4-a2dd-18e1677466cf","block_type":"box","text":"investment program. The suitability for any par ticular investor of a purchase of shares in a Fund will depend upon,","page_number":127,"box":{"x":70,"y":166,"width":810,"height":11}},{"id":"e5bee9db-413a-47c9-b5b6-93c2220901dc","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":127,"box":{"x":69,"y":181,"width":826,"height":11}},{"id":"cef85e5e-8563-4151-a2b5-ff91b2795203","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":127,"box":{"x":68,"y":196,"width":460,"height":11}},{"id":"def9d08e-7c93-4413-afdb-9dc63552ecca","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":127,"box":{"x":102,"y":219,"width":264,"height":11}},{"id":"db15ae92-7a6d-43f3-8c81-5872e7cbdbe0","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":127,"box":{"x":102,"y":241,"width":745,"height":11}},{"id":"ca9ddb42-e9f7-4bb7-912b-bedb7fabfa1c","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":127,"box":{"x":68,"y":256,"width":807,"height":11}},{"id":"6f19f1fc-8f97-4537-adc3-b4b382f5ac2b","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":127,"box":{"x":69,"y":272,"width":528,"height":11}},{"id":"d12e6bd4-9e46-4d3b-a36c-472dbc1a3ac3","block_type":"box","text":"Each Fund’s investments will be limited in order to allow the Fund to qualify as a “regulated investment","page_number":127,"box":{"x":102,"y":294,"width":735,"height":11}},{"id":"0acdf7c4-c944-42cc-9ad1-4dc11131fc0e","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":127,"box":{"x":69,"y":309,"width":775,"height":11}},{"id":"71b22460-587c-4933-921d-eeacf62b23bb","block_type":"box","text":"requirements, each Fund will limit its investments so that, at the close of each quar ter of the taxable year, (i) at least","page_number":127,"box":{"x":69,"y":324,"width":837,"height":11}},{"id":"0e76fb64-6281-4667-a0f4-1aa469a06a87","block_type":"box","text":"50% of the market value of each Fund’s assets is represented by cash, securities of other regulated investment","page_number":127,"box":{"x":69,"y":339,"width":799,"height":12}},{"id":"7450fa8b-4f38-4196-afd7-aee51d530c06","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":127,"box":{"x":69,"y":355,"width":837,"height":11}},{"id":"e3efe279-5c34-41b4-85be-68ece4067ce2","block_type":"box","text":"issuer, to an amount not greater in value than 5% of the Fund’s assets and not greater than 10% of the outstanding","page_number":127,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"182803b2-f189-490f-b491-fddad5cb7f35","block_type":"box","text":"voting securities of such issuer and (ii) not more than 25% of the value of its assets is invested in the securities","page_number":127,"box":{"x":68,"y":385,"width":802,"height":11}},{"id":"e1f3634d-39d7-414f-8b76-f614eb371d65","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":127,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"fe0d3e91-3eff-4007-92e6-51c55e477431","block_type":"box","text":"two or more issuers that the Fund controls and that are determined to be engaged in the same or similar trades or","page_number":127,"box":{"x":68,"y":415,"width":819,"height":11}},{"id":"8842e4f5-e6cc-436e-95b7-09db07a4fd22","block_type":"box","text":"businesses or related trades or businesses or in the securities of one or more qualified publicly traded par tnerships","page_number":127,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"c10f07fd-62fd-49f1-9529-89e591d673a5","block_type":"box","text":"(","page_number":127,"box":{"x":69,"y":446,"width":3,"height":10}},{"id":"e6c5b9ca-f614-487e-a18e-b5db11134fea","block_type":"box","text":"i.e.","page_number":127,"box":{"x":74,"y":446,"width":21,"height":8}},{"id":"e3651240-4a1e-42ce-ac5a-3d72506da385","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":127,"box":{"x":97,"y":446,"width":806,"height":10}},{"id":"24110073-d0f3-4317-bf9c-74d8e465e48b","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":127,"box":{"x":70,"y":460,"width":824,"height":12}},{"id":"a0648ee3-a1f3-4d01-b9cf-64867abe2a87","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":127,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"38234e59-cb02-4d2c-92eb-d80ac44f868d","block_type":"box","text":"of its political subdivisions, agencies or instrumentalities and each multi-state agency of which the state is a member","page_number":127,"box":{"x":69,"y":491,"width":838,"height":11}},{"id":"99af0423-3f53-4c25-a935-05a583fa3578","block_type":"box","text":"as a separate issuer. Each public authority that issues securities on behalf of a private entity generally will also be","page_number":127,"box":{"x":69,"y":506,"width":815,"height":11}},{"id":"8a787937-e616-46ae-a6c9-7600fe552961","block_type":"box","text":"regarded as a separate issuer, except that if the security is backed only by the assets and revenues of a non","page_number":127,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"e2cef59b-fdfb-48a2-995f-1526c022faf7","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":127,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"d481a202-ca00-4f10-ad49-7d1fc5515f5d","block_type":"box","text":"regarded as the sole issuer.","page_number":127,"box":{"x":69,"y":551,"width":198,"height":11}},{"id":"d85c67d0-e16d-42d6-a9d6-450315542340","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":127,"box":{"x":102,"y":574,"width":784,"height":11}},{"id":"f0d53286-d51c-41e5-9e16-e6933012227c","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":127,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"42efac5f-9a87-4510-8941-302d57c354a8","block_type":"box","text":"considered to be obligations of a single issuer. These tax-related limitations may be changed by the Directors of a","page_number":127,"box":{"x":69,"y":604,"width":811,"height":11}},{"id":"00b2741b-5b3c-411f-9a8f-152384a6be4d","block_type":"box","text":"Fund to the extent necessary to comply with changes to the U.S. federal tax requirements. A Fund that is","page_number":127,"box":{"x":70,"y":619,"width":747,"height":11}},{"id":"fe397f39-4443-496d-8c44-38ca18c4d52d","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":127,"box":{"x":70,"y":634,"width":834,"height":12}},{"id":"9af98ba2-3260-42ce-88b7-5f50369d6388","block_type":"box","text":"75% of its total assets.","page_number":127,"box":{"x":69,"y":649,"width":165,"height":9}},{"id":"cec58325-14c8-4848-9fed-a65cffe2aad4","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":127,"box":{"x":268,"y":679,"width":442,"height":10}},{"id":"8c970f75-25bb-4c34-bfd0-94fc7f7ad09d","block_type":"box","text":"Directors and Officers","page_number":127,"box":{"x":69,"y":709,"width":159,"height":9}},{"id":"0c8c489d-463c-47aa-944a-7f0ea1132158","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":127,"box":{"x":102,"y":732,"width":733,"height":11}},{"id":"e2db0493-d5f1-4426-a5ec-8eef3bd4a57a","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":127,"box":{"x":69,"y":747,"width":783,"height":11}},{"id":"67c94f5f-532c-4f20-aeb3-47f7b642c892","block_type":"box","text":"Ownership’ and ‘— Compensation of Trustees’,” as applicable, in Par t I of each Fund’s SAI for biographical and","page_number":127,"box":{"x":69,"y":762,"width":795,"height":11}},{"id":"81949f69-3ae8-455c-9e10-c36f799e0efd","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":127,"box":{"x":69,"y":777,"width":789,"height":12}},{"id":"93619091-c515-4ca9-a061-913e6f765efa","block_type":"box","text":"Management Arrangements","page_number":127,"box":{"x":69,"y":808,"width":202,"height":11}},{"id":"ef701aea-f544-4386-adec-81e3ab2ece77","block_type":"box","text":"Management Services.","page_number":127,"box":{"x":102,"y":830,"width":162,"height":11}},{"id":"18db4529-f124-4f19-a960-7e72ce08a171","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":127,"box":{"x":270,"y":830,"width":615,"height":11}},{"id":"26826752-cd54-4248-aae9-dcf959536e7f","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":127,"box":{"x":69,"y":845,"width":836,"height":12}},{"id":"8578ce8f-9400-44d1-a31b-fb6629aec9e5","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":127,"box":{"x":70,"y":860,"width":820,"height":12}},{"id":"707a2fbb-a4cd-4f93-a6b6-4bf1ff9c78a7","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":127,"box":{"x":68,"y":875,"width":832,"height":12}},{"id":"8aaeed6a-6a1a-4bde-a591-8e4e69c8bf58","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":127,"box":{"x":70,"y":891,"width":801,"height":11}},{"id":"095c5197-189a-4fed-9ca8-760d17a6f5a1","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":127,"box":{"x":69,"y":906,"width":370,"height":11}},{"id":"2a0bed69-fcc0-47a9-9998-1ad739c2d70d","block_type":"box","text":"II-79","page_number":127,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"61ed763e-2942-4ec0-865c-f61bf3fb4a6c","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":127,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"da54a54d-abc8-4cc0-a89b-f6aabfd27265","block_type":"box","text":"Each Feeder Fund invests all or a por tion of its assets in shares of a Master Por tfolio. To the extent a Feeder","page_number":128,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"fe32dcb9-51a4-4f82-9ef7-2bb6d07a80ff","block_type":"box","text":"Fund invests all of its assets in a Master Por tfolio, it does not invest directly in por tfolio securities and does not","page_number":128,"box":{"x":70,"y":60,"width":800,"height":11}},{"id":"62d14584-7284-4e52-bb07-b7f8efaa58f0","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":128,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"115a8b72-0215-443f-80d4-3501517bd097","block_type":"box","text":"Management Fee.","page_number":128,"box":{"x":102,"y":98,"width":126,"height":11}},{"id":"7139e573-cfe5-4083-b162-d18a4e851ec2","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":128,"box":{"x":235,"y":98,"width":646,"height":11}},{"id":"7a100ffd-894e-4454-94e7-2a78b70d2d0f","block_type":"box","text":"the Manager receives for its services to the Fund monthly compensation at an annual rate based on the average daily","page_number":128,"box":{"x":68,"y":113,"width":841,"height":11}},{"id":"b6345cb2-3592-44ef-b4a8-e2fa59fa7248","block_type":"box","text":"net assets of the Fund. For information regarding the fees paid by your Fund to the Manager for the Fund’s last three","page_number":128,"box":{"x":69,"y":128,"width":833,"height":11}},{"id":"6dc4d9b6-bbbf-45d0-81af-d4b88d917c15","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":128,"box":{"x":68,"y":143,"width":746,"height":11}},{"id":"b6f0ed36-8eb5-4ba0-9632-ca4595de23e0","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":128,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"b3da0ac2-aaf7-4d85-af20-c7a2842dc579","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":128,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"bc06a44c-9116-4fa6-8261-4c50c9fd8463","block_type":"box","text":"management services and to pay all compensation of and furnish office space for officers and employees of a Fund","page_number":128,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"f307a53d-f758-410b-a4da-b22ce799cb24","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":128,"box":{"x":70,"y":211,"width":820,"height":11}},{"id":"dca88236-b969-4a66-b0de-4933720ddfcd","block_type":"box","text":"the fees of all Directors of the Fund who are interested persons of the Fund. Each Fund pays all other expenses","page_number":128,"box":{"x":68,"y":226,"width":797,"height":11}},{"id":"6a691f1c-a74c-4ff3-b45c-d15863000572","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":128,"box":{"x":70,"y":241,"width":830,"height":11}},{"id":"d7e13e91-88f3-42b6-add5-801a2720bd27","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":128,"box":{"x":69,"y":256,"width":802,"height":12}},{"id":"6010e914-6c65-4d49-b239-0680205ed03b","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":128,"box":{"x":70,"y":271,"width":809,"height":12}},{"id":"181e296f-9406-4489-affe-b6981f1e75e7","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":128,"box":{"x":69,"y":286,"width":838,"height":12}},{"id":"e5af7dfe-79e7-4245-9124-630d8a1533d5","block_type":"box","text":"of registering the shares under Federal, state or foreign laws; fees and expenses of Directors who are not interested","page_number":128,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"ed0601c0-dfc1-44d9-9e6a-f030c3556fc1","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":128,"box":{"x":70,"y":317,"width":784,"height":11}},{"id":"656412a0-4e4d-41ce-adba-3c56e04ceeb1","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":128,"box":{"x":69,"y":332,"width":767,"height":11}},{"id":"bd28943e-2125-400a-a2e2-93f768af6c79","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":128,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"99d0d4bc-292f-4e49-8228-49423a9849ad","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":128,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"16bd5f7c-cf09-4710-9a3d-50cf379fee62","block_type":"box","text":"or JPMorgan Chase Bank, N.A. (“JPM”) pursuant to an agreement between State Street, BNY Mellon or JPM, as","page_number":128,"box":{"x":69,"y":377,"width":794,"height":12}},{"id":"1b474fa8-b291-4c29-abf5-9a4d8eb8ba1f","block_type":"box","text":"applicable, and each Fund. Each Fund pays a fee for these services. In addition, the Manager provides cer tain","page_number":128,"box":{"x":69,"y":392,"width":786,"height":12}},{"id":"af070d5e-ee01-41c0-a0ae-1f5c138e68bf","block_type":"box","text":"accounting services to each Fund and the Fund pays the Manager a fee for such services. The Distributor pays","page_number":128,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"81c29bea-acc0-4690-aac5-6d9c1445d61c","block_type":"box","text":"cer tain promotional expenses of the Funds incurred in connection with the offering of shares of the Funds. Cer tain","page_number":128,"box":{"x":69,"y":423,"width":817,"height":11}},{"id":"000cfb1a-999e-4141-baaa-1a032dce572d","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":128,"box":{"x":69,"y":438,"width":767,"height":11}},{"id":"e1b85177-5778-4d61-8a01-a6e924f4afd0","block_type":"box","text":"Investment Company Act. See “Purchase of Shares — Distribution and/or Shareholder Servicing Plans.”","page_number":128,"box":{"x":70,"y":453,"width":743,"height":11}},{"id":"da6556a3-e8a4-4462-88c7-bd769963d721","block_type":"box","text":"Sub-Advisory Fee.","page_number":128,"box":{"x":102,"y":476,"width":124,"height":11}},{"id":"a05d1ab0-0e8e-4f19-a174-dd44a4216cde","block_type":"box","text":"The Manager of cer tain Funds has entered into one or more sub-advisory agreements (the","page_number":128,"box":{"x":232,"y":475,"width":643,"height":12}},{"id":"fb9fa81b-e3af-4962-a289-ca15c07b01c5","block_type":"box","text":"“Sub-Advisory Agreements”) with the sub-adviser or sub-advisers identified in each such Fund’s Prospectus (the “Sub","page_number":128,"box":{"x":70,"y":491,"width":839,"height":11}},{"id":"c6aa29ab-3881-4a99-8831-eafeb275a9f9","block_type":"box","text":"Adviser”) pursuant to which the Sub-Adviser provides sub-advisory services to the Manager with respect to the Fund.","page_number":128,"box":{"x":68,"y":506,"width":830,"height":11}},{"id":"127af123-bc20-477b-8293-abe79f852da0","block_type":"box","text":"Organization of the Manager.","page_number":128,"box":{"x":102,"y":528,"width":204,"height":12}},{"id":"c2a0cf57-1ed0-4fc5-acf3-252485cd37f4","block_type":"box","text":"BlackRock Advisors, LLC is a Delaware limited liability company and BlackRock","page_number":128,"box":{"x":313,"y":529,"width":560,"height":11}},{"id":"036ccb3c-72fa-4dfb-8370-3f64d1bf7fd2","block_type":"box","text":"Fund Advisors is a California corporation. Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":128,"box":{"x":70,"y":543,"width":819,"height":12}},{"id":"9a9ec643-e0de-4b17-a0cc-2ac5454d9b6c","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":128,"box":{"x":70,"y":559,"width":817,"height":11}},{"id":"5089293d-5c9d-49e5-9c37-1f912ef891a3","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":128,"box":{"x":69,"y":574,"width":768,"height":11}},{"id":"bf084000-2210-4e18-809f-132807b2cdc4","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":128,"box":{"x":69,"y":589,"width":821,"height":11}},{"id":"7ed47ad0-b67c-4a45-8d94-a78e40a8e386","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":128,"box":{"x":69,"y":604,"width":517,"height":11}},{"id":"1ff38e3c-2d71-4999-8da9-1447a8f7f242","block_type":"box","text":"Duration and Termination.","page_number":128,"box":{"x":102,"y":627,"width":182,"height":9}},{"id":"6c4b03f8-4e89-49a9-ba82-c07d6dc06d71","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":128,"box":{"x":292,"y":627,"width":613,"height":11}},{"id":"c57b9448-79f9-4740-8b53-da53f6ba92da","block_type":"box","text":"Sub-Advisory Agreement will remain in effect for an initial two year period and from year to year thereafter if approved","page_number":128,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"1bbd0c61-776a-4354-b9b9-740625b6ebaf","block_type":"box","text":"annually (a) by the Board of Directors or by a vote of a majority of the outstanding voting securities of a Fund and","page_number":128,"box":{"x":69,"y":657,"width":803,"height":11}},{"id":"cc93d171-26ea-413a-989f-377a68e28ba7","block_type":"box","text":"(b) by a majority of the Directors of the Fund who are not par ties to such agreement or interested persons (as defined","page_number":128,"box":{"x":69,"y":672,"width":839,"height":11}},{"id":"cefabcd9-7328-4656-9ac2-daa4fe8dff77","block_type":"box","text":"in the Investment Company Act) of any such par ty. Each Management Agreement automatically terminates on","page_number":128,"box":{"x":70,"y":687,"width":778,"height":11}},{"id":"69d8eb14-ddfc-4312-b7ef-9b60ccd49cf9","block_type":"box","text":"assignment and may be terminated without penalty on 60 days’ written notice at the option of either par ty thereto or","page_number":128,"box":{"x":69,"y":702,"width":832,"height":12}},{"id":"92e8a186-4a2a-4c48-a228-8e526e7e1bdd","block_type":"box","text":"by the vote of the shareholders of the applicable Fund.","page_number":128,"box":{"x":69,"y":717,"width":388,"height":12}},{"id":"cfcb3399-26ec-488b-aef9-8468ac1e05d3","block_type":"box","text":"Other Service Arrangements","page_number":128,"box":{"x":69,"y":748,"width":205,"height":11}},{"id":"bdce5d13-c9a0-42f0-8555-f4373858ac51","block_type":"box","text":"Administrative Services and Administrative Fee.","page_number":128,"box":{"x":101,"y":770,"width":338,"height":9}},{"id":"ff137e56-b220-4de0-8cc7-26ba491d81e1","block_type":"box","text":"Cer tain Funds have entered into an administration agreement","page_number":128,"box":{"x":446,"y":770,"width":439,"height":12}},{"id":"9ac3b3d1-4037-4d3c-b3e8-42e6ca9f54ea","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":128,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"bb3f1c3f-e3c7-43c2-9a5e-4f4d906b8266","block_type":"box","text":"SAI (each an “Administrator”). 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Such contract is not assignable","page_number":129,"box":{"x":70,"y":158,"width":810,"height":11}},{"id":"4200efe2-3c7f-4d6f-a3c8-c7e161992601","block_type":"box","text":"and may be terminated without penalty on written notice at the option of either par ty thereto or by the vote of the","page_number":129,"box":{"x":69,"y":173,"width":805,"height":11}},{"id":"2138afff-5fc9-4ccf-9f0c-e940ccb0d2da","block_type":"box","text":"shareholders of the Fund.","page_number":129,"box":{"x":69,"y":188,"width":181,"height":9}},{"id":"be58d0a5-9ba3-4ebc-9ad9-bfeb1d68b326","block_type":"box","text":"Transfer Agency Services.","page_number":129,"box":{"x":103,"y":211,"width":180,"height":11}},{"id":"5ec06d6e-0e54-48ee-b812-08b126e97a97","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":129,"box":{"x":291,"y":211,"width":595,"height":11}},{"id":"4d3783ae-0d72-475c-ade7-b2dd8ea51089","block_type":"box","text":"subsidiary of The Bank of New York Mellon Corporation, acts as each Fund’s Transfer Agent pursuant to a Transfer","page_number":129,"box":{"x":69,"y":226,"width":816,"height":11}},{"id":"2d79515b-dc69-4c72-a802-5c65530ebe0c","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":129,"box":{"x":68,"y":241,"width":833,"height":11}},{"id":"b38129e1-f145-49e6-bcbc-dbc40abe2d6d","block_type":"box","text":"with the Funds. 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Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":129,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"3c2d8dcd-d177-4537-9e17-372d2ce0000c","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":129,"box":{"x":69,"y":430,"width":627,"height":11}},{"id":"087137be-5685-48eb-b28d-c860330f731f","block_type":"box","text":"Custodian Services.","page_number":129,"box":{"x":102,"y":453,"width":141,"height":9}},{"id":"f9ac48a4-99f9-48d6-9895-845d327d13e3","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":129,"box":{"x":249,"y":453,"width":654,"height":11}},{"id":"08c6157b-c0f2-44d1-9120-68d47f001a02","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. 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A Fund also may use special purpose custodian banks from time to time for","page_number":129,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"04b749a5-e62b-40c2-b88c-bbdf2b9d29d4","block_type":"box","text":"cer tain assets.","page_number":129,"box":{"x":69,"y":544,"width":106,"height":9}},{"id":"059167c3-cdab-4378-b80a-3b8fd9619946","block_type":"box","text":"For cer tain Feeder Funds, the Custodian also acts as the custodian of the Master Por tfolio’s assets.","page_number":129,"box":{"x":102,"y":566,"width":716,"height":11}},{"id":"d9f84f1c-2068-48de-b754-cfbca27c0172","block_type":"box","text":"Generally, overdraft charges, if any, are treated as interest expense. With respect to cer tain Funds, on a monthly","page_number":129,"box":{"x":102,"y":589,"width":803,"height":11}},{"id":"912cfb91-80a2-4d41-b874-e71e1e6f87f0","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":129,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"b1e6d486-2de7-4921-8a8a-9d4e7729055f","block_type":"box","text":"credit”) or a charge based on that net amount. 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The Distribution","page_number":129,"box":{"x":68,"y":853,"width":807,"height":12}},{"id":"1e530c43-da3a-4a08-9734-39b3ce541770","block_type":"box","text":"Agreements obligate the Distributor to pay cer tain expenses in connection with the offering of each class of shares of","page_number":129,"box":{"x":68,"y":869,"width":842,"height":11}},{"id":"f7b98e6b-01e3-4b4b-ad5c-bbb1ef7206b3","block_type":"box","text":"the Funds. After the prospectuses, statements of additional information and periodic repor ts have been prepared,","page_number":129,"box":{"x":68,"y":884,"width":813,"height":11}},{"id":"94e86f61-ec85-414b-a167-9a3f42c5aa7a","block_type":"box","text":"set in type and mailed to shareholders, the Distributor pays for the printing and distribution of these documents used","page_number":129,"box":{"x":69,"y":899,"width":836,"height":11}},{"id":"0b643f41-d937-4779-b639-610fe67c4e74","block_type":"box","text":"II-81","page_number":129,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0f8b6190-8d28-490f-9dbf-df51030a1167","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":129,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e557abee-4b6b-4f51-aa12-0d12db4ebff1","block_type":"box","text":"in connection with the offering to dealers and investors. The Distributor also pays for other supplementary sales","page_number":130,"box":{"x":70,"y":45,"width":799,"height":11}},{"id":"0694148b-efce-4541-a4ac-f7a3a4f66fee","block_type":"box","text":"literature and adver tising costs. Each Distribution Agreement is subject to the same renewal requirements and","page_number":130,"box":{"x":70,"y":60,"width":788,"height":11}},{"id":"7b9d9d93-114f-43e7-a780-43da47af9e1f","block_type":"box","text":"termination provisions as the Management Agreement described above.","page_number":130,"box":{"x":68,"y":75,"width":513,"height":11}},{"id":"558abeba-da9f-4165-a748-59a7a8629c9a","block_type":"box","text":"Code of Ethics","page_number":130,"box":{"x":69,"y":105,"width":105,"height":9}},{"id":"3d0757a7-e6c1-418b-92f1-9d91954c9b0d","block_type":"box","text":"Each Fund, the Manager, each Sub-Adviser and the Distributor has adopted a Code of Ethics pursuant to Rule","page_number":130,"box":{"x":102,"y":128,"width":780,"height":11}},{"id":"85f0435d-c4f0-40db-ba42-9d8d0c98be83","block_type":"box","text":"17j-1 under the Investment Company Act. 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Affiliated feeder funds — iShares S&P 500 Index Fund, iShares U.S. Aggregate Bond Index Fund, Treasury","page_number":135,"box":{"x":70,"y":347,"width":790,"height":11}},{"id":"93753f98-54bd-445b-bff5-52d2cc04bb82","block_type":"box","text":"Money Market Fund (Cayman) and their respective boards, sponsors, administrators and other service providers.","page_number":135,"box":{"x":102,"y":362,"width":803,"height":11}},{"id":"bfb95575-f08d-4960-bb4f-96857b4180ed","block_type":"box","text":"13. 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Such transactions, par ticularly in","page_number":136,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"64d39fd8-85cb-4514-aa1f-527c7cece843","block_type":"box","text":"respect of most proprietary accounts or client accounts, will be executed independently of a Fund’s transactions and","page_number":136,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"0d473dc6-49db-4443-be16-8615bc6903db","block_type":"box","text":"thus at prices or rates that may be more or less favorable than those obtained by the Fund.","page_number":136,"box":{"x":68,"y":234,"width":652,"height":11}},{"id":"9e38ec49-f09b-4115-bd09-9922713b1739","block_type":"box","text":"In addition, the por tfolio holdings of cer tain BlackRock-advised investment vehicles managed in an identical or","page_number":136,"box":{"x":102,"y":256,"width":787,"height":12}},{"id":"30f68ac0-2029-4897-814c-53e2b28306fa","block_type":"box","text":"substantially similar manner as cer tain Funds are made publicly available on a more timely basis than the applicable","page_number":136,"box":{"x":69,"y":272,"width":832,"height":11}},{"id":"92001dd5-7a0b-46d2-b799-0cd815b7f5c2","block_type":"box","text":"Fund. In some cases, such por tfolio holdings are made publicly available on a daily basis. 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When BlackRock implements a por tfolio","page_number":136,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"f8bd6771-75d5-4205-bab2-423cd0ac6d36","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":136,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"9aaa6af2-843c-481f-bbf0-ba7000808205","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":136,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"846d9d56-7089-4ee0-8e27-ee137e933d6e","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":136,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"6ab6e4f0-4b66-47ce-991a-fdf6153e105d","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":136,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"d2863585-1833-4d59-ae07-ef225baa2aa5","block_type":"box","text":"procedures designed to limit such consequences, which may cause a Fund to be unable to engage in cer tain","page_number":136,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"1213d720-f603-468f-b00d-71a769b4858f","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":136,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"bb12af9e-1ad7-4978-9011-653229908f4a","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":136,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"a19cd87e-adec-4349-90bd-0ddd49e41874","block_type":"box","text":"BlackRock. For example, the sale of a long position or establishment of a shor t position by a Fund may impair the","page_number":136,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"53b5698a-7360-43a6-a655-2dd1f80ddb2d","block_type":"box","text":"price of the same security sold shor t by (and therefore benefit) BlackRock or its other accounts or funds, and the","page_number":136,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"76ed808e-d5fa-4bcc-a949-3f0934eca666","block_type":"box","text":"purchase of a security or covering of a shor t position in a security by a Fund may increase the price of the same","page_number":136,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"4b3ba1cd-f31c-4438-aed2-3fd085cadb4e","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":136,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"97fdd258-7191-4c7b-831d-6256843a79c6","block_type":"box","text":"BlackRock, on behalf of other client accounts, on the one hand, and a Fund, on the other hand, may invest in or","page_number":136,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"bd76400f-dfcf-49ec-8fff-2fa51cd3be72","block_type":"box","text":"extend credit to different par ts of the capital structure of a single issuer. BlackRock may pursue rights, provide","page_number":136,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"606272f1-8b79-43de-8ae0-35d918cc54a0","block_type":"box","text":"advice or engage in other activities, or refrain from pursuing rights, providing advice or engaging in other activities, on","page_number":136,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"b4f54d8f-5479-49b4-b295-1ea9565a96a9","block_type":"box","text":"behalf of other clients with respect to an issuer in which a Fund has invested, and such actions (or refraining from","page_number":136,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"b5afaa95-9cc2-4e22-8910-2587497c0634","block_type":"box","text":"action) may have a material adverse effect on the Fund. In situations in which clients of BlackRock (including the","page_number":136,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"77cfbf39-928f-470b-ae5f-6dfb0aa4a26b","block_type":"box","text":"Funds) hold positions in multiple par ts of the capital structure of an issuer, BlackRock may not pursue cer tain","page_number":136,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"ecadf9b3-8219-43e0-807c-b96541436151","block_type":"box","text":"actions or remedies that may be available to a Fund, as a result of legal and regulatory requirements or otherwise.","page_number":136,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"c1c65ba8-8ef1-4e62-af76-2aeb55d6f394","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":136,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"7400049b-204b-4fef-be4d-33227cd217fb","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":136,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"2ba0ffe3-b769-4751-adb0-4d42d8290653","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":136,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"ea1715eb-f96b-44af-9b4d-da7533242159","block_type":"box","text":"situated holders of loans or securities rather than, or in connection with, taking such actions itself on behalf of the","page_number":136,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"a76aa3ea-02eb-4459-963b-aaf3af92b6b1","block_type":"box","text":"Funds.","page_number":136,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"574c11ce-5c44-43ee-9f91-a4dfc19ed176","block_type":"box","text":"In addition, to the extent permitted by applicable law, cer tain Funds may invest their assets in other funds","page_number":136,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"42e8ef30-3577-4dcc-ae77-e4b66263e6e2","block_type":"box","text":"advised by BlackRock, including funds that are managed by one or more of the same por tfolio managers, which could","page_number":136,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"91d580bc-8209-42a8-84d3-09e40e4870d8","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":136,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"062b06ed-e03b-43c9-9029-1256545ae3a3","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":136,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"d56c3f03-d574-4953-b827-f07d535dc632","block_type":"box","text":"II-88","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"43f307c4-5304-449d-ab74-0581652d89e5","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7dbdd92-03fb-4177-a650-61d3de53c59e","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":137,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"8e674c83-db15-4b57-9f5d-b65bd30c681e","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":137,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"f3a12cf0-6375-4072-900a-4f158e99f47c","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":137,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"6ef7bd49-2ccf-4d9c-a9e3-e9e030261cf8","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":137,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"35bccc73-7db1-4e32-ad21-7917e17061ee","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":137,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"ab2eae83-0330-4196-b352-ae364d9f3d85","block_type":"box","text":"In cer tain circumstances, BlackRock, on behalf of the Funds, may seek to buy from or sell securities to another","page_number":137,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"902f74e2-3671-418d-a2f2-6afddfc3ec6c","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":137,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"a1381a7c-d7dc-4834-89eb-c0e07f4e699e","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":137,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"db00c25a-a7cb-4e4e-bc9d-1849a8f113e9","block_type":"box","text":"based on each par ty’s investment objectives and guidelines, subject to applicable law and regulation. There may be","page_number":137,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"90babe8f-5e43-4aee-b7dd-00a916ea8182","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":137,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"f097b761-d97a-40bf-a5c9-5b65e285ce18","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":137,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"c0afe66e-07f0-4375-8960-4ae21055456a","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":137,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"299572bd-fb1c-4c3a-b052-979c8dfc8d3f","block_type":"box","text":"BlackRock and its clients may pursue or enforce rights with respect to an issuer in which a Fund has invested,","page_number":137,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"3ec45f28-f8e6-4dd8-90c9-66775dc9c523","block_type":"box","text":"and those activities may have an adverse effect on the Fund. As a result, prices, availability, liquidity and terms of the","page_number":137,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"c9ba11d2-e850-4871-bd63-a35de1660486","block_type":"box","text":"Fund’s investments may be negatively impacted by the activities of BlackRock or its clients, and transactions for the","page_number":137,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"454d4767-0ad1-4cd9-ad98-445919caab61","block_type":"box","text":"Fund may be impaired or effected at prices or terms that may be less favorable than would otherwise have been the","page_number":137,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"af9d98e3-67b9-40ff-a4ba-c143808dd8ce","block_type":"box","text":"case.","page_number":137,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"4b64c91f-30e7-4ef5-9890-a03e658f2dc1","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":137,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"5826613f-f528-485d-b070-40fb47ae1a29","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":137,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"6258bde0-d93a-4c0b-bf2c-ddd49f16c8dd","block_type":"box","text":"manages or advises. It is possible that one or more accounts managed or advised by BlackRock and such other","page_number":137,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"6ceebfba-c1cb-4cc5-8923-cf518fa587f8","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":137,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"6a2d4c1b-1c0a-4fc7-8414-db99c226a3e5","block_type":"box","text":"Fund. Moreover, it is possible that a Fund will sustain losses during periods in which one or more proprietary or other","page_number":137,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"1d7e13bd-849a-41e8-85d1-88b4647a7408","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":137,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"79c84e87-ea1c-40dc-9147-18f9973cd058","block_type":"box","text":"From time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other","page_number":137,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"68d4aeba-7e04-4a1d-a812-220e9b240fce","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":137,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"046ffd4a-867b-4e75-8d71-aff142a28cca","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":137,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"d5b80883-0242-4c5c-9217-7f065529d1fc","block_type":"box","text":"requirements. As a result, there may be periods, for example, when BlackRock will not initiate or recommend cer tain","page_number":137,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"45c37441-fccc-4c92-a846-b9951b2a5352","block_type":"box","text":"types of transactions in cer tain securities or instruments with respect to which BlackRock is per forming services or","page_number":137,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"dc08ede6-76e8-496b-8124-66bcfef1032b","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":137,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"a11a7647-0ac5-41b6-a4f3-cf1d7aabee23","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":137,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"bb91cfe7-56a0-49db-8fcb-5ff5a450997a","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":137,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"47198682-5d54-4433-9743-9edb07ccf248","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":137,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"7e89072d-c222-4ca5-94ec-8989876668fe","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":137,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"9f6c3e14-f87c-4892-98f6-34ec0fe7aa01","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":137,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"6c7e70ea-e68d-4a3b-9773-1db07a18da71","block_type":"box","text":"transactions on behalf of a Fund in accordance with such analysis and models. In addition, BlackRock will not have","page_number":137,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"e8c4204a-1869-4f7c-a686-f92027697d89","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":137,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"c20ab168-4201-46c0-a497-98fb701a0e1a","block_type":"box","text":"strategies used for other accounts managed by them, for the benefit of the management of a Fund and it is not","page_number":137,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"fa53273b-0d78-4e9d-a934-277bdf299e65","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":137,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"6e5b334e-c70e-4671-893b-97e39a01d84b","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":137,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"8f4eca9e-eec0-4cc9-a1d3-7790ca1751d6","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":137,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"d0c86ae5-ee9e-49d4-be59-a6909a259ecd","block_type":"box","text":"managing a Fund.","page_number":137,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"e7a78c34-5cbb-4eab-a83c-56b50317426a","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":137,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"fd2b8e1d-3d1d-44a0-bc8f-d906ed95ce34","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":137,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"28ac5686-4f49-4d91-be71-06da0f369c43","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":137,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"a0208494-2c9c-43c8-a956-311c5477bcf2","block_type":"box","text":"value and liquidity of a Fund may be impacted by purchases and sales of the Fund by model-driven investment","page_number":137,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"253ff28f-c252-46eb-ade3-0a6d873ca2d0","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":137,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"11acee92-aac1-413e-be24-53228d12aeb4","block_type":"box","text":"In addition, cer tain principals and cer tain employees of a Fund’s investment adviser are also principals or","page_number":137,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"506c6bf3-e641-4ed4-81f4-66331b4002ed","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":137,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"a3faa04c-ba1b-4f2c-a80b-a1d4741d1c82","block_type":"box","text":"have obligations to such other business units or entities or their clients and such obligations to other business units","page_number":137,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"dac61adb-cf90-4ef4-a22b-4cede8ad0121","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":137,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"b7732155-8871-49f5-ab6e-c83c4fb7d96b","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":137,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"89a9a153-51b6-4368-8645-42746115bce3","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":137,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"f21068d2-249d-40f2-8362-279e047159f1","block_type":"box","text":"as the counterpar ty, principal or issuer. In such cases, such par ty’s interests in the transaction will be adverse to the","page_number":137,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"f4ba2830-5969-4186-be2c-591d02e11a5a","block_type":"box","text":"interests of the Fund, and such par ty may have no incentive to assure that the Fund obtains the best possible prices","page_number":137,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"4692fba7-ea65-4bed-a45e-e11262c42913","block_type":"box","text":"II-89","page_number":137,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"719a931c-e492-4e36-b689-6ff1292dc7ce","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":137,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a1404a5-c6fa-4c5a-ada4-b0e367c0ff96","block_type":"box","text":"or terms in connection with the transactions. In addition, the purchase, holding and sale of such investments by a","page_number":138,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"2035f6e6-1d13-48e3-8910-f06d15fc7791","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":138,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"19cedc9d-00b6-421d-b25b-ab9b083f2e41","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":138,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"7419a7c3-e31b-47e7-9968-de757f98d202","block_type":"box","text":"instruments of which may be those in which a Fund invests or which may be based on the per formance of the Fund.","page_number":138,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"7cb6b9d0-3e3a-460d-9f20-92b984750cb0","block_type":"box","text":"Additionally, an affiliate of BlackRock will create, write or issue options, which may be based on the per formance of","page_number":138,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"cd65dbc4-b314-4faf-8d12-64a891e29327","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":138,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"47ff0dd4-b6f6-484a-8591-f19e532bd3e1","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":138,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"1d31452b-66a9-4985-8051-74cf7d78ac8c","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":138,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"f85ebbfb-316f-4f9e-9137-0e6d67120f58","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":138,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"2a70360a-6ab7-4e26-b342-253bef5b1e35","block_type":"box","text":"under management for BlackRock.","page_number":138,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"78775a62-54bc-4450-8490-25d1a4785906","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":138,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"ae974e64-c5c8-4476-baed-06dcd66d3edd","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":138,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"daf47946-c508-48f7-88ec-a43bb05f3e3e","block_type":"box","text":"clients have interests adverse to those of the Fund. At times, these activities may cause business units or entities","page_number":138,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"6e34eb70-0065-4e40-98db-056f6458c75f","block_type":"box","text":"within BlackRock to give advice to clients that may cause these clients to take actions adverse to the interests of the","page_number":138,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"79dff9d9-6685-4114-a0d9-bf2594ba7c25","block_type":"box","text":"Fund. To the extent such transactions are permitted, a Fund will deal with BlackRock on an arms-length basis.","page_number":138,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"9bc26579-7e43-4532-9221-740e87512534","block_type":"box","text":"To the extent authorized by applicable law, BlackRock may act as broker, dealer, agent, lender or adviser or in","page_number":138,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"de28332d-79e8-444a-8e46-43f8c3f911fc","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":138,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"21774423-bddd-4512-90b5-e26d1a85b5d7","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":138,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"84180da0-4b71-4a7b-8c95-abb0761f6d96","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":138,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"924d16e7-d6f6-4306-904b-922b67dd20c9","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":138,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"cd8b9a20-4cfb-486b-a997-5dfb5dd23557","block_type":"box","text":"amounts that are favorable to BlackRock and such sales personnel, which may have an adverse effect on the Funds.","page_number":138,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"eaa54f58-89b8-42f5-8329-0ff768062830","block_type":"box","text":"Index based funds may use an index provider that is affiliated with another service provider of the Fund or BlackRock","page_number":138,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"1b633e39-7838-475e-bc86-22c18670e981","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":138,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"d40e3d79-e2d7-4f0c-bf71-06b0a2ca6e25","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":138,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"b6ba83fa-4bcf-418d-816a-16fe9d093e9c","block_type":"box","text":"other amounts that they receive in connection with their service to the Funds as broker, dealer, agent, lender, adviser","page_number":138,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"c364ac11-1eac-4b7f-8126-1e5c92dd9dfe","block_type":"box","text":"or in other commercial capacities. No accounting to the Funds or their shareholders will be required, and no fees or","page_number":138,"box":{"x":69,"y":453,"width":823,"height":11}},{"id":"a48cdbcd-c5ca-4984-8585-7e035bc96d5a","block_type":"box","text":"other compensation payable by the Funds or their shareholders will be reduced by reason of receipt by BlackRock of","page_number":138,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"8d0c8087-7360-4be6-8f34-165f9d6e5763","block_type":"box","text":"any such fees or other amounts.","page_number":138,"box":{"x":69,"y":483,"width":230,"height":11}},{"id":"669f57f6-51fd-42b7-9412-50987f3ce9d2","block_type":"box","text":"When BlackRock acts as broker, dealer, agent, adviser or in other commercial capacities in relation to the Funds,","page_number":138,"box":{"x":101,"y":506,"width":805,"height":11}},{"id":"97e448e7-098a-4401-b563-45b4895d7235","block_type":"box","text":"BlackRock may take commercial steps in its own interests, which may have an adverse effect on the Funds.","page_number":138,"box":{"x":70,"y":521,"width":768,"height":11}},{"id":"243a4a43-1357-476a-9762-26924e285628","block_type":"box","text":"A Fund will be required to establish business relationships with its counterpar ties based on the Fund’s own","page_number":138,"box":{"x":101,"y":544,"width":766,"height":10}},{"id":"99c35ca0-9f75-4c75-8b2f-c941fca44118","block_type":"box","text":"credit standing. BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":138,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"14765edb-1680-4b1d-a56b-54b4913633a6","block_type":"box","text":"establishment of its business relationships, nor is it expected that the Fund’s counterpar ties will rely on the credit of","page_number":138,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"b59e05f8-9a88-43cb-912f-1b1a9c209fd2","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":138,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"515e33b2-7441-4fde-8b08-ea38119c877b","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. (“BTC”), as","page_number":138,"box":{"x":102,"y":612,"width":768,"height":11}},{"id":"bf3bd4c5-8c93-4ec5-8422-ec661fd83cf9","block_type":"box","text":"applicable, each an affiliate of BlackRock, pursuant to SEC exemptive relief, acts as securities lending agent to, and","page_number":138,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"c723b5b5-8d62-492d-86b0-d150c8b86b94","block_type":"box","text":"receives a share of securities lending revenues from, the Funds. BlackRock will also receive compensation for","page_number":138,"box":{"x":69,"y":642,"width":785,"height":11}},{"id":"d2c94b7e-268f-4ed6-9cc6-e7e8cb0e9270","block_type":"box","text":"managing the reinvestment of the cash collateral from securities lending. There are potential conflicts of interests in","page_number":138,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"efe0c637-28a5-4a28-aab9-e39e3ee034cf","block_type":"box","text":"managing a securities lending program, including but not limited to: (i) BlackRock as securities lending agent may","page_number":138,"box":{"x":69,"y":672,"width":809,"height":11}},{"id":"33a6114c-63e4-470e-a288-d75b3fe06b2b","block_type":"box","text":"have an incentive to, among other things, increase or decrease the amount of securities on loan or to lend par ticular","page_number":138,"box":{"x":69,"y":687,"width":833,"height":11}},{"id":"4e3fea31-6a00-4f0c-a156-620776cd7a25","block_type":"box","text":"securities in order to generate additional risk-adjusted revenue for BlackRock and its affiliates; and (ii) BlackRock as","page_number":138,"box":{"x":69,"y":702,"width":829,"height":12}},{"id":"6478169f-3982-466c-b138-b0e0c24257a0","block_type":"box","text":"securities lending agent may have an incentive to allocate loans to clients that would provide more revenue to","page_number":138,"box":{"x":69,"y":718,"width":783,"height":11}},{"id":"009aa1c5-a5be-4298-ab4e-5572420afb8a","block_type":"box","text":"BlackRock. As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":138,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"f3e0fd07-f2ab-4c39-a28e-210c17dc10e4","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":138,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"667b8953-ea11-404d-9880-a61295ae7a2e","block_type":"box","text":"As par t of its securities lending program, BlackRock indemnifies the Funds and cer tain other clients and/or","page_number":138,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"fdce2864-6d05-46ed-b351-177d1e397921","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. On a regular basis, BlackRock calculates the","page_number":138,"box":{"x":68,"y":785,"width":820,"height":12}},{"id":"a467c893-23b2-4b71-aa79-57563f9eb4d6","block_type":"box","text":"potential dollar exposure of collateral shor tfall resulting from a borrower default (“shor tfall risk”) in the securities","page_number":138,"box":{"x":70,"y":801,"width":806,"height":11}},{"id":"8cdf8268-9a33-4921-a7ef-022687c3cc7a","block_type":"box","text":"lending program. BlackRock establishes program-wide borrower limits (“credit limits”) to actively manage borrower","page_number":138,"box":{"x":70,"y":816,"width":816,"height":11}},{"id":"33c5b0e4-5f2c-4304-b1b4-3907f085bbe0","block_type":"box","text":"specific credit exposure. BlackRock oversees the risk model that calculates projected collateral shor tfall values using","page_number":138,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"2b76c79c-2991-4d29-926c-6c6a54755783","block_type":"box","text":"loan-level factors such as loan and collateral type and market value as well as specific borrower credit","page_number":138,"box":{"x":70,"y":846,"width":727,"height":11}},{"id":"d09e4d6c-3f50-4c26-a237-338c971b2e6d","block_type":"box","text":"characteristics. When necessary, BlackRock may adjust securities lending program attributes by restricting eligible","page_number":138,"box":{"x":69,"y":861,"width":815,"height":11}},{"id":"34e8c06d-9cbe-4288-b858-4efe83e9f3d8","block_type":"box","text":"collateral or reducing borrower credit limits. As a result, the management of program-wide exposure as well as","page_number":138,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"e8870771-0c69-4707-b9e5-1af567cf79c5","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":138,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"2e233297-8463-49e3-85f8-397ec7981c24","block_type":"box","text":"II-90","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c765e84a-fc3a-4577-a475-7fafc97a111c","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04d2ba5b-962e-46e9-8011-c61e18c1620a","block_type":"box","text":"conduct at any given point in time by reducing the volume of lending oppor tunities for cer tain loans (including by","page_number":139,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"fe45ff23-580d-403b-a401-424aeead10a9","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":139,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"f022bae6-102a-4f78-9218-242c999c6a09","block_type":"box","text":"BlackRock may decline to make a securities loan on behalf of a Fund, discontinue lending on behalf of a Fund or","page_number":139,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"313f1caa-59de-440c-9386-d41f1d470b2e","block_type":"box","text":"terminate a securities loan on behalf of a Fund for any reason, including but not limited to regulatory requirements","page_number":139,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"3061c4b9-9a7a-41fb-8972-6835e94136a1","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":139,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"3dac02db-968b-44cd-a9a8-9edf6b7600ea","block_type":"box","text":"eliminating the volume of lending oppor tunities for cer tain types of loans, loans in par ticular markets, loans of","page_number":139,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"982ed46e-9f24-4eb4-9904-07b703d7087f","block_type":"box","text":"par ticular securities or types of securities, or for loans overall. In addition, some borrowers may prefer cer tain","page_number":139,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"b8a634ba-d32e-4ea6-a157-8c3805ce39f3","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":139,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"0511ef37-eca8-4504-bc3e-48e494bac74e","block_type":"box","text":"regulation.","page_number":139,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"58894d8d-6ccb-41bb-9950-feec6050c744","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":139,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"ee72c717-c74b-4779-b35e-046f18cd0957","block_type":"box","text":"order to allocate a loan to a por tfolio: (i) BlackRock as a whole must have sufficient lending capacity pursuant to the","page_number":139,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"b66056de-5de5-488d-bd2b-b4e095dfc63f","block_type":"box","text":"various program limits (","page_number":139,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"20ca9665-e557-4e86-823c-7d36570c5119","block_type":"box","text":"i.e.","page_number":139,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"4b43a51c-0c05-4489-9461-8bb9802dbdbc","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":139,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"65878c03-9d3d-447e-9d3f-1b527ab7d78e","block_type":"box","text":"hold the asset at the time a loan oppor tunity arrives; and (iii) the lending por tfolio must also have enough inventory,","page_number":139,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"5b78f48c-e9c2-4cbf-a427-f45d7c453f71","block_type":"box","text":"either on its own or when aggregated with other por tfolios into one single market delivery, to satisfy the loan request.","page_number":139,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"b3786db2-c5bc-465f-b016-c703713bc843","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":139,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"0d3ad5b3-ba58-48c0-969b-dc85360c9434","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":139,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"a8bce34a-8c89-46b6-9425-0a31e9a00a95","block_type":"box","text":"Specifically, shor t and long-term outcomes for individual clients may vary due to asset mix, asset/liability spreads on","page_number":139,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"640a8a9d-ac65-44ae-a8dd-73a3708c882f","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":139,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"5919c21a-6925-4ef1-8e6f-fa9517298799","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":139,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"4518c8ab-d6cf-45e3-b68a-7938e6ce6eb1","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":139,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"f3769c30-15e6-4917-8ea4-0f2d8683d05f","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":139,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"efc9eea8-0f10-465d-b350-54b43bf376d2","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":139,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"f96a3f5a-66c7-46ae-bcf2-098e47c484f3","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":139,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"f3b5fdea-d0b8-47e2-9897-efe07dacffd2","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":139,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"cfd2e844-cf11-437a-95d4-d9a520cde503","block_type":"box","text":"entire volume of securities purchased or sold. When this occurs, the various prices may be averaged, and the Funds","page_number":139,"box":{"x":69,"y":438,"width":828,"height":11}},{"id":"08e98ac4-c8b6-4895-bd71-96e6f9dd2890","block_type":"box","text":"will be charged or credited with the average price. Thus, the effect of the aggregation may operate on some","page_number":139,"box":{"x":68,"y":453,"width":767,"height":11}},{"id":"a9ea88d8-c296-42f2-9d84-e3fd5a62ed8a","block_type":"box","text":"occasions to the disadvantage of the Funds. In addition, under cer tain circumstances, the Funds will not be charged","page_number":139,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"8f36b938-326c-4865-bfa8-d69e6760b074","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":139,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"80fd6aae-07d1-4c36-a8a9-488361466361","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":139,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"7a2f48a2-f473-44e5-b37f-303b1c4e13e8","block_type":"box","text":"Securities,” BlackRock, unless prohibited by applicable law, may cause a Fund or account to pay a broker or dealer a","page_number":139,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"efcf46cd-3a28-45f8-8390-d165a946f9b7","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":139,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"1385eef8-3d54-4254-94ad-fac5ea604b0c","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":139,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"0ebb0926-91bf-4037-a56e-acdb1364f3d2","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":139,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"d37eb3ff-d094-4daa-ac5d-b519e79366fe","block_type":"box","text":"sub-adviser to cer tain Funds, pay for research from brokers and dealers directly out of their own resources, rather","page_number":139,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"e6dde73d-a85c-40c0-ad3b-fd8f01456348","block_type":"box","text":"than through client commissions.","page_number":139,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"75f27dae-cebd-4b7e-8a25-51de7795ac52","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":139,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"b2201b55-f719-4ad7-9a85-1b3351cff24e","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":139,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"91ac8852-fc53-42f3-8b41-c6da8f199f28","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":139,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"48531c20-16d9-41ec-b75f-6065c7a1ea27","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":139,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"315fc118-c17b-4cac-ac6b-3f4fbb6ccf99","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":139,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"f2264dd9-16e5-4583-b699-975a469c6176","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":139,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"4b8fa39a-8409-4478-99d2-8f898fdc0e5e","block_type":"box","text":"research-oriented software and other services and products.","page_number":139,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"2c860f53-18ce-4f70-90b7-ceb9ba8dc9cb","block_type":"box","text":"Research or other services obtained in this manner may be used in servicing any or all of the Funds and other","page_number":139,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"36728739-7461-4fd4-a4b3-b1500fd525ab","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":139,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"87633a6d-e49d-454f-acc9-131cdd45a067","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":139,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"3702f52d-7542-46ce-b1cb-5664e8760867","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":139,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"b9bdeef6-e3e8-4045-a2b0-c575be3bf1a5","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":139,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"0936fadf-4272-426a-9bf5-12aabe11d58c","block_type":"box","text":"that are paid for through one client’s commissions may not be used in managing that client’s account. In addition,","page_number":139,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"01a3501b-1e89-45c7-82e1-683c0dfc7c62","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":139,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"094a77b3-9266-40f4-91f1-26a859be4ecb","block_type":"box","text":"or price discounts in connection with products and services that may be provided to the Funds and to such other","page_number":139,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"4199f2dc-21ca-4dff-95a5-1792169f8f1a","block_type":"box","text":"BlackRock client accounts. To the extent that BlackRock uses soft dollars, it will not have to pay for those products","page_number":139,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"dadb564d-4549-498b-9a1a-1b6666c0a14c","block_type":"box","text":"and services itself.","page_number":139,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"2345515d-b548-40f7-b324-df4e95bc6538","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":139,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"e54a2006-070f-42a4-bc6b-7c845ed5b8ab","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":139,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"5e04a95a-0373-411d-b066-bf65973d152e","block_type":"box","text":"II-91","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"df5b445b-8c19-4e8a-a32a-f1f0fe763da7","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83a27bea-01ef-4bd9-b9c0-4f2782440ad1","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":140,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"8d2d5bb0-9304-44f9-96ac-b233a28fd4aa","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":140,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"f24f0c53-c9af-4f08-a0d0-bf6c164dbab8","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":140,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"cff9e563-486d-4260-b1ec-7ab9bf9cb06f","block_type":"box","text":"transactions through a broker-dealer and request that the broker-dealer allocate a por tion of the commissions or","page_number":140,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"6648e54f-5700-4c69-8694-3a493e808f5e","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":140,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"673630b2-01c7-4850-abba-d3b9c696375e","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":140,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"d1602c6d-6f64-4740-9854-4c6e0267bd5b","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":140,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"16e4132a-ab5c-4d3c-af98-909c7f71fd90","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":140,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"8e842a8e-3d35-4b75-a130-b0e989490a2b","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":140,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"8ac0f996-9ba0-4cff-bdaf-f6cfc4b93746","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":140,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"dba0c6d1-8ef4-4565-ba2c-5a7a51e71b98","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":140,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"14045b4e-315c-4e4f-98dd-d8dbf5184762","block_type":"box","text":"the cost of the securities purchased. Access fees may be paid by BlackRock even though incurred in connection with","page_number":140,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"b780ade4-201b-4145-93b1-19110849153f","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":140,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"caed7f8a-f9e8-4482-87ee-81715983271b","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":140,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"cead72bf-5132-4eeb-8c55-2498ab14814e","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":140,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"2c32f2cc-1535-4b81-a986-1f6c249e2cd0","block_type":"box","text":"BlackRock owns a minority interest in, and is a member of, Members Exchange (“MEMX”), a newly created U.S.","page_number":140,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"18171072-237b-46f9-9328-f27b99c5af64","block_type":"box","text":"stock exchange. Transactions for a Fund may be executed on MEMX if third par ty brokers select MEMX as the","page_number":140,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"21cc3795-b45a-4fc1-9f59-9434e883709d","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":140,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"292f88ea-e08e-40d1-a163-29f1b65dac21","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":140,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"2ff68c37-65dd-4059-b261-69d1cdd4fb48","block_type":"box","text":"voting decisions that it makes on behalf of advisory clients, including the Funds, and to help ensure that such","page_number":140,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"51f7422b-8f3f-4e0f-84be-f7f5aa695297","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":140,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"31adabde-a025-483e-872a-650cf6ce47cc","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":140,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"6f40416e-c71f-4a88-b2ad-37cde657d2bf","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":140,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"0b9bae71-6df3-47fe-9eed-6a611f883002","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":140,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"8d94dcca-9afb-457e-bed6-c9c71c50f90c","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":140,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"bca61fbd-81dd-4c0c-a453-f7fa49f6f273","block_type":"box","text":"It is also possible that, from time to time, BlackRock and/or its advisory clients (including other funds and","page_number":140,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"bd809225-1c71-4871-8284-5ea8f35163cc","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":140,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"afdd647d-088e-4ffa-a332-1ca07d6c82d5","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":140,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"28d5b02d-5204-473d-af29-c8ba4a8d0f51","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":140,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"88f17a30-0b75-4e23-8de0-55a3f9d6b576","block_type":"box","text":"applicable law, to redeem at any time some or all of the shares of a Fund acquired for its own accounts. A large","page_number":140,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"5688412f-5bd1-4142-b4b5-af928ca2e755","block_type":"box","text":"redemption of shares of a Fund by BlackRock could significantly reduce the asset size of the Fund, which might have","page_number":140,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"f9589166-84e9-47ff-8f31-c475366d419c","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":140,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"0b864501-de12-4c0a-8dfe-984133415d44","block_type":"box","text":"consider the effect of redemptions on a Fund and other shareholders in deciding whether to redeem its shares but is","page_number":140,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"c9ce4dcf-9d8e-4782-81c5-f90761644fd7","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":140,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"1a09fb89-c6b3-4e15-9b4f-a770f3f54496","block_type":"box","text":"It is possible that a Fund may invest in securities of, or engage in transactions with, companies in which","page_number":140,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"42c1261e-3bba-472e-9308-2bddd471cf69","block_type":"box","text":"BlackRock has significant debt or equity investments or other interests. A Fund may also invest in issuances (such as","page_number":140,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"d20772e0-e0d1-41e9-bc52-b6278bee345e","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":140,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"687995f0-7712-482f-87be-7c1ab9b0e474","block_type":"box","text":"relating to the proceeds from the sale of such issuances. In making investment decisions for a Fund, BlackRock is","page_number":140,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"fdfcd983-4444-4c37-a7ff-4b06bf0b0913","block_type":"box","text":"not permitted to obtain or use material non-public information acquired by any unit of BlackRock, in the course of","page_number":140,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"86bf92fb-5986-4237-8e2d-5fb99991c18f","block_type":"box","text":"these activities. In addition, from time to time, the activities of BlackRock may limit a Fund’s flexibility in purchases","page_number":140,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"5ef57810-965a-4385-800d-063e63f1f53a","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":140,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"76332e31-6721-4798-88b1-90d83f9564d2","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":140,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"714027fb-d173-42f9-bfc8-b87eb7b3cf0f","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":140,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"e82681cb-acdf-4151-8f75-f568328a4486","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":140,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"6295a046-9aa0-42cf-9b0a-7e6f31564397","block_type":"box","text":"sales of the Funds or other products may be greater than remuneration and profitability relating to services to and","page_number":140,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"b8b13699-2bdb-46c0-aac5-d0ca10cc963e","block_type":"box","text":"sales of cer tain funds or other products that might be provided or offered. BlackRock and its sales personnel may","page_number":140,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"272a790e-9079-4a18-8291-0191ab3accad","block_type":"box","text":"directly or indirectly receive a por tion of the fees and commissions charged to the Funds or their shareholders.","page_number":140,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"862e3f87-dcd7-480b-bb12-8db2b33b897a","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":140,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"b179a08c-5131-4e9f-ba17-e093dd9e53fe","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":140,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"fac118f4-417d-4326-b6a6-31440d4913d7","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":140,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"fc5750e8-71bc-426b-8b53-775e6ef864ea","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":140,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"1262c7fe-cf14-4c60-9d3d-55d6755d6519","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":140,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"312777b5-9f90-4593-8b17-9791ffc2fed7","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":140,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"0fe7c0d0-9ef0-4e1d-bf20-ffc5aba053d7","block_type":"box","text":"the same securities or investments assigned by a Fund’s pricing vendors, especially if such valuations are based on","page_number":140,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"153c5c29-62ee-4bf7-a00c-9ca89eb6d582","block_type":"box","text":"II-92","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ce02f33e-177e-4765-9e64-3223e427b4b3","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7ad40c12-54ef-46c1-98b6-e9a23f6523c3","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":141,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"c7c3ebe1-ad67-4aba-b985-6e951e19a64e","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":141,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"5396ffe1-cf45-4b33-bcab-9befb5c3de03","block_type":"box","text":"may be instances where the Fund’s pricing vendors or fund accountants assign a different valuation to a security or","page_number":141,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"9a5e05ac-d147-401c-a84b-92ea85e40b5a","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":141,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"8311afa4-2c92-4260-a702-9b58aef7c654","block_type":"box","text":"As disclosed in more detail in “Pricing of Shares—Determination of Net Asset Value” in this SAI, when market","page_number":141,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"b8c0beb6-f732-4897-aa94-0f574d41dcdb","block_type":"box","text":"quotations are not readily available or are believed by BlackRock to be unreliable, a Fund’s investments are valued at","page_number":141,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"2a1cbdd9-388c-48d7-a7c4-d43c37aa43d5","block_type":"box","text":"fair value by BlackRock. BlackRock has been designated as the Fund’s valuation designee pursuant to Rule 2a-5","page_number":141,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"e3c0d9b9-99ae-4721-94fd-289f70b3452d","block_type":"box","text":"under the Investment Company Act and acts through BlackRock’s Rule 2a-5 Committee (the “2a-5 Committee”), with","page_number":141,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"f55e8060-bf1f-4549-9363-f7e3f62fd591","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":141,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"476e4117-4863-4a25-ae97-273396585f76","block_type":"box","text":"(the “Valuation Procedures”). When determining a “fair value price,” the 2a-5 Committee seeks to determine the","page_number":141,"box":{"x":69,"y":188,"width":802,"height":12}},{"id":"da4e5e41-1f81-4aa8-a83d-4d7c517bbb82","block_type":"box","text":"price that a Fund might reasonably expect to receive from the current sale of that asset or liability in an arm’s-length","page_number":141,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"07404a62-f3ee-4605-ae3e-6ca3456b0c2b","block_type":"box","text":"transaction. The price generally may not be determined based on what a Fund might reasonably expect to receive for","page_number":141,"box":{"x":68,"y":218,"width":832,"height":12}},{"id":"38a71c0c-c436-4dbb-be6e-013250869233","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":141,"box":{"x":69,"y":234,"width":837,"height":11}},{"id":"ebd87fde-9963-4859-bd59-99ed2226c6f3","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":141,"box":{"x":68,"y":249,"width":829,"height":11}},{"id":"4036d73b-ae66-478b-a060-45805642ed37","block_type":"box","text":"based on analytical values determined by BlackRock using proprietary or third par ty valuation models, fair value","page_number":141,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"20af4de7-37c3-41ce-8d1a-146e7fc465b3","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":141,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"a05300d9-70b8-406a-bbac-0d0ac806bd29","block_type":"box","text":"liabilities may not, in retrospect, be the price at which those assets or liabilities could have been sold during the","page_number":141,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"d05344f2-ca2c-4d5b-9faa-ddfeff459b3b","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. As a result, a Fund’s sale or","page_number":141,"box":{"x":70,"y":309,"width":779,"height":11}},{"id":"a1545370-dee0-409e-b26d-08d7a21110c1","block_type":"box","text":"redemption of its shares at NAV, at a time when a holding or holdings are valued by the 2a-5 Committee at fair value,","page_number":141,"box":{"x":69,"y":324,"width":834,"height":12}},{"id":"b7f7ef51-5e60-439a-a21a-d2ccfcc9da87","block_type":"box","text":"may have the effect of diluting or increasing the economic interest of existing shareholders and may affect the","page_number":141,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"a53078ba-25e7-4605-80c2-597e6bf1083b","block_type":"box","text":"amount of revenue received by BlackRock with respect to services for which it receives an asset-based fee.","page_number":141,"box":{"x":69,"y":355,"width":765,"height":11}},{"id":"9d8146b7-3891-49d0-9949-59ad5de3fbcc","block_type":"box","text":"To the extent permitted by applicable law, a Fund may invest all or some of its shor t term cash investments in","page_number":141,"box":{"x":101,"y":377,"width":784,"height":11}},{"id":"35c34a6c-aab3-421b-94e0-ce95feaaf3f8","block_type":"box","text":"any money market fund or similarly-managed private fund advised or managed by BlackRock. In connection with any","page_number":141,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"696cdbcd-9721-49d6-b797-6c951e45b61e","block_type":"box","text":"such investments, a Fund, to the extent permitted by the Investment Company Act, may pay its share of expenses of","page_number":141,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"d886f653-f85e-44d8-9c26-e9fc341aa141","block_type":"box","text":"a money market fund or other similarly-managed private fund in which it invests, which may result in a Fund bearing","page_number":141,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"35c9e2ea-71a2-48af-aba6-b9307902514a","block_type":"box","text":"some additional expenses.","page_number":141,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"0c947db1-26fd-40f5-8c7b-2177a31854bd","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":141,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"6fda8703-2820-40b4-8328-57d8a6fc0817","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":141,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"dca2e3f5-6ab2-4b09-863e-0de336640acf","block_type":"box","text":"differing trading and investment strategies or constraints, positions may be taken by directors, officers and","page_number":141,"box":{"x":69,"y":491,"width":764,"height":11}},{"id":"36ecd296-a529-4bce-b22f-f7e8518c56c1","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":141,"box":{"x":69,"y":506,"width":809,"height":11}},{"id":"465ecc2e-246c-4bc8-b4ac-5e8f43a43b23","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":141,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"678b6251-2e1d-4be3-a016-8ba87019381b","block_type":"box","text":"BlackRock each have adopted a Code of Ethics in compliance with Section 17(j) of the Investment Company Act that","page_number":141,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"deb0dffb-7595-4e0b-ab97-80506e589df3","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":141,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"f6bd92f6-851c-4405-8752-c302fab538ba","block_type":"box","text":"possession of information regarding the Fund’s por tfolio transactions. Each Code of Ethics is also available on the","page_number":141,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"a520a5a1-ae17-4e97-86e9-dfb551221c5d","block_type":"box","text":"EDGAR Database on the Commission’s Internet site at http://www.sec.gov, and copies may be obtained, after paying","page_number":141,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"b8f9175d-fc5f-4a51-aeb7-15cdb23c6ef0","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":141,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"38ccae7e-fa01-401e-a6aa-cd36f5d86a0a","block_type":"box","text":"BlackRock will not purchase securities or other proper ty from, or sell securities or other proper ty to, a Fund,","page_number":141,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"28b0a449-500c-4412-ac0b-fa13a29a9b8c","block_type":"box","text":"except that the Fund may in accordance with rules or guidance adopted under the Investment Company Act engage in","page_number":141,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"693c29e2-00ff-419b-b254-ccbedf2feb45","block_type":"box","text":"transactions with another Fund or accounts that are affiliated with the Fund as a result of common officers, directors,","page_number":141,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"02bf0fa0-a782-41a6-8452-4d0634883b10","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":141,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"faae9ddf-d8b7-4a22-9fc7-bbe7e3710f74","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":141,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"e306fc2f-d66b-4afb-8a30-21c08333fcca","block_type":"box","text":"for the Fund to purchase and another client of BlackRock to sell, or the Fund to sell and another client of BlackRock","page_number":141,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"261e6f85-f9fe-41a1-a93c-31bd65158f93","block_type":"box","text":"to purchase, the same security or instrument on the same day. From time to time, the activities of a Fund may be","page_number":141,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"04361ee1-356a-411c-87df-69b1f0b7148f","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":141,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"bceea930-c943-4ce2-974c-9942207b86ff","block_type":"box","text":"to comply with, limit the applicability of, or otherwise relate to such requirements. A client not advised by BlackRock","page_number":141,"box":{"x":68,"y":740,"width":828,"height":11}},{"id":"83f32b83-525d-4e32-beab-23821d76609c","block_type":"box","text":"would not be subject to some of those considerations. There may be periods when BlackRock may not initiate or","page_number":141,"box":{"x":68,"y":755,"width":803,"height":11}},{"id":"462c128f-d218-4119-863f-420b4fa556c3","block_type":"box","text":"recommend cer tain types of transactions, or may otherwise restrict or limit its advice in cer tain securities or","page_number":141,"box":{"x":69,"y":770,"width":774,"height":11}},{"id":"07c61a00-560a-4889-934f-179581fcf7b7","block_type":"box","text":"instruments issued by or related to companies for which BlackRock is per forming advisory or other services or has","page_number":141,"box":{"x":70,"y":785,"width":819,"height":12}},{"id":"62b0b7f7-c7df-4688-935b-2274f3d88672","block_type":"box","text":"proprietary positions. For example, when BlackRock is engaged to provide advisory or risk management services for","page_number":141,"box":{"x":70,"y":801,"width":826,"height":11}},{"id":"40dff313-3226-4ec3-ad0d-e8ecc76e4759","block_type":"box","text":"a company, BlackRock may be prohibited from or limited in purchasing or selling securities of that company on behalf","page_number":141,"box":{"x":69,"y":816,"width":836,"height":11}},{"id":"391a7951-77e0-47c4-bd78-76d171ba101e","block_type":"box","text":"of a Fund, par ticularly where such services result in BlackRock obtaining material non-public information about the","page_number":141,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"dfea8944-840d-49be-b712-71714886b7fc","block_type":"box","text":"company (","page_number":141,"box":{"x":69,"y":846,"width":72,"height":11}},{"id":"9a0859e1-72e0-4750-8f8f-63bb6bef634e","block_type":"box","text":"e.g.","page_number":141,"box":{"x":142,"y":847,"width":25,"height":10}},{"id":"4f26be8e-f322-4b96-9411-dd183e75d397","block_type":"box","text":", in connection with par ticipation in a creditors’ committee). Similar situations could arise if personnel","page_number":141,"box":{"x":170,"y":846,"width":725,"height":11}},{"id":"4c56253c-674a-4006-aa3c-5634a172dbfa","block_type":"box","text":"of BlackRock serve as directors of companies the securities of which the Funds wish to purchase or sell. However, if","page_number":141,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"d6242b9e-3207-4beb-9654-3061d54d786a","block_type":"box","text":"permitted by applicable law, and where consistent with BlackRock’s policies and procedures (including the necessary","page_number":141,"box":{"x":70,"y":876,"width":835,"height":11}},{"id":"7bfaec6a-0cbf-4d9b-aaca-e23a331f1679","block_type":"box","text":"implementation of appropriate information barriers), the Funds may purchase securities or instruments that are","page_number":141,"box":{"x":70,"y":891,"width":793,"height":11}},{"id":"6023de1d-f49f-4add-aed8-18731de22206","block_type":"box","text":"II-93","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"20445827-bb52-4680-9281-dfa0c6899d3a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbdab18c-ac61-4027-84f8-92e8927522ca","block_type":"box","text":"issued by such companies, are the subject of an advisory or risk management assignment by BlackRock, or where","page_number":142,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"3c2dcdaf-a423-4e12-a7ef-42295554de9e","block_type":"box","text":"personnel of BlackRock are directors or officers of the issuer.","page_number":142,"box":{"x":70,"y":60,"width":437,"height":11}},{"id":"15bc9b51-7c42-443a-a598-193245474d2a","block_type":"box","text":"BlackRock has adopted and implemented policies and procedures that are designed to address potential","page_number":142,"box":{"x":102,"y":83,"width":748,"height":11}},{"id":"89543dc5-3c3b-4caa-bf14-99149af17e6a","block_type":"box","text":"conflicts that arise in connection with the advisory services BlackRock provides to Funds and other clients. Cer tain","page_number":142,"box":{"x":69,"y":98,"width":819,"height":11}},{"id":"3e62ab02-fca0-41a9-b61c-e00242964f3f","block_type":"box","text":"BlackRock advisory personnel may take views, and make decisions or recommendations, that are different than or","page_number":142,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"7f58285f-8829-4185-9555-56ffb9822f85","block_type":"box","text":"opposite those of other BlackRock advisory personnel. Cer tain por tfolio management teams within BlackRock may","page_number":142,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"7aca6154-93cd-45e8-b661-845603df81fd","block_type":"box","text":"make decisions or take (or refrain from taking) actions with respect to clients they advise in a manner different than","page_number":142,"box":{"x":69,"y":143,"width":827,"height":11}},{"id":"09f84a1d-b7b2-44c0-85bd-55b86759915e","block_type":"box","text":"or adverse to the decisions made or the actions taken (or not taken) by the Funds’ por tfolio management teams. The","page_number":142,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"149c877f-32a7-499e-a96c-3fc3c7234078","block_type":"box","text":"various por tfolio management teams may not share information with each other, including as a result of cer tain","page_number":142,"box":{"x":68,"y":173,"width":797,"height":11}},{"id":"1d7ea1d1-a8c4-4edc-af7c-ba023d5de2bf","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":142,"box":{"x":70,"y":188,"width":667,"height":12}},{"id":"89b2dbf4-1200-4d03-9fb7-9b55ef51d882","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":142,"box":{"x":102,"y":211,"width":794,"height":11}},{"id":"50f0bb71-8535-4ee2-9028-e0945e62e6b9","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":142,"box":{"x":69,"y":226,"width":791,"height":11}},{"id":"64785635-b100-44fe-8ca6-e425324840aa","block_type":"box","text":"por tfolios and voting proxies with respect to cer tain index equity por tfolios versus those responsible for managing","page_number":142,"box":{"x":70,"y":241,"width":812,"height":11}},{"id":"ff5b9c64-b2dd-4dfd-a4c1-6b85eb5da11c","block_type":"box","text":"por tfolios and voting proxies with respect to all other por tfolios. As a result of information barriers, cer tain units of","page_number":142,"box":{"x":70,"y":256,"width":818,"height":12}},{"id":"2cfea469-93d9-4e55-bae8-2992b4a28b67","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":142,"box":{"x":70,"y":271,"width":830,"height":12}},{"id":"286a912e-cefc-4bb5-9a3f-cda7fc939d6c","block_type":"box","text":"senior personnel, in other units of BlackRock, and generally will not manage the Funds with the benefit of information","page_number":142,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"23c1aa13-997c-484a-931c-e5ba1edab173","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":142,"box":{"x":70,"y":302,"width":824,"height":11}},{"id":"e399a2fa-0054-4a7a-a8b7-ce99d2bf0a66","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":142,"box":{"x":68,"y":317,"width":472,"height":11}},{"id":"2f3dd638-3f7c-42c9-a550-58006095e647","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":142,"box":{"x":102,"y":339,"width":744,"height":12}},{"id":"e454576b-2afd-4546-8768-531765a9f761","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":142,"box":{"x":70,"y":355,"width":775,"height":11}},{"id":"699e0aaf-f443-48ab-9bb0-750aded3468f","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":142,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"7935e7a9-5f18-45d0-b815-0913fd4097ad","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":142,"box":{"x":68,"y":385,"width":779,"height":11}},{"id":"b477332a-ab6a-4bbd-8ab2-23d0eb1f327c","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":142,"box":{"x":69,"y":400,"width":771,"height":11}},{"id":"3e05847b-6981-44fc-9cfc-c70c22144716","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":142,"box":{"x":68,"y":415,"width":812,"height":11}},{"id":"0ea8c11c-2f55-4415-b0b5-1391ff5d1454","block_type":"box","text":"purchased or sold for a client in the absence of a change to an information barrier). Information barriers may not","page_number":142,"box":{"x":70,"y":430,"width":803,"height":11}},{"id":"a56955a8-d1e7-476f-90d1-8cd5ba39c0bf","block_type":"box","text":"have their intended impact due to, for example, changes in applicable law or inadver tent crossings of the barriers,","page_number":142,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"f8bf9827-89c0-4966-a050-6aeb8fcaedd1","block_type":"box","text":"and actions by personnel on one side of a barrier may impact the potential actions of personnel on the other side of","page_number":142,"box":{"x":69,"y":460,"width":829,"height":12}},{"id":"9e61040e-6a90-4504-803c-d86c2d680f11","block_type":"box","text":"a barrier.","page_number":142,"box":{"x":69,"y":476,"width":62,"height":8}},{"id":"c7d8182b-2aba-448a-bbcb-2e11259b2306","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":142,"box":{"x":101,"y":498,"width":788,"height":11}},{"id":"20f40256-b504-4d7c-ab79-e62a0b98403e","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":142,"box":{"x":69,"y":513,"width":827,"height":12}},{"id":"fa02e0fe-0d78-4433-8711-037f43b47c50","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":142,"box":{"x":69,"y":528,"width":805,"height":12}},{"id":"4444202f-8d15-4067-a7ca-1e490d99d90a","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":142,"box":{"x":69,"y":543,"width":840,"height":12}},{"id":"ba807759-cc51-4a77-89e2-d54a02676cdd","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":142,"box":{"x":69,"y":559,"width":806,"height":11}},{"id":"eddfc3c3-dd29-4b27-a8c0-a1c9d30e87ac","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":142,"box":{"x":70,"y":574,"width":818,"height":11}},{"id":"d763fbda-6c9d-43e3-a61e-472a250216d9","block_type":"box","text":"that operate in cer tain industries (","page_number":142,"box":{"x":68,"y":589,"width":244,"height":11}},{"id":"a3d2a96c-cfe7-4d99-8f38-1eb3ea5b5265","block_type":"box","text":"e.g.","page_number":142,"box":{"x":314,"y":590,"width":25,"height":10}},{"id":"1afe295f-ea1c-49a9-8099-1767b7c97b9b","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":142,"box":{"x":342,"y":589,"width":515,"height":11}},{"id":"095e5d68-a228-4fb8-be64-2f070b461217","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":142,"box":{"x":69,"y":604,"width":523,"height":11}},{"id":"312bda42-8c05-42df-a175-933e9bad5087","block_type":"box","text":"e.g.","page_number":142,"box":{"x":594,"y":605,"width":25,"height":10}},{"id":"625ed8bf-7bd2-4db8-80a3-37431b6fde83","block_type":"box","text":", with mechanisms such as poison pills","page_number":142,"box":{"x":621,"y":604,"width":280,"height":11}},{"id":"f44091cb-a7c1-4736-891a-1aa39ef25a2c","block_type":"box","text":"in place to prevent takeovers), or where a BlackRock client invests in cer tain futures and derivatives, there may be","page_number":142,"box":{"x":70,"y":619,"width":816,"height":11}},{"id":"0309bfa6-2789-4e68-a90a-49c0379e4513","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":142,"box":{"x":70,"y":634,"width":825,"height":12}},{"id":"a216164c-3da0-418b-95d4-eb943b59bc62","block_type":"box","text":"not be exceeded without the grant of a license or other regulatory or corporate approval, order, consent, relief, waiver","page_number":142,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"f32cfab1-a002-481f-b342-5aa1285bd297","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":142,"box":{"x":69,"y":664,"width":769,"height":12}},{"id":"6ecc4d2d-43e3-485c-ae9b-bdfdb1348be5","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":142,"box":{"x":69,"y":680,"width":775,"height":11}},{"id":"0e333f50-d43b-4ffb-b1fb-26757f6c7e25","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":142,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"ba743c66-0217-4d86-827d-50244821366b","block_type":"box","text":"seek to make indirect investments (","page_number":142,"box":{"x":69,"y":710,"width":255,"height":11}},{"id":"bb6990ca-54f8-4f13-ad47-b430a076d9ae","block_type":"box","text":"e.g.","page_number":142,"box":{"x":326,"y":711,"width":24,"height":10}},{"id":"a7cc7158-aa10-4b01-84ac-55e6c00c9496","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":142,"box":{"x":353,"y":710,"width":514,"height":11}},{"id":"fa948f2e-d9fd-44f4-88a9-41297c158bd8","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":142,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"bbdb2ad8-fbbf-4a66-90af-31e4319da686","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":142,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"c205c96f-791c-420a-90c8-cb915f4bb47e","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":142,"box":{"x":68,"y":755,"width":799,"height":11}},{"id":"d567c621-7852-42b0-8654-17ee90fb2f2b","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":142,"box":{"x":69,"y":771,"width":767,"height":11}},{"id":"f3747173-b4f0-4529-8ca1-ca4e5803c2b0","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":142,"box":{"x":69,"y":786,"width":829,"height":11}},{"id":"c69bbc0b-aa56-4b32-ba0c-edb1ca0a85a6","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":142,"box":{"x":69,"y":801,"width":772,"height":11}},{"id":"2b7c1e12-f352-47db-948a-69803b0b9202","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":142,"box":{"x":102,"y":823,"width":783,"height":12}},{"id":"b4566d39-388d-44cf-92f9-79d1be857427","block_type":"box","text":"client or as a result of corporate actions by the issuer, the ability of BlackRock on behalf of clients to purchase or","page_number":142,"box":{"x":69,"y":838,"width":808,"height":11}},{"id":"1073da89-88ca-4dc2-b2f6-0b8e4bab4dd3","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":142,"box":{"x":69,"y":853,"width":837,"height":12}},{"id":"f0f12d19-01b8-423a-8231-050de1bed808","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":142,"box":{"x":70,"y":869,"width":818,"height":11}},{"id":"3717fd86-a410-49d7-bddd-488d93149e66","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":142,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"7304f07d-7908-4f9b-8f31-94483df05dce","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":142,"box":{"x":69,"y":899,"width":806,"height":11}},{"id":"8f156728-171e-440c-a2ee-609abc1d11de","block_type":"box","text":"II-94","page_number":142,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"33aefa7d-234e-4246-9e62-dcdc64989a71","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"55b1afde-53b6-4b0e-a308-7cdeec135a68","block_type":"box","text":"instead of the specific client being restricted. For index funds, this means a fund may not be able to track its index as","page_number":143,"box":{"x":70,"y":45,"width":839,"height":11}},{"id":"5c9bac01-7aa4-46df-9257-eb69cf01cfee","block_type":"box","text":"closely as it would if it was not subject to an ownership limitation or restriction because the fund cannot acquire the","page_number":143,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"4d2a56ad-1c49-41a0-ad7e-91b146c59d5d","block_type":"box","text":"amount of the impacted security included in its index. BlackRock on behalf of its clients may limit purchases, sell","page_number":143,"box":{"x":69,"y":75,"width":807,"height":11}},{"id":"c8c287f2-dec0-43c4-a164-dc1e4c2172b2","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":143,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"f81b3721-41f2-4ca3-bd97-577d6ae88e3b","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":143,"box":{"x":69,"y":105,"width":765,"height":11}},{"id":"2a19407a-8248-4e3e-9fae-810f6b6ba0d9","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":143,"box":{"x":69,"y":120,"width":781,"height":12}},{"id":"2e60b796-2f14-486a-aecf-814f6378e522","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":143,"box":{"x":69,"y":135,"width":796,"height":12}},{"id":"5b9b32d8-d8fd-4f32-95aa-7a49d080e1a5","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":143,"box":{"x":69,"y":150,"width":720,"height":12}},{"id":"88640954-d0a5-424e-91cb-6b9c0332e1f0","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":143,"box":{"x":101,"y":173,"width":807,"height":11}},{"id":"98a6b388-2755-4aa8-aa32-ee7b5b2977e4","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":143,"box":{"x":70,"y":188,"width":810,"height":12}},{"id":"aed51d5b-5bab-45b6-87f1-2abf3b266b66","block_type":"box","text":"permission will be granted, or that, once granted, it will not be modified or revoked at a later date with minimal or no","page_number":143,"box":{"x":70,"y":203,"width":829,"height":12}},{"id":"51f5a470-5bc5-42b6-80bf-b35861220668","block_type":"box","text":"notice. The issuer and/or regulator may also require that BlackRock on behalf of itself and its clients take or refrain","page_number":143,"box":{"x":69,"y":218,"width":824,"height":12}},{"id":"59ac8206-b99b-441e-811c-8a899a0c2788","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":143,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"1c851b2f-f933-4f95-94bd-51acef0adb3c","block_type":"box","text":"may accept if it believes the benefits outweigh the costs and may limit BlackRock from taking actions that it","page_number":143,"box":{"x":69,"y":249,"width":770,"height":11}},{"id":"bc822b99-ff24-4748-9068-e543971e4ab9","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":143,"box":{"x":69,"y":264,"width":769,"height":11}},{"id":"acd6652a-ab31-45cd-8771-6de5abc7d4e8","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":143,"box":{"x":70,"y":279,"width":794,"height":11}},{"id":"a452f8c2-5aa4-4fe2-a991-170aea60dcb4","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":143,"box":{"x":69,"y":294,"width":757,"height":11}},{"id":"4671892b-00cd-4f4e-bec1-a23dc65fef06","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":143,"box":{"x":69,"y":309,"width":807,"height":11}},{"id":"c226ced1-9188-40b5-b2a1-a08b7b11eff9","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":143,"box":{"x":69,"y":325,"width":833,"height":10}},{"id":"a37a68f7-0fb3-4fd8-b6b5-192bc739a26b","block_type":"box","text":"respect to ETFs, remove such securities from the list of Deposit Securities to be delivered to the Fund in connection","page_number":143,"box":{"x":69,"y":339,"width":827,"height":11}},{"id":"d13263a8-4753-4a6c-a958-36cc378588a6","block_type":"box","text":"with purchases of Creation Units of such Fund. If client holdings of an issuer exceed an applicable threshold and","page_number":143,"box":{"x":68,"y":355,"width":803,"height":11}},{"id":"469acea7-ba42-4abc-8ae9-7d255390dabf","block_type":"box","text":"BlackRock is unable to obtain relief to enable the continued holding of such investments, it may be necessary to","page_number":143,"box":{"x":70,"y":370,"width":802,"height":11}},{"id":"ac900f2d-50b2-4e7d-91e4-582c1fb72ad2","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":143,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"8c85a75f-159c-4988-9391-bb2f50fc9473","block_type":"box","text":"actions. In these cases, the investments will be sold in a manner that BlackRock deems fair and equitable over time.","page_number":143,"box":{"x":69,"y":400,"width":834,"height":11}},{"id":"601fe8d3-bcb8-418f-835b-df0aa7c613c3","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":143,"box":{"x":102,"y":423,"width":795,"height":11}},{"id":"d32de89d-e61b-4903-918d-c5ec19a69a81","block_type":"box","text":"be granted permission to exceed ownership limitations, it may inadver tently breach a limit or violate the corporate or","page_number":143,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"44998606-3c7e-40d3-bf2c-2dcc9f2edbf5","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":143,"box":{"x":69,"y":453,"width":566,"height":11}},{"id":"59993c20-b8a3-479d-b1e1-70a544ae319a","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":143,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"1ff1236e-7e00-4bbb-a769-70396f5eead1","block_type":"box","text":"regulatory authorities, and such repor ts may entail the disclosure of the identity of a client or BlackRock’s intended","page_number":143,"box":{"x":69,"y":491,"width":823,"height":11}},{"id":"1bb88cea-c8c7-4bde-96a4-146eecd61cbe","block_type":"box","text":"strategy with respect to such security or asset.","page_number":143,"box":{"x":69,"y":506,"width":333,"height":11}},{"id":"054fc2fc-c28b-4e1d-ae3b-dece3e3f3f3c","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":143,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"959467c0-6dde-4f68-8bbc-091836a7784a","block_type":"box","text":"license and use such indices as par t of their investment strategy. Index based funds that seek to track the","page_number":143,"box":{"x":70,"y":543,"width":760,"height":12}},{"id":"24211ce0-54e4-47ef-9bd0-c5382e347e8b","block_type":"box","text":"per formance of securities indices also may use the name of the index or index provider in the fund name. Index","page_number":143,"box":{"x":70,"y":559,"width":796,"height":11}},{"id":"fb88d923-370a-44ea-b282-c2bfb3476d2c","block_type":"box","text":"providers, including BlackRock (to the extent permitted by applicable law), may be paid licensing fees for use of their","page_number":143,"box":{"x":70,"y":574,"width":830,"height":11}},{"id":"1c3b8662-e701-4551-8b3d-286c1c757d8f","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":143,"box":{"x":70,"y":589,"width":788,"height":11}},{"id":"037f8491-4388-480f-b9d8-d76fc66cdd77","block_type":"box","text":"financial incentive to use a BlackRock index that is less costly to BlackRock than a third par ty index. BlackRock may","page_number":143,"box":{"x":68,"y":604,"width":829,"height":11}},{"id":"6b511fd4-58e3-4d90-b115-7c09e1bacfc8","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":143,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"12cf9734-a09a-4aa0-90f4-b37bd7899ac3","block_type":"box","text":"indices. BlackRock is not obligated to license its indices to a Fund and the Funds are under no obligation to use","page_number":143,"box":{"x":70,"y":634,"width":797,"height":12}},{"id":"ecaec7b2-2905-442f-834a-cf23c13e724e","block_type":"box","text":"BlackRock indices. Any Fund that enters into a license for a BlackRock index cannot be assured that the terms of any","page_number":143,"box":{"x":70,"y":649,"width":837,"height":12}},{"id":"b5c56896-185e-4cca-880d-b29181701e42","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":143,"box":{"x":70,"y":664,"width":746,"height":12}},{"id":"3c8def3f-e0bb-4c0a-b7ee-acc23874f9e0","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":143,"box":{"x":102,"y":687,"width":686,"height":11}},{"id":"829904ef-d859-4986-8208-ec8154c127c0","block_type":"box","text":"e.g.","page_number":143,"box":{"x":790,"y":689,"width":25,"height":9}},{"id":"b3fc7e52-883a-474b-9fe5-5b8b37706bdd","block_type":"box","text":", custodians,","page_number":143,"box":{"x":817,"y":687,"width":90,"height":11}},{"id":"e4885994-9b7f-4cfc-88bb-f655a74b7d99","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":143,"box":{"x":69,"y":702,"width":756,"height":11}},{"id":"d1d64f2e-e00b-46cb-8a23-6829bb6c1829","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":143,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"82ea738f-5cf7-461e-9699-e912f056de35","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":143,"box":{"x":69,"y":732,"width":772,"height":12}},{"id":"cdda75b6-46b7-41e2-903b-a42fb7e14d1a","block_type":"box","text":"provider’s services are terminated with respect to a Fund. To the extent that BlackRock is responsible for paying","page_number":143,"box":{"x":70,"y":748,"width":800,"height":11}},{"id":"0cc3f993-9934-4673-9335-4204f94939ef","block_type":"box","text":"service providers out of its fees that it receives from the Funds, the benefits of lower fees, including any fee","page_number":143,"box":{"x":69,"y":763,"width":771,"height":11}},{"id":"7e8d723b-8b7c-4951-942e-160248d7bdd5","block_type":"box","text":"discounts or concessions, or any additional savings, may accrue, in whole or in par t, to BlackRock, which could result","page_number":143,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"18f0057c-130e-4f04-9b56-074206139edb","block_type":"box","text":"in conflicts of interest relating to the use or termination of service providers to a Fund. In addition, conflicts of","page_number":143,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"6032d62e-7c44-4d3b-894a-fec6c8f973a6","block_type":"box","text":"interest may arise with respect to contractual arrangements with third-par ty service providers to a Fund, or the","page_number":143,"box":{"x":70,"y":808,"width":786,"height":11}},{"id":"d70a8925-1ed9-4f76-a4bf-3822a79a8081","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":143,"box":{"x":69,"y":823,"width":837,"height":12}},{"id":"293e52c6-0c95-4ee9-a356-65b0a663f4cb","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":143,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"534ee639-1a56-48b7-acd8-b2872e69f824","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":143,"box":{"x":102,"y":861,"width":788,"height":11}},{"id":"5f5dcf85-4328-47fc-a2ce-ce523617da28","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":143,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"cad725aa-33b6-4779-a809-db1492af07ed","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":143,"box":{"x":69,"y":891,"width":835,"height":11}},{"id":"d8c38c5a-5b97-4249-88d0-41a514c91a87","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":143,"box":{"x":70,"y":906,"width":363,"height":9}},{"id":"af31242c-a7f3-429e-a127-d44a8e68a014","block_type":"box","text":"II-95","page_number":143,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a6e3daf5-7061-4e42-8fba-580c822548f1","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a24b695b-eaf9-44b9-9a06-5648fe95abc1","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":144,"box":{"x":102,"y":45,"width":757,"height":11}},{"id":"c0a52c76-488c-425a-9039-af0320fd1018","block_type":"box","text":"information systems used by Fund service providers. These systems are, or will be, used by a Fund service provider","page_number":144,"box":{"x":70,"y":60,"width":826,"height":11}},{"id":"5382286d-cfc1-4a35-80aa-857118a800c5","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":144,"box":{"x":70,"y":75,"width":822,"height":11}},{"id":"b8eacc8f-cd67-46b6-8d6f-511828942fd3","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":144,"box":{"x":69,"y":90,"width":782,"height":11}},{"id":"9584ed7b-89d4-46b7-970f-6b0d5ae7dccb","block_type":"box","text":"provider remunerates BlackRock for the use of the systems. A Fund service provider’s payments to BlackRock for the","page_number":144,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"f41e0368-5e12-4ce2-a364-ad5f3f08e4b1","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":144,"box":{"x":69,"y":120,"width":465,"height":11}},{"id":"edf347ef-8023-43a5-b94b-eaa53b9f9789","block_type":"box","text":"BlackRock’s receipt of fees from a service provider in connection with the use of systems provided by BlackRock","page_number":144,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"336014ec-6509-4d62-9b3b-2c6984a1a926","block_type":"box","text":"may create an incentive for BlackRock to recommend that a Fund enter into or renew an arrangement with the service","page_number":144,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"f30e0599-a12f-4f5c-b5e8-a7dc10266b4b","block_type":"box","text":"provider.","page_number":144,"box":{"x":70,"y":173,"width":58,"height":11}},{"id":"2cbb3e7a-ba03-4cd9-94b8-97dd41bbd08b","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":144,"box":{"x":102,"y":196,"width":778,"height":11}},{"id":"bf5fdd1b-5aee-4dd5-84a3-e4a45eb5de46","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":144,"box":{"x":69,"y":211,"width":831,"height":11}},{"id":"cb63cd58-5843-448c-95a8-ceacc9d45aad","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":144,"box":{"x":68,"y":226,"width":485,"height":11}},{"id":"aa506071-e71e-4524-a11c-f957a2f05aa0","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":144,"box":{"x":102,"y":249,"width":742,"height":11}},{"id":"65f37cc1-0d5d-43aa-abdb-0f78cb63825c","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":144,"box":{"x":69,"y":264,"width":517,"height":11}},{"id":"45d98b06-469c-4b0e-a52a-5f315f73032a","block_type":"box","text":"PURCHASE OF SHARES","page_number":144,"box":{"x":395,"y":293,"width":188,"height":10}},{"id":"6a319481-3fff-4781-bfbf-2d1a48baae6a","block_type":"box","text":"Most BlackRock-advised open-end funds offer multiple classes of shares under a plan adopted under Rule 18f-3","page_number":144,"box":{"x":102,"y":316,"width":800,"height":11}},{"id":"e4262dd1-f7e4-4d92-9b6f-d42fd1962693","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":144,"box":{"x":69,"y":331,"width":771,"height":12}},{"id":"a7d2d0cd-c288-4449-a229-e581c35710c4","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":144,"box":{"x":69,"y":346,"width":822,"height":12}},{"id":"34ac3807-a170-46a9-8bd4-22995751996a","block_type":"box","text":"generally not subject to an initial sales charge, and Investor C Shares are sold to investors choosing the deferred","page_number":144,"box":{"x":68,"y":361,"width":809,"height":12}},{"id":"6d08e583-2ec5-44e4-9be5-bc1ae29100f1","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":144,"box":{"x":69,"y":377,"width":781,"height":11}},{"id":"0427c7e8-3ccd-49b7-8c74-72e6a2a86e8c","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":144,"box":{"x":68,"y":392,"width":833,"height":11}},{"id":"a1b897fe-b437-47d8-bac3-b8737f245365","block_type":"box","text":"the Distributor to offer such shares. Institutional Shares are sold to cer tain eligible investors without a sales charge.","page_number":144,"box":{"x":68,"y":407,"width":833,"height":11}},{"id":"99123323-996c-4007-beac-8abe5dcd0745","block_type":"box","text":"Cer tain Funds offer Class R Shares, which are available only to cer tain employer-sponsored retirement plans and are","page_number":144,"box":{"x":69,"y":422,"width":835,"height":11}},{"id":"af469979-2994-4746-bd45-b07d35d20110","block_type":"box","text":"sold without a sales charge. Cer tain Funds offer Class G Shares, which are available only to investors on eligible","page_number":144,"box":{"x":69,"y":437,"width":804,"height":11}},{"id":"637eb3c9-b434-45a5-866b-61f8157268f9","block_type":"box","text":"platforms, which are platforms where clients invest in the Fund through a single omnibus account in the name of a","page_number":144,"box":{"x":70,"y":452,"width":816,"height":11}},{"id":"ea9e15f3-688c-4753-a097-92db26655860","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":144,"box":{"x":68,"y":467,"width":835,"height":11}},{"id":"44de2a16-e0c5-411f-8fb7-d98c7e359292","block_type":"box","text":"Shares, BlackRock Shares and/or Class K Shares that are available only to cer tain eligible investors. Please see the","page_number":144,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"05d49e82-3dee-4cfb-92e5-b273b7064419","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":144,"box":{"x":69,"y":498,"width":757,"height":11}},{"id":"86310589-869c-44b0-8ba5-1873634f9973","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":144,"box":{"x":69,"y":513,"width":802,"height":11}},{"id":"528872db-19cf-45bb-8e53-227ba328e516","block_type":"box","text":"The applicable offering price for purchase orders is based on the NAV of a Fund next determined after receipt of","page_number":144,"box":{"x":101,"y":535,"width":799,"height":12}},{"id":"d6cbfa50-6217-4205-852b-deeea651774c","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":144,"box":{"x":68,"y":550,"width":798,"height":12}},{"id":"3b09fbde-305c-437b-82a7-cffd7fb2bd4c","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":144,"box":{"x":70,"y":566,"width":795,"height":11}},{"id":"967b4bd8-c7de-4d3b-b4a4-d9aa9f19f9dd","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":144,"box":{"x":68,"y":581,"width":786,"height":11}},{"id":"82bbbac9-e835-4e04-ba44-2cfca5c2dc73","block_type":"box","text":"offering price of each affiliated underlying fund is based on the NAV of such affiliated underlying fund next determined","page_number":144,"box":{"x":69,"y":596,"width":839,"height":11}},{"id":"7fa918a6-16c0-40aa-bacf-56cb3bc94749","block_type":"box","text":"after a purchase order is received, or deemed to be received upon receipt by a Selling Dealer, by the BlackRock","page_number":144,"box":{"x":69,"y":611,"width":795,"height":11}},{"id":"3934ca27-682a-449d-a136-1fa9ba9cbc9b","block_type":"box","text":"Target Date Funds that allocate a por tion of such purchase order to such affiliated underlying fund. As to purchase","page_number":144,"box":{"x":68,"y":626,"width":819,"height":11}},{"id":"19a58f1b-7fa2-4c48-bc9b-b2ee1adb678b","block_type":"box","text":"orders received by Selling Dealers or BlackRock Target Date Funds prior to the close of business on the New York","page_number":144,"box":{"x":69,"y":641,"width":808,"height":11}},{"id":"6af48112-d0f5-4df3-a7dd-87fb96792708","block_type":"box","text":"Stock Exchange (“NYSE”) (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the order is placed,","page_number":144,"box":{"x":69,"y":656,"width":803,"height":12}},{"id":"3634a8c5-71d0-4362-874c-575e96cb34e0","block_type":"box","text":"including orders received after the close of business on the previous day, the applicable offering price is based on","page_number":144,"box":{"x":70,"y":671,"width":812,"height":12}},{"id":"d85259de-6729-42b9-b070-ad433e3e3134","block_type":"box","text":"the NAV determined as of the close of business on the NYSE on that day. If the purchase orders are not received by","page_number":144,"box":{"x":68,"y":686,"width":828,"height":12}},{"id":"6b4c8f38-fe71-4706-a8bc-796741ded361","block_type":"box","text":"the Selling Dealer or a BlackRock Target Date Fund before the close of business on the NYSE, such orders are","page_number":144,"box":{"x":68,"y":702,"width":788,"height":11}},{"id":"c79a3dcc-0e61-4ebf-b326-2af6fddac185","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":144,"box":{"x":69,"y":717,"width":779,"height":11}},{"id":"77ec6813-b357-496f-944c-3ed46ad0ba7f","block_type":"box","text":"payment on a timely basis. Generally, if payment is not received within the period described in the Prospectuses, the","page_number":144,"box":{"x":70,"y":732,"width":830,"height":11}},{"id":"1665a481-886f-4748-8d90-addc80f1e6db","block_type":"box","text":"order will be canceled, notice thereof will be given, and the broker and its customers will be responsible for any loss","page_number":144,"box":{"x":69,"y":747,"width":828,"height":11}},{"id":"1c7992ed-dfc8-4064-8204-4da765b6f31c","block_type":"box","text":"to the Fund or its shareholders. Orders of less than $500 may be mailed by a broker to the Transfer Agent.","page_number":144,"box":{"x":68,"y":761,"width":762,"height":12}},{"id":"6a7e058c-04b7-4f45-82f7-508b1f307982","block_type":"box","text":"The minimum investment for the initial purchase of shares is set for th in the Prospectus for each Fund. The","page_number":144,"box":{"x":101,"y":785,"width":768,"height":11}},{"id":"caa06be6-569c-41bd-bdf3-f89e85a09189","block_type":"box","text":"minimum initial investment for employees of a Fund, a Fund’s Manager, Sub-Advisers or BRIL or employees of their","page_number":144,"box":{"x":69,"y":800,"width":819,"height":11}},{"id":"7a75dae5-16dd-42af-a07b-91c842196f32","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":144,"box":{"x":69,"y":814,"width":769,"height":12}},{"id":"fd124b50-80c3-4b96-9ee5-8a63d9f4b1aa","block_type":"box","text":"investment is $25.","page_number":144,"box":{"x":70,"y":829,"width":132,"height":11}},{"id":"686ee9fd-d3e7-444d-abfb-98458de1afff","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":144,"box":{"x":102,"y":853,"width":802,"height":11}},{"id":"a9f6696b-7a09-435e-8bf8-8da9d81030ab","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":144,"box":{"x":69,"y":868,"width":833,"height":11}},{"id":"32e2bf15-ff62-462d-938e-43df9eefaaac","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":144,"box":{"x":70,"y":883,"width":806,"height":11}},{"id":"63826001-71f8-4736-b429-268e85cc60d9","block_type":"box","text":"II-96","page_number":144,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c1bd7a51-21dd-4419-93a1-d1488624697a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"26975c3a-15c2-4344-8a71-9e6d36945886","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":145,"box":{"x":70,"y":45,"width":751,"height":11}},{"id":"1f0cb066-9123-412f-9bc2-9c119efe3a46","block_type":"box","text":"subsequent investment requirements and suspend and resume the sale of any share class of any Fund at any time.","page_number":145,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"98fb565d-dac5-43ef-b44e-02fe6494b781","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":145,"box":{"x":102,"y":83,"width":768,"height":11}},{"id":"8909f3c5-b9a4-4d0a-baa7-c1c542edf353","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":145,"box":{"x":68,"y":98,"width":807,"height":11}},{"id":"3e7c8ea7-8b47-4ded-a921-00b8d2ccb960","block_type":"box","text":"class of shares of the same Fund, provided that the exchanged shares are not subject to a contingent deferred sales","page_number":145,"box":{"x":69,"y":113,"width":836,"height":11}},{"id":"be8477c4-a899-4e8a-a8aa-a00bd452742a","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":145,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"6bf43c10-9aec-4dbd-8813-194ba192622f","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":145,"box":{"x":68,"y":143,"width":740,"height":11}},{"id":"dfe52697-137d-4603-9128-afbb1f455185","block_type":"box","text":"Each Fund or the Distributor may suspend the continuous offering of the Fund’s shares of any class at any time","page_number":145,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"ad94567b-1dee-4a4a-bf22-ac7457a29db4","block_type":"box","text":"in response to conditions in the securities markets or otherwise and may resume offering the shares from time to","page_number":145,"box":{"x":70,"y":181,"width":813,"height":11}},{"id":"94ecb470-d157-4e18-b692-483bb3efb028","block_type":"box","text":"time. Any order may be rejected by a Fund or the Distributor. Neither the Distributor, the securities dealers nor other","page_number":145,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"1fed22a8-ba12-4265-938f-611c946a2184","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":145,"box":{"x":68,"y":211,"width":750,"height":11}},{"id":"9aa54a2d-7ed1-4dc4-b667-8658c531dce8","block_type":"box","text":"The term “purchase,” as used in the Prospectus and this SAI, refers to (i) a single purchase by an individual,","page_number":145,"box":{"x":101,"y":234,"width":776,"height":11}},{"id":"361cd233-7a79-4592-81cd-1b6099d3c1e7","block_type":"box","text":"(ii) concurrent purchases by an individual, his or her spouse and their children purchasing shares for his, her or their","page_number":145,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"4b052351-327d-485a-bb31-6588be3e1dd5","block_type":"box","text":"own account, and (iii) single purchases by a trustee or other fiduciary purchasing shares for a single trust estate or","page_number":145,"box":{"x":69,"y":264,"width":822,"height":11}},{"id":"2431e7cd-8aeb-4dea-b097-75bb05e0d226","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":145,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"d3f161fe-ea17-4a37-9262-35123d3876ac","block_type":"box","text":"purchases by any “company,” as that term is defined in the Investment Company Act, but does not include purchases","page_number":145,"box":{"x":70,"y":294,"width":839,"height":11}},{"id":"31678c41-b1c8-4be8-8ea5-b81b4f51df5a","block_type":"box","text":"by (i) any company that has not been in existence for at least six months, (ii) a company that has no purpose other","page_number":145,"box":{"x":69,"y":309,"width":819,"height":11}},{"id":"4a95ff24-a92a-4770-b196-6f3892ce7d0e","block_type":"box","text":"than the purchase of shares of a Fund or shares of other registered investment companies at a discount, or (iii) any","page_number":145,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"a20498f7-3148-4f4a-a534-9ac6131f6c7a","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":145,"box":{"x":68,"y":339,"width":803,"height":12}},{"id":"351b5e90-b5b3-4503-b9aa-5107e8ce687e","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":145,"box":{"x":70,"y":355,"width":788,"height":11}},{"id":"f5cd9dc1-acb8-4188-b621-ba10176bab3c","block_type":"box","text":"adviser.","page_number":145,"box":{"x":69,"y":370,"width":53,"height":9}},{"id":"69544e43-2e95-41bc-9cba-aad9f1fda810","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":145,"box":{"x":101,"y":392,"width":795,"height":12}},{"id":"50a6082e-29f9-4699-9241-c25003072f26","block_type":"box","text":"and may not be distributed by a foreign financial intermediary. Under this policy, in order to accept new accounts or","page_number":145,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"cdc7fcde-86b8-4e7d-8c02-ebca3f92faa4","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":145,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"7cfdf72d-2d19-4b43-afa8-a7d65175ba0a","block_type":"box","text":"requires that (i) a shareholder that is a natural person be a U.S. citizen or resident alien, in each case residing within","page_number":145,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"436ee968-3514-4efd-8d4e-40ce4477d116","block_type":"box","text":"the United States or a U.S. territory (including APO/FPO/DPO addresses), and have a valid U.S. taxpayer","page_number":145,"box":{"x":68,"y":453,"width":747,"height":11}},{"id":"9a2f980e-3428-4c0e-9cce-a315b500426d","block_type":"box","text":"identification number, and (ii) a financial intermediary or a shareholder that is an entity be domiciled in the United","page_number":145,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"1bf74e6b-97a0-41dd-8eda-66375e64b556","block_type":"box","text":"States and have a valid U.S. taxpayer identification number or be domiciled in a U.S. territory and have a valid U.S.","page_number":145,"box":{"x":69,"y":483,"width":819,"height":11}},{"id":"46ef2c6f-1186-43e5-800b-a1e266c629d6","block_type":"box","text":"taxpayer identification number or IRS Form W-8. Any existing account that is updated to reflect a non-U.S. address will","page_number":145,"box":{"x":68,"y":498,"width":840,"height":11}},{"id":"f91183ee-1f9d-4217-916b-e743d5b351ac","block_type":"box","text":"also be restricted from making additional investments.","page_number":145,"box":{"x":69,"y":513,"width":388,"height":12}},{"id":"97357433-e486-4eeb-847a-96e1571dc33e","block_type":"box","text":"In-Kind Purchases","page_number":145,"box":{"x":102,"y":536,"width":127,"height":9}},{"id":"5e926f70-544d-4a18-9f5e-39cca08735bc","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":145,"box":{"x":230,"y":536,"width":649,"height":11}},{"id":"e7300561-8110-4079-a93b-a31c2524423e","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":145,"box":{"x":69,"y":551,"width":779,"height":11}},{"id":"181fe753-b862-4e2b-bb61-e7bfa8c08a81","block_type":"box","text":"limitations of the Fund as described herein. In connection with an in-kind securities payment, the Fund may require,","page_number":145,"box":{"x":70,"y":566,"width":820,"height":11}},{"id":"3d642043-5bb5-4f34-9c86-4d1dbcc16e77","block_type":"box","text":"among other things, that the securities: (i) be valued on the day of purchase in accordance with the pricing methods","page_number":145,"box":{"x":69,"y":581,"width":827,"height":12}},{"id":"73033cb7-9a9f-47b7-9725-3bbc84f30b59","block_type":"box","text":"used by the Fund; (ii) be accompanied by satisfactory assurance that the Fund will have good and marketable title to","page_number":145,"box":{"x":69,"y":596,"width":831,"height":12}},{"id":"25ce1a01-32cc-45b4-8a53-bdff943ef9c5","block_type":"box","text":"such securities; (iii) not be subject to any restrictions upon resale by the Fund; (iv) be in proper form for transfer to","page_number":145,"box":{"x":69,"y":612,"width":817,"height":11}},{"id":"9e5af52f-f056-435c-afdd-6ac526b79f5b","block_type":"box","text":"the Fund; and (v) be accompanied by adequate information concerning the basis and other tax matters relating to the","page_number":145,"box":{"x":68,"y":627,"width":837,"height":11}},{"id":"760af0b3-59c9-4e9b-bba7-fb911946a282","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":145,"box":{"x":69,"y":642,"width":835,"height":11}},{"id":"58240fae-b9f7-4b54-b991-2cb93d0c8bfd","block_type":"box","text":"of the Fund engaged in the in-kind purchase transaction and must be delivered to the Fund by the investor upon","page_number":145,"box":{"x":69,"y":657,"width":795,"height":11}},{"id":"2c921d32-195f-4224-8b61-40f953ec5000","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":145,"box":{"x":69,"y":672,"width":833,"height":11}},{"id":"a113f5ad-a8cb-4186-9429-ce9eb4312fc6","block_type":"box","text":"has settled.","page_number":145,"box":{"x":69,"y":687,"width":83,"height":9}},{"id":"b22a8e71-9ed3-47fe-88c6-c5c5d58d19e6","block_type":"box","text":"Institutional Shares","page_number":145,"box":{"x":69,"y":718,"width":142,"height":8}},{"id":"da53edb7-ca57-417b-b396-01e6249a23f6","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":145,"box":{"x":102,"y":740,"width":759,"height":11}},{"id":"12f45d23-b030-4b49-9d1f-702feeeb7a3f","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":145,"box":{"x":70,"y":755,"width":756,"height":11}},{"id":"1a60dbc9-da02-47f4-8c6d-e77905c59e5c","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":145,"box":{"x":70,"y":770,"width":775,"height":12}},{"id":"dfd8ce8d-5898-4323-8cc4-cd11300fb094","block_type":"box","text":"Investor A, Investor A1, Investor C, Investor P, Class R or Service Shares. A Fund may in its discretion waive or modify","page_number":145,"box":{"x":70,"y":785,"width":839,"height":12}},{"id":"b4dac622-fa23-4524-93fd-a9d37aa1196a","block_type":"box","text":"any minimum investment amount, may reject any order for any class of shares and may suspend and resume the","page_number":145,"box":{"x":69,"y":801,"width":807,"height":11}},{"id":"b8f54179-b538-4419-9748-65cdc15c75b3","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":145,"box":{"x":69,"y":816,"width":276,"height":11}},{"id":"96aa129f-0502-40f8-96f1-11007e00b3df","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":145,"box":{"x":102,"y":838,"width":259,"height":12}},{"id":"500e1234-aaa1-4770-8f25-90f491023f5f","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":145,"box":{"x":369,"y":838,"width":540,"height":11}},{"id":"5959784f-a6a0-4882-962a-14141ee33d04","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":145,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"91a18a5e-19ed-4409-8a89-8c53ae9dbf33","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":145,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"33aa5ed2-88f1-4ea4-8ab2-6d725afcc0c5","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":145,"box":{"x":69,"y":884,"width":819,"height":11}},{"id":"7c206907-2841-493f-b423-e843bbb36d0c","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":145,"box":{"x":69,"y":899,"width":840,"height":11}},{"id":"6b90ba7c-2fd6-4ec6-8024-c3389403f68e","block_type":"box","text":"II-97","page_number":145,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6fe50aa2-1adb-4599-a6f8-59810b84e989","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":145,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fdb8562-b79f-45b7-afdc-37edf7783fc5","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":146,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"b13992a6-480f-4bde-a6a5-2281af5283e6","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":146,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"538e4788-4d40-44d6-98ac-408b42edf0c6","block_type":"box","text":"these fees and conditions.","page_number":146,"box":{"x":68,"y":75,"width":189,"height":9}},{"id":"e8123c50-ea39-46e3-a221-0689ebe4a43d","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":146,"box":{"x":102,"y":98,"width":805,"height":11}},{"id":"7100ce9d-d574-4b7d-ac26-c66e2cd8c20d","block_type":"box","text":"4 p.m. (Eastern time) on the first business day following receipt of the order. Payment may also, in the discretion of","page_number":146,"box":{"x":69,"y":113,"width":825,"height":11}},{"id":"44e754a9-203d-453a-9266-3879b4d52b7f","block_type":"box","text":"cer tain Funds, be made in the form of securities that are permissible investments for such Funds. If payment for a","page_number":146,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"10785c36-7f95-4fa5-86cb-2e7189ac1652","block_type":"box","text":"purchase order is not received by the prescribed time, an investor may be liable for any resulting losses or expenses","page_number":146,"box":{"x":70,"y":143,"width":831,"height":11}},{"id":"b4f2e775-1ca1-45c6-8cfd-3e175fc7b3f1","block_type":"box","text":"incurred by the Fund.","page_number":146,"box":{"x":70,"y":158,"width":147,"height":11}},{"id":"70ffebe1-7668-40d2-83b1-09c8d500cea5","block_type":"box","text":"Cer tain of the Funds offer Institutional Shares as described in each such Fund’s Prospectus. In addition, the","page_number":146,"box":{"x":102,"y":181,"width":774,"height":11}},{"id":"50017178-36a1-4f52-959f-29b2efe2a9a2","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":146,"box":{"x":68,"y":196,"width":834,"height":11}},{"id":"da6e2d03-7308-49c6-8476-eadc5775922d","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":146,"box":{"x":70,"y":211,"width":773,"height":11}},{"id":"88ac153e-6d76-4d32-9611-8f1641b28bb1","block_type":"box","text":"immediate family members of such persons; individuals and “Institutional Investors” with a minimum initial","page_number":146,"box":{"x":70,"y":226,"width":762,"height":11}},{"id":"398f6d3a-12ca-4a91-a0cb-eff2660e6671","block_type":"box","text":"investment of $2 million who may purchase shares of a Fund through a financial intermediary that has entered into","page_number":146,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"8618bd7a-2e75-4f30-89a9-58a6ac7c172e","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":146,"box":{"x":69,"y":257,"width":819,"height":11}},{"id":"c47e234a-7fc7-469e-a647-18592f3ed919","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":146,"box":{"x":69,"y":271,"width":836,"height":12}},{"id":"4edbac78-f7b2-4db0-b4ea-225ddb1b01bc","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":146,"box":{"x":69,"y":286,"width":837,"height":12}},{"id":"69b88fd2-5556-4d0e-ae76-65f683b8dfd2","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":146,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"5869680d-9feb-4bc1-8f24-64800f65d8e9","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":146,"box":{"x":69,"y":317,"width":815,"height":11}},{"id":"c7be9021-20a6-41a0-85ee-7845be5862d7","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":146,"box":{"x":69,"y":332,"width":789,"height":11}},{"id":"98bb226d-30c9-4563-abb9-72748f5ef004","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":146,"box":{"x":70,"y":347,"width":772,"height":11}},{"id":"c4a871d9-b1cd-49cd-a032-30ff06c75199","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":146,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"ac986269-92da-495a-8a84-fcb360c75d76","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":146,"box":{"x":68,"y":377,"width":783,"height":12}},{"id":"a8c20df6-d29a-4e72-9f33-bf364ba65788","block_type":"box","text":"(i) charge such clients a fee for advisory, investment consulting, or similar services or (ii) have entered into an","page_number":146,"box":{"x":69,"y":392,"width":785,"height":12}},{"id":"9ee008e5-62cc-436b-8956-d39ba0702082","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":146,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"11452c12-0643-4624-b836-2e66629eeb55","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":146,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"d7d81f0f-8644-47e6-866c-19ffcdb0a5c7","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":146,"box":{"x":69,"y":438,"width":751,"height":11}},{"id":"c5ac7109-d6b8-4feb-b8f8-8261a57cb1af","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":146,"box":{"x":69,"y":452,"width":817,"height":12}},{"id":"cf26841c-223b-4783-b5c2-83ee07312ed9","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":146,"box":{"x":69,"y":468,"width":773,"height":11}},{"id":"a035647a-4488-4f1f-a58b-cf0264c39fdb","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":146,"box":{"x":69,"y":483,"width":771,"height":11}},{"id":"c3a5defd-6603-4de7-9be4-f48cbc87f988","block_type":"box","text":"minimum initial investment of $1,000; trust depar tment clients of Bank of America, N.A. and its affiliates for whom","page_number":146,"box":{"x":69,"y":498,"width":822,"height":11}},{"id":"f8f43112-e34e-4525-9e00-756f2622141a","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":146,"box":{"x":68,"y":513,"width":771,"height":12}},{"id":"8e1c9c51-7bac-4178-b788-78067eb8fafc","block_type":"box","text":"investment discretion, or (iii) act as custodian for at least $2 million in assets; and holders of cer tain BofA Corp.","page_number":146,"box":{"x":70,"y":528,"width":801,"height":11}},{"id":"de3f7fe6-9472-4956-bca9-e680ca56979d","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":146,"box":{"x":69,"y":543,"width":770,"height":12}},{"id":"c3c6980a-064d-4264-890f-234cc81d8305","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":146,"box":{"x":102,"y":566,"width":280,"height":11}},{"id":"9b77dd0a-88fd-4758-8366-f06d166a296d","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":146,"box":{"x":389,"y":566,"width":496,"height":11}},{"id":"d6b8e0da-7319-4ed8-9595-4f3ee6ef096e","block_type":"box","text":"Funds, BofA Corp. or their respective affiliates; and any trust, pension, profit-sharing or other benefit plan for such","page_number":146,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"faa602ad-8cd5-49a6-aed9-57ed8d1eb562","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":146,"box":{"x":70,"y":597,"width":828,"height":11}},{"id":"0ee6432c-5527-4487-9b41-98aa9d91ee73","block_type":"box","text":"Fund realizes economies of scale and reduction of sales-related expenses by vir tue of the familiarity of these persons","page_number":146,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"34c4e6f1-8a2b-4ebf-977e-62ed43e2e304","block_type":"box","text":"with the Fund. Employees, directors, and board members of other funds wishing to purchase shares of a Fund must","page_number":146,"box":{"x":68,"y":627,"width":826,"height":11}},{"id":"00c613a7-77f0-46ee-8fe1-30c6c0161f2f","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":146,"box":{"x":69,"y":642,"width":279,"height":11}},{"id":"b4639dac-bff2-4ac1-9390-f8cdb5f73736","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":146,"box":{"x":69,"y":672,"width":382,"height":11}},{"id":"6dabde5a-ea75-4042-b7bf-1a0e86a59f3c","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":146,"box":{"x":102,"y":695,"width":770,"height":11}},{"id":"688651b0-caef-48af-af5a-b5a86119dfd1","block_type":"box","text":"Shares are offered only (i) for purchase by cer tain employer-sponsored retirement plans and fee-based programs that","page_number":146,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"3aab929d-0879-4197-b548-8f17a24911fd","block_type":"box","text":"have been previously approved by cer tain Funds, and (ii) to cer tain investors who currently hold Investor A1 Shares","page_number":146,"box":{"x":69,"y":725,"width":819,"height":11}},{"id":"950085ba-a1d5-40a5-80f3-704954c90704","block_type":"box","text":"for dividend and capital gain reinvestment only. The Investor A1 initial sales charge does not apply to the transactions","page_number":146,"box":{"x":68,"y":740,"width":840,"height":11}},{"id":"f1fdc19c-dd0b-4969-9e83-e6bfceb19c84","block_type":"box","text":"described in (i) and (ii). For ease of reference, Investor A, Investor A1 and Investor P (discussed below) Shares are","page_number":146,"box":{"x":69,"y":755,"width":815,"height":11}},{"id":"c89b4e86-fe1d-4853-8c53-406dcf62d6f0","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":146,"box":{"x":69,"y":770,"width":791,"height":11}},{"id":"67cc677d-8788-490b-8ab9-9b2e05d52777","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":146,"box":{"x":70,"y":785,"width":727,"height":12}},{"id":"3b0710e7-5658-43e2-8ba1-6568f24fabf7","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":146,"box":{"x":102,"y":808,"width":770,"height":11}},{"id":"124da197-245e-4cba-a8b7-ec650a0d7207","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":146,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"45eb5153-79a8-46b5-97d0-9491853fe005","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":146,"box":{"x":69,"y":838,"width":791,"height":12}},{"id":"81f1eb2c-ed63-4671-9fa5-fa6c30cf319b","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":146,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"56021192-aea5-406b-bc15-af2e02d1e3dd","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":146,"box":{"x":68,"y":869,"width":808,"height":11}},{"id":"eb523ad4-b7a2-459e-9ef6-85b454db4c59","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":146,"box":{"x":69,"y":884,"width":834,"height":11}},{"id":"e47d705c-826b-4fe2-8da9-fe856a97c30a","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":146,"box":{"x":69,"y":899,"width":798,"height":11}},{"id":"8da8ab94-a07d-409c-9202-926e3cdb0dde","block_type":"box","text":"II-98","page_number":146,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d128379f-955f-4f8d-8b74-861080993394","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd5cba46-8c58-493f-af13-15a2a7dafec5","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":147,"box":{"x":70,"y":45,"width":789,"height":11}},{"id":"d2ef3f71-a762-43da-888c-9b646d1b9ec2","block_type":"box","text":"BlackRock front-end load and CDSC share holdings, will count toward a right of accumulation that may qualify the","page_number":147,"box":{"x":70,"y":60,"width":805,"height":11}},{"id":"973811bc-2cb5-43d8-be0e-15f37a6b062d","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":147,"box":{"x":70,"y":75,"width":792,"height":11}},{"id":"79cbc4c1-8499-41ff-958e-69d64b578cef","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":147,"box":{"x":69,"y":90,"width":826,"height":11}},{"id":"ba522f70-ffee-4214-a93b-dbdf49398d15","block_type":"box","text":"have lower total returns than the initial sales charge shares. The ongoing front-end load shares’ service fees will","page_number":147,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"b08d9247-86ca-4d15-841c-f14fef5486f1","block_type":"box","text":"cause Investor A, Investor A1, Investor P and Service Shares to have a higher expense ratio, pay lower dividends and","page_number":147,"box":{"x":69,"y":120,"width":834,"height":12}},{"id":"6b0ed90a-70e8-45a3-bcea-1834234d00a9","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":147,"box":{"x":69,"y":135,"width":358,"height":9}},{"id":"ce15eaa6-209b-4178-93fe-c5649c40514d","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":147,"box":{"x":102,"y":158,"width":734,"height":11}},{"id":"b22d3cac-72ee-4fea-aed3-c90833db7796","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":147,"box":{"x":70,"y":173,"width":785,"height":11}},{"id":"0f53ad97-b7bc-4cf5-b2bc-63b8940ff7c3","block_type":"box","text":"periods indicated.","page_number":147,"box":{"x":70,"y":188,"width":124,"height":11}},{"id":"2aaf1907-195b-49ae-862a-abeed9fb857b","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":147,"box":{"x":101,"y":211,"width":806,"height":11}},{"id":"af1c01cb-58d4-4d24-be11-d4730199fc88","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":147,"box":{"x":68,"y":226,"width":830,"height":11}},{"id":"bb67ee95-401b-4423-a36f-b818b5f34c4c","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":147,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"d84e7394-6e5a-48b3-8aa5-5c6512587b93","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":147,"box":{"x":69,"y":256,"width":714,"height":12}},{"id":"db3e7b98-be1d-4e78-a987-c25441ab29a4","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":147,"box":{"x":69,"y":287,"width":297,"height":11}},{"id":"b26f5bff-45c9-4f4e-abfe-00784afb039e","block_type":"box","text":"Cer tain Funds offer Investor P Shares as described in each such Fund’s Prospectus, Investor P Shares are","page_number":147,"box":{"x":102,"y":309,"width":761,"height":11}},{"id":"8f97e84b-819d-412b-bb81-33617d1d85c5","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":147,"box":{"x":69,"y":324,"width":800,"height":12}},{"id":"b8ec4205-4dc9-4f24-8f6e-1d72ba76279c","block_type":"box","text":"entered into an agreement with the Distributor to offer such shares and are subject to an initial sales charge. The","page_number":147,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"cc02ce14-f334-4cd2-b92a-f578070d1241","block_type":"box","text":"ongoing front-end load shares’ service fees will cause Investor P Shares to have a higher expense ratio, pay lower","page_number":147,"box":{"x":69,"y":355,"width":813,"height":11}},{"id":"33eed71e-9d4a-4834-888f-64cbfc57fb9f","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":147,"box":{"x":69,"y":370,"width":578,"height":9}},{"id":"b8e46ead-df51-421e-b358-6c7641ec582f","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":147,"box":{"x":102,"y":392,"width":734,"height":12}},{"id":"25303dea-6363-47d6-9a12-d7f1e420a1cf","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":147,"box":{"x":70,"y":407,"width":800,"height":11}},{"id":"43b80959-82e2-46d0-9c40-fdbfa4ce8d91","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":147,"box":{"x":101,"y":430,"width":806,"height":11}},{"id":"12c53028-1da0-43de-a669-bf63cde02951","block_type":"box","text":"the balance over such discounts. At times the Distributor may reallow the entire sales charge to such dealers. Since","page_number":147,"box":{"x":68,"y":445,"width":830,"height":12}},{"id":"3107f91b-9894-4ca0-a8d3-0acfe806f092","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":147,"box":{"x":69,"y":460,"width":832,"height":12}},{"id":"b9235f82-59b6-4093-8589-18fd2a40ef6c","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":147,"box":{"x":69,"y":475,"width":714,"height":12}},{"id":"cd5c27c6-c296-4979-8f5b-a8cef4dac0f0","block_type":"box","text":"Reduced Initial Sales Charges","page_number":147,"box":{"x":69,"y":506,"width":219,"height":11}},{"id":"be1cdb6e-05d9-4cd9-bfc3-bccee89f9332","block_type":"box","text":"Cer tain investors may be eligible for a reduction in or waiver of a sales load due to the nature of the investors","page_number":147,"box":{"x":102,"y":528,"width":782,"height":12}},{"id":"ae510b99-a2d0-4d20-806c-75e760c6b530","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":147,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"8f48b822-7fab-4289-a7cc-a54f6fe16a12","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":147,"box":{"x":68,"y":559,"width":809,"height":11}},{"id":"2bd36958-5c9b-418d-bdf9-20add891b1dc","block_type":"box","text":"exchange shares of a Fund from one class of shares to another class of shares of the same Fund provided that the","page_number":147,"box":{"x":69,"y":574,"width":823,"height":11}},{"id":"f44b12f6-0991-40a1-aef8-b60af8ed82a4","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":147,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"f79d3a1b-e466-4af4-b757-35aaa50954a0","block_type":"box","text":"requirements of the new share class. Cer tain sales load reductions and waivers may be available to customers of","page_number":147,"box":{"x":69,"y":604,"width":813,"height":11}},{"id":"31e4c00c-04c1-4a8b-bc6f-f7539fa84c31","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":147,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"a3b83eea-05b8-425e-be94-b7cde5d9b4c5","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":147,"box":{"x":70,"y":634,"width":603,"height":11}},{"id":"29261c64-fa00-4f86-abb0-4766bc00450f","block_type":"box","text":"Reinvested Dividends.","page_number":147,"box":{"x":102,"y":657,"width":156,"height":9}},{"id":"8588ed07-175e-4649-b578-b691b60ae09b","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":147,"box":{"x":265,"y":657,"width":566,"height":11}},{"id":"9b57174b-5ef5-409f-b256-6e40a0a4f3ad","block_type":"box","text":"reinvestment of dividends.","page_number":147,"box":{"x":69,"y":672,"width":186,"height":9}},{"id":"953718c9-3bb6-4e2d-a7ef-24547ca86452","block_type":"box","text":"Right of Accumulation.","page_number":147,"box":{"x":102,"y":695,"width":158,"height":11}},{"id":"d8394876-ef30-48e9-9212-a4c59645398a","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":147,"box":{"x":267,"y":695,"width":574,"height":11}},{"id":"65c1cc27-cb75-4826-8f0b-dbe5b7aabd55","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":147,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"f9bce8fe-491f-421c-afab-ece6fe891651","block_type":"box","text":"a reduced front-end sales charge: (i) the current value of an investor’s existing Investor A, Investor A1, Investor C,","page_number":147,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"d8357e64-651b-49e8-8bff-1e7850cec765","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares in most BlackRock Funds, (ii) the current value of an investor’s","page_number":147,"box":{"x":70,"y":740,"width":825,"height":11}},{"id":"fa85823c-4e5c-4877-888f-422531966aad","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":147,"box":{"x":69,"y":755,"width":780,"height":11}},{"id":"d0855738-c053-4767-a4d3-422bb97e9ed8","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":147,"box":{"x":70,"y":770,"width":828,"height":12}},{"id":"1f9f382d-c5ce-4f75-b188-53e05891245f","block_type":"box","text":"CollegeAdvantage 529 Program by the investor or by or on behalf of the investor’s spouse and children. Financial","page_number":147,"box":{"x":69,"y":785,"width":804,"height":12}},{"id":"c66a164f-930c-41e8-929d-f40206996f3f","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":147,"box":{"x":70,"y":801,"width":794,"height":11}},{"id":"172edebc-bca0-45cc-96c6-b0e853f2a267","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":147,"box":{"x":70,"y":816,"width":814,"height":11}},{"id":"1651f323-0841-401f-a987-ccfb1755b9ec","block_type":"box","text":"intermediary will be treated similarly. In order to use this right, the investor must aler t BlackRock to the existence of","page_number":147,"box":{"x":70,"y":831,"width":828,"height":11}},{"id":"b5850e90-3afd-4423-8ef3-bb1b624fd277","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":147,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"9934625e-6fb7-485b-a284-f65aebaceefa","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":147,"box":{"x":70,"y":861,"width":776,"height":11}},{"id":"ea2c8c8b-4be2-45db-b277-d72c4c7968d0","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":147,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"47d68f17-9323-4640-9444-a8a5408b84db","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":147,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"d55e2aa9-3670-4caf-9abb-1bdc6405e492","block_type":"box","text":"II-99","page_number":147,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"92609513-a393-4eed-aefc-1b87c4b0e6eb","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b653f22-2f70-44f3-93a4-35075022f56c","block_type":"box","text":"in the Index Funds and BlackRock Shor t Obligations Fund may be combined with the amount of an investor’s current","page_number":148,"box":{"x":70,"y":45,"width":829,"height":11}},{"id":"efa9d170-e28b-4dbf-a0c5-d467af624baf","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":148,"box":{"x":70,"y":60,"width":774,"height":11}},{"id":"c202a7a9-a525-4e7a-99de-d48a1b6e5886","block_type":"box","text":"Letter of Intent.","page_number":148,"box":{"x":102,"y":82,"width":109,"height":9}},{"id":"e72951d3-576e-47cb-8619-69dfc2f96203","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":148,"box":{"x":217,"y":82,"width":681,"height":12}},{"id":"53233555-d1fe-46be-93ed-579dbb278282","block_type":"box","text":"Intent” stating the investor’s intention to make one or more of the following investments within the next 13 months","page_number":148,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"68e64393-1585-4647-9553-fdcc65dc0018","block_type":"box","text":"which would, if bought all at once, qualify the investor for a reduced sales charge: (i) buy a specified amount of","page_number":148,"box":{"x":68,"y":113,"width":792,"height":11}},{"id":"6bd52558-bc4a-47e0-ba06-68e8d585751c","block_type":"box","text":"Investor A, Investor C, Investor P, Institutional, Class K and/or Premier Shares, (ii) make an investment in one or","page_number":148,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"4b9b43b3-afb6-4626-98c6-87377439e953","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":148,"box":{"x":69,"y":143,"width":760,"height":11}},{"id":"5feb2734-0869-40c4-9fae-89c49803e3a0","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":148,"box":{"x":69,"y":158,"width":800,"height":11}},{"id":"d1f3b2c9-a527-4fa4-acd2-e20b57bea8d3","block_type":"box","text":"initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is","page_number":148,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"bab59983-f2ff-4c40-b9fe-ba7b0b0b1a6c","block_type":"box","text":"received by the Fund. The market value of current holdings in the BlackRock Funds (including Investor A, Investor C,","page_number":148,"box":{"x":69,"y":188,"width":822,"height":12}},{"id":"a50e091c-311e-4661-b7bb-02a1f1d1d179","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":148,"box":{"x":70,"y":203,"width":764,"height":12}},{"id":"9948f638-71fc-4d49-bab9-2536b45c03fe","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":148,"box":{"x":70,"y":218,"width":800,"height":12}},{"id":"7df7da74-6879-4ae8-9df8-b972cfba77c5","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":148,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"2ba521c8-2645-4b10-aebd-2aa08976109a","block_type":"box","text":"the Fund of (i) any current holdings in the BlackRock Funds, Eligible Unlisted BlackRock Closed-End Funds and/or the","page_number":148,"box":{"x":68,"y":249,"width":835,"height":11}},{"id":"b753dbc5-a2b6-49af-be4a-57ba68add226","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":148,"box":{"x":70,"y":264,"width":811,"height":11}},{"id":"d72997bf-a51a-489e-8594-ff68326a1286","block_type":"box","text":"subsequent purchases that should be counted towards the Letter of Intent. During the term of the Letter of Intent,","page_number":148,"box":{"x":69,"y":279,"width":814,"height":11}},{"id":"a8df5bee-4a2b-465d-986b-020588c6d7b4","block_type":"box","text":"the Fund will hold Investor A Shares and/or Investor P Shares, as applicable, representing up to 5% of the indicated","page_number":148,"box":{"x":68,"y":294,"width":827,"height":11}},{"id":"33b1cc96-d6e0-4a72-b7f5-ac646f40aece","block_type":"box","text":"amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is","page_number":148,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"3e02effa-2322-49fa-960b-030eff902275","block_type":"box","text":"not purchased. If the full amount indicated is not purchased within the 13-month period, and the investor does not","page_number":148,"box":{"x":69,"y":324,"width":817,"height":11}},{"id":"8a697251-95f0-49e7-8cb2-a858bf8a220d","block_type":"box","text":"pay the higher sales load within 20 days, the Fund will redeem enough of the Investor A Shares and/or Investor P","page_number":148,"box":{"x":70,"y":339,"width":807,"height":12}},{"id":"70706844-e768-434c-acd3-96b66d7dd24c","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":148,"box":{"x":69,"y":355,"width":423,"height":11}},{"id":"5ee61bcf-08a3-443b-bacd-d0ff8e93773e","block_type":"box","text":"Placement Fees.","page_number":148,"box":{"x":102,"y":377,"width":116,"height":9}},{"id":"b9b547d4-d79f-4058-9ea9-f9c929db817e","block_type":"box","text":"BlackRock may pay placement fees to dealers on purchases of Investor A and Investor P Shares of all Funds,","page_number":148,"box":{"x":102,"y":400,"width":777,"height":11}},{"id":"dfde49dd-da19-4a84-bcec-96e1328a0761","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":148,"box":{"x":68,"y":415,"width":704,"height":11}},{"id":"3afc4f08-7fbb-46af-ace0-af0cdd835b4d","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":148,"box":{"x":102,"y":438,"width":741,"height":11}},{"id":"f8398988-4636-4633-964b-c9b1fd6d1522","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":465,"width":361,"height":10}},{"id":"74a88a53-938b-45ee-a3d8-aaa6ff5798d0","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":148,"box":{"x":535,"y":466,"width":288,"height":8}},{"id":"a0d28964-efc7-4ce4-839d-570c2e603439","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":480,"width":361,"height":10}},{"id":"d19b5c6d-3ced-45b7-a943-6c13182ee949","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":481,"width":288,"height":9}},{"id":"0d0ecc41-7dad-4853-a13d-47cf7f4e62e1","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":495,"width":345,"height":10}},{"id":"bda24c01-218f-4c72-9bc8-aaa4d1248cd3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":496,"width":305,"height":9}},{"id":"f0e88423-a9e8-4422-b1a4-63b09d5ff545","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":148,"box":{"x":101,"y":520,"width":776,"height":11}},{"id":"49470be3-2db1-4189-b238-f9ab994aa77d","block_type":"box","text":"Por tfolio (for shares purchased prior to July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares","page_number":148,"box":{"x":69,"y":535,"width":774,"height":11}},{"id":"7f38ca53-fbc9-45b5-b930-0847f74df773","block_type":"box","text":"purchased prior to July 1, 2020) of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV","page_number":148,"box":{"x":70,"y":550,"width":824,"height":11}},{"id":"46896723-f797-4c91-8791-123e811fbd48","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":148,"box":{"x":69,"y":565,"width":695,"height":11}},{"id":"c6bf6495-c775-423f-af4b-a16080f1f49a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":592,"width":410,"height":11}},{"id":"632f85fd-7a88-4cc9-be23-0898e6732bb4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":148,"box":{"x":583,"y":593,"width":240,"height":9}},{"id":"64fac938-4f01-4425-93c0-a9790c20f5f6","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":607,"width":361,"height":11}},{"id":"3cdf5115-b1ff-4682-ac39-664d7524b1ff","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":608,"width":288,"height":9}},{"id":"abb6042f-4813-45e3-870e-2ce374cdfc6a","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":622,"width":345,"height":11}},{"id":"b46c45de-683f-4513-b3e2-2f7d18b1ce09","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":623,"width":305,"height":9}},{"id":"b690680e-99ee-462d-926e-ca2aea2dc343","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":148,"box":{"x":101,"y":647,"width":806,"height":11}},{"id":"170014c4-1bf1-449f-804c-32c0812e710a","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":148,"box":{"x":68,"y":662,"width":821,"height":11}},{"id":"91baa969-1483-48f9-82f7-8648379d7197","block_type":"box","text":"SM","page_number":148,"box":{"x":890,"y":662,"width":11,"height":5}},{"id":"25e9f441-5f32-41f1-986c-24f80930cb37","block_type":"box","text":",","page_number":148,"box":{"x":903,"y":669,"width":2,"height":3}},{"id":"0b2ea016-17fd-4fb1-bfb0-2375f8e70cc8","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":148,"box":{"x":70,"y":677,"width":816,"height":11}},{"id":"d818014d-9e5f-40ec-b18b-19fa9af43d30","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":148,"box":{"x":70,"y":692,"width":835,"height":11}},{"id":"b9b48b4a-1a08-46b6-99f5-2e72c0f611c1","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":707,"width":520,"height":12}},{"id":"081366f7-5f59-4ad0-a375-1ffd2cba98ff","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":734,"width":361,"height":11}},{"id":"d4a850e5-f436-4c30-a90f-43f580a02060","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":148,"box":{"x":535,"y":735,"width":288,"height":9}},{"id":"0c1083dc-f558-4825-aab7-95aa49be4955","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":749,"width":361,"height":11}},{"id":"26d41135-039d-4a92-99cd-835a6fb034fd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":750,"width":288,"height":9}},{"id":"891ce0b3-55b6-44cc-9b7b-118d078192b8","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":765,"width":345,"height":10}},{"id":"76a7f268-618c-47d9-8f38-4f6f6cd43e32","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":518,"y":765,"width":305,"height":9}},{"id":"5c494960-717e-45e2-962d-d781d802fccf","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":148,"box":{"x":101,"y":789,"width":743,"height":11}},{"id":"c11302ea-76e1-4241-a2a3-973b379ad87e","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":148,"box":{"x":70,"y":804,"width":674,"height":12}},{"id":"003560f5-c8de-4129-971a-0a12d047076d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":831,"width":361,"height":11}},{"id":"c1b5e5dc-8f5c-4ba4-8980-44858cea81a8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":148,"box":{"x":535,"y":832,"width":288,"height":9}},{"id":"35509775-7040-43a5-8464-82f39b981c8c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":846,"width":361,"height":11}},{"id":"dc8cf52b-62f5-4b17-8ecd-de4cdb42719a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":148,"box":{"x":535,"y":847,"width":288,"height":9}},{"id":"ed8e111c-705e-4671-9d5e-d7ff4d707676","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":148,"box":{"x":167,"y":862,"width":345,"height":10}},{"id":"5527fc4f-3147-4bbb-939c-ee0390d35899","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":148,"box":{"x":518,"y":862,"width":305,"height":9}},{"id":"e8c076b2-c066-44c5-b9ab-e0c7699bd9a8","block_type":"box","text":"II-100","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"a767bf06-64d4-46f2-b7b2-8f373f86635f","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"594f11d1-c1e9-41a5-9c90-6ff89b0509dc","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":149,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"7b6aace1-748b-409c-8450-5fcee222daff","block_type":"box","text":"may be up to the following amounts:","page_number":149,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"2c13bb01-ad74-41e3-807c-29873313a13a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"4071fcb7-49cb-4359-ba9f-8ccccd40bbdc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"4d518016-ed6d-42da-b4f3-680540ccfd2c","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"9206cb1a-e7b9-4c31-845d-9365ad7a2683","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"3cf5356e-fed2-4a25-9473-3993171c17a7","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"b6c9e20a-b6a7-4e74-9042-d012cce57bb2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"68ccdd1f-ff68-4044-811e-6fba17b9080e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":149,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"dbb2330f-df42-4fa4-ab3f-afa673d13a8b","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"d51293b1-a1e2-4ab5-927b-355f5c63aeda","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"ffa4383a-0762-4d8e-9a77-8f294d539bae","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":149,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"dcf626b2-ae7f-49a4-a6b3-12f3e40f08ec","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"f05d3344-5ac3-4b41-ab54-a37477fac4f3","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":149,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"221342ad-b1bc-4919-b6ec-d478698e1b94","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"2bb2b72e-6229-408d-a724-7038795071d9","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":149,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"5d4250c5-3e88-48f3-90fa-eb8d40979853","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":149,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"e000b01d-612f-4242-aca6-0145a67fa4d9","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":149,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"7554db4d-f372-4964-a335-f9370a67d8a6","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"e5bc613c-55d8-42c3-a23c-f1d7ee62f699","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"88566fbf-60e7-4a63-8fcb-611ec0392430","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":149,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"b0c60856-f565-4f1a-a31c-206c3efac91a","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"84e5ef17-7162-4758-a498-6aea0806ee2a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"9e38c31a-86df-4d90-84d8-8d2efd613a35","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"acc0c4ac-2629-4dfe-927e-19a0226d7ba1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"329aadf2-eaa5-4ce7-ace5-2686de8f4fef","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"d60221e0-b1a1-42cc-a3bf-96b39c16c6fb","block_type":"box","text":"Inc. (for shares purchased prior to March 18, 2019), the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"fcdacce0-1291-4840-a708-51350d533c19","block_type":"box","text":"$250,000 and above . . . .","page_number":149,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"30e5043a-d6b5-4b1d-8ae4-44f50f6edf88","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"21ca77e2-b2eb-4483-b367-d9c88b268d30","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"1ce7079f-fa54-4c1f-bcfd-f1603f2ab561","block_type":"box","text":"Inc. (for shares purchased on or after March 18, 2019 and prior to July 1, 2020), the placement fees may be up to","page_number":149,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"c5b2b117-f3a3-4a83-8df7-aab668504ca1","block_type":"box","text":"the following amounts:","page_number":149,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"74b55959-524c-4781-89cb-3f5c831f505b","block_type":"box","text":"$100,000 and above . . . .","page_number":149,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"8a7ca496-92e3-4fe0-a6f5-e7cb22f0663d","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"56224de5-33a8-46ff-b3da-eaf7a7e00590","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":149,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"959449cd-c58b-4cb8-ab1a-0d7716afc9e3","block_type":"box","text":"Inc. (for shares purchased on or after July 1, 2020), the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"1dbe5865-31bc-4f4f-8064-cb0d16c5147f","block_type":"box","text":"$250,000 and above . . . .","page_number":149,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"e857d06c-6682-4501-ab26-d789f057b92c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"c6004294-0d71-491f-a6ba-3ff3465058b3","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":149,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"82cff2c9-6967-4804-8999-010f71485d88","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":149,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"c3e270c2-e9fe-46f1-9cc2-51d35c181afd","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":149,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"e89e9d77-2053-41b1-be71-ac14086d18a7","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":149,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"5e34c5bd-a8f2-4264-a7d0-223c14033f63","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":149,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"2a1e750b-491e-412b-835b-88e9de3010aa","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"a86b2710-3049-43c7-8110-5ddcdee7ba2c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":149,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"c5b04067-ce33-4fa9-bc26-2b0cc6cb6b5e","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"4c542823-d3c7-4ed2-88f9-ab73e5b1e275","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"6406b424-8355-4b8b-a411-b24869dde65a","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"afe358ac-bccb-43f6-8744-22c81b42d136","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"9e5b0473-885a-4528-aff8-1a1841ebfe8a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Dynamic High Income Por tfolio (for shares purchased on or after","page_number":149,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"95e41fe0-fcac-4085-aa88-dc9dd28b1023","block_type":"box","text":"July 1, 2020) and BlackRock Multi-Asset Income Por tfolio (for shares purchased on or after July 1, 2020) of","page_number":149,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"82d30900-e739-436d-be32-e9ef50b6a8f8","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":149,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"911dd372-b8f9-44a5-a914-cdbc4c810a5d","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":149,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"ec29e14a-3f84-4957-a668-062610ed85ba","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"7e45378d-6aa7-4660-bb77-e7f1dc224006","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":149,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"770b4c12-3cce-41c1-8c53-21d15d66e7f9","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"5657523a-4317-46aa-99e7-385ef14ee6e7","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":149,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"3cf6f2fc-dd05-447b-898e-fb9fd99e0293","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":149,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"addda352-598c-463d-be0a-5aa9194b349c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":149,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"45352248-6d66-46a5-ac59-404735357e50","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":149,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"43a92367-2899-489b-8dda-eef8368401f7","block_type":"box","text":"®","page_number":149,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"5b194e3c-7f6b-4870-85ab-900b73f4413d","block_type":"box","text":"Index 2030 Fund, BlackRock LifePath","page_number":149,"box":{"x":513,"y":836,"width":264,"height":10}},{"id":"d24d5467-9cf3-4d44-a4e6-2d1bb26e6c8e","block_type":"box","text":"®","page_number":149,"box":{"x":778,"y":836,"width":6,"height":5}},{"id":"fb957a92-50a9-4083-9762-c0fad5cd6b28","block_type":"box","text":"Index 2035","page_number":149,"box":{"x":791,"y":836,"width":79,"height":9}},{"id":"39e875aa-0cf7-4b70-b0da-3df1f7799344","block_type":"box","text":"Fund, BlackRock LifePath","page_number":149,"box":{"x":70,"y":851,"width":177,"height":10}},{"id":"9bf9e579-4c73-43cb-8f2d-feb0cd3e18ff","block_type":"box","text":"®","page_number":149,"box":{"x":249,"y":851,"width":6,"height":5}},{"id":"055e015b-7309-4e74-8270-b216ddd01c07","block_type":"box","text":"Index 2040 Fund, BlackRock LifePath","page_number":149,"box":{"x":261,"y":851,"width":265,"height":10}},{"id":"8051f3cd-bc07-4b75-8d21-1598f4b31e50","block_type":"box","text":"®","page_number":149,"box":{"x":527,"y":851,"width":6,"height":5}},{"id":"22bdb086-efcd-44bf-9d59-cc157889d866","block_type":"box","text":"Index 2045 Fund, BlackRock LifePath","page_number":149,"box":{"x":539,"y":851,"width":265,"height":10}},{"id":"0c3c6cc4-d359-45f1-b38a-2a2c90656f88","block_type":"box","text":"®","page_number":149,"box":{"x":805,"y":851,"width":6,"height":5}},{"id":"c9e79522-6fc3-4bf3-9347-768fd3735956","block_type":"box","text":"Index 2050","page_number":149,"box":{"x":817,"y":851,"width":80,"height":9}},{"id":"868b28c3-937a-4ce8-9ff5-66f6986511c7","block_type":"box","text":"Fund, BlackRock LifePath","page_number":149,"box":{"x":70,"y":866,"width":177,"height":11}},{"id":"f06e16db-94d6-4e1e-ada8-475abd79f4a5","block_type":"box","text":"®","page_number":149,"box":{"x":248,"y":866,"width":6,"height":5}},{"id":"3fcfc190-a2fc-47a0-90e7-2e05e44d9bec","block_type":"box","text":"Index 2055 Fund, BlackRock LifePath","page_number":149,"box":{"x":261,"y":866,"width":263,"height":11}},{"id":"2ec82cfa-8475-4104-a0ab-f2465f563a2e","block_type":"box","text":"®","page_number":149,"box":{"x":526,"y":866,"width":6,"height":5}},{"id":"f448a668-d83b-4158-acc9-710a6cbc39a9","block_type":"box","text":"Index 2060 Fund, BlackRock LifePath","page_number":149,"box":{"x":538,"y":866,"width":264,"height":11}},{"id":"99a6b29f-3c6c-4651-b390-e169ff744adf","block_type":"box","text":"®","page_number":149,"box":{"x":803,"y":866,"width":6,"height":5}},{"id":"fe24ae1b-7f0b-41c2-b3ea-fe0d142d32fc","block_type":"box","text":"Index 2065","page_number":149,"box":{"x":815,"y":866,"width":80,"height":9}},{"id":"43d15ab5-b2d7-4093-ab24-6642df304674","block_type":"box","text":"II-101","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6751501d-afe5-4759-bdf4-ec7409639a06","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86c99ce2-479f-4198-b832-ac0af813a818","block_type":"box","text":"Fund, BlackRock LifePath","page_number":150,"box":{"x":70,"y":45,"width":177,"height":10}},{"id":"648ed5b8-268b-4f6e-9202-b6bcc36243db","block_type":"box","text":"®","page_number":150,"box":{"x":248,"y":45,"width":6,"height":4}},{"id":"d56d4c70-b84d-4259-8d94-12ee5aec858e","block_type":"box","text":"Index 2070 Fund and BlackRock LifePath","page_number":150,"box":{"x":261,"y":45,"width":290,"height":9}},{"id":"5909c08a-1250-475a-9000-c87715f19620","block_type":"box","text":"®","page_number":150,"box":{"x":552,"y":45,"width":6,"height":4}},{"id":"9f250de3-2491-4251-811e-7458339b368f","block_type":"box","text":"Index Retirement Fund of BlackRock Funds III,","page_number":150,"box":{"x":564,"y":45,"width":324,"height":10}},{"id":"f93d6951-f324-41ed-9860-f64906612ee4","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":60,"width":401,"height":11}},{"id":"9cf6a168-6eb7-41ec-944b-64b2e7f07c7b","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":150,"box":{"x":167,"y":87,"width":206,"height":11}},{"id":"fd00fe13-6cbf-4244-ba7d-64bcc8b229ee","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":150,"box":{"x":380,"y":88,"width":443,"height":8}},{"id":"ce1a9165-0d5c-40be-8162-055d6fa3603d","block_type":"box","text":"With respect to Investor P Shares of iShares Municipal Bond Index Fund of BlackRock Funds","page_number":150,"box":{"x":101,"y":111,"width":657,"height":11}},{"id":"dbb08930-c909-4822-966a-28fc3e4777bc","block_type":"box","text":"SM","page_number":150,"box":{"x":760,"y":112,"width":10,"height":4}},{"id":"a58c3236-ca66-41bd-bd9f-e024105e9c08","block_type":"box","text":", the placement","page_number":150,"box":{"x":773,"y":112,"width":110,"height":10}},{"id":"9a645a07-ff5b-4cb6-a4dd-afa091b6fbbf","block_type":"box","text":"fees may be up to the following amounts:","page_number":150,"box":{"x":68,"y":126,"width":294,"height":12}},{"id":"74949996-719e-4dc0-b08a-c2f541b07ab4","block_type":"box","text":"$1,000,000 and above . . . . .","page_number":150,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"286ba2a5-b9b4-416b-969c-5b2a99ed808a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":150,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"a35f50a8-4154-4b9d-97d2-460b603d9059","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":150,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"bb834312-eb7c-4918-a7a2-cc932a02e0fb","block_type":"box","text":"Russell 2000 Small-Cap Index Fund of BlackRock Index Funds, Inc. and iShares S&P 500 Index Fund and iShares","page_number":150,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"d406eab6-868a-4e08-b6bf-9bbfa7d5120e","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds III.","page_number":150,"box":{"x":70,"y":208,"width":393,"height":12}},{"id":"d5542311-15a2-452b-be42-44b2483ca20e","block_type":"box","text":"For the tables above, the placement fees indicated will apply up to the indicated breakpoint (so that, for","page_number":150,"box":{"x":102,"y":231,"width":740,"height":11}},{"id":"4d22b77b-1066-470a-8092-c152efdcf2ca","block_type":"box","text":"example, a sale of $4 million wor th of Investor A Shares of BlackRock Impact Mor tgage Fund of BlackRock Funds V","page_number":150,"box":{"x":69,"y":246,"width":823,"height":11}},{"id":"e916d8eb-8380-483a-8d03-350235d15e46","block_type":"box","text":"will result in a placement fee of up to 0.50% on the first $3 million and a placement fee of 0.25% on the final","page_number":150,"box":{"x":68,"y":261,"width":780,"height":11}},{"id":"9eea9104-de88-40ca-9f6e-7959244452b1","block_type":"box","text":"$1 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employer","page_number":150,"box":{"x":69,"y":329,"width":790,"height":12}},{"id":"8d67191d-e447-45be-9ad9-be367199ad2a","block_type":"box","text":"sponsored retirement plans provided the shares are transferred to Investor A or Investor P, as applicable, shares of","page_number":150,"box":{"x":69,"y":344,"width":825,"height":11}},{"id":"76c27077-b655-4b8f-84c0-3364de62fc7f","block_type":"box","text":"the same or another BlackRock Fund as either a direct rollover, or subsequent to distribution, the rolled-over","page_number":150,"box":{"x":68,"y":360,"width":773,"height":11}},{"id":"90011bfd-2970-4984-88c5-e459fbb24625","block_type":"box","text":"proceeds are contributed to a BlackRock IRA through an account directly with the Fund; or purchases by IRA programs","page_number":150,"box":{"x":70,"y":375,"width":838,"height":11}},{"id":"be1064dd-2fdd-4740-bb9d-b81f20903cb2","block_type":"box","text":"that are sponsored by financial intermediary firms provided the financial intermediary firm has entered into a Class A","page_number":150,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"5df4d52a-6077-4010-ab0b-d187eb4e8689","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":150,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"4c68507f-19be-44ab-8e24-70f00ff81923","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":150,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"92413f44-3f0d-48be-b568-2435be8693ec","block_type":"box","text":"discretionary investment authority with respect to amounts to be invested in a Fund; (e) persons par ticipating in a","page_number":150,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"9863bcb0-427d-4f18-b42c-64d6bac5edd1","block_type":"box","text":"fee-based program (such as a wrap account) under which they pay advisory fees to a broker-dealer or other financial","page_number":150,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"ae86c4b8-9298-4378-9e74-ed4892d8d0b6","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":150,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"57df1902-078c-45ac-8aa6-3c9c5e047b19","block_type":"box","text":"approved by the Distributor to offer Fund shares to self-directed investment brokerage accounts that may or may not","page_number":150,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"b736a29b-768a-4517-9f72-89953c80ccd7","block_type":"box","text":"charge a transaction fee; (g) state sponsored 529 college savings plans and rollovers of such 529 plans into Roth","page_number":150,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"3704c2ff-2dde-476e-8356-447548ac91af","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":150,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"111bf344-82af-441a-8e11-eeda64b73659","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":150,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"38686d4f-7057-4aaa-b7d6-2611ba7519a2","block_type":"box","text":"involuntarily liquidated from a Fund, who within 60 days of liquidation buy new shares of another BlackRock Fund (but","page_number":150,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"38bba859-24c3-4dbe-974d-0d6ddd1eab1f","block_type":"box","text":"only up to the amount that was liquidated). The following persons associated with the Funds, the Fund’s Manager,","page_number":150,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"98d2b185-7a7d-436b-9654-ee57de1cea2d","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":150,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"70435b43-8cc0-42b2-9cfb-135e1cbcc653","block_type":"box","text":"or Investor P Shares of each of the Funds without paying a sales charge to the extent permitted by these firms","page_number":150,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"872a54a5-2c0e-443b-9edb-794398966cfd","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":150,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"9dfb2243-a8b1-4935-8561-85f6a327bb53","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":150,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"65b91ade-f8fa-4aa4-9db2-11d9deb815e1","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":150,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"6769afe9-c760-469f-abda-3b78481fff0d","block_type":"box","text":"spouse or domestic par tner, children, parents and siblings); and (e) any trust, pension, profit-sharing or other benefit","page_number":150,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"da6b02f9-10e6-49fb-bb91-379a6b9ac8ae","block_type":"box","text":"plan for any of the persons set for th in (a) through (d). Investors who qualify for any of these exemptions from the","page_number":150,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"50c0a304-cd22-47b5-9166-c453dead677d","block_type":"box","text":"sales charge should purchase Investor A or Investor P Shares. In addition, a sales charge waiver may be available for","page_number":150,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"09d7cad2-aa56-432f-9e8a-0e999c3e5a4f","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":150,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"30c16662-46cf-4e57-8b6e-e84aa6f43cb3","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":150,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"4a10a972-3746-4e76-853f-470cf00fe012","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":150,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"9a0439ce-d02d-418a-bf7e-cb1adb233e15","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":150,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"81f1f6c8-b5dc-4767-9308-d98e8bbc9620","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":150,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"c26895b9-5e75-4276-9a5e-3e87458e045c","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":150,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"7af4f6a3-7a75-44eb-b8cf-a96da2188941","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":150,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"d65932f0-6ff5-4e06-a51a-a1c3d83efaea","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":150,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"6815cbf0-7394-425c-9d31-5d7f00e62d77","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":150,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"dc169ac7-76f3-4909-b29a-dfbb6f7baf29","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":150,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"d16313c3-67d2-4c87-bfee-b9912716961d","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":150,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"df09f1f0-4b59-484c-9926-c5e602b87fc4","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":150,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"51192e6e-c607-43f5-ba41-93f523a88ee9","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":150,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"3af25bea-d112-45a5-97c4-9e09bbc55334","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":150,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"46ce1725-cc16-45de-bc67-a13a57acf5aa","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":150,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"66519119-57d8-43a1-9171-8cd8ea87e822","block_type":"box","text":"II-102","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9f761272-65e6-402f-ba69-46bcfe9eeb4a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"407bffe7-d969-4065-b2a5-b6b99eb6845e","block_type":"box","text":"BlackRock Funds V) or more in Investor A or Investor P Shares, as applicable, you may not pay an initial sales charge.","page_number":151,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"f2ed5abf-55ec-4bb7-a9b0-6f7636850de8","block_type":"box","text":"However, if you redeem your Investor A or Investor P Shares, as applicable, within 18 months after purchase (a","page_number":151,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"a998f7ef-0e33-4841-b828-9a75baa2ecac","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":151,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"33d2e6c9-3e31-4d7b-8907-c6875b08baf9","block_type":"box","text":"A deferred sales charge of up to 1.00% may apply to cer tain redemptions of Investor A Shares of the Index","page_number":151,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"b1069837-cb6e-4f70-86a1-2caf35025aa2","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":151,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"4003c84e-c962-4048-8862-597fd36bd536","block_type":"box","text":"por tfolio advised by BlackRock or its affiliates where no initial sales charge was paid at the time of purchase of such","page_number":151,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"3ff49298-9a9e-4eb9-9058-efe96439af08","block_type":"box","text":"fund (an “Investor A Load-Waived BlackRock Por tfolio”) as par t of an investment of $1,000,000 (lesser amounts may","page_number":151,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"cef3c75a-aa11-4ae2-b647-73d22b56588c","block_type":"box","text":"apply depending on the Investor A Load-Waived BlackRock Por tfolio) or more. The Investor A Shares deferred sales","page_number":151,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"a22d94ba-3010-4d9a-a907-78b53816dc69","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":151,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"6deaec1f-784a-44e1-bbbf-e1a4f321cbc4","block_type":"box","text":"Investor A Shares of the Investor A Load-Waived BlackRock Por tfolio (a shor ter holding period may apply depending","page_number":151,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"f256c683-1fdd-47c2-9e05-501896162c45","block_type":"box","text":"on the Investor A Load-Waived BlackRock Por tfolio), unless you qualify for a waiver. There is no deferred sales charge","page_number":151,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"78257559-4dad-4d9c-ba0d-dd3019fd47bd","block_type":"box","text":"charged on redemptions if you have owned your Investor A Shares for more than 18 months (or for a shor ter holding","page_number":151,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"2e21e37d-4dca-453b-8539-981bcae32f52","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":151,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"000283c3-f577-4db9-a2e5-d473a9d2c780","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":151,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"e6ffd94b-bddd-4c55-a51a-cd10d2c4eea5","block_type":"box","text":"The deferred sales charge on Investor A or Investor P Shares, as applicable, is not charged in connection with:","page_number":151,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"8a2efe44-6d3b-4d33-b49d-d63c60b6ff1d","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":151,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"e5fd4665-f570-4a27-b2a6-96c829338dd1","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":151,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"85e09598-c769-408d-aec4-c467b300f19e","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions due to the shareholder reaching age","page_number":151,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"d3295a21-cb96-4aa3-9bd6-3dd51d3a509d","block_type":"box","text":"72 from IRA and 403(b)(7) accounts; (d) redemptions made with respect to cer tain retirement plans sponsored by a","page_number":151,"box":{"x":69,"y":332,"width":827,"height":11}},{"id":"a18aa7cd-3d01-4ed8-b05c-084258a77aa9","block_type":"box","text":"Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a shareholder’s death or, if later, the receipt of","page_number":151,"box":{"x":70,"y":347,"width":837,"height":11}},{"id":"4add8691-7096-4280-ad0c-f7d10b3a1607","block_type":"box","text":"a cer tified probate settlement (including in connection with the distribution of account assets to a beneficiary of the","page_number":151,"box":{"x":69,"y":362,"width":826,"height":11}},{"id":"54f53594-96d5-44e9-a5ea-5d3125a220a5","block_type":"box","text":"decedent) or (ii) in connection with a shareholder’s disability (as defined in the Code) subsequent to the purchase of","page_number":151,"box":{"x":69,"y":377,"width":831,"height":11}},{"id":"9824b9de-21f7-4446-b2a7-97902f53a303","block_type":"box","text":"Investor A or Investor P Shares; (f) involuntary redemptions of Investor A or Investor P Shares in accounts with low","page_number":151,"box":{"x":70,"y":392,"width":813,"height":12}},{"id":"8a56f700-20c8-42c8-9489-97fd2269d98f","block_type":"box","text":"balances; (g) cer tain redemptions made pursuant to the Systematic Withdrawal Plan (described below);","page_number":151,"box":{"x":69,"y":408,"width":734,"height":11}},{"id":"921bd6c5-b2ea-4f79-a843-c76d8660d5b6","block_type":"box","text":"(h) redemptions related to the payment of BNY Mellon Investment Servicing Trust Company custodial IRA fees; and","page_number":151,"box":{"x":69,"y":423,"width":819,"height":11}},{"id":"03900097-58d5-441c-a9d1-459cab4d228c","block_type":"box","text":"(i) redemptions when a shareholder can demonstrate hardship, in the absolute discretion of a Fund.","page_number":151,"box":{"x":69,"y":438,"width":711,"height":11}},{"id":"428a208e-7ce0-4ee1-b2ef-5da1246843d9","block_type":"box","text":"With respect to cer tain employer-sponsored retirement plans, if a dealer waives its right to receive a placement","page_number":151,"box":{"x":101,"y":460,"width":794,"height":12}},{"id":"ed70c91c-205a-4c22-a535-ea42feb1c182","block_type":"box","text":"fee, the Fund may, at its own discretion, waive the CDSC related to purchases of $1,000,000 ($250,000 for","page_number":151,"box":{"x":68,"y":475,"width":776,"height":12}},{"id":"09580303-3053-4ac1-aaef-acacce893d4b","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":151,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"7a06cda5-6743-4d85-8ece-faa9276bf7db","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":151,"box":{"x":70,"y":506,"width":800,"height":10}},{"id":"bbc64194-7c8f-4c7b-b9a4-378115a168af","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":151,"box":{"x":70,"y":521,"width":806,"height":11}},{"id":"f7ee8b81-0ba9-4e74-a7f9-367868ab106a","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":151,"box":{"x":70,"y":536,"width":823,"height":11}},{"id":"46e68429-d5da-4794-b275-902023d6a90c","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":151,"box":{"x":70,"y":551,"width":770,"height":11}},{"id":"52181f0b-61ee-4ba6-9adf-18e5965637d7","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":151,"box":{"x":70,"y":566,"width":766,"height":11}},{"id":"016d359c-61c9-4a76-bedb-431e54749f43","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":151,"box":{"x":69,"y":581,"width":837,"height":11}},{"id":"d332d2a1-9e2f-4683-a651-8f0c2f09445a","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":151,"box":{"x":70,"y":597,"width":805,"height":11}},{"id":"28b17a7c-03a4-4437-9be5-7e563f323e3a","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":151,"box":{"x":70,"y":611,"width":832,"height":12}},{"id":"86ae5545-25d7-4837-aa65-8ff10a628b97","block_type":"box","text":"Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V) or more of Investor A or","page_number":151,"box":{"x":70,"y":627,"width":828,"height":11}},{"id":"623f05e4-88aa-4784-b54c-d59befa44a63","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":151,"box":{"x":70,"y":642,"width":746,"height":11}},{"id":"83a84804-1900-4e7b-a172-90835a0672cd","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":151,"box":{"x":70,"y":657,"width":307,"height":11}},{"id":"ef63934f-15b6-4fcb-ad4f-5ba875e48b84","block_type":"box","text":"Investor A and Investor P Shares are also available at NAV to investors that, for regulatory reasons, are required","page_number":151,"box":{"x":102,"y":680,"width":799,"height":11}},{"id":"5b3b4a66-7f2c-4b35-855b-e6d5a75a4366","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":151,"box":{"x":68,"y":695,"width":829,"height":11}},{"id":"993f218a-8893-4593-bbcc-c647c492fc34","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":151,"box":{"x":68,"y":710,"width":317,"height":11}},{"id":"b203d828-ba68-488b-b817-8bee78aa3942","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":151,"box":{"x":101,"y":732,"width":326,"height":11}},{"id":"c9a5ae2d-49b1-4ad4-83b4-4cf69a76fe8e","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":151,"box":{"x":434,"y":732,"width":413,"height":12}},{"id":"7734a400-074e-45ac-a9f6-f5972d49550c","block_type":"box","text":"connection with the acquisition of the assets of, or merger or consolidation with, a personal holding company or a","page_number":151,"box":{"x":69,"y":748,"width":811,"height":11}},{"id":"11fad7ba-7e66-4e1c-9312-240546b3017a","block_type":"box","text":"public or private investment company.","page_number":151,"box":{"x":70,"y":763,"width":266,"height":11}},{"id":"15c2b55d-5d7b-4845-9968-1e17b41ca6b4","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":151,"box":{"x":102,"y":786,"width":372,"height":11}},{"id":"eb0616fd-a2b6-485c-8a51-cd0e2bd24d78","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":151,"box":{"x":481,"y":785,"width":421,"height":12}},{"id":"8b677923-2da8-435d-a403-4bf262bf0c48","block_type":"box","text":"Investor A, Investor A1 or Investor P Shares of a Fund through cer tain financial advisers, selected securities dealers","page_number":151,"box":{"x":70,"y":801,"width":825,"height":11}},{"id":"d8108ac9-ba0a-4488-98a5-962424c784ee","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":151,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"f6cfd76f-4f5b-4f38-9c1a-b231a7a21890","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":151,"box":{"x":69,"y":846,"width":405,"height":11}},{"id":"3cb81e6f-e7d0-4823-ac36-cd85a5a66aec","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":151,"box":{"x":102,"y":869,"width":799,"height":11}},{"id":"b34c5f7c-5f4e-48ac-94e5-ddddb535e435","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":151,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"f9159b4c-9f4b-437a-bf21-345f53f78f84","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":151,"box":{"x":70,"y":898,"width":778,"height":12}},{"id":"f31ffddd-bf70-416b-bd11-4d330632d19d","block_type":"box","text":"II-103","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9f6a222c-aeb9-4626-9959-9d97ae03f75a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"91b431dc-7391-42fd-8dc4-79b325c6427b","block_type":"box","text":"Investor C Shares (may be lower on funds that have set a lower breakpoint for NAV). Your financial intermediary may","page_number":152,"box":{"x":70,"y":45,"width":826,"height":11}},{"id":"bde8e7db-1782-4fe5-b958-fd5cccaf86e2","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":152,"box":{"x":69,"y":60,"width":311,"height":9}},{"id":"692aa2ca-0700-415e-b862-e107852db767","block_type":"box","text":"Investor C Shares are not available in accounts opened or held directly with a Fund that do not have a financial","page_number":152,"box":{"x":102,"y":82,"width":789,"height":12}},{"id":"f41321ac-017b-4f72-adb6-2af4caf4033e","block_type":"box","text":"intermediary associated with the account.","page_number":152,"box":{"x":70,"y":98,"width":297,"height":11}},{"id":"577332fa-242c-499d-a75b-f6208b2d3dfd","block_type":"box","text":"If you select Investor C Shares, you do not pay an initial sales charge at the time of purchase.","page_number":152,"box":{"x":102,"y":120,"width":669,"height":12}},{"id":"149c39da-d8be-4326-8303-6cb1ad595082","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":152,"box":{"x":101,"y":143,"width":763,"height":11}},{"id":"81d72d77-dc38-4d30-9440-b027751b33ae","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":152,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"b2451cd1-11a8-4503-95e4-f837c136896e","block_type":"box","text":"these fees potentially may be offset to the extent any return is realized on the additional funds initially invested in","page_number":152,"box":{"x":68,"y":173,"width":813,"height":11}},{"id":"72cbed38-99e2-4f8b-bf4f-9eb6453562a7","block_type":"box","text":"CDSC shares.","page_number":152,"box":{"x":69,"y":188,"width":97,"height":9}},{"id":"519af0cf-34b5-485a-bc52-1eba84f298e4","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":152,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"0cc81c4c-ed98-4ad1-8bc4-0b08b6b41c0e","block_type":"box","text":"of purchase from its own funds. Proceeds from the CDSC and the distribution fee are paid to the Distributor and are","page_number":152,"box":{"x":69,"y":226,"width":827,"height":11}},{"id":"9e515b6a-b42b-4a46-8092-ecb10be08d04","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":152,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"cbdc679d-a10d-4a8e-85fb-da9984ffb3ee","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":152,"box":{"x":70,"y":256,"width":831,"height":12}},{"id":"96167b2a-f048-4c46-8c7c-d374ffa00e5b","block_type":"box","text":"of the CDSC and the ongoing distribution fee facilitates the ability of each Fund to sell the CDSC shares without a","page_number":152,"box":{"x":69,"y":271,"width":809,"height":12}},{"id":"5dcb1689-4a34-43b9-b6d3-ec7bd7a2bcef","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":152,"box":{"x":69,"y":286,"width":824,"height":12}},{"id":"8ac2177f-fa4f-4103-afd7-9d9b7d9aadc9","block_type":"box","text":"Imposition of the CDSC and the distribution fee on CDSC shares is limited by FINRA (as defined below) asset-based","page_number":152,"box":{"x":70,"y":302,"width":822,"height":11}},{"id":"38de557d-0383-4a64-8756-2ce9eb68e5d7","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":152,"box":{"x":69,"y":317,"width":618,"height":11}},{"id":"ac0839a3-a194-4ed8-b445-b744ce58436a","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":152,"box":{"x":102,"y":339,"width":782,"height":12}},{"id":"2742b116-cc70-4c11-87c6-f8bc241a2855","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":152,"box":{"x":70,"y":355,"width":764,"height":11}},{"id":"15533573-7b3c-425c-9edd-eca84c514dfc","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":152,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"498e28a5-16c1-49ba-a47c-c5c7a5203d5b","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":152,"box":{"x":70,"y":385,"width":806,"height":11}},{"id":"caabf2f2-1ced-45dd-bd70-4c67b8ed8af2","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":152,"box":{"x":70,"y":400,"width":813,"height":11}},{"id":"afe4d28d-5f3b-4443-8ebb-430bccf8d47b","block_type":"box","text":"with sales of Investor A, Investor A1 and Investor P Shares. These may depend upon the policies, procedures and","page_number":152,"box":{"x":68,"y":415,"width":811,"height":11}},{"id":"551bb993-3f81-457c-8249-838a68c1cbec","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":152,"box":{"x":68,"y":430,"width":554,"height":11}},{"id":"bd56eaa3-0d12-4730-86e6-646b27e74bac","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":152,"box":{"x":102,"y":453,"width":783,"height":11}},{"id":"b38a1b33-1847-4556-82ed-cc7dea58b1a2","block_type":"box","text":"Investor C Shares held for approximately eight years will be conver ted into Investor A Shares, as set for th in each","page_number":152,"box":{"x":70,"y":468,"width":808,"height":11}},{"id":"6c91a669-98af-41b2-8c4a-abb1d0807544","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":152,"box":{"x":70,"y":483,"width":797,"height":11}},{"id":"c4dd4ece-2330-497c-9ffd-40040beee3a0","block_type":"box","text":"eligible to hold Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted to","page_number":152,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"464f89eb-6e72-42fa-990f-0ad483870feb","block_type":"box","text":"Investor A Shares.","page_number":152,"box":{"x":70,"y":513,"width":128,"height":9}},{"id":"74513d9d-44f3-4cd3-81dd-61931c206e19","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":152,"box":{"x":102,"y":536,"width":378,"height":9}},{"id":"5f63b756-b3ab-4bea-866f-5566eecbb92e","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":152,"box":{"x":102,"y":559,"width":804,"height":11}},{"id":"6e4cb4cb-f641-4895-bf6b-eb4134f809e5","block_type":"box","text":"of each Fund will conver t automatically into Investor A Shares of that Fund (the “Investor C 8-Year Conversion”).","page_number":152,"box":{"x":69,"y":574,"width":794,"height":11}},{"id":"a49a82c5-4e12-4a67-af39-b2e018a33106","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":152,"box":{"x":69,"y":589,"width":794,"height":11}},{"id":"443487f0-0d8f-4a4b-b890-0ef7d4b1196f","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":152,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"0dd150bc-0319-4f05-8663-acf8c42011eb","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":152,"box":{"x":70,"y":619,"width":793,"height":11}},{"id":"2342cb0b-f675-4ecf-967e-5b8df5e97887","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":152,"box":{"x":69,"y":634,"width":796,"height":12}},{"id":"f42bbf8e-2f2c-41be-8509-67405f661537","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":152,"box":{"x":69,"y":649,"width":802,"height":12}},{"id":"b8267d9d-2cab-4736-a16a-f2eec4c175cd","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":152,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"d29dcd1e-efd8-44a5-9dbe-eba251a2b541","block_type":"box","text":"Shares held as of the Effective Date will automatically conver t to Investor A Shares approximately eight years after","page_number":152,"box":{"x":69,"y":680,"width":817,"height":11}},{"id":"5124cfc8-03ca-4c3e-b7a2-37d7f525cd6c","block_type":"box","text":"the Effective Date. If, as of November 23, 2028 (eight years after the Effective Date), a financial intermediary has","page_number":152,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"19210669-798e-47d5-a808-c71fae95e270","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":152,"box":{"x":69,"y":710,"width":828,"height":11}},{"id":"3e88ddfa-fc36-46ac-9e71-90d63e336097","block_type":"box","text":"holding Investor C Shares through such financial intermediary will no longer be eligible to hold Investor C Shares and","page_number":152,"box":{"x":69,"y":725,"width":832,"height":11}},{"id":"11f3d565-fa24-4f1f-bd7b-e9bd5887c873","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":152,"box":{"x":69,"y":740,"width":718,"height":11}},{"id":"9534557a-fa16-49ce-a992-c1f81d7b08e7","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":152,"box":{"x":102,"y":763,"width":764,"height":11}},{"id":"09c7764e-93bb-4a4f-bf45-411c4ac1a1d1","block_type":"box","text":"Investor C Shares, and any Investor C Shares held in such accounts will be automatically conver ted into Investor A","page_number":152,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"49583a87-8b4c-4aa1-86fa-d6bb673d26b7","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":152,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"793128eb-f4a6-410f-a4ba-4fb8ef0a84d9","block_type":"box","text":"“Investor C Conversions”).","page_number":152,"box":{"x":70,"y":808,"width":186,"height":11}},{"id":"f21e7610-f58b-41c8-a622-76cb0dc3ce0a","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":152,"box":{"x":101,"y":831,"width":776,"height":11}},{"id":"2508c547-f7e9-4f80-8b80-093be785b43a","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":152,"box":{"x":69,"y":846,"width":824,"height":11}},{"id":"e0fd37f5-6627-42c8-a4bd-e038bfbf8abb","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":152,"box":{"x":70,"y":861,"width":827,"height":11}},{"id":"37d6dc1e-236e-4eeb-84dc-f5fe3e7c0592","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":152,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"a2e4a55a-01e5-49e8-ad50-c06f949247e7","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":152,"box":{"x":69,"y":891,"width":818,"height":11}},{"id":"e9d53181-eaf2-4033-8c72-2947113c25c7","block_type":"box","text":"II-104","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7eb44ecf-e8af-40c1-84ee-3a0c64655e68","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52ef9303-c781-4545-ba01-905bc0376e00","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":153,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"a266ccc2-2633-4499-aaab-5c9c6f387669","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":153,"box":{"x":69,"y":60,"width":445,"height":11}},{"id":"b7e2ede2-013b-48d1-9bdf-6b851bc4bc10","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":153,"box":{"x":102,"y":82,"width":396,"height":12}},{"id":"8e6c7c3f-529f-4c41-aa1b-da260c369113","block_type":"box","text":"Investor C Shares that are redeemed within one year of purchase may be subject to a 1.00% CDSC charged as a","page_number":153,"box":{"x":102,"y":105,"width":804,"height":11}},{"id":"da7f9970-acab-4862-ab56-bc82ef8ef09f","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":153,"box":{"x":70,"y":120,"width":826,"height":12}},{"id":"a72f66a8-567e-4e34-8bd8-59e7fdfc5dd6","block_type":"box","text":"a redemption, the calculation will be determined in the manner that results in the lowest possible rate being charged.","page_number":153,"box":{"x":69,"y":136,"width":837,"height":11}},{"id":"cd5a013a-7dea-4180-9b3e-33165593689e","block_type":"box","text":"The charge will be assessed on an amount equal to the lesser of the proceeds of redemption or the cost of the","page_number":153,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"946401ee-61be-495d-bd7f-c598f08578f4","block_type":"box","text":"shares being redeemed. Accordingly, no CDSC will be imposed on increases in NAV above the initial purchase price of","page_number":153,"box":{"x":69,"y":166,"width":840,"height":11}},{"id":"b481a1b0-7ec6-4583-82dc-3f5c984e40d7","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":153,"box":{"x":70,"y":181,"width":804,"height":11}},{"id":"3f9e2154-5755-4462-8290-abfc39bad20d","block_type":"box","text":"dividends. It will be assumed that the redemption is first of shares held for over one year or shares acquired","page_number":153,"box":{"x":69,"y":196,"width":772,"height":11}},{"id":"8d7ee41b-6e28-4829-b398-e31412f88e2f","block_type":"box","text":"pursuant to reinvestment of dividends and then of shares held longest during the one-year period. A transfer of","page_number":153,"box":{"x":70,"y":211,"width":790,"height":11}},{"id":"191eb691-5812-4e8c-a1fc-82c7d8bff358","block_type":"box","text":"shares from a shareholder’s account to another account will be assumed to be made in the same order as a","page_number":153,"box":{"x":69,"y":226,"width":776,"height":9}},{"id":"19bbc32c-9f97-42cb-a542-707f75ceaba4","block_type":"box","text":"redemption.","page_number":153,"box":{"x":69,"y":241,"width":83,"height":11}},{"id":"48d1e00d-11cf-49a3-b353-858fd57f6591","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":153,"box":{"x":102,"y":264,"width":734,"height":11}},{"id":"c8b0c51d-5b87-4eed-8c31-1f0a1c072051","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":153,"box":{"x":70,"y":279,"width":769,"height":11}},{"id":"8db52209-2ddb-4dd5-a9f7-492bf7f2f0f6","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":153,"box":{"x":102,"y":302,"width":572,"height":11}},{"id":"3e6dd2f7-90b2-4569-9bc8-de5787f53d43","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":153,"box":{"x":101,"y":324,"width":740,"height":12}},{"id":"e923b83f-27ae-4764-a305-947db4f3c645","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":153,"box":{"x":70,"y":339,"width":802,"height":12}},{"id":"5d1c0f6d-e13e-4588-8d6f-4aa360eb20f3","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":153,"box":{"x":69,"y":355,"width":786,"height":11}},{"id":"5b5c0a64-fae4-45ba-af3a-18116a432e4b","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":153,"box":{"x":70,"y":370,"width":797,"height":11}},{"id":"cbb18b23-6af4-4a8a-a45c-d41628cb5ff3","block_type":"box","text":"shareholder reaching age 72 from IRA and 403(b)(7) accounts; (4) redemptions made with respect to cer tain","page_number":153,"box":{"x":69,"y":385,"width":776,"height":11}},{"id":"4e61bb46-8092-4b93-9630-17ff7710d171","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":153,"box":{"x":69,"y":400,"width":747,"height":11}},{"id":"818837e9-3cc0-453f-92c3-a40df97806bf","block_type":"box","text":"shareholder’s death as long as the waiver request is made within one year of death or, if later, reasonably promptly","page_number":153,"box":{"x":69,"y":415,"width":822,"height":11}},{"id":"c94ff72a-f4a5-480b-a208-479797e55ea7","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":153,"box":{"x":68,"y":430,"width":836,"height":11}},{"id":"3b40a9af-8105-4999-bf05-12dd12b7fcaf","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":153,"box":{"x":69,"y":445,"width":806,"height":11}},{"id":"3935df24-cc9e-4b1a-ae74-1a8578b5735b","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":153,"box":{"x":69,"y":460,"width":786,"height":12}},{"id":"f6edca55-ad50-4d1f-a084-ce99b6919445","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":153,"box":{"x":70,"y":475,"width":834,"height":12}},{"id":"5fdc8175-5b26-49d4-a2a4-489331eda207","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":153,"box":{"x":70,"y":491,"width":809,"height":11}},{"id":"c5e00332-f399-4d61-b88a-68007002e7fb","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":153,"box":{"x":70,"y":506,"width":791,"height":11}},{"id":"9fb9a3b8-3246-4efb-825f-48287f6a811c","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":153,"box":{"x":70,"y":521,"width":784,"height":11}},{"id":"ee620cea-91b6-41cd-bfc6-6386ca67ba54","block_type":"box","text":"demonstrate hardship, in the absolute discretion of the Fund. In addition, no CDSC is charged on Investor C Shares","page_number":153,"box":{"x":69,"y":536,"width":824,"height":11}},{"id":"6b3bd266-619e-44c9-81ae-8adf62ce5b6e","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":153,"box":{"x":69,"y":551,"width":451,"height":11}},{"id":"9fac0dd5-c667-4f79-b5d3-6ec572f94cb0","block_type":"box","text":"Cer tain CDSC waivers and reductions on Investor C Shares may be available to customers of cer tain financial","page_number":153,"box":{"x":102,"y":574,"width":781,"height":11}},{"id":"7444598d-2842-44d9-83b4-c4c5563a9687","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":153,"box":{"x":70,"y":589,"width":813,"height":11}},{"id":"17de43ad-dc1b-449b-9c58-7be49f3946e9","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":153,"box":{"x":69,"y":604,"width":462,"height":11}},{"id":"f8d7c07c-d40b-4488-81a5-f4c2ab4c6c20","block_type":"box","text":"Class R Shares","page_number":153,"box":{"x":69,"y":634,"width":110,"height":9}},{"id":"d0972ea1-eb3c-4e48-99a0-df5725d0362f","block_type":"box","text":"Cer tain of the Funds offer Class R Shares as described in each such Fund’s Prospectus. Class R Shares are","page_number":153,"box":{"x":102,"y":657,"width":775,"height":11}},{"id":"0fde29ba-bb5d-4dad-99d8-b0a049c6658c","block_type":"box","text":"available only to cer tain employer-sponsored retirement plans. Class R Shares are not subject to an initial sales","page_number":153,"box":{"x":69,"y":672,"width":799,"height":11}},{"id":"114f6c17-3273-4364-8bbf-9e52461f870a","block_type":"box","text":"charge or a CDSC but are subject to an ongoing distribution fee of 0.25% per year and an ongoing service fee of","page_number":153,"box":{"x":69,"y":687,"width":801,"height":11}},{"id":"fba0aa79-f054-4de5-b557-1ef97dc904f8","block_type":"box","text":"0.25% per year. Distribution fees are used to suppor t the Fund’s marketing and distribution effor ts, such as","page_number":153,"box":{"x":69,"y":702,"width":772,"height":12}},{"id":"9df2b238-90a2-4e6f-9f96-61ab29036373","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":153,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"7eff5222-13e9-4c81-848f-f72b37791bc7","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":153,"box":{"x":68,"y":732,"width":636,"height":11}},{"id":"3623edee-222b-44c6-b611-266672c435e2","block_type":"box","text":"If Class R Shares are held over time, these fees may exceed the maximum sales charge that an investor would","page_number":153,"box":{"x":102,"y":755,"width":791,"height":11}},{"id":"90144230-8111-49d4-9862-ae5d10d0b68b","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":153,"box":{"x":69,"y":770,"width":440,"height":11}},{"id":"aafb7706-2a3a-468f-95cd-5bc3ff0c9bce","block_type":"box","text":"Class K Shares","page_number":153,"box":{"x":69,"y":801,"width":109,"height":9}},{"id":"b1a0e264-eb3c-4e39-94f9-69ec1c3c7811","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":153,"box":{"x":102,"y":823,"width":797,"height":11}},{"id":"770b5ad6-ffe9-4737-b41a-d940ba423b75","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":153,"box":{"x":69,"y":838,"width":772,"height":12}},{"id":"b8d4f84f-8196-4634-88df-273ef713fbe1","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":153,"box":{"x":69,"y":854,"width":827,"height":11}},{"id":"e5a334ef-e5a5-44c5-8235-8d72644b4331","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":153,"box":{"x":69,"y":869,"width":817,"height":11}},{"id":"1da6439d-d0cf-41b6-b826-d96cdcc9e0ea","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":153,"box":{"x":70,"y":884,"width":834,"height":11}},{"id":"6c0e7c8f-e7b7-4227-b56a-5f19393e8178","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":153,"box":{"x":68,"y":899,"width":748,"height":11}},{"id":"af8e7388-eef7-4cf2-a426-3cc3b1a485a9","block_type":"box","text":"II-105","page_number":153,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c9857733-f9e1-498a-babb-cec2e5473436","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":153,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3c34fdcb-99c6-4aaa-a82b-7148ca4a2785","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":154,"box":{"x":68,"y":45,"width":828,"height":11}},{"id":"0385da38-553d-4228-9138-22ae4d021816","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":154,"box":{"x":70,"y":60,"width":760,"height":11}},{"id":"2e207eb5-44a4-4b2b-bda8-7a9c8bb6e23c","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":154,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"8a4b8fe4-78a6-4472-8bef-068792fcad7c","block_type":"box","text":"banks that purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":154,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"c24001cb-8f4e-45a2-8b7b-8dc3dc2d4506","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":154,"box":{"x":70,"y":105,"width":814,"height":11}},{"id":"58041e12-12bf-4bec-af3d-1fc4d107ab34","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":154,"box":{"x":69,"y":120,"width":817,"height":12}},{"id":"7a062ddc-b44c-47c9-9345-e276c8e37915","block_type":"box","text":"offer such shares to fee-based advisory clients through an omnibus account held at the Fund or (b) transacts in the","page_number":154,"box":{"x":69,"y":135,"width":823,"height":12}},{"id":"fc996078-02ac-453f-b60f-944174665ca1","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":154,"box":{"x":70,"y":151,"width":818,"height":11}},{"id":"3f79b708-ef78-45db-ac63-59eeb5c57d12","block_type":"box","text":"met the eligibility criteria for BlackRock Shares or Class K Shares prior to August 15, 2016 and have continually held","page_number":154,"box":{"x":69,"y":166,"width":833,"height":11}},{"id":"7da24789-42ed-4a26-ae3e-8eb5bd59c729","block_type":"box","text":"Class K Shares of the Fund or the respective Predecessor Fund in the same account since August 15, 2016. The","page_number":154,"box":{"x":69,"y":181,"width":807,"height":11}},{"id":"3bcd4b84-404d-43b6-8417-f78e3bb847bd","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":154,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"bd5d68cc-df50-4454-8645-11dd6cf058d3","block_type":"box","text":"distribution and marketing agreement.","page_number":154,"box":{"x":69,"y":211,"width":270,"height":11}},{"id":"eecdae8b-e583-4be1-8234-db8ed0123b19","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":154,"box":{"x":102,"y":234,"width":734,"height":11}},{"id":"141c399b-9fc3-49bf-a585-193026c10508","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":154,"box":{"x":70,"y":249,"width":817,"height":11}},{"id":"081b0a22-cc96-4e75-b058-65a103492b8b","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":154,"box":{"x":70,"y":264,"width":753,"height":11}},{"id":"9a9f6c72-bbf1-4b40-9381-6581e00abdce","block_type":"box","text":"Class G Shares","page_number":154,"box":{"x":69,"y":294,"width":110,"height":9}},{"id":"d7e7ec1e-abe2-4b56-81d2-4a62bcd9e59c","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":154,"box":{"x":102,"y":317,"width":804,"height":11}},{"id":"a7725f8d-a65d-4ce9-aadd-f87964bf3d57","block_type":"box","text":"are those where clients invest in the Fund through a single omnibus account in the name of a financial intermediary","page_number":154,"box":{"x":69,"y":332,"width":826,"height":11}},{"id":"3b724ed8-52b9-4bf9-a787-182d10039d7f","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":154,"box":{"x":68,"y":346,"width":836,"height":12}},{"id":"3b511e86-308d-460b-ae78-5d07b858e139","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":154,"box":{"x":69,"y":362,"width":803,"height":11}},{"id":"d5104f80-f8c8-4aac-8d51-c94a4575031e","block_type":"box","text":"eligibility requirements.","page_number":154,"box":{"x":69,"y":377,"width":164,"height":12}},{"id":"ff5c2f5d-9ed9-47c1-9d15-9a231a5c94be","block_type":"box","text":"Service Shares","page_number":154,"box":{"x":68,"y":408,"width":109,"height":8}},{"id":"829e9be2-c728-4565-97ad-2a12525a92a8","block_type":"box","text":"Cer tain Funds offer Service Shares, which are available only to cer tain investors, including: (i) cer tain financial","page_number":154,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"de95eeef-6d44-4e9f-bcba-275da38cf26a","block_type":"box","text":"institutions, such as banks and brokerage firms, acting on behalf of their customers; (ii) cer tain persons who were","page_number":154,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"cdefbcac-d210-4977-b9a0-9d251f883736","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":154,"box":{"x":69,"y":460,"width":693,"height":11}},{"id":"aa2b8d22-abfe-4490-aeed-6d9afc8f14c5","block_type":"box","text":"®","page_number":154,"box":{"x":763,"y":461,"width":6,"height":4}},{"id":"7e0d3289-feee-4a39-9c84-c6dcfd61993b","block_type":"box","text":"Fund in 1996; and","page_number":154,"box":{"x":775,"y":460,"width":130,"height":11}},{"id":"e717291e-4770-4ac3-92c2-da2c8c25e0ff","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":154,"box":{"x":69,"y":476,"width":287,"height":11}},{"id":"d541a065-3da6-4700-aa6c-19d9d349d232","block_type":"box","text":"SM","page_number":154,"box":{"x":357,"y":476,"width":11,"height":4}},{"id":"b0774794-edcc-43d5-946d-1594f9364cb9","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":154,"box":{"x":374,"y":476,"width":534,"height":11}},{"id":"0913b24d-970a-4cb9-b2ae-5cf5d218b2f6","block_type":"box","text":"charge or a CDSC but are subject to an ongoing service fee as set for th in the applicable Fund’s Prospectus.","page_number":154,"box":{"x":69,"y":491,"width":776,"height":11}},{"id":"0012cab0-71a6-47d5-85de-1a47cb0d864a","block_type":"box","text":"BlackRock Shares","page_number":154,"box":{"x":69,"y":521,"width":133,"height":9}},{"id":"badf588c-ad23-4ee4-8cbd-ba3311a2b47a","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":154,"box":{"x":102,"y":543,"width":760,"height":12}},{"id":"83839861-20dc-45fb-8fe0-3f3a398d3c54","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":154,"box":{"x":69,"y":559,"width":813,"height":11}},{"id":"c3ad06f9-8ce3-4a61-9875-a88b76989da0","block_type":"box","text":"fee-based programs.","page_number":154,"box":{"x":68,"y":574,"width":145,"height":11}},{"id":"51115437-6f85-49de-881b-679fd15905e2","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":154,"box":{"x":69,"y":604,"width":348,"height":11}},{"id":"16491138-d210-457a-9a1b-9a66f94fdcba","block_type":"box","text":"Each Fund has adopted a plan (each, a “Plan”) pursuant to Rule 12b-1 under the Investment Company Act with","page_number":154,"box":{"x":102,"y":627,"width":790,"height":11}},{"id":"8872d98a-216f-4fec-a785-23dfae641a0c","block_type":"box","text":"respect to cer tain share classes that allows the Fund to pay distribution fees for the sale of its shares and","page_number":154,"box":{"x":69,"y":642,"width":761,"height":11}},{"id":"2c07c49c-c068-4da1-92b6-54c4f2a1a452","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":154,"box":{"x":69,"y":657,"width":541,"height":11}},{"id":"d09f15e9-a77a-43d0-b256-b14e78efcf47","block_type":"box","text":"Pursuant to the Plans, a Fund may pay BRIL and/or BlackRock, or any other affiliate or significant shareholder of","page_number":154,"box":{"x":102,"y":680,"width":803,"height":11}},{"id":"c3cbfead-83fb-4ad0-b158-7a5ea9d7ba69","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":154,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"01dfceda-6c05-47e5-9e3d-2322e11db193","block_type":"box","text":"Investor P, Service and Class R Shares. Currently, as described fur ther below, only Investor C and Class R Shares","page_number":154,"box":{"x":70,"y":710,"width":809,"height":11}},{"id":"060cb296-6240-40ec-8ca8-7cbc066af374","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":154,"box":{"x":69,"y":725,"width":360,"height":11}},{"id":"aaf86a7d-2ad1-4fde-af2a-eae7de81b5ab","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":154,"box":{"x":102,"y":748,"width":770,"height":11}},{"id":"0a0544fa-7337-4dad-9b15-efd99334834d","block_type":"box","text":"each Fund on a continuous basis. BRIL has agreed to use appropriate effor ts to effect sales of the shares, but it is","page_number":154,"box":{"x":69,"y":763,"width":824,"height":11}},{"id":"19c849c4-5410-4ddb-a37e-422910517b86","block_type":"box","text":"not obligated to sell any par ticular amount of shares. BRIL’s principal business address is 50 Hudson Yards, New","page_number":154,"box":{"x":69,"y":778,"width":812,"height":11}},{"id":"f90bdc8e-36a5-4376-8000-08379794b601","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":154,"box":{"x":68,"y":793,"width":355,"height":10}},{"id":"701463f0-2196-449d-a589-ed205a6af2cd","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":154,"box":{"x":102,"y":816,"width":727,"height":11}},{"id":"1f69b9a5-4eb8-46c2-8c4d-2ca3a94476a3","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":154,"box":{"x":69,"y":831,"width":799,"height":11}},{"id":"b0ca46ae-31f7-44b5-8cc9-8abee4655d79","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":154,"box":{"x":69,"y":846,"width":813,"height":11}},{"id":"17ac4629-4259-4d6e-a33a-3d338286d14e","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":154,"box":{"x":69,"y":861,"width":809,"height":11}},{"id":"0bb85d59-d110-4c49-b685-5e006336f289","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":154,"box":{"x":68,"y":876,"width":786,"height":11}},{"id":"d06f2a0e-c735-4115-8dda-27c7d78290df","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":154,"box":{"x":69,"y":891,"width":789,"height":11}},{"id":"1c991265-a62a-4f5a-8ab7-5dc939c9fa49","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":154,"box":{"x":70,"y":906,"width":562,"height":12}},{"id":"eb8217ae-d557-47a8-9460-3e5366a80606","block_type":"box","text":"II-106","page_number":154,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b475c113-e12e-4a5e-85b7-390ab55f728c","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":154,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e480fd18-4c91-4227-a8a1-f31a1bff5c04","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":155,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"28d585be-fedb-4cbf-bdbb-f4cdd346a064","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":155,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"2355374b-daef-4c07-ac37-f1e6afcae5c7","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":155,"box":{"x":70,"y":75,"width":776,"height":11}},{"id":"95c17f1c-88f3-4043-86d3-725b787e8b51","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":155,"box":{"x":70,"y":90,"width":835,"height":11}},{"id":"b4100a3f-570f-4419-aadc-ddf3d4632f71","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":155,"box":{"x":69,"y":105,"width":791,"height":11}},{"id":"63ae9f74-54d6-414f-88ca-24e1490e40da","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":155,"box":{"x":69,"y":120,"width":813,"height":12}},{"id":"ba6405a5-b61c-4226-aaa9-24ffc6c8da5f","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":155,"box":{"x":68,"y":135,"width":501,"height":11}},{"id":"deb118c2-d432-4ff7-9015-2ad681b60999","block_type":"box","text":"Payments under the Plans are based on a percentage of average daily net assets attributable to the shares in","page_number":155,"box":{"x":102,"y":158,"width":783,"height":11}},{"id":"c3185704-ba2a-4481-8ab2-a526f8225c5b","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":155,"box":{"x":68,"y":173,"width":810,"height":11}},{"id":"740db108-4f50-4d0f-a9de-c71a608a5358","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":155,"box":{"x":69,"y":188,"width":813,"height":12}},{"id":"056c0de7-10a7-49c8-b3eb-a6d9ef332c8d","block_type":"box","text":"with respect to the related class. Information with respect to the payments under the Plans and expenses incurred in","page_number":155,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"0956fc85-f92e-4c29-aceb-7072c31ace67","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":155,"box":{"x":70,"y":218,"width":805,"height":12}},{"id":"874b8c37-e117-415b-ad59-d730960494c4","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":155,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"924af861-7b05-4926-8966-b15c67ec61a0","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":155,"box":{"x":68,"y":249,"width":803,"height":11}},{"id":"0d8f6601-d1f2-4ff3-8ba2-77d20febbe08","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":155,"box":{"x":68,"y":264,"width":788,"height":11}},{"id":"d136b3c4-01b4-411e-932f-f7f92a2aea28","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":155,"box":{"x":69,"y":279,"width":798,"height":11}},{"id":"b3e1ddc7-7e2f-4599-ab3d-f49b70c9aad3","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":155,"box":{"x":69,"y":294,"width":755,"height":11}},{"id":"dbab9d07-0c34-4b09-9435-bedbd4f8f4fa","block_type":"box","text":"compensation for selling different classes of shares.","page_number":155,"box":{"x":69,"y":309,"width":375,"height":11}},{"id":"cb4d0595-2a04-4560-b627-4317b1808a8b","block_type":"box","text":"Each Plan is subject to the provisions of Rule 12b-1 under the Investment Company Act. In their consideration of","page_number":155,"box":{"x":102,"y":332,"width":803,"height":11}},{"id":"283ebdc7-26b8-48af-b19e-d52a233a6d2f","block_type":"box","text":"a Plan, the Directors must consider all factors they deem relevant, including information as to the benefits of the Plan","page_number":155,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"d14eeba5-e543-4bf9-8cc4-63c7b2779abe","block_type":"box","text":"to the Fund and the related class of shareholders. In approving a Plan in accordance with Rule 12b-1, the non","page_number":155,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"e81cf0f9-de3f-4696-a764-f287136ccd1e","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":155,"box":{"x":70,"y":377,"width":818,"height":9}},{"id":"ecd9e37e-a052-4f49-b72a-7c1b5513e078","block_type":"box","text":"class of shareholders. The Plan provides, among other things, that: (i) the Board of Directors shall receive quar terly","page_number":155,"box":{"x":69,"y":392,"width":824,"height":12}},{"id":"6e4cbe38-24c9-4ad5-8190-5cc99baa1b91","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":155,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"ecbc666a-643f-4001-9c71-a93c92e38620","block_type":"box","text":"(ii) the Plan will continue in effect for so long as its continuance is approved at least annually by the Board of","page_number":155,"box":{"x":69,"y":423,"width":778,"height":11}},{"id":"9f0ce868-f273-4b77-86a5-68b086b5a599","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":155,"box":{"x":70,"y":438,"width":773,"height":11}},{"id":"4c986b51-a15c-436f-8df8-5f6444d745ab","block_type":"box","text":"Company Act) and who have no direct or indirect financial interest in the operation of the Plan or any agreement","page_number":155,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"454bd3d0-c67d-4193-a029-7fd5ab0eaf35","block_type":"box","text":"entered into in connection with the Plan (the “12b-1 Directors”), acting in person at a meeting called for said purpose","page_number":155,"box":{"x":69,"y":468,"width":837,"height":11}},{"id":"f6c6a02e-e95d-4142-843c-17bd73e0500c","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":155,"box":{"x":70,"y":483,"width":801,"height":11}},{"id":"54a7690d-5679-46d8-9345-e2e153150f1f","block_type":"box","text":"approved by the Board of Directors, including the 12b-1 Directors, acting in person at a meeting called for said","page_number":155,"box":{"x":69,"y":498,"width":787,"height":11}},{"id":"da8f1622-ba82-4cd5-a0ac-0333c5effb41","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":155,"box":{"x":70,"y":513,"width":802,"height":11}},{"id":"d67da17f-6c66-4694-8035-7f1be607d62c","block_type":"box","text":"services pursuant to the Plan shall be effective only upon approval by a vote of a majority of the outstanding shares","page_number":155,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"1001e438-2077-4001-9aa6-2727243f8b4e","block_type":"box","text":"of such class and by a majority of the Board of Directors, including the 12b-1 Directors, acting in person at a meeting","page_number":155,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"3dbd0750-a597-42f3-8beb-9d0160f9d447","block_type":"box","text":"called for said purpose; and (v) while the Plan remains in effect, the selection and nomination of the Fund’s Directors","page_number":155,"box":{"x":69,"y":559,"width":836,"height":11}},{"id":"503be803-fdbf-4807-ae63-09f71d5464c9","block_type":"box","text":"who are not “interested persons” of the Fund shall be committed to the discretion of the Fund’s non-interested","page_number":155,"box":{"x":68,"y":574,"width":792,"height":11}},{"id":"84a996f1-1d71-4f7f-9d5e-9e8014048449","block_type":"box","text":"Directors. Rule 12b-1 fur ther requires that each Fund preserve copies of each Plan and any repor t made pursuant to","page_number":155,"box":{"x":70,"y":589,"width":831,"height":11}},{"id":"f5d425b4-02c2-4430-9efd-cd3db6817941","block_type":"box","text":"such Plan for a period of not less than six years from the date of the Plan or such repor t, the first two years in an","page_number":155,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"fba73212-a5b8-4c31-9eef-afad930f328b","block_type":"box","text":"easily accessible place.","page_number":155,"box":{"x":69,"y":619,"width":167,"height":11}},{"id":"5502c248-3c7b-462b-aa1a-d58f10705e11","block_type":"box","text":"Each Plan is terminable as to any class of shares without penalty at any time by a vote of a majority of the 12b-1","page_number":155,"box":{"x":102,"y":642,"width":804,"height":11}},{"id":"07223a4e-604e-4cb1-8b25-e51f97a7bd66","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":155,"box":{"x":70,"y":657,"width":542,"height":11}},{"id":"18ebb4c5-2df1-471e-ad58-1633f6559048","block_type":"box","text":"See “Information on Sales Charges and Distribution Related Expenses” in Par t I of each Fund’s SAI for","page_number":155,"box":{"x":102,"y":680,"width":734,"height":11}},{"id":"f95d463c-3ba9-4fbc-96e1-637f31a60062","block_type":"box","text":"information relating to the fees paid by your Fund to the Distributor under each Plan during the Fund’s most recent","page_number":155,"box":{"x":70,"y":695,"width":814,"height":11}},{"id":"8ccb7755-272b-4786-a5ce-9217b01652ba","block_type":"box","text":"fiscal year.","page_number":155,"box":{"x":68,"y":710,"width":75,"height":11}},{"id":"aa0b9397-2965-425f-b1e6-8a826f4c09ad","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":155,"box":{"x":69,"y":740,"width":396,"height":11}},{"id":"c1ede975-ba21-41a4-a175-7cda3939fa4e","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":155,"box":{"x":101,"y":763,"width":777,"height":11}},{"id":"d426cbb8-8e65-4c85-a230-1a2fbe839e27","block_type":"box","text":"imposes a limitation on cer tain asset-based sales charges such as the distribution fee borne by Class R Shares, and","page_number":155,"box":{"x":70,"y":778,"width":835,"height":11}},{"id":"bd688e62-4695-488e-b83e-df53603bebfe","block_type":"box","text":"the distribution fee and the CDSC borne by the Investor C Shares. This limitation does not apply to the shareholder","page_number":155,"box":{"x":68,"y":793,"width":822,"height":11}},{"id":"adb17fa2-89de-4760-b36b-8ff8af8e9373","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":155,"box":{"x":69,"y":808,"width":778,"height":11}},{"id":"7643a79c-8b7a-4ad5-802a-61491c4e2c30","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":155,"box":{"x":69,"y":823,"width":840,"height":12}},{"id":"676b6cea-9c50-4aa5-af61-31d77c8ebb7a","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":155,"box":{"x":69,"y":838,"width":803,"height":12}},{"id":"d237ebe4-a52e-4195-83f9-e8d2fd31bfd0","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":155,"box":{"x":69,"y":853,"width":794,"height":12}},{"id":"952a3d6f-4228-4bbe-8caa-caf8eb3427d0","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":155,"box":{"x":69,"y":869,"width":839,"height":11}},{"id":"87ef8975-0f36-4409-8796-aa58da16e0f8","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":155,"box":{"x":69,"y":884,"width":824,"height":11}},{"id":"1e4eb9b8-3822-4d37-8344-c20c7079220f","block_type":"box","text":"II-107","page_number":155,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"87de53cf-f609-4f9e-9b7e-dd127eaf75da","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":155,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8fe63aa9-feec-426b-8796-a6b96b000d44","block_type":"box","text":"for comparative information as of your Fund’s most recent fiscal year end with respect to, if applicable, the Investor C","page_number":156,"box":{"x":68,"y":45,"width":839,"height":11}},{"id":"6f1135e7-60e4-4b09-839a-95c178b85538","block_type":"box","text":"and Class R Shares of your Fund.","page_number":156,"box":{"x":69,"y":60,"width":236,"height":11}},{"id":"56a4d025-25b9-48c7-85d2-ab5364985dfb","block_type":"box","text":"Other Payments by the Fund","page_number":156,"box":{"x":69,"y":90,"width":206,"height":11}},{"id":"6e9e71c5-8620-4569-87a1-fccaa1ac63df","block_type":"box","text":"In addition to shareholder servicing fees that a Fund may pay to a Service Organization pursuant to the Plan and","page_number":156,"box":{"x":102,"y":113,"width":800,"height":11}},{"id":"554e7e73-a139-4428-90ce-df5bde16989e","block_type":"box","text":"fees the Fund pays to its Transfer Agent, BlackRock, on behalf of a Fund, may enter into non-Plan agreements with","page_number":156,"box":{"x":68,"y":128,"width":816,"height":11}},{"id":"1626ecc4-1ba2-4a49-a763-7024ee3da1b8","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":156,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"862a75ea-6d2f-469c-94cf-1d5b833b5183","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":156,"box":{"x":69,"y":158,"width":792,"height":11}},{"id":"62897b54-1ed0-4909-a5c9-3c2017ee42ef","block_type":"box","text":"generally based on either (1) a percentage of the average daily net assets of Fund shareholders serviced by a Service","page_number":156,"box":{"x":68,"y":173,"width":841,"height":11}},{"id":"0f2ec9f8-e853-4f3c-b6d0-f3185362f7e0","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":156,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"81828071-47be-407a-9667-b56c40083f97","block_type":"box","text":"of these payments may be substantial.","page_number":156,"box":{"x":69,"y":203,"width":276,"height":12}},{"id":"ce5d59f4-3a19-473f-bd20-f192e5aca809","block_type":"box","text":"Additional Payments by BlackRock","page_number":156,"box":{"x":68,"y":234,"width":256,"height":11}},{"id":"b26fa84e-a4c3-492f-91b4-fb62468038b6","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":156,"box":{"x":102,"y":256,"width":803,"height":11}},{"id":"94c7209f-2172-4a1e-9f22-b21f4168e7df","block_type":"box","text":"may compensate Service Organizations for the sale and distribution of shares of a Fund, for services to a Fund and","page_number":156,"box":{"x":69,"y":271,"width":823,"height":12}},{"id":"ded415ee-b123-4a74-bcf6-124d2acc80ff","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":156,"box":{"x":70,"y":286,"width":768,"height":12}},{"id":"5554886f-12d1-4079-97f7-ada9919a730f","block_type":"box","text":"obligations itself or may arrange for a third par ty to per form them. These payments, which are not made pursuant to","page_number":156,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"55b55005-6ef1-4634-b50a-74955b913a23","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":156,"box":{"x":69,"y":317,"width":599,"height":11}},{"id":"8949d650-6eb7-4d86-909b-afa8b3872bc0","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":156,"box":{"x":101,"y":339,"width":776,"height":12}},{"id":"e07a5d86-7fb2-4a62-8ac6-7095b7eb59af","block_type":"box","text":"paid by a Fund to BlackRock for various services, such as investment advisory services). These payments are not an","page_number":156,"box":{"x":70,"y":355,"width":832,"height":11}},{"id":"607d9fe9-5e0b-4a1a-8588-72dfa8625c79","block_type":"box","text":"additional charge to a Fund or its shareholders and do not change the price paid by shareholders for the purchase of","page_number":156,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"0e61edee-b8eb-4fca-bec8-b444ab3cbd76","block_type":"box","text":"a Fund’s shares or the amount a Fund receives as proceeds from such purchases. Additional Payments made to","page_number":156,"box":{"x":69,"y":385,"width":802,"height":11}},{"id":"a2172922-8ec0-4024-b5ac-6b217f8fc735","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":156,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"f3768009-a5f5-4c5a-ab9d-38544e6ac6cb","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":156,"box":{"x":70,"y":415,"width":796,"height":11}},{"id":"8d92a518-2a06-44ff-92a7-bef2fd9d1b96","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":156,"box":{"x":69,"y":430,"width":836,"height":11}},{"id":"a8fd308e-53fd-4fb4-909e-5e0b6f8eb224","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":156,"box":{"x":69,"y":445,"width":828,"height":12}},{"id":"0148c9e0-08aa-410a-b919-6542de17fdf2","block_type":"box","text":"such payments in connection with the sale and distribution of Fund shares, are required to be disclosed. While FINRA","page_number":156,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"9d8e55ea-7ab4-46ec-b069-0c9c3a7dc9dc","block_type":"box","text":"regulations limit the sales charges that shareholders may bear, there are no limits with regard to the amounts that","page_number":156,"box":{"x":69,"y":476,"width":818,"height":11}},{"id":"fca6e1be-208d-401a-8196-76269b312b94","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":156,"box":{"x":70,"y":491,"width":294,"height":11}},{"id":"d1aa5aeb-b139-45ed-9a49-e5a70c58fa5b","block_type":"box","text":"Additional Payments may be made as a fixed dollar amount, may be based on the number of Customer accounts","page_number":156,"box":{"x":101,"y":513,"width":803,"height":11}},{"id":"f3e10eb1-1a0c-4d8b-8235-34d49914513c","block_type":"box","text":"maintained by a Service Organization, may be based on a percentage of the value of shares sold to, or held by,","page_number":156,"box":{"x":69,"y":528,"width":792,"height":12}},{"id":"d9b444ba-4f7d-4a65-a617-44060fc615b6","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":156,"box":{"x":69,"y":543,"width":623,"height":12}},{"id":"15fbef09-5cd7-47c2-b7a5-eaec8e39e487","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":156,"box":{"x":102,"y":566,"width":765,"height":11}},{"id":"c89eddf6-0de6-4f89-aef4-9ce792849375","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":156,"box":{"x":69,"y":581,"width":841,"height":12}},{"id":"c2efc22e-b1fb-4eb0-8a46-decacd0f01d5","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":156,"box":{"x":68,"y":596,"width":806,"height":12}},{"id":"7fb67257-d105-4830-8178-d8fc5a9ff646","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":156,"box":{"x":69,"y":612,"width":776,"height":11}},{"id":"55d67d23-eab4-43ed-aab9-c94f37289535","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":156,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"5d4b6c7e-edd3-458e-ab22-d6758a7163eb","block_type":"box","text":"these Service Organizations in any year will vary and may be limited to specific Funds or share classes. In cer tain","page_number":156,"box":{"x":68,"y":642,"width":811,"height":11}},{"id":"b48c18b4-5079-47ab-b5b0-0ab40ec1c79d","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":156,"box":{"x":69,"y":657,"width":538,"height":11}},{"id":"58080619-f8b0-4bc0-9ff6-47b763035149","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":156,"box":{"x":101,"y":680,"width":795,"height":11}},{"id":"0591331f-b4f0-49ab-a241-83dd760cbbb7","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":156,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"0ce5de01-c526-4a8c-92f2-3678af0d37a5","block_type":"box","text":"same Service Organization, or one or more of its affiliates, may receive payments under more than one category of","page_number":156,"box":{"x":69,"y":710,"width":823,"height":11}},{"id":"a0ac0478-f9f8-419a-9859-a077cff192a0","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":156,"box":{"x":68,"y":725,"width":819,"height":11}},{"id":"35dd7f0a-bfa0-484c-adfd-ddf8a32a988d","block_type":"box","text":"Funds.","page_number":156,"box":{"x":70,"y":740,"width":44,"height":9}},{"id":"67b016f9-db6a-4eaf-8678-64c0275adee3","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":156,"box":{"x":101,"y":763,"width":270,"height":11}},{"id":"18c20455-ecc8-4a27-b747-898ceef15642","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":156,"box":{"x":101,"y":785,"width":740,"height":12}},{"id":"1ccd1af8-0e67-4fdf-94b8-d7ab9c40f29a","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":156,"box":{"x":70,"y":801,"width":764,"height":11}},{"id":"5f08650d-c66d-488a-8611-3fed447798d1","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":156,"box":{"x":69,"y":816,"width":811,"height":11}},{"id":"b3b79b75-5ddf-4f37-a72b-59d6889e4197","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":156,"box":{"x":69,"y":831,"width":742,"height":11}},{"id":"c59aafa0-b9dc-45cd-b9c6-86c1281ed0f6","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":156,"box":{"x":69,"y":846,"width":820,"height":11}},{"id":"e0e470ef-95b6-4b13-b4eb-e723393ca1cf","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":156,"box":{"x":68,"y":861,"width":829,"height":11}},{"id":"5878a203-41fd-40ff-bf33-2d71df79d44e","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":156,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"bd639d17-4aaf-4957-9a9d-e8aa3552c8b3","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":156,"box":{"x":70,"y":891,"width":803,"height":12}},{"id":"8739e3ad-71f5-49b4-9742-f1b49048b3ae","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":156,"box":{"x":70,"y":906,"width":783,"height":12}},{"id":"dee743eb-f04a-491a-91ae-2c8a8fa66fa7","block_type":"box","text":"II-108","page_number":156,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"60ba14ff-6ea1-44f9-9115-9f180e29f29a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":156,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cf8bfbc8-4424-4a81-baa2-b7d5d8359a21","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":157,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"3a0598ab-762a-4a86-8d62-fe15e24e7b67","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":157,"box":{"x":68,"y":60,"width":805,"height":11}},{"id":"bd1df05d-fa31-4efa-9ad0-5c045082a44d","block_type":"box","text":"normally will not exceed the sum of (a) 0.25% of such year’s Fund sales by that Service Organization, and (b) 0.21%","page_number":157,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"0ab89264-47cb-4c9b-b8d9-ee8851d27c73","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":157,"box":{"x":69,"y":90,"width":523,"height":11}},{"id":"5c9ab3c7-b703-4632-a32e-00f20645b6b1","block_type":"box","text":"B. Shareholder Services","page_number":157,"box":{"x":102,"y":113,"width":172,"height":9}},{"id":"c2ccb1aa-89d1-4e81-b2ed-4bb045aa3107","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":157,"box":{"x":102,"y":135,"width":754,"height":12}},{"id":"e219b0d9-287b-4fb0-9312-384756a6638e","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":157,"box":{"x":69,"y":150,"width":830,"height":12}},{"id":"007090fa-7e76-41f4-a9f2-ca7c7655f934","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":157,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"604c0d24-d461-4add-9868-3bb5281439a8","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":157,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"b02b56e4-97c8-45dd-b228-820dd7009530","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":157,"box":{"x":69,"y":196,"width":796,"height":11}},{"id":"3ef95ef0-c751-442a-97e9-a0de185ea1d8","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":157,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"42f14d8f-fa78-4dfb-8d30-71a43f1b9835","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":157,"box":{"x":68,"y":226,"width":828,"height":11}},{"id":"10daa6b1-37bd-4181-9664-55ecc4954983","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":157,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"dd5021f0-a06f-49f2-99bb-61e571bbbfbb","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":157,"box":{"x":70,"y":256,"width":328,"height":12}},{"id":"56fe155c-9740-4188-8e0b-38119f78aa5e","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":157,"box":{"x":102,"y":279,"width":299,"height":11}},{"id":"1495788c-095b-442a-8f91-a6e2f17509cb","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":157,"box":{"x":102,"y":302,"width":805,"height":11}},{"id":"a30d6fdc-5970-46a2-8d19-72327734bd4e","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":157,"box":{"x":69,"y":317,"width":788,"height":11}},{"id":"b9b9b2b3-3dbd-4881-b291-5dfa0938b722","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":157,"box":{"x":69,"y":332,"width":821,"height":11}},{"id":"554bedd7-a140-4aef-97a5-1cdf853260cb","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":157,"box":{"x":102,"y":355,"width":397,"height":11}},{"id":"6c9464d5-995b-4885-a4b6-8a9dc8557a09","block_type":"box","text":"As of the date of this SAI, the Service Organizations listed below, and, in some cases, cer tain of the Service","page_number":157,"box":{"x":101,"y":377,"width":774,"height":12}},{"id":"4f0a5b71-b7cb-4e8e-89a6-54a854cb5bdc","block_type":"box","text":"Organization’s affiliates, may be receiving one or more types of Additional Payments. This list may change over time,","page_number":157,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"729d0126-01e7-4810-9ce6-a4fe8d20a3cb","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":157,"box":{"x":69,"y":407,"width":832,"height":12}},{"id":"cc6a636a-5e89-4179-b911-bc6c320b3056","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":157,"box":{"x":69,"y":423,"width":791,"height":11}},{"id":"02d62dcf-6f4c-407d-8480-d22b92d21228","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":157,"box":{"x":70,"y":438,"width":523,"height":11}},{"id":"ae3ce2d8-77ff-432e-afd6-9f0d56b71054","block_type":"box","text":"&Par 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Each Fund has elected, however, to be","page_number":161,"box":{"x":68,"y":429,"width":831,"height":12}},{"id":"4952ba16-939b-4ef2-b574-fc14fabc3906","block_type":"box","text":"governed by Rule 18f-1 under the Investment Company Act so that the Fund is obligated to redeem its shares solely","page_number":161,"box":{"x":68,"y":445,"width":828,"height":11}},{"id":"3369998e-e225-42ed-8467-60789c11e62f","block_type":"box","text":"in cash up to the lesser of $250,000 or 1% of its NAV during any 90-day period for any shareholder of the Fund. The","page_number":161,"box":{"x":70,"y":459,"width":826,"height":12}},{"id":"238d2be9-6166-4eb6-9811-43facc38c42d","block_type":"box","text":"redemption price is the NAV per share next determined after the initial receipt of proper notice of redemption. The","page_number":161,"box":{"x":69,"y":475,"width":810,"height":11}},{"id":"cefbf550-f4ec-43ce-9bb2-bed64439a26a","block_type":"box","text":"value of shares of each Fund at the time of redemption may be more or less than your cost at the time of purchase,","page_number":161,"box":{"x":68,"y":490,"width":827,"height":11}},{"id":"009f9ff5-597c-411e-9b58-699a1f9c6482","block_type":"box","text":"depending in par t on the market value of the securities held by the Fund at such time. Except for any CDSC that may","page_number":161,"box":{"x":69,"y":505,"width":832,"height":11}},{"id":"e6772638-dfa8-44b6-b3e5-f5d4efdda3d3","block_type":"box","text":"be applicable, there will be no redemption charge if your redemption request is sent directly to the Transfer Agent. If","page_number":161,"box":{"x":69,"y":520,"width":828,"height":12}},{"id":"35dca50c-e20e-49ed-b9cf-a3a4d7741eb2","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":161,"box":{"x":68,"y":535,"width":746,"height":12}},{"id":"102c3969-2403-43b3-9db1-37e1faebd7fe","block_type":"box","text":"The right to redeem shares may be suspended or payment upon redemption may be delayed for more than seven","page_number":161,"box":{"x":101,"y":558,"width":807,"height":11}},{"id":"049f9153-cc94-4737-a153-50e769955eff","block_type":"box","text":"days only (i) for any period during which trading on the NYSE is restricted as determined by the Commission or during","page_number":161,"box":{"x":69,"y":573,"width":835,"height":11}},{"id":"649ecc71-276d-4f92-bea2-5d7aa8239824","block_type":"box","text":"which the NYSE is closed (other than customary weekend and holiday closings), (ii) for any period during which an","page_number":161,"box":{"x":68,"y":588,"width":811,"height":12}},{"id":"f8b5db6b-d684-4b98-b38e-4fd5b9f03ad5","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":161,"box":{"x":69,"y":603,"width":741,"height":12}},{"id":"8e06c5c5-bf6d-40ff-b636-3222bb68b150","block_type":"box","text":"determination of the NAV of a Fund is not reasonably practicable, or (iii) for such other periods as the Commission","page_number":161,"box":{"x":69,"y":618,"width":813,"height":12}},{"id":"62829f85-2f04-4e84-96c3-57da168c7fe5","block_type":"box","text":"may by order permit for the protection of shareholders of the Fund. (A Fund may also suspend or postpone the","page_number":161,"box":{"x":69,"y":634,"width":787,"height":11}},{"id":"993ebc71-e543-4959-929f-5bde5974ea1e","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":161,"box":{"x":69,"y":649,"width":685,"height":11}},{"id":"31336e8a-c551-4ba3-af88-74d4fa452691","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":161,"box":{"x":102,"y":671,"width":798,"height":12}},{"id":"41762b12-aecf-4546-a592-0e7aec2f94b8","block_type":"box","text":"credit with a syndicate of banks that is intended to provide the Fund with a temporary source of cash to be used to","page_number":161,"box":{"x":69,"y":686,"width":820,"height":12}},{"id":"ae753cd1-6741-4067-bb41-bcce9fc17880","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":161,"box":{"x":69,"y":702,"width":653,"height":11}},{"id":"f33d106e-dc61-4e27-8a74-5d4a5ce2f519","block_type":"box","text":"Each Fund may redeem shares involuntarily to reimburse the Fund for any loss sustained by reason of the failure","page_number":161,"box":{"x":102,"y":724,"width":803,"height":11}},{"id":"fcf1a9a5-157f-4bff-bdd1-a2a2e39de5eb","block_type":"box","text":"of a shareholder to make full payment for shares purchased by the shareholder or to collect any charge relating to a","page_number":161,"box":{"x":69,"y":739,"width":827,"height":12}},{"id":"a554a7d0-d41b-4478-a9e1-d72de8806889","block_type":"box","text":"transaction effected for the benefit of a shareholder. Each Fund reserves the express right to redeem shares of the","page_number":161,"box":{"x":68,"y":755,"width":824,"height":11}},{"id":"8730d62f-3038-4268-b62e-64140710372e","block_type":"box","text":"Fund involuntarily at any time if the Fund’s Board of Directors determines, in its sole discretion, that failure to do so","page_number":161,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"2e986f16-6d87-4e71-ad91-427f7ba5a551","block_type":"box","text":"may have adverse consequences to the holders of shares in the Fund. Upon such redemption the holders of shares","page_number":161,"box":{"x":69,"y":785,"width":825,"height":11}},{"id":"bbf4be00-9740-4652-af84-55c9676056d7","block_type":"box","text":"so redeemed shall have no fur ther right with respect thereto other than to receive payment of the redemption price.","page_number":161,"box":{"x":69,"y":800,"width":823,"height":11}},{"id":"859d7628-7a7d-4b0a-8370-f02f942bc8cd","block_type":"box","text":"Redemption","page_number":161,"box":{"x":69,"y":830,"width":86,"height":11}},{"id":"889f50ea-c05d-4bf8-b4a0-00eda0dc58f3","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":161,"box":{"x":70,"y":853,"width":481,"height":10}},{"id":"2281cfb9-a3f0-48bb-8c32-461d2059ebdc","block_type":"box","text":"Redeem by Telephone:","page_number":161,"box":{"x":102,"y":876,"width":162,"height":11}},{"id":"84f61a85-5f68-4ee2-91e0-c2444dc239dd","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":161,"box":{"x":270,"y":876,"width":571,"height":11}},{"id":"f8a1396f-2ce7-47c0-9c24-0423d4de0bd4","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":161,"box":{"x":68,"y":890,"width":829,"height":12}},{"id":"97b0b7fb-f6a1-44b4-bba6-973e284344cc","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":161,"box":{"x":69,"y":905,"width":798,"height":12}},{"id":"487c2566-aca5-4633-9806-ee4fe4de8690","block_type":"box","text":"II-113","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bdbb791b-7cc0-48ea-b758-1cd139e435f0","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d93566b7-cb33-45c2-aca2-31294130c44a","block_type":"box","text":"Cer tain redemption requests, such as those in excess of these amounts, and those where (i) the Fund does not have","page_number":162,"box":{"x":69,"y":45,"width":838,"height":11}},{"id":"c05ba00c-a2d0-4192-be58-9cac6e982223","block_type":"box","text":"verified banking information on file; or (ii) the proceeds are not paid to the record owner at the record address, must","page_number":162,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"c5ec672a-9fb1-4ca4-9b3e-2a05b5e20b04","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":162,"box":{"x":69,"y":75,"width":822,"height":11}},{"id":"f2041d4c-1db4-48be-8964-f45488a96b1b","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":162,"box":{"x":70,"y":90,"width":791,"height":11}},{"id":"a81c6f79-68c5-430d-b7a5-87ccb887c261","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":162,"box":{"x":68,"y":105,"width":818,"height":11}},{"id":"73e0e58f-fa2f-4ac4-91c8-ea4161e54615","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":162,"box":{"x":69,"y":120,"width":829,"height":12}},{"id":"37ac3a68-e31b-45f8-97ca-1ec8a0af43cd","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":162,"box":{"x":69,"y":135,"width":803,"height":12}},{"id":"73ff35d2-c9bf-4ca1-8c30-46ea1b2aacae","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":162,"box":{"x":69,"y":151,"width":834,"height":11}},{"id":"2aa740d5-d3c6-48a9-8934-ccdf2b158a90","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":162,"box":{"x":69,"y":166,"width":825,"height":11}},{"id":"adce0944-b976-4368-bee3-18cbe79db31d","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":162,"box":{"x":68,"y":181,"width":840,"height":11}},{"id":"93cf6a88-1abd-487e-bb49-fa642c203e77","block_type":"box","text":"will not be accepted. A notary public seal will not be acceptable. Generally, a properly signed written request with any","page_number":162,"box":{"x":68,"y":196,"width":835,"height":11}},{"id":"ce132a57-0280-40b7-8008-381f6372ddb7","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":162,"box":{"x":69,"y":211,"width":828,"height":11}},{"id":"aa69fb7f-739d-4430-904a-659f0af32a98","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":162,"box":{"x":69,"y":226,"width":835,"height":11}},{"id":"30126bd4-0b26-4a48-9741-767065458175","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":162,"box":{"x":70,"y":241,"width":603,"height":11}},{"id":"5d0a6dc8-3f10-467c-9f65-6babbda8fab8","block_type":"box","text":"If you make a redemption request before a Fund has collected payment for the purchase of shares, the Fund","page_number":162,"box":{"x":102,"y":264,"width":774,"height":11}},{"id":"b1372bad-76c4-45a2-a942-620f83915ef0","block_type":"box","text":"may delay mailing your proceeds. This delay will usually not exceed ten days. A Fund, its Administrators and the","page_number":162,"box":{"x":69,"y":279,"width":795,"height":11}},{"id":"8d9935a0-0637-4494-9672-929cb555d3a0","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":162,"box":{"x":70,"y":294,"width":821,"height":11}},{"id":"b45f5ed0-2966-41bd-a3ec-f82a748fd672","block_type":"box","text":"Telephone redemption requests will not be honored if: (i) the accountholder is deceased, (ii) the proceeds are to be","page_number":162,"box":{"x":68,"y":309,"width":823,"height":11}},{"id":"c8dda53c-d363-4af5-8711-efd083089332","block_type":"box","text":"sent to someone other than the shareholder of record, (iii) a Fund does not have verified information on file, (iv) the","page_number":162,"box":{"x":69,"y":324,"width":823,"height":11}},{"id":"40a87097-84d1-4f7e-8a8a-0557458f0608","block_type":"box","text":"request is by an individual other than the accountholder of record, (v) the account is held by joint tenants who are","page_number":162,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"e75e8b3d-51a7-4c3e-8299-ca114cb5568b","block_type":"box","text":"divorced, (vi) the address on the account has changed within the last 30 days or share cer tificates have been issued","page_number":162,"box":{"x":69,"y":355,"width":833,"height":11}},{"id":"94274ade-b16c-49d7-a2aa-71d6f24a2288","block_type":"box","text":"on the account, or (vii) to protect against fraud, if the caller is unable to provide the account number, the name and","page_number":162,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"952d6ebc-2a02-4b98-b308-3164c72c1c58","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":162,"box":{"x":69,"y":385,"width":785,"height":11}},{"id":"e6cdacd8-fcdd-4fc2-93e9-1077112b86d0","block_type":"box","text":"service providers will not be liable for any loss, liability, cost or expense for acting upon telephone instructions that","page_number":162,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"319044f2-682d-468e-9978-d627452ef8d4","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":162,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"6580f9fc-fd2d-4d22-817c-d51ace3c618d","block_type":"box","text":"honored, signature approval from all shareholders of record on the account must be obtained. The Fund may refuse a","page_number":162,"box":{"x":69,"y":430,"width":838,"height":11}},{"id":"41b81de2-28d1-494d-890b-b3df08cbdc80","block_type":"box","text":"telephone redemption request if it believes it is advisable to do so. During periods of substantial economic or market","page_number":162,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"d230dc9b-0491-4997-9f4a-565cbab71d54","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":162,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"714bc6ef-4bef-4e8f-9422-5205e0273e95","block_type":"box","text":"Redemption orders for Institutional Shares placed prior to 4:00 p.m. (Eastern time) on a business day will be","page_number":162,"box":{"x":102,"y":483,"width":776,"height":11}},{"id":"5b59b9ed-8d8c-4da6-87bf-c41f39d53650","block_type":"box","text":"priced at the NAV determined that day. If redemption orders are received by 4:00 p.m. (Eastern time) on a business","page_number":162,"box":{"x":70,"y":498,"width":823,"height":11}},{"id":"8d6d4f80-61d1-4928-9aa2-94be036e5871","block_type":"box","text":"day, payment for redeemed Institutional Shares will normally be wired in Federal Funds on the next business day. If","page_number":162,"box":{"x":69,"y":513,"width":820,"height":11}},{"id":"27fc20b4-0d54-463c-b948-d66f47b8aa67","block_type":"box","text":"the Federal Reserve Bank of Philadelphia is not open on the business day following receipt of the redemption order,","page_number":162,"box":{"x":68,"y":528,"width":826,"height":12}},{"id":"d33cc77f-d2c4-4e37-876c-07144e891abf","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":162,"box":{"x":68,"y":544,"width":817,"height":11}},{"id":"575f416e-1095-4913-ac79-55aa1060ee5c","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":162,"box":{"x":70,"y":559,"width":648,"height":11}},{"id":"5c1f635d-6ed1-4fcb-9749-b3e808d9cc14","block_type":"box","text":"Redeem by VRU:","page_number":162,"box":{"x":102,"y":582,"width":120,"height":10}},{"id":"722976d9-b323-45ad-933d-e68da4f751b0","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":162,"box":{"x":229,"y":581,"width":667,"height":12}},{"id":"0be250a6-d4fa-4799-81a2-424f4e8f24e7","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":162,"box":{"x":69,"y":596,"width":820,"height":12}},{"id":"e742c506-d808-4883-a5fe-599186a0291d","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":162,"box":{"x":68,"y":611,"width":644,"height":12}},{"id":"5ca88702-ec6b-4b15-9890-9c4672fd8ec9","block_type":"box","text":"Redeem by Internet:","page_number":162,"box":{"x":102,"y":634,"width":147,"height":11}},{"id":"21db30e9-0890-4e46-b5a9-dfda687925ad","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":162,"box":{"x":255,"y":634,"width":637,"height":12}},{"id":"24591c43-b0f9-43f7-a37d-74ad37a1fe2f","block_type":"box","text":"BlackRock website at www.blackrock.com. Proceeds from Internet redemptions may be sent via check, ACH or wire to","page_number":162,"box":{"x":70,"y":649,"width":836,"height":12}},{"id":"6eb27fa6-1517-4ac5-b55e-905daed60653","block_type":"box","text":"the bank account of record. Payment for shares redeemed by Internet may be made for non-retirement accounts up","page_number":162,"box":{"x":68,"y":664,"width":823,"height":12}},{"id":"66a40940-e79e-4fe5-bf2f-f748049b53a6","block_type":"box","text":"to $100,000 per account per day, either through check, ACH or wire. Different maximums may apply to cer tain","page_number":162,"box":{"x":68,"y":679,"width":789,"height":12}},{"id":"758f1d6b-1a93-4fde-8a4f-d74e6767455a","block_type":"box","text":"institutional investors.","page_number":162,"box":{"x":70,"y":695,"width":155,"height":9}},{"id":"2e5e25bf-f55c-4dc8-9272-e47179ef0758","block_type":"box","text":"Redeem in Writing:","page_number":162,"box":{"x":102,"y":718,"width":137,"height":11}},{"id":"3cb919ac-eda4-4946-aaa0-8fef6878253a","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":162,"box":{"x":247,"y":717,"width":639,"height":12}},{"id":"b681ca74-fe33-4ac5-9886-23d9f968894c","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":162,"box":{"x":68,"y":733,"width":831,"height":11}},{"id":"cb9f89c2-b90a-489b-8a16-fb81e2a23fc8","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 500 Ross Street 154-0520, Pittsburgh, Pennsylvania","page_number":162,"box":{"x":68,"y":748,"width":827,"height":11}},{"id":"7cd6cc57-cb1c-45aa-ad17-7473b29e907a","block_type":"box","text":"15262. If you hold share cer tificates issued by your Fund, the letter must be accompanied by cer tificates for the","page_number":162,"box":{"x":70,"y":763,"width":802,"height":11}},{"id":"73486714-2c78-4d18-9d96-a03822f70d89","block_type":"box","text":"shares. All shareholders on the account must sign the letter. A medallion signature guarantee will generally be","page_number":162,"box":{"x":69,"y":778,"width":786,"height":11}},{"id":"6496cb17-72e5-4887-8c72-8c0398d92c90","block_type":"box","text":"required but may be waived in cer tain limited circumstances. You can obtain a medallion signature guarantee stamp","page_number":162,"box":{"x":69,"y":793,"width":828,"height":11}},{"id":"879fa642-1644-432c-a0ce-9a0f84a20476","block_type":"box","text":"from a bank, securities dealer, securities broker, credit union, savings and loan association, national securities","page_number":162,"box":{"x":68,"y":808,"width":793,"height":11}},{"id":"4c370930-51a1-4717-b29c-27b9216e0be0","block_type":"box","text":"exchange or registered securities association. A notary public seal will not be acceptable. If you hold stock","page_number":162,"box":{"x":69,"y":823,"width":761,"height":12}},{"id":"5305ecad-857b-4724-89aa-1809199af8ab","block_type":"box","text":"cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH or wire to","page_number":162,"box":{"x":69,"y":838,"width":829,"height":11}},{"id":"914e30af-d42d-47c2-be05-0890ce1acf2e","block_type":"box","text":"the bank account of record.","page_number":162,"box":{"x":68,"y":853,"width":196,"height":9}},{"id":"6c6d1d86-632a-4f37-b420-9ca36ea53642","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":162,"box":{"x":102,"y":876,"width":802,"height":11}},{"id":"7ead93c3-584b-4122-9dd7-40548ca9c6e6","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":162,"box":{"x":69,"y":891,"width":489,"height":11}},{"id":"49e3507d-7e4a-4902-b470-e8c8c081effb","block_type":"box","text":"II-114","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8a08bfbd-fbe6-4be8-9c3a-46af89c2d4fe","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"82b78589-0958-4fae-82fe-124437722962","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":163,"box":{"x":101,"y":45,"width":668,"height":11}},{"id":"dedc95ee-9feb-437d-9304-ac70426a1b33","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":163,"box":{"x":102,"y":67,"width":800,"height":12}},{"id":"4ae87c0a-a7b2-4ef3-8727-19aef5593b34","block_type":"box","text":"of receipt of the proper notice of redemption. A Fund may delay the mailing of a redemption check until good payment","page_number":163,"box":{"x":69,"y":82,"width":838,"height":12}},{"id":"49e2ea40-dc15-4684-8a55-16c18329ba1d","block_type":"box","text":"(that is, cash, Federal funds or cer tified check drawn on a U.S. bank) has been collected for the purchase of Fund","page_number":163,"box":{"x":69,"y":98,"width":811,"height":11}},{"id":"e03a8045-cdb8-446e-951a-7e99802885a7","block_type":"box","text":"shares, which delay will usually not exceed 10 days. If your account is held directly with the Transfer Agent and","page_number":163,"box":{"x":69,"y":113,"width":789,"height":11}},{"id":"0c326419-0d7f-47d8-a5a4-4c30d79341b2","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":163,"box":{"x":69,"y":128,"width":775,"height":11}},{"id":"9061ec5b-1d0c-4a1e-ba53-6e4d82e9d40f","block_type":"box","text":"redeemed by the Fund.","page_number":163,"box":{"x":69,"y":143,"width":162,"height":11}},{"id":"8649f1b8-1c6d-4dfc-a737-5f3078f30a79","block_type":"box","text":"Note on Low Balance Accounts.","page_number":163,"box":{"x":102,"y":166,"width":223,"height":9}},{"id":"97fca753-6123-4906-9841-cabbf08b145d","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":163,"box":{"x":332,"y":166,"width":503,"height":11}},{"id":"9c277f78-7a15-4221-a9f0-a8803b33e37b","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":163,"box":{"x":70,"y":180,"width":752,"height":12}},{"id":"7fb5e2e3-e044-4771-b750-c21924cd9a28","block_type":"box","text":"Minimum”), and may redeem the shares in your account if the NAV of those shares in your account falls below $500","page_number":163,"box":{"x":70,"y":195,"width":829,"height":12}},{"id":"1c1e05fb-3d2a-4745-997e-1e075f42a793","block_type":"box","text":"for any reason, including market fluctuation.","page_number":163,"box":{"x":68,"y":211,"width":313,"height":11}},{"id":"09c38d7a-42e2-489f-8d5b-64132351406e","block_type":"box","text":"You will be notified that the value of your account is less than the Fund Minimum before the Fund makes any","page_number":163,"box":{"x":101,"y":234,"width":775,"height":11}},{"id":"f4d9dcf5-4ec3-49fc-92d6-452e6111aec8","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":163,"box":{"x":70,"y":249,"width":773,"height":11}},{"id":"982098ba-4df7-49c9-aa6e-c180302cc667","block_type":"box","text":"investment in order to bring the value of your account to at least $500 before the Fund makes an involuntary","page_number":163,"box":{"x":70,"y":263,"width":776,"height":12}},{"id":"655079f6-cb0d-486d-bb3d-1db3d030e75b","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":163,"box":{"x":69,"y":279,"width":834,"height":11}},{"id":"ddd18c3b-cfdf-4260-b67a-339b0d0a41d2","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":163,"box":{"x":69,"y":294,"width":811,"height":11}},{"id":"577ca8c7-503b-4419-9d6f-28a0042dd375","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":163,"box":{"x":69,"y":309,"width":435,"height":11}},{"id":"946ac7cb-7368-46bf-9dfe-701e57d642bf","block_type":"box","text":"Repurchase","page_number":163,"box":{"x":69,"y":340,"width":85,"height":10}},{"id":"a53df683-8ef1-4554-a621-828e2681d4c9","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":163,"box":{"x":101,"y":362,"width":800,"height":11}},{"id":"12fa0f6f-c451-4c20-bd67-d19501e367ee","block_type":"box","text":"priced at the NAV of the Fund next determined after receipt of the repurchase order by a Selling Dealer that has been","page_number":163,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"d06600e9-d2ce-46b4-8f79-a07564905026","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":163,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"9b1b1008-58cf-4871-be09-2af8efa4af94","block_type":"box","text":"prior to the close of business on the NYSE (generally, the NYSE closes at 4:00 p.m. Eastern time), on the day the","page_number":163,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"5b4d89cd-4611-4f72-8e8a-f21192b9c4aa","block_type":"box","text":"order is placed, which includes orders received after the close of business on the previous day, the repurchase price","page_number":163,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"1be89f8a-ad59-42ac-8493-62fd345b3282","block_type":"box","text":"is the NAV determined as of the close of business on the NYSE on that day. If the orders for repurchase are not","page_number":163,"box":{"x":70,"y":438,"width":796,"height":11}},{"id":"6f7b76a3-355f-44fe-886f-e7a08e207253","block_type":"box","text":"received by the Selling Dealer before the close of business on the NYSE, such orders are deemed received on the","page_number":163,"box":{"x":69,"y":453,"width":812,"height":11}},{"id":"a7586dec-a20b-4518-aa82-fddc28b51b5e","block_type":"box","text":"next business day.","page_number":163,"box":{"x":69,"y":468,"width":130,"height":11}},{"id":"2c11f02c-2349-49d5-a48b-94153625c9e8","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":163,"box":{"x":101,"y":491,"width":783,"height":11}},{"id":"0b1794f6-e8c3-453e-9139-9f91727ec1c2","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":163,"box":{"x":69,"y":506,"width":813,"height":11}},{"id":"cee81a1f-58ea-4321-852b-8c7be8a4d31e","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":163,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"80b6251d-43dc-4e25-a4d1-dc66038daf6c","block_type":"box","text":"impose a transaction charge for transmitting the notice of repurchase to the Fund. Each Fund reserves the right to","page_number":163,"box":{"x":70,"y":536,"width":814,"height":11}},{"id":"1faf0996-5489-47f0-a6db-c3fe603f446d","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":163,"box":{"x":69,"y":551,"width":788,"height":11}},{"id":"7509b61a-f76a-4dfe-b356-08c0cb144d3b","block_type":"box","text":"redeem shares as set out above.","page_number":163,"box":{"x":69,"y":566,"width":235,"height":9}},{"id":"14ffe0e9-3fd5-4d3d-b310-6c8a19a526da","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":163,"box":{"x":69,"y":597,"width":440,"height":11}},{"id":"3c9d0353-ff4e-4029-a770-8c271e73c4a1","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":163,"box":{"x":102,"y":619,"width":791,"height":11}},{"id":"69488d9b-4670-495a-b8fa-9e507a7ffbd4","block_type":"box","text":"reinvest all or a por tion of their redemption proceeds (after paying any applicable CDSC) in Investor A or Investor P","page_number":163,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"2a9bfc42-ab39-4368-b623-859e4f7b17ed","block_type":"box","text":"Shares of the same or another BlackRock fund without paying a front-end sales charge. This right may be exercised","page_number":163,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"a0d33c17-5513-4892-a064-9a865ab2e9aa","block_type":"box","text":"within 90 days of the redemption, provided that the Investor A or Investor P Shares, as applicable, of that fund is","page_number":163,"box":{"x":68,"y":664,"width":806,"height":12}},{"id":"e4b73d6e-ff74-42d4-bf92-5fabd9efe52d","block_type":"box","text":"currently open to new investors or the shareholder has a current account in that closed fund. Shares will be","page_number":163,"box":{"x":69,"y":680,"width":768,"height":11}},{"id":"55179bc4-498c-4275-8dcb-b05be42898b0","block_type":"box","text":"purchased at the NAV calculated at the close of trading on the day the request is received in good order. To exercise","page_number":163,"box":{"x":70,"y":695,"width":827,"height":11}},{"id":"6d4b9114-73ee-426a-9878-d034f4402fd8","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":163,"box":{"x":68,"y":710,"width":809,"height":11}},{"id":"fd7d4606-fbe8-458c-a357-ac17b16a7fc6","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":163,"box":{"x":69,"y":725,"width":764,"height":11}},{"id":"a2e79b5d-7516-4cc5-a7d2-f067f9c8dc01","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":163,"box":{"x":69,"y":740,"width":400,"height":11}},{"id":"45875bb8-e250-4bc8-b623-e37eb68701ab","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":163,"box":{"x":384,"y":770,"width":210,"height":9}},{"id":"457b55c4-41bc-4668-bdd1-a21afa9854bf","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":163,"box":{"x":102,"y":792,"width":747,"height":12}},{"id":"fbf59455-1166-440b-b5b3-bc52fa434643","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":163,"box":{"x":70,"y":807,"width":781,"height":12}},{"id":"223ddde7-784f-41bd-9a27-e70eed0a901d","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":163,"box":{"x":68,"y":823,"width":836,"height":11}},{"id":"29c2c5e2-a317-4316-8911-1c177c08fe7f","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":163,"box":{"x":69,"y":838,"width":641,"height":11}},{"id":"dbc79223-dfc2-4070-82c0-ece0a17e47e6","block_type":"box","text":"II-115","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"00d36e1e-91d7-4960-b351-b78035475fed","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4843607a-b3e6-4397-9a1c-a775cd96e282","block_type":"box","text":"Investment Account","page_number":164,"box":{"x":69,"y":45,"width":146,"height":9}},{"id":"36400329-62bd-4b41-aa73-32d0faf75357","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":164,"box":{"x":102,"y":67,"width":774,"height":12}},{"id":"cc879875-02af-413b-b877-3e925a8fc1ff","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":164,"box":{"x":70,"y":82,"width":796,"height":12}},{"id":"dbcaeb49-4a52-45a0-9e8c-74e8473f098a","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":164,"box":{"x":70,"y":98,"width":807,"height":11}},{"id":"f7b0c5ba-63dc-4b78-a509-b329adfb209e","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":164,"box":{"x":68,"y":113,"width":830,"height":11}},{"id":"7a69c6cc-419a-40d3-8e46-5147e75aec4a","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":164,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"e6be1886-c2bf-4348-a3af-e865a67314fd","block_type":"box","text":"the Transfer Agent you may make additions to it at any time by mailing a check directly to the Transfer Agent. Each","page_number":164,"box":{"x":68,"y":143,"width":815,"height":11}},{"id":"fab81398-56e9-48d2-9e69-b4ffb78ffffa","block_type":"box","text":"Fund limits purchases by personal check to $500,000 per trade. You may also maintain an account through a","page_number":164,"box":{"x":70,"y":157,"width":781,"height":12}},{"id":"bd3a1339-61fb-430a-96b7-0a575cfabe6e","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":164,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"4c4a8341-947a-4418-9d8a-6daa90167c61","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":164,"box":{"x":69,"y":188,"width":785,"height":11}},{"id":"3fa515a1-957b-4cb3-aaf5-103cdf5dfc8c","block_type":"box","text":"automatically at the Transfer Agent.","page_number":164,"box":{"x":69,"y":203,"width":251,"height":12}},{"id":"ac42351b-a57e-47f4-87a2-fc691935db2f","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":164,"box":{"x":101,"y":226,"width":750,"height":11}},{"id":"3313d306-c6dc-4449-8321-5d6b2ad09c0a","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":164,"box":{"x":69,"y":241,"width":797,"height":11}},{"id":"cf8bab82-644f-45cc-8fdb-d82c4160a55e","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":164,"box":{"x":69,"y":256,"width":797,"height":12}},{"id":"9967e8ce-a318-4677-84c3-b70f7f956473","block_type":"box","text":"coordinated by the new firm. If you wish to transfer your shares to a securities dealer or other financial intermediary","page_number":164,"box":{"x":69,"y":271,"width":826,"height":12}},{"id":"2a138e30-b39d-4a5c-b10c-0b357c485923","block_type":"box","text":"that has not entered into an agreement with the Distributor, you must either (i) redeem your shares, paying any","page_number":164,"box":{"x":68,"y":287,"width":792,"height":11}},{"id":"fe9e74b8-b3ab-466c-9dca-2bc6178be581","block_type":"box","text":"applicable CDSC or (ii) continue to maintain an Investment Account at the Transfer Agent for those shares. You also","page_number":164,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"f66efa6f-aece-4d46-a5f2-6e3451f4fd5b","block_type":"box","text":"may request that the new securities dealer or other financial intermediary maintain the shares in an account at the","page_number":164,"box":{"x":69,"y":317,"width":820,"height":11}},{"id":"34b427d3-a7ca-4047-830f-369a61e5ce46","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":164,"box":{"x":68,"y":332,"width":833,"height":11}},{"id":"42e03678-bba9-48a6-b995-d362d3bc3cee","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":164,"box":{"x":68,"y":347,"width":795,"height":11}},{"id":"19707a31-2487-49fb-ac37-81141bd7c5ac","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":164,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"cd15211b-7ff3-4e80-862c-cf18164297dc","block_type":"box","text":"not be issued physically. Shares are maintained by each Fund on its register maintained by the Transfer Agent and","page_number":164,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"d6205f71-57dc-4755-9dad-9d848990b622","block_type":"box","text":"the holders thereof will have the same rights and ownership with respect to such shares as if cer tificates had been","page_number":164,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"c08631d8-29e6-4eeb-bdf4-c72ed502fcec","block_type":"box","text":"issued.","page_number":164,"box":{"x":70,"y":408,"width":49,"height":8}},{"id":"64551bf7-9a42-4c3c-858a-2205b6f201d0","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":164,"box":{"x":102,"y":430,"width":785,"height":11}},{"id":"f0925470-b2e9-4fda-9e84-289e5861420e","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":164,"box":{"x":68,"y":445,"width":830,"height":11}},{"id":"410885f9-3efe-4125-b84d-dc2b54d3441f","block_type":"box","text":"that if the new firm will not take delivery of shares of the Fund, you must either redeem the shares (paying any","page_number":164,"box":{"x":68,"y":460,"width":790,"height":12}},{"id":"5a9b1658-a467-4c42-93f0-08e01582cfd3","block_type":"box","text":"applicable CDSC) so that the cash proceeds can be transferred to the account at the new firm, or you must continue","page_number":164,"box":{"x":69,"y":475,"width":831,"height":12}},{"id":"5263ff82-70c3-4829-9389-3085f351c4ad","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":164,"box":{"x":68,"y":491,"width":652,"height":11}},{"id":"e44c9426-4708-4c4d-bf5a-d0a22d1c6d00","block_type":"box","text":"Exchange Privilege","page_number":164,"box":{"x":69,"y":521,"width":138,"height":11}},{"id":"f60d68a4-50be-42c4-9bad-f07cc5228ff6","block_type":"box","text":"U.S. shareholders of Investor A, Investor A1, Investor C, Investor P, Class K, Institutional and Class G Shares of","page_number":164,"box":{"x":102,"y":543,"width":797,"height":11}},{"id":"0756945d-2cda-4210-afef-1598f0ab7af1","block_type":"box","text":"each Fund have an exchange privilege with cer tain other Funds. However, Investor A1 Shares may only exchange out.","page_number":164,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"a4a63bb2-9cde-4ddd-8f51-84ddfd739d71","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":164,"box":{"x":68,"y":573,"width":788,"height":12}},{"id":"00491c8b-8458-4a1c-8a77-8b6a908c128e","block_type":"box","text":"$1,000 if you already have an account in the Fund into which you are exchanging. You may only exchange into a","page_number":164,"box":{"x":69,"y":588,"width":796,"height":12}},{"id":"14a94716-2dce-403c-8cc6-ebde4918f194","block_type":"box","text":"share class and a Fund that are open to new investors or in which you have a current account if the class or fund is","page_number":164,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"c18cc42b-191d-4c74-bb55-2fbe05894087","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":164,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"f4dddb46-7d9e-4374-9a52-eddb986a3ece","block_type":"box","text":"into which you wish to make the exchange. Exercise of the exchange privilege is treated as a sale of the exchanged","page_number":164,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"18c66034-c5f8-4edd-87f9-01ce8c7bca80","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":164,"box":{"x":69,"y":649,"width":600,"height":11}},{"id":"b625b930-4ff1-48cd-bdd1-16928acfe565","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":164,"box":{"x":102,"y":672,"width":648,"height":11}},{"id":"9e9e7418-d53b-4df1-9db6-713a881c451c","block_type":"box","text":"Institutional Shares","page_number":164,"box":{"x":757,"y":672,"width":137,"height":9}},{"id":"e4759b55-c077-4bfc-bd58-edc30eae9ce6","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":164,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"c64cf54f-3efd-4281-9b6a-3ba31ee4c104","block_type":"box","text":"Investor A Shares of other Funds to the extent such shares are offered by your financial intermediary. Investor P","page_number":164,"box":{"x":70,"y":702,"width":798,"height":11}},{"id":"061bf74a-8b1e-442e-ad59-c8dd860931ce","block_type":"box","text":"Shares are exchangeable for Investor P Shares of other Funds, to the extent such shares are offered by your financial","page_number":164,"box":{"x":69,"y":717,"width":838,"height":12}},{"id":"55c04673-e816-46fc-91c1-2151c7b0c520","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":164,"box":{"x":70,"y":732,"width":834,"height":12}},{"id":"235e4fb2-395f-4b08-9a98-7e627f1e770f","block_type":"box","text":"for Class G Shares of other Funds.","page_number":164,"box":{"x":68,"y":748,"width":246,"height":9}},{"id":"c542857e-6a3c-45ea-a1a4-46357f1b248f","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":164,"box":{"x":102,"y":770,"width":800,"height":12}},{"id":"7b71acb4-bb34-49a7-80f0-70987ed7601a","block_type":"box","text":"market fund are effected on the basis of relative NAV per Institutional Share. Exchanges of Investor A or Investor A1","page_number":164,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"bd43b22c-9462-48e8-beca-adf4ecf921ae","block_type":"box","text":"Shares outstanding (“outstanding Investor A Shares”) for Investor A Shares of a second fund, or for shares of a","page_number":164,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"87cb21ae-5861-40c4-849a-36f494b592f7","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":164,"box":{"x":69,"y":816,"width":797,"height":11}},{"id":"7e30cb16-404d-4b50-a93f-6c8b6fba999d","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":164,"box":{"x":70,"y":831,"width":814,"height":11}},{"id":"a6f0c0a8-9891-4bea-b320-e490cc9d5215","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":164,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"e2fdd218-1251-4251-b14d-7a96651095f1","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":164,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"5c9709fa-1b06-419c-ab32-4197aa952a02","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":164,"box":{"x":69,"y":876,"width":561,"height":11}},{"id":"676dedb4-70b1-4d6f-ade6-7027c0c3d5cd","block_type":"box","text":"II-116","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"19dc15b0-a37f-4377-896c-141a4070b164","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"52fb0ff2-7bce-43c9-ade6-55d37a6206a0","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":165,"box":{"x":102,"y":45,"width":229,"height":11}},{"id":"5e7fc020-e80e-4a78-8a9a-1aea0c626d1b","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":165,"box":{"x":338,"y":45,"width":570,"height":11}},{"id":"fc5b2218-a965-4a5e-a727-a4be2ac55c2e","block_type":"box","text":"Investor C Shares”) may exchange their shares for Investor C Shares of a second Fund (“new Investor C Shares”) or","page_number":165,"box":{"x":70,"y":60,"width":827,"height":11}},{"id":"8e87890d-0c08-450f-b5b9-05cbec5fea4f","block_type":"box","text":"for shares of a money market fund (“new money market fund Shares”) on the basis of relative NAV per share, without","page_number":165,"box":{"x":68,"y":75,"width":839,"height":11}},{"id":"54fb47b5-2c91-4b4c-9a6d-d9a286f64ede","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":165,"box":{"x":68,"y":90,"width":811,"height":11}},{"id":"683f5477-19ca-4d80-a58d-ae818baa82a0","block_type":"box","text":"upon redemption of new Investor C Shares or new money market fund Shares, as applicable, the time you held both","page_number":165,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"8a9133dc-c459-4e43-8fd9-16855d887f32","block_type":"box","text":"the exchanged Investor C Shares and the new Investor C Shares or new money market fund Shares will count","page_number":165,"box":{"x":68,"y":120,"width":781,"height":12}},{"id":"5e6d73cf-ac4a-4425-9795-cf58ac63533d","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":165,"box":{"x":68,"y":135,"width":654,"height":12}},{"id":"72caaaae-82b5-47ad-99ad-74dcc0010149","block_type":"box","text":"Exchanges of Service Shares.","page_number":165,"box":{"x":102,"y":158,"width":211,"height":11}},{"id":"623a5863-a9b8-41ae-bd85-1a6ff392b6cd","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":165,"box":{"x":319,"y":158,"width":588,"height":11}},{"id":"e10571fb-7f42-453c-a103-76455fc50ac8","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":165,"box":{"x":69,"y":173,"width":342,"height":11}},{"id":"d4f2b816-b7bb-47e1-9533-2a966eacc8c5","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":165,"box":{"x":102,"y":196,"width":335,"height":11}},{"id":"67fe8abf-c8c3-4cac-9a3c-25b7266a4f9b","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":165,"box":{"x":443,"y":196,"width":455,"height":11}},{"id":"5922b7b5-0c31-47f0-9d64-18e5b0c67302","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":165,"box":{"x":70,"y":211,"width":788,"height":11}},{"id":"51859461-9065-4ea3-ae6e-8d2d77e8cda5","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":165,"box":{"x":70,"y":226,"width":793,"height":11}},{"id":"c3247428-3459-448d-99a8-6449218975c4","block_type":"box","text":"classes of shares: exchanges of Investor A, Investor A1 and Institutional Shares of a Fund will receive Investor A","page_number":165,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"d04520d2-6d12-4309-ab8b-d2b54c130a57","block_type":"box","text":"Shares of Summit and exchanges of Investor C Shares of a Fund will receive Investor C Shares of Summit. You may","page_number":165,"box":{"x":69,"y":256,"width":824,"height":12}},{"id":"11a82f43-02e6-4cdb-a383-584d17aafc47","block_type":"box","text":"exchange Investor A Shares of Summit back into Investor A or Institutional Shares of a Fund, if you are eligible to","page_number":165,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"eca7b091-b82d-407c-b20c-5e06de36e34e","block_type":"box","text":"hold such shares. You may exchange Investor C Shares of Summit back into Investor C Shares of a Fund and, in the","page_number":165,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"545186f6-7888-433d-8570-be9ea2d07b61","block_type":"box","text":"event of such an exchange, the period of time that you held Investor C Shares of Summit will count toward","page_number":165,"box":{"x":69,"y":302,"width":758,"height":11}},{"id":"bb24eb66-441f-4086-9b37-d00e1003b365","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":165,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"130dcc7a-e71d-46f4-9acb-77547e8635ae","block_type":"box","text":"subject to a distribution fee at an annual rate of 0.75% of average daily net assets of such Investor C Shares.","page_number":165,"box":{"x":69,"y":332,"width":782,"height":11}},{"id":"743458c5-618b-4591-a0db-0d81515224bb","block_type":"box","text":"Exchanges of Investor C Shares of a money market fund other than Summit for Investor C Shares of a Fund will be","page_number":165,"box":{"x":70,"y":347,"width":814,"height":11}},{"id":"3fd22f9b-8bb5-4814-84d8-5f1f2d61d366","block_type":"box","text":"exercised at NAV. However, a CDSC may be charged in connection with any subsequent redemption of the Investor C","page_number":165,"box":{"x":69,"y":362,"width":830,"height":11}},{"id":"c1295c95-9e5a-4885-9ff2-a62b41960094","block_type":"box","text":"Shares of the Fund received in the exchange. In determining the holding period for calculating the CDSC payable on","page_number":165,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"b1cc4655-2c30-4cba-a38b-af3b74ae47dc","block_type":"box","text":"redemption of Investor C Shares of the Fund received in the exchange, the holding period of the money market fund","page_number":165,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"c4b82787-d391-441f-a378-a4d1f7bb763b","block_type":"box","text":"Investor C Shares originally held will be added to the holding period of the Investor C Shares acquired through","page_number":165,"box":{"x":70,"y":407,"width":781,"height":12}},{"id":"ea6273d6-865f-4efc-a590-02863dfe64ff","block_type":"box","text":"exchange.","page_number":165,"box":{"x":69,"y":423,"width":70,"height":11}},{"id":"c960e1ec-f4d8-457d-8dcb-1785e2e80b68","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":165,"box":{"x":102,"y":445,"width":337,"height":12}},{"id":"f1661fb4-7000-4d4b-893c-55af4b5f23ca","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":165,"box":{"x":445,"y":445,"width":448,"height":12}},{"id":"26218639-1e77-4857-b55c-b2cd5bb363fb","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":165,"box":{"x":70,"y":460,"width":828,"height":12}},{"id":"b344846a-5f13-4de8-8dd2-407eca23af24","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":165,"box":{"x":69,"y":475,"width":796,"height":12}},{"id":"2083e424-ebed-43fa-b1ea-4d7d677af13b","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":165,"box":{"x":70,"y":491,"width":324,"height":11}},{"id":"4e1b50be-7328-493e-a815-d7d868f3880c","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":165,"box":{"x":102,"y":513,"width":245,"height":12}},{"id":"ee241ab0-cdec-4c3f-947c-10fce43f9026","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":165,"box":{"x":353,"y":513,"width":543,"height":12}},{"id":"896a5e73-5046-4ed9-83ec-4d8fcf086565","block_type":"box","text":"or the Transfer Agent, who will advise each Fund of the exchange. If you do not hold share cer tificates, you may","page_number":165,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"090c2b7e-44f3-4e32-bf20-531cc8297813","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":165,"box":{"x":69,"y":543,"width":795,"height":12}},{"id":"cdc851ed-d0dc-44e9-8698-46efe0b95f7b","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":165,"box":{"x":69,"y":559,"width":512,"height":11}},{"id":"88b25a92-79c2-4666-ad27-9f9f9930e171","block_type":"box","text":"A shareholder who wishes to make an exchange may do so by sending a written request to the Fund c/o the","page_number":165,"box":{"x":101,"y":582,"width":772,"height":11}},{"id":"2523d966-1e72-4254-847a-15c8baa799c7","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":165,"box":{"x":68,"y":596,"width":824,"height":12}},{"id":"ffef4d99-30b3-442e-b313-e8a13e6956a3","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":165,"box":{"x":69,"y":612,"width":801,"height":11}},{"id":"cf3e5ea2-db7f-41c3-a6bf-211120c6cba0","block_type":"box","text":"Application that they do not wish to use this privilege. To add this feature to an existing account that previously did","page_number":165,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"2286401c-c842-430c-96d8-03e4560330fd","block_type":"box","text":"not provide this option, a Telephone Exchange Authorization Form must be filed with the Transfer Agent. This form is","page_number":165,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"322fa13a-27da-4d24-a111-bdfdddc3944a","block_type":"box","text":"available from the Transfer Agent. Once this election has been made, the shareholder may simply contact the Fund by","page_number":165,"box":{"x":69,"y":657,"width":840,"height":11}},{"id":"e8e8fea9-dc37-4804-a541-f8d695a61c0b","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":165,"box":{"x":68,"y":672,"width":811,"height":11}},{"id":"62f449fe-2e47-4a91-8669-41f5738ca85c","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":165,"box":{"x":68,"y":687,"width":815,"height":11}},{"id":"bda2c273-f386-444d-85d0-1a035ecb5477","block_type":"box","text":"Transfer Agent in writing.","page_number":165,"box":{"x":68,"y":702,"width":175,"height":12}},{"id":"e4012d40-e2b2-446d-97b0-5160bcda7175","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":165,"box":{"x":102,"y":725,"width":800,"height":11}},{"id":"2e8cf135-cec1-4135-a712-de7ff382a421","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":165,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"4087e5ba-5e1b-4110-95d6-2ce4442e81a2","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":165,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"8922fa00-2f67-42a4-8084-b4041b4f3084","block_type":"box","text":"with all signatures guaranteed by an eligible guarantor institution as defined below. In order to par ticipate in the","page_number":165,"box":{"x":68,"y":770,"width":797,"height":12}},{"id":"06c43834-9b3a-4793-b0a1-f6fecaaf06c0","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":165,"box":{"x":68,"y":785,"width":763,"height":12}},{"id":"acf114c6-c0ce-4412-a60c-3320ef07490a","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":165,"box":{"x":69,"y":801,"width":424,"height":11}},{"id":"03cc223e-3253-4592-a890-3a24c0f8a08a","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":165,"box":{"x":101,"y":823,"width":790,"height":12}},{"id":"85d26777-2bae-489d-b3bd-e3c9d3656e67","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":165,"box":{"x":69,"y":838,"width":808,"height":12}},{"id":"ab778f97-df17-4534-bf8a-9f9741477e65","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":165,"box":{"x":69,"y":853,"width":771,"height":12}},{"id":"ef493c99-4a2b-4f53-9afd-9b2a63681592","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":165,"box":{"x":69,"y":869,"width":819,"height":11}},{"id":"ea1ffc8b-8e03-4f23-a553-83a870272ee4","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":165,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"5c15c220-3d60-442d-a6a7-99ab6d30ced8","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":165,"box":{"x":70,"y":899,"width":354,"height":11}},{"id":"6a370278-4a0c-4de6-9dc6-22a62108a6bb","block_type":"box","text":"II-117","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4afe3b4a-62f0-4236-bd6e-fbeabb49156a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cbf136a5-3e3e-41b5-9da4-6be6f7eb9a15","block_type":"box","text":"The Funds reserve the right to suspend, modify or terminate the exchange privilege at any time. Notice will be","page_number":166,"box":{"x":101,"y":45,"width":782,"height":11}},{"id":"57c92b20-480c-4d73-bcd0-e5e19c11da63","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":166,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"cdefe5c0-0da3-4e40-82ed-8c09b460eefe","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":166,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"2d085a39-ae4d-4b22-b1ad-63ff44261ba9","block_type":"box","text":"amount or frequency, and to other restrictions that may be established from time to time to ensure that exchanges","page_number":166,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"3041ba77-a356-4447-9670-fc1832625639","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":166,"box":{"x":69,"y":105,"width":506,"height":11}},{"id":"3e90522a-0306-4998-938b-de511523282f","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":166,"box":{"x":101,"y":128,"width":733,"height":11}},{"id":"b453efda-5e5b-4f26-884f-47632f2b2517","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":166,"box":{"x":69,"y":143,"width":793,"height":11}},{"id":"03b932cd-93a7-40f0-a4cf-53ebb155da83","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":166,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"a2b9fa31-6c3d-4fc3-8b41-c0071be13b07","block_type":"box","text":"such procedures. By use of the exchange privilege, the investor authorizes the Fund’s Transfer Agent to act on","page_number":166,"box":{"x":69,"y":173,"width":785,"height":11}},{"id":"7fd264f5-8345-43b8-b141-3be1d2dd3426","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":166,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"fae1e10f-7384-4055-8e11-309a9b72916f","block_type":"box","text":"the Fund’s Transfer Agent to be genuine. The records of the Fund’s Transfer Agent per taining to such instructions are","page_number":166,"box":{"x":68,"y":203,"width":837,"height":12}},{"id":"efec30ae-395c-4c6f-9ca5-7e547bde76c3","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":166,"box":{"x":69,"y":218,"width":767,"height":12}},{"id":"a79e7c09-0559-4073-bdc4-12ea27c8b456","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":166,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"22a1f93d-5085-41ec-8755-ad44e5faf0cc","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":166,"box":{"x":102,"y":256,"width":757,"height":12}},{"id":"d62e647e-a258-4212-800a-74cef935161f","block_type":"box","text":"Cer tain Funds may suspend the continuous offering of their shares to the general public at any time and may resume","page_number":166,"box":{"x":69,"y":271,"width":837,"height":12}},{"id":"28aa7aff-10e3-43db-8099-6fa8b3344446","block_type":"box","text":"such offering from time to time. The exchange privilege is available only to U.S. shareholders in states where the","page_number":166,"box":{"x":69,"y":286,"width":805,"height":12}},{"id":"c0304537-2f71-44e7-b4ae-98d448fd5ed0","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":166,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"f0b9848c-2cf0-4654-bcfd-5b3a9fd70544","block_type":"box","text":"may be distributed by the Distributor.","page_number":166,"box":{"x":69,"y":317,"width":262,"height":11}},{"id":"e0b3d34e-d5be-4731-a832-5ea84bdd00d3","block_type":"box","text":"Participation in Fee-Based Programs","page_number":166,"box":{"x":69,"y":347,"width":266,"height":11}},{"id":"33e80984-34cf-4734-b51c-88bd1953e7d1","block_type":"box","text":"If you par ticipate in cer tain fee-based programs offered by BlackRock or an affiliate of BlackRock, or selected","page_number":166,"box":{"x":102,"y":370,"width":780,"height":11}},{"id":"5c83900c-6642-4829-bf21-d2470be045e9","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":166,"box":{"x":69,"y":385,"width":826,"height":11}},{"id":"4cb5c545-ba47-4922-a679-b4d68bc81da3","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":166,"box":{"x":70,"y":400,"width":825,"height":11}},{"id":"a6e3400b-f237-4084-b161-bbc3a960ed3d","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":166,"box":{"x":69,"y":415,"width":770,"height":11}},{"id":"59b82d03-3e9a-4334-b730-59995e663b2b","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":166,"box":{"x":69,"y":430,"width":837,"height":11}},{"id":"fc7b355b-b4e6-46fa-81c3-75464e5e1a88","block_type":"box","text":"if you choose to leave the fee-based program, you may have to redeem your shares held through the program and","page_number":166,"box":{"x":70,"y":445,"width":808,"height":12}},{"id":"43ac5424-38c8-4820-9922-ed1e77b6e774","block_type":"box","text":"purchase shares of another class, which may be subject to distribution and service fees. This may be a taxable event","page_number":166,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"adc6143c-61c8-497b-bf92-9112262deaee","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":166,"box":{"x":69,"y":475,"width":804,"height":12}},{"id":"afe94b81-e679-40cb-903e-872ec247d40f","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":166,"box":{"x":70,"y":491,"width":555,"height":11}},{"id":"d8d76525-1f95-4a4d-87ea-8ebacd67cd7f","block_type":"box","text":"Generally, upon termination of a fee-based program, the shares may be liquidated or the shares can be held in","page_number":166,"box":{"x":102,"y":513,"width":788,"height":12}},{"id":"3888e15d-65da-4fa5-9088-8066e4ed8f85","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":166,"box":{"x":69,"y":529,"width":817,"height":10}},{"id":"c9aea856-a81c-4f5e-96b0-8206f50f99ea","block_type":"box","text":"class was held in the program can be held after termination. Shares that have been held for less than specified","page_number":166,"box":{"x":69,"y":543,"width":796,"height":12}},{"id":"841f05e0-f83c-46f5-8105-07bf9f28744c","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":166,"box":{"x":70,"y":559,"width":754,"height":11}},{"id":"071a90b9-97f3-4dc3-83bb-fe90414d5f9f","block_type":"box","text":"Institutional Shares in the program may be eligible to purchase additional shares of the respective share class of a","page_number":166,"box":{"x":70,"y":574,"width":820,"height":11}},{"id":"073c82e9-6698-4dcf-b797-4535f2871461","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":166,"box":{"x":70,"y":589,"width":777,"height":11}},{"id":"8af48f8d-595a-4f39-8490-ab137cb9c5c6","block_type":"box","text":"Institutional Shares are permitted only if you have an existing position at the time of purchase or are otherwise","page_number":166,"box":{"x":70,"y":604,"width":791,"height":11}},{"id":"9e4ecd31-5417-411c-a472-b1912ddf295c","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":166,"box":{"x":69,"y":619,"width":756,"height":11}},{"id":"03777f71-d140-436b-826d-1c89ba51c425","block_type":"box","text":"Cer tain financial intermediaries may, in connection with a change in account type (for example, due to leaving a","page_number":166,"box":{"x":102,"y":642,"width":793,"height":11}},{"id":"70e828a3-a0e2-4ce4-a06e-40eadbc49310","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":166,"box":{"x":68,"y":657,"width":791,"height":11}},{"id":"ff0625eb-e405-4a68-8bdc-7b10490009a7","block_type":"box","text":"intermediary’s policies and procedures, exchange the share class held in the program for another share class of the","page_number":166,"box":{"x":70,"y":672,"width":830,"height":11}},{"id":"bc8db11a-09b5-4a42-8f37-7aa9bd3a8320","block_type":"box","text":"same fund, provided that the exchanged shares are not subject to a sales charge and the shareholder meets the","page_number":166,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"c89de695-4db9-4e8d-9791-90ae08023764","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":166,"box":{"x":69,"y":702,"width":801,"height":12}},{"id":"efbba1df-9ace-4f4e-9e89-552bf082719f","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":166,"box":{"x":69,"y":717,"width":424,"height":12}},{"id":"8cc4fa81-da68-4e79-b51c-5fab67bcd9f5","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":166,"box":{"x":102,"y":740,"width":752,"height":11}},{"id":"766c5ccd-06b4-4a30-ac90-18bab63b7573","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":166,"box":{"x":70,"y":755,"width":789,"height":11}},{"id":"da748a24-94f1-4f80-9812-951331f97274","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":166,"box":{"x":69,"y":770,"width":785,"height":11}},{"id":"e7eef8e7-1edd-4976-8128-134734c808aa","block_type":"box","text":"information.","page_number":166,"box":{"x":70,"y":785,"width":83,"height":9}},{"id":"dc731ad1-7ea3-4eff-aeec-2fef06483090","block_type":"box","text":"Retirement and Education Savings Plans","page_number":166,"box":{"x":69,"y":816,"width":296,"height":11}},{"id":"c91ae017-5a87-4668-bf81-5214492ba8ac","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":166,"box":{"x":102,"y":838,"width":805,"height":12}},{"id":"eae3839e-bebf-43c4-80fa-fa53eb78c1d4","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":166,"box":{"x":70,"y":853,"width":815,"height":12}},{"id":"83cf92cf-6c51-406d-acb1-87d12a72e6bd","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":166,"box":{"x":68,"y":869,"width":819,"height":11}},{"id":"042de1f4-5319-4843-948e-f38c5314ae09","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":166,"box":{"x":69,"y":884,"width":820,"height":11}},{"id":"81bf8222-43e8-4f2e-8b77-57e926d6e20f","block_type":"box","text":"your financial intermediary.","page_number":166,"box":{"x":68,"y":899,"width":191,"height":11}},{"id":"0bc3daa5-613e-4c9c-b126-1e67b5d26b54","block_type":"box","text":"II-118","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1e556b0f-94c0-4f6c-848c-3f457468fe7b","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4925604-10a3-431f-b21a-e03c15076758","block_type":"box","text":"Dividends received in each of the plans referred to above are exempt from U.S. federal taxation until distributed","page_number":167,"box":{"x":102,"y":45,"width":796,"height":11}},{"id":"2ce44748-c41f-4044-8c2b-c7693c8671fb","block_type":"box","text":"from the plans and, in the case of Roth IRAs and education savings plans, may be exempt from taxation when","page_number":167,"box":{"x":68,"y":60,"width":784,"height":11}},{"id":"5c6f7cdc-d7c6-4ff5-b895-c6718819499b","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":167,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"e24a22d0-180a-4d66-a583-f0aede6c3f17","block_type":"box","text":"specific tax laws relating to the plan and should consult their attorneys or tax advisors with respect to the","page_number":167,"box":{"x":69,"y":90,"width":753,"height":11}},{"id":"df5c42fe-8f38-401a-820b-b14d2c798665","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":167,"box":{"x":69,"y":105,"width":354,"height":11}},{"id":"9a02e780-91f9-4c79-8533-ea9d23bbff9b","block_type":"box","text":"Automatic Investment Plans","page_number":167,"box":{"x":68,"y":135,"width":207,"height":9}},{"id":"7c63ed22-a375-44f7-9429-109048c90b80","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":167,"box":{"x":102,"y":158,"width":773,"height":11}},{"id":"b9fb9195-f777-4767-a052-9e7efba4bce5","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":167,"box":{"x":69,"y":173,"width":477,"height":11}},{"id":"49db3818-d9eb-4497-9217-99dcf52bbe34","block_type":"box","text":"®","page_number":167,"box":{"x":547,"y":174,"width":6,"height":4}},{"id":"ac9c8c7a-f7c8-4af3-8653-18a366a9defd","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":167,"box":{"x":559,"y":173,"width":272,"height":11}},{"id":"ad6deda1-3353-4267-a5fa-50d9d14c0011","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":167,"box":{"x":70,"y":188,"width":787,"height":12}},{"id":"df0bc19a-b153-4e08-8206-7a1b747b2b1a","block_type":"box","text":"authorized investment amount is $50. If you buy shares of a Fund through cer tain accounts, no minimum charge to","page_number":167,"box":{"x":69,"y":203,"width":822,"height":12}},{"id":"7f18e175-a114-46ed-b9ce-ee92bedf9ed0","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":167,"box":{"x":68,"y":218,"width":805,"height":12}},{"id":"2ddd9945-9b5d-4d8d-b824-449b73429598","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":167,"box":{"x":68,"y":249,"width":285,"height":9}},{"id":"034afd0b-590e-4493-8da4-ceed61f369f1","block_type":"box","text":"Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to","page_number":167,"box":{"x":102,"y":271,"width":782,"height":12}},{"id":"5e19ea0d-cf7b-48b9-b712-2ef52a0e1a4e","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":167,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"3d4c413c-0ebe-4180-822b-e7b0a3094c3e","block_type":"box","text":"of the same class of shares of the relevant Fund unless a shareholder elects otherwise or as otherwise set for th in a","page_number":167,"box":{"x":69,"y":302,"width":839,"height":9}},{"id":"c78c0f28-3ea3-42b6-9a5e-08d948c37eb6","block_type":"box","text":"Fund’s prospectus. Such election, or any revocation thereof, must be made in writing to the Transfer Agent, and will","page_number":167,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"62509d04-e00a-4885-8197-f97aecec6b74","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":167,"box":{"x":69,"y":332,"width":614,"height":11}},{"id":"f1952172-591b-469e-b528-ac92911a7c9a","block_type":"box","text":"Systematic Withdrawal Plans","page_number":167,"box":{"x":68,"y":362,"width":214,"height":11}},{"id":"b5609a64-acb1-4372-9451-60e5ea2369c7","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":167,"box":{"x":102,"y":385,"width":780,"height":11}},{"id":"9266f5ca-ce4a-4a63-83ce-b012ad1716fb","block_type":"box","text":"Upon commencement of the SWP, the account must have a current value of $10,000 or more in a Fund.","page_number":167,"box":{"x":70,"y":399,"width":742,"height":12}},{"id":"6e968d28-988a-4c19-adf1-a319c55ec9ae","block_type":"box","text":"Shareholders may elect to receive automatic cash payments of $50 or more at any interval. You may choose any day","page_number":167,"box":{"x":69,"y":414,"width":834,"height":12}},{"id":"b89f1626-07e7-4884-a2a1-94bdf85daba1","block_type":"box","text":"for the withdrawal. If no day is specified, the withdrawals will be processed on the 25th day of the month or, if such","page_number":167,"box":{"x":68,"y":430,"width":823,"height":11}},{"id":"9056dec2-7324-441a-88b3-72f2c73e5cba","block_type":"box","text":"day is not a business day, on the prior business day and are paid promptly thereafter. An investor may utilize the SWP","page_number":167,"box":{"x":69,"y":445,"width":840,"height":11}},{"id":"e21e88fc-aa4b-4ca1-9026-334323333eb7","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":167,"box":{"x":69,"y":460,"width":800,"height":12}},{"id":"26bcce80-2005-4e72-a943-34d5454b9f19","block_type":"box","text":"www.blackrock.com.","page_number":167,"box":{"x":68,"y":476,"width":142,"height":8}},{"id":"1df38a35-1537-4737-b776-9bdf0d3132f8","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":167,"box":{"x":102,"y":498,"width":789,"height":11}},{"id":"4d8465ff-c091-4637-bba7-77f2d865762e","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":167,"box":{"x":68,"y":513,"width":774,"height":11}},{"id":"531fda76-20ee-4c1f-a441-e671616997d7","block_type":"box","text":"Shareholders may change or cancel the SWP at any time, upon written notice to the Fund, or by calling the Fund at","page_number":167,"box":{"x":69,"y":529,"width":815,"height":11}},{"id":"e3e01245-c4e6-483b-b8d1-d82a33aee64b","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":167,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"8c2c3db2-0dea-4dea-9926-c44f072c3a03","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":167,"box":{"x":69,"y":559,"width":803,"height":11}},{"id":"0f841ed9-866e-4352-aca7-a64829dd3b4c","block_type":"box","text":"CDSC will be assessed on redemptions of Investor C Shares made through the SWP that do not exceed 12% of the","page_number":167,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"25ffb634-df08-400a-bbe5-3f1bb4307b78","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":167,"box":{"x":69,"y":589,"width":810,"height":11}},{"id":"521ae2e6-6ec1-4ac3-9d8a-caea03593251","block_type":"box","text":"Investor C Shares will not be subject to the CDSC if they do not exceed 1% (monthly), 3% (quar terly) and 6% (semi","page_number":167,"box":{"x":70,"y":604,"width":816,"height":11}},{"id":"c0654a70-477f-4772-83a3-acb1071af04a","block_type":"box","text":"annually), respectively, of an account’s NAV on the redemption date. SWP redemptions of Investor C Shares in excess","page_number":167,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"6c597f4a-4f0e-477d-beaf-449f0c65cb0d","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":167,"box":{"x":69,"y":634,"width":367,"height":11}},{"id":"edbf89a5-314e-4f35-b271-cd901c27efa7","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":167,"box":{"x":102,"y":657,"width":798,"height":11}},{"id":"f5fb30bb-e154-40e2-b8dd-810b95d1d12c","block_type":"box","text":"to Buy, Sell, Exchange and Transfer Shares” or “How to Buy, Sell and Exchange Shares,” as applicable, in the Fund’s","page_number":167,"box":{"x":68,"y":672,"width":834,"height":11}},{"id":"1ecd4fdb-7271-499a-8738-922facebafe7","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":167,"box":{"x":69,"y":687,"width":311,"height":11}},{"id":"b7f07a72-b12f-4055-860e-aca41aae8e91","block_type":"box","text":"Dividend Allocation Plan","page_number":167,"box":{"x":69,"y":718,"width":176,"height":8}},{"id":"99791898-90d3-472e-a162-81bfa8a30af7","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":167,"box":{"x":101,"y":740,"width":807,"height":11}},{"id":"50eb900f-d222-4f09-82f0-450d09fa725a","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":167,"box":{"x":69,"y":755,"width":763,"height":11}},{"id":"a5d1f41b-fd0b-44af-8021-83eaa528fd1d","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":167,"box":{"x":69,"y":771,"width":814,"height":11}},{"id":"e15f6d63-9008-4ba3-8a66-ea9ca57123ef","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":167,"box":{"x":70,"y":785,"width":771,"height":12}},{"id":"c3cecb56-c64c-4d0b-8cea-d36b4367839e","block_type":"box","text":"PRICING OF SHARES","page_number":167,"box":{"x":406,"y":815,"width":167,"height":10}},{"id":"379789bf-ea9d-4364-bf68-b658aaf52b93","block_type":"box","text":"Determination of Net Asset Value","page_number":167,"box":{"x":69,"y":845,"width":243,"height":9}},{"id":"d1431805-cfcf-46a2-822f-d7cd52409b53","block_type":"box","text":"Valuation of Shares.","page_number":167,"box":{"x":101,"y":868,"width":145,"height":9}},{"id":"79576ed8-73ff-4c1c-b1e1-27696a273ec4","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":167,"box":{"x":252,"y":868,"width":626,"height":11}},{"id":"622ebdd2-f9e5-4369-8d9d-48567d068555","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":167,"box":{"x":69,"y":883,"width":785,"height":11}},{"id":"a09a7f66-3869-42c7-b8b4-0b0243734761","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":167,"box":{"x":68,"y":898,"width":343,"height":11}},{"id":"02d2aee0-fcc5-4451-b949-4d3f54855167","block_type":"box","text":"II-119","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"19ca6c12-9c02-4c1d-b618-4ebb51ed6184","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50b49881-af64-4a03-9535-fc87d9cf846a","block_type":"box","text":"Equity Investments.","page_number":168,"box":{"x":102,"y":45,"width":143,"height":11}},{"id":"7fab02b2-51ca-40ca-abbc-44ec682cd41f","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":168,"box":{"x":252,"y":45,"width":439,"height":11}},{"id":"c1930961-9f72-420a-b9e2-3a536a6ec1a5","block_type":"box","text":"e.g.","page_number":168,"box":{"x":693,"y":46,"width":25,"height":10}},{"id":"a0cb5407-89c1-4dc6-a402-fa1975f4c606","block_type":"box","text":", NYSE), on separate","page_number":168,"box":{"x":720,"y":45,"width":147,"height":11}},{"id":"389b2fbb-473c-4543-811f-4541df51f775","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":168,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"e550bb89-8025-4b49-83dd-326d3aa4f41b","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":168,"box":{"x":70,"y":75,"width":808,"height":11}},{"id":"806ca7c3-e470-4f2a-9b79-bd8e650a29e9","block_type":"box","text":"generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that","page_number":168,"box":{"x":68,"y":90,"width":820,"height":11}},{"id":"9a699e37-e520-4429-b882-2d2881167c9e","block_type":"box","text":"Exchange prior to the time as of which the assets or liabilities are valued. However, under cer tain circumstances,","page_number":168,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"8e87efc4-6897-4712-be1d-f11f4ed1b9df","block_type":"box","text":"other means of determining current market value may be used. If an equity security is traded on more than one","page_number":168,"box":{"x":69,"y":120,"width":793,"height":12}},{"id":"956f06aa-69f8-4be6-a049-8b89c6d09b2f","block_type":"box","text":"Exchange, the current market value of the security where it is primarily traded generally will be used. In the event that","page_number":168,"box":{"x":70,"y":135,"width":836,"height":12}},{"id":"a31bd24d-f20d-4766-a8f4-dee5191ebf26","block_type":"box","text":"there are no sales involving an equity security held by a Fund on a day on which the Fund values such security, the","page_number":168,"box":{"x":68,"y":151,"width":815,"height":11}},{"id":"5628edbe-3b29-4be8-8861-15513a7dd43b","block_type":"box","text":"last bid (long positions) or ask (shor t positions) price, if available, will be used as the value of such security. If a Fund","page_number":168,"box":{"x":70,"y":166,"width":837,"height":11}},{"id":"ab570489-ae42-440a-8dec-5a8b001864a2","block_type":"box","text":"holds both long and shor t positions in the same security, the last bid price will be applied to securities held long and","page_number":168,"box":{"x":69,"y":181,"width":832,"height":11}},{"id":"ce96bb6c-874f-4a08-9cf1-35b35b6c9c56","block_type":"box","text":"the last ask price will be applied to securities sold shor t. If no bid or ask price is available on a day on which a Fund","page_number":168,"box":{"x":68,"y":196,"width":828,"height":11}},{"id":"d4721965-89e6-4c6a-b4d3-d43f1cdf1dd8","block_type":"box","text":"values such security, the prior day’s price will be used, unless BlackRock determines that such prior day’s price no","page_number":168,"box":{"x":68,"y":211,"width":819,"height":11}},{"id":"66880628-6c07-4bc4-a170-ea62e0538a83","block_type":"box","text":"longer reflects the fair value of the security, in which case such asset would be treated as a Fair Value Asset (as","page_number":168,"box":{"x":70,"y":226,"width":798,"height":11}},{"id":"a45c393c-8577-4a1f-8a15-7b06cc8b84f6","block_type":"box","text":"defined below).","page_number":168,"box":{"x":69,"y":241,"width":106,"height":11}},{"id":"cbdcb79a-1df7-49c1-a7c0-106a48fafee2","block_type":"box","text":"Fixed-Income Investments.","page_number":168,"box":{"x":102,"y":264,"width":194,"height":9}},{"id":"d61ad687-2609-4aae-a69d-63e6db624f2c","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":168,"box":{"x":304,"y":264,"width":592,"height":11}},{"id":"28f18485-8db8-423d-a409-c9abfabcacdc","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":168,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"35f4a8ab-3846-46db-8ce2-b8002baf010d","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":168,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"e32f65fd-7a50-426a-9e1c-131cc942b148","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":168,"box":{"x":69,"y":309,"width":443,"height":11}},{"id":"1eaa7810-15da-4515-9607-7014e028ad6a","block_type":"box","text":"e.g.","page_number":168,"box":{"x":514,"y":311,"width":24,"height":9}},{"id":"9aaafba8-a5dc-4157-bd47-6b12d0720dad","block_type":"box","text":", recent representative bids and offers), credit","page_number":168,"box":{"x":541,"y":309,"width":328,"height":11}},{"id":"a189afbc-d6e1-47c4-b765-ec90ce5a24d6","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":168,"box":{"x":69,"y":324,"width":834,"height":11}},{"id":"6bc610b5-8399-4332-a02f-45ee9c9ec805","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":168,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"7f2ea42e-4ea3-4141-a6f0-f5cdeefbd09d","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":168,"box":{"x":70,"y":355,"width":797,"height":11}},{"id":"dee18a8f-5f00-4c42-b29d-a94c2f13266e","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":168,"box":{"x":69,"y":370,"width":821,"height":11}},{"id":"2d597a08-33bc-47ad-bf49-31a4bf4fdf72","block_type":"box","text":"the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots of securities in cer tain asset","page_number":168,"box":{"x":68,"y":385,"width":798,"height":11}},{"id":"4c58d6e3-168e-4c23-ba96-2cf3df26eeb7","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":168,"box":{"x":69,"y":400,"width":825,"height":11}},{"id":"6068afb7-4140-4323-905c-4d7ac34f1850","block_type":"box","text":"are sold could differ from the prices used by a Fund. The amor tized cost method of valuation may be used with","page_number":168,"box":{"x":69,"y":415,"width":791,"height":11}},{"id":"3b786ce7-6039-46d8-b34f-dfdd54d0450b","block_type":"box","text":"respect to debt obligations with 60 days or less remaining to maturity unless such method does not represent fair","page_number":168,"box":{"x":69,"y":430,"width":814,"height":11}},{"id":"f07813af-57f5-470c-a168-31d25f05ca6a","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":168,"box":{"x":68,"y":445,"width":802,"height":12}},{"id":"3cc60661-f87e-4661-8e55-879b31a76d53","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":168,"box":{"x":69,"y":460,"width":773,"height":11}},{"id":"119da099-64bc-44e4-bc01-324a586586f3","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":168,"box":{"x":69,"y":475,"width":795,"height":12}},{"id":"2bf716cb-1cc1-44c5-834a-f15c7c7b9d7e","block_type":"box","text":"attributes of the tranche.","page_number":168,"box":{"x":69,"y":491,"width":176,"height":9}},{"id":"a7ee1e9e-bf43-4847-ab8b-4cb9cffa2737","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":168,"box":{"x":101,"y":513,"width":344,"height":11}},{"id":"bb289e3f-3356-4884-8fdd-5397f61926b3","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":168,"box":{"x":453,"y":514,"width":416,"height":11}},{"id":"9bd6f0af-30fb-485e-9250-3d8457e8a044","block_type":"box","text":"index options or those that are customized) for which market quotations are readily available are valued at the mean","page_number":168,"box":{"x":70,"y":528,"width":829,"height":12}},{"id":"79cfd9ea-2fb2-4dce-bb13-418c0bba293c","block_type":"box","text":"of the last bid and ask prices as quoted on the Exchange or the board of trade on which such options are traded. In","page_number":168,"box":{"x":69,"y":543,"width":824,"height":12}},{"id":"d22182a2-2e1b-4d94-978b-09ade04c522f","block_type":"box","text":"the event that there is no mean price available for an exchange-traded equity option held by a Fund on a day on which","page_number":168,"box":{"x":68,"y":559,"width":838,"height":11}},{"id":"73cd6d64-dca3-4044-989c-2b3cc6332e35","block_type":"box","text":"the Fund values such option, the last bid (long positions) or ask (shor t positions) price, if available, will be used as","page_number":168,"box":{"x":68,"y":574,"width":820,"height":11}},{"id":"f7cd6329-a6c1-445a-bdfb-e5e236d260e5","block_type":"box","text":"the value of such option. If no bid or ask price is available on a day on which a Fund values such option, the prior","page_number":168,"box":{"x":68,"y":589,"width":808,"height":11}},{"id":"a60b8e8e-ea2b-408a-822b-c8ccbb73239d","block_type":"box","text":"day’s price will be used, unless BlackRock determines that such prior day’s price no longer reflects the fair value of","page_number":168,"box":{"x":69,"y":604,"width":824,"height":11}},{"id":"ef2cf34a-8ba8-4faf-b68b-f9c1a71a52c1","block_type":"box","text":"the option, in which case such option will be treated as a Fair Value Asset. Customized exchange-traded equity","page_number":168,"box":{"x":68,"y":619,"width":789,"height":11}},{"id":"e90e03a5-7e19-467b-bc58-26a57be78d91","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":168,"box":{"x":69,"y":634,"width":807,"height":12}},{"id":"c0990af4-b6ec-4d29-be64-b01f1bc7e98c","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":168,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"d8692954-5692-40f1-8a19-4565a51ded57","block_type":"box","text":"on exchanges, are valued at their last sale price or settle price as of the close of such exchanges. Swap agreements","page_number":168,"box":{"x":69,"y":664,"width":833,"height":12}},{"id":"34a56996-fddc-4726-b80f-707a612c1f47","block_type":"box","text":"and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in","page_number":168,"box":{"x":69,"y":680,"width":830,"height":11}},{"id":"274c007e-dbdd-44d9-b6f1-04b38d206939","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":168,"box":{"x":69,"y":695,"width":301,"height":9}},{"id":"0d071895-c99c-40cb-b8e8-15ee44c7bd53","block_type":"box","text":"Underlying Funds.","page_number":168,"box":{"x":102,"y":718,"width":128,"height":11}},{"id":"971828a1-bc16-4263-bbe7-7694ebb1227e","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":168,"box":{"x":237,"y":717,"width":621,"height":12}},{"id":"26f58afe-f651-4989-83dd-c73b022b76cd","block_type":"box","text":"Shares of underlying exchange-traded closed-end funds or other ETFs will be valued at their most recent closing price.","page_number":168,"box":{"x":69,"y":732,"width":837,"height":12}},{"id":"56a83bb8-840c-4529-a85a-2c2178e55c53","block_type":"box","text":"General Valuation Information.","page_number":168,"box":{"x":101,"y":755,"width":220,"height":9}},{"id":"d5381dd8-310e-4110-879c-a64e0967f228","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":168,"box":{"x":328,"y":755,"width":564,"height":11}},{"id":"a6972df7-b145-4769-b503-7feec2e71d75","block_type":"box","text":"market makers to value each Fund’s securities and other assets and liabilities are based on information available at","page_number":168,"box":{"x":69,"y":770,"width":831,"height":9}},{"id":"690d40ab-b527-4411-826b-fca03649cbf7","block_type":"box","text":"the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated","page_number":168,"box":{"x":68,"y":786,"width":828,"height":11}},{"id":"0a5bac38-f07d-4e6a-b2f6-9b5a93733674","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":168,"box":{"x":69,"y":801,"width":829,"height":11}},{"id":"cfa376a6-af63-4391-9400-fb5805ca313c","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":168,"box":{"x":69,"y":816,"width":817,"height":11}},{"id":"db0c73ab-63db-4a2d-973b-6fa6f1eb6a16","block_type":"box","text":"the revision.","page_number":168,"box":{"x":68,"y":831,"width":87,"height":9}},{"id":"50b5c637-b71d-4847-9e10-58bc50f60250","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":168,"box":{"x":102,"y":853,"width":784,"height":12}},{"id":"ff777175-8aa6-4d6f-b85a-a371d5f4aeac","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":168,"box":{"x":69,"y":869,"width":823,"height":11}},{"id":"c6ab559b-13bd-4531-9527-3b4e92265f98","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":168,"box":{"x":69,"y":884,"width":818,"height":11}},{"id":"bc9ed262-9e84-4502-bf17-8d4f84639685","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":168,"box":{"x":70,"y":899,"width":832,"height":11}},{"id":"643512d0-944c-4952-9d7a-184fce4f29af","block_type":"box","text":"II-120","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"0197c5e2-a66e-45c4-bcf1-8939471e80ba","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ed428c79-784b-4e02-81b1-f09fe52ebfa4","block_type":"box","text":"price the Fund could receive upon the sale of any par ticular por tfolio investment may differ from the Fund’s valuation","page_number":169,"box":{"x":70,"y":45,"width":832,"height":11}},{"id":"0322a999-10fc-4d66-98cc-65aeb4b2839c","block_type":"box","text":"of the investment, par ticularly for assets that trade in thin or volatile markets or that are valued using a fair valuation","page_number":169,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"64c9442a-c646-421c-9b57-f78a75bb0d9a","block_type":"box","text":"methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an","page_number":169,"box":{"x":69,"y":75,"width":837,"height":11}},{"id":"e297f66b-7c18-4903-bbcc-894727ed5f20","block_type":"box","text":"investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss","page_number":169,"box":{"x":70,"y":90,"width":833,"height":11}},{"id":"20657db7-e5c7-40bc-b3db-3a94be1c7bd8","block_type":"box","text":"or lesser than expected gain upon the sale of the investment. The Fund’s ability to value its investment may also be","page_number":169,"box":{"x":69,"y":105,"width":827,"height":11}},{"id":"978a3e2e-f847-4d1c-91df-e31006ad67f5","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":169,"box":{"x":70,"y":120,"width":741,"height":12}},{"id":"d688cb96-f717-42b1-a816-6e154ab8025c","block_type":"box","text":"In the event that application of the methods of valuation discussed above result in a price for a security which is","page_number":169,"box":{"x":102,"y":143,"width":800,"height":11}},{"id":"49643f80-e326-47cf-8bef-5cb6f34d6955","block_type":"box","text":"deemed not to be representative of the fair market value of such security, the security will be valued by, under the","page_number":169,"box":{"x":69,"y":158,"width":811,"height":11}},{"id":"a65bbf2c-9a50-447b-8cec-caca290df44d","block_type":"box","text":"direction of or in accordance with a method approved by BlackRock, the Fund’s valuation designee, as reflecting fair","page_number":169,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"24e36fc4-b227-46ac-9916-add76cefba01","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":169,"box":{"x":68,"y":188,"width":824,"height":12}},{"id":"cf15088b-d18a-4911-b68a-19fde17bbb5e","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":169,"box":{"x":69,"y":203,"width":817,"height":12}},{"id":"423a1537-a7f3-425f-8c6c-31916a2aba66","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":169,"box":{"x":69,"y":218,"width":802,"height":12}},{"id":"b7e43ff2-4809-49cb-bd25-0144dfa4d114","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":169,"box":{"x":69,"y":234,"width":685,"height":11}},{"id":"bf8c81fb-a869-49ce-acd1-7e48156e7c93","block_type":"box","text":"Cer tain of the securities acquired by the Funds may be traded on foreign exchanges or OTC markets on days on","page_number":169,"box":{"x":102,"y":256,"width":795,"height":12}},{"id":"46861eb9-db6f-4e2f-b7c4-eaf590982dea","block_type":"box","text":"which a Fund’s NAV is not calculated. In such cases, the NAV of a Fund’s shares may be significantly affected on","page_number":169,"box":{"x":68,"y":271,"width":805,"height":12}},{"id":"53574318-c150-442d-8ce8-6be82fdd1638","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":169,"box":{"x":69,"y":286,"width":529,"height":12}},{"id":"efad15ca-1eac-4ac3-86b8-d22dc2e6085d","block_type":"box","text":"Fair Value.","page_number":169,"box":{"x":102,"y":309,"width":74,"height":9}},{"id":"bafe370e-3e78-4412-92ef-d69471967034","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":169,"box":{"x":183,"y":309,"width":693,"height":11}},{"id":"a2970ebb-540c-445c-abb0-72428b9f8dc6","block_type":"box","text":"Fund’s investments are valued at fair value (“Fair Value Assets”). Fair Value Assets are valued by BlackRock in","page_number":169,"box":{"x":70,"y":324,"width":785,"height":11}},{"id":"918a7a2d-a7d5-4df1-bd8d-ab13b7c314ef","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":169,"box":{"x":69,"y":339,"width":816,"height":12}},{"id":"a79ffc88-ac48-4ad7-b5f4-03e7a1fe0616","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":169,"box":{"x":70,"y":355,"width":779,"height":11}},{"id":"3219545c-ce79-4989-94e8-5d31fe5a5c8f","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":169,"box":{"x":70,"y":370,"width":773,"height":11}},{"id":"8edbe987-864f-4d08-a21f-ab8a5bca4942","block_type":"box","text":"unreliable if, among other things, a security or other asset or liability does not have a price source due to its","page_number":169,"box":{"x":69,"y":385,"width":772,"height":11}},{"id":"044cd8af-0afb-4257-bfcc-9fbe76f753ad","block_type":"box","text":"complete lack of trading, if BlackRock believes a market quotation from a broker-dealer or other source is unreliable","page_number":169,"box":{"x":69,"y":400,"width":826,"height":11}},{"id":"d8dd13af-26f8-456b-8c20-6ab4f529286b","block_type":"box","text":"(","page_number":169,"box":{"x":69,"y":415,"width":3,"height":11}},{"id":"f2dc96da-b1e2-4a5e-a2ac-aec9ce00d427","block_type":"box","text":"e.g.","page_number":169,"box":{"x":74,"y":417,"width":25,"height":9}},{"id":"e909d9fb-4556-4944-816a-a9e529321062","block_type":"box","text":", where it varies significantly from a recent trade, or no longer reflects the fair value of the security or other asset","page_number":169,"box":{"x":101,"y":415,"width":806,"height":11}},{"id":"eb3d4735-979d-4f71-aabb-396280e563e6","block_type":"box","text":"or liability subsequent to the most recent market quotation), or where the security or other asset or liability is only","page_number":169,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"43dbdc49-a850-4d1e-8c5c-20a04f453487","block_type":"box","text":"thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this","page_number":169,"box":{"x":68,"y":445,"width":837,"height":12}},{"id":"09f65700-04cd-4218-a8cf-e6283840e5df","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":169,"box":{"x":70,"y":460,"width":838,"height":12}},{"id":"0500a11f-f903-4969-8fc0-b511a2b87bba","block_type":"box","text":"an event has occurred after the close of trading for an asset or liability but prior to or at the time of pricing a Fund’s","page_number":169,"box":{"x":69,"y":475,"width":824,"height":12}},{"id":"3878b3e5-f555-48e2-b68e-5a4be18e38a0","block_type":"box","text":"assets or liabilities, is likely to cause a material change to the last exchange closing price or closing market price of","page_number":169,"box":{"x":69,"y":491,"width":828,"height":11}},{"id":"469a225d-d056-4738-ad7c-c5b72b54e818","block_type":"box","text":"one or more assets held by, or liabilities of, the Fund. On any day the NYSE is open and a foreign market or the","page_number":169,"box":{"x":69,"y":506,"width":793,"height":11}},{"id":"f786ebd5-c568-44d3-8a94-a2c3509a3261","block_type":"box","text":"primary exchange on which a foreign asset or liability is traded is closed, such asset or liability will be valued using","page_number":169,"box":{"x":70,"y":521,"width":819,"height":11}},{"id":"5f218ad2-dd10-4dfe-94b9-877739cc28c8","block_type":"box","text":"the prior day’s price, provided that BlackRock is not aware of any significant event or other information that would","page_number":169,"box":{"x":68,"y":536,"width":810,"height":11}},{"id":"bbd2b401-70bd-43bf-b502-3169f50df97a","block_type":"box","text":"cause such price to no longer reflect the fair value of the asset or liability, in which case such asset or liability would","page_number":169,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"21db6ab9-86e2-410b-bc47-7f235fa8821f","block_type":"box","text":"be treated as a Fair Value Asset. For cer tain foreign assets, a third-par ty vendor supplies evaluated, systematic fair","page_number":169,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"7be33f22-ede7-48ce-acc2-3bc424db7cc0","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":169,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"ce81f38c-b9ab-4270-8202-1530e71ba8f4","block_type":"box","text":"closed. This systematic fair value pricing methodology is designed to correlate the prices of foreign assets in one or","page_number":169,"box":{"x":69,"y":596,"width":827,"height":12}},{"id":"a1680138-bd7e-453a-9233-64e0976347c7","block_type":"box","text":"more non-U.S. markets following the close of the local markets to the prices that might have prevailed as of a Fund’s","page_number":169,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"3c1355bf-d09c-4752-a0c4-363c450b4cc5","block_type":"box","text":"pricing time.","page_number":169,"box":{"x":70,"y":627,"width":85,"height":11}},{"id":"12852b54-7974-4c60-ba60-75af239d6cf3","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":169,"box":{"x":102,"y":649,"width":794,"height":12}},{"id":"c1cd3906-b282-4924-b8ad-7c6745d96ef0","block_type":"box","text":"and significant inputs used in the fair valuation of Fund assets or liabilities. In addition, the Funds’ accounting agent","page_number":169,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"3dd997ca-f35d-4813-a209-966bdb68446a","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":169,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"6836b03f-fb72-478b-bd0f-337bde6c7175","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":169,"box":{"x":70,"y":695,"width":808,"height":11}},{"id":"b59a0579-3895-4c51-9a3e-cda9fb0ec7e2","block_type":"box","text":"assets and liabilities of the Funds.","page_number":169,"box":{"x":69,"y":710,"width":245,"height":9}},{"id":"8b424b6d-acf6-411c-a642-9d71189762ae","block_type":"box","text":"When determining the price for a Fair Value Asset, BlackRock will seek to determine the price that a Fund might","page_number":169,"box":{"x":101,"y":732,"width":795,"height":12}},{"id":"fa74309d-7814-49de-b6d2-bf0f17aae79a","block_type":"box","text":"reasonably expect to receive from the current sale of that asset or liability in an arm’s-length transaction on the date","page_number":169,"box":{"x":69,"y":748,"width":832,"height":11}},{"id":"67b67194-b2e8-4217-a2e3-b0c6b056cc8a","block_type":"box","text":"on which the asset or liability is being valued, and does not seek to determine the price a Fund might reasonably","page_number":169,"box":{"x":69,"y":763,"width":805,"height":11}},{"id":"ff7b2be9-14a4-45ff-b103-18ef16f637cd","block_type":"box","text":"expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value","page_number":169,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"03afe13f-beb5-42e2-a56c-075d515ee6ca","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":169,"box":{"x":69,"y":793,"width":744,"height":11}},{"id":"61365cc7-580b-4a1b-9da8-32f96261e12a","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":169,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"729668e2-a247-4e14-bec0-3d0066c84a74","block_type":"box","text":"valuation models.","page_number":169,"box":{"x":68,"y":823,"width":125,"height":9}},{"id":"005aa5c8-c9a3-4706-8bec-25407f3eda9d","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":169,"box":{"x":102,"y":846,"width":785,"height":11}},{"id":"1a3ee3b6-b006-4297-9778-63d601a5368f","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":169,"box":{"x":68,"y":861,"width":822,"height":11}},{"id":"4008ed4e-1060-4c7a-a17b-1a93bed46ae4","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":169,"box":{"x":68,"y":876,"width":820,"height":11}},{"id":"e94cd9ef-01b6-45eb-9fd5-5ae402dc9461","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":169,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"9b55c9e6-6c0c-492e-b69f-77d6f6627b48","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":169,"box":{"x":69,"y":907,"width":766,"height":10}},{"id":"502095f7-b5be-4697-919b-6543dbda114c","block_type":"box","text":"II-121","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"9e58f76f-3646-4b8e-927a-e2187e6907f1","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0dee06a3-dd27-40da-bc1c-817eac42a03f","block_type":"box","text":"appropriate, an appraisal by a third-par ty experienced in the valuation of similar instruments, may also be used as a","page_number":170,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"922ae94b-086f-4412-8a57-de57e36965fb","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":170,"box":{"x":69,"y":60,"width":378,"height":11}},{"id":"2a25c27c-edda-405e-9ed2-eb59eb954a80","block_type":"box","text":"The fair value of one or more assets or liabilities may not, in retrospect, be the price at which those assets or","page_number":170,"box":{"x":101,"y":82,"width":784,"height":12}},{"id":"9bd43e82-38a2-4f1f-96bd-3815e98dcc64","block_type":"box","text":"liabilities could have been sold during the period in which the par ticular fair values were used in determining a Fund’s","page_number":170,"box":{"x":70,"y":98,"width":836,"height":11}},{"id":"7a5305fd-b98f-4eb0-b7bd-62e31795641c","block_type":"box","text":"NAV. As a result, a Fund’s sale or redemption of its shares at NAV, at a time when a holding or holdings are valued at","page_number":170,"box":{"x":70,"y":113,"width":834,"height":11}},{"id":"7745656f-7830-492e-b7f6-10e9a004d539","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":170,"box":{"x":68,"y":128,"width":728,"height":11}},{"id":"e3225670-744a-4d9d-9d9f-c507c04212f1","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":170,"box":{"x":102,"y":150,"width":786,"height":12}},{"id":"be053610-067a-4515-ae61-15569aec3caa","block_type":"box","text":"generally accepted in the United States of America (“US GAAP”), follow the requirements for valuation set for th in","page_number":170,"box":{"x":68,"y":166,"width":809,"height":11}},{"id":"ea0ae100-eeeb-4384-a899-610fa86c0f2b","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":170,"box":{"x":70,"y":181,"width":821,"height":11}},{"id":"2eee7601-7ed7-4592-b389-035312f26e4d","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":170,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"623b0cbf-00ff-4820-bb2e-2282c6e5556c","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":170,"box":{"x":69,"y":211,"width":641,"height":11}},{"id":"84675b6d-747c-49b2-9e7d-efed458ab676","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":170,"box":{"x":102,"y":234,"width":786,"height":11}},{"id":"523d09e5-a6ed-4685-a5ec-4ce85b9a7dc7","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":170,"box":{"x":69,"y":249,"width":832,"height":11}},{"id":"b84f56d9-9e0e-4453-90b8-cfcb338dcea2","block_type":"box","text":"of the fair market value of assets or liabilities, to the extent such rules become more stringent, would tend to","page_number":170,"box":{"x":69,"y":264,"width":780,"height":11}},{"id":"e787f7da-6f74-4507-9ef2-75d386ffbfe0","block_type":"box","text":"increase the cost and/or reduce the availability of third-par ty determinations of fair market value. This may in turn","page_number":170,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"9a1e83e1-03e5-4305-921c-64946d37d027","block_type":"box","text":"increase the costs associated with selling assets or affect their liquidity due to a Fund’s inability to obtain a third","page_number":170,"box":{"x":70,"y":294,"width":810,"height":11}},{"id":"43eb953d-78d5-4e48-9279-0416a1f7c853","block_type":"box","text":"par ty determination of fair market value.","page_number":170,"box":{"x":70,"y":309,"width":285,"height":11}},{"id":"ee39faa0-beb8-462e-a8b9-49f085dabfc5","block_type":"box","text":"Computation of Offering Price Per Share","page_number":170,"box":{"x":69,"y":339,"width":292,"height":12}},{"id":"18b0f886-c60b-423f-8722-27ec4c1ee59e","block_type":"box","text":"See “Computation of Offering Price Per Share” in Par t I of a Fund’s SAI for an illustration of the computation of","page_number":170,"box":{"x":102,"y":362,"width":791,"height":11}},{"id":"edcbf933-00c4-4fa6-a055-6f1ebd5d09e9","block_type":"box","text":"the offering price for shares of your Fund.","page_number":170,"box":{"x":68,"y":377,"width":295,"height":12}},{"id":"14a148fe-2fb4-41bd-a4e3-17635078eeab","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":170,"box":{"x":303,"y":407,"width":373,"height":9}},{"id":"78d5814a-d7a3-402d-b673-e4ea685ef55a","block_type":"box","text":"Transactions in Portfolio Securities","page_number":170,"box":{"x":68,"y":437,"width":257,"height":9}},{"id":"dc5a10f4-d218-400d-86d7-3873d91dde74","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":170,"box":{"x":102,"y":460,"width":798,"height":11}},{"id":"34d0877e-45e1-4594-8b5d-a3fb619a8a66","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":170,"box":{"x":69,"y":475,"width":839,"height":11}},{"id":"eba776cb-228a-4b65-869a-6eb706753a8e","block_type":"box","text":"par ticular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account cer tain factors","page_number":170,"box":{"x":70,"y":490,"width":822,"height":11}},{"id":"0fddeebe-a898-4260-877a-e4d00a4c2755","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":170,"box":{"x":69,"y":505,"width":820,"height":11}},{"id":"bacf71c5-ca3d-4551-8d28-b83f0bcb6e38","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":170,"box":{"x":68,"y":520,"width":798,"height":11}},{"id":"52fffa31-72c7-48ce-b549-e95a9d28f14e","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":170,"box":{"x":69,"y":535,"width":765,"height":12}},{"id":"07c4a54a-dc22-4642-8019-f1b3247cfbc3","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":170,"box":{"x":69,"y":551,"width":768,"height":11}},{"id":"db9ffb38-dfa9-441f-947d-b936fdbd299e","block_type":"box","text":"BlackRock and its clients, including a Fund. In return for such services, BlackRock may cause a Fund to pay a higher","page_number":170,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"810fa015-a43b-46c6-9a40-8cf0548de713","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":170,"box":{"x":69,"y":581,"width":760,"height":11}},{"id":"c60682fc-b267-4903-bd20-2c802c4c1199","block_type":"box","text":"reasonable in relation to the services provided.","page_number":170,"box":{"x":69,"y":596,"width":336,"height":11}},{"id":"7b097a41-db83-4eec-86b2-4b41c06ded14","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":170,"box":{"x":102,"y":618,"width":794,"height":12}},{"id":"dd490feb-4cf4-4ee7-a55e-f3204402d847","block_type":"box","text":"Master Por tfolio, it is expected that all transactions in por tfolio securities will be entered into by the Master Por tfolio.","page_number":170,"box":{"x":70,"y":634,"width":835,"height":11}},{"id":"041bbb63-1b0a-4bcd-beb0-47a8554db7ef","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":170,"box":{"x":102,"y":656,"width":784,"height":12}},{"id":"1cbe0b23-cde3-4545-ba58-e91a0405b28b","block_type":"box","text":"the best price and most favorable execution for a Fund, taking into account a variety of factors including: (i) the size,","page_number":170,"box":{"x":68,"y":671,"width":829,"height":12}},{"id":"b4fac28c-d4ac-49a0-ba72-186f7f777d53","block_type":"box","text":"nature and character of the security or instrument being traded and the markets in which it is purchased or sold;","page_number":170,"box":{"x":69,"y":686,"width":802,"height":12}},{"id":"9ece94d1-4667-4588-a5e3-fcd00c6690e0","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":170,"box":{"x":69,"y":702,"width":826,"height":11}},{"id":"add1c148-0594-425c-a29f-d61137506648","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":170,"box":{"x":69,"y":717,"width":789,"height":11}},{"id":"0a874c59-0c1d-40ee-a030-f8a786131794","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":170,"box":{"x":70,"y":732,"width":818,"height":11}},{"id":"b843a8fd-00bc-47f5-8571-1c6ddd55b6cb","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":170,"box":{"x":69,"y":747,"width":769,"height":11}},{"id":"23b3596b-8e23-4289-8f18-4cb6219b8c7e","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":170,"box":{"x":69,"y":762,"width":837,"height":11}},{"id":"7cbef3fc-e683-4248-89d0-604c13934955","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":170,"box":{"x":69,"y":777,"width":391,"height":11}},{"id":"6066c9b6-bbf1-46b3-b610-25d0bdece06b","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":170,"box":{"x":102,"y":800,"width":801,"height":11}},{"id":"fcbc1aaf-2d9f-446c-b5ad-7fe1660129a6","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":170,"box":{"x":68,"y":815,"width":802,"height":11}},{"id":"84b1f700-d371-4141-8087-8d83a05635ed","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":170,"box":{"x":69,"y":830,"width":775,"height":11}},{"id":"945debbd-c7de-4095-a890-e6a6334bf896","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":170,"box":{"x":69,"y":846,"width":790,"height":11}},{"id":"2f66f367-b9df-462e-900c-b893f270192c","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":170,"box":{"x":70,"y":860,"width":827,"height":12}},{"id":"28385567-4364-4b5e-be92-78424b16c527","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":170,"box":{"x":68,"y":875,"width":753,"height":12}},{"id":"e8a05bd4-3bda-468e-b34f-54482a0a77b5","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":170,"box":{"x":70,"y":891,"width":818,"height":11}},{"id":"4a99d4d4-152c-415a-be8f-83f089611fed","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":170,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"bb450cb9-ed65-4805-8084-6d7432396db1","block_type":"box","text":"II-122","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"87e5b31e-211d-497d-a962-05b12cef5a3a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8cdec7d1-4712-488e-aca9-1fe7153e8dcb","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":171,"box":{"x":70,"y":45,"width":775,"height":11}},{"id":"1c150d67-7707-47bb-8530-65f3021c01ed","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":171,"box":{"x":69,"y":60,"width":764,"height":11}},{"id":"bf5feb87-7b00-4616-82a1-68f7413074eb","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":171,"box":{"x":69,"y":75,"width":770,"height":11}},{"id":"90c393c9-b635-41cb-99c3-d0728a7bc5c4","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":171,"box":{"x":69,"y":90,"width":599,"height":11}},{"id":"fbbdcc89-5031-49b7-8dee-b8b418466efa","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":171,"box":{"x":102,"y":113,"width":796,"height":11}},{"id":"6465d0c6-b460-458d-869f-ad5ec884104d","block_type":"box","text":"BlackRock may execute transactions through a broker-dealer and request that the broker-dealer allocate a por tion of","page_number":171,"box":{"x":70,"y":128,"width":829,"height":11}},{"id":"32225eae-8c9e-4c6e-85f8-7768a7ff1fb6","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":171,"box":{"x":68,"y":143,"width":839,"height":11}},{"id":"40529ae8-007f-4cab-9af0-d61342549222","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":171,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"65d36cc1-50de-4aa9-ac85-4cb5f1f5a4ca","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":171,"box":{"x":69,"y":173,"width":809,"height":11}},{"id":"f94eb1a5-1e64-4c8c-9695-9f711ce77eed","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":171,"box":{"x":69,"y":188,"width":808,"height":12}},{"id":"9472f298-10da-40d2-8dd3-5557dee3b4ca","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":171,"box":{"x":69,"y":204,"width":818,"height":11}},{"id":"8feafbfb-b93e-4cbb-a63e-9b92f2f34145","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":171,"box":{"x":70,"y":218,"width":813,"height":12}},{"id":"acb50f9e-84bc-485a-ac56-751848be657d","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":171,"box":{"x":70,"y":234,"width":801,"height":11}},{"id":"e929ca29-1d69-4edc-a2c5-abd1983e8659","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":171,"box":{"x":69,"y":249,"width":802,"height":11}},{"id":"38544cfc-c4c0-4856-9316-b8ebd1c2ec12","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":171,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"b9c3da4b-29e0-4d3f-9b45-45905db9dd93","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":171,"box":{"x":70,"y":279,"width":361,"height":11}},{"id":"d3748e4a-78c4-41a7-ab0e-332393329751","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":171,"box":{"x":102,"y":302,"width":791,"height":11}},{"id":"0a1d2860-9de9-410b-907d-c7535faea403","block_type":"box","text":"(whether prepared by the broker-dealer or prepared by a third-par ty and provided to BlackRock by the broker-dealer)","page_number":171,"box":{"x":69,"y":317,"width":819,"height":11}},{"id":"8d1bdf2a-4131-4a94-90a9-1f8178f96ef5","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":171,"box":{"x":69,"y":332,"width":772,"height":11}},{"id":"ca8a051b-cbe2-4b0d-bfe9-424b87add90f","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":171,"box":{"x":70,"y":347,"width":785,"height":11}},{"id":"2a615592-4a8b-42d0-bd08-568d4d4ba4d4","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":171,"box":{"x":70,"y":362,"width":806,"height":11}},{"id":"4e8fee81-b46d-4934-a5af-e1b1ffcfcf74","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":171,"box":{"x":68,"y":377,"width":772,"height":12}},{"id":"d7d66495-84bc-481b-91ba-592fa174978b","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":171,"box":{"x":69,"y":392,"width":838,"height":12}},{"id":"eced6822-aa6b-4d03-b7c4-fb7e398e1c00","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":171,"box":{"x":68,"y":407,"width":769,"height":12}},{"id":"22eaf884-03a8-47d6-84d9-27fb5296a23e","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":171,"box":{"x":69,"y":423,"width":801,"height":11}},{"id":"338d5b3a-a190-4bff-8c97-6e153fd4c0a2","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":171,"box":{"x":69,"y":438,"width":778,"height":11}},{"id":"b478a810-b4c6-4cc6-9b30-8497fcfa2f27","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":171,"box":{"x":69,"y":453,"width":363,"height":11}},{"id":"79d2872e-9708-4453-89c0-e8de4fc9d8ad","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":171,"box":{"x":102,"y":475,"width":749,"height":12}},{"id":"96b74d87-6086-4dd8-a054-da43557dd5d6","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":171,"box":{"x":69,"y":491,"width":799,"height":11}},{"id":"b87443da-798b-410f-98e4-39f30e791461","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":171,"box":{"x":70,"y":506,"width":752,"height":11}},{"id":"3a96601c-969e-4c50-be62-424ac7a3a694","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":171,"box":{"x":70,"y":521,"width":823,"height":11}},{"id":"a570fa75-6eba-4957-b280-f6dcb0e3d0db","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":171,"box":{"x":70,"y":536,"width":822,"height":11}},{"id":"0d2e2389-ec4d-4f54-9750-75eb2ad003e1","block_type":"box","text":"used in servicing some or all client accounts and not all services may be used in connection with the Fund or account","page_number":171,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"4b7e64a8-a082-4f06-8dd5-33c7977a215e","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":171,"box":{"x":68,"y":566,"width":805,"height":11}},{"id":"9f5b5978-04c7-49d5-8b81-e6077210f6b9","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":171,"box":{"x":69,"y":581,"width":798,"height":12}},{"id":"22e5b69b-8905-4a5e-bb4c-5a5d59da8aed","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":171,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"ba0e3e58-1cf2-43b9-b11b-adf48514d503","block_type":"box","text":"paid by a Fund to BlackRock are not reduced as a result of BlackRock’s receipt of research services. In some cases,","page_number":171,"box":{"x":70,"y":612,"width":832,"height":11}},{"id":"fe25b205-0083-431b-bf1b-a110b58b5661","block_type":"box","text":"BlackRock may receive a service from a broker that has both a “research” and a “non-research” use. When this","page_number":171,"box":{"x":70,"y":627,"width":798,"height":11}},{"id":"8387671e-78fa-4183-8c16-1d052740dbff","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":171,"box":{"x":69,"y":642,"width":780,"height":11}},{"id":"e87ccaa6-6ae8-4f1a-bbd7-a2b9c3970b33","block_type":"box","text":"research uses of the service. The percentage of the service that is used for research purposes may be paid for with","page_number":171,"box":{"x":69,"y":657,"width":827,"height":11}},{"id":"fd24040f-5dc5-46de-b23a-3efeb3fb5856","block_type":"box","text":"client commissions, while BlackRock will use its own funds to pay for the percentage of the service that is used for","page_number":171,"box":{"x":69,"y":672,"width":821,"height":11}},{"id":"249eb3d9-fd50-4172-bf1b-01c920533f6a","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":171,"box":{"x":69,"y":687,"width":797,"height":11}},{"id":"2c9ea528-bd3d-49a6-a0b8-20c0481d6331","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":171,"box":{"x":70,"y":703,"width":815,"height":11}},{"id":"fb3bf15b-b0bd-404e-93b6-4a4330f0f78e","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":171,"box":{"x":68,"y":717,"width":555,"height":11}},{"id":"0cedf9cb-d83c-4af4-93fb-f454c0ba60f0","block_type":"box","text":"Under MiFID II, investment managers in the EU, including BIL, are not able to use soft dollars to pay for research","page_number":171,"box":{"x":102,"y":740,"width":802,"height":11}},{"id":"a815992f-53d5-47bd-aef6-52b651d91dd8","block_type":"box","text":"from brokers. Investment managers in the EU are required to either pay for research out of their own profit and loss","page_number":171,"box":{"x":68,"y":755,"width":825,"height":11}},{"id":"9932b5eb-b42b-4f82-a234-e45ce497e854","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":171,"box":{"x":69,"y":771,"width":798,"height":11}},{"id":"0a493475-f93c-41a4-a785-f8f8fad8b8a5","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":171,"box":{"x":68,"y":785,"width":824,"height":12}},{"id":"a2870d69-e47b-44e4-9e46-eb5fa803ba0c","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":171,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"0f99d9b1-b686-42a7-849a-8b0670f6b53c","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":171,"box":{"x":69,"y":816,"width":547,"height":11}},{"id":"8260dfe1-4bf4-4d3f-9952-76217dc70c85","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":171,"box":{"x":102,"y":838,"width":804,"height":11}},{"id":"4757f48b-da4d-4a31-bec7-b1164c30011a","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":171,"box":{"x":68,"y":853,"width":806,"height":11}},{"id":"7d8a61ed-440d-4136-ac77-429df72c453c","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":171,"box":{"x":70,"y":869,"width":836,"height":11}},{"id":"8465c626-02ab-45d4-baee-dc5fab8e8443","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":171,"box":{"x":70,"y":884,"width":777,"height":11}},{"id":"bfeb9c05-ab1c-4cc6-97e6-dfe7145faa56","block_type":"box","text":"brokerage.","page_number":171,"box":{"x":69,"y":899,"width":74,"height":11}},{"id":"d8d88e2a-f92e-4971-9b52-361461103832","block_type":"box","text":"II-123","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"48bd25a6-107d-4766-ab58-48256edcd9c5","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0aadd2d1-0d54-49d5-b72a-c35aa5d09375","block_type":"box","text":"From time to time, a Fund may purchase new issues of securities in a fixed price offering. In these situations,","page_number":172,"box":{"x":102,"y":45,"width":781,"height":11}},{"id":"e7ccce53-00ba-4a4f-bcec-5dfb1694ef5d","block_type":"box","text":"the broker may be a member of the selling group that will, in addition to selling securities, provide BlackRock with","page_number":172,"box":{"x":68,"y":60,"width":810,"height":11}},{"id":"d66b5acf-dc54-43a1-8fb9-8a2bdb498c53","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":172,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"b8f407bb-f881-4fab-8fbe-3d0f6ec944a7","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":172,"box":{"x":69,"y":90,"width":818,"height":11}},{"id":"b1ab96b7-0b6c-4ba9-a89c-4c61d5d539e0","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":172,"box":{"x":68,"y":105,"width":821,"height":11}},{"id":"bd85827f-6bb2-4235-a8f0-c4162433a2a0","block_type":"box","text":"Section 28(e).","page_number":172,"box":{"x":69,"y":120,"width":99,"height":11}},{"id":"29ae3ee3-26df-4f8c-bcab-670777acdaf3","block_type":"box","text":"BlackRock does not consider sales of shares of the mutual funds it advises as a factor in the selection of","page_number":172,"box":{"x":102,"y":143,"width":755,"height":9}},{"id":"ad9dde28-d6a4-4121-a496-dffae4743ec8","block_type":"box","text":"brokers or dealers to execute por tfolio transactions for a Fund; however, whether or not a par ticular broker or dealer","page_number":172,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"32e233ff-5d7e-467b-b42e-87d4249ee1bf","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":172,"box":{"x":69,"y":173,"width":799,"height":11}},{"id":"c60b474d-8b39-4510-8ae9-cb513b0e79c2","block_type":"box","text":"execute transactions for those mutual funds.","page_number":172,"box":{"x":69,"y":188,"width":319,"height":9}},{"id":"dd52b215-f1a2-4202-bea4-e458abb8fb6a","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":172,"box":{"x":102,"y":211,"width":770,"height":11}},{"id":"c209933f-50a2-4238-b166-e9ff557989ce","block_type":"box","text":"primarily on the principal stock exchanges of the applicable country. Foreign equity securities may be held by a Fund","page_number":172,"box":{"x":70,"y":226,"width":825,"height":11}},{"id":"08d25f3c-2c62-49a2-9bbf-6b65307ea97f","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":172,"box":{"x":70,"y":241,"width":816,"height":11}},{"id":"accf57c9-f1ad-4cbf-8d45-ff7a153bc61b","block_type":"box","text":"may be listed on stock exchanges, or traded in OTC markets in the United States or Europe, as the case may be.","page_number":172,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"7851b86a-3a3c-4b4e-8b2d-e16fa34eebb6","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":172,"box":{"x":68,"y":272,"width":773,"height":11}},{"id":"558c4c54-1bad-44aa-ba73-dc38a2a16374","block_type":"box","text":"commission rates. Because the shares of each Fund are redeemable on a daily basis in U.S. dollars, each Fund","page_number":172,"box":{"x":69,"y":286,"width":798,"height":12}},{"id":"db94f067-3b91-4a62-a306-4887bb20165b","block_type":"box","text":"intends to manage its por tfolio so as to give reasonable assurance that it will be able to obtain U.S. dollars to the","page_number":172,"box":{"x":70,"y":302,"width":812,"height":11}},{"id":"5762ab58-e8ce-48bc-863a-2804b023c7f9","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":172,"box":{"x":69,"y":317,"width":754,"height":11}},{"id":"ad4e353f-f2ff-4574-8fc9-102fe8340fc1","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":172,"box":{"x":69,"y":332,"width":540,"height":11}},{"id":"2e9ccba8-e13f-4d9a-8fbc-129f5684da45","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":172,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"83fc0961-d01c-4ca8-89cf-7f47e0911fc5","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":172,"box":{"x":68,"y":370,"width":597,"height":11}},{"id":"d0c53465-029b-4c14-9c3c-d3142a7133a8","block_type":"box","text":"Each Fund may invest in cer tain securities traded in the OTC market and intends to deal directly with the dealers","page_number":172,"box":{"x":102,"y":392,"width":802,"height":12}},{"id":"4bd1c28f-0921-430c-827e-04dde4f814e8","block_type":"box","text":"who make a market in the par ticular securities, except in those circumstances in which better prices and execution","page_number":172,"box":{"x":68,"y":408,"width":822,"height":10}},{"id":"0bdcfbd8-376a-4538-a4cc-4a9b675700ba","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":172,"box":{"x":69,"y":423,"width":804,"height":11}},{"id":"7bf811c1-ae71-4b7a-a3e4-37981a0ef386","block_type":"box","text":"affiliated with such affiliated persons are prohibited from dealing with the Fund as principal in the purchase and sale","page_number":172,"box":{"x":69,"y":438,"width":832,"height":11}},{"id":"62d4b23b-4527-4db9-b9d9-21a63fd2b2e9","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":172,"box":{"x":69,"y":453,"width":762,"height":11}},{"id":"2b8707c4-9835-41e5-9ac4-ff520cd33f38","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":172,"box":{"x":68,"y":468,"width":770,"height":11}},{"id":"a986dd46-3aa9-4751-8242-eb20324b90cc","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":172,"box":{"x":69,"y":483,"width":828,"height":11}},{"id":"a42b36b7-149c-47f3-95e0-f9c711982bf9","block_type":"box","text":"person of a Fund may serve as its broker in OTC transactions conducted on an agency basis provided that, among","page_number":172,"box":{"x":70,"y":498,"width":814,"height":11}},{"id":"20301210-fe9b-429b-a65f-2f99ec7f01b4","block_type":"box","text":"other things, the fee or commission received by such affiliated broker is reasonable and fair compared to the fee or","page_number":172,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"096c5ab3-da4c-4564-a752-cc82d9d41eda","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":172,"box":{"x":69,"y":528,"width":645,"height":12}},{"id":"0006502b-ce5f-479a-8dc7-457115bf6d9b","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":172,"box":{"x":102,"y":551,"width":797,"height":11}},{"id":"49bf788c-cd9c-45e0-86f2-b65ac8852740","block_type":"box","text":"normally traded on a “net” basis without a stated commission, through dealers acting for their own account and not","page_number":172,"box":{"x":69,"y":566,"width":826,"height":11}},{"id":"67a879ec-494a-4b93-be8c-a6dd24350fe4","block_type":"box","text":"as brokers. The Funds will primarily engage in transactions with these dealers or deal directly with the issuer unless a","page_number":172,"box":{"x":69,"y":582,"width":839,"height":11}},{"id":"95dbb198-ee81-4886-ae17-1a43b064b6e5","block_type":"box","text":"better price or execution could be obtained by using a broker. Prices paid to a dealer with respect to both foreign and","page_number":172,"box":{"x":69,"y":596,"width":833,"height":12}},{"id":"c59623e7-040c-4c39-a145-b49c1be72513","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":172,"box":{"x":69,"y":612,"width":826,"height":11}},{"id":"c2c6688a-a0b9-4c72-b057-feee6fe0900f","block_type":"box","text":"is willing to purchase and sell the specific security at the time, and includes the dealer’s normal profit.","page_number":172,"box":{"x":70,"y":627,"width":730,"height":11}},{"id":"dd0e96f7-7211-489c-83ed-bce3ca5fb579","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":172,"box":{"x":102,"y":649,"width":800,"height":12}},{"id":"9de66ade-b4cb-4f2f-9866-92802cba4890","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":172,"box":{"x":69,"y":665,"width":807,"height":11}},{"id":"4c0b3cd8-5d5a-4d48-8aa5-b77e0daf0be3","block_type":"box","text":"instruments are generally traded on a “net” basis with dealers acting as principal for their own accounts without a","page_number":172,"box":{"x":70,"y":680,"width":812,"height":11}},{"id":"67ad1917-abb1-4334-bb56-9c6f9b08baf6","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":172,"box":{"x":69,"y":695,"width":807,"height":11}},{"id":"35bead53-9eb0-44f0-a1a9-f12e50c33ee4","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":172,"box":{"x":68,"y":710,"width":827,"height":11}},{"id":"b85da741-ce63-45bf-ad42-6a01d85f561c","block_type":"box","text":"with the rules of the Commission. As a result, the por tfolio turnover rates of a money market fund will be relatively","page_number":172,"box":{"x":68,"y":725,"width":817,"height":11}},{"id":"dfb2d0fb-dd9c-4933-953b-55cc12e8384a","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":172,"box":{"x":69,"y":740,"width":802,"height":11}},{"id":"d77ac55c-865c-4d67-98e1-88fe121c92f1","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":172,"box":{"x":69,"y":755,"width":700,"height":11}},{"id":"4e9a9a08-3e97-4d35-87a6-5e3e2749f95d","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":172,"box":{"x":102,"y":778,"width":756,"height":11}},{"id":"0d469071-8e46-4b71-9ee6-ad31d23588f4","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":172,"box":{"x":68,"y":793,"width":804,"height":11}},{"id":"b4db41a1-3c53-4bbe-bbd6-83a43d10c02c","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":172,"box":{"x":69,"y":808,"width":766,"height":11}},{"id":"407f9df9-ca9f-4357-9da6-cf74382c3d27","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":172,"box":{"x":101,"y":831,"width":780,"height":11}},{"id":"161abd0d-13d9-403b-8f5f-22cfc77db164","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":172,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"f35d35ec-db6b-48ba-a988-85ee73ae385b","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":172,"box":{"x":69,"y":861,"width":806,"height":11}},{"id":"a73d07ce-3faa-4433-a3b1-875423faab3e","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":172,"box":{"x":69,"y":876,"width":776,"height":11}},{"id":"e14cf113-d6ca-4e21-9bf7-e159b9b897ce","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":172,"box":{"x":70,"y":891,"width":800,"height":12}},{"id":"09cb4e97-740b-40fe-af4b-66845676c4dc","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":172,"box":{"x":69,"y":906,"width":352,"height":11}},{"id":"112e66ba-06fd-469a-967d-60df3d830765","block_type":"box","text":"II-124","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"cd10b98e-14e0-44ed-b12a-f94e90bc6231","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56b6c222-5545-4d31-9e28-673fe4af4670","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":173,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"3c04cbb3-1fee-4153-880d-8774b210180c","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":173,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"d14e9137-1d5f-456e-8ee9-8ed95ced43ae","block_type":"box","text":"accounts in a fair and equitable manner over time. A variety of factors will be considered in making such allocations.","page_number":173,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"72e49e8c-2431-41b3-abe9-91b169dd258b","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":173,"box":{"x":68,"y":90,"width":788,"height":11}},{"id":"80bd1888-3e2a-4816-aabf-331707ef45b4","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":173,"box":{"x":69,"y":105,"width":759,"height":11}},{"id":"c29c915a-5388-49e2-8795-46819846e441","block_type":"box","text":"concentration parameters for an account, (iv) supply or demand for a security at a given price level, (v) size of","page_number":173,"box":{"x":69,"y":120,"width":780,"height":12}},{"id":"86559cd4-1bb3-408f-b21c-88fa5fefc366","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":173,"box":{"x":69,"y":135,"width":777,"height":12}},{"id":"87a663aa-c7f3-4a57-b3dd-88ddb649ec2d","block_type":"box","text":"(viii) minimum investment size of an account, (ix) relative size of account, and (x) such other factors as may be","page_number":173,"box":{"x":69,"y":150,"width":788,"height":12}},{"id":"a5db9da4-7eaf-4799-b9b6-657354d04661","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":173,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"c48dfb8a-5ba6-4384-9e7d-dc4e65dc4230","block_type":"box","text":"another based on any of the following considerations: (i) to favor one client account at the expense of another, (ii) to","page_number":173,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"ed0b84d0-6a26-4733-81f9-0f2932452703","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":173,"box":{"x":68,"y":196,"width":808,"height":11}},{"id":"0d950eae-7340-4f97-b70e-4bd8bc259656","block_type":"box","text":"BlackRock, (iii) to develop or enhance a relationship with a client or prospective client, (iv) to compensate a client for","page_number":173,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"1cceaa54-7671-469d-8e21-77ffba34d526","block_type":"box","text":"past services or benefits rendered to BlackRock or to induce future services or benefits to be rendered to BlackRock,","page_number":173,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"ad432de2-5f3c-4688-937b-dadd2a721a8b","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":173,"box":{"x":69,"y":241,"width":613,"height":11}},{"id":"deb745e7-cb78-48fe-8996-186040936f3e","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":173,"box":{"x":102,"y":264,"width":802,"height":11}},{"id":"050e436f-cd92-4a4c-bc3d-57e7f79dfddc","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":173,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"0e251a17-8a2b-4c1d-944b-51d61b3103d8","block_type":"box","text":"accounts and compliance constraints.","page_number":173,"box":{"x":69,"y":294,"width":269,"height":11}},{"id":"21815f74-d202-4f98-b712-167762dd5ff7","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":173,"box":{"x":102,"y":317,"width":736,"height":11}},{"id":"8ee227f3-2516-44c1-ad48-d1a362c4cbdd","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":173,"box":{"x":69,"y":332,"width":808,"height":11}},{"id":"dc161764-99d4-4061-9ba8-fd5b97fc2c18","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":173,"box":{"x":69,"y":347,"width":821,"height":11}},{"id":"731461b4-fd3c-495f-80fe-cd9209cbd756","block_type":"box","text":"among client accounts over time, each por tfolio manager or a member of his or her respective investment team will","page_number":173,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"31481626-7e05-4e1c-a1b1-2ce2a2784c46","block_type":"box","text":"indicate to BlackRock’s trading desk their level of interest in a par ticular offering with respect to eligible client","page_number":173,"box":{"x":70,"y":377,"width":783,"height":12}},{"id":"c253ddd9-145c-4183-a5f8-b31782f4bb5f","block_type":"box","text":"accounts for which that team is responsible. Initial public offerings of U.S. equity securities will be identified as","page_number":173,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"70c62657-e695-48b7-a2fe-55de9ac37a19","block_type":"box","text":"eligible for par ticular client accounts that are managed by por tfolio teams who have indicated interest in the offering","page_number":173,"box":{"x":69,"y":407,"width":831,"height":12}},{"id":"5e308c4a-23aa-4fcf-8331-479b6512b12b","block_type":"box","text":"based on market capitalization of the issuer of the security and the investment mandate of the client account and in","page_number":173,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"ad1c9c8a-6e36-4e49-a854-b8cb0aa2672c","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":173,"box":{"x":68,"y":438,"width":839,"height":11}},{"id":"231eb8ef-e85a-4624-9ec9-8279a39ec4b8","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":173,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"5eae7487-c8b8-477c-b91a-35fef3e05c0f","block_type":"box","text":"client accounts within each investment mandate on a pro rata basis. In situations where supply is too limited to be","page_number":173,"box":{"x":69,"y":468,"width":819,"height":11}},{"id":"ca83043a-feb7-4d20-b406-b3ae712c977a","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":173,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"c8fa1ce4-36f7-4a92-be18-8dfc76c518c0","block_type":"box","text":"oppor tunities among one or more accounts so long as the rotation system provides for fair access for all client","page_number":173,"box":{"x":69,"y":498,"width":791,"height":11}},{"id":"7fe336ab-8cc8-45da-8c5d-a4bcf8e9ebf7","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":173,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"be516af2-cb31-43bc-9503-1f9f6afaf62d","block_type":"box","text":"clients may be used as well.","page_number":173,"box":{"x":69,"y":529,"width":200,"height":11}},{"id":"02a90d70-32bf-4b0b-b343-3f67b3d3155c","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":173,"box":{"x":102,"y":551,"width":789,"height":11}},{"id":"6c8e39bb-65a3-4436-85b1-d67e4e8f17b9","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":173,"box":{"x":68,"y":566,"width":815,"height":11}},{"id":"50104fb5-793a-4b5e-89d3-7db6563bc1cc","block_type":"box","text":"and strategies of those accounts. For example, BlackRock may decide that it may be entirely appropriate for a growth","page_number":173,"box":{"x":69,"y":581,"width":835,"height":12}},{"id":"48a55c84-a38a-4a95-bad4-4f9fcee25ebf","block_type":"box","text":"fund to sell a security at the same time a value fund is buying that security. To the extent that transactions on behalf","page_number":173,"box":{"x":68,"y":596,"width":833,"height":12}},{"id":"2d9fda28-f5af-4c28-8f17-42d90b0824a6","block_type":"box","text":"of more than one client of BlackRock or its affiliates during the same period may increase the demand for securities","page_number":173,"box":{"x":69,"y":612,"width":829,"height":11}},{"id":"1de15401-f485-4281-9015-54e157bfdeb2","block_type":"box","text":"being purchased or the supply of securities being sold, there may be an adverse effect on price. For example, sales","page_number":173,"box":{"x":69,"y":627,"width":825,"height":11}},{"id":"ef9479a5-9449-46f1-8a46-a870233d030d","block_type":"box","text":"of a security by BlackRock on behalf of one or more of its clients may decrease the market price of such security,","page_number":173,"box":{"x":69,"y":642,"width":806,"height":11}},{"id":"fccec794-53d4-49e4-868d-b6d38b13dbdb","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":173,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"90ce4e55-9fe9-4588-a38d-88b198de9519","block_type":"box","text":"consideration at or about the same time that would involve a Fund or other clients or funds for which BlackRock or an","page_number":173,"box":{"x":69,"y":672,"width":836,"height":9}},{"id":"7cd2fbeb-9556-4840-8e8a-3de7da7bf2bb","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":173,"box":{"x":69,"y":687,"width":773,"height":11}},{"id":"ff29fafe-6c5d-47c9-8eb3-3ce1a46b9e8d","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":173,"box":{"x":69,"y":702,"width":467,"height":11}},{"id":"43ec7b44-08a9-401d-83dd-9718f33b1162","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":173,"box":{"x":102,"y":725,"width":741,"height":11}},{"id":"7f94ba6a-4bdf-4526-a865-880542a51981","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":173,"box":{"x":69,"y":740,"width":721,"height":11}},{"id":"be2970bf-0f50-4b99-a8ea-ef2b9c220da8","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":173,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"f8febbcb-082d-461e-a501-136f87624eab","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":173,"box":{"x":68,"y":770,"width":795,"height":12}},{"id":"86961e5b-f25f-4d6f-bae6-a556966f3a1c","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":173,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"fea93cce-45c1-4901-b983-c18b2c989667","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":173,"box":{"x":69,"y":801,"width":783,"height":11}},{"id":"59b4ad71-de20-4c14-a642-fdb28807fb5d","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":173,"box":{"x":70,"y":816,"width":796,"height":11}},{"id":"eaf5453f-ff9d-4833-be37-57c818873876","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":173,"box":{"x":69,"y":831,"width":821,"height":11}},{"id":"b34d1819-403d-4237-ab04-19df85e5576d","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":173,"box":{"x":68,"y":846,"width":819,"height":11}},{"id":"a3c3c0fe-897a-4939-b1bb-29c730e33116","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":173,"box":{"x":70,"y":861,"width":771,"height":11}},{"id":"e6ad0331-4cd5-4665-a6ad-404aa6641a45","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":173,"box":{"x":68,"y":876,"width":815,"height":11}},{"id":"b445565b-96b9-411c-a4bc-55db44be38b8","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":173,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"3197ce32-5494-4a4e-9776-1a0e8ccd1bfe","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":173,"box":{"x":68,"y":906,"width":817,"height":12}},{"id":"77903ee8-89e1-4629-88e4-b2dcfc5902b8","block_type":"box","text":"II-125","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2611ba59-9964-4c28-a347-53c0c2be8639","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5918219a-7bcb-4a0c-b123-df273309fb24","block_type":"box","text":"the best execution of the order. Orders for purchase or sale of securities will be placed within a reasonable amount","page_number":174,"box":{"x":68,"y":45,"width":823,"height":11}},{"id":"99ebf251-e162-4d6c-9a19-4977c802cfa4","block_type":"box","text":"of time of the order receipt and aggregated orders will be kept aggregated only long enough to execute the order.","page_number":174,"box":{"x":69,"y":60,"width":803,"height":11}},{"id":"5f6a628b-3ebc-4fd1-9cdb-685d8d98b4bc","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":174,"box":{"x":101,"y":82,"width":767,"height":12}},{"id":"c634acb2-2da8-4dc0-8ae0-0eb8e19d179d","block_type":"box","text":"securities of which BlackRock, BRIL or any affiliated person (as defined in the Investment Company Act) thereof is a","page_number":174,"box":{"x":69,"y":98,"width":826,"height":11}},{"id":"7ded658d-7e21-493a-9114-f0c078da7f30","block_type":"box","text":"member except pursuant to procedures adopted by the Board of Directors in accordance with Rule 10f-3 under the","page_number":174,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"995d264d-5404-4261-89cd-0759cc644cbd","block_type":"box","text":"Investment Company Act. In no instance will por tfolio securities be purchased from or sold to BlackRock, BRIL or any","page_number":174,"box":{"x":70,"y":128,"width":833,"height":11}},{"id":"e9e055cd-46ac-421b-87e6-89c5dd60b869","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":174,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"7d7f2d2f-7748-4386-ac0d-ca64d2f44bf3","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":174,"box":{"x":101,"y":166,"width":786,"height":11}},{"id":"7ce86552-20aa-486c-a881-bd591f68b69a","block_type":"box","text":"clients or accounts that BlackRock manages or advises. If purchases or sales of por tfolio securities of a Fund and","page_number":174,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"17e9d9ce-fc93-4c23-a36f-2ccabe557bc4","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":174,"box":{"x":69,"y":196,"width":751,"height":11}},{"id":"456d158b-5892-49ca-9715-d48b2f7dcf34","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":174,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"7cfd406f-d65b-405a-8d35-8e9d9c7794de","block_type":"box","text":"to all by BlackRock. In some cases, this procedure could have a detrimental effect on the price or volume of the","page_number":174,"box":{"x":68,"y":226,"width":799,"height":11}},{"id":"a33d6691-7219-4012-a9d2-d6dbe0430003","block_type":"box","text":"security as far as a Fund is concerned. However, in other cases, it is possible that the ability to par ticipate in volume","page_number":174,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"f276c936-3ed7-4364-b010-08a70364775f","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":174,"box":{"x":68,"y":256,"width":820,"height":12}},{"id":"df696f1b-588b-4667-bedb-89cc05e98e25","block_type":"box","text":"invest for its own account in the types of securities in which a Fund may invest. BlackRock may, from time to time,","page_number":174,"box":{"x":70,"y":271,"width":812,"height":12}},{"id":"08b4d91c-a846-4cc2-bc09-f401c4572269","block_type":"box","text":"effect trades on behalf of and for the account of a Fund with brokers or dealers that are affiliated with BFA, in","page_number":174,"box":{"x":69,"y":286,"width":781,"height":11}},{"id":"2dd08a45-14b7-4913-af47-d07747c112ab","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":174,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"a4cce19c-523c-400f-b733-f7de2cf7e733","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":174,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"5c3b10b0-678c-476c-bf8e-a944d8f25a25","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":174,"box":{"x":69,"y":332,"width":815,"height":11}},{"id":"f7e549d3-bfc4-4efb-8576-204c783e006b","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":174,"box":{"x":69,"y":347,"width":713,"height":11}},{"id":"c5c3993f-33be-4cef-bcb0-785ff4c75c45","block_type":"box","text":"Portfolio Turnover","page_number":174,"box":{"x":69,"y":377,"width":129,"height":9}},{"id":"468edabd-d4fb-43bc-a1f0-1ad92720004a","block_type":"box","text":"The por tfolio turnover rate is calculated by dividing the lesser of a Fund’s annual sales or purchases of por tfolio","page_number":174,"box":{"x":101,"y":400,"width":798,"height":11}},{"id":"a7980a23-790d-4f87-975f-0dc9f6175373","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":174,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"f9885ac6-9d49-4630-a7d5-aadec4d7ada4","block_type":"box","text":"the time of acquisition were one year or less) by the monthly average value of the securities in the por tfolio during","page_number":174,"box":{"x":68,"y":430,"width":814,"height":11}},{"id":"5c7e9e53-5023-487e-a20b-dc4835cb1fc2","block_type":"box","text":"the year. A high rate of por tfolio turnover results in cer tain tax consequences, such as increased capital gain","page_number":174,"box":{"x":68,"y":445,"width":777,"height":12}},{"id":"6e35a9b2-5f68-4582-9d26-ad06fcb7d677","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":174,"box":{"x":69,"y":460,"width":818,"height":12}},{"id":"5426e06d-de7c-4403-8078-9b9503f0eb18","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":174,"box":{"x":69,"y":476,"width":519,"height":11}},{"id":"69ee383f-2724-45fe-abd0-ddf48f725258","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":174,"box":{"x":396,"y":505,"width":186,"height":10}},{"id":"8ec60f9e-2344-4fbf-9c23-c473c546c4cb","block_type":"box","text":"Dividends","page_number":174,"box":{"x":69,"y":535,"width":69,"height":9}},{"id":"0c79caa0-7a75-4024-aa27-341f642605f6","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":174,"box":{"x":102,"y":558,"width":776,"height":11}},{"id":"d5d376bd-7b74-4927-a832-8de7228ed49d","block_type":"box","text":"investment income are paid as set for th in each Fund’s Prospectus. Each Fund also intends to distribute all net","page_number":174,"box":{"x":70,"y":573,"width":795,"height":11}},{"id":"2c92699d-8a09-4fbf-a5f1-2b8ccbb5bd25","block_type":"box","text":"realized capital gains, if any, as set for th in such Fund’s Prospectus. From time to time, a Fund may declare a special","page_number":174,"box":{"x":69,"y":588,"width":837,"height":12}},{"id":"301f0a50-fabd-4745-b2a4-0cc110d4ab4b","block_type":"box","text":"distribution at or about the end of the calendar year in order to comply with U.S. federal tax requirements that cer tain","page_number":174,"box":{"x":69,"y":603,"width":836,"height":12}},{"id":"3d6305e6-3e43-4dc4-bf91-0d525e81b38a","block_type":"box","text":"percentages of its ordinary income and capital gains be distributed during the year. If, in any fiscal year, a Fund has","page_number":174,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"2d19b6d0-c22f-4d88-8e23-fa5543e96496","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":174,"box":{"x":69,"y":634,"width":739,"height":11}},{"id":"662b8eb9-2d73-4afb-a4da-af2a1a62cedd","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":174,"box":{"x":102,"y":656,"width":773,"height":12}},{"id":"e146f3d7-eb1c-4d0e-b8ef-4dc03d44b5ee","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":174,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"584dfd7c-c544-4ebd-8b45-5d117e596f3a","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":174,"box":{"x":69,"y":687,"width":807,"height":11}},{"id":"d5c9d59f-93d8-4ae7-9756-993db24d3fe0","block_type":"box","text":"whether they are reinvested in shares of the Fund or received in cash. The per share dividends on front-end load","page_number":174,"box":{"x":68,"y":702,"width":800,"height":11}},{"id":"159bcba7-7310-43d2-887e-9f6dc940ad3d","block_type":"box","text":"shares, CDSC shares and Service Shares will be lower than the per share dividends on Institutional Shares as a","page_number":174,"box":{"x":69,"y":717,"width":801,"height":11}},{"id":"0031bc7c-325c-4520-be07-6a4dc0d6be35","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":174,"box":{"x":69,"y":732,"width":783,"height":11}},{"id":"2041f769-b6f0-4397-82df-5e1a57934cee","block_type":"box","text":"applicable to front-end load shares and Service Shares, and the service and distribution fees applicable to Class R","page_number":174,"box":{"x":69,"y":747,"width":820,"height":11}},{"id":"cde02006-8754-435c-b21a-6ebaa48585bc","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":174,"box":{"x":69,"y":762,"width":794,"height":11}},{"id":"9a3887d1-2907-4a6b-bd07-69aa6db9de2a","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":174,"box":{"x":69,"y":777,"width":834,"height":12}},{"id":"10a3e81f-78fb-4549-a5fa-bf1916d2f330","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":174,"box":{"x":68,"y":792,"width":826,"height":11}},{"id":"fadb1f1c-26af-4c97-854f-d283d77d5a20","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":174,"box":{"x":69,"y":807,"width":816,"height":12}},{"id":"25782430-8c15-4319-b1af-0e076d4f57a9","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":174,"box":{"x":68,"y":823,"width":461,"height":11}},{"id":"dd307c08-ee94-40f5-a749-00cbdc1abe0f","block_type":"box","text":"Taxes","page_number":174,"box":{"x":68,"y":853,"width":42,"height":9}},{"id":"5e1fc3c3-9ada-4445-9df0-af3343aee7a7","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":174,"box":{"x":102,"y":875,"width":732,"height":12}},{"id":"278373bb-d5ae-47a1-a7a0-365d33e06c04","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":174,"box":{"x":69,"y":891,"width":825,"height":11}},{"id":"3c970dd6-9958-4f51-8003-135768150a8a","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":174,"box":{"x":70,"y":906,"width":817,"height":11}},{"id":"0dd5744e-a6f9-4e36-a236-74746ef45157","block_type":"box","text":"II-126","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c64c6c66-1dea-4b06-936f-bd025593909d","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e169410f-c95f-4c9e-b034-56bb845e43e3","block_type":"box","text":"distributes to its shareholders in years in which it distributes at least 90% of its investment company taxable income","page_number":175,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"036f9c0c-605c-49de-90b1-5dd06fedc2ac","block_type":"box","text":"and at least 90% of its net tax-exempt interest income, if any, for the year. To qualify as a regulated investment","page_number":175,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"66128fcc-d13e-429b-b2da-fea49ac5ce97","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":175,"box":{"x":69,"y":75,"width":786,"height":11}},{"id":"c286d1e0-1a56-4807-a92b-e8bf632133f8","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":175,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"a3b95a9a-c54d-4869-96fd-bd3d6cf60041","block_type":"box","text":"for a discussion of the asset diversification requirements. In the case of a Feeder Fund, such Fund may look to the","page_number":175,"box":{"x":68,"y":105,"width":819,"height":11}},{"id":"2d69c1c5-8352-4ab5-b509-1bb61b7372a7","block_type":"box","text":"underlying assets of the Master Por tfolio in which it has invested for purposes of satisfying the asset diversification","page_number":175,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"f24720ab-c877-44e3-b2ea-45ada74246fc","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":175,"box":{"x":69,"y":135,"width":739,"height":12}},{"id":"0935c740-ce7c-434c-a696-8e75c2cdf93c","block_type":"box","text":"A Fund may be able to cure a failure to derive at least 90% of its income from the sources specified above or a","page_number":175,"box":{"x":101,"y":158,"width":792,"height":11}},{"id":"6b1b487e-6077-40d5-8b98-bc2c4f7f7f89","block_type":"box","text":"failure to diversify its holdings in the manner described above by paying a tax, by disposing of cer tain assets, or by","page_number":175,"box":{"x":68,"y":173,"width":819,"height":11}},{"id":"b91f73e6-e736-474b-ad73-2567af7ed310","block_type":"box","text":"paying a tax and disposing of assets. If, in any taxable year, a Fund fails one of these tests and does not timely cure","page_number":175,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"6d77abd2-e3e1-4998-8975-c6b48622d5f4","block_type":"box","text":"the failure, the Fund will be taxed in the same manner as an ordinary corporation and distributions to its","page_number":175,"box":{"x":68,"y":203,"width":744,"height":12}},{"id":"68d88c37-3d4f-4fc0-8d44-fa6785d44f04","block_type":"box","text":"shareholders will not be deductible by the Fund in computing its taxable income. Although in general the passive loss","page_number":175,"box":{"x":69,"y":219,"width":835,"height":11}},{"id":"10d71aaf-c4e7-4ad5-affb-5d429d6720ce","block_type":"box","text":"rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment","page_number":175,"box":{"x":69,"y":234,"width":808,"height":11}},{"id":"cd618673-d966-477e-b4d0-5f0c11a316b0","block_type":"box","text":"company with respect to items attributable to an interest in a qualified publicly-traded par tnership. A Fund’s","page_number":175,"box":{"x":69,"y":249,"width":767,"height":11}},{"id":"63a5819a-43c4-4286-b489-b1684de711d3","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":175,"box":{"x":70,"y":264,"width":826,"height":11}},{"id":"4c8f6c99-0af6-416b-b182-ea972c671384","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":175,"box":{"x":68,"y":279,"width":521,"height":11}},{"id":"5e76e671-69e2-4c59-8eb7-7fe68b986313","block_type":"box","text":"Each Fund intends to distribute substantially all of such income and gains. If, in any taxable year, a Fund fails to","page_number":175,"box":{"x":102,"y":302,"width":798,"height":11}},{"id":"95930efd-f529-4d29-8773-6daa415a37cf","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":175,"box":{"x":69,"y":317,"width":762,"height":11}},{"id":"f865213b-d3fa-4c4c-8fb9-f11b6211aa53","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":175,"box":{"x":70,"y":332,"width":789,"height":11}},{"id":"39d7eb71-7c8f-4c85-84a4-c598db0ac948","block_type":"box","text":"earnings and profits (as determined under U.S. federal income tax principles) to its shareholders would be taxable as","page_number":175,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"fa0dd63d-16d8-4e8d-9609-17d22a8692ff","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":175,"box":{"x":69,"y":362,"width":831,"height":11}},{"id":"c43ad06b-4bbc-481a-84a5-ba43bbfc9a11","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":175,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"433ae2cd-236b-4cb9-b061-85ca06af6e25","block_type":"box","text":"exempt obligations, as defined herein, would no longer qualify for treatment as exempt interest. Each Fund that is a","page_number":175,"box":{"x":69,"y":392,"width":825,"height":12}},{"id":"0657b5b0-d31c-4f16-b9ec-a8e2f092b503","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":175,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"8a4ba010-3252-4afb-aca6-4f8ab2155ca9","block_type":"box","text":"U.S. federal income tax purposes, and therefore is considered to be a separate entity in determining its treatment","page_number":175,"box":{"x":70,"y":423,"width":813,"height":11}},{"id":"8c2d71af-7268-46c8-8385-ec4490a0e742","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":175,"box":{"x":69,"y":438,"width":834,"height":11}},{"id":"bd605409-813c-4009-85ad-1f8eee4b960f","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":175,"box":{"x":69,"y":453,"width":790,"height":11}},{"id":"a377f59c-bc6d-4e6d-91ff-ee85b9cadd5b","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":175,"box":{"x":69,"y":468,"width":771,"height":11}},{"id":"f5484c52-c672-45b9-a6ff-1aa3563177d8","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":175,"box":{"x":69,"y":483,"width":512,"height":11}},{"id":"7d1cf084-ae93-477b-9b7a-8afdc6a4aa75","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":175,"box":{"x":101,"y":506,"width":759,"height":11}},{"id":"07c78c54-21a9-42e0-bd09-1b6bfe508bb7","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":175,"box":{"x":69,"y":521,"width":813,"height":11}},{"id":"bf4c473e-14a4-452a-8e51-aefe09ca46b7","block_type":"box","text":"determined on a calendar year basis, and at least 98.2% of its capital gain net income, determined, in general, as if","page_number":175,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"327664f3-6ab4-4043-aeff-200e00784bc2","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":175,"box":{"x":68,"y":551,"width":832,"height":11}},{"id":"091b983e-2005-41e8-b175-6e1d2f1169d9","block_type":"box","text":"previous years. While each Fund intends to distribute its income and capital gains in the manner necessary to avoid","page_number":175,"box":{"x":70,"y":566,"width":825,"height":11}},{"id":"b4bf8e71-d1ae-454b-990a-bde300b3f356","block_type":"box","text":"imposition of the 4% excise tax, there can be no assurance that a sufficient amount of the Fund’s taxable income","page_number":175,"box":{"x":70,"y":581,"width":810,"height":11}},{"id":"7b06d127-fa27-43ce-9862-2aaaca958c3d","block_type":"box","text":"and capital gains will be distributed to avoid entirely the imposition of the tax. In such event, a Fund will be liable for","page_number":175,"box":{"x":69,"y":596,"width":828,"height":12}},{"id":"c0ff8d98-7ad9-4170-a756-12ccfc42d6cc","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":175,"box":{"x":68,"y":612,"width":666,"height":11}},{"id":"e64c3591-d7d5-4ec6-8c3d-d1f41e646fe0","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":175,"box":{"x":102,"y":634,"width":790,"height":12}},{"id":"91420875-5cb9-4914-a6ed-d7857c810bf9","block_type":"box","text":"have been reduced to zero. In the event that the Fund were to experience an ownership change as defined under the","page_number":175,"box":{"x":69,"y":649,"width":830,"height":12}},{"id":"356d3630-0dc2-4ddf-bf4c-983d8692d6b3","block_type":"box","text":"Code, the Fund’s loss carryforwards and other favorable tax attributes of the Fund, if any, may be subject to","page_number":175,"box":{"x":69,"y":664,"width":770,"height":12}},{"id":"a06d9c05-e1f7-47d3-9cee-5437a319ed59","block_type":"box","text":"limitation.","page_number":175,"box":{"x":70,"y":680,"width":68,"height":9}},{"id":"defc42e2-9aff-41bc-a482-76fe2698a144","block_type":"box","text":"Dividends paid by a Fund from its ordinary income or from an excess of net shor t-term capital gain over net long","page_number":175,"box":{"x":102,"y":702,"width":803,"height":12}},{"id":"006e083f-c947-4070-a842-248933ae1cdb","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":175,"box":{"x":68,"y":717,"width":790,"height":12}},{"id":"f6f37e4a-2ed7-4377-b9d4-23471afe2d73","block_type":"box","text":"income. Distributions made from an excess of net long-term capital gain over net shor t-term capital loss (including","page_number":175,"box":{"x":70,"y":732,"width":815,"height":12}},{"id":"05dda938-c482-4527-a5df-13c9fbc8f381","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":175,"box":{"x":68,"y":748,"width":748,"height":11}},{"id":"f7d5aae7-faa1-40be-a10e-e63466058979","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":175,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"6c777d17-af8d-4796-a6b5-a2420a1a81f4","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":175,"box":{"x":70,"y":778,"width":829,"height":11}},{"id":"3e8887f6-ee7f-433f-8d08-7afe8e518927","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":175,"box":{"x":70,"y":793,"width":785,"height":11}},{"id":"8a53c486-ef28-487c-84c4-14b4fe4ca228","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":175,"box":{"x":69,"y":808,"width":795,"height":11}},{"id":"9e9861a4-a6d0-4081-9d7f-3c6cbebc1a53","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":175,"box":{"x":70,"y":823,"width":809,"height":12}},{"id":"3a51f3e8-97cb-46db-a922-d6f91330abe1","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":175,"box":{"x":68,"y":839,"width":814,"height":11}},{"id":"997a0e33-89ff-42f2-b24a-379df3794880","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":175,"box":{"x":68,"y":853,"width":822,"height":12}},{"id":"7b57d3ae-f4f7-4bcb-84cf-3a3b55cece52","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":175,"box":{"x":68,"y":869,"width":751,"height":11}},{"id":"d6cc81fe-8ce7-4e99-91dd-398d472acd8c","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":175,"box":{"x":69,"y":884,"width":823,"height":11}},{"id":"2a5dc81e-3c7e-4470-ab03-7ad3ccbe2164","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":175,"box":{"x":68,"y":899,"width":817,"height":11}},{"id":"e7a6e9ef-f6e6-4290-869e-1072b09302b9","block_type":"box","text":"II-127","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7cbb9724-3a3a-4fc2-9648-9732e01da051","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3abe72af-72c5-4dd1-8474-f5f2fba1cd13","block_type":"box","text":"which the shares become ex-dividend with respect to such dividend). However, to the extent a Fund’s distributions","page_number":176,"box":{"x":68,"y":45,"width":813,"height":11}},{"id":"b114504d-9412-4ec5-8da0-2027ee667502","block_type":"box","text":"are derived from income on debt securities, cer tain types of preferred stock treated as debt for U.S. federal income","page_number":176,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"09e217c1-1327-4059-8264-2562fe57e975","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":176,"box":{"x":68,"y":75,"width":789,"height":11}},{"id":"d1824928-98ea-4d12-8919-224c7f08efdb","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":176,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"28578279-b969-416e-8249-4ab1f6e1186e","block_type":"box","text":"constitute “qualified dividend income.”","page_number":176,"box":{"x":69,"y":105,"width":275,"height":11}},{"id":"8fc7db96-1f84-42f6-8995-267d514733da","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":176,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"f20b12fb-4056-4c3c-99a3-adec21d89ae4","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":176,"box":{"x":70,"y":143,"width":368,"height":11}},{"id":"a08ca1df-c9d7-4532-85cb-c21dd3f6ba38","block_type":"box","text":"A Fund’s net capital gain (the excess of net long-term capital gains over net shor t-term capital losses) is not","page_number":176,"box":{"x":101,"y":166,"width":772,"height":11}},{"id":"6d30a19b-fe65-4e2d-ba94-7ede4843a406","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":176,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"b96cda20-7f18-42b7-8bb9-09ee6ae25856","block_type":"box","text":"Fund retains net capital gain, it is subject to tax on that gain, and may designate the retained amount as","page_number":176,"box":{"x":70,"y":196,"width":745,"height":11}},{"id":"70be5f90-e2ff-441e-97e5-058989cd0969","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":176,"box":{"x":69,"y":211,"width":795,"height":11}},{"id":"c78c0c11-cef6-4839-82ae-0ceb3bccbe0e","block_type":"box","text":"income, as long-term capital gain, their propor tionate shares of such undistributed net capital gain, will be deemed to","page_number":176,"box":{"x":70,"y":226,"width":838,"height":11}},{"id":"79b5fc6e-1918-43d9-9292-b606514f2531","block_type":"box","text":"have paid and may claim as a credit against their U.S. federal income tax liability (and as a refund to the extent it","page_number":176,"box":{"x":69,"y":241,"width":809,"height":11}},{"id":"6ec6ed11-67f0-4340-9b10-4610283710ae","block_type":"box","text":"exceeds that liability) their propor tionate shares of the tax paid by the Fund on that gain, and shall increase the tax","page_number":176,"box":{"x":69,"y":256,"width":822,"height":12}},{"id":"c7e70d46-d42a-4f23-ad33-8685cf9dd3ea","block_type":"box","text":"basis of their shares in the Fund by the excess of the amount included in income over the amount allowed as a credit","page_number":176,"box":{"x":69,"y":271,"width":838,"height":12}},{"id":"f68c9b88-2cdb-4357-85db-5cd5492c16f9","block_type":"box","text":"against their taxes.","page_number":176,"box":{"x":69,"y":287,"width":135,"height":11}},{"id":"d355556e-850a-4e66-9558-e4c972222dd1","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":176,"box":{"x":102,"y":309,"width":783,"height":11}},{"id":"0270e57e-e77f-4d6e-9446-6eb495bc2500","block_type":"box","text":"tax basis of a holder’s shares and after such adjusted tax basis is reduced to zero, will constitute capital gains to","page_number":176,"box":{"x":68,"y":324,"width":812,"height":12}},{"id":"976761be-8def-43d1-a8d1-4ea0f338279e","block_type":"box","text":"such holder (assuming the shares are held as a capital asset). Distributions in excess of a Fund’s minimum","page_number":176,"box":{"x":69,"y":339,"width":769,"height":12}},{"id":"457bdeae-0e44-4165-b6fc-622200e4e6ad","block_type":"box","text":"distribution requirements (or taxable income) but not in excess of a Fund’s earnings and profits will be taxable to","page_number":176,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"c4436b67-2369-4b4f-9db3-e9bf26c5fbc3","block_type":"box","text":"shareholders and will not constitute nontaxable returns of capital. In the case of a Fund with a non-calendar taxable","page_number":176,"box":{"x":69,"y":370,"width":824,"height":11}},{"id":"f9e7b48a-e78a-4a81-a9b8-207d010c0c0c","block_type":"box","text":"year, a Fund’s earnings and profits are allocated first to distributions made on or before December 31 of the taxable","page_number":176,"box":{"x":68,"y":385,"width":831,"height":11}},{"id":"18258298-c0fc-47f6-860d-b6eb9fb525f1","block_type":"box","text":"year, and then to distributions made after December 31 of the taxable year. Any loss upon the sale or exchange of","page_number":176,"box":{"x":68,"y":400,"width":817,"height":11}},{"id":"ab93dab0-0f0e-489f-b958-d1e678ea5a8f","block_type":"box","text":"Fund shares held for six months or less will be treated as long-term capital loss to the extent of any capital gain","page_number":176,"box":{"x":70,"y":415,"width":797,"height":11}},{"id":"eb9218d8-2b1d-4d27-bcc8-8f5f1e49e225","block_type":"box","text":"dividends received by the shareholder.","page_number":176,"box":{"x":69,"y":430,"width":272,"height":11}},{"id":"a8f58375-1eda-463f-8c29-f3cf1756e88e","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":176,"box":{"x":102,"y":453,"width":792,"height":11}},{"id":"c1fb2dae-998b-44e4-a473-6ae5035de2d9","block_type":"box","text":"shares of a Fund. Distributions by a Fund, whether from ordinary income or capital gains, generally will not be eligible","page_number":176,"box":{"x":69,"y":468,"width":835,"height":11}},{"id":"18c54434-a6ee-44f4-b041-1352fb1a0db4","block_type":"box","text":"for the dividends received deduction allowed to corporations under the Code. If a Fund pays a dividend in January","page_number":176,"box":{"x":68,"y":483,"width":809,"height":11}},{"id":"0b9e8f68-0564-4da8-be6c-c23e907865eb","block_type":"box","text":"that was declared in the previous October, November or December to shareholders of record on a specified date in","page_number":176,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"81d9941d-da3d-482c-8be6-a8027bc65d0b","block_type":"box","text":"one of such months, then such dividend will be treated for tax purposes as being paid by the Fund and received by its","page_number":176,"box":{"x":69,"y":513,"width":839,"height":12}},{"id":"9939cf59-4fda-469b-b6a3-6366575c5cad","block_type":"box","text":"shareholders on December 31 of the year in which the dividend was declared. In the case of a Fund with a non","page_number":176,"box":{"x":69,"y":528,"width":794,"height":12}},{"id":"00b70f38-52e0-4e35-a8b2-45b035b354c5","block_type":"box","text":"calendar taxable year, if the Fund repor ts more capital gain dividends than it earns in such taxable year, then the","page_number":176,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"b95a7e81-6cf5-466b-8f41-ce1b421be158","block_type":"box","text":"Fund will reduce the amounts repor ted as capital gains. Where possible, such reduction will first be allocated to","page_number":176,"box":{"x":70,"y":559,"width":797,"height":11}},{"id":"384c7660-ffb8-4d37-b9e1-a2e3232fee8b","block_type":"box","text":"dividends made after December 31 of such taxable year. A Fund may elect to defer recognizing, until the following","page_number":176,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"f3ff30f4-9af3-4c1c-8b48-f17700329299","block_type":"box","text":"taxable year, cer tain net capital losses arising after October 31 of the current taxable year, and cer tain net ordinary","page_number":176,"box":{"x":68,"y":589,"width":826,"height":11}},{"id":"7215d284-f1e9-4880-8f39-9af2ac8abcb2","block_type":"box","text":"losses arising after October 31 and/or December 31 of the current taxable year. This may have the effect of","page_number":176,"box":{"x":70,"y":604,"width":772,"height":11}},{"id":"209a49f7-660f-4ae7-af87-cfd70041c3f4","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":176,"box":{"x":70,"y":619,"width":795,"height":11}},{"id":"c2c46191-bbdf-4a28-96c5-4e44ad0573fc","block_type":"box","text":"taxable year.","page_number":176,"box":{"x":68,"y":634,"width":89,"height":11}},{"id":"3a762ffc-d24f-4788-84ca-91843ffb1c60","block_type":"box","text":"No gain or loss will be recognized by Investor C shareholders on the conversion to Investor A Shares. A","page_number":176,"box":{"x":102,"y":657,"width":733,"height":11}},{"id":"98b4bd03-2b2d-48ff-8612-4448ba68e304","block_type":"box","text":"shareholder’s tax basis in the Investor A Shares acquired upon conversion will be the same as the shareholder’s tax","page_number":176,"box":{"x":69,"y":672,"width":832,"height":11}},{"id":"1b6e0b3d-27d6-42cd-9901-8420f6fa83c1","block_type":"box","text":"basis in the conver ted Investor C Shares and the holding period of the acquired Investor A Shares will include the","page_number":176,"box":{"x":69,"y":687,"width":809,"height":11}},{"id":"3bd6de91-4931-4296-906e-ef6025cb899b","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":176,"box":{"x":69,"y":702,"width":362,"height":12}},{"id":"b2a01714-5d11-49d2-bb0e-e35cc505a831","block_type":"box","text":"If a shareholder of a Fund exercises an exchange privilege within 90 days of acquiring the shares of a Fund, but","page_number":176,"box":{"x":102,"y":725,"width":795,"height":11}},{"id":"1d198403-4f0f-4be2-a0c5-a379af7f6872","block_type":"box","text":"on or before January 31 of the following year, then the loss that the shareholder recognizes on the exchange will be","page_number":176,"box":{"x":69,"y":740,"width":824,"height":11}},{"id":"2c8b4b2f-9977-454e-828a-33c7c4381f17","block_type":"box","text":"reduced (or the gain increased) to the extent any sales charge paid on the exchanged shares reduces any sales","page_number":176,"box":{"x":69,"y":755,"width":797,"height":11}},{"id":"e86c4fe6-a805-4c42-a9c4-a4b9fb65569c","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":176,"box":{"x":69,"y":770,"width":791,"height":12}},{"id":"26fd980f-4ce3-4e2c-873b-76aacf2f66c0","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":176,"box":{"x":70,"y":785,"width":646,"height":12}},{"id":"83671b4d-e31a-4417-8404-221a6b85e689","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":176,"box":{"x":101,"y":808,"width":807,"height":11}},{"id":"9a5352c7-5aed-4317-81c1-2495d032037d","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":176,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"d7674d41-7040-4865-bb0a-de9a721d34e9","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":176,"box":{"x":69,"y":838,"width":799,"height":12}},{"id":"1f1815da-09bc-46b3-9d9c-494608e42e8a","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":176,"box":{"x":69,"y":853,"width":534,"height":12}},{"id":"03bb2207-1886-4309-a98e-349aac67497d","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":176,"box":{"x":101,"y":876,"width":792,"height":11}},{"id":"f789cc81-6da2-4132-a684-070cc5637ce7","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":176,"box":{"x":69,"y":891,"width":800,"height":11}},{"id":"d5fff08c-bd69-4c65-9d86-16270a763013","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":176,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"1c4bb637-b556-48bc-8f6d-af7aa51b2705","block_type":"box","text":"II-128","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c9f1e893-597b-41ee-9a1e-b3adbf0a065b","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7299832-b5cd-4373-ac70-83392358df02","block_type":"box","text":"long-term or shor t-term. The adjusted cost basis of shares will be based on the default cost basis repor ting method","page_number":177,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"6d642e1b-1814-479e-8c1e-9d38878f0624","block_type":"box","text":"selected by the Fund, unless a shareholder, before the sale or redemption, informs the Fund that it has selected a","page_number":177,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"303f5e3b-51ad-4043-ad61-fa11c4cb54a7","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":177,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"c652f345-47fa-4160-9434-6626ae10322c","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":177,"box":{"x":68,"y":90,"width":840,"height":11}},{"id":"b2c2b679-5e23-4cda-a1ea-bb4729c1b47f","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these new cost basis repor ting","page_number":177,"box":{"x":69,"y":105,"width":822,"height":11}},{"id":"6f1d1973-9a86-415f-9a77-c6ca8ae710af","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these new requirements will not","page_number":177,"box":{"x":69,"y":120,"width":831,"height":11}},{"id":"c0b838a7-9c19-40ce-9224-96731c3c39db","block_type":"box","text":"apply, but the Fund will continue to repor t to the IRS the gross proceeds received by a shareholder from the sale or","page_number":177,"box":{"x":69,"y":135,"width":821,"height":12}},{"id":"c8247ab1-2dcf-4ac5-b6a9-101bf55893d1","block_type":"box","text":"redemption of such shares.","page_number":177,"box":{"x":69,"y":150,"width":195,"height":11}},{"id":"4c508d44-764b-47fb-852f-8990dbd70bcf","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":177,"box":{"x":102,"y":173,"width":799,"height":11}},{"id":"4090a184-ddfc-4e7a-b294-91b8415996ed","block_type":"box","text":"agreements. The U.S. federal income tax treatment of a derivative contract may not be as favorable as a direct","page_number":177,"box":{"x":69,"y":188,"width":791,"height":12}},{"id":"bb065afa-e382-42c1-b9ec-104ed6564f0b","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":177,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"b8ad0339-b57d-4377-b36d-667bb332addd","block_type":"box","text":"realizes from its investments. As a result, a larger por tion of the Fund’s distributions may be treated as ordinary","page_number":177,"box":{"x":69,"y":218,"width":803,"height":12}},{"id":"2a48452d-1832-4d25-80b5-b1eb1dd44cdb","block_type":"box","text":"income rather than capital gains. In addition, section 1256 contracts held by a Fund at the end of each taxable year","page_number":177,"box":{"x":70,"y":234,"width":825,"height":11}},{"id":"c47afd79-e579-4ffb-889a-cfc3f07d4c5a","block_type":"box","text":"(and, for purposes of the 4% excise tax, cer tain other dates as prescribed under the Code) are generally “marked-to","page_number":177,"box":{"x":69,"y":249,"width":829,"height":11}},{"id":"71d9e3a5-72f0-4a8b-b5aa-21d24d063f13","block_type":"box","text":"market,” and unrealized gains or losses are treated as though they were realized, which may increase the amount","page_number":177,"box":{"x":69,"y":264,"width":813,"height":11}},{"id":"e2100efe-a7e9-46b6-b346-4e3f0bf41d33","block_type":"box","text":"that must be distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of","page_number":177,"box":{"x":68,"y":279,"width":831,"height":11}},{"id":"f24eed98-e341-4101-8b40-df903b5fdf39","block_type":"box","text":"cer tain derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation,","page_number":177,"box":{"x":69,"y":294,"width":775,"height":11}},{"id":"bfa74e9f-83e5-4d46-86ab-5cf2c869eaec","block_type":"box","text":"regulation or administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to","page_number":177,"box":{"x":69,"y":309,"width":810,"height":11}},{"id":"2975e332-0e3c-4716-ad58-27aa1a094f36","block_type":"box","text":"use derivatives, the Fund may have to find other ways of achieving its investment objectives.","page_number":177,"box":{"x":69,"y":324,"width":658,"height":12}},{"id":"8ae7c16a-101c-478a-b337-8e5fb2ce4b85","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":177,"box":{"x":102,"y":347,"width":744,"height":11}},{"id":"bc7a2fe8-b79d-48ae-a5a7-e2793331038a","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":177,"box":{"x":69,"y":362,"width":751,"height":11}},{"id":"51eeb7c2-5475-4e07-8409-c34d4d23c1ac","block_type":"box","text":"agreements. Although all of the income on a notional principal contract is ordinary income, only some of the income","page_number":177,"box":{"x":69,"y":377,"width":826,"height":12}},{"id":"fa8ec574-2c19-4dee-829b-e343d194a780","block_type":"box","text":"on a section 1256 contract is shor t-term capital gain, which is generally taxable at ordinary income rates. The rest is","page_number":177,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"04d6b573-7f21-493e-a416-c577946734b0","block_type":"box","text":"long-term capital gain, which may be taxable at more favorable rates than ordinary income. Proposed regulations","page_number":177,"box":{"x":70,"y":407,"width":802,"height":12}},{"id":"e71f32f5-8430-4db4-9da0-0674252d1341","block_type":"box","text":"interpret what types of swap agreements are to be treated as notional principal contracts rather than as section","page_number":177,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"62c21feb-5563-46bb-8d49-ee9645605e3a","block_type":"box","text":"1256 contracts. When finalized, these regulations could result in the Fund having to treat more of its income on swap","page_number":177,"box":{"x":70,"y":438,"width":839,"height":11}},{"id":"7e9b8c0b-d169-4a4f-a5d4-69644e47f7a1","block_type":"box","text":"agreements and more of the distributions made to shareholders as ordinary income and less as long-term capital","page_number":177,"box":{"x":69,"y":453,"width":810,"height":11}},{"id":"80323cb3-038c-4113-a0dc-e82f6f9109de","block_type":"box","text":"gains.","page_number":177,"box":{"x":68,"y":468,"width":42,"height":11}},{"id":"abea820b-c345-4f45-949e-4187f68733f4","block_type":"box","text":"Cer tain Funds may invest in zero coupon U.S. Treasury bonds and other debt securities that are issued at a","page_number":177,"box":{"x":102,"y":491,"width":768,"height":11}},{"id":"bfc94079-36fd-4786-a93a-0a225d2ae8f8","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":177,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"8b143488-d141-43b8-a00c-d8fafc0b84fe","block_type":"box","text":"securities, it will be deemed to receive income equal, generally, to a por tion of the excess of the stated redemption","page_number":177,"box":{"x":69,"y":521,"width":822,"height":11}},{"id":"6ad4854b-deb1-4dbd-b160-e4d7f6e0d0bc","block_type":"box","text":"price of the securities over their issue price (“original issue discount”) each year that the securities are held. Since","page_number":177,"box":{"x":70,"y":536,"width":819,"height":11}},{"id":"07fcc25a-32ea-415c-b2a3-007e37e8839d","block_type":"box","text":"the original issue discount income earned by a Fund in a taxable year may not be represented by cash income, the","page_number":177,"box":{"x":68,"y":551,"width":818,"height":11}},{"id":"ab2bafda-cc61-424e-ada2-a59fc22fb60f","block_type":"box","text":"Fund may have to dispose of securities, which it might otherwise have continued to hold, or borrow to generate cash","page_number":177,"box":{"x":70,"y":566,"width":830,"height":11}},{"id":"e614ace0-c04c-4a44-aaaf-c7d1f20cce16","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":177,"box":{"x":70,"y":581,"width":792,"height":12}},{"id":"51bb09bb-740d-402e-a8b5-cc2b4ca08671","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":177,"box":{"x":69,"y":596,"width":808,"height":12}},{"id":"4c453ba2-dd97-424e-8887-279e919df40a","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":177,"box":{"x":70,"y":612,"width":812,"height":11}},{"id":"f047a36e-86de-4db2-b7f0-84084cd7323c","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments.","page_number":177,"box":{"x":69,"y":627,"width":570,"height":11}},{"id":"8da5c130-ee8b-4182-85f6-5b6d4c2d2c35","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":177,"box":{"x":102,"y":649,"width":795,"height":12}},{"id":"d0bc9573-2dc9-4abb-8b79-16906fbe4881","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":177,"box":{"x":68,"y":665,"width":816,"height":11}},{"id":"ea3133fa-cf74-434c-8d31-b4cd9a9e97f9","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":177,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"532ae5a1-6cf8-46c0-a071-28cad391626d","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":177,"box":{"x":68,"y":695,"width":815,"height":11}},{"id":"f8732ff3-ce60-423c-9a97-fe6508a16af8","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":177,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"709763ef-6f8a-4aba-a932-8d321877676d","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":177,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"f8c0266b-1297-43e1-a078-fc36c5732b8c","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":177,"box":{"x":69,"y":740,"width":781,"height":11}},{"id":"2d5cc727-fa12-4f68-acf6-22667ce213ba","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":177,"box":{"x":69,"y":755,"width":824,"height":11}},{"id":"10b2b273-0432-4b98-9cb1-7cc5e7a7b74b","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":177,"box":{"x":69,"y":771,"width":832,"height":11}},{"id":"cfb352ab-66e5-4b25-994e-946e6cd09ff4","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":177,"box":{"x":68,"y":786,"width":808,"height":11}},{"id":"61bea712-e848-46f3-84ad-7a6e40eb3217","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":177,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"b4b3d3ba-d74c-4a5d-b690-839e351c0a18","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":177,"box":{"x":69,"y":816,"width":830,"height":11}},{"id":"b3c3ac1e-dad1-42f3-bad8-132be92f7909","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":177,"box":{"x":69,"y":831,"width":811,"height":11}},{"id":"9173ab23-f36a-47ff-b20f-0a48e5b81086","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":177,"box":{"x":68,"y":846,"width":784,"height":11}},{"id":"22e45dfd-cac4-4f26-98f6-4ec51d166a76","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":177,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"50d21361-715a-4b27-878c-6522fbd5c987","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":177,"box":{"x":70,"y":876,"width":839,"height":11}},{"id":"70726b43-76be-4e4f-b6eb-a89ca1c5c6fb","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":177,"box":{"x":70,"y":891,"width":772,"height":12}},{"id":"0c714f52-8764-4b7e-8a20-8e54c46a0052","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":177,"box":{"x":70,"y":906,"width":791,"height":11}},{"id":"1c38c352-0fe1-4394-b405-f11d1d25a80a","block_type":"box","text":"II-129","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"76365511-a01e-46f4-b00d-5ae16369cd85","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a96f950-b7a4-4cc0-831a-cc5e998fe2af","block_type":"box","text":"por tion, if any, of a Fund’s distributions will be repor ted as interest-related dividends or shor t-term capital gain","page_number":178,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"d9612bbe-b804-4e3c-a00d-ce285cf2e42b","block_type":"box","text":"dividends under these rules.","page_number":178,"box":{"x":69,"y":60,"width":201,"height":9}},{"id":"53b437b4-ba5f-4233-b4f7-f88832a7e6cf","block_type":"box","text":"Special rules may apply to a foreign shareholder receiving a Fund distribution if at least 50% of the Fund’s","page_number":178,"box":{"x":102,"y":82,"width":756,"height":12}},{"id":"b9c94399-87e3-4189-a8e6-1f635f71a386","block_type":"box","text":"assets consist of interests in U.S. real proper ty interests, including cer tain REITs and U.S. real proper ty holding","page_number":178,"box":{"x":69,"y":98,"width":798,"height":11}},{"id":"a38a6ea9-7128-4a65-8c9d-d379f9194802","block_type":"box","text":"corporations (as defined in the Internal Revenue Code and Treasury regulations). Fund distributions that are","page_number":178,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"5e62ef17-9d36-4d80-96b6-f9b794523264","block_type":"box","text":"attributable to gain from the disposition of a U.S. real proper ty interest will be taxable as ordinary dividends and","page_number":178,"box":{"x":69,"y":128,"width":800,"height":11}},{"id":"20fa4ac5-5ff0-48e5-a832-2907ce8f2615","block_type":"box","text":"subject to withholding at a 30% or lower treaty rate if the foreign shareholder held no more than 5% of the Fund’s","page_number":178,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"fb557954-3de2-42a5-8d70-fc2e80477259","block_type":"box","text":"shares at any time during the one-year period ending on the date of the distribution. If the foreign shareholder held","page_number":178,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"8a8039d5-4b82-4956-8ef6-c84e4c630b9b","block_type":"box","text":"more than 5% of the Fund’s shares, the distribution would be treated as income effectively connected with a trade or","page_number":178,"box":{"x":69,"y":173,"width":835,"height":11}},{"id":"7a609efd-24ee-49c1-a5be-92d468082047","block_type":"box","text":"business within the U.S. and the foreign shareholder would be subject to withholding tax at a rate of 21% and would","page_number":178,"box":{"x":69,"y":188,"width":826,"height":12}},{"id":"d745dcc3-8e73-482e-bb72-1b1ecc399b69","block_type":"box","text":"generally be required to file a U.S. federal income tax return. Similar consequences would generally apply to a foreign","page_number":178,"box":{"x":68,"y":203,"width":836,"height":12}},{"id":"22dbc3c6-d911-488e-8cdd-dec9d321e3e9","block_type":"box","text":"shareholder’s gain on the sale of Fund shares unless the Fund is domestically controlled (meaning that more than","page_number":178,"box":{"x":69,"y":218,"width":814,"height":12}},{"id":"a7073bc9-d7bb-40c5-aff1-640edc443cf9","block_type":"box","text":"50% of the value of the Fund’s shares is held by U.S. shareholders) or the foreign shareholder owns no more than 5%","page_number":178,"box":{"x":69,"y":234,"width":840,"height":11}},{"id":"c36ea983-1aba-4cd6-8858-d9eb91e65399","block_type":"box","text":"of the Fund’s shares at any time during the five-year period ending on the date of sale. Finally, a domestically","page_number":178,"box":{"x":69,"y":249,"width":777,"height":11}},{"id":"50cbc84a-d664-4c88-87a8-c02340acf7ac","block_type":"box","text":"controlled Fund may be required to recognize a por tion of its gain on the in-kind distribution of cer tain U.S. real","page_number":178,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"199146b8-3f8a-4416-8dff-6b4f400841fd","block_type":"box","text":"proper ty interests. Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax","page_number":178,"box":{"x":70,"y":279,"width":804,"height":11}},{"id":"280fd054-45f5-400f-8852-aec4114fe6f8","block_type":"box","text":"advisors concerning the par ticular tax consequences to them of an investment in the Fund.","page_number":178,"box":{"x":69,"y":294,"width":648,"height":11}},{"id":"bb34e9d5-787d-4987-b006-d8d2f208f6e5","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":178,"box":{"x":102,"y":317,"width":763,"height":11}},{"id":"5376ec77-aaaa-471b-932b-bb15f1f9db38","block_type":"box","text":"items paid to (i) cer tain foreign financial institutions and investment funds, and (ii) cer tain other foreign entities. To","page_number":178,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"98c7e7cd-5bf0-4735-abf9-9e68da556b13","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":178,"box":{"x":69,"y":347,"width":794,"height":11}},{"id":"d10f4186-220f-4881-a551-96e3fff8cfa3","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":178,"box":{"x":69,"y":362,"width":794,"height":11}},{"id":"d671e578-b6de-423e-acd7-c8f4d041c97a","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":178,"box":{"x":69,"y":377,"width":791,"height":12}},{"id":"c43501e3-0e0a-4b3f-bfbe-855d7154eb60","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":178,"box":{"x":68,"y":392,"width":791,"height":12}},{"id":"b689761c-cb32-41cd-b8dc-6ef33b12e9d2","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":178,"box":{"x":70,"y":407,"width":822,"height":12}},{"id":"78561c2f-566d-44c3-b8d7-bd07082d3508","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":178,"box":{"x":70,"y":423,"width":739,"height":11}},{"id":"a3deb628-1f65-4ed5-bc9f-f96224c5feed","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":178,"box":{"x":102,"y":445,"width":786,"height":12}},{"id":"c3f53c3f-4813-45eb-a935-8f8d47025a99","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":178,"box":{"x":70,"y":460,"width":820,"height":12}},{"id":"5d540813-1b9b-4e08-89a4-60719d4e4c61","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":178,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"0a5da402-41f3-424f-883b-2686ea79def3","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":178,"box":{"x":70,"y":491,"width":821,"height":11}},{"id":"2e669d34-56e8-4383-95a1-64892ae48b17","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":178,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"c492a029-e4ea-4f88-8e14-0b567ad3b7ee","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":178,"box":{"x":69,"y":521,"width":826,"height":11}},{"id":"f54f9715-8134-4ae8-91ad-dad1d87fd4a6","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":178,"box":{"x":69,"y":536,"width":802,"height":11}},{"id":"47701f76-dd84-4e86-b31e-86bbe3052e5c","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":178,"box":{"x":69,"y":551,"width":364,"height":11}},{"id":"16bcad7a-465c-4834-9ea2-ef633f8b6217","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual","page_number":178,"box":{"x":102,"y":573,"width":742,"height":12}},{"id":"f2c99b57-4d00-4409-8e92-61fa07e99cc1","block_type":"box","text":"shareholder or $10 million or more for a corporate shareholder in any single taxable year (or a greater amount in any","page_number":178,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"0c59971a-8535-40ff-ac39-0948faf445a4","block_type":"box","text":"combination of taxable years), the shareholder must file a disclosure statement on IRS Form 8886 with the IRS.","page_number":178,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"8a59ddef-b947-4a0a-882b-bf7cf1e706b6","block_type":"box","text":"Direct shareholders of por tfolio securities are in many cases exempted. That a loss is repor table under these","page_number":178,"box":{"x":70,"y":619,"width":781,"height":11}},{"id":"27245878-b499-4093-bad1-250cbea077e6","block_type":"box","text":"regulations does not affect the legal determination of whether the taxpayer’s treatment of the loss is proper.","page_number":178,"box":{"x":69,"y":634,"width":774,"height":12}},{"id":"7d8e8303-c970-4c2a-8ae5-456c111114c2","block_type":"box","text":"Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their","page_number":178,"box":{"x":69,"y":649,"width":798,"height":12}},{"id":"3a21b6d8-7064-4a48-baff-2fe9ccb0dd53","block_type":"box","text":"individual circumstances.","page_number":178,"box":{"x":70,"y":665,"width":177,"height":8}},{"id":"496ba32d-0a23-4f60-bc5c-60d6dedff232","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":178,"box":{"x":102,"y":687,"width":758,"height":11}},{"id":"f564fc77-770b-44a7-acb3-0904ef49cf02","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":178,"box":{"x":69,"y":702,"width":782,"height":12}},{"id":"45ae6620-1dff-476f-8562-02453c856677","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":178,"box":{"x":70,"y":718,"width":783,"height":11}},{"id":"28951e8e-e590-4ded-9184-ae7fffc9bda4","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":178,"box":{"x":69,"y":732,"width":797,"height":12}},{"id":"d25ecd9e-76de-4289-b06b-0af6ffdf2bab","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":178,"box":{"x":70,"y":748,"width":822,"height":11}},{"id":"995f77fe-d62d-4dc8-b475-6079fa9dc3bd","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":178,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"b33e92f9-0874-4947-b49b-b660836b44f3","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":178,"box":{"x":70,"y":778,"width":826,"height":11}},{"id":"21a63d6f-c5e2-4174-a17d-e00996c8e471","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":178,"box":{"x":69,"y":793,"width":808,"height":11}},{"id":"c5925416-f7c0-4a68-8e3e-285b9a5092ca","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":178,"box":{"x":69,"y":808,"width":800,"height":11}},{"id":"d1053364-4366-4bfe-8223-d7d2c901524d","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":178,"box":{"x":70,"y":823,"width":770,"height":12}},{"id":"e3d749c8-a989-432d-a3c4-b28ec01154ec","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":178,"box":{"x":70,"y":838,"width":816,"height":12}},{"id":"8727ac8a-8ea3-47ad-82a1-7a87471932f5","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":178,"box":{"x":70,"y":853,"width":796,"height":12}},{"id":"302b4f94-4ead-4629-8179-0d773276570b","block_type":"box","text":"investment oppor tunities.","page_number":178,"box":{"x":70,"y":869,"width":180,"height":11}},{"id":"3fef324e-a444-4b56-93e7-6dcf472cc4e7","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":178,"box":{"x":102,"y":891,"width":801,"height":12}},{"id":"a62fc0a8-2467-4a68-8937-aab61612b6dc","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":178,"box":{"x":70,"y":906,"width":839,"height":12}},{"id":"e4547daa-90c0-408a-af59-bb1f86e10f74","block_type":"box","text":"II-130","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d770b2fe-47f3-441e-9193-45705e0c8525","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96e77f07-635b-4364-af7c-f9d62361872f","block_type":"box","text":"eliminate such taxes. Shareholders of a Fund more than 50% by value of the assets of which at the close of a taxable","page_number":179,"box":{"x":69,"y":45,"width":840,"height":11}},{"id":"1fc6c20e-187c-4567-8a7c-cdeda5e004c1","block_type":"box","text":"year are foreign securities may be able to claim U.S. foreign tax credits with respect to such foreign taxes paid by the","page_number":179,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"cfd91d43-148c-403b-a208-17f3c8454fea","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":179,"box":{"x":70,"y":75,"width":774,"height":11}},{"id":"eee19612-f1f7-4a47-be18-fadf8739467c","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":179,"box":{"x":69,"y":90,"width":820,"height":11}},{"id":"62eaa1cf-91fa-4a66-b450-0c9b60fdd95c","block_type":"box","text":"held in a Fund. In addition, a foreign tax credit may be claimed with respect to withholding tax on payments with","page_number":179,"box":{"x":69,"y":105,"width":795,"height":11}},{"id":"e8decda8-a8a7-4ec6-b919-cca7d495eef8","block_type":"box","text":"respect to a security only if the holder of the security meets cer tain holding period requirements. Both the","page_number":179,"box":{"x":69,"y":120,"width":755,"height":12}},{"id":"d9e2dbcf-fad1-4d85-9e2a-26d1a509b068","block_type":"box","text":"shareholder and the Fund must meet these holding period requirements, and if a Fund fails to do so, it will not be","page_number":179,"box":{"x":69,"y":135,"width":811,"height":12}},{"id":"4eced322-110b-4cbc-8da6-4249e131685b","block_type":"box","text":"able to “pass through” to shareholders the ability to claim a credit or a deduction for the related foreign taxes paid by","page_number":179,"box":{"x":69,"y":150,"width":839,"height":12}},{"id":"71877b38-5d1a-41e8-a877-d0d13460ff2a","block_type":"box","text":"the Fund. Fur ther, to the extent that a Fund engages in securities lending with respect to a security paying income","page_number":179,"box":{"x":68,"y":166,"width":812,"height":11}},{"id":"95f0406e-8f86-4b0f-827f-2c24df96bd07","block_type":"box","text":"subject to foreign taxes, it may not be able to pass through to its shareholders the ability to take a foreign tax credit","page_number":179,"box":{"x":69,"y":181,"width":829,"height":11}},{"id":"f7eec63a-c51c-4f5d-ae1e-4090a705693c","block_type":"box","text":"for those taxes. If a Fund satisfies the applicable requirements, such Fund will be eligible to file an election with the","page_number":179,"box":{"x":68,"y":196,"width":827,"height":11}},{"id":"1603019c-1b6e-42d4-81ab-7b4b2e759cf1","block_type":"box","text":"IRS pursuant to which shareholders of the Fund will be required to include their propor tionate shares of such foreign","page_number":179,"box":{"x":70,"y":211,"width":829,"height":11}},{"id":"75dc76c8-9108-4afc-93f9-edafea05efc0","block_type":"box","text":"taxes in their U.S. income tax returns as gross income, treat such propor tionate shares as taxes paid by them, and","page_number":179,"box":{"x":68,"y":226,"width":825,"height":11}},{"id":"4f4d18c7-5ca9-46d9-a831-f6aefbed9da5","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":179,"box":{"x":69,"y":241,"width":788,"height":11}},{"id":"b94b236d-6b37-43f0-9402-ed155905ea31","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":179,"box":{"x":69,"y":256,"width":818,"height":12}},{"id":"41bdea39-4c21-4f97-aad0-89ca68d4018d","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":179,"box":{"x":69,"y":271,"width":773,"height":12}},{"id":"05576184-99bd-4627-a2e3-a6041eb7478f","block_type":"box","text":"corporation may be subject to U.S. withholding tax on the income resulting from a Fund’s election described in this","page_number":179,"box":{"x":69,"y":286,"width":817,"height":12}},{"id":"34727a42-c6f9-4e85-afcb-944cd723e1e4","block_type":"box","text":"paragraph but may not be able to claim a credit or deduction against such U.S. tax for the foreign taxes treated as","page_number":179,"box":{"x":70,"y":302,"width":814,"height":11}},{"id":"1cf0506c-bfa4-4826-be9f-537548b8849e","block_type":"box","text":"having been paid by such shareholder. A Fund will repor t annually to its shareholders the amount per share of such","page_number":179,"box":{"x":69,"y":317,"width":821,"height":11}},{"id":"b76fbe67-abd3-4135-9a39-a4da191066e7","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":179,"box":{"x":68,"y":332,"width":527,"height":11}},{"id":"73974aa0-c37b-4909-8d62-51d9f8b403c0","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":179,"box":{"x":102,"y":355,"width":768,"height":11}},{"id":"f1f5664b-663f-4a83-ab6b-bda7384cbb48","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":179,"box":{"x":69,"y":370,"width":780,"height":11}},{"id":"49dd73f5-025b-4594-ad6d-1e7a85db8b5e","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":179,"box":{"x":69,"y":385,"width":797,"height":11}},{"id":"c8c66328-6c74-47cd-bfb6-d63c00e131b2","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":179,"box":{"x":69,"y":400,"width":802,"height":11}},{"id":"9ab2ebca-0454-4a59-a747-ddaa93c103e4","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":179,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"00c365ee-6b99-414f-a965-cd470f2f1640","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":179,"box":{"x":69,"y":430,"width":776,"height":11}},{"id":"38325ec9-f0b8-4033-8cfb-202db4ee04fa","block_type":"box","text":"positions in its por tfolio (","page_number":179,"box":{"x":70,"y":445,"width":177,"height":11}},{"id":"8c11649e-6d61-4db8-a80f-8b354f432792","block_type":"box","text":"i.e.","page_number":179,"box":{"x":249,"y":446,"width":20,"height":8}},{"id":"2af8c1e1-710a-47bc-8b2f-b98e08653b7b","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":179,"box":{"x":272,"y":445,"width":636,"height":12}},{"id":"4d7d5204-d5e4-4df0-bd83-62421c5e78a7","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":179,"box":{"x":69,"y":460,"width":795,"height":12}},{"id":"3e3c8c8d-1691-4d34-ac26-80ee4e319443","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":179,"box":{"x":70,"y":476,"width":830,"height":10}},{"id":"50ee0744-77b7-4fe6-8318-dd31b305fac8","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":179,"box":{"x":69,"y":491,"width":804,"height":11}},{"id":"f4650099-0868-4769-a89d-de477c58f181","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":179,"box":{"x":69,"y":506,"width":415,"height":11}},{"id":"2978f526-9129-4230-ac47-37280f434e4b","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":179,"box":{"x":102,"y":528,"width":787,"height":12}},{"id":"b8fcaabf-0a6b-47ab-9aa5-1b2cab270b1f","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":179,"box":{"x":70,"y":543,"width":836,"height":12}},{"id":"6c1d501c-6b44-4dc0-8ff5-f18b4b34d910","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":179,"box":{"x":69,"y":559,"width":812,"height":11}},{"id":"243e1c64-931a-48a8-9995-154bb91fb0cf","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":179,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"764547ff-e145-4d80-b49a-b38a969f891b","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":179,"box":{"x":68,"y":589,"width":829,"height":11}},{"id":"6d7fd751-39ca-46ed-8ce9-6e7e1359fe40","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":179,"box":{"x":70,"y":604,"width":803,"height":11}},{"id":"2a4d9074-b6c5-4c30-b46d-b5ed51c6dde3","block_type":"box","text":"Fund were to invest otherwise.","page_number":179,"box":{"x":70,"y":619,"width":216,"height":9}},{"id":"1a89b40c-acbc-4ea7-b4d8-a95273f11071","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":179,"box":{"x":101,"y":642,"width":721,"height":11}},{"id":"06d77b81-69c0-484b-b25f-d46580474580","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":179,"box":{"x":70,"y":657,"width":787,"height":11}},{"id":"c30b39cf-4b73-4892-94d1-3ba719cdecbe","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":179,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"33d6c16e-bdae-49ef-a00f-2a0074d63015","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":179,"box":{"x":68,"y":687,"width":823,"height":11}},{"id":"2c1633f5-c449-48c6-b374-5a9b426884c5","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":179,"box":{"x":69,"y":702,"width":825,"height":12}},{"id":"35267da4-37ef-499a-b042-3b9dee6dd7fd","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":179,"box":{"x":68,"y":717,"width":838,"height":12}},{"id":"7edbf514-a395-4723-97b3-e8f82345c646","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":179,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"9aa83e48-8e52-4342-acbf-4d21fada4039","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":179,"box":{"x":69,"y":748,"width":515,"height":11}},{"id":"faf765fc-cefc-4607-aa75-dae3904ee65f","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":179,"box":{"x":102,"y":770,"width":798,"height":12}},{"id":"82a69ba1-3a77-45b3-a6c2-0f7e42fc0944","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":179,"box":{"x":68,"y":785,"width":835,"height":12}},{"id":"eeab2820-5aee-4b22-8346-458bfe56afec","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":179,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"bc652ca0-3e9b-4a67-a07d-d52a9b8b3a4e","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":179,"box":{"x":68,"y":816,"width":830,"height":11}},{"id":"c342371e-d945-4828-8646-efeb2b47a955","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":179,"box":{"x":69,"y":831,"width":802,"height":11}},{"id":"b6ad33bb-cab8-40cd-8c4a-182e0092802f","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":179,"box":{"x":69,"y":846,"width":821,"height":11}},{"id":"f2901fbc-536e-4061-a585-e8c320fe287d","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":179,"box":{"x":70,"y":861,"width":797,"height":11}},{"id":"2fe6476c-6855-4b18-9c25-434cf8f570f6","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":179,"box":{"x":69,"y":876,"width":801,"height":11}},{"id":"9fbceb8d-7970-4398-8ffa-3c27ba660bcd","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":179,"box":{"x":69,"y":891,"width":818,"height":12}},{"id":"7ab16e3b-933f-47fc-a622-8e8877a5f012","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":179,"box":{"x":68,"y":906,"width":797,"height":12}},{"id":"87af3d06-367b-4751-977d-b782cfed6f87","block_type":"box","text":"II-131","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1e8c842d-b658-4577-95bd-7e524682f7e1","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86d4fb2d-26ad-40cb-969a-a0bcc03057fc","block_type":"box","text":"decrease in such value, but only to the extent of previously recognized “mark-to-market” gains. By making the mark","page_number":180,"box":{"x":69,"y":45,"width":824,"height":11}},{"id":"627429fa-cce9-4911-bc7d-85998bfcbd91","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":180,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"af339434-d10c-49e0-a538-e6e4092eebfe","block_type":"box","text":"PFICs, but in any par ticular year might be required to recognize income in excess of the distributions it received from","page_number":180,"box":{"x":69,"y":75,"width":831,"height":11}},{"id":"7b934ea3-e4fb-4d74-9800-11e53902dc2b","block_type":"box","text":"PFICs.","page_number":180,"box":{"x":69,"y":90,"width":42,"height":9}},{"id":"4d78cf64-5ac4-411e-893e-c55718ec9364","block_type":"box","text":"If a Fund were to invest in a PFIC and elect to treat the PFIC as a “qualified electing fund” under the Code, in lieu","page_number":180,"box":{"x":102,"y":113,"width":804,"height":11}},{"id":"b7b7985d-473d-496a-bce8-687100a4cf42","block_type":"box","text":"of the foregoing requirements, the Fund would be required to include in income each year a por tion of the ordinary","page_number":180,"box":{"x":69,"y":128,"width":816,"height":11}},{"id":"4bb33330-03bb-419b-a50d-23b89454cfaf","block_type":"box","text":"earnings and net capital gains of the qualified electing fund, even if not distributed to the Fund, and such amounts","page_number":180,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"ac034f52-305c-415a-b282-6c8726d564f1","block_type":"box","text":"would be subject to the 90% and excise tax distribution requirements described above. In order to make this election,","page_number":180,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"6a6d6397-4df6-486b-b6a9-c933abe8475c","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":180,"box":{"x":68,"y":173,"width":804,"height":11}},{"id":"c4e244c6-8069-4e87-922d-782df4c37f04","block_type":"box","text":"difficult or impossible to obtain.","page_number":180,"box":{"x":69,"y":188,"width":225,"height":11}},{"id":"76e362a6-1144-481c-8405-60d9d4f5610c","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":180,"box":{"x":102,"y":211,"width":796,"height":11}},{"id":"585a557f-75e0-4891-8f03-ab901e8cbe92","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":180,"box":{"x":69,"y":226,"width":806,"height":11}},{"id":"963ab3a6-5887-438a-b58c-bd0f01057f2f","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":180,"box":{"x":69,"y":241,"width":778,"height":11}},{"id":"3b6ad2b0-7137-4acf-8e6b-2dbc25d7993f","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":180,"box":{"x":69,"y":256,"width":838,"height":12}},{"id":"804294f2-caa6-4630-bfcc-f8e948a31b9b","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":180,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"e89d71c9-199b-4b0d-8093-214a50235e03","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":180,"box":{"x":69,"y":286,"width":830,"height":12}},{"id":"03f04d06-42e4-410c-93f5-624acc5e2655","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":180,"box":{"x":69,"y":302,"width":511,"height":11}},{"id":"1a90e43d-63f6-43fb-b58c-aeae4b610869","block_type":"box","text":"Municipal Funds","page_number":180,"box":{"x":102,"y":325,"width":115,"height":10}},{"id":"83b15e0d-c4a5-416b-9547-755441ec7c0d","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":180,"box":{"x":102,"y":347,"width":798,"height":11}},{"id":"17171c02-a828-4202-a8f2-1ffb0fabe507","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":180,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"621ff940-e190-4b7d-b44b-96ab207b9ea5","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":180,"box":{"x":70,"y":377,"width":803,"height":12}},{"id":"6d58bd6e-c08e-4620-afe8-9e518d3fdfd5","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":180,"box":{"x":69,"y":392,"width":826,"height":12}},{"id":"ad397dde-08e6-4c04-9691-49960afe5fad","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":180,"box":{"x":69,"y":407,"width":752,"height":12}},{"id":"700b1987-7bb6-45bd-8f87-468b56cc395b","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":180,"box":{"x":70,"y":423,"width":817,"height":11}},{"id":"03ae78ed-f070-41e2-be14-9e855ab6ff75","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":180,"box":{"x":70,"y":438,"width":780,"height":11}},{"id":"7598e78e-0e7b-49d9-b854-89e05abad35b","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":180,"box":{"x":70,"y":453,"width":815,"height":11}},{"id":"ebb5504a-7ce5-4b17-a983-ed5efca98cf9","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":180,"box":{"x":69,"y":468,"width":839,"height":11}},{"id":"254661b2-c6d9-49a7-851b-18c4231b18d5","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":180,"box":{"x":70,"y":483,"width":835,"height":11}},{"id":"11f2acdc-41cd-472e-bf73-f0f006a12b68","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":180,"box":{"x":68,"y":498,"width":730,"height":11}},{"id":"0dd19b9f-b26a-4964-8ea4-67af6f6e5a49","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":180,"box":{"x":102,"y":521,"width":763,"height":11}},{"id":"5b1c5fe5-a10d-4868-b0fa-c4a0cad4cae0","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":180,"box":{"x":70,"y":536,"width":809,"height":11}},{"id":"24f6e5e5-d481-4dc6-870a-f871a60a8775","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":180,"box":{"x":69,"y":551,"width":821,"height":11}},{"id":"c1612625-757b-4c56-81ad-42d5aa576914","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":180,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"24efa1d6-58f7-4449-abd0-15b110e430d5","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":180,"box":{"x":68,"y":581,"width":800,"height":11}},{"id":"11c39ba7-c68f-43cd-843d-dc71aa06a328","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":180,"box":{"x":69,"y":597,"width":810,"height":10}},{"id":"d3a3a324-7bc8-40cc-9457-0d8eeb9f13b6","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":180,"box":{"x":70,"y":612,"width":836,"height":11}},{"id":"519f46d6-e7bc-46f5-8b33-6afae06f3ee7","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":180,"box":{"x":69,"y":627,"width":835,"height":11}},{"id":"72ae9ab3-6d2d-42c3-badd-204f8facc058","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":180,"box":{"x":69,"y":642,"width":217,"height":11}},{"id":"ec5a40d7-90b4-4f53-b1c7-d14e5bdb741c","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":180,"box":{"x":102,"y":665,"width":788,"height":11}},{"id":"e8bfdc98-1875-45bd-aa62-78ea1181cb28","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":180,"box":{"x":70,"y":680,"width":790,"height":11}},{"id":"67193b6b-cd5d-47fc-8c1c-19659147ffb0","block_type":"box","text":"constitute exempt-interest dividends.","page_number":180,"box":{"x":69,"y":695,"width":261,"height":11}},{"id":"7006e0da-5d0a-4378-813c-1ae47a645dfd","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":180,"box":{"x":102,"y":717,"width":765,"height":12}},{"id":"0dde7ce2-89de-4ec5-b3ae-cff892477d10","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":180,"box":{"x":69,"y":732,"width":819,"height":12}},{"id":"994a79f0-dd1c-4857-b4ee-fa4d8d63d5cd","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":180,"box":{"x":68,"y":748,"width":813,"height":11}},{"id":"fcea4a57-2d27-4e79-9d5e-c3ee6892c2d7","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":180,"box":{"x":70,"y":763,"width":809,"height":11}},{"id":"d7e64b5f-790f-40f1-ba13-b2a108da17db","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":180,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"256ce976-cbe5-4c07-abbc-37eebb165619","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":180,"box":{"x":69,"y":793,"width":388,"height":11}},{"id":"108997eb-7804-45d2-b3e8-22f09d2ecc72","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":180,"box":{"x":101,"y":816,"width":787,"height":11}},{"id":"487815ca-9915-4a26-a0b5-9690a22b048e","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":180,"box":{"x":69,"y":831,"width":817,"height":11}},{"id":"4696670b-5995-480b-a2ce-3c9e9d44c79b","block_type":"box","text":"income dividends received by shareholders.","page_number":180,"box":{"x":70,"y":846,"width":309,"height":11}},{"id":"db1e0f09-ac01-4e75-a533-9cacb3d0322d","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":180,"box":{"x":101,"y":869,"width":766,"height":11}},{"id":"70e3a64c-4bbc-44ac-a0bb-0c7ab15c8685","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":180,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"cea57253-5f70-4e9d-b329-47bc21566074","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":180,"box":{"x":70,"y":899,"width":815,"height":11}},{"id":"0f66bd7e-4f86-4397-a676-dd4542670a9b","block_type":"box","text":"II-132","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"764cbc0d-bb4c-49c4-bde0-bd38e255bd1e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b1682257-704c-48fd-9b54-c95cff43bf3b","block_type":"box","text":"Fund’s disposition of such an obligation will be treated as ordinary income rather than capital gain to the extent of","page_number":181,"box":{"x":70,"y":45,"width":815,"height":11}},{"id":"7bc263af-824f-48c9-9e18-dd5ec25b0203","block_type":"box","text":"the accrued market discount.","page_number":181,"box":{"x":68,"y":60,"width":208,"height":9}},{"id":"75adba64-6a50-40b9-a45d-5c4bc488425a","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":181,"box":{"x":101,"y":82,"width":801,"height":12}},{"id":"074cc30a-691b-476f-9823-917b1dee754a","block_type":"box","text":"tax. The alternative minimum tax applies to interest received on cer tain “PABs” issued after August 7, 1986. PABs","page_number":181,"box":{"x":68,"y":98,"width":818,"height":11}},{"id":"42d61881-f9c8-43ce-9496-259a4866e350","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":181,"box":{"x":69,"y":113,"width":816,"height":11}},{"id":"554a4034-c733-468e-8344-09c01be05821","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":181,"box":{"x":69,"y":128,"width":351,"height":11}},{"id":"80534af3-c655-4f85-99d1-37b7e5468050","block_type":"box","text":"e.g.","page_number":181,"box":{"x":422,"y":129,"width":24,"height":10}},{"id":"981226f5-86c7-40d0-94c8-99eb3e124b4f","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":181,"box":{"x":449,"y":128,"width":441,"height":11}},{"id":"a0f90f34-0dcd-4f8a-b8ca-7306926d9ed1","block_type":"box","text":"Income received on such bonds is classified as an item of “tax preference,” which could subject cer tain investors in","page_number":181,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"7fe49dbe-9366-468b-b180-0b186c5b4131","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":181,"box":{"x":69,"y":158,"width":786,"height":11}},{"id":"06ff5b86-bb05-4d78-bb04-38bdcc1983d3","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year-end the por tion of the Fund’s dividends","page_number":181,"box":{"x":70,"y":173,"width":812,"height":11}},{"id":"af971eb4-066d-4b9c-afe4-ca53ce127671","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":181,"box":{"x":69,"y":188,"width":740,"height":12}},{"id":"40f0cdfc-4316-41e3-b083-631924a1995d","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":181,"box":{"x":102,"y":211,"width":802,"height":11}},{"id":"1104ea11-1e4c-4b99-9784-bf0b942e90a2","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":181,"box":{"x":68,"y":226,"width":812,"height":11}},{"id":"01526aea-5150-409c-b2f2-665377397fa0","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":181,"box":{"x":69,"y":241,"width":794,"height":11}},{"id":"3c025f13-2dc1-4e83-812b-f236436adfee","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":181,"box":{"x":70,"y":257,"width":776,"height":10}},{"id":"8928e954-6d01-48c6-9d8a-55dba3f06164","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":181,"box":{"x":69,"y":271,"width":827,"height":12}},{"id":"b14d6575-f7f7-4015-9105-ea2d27a74209","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":181,"box":{"x":69,"y":287,"width":436,"height":11}},{"id":"78c31cb8-b78b-44bf-ab6f-41b584bb090a","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":181,"box":{"x":102,"y":309,"width":771,"height":11}},{"id":"d5eff396-d623-4ec0-bb3d-3870f4f57913","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":181,"box":{"x":69,"y":324,"width":828,"height":11}},{"id":"4f4703bc-e941-4b0b-b33c-0eb2167762d0","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":181,"box":{"x":69,"y":339,"width":836,"height":12}},{"id":"56fd9f8e-b4d2-4b06-9d4b-c5c91198be84","block_type":"box","text":"within each applicable state.","page_number":181,"box":{"x":68,"y":355,"width":203,"height":11}},{"id":"5b824d41-91d6-41a6-9292-606916de7815","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":181,"box":{"x":102,"y":377,"width":774,"height":12}},{"id":"c6663e5c-9a7c-4066-bcd0-7492f0010ec8","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":181,"box":{"x":68,"y":392,"width":837,"height":12}},{"id":"a05569cf-2556-43bd-b6f0-4da0bc519fb3","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":181,"box":{"x":70,"y":407,"width":816,"height":12}},{"id":"b93aa93e-f5eb-45ed-a249-21ccc9101075","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":181,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"7f70858e-1714-4eaf-b953-07f1c2c3aa9e","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":181,"box":{"x":68,"y":438,"width":822,"height":11}},{"id":"5368d9b0-e36c-4fe9-96dd-c1536b17c4c3","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":181,"box":{"x":70,"y":453,"width":783,"height":11}},{"id":"4589897b-84be-4a7a-ac43-f937e722126a","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":181,"box":{"x":68,"y":468,"width":822,"height":11}},{"id":"04df1098-9186-4837-8463-9d99e95b5d89","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":181,"box":{"x":68,"y":483,"width":710,"height":11}},{"id":"8b975136-8512-4680-84c2-63fc1169c386","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":181,"box":{"x":102,"y":506,"width":796,"height":11}},{"id":"d66f6b5a-1201-47fc-81ac-83959ec81193","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":181,"box":{"x":68,"y":521,"width":828,"height":11}},{"id":"36e578e0-07a8-4784-9080-660b71c355d8","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":181,"box":{"x":68,"y":536,"width":841,"height":11}},{"id":"982e026d-047e-49d4-a05a-063103eba81e","block_type":"box","text":"exempt from state income tax.","page_number":181,"box":{"x":69,"y":551,"width":216,"height":11}},{"id":"e0a2f1ce-6708-406b-8511-e87f58c1c672","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":181,"box":{"x":102,"y":574,"width":771,"height":11}},{"id":"f4755005-65e5-4d55-acfa-ec20f0e1aa22","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":181,"box":{"x":68,"y":589,"width":823,"height":11}},{"id":"3dad7b63-fba6-41f2-8045-033057a21069","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":181,"box":{"x":68,"y":604,"width":309,"height":9}},{"id":"9269b81c-8bfc-4a1d-9353-17f0a19a97f2","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":181,"box":{"x":101,"y":627,"width":749,"height":11}},{"id":"9c78c5f5-3f89-48fe-b55a-2c2958acf2f6","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":181,"box":{"x":69,"y":642,"width":803,"height":11}},{"id":"655f7aae-95ea-4593-bfd6-f9ea9d4e4b3c","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":181,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"3eca0c48-0acf-428a-886c-db65ff7c989d","block_type":"box","text":"decisions may have a retroactive effect.","page_number":181,"box":{"x":69,"y":672,"width":283,"height":11}},{"id":"88b9cbf6-bf2e-46d4-9487-3b7bc4073477","block_type":"box","text":"PERFORMANCE DATA","page_number":181,"box":{"x":403,"y":702,"width":173,"height":9}},{"id":"2c4ef672-5dd5-464a-abb8-caf53dff7156","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":181,"box":{"x":102,"y":724,"width":738,"height":12}},{"id":"864df8f5-0a86-419e-b6d2-ae67eec33df6","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":181,"box":{"x":69,"y":739,"width":779,"height":12}},{"id":"7d428dcd-1c15-44cb-839f-18ac1180d631","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":181,"box":{"x":69,"y":755,"width":833,"height":11}},{"id":"e54b682c-1b73-4327-a000-d03b95bb07ba","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":181,"box":{"x":70,"y":770,"width":792,"height":11}},{"id":"6119fafe-0178-416f-95f3-19e25e4db2c8","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":181,"box":{"x":69,"y":785,"width":473,"height":11}},{"id":"d0ee829a-6aac-44df-9990-d7ff6a61de9f","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":181,"box":{"x":102,"y":807,"width":761,"height":12}},{"id":"2f14b87b-cba3-4669-8487-be78eebb70ac","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":181,"box":{"x":69,"y":823,"width":836,"height":11}},{"id":"48e10704-4b8b-4aa8-b39f-a661f58a7daf","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":181,"box":{"x":68,"y":838,"width":798,"height":11}},{"id":"586a0194-1b57-4be4-aa80-c6ec124939da","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":181,"box":{"x":69,"y":853,"width":765,"height":11}},{"id":"4d08acec-b47d-4725-a06a-9ec4849e4002","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":181,"box":{"x":69,"y":868,"width":808,"height":11}},{"id":"ea1e5347-d093-4535-9a8a-3d5535e337da","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":181,"box":{"x":69,"y":883,"width":813,"height":11}},{"id":"723b8531-2372-47e7-bc1e-4bc8aa36ff04","block_type":"box","text":"II-133","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b0bf9fb7-d95e-453a-bb25-09b53532b401","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"67237fdf-73e8-49aa-b1a6-6c75d84868ad","block_type":"box","text":"applicable to a complete redemption of the investment at the end of the specified period in the case of CDSC shares,","page_number":182,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"2b783ae9-5dd7-42e5-b615-f13c6f1b985a","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":182,"box":{"x":69,"y":60,"width":546,"height":11}},{"id":"90c91b0a-2314-4ad2-943e-c90c5dbb0ae3","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":182,"box":{"x":102,"y":82,"width":781,"height":12}},{"id":"5ed97372-2f03-4e50-bcf3-12b9beda3255","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":182,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"524580fa-20f1-420e-9075-575e274301a1","block_type":"box","text":"value of such investment at the end of each period assuming payment of taxes on dividends received during such","page_number":182,"box":{"x":68,"y":113,"width":810,"height":11}},{"id":"79e7638e-564b-4250-8932-ea2c86e0684f","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":182,"box":{"x":70,"y":128,"width":823,"height":11}},{"id":"e5ceeaec-2e95-4681-b768-dae3cde45695","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":182,"box":{"x":69,"y":143,"width":780,"height":11}},{"id":"575dbc63-e0b6-497b-94ad-a9e92cc49b10","block_type":"box","text":"including the maximum sales charge, in the case of front-end load shares and the CDSC that would be applicable to","page_number":182,"box":{"x":70,"y":158,"width":825,"height":11}},{"id":"83bc0efd-b091-42d1-b63d-a02030c51ae2","block_type":"box","text":"a complete redemption of the investment at the end of the specified period in the case of CDSC shares. The taxes","page_number":182,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"2354bbd7-db50-43c2-83d8-49d34291fdbe","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":182,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"b5c4eaeb-bbbf-4f97-aa5a-c2c098264edd","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":182,"box":{"x":70,"y":203,"width":833,"height":11}},{"id":"95ad6c1d-ecd6-4e02-acbc-9f6375dc6e70","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":182,"box":{"x":69,"y":218,"width":797,"height":12}},{"id":"92c32497-644e-47a4-97e8-010f9d16ceb2","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":182,"box":{"x":68,"y":234,"width":824,"height":11}},{"id":"846127e6-311f-4e3f-be3e-e30b564d676f","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":249,"width":837,"height":11}},{"id":"4903bf70-66da-40c2-b6ef-6426844fc21d","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"6383666b-249c-4b89-a322-799ed760bc7d","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":182,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"ecc006e9-83f9-4ad4-b927-4ca3ffcc4322","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":182,"box":{"x":69,"y":294,"width":774,"height":11}},{"id":"74d40590-58e2-421d-a197-b81db456343b","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":182,"box":{"x":102,"y":317,"width":752,"height":11}},{"id":"aab8c731-b8e1-4cbe-b98b-40019400d896","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":182,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"5a0c0115-6165-4bdd-8d81-f090c4009632","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":182,"box":{"x":70,"y":347,"width":820,"height":11}},{"id":"8c7dae50-d115-4fa3-b2ba-6963c6d50a15","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":182,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"69cb1922-70ca-4629-ae79-98bc53b94821","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":182,"box":{"x":69,"y":377,"width":772,"height":12}},{"id":"5a549a31-0d61-47c1-abf6-e9f0ffcaaa71","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":182,"box":{"x":69,"y":393,"width":827,"height":11}},{"id":"2a692d69-1735-4d82-b5b0-b1350404b262","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":182,"box":{"x":69,"y":407,"width":825,"height":12}},{"id":"f5dff4a8-d190-4e6d-a184-7b7b4933e894","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":182,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"976c2163-bcce-4d75-ae03-4ab26e3f5338","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":182,"box":{"x":69,"y":438,"width":795,"height":11}},{"id":"a1360056-d805-4b10-831a-928c97890ba3","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":182,"box":{"x":69,"y":453,"width":768,"height":11}},{"id":"ce448bfb-7cf2-44ad-b8e2-51106cd711f8","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":182,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"69bfbfc8-8ddc-44ac-a90d-acbb4f752279","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":182,"box":{"x":69,"y":483,"width":802,"height":11}},{"id":"abf577a4-e1a7-44d6-ae40-c725e3ecc095","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":182,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"9315aa80-96fa-45bd-895b-7b0e989c3038","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":182,"box":{"x":68,"y":513,"width":823,"height":12}},{"id":"a5b178e2-81b4-454f-ba6e-a5ad03502ecd","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":182,"box":{"x":69,"y":528,"width":743,"height":12}},{"id":"bfdfde10-642b-406a-ad07-47180d518e22","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":182,"box":{"x":69,"y":543,"width":814,"height":12}},{"id":"6b108b4b-41cb-4197-a661-2d9eb549837c","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":182,"box":{"x":68,"y":559,"width":422,"height":11}},{"id":"7b8ecab6-11b1-4749-a3e8-a5f8869467f5","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":182,"box":{"x":101,"y":582,"width":720,"height":11}},{"id":"063915d5-630c-4454-ab5c-6db906801d1c","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":182,"box":{"x":70,"y":596,"width":813,"height":12}},{"id":"8cd71fea-14c0-4e0f-a0f1-5ccb45e112e3","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":182,"box":{"x":69,"y":612,"width":781,"height":11}},{"id":"997d99e3-fef8-444c-afb6-f96ee4b1ddef","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":182,"box":{"x":69,"y":627,"width":837,"height":11}},{"id":"33eb5763-baf7-4322-808b-e485df0988b0","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":182,"box":{"x":69,"y":642,"width":817,"height":11}},{"id":"f2df1272-5e42-45a6-bc90-10ce5713fbb4","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":182,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"6c239bbd-e109-4aa7-9607-9515823b1a17","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":182,"box":{"x":70,"y":672,"width":801,"height":11}},{"id":"4edbc9cf-e4b7-4473-a5a5-a55a72268114","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":182,"box":{"x":69,"y":687,"width":819,"height":11}},{"id":"b577c721-355e-45a8-ae9f-179665852060","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":182,"box":{"x":69,"y":702,"width":811,"height":12}},{"id":"3fa4011f-b7e6-454e-b9eb-836a44e2b056","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":182,"box":{"x":69,"y":717,"width":686,"height":12}},{"id":"4d1d5694-726f-4c4f-8a04-d756d8faa7ba","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":182,"box":{"x":101,"y":740,"width":796,"height":11}},{"id":"20d0afcf-6def-4b14-9790-88a722de6aec","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":182,"box":{"x":69,"y":755,"width":821,"height":11}},{"id":"d289c1b7-f55a-4b8d-87cf-aaca91e072c8","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":182,"box":{"x":68,"y":770,"width":817,"height":12}},{"id":"cf6f7485-b4bf-46a1-b9e3-258b7eb8606f","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":182,"box":{"x":68,"y":785,"width":837,"height":12}},{"id":"2d388018-2a64-4eb4-b1ce-c1201d0ca75e","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":182,"box":{"x":69,"y":801,"width":759,"height":11}},{"id":"2406bec3-13e0-4015-b2a1-e7f9d7d00bc0","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":182,"box":{"x":101,"y":823,"width":779,"height":12}},{"id":"16547a25-adf7-4938-b34c-52f2cc134e3f","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":182,"box":{"x":70,"y":838,"width":819,"height":12}},{"id":"321fd071-ecd2-411f-a0e0-00704091bd4b","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":182,"box":{"x":68,"y":853,"width":830,"height":12}},{"id":"3845bd00-0ba0-4c03-9045-adf8eadad4d5","block_type":"box","text":"less than their original cost.","page_number":182,"box":{"x":70,"y":869,"width":196,"height":11}},{"id":"995d23e3-6c4e-448f-87e3-9c9f3782ccea","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":182,"box":{"x":102,"y":891,"width":782,"height":12}},{"id":"74143546-07a3-4d1c-a4f2-28f71030e7d2","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":182,"box":{"x":68,"y":906,"width":836,"height":11}},{"id":"57c075e6-c566-4ef0-8f40-ab202fb8ee6a","block_type":"box","text":"II-134","page_number":182,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8414b499-b959-461f-b143-482d8c3fee25","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"79fccc51-40be-4ee2-9658-dbb16cdf9b42","block_type":"box","text":"of Shares,” respectively, the total return data quoted by a Fund in adver tisements directed to such investors may","page_number":183,"box":{"x":69,"y":45,"width":807,"height":11}},{"id":"7737a16b-8250-473e-ba96-89d5494feb17","block_type":"box","text":"take into account the reduced, and not the maximum, sales charge or may take into account the CDSC waiver and,","page_number":183,"box":{"x":68,"y":60,"width":820,"height":11}},{"id":"492659cb-7ba9-4db7-98d3-624f489bd1bb","block_type":"box","text":"therefore, may reflect greater total return since, due to the reduced sales charges or the waiver of sales charges, a","page_number":183,"box":{"x":68,"y":75,"width":824,"height":11}},{"id":"bcb9e449-41c1-49e1-b859-94163d8d078b","block_type":"box","text":"lower amount of expenses is deducted.","page_number":183,"box":{"x":70,"y":90,"width":278,"height":11}},{"id":"e2360c43-7645-4d01-ad2c-ffe1b4a268af","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":183,"box":{"x":102,"y":113,"width":741,"height":11}},{"id":"f5d4d49a-15a8-4760-9a36-b1dbdcd67aee","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":183,"box":{"x":70,"y":128,"width":830,"height":11}},{"id":"fd57b67a-f173-433f-a03b-10b41e25eb74","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":183,"box":{"x":70,"y":143,"width":646,"height":11}},{"id":"b98c7778-a3d5-40df-9113-c70fd6928d67","block_type":"box","text":"Money Magazine, U.S.","page_number":183,"box":{"x":724,"y":143,"width":156,"height":11}},{"id":"7926982a-5cdb-4d16-a418-4b5c2ea5d2fe","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":183,"box":{"x":70,"y":158,"width":533,"height":11}},{"id":"736d4bae-8041-40a1-a95f-4956bf4de827","block_type":"box","text":"or other industry publications. When","page_number":183,"box":{"x":608,"y":158,"width":257,"height":11}},{"id":"d5ba70f0-c3f6-4129-a72a-40688217c179","block_type":"box","text":"comparing its per formance to a market index, a Fund may refer to various statistical measures derived from the","page_number":183,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"de7f68a7-6b5b-450d-aee6-5bd1214f893f","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":183,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"d506fa3e-1de0-4ac7-960d-e34c75355743","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":183,"box":{"x":69,"y":203,"width":824,"height":12}},{"id":"b7abb6fa-4be9-431d-b328-30a5528c4ece","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":183,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"c00f725e-b073-4d92-ba46-2b57ad0a267f","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":183,"box":{"x":69,"y":234,"width":793,"height":11}},{"id":"74afad80-467d-4305-b2b3-a6e6a867cc78","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":183,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"cb53a6ac-6713-4f31-87bf-a7f9fc8fc32b","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":183,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"1cb4e9a7-8054-46f1-a24d-504f5fc81b5e","block_type":"box","text":"developed by Fund management.","page_number":183,"box":{"x":69,"y":279,"width":233,"height":11}},{"id":"65e4dac5-f256-4b40-a1f4-df1d0f70ea16","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":183,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"a662d6b8-b247-41f4-b4da-a259064c89a3","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":183,"box":{"x":70,"y":317,"width":810,"height":11}},{"id":"f2455680-faec-471f-a155-4a0772b4c2c9","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":183,"box":{"x":69,"y":332,"width":810,"height":11}},{"id":"d09a581f-f047-4dd2-9de2-f52299241efc","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":183,"box":{"x":69,"y":347,"width":792,"height":11}},{"id":"bac91417-7963-4164-9de3-22856e77f5d2","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":183,"box":{"x":68,"y":362,"width":788,"height":11}},{"id":"c723b822-9422-454a-9f06-aa809aab7a4f","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":183,"box":{"x":70,"y":377,"width":835,"height":12}},{"id":"95a316c5-e39c-4019-a5fc-a93f5ceda232","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":183,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"68c98e6b-5eeb-472c-8266-4340acf4fa92","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":183,"box":{"x":68,"y":407,"width":461,"height":12}},{"id":"613201dd-50d1-4087-aed4-e7fa85eb94e1","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":183,"box":{"x":308,"y":437,"width":362,"height":10}},{"id":"480b83ef-0336-4f91-8d2d-f765bc980f0f","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":183,"box":{"x":101,"y":460,"width":802,"height":11}},{"id":"67fb8cea-7841-46bf-8046-938c161858f2","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":183,"box":{"x":70,"y":475,"width":809,"height":11}},{"id":"17803485-48e3-4bd6-80f1-184d616609ab","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":183,"box":{"x":69,"y":490,"width":833,"height":11}},{"id":"823aa43d-4baa-497a-96db-aea21b18cdc0","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":183,"box":{"x":70,"y":505,"width":755,"height":11}},{"id":"6844c058-9128-4e4c-9d24-06afd0800496","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":183,"box":{"x":101,"y":528,"width":785,"height":11}},{"id":"0766b5bb-dbb4-4e33-b2c2-fa633b724d1a","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":183,"box":{"x":68,"y":543,"width":822,"height":11}},{"id":"29446375-194c-49ad-bf65-ba2920df0f29","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":183,"box":{"x":70,"y":558,"width":824,"height":11}},{"id":"dc15e8ca-a784-45b7-83e2-9d85c746d125","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":183,"box":{"x":68,"y":573,"width":812,"height":11}},{"id":"4d07bda5-3914-42f1-86de-2e944fe95d89","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":588,"width":392,"height":11}},{"id":"1de7a817-7b61-49e0-a22a-2c33a4704de0","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":183,"box":{"x":101,"y":611,"width":749,"height":11}},{"id":"b1b26c64-28d0-49b0-b6b5-5e6792da4eb9","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":183,"box":{"x":70,"y":626,"width":759,"height":11}},{"id":"e6b49a42-0bdd-42ce-8173-be8af7b8d220","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":183,"box":{"x":70,"y":641,"width":830,"height":11}},{"id":"4e645fb4-49cd-4f9f-89b0-a1be5804ef0a","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":183,"box":{"x":69,"y":656,"width":838,"height":12}},{"id":"b0a78bc4-f071-481e-bb1d-a3d4b41b6d33","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":183,"box":{"x":68,"y":671,"width":822,"height":12}},{"id":"f4668063-1309-4477-846d-396b24b5d7df","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":183,"box":{"x":69,"y":687,"width":392,"height":11}},{"id":"7e3af438-7e17-4c16-ab83-dd8c8223fcd6","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":183,"box":{"x":102,"y":709,"width":767,"height":11}},{"id":"5915ffa3-dce0-44b0-819c-cbd448b5f122","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":183,"box":{"x":68,"y":724,"width":827,"height":12}},{"id":"47bf083b-d8ed-4569-abf9-6973e6d73efd","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":183,"box":{"x":69,"y":739,"width":819,"height":12}},{"id":"e870a54c-40b5-4b48-977f-1d06564c43d5","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":183,"box":{"x":69,"y":755,"width":684,"height":11}},{"id":"987417a1-4b00-4d22-815a-98ddec21911f","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":183,"box":{"x":102,"y":777,"width":766,"height":12}},{"id":"95010e73-660b-4505-935c-c7f3317182c8","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":183,"box":{"x":69,"y":792,"width":784,"height":11}},{"id":"9da7480c-0eef-4160-a12c-06fccf7ecba3","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":183,"box":{"x":69,"y":808,"width":805,"height":11}},{"id":"04817ed8-24f4-4ce9-8646-c24e81c3f4e0","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":183,"box":{"x":68,"y":823,"width":790,"height":11}},{"id":"f1138bb7-271c-4d49-932b-bf05719d64cc","block_type":"box","text":"Fund’s SAI. 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Voting rights are not cumulative, so that the holders of","page_number":184,"box":{"x":69,"y":143,"width":838,"height":12}},{"id":"869bf358-ee31-402b-9ba1-7a11f1fad4c6","block_type":"box","text":"more than 50% of the shares voting in the election of Directors can, if they choose to do so, elect all the Directors of","page_number":184,"box":{"x":69,"y":159,"width":835,"height":11}},{"id":"9d618aaa-b7b5-4df6-a4b0-ec97689cdfd7","block_type":"box","text":"a Fund, in which event the holders of the remaining shares would be unable to elect any person as a Director.","page_number":184,"box":{"x":69,"y":174,"width":781,"height":11}},{"id":"3f67d321-ecab-4429-a9ce-18d217ba1bc6","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":184,"box":{"x":102,"y":196,"width":801,"height":12}},{"id":"59c6d389-99c8-49ff-92a1-9a0285f09d1a","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":184,"box":{"x":69,"y":212,"width":760,"height":11}},{"id":"0a33e049-3f98-49bb-b4df-12b844d8e617","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":184,"box":{"x":69,"y":227,"width":810,"height":11}},{"id":"20202dc1-9cb6-4657-b63f-5bb7679c91d3","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":184,"box":{"x":69,"y":242,"width":790,"height":11}},{"id":"7ad6c10e-a8c1-4e9c-8a51-0194351ce9c7","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":184,"box":{"x":69,"y":257,"width":787,"height":11}},{"id":"8cec32e0-1033-4fe6-a58f-2b4e6a2c76d3","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":184,"box":{"x":69,"y":272,"width":797,"height":11}},{"id":"9d431771-39d2-4c63-8ed0-b44ade50342b","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":184,"box":{"x":69,"y":287,"width":658,"height":11}},{"id":"406390a5-21ad-4aa0-b5de-79bfe1b9798a","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":184,"box":{"x":102,"y":310,"width":741,"height":11}},{"id":"4849fcb7-d7eb-4558-b9a2-7f76c59e094d","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":184,"box":{"x":69,"y":325,"width":790,"height":11}},{"id":"fed88772-953a-42de-bc6e-85e553420b54","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":184,"box":{"x":69,"y":340,"width":546,"height":11}},{"id":"b52da7c1-8653-4e7f-b9b7-0994ab36d5fd","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":184,"box":{"x":102,"y":363,"width":712,"height":11}},{"id":"1f0f863d-df88-4d24-a0ab-881c8b6c4259","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":184,"box":{"x":69,"y":378,"width":765,"height":11}},{"id":"aa30700d-eb0f-406a-a066-018731f37399","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":184,"box":{"x":69,"y":393,"width":834,"height":11}},{"id":"30f92318-dea7-4cbb-8a7e-652c1612a43c","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":184,"box":{"x":68,"y":408,"width":729,"height":11}},{"id":"5ce5a5e0-8ff8-4cf3-8602-9d58a51115f5","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":184,"box":{"x":69,"y":423,"width":815,"height":12}},{"id":"8a32e1fa-169c-4d20-87c5-122ab1ee62c8","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":184,"box":{"x":68,"y":438,"width":761,"height":11}},{"id":"f6c78c74-132f-4b79-b3d9-3318d51c1437","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":184,"box":{"x":69,"y":453,"width":824,"height":12}},{"id":"1c9e5610-9a7c-46f7-b591-0a66bb0bcebb","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":184,"box":{"x":69,"y":469,"width":839,"height":11}},{"id":"e95c3db7-681c-45cc-9354-b2659a364719","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":184,"box":{"x":69,"y":484,"width":813,"height":11}},{"id":"abf9480b-2069-4896-b736-a6d408ba727d","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":184,"box":{"x":68,"y":499,"width":827,"height":11}},{"id":"f694b709-465c-4055-ae5c-e31d570d5c97","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":184,"box":{"x":70,"y":514,"width":699,"height":11}},{"id":"6c3eae95-be40-4be5-9b07-cde9705f9a0a","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":184,"box":{"x":102,"y":537,"width":413,"height":11}},{"id":"e4b15615-ba3c-4759-8997-5434f8a6c526","block_type":"box","text":"Additional Information","page_number":184,"box":{"x":68,"y":567,"width":161,"height":9}},{"id":"d2cacbd5-fd27-47e1-a84b-1db1a85fd5c6","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":184,"box":{"x":102,"y":590,"width":789,"height":11}},{"id":"11879616-0aaa-4a6d-85f9-131e05c4b88c","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":184,"box":{"x":69,"y":605,"width":799,"height":11}},{"id":"e34b5a37-d5ce-40c1-86c0-ea8c7f365b28","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":184,"box":{"x":70,"y":620,"width":837,"height":11}},{"id":"acb02733-6a19-45fc-9f1c-31e7e53b47db","block_type":"box","text":"such name to any other company.","page_number":184,"box":{"x":69,"y":635,"width":238,"height":11}},{"id":"8e707665-e278-4795-a31d-319017e2f40a","block_type":"box","text":"II-136","page_number":184,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"fab4abd9-ee00-4bbc-a671-99daef705984","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9c6d0f0-a009-43fa-a90f-1395df141ec6","block_type":"box","text":"APPENDIX A","page_number":185,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"f54ef1ac-429e-4f12-b7d2-9400d198b1e9","block_type":"box","text":"Description of Bond Ratings","page_number":185,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"ccd761fe-dcb9-4c37-ad27-b77092194226","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":185,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"3c720a37-7df5-4421-9bd9-4b6b25715301","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":185,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"260624de-7a6d-4ad1-b798-d7ecf5c75ec6","block_type":"box","text":"time to time revise such ratings, they under take no obligation to do so, and the ratings given to securities at","page_number":185,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"43a627a4-d5c7-4a90-9512-3f0ad287ac93","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":185,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"b7608d5e-5083-484b-b97c-4361892a09f6","block_type":"box","text":"date.","page_number":185,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"03658993-73b4-4a83-b258-60c28a25027d","block_type":"box","text":"NRSROs may rate specific investments (","page_number":185,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"b48eb94f-5743-4d72-a7ea-2dd4f095149a","block_type":"box","text":"e.g.","page_number":185,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"4b8d51af-9e1c-48c5-9ce7-228f057c8ee6","block_type":"box","text":", bonds), issuers (","page_number":185,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"f9daecf8-72ff-4006-a479-4a188da07ef1","block_type":"box","text":"e.g.","page_number":185,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"30093f41-8190-4fc1-8d20-996478726f46","block_type":"box","text":", corporations, governments and financial","page_number":185,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"a7fa6780-29d7-459d-9f3d-bdb3977ecf99","block_type":"box","text":"institutions) and/or programs (","page_number":185,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"62c008c4-c6d1-4978-a286-408b4aa566ee","block_type":"box","text":"e.g.","page_number":185,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"a69eafe4-6608-41a6-bb1e-a57abc34f8ae","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":185,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"08436812-aed6-431f-aa7d-5c3d13d9d02a","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":185,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"64a56fdf-d9c8-4c5f-9830-69ca686c37b9","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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In the case of municipal securities, where one NRSRO provides multiple ratings for the same","page_number":185,"box":{"x":69,"y":295,"width":815,"height":12}},{"id":"93b9cac3-8832-408f-8b91-21a567d6dff3","block_type":"box","text":"security (","page_number":185,"box":{"x":69,"y":311,"width":63,"height":11}},{"id":"5096ac77-ce1e-441c-94d9-9e2f8c089a43","block_type":"box","text":"e.g.","page_number":185,"box":{"x":134,"y":312,"width":25,"height":10}},{"id":"26fb9eac-4c16-449a-a7d9-e5a7ec3a10fe","block_type":"box","text":", “underlying,” “insured” and/or “enhanced” ratings), BlackRock may consider the security to have the","page_number":185,"box":{"x":161,"y":311,"width":730,"height":11}},{"id":"482d8eb7-3b53-40db-bb34-4386aa47bc15","block_type":"box","text":"highest of the multiple ratings.","page_number":185,"box":{"x":69,"y":326,"width":216,"height":11}},{"id":"7a7658ca-b91f-47a7-8e7f-51943a53471f","block_type":"box","text":"New issue securities (regardless of type) may not be rated by a NRSRO at the time of their initial offering.","page_number":185,"box":{"x":102,"y":348,"width":751,"height":12}},{"id":"36f6b33f-4870-4be8-bb57-db0fe41e3ce4","block_type":"box","text":"Preliminary prospectuses or term sheets for new issue securities may include an expected rating for the security (as","page_number":185,"box":{"x":69,"y":363,"width":830,"height":12}},{"id":"bd3229b0-911a-4906-8a37-950727eb0f03","block_type":"box","text":"determined by the underwriter and/or issuer) or a NRSRO rating for the issuer of the security. 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Fur ther, the fund may","page_number":185,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"59effb74-da91-46b4-a4b3-fa700fcbb068","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":185,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"cda59464-f6aa-428a-80b2-36142e2677d9","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":185,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"e058e40a-8f5d-45ec-8ffa-e376b4202769","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":185,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"8d309337-bc82-4e98-b94e-c617ba3701bd","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":185,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"48e6c64e-cfba-434a-95d1-d88c141a8dca","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":185,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"0f550a7f-6cdc-4c8b-b3bb-fdf2624d1211","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":185,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"6c6ba98c-c215-40a6-8d6c-ca09bf0fb608","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":185,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"c2a92615-5d64-40f6-b2a3-05aa45df2c23","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":185,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"5ec6c6c6-a8a2-4012-8d4c-cb39e39623a1","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":185,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"2fd4486d-93e8-4239-82c7-72fc1d99af03","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":185,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"9e667826-d9a0-4a74-ae6c-bf31865d6bc7","block_type":"box","text":"Fitch.","page_number":185,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"fa422e6c-30ab-4630-920d-2867eaade609","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":185,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"88592b72-f9bf-420f-a307-1458da056bb8","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":185,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"6d2c2ab6-c56c-4444-95c7-83a2f6ac7597","block_type":"box","text":"Ratings assigned on Moody’s global long-term and shor t-term rating scales are forward-looking opinions of the","page_number":185,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"9dcee1f4-dc63-492b-9030-bea0709ad644","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":185,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"cff8d2e8-229a-4e69-80d5-d7d223df0d77","block_type":"box","text":"finance vehicles, project finance vehicles, and public sector entities. Moody’s defines credit risk as the risk that an","page_number":185,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"638bfd06-6188-4dba-8e38-b5199e65e691","block_type":"box","text":"entity may not meet its contractual financial obligations as they come due and any estimated financial loss in the","page_number":185,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"90c5733f-a2d6-4e7e-a508-d9220beb1e8b","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":185,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"7d174ef0-911a-4470-9f2e-dfde0c0561fc","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":185,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"b9a8504b-001f-42b9-b9e0-a410686a7cd3","block_type":"box","text":"sources of variation (","page_number":185,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"43e494af-5bc1-4545-a13a-6c4c1c92c4ff","block_type":"box","text":"e.g.","page_number":185,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"fd4d50cb-dbfa-4a93-826c-ca49704e1a85","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":185,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"29ef6164-9c85-40b4-870c-10faf1b60b49","block_type":"box","text":"ability to obtain cash sufficient to service the obligation, and its willingness to pay. Moody’s ratings do not address","page_number":185,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"22444aba-e041-4f82-a42e-8580c2c52479","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":185,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"2ee734af-6725-46b1-a6d0-39df711de677","block_type":"box","text":"e.g.","page_number":185,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"e416c14d-f6b4-408f-b8b5-6c3133b53f9a","block_type":"box","text":", equity indexed), absent an express","page_number":185,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"74b0b809-7249-46c5-a9d5-e386bf00c7b7","block_type":"box","text":"A-1","page_number":185,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"a8bdc9e5-0470-4faa-8463-a66451d3fe77","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"60efeba6-4601-4510-be1c-6d3d79f2e8ee","block_type":"box","text":"statement to the contrary in a press release accompanying an initial rating. Long-term ratings are assigned to issuers","page_number":186,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"d5879061-1213-4c8f-b130-d7267adb12bd","block_type":"box","text":"or obligations with an original maturity of one year or more and reflect both on the likelihood of a default or","page_number":186,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"bd1b6cac-eaec-4a56-adf4-b70f371a0206","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":186,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"1e4a6e5c-c4a4-4bb4-a721-b9713c625bb7","block_type":"box","text":"impairment. Shor t-term ratings are assigned for obligations with an original maturity of thir teen months or less and","page_number":186,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"1398fa94-2abe-4724-bdde-ff8f1d5c66aa","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":186,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"01409bd5-520e-4faf-a63b-e2109420f0c3","block_type":"box","text":"financial loss suffered in the event of default or impairment. Moody’s issues ratings at the issuer level and","page_number":186,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"05fb03f0-7ba8-45ae-976e-9899568a7492","block_type":"box","text":"instrument level on both the long-term scale and the shor t-term scale. Typically, ratings are made publicly available","page_number":186,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"9c05b896-4b8e-4c03-8348-b8711bc21950","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":186,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"c0175e3a-cf2f-492a-aca9-d40b1242031d","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":186,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"f194f700-f443-4b6d-83b4-46d215bab314","block_type":"box","text":"i.e.","page_number":186,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"755c9524-1240-4398-97d4-d17d26d4a896","block_type":"box","text":", ratings on nonfinancial","page_number":186,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"d68f161e-83e0-4953-9bb0-2588a8afbfec","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":186,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"65388140-ff8f-4344-a69b-fe8a1a3f3831","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":186,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"6aaae776-1076-4af3-b093-45c6ba85a7e9","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":186,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"fa408119-459e-47cd-ae80-5acb26680b15","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":186,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"e110591f-9586-4cbd-a007-585db9f4b5aa","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":186,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"bab30488-ddf6-433a-9288-94b207f782d2","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":186,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"3ee61cb7-1160-4db9-8853-33440a7c457b","block_type":"box","text":"of time.","page_number":186,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"1b0b7ed7-1eb6-490c-8293-9a488cad19c6","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":186,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"5581225b-be9e-40f8-b937-31b62954d35e","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":186,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"608fe2bf-d285-47ae-9ea0-e754b1532491","block_type":"box","text":"risk.","page_number":186,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"daaf6a39-2a77-4ef4-8201-c189c3198b03","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":186,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"886e3f4c-f259-4f76-9524-e6411b92ac8d","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":186,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"fe3d8d98-7f6d-45cb-be3a-3cd5c5386f4d","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":186,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"a2165b74-0854-4771-83c9-ae72d39adb6f","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":186,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"d850b9ff-9d05-4a32-a29d-9701dca25bda","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":186,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"9ce14b52-4335-49b1-92bb-7696f0351854","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":186,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"12aa8f3d-3f0a-4094-b65e-658e838c11c2","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":186,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"9d07e4a5-4f69-493d-9185-a13a4b54abdf","block_type":"box","text":"credit risk.","page_number":186,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"69744f51-2468-4bf9-950f-74e2e366cf39","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":186,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"9e419557-7aad-42d6-8a94-69f38801f1bd","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":186,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"403ff7c8-9c8e-4f77-8710-e37ace48db1a","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":186,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"cc038299-c294-45f7-9923-04cb1e9a5d2c","block_type":"box","text":"of principal or interest.","page_number":186,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"a6da31ff-6a7c-4fa9-89b4-103c5d77be1c","block_type":"box","text":"Note:","page_number":186,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"33d29d7c-2f97-4d37-b4d3-a760d02dba66","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":186,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"f64ad934-6cfd-41d1-9389-cbdb7fbe5ca1","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":186,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"5c315885-f260-48dd-88e3-9d764eabb6bd","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":186,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"0714a75e-d567-4161-8abb-143b478c881b","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":186,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"4fcf2ff8-19ac-4e2f-a2a2-711ceb3c8e50","block_type":"box","text":"companies, and securities firms.","page_number":186,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"c08cb89c-40ae-4d18-832c-8e27924a3890","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":186,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"b2ab39b0-cb70-403d-9b60-e820a3c1d945","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":186,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"f3f848d6-7086-4155-b1be-897499454278","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":186,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"41af39ea-1161-4805-a848-c34b404250cd","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":186,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"ee789111-ad92-44cd-9426-4d07a6670d85","block_type":"box","text":"that security.","page_number":186,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"8e1bbd6e-ec79-4d7d-937e-dc71de88fbd5","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":186,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"f502a764-b750-4527-aa6d-e6326e38b39a","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"eaa4d18f-0906-4756-9b20-2a940b5805aa","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"ef114a87-429d-43d4-b0bf-90571dd9f89a","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":186,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"8cf4b365-d825-4fb7-97c0-e2212fa86d56","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":186,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"3290d4f3-02c1-493a-9fbf-134886c47f41","block_type":"box","text":"categories.","page_number":186,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"e222dcdc-f3bf-4624-8424-98ff90b0b71d","block_type":"box","text":"A-2","page_number":186,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"cf15ef28-1db9-463a-aac7-aa107a3e066d","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"03f0d870-d347-4f33-9a10-296182ecdc9e","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"e224e980-fa81-4e55-98a2-19bd7e499c70","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":187,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"07c89b40-acd0-46bc-974e-171483927018","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":187,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"a7bb6804-e86b-4b4a-9920-722bfe1375ef","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":187,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"5b8eb36c-29af-4078-8148-629afefc0f59","block_type":"box","text":"an issuer’s self-liquidity.","page_number":187,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"eaf254f1-06ca-4f3a-b7ca-557190a0bcb8","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":187,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"ee1ccd09-df56-479f-88b6-b4da1e1cf75a","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":187,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"ef1dcf13-44a1-4022-a545-de103284f58d","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":187,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"b802dd80-949f-4ce5-91bc-09795f04d14d","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":187,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"2f44c389-1556-4b0f-b1de-0cff3965fcf5","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":187,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"8e37f6ab-e8a7-457d-b955-58307735a7c5","block_type":"box","text":"MIG Scale","page_number":187,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"775d5953-cdfe-44b7-9ac0-84bb71bb841a","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":187,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"be7cd244-a51a-4bff-b279-396c76240418","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":187,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"3f45d2d7-5cf3-4197-91dd-1c873399d81d","block_type":"box","text":"refinancing.","page_number":187,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"228712b8-0fc1-44aa-a07b-fab2474b8246","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":187,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"039c6c91-717e-4792-a109-a8d075990a03","block_type":"box","text":"large as in the preceding group.","page_number":187,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"2339b1ca-91e1-431a-b33b-b0601a48090c","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":187,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"72586533-1856-43f6-b1c5-f472c3b280ff","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":187,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"78d44aab-c219-474b-9e25-efc48cd74a8a","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":187,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"6e90aafd-026e-4fe2-847b-14f4978811a7","block_type":"box","text":"lack sufficient margins of protection.","page_number":187,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"18e65904-74ea-4439-bc3f-e98b3ad27ae9","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":187,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"c7ec8d31-e1ff-46c8-a1cf-e831a905b742","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":187,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"51206b9c-5f4d-4ecd-ab5e-b04b64d52168","block_type":"box","text":"are a long-term rating and a shor t-term demand obligation rating. The long-term rating addresses the issuer’s ability","page_number":187,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"2d35de8d-ff59-4704-8512-83a3fef3a741","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":187,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"eddf43d2-cf9e-4996-9692-831e671b25a6","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":187,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"1f444369-9f77-42f7-895c-7607ef6e77af","block_type":"box","text":"(“demand feature”) of the VRDO. The shor t-term demand obligation rating uses the VMIG scale. VMIG ratings with","page_number":187,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"762e64ff-c58b-4016-a148-fb6258f6fd42","block_type":"box","text":"liquidity suppor t use as an input the shor t-term Counterpar ty Risk Assessment of the suppor t provider, or the long","page_number":187,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"17a247df-4e32-4653-9e98-8926421c80d8","block_type":"box","text":"term rating of the underlying obligor in the absence of third par ty liquidity suppor t. Transitions of VMIG ratings of","page_number":187,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"adcde2bd-98bc-4511-8fd2-5397eb14d224","block_type":"box","text":"demand obligations with conditional liquidity suppor t differ from transitions on the Prime scale to reflect the risk that","page_number":187,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"ac219792-d20d-471c-b58e-5b0e65065e3a","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":187,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"ed191b2c-01ef-4696-be4c-d9bbca49e38e","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":187,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"04e84121-77d0-4afb-87e9-91adfaeabff1","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":187,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"415c216e-b22b-4b55-b5cd-da63682f26f2","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":187,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"72232a62-797d-490d-a5c7-7c5372214ca5","block_type":"box","text":"VMIG Scale","page_number":187,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"97ad2997-1a24-45af-a596-7fa760686838","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":187,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"b9aeca39-9648-48e4-a629-2689f3928e4a","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":187,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"a6c5d51a-4a16-4767-b729-05f554b69576","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":187,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"7e29be20-c108-4b5a-b65b-e78167bd623c","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":187,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"0ac6f168-cdd4-4647-9790-c5a8d76300b7","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":187,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"b4c44296-a9f2-48b7-8b07-96d3fb55e116","block_type":"box","text":"payment of purchase price upon demand.","page_number":187,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"a56e9e56-73cb-43a8-a557-7756369573ec","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":187,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"dbf30e61-8c0a-49d6-a069-739e51b61e97","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":187,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"c4585370-f5e4-4f0d-a0b5-12ff2ca7dcf8","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":187,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"9ec2f788-b5ad-4496-a329-a97bb3bc46d9","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":187,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"b2a71d47-7ffb-43bb-b20e-d7dab5828bd6","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":187,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"ecb33e09-9e14-43bc-8c47-22f303bdd521","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":187,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"35116722-4304-4d2e-a1f6-7fc3ae10bfdb","block_type":"box","text":"price upon demand.","page_number":187,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"8bdb4432-4324-4369-971f-5e8baad6695a","block_type":"box","text":"A-3","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"343070d0-f318-49f6-b9ff-2255f3e58772","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df3a1555-e152-4ca1-96bd-3ee3aca8026c","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":188,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"270000c3-7702-4355-8c2d-edd1572f246d","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":188,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"9186191d-724f-4927-add6-8106a8a4d91f","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":188,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"2cc331bb-a19d-4e72-ac38-8adb72da03f9","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":188,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"3a7507ec-0856-4a5b-af08-9c525fb1bb95","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":188,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"b2896107-d9ff-42ac-8d48-ff3f45369b5a","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":188,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"a0db5c3d-c51c-4a08-9ee2-135967efc57a","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":188,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"ecfe9e48-7cc3-4350-9dd6-1d626f14b9f7","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":188,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"f0663321-9a8a-4601-b53b-0555a2acf20d","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":188,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"3cd877c4-2d43-4645-ba1f-80821d5db1b7","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":188,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"5e20a235-5196-4665-9f79-0f82592c11ab","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":188,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"971d7a80-f568-4877-89b6-23b4fbacd4a0","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":188,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"2d76b814-f65d-42e4-84e1-8ac48a70930d","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":188,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"985df670-b9f3-4bb7-9f40-c9e79998fddd","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":188,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"550690b6-8e1e-47f1-ae3f-3aa11f5e79cd","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":188,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"55542950-a30b-4359-8a5e-80d153051b37","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"d068ec95-d0a6-4817-b6cc-5987479dc442","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":188,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"f8c94259-6a61-4498-a7a4-f5bf189c2cfa","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":188,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"cec9a522-f2f3-46f7-9c45-f3c1508e2355","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"91445f35-76cf-4294-aad1-38c31cd66994","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":188,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"0d939e06-7e6a-4905-95f0-78a12d59669f","block_type":"box","text":"•","page_number":188,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"f286601d-ff0a-48fd-8d37-bf5379fe3b1b","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":188,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"309832b9-24c9-4cfe-a9dc-f71ae79fcff2","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":188,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"cc3a9559-8fc8-44e0-b0ae-ffcee87a5330","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":188,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"1551df84-11ba-4dc4-979d-1e50944c932c","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":188,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"1c565452-e546-4a63-8d47-d4375479e9de","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":188,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"813f8fad-a4d1-46ad-92cb-8783cf7413d0","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":188,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"3bcc14f3-5ab2-4836-a598-4904ef88e304","block_type":"box","text":"obligations.)","page_number":188,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"3b852cbc-654a-4b99-958d-b8dfcddede10","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":188,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"408f2142-8520-4f41-af77-cf28c96946b2","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":188,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"32b54321-4adb-48d8-a29f-e79e37f199d1","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":188,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"d7e76cb9-ee31-428a-a0d5-b2879dcc60bb","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":188,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"6c76ff8c-de86-4cdc-85d6-c384b41c6262","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":188,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"777d9b3d-443e-4752-a433-3d7c6e56e6b7","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":188,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"cfcb5bf0-bdd8-4a39-9c2f-dffe0c0c262f","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":188,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"b69d50e2-95ad-4a83-850d-f84dce49224e","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":188,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"6ea872cd-5fa1-4174-a91e-29ed4862c0db","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":188,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"b104cef8-883f-4311-91eb-001f1e14ffd4","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":188,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"eb4e3f48-343b-42ff-bd20-1186a9195cb6","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"5248bd2b-466f-4a08-95ff-07ac9ff8b798","block_type":"box","text":"BB,","page_number":188,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"d1f2efff-0913-443f-aa43-7dfc51d6f6e6","block_type":"box","text":"B,","page_number":188,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"52f41b07-db17-4da8-a1ea-28f920972e5e","block_type":"box","text":"CCC,","page_number":188,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"23127b2b-8177-4034-bae9-c77126fe3952","block_type":"box","text":"CC,","page_number":188,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"ba48aeaa-fba1-46a7-a000-e22583fd63af","block_type":"box","text":"and C","page_number":188,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"237c64a2-d9c6-4cde-b603-dd4901569375","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":188,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"42a5b6c2-fdaf-4d4d-81b7-7bbe12235db4","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":188,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"5454e187-1396-46c8-af6c-c879914a4850","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":188,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"d7901441-d5fb-4129-b79a-96446db532a0","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":188,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"c3de7102-9161-4b34-a5f7-e6885486b85b","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":188,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"516b79d8-a42c-4607-9bdf-be5b2818f29a","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":188,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"073ababb-6ea1-4bec-a98a-22629d7778a4","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":188,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"3f51a55a-2077-4c75-8bfd-937c1b609e75","block_type":"box","text":"on the obligation.","page_number":188,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"9df1f517-547b-4b36-90f2-cf1e6883391f","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":188,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"efa5ed8e-4e54-4af5-9b62-a9efbcfd0348","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":188,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"239fa6cf-c948-4efa-a111-d17288efc689","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":188,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"1c797601-14eb-4583-86ac-55e4bb2bf68f","block_type":"box","text":"financial commitments on the obligation.","page_number":188,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"2c8b0bcd-045f-4f45-95e2-fa3a10b769aa","block_type":"box","text":"A-4","page_number":188,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"cfb3c97c-cb13-455c-848f-381deb6420a9","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8dad45b5-7bc3-434f-915b-5c10c0a329e6","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":189,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"dc50b3c9-933d-42cd-ade1-c8f8a5b40cc0","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":189,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"e80c05f8-a3c7-4279-86d0-11191df2e8d3","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":189,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"5bb9d1d2-f007-4b17-8195-6ff7b6a8d2b8","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"e59910f3-38fb-4682-baa4-ae0ac005a320","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":189,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"306eacfc-69d5-433e-8ca2-21f08bcbc9b2","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":189,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"ef1dc6ee-7e8d-4028-ae8a-4d521173d86f","block_type":"box","text":"anticipated time to default.","page_number":189,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"6d52dc1c-0fba-4f07-84c2-c23845c4dfc7","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":189,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"13a72081-d995-46d8-a788-9f6b669715ee","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":189,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"2d3a49a6-1515-4c94-b173-be4550f98e11","block_type":"box","text":"higher.","page_number":189,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"1579ddcd-5aec-4708-8921-bf0d4b0f98a4","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":189,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"1e0802e3-e3f9-4fb1-95e9-3d5d88534ad8","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":189,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"2b1c8fee-a4cc-419b-b451-0bdd756eafb9","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":189,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"1abbec77-6853-49cb-9697-9e95509111fc","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":189,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"08e94afc-29b0-467e-94b2-d078674fc658","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":189,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"417985c7-0419-4a19-95fa-d7b2127e0da3","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":189,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"0cb060bb-7a1b-42af-927f-2f5950c3616e","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":189,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"3ae4336a-24e2-44d0-a3b3-78972910ec32","block_type":"box","text":"restructuring.","page_number":189,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"768a445f-555f-4326-991c-19b31c3b801c","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":189,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"b776c073-81af-4e87-adb7-8f91c69da395","block_type":"box","text":"standing within the rating categories.","page_number":189,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"39ab5221-dfce-4706-adaf-62553b95bb6b","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":189,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"c51f1914-77de-4981-ab9b-0e7d31c52307","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":189,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"76a0b22a-fe40-4bb5-9b2b-7ac4c97c1ee1","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":189,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"a4eeae86-adf3-41bd-a7c8-dec46f85e767","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":189,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"6aaa49fe-a457-4738-967d-db2edc6e705b","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":189,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"517557a8-2088-44d8-ae3e-bce6a65c739e","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":189,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"56985397-8841-47ec-b6dd-c83d692fd4a7","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":189,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"c93b92da-e323-4a3f-8a68-9c176f5f9038","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":189,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"8999ed24-ea58-4e7e-a6a6-224b678960f9","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":189,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"17386f3f-9137-42a2-b450-80eba3b86475","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":189,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"b25212a0-0f35-4371-8a35-753b1b605a98","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":189,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"9797d170-52dd-47a9-8ddc-616a580f1956","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":189,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"2a474d42-9e59-4d94-ab63-a7221fcd6025","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":189,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"e0766c80-7b86-4640-87ec-9236e446ea84","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":189,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"9ce2d5d3-c601-43ff-8bac-f4669b799d0b","block_type":"box","text":"financial commitments.","page_number":189,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"9eee4e2a-ae9a-4aa8-b918-bc32d366dfe2","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":189,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"0d5bd39c-c38c-429e-b4bd-822480aa366d","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":189,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"1930fb64-fccb-4229-b6e0-3ee0fee30446","block_type":"box","text":"commitments on the obligation.","page_number":189,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"b207d3da-8fe0-42c5-a615-74a7c9d4884e","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":189,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"3b165409-5bc2-45f9-a7bd-983e9a62f641","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":189,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"63827550-96fa-409c-a884-7d891c2e9dd8","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":189,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"4e5c0fb8-edf4-491c-9976-a2c5aa7e345e","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":189,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"9ab2d9df-ea11-4473-b676-0db0a9ca5048","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":189,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"4c64c214-68b9-4bd2-bdf2-805cf0fe2fa8","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":189,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"d4a97f34-1a54-4904-b46f-edcf34500621","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":189,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"ed0c96fb-ddd3-445f-bd57-6e2883b35777","block_type":"box","text":"debt restructuring.","page_number":189,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"43554799-a815-4890-9e5f-aefcffb5c7da","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":189,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"849ac5fd-bacd-4b84-a770-589c84b53f13","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":189,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"dce5238d-73f2-478a-a224-f37c3e468945","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":189,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"9fcbddbc-0a41-4d89-9397-b3207a25239d","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":189,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"a880d9f4-e615-4c9f-b60f-270b0aed7cee","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":189,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"afc1f871-58fe-47ef-aa1c-feaafcf20117","block_type":"box","text":"A-5","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"f043d6ee-44f9-4065-8238-fd56291f1d70","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"65bdc3ad-40a6-49f8-929c-6afcebab83a6","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4dbb55ef-3547-4ddf-88b0-becdb0d46f2a","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":190,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"777f9d84-7fbe-40a3-b9e4-1d7ee971d9ba","block_type":"box","text":"as a note; and","page_number":190,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"00c3bd71-ec65-4444-a8bd-2da6bfcefd95","block_type":"box","text":"•","page_number":190,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"ada3b217-91bf-4f79-a882-9e6f506a7fbf","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":190,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"cdb387fb-5d5d-41b6-a2d1-7b1f611df9bb","block_type":"box","text":"treated as a note.","page_number":190,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"bf77df07-312a-4ffd-a7ce-3fbea82b7d61","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":190,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"adfc610a-b1fe-481d-87e7-c43bf3d77ebb","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":190,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"77df0e11-ec6c-42b2-8500-44e1c189c28d","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":190,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"29192131-9131-43be-9784-a7ab7eff4e1e","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":190,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"caf10651-0aad-4dff-92ef-7c6ccd063a2a","block_type":"box","text":"economic changes over the term of the notes.","page_number":190,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"744c946a-c1a4-475b-9580-60e1aa32c665","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":190,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"54566edd-6e6e-4acf-9ecc-c4fa8b430e6b","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":190,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"d7c09cee-f1c6-4449-b6fd-f94be2b002c1","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":190,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"a17dd1e0-a2fd-4add-8c42-613c0be9f42b","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":190,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"37dcce1c-89d2-46e1-9f90-ad09092f73d3","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":190,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"48d3fc35-914a-4662-8bbb-37ffc900d35f","block_type":"box","text":"Fitch Ratings publishes opinions on a variety of scales. The most common of these are credit ratings, but the","page_number":190,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"6d8f33a1-ce6a-4875-9dd1-6ee3e592aa3a","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":190,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"815bc853-e589-4695-b8a2-835bbcf431bf","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":190,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"15b33b71-6316-4372-9440-4dd8e6fbcff3","block_type":"box","text":"managers and funds. In each case, users should refer to the definitions of each individual scale for guidance on the","page_number":190,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"5128abc4-8381-4eeb-b972-1f273b733cae","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":190,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"cb6f1bd0-e8ac-480f-b844-0935d14224ed","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":190,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"43467399-f080-4eb4-ad7a-0c76c1f481bf","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":190,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"4474604b-7a8f-4ae9-9430-121b2498fc9e","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":190,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"68bc5b29-8c20-4b40-83bf-04e7344ac365","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":190,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"a50aad0e-5317-4096-99d2-887d90003d7c","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":190,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"308969f5-c3f0-432b-b3b1-4d59866f9889","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":190,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"324d719e-2b96-4e05-b1a9-226fa2601a2f","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":190,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"18224328-bf13-4752-baab-f2a361af420d","block_type":"box","text":"receivables or other financial assets.","page_number":190,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"bdd2b16b-92bf-45e1-a9a3-b6942edd93a0","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":190,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"133484d2-c2ba-4e0f-8bc9-db696ad66982","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":190,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"720bccc3-9c14-4c67-8f65-ebf65af1b892","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":190,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"6fc86484-ed23-4871-ab75-b9a94b11d9a8","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":190,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"26e015b9-886b-4fe4-8f46-7e7145e8d641","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":190,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"40643f6d-5e21-4d11-8d4d-840b26e58be0","block_type":"box","text":"occurred.","page_number":190,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"4aa5bda9-87cb-4173-8f9d-9773520b38b7","block_type":"box","text":"For the convenience of investors, Fitch may also include issues relating to a rated issuer that are not and have","page_number":190,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"563e4e17-cd8c-4c94-a32c-6214212bfb4b","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":190,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"b9ef94ca-721d-474b-b6cf-24abce678bd6","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":190,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"34f90958-3dfd-4f9e-a74e-612e188f0a94","block_type":"box","text":"not predictive of a specific frequency of default or loss. For information about the historical per formance of ratings","page_number":190,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"4751c7e6-30c4-4665-be2b-e3a61cbae54b","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":190,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"f8da8d7e-814f-42fa-a218-4ef42fa9cba4","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":190,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"91f7fc81-20bc-4021-988c-57ccc0511ba9","block_type":"box","text":"rates.","page_number":190,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"b1ee849e-bb3e-4243-a284-e36749ee3c3b","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":190,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"04f427fc-d085-48a1-b150-6a3cebd41bcc","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":190,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"40620318-fc62-4389-b2e7-2303752df91b","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":190,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"f3b2643d-87f9-43dc-aa49-91c84364f86d","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":190,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"ad8619e0-5dc6-453f-8b9e-61be3c1380f8","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":190,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"bff9d91f-5184-4f4d-9831-d02f3c4da57c","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":190,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"07109d52-4d85-4ec4-a51e-7e477eb3b04f","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":190,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"089575b3-b7ab-4dca-aa9f-dbc9163fba37","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":190,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"c61efa13-134c-4e4c-8888-58d9acce8fc7","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":190,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"7b6cdb1d-8fa4-4c14-b27f-e848cf2e6219","block_type":"box","text":"i.e.","page_number":190,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"7002ffd5-5f56-44c6-95fa-9780beb14442","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":190,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"d82344fe-0246-49d6-b2f8-7ecb6fbf6328","block_type":"box","text":"the obligation’s documentation).","page_number":190,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"50280bf3-23f3-4f72-97d5-b27f58f9ba14","block_type":"box","text":"A-6","page_number":190,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"9a3246e4-0d23-43e9-9e7a-d564465ab7d6","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":190,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5baeac9b-6647-44cf-ae98-dadbac394415","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":191,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"b2ab0832-76f3-470c-b58a-aa91f0bfef69","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":191,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"d88545f6-3234-4375-9c07-d7fb8e868cc6","block_type":"box","text":"agents in the form of a rating letter.","page_number":191,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"3f86aac8-9a89-4bc6-8dfb-4e945248d3d0","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":191,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"fd530a0e-9f09-427e-86d6-b58ad9fa86d2","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":191,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"bf74a28a-7e3c-4623-bb78-9bfe3a194495","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":191,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"20c872ee-fcde-4689-924e-f06d9ca28cda","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":191,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"5d8241c8-d7ba-4b4b-b899-8a6b704b93b1","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":191,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"1e2e23e6-7428-4226-9ad8-66838a7f8bc9","block_type":"box","text":"e.g.","page_number":191,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"36583cec-b966-4093-9480-00141fb4d873","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":191,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"8d627ef3-bfd1-4b8a-9758-31bb80902631","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":191,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"e72a3c9f-c292-4ece-87f2-b42b9bf6e959","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":191,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"541a6037-aca2-404a-a14e-b09054e5b14f","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":191,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"d5d0bb41-6c55-4e27-9469-05d4466eedb4","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":191,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"9c6e0072-5ecd-478e-a062-ff6ea21264a8","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":191,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"75d38ebb-f9c8-4df2-bf2b-2a4fdd1ab189","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":191,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"14e2cbaf-6e7b-4731-957e-81e6bab16971","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":191,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"49fecfcd-27dc-4335-9917-3537516a7753","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":191,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"772fefae-4361-4538-bdd3-3e7602f64f62","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":191,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"a3aec398-f66e-456f-a41d-dc9a4ef8c20e","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":191,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"4435e9d9-489e-4ec6-817a-27ef58afadaf","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":191,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"d8fa6efb-ac83-41a0-9af4-7214698287e4","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":191,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"222341b2-42a1-4b34-83c3-e0bf7987fe87","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":191,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"1f98d19d-8451-4e6a-ae44-073ae0232890","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":191,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"bbf36b25-bee0-4cbc-9806-f3d02cce5434","block_type":"box","text":"Ratings.","page_number":191,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"0106ef22-795b-45fc-8ce8-b68838bc86b3","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":191,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"7c5f3275-ca7a-4ba6-8cad-2b48c9698926","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":191,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"6f5c3b91-ee38-4d65-8d01-c2946f8f612c","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":191,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"f72a8619-6a74-45aa-8fbb-5ca45b261def","block_type":"box","text":"obligation ratings.","page_number":191,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"09a97aa7-1e98-4f9c-97b2-451aaba620e3","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":191,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"ae47b40c-adc7-432e-80c0-e2ec11d2fb23","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":191,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"82ea057c-bb06-4499-87ba-7fa21b29bfe2","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":191,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"243fd40e-bc38-4ebb-9fa6-b97345cbc98c","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":191,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"9c452ebd-9687-431e-9b21-d599050279f5","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":191,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"af6ebe40-dc06-47be-a042-a11e57d03dcd","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":191,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"37fc8607-d764-4c67-9678-3504809ff5fc","block_type":"box","text":"to foreseeable events.","page_number":191,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"4acb502a-f21d-4272-9c51-17f4e2668d68","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":191,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"7abd90d1-9261-402b-8663-e60a4cdbce5e","block_type":"box","text":"financial commitments is considered strong. This capacity may, never theless, be more vulnerable","page_number":191,"box":{"x":196,"y":649,"width":695,"height":12}},{"id":"a48634c4-8d90-4bed-abe6-51513f73494f","block_type":"box","text":"to adverse business or economic conditions than is the case for higher ratings.","page_number":191,"box":{"x":195,"y":664,"width":565,"height":12}},{"id":"e9e01b60-638c-4afd-b776-a783124c0ef1","block_type":"box","text":"BBB Good Credit Quality. ‘BBB’ ratings indicate that expectations of credit risk are currently low. The","page_number":191,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"dba19ed3-7121-4244-8d2c-54f5ed3ea306","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":191,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"54b7dbf1-be55-4d0f-b277-cec62b5fd04e","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":191,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"deac804b-cbc7-4454-90d3-1ed6c818a7ff","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":191,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"a914048f-b2b3-4e6f-a095-10bccd724bea","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":191,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"84673ad1-f836-40bc-8090-830c43288bc2","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":191,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"0b9607d9-898d-4ddc-8684-0eca749b44fa","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":191,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"44d7e85a-7176-49a3-bc19-2afcd2ea66f6","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":191,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"a3329eb1-e435-45b5-b5d1-db80e8c73924","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":191,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"0cc4b968-f71d-4105-ba4a-92e38937ea65","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":191,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"f2b22b17-6206-40ff-9c05-e8bdc2b642e4","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":191,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"22cc9e9a-810d-4cd6-add3-6aa272811f37","block_type":"box","text":"relative status within major rating categories.","page_number":191,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"8a09bf6f-79df-45b7-b99b-f336c3e512d6","block_type":"box","text":"A-7","page_number":191,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"9727826d-b7d0-47e2-bafa-e063bf3664d1","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":191,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8c359435-2f3a-4f52-a018-a6e09884da1d","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":192,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"1307d757-37b3-4f68-90d9-a5d8e37e914f","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":192,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"155dc0ec-3e0c-4872-8793-e68db0e0b289","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":192,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"52663bce-3bcf-465a-919c-502b371852c5","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":192,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"8844a1ae-9202-46bb-b523-62649e38dd7e","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":192,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"c77447e5-3fb9-4752-90ef-c40d98c1a71e","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":192,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"d3223927-9fba-4e17-a09c-856d24f126ea","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":192,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"1422aab3-705c-4df3-b8be-f5066ffb9442","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":192,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"33b43ee7-3ee0-4243-a996-d71672c2477d","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":192,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"1bb74890-0e16-4f34-a352-15f3ddd28b87","block_type":"box","text":"finance markets.","page_number":192,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"a08a9d02-b950-462b-994d-3ab954969375","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":192,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"4d26d309-9d3d-4fe1-ab6e-c827824d9ff5","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":192,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"1c178bb2-a5c9-495c-b4dd-14a840b238dd","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":192,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"bbaf9b69-5470-4ad1-a9e1-2b2c68569075","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"3fef7cc5-aa45-4523-a09b-f2faf3844f1f","block_type":"box","text":"commitments.","page_number":192,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"9bbd6cc5-8c6a-40f6-b4bd-2e021995b4ba","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":192,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"0faa6bd5-2f67-4045-b95c-0948c701f0ed","block_type":"box","text":"adequate.","page_number":192,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"31b35379-893d-40e4-aec9-6b53d5b4be2e","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":192,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"4bcc2e25-1d81-41f7-afb8-c851d75a8f34","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":192,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"f85d701a-9425-42c4-b913-68e544ddd6a6","block_type":"box","text":"economic conditions.","page_number":192,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"16bab9a2-6d33-47a9-9fd3-91f94b9c7f77","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":192,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"41e9951c-9bad-42eb-95f0-4de9c372b04b","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":192,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"3adf0f90-b7c0-499b-95da-bb4c54e8bd16","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":192,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"1b93973f-adc7-4849-a7a4-3b62c9e263bf","block_type":"box","text":"ratings only.","page_number":192,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"5a6e95b2-2b7c-454b-9f1e-a69ab5509376","block_type":"box","text":"D Default. 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subject to the","page_number":193,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"197bed85-9f0e-4cbd-9ee5-ba909e487f26","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":193,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"94e92fea-b614-4d2d-9a04-7f0ee8182a93","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":193,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"5bfe4d8e-bea7-4eb7-8cd9-d36f87a941a6","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":193,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"b57e4d05-1357-4f6d-b724-1eb4ccd8ec99","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed 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The Guidelines include “climate and decarbonization” guidelines which","page_number":193,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"8595ff34-139a-49a4-a74c-3f40544ef22c","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":193,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"d06eb1b3-d167-4803-a873-ad62e9b5eb86","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":193,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"1804aa0d-ccf8-476d-98da-ca23c3c91059","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":193,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"cbc4e2dd-b352-418b-b345-3f01d786179c","block_type":"box","text":"Conflicts Management","page_number":193,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"cb7bc936-e963-44b0-aa40-2f824ca297c1","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":193,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"048a99ac-1e60-4080-9446-66d626080b10","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":193,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"51e94d05-9107-4446-85f1-f9a111eb60d4","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":193,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"03fb2e4f-aaca-4440-bd90-188eda2e9369","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":193,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"2316839e-e178-47f8-88e6-13a323244430","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":193,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"8a4a8d2f-9a5b-4dfd-889e-b6f2dad0f763","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":193,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"bc55e8b2-8c10-4fb1-a8f7-9cf99ac77707","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":193,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"b629de93-3458-4ccf-8410-f7a73e1932ee","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":193,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"950fcb8b-3145-402e-be56-ff448e037623","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":193,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"f736314f-fe0f-4ac1-b721-1fa36fefe79d","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":193,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"87bc3c58-faeb-4347-b348-26039a4eed28","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":193,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"699c8f45-5d05-4f62-bcf8-ece6b9c29a36","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":193,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"b327618d-8c2e-4fc6-bc0b-d806f4cceda5","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":193,"box":{"x":102,"y":786,"width":778,"height":11}},{"id":"198c4b88-15a1-4aa4-a3f2-6ab6bb9ba92d","block_type":"box","text":"connection with proxy voting.","page_number":193,"box":{"x":101,"y":801,"width":203,"height":11}},{"id":"e0a96584-81a8-4f4a-aea2-a41ad6436624","block_type":"box","text":"Reports to the Board","page_number":193,"box":{"x":102,"y":824,"width":153,"height":11}},{"id":"0aafb859-4a3a-4dce-a16e-3a91ba2eb73a","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":193,"box":{"x":135,"y":846,"width":755,"height":12}},{"id":"0d2fdc11-4dfe-42c1-b7c0-703b07aaf1c9","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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. . . . . . . . 10","page_number":196,"box":{"x":512,"y":248,"width":392,"height":9}},{"id":"8d491ac7-885c-48e7-bc84-a0af9ea7bb7a","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":196,"box":{"x":73,"y":265,"width":319,"height":8}},{"id":"4a728abb-b605-4832-997a-46929c3227bf","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11","page_number":196,"box":{"x":398,"y":265,"width":506,"height":8}},{"id":"e5b1e021-cdff-47bd-9fe1-b8455dc21972","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":196,"box":{"x":73,"y":281,"width":207,"height":9}},{"id":"3b84578f-d01e-43e8-8d56-c3ee20534268","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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RESPONSIBILITIES","page_number":196,"box":{"x":73,"y":363,"width":787,"height":9}},{"id":"8c841596-60c5-4bff-ae80-a0b6196e7ee8","block_type":"box","text":". 15","page_number":196,"box":{"x":862,"y":363,"width":42,"height":9}},{"id":"064ce7d3-f626-4cb3-b826-4a9e1c1c442c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"7d589836-334e-4a2a-84ce-0d8a789d662b","block_type":"box","text":"Global Engagement and Voting Guidelines | 2","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"17403624-1a38-46e4-ae12-dcdab51a3034","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a644497a-1dfd-43d6-ad9f-e9f8b467b9f0","block_type":"box","text":"OVERVIEW","page_number":197,"box":{"x":450,"y":45,"width":79,"height":9}},{"id":"c31de1ab-782b-4360-b159-3aa0c53e6c1e","block_type":"box","text":"This document provides high level guidance on how BlackRock Active Investment Stewardship (BAIS) views","page_number":197,"box":{"x":101,"y":67,"width":760,"height":12}},{"id":"fb5ff647-62fc-40f3-9fb1-1eeb53077250","block_type":"box","text":"corporate governance matters that are commonly put to a shareholder vote, or on which investors engage with","page_number":197,"box":{"x":69,"y":83,"width":785,"height":11}},{"id":"aacec39c-ff28-4e93-b170-c18703d22297","block_type":"box","text":"issuers. BAIS works in par tnership with BlackRock’s investment teams, excluding index equity, providing exper tise on","page_number":197,"box":{"x":70,"y":98,"width":835,"height":11}},{"id":"cff7934f-c135-4585-aec6-2f28575ad21b","block_type":"box","text":"investment stewardship, engaging with companies on behalf of those teams when appropriate, and assisting in","page_number":197,"box":{"x":70,"y":113,"width":792,"height":11}},{"id":"3708453e-5516-4baa-bac6-8cf22536e6a8","block_type":"box","text":"recommending, operationalizing and repor ting on voting decisions. The guidance informs BAIS’ voting","page_number":197,"box":{"x":69,"y":128,"width":722,"height":11}},{"id":"db9397b0-40a3-4fa0-9dc6-306dc5e82858","block_type":"box","text":"recommendations to BlackRock’s active por tfolio managers. It applies to active equity holdings in BlackRock’s","page_number":197,"box":{"x":69,"y":143,"width":787,"height":11}},{"id":"6ce5baaa-cce4-42e8-8e1c-1653024c12cf","block_type":"box","text":"fundamental equity, systematic equity and multi-asset solutions strategies. It also may apply to holdings in","page_number":197,"box":{"x":68,"y":158,"width":760,"height":11}},{"id":"c0dbf6d1-84b2-41be-beb8-274ec4857480","block_type":"box","text":"BlackRock’s index and active fixed income strategies, to the extent those strategies hold voting securities or conduct","page_number":197,"box":{"x":70,"y":173,"width":834,"height":11}},{"id":"16e03b51-c414-43ef-b608-7b899752befc","block_type":"box","text":"issuer engagements. The guidelines are not prescriptive as active por tfolio managers have discretion as to how they","page_number":197,"box":{"x":70,"y":188,"width":830,"height":12}},{"id":"16b3786c-2f38-462c-a72a-b76cc26573f0","block_type":"box","text":"integrate these guidelines within their investment processes in light of their clients’ or funds’ investment objectives.","page_number":197,"box":{"x":70,"y":203,"width":825,"height":12}},{"id":"eb72ae1e-8b60-476a-9cc3-08c132572530","block_type":"box","text":"There are separate, independently developed principles and voting policies that are applied to BlackRock’s index","page_number":197,"box":{"x":68,"y":219,"width":804,"height":11}},{"id":"faae0ba8-90c6-487e-add7-75edd63a3667","block_type":"box","text":"equity investments by a distinct and independent function, BlackRock Investment Stewardship.","page_number":197,"box":{"x":69,"y":234,"width":675,"height":11}},{"id":"cecac7a4-4f14-433b-82f5-d0e114b0b946","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c25f4929-51db-4058-b2e5-8431bde407d3","block_type":"box","text":"Global Engagement and Voting Guidelines | 3","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"5b5e3f32-bbca-4bca-b802-6bd225b9cea4","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f073df47-9b4a-4bac-897a-7af2815ae623","block_type":"box","text":"INTRODUCTION TO BLACKROCK","page_number":198,"box":{"x":372,"y":45,"width":235,"height":9}},{"id":"8c8d6ffe-3ff0-4ebd-9566-17f96c45659d","block_type":"box","text":"BlackRock’s purpose is to help more and more people experience financial well-being. We manage assets on","page_number":198,"box":{"x":102,"y":63,"width":775,"height":12}},{"id":"217e2a87-14e1-44f7-8007-44374fa2bc61","block_type":"box","text":"behalf of institutional and individual clients, across a full spectrum of investment strategies, asset classes, and","page_number":198,"box":{"x":69,"y":78,"width":798,"height":12}},{"id":"647292c3-dcd6-4b22-bb95-ecccbd454251","block_type":"box","text":"regions. Our client base includes pension plans, endowments, foundations, charities, official institutions, insurers,","page_number":198,"box":{"x":69,"y":93,"width":817,"height":12}},{"id":"d59e0960-d94b-4e1c-bdd5-b1fb916ca9d1","block_type":"box","text":"and other financial institutions, as well as individuals around the world.","page_number":198,"box":{"x":69,"y":108,"width":506,"height":11}},{"id":"3d7ad3c5-d942-4693-ba65-47cd34c1ce83","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":198,"box":{"x":277,"y":138,"width":424,"height":9}},{"id":"6dfc413c-e756-49be-b1c2-789179118dc3","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":198,"box":{"x":102,"y":157,"width":804,"height":11}},{"id":"4d4ad96a-ccfe-4156-86da-71f4075666a6","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":198,"box":{"x":69,"y":172,"width":826,"height":11}},{"id":"c77df577-d770-4599-9feb-586a4403d5b8","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":198,"box":{"x":70,"y":187,"width":783,"height":11}},{"id":"3c24734d-bc0d-4a9d-9b09-05ae5c75c574","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (“the Guidelines”) and insights from active","page_number":198,"box":{"x":69,"y":202,"width":834,"height":11}},{"id":"617d9acf-f6df-45b5-b35f-b70e05312dc7","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":198,"box":{"x":70,"y":216,"width":779,"height":12}},{"id":"2cd57a59-cab4-4366-8c1f-a016ef8f83ad","block_type":"box","text":"shareholder meetings.","page_number":198,"box":{"x":69,"y":232,"width":158,"height":11}},{"id":"2562a9e2-3f5d-42f3-9eee-227bb25d5a0c","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":198,"box":{"x":102,"y":250,"width":789,"height":11}},{"id":"9bceefd5-8380-4dee-b729-6fac14790847","block_type":"box","text":"investing. Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":198,"box":{"x":70,"y":265,"width":815,"height":11}},{"id":"0d8e5470-a0ed-4fc3-9b50-349d6e2eab52","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk adjusted financial returns. Generally, por tfolio managers and","page_number":198,"box":{"x":69,"y":280,"width":827,"height":11}},{"id":"565a3fd2-af30-4c09-b62d-7562007abc59","block_type":"box","text":"stewardship specialists engage jointly on substantive matters. Our discussions focus on topics relevant to a","page_number":198,"box":{"x":69,"y":295,"width":771,"height":11}},{"id":"a5c2592a-90c2-4fbf-9ac3-844bd2db670c","block_type":"box","text":"company’s success over time including governance and leadership, corporate strategy, capital structure and financial","page_number":198,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"3fd9d699-d648-44ef-824f-daae1a83d683","block_type":"box","text":"per formance, operations and sustainability-related risks, as well as macro-economic, geopolitical and sector","page_number":198,"box":{"x":70,"y":324,"width":771,"height":12}},{"id":"bbe4a206-fc49-42ca-84db-ab128b782c97","block_type":"box","text":"dynamics. We aim to be constructive investors and are generally suppor tive of management teams that have a track","page_number":198,"box":{"x":69,"y":339,"width":830,"height":11}},{"id":"546c468b-c7c3-4cac-964b-5562701b56c0","block_type":"box","text":"record of financial value creation. We aim to build and maintain strong relationships with company leadership based","page_number":198,"box":{"x":69,"y":354,"width":826,"height":11}},{"id":"2de12ca9-9108-4ada-a8d9-640c83337a72","block_type":"box","text":"on open dialogue and mutual respect.","page_number":198,"box":{"x":69,"y":369,"width":269,"height":11}},{"id":"672c8410-c06e-49db-a2b2-5782c3982878","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":198,"box":{"x":102,"y":387,"width":780,"height":12}},{"id":"d7b2eb81-50c6-4534-830a-c6f243ec3788","block_type":"box","text":"the por tfolio manager has to make independent voting decisions aligned with their por tfolio objectives and","page_number":198,"box":{"x":68,"y":402,"width":759,"height":12}},{"id":"ce6df145-79e9-4a87-997f-3b6abd474135","block_type":"box","text":"investment strategy. For example, BAIS will generally vote the holdings in Systematic Active Equity por tfolios in","page_number":198,"box":{"x":70,"y":417,"width":785,"height":12}},{"id":"9753d391-76a3-4246-9577-81789d4cdb4f","block_type":"box","text":"accordance with these guidelines. We provide voting recommendations to fundamental equity por tfolio managers,","page_number":198,"box":{"x":69,"y":432,"width":809,"height":11}},{"id":"0d20e4f9-743e-42d1-a63e-ec0e08f5cab1","block_type":"box","text":"who may determine to vote differently based on their por tfolio investment objectives and strategy.","page_number":198,"box":{"x":68,"y":447,"width":698,"height":11}},{"id":"171c0b7a-a67e-4cac-bc53-e5a44862f88d","block_type":"box","text":"These guidelines discuss corporate governance topics on which we may engage with management teams and","page_number":198,"box":{"x":101,"y":466,"width":780,"height":11}},{"id":"5ea8dc27-4dfe-45a6-a15d-5a5449d5822b","block_type":"box","text":"board directors","page_number":198,"box":{"x":69,"y":481,"width":107,"height":8}},{"id":"a81f3912-d01f-42bf-ba67-a397da929229","block_type":"box","text":"1","page_number":198,"box":{"x":177,"y":481,"width":4,"height":4}},{"id":"989e9db3-0b8a-4eb6-b779-b8882fe27468","block_type":"box","text":"and matters that routinely come to a shareholder vote. We recognize that accepted corporate","page_number":198,"box":{"x":187,"y":481,"width":663,"height":11}},{"id":"0092772c-939a-4fe4-9140-c0af9398a3e7","block_type":"box","text":"governance norms can differ across markets, and believe these guidelines represent globally applicable elements of","page_number":198,"box":{"x":68,"y":495,"width":833,"height":12}},{"id":"b368542d-a30a-4b2f-946b-a443c321f205","block_type":"box","text":"governance that suppor t a company’s ability to manage material risks and oppor tunities and deliver financial returns","page_number":198,"box":{"x":68,"y":510,"width":833,"height":12}},{"id":"a96d5a12-7ee5-4472-af46-cec9dcb368f9","block_type":"box","text":"to investors. Generally, we believe companies should observe accepted corporate governance norms within their local","page_number":198,"box":{"x":68,"y":525,"width":839,"height":11}},{"id":"d2057c73-fc85-4997-8f50-af8fa3d939d7","block_type":"box","text":"markets or, par ticularly in markets without well-established norms, aspire to widely recognized international best","page_number":198,"box":{"x":69,"y":540,"width":802,"height":11}},{"id":"030a9582-57dc-4733-8316-ae3e72e19650","block_type":"box","text":"practices. As one of many minority shareholders, BlackRock cannot – and does not try to – direct a company’s","page_number":198,"box":{"x":70,"y":555,"width":786,"height":11}},{"id":"2045a414-e2ea-4820-8f67-22ab0523b2b0","block_type":"box","text":"strategy or its implementation. We look to companies to provide disclosures that explain how their approach to","page_number":198,"box":{"x":69,"y":570,"width":790,"height":11}},{"id":"9201bc66-06cc-460a-b254-6723f2d361f7","block_type":"box","text":"corporate governance best aligns with the financial interests of their investors.","page_number":198,"box":{"x":69,"y":584,"width":559,"height":12}},{"id":"905505ac-d5f1-40b0-bc95-ba42d9471242","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":198,"box":{"x":263,"y":615,"width":451,"height":10}},{"id":"bddc71f4-1d7b-447a-9d82-6ff658ef99fb","block_type":"box","text":"As shareholders of public companies, BlackRock’s clients have cer tain fundamental rights, including the right to","page_number":198,"box":{"x":101,"y":633,"width":799,"height":12}},{"id":"6b5d4e75-f499-46da-aa59-5c22a25fb47e","block_type":"box","text":"vote on proposals put for th by a company’s management or its shareholders. The voting rights attached to these","page_number":198,"box":{"x":68,"y":648,"width":806,"height":12}},{"id":"303631b9-c83d-49d5-a9aa-0cd4b9c529cc","block_type":"box","text":"clients’ holdings are an impor tant mechanism for investors to express suppor t for, or concern about, a company’s","page_number":198,"box":{"x":69,"y":663,"width":814,"height":11}},{"id":"2392218f-76d3-43e6-8d20-a5f7ea3da9ef","block_type":"box","text":"per formance. As a fiduciary, BlackRock is legally required to make proxy voting determinations, on behalf of clients","page_number":198,"box":{"x":70,"y":678,"width":819,"height":11}},{"id":"62691f5c-5411-4d57-a450-36758b5c1ffc","block_type":"box","text":"who have delegated voting authority to us, in a manner that is consistent with their investment objectives.","page_number":198,"box":{"x":68,"y":693,"width":755,"height":11}},{"id":"dde9d9e6-66bf-498f-8c1d-1e557d9ade49","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":198,"box":{"x":102,"y":711,"width":778,"height":12}},{"id":"8a3de19f-5d22-4fd9-a229-ab704a499631","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":198,"box":{"x":69,"y":727,"width":788,"height":11}},{"id":"acd0cc6d-de3d-44d8-8dde-c7bbbb05448c","block_type":"box","text":"serving the financial interests of our clients as their shareholders. We take a globally consistent approach to voting","page_number":198,"box":{"x":69,"y":741,"width":822,"height":12}},{"id":"2315249d-8692-463f-90d9-713eff89154b","block_type":"box","text":"but consider the different corporate governance regulations and norms in various markets. Votes are determined on","page_number":198,"box":{"x":69,"y":756,"width":826,"height":11}},{"id":"a94d1e82-dbb3-4645-b5b7-4181423a1914","block_type":"box","text":"a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":198,"box":{"x":69,"y":771,"width":800,"height":11}},{"id":"32a77e4d-796f-4478-a7b4-f102a0518381","block_type":"box","text":"Please see page 16 for more information about how we fulfil and oversee BlackRock’s non-index equity investment","page_number":198,"box":{"x":69,"y":786,"width":819,"height":11}},{"id":"edacca1d-47b7-4da3-b865-2708ce33690d","block_type":"box","text":"stewardship responsibilities.","page_number":198,"box":{"x":69,"y":801,"width":202,"height":11}},{"id":"4b09722b-3354-4516-a20f-8601ffb9fc12","block_type":"box","text":"1","page_number":198,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"df4404e2-f979-4a61-a2f5-69e9aad8d894","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":198,"box":{"x":79,"y":830,"width":801,"height":11}},{"id":"7536e9d1-0eca-4cac-9bfe-3b129a27118a","block_type":"box","text":"boards and their members, where relevant.","page_number":198,"box":{"x":69,"y":845,"width":306,"height":11}},{"id":"0d9170a5-060d-4ff6-96cc-88094b05072c","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"9a618e5d-d005-45ef-9ee5-e8e64f70de1a","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"85aee8b7-eaa0-4c12-8323-5e76d598825f","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bd13198c-064d-4eb2-8e95-ecd184e376dc","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":199,"box":{"x":272,"y":45,"width":434,"height":9}},{"id":"9790d3ea-71c4-43e9-8626-872eeda56b8e","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":199,"box":{"x":101,"y":63,"width":788,"height":12}},{"id":"63ea69c0-6811-407e-912f-1bfc356e36e7","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly those with sustainability objectives in","page_number":199,"box":{"x":69,"y":78,"width":808,"height":12}},{"id":"4e50ba02-ba28-460d-878a-bc0ee48877f6","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":199,"box":{"x":69,"y":93,"width":801,"height":12}},{"id":"b35cdf50-0bc9-41ec-a847-2ee32a7b4e4e","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":199,"box":{"x":69,"y":108,"width":824,"height":11}},{"id":"0ac0ca76-5c02-4e94-a740-5d0d0ff96e6e","block_type":"box","text":"listed below, engagement with fixed income investment teams can help inform an issuer’s approach to structuring","page_number":199,"box":{"x":70,"y":123,"width":813,"height":11}},{"id":"6416a07f-f8ab-4d5a-81dc-abb00ba0bd63","block_type":"box","text":"specialist issuances, such as green bonds, and the standard terms and information in bond documentation.","page_number":199,"box":{"x":69,"y":138,"width":772,"height":11}},{"id":"dabefd38-1835-474b-b605-07b3c6b554f5","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"96432846-e40d-42bb-95f7-38a159278c91","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"85ea857a-89f6-4bd9-a313-e9d584adc3d0","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d964f353-43b6-4217-9332-1b27a331044a","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":200,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"3261eb85-5c99-45bb-951b-a72edfa39476","block_type":"box","text":"Roles and responsibilities","page_number":200,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"74bb187f-635b-45d2-bdcd-f08e8b0e1d89","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":200,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"4a12fc85-2ee3-4107-b5a9-6864b844a09e","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":200,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"38ff2c16-96d3-4623-ab25-e2350d67d2c9","block_type":"box","text":"2","page_number":200,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"d6004a81-b7e4-4d65-a490-ebb31db2edae","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":200,"box":{"x":101,"y":119,"width":760,"height":12}},{"id":"4f9c1aa5-442d-4fd2-b737-f5f9af679f32","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":200,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"421ae648-8cca-485d-8d08-13d141cb1e51","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":200,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"c24fa9c2-0389-44d8-9f41-1981dfe4b155","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":200,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"6e887a97-e9ac-4fde-a6e9-df804ced4c6c","block_type":"box","text":"per formance over time.","page_number":200,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"6ec59380-0451-4f15-a9db-a49ea64326d5","block_type":"box","text":"In promoting the success of the company, the board ensures the necessary resources, policies and procedures","page_number":200,"box":{"x":102,"y":198,"width":795,"height":11}},{"id":"703252fb-dafc-4af5-ab87-393fc0b2f4e0","block_type":"box","text":"are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":200,"box":{"x":69,"y":213,"width":669,"height":11}},{"id":"e2a25e9e-b20a-4857-a6a1-24afcaf7d841","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":200,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"96af9435-ac6f-4072-aa68-f9df8aeaf1ea","block_type":"box","text":"executive officer (CEO). In addition, the board plays a meaningful role in monitoring the per formance of the CEO and","page_number":200,"box":{"x":69,"y":246,"width":827,"height":11}},{"id":"cc9df487-de11-4840-b6b6-ac23597ca471","block_type":"box","text":"other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy execution","page_number":200,"box":{"x":69,"y":261,"width":823,"height":11}},{"id":"822a141d-862e-4f38-9370-39d9f0a4d7f9","block_type":"box","text":"and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":200,"box":{"x":69,"y":276,"width":669,"height":11}},{"id":"d74bbae3-7175-4494-8534-be771d748192","block_type":"box","text":"Composition and effectiveness","page_number":200,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"e947de20-a750-415d-88ba-f17948f3b3f0","block_type":"box","text":"Appointment process","page_number":200,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"9f1cf931-67aa-4e0b-aaf1-221ae6b2e241","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":200,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"4f9fb4bd-7edd-4977-b330-f653930497f0","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. The board or a sub-committee","page_number":200,"box":{"x":69,"y":350,"width":795,"height":11}},{"id":"81527627-a4ab-497f-9058-37136c3d4905","block_type":"box","text":"should determine the general criteria given the company’s circumstances (","page_number":200,"box":{"x":69,"y":365,"width":531,"height":11}},{"id":"af1c0490-fec1-4307-90ab-38409583ea5b","block_type":"box","text":"e.g.","page_number":200,"box":{"x":602,"y":367,"width":25,"height":9}},{"id":"c6f276a4-5046-48f1-b981-a62aa1496474","block_type":"box","text":", sector, maturity, geographic footprint)","page_number":200,"box":{"x":630,"y":365,"width":273,"height":11}},{"id":"b732d0d2-a84d-4e05-ae53-473bb3d092fb","block_type":"box","text":"and any additional criteria for a specific role being filled (","page_number":200,"box":{"x":69,"y":380,"width":404,"height":11}},{"id":"7c47814e-64ea-4959-b91f-8346d58c9ebe","block_type":"box","text":"e.g.","page_number":200,"box":{"x":474,"y":381,"width":25,"height":10}},{"id":"c5cc91a6-48d5-4ee7-be7a-87654d0aa44e","block_type":"box","text":", financial exper tise, industry track record). To inform the","page_number":200,"box":{"x":502,"y":380,"width":405,"height":11}},{"id":"2f5daf6b-79b8-485d-86e6-7226a9700282","block_type":"box","text":"process, we encourage companies to review the skills and experience of incumbent directors to identify any gaps and","page_number":200,"box":{"x":70,"y":395,"width":836,"height":11}},{"id":"e8378164-9003-4080-840b-b377d7f75780","block_type":"box","text":"whether a director candidate’s characteristics would be additive. We welcome disclosures that explain how the board","page_number":200,"box":{"x":68,"y":410,"width":834,"height":11}},{"id":"8bbe752e-47f0-4aae-82a3-57a8101c264a","block_type":"box","text":"considered different skills, backgrounds and experience to ensure the directors collectively can be effective in","page_number":200,"box":{"x":69,"y":425,"width":785,"height":11}},{"id":"2e748368-f701-4dd6-8947-1db2e18a65f8","block_type":"box","text":"fulfilling their responsibilities. We assess a company’s board composition against that of its peer group and local","page_number":200,"box":{"x":68,"y":439,"width":807,"height":12}},{"id":"cc3bf541-569c-4706-be82-20a96e62fe21","block_type":"box","text":"market requirements.","page_number":200,"box":{"x":69,"y":455,"width":152,"height":10}},{"id":"2c5f5cf0-6ead-4baf-a4e2-983ab898327e","block_type":"box","text":"Shareholders periodically vote to elect, remove and nominate directors to serve on the board. We may vote","page_number":200,"box":{"x":102,"y":473,"width":763,"height":11}},{"id":"cc9a34fa-0f76-4269-a000-43c7c0311def","block_type":"box","text":"against the election of the most senior independent director, or the chair of the relevant committee, where a","page_number":200,"box":{"x":69,"y":488,"width":772,"height":11}},{"id":"165bbf89-0cab-4626-ac66-8e05ad6991ec","block_type":"box","text":"company has not demonstrated it has an appointment process that results in a high functioning board with the","page_number":200,"box":{"x":69,"y":503,"width":790,"height":11}},{"id":"9346eadd-5a7c-48d8-9ac5-8c5766068a24","block_type":"box","text":"appropriate complement of skills, backgrounds and experience amongst the directors to suppor t strong financial","page_number":200,"box":{"x":69,"y":517,"width":801,"height":12}},{"id":"a13a8fb8-57f2-4b06-b0b1-b385f8ab69a7","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":200,"box":{"x":70,"y":532,"width":808,"height":12}},{"id":"78595e53-6f8a-4fa3-83b7-e4ddbe3a6e2f","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":200,"box":{"x":69,"y":547,"width":442,"height":11}},{"id":"53a33d51-f933-4401-ae4a-f08253a64044","block_type":"box","text":"Independence","page_number":200,"box":{"x":70,"y":570,"width":99,"height":11}},{"id":"a796098d-4cc3-4545-a19b-641319443fa4","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":200,"box":{"x":102,"y":588,"width":642,"height":12}},{"id":"0d348268-c0bc-4fc5-903e-132529cc8753","block_type":"box","text":"e.g.","page_number":200,"box":{"x":746,"y":590,"width":25,"height":10}},{"id":"02eb3de2-5dc9-4293-898f-74911514e55f","block_type":"box","text":", government or","page_number":200,"box":{"x":773,"y":589,"width":111,"height":11}},{"id":"b837bb82-9a94-435f-a606-3ca605e206ea","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":200,"box":{"x":69,"y":603,"width":759,"height":11}},{"id":"5654dd04-8948-4fb5-9a36-ece4c9aba5d5","block_type":"box","text":"BlackRock’s clients. At least half of the directors should be independent and free from conflicts of interest or undue","page_number":200,"box":{"x":70,"y":618,"width":826,"height":11}},{"id":"40f5f5ae-7eca-4a66-97ca-9e25e3bdbbb6","block_type":"box","text":"influence.","page_number":200,"box":{"x":70,"y":633,"width":66,"height":9}},{"id":"8a568dc9-5b40-406e-a72c-3610ffb4e6cb","block_type":"box","text":"3","page_number":200,"box":{"x":138,"y":633,"width":4,"height":5}},{"id":"632707fb-9aa7-4e3c-805b-6755a5ee65c0","block_type":"box","text":"This ensures sufficient independent directors to have appropriately independent board committees.","page_number":200,"box":{"x":148,"y":633,"width":709,"height":11}},{"id":"90c54ab7-bfc7-40cf-8134-5e321e64fe5c","block_type":"box","text":"Companies domiciled in markets with a higher threshold for board independence should meet those requirements.","page_number":200,"box":{"x":69,"y":648,"width":816,"height":11}},{"id":"ab6ed54c-e515-4cc3-8fa1-371eb43ef44d","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":200,"box":{"x":101,"y":666,"width":803,"height":12}},{"id":"df0ff152-ec06-44cc-923e-854f1f04bec8","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":200,"box":{"x":70,"y":681,"width":748,"height":12}},{"id":"bf220f25-a009-4f7b-8f75-4600bf695df2","block_type":"box","text":"composition if this is a perennial issue.","page_number":200,"box":{"x":69,"y":696,"width":280,"height":11}},{"id":"d2737656-9247-4514-b77b-b7255df45691","block_type":"box","text":"Independent board leadership","page_number":200,"box":{"x":70,"y":719,"width":212,"height":11}},{"id":"a404ea05-7b58-48a3-9e1a-4653c8b47032","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":200,"box":{"x":102,"y":737,"width":784,"height":11}},{"id":"f1c3f350-2af0-4ff2-b76f-b12db5d51b20","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":200,"box":{"x":69,"y":752,"width":827,"height":11}},{"id":"eee9bdbf-ea26-4564-a934-77a61c8b29e0","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":200,"box":{"x":68,"y":767,"width":774,"height":11}},{"id":"8a7d0c0a-5c6d-4ebb-bb27-7b1fc37489bc","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":200,"box":{"x":69,"y":782,"width":826,"height":11}},{"id":"9893ebdb-ac99-4306-917e-a6359978147c","block_type":"box","text":"2","page_number":200,"box":{"x":69,"y":811,"width":4,"height":5}},{"id":"6ca89325-7194-4dbb-93b1-20be9cca8423","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":200,"box":{"x":79,"y":811,"width":762,"height":11}},{"id":"80dfc255-1a53-43a5-9108-24695130cc38","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":200,"box":{"x":70,"y":826,"width":394,"height":11}},{"id":"24eec3eb-88ad-473c-9880-f728da451e0e","block_type":"box","text":"3","page_number":200,"box":{"x":69,"y":844,"width":4,"height":5}},{"id":"970cd9e2-b9fa-4e24-8824-4652395b9d0f","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":200,"box":{"x":79,"y":844,"width":795,"height":11}},{"id":"2ae5aca3-90fb-4cdb-bf48-bb02422b95e8","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":200,"box":{"x":69,"y":859,"width":793,"height":11}},{"id":"3416950a-b4e2-466b-99fd-1b4859a0da6a","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which could,","page_number":200,"box":{"x":70,"y":874,"width":826,"height":11}},{"id":"dc9cccbc-90ce-4f52-8ee4-e5402bc39cf5","block_type":"box","text":"or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests of the","page_number":200,"box":{"x":69,"y":889,"width":805,"height":11}},{"id":"be782d81-db2d-4787-9748-2d5fcfd60d7c","block_type":"box","text":"company and shareholders.","page_number":200,"box":{"x":69,"y":905,"width":195,"height":10}},{"id":"328b7415-bdd7-4168-803c-95e7dbc297c1","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"fa061a16-fc7e-49e2-a55b-a1a6ef6edf24","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"c4de7202-e77e-4b47-b5c5-997ffccf7c6f","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dd844336-7814-4cbc-a39c-94420d4e8bce","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":201,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"21bee444-3902-4509-9986-73cc5e3b4eb9","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":201,"box":{"x":69,"y":59,"width":823,"height":12}},{"id":"83917187-bfb0-40e1-a95c-805cb3880b16","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss board governance matters such as CEO","page_number":201,"box":{"x":68,"y":74,"width":839,"height":12}},{"id":"f6562e1e-6572-47ed-8fbd-55c3125b3ecb","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their independent board leadership","page_number":201,"box":{"x":69,"y":89,"width":830,"height":11}},{"id":"607fa5cb-49ca-42de-96f2-b2d1acef5f9d","block_type":"box","text":"model and how it serves the interests of shareholders.","page_number":201,"box":{"x":69,"y":104,"width":391,"height":9}},{"id":"6466acd4-d12a-475e-bd76-e6ab7648ae3c","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":201,"box":{"x":101,"y":123,"width":798,"height":11}},{"id":"6a2a161a-d5ae-4ef0-8b68-35db8a3f016a","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":201,"box":{"x":69,"y":138,"width":831,"height":11}},{"id":"d6413c7d-55b7-41f1-9972-35d2f1401703","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":201,"box":{"x":68,"y":152,"width":691,"height":12}},{"id":"bcd6d8fc-e56a-4842-b36f-ce68adab84c0","block_type":"box","text":"Tenure and succession","page_number":201,"box":{"x":70,"y":175,"width":162,"height":9}},{"id":"57f322df-11d3-46bd-aacc-ade58bd30c89","block_type":"box","text":"Boards should establish the length of time a director would normally be expected to serve, in line with market","page_number":201,"box":{"x":102,"y":193,"width":783,"height":12}},{"id":"5bda9e6b-38b0-4b67-b99a-da63b7052462","block_type":"box","text":"norms where those exist. In such markets, we find it helpful when companies disclose their approach to director","page_number":201,"box":{"x":69,"y":208,"width":802,"height":11}},{"id":"5dfe6727-fe1b-4cb7-a221-b627a6f07ce7","block_type":"box","text":"tenure par ticularly around the contributions of directors who have served for longer periods than provided for in local","page_number":201,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"3bbb8cf3-94fa-4c8a-838c-76d22ce7cb6f","block_type":"box","text":"practices. In our experience, long-serving directors could become less independent given their relationship with","page_number":201,"box":{"x":70,"y":238,"width":790,"height":11}},{"id":"b1a95917-6bd3-4f98-87c7-4abbab24e818","block_type":"box","text":"management and involvement in past board decisions.","page_number":201,"box":{"x":69,"y":253,"width":389,"height":11}},{"id":"a8a823cb-cea3-4600-a9f6-ac286739bba7","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":201,"box":{"x":102,"y":272,"width":779,"height":11}},{"id":"16ac276a-ef2f-40fb-a294-e34cc74a5c0d","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":201,"box":{"x":68,"y":286,"width":777,"height":12}},{"id":"575fe878-9093-4892-8d61-eecacde7f95f","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":201,"box":{"x":69,"y":301,"width":528,"height":12}},{"id":"a85e68c3-9e0e-4b98-96cf-da8e557d4420","block_type":"box","text":"In markets where there is not specific director tenure guidance, we may vote against the election of the chair of","page_number":201,"box":{"x":102,"y":320,"width":796,"height":11}},{"id":"dd7b0c3a-7689-4499-8e75-b15f9d915924","block_type":"box","text":"the committee responsible for board composition if there is not a clearly disclosed approach to director tenure and","page_number":201,"box":{"x":68,"y":335,"width":819,"height":11}},{"id":"12fd06ae-0732-4643-88d5-37aa7edaeb87","block_type":"box","text":"board renewal. We may vote against the election of directors who have served for longer duration than typical in","page_number":201,"box":{"x":69,"y":350,"width":797,"height":11}},{"id":"86a876c6-cd33-4c7f-a67d-4e1620e9cc3d","block_type":"box","text":"markets with specific guidance, where the case for their continued service is not evident.","page_number":201,"box":{"x":69,"y":365,"width":635,"height":11}},{"id":"22a4daea-3566-46ee-8559-c9af3f4e0dc6","block_type":"box","text":"Capacity","page_number":201,"box":{"x":70,"y":387,"width":60,"height":11}},{"id":"f971e726-01f1-4a17-b4b5-77ffbe632d65","block_type":"box","text":"To be effective and engaged, directors must commit appropriate time and energy to the role. A board should","page_number":201,"box":{"x":101,"y":406,"width":772,"height":11}},{"id":"222c3afe-df20-421d-9560-12269a2d8792","block_type":"box","text":"assess the ability of its members to maintain an appropriate focus on board matters and the company taking into","page_number":201,"box":{"x":69,"y":420,"width":810,"height":12}},{"id":"1b094c29-5efa-41a3-a4db-dfa4f7e9f3a3","block_type":"box","text":"consideration competing responsibilities. We recognize that board leadership roles vary across markets in","page_number":201,"box":{"x":69,"y":436,"width":756,"height":11}},{"id":"886c7ec1-9a69-4276-9afa-935d9cb3234a","block_type":"box","text":"responsibilities and required time commitment but note that they are generally more intensive than a standard","page_number":201,"box":{"x":69,"y":450,"width":788,"height":12}},{"id":"e71ebf14-68fa-4eb4-9464-38b90d08a3d3","block_type":"box","text":"directorship. We will take local norms and practices into consideration when making our voting determinations across","page_number":201,"box":{"x":69,"y":465,"width":837,"height":11}},{"id":"5334c54e-2d4c-45de-91da-5fa80acdcf8b","block_type":"box","text":"markets.","page_number":201,"box":{"x":69,"y":480,"width":61,"height":9}},{"id":"9a4b37c2-a3bc-4671-a50e-374d0442678a","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfil","page_number":201,"box":{"x":101,"y":499,"width":772,"height":11}},{"id":"307c645f-ca80-4d91-be5f-f182e76e3b77","block_type":"box","text":"their duties to the board and company.","page_number":201,"box":{"x":68,"y":514,"width":275,"height":11}},{"id":"21c99e1a-3971-4e63-9f1a-dc113bda403d","block_type":"box","text":"Director elections","page_number":201,"box":{"x":70,"y":536,"width":124,"height":9}},{"id":"284e285e-5803-4337-bfde-aa12abb5e504","block_type":"box","text":"In suppor t of director accountability to shareholders, directors should stand for election on a regular basis,","page_number":201,"box":{"x":102,"y":555,"width":761,"height":11}},{"id":"bf602d6a-0475-450f-a5b7-d558f48cf497","block_type":"box","text":"ideally annually. A classified board structure may be justified by a company when it needs consistency and stability","page_number":201,"box":{"x":70,"y":569,"width":817,"height":12}},{"id":"1c5e2869-dea8-472a-af05-4ac767326dd6","block_type":"box","text":"during a time of transition, or on the basis of its business model,","page_number":201,"box":{"x":69,"y":584,"width":463,"height":12}},{"id":"8ae08db1-8273-4e55-a9c7-b5ddc1fc64af","block_type":"box","text":"e.g.","page_number":201,"box":{"x":540,"y":586,"width":24,"height":10}},{"id":"d528c633-972f-41d2-9080-46579aa855dc","block_type":"box","text":", a non-operating company such as closed-end","page_number":201,"box":{"x":567,"y":585,"width":328,"height":11}},{"id":"dbaca281-a7d2-4ede-b43e-ab47e3361032","block_type":"box","text":"funds.","page_number":201,"box":{"x":68,"y":599,"width":43,"height":9}},{"id":"1383b23b-669f-4b7c-b6fb-9696bfc544b0","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":201,"box":{"x":102,"y":618,"width":774,"height":11}},{"id":"e9724ceb-05d4-4100-a2f9-db46cac0ef6e","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":201,"box":{"x":69,"y":633,"width":770,"height":11}},{"id":"2a750b8c-030e-4db4-807a-37e3d07472de","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will not suppor t the election of directors whose names","page_number":201,"box":{"x":69,"y":647,"width":830,"height":12}},{"id":"114e5f52-acdb-443b-946c-c9127845ec8d","block_type":"box","text":"and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":201,"box":{"x":69,"y":662,"width":713,"height":12}},{"id":"ab983885-0cd7-4024-8a3a-61d377943c17","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":201,"box":{"x":102,"y":681,"width":743,"height":11}},{"id":"670ce252-9084-478f-8d91-39fc5d497dde","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":201,"box":{"x":69,"y":696,"width":823,"height":11}},{"id":"65c11d57-a7bd-4ba0-8255-8c37b247844a","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":201,"box":{"x":68,"y":711,"width":377,"height":11}},{"id":"7c386485-091f-43fa-89f6-e5cc7986f049","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":201,"box":{"x":101,"y":729,"width":798,"height":12}},{"id":"9d19582d-186e-4806-abf9-ab0acae3465b","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":201,"box":{"x":69,"y":744,"width":822,"height":12}},{"id":"3cfe9a2b-c8ca-42f3-96b2-2e3081b49f60","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":201,"box":{"x":70,"y":759,"width":706,"height":11}},{"id":"c525c6f2-58c1-4bf5-909e-6689e4aba7ce","block_type":"box","text":"Committees","page_number":201,"box":{"x":70,"y":782,"width":84,"height":9}},{"id":"c249e775-83c1-4447-a69d-badf9ec2dd59","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":201,"box":{"x":102,"y":800,"width":766,"height":11}},{"id":"0edd91d1-1a4f-4cf0-90da-49cb0b2d875e","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":201,"box":{"x":68,"y":815,"width":776,"height":11}},{"id":"9053ca4b-3732-4fa0-905e-b652d7477291","block_type":"box","text":"companies what committees they should establish but we seek to understand the board’s rationale for the","page_number":201,"box":{"x":69,"y":830,"width":762,"height":11}},{"id":"ff8d952a-4c3a-4a6c-896b-154cc4b83b7d","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":201,"box":{"x":69,"y":845,"width":759,"height":11}},{"id":"943318fa-ad5e-4f5f-9cf0-29d1bcfd0fe8","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":201,"box":{"x":69,"y":860,"width":804,"height":11}},{"id":"48fad063-343d-4833-b1eb-9fb38917800a","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. The board should disclose to shareholders","page_number":201,"box":{"x":69,"y":874,"width":834,"height":12}},{"id":"ceca2390-fae2-4a89-b612-aa875474b297","block_type":"box","text":"the structure, membership, propor tion of independent directors, and responsibilities of each committee. The","page_number":201,"box":{"x":68,"y":889,"width":776,"height":11}},{"id":"3230012f-2d11-4b2f-a9e2-9172c80d5172","block_type":"box","text":"responsibilities we typically see assigned to the three most common committees include:","page_number":201,"box":{"x":69,"y":904,"width":636,"height":12}},{"id":"cb22992e-942c-47dd-88e0-8422861113ce","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"066ad693-b87c-4edc-9e31-f7c642b1b405","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":201,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"83eb578a-a45c-425f-82eb-9da74e642943","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4aafa337-11be-403e-b5a0-dd54c8441b90","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"1778006b-d8d5-4da5-b191-6793f870d59c","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":202,"box":{"x":101,"y":45,"width":722,"height":11}},{"id":"3d88b615-651f-402d-8a88-9074ae0d1732","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":202,"box":{"x":101,"y":60,"width":771,"height":11}},{"id":"65545bbc-41f6-4282-9a4b-dac20375a0ea","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":202,"box":{"x":102,"y":74,"width":335,"height":12}},{"id":"c93bbc4f-b677-4b24-82e5-d3de2e369196","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":95,"width":6,"height":4}},{"id":"6c4bea0d-e32d-45aa-a8b4-a72c2f6933af","block_type":"box","text":"Nominating, governance and human capital – ensures appropriate corporate governance principles and practices","page_number":202,"box":{"x":102,"y":92,"width":802,"height":11}},{"id":"f92dccce-0a06-4676-adb7-1b31e13a9c08","block_type":"box","text":"including the periodic review of board per formance; responsible for succession planning for CEO and key board","page_number":202,"box":{"x":102,"y":107,"width":791,"height":11}},{"id":"f0b9671e-f4b2-4012-9f47-4a8c78c835b2","block_type":"box","text":"roles, as well as the director appointment process; may also have oversight responsibilities for human capital","page_number":202,"box":{"x":102,"y":121,"width":781,"height":12}},{"id":"a8b78345-ecb5-4cfe-b1e1-8e170d9adbe8","block_type":"box","text":"management strategies including corporate culture and purpose.","page_number":202,"box":{"x":102,"y":137,"width":459,"height":11}},{"id":"1be5274b-adde-4e20-9bb8-45c2e93165d8","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":157,"width":6,"height":4}},{"id":"343e3aff-c2d6-4e7f-b3a0-9ff474ab2d8b","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":202,"box":{"x":102,"y":154,"width":796,"height":11}},{"id":"5eef7bee-ba9d-4ab2-a623-45445e93fae1","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":202,"box":{"x":102,"y":169,"width":793,"height":11}},{"id":"60db3391-d29c-4207-9293-80db26f3a9be","block_type":"box","text":"firm-wide compensation policies.","page_number":202,"box":{"x":101,"y":183,"width":232,"height":11}},{"id":"b5a7dd1b-3c80-4d83-a45f-bae1252aef26","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":202,"box":{"x":101,"y":202,"width":807,"height":11}},{"id":"bfe2882a-7bfa-4019-826d-7e03ebcc8b3b","block_type":"box","text":"to convey our concerns and provide feedback on how a committee has under taken its responsibilities. We may vote","page_number":202,"box":{"x":68,"y":217,"width":825,"height":11}},{"id":"60ac336b-45f1-4723-86b4-8f575b06f2c0","block_type":"box","text":"against the election of the most senior non-executive director if there is not a clearly disclosed approach to board","page_number":202,"box":{"x":69,"y":232,"width":808,"height":11}},{"id":"c51af914-0efc-4de4-ab92-e970ecda1c7f","block_type":"box","text":"committees.","page_number":202,"box":{"x":69,"y":247,"width":86,"height":9}},{"id":"e4e832be-c39d-49bf-a463-a8dc5913fc06","block_type":"box","text":"Board and director evaluation","page_number":202,"box":{"x":70,"y":269,"width":209,"height":9}},{"id":"0ffe71e3-8cae-494c-a37f-25179fac61b1","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":202,"box":{"x":101,"y":288,"width":776,"height":11}},{"id":"a393cbdf-0eb8-4d31-90a4-7187091d3fc8","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":202,"box":{"x":69,"y":303,"width":825,"height":11}},{"id":"d453258b-530e-4660-b8ce-9bd3c7f0fc1e","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":202,"box":{"x":70,"y":317,"width":831,"height":12}},{"id":"86a99b87-b177-44da-93ab-290f18812334","block_type":"box","text":"disclose their approach to and objectives of evaluations, including any changes made to the board’s approach as a","page_number":202,"box":{"x":69,"y":332,"width":821,"height":12}},{"id":"7f0f022e-27d2-4a12-9f68-b827105f561b","block_type":"box","text":"result.","page_number":202,"box":{"x":69,"y":347,"width":43,"height":9}},{"id":"57762893-2f26-470d-b435-ccb164b73e1e","block_type":"box","text":"Access to independent advice","page_number":202,"box":{"x":68,"y":370,"width":214,"height":11}},{"id":"85272dda-70f6-4f47-9ebe-b9acf71c0521","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":202,"box":{"x":101,"y":388,"width":786,"height":12}},{"id":"803a6eef-09ca-414c-88a5-8bd0d0519cba","block_type":"box","text":"access to independent advice. When circumstances warrant, boards should be able to retain independent third","page_number":202,"box":{"x":69,"y":403,"width":791,"height":11}},{"id":"6af2cf2b-f97b-41b2-8b18-5ba11b16c15d","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":202,"box":{"x":70,"y":418,"width":770,"height":11}},{"id":"5f22f241-d977-4ae7-b235-03a5737ced3e","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":202,"box":{"x":69,"y":433,"width":746,"height":11}},{"id":"6ae444a4-0b86-4bf7-b02d-6fdae83c2de6","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":202,"box":{"x":70,"y":448,"width":793,"height":11}},{"id":"71b2b2b7-d220-4de0-aa89-13f22d5e4626","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":202,"box":{"x":69,"y":463,"width":524,"height":11}},{"id":"8f1591c4-f726-4e24-ae0a-a5fde50a4a7a","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":202,"box":{"x":385,"y":493,"width":207,"height":9}},{"id":"26bab688-a24d-4024-9545-3bbd8ee907fb","block_type":"box","text":"Boards should establish compensation arrangements that enable the company to recruit, retain and reward the","page_number":202,"box":{"x":102,"y":512,"width":795,"height":11}},{"id":"4bf96629-26d0-4698-8401-e0aa24284cbd","block_type":"box","text":"caliber of executive management necessary to lead and operate the company to deliver superior financial returns","page_number":202,"box":{"x":69,"y":526,"width":807,"height":12}},{"id":"ad2e5d78-455f-47b7-a20d-0184478b6c15","block_type":"box","text":"over time. We focus on alignment between variable pay and a company’s financial per formance.","page_number":202,"box":{"x":69,"y":541,"width":683,"height":11}},{"id":"f086a7a6-89ba-44f7-94fb-26d3b702cfb3","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":202,"box":{"x":102,"y":560,"width":805,"height":11}},{"id":"9384ca43-dd36-4117-ab02-2d28728a77e6","block_type":"box","text":"per formance against shor t-term metrics, share-based incentives that reward per formance against long-term metrics,","page_number":202,"box":{"x":70,"y":575,"width":830,"height":11}},{"id":"9d769588-800a-4bcf-b892-3ffdc23f9df4","block_type":"box","text":"and pensions and benefits. In our observation, base salary, pensions and benefits are largely set relative to market","page_number":202,"box":{"x":69,"y":590,"width":826,"height":11}},{"id":"0447277b-eadd-424b-b2cc-246e79825ad3","block_type":"box","text":"norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend to be tailored to","page_number":202,"box":{"x":69,"y":605,"width":813,"height":11}},{"id":"47a77955-b053-42ba-be2b-0689c3624f75","block_type":"box","text":"the company, its sector and long-term strategy, as well as the individuals the board is seeking to recruit and","page_number":202,"box":{"x":68,"y":620,"width":770,"height":11}},{"id":"64e20324-529c-405e-8255-d04c76368f49","block_type":"box","text":"motivate.","page_number":202,"box":{"x":69,"y":634,"width":64,"height":9}},{"id":"e7988f70-1fdd-4179-8514-de2615f6a383","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":202,"box":{"x":102,"y":653,"width":739,"height":11}},{"id":"c2823185-71ab-446f-9190-22244427318d","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":202,"box":{"x":69,"y":668,"width":831,"height":11}},{"id":"4b41c591-0044-4778-a03c-b3279de94c44","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":202,"box":{"x":69,"y":682,"width":737,"height":11}},{"id":"d9cf0aa4-619d-448b-b576-ed75e9172406","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":202,"box":{"x":69,"y":697,"width":741,"height":12}},{"id":"03d191d9-ea36-4349-a9e5-4ba7de34e04b","block_type":"box","text":"arrangements include:","page_number":202,"box":{"x":69,"y":712,"width":157,"height":12}},{"id":"1473d15a-167d-4c05-a145-7c9a8e07cc1d","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":733,"width":6,"height":4}},{"id":"a82c8749-7a1e-4f71-9ff1-56c8802e1b25","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":202,"box":{"x":102,"y":730,"width":783,"height":11}},{"id":"bf770fe5-6c72-4833-959a-1481857a5336","block_type":"box","text":"the company’s size, sector and market.","page_number":202,"box":{"x":101,"y":745,"width":280,"height":11}},{"id":"306f60c0-9bcb-41b4-b157-25e7dee036a4","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":765,"width":6,"height":4}},{"id":"3fea1aa2-b57e-41e5-827c-7149d05946b5","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":202,"box":{"x":101,"y":762,"width":752,"height":11}},{"id":"ebd72570-2767-4870-905e-c59146fbbc22","block_type":"box","text":"strategic objectives.","page_number":202,"box":{"x":102,"y":777,"width":140,"height":11}},{"id":"b51c2631-654c-4bd9-a2e1-2801f0e870d3","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":797,"width":6,"height":5}},{"id":"5874fdaa-2fd8-43d7-8257-b9bf80b67658","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":202,"box":{"x":102,"y":794,"width":609,"height":11}},{"id":"62a63d34-d800-4914-8b29-566e46388718","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":814,"width":6,"height":5}},{"id":"cabde6c4-69b0-44b1-97ed-608fcb832205","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":202,"box":{"x":101,"y":811,"width":784,"height":12}},{"id":"c6d43605-c051-42f2-8401-0c07dc400900","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":202,"box":{"x":101,"y":826,"width":790,"height":12}},{"id":"6c1a1fc5-111d-4c16-8adb-89825fd1f6bb","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":847,"width":6,"height":4}},{"id":"87a0f301-92f2-4c9e-a9a3-e64aff2553e0","block_type":"box","text":"Outcomes that are consistent with the returns to investors over the relevant time period.","page_number":202,"box":{"x":102,"y":844,"width":630,"height":11}},{"id":"76d8f9e2-c5b1-4bcb-ae04-08812930b8e2","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":864,"width":6,"height":5}},{"id":"4688960b-92eb-41a5-b07f-bd620040bdf8","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":202,"box":{"x":102,"y":861,"width":735,"height":11}},{"id":"8d7e2f16-2e34-4fd4-8fac-6887c4483a19","block_type":"box","text":"transparently.","page_number":202,"box":{"x":101,"y":876,"width":95,"height":11}},{"id":"435b5f75-21a0-4661-80d0-c712548f4ea8","block_type":"box","text":"•","page_number":202,"box":{"x":69,"y":896,"width":6,"height":5}},{"id":"20f0dfd8-2874-48a7-bba5-29a278807bae","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":202,"box":{"x":101,"y":893,"width":798,"height":12}},{"id":"23dd0d1e-fd00-43af-b0b9-00577915a2d4","block_type":"box","text":"company within a defined time period, as determined by the board.","page_number":202,"box":{"x":101,"y":908,"width":477,"height":11}},{"id":"15964571-5f30-4ea2-ba37-d18d3bc82cb9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6eae1715-06a7-4e96-a1d5-3f6e6aa1d210","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":202,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"748af1de-ae1d-4cb3-9434-a7ef06ca882e","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"74e45e16-0d8e-48c7-b6db-fdfb27029a94","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4d38a0a8-a828-4020-b93c-e9a4b039cc01","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":203,"box":{"x":102,"y":45,"width":720,"height":11}},{"id":"e918b093-22a8-4b39-8fa2-0271a2279703","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":65,"width":6,"height":4}},{"id":"642b29ee-ef90-406f-b365-9685c0df81f3","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":203,"box":{"x":102,"y":62,"width":747,"height":11}},{"id":"ed2d21a3-0cb6-4ef4-955c-ed25e42cc9f1","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":203,"box":{"x":102,"y":77,"width":733,"height":11}},{"id":"6d994aed-250a-46c4-a941-b6b9be16c49e","block_type":"box","text":"misconduct.","page_number":203,"box":{"x":102,"y":92,"width":84,"height":9}},{"id":"9b352438-6c46-40e8-8f32-5bc2770c13e2","block_type":"box","text":"•","page_number":203,"box":{"x":69,"y":112,"width":6,"height":5}},{"id":"8c15ab75-c90e-46ce-86f2-61872f353688","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":203,"box":{"x":102,"y":109,"width":738,"height":11}},{"id":"63bffe19-16ed-4dc5-af16-80df142f5c18","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":203,"box":{"x":101,"y":128,"width":787,"height":11}},{"id":"1c7c73ab-e5a3-48e0-8127-fee20a487848","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":203,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"95eb5d9d-c2dc-4164-a9de-e7fb08429262","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":203,"box":{"x":69,"y":157,"width":831,"height":12}},{"id":"0c88a40f-f943-4ba5-abbc-4a98d16f47cc","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":203,"box":{"x":69,"y":172,"width":775,"height":12}},{"id":"d1ae549d-235d-4723-b140-d57481b6be7f","block_type":"box","text":"committee, or the most senior independent director.","page_number":203,"box":{"x":69,"y":187,"width":371,"height":11}},{"id":"520b2870-4c9d-40b2-b22e-86b3e2ae5d9f","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":203,"box":{"x":326,"y":217,"width":325,"height":9}},{"id":"1ed1d19c-57fd-44c5-b938-644b4596f544","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":203,"box":{"x":102,"y":236,"width":785,"height":11}},{"id":"5be2de21-c163-40a7-9f3b-99464ec981f3","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":203,"box":{"x":68,"y":251,"width":831,"height":11}},{"id":"7e22399b-ba10-4e77-8220-8a6686dff107","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":203,"box":{"x":69,"y":266,"width":825,"height":11}},{"id":"71552145-bb3c-4ff4-ae10-b93ad993612d","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":203,"box":{"x":69,"y":281,"width":668,"height":11}},{"id":"4ef4ec22-85f7-4968-855b-18636af7bebc","block_type":"box","text":"CAPITAL STRUCTURE","page_number":203,"box":{"x":411,"y":311,"width":156,"height":9}},{"id":"64aac666-f138-4863-ab13-a82499b7bb60","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":203,"box":{"x":102,"y":330,"width":800,"height":11}},{"id":"22de18c9-9f80-4dec-99a9-f97bf29b5deb","block_type":"box","text":"appropriate capital allocation and management in suppor t of long-term financial resilience.","page_number":203,"box":{"x":69,"y":344,"width":645,"height":12}},{"id":"5f8c8ef7-0e94-4268-98ec-117e4ee4ded2","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":203,"box":{"x":101,"y":363,"width":776,"height":11}},{"id":"867c9f03-b91c-45ce-8322-51774f7e44a4","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":203,"box":{"x":68,"y":378,"width":803,"height":11}},{"id":"dbe4242b-13b9-41f0-81e6-5d2dc115716b","block_type":"box","text":"capital-related authorities or the election of the most senior independent director if we have concerns about a","page_number":203,"box":{"x":69,"y":393,"width":781,"height":11}},{"id":"dc7f0a2d-7088-45be-83c0-49e767addadf","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":203,"box":{"x":69,"y":408,"width":825,"height":11}},{"id":"93b3c380-22ee-4fe6-b447-896b795c075a","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":203,"box":{"x":68,"y":423,"width":336,"height":11}},{"id":"a051bf43-e975-4b6a-a424-db62e1f0bc3a","block_type":"box","text":"Share issuance","page_number":203,"box":{"x":68,"y":445,"width":111,"height":9}},{"id":"c288da14-cf6b-4fac-b678-fd8e3d1a8182","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":203,"box":{"x":101,"y":464,"width":776,"height":11}},{"id":"854f7395-6569-4176-85ea-f8d527692bf0","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights.","page_number":203,"box":{"x":69,"y":479,"width":804,"height":11}},{"id":"23374404-42b6-468a-9167-4cbcfde9942b","block_type":"box","text":"Companies should seek regular approval of these authorities to allow shareholders to take into consideration how","page_number":203,"box":{"x":69,"y":493,"width":813,"height":12}},{"id":"afb430bb-9a00-4a66-a404-cc7566e721f8","block_type":"box","text":"prior authorities were used, as well as the current circumstances of the company and the market environment.","page_number":203,"box":{"x":70,"y":508,"width":787,"height":11}},{"id":"537ae8f4-a995-4053-898f-f1f83cf44924","block_type":"box","text":"Share buybacks","page_number":203,"box":{"x":68,"y":531,"width":116,"height":11}},{"id":"77bbd8e5-2b17-49e5-8a94-dc4e5a9e2fd2","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":203,"box":{"x":101,"y":549,"width":806,"height":12}},{"id":"0cd00f15-80d7-4c33-80f8-38f459f186b0","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":203,"box":{"x":69,"y":564,"width":823,"height":11}},{"id":"ac0af610-3e62-4e77-96a8-8f498bed0090","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":203,"box":{"x":68,"y":579,"width":836,"height":11}},{"id":"2c4fd60c-9349-47fb-a938-6ef3a2dc9fb1","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":203,"box":{"x":69,"y":594,"width":830,"height":11}},{"id":"f1735123-fe06-4153-817d-ae4b3377d045","block_type":"box","text":"relative to market price. Companies should seek regular approval of these authorities to allow shareholders to take","page_number":203,"box":{"x":69,"y":609,"width":821,"height":11}},{"id":"e380ae15-decd-41bd-9540-2e00191512b9","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":203,"box":{"x":70,"y":624,"width":802,"height":11}},{"id":"c44b51ef-95ef-434a-8b1d-5d06f7bd8501","block_type":"box","text":"market environment.","page_number":203,"box":{"x":69,"y":639,"width":145,"height":8}},{"id":"4fc4445f-95f4-4e02-8b69-9375578e6a66","block_type":"box","text":"We would normally expect companies to cancel repurchased shares. If a company plans to retain them as","page_number":203,"box":{"x":101,"y":657,"width":756,"height":11}},{"id":"d2aa40d4-f921-434c-ac2c-a23aed536ab0","block_type":"box","text":"treasury shares, management should provide a detailed rationale in the context of the disclosed capital management","page_number":203,"box":{"x":68,"y":672,"width":839,"height":11}},{"id":"7a9af128-7632-4f89-9ec6-9f3a68a54b17","block_type":"box","text":"strategy.","page_number":203,"box":{"x":69,"y":688,"width":58,"height":10}},{"id":"f71d42fe-26ff-4473-a306-c687a1e69160","block_type":"box","text":"Dividends","page_number":203,"box":{"x":69,"y":709,"width":69,"height":9}},{"id":"3bd99f12-69da-4a6c-84b3-128b614b030b","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":203,"box":{"x":101,"y":728,"width":799,"height":11}},{"id":"60e00d07-2ac9-4e28-b5b6-9f012d6c15ca","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":203,"box":{"x":68,"y":743,"width":604,"height":11}},{"id":"9a75511d-42a6-446b-be2c-ae17a128a2ad","block_type":"box","text":"Differentiated voting rights","page_number":203,"box":{"x":69,"y":765,"width":196,"height":11}},{"id":"b7435747-bb1e-476a-8dff-233ad8a1b82a","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":203,"box":{"x":101,"y":784,"width":750,"height":11}},{"id":"72870b3b-a22f-4eab-81f7-00f1502eb370","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":203,"box":{"x":69,"y":799,"width":740,"height":11}},{"id":"3e93ea8a-f567-4a42-9952-1105a0f43217","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":203,"box":{"x":69,"y":813,"width":819,"height":12}},{"id":"10e70f06-c5d4-4613-982f-e1f910f411bd","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":203,"box":{"x":69,"y":828,"width":456,"height":11}},{"id":"6a35c29c-ad7c-4804-856c-1e130a1500a9","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":203,"box":{"x":332,"y":858,"width":314,"height":9}},{"id":"3669ab81-e426-44b5-b1eb-46a7549849e8","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":203,"box":{"x":101,"y":878,"width":743,"height":10}},{"id":"ea65c804-0c32-4b52-b3fc-34b4674aa073","block_type":"box","text":"analyses of proposals.","page_number":203,"box":{"x":69,"y":892,"width":159,"height":11}},{"id":"d39f11b1-c16f-4da1-8b71-e576c16d8bc9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1b335b73-3aaa-44b9-b761-9804c107e216","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":203,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"f45c23ea-3b2b-4629-b22b-5b23161b556f","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c7f82a16-472d-49a4-8ea3-dcda33f52479","block_type":"box","text":"Mergers and acquisitions","page_number":204,"box":{"x":69,"y":45,"width":184,"height":11}},{"id":"8eeeb60e-940c-4ca6-b5fb-6bd21a8161d7","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":204,"box":{"x":101,"y":63,"width":775,"height":12}},{"id":"68c70a36-f6b5-4256-a761-fc861edd8122","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":204,"box":{"x":69,"y":78,"width":797,"height":11}},{"id":"d35410c1-9e4d-4c1a-b11b-891b96fe900a","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":204,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"44f7e044-74ab-4994-847a-7013682ff074","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board should consider establishing","page_number":204,"box":{"x":68,"y":108,"width":835,"height":11}},{"id":"6431bdc0-bac4-46a6-807f-db1883c7a183","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":204,"box":{"x":69,"y":123,"width":827,"height":11}},{"id":"371010b6-8974-4659-ab7e-9779c7fb6419","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":204,"box":{"x":69,"y":138,"width":400,"height":11}},{"id":"47bf2f89-ccf3-4715-ad04-284b8fa32cab","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":204,"box":{"x":101,"y":156,"width":749,"height":12}},{"id":"8dfd40b9-5866-46a7-b232-6e0fc99b5a60","block_type":"box","text":"Anti-takeover defenses","page_number":204,"box":{"x":68,"y":179,"width":167,"height":9}},{"id":"ae513810-69be-4754-acef-fd47c6ec7b90","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":204,"box":{"x":102,"y":197,"width":727,"height":12}},{"id":"78f0a594-b7ec-4623-a633-010e1faf0fa8","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":204,"box":{"x":69,"y":212,"width":766,"height":11}},{"id":"4fcf32d9-040b-422c-bf87-bbfc0ecc6e70","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":204,"box":{"x":69,"y":227,"width":763,"height":11}},{"id":"0ad914db-1c77-48c0-bca6-51c9f81f3009","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":204,"box":{"x":69,"y":242,"width":821,"height":11}},{"id":"4772c5e7-ecbf-4f7e-978e-7da1cd5fcc2a","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":204,"box":{"x":69,"y":257,"width":799,"height":11}},{"id":"d5068d99-ed1f-4b09-ac40-f05de8984e15","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":204,"box":{"x":70,"y":272,"width":836,"height":10}},{"id":"935a0fde-885a-4187-8946-2e489d1e364a","block_type":"box","text":"be closely monitored by the independent members of the board. We look for a shareholder vote for any mechanisms","page_number":204,"box":{"x":69,"y":286,"width":828,"height":12}},{"id":"7a74b381-303b-442c-bfc4-bea53c58c265","block_type":"box","text":"expected to be in place for more than 12 months.","page_number":204,"box":{"x":69,"y":301,"width":353,"height":11}},{"id":"6810e96c-bd2d-43eb-a1a9-986a728a481a","block_type":"box","text":"Shareholder activism","page_number":204,"box":{"x":68,"y":324,"width":153,"height":9}},{"id":"dd7f7b52-b44c-4f61-aed5-49ca4f827fa0","block_type":"box","text":"When companies are the focus of an activism campaign, we may engage with the activist to understand their","page_number":204,"box":{"x":101,"y":342,"width":777,"height":12}},{"id":"a6b46360-faf3-4850-bc8c-8dd16d666e52","block_type":"box","text":"analysis and objectives, once they have gone public. We will also engage with company management and possibly","page_number":204,"box":{"x":69,"y":358,"width":812,"height":11}},{"id":"861eba0c-b636-4ae6-9a6f-e5e2687eab63","block_type":"box","text":"board members, especially those the activist may be seeking to replace. In our assessment, we evaluate various","page_number":204,"box":{"x":69,"y":372,"width":805,"height":11}},{"id":"aa129440-339a-4a2b-93c2-34d6bbbb8c96","block_type":"box","text":"factors, including the concerns raised by the activist and the case for change; the quality of both the activist’s and","page_number":204,"box":{"x":68,"y":387,"width":816,"height":11}},{"id":"a344ec06-5d58-426f-ad71-91ceedb38914","block_type":"box","text":"management’s plans; and the qualifications of each par ty’s candidates. We evaluate each contested situation by","page_number":204,"box":{"x":69,"y":402,"width":807,"height":11}},{"id":"d2524739-59e9-48fc-8166-24f5c9d616d8","block_type":"box","text":"assessing the potential financial outcome for our clients as minority shareholders.","page_number":204,"box":{"x":69,"y":417,"width":586,"height":11}},{"id":"6ebd87cf-5046-4a1a-aad5-981bb0c6d11d","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if the activist has demonstrated that their","page_number":204,"box":{"x":101,"y":435,"width":806,"height":12}},{"id":"638111a1-c458-48e1-889b-54d85452b9d8","block_type":"box","text":"case for change enhances shareholder value, or if the incumbent board members do not demonstrate the relevant","page_number":204,"box":{"x":69,"y":450,"width":816,"height":12}},{"id":"4deb007b-9236-4e44-83c0-ade7dd29e6cd","block_type":"box","text":"skills and exper tise or have a poor track record of protecting shareholders’ interests.","page_number":204,"box":{"x":69,"y":465,"width":606,"height":11}},{"id":"9c2ef36f-5fe6-420b-921b-24ac72284b76","block_type":"box","text":"Significant shareholders and related party transactions","page_number":204,"box":{"x":68,"y":488,"width":403,"height":11}},{"id":"4fb0b3eb-0f67-4050-a8c1-6457af10eb77","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should be able to demonstrate that the interests","page_number":204,"box":{"x":102,"y":506,"width":789,"height":11}},{"id":"6ccf857b-4161-45a4-97b2-02200690c5c0","block_type":"box","text":"of all shareholders are given equitable consideration.","page_number":204,"box":{"x":69,"y":521,"width":377,"height":11}},{"id":"386b3018-5b90-4f3d-8e13-3c4ca48f38e2","block_type":"box","text":"Transactions with related par ties, such as significant shareholders or companies connected with the public","page_number":204,"box":{"x":101,"y":540,"width":764,"height":11}},{"id":"28403c67-4556-4093-9156-db15d5771c35","block_type":"box","text":"company, should be disclosed in detail and conducted on terms similar to what would objectively have been agreed","page_number":204,"box":{"x":69,"y":555,"width":821,"height":11}},{"id":"8102c001-eae4-46c2-80fa-051b551821a8","block_type":"box","text":"with a non-related par ty. Such transactions should be reviewed and approved by the independent members of the","page_number":204,"box":{"x":68,"y":569,"width":809,"height":12}},{"id":"1aa753f6-da52-45cd-bc85-02cafecda7be","block_type":"box","text":"board, and if voted on, only disinterested shareholders should vote.","page_number":204,"box":{"x":69,"y":584,"width":481,"height":11}},{"id":"9126870f-de88-47eb-9cf9-f5e54cfac8bd","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":204,"box":{"x":274,"y":614,"width":430,"height":11}},{"id":"94bd45f2-c970-4519-aaa1-7c9413df9c95","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":204,"box":{"x":102,"y":633,"width":796,"height":11}},{"id":"f517da28-f6d3-4041-beda-91f5d5e4b297","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":204,"box":{"x":70,"y":648,"width":795,"height":11}},{"id":"0ca3f779-f15b-4c2a-8a9c-4189fceb9095","block_type":"box","text":"potential for the company to create shareholder value over time. The board should oversee corporate repor ting and","page_number":204,"box":{"x":70,"y":663,"width":819,"height":11}},{"id":"34bf06e1-10ef-430f-a245-4ac8a9893aa1","block_type":"box","text":"the policies and procedures underpinning the internal audit function and external audit.","page_number":204,"box":{"x":68,"y":678,"width":621,"height":11}},{"id":"9d192b99-10f2-43d8-836b-2426aec673d7","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors and other stakeholders","page_number":204,"box":{"x":101,"y":696,"width":794,"height":12}},{"id":"cf9ad67d-809f-4187-ae16-42d2c8f3e5f6","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":204,"box":{"x":69,"y":711,"width":819,"height":11}},{"id":"242869b6-50e8-42b7-88d4-eff494ba36d5","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":204,"box":{"x":69,"y":726,"width":752,"height":11}},{"id":"bcfbe1d8-9f1c-4720-af3f-b454f43fc328","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":204,"box":{"x":69,"y":741,"width":817,"height":11}},{"id":"54c60dcd-ac99-46d2-8af8-efd630ab4031","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":204,"box":{"x":70,"y":756,"width":771,"height":11}},{"id":"41290e7c-2be2-44ef-ac11-f9dde4279e4d","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":204,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"b17f36ba-8431-40e1-8ffe-5e137355fa3e","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":204,"box":{"x":69,"y":786,"width":788,"height":11}},{"id":"8ddf11cc-acdc-43e6-b13b-12b791651b21","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":204,"box":{"x":102,"y":804,"width":739,"height":11}},{"id":"26c9b949-9227-49ba-811d-38f9eefe9f71","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, nonfinancial","page_number":204,"box":{"x":70,"y":819,"width":798,"height":11}},{"id":"1b2ae1ac-738c-4170-a11e-a4a56e1dfd6e","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":204,"box":{"x":70,"y":834,"width":787,"height":11}},{"id":"c9cda187-8110-4af9-aa3b-e6daf5dbb7c9","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":204,"box":{"x":69,"y":849,"width":795,"height":11}},{"id":"f9ddd9f0-b581-4de8-ac16-d18db23f727d","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":204,"box":{"x":70,"y":864,"width":838,"height":11}},{"id":"0b091599-10b8-4626-a037-9cc37214db91","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":204,"box":{"x":70,"y":878,"width":585,"height":12}},{"id":"36871ea4-cc62-4791-80f5-934626e3125d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"c294f116-d590-438b-8995-e14081ff3496","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ba172514-81c0-460a-9c15-5dc58f35b805","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"85589f1a-ad81-4b26-b567-e29242f35bc7","block_type":"box","text":"Similarly, material sustainability-related factors that are integral to how a company manages risks or generates","page_number":205,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"4f821087-b719-4e82-a63b-5cae88696c1c","block_type":"box","text":"revenue should be disclosed. In our view, the standards developed by the International Sustainability Standards","page_number":205,"box":{"x":69,"y":60,"width":796,"height":11}},{"id":"69b07fa8-947e-4cec-b0ad-ed09c055003a","block_type":"box","text":"Board, can be helpful to companies in preparing such repor ts.","page_number":205,"box":{"x":70,"y":74,"width":441,"height":12}},{"id":"edd5a2f2-4307-4460-85b8-b65764c640ef","block_type":"box","text":"4","page_number":205,"box":{"x":513,"y":75,"width":4,"height":4}},{"id":"fa774886-f6db-4295-9b73-2271b3845b91","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":205,"box":{"x":102,"y":93,"width":735,"height":11}},{"id":"47a7c475-1a91-41e7-8913-06cb4dccf476","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":205,"box":{"x":69,"y":108,"width":810,"height":11}},{"id":"f281c642-6aef-4c26-a11b-930a4ca99076","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":205,"box":{"x":69,"y":123,"width":822,"height":11}},{"id":"29ed4a30-7da4-43df-9b56-12215b74c55d","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":205,"box":{"x":69,"y":138,"width":704,"height":11}},{"id":"52042e66-b69c-452e-ae50-edc5fdef43ae","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":205,"box":{"x":101,"y":156,"width":794,"height":11}},{"id":"093227bd-cde2-4e3d-a3c3-4ea33b6f5261","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":205,"box":{"x":69,"y":171,"width":836,"height":11}},{"id":"32d013c7-5d40-4e4a-866a-d636a2a810d9","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":205,"box":{"x":68,"y":186,"width":838,"height":11}},{"id":"286c240d-3381-4281-9f0a-51d5ed5064b4","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":205,"box":{"x":69,"y":201,"width":773,"height":11}},{"id":"43aa456b-a234-4ee4-b866-77507f01f3fe","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":205,"box":{"x":69,"y":216,"width":804,"height":11}},{"id":"5719b2ed-3582-4d56-a6ec-289dda476afb","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":205,"box":{"x":69,"y":231,"width":780,"height":11}},{"id":"ad8ad9f7-80c1-40f3-aa69-dd2ef28c5b93","block_type":"box","text":"remained independent.","page_number":205,"box":{"x":69,"y":246,"width":163,"height":10}},{"id":"d72438f6-e906-44fd-bdf5-a518a28e9f49","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":205,"box":{"x":101,"y":264,"width":783,"height":11}},{"id":"4038f3d0-7a75-4d16-a637-0fe3749a3030","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":205,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"7c246172-a6f4-4fcf-acfe-e5b536736c22","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of the repor ting or","page_number":205,"box":{"x":68,"y":294,"width":819,"height":11}},{"id":"1e92a57a-9bee-498f-a63d-9061f634eaf3","block_type":"box","text":"the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the audit fee if we","page_number":205,"box":{"x":68,"y":309,"width":834,"height":11}},{"id":"4c1c3bec-9f6b-4957-9fbb-79f8df3c7038","block_type":"box","text":"are concerned about the auditor’s independence, the quality of the audit, or there are material misstatements in","page_number":205,"box":{"x":69,"y":323,"width":802,"height":12}},{"id":"d02221e4-0589-4990-a58c-ec4d8c889e82","block_type":"box","text":"financial repor ts and the board has not established reasonable remediation plans.","page_number":205,"box":{"x":68,"y":338,"width":589,"height":11}},{"id":"40997130-8725-47be-80ac-af8833a69862","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":205,"box":{"x":329,"y":368,"width":319,"height":9}},{"id":"6951dc2d-de54-4ffb-99aa-b091e932390e","block_type":"box","text":"General shareholder meetings","page_number":205,"box":{"x":69,"y":391,"width":217,"height":11}},{"id":"4e0977ff-3f46-4c5d-ba5a-ecab478143dc","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":205,"box":{"x":102,"y":410,"width":792,"height":11}},{"id":"653edb11-8b95-4ce5-a55c-1d496047ae7e","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":205,"box":{"x":69,"y":425,"width":812,"height":11}},{"id":"4fa03004-faec-496e-89dd-2aed37eccc49","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":205,"box":{"x":69,"y":439,"width":813,"height":12}},{"id":"5dd31cb8-988b-45e3-bc5d-984befe269b2","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":205,"box":{"x":70,"y":454,"width":801,"height":12}},{"id":"0e84a984-8c3e-4836-871d-de6087d2e2a5","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":205,"box":{"x":69,"y":469,"width":841,"height":11}},{"id":"d9a3d89b-50e2-4fac-8e09-fedfd64dd87d","block_type":"box","text":"an in-person meeting.","page_number":205,"box":{"x":69,"y":484,"width":152,"height":11}},{"id":"bd5ec2ab-6b36-480a-bd21-36515681aed0","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":205,"box":{"x":101,"y":503,"width":752,"height":11}},{"id":"f6a3a3f7-4608-4c68-8a1d-9660ca62ada3","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to take an informed voting decision. We","page_number":205,"box":{"x":70,"y":517,"width":812,"height":12}},{"id":"6e271072-e3d5-4b29-bd59-00039eb30c7e","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":205,"box":{"x":69,"y":532,"width":825,"height":12}},{"id":"97a6277f-9539-4881-9655-91ce1f03597a","block_type":"box","text":"par ticipation.","page_number":205,"box":{"x":70,"y":547,"width":91,"height":11}},{"id":"5f2cf584-c2e8-446a-b788-2aa197ae9dfd","block_type":"box","text":"Bylaw amendments","page_number":205,"box":{"x":69,"y":570,"width":141,"height":11}},{"id":"1ece6dd7-db3e-40ce-8284-b0fdcba1dbaa","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":205,"box":{"x":101,"y":589,"width":766,"height":11}},{"id":"3c53b8c2-fc28-4c40-90d8-23f75aac906a","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":205,"box":{"x":68,"y":603,"width":800,"height":11}},{"id":"3b24ed6d-c0a8-4127-9a59-4501bbcbc595","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":205,"box":{"x":69,"y":618,"width":349,"height":11}},{"id":"fe3cf386-10ed-416e-ac23-daacae8dd15e","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections. We may vote against","page_number":205,"box":{"x":101,"y":637,"width":784,"height":11}},{"id":"9bb74aa7-1803-4e2c-b48b-de685eab7f9f","block_type":"box","text":"directors if material changes are made to the bylaws without shareholder approval.","page_number":205,"box":{"x":69,"y":652,"width":590,"height":11}},{"id":"67472f4d-53cc-4ba9-b721-f9ccad21ab0f","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":670,"width":790,"height":11}},{"id":"e26db9b6-776d-4692-8e0d-cae9adc0b7ec","block_type":"box","text":"group, with a meaningful shareholding the right to call a special meeting of shareholders. The shareholding required","page_number":205,"box":{"x":68,"y":685,"width":826,"height":11}},{"id":"3cbd96e1-973d-4c0a-882d-841f4d0b4dbd","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":205,"box":{"x":68,"y":700,"width":740,"height":11}},{"id":"bb62a66e-1ea5-446e-8cb8-a6208ca9a2be","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":205,"box":{"x":102,"y":719,"width":790,"height":11}},{"id":"476f94a2-44e6-41a8-a111-a662c0c061dd","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":205,"box":{"x":68,"y":733,"width":829,"height":12}},{"id":"24db1637-0d54-424a-bf6f-a7a9275e458c","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":205,"box":{"x":69,"y":749,"width":758,"height":11}},{"id":"579fc66d-436b-427e-ae1d-4175d6cb3d62","block_type":"box","text":"nomination process.","page_number":205,"box":{"x":69,"y":763,"width":143,"height":11}},{"id":"bc2e682f-f61d-47ed-a126-e2882b24b41a","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":205,"box":{"x":101,"y":782,"width":799,"height":11}},{"id":"a2af82c2-a191-401a-aed6-8f06314ac5bc","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":205,"box":{"x":68,"y":797,"width":810,"height":11}},{"id":"6694e9f3-f070-421a-aea1-875257fee29e","block_type":"box","text":"4","page_number":205,"box":{"x":69,"y":826,"width":4,"height":5}},{"id":"5ec7ac7c-84d0-4804-b93c-a66a1a4607db","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":205,"box":{"x":93,"y":826,"width":804,"height":11}},{"id":"16c5b767-713b-4c6b-8d4b-7d09591f6a6f","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":205,"box":{"x":94,"y":841,"width":791,"height":11}},{"id":"19602822-df67-48c6-8c61-2e99fab455d6","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the","page_number":205,"box":{"x":94,"y":856,"width":770,"height":11}},{"id":"c9ddde31-6c71-4366-baa9-207086818287","block_type":"box","text":"entity. The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its","page_number":205,"box":{"x":93,"y":871,"width":815,"height":11}},{"id":"4b225076-1a91-43a1-9c90-1f5946915d92","block_type":"box","text":"climate-related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in","page_number":205,"box":{"x":93,"y":886,"width":772,"height":12}},{"id":"beeba1a8-098c-4d7f-9645-d499e4ff0372","block_type":"box","text":"making decisions relating to providing resources to the entity.","page_number":205,"box":{"x":94,"y":902,"width":437,"height":11}},{"id":"b841b6da-0ab5-4883-b757-2bcf9d6253fd","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"65e05ac7-3918-4c06-a4ff-0d3f7b497f65","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"c3830055-4247-4477-8a47-9ed8bc4d14ee","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b7225362-ad10-430e-93d8-f9f0819f47c3","block_type":"box","text":"Change of domicile","page_number":206,"box":{"x":69,"y":45,"width":139,"height":11}},{"id":"1e425ba1-b378-4ad5-9c32-adbc6f88f865","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":206,"box":{"x":101,"y":63,"width":778,"height":12}},{"id":"e9973384-1208-4ca6-ad8a-0bec83f79816","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":206,"box":{"x":69,"y":78,"width":766,"height":11}},{"id":"2da291c4-ccc1-450a-9929-cde18bb1659e","block_type":"box","text":"immaterial.","page_number":206,"box":{"x":70,"y":93,"width":77,"height":9}},{"id":"3039e62f-23c4-4eb1-8e12-a5a87737ec85","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":206,"box":{"x":101,"y":112,"width":777,"height":11}},{"id":"d165ea7a-dfe2-4946-a72c-70fdf73f3acd","block_type":"box","text":"with our clients’ financial interests.","page_number":206,"box":{"x":68,"y":126,"width":249,"height":10}},{"id":"e01747b9-ac24-4fae-ac97-6977cc00cbd1","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":206,"box":{"x":69,"y":149,"width":452,"height":11}},{"id":"465c5a00-84ff-4254-be04-05c321307025","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":206,"box":{"x":102,"y":168,"width":803,"height":11}},{"id":"6a43311e-0934-40ca-bd94-e107cdc7b6fb","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":206,"box":{"x":70,"y":182,"width":829,"height":12}},{"id":"5d2dd752-4de6-444c-93f9-3099e5cbdecc","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":206,"box":{"x":69,"y":197,"width":511,"height":12}},{"id":"b9a9d9e0-0b94-41ab-b762-d870301ba4a5","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":206,"box":{"x":101,"y":216,"width":792,"height":11}},{"id":"bc88df92-26ea-42ea-bce6-cf6ab90a656c","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":206,"box":{"x":68,"y":231,"width":424,"height":11}},{"id":"c7f1358f-929b-42d0-b964-6e37e929f86e","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":206,"box":{"x":385,"y":261,"width":207,"height":9}},{"id":"3e450d25-1a1c-4c60-95c5-e5d8a55af44b","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":206,"box":{"x":102,"y":280,"width":772,"height":11}},{"id":"44fd5f2d-3b01-4fe4-a00f-df9484c4edcc","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":206,"box":{"x":68,"y":295,"width":811,"height":11}},{"id":"8af7eecc-c1ed-4427-8a27-ee1449a96501","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised address a range of governance, social and","page_number":206,"box":{"x":69,"y":309,"width":813,"height":12}},{"id":"fe19cd2e-a6ff-4cd1-ae2a-9d8312f8927e","block_type":"box","text":"environmental matters that may be relevant to a company’s business. Shareholder proposals are considered by many","page_number":206,"box":{"x":69,"y":324,"width":841,"height":11}},{"id":"50be0963-b6c2-4904-8e0c-9bab6a4e886c","block_type":"box","text":"investors to be an escalation tool when a company is unresponsive to their engagement.","page_number":206,"box":{"x":70,"y":339,"width":630,"height":11}},{"id":"99108bc3-c92e-4f83-9c1b-7ec5f55ddb9d","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":206,"box":{"x":101,"y":358,"width":730,"height":11}},{"id":"5493c625-a6a0-42c7-ab02-7ffe403f08d3","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":206,"box":{"x":69,"y":373,"width":772,"height":11}},{"id":"d31dce4b-3b73-4e27-b1b1-7b2803eb787e","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":206,"box":{"x":70,"y":387,"width":681,"height":12}},{"id":"a7158209-1d93-4cb9-b782-fbae34ff9505","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":206,"box":{"x":102,"y":406,"width":801,"height":11}},{"id":"ade30834-aa53-4222-b1e3-8a5cc31aaa8f","block_type":"box","text":"engage to understand the apparent difference in perspective. If we continue to believe the company is not acting in","page_number":206,"box":{"x":69,"y":421,"width":821,"height":11}},{"id":"05ff3440-b8df-48c5-8d17-d1f23b774d0f","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":206,"box":{"x":69,"y":436,"width":761,"height":11}},{"id":"6c4889ce-0dd5-4a62-acf4-d4b55a44dd36","block_type":"box","text":"shareholder proposal if doing so reinforces the points made in our engagement or is aligned with our clients’ financial","page_number":206,"box":{"x":69,"y":451,"width":839,"height":11}},{"id":"81955e32-11aa-429e-ac7b-1c8cf761859d","block_type":"box","text":"interests. We generally do not suppor t shareholder proposals that are legally binding on the company, seek to alter a","page_number":206,"box":{"x":70,"y":466,"width":833,"height":11}},{"id":"d380d6eb-37df-4713-8960-70cfd64613fd","block_type":"box","text":"company’s strategy or direct its operations, or are unrelated to how a company manages risk or generates financial","page_number":206,"box":{"x":69,"y":480,"width":821,"height":12}},{"id":"cc7a773b-4632-438f-939d-634336b47b89","block_type":"box","text":"returns.","page_number":206,"box":{"x":69,"y":496,"width":54,"height":8}},{"id":"d6d8d72c-a602-4cca-8517-ae451a47669f","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":206,"box":{"x":102,"y":514,"width":784,"height":11}},{"id":"9720e88d-8f79-4962-8e8e-0f2223e27aec","block_type":"box","text":"how we can interact with the companies in which we invest on behalf of our clients, including our ability to submit","page_number":206,"box":{"x":69,"y":529,"width":808,"height":11}},{"id":"7e977457-79d3-4420-aa63-0d76cefd97a1","block_type":"box","text":"shareholder proposals. We can vote on behalf of clients who authorize us to do so, on proposals put for th by others.","page_number":206,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"c331232a-07a3-425b-99d8-a87f367033d7","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":206,"box":{"x":359,"y":574,"width":260,"height":9}},{"id":"f19b3b53-8b75-4d5e-86d7-495d693d2ebb","block_type":"box","text":"We seek to understand how companies ensure that their direct and indirect engagement in the policy making","page_number":206,"box":{"x":101,"y":593,"width":777,"height":11}},{"id":"85114927-3bc4-4bf7-8486-a5299baecd19","block_type":"box","text":"process is consistent with their public statements on policy matters impor tant to the company’s long-term strategy.","page_number":206,"box":{"x":70,"y":608,"width":820,"height":11}},{"id":"b4d2fdf3-b8ac-47d5-8d5f-f03e3e91623d","block_type":"box","text":"The board should be aware of the approach taken to corporate political activities as there can be reputational risks","page_number":206,"box":{"x":68,"y":622,"width":821,"height":11}},{"id":"05d7811f-99ab-4079-a4ce-32cb68a5d9e1","block_type":"box","text":"arising from inconsistencies. Companies should, as a minimum, meet all regulatory disclosure requirements on","page_number":206,"box":{"x":69,"y":637,"width":796,"height":11}},{"id":"eb6f724b-66a4-484f-8266-5324723d62b5","block_type":"box","text":"political activities, and ideally, provide accessible and clear disclosures to shareholders on policy positions, public","page_number":206,"box":{"x":70,"y":652,"width":812,"height":11}},{"id":"736e7e23-e865-41fc-b057-8c6e213451a0","block_type":"box","text":"policy engagement activities and political donations. To mitigate the risk of inconsistencies, companies can usefully","page_number":206,"box":{"x":70,"y":667,"width":823,"height":11}},{"id":"b1d4508a-9720-4270-b835-2d1aa89a9f16","block_type":"box","text":"assess the alignment between their policy priorities and the policy positions of the trade associations of which they","page_number":206,"box":{"x":69,"y":682,"width":823,"height":11}},{"id":"2e4dca71-6f35-49e1-96a0-558902d9f1a7","block_type":"box","text":"are active members and any engagements under taken by trade associations on behalf of members.","page_number":206,"box":{"x":69,"y":697,"width":712,"height":11}},{"id":"a1c54f35-a5a3-474a-ac98-f0ec785d638d","block_type":"box","text":"Generally, this is an engagement matter, although we may suppor t a relevant shareholder proposal, or vote","page_number":206,"box":{"x":102,"y":715,"width":763,"height":12}},{"id":"f3c401d9-db7a-41f1-a1ad-462d0b954ae6","block_type":"box","text":"against directors, where a company’s disclosures are insufficient, or it becomes public that there is a material","page_number":206,"box":{"x":69,"y":730,"width":787,"height":11}},{"id":"349fbd3e-dfb2-4532-b52f-511de013a63a","block_type":"box","text":"contradiction in a company’s public policy positions and its policy engagement.","page_number":206,"box":{"x":69,"y":745,"width":561,"height":11}},{"id":"570a1574-d371-4ce9-a2c4-1d36ba6bcce8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0152e1b4-5149-4fa1-913d-ee846a14322e","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"819765b1-ac45-408b-ac2b-738ceee1fed4","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a80ed0f2-8a4a-4ba3-b000-cd00532d67dc","block_type":"box","text":"SUSTAINABILITY, OR ENVIRONMENTAL AND SOCIAL, CONSIDERATIONS","page_number":207,"box":{"x":228,"y":45,"width":522,"height":11}},{"id":"31cc2519-51c5-4b3a-bb3a-4df08c307ceb","block_type":"box","text":"We seek to understand how companies manage the risks and oppor tunities inherent in their business","page_number":207,"box":{"x":101,"y":64,"width":727,"height":11}},{"id":"fc8da5c1-dc42-424d-86b1-097d207ad0cb","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":207,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"9899fca4-891d-46d8-b4ea-0283bbfc6a8e","block_type":"box","text":"5","page_number":207,"box":{"x":488,"y":79,"width":4,"height":4}},{"id":"7a7e1363-1892-40d1-a642-a45a4591ba27","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":207,"box":{"x":497,"y":79,"width":402,"height":11}},{"id":"26983b46-8e42-435b-9e34-127df3aa7282","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":207,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"c8541d46-1fd6-4907-944a-4dc4a5d941fc","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":207,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"bc9a9d1d-b279-4a1b-8e89-16a2031f6bea","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":207,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"93987181-db9f-45da-96e2-d714528c3920","block_type":"box","text":"regulatory requirements.","page_number":207,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"5968df56-d04c-4c30-bd87-614fb0009821","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":207,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"bba3160e-eefd-43ed-bbf7-265d7880707d","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":207,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"c64d0fa3-9dd4-4827-b88a-432659f17026","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":207,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"a60105be-e90f-4add-8086-12bd530cc7af","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":207,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"2f2c0a19-ca5a-4cdd-82c0-5254553242b7","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":207,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"383512ab-8c58-4d60-b601-66674964bafb","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":207,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"0d6ea1a1-1b28-4482-88ee-b9b2b3879c55","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":207,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"4b9017ba-cc5d-4f76-9c84-427804fb95cd","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":207,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"cbe71aae-d4a8-48a2-8b39-576dff460a27","block_type":"box","text":"returns.","page_number":207,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"9a30eb7b-9052-4db4-ae6e-250dc3432e53","block_type":"box","text":"KEY STAKEHOLDERS","page_number":207,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"37896ce9-830c-4345-91fe-b4056a316fea","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":207,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"bf67863e-83b0-4014-b10f-6f981ca12eaf","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":207,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"a9b7fc39-7629-415d-8a09-9abb11a3d83f","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":207,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"d75794c5-ac43-48b7-a0a0-64248914c61f","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":207,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"0510419b-193b-46f8-b3f7-b4078ef7e296","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":207,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"cd4929e9-2ddc-4aa5-985a-9ea74d61c7c3","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":207,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"462a425a-2e23-4400-844b-374c31a004d6","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":207,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"3d4db1b4-1313-4359-ab3d-bebfee2c3725","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":207,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"a7053ff2-4a17-458d-a163-c14e387d95fd","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":207,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"58bc6e3b-5922-448a-a34b-a3e186fad343","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":207,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"ac527441-5fb0-496a-9596-65bd58c37767","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":207,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"bddc6301-733b-4d4f-b31b-42cf3b33702b","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":207,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"93685cca-8f6b-4861-b256-758ced5c83a0","block_type":"box","text":"i.e.","page_number":207,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"9efbfcfd-bf52-4866-b228-c48ab8980985","block_type":"box","text":", one in which global","page_number":207,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"3488ea89-e018-42ab-a811-b1a72663f9a9","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. This approach is only taken following BlackRock","page_number":207,"box":{"x":68,"y":526,"width":795,"height":11}},{"id":"8b700048-fc98-442d-9759-4757b1b23946","block_type":"box","text":"receiving the explicit approval from the applicable fund board.","page_number":207,"box":{"x":69,"y":540,"width":437,"height":12}},{"id":"f3a46557-0aa5-4ee8-890b-dcf4e4331c51","block_type":"box","text":"The decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":207,"box":{"x":101,"y":559,"width":744,"height":11}},{"id":"7784fe4b-f658-4ec7-8bd1-d9e8276e83c1","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":207,"box":{"x":69,"y":574,"width":821,"height":11}},{"id":"9b85192b-2b0e-4365-9c8b-a0cd43e8c950","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":207,"box":{"x":68,"y":589,"width":817,"height":11}},{"id":"2c9cdc9c-a996-4161-ab32-0f3150612b47","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":207,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"d2dd1c34-c860-4674-ae8f-1daf39b230a6","block_type":"box","text":"metrics and targets relevant to decarbonization. These disclosures should include an explanation of the","page_number":207,"box":{"x":69,"y":619,"width":739,"height":11}},{"id":"48bc4779-bffc-4fdf-9474-88c18e852885","block_type":"box","text":"decarbonization scenarios a company is using in its near- and long-term planning, as well as its scope 1, scope 2 and","page_number":207,"box":{"x":69,"y":634,"width":839,"height":11}},{"id":"e46a96cb-8bb5-41c4-aaec-ccc45ccefd2c","block_type":"box","text":"material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope 1 and 2 emissions. As with the","page_number":207,"box":{"x":69,"y":648,"width":819,"height":12}},{"id":"4659b24d-cfc9-44ee-81cc-abeb8a51b062","block_type":"box","text":"BAIS benchmark policies, we consider the climate-risk repor ting standard issued by the International Sustainability","page_number":207,"box":{"x":70,"y":663,"width":816,"height":11}},{"id":"fe15d8b3-48bb-4a1d-bfe9-3722565005f8","block_type":"box","text":"Standards Board, IFRS S2, a useful reference for such repor ting.","page_number":207,"box":{"x":69,"y":678,"width":462,"height":11}},{"id":"4a39e196-5738-44e1-8cd3-5517eeb27afd","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":207,"box":{"x":102,"y":697,"width":788,"height":11}},{"id":"1d277fcf-16b0-494e-8ae6-8c604fcb96b0","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately addressing or disclosing","page_number":207,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"80ac03fb-443f-4e82-9393-3da4713dd12c","block_type":"box","text":"material climate-related risks. We may recommend suppor ting shareholder proposals seeking information relevant to","page_number":207,"box":{"x":69,"y":726,"width":833,"height":12}},{"id":"83124b8a-7ed9-4ce6-accd-56aed85e8fcf","block_type":"box","text":"a company’s stated low-carbon transition strategy and targets that the company does not currently provide and that","page_number":207,"box":{"x":69,"y":741,"width":824,"height":12}},{"id":"1a659f27-44b5-40d2-9cbd-a9d56d9929d4","block_type":"box","text":"5","page_number":207,"box":{"x":69,"y":771,"width":4,"height":4}},{"id":"0cbcb0da-db49-47e9-aa2d-6c323db40750","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":207,"box":{"x":79,"y":770,"width":822,"height":12}},{"id":"99206d65-97db-41e9-babb-3da44c10f986","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":207,"box":{"x":69,"y":786,"width":835,"height":11}},{"id":"0a07c8ab-f9f2-4c09-8995-d07fec528200","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":207,"box":{"x":70,"y":801,"width":827,"height":11}},{"id":"7165faab-5b25-43b2-8165-cd02af898ad0","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":207,"box":{"x":70,"y":816,"width":826,"height":11}},{"id":"d4bcf0c3-e061-4655-ad70-d1aa5fea6c95","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well managed companies will","page_number":207,"box":{"x":69,"y":831,"width":774,"height":11}},{"id":"e7126d8c-108f-41c2-8940-5750380e9afb","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":207,"box":{"x":69,"y":846,"width":823,"height":11}},{"id":"46369e67-6965-4dcb-9b7c-c81106e07c99","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":207,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"9d00a74d-2ed8-4d63-8ca5-4f757b5a7338","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":207,"box":{"x":68,"y":876,"width":833,"height":12}},{"id":"a9a153b7-a050-445d-85fb-f3d1bfa8b7ad","block_type":"box","text":"sound governance framework.","page_number":207,"box":{"x":69,"y":891,"width":212,"height":12}},{"id":"33e8ddd4-ac32-47f9-a1e0-5a7a8bb7d091","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"96777735-e21d-4993-aeb8-9dd9de0928aa","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"109a5467-df7d-4358-90be-79fede90867a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68af0f46-21a2-4e9e-9e08-9b212b06ffac","block_type":"box","text":"would be helpful to investment decision-making. As under the BAIS benchmark approach, the active por tfolio","page_number":208,"box":{"x":68,"y":45,"width":775,"height":11}},{"id":"9c1119d9-a321-42b9-9829-74d2427bb5cb","block_type":"box","text":"managers are ultimately responsible for voting consistent with their investment mandate and fund objectives.","page_number":208,"box":{"x":69,"y":59,"width":778,"height":12}},{"id":"e00803ab-c7b7-46bd-8b60-fca2f5ac555a","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":208,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"cc7ee699-53bc-486a-8839-9a6c2d1b07bf","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":208,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"9e785b7f-20b7-48ab-8a18-4c939b710058","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":208,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"89cd0831-ed33-4239-814a-3c42006287af","block_type":"box","text":"APPENDIX 1: HOW WE FULFIL AND OVERSEE OUR ACTIVE INVESTMENT STEWARDSHIP RESPONSIBILITIES","page_number":209,"box":{"x":96,"y":45,"width":786,"height":9}},{"id":"df9a5d1d-9766-496f-ab51-9967f290de48","block_type":"box","text":"Oversight","page_number":209,"box":{"x":69,"y":67,"width":68,"height":11}},{"id":"86d8ba0f-2965-4d6f-8e49-8ae2b9f8cad0","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":209,"box":{"x":101,"y":86,"width":793,"height":11}},{"id":"26e05636-cd9a-4f41-91a3-4a5c4d6bd830","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (“the","page_number":209,"box":{"x":69,"y":101,"width":786,"height":11}},{"id":"b9022378-bada-4aec-ab47-04cd10e8b4ec","block_type":"box","text":"Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":209,"box":{"x":69,"y":116,"width":807,"height":11}},{"id":"4d39cdc9-c40d-4e7c-84b8-aa64758a349d","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":209,"box":{"x":69,"y":131,"width":825,"height":11}},{"id":"daa13138-092a-4f71-be8d-9f22b4631e7e","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":209,"box":{"x":70,"y":146,"width":500,"height":11}},{"id":"08cb5620-0c15-4ee2-821d-0ef30b34bae6","block_type":"box","text":"The Active Investment Stewardship Oversight Committee, comprised of senior representatives of the active","page_number":209,"box":{"x":101,"y":164,"width":763,"height":11}},{"id":"cc05045c-e971-438d-90b1-66332049017a","block_type":"box","text":"investment, legal and risk teams, reviews and advises on amendments to BAIS’ Global Engagement and Voting","page_number":209,"box":{"x":70,"y":179,"width":790,"height":11}},{"id":"ceb06657-7b52-48bf-86d5-fa5b02090ba7","block_type":"box","text":"Guidelines. The Committee also considers developments in corporate governance, related public policy, and market","page_number":209,"box":{"x":69,"y":194,"width":823,"height":11}},{"id":"a9a68b1e-8f5c-4cba-bd74-46cfbe665a33","block_type":"box","text":"norms and how these might influence BAIS’ policies and practices. The Committee does not determine voting","page_number":209,"box":{"x":69,"y":209,"width":781,"height":11}},{"id":"8f3ab48b-4986-4387-af23-ee278c7253e8","block_type":"box","text":"decisions, which are the responsibility of BAIS and the relevant active equity investors.","page_number":209,"box":{"x":69,"y":223,"width":617,"height":12}},{"id":"3f05ebea-be1c-4289-a87a-718856d2c2fd","block_type":"box","text":"In addition, there is a standing advisory group of senior active investors who counsel BAIS on complex or high","page_number":209,"box":{"x":102,"y":242,"width":786,"height":11}},{"id":"c9c8c048-2638-42ff-8c1b-daaf14e9dcb9","block_type":"box","text":"profile votes before a recommendation is finalized and escalated to the por tfolio managers with holdings in the","page_number":209,"box":{"x":70,"y":257,"width":791,"height":11}},{"id":"76f0a517-5e58-4e24-9ec1-2168842bcdd9","block_type":"box","text":"company under consideration. This group also formally reviews any revisions to the Engagement and Voting","page_number":209,"box":{"x":69,"y":272,"width":764,"height":11}},{"id":"5f8f73a2-0a5a-4e95-8f3d-b74562a86ae4","block_type":"box","text":"Guidelines proposed by BAIS as par t of its annual review.","page_number":209,"box":{"x":69,"y":287,"width":408,"height":11}},{"id":"92d3e205-1f15-456b-904a-eb861aecb484","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":209,"box":{"x":102,"y":305,"width":797,"height":12}},{"id":"ac9be4c2-e3d3-4dc8-99b4-a94464b555b1","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":209,"box":{"x":68,"y":320,"width":810,"height":12}},{"id":"ba0a7f05-3c8e-40fd-a9d5-6321d0e94502","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":209,"box":{"x":69,"y":335,"width":832,"height":11}},{"id":"41d9d8a0-fc3e-4082-9203-0103d61623b5","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":209,"box":{"x":69,"y":350,"width":801,"height":11}},{"id":"0437b42d-7488-4013-81b8-4d1e488e1673","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":209,"box":{"x":70,"y":365,"width":836,"height":11}},{"id":"6879de38-ffaa-4380-8e92-9d0efd0772c4","block_type":"box","text":"third-par ty vote services providers” below).","page_number":209,"box":{"x":68,"y":380,"width":305,"height":11}},{"id":"c22c1daa-a140-4284-93b0-0d4b41483eaa","block_type":"box","text":"Voting guidelines and vote execution","page_number":209,"box":{"x":68,"y":402,"width":269,"height":11}},{"id":"69dfdfa0-7d8a-42c1-8d09-07ef01c39abd","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":209,"box":{"x":102,"y":421,"width":790,"height":11}},{"id":"ccd7686a-de76-4091-8626-1f78be1326a2","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":209,"box":{"x":69,"y":436,"width":838,"height":11}},{"id":"08a69913-eea3-4d1b-bc9e-043cf4ebf873","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":209,"box":{"x":69,"y":450,"width":831,"height":12}},{"id":"b095b37b-ff78-4072-b8fa-f20b4cdb661a","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":209,"box":{"x":68,"y":465,"width":809,"height":12}},{"id":"5b1f380a-4c2d-4c3f-ab16-9d779d0f0dcd","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":209,"box":{"x":67,"y":480,"width":749,"height":12}},{"id":"ce4df898-36ae-488d-8b8e-6186c4a6ecd9","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":209,"box":{"x":69,"y":495,"width":825,"height":11}},{"id":"492d245c-065d-4c74-9a7e-5bc4b461ee87","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":209,"box":{"x":69,"y":510,"width":445,"height":11}},{"id":"a2d4dea7-a75a-4c8b-b151-05998fd7db2f","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":209,"box":{"x":101,"y":529,"width":803,"height":11}},{"id":"b69c45eb-cdb4-4224-a98f-d6a49a891d4d","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":209,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"7556a6df-d696-4e94-85f5-4e91d49f6858","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":209,"box":{"x":69,"y":558,"width":752,"height":12}},{"id":"3eed830e-4671-4afc-85d3-ae3265744513","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":209,"box":{"x":101,"y":577,"width":782,"height":11}},{"id":"4030b657-21bc-46da-8fe7-eb48f5aa059d","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":209,"box":{"x":69,"y":592,"width":837,"height":11}},{"id":"1c93d263-8ca2-491b-a502-3fce476751ba","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":209,"box":{"x":69,"y":607,"width":830,"height":11}},{"id":"4981466e-01ea-4b11-8e9b-d69b7561c40e","block_type":"box","text":"generally, and provide insight into how we typically approach issues that commonly arise on corporate ballots. The","page_number":209,"box":{"x":68,"y":622,"width":813,"height":11}},{"id":"f7450e7a-2725-495c-8506-5d63700221ec","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":209,"box":{"x":69,"y":636,"width":829,"height":12}},{"id":"4ac03ea6-a882-4c6f-8484-e0ef01d89094","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":209,"box":{"x":69,"y":651,"width":802,"height":12}},{"id":"ca141c20-fba0-4513-b95c-4647ec087229","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":209,"box":{"x":69,"y":666,"width":718,"height":11}},{"id":"da053faf-9d7e-4b62-9b20-18ef6d209027","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":209,"box":{"x":102,"y":685,"width":792,"height":11}},{"id":"192515d7-8f27-43f8-ac90-7e8dcf17f486","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":209,"box":{"x":68,"y":700,"width":791,"height":11}},{"id":"7c00f687-af9a-43a1-b745-b812176959a3","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":209,"box":{"x":69,"y":714,"width":805,"height":12}},{"id":"292cad27-185a-494a-b70a-88f5fe2bf89a","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":209,"box":{"x":70,"y":730,"width":784,"height":11}},{"id":"bf918479-add1-497c-8cbf-55d56bf1cccc","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":209,"box":{"x":69,"y":744,"width":836,"height":12}},{"id":"550dd045-f89d-4c77-93cf-95148d34a1ae","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":209,"box":{"x":68,"y":759,"width":838,"height":11}},{"id":"f510a916-83e8-4ed9-8015-68fd1205a813","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":209,"box":{"x":69,"y":774,"width":839,"height":11}},{"id":"66e1356f-77ce-41ae-a459-66fe3f10ca2e","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":209,"box":{"x":69,"y":789,"width":490,"height":11}},{"id":"772048a5-dc51-495d-9def-1b9dcb14b069","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":209,"box":{"x":102,"y":807,"width":796,"height":12}},{"id":"1610b920-17e7-4b82-bed3-cae39d35192c","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":209,"box":{"x":68,"y":822,"width":799,"height":12}},{"id":"72da4574-01c6-4bf5-b590-d23c349778a4","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":209,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"400b0e0c-227b-4fe8-ab6a-3f28cd67510c","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":209,"box":{"x":69,"y":852,"width":661,"height":11}},{"id":"2de133c8-177f-4c9c-b628-d44d25202525","block_type":"box","text":"Voting Choice","page_number":209,"box":{"x":68,"y":875,"width":101,"height":11}},{"id":"59a64aa9-5965-461c-b39d-3d46114c889d","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":209,"box":{"x":102,"y":893,"width":800,"height":11}},{"id":"a80d9789-3cbd-47d2-8d54-470cb1762778","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":209,"box":{"x":68,"y":908,"width":447,"height":11}},{"id":"bafcdfd0-5112-4fac-94ec-89ede08db5d7","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":209,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6994d14a-dfa5-43af-b28a-706e513ec788","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":209,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"8cab5006-fb06-43be-9243-bb4ac696ec2d","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":209,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"08bdbf28-0456-40ea-9fc4-555cb33595a6","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":210,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"cb24dace-172a-4f1d-a24a-778039314ab7","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":210,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"08adb545-74a8-4f4b-8c15-c11f35b4cda3","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":210,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"8c4bf523-4861-4cd7-8969-3533351e893f","block_type":"box","text":"strategies.","page_number":210,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"17c98c64-5103-4042-91b6-444f8087a4c6","block_type":"box","text":"6","page_number":210,"box":{"x":145,"y":90,"width":4,"height":4}},{"id":"ceac1896-ad8c-4e49-8f67-6478abed60dd","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":210,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"2065ad3c-bb84-4df6-ae72-39680d57b192","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":210,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"e563cec4-6353-4227-8160-10c6bb5b4255","block_type":"box","text":"with a third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater","page_number":210,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"79207e8c-c6d9-48f2-8362-7a4e6d21b6a9","block_type":"box","text":"control over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a","page_number":210,"box":{"x":69,"y":152,"width":787,"height":12}},{"id":"19e8bac8-d567-4b84-9d05-e32bf87841ed","block_type":"box","text":"client’s selection of proxy policy, without client consent.","page_number":210,"box":{"x":69,"y":167,"width":395,"height":11}},{"id":"707cba5f-ee62-41aa-aef4-ee9fa9d1acc7","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":210,"box":{"x":69,"y":190,"width":403,"height":11}},{"id":"7957f5c0-82cf-44be-9733-f91171f28166","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":210,"box":{"x":101,"y":208,"width":794,"height":12}},{"id":"13051116-a87e-4506-80e9-a9da2c2f1fb4","block_type":"box","text":"votes, as well as voting infrastructure. As mentioned previously, BlackRock contracts primarily with the vote services","page_number":210,"box":{"x":68,"y":223,"width":831,"height":12}},{"id":"c811bddf-faa8-4f6f-94ae-7e7b30bcc179","block_type":"box","text":"provider ISS and leverages its online platform to supply research and suppor t voting, record keeping, and repor ting","page_number":210,"box":{"x":70,"y":238,"width":820,"height":11}},{"id":"fb416a36-593f-4e1c-94cd-2dc3a31e6a3c","block_type":"box","text":"processes. We also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to","page_number":210,"box":{"x":70,"y":253,"width":809,"height":11}},{"id":"47b0a15a-37cc-4c9c-b824-0c7c27ed7fb7","block_type":"box","text":"note that, although proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their","page_number":210,"box":{"x":69,"y":268,"width":793,"height":11}},{"id":"22fa3af6-cb64-401f-a880-693f3feb0505","block_type":"box","text":"information or follow their voting recommendations. A company’s disclosures, our past engagements and voting,","page_number":210,"box":{"x":70,"y":283,"width":800,"height":11}},{"id":"f0214663-c5f7-47ca-9aac-c030278d6118","block_type":"box","text":"investment colleagues’ insights and our voting guidelines are impor tant inputs into our voting decisions on behalf of","page_number":210,"box":{"x":70,"y":298,"width":828,"height":11}},{"id":"ab6c6ac8-97a5-4527-adeb-d8fb7fe698e0","block_type":"box","text":"clients.","page_number":210,"box":{"x":69,"y":313,"width":50,"height":8}},{"id":"da5a897b-e070-403b-92e2-57a6d32232c5","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":210,"box":{"x":102,"y":331,"width":795,"height":11}},{"id":"2ad5d84a-f8c7-4808-9fa4-9700b889f6ab","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ voting guidelines when the items on a shareholder","page_number":210,"box":{"x":68,"y":346,"width":839,"height":11}},{"id":"73b48150-ea2c-4bf8-a5f5-f30181647477","block_type":"box","text":"meeting agenda are routine. Agenda items that are not routine are referred back to BAIS to assess, escalate as","page_number":210,"box":{"x":69,"y":361,"width":799,"height":11}},{"id":"ea15ac55-68bf-4c23-a128-88afceea0df0","block_type":"box","text":"necessary to the relevant por tfolio managers and vote. BAIS reviews and can override the recommendations of the","page_number":210,"box":{"x":69,"y":376,"width":819,"height":11}},{"id":"bac9af1e-3cdd-4593-8531-b0c6c41cb20b","block_type":"box","text":"vote services provider at any time prior to the vote deadline. Both BAIS and the vote services provider actively","page_number":210,"box":{"x":68,"y":391,"width":785,"height":11}},{"id":"bbaf3843-bbe5-4b77-b904-5f536853ffcf","block_type":"box","text":"monitor securities filings, research repor ts, company announcements, and direct communications from companies to","page_number":210,"box":{"x":69,"y":405,"width":837,"height":12}},{"id":"61ad2247-6caa-432b-9fe2-388e0ee52d13","block_type":"box","text":"ensure awareness of supplemental disclosures and proxy materials that may require a modification of votes.","page_number":210,"box":{"x":69,"y":420,"width":775,"height":11}},{"id":"88238a2b-57ff-4f3c-848e-2f4b27e315c2","block_type":"box","text":"BAIS closely monitors the third-par ty vote services providers we contract with to ensure that they are meeting our","page_number":210,"box":{"x":102,"y":439,"width":807,"height":11}},{"id":"107e20a3-176f-48e8-aaeb-dd84de790045","block_type":"box","text":"service level expectations and have effective policies and procedures in place to manage potential conflicts of","page_number":210,"box":{"x":69,"y":454,"width":788,"height":11}},{"id":"924be6f3-6ff8-412c-8bde-bdb3ba290564","block_type":"box","text":"interest. Our oversight of service providers includes regular meetings with client service teams, systematic","page_number":210,"box":{"x":70,"y":469,"width":760,"height":11}},{"id":"55563165-afc9-4e25-a7b4-12e6b9abcc5c","block_type":"box","text":"monitoring of vendor operations, as well as annual due diligence meetings in accordance with BlackRock’s firmwide","page_number":210,"box":{"x":69,"y":483,"width":824,"height":12}},{"id":"d43c42b1-bd11-4428-80db-beecf0fb849d","block_type":"box","text":"policies.","page_number":210,"box":{"x":70,"y":499,"width":56,"height":10}},{"id":"6150f4ca-b73e-4936-a503-70033bc5e50c","block_type":"box","text":"Conflicts management policies and procedures","page_number":210,"box":{"x":69,"y":521,"width":342,"height":11}},{"id":"629d4b34-d3ea-4c7b-afc8-459774c9ab97","block_type":"box","text":"BAIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting","page_number":210,"box":{"x":102,"y":539,"width":754,"height":12}},{"id":"e3ab0d92-81a2-42d3-aea4-f12669797ad4","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":210,"box":{"x":69,"y":554,"width":771,"height":12}},{"id":"78f141ad-3e6c-481e-b676-852d180215d6","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":210,"box":{"x":70,"y":569,"width":763,"height":11}},{"id":"7d8560bc-cb77-4a4a-9c90-7eacceaba790","block_type":"box","text":"BlackRock employees. 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While this has occurred in a limited number of cases, the decision to","page_number":211,"box":{"x":70,"y":599,"width":832,"height":11}},{"id":"26b03b36-0f4c-4a16-8297-0aa7dc70244c","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":211,"box":{"x":69,"y":614,"width":832,"height":11}},{"id":"f641d977-6ecc-413b-82be-4f47b3f855e5","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":211,"box":{"x":69,"y":629,"width":814,"height":11}},{"id":"62434be2-f5db-4c98-8384-9eb2ac099a84","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":211,"box":{"x":70,"y":643,"width":834,"height":12}},{"id":"3c36132e-a265-4a02-ba3b-e69ed0ae7488","block_type":"box","text":"of recall consideration). 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outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":213,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"81a674d6-0885-4435-9f4d-e10060bf54da","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":213,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"dac34aae-0690-4c79-a2ad-734dbeecf4aa","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":213,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"ed2ebf6d-66dc-4081-b016-3ca50f49f846","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":213,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"6b6a5844-d985-4fa9-9a6f-e395ae1ced57","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":213,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"0a0b870d-bbb3-43d6-9fcd-f8a3716c9e37","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":213,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"9aa30501-c342-4056-94d0-eed1b048d13c","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":213,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"fd401950-21c2-4022-9ba3-e9098540195f","block_type":"box","text":"Appendix A.","page_number":213,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"ccf1080e-673b-4962-9471-1c23eee77067","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":213,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"0a474ad8-d38c-42d4-85ac-249a72992ea9","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":213,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"42c17fdf-2cbf-46fb-8f2d-0a6b5016dfaf","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":213,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"f9d2b53b-5e4b-422f-879e-7a7fb5c41828","block_type":"box","text":"Conflicts Management","page_number":213,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"76838d34-2fde-4720-99cc-5bb3b437dc5f","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":213,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"9acbc4f7-7a8a-4445-8844-2bacde97efcb","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":213,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"cf759b3c-b483-4228-87ee-32f24c1f0574","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":213,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"e671e468-8d9b-4ef1-a67a-5a1ea0d15686","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":213,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"ad1c32be-656b-4040-bff4-2f636bdb7018","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":213,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"949fba49-7226-481c-a74e-a3e4d0f6f341","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":213,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"6ffd8929-edb0-416f-9bd7-7b963489d1eb","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":213,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"d504ee08-622a-45ef-b976-f05a39b0948f","block_type":"box","text":"In cer tain instances, BIS will engage an independent third-par ty voting service provider to make proxy voting","page_number":213,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"a5cf2f47-e114-4fe3-a642-e4c8ab3542ef","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":213,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"e84fbaa4-eced-4384-88f4-711063e78c4b","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":213,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"92d1acf4-36ae-4f4d-be04-76230d3875f0","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":213,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"01eef8e3-dbc7-4e5e-8970-7477c3dc674e","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":213,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"af424599-16ea-4da8-98f1-ca928dfe5c93","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":213,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"2ccc553f-c5f1-4b17-b4b1-50ce4660062d","block_type":"box","text":"connection with proxy voting.","page_number":213,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"8be3ac9b-10f8-4cf4-8493-456f7d920c8a","block_type":"box","text":"Reports to the Board","page_number":213,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"e6445166-bb64-499c-9254-419717c99d19","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":213,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"4417f988-d284-4072-8f80-f9167d1df5f9","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique","page_number":217,"box":{"x":69,"y":812,"width":823,"height":11}},{"id":"f79f2239-ba21-4aed-a668-946fa6e613b8","block_type":"box","text":"and varied investment objectives. Other materials on the BIS website might also provide useful context.","page_number":217,"box":{"x":69,"y":827,"width":737,"height":12}},{"id":"f4b68e53-2aac-4d1f-b468-5ed32187d1fe","block_type":"box","text":"2","page_number":217,"box":{"x":69,"y":845,"width":4,"height":5}},{"id":"9c743f8c-b022-4a48-8755-c7ba9548a86d","block_type":"box","text":"PwC, “The 3 things all high-per forming companies do”. Harvard Business Review, “6 Strategic Concepts That Set","page_number":217,"box":{"x":79,"y":845,"width":807,"height":11}},{"id":"abe4ac0b-6808-433b-9e15-874832c576ec","block_type":"box","text":"High-Per forming Companies Apar t”, March 2024.","page_number":217,"box":{"x":70,"y":860,"width":349,"height":11}},{"id":"3cdff5e6-e46e-42d5-beab-8b87d8e5a767","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"7a0801f6-0f6b-433d-9bc5-d682508ef4f3","block_type":"box","text":"Global Principles | 3","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"7cc82ad3-e446-41ab-be58-c49600354a50","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ecf3b9ea-f05c-4cf6-9994-ce420fb7ddff","block_type":"box","text":"To protect the interest of minority shareholders like BlackRock’s clients, BIS holds the view that shareholder","page_number":218,"box":{"x":101,"y":45,"width":773,"height":11}},{"id":"eef5623a-561d-4218-8357-6de7a71894cb","block_type":"box","text":"voting rights should be propor tionate to economic ownership—the principle of “one share, one vote” helps to achieve","page_number":218,"box":{"x":68,"y":60,"width":839,"height":11}},{"id":"98599c6e-ce20-4d2d-bbcb-168579296486","block_type":"box","text":"this balance.","page_number":218,"box":{"x":68,"y":75,"width":91,"height":9}},{"id":"3138c2aa-14f9-4892-80f8-4a4be0678c87","block_type":"box","text":"STEWARDSHIP IN PRACTICE","page_number":218,"box":{"x":384,"y":105,"width":210,"height":9}},{"id":"0300e5c4-5922-4ce5-8209-ceeabf055a45","block_type":"box","text":"The assets BlackRock manages belong to our clients, which include public and private pension plans, insurers,","page_number":218,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"bafc3938-8626-4398-94c0-c4f242f04960","block_type":"box","text":"official institutions, endowments, universities, charities, family offices, wealth managers, and ultimately, the","page_number":218,"box":{"x":69,"y":143,"width":772,"height":11}},{"id":"efa925dd-36f9-4792-89cf-4c48f2dd9d8a","block_type":"box","text":"individual investors that they serve. Through stewardship, we assess how companies are creating long-term financial","page_number":218,"box":{"x":70,"y":158,"width":831,"height":11}},{"id":"f1863d6e-98f7-4deb-a321-aad0be543f38","block_type":"box","text":"value to serve our clients, many of whom are saving for long-term goals, such as retirement.","page_number":218,"box":{"x":68,"y":173,"width":658,"height":11}},{"id":"056a7c23-7cba-4403-9097-66603ccc19b4","block_type":"box","text":"As shareholders of public companies, our clients have the right to vote on matters proposed by a company’s","page_number":218,"box":{"x":101,"y":196,"width":773,"height":11}},{"id":"fc6f71eb-f22e-4923-97d7-95bf90639ae1","block_type":"box","text":"management or its shareholders. Voting is an impor tant mechanism for investors to express suppor t for, or concern","page_number":218,"box":{"x":69,"y":211,"width":827,"height":11}},{"id":"a66f42bd-2c9b-4535-b8f5-a7ae925260e4","block_type":"box","text":"about, a company’s per formance and most of our clients authorize BlackRock to exercise this right on their behalf.","page_number":218,"box":{"x":69,"y":226,"width":817,"height":11}},{"id":"7f30d49e-52ba-484e-8f04-4120a3a1a036","block_type":"box","text":"For those clients, and as a fiduciary, BlackRock is legally required to make proxy voting determinations in a manner","page_number":218,"box":{"x":70,"y":241,"width":821,"height":11}},{"id":"6d362653-f5ac-413c-9e91-d564833d31ef","block_type":"box","text":"that is consistent with their investment objectives. BIS does this by casting votes in favor of proposals that, in our","page_number":218,"box":{"x":68,"y":256,"width":815,"height":12}},{"id":"4c2b818a-de98-46f1-92ed-54a5dd228291","block_type":"box","text":"assessment, will promote stronger governance and better operating practices and, in turn, potentially enhance long","page_number":218,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"c12a789f-fa64-4b12-8778-a743889da69e","block_type":"box","text":"term shareholder value. Our vote decisions are informed by our in-depth analysis of company disclosures,","page_number":218,"box":{"x":68,"y":286,"width":753,"height":12}},{"id":"b10b8165-93bf-48df-bc91-66d04981ee25","block_type":"box","text":"engagement with boards and management teams, third-par ty research, and comparisons against a company’s","page_number":218,"box":{"x":69,"y":302,"width":787,"height":11}},{"id":"8c9284f3-f8f5-47db-ba75-cadcb195cfa9","block_type":"box","text":"industry peers.","page_number":218,"box":{"x":70,"y":317,"width":104,"height":11}},{"id":"3cc2a1ed-1fdc-4e61-bae2-81322b351735","block_type":"box","text":"BIS takes a constructive, long-term approach to our engagement with companies, reflecting the investment","page_number":218,"box":{"x":102,"y":339,"width":762,"height":12}},{"id":"3a7762d7-4d61-4675-8f45-7a712cabc6e1","block_type":"box","text":"horizons of the majority of our clients. An engagement is a meeting between BIS and a company’s board and","page_number":218,"box":{"x":69,"y":355,"width":774,"height":11}},{"id":"3ccefe04-9b57-4889-bb72-66cd39d65a70","block_type":"box","text":"management that helps improve our understanding of the company’s business model and material risks and","page_number":218,"box":{"x":69,"y":370,"width":773,"height":11}},{"id":"227d4d59-474d-47c9-8471-024eaae7be4f","block_type":"box","text":"oppor tunities, to inform our voting decisions on behalf of clients who authorize us to vote on their behalf. In these","page_number":218,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"f6be3fd0-a531-4466-97b0-afe7c8ccef04","block_type":"box","text":"two-way conversations, we listen to and learn directly from company directors and executives and ask questions","page_number":218,"box":{"x":68,"y":400,"width":799,"height":11}},{"id":"d98bf72a-e13f-436b-b0ae-abccd2532b43","block_type":"box","text":"relevant to their business. Either a company or BIS can request an engagement. Many of the engagements are","page_number":218,"box":{"x":69,"y":415,"width":789,"height":11}},{"id":"5d297252-7595-4236-a0db-4481875e9103","block_type":"box","text":"initiated by companies to discuss their long-term strategy, risk and oppor tunity set, and management’s plan to deliver","page_number":218,"box":{"x":70,"y":430,"width":839,"height":11}},{"id":"b6dadc09-da0b-4371-a69f-aa2795cbe833","block_type":"box","text":"financial returns through business cycles. The ongoing, multiyear nature of our engagements allows us to build strong","page_number":218,"box":{"x":68,"y":445,"width":841,"height":12}},{"id":"19957ede-3798-46c5-85bf-80027aa45a7a","block_type":"box","text":"relationships with company leadership and mutual understanding on key matters of corporate governance and the","page_number":218,"box":{"x":69,"y":460,"width":811,"height":12}},{"id":"6519ec43-3b5e-4a22-a22f-cc3503f0d0ca","block_type":"box","text":"drivers of long-term financial per formance.","page_number":218,"box":{"x":69,"y":475,"width":301,"height":12}},{"id":"7ca0ebf6-a401-4a32-954b-b8fa7791fd37","block_type":"box","text":"Generally, we suppor t the vote recommendations of the board of directors and management. In case of","page_number":218,"box":{"x":102,"y":498,"width":737,"height":11}},{"id":"8f1603c3-8370-40d9-be9d-5ea6f5f4cc46","block_type":"box","text":"concerns, we typically raise these through dialogue with board members and management teams first. When we","page_number":218,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"6c1c4848-00ff-4e7c-b471-2383f8e2e7fa","block_type":"box","text":"determine it is in our clients’ financial interests to convey concern to companies through voting, we do so in two","page_number":218,"box":{"x":69,"y":528,"width":799,"height":12}},{"id":"cb993e72-63e5-4e73-9e0f-06a823b9697a","block_type":"box","text":"forms: we might not suppor t the election of directors or other management proposals, or we might not suppor t","page_number":218,"box":{"x":68,"y":543,"width":792,"height":12}},{"id":"9ccf4066-272a-4944-a8d1-285f67a8c7c3","block_type":"box","text":"management’s voting recommendation on a shareholder proposal.","page_number":218,"box":{"x":69,"y":559,"width":473,"height":11}},{"id":"b6b103de-afa1-4b06-b9f9-935b8559fcd7","block_type":"box","text":"KEY THEMES","page_number":218,"box":{"x":441,"y":589,"width":96,"height":9}},{"id":"94a94de1-eeb0-413f-9305-ee1bb2159514","block_type":"box","text":"While accepted standards and norms of corporate governance can differ between markets, in our experience,","page_number":218,"box":{"x":101,"y":612,"width":780,"height":11}},{"id":"a91a74c3-ae2a-494a-9a00-8fcc59ab1cef","block_type":"box","text":"there are cer tain globally applicable fundamental elements of corporate governance that contribute to a company’s","page_number":218,"box":{"x":68,"y":627,"width":821,"height":11}},{"id":"71b660aa-7a44-41e5-a258-e3d8b3e2b3f5","block_type":"box","text":"ability to create long-term financial value for shareholders. These global themes are set out in this overarching set of","page_number":218,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"748497e9-dbeb-4792-b381-8377a77ea02c","block_type":"box","text":"principles (the “Principles”), which are anchored in transparency and accountability.","page_number":218,"box":{"x":70,"y":657,"width":592,"height":11}},{"id":"10df0d7c-8522-4381-adfe-f65ac61d9f5c","block_type":"box","text":"At a minimum, it is our view that companies should observe the accepted corporate governance standards in","page_number":218,"box":{"x":101,"y":680,"width":778,"height":11}},{"id":"e111fcaf-5de6-4f31-bdd9-476c5b88e22f","block_type":"box","text":"their domestic market,","page_number":218,"box":{"x":68,"y":695,"width":160,"height":10}},{"id":"5b4169f8-2ec1-4c4b-afef-bfd1e1831491","block_type":"box","text":"3","page_number":218,"box":{"x":230,"y":695,"width":4,"height":5}},{"id":"b324d6a2-84ae-4e7c-b744-491c007320b8","block_type":"box","text":"and we ask that, if they do not, they explain how their approach better suppor ts durable, long","page_number":218,"box":{"x":240,"y":695,"width":669,"height":11}},{"id":"00f6e771-90eb-436d-bdb6-ba9cf46e411a","block_type":"box","text":"term financial value creation.","page_number":218,"box":{"x":68,"y":710,"width":206,"height":9}},{"id":"87d7b1c8-e265-4b66-81ee-6fc6984aa485","block_type":"box","text":"These Principles cover seven key subjects:","page_number":218,"box":{"x":68,"y":740,"width":313,"height":11}},{"id":"4c5932b6-598b-4c89-960a-7da2035f4cb7","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":763,"width":6,"height":5}},{"id":"da6ef9c8-b23a-43eb-8de6-f9995d4ab87d","block_type":"box","text":"Boards and directors","page_number":218,"box":{"x":102,"y":760,"width":147,"height":9}},{"id":"c1200408-4e45-4d31-9085-b6943e07a893","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":783,"width":6,"height":5}},{"id":"4017a36a-a669-4d9e-bfe5-1861fa5b84fe","block_type":"box","text":"Auditors and audit-related issues","page_number":218,"box":{"x":101,"y":781,"width":234,"height":8}},{"id":"9804c34a-7782-4735-9126-4d5eddaf8ffa","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":803,"width":6,"height":5}},{"id":"aa4c982b-673e-43d4-ba89-f91dfd568af6","block_type":"box","text":"Capital structure, mergers, asset sales, and other special transactions","page_number":218,"box":{"x":102,"y":801,"width":505,"height":11}},{"id":"5acad1c7-9b48-485d-9578-197b80a7b40a","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":824,"width":6,"height":4}},{"id":"93a3f514-cab9-4ed8-8d0d-3fc1c275bcb3","block_type":"box","text":"Executive compensation","page_number":218,"box":{"x":102,"y":821,"width":170,"height":11}},{"id":"696374bc-e85a-4e1b-b9f2-0fff9b8a937e","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":844,"width":6,"height":4}},{"id":"4e2db251-d822-4189-be05-f5629a8e3c0e","block_type":"box","text":"Material sustainability-related risks and oppor tunities","page_number":218,"box":{"x":102,"y":841,"width":379,"height":11}},{"id":"f3012419-00c9-4336-9dd1-126f4f3a7595","block_type":"box","text":"3","page_number":218,"box":{"x":69,"y":870,"width":4,"height":5}},{"id":"63ebd03e-7c37-4fbd-b68e-38c6b0343ebe","block_type":"box","text":"Our regional voting guidelines, which we publish on the BIS website, reflect these different market standards and","page_number":218,"box":{"x":79,"y":870,"width":806,"height":11}},{"id":"16e04b4e-6de4-47e4-b126-4138ebc0e794","block_type":"box","text":"norms. Depending on the market, generally accepted practice is informed by corporate law, market regulation, best","page_number":218,"box":{"x":69,"y":885,"width":820,"height":11}},{"id":"92691bd3-1df0-49b8-a7ee-9cffe6675456","block_type":"box","text":"practices, and industry initiatives, amongst other factors.","page_number":218,"box":{"x":70,"y":900,"width":406,"height":12}},{"id":"d9b72e34-3997-4aaf-86a7-4c5ff80805bb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"66da3982-fa64-4567-8dd6-076d6ef0d03d","block_type":"box","text":"Global Principles | 4","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"60aaf154-1985-489d-af49-95d6806d2fcf","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4f8478c6-f82f-4c25-bf3a-6c6bea989f77","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"bb746f7a-5012-4c80-9aad-034a39309bc2","block_type":"box","text":"Other corporate governance matters and shareholder protections","page_number":219,"box":{"x":102,"y":45,"width":462,"height":11}},{"id":"992e52e5-c83d-4b93-b667-597082870677","block_type":"box","text":"•","page_number":219,"box":{"x":69,"y":68,"width":6,"height":4}},{"id":"a8e14b0d-dec4-4b3e-80f5-5c05cb46af68","block_type":"box","text":"Shareholder proposals","page_number":219,"box":{"x":102,"y":65,"width":160,"height":11}},{"id":"68a6de02-8466-4d18-ae82-fbd9ba1c7958","block_type":"box","text":"Our regional and market-specific voting guidelines explain how these Principles inform our voting decisions in","page_number":219,"box":{"x":102,"y":87,"width":775,"height":12}},{"id":"899adb22-0225-4997-8adb-18c42851067e","block_type":"box","text":"relation to common ballot items for shareholder meetings in those markets. Alongside the Principles and regional","page_number":219,"box":{"x":69,"y":103,"width":808,"height":11}},{"id":"4adabed7-efe8-4e1a-8173-2253b33166ba","block_type":"box","text":"voting guidelines, BIS publishes our engagement priorities which reflect the five themes on which we most frequently","page_number":219,"box":{"x":68,"y":118,"width":834,"height":11}},{"id":"b1bebbfc-4276-45a0-8252-b232f4b9c565","block_type":"box","text":"engage companies, where they are relevant, as these can be a source of material business risk or oppor tunity.","page_number":219,"box":{"x":69,"y":133,"width":790,"height":11}},{"id":"e19e5380-1ae8-4f7f-8c65-f9653eb1dcf3","block_type":"box","text":"Collectively, these BIS policies set out the core elements of corporate governance that guide our investment","page_number":219,"box":{"x":69,"y":148,"width":770,"height":11}},{"id":"d5bdfe9c-b054-45ed-b81a-8865c25b40b4","block_type":"box","text":"stewardship program globally and within each market. The BIS policies are not prescriptive, applied on a pragmatic,","page_number":219,"box":{"x":69,"y":163,"width":822,"height":11}},{"id":"dc5bf45a-63a3-4f8c-98e7-8316d7dfd9a9","block_type":"box","text":"case-by-case basis, taking into consideration a number of factors, including the sector, market, and business","page_number":219,"box":{"x":69,"y":178,"width":777,"height":11}},{"id":"f9c68c2d-a08b-4f05-82ef-1085cd1d66eb","block_type":"box","text":"environment within which a company is operating.","page_number":219,"box":{"x":69,"y":194,"width":352,"height":11}},{"id":"4edde3b5-c170-42d0-95d7-79fa2ef2324a","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":219,"box":{"x":394,"y":224,"width":190,"height":9}},{"id":"22aa1166-087f-4b21-8f49-5b1cd624f557","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":219,"box":{"x":102,"y":246,"width":734,"height":11}},{"id":"af772515-27f1-4ced-a0cc-6e2bff480a5b","block_type":"box","text":"characteristics relevant to a company’s business enhance the ability of the board to add value and be the voice of","page_number":219,"box":{"x":69,"y":261,"width":815,"height":11}},{"id":"f9a01868-7c67-4361-be29-025e60417e4e","block_type":"box","text":"shareholders in board discussions. A strong board gives a company a competitive advantage, providing valuable","page_number":219,"box":{"x":69,"y":277,"width":798,"height":11}},{"id":"6c532418-393a-4df1-b96a-aff9a5c0846d","block_type":"box","text":"oversight and contributing to the most impor tant management decisions that suppor t long-term financial","page_number":219,"box":{"x":69,"y":292,"width":744,"height":11}},{"id":"625452f6-f1ab-4d91-9fcd-53c016bc7a8c","block_type":"box","text":"per formance. As par t of their responsibilities, board members have a fiduciary duty to shareholders to oversee the","page_number":219,"box":{"x":70,"y":307,"width":818,"height":11}},{"id":"8b2e673e-4dfb-41e5-a381-7f7e0ae0c35d","block_type":"box","text":"strategic direction, operations, and risk management of a company. This is why our investment stewardship effor ts","page_number":219,"box":{"x":69,"y":322,"width":820,"height":11}},{"id":"5e598ea1-a20d-4fcb-89d2-4667181503ab","block_type":"box","text":"have always star ted with the per formance of the board of directors, and why we see engagement with, and the","page_number":219,"box":{"x":69,"y":337,"width":790,"height":11}},{"id":"85ca50ba-c60e-4032-8110-c0466ba2188a","block_type":"box","text":"election of, directors as one of our most impor tant responsibilities. We engage, as necessary, with members of the","page_number":219,"box":{"x":69,"y":352,"width":823,"height":11}},{"id":"cf4702d1-5353-442d-884f-0614c36cfe9f","block_type":"box","text":"board’s nominating and/or governance committee to assess whether governance practices and board composition","page_number":219,"box":{"x":69,"y":367,"width":818,"height":11}},{"id":"53584698-f421-43c5-96f9-51e408ea94e3","block_type":"box","text":"are appropriate given a company’s business model and we take into consideration a number of factors, including the","page_number":219,"box":{"x":69,"y":382,"width":833,"height":12}},{"id":"03bd25df-d922-4205-b7cf-61a85f631547","block_type":"box","text":"sector, market, and business environment within which a company is operating.","page_number":219,"box":{"x":69,"y":398,"width":566,"height":11}},{"id":"94daadb9-9ddd-4a24-98d9-ca9752d91260","block_type":"box","text":"We view it as good practice when the board establishes and maintains a framework of robust and effective","page_number":219,"box":{"x":101,"y":420,"width":762,"height":11}},{"id":"8e819826-c92c-461c-bd25-27fe154ec78a","block_type":"box","text":"governance mechanisms to suppor t its oversight of the company’s strategy and operations consistent with the long","page_number":219,"box":{"x":68,"y":435,"width":829,"height":11}},{"id":"7ad0d494-861b-4d46-b7cb-c563eb0f41e7","block_type":"box","text":"term economic interests of investors. There should be clear descriptions of the role of the board and the committees","page_number":219,"box":{"x":68,"y":450,"width":836,"height":11}},{"id":"95bccc7d-a762-4a7b-9229-213f0e46b5b2","block_type":"box","text":"of the board and how directors engage with and oversee management. Disclosure of material risks that may affect a","page_number":219,"box":{"x":69,"y":465,"width":830,"height":12}},{"id":"8f2655b3-d9cc-417b-bd58-f9bdfe229e31","block_type":"box","text":"company’s long-term strategy and financial value creation, including material sustainability-related factors when","page_number":219,"box":{"x":69,"y":481,"width":792,"height":11}},{"id":"efa12639-f06d-420f-881b-db8e33402c32","block_type":"box","text":"relevant, is helpful for investors to appropriately understand and assess how effectively management is identifying,","page_number":219,"box":{"x":69,"y":496,"width":820,"height":11}},{"id":"9ec92a97-512f-4d62-9c41-e3dac35de277","block_type":"box","text":"managing, and mitigating such risks.","page_number":219,"box":{"x":69,"y":511,"width":260,"height":11}},{"id":"c4a79350-7149-4181-858e-0531d2c04049","block_type":"box","text":"We seek to understand management’s long-term strategy and the milestones against which investors should","page_number":219,"box":{"x":101,"y":534,"width":775,"height":11}},{"id":"7b8c9ee1-bf7d-4e26-97af-c914d99a947e","block_type":"box","text":"assess its implementation. If any strategic targets are significantly missed or materially restated, we find it helpful","page_number":219,"box":{"x":69,"y":549,"width":815,"height":11}},{"id":"129d2714-ab47-4835-967a-7d4de383dffc","block_type":"box","text":"when company disclosures provide a detailed explanation of the changes and an indication of the board’s role in","page_number":219,"box":{"x":68,"y":564,"width":803,"height":11}},{"id":"8e4a2d64-c3cb-447f-bef1-74d535489029","block_type":"box","text":"reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these mechanisms in","page_number":219,"box":{"x":69,"y":579,"width":759,"height":11}},{"id":"83e33178-993b-4a50-82d5-72b2c00fc2ec","block_type":"box","text":"overseeing the management of business risks and oppor tunities and the fulfillment of the company’s strategy.","page_number":219,"box":{"x":69,"y":594,"width":786,"height":11}},{"id":"309b7505-2d03-47eb-b883-bfa457da8cab","block_type":"box","text":"Where a company has not adequately disclosed and demonstrated that its board has fulfilled these corporate","page_number":219,"box":{"x":101,"y":617,"width":782,"height":11}},{"id":"7b3e8a71-0a9e-493e-9e2d-4d27b6f7bc4a","block_type":"box","text":"governance and risk oversight responsibilities, we may consider voting against the election of directors who, on our","page_number":219,"box":{"x":68,"y":632,"width":822,"height":11}},{"id":"49efb51b-c69f-43e6-91cb-3ecd6c99dd83","block_type":"box","text":"assessment, have par ticular responsibility for the issues. We assess director per formance on a case-by-case basis","page_number":219,"box":{"x":69,"y":647,"width":823,"height":11}},{"id":"739ed510-9eba-4aea-a700-2b7b249b2483","block_type":"box","text":"and in light of each company’s circumstances, taking into consideration its governance, business practices that","page_number":219,"box":{"x":69,"y":662,"width":797,"height":11}},{"id":"c5776ed3-94ac-416e-a8d3-7bac319de2de","block_type":"box","text":"suppor t durable, long-term financial value creation, and per formance. Set out below are factors we may take into","page_number":219,"box":{"x":69,"y":677,"width":806,"height":11}},{"id":"17a90513-15d3-47ba-b730-eeb4813efd56","block_type":"box","text":"consideration.","page_number":219,"box":{"x":69,"y":692,"width":99,"height":9}},{"id":"51c2b1fa-a8f5-43d0-bf4d-b709b56a1f13","block_type":"box","text":"Regular accountability through director elections","page_number":219,"box":{"x":69,"y":723,"width":358,"height":11}},{"id":"9e9d3ccc-b03d-4ad3-9427-522db847fad5","block_type":"box","text":"To ensure accountability for their actions on behalf of shareholders, directors should stand for election on a","page_number":219,"box":{"x":101,"y":745,"width":767,"height":11}},{"id":"0da50e54-719f-4761-ae23-ae1c7bd84481","block_type":"box","text":"regular basis, ideally annually.","page_number":219,"box":{"x":69,"y":760,"width":212,"height":12}},{"id":"4ef0c7c3-8eae-479d-aeb3-6bc1404fb16e","block_type":"box","text":"4","page_number":219,"box":{"x":283,"y":761,"width":5,"height":4}},{"id":"bc367b66-c12c-4548-8c6a-da4142a5933b","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for board","page_number":219,"box":{"x":293,"y":760,"width":562,"height":11}},{"id":"19f48b58-ab01-4ece-86ce-3cc0c67eae43","block_type":"box","text":"members and/or hold them accountable for their decisions in a timely manner. When board members are not elected","page_number":219,"box":{"x":69,"y":775,"width":836,"height":11}},{"id":"71c93445-49c5-45c6-9713-167b84b4e5a7","block_type":"box","text":"annually, in our experience, it is good practice for boards to have a rotation policy to ensure that, through a board","page_number":219,"box":{"x":69,"y":790,"width":808,"height":12}},{"id":"b7cfc92b-aed0-438d-aeb6-e41eafe39470","block_type":"box","text":"cycle, all directors have had their appointment re-confirmed, with a propor tion of directors being put forward for","page_number":219,"box":{"x":69,"y":806,"width":794,"height":11}},{"id":"73217b77-886b-44db-9ed0-a739e4f2003b","block_type":"box","text":"election at each annual general meeting.","page_number":219,"box":{"x":69,"y":821,"width":289,"height":11}},{"id":"5a533338-752c-46b2-bd6c-97784af3af15","block_type":"box","text":"4","page_number":219,"box":{"x":69,"y":850,"width":4,"height":5}},{"id":"2765bb9c-c261-4bc4-9ade-1d16e834069b","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":219,"box":{"x":79,"y":850,"width":790,"height":11}},{"id":"a7dcc159-cb3d-4737-820b-074b66317f7e","block_type":"box","text":"market regulation or voluntary best practice.","page_number":219,"box":{"x":69,"y":865,"width":314,"height":11}},{"id":"0dadf43b-76b5-41b9-ab3e-0a4d50492b81","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5ae4e467-c35f-449f-a1fe-9f0e11e4e069","block_type":"box","text":"Global Principles | 5","page_number":219,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"553f66c0-8456-44f8-90ed-90f1631f6046","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9ca78327-66eb-4529-9c49-2450e8487b78","block_type":"box","text":"Effective board composition","page_number":220,"box":{"x":69,"y":45,"width":203,"height":11}},{"id":"bba545cd-8db0-4f3a-a14a-04855b611fc0","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":220,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"038abda0-171a-42ac-b61f-49c3d33ecdf2","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":220,"box":{"x":69,"y":82,"width":831,"height":12}},{"id":"47faeae0-bb29-4ff3-be4c-d87ee95f1f60","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":220,"box":{"x":69,"y":98,"width":758,"height":11}},{"id":"4d92b424-6d81-43d9-a7e0-05a508803225","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":220,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"38666835-d67f-45c2-ae71-5a3234e2985d","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":220,"box":{"x":68,"y":128,"width":809,"height":11}},{"id":"3641b405-5211-4597-ae11-0c4e20c3c3a7","block_type":"box","text":"recently.","page_number":220,"box":{"x":69,"y":143,"width":57,"height":11}},{"id":"c58735df-8405-4acb-86f8-35dfbfa67ef5","block_type":"box","text":"We encourage companies to regularly review the effectiveness of their board (including its size), and assess","page_number":220,"box":{"x":101,"y":166,"width":771,"height":11}},{"id":"011bad24-011c-407a-b56a-525af67298bc","block_type":"box","text":"directors nominated for election in the context of the composition of the board as a whole. In our view, the company’s","page_number":220,"box":{"x":69,"y":181,"width":839,"height":11}},{"id":"a42fea4c-1b46-4fb3-ae1c-0f700e462008","block_type":"box","text":"assessment should consider a number of factors, including each director’s independence and time commitments, as","page_number":220,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"648b0588-58ec-4f4c-aa52-cf27147d0b19","block_type":"box","text":"well as the breadth and relevance of director experiences and skillsets, and how these collectively contribute to the","page_number":220,"box":{"x":68,"y":211,"width":824,"height":11}},{"id":"37152e0b-8ea9-4084-a35f-adb9a1d1fcdf","block_type":"box","text":"board’s effectiveness in advising and overseeing management in delivering long-term financial returns.","page_number":220,"box":{"x":69,"y":226,"width":731,"height":11}},{"id":"ee0f82de-f6c4-43b2-8bcf-57566ac250a6","block_type":"box","text":"Director independence – from management, significant shareholders, or other related par ties – is a central tenet","page_number":220,"box":{"x":102,"y":249,"width":803,"height":11}},{"id":"60d7e904-5b2b-4141-801c-e5dc666e78fe","block_type":"box","text":"of sound corporate governance across markets.","page_number":220,"box":{"x":69,"y":264,"width":339,"height":11}},{"id":"ee6cfb27-4855-458f-b23f-347fcb2bc7c7","block_type":"box","text":"5","page_number":220,"box":{"x":410,"y":264,"width":4,"height":5}},{"id":"cb35ed00-9f3c-4fb2-9e5d-e54ab553da97","block_type":"box","text":"We encourage boards to have a sufficient number of independent","page_number":220,"box":{"x":420,"y":264,"width":468,"height":11}},{"id":"25b5de72-69d6-40e7-8a8e-56dabc5828d2","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":220,"box":{"x":69,"y":279,"width":825,"height":11}},{"id":"a0dbaeb9-0d39-4303-9da9-3df454075a52","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":220,"box":{"x":69,"y":294,"width":813,"height":11}},{"id":"c45da5aa-c536-4714-8688-a672e1574937","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":220,"box":{"x":69,"y":309,"width":566,"height":11}},{"id":"5e916daf-51f4-47bb-8f6e-405d248f66dc","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":220,"box":{"x":102,"y":332,"width":531,"height":11}},{"id":"d767e19e-08be-479e-8e33-f16b187176ab","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":355,"width":6,"height":5}},{"id":"5beaa63c-5546-4bf2-a8d7-596ce9a13c33","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":220,"box":{"x":102,"y":352,"width":438,"height":11}},{"id":"1942295b-2742-4250-a1cc-a11e874e56fa","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":375,"width":6,"height":5}},{"id":"bca29e1a-7d7d-4282-a81e-88afec90b43e","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":220,"box":{"x":102,"y":372,"width":606,"height":11}},{"id":"c9eae5d8-fe65-4dcb-ae19-3be2cbad591d","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"8a855278-3d71-4791-98ca-b25a6500fb9f","block_type":"box","text":"Interlocking directorships","page_number":220,"box":{"x":102,"y":393,"width":177,"height":11}},{"id":"06bfae3e-369c-4a20-b5f1-52647520cf71","block_type":"box","text":"•","page_number":220,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"f7eb9d21-bbd4-4fb8-8625-b78822ac14cf","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":220,"box":{"x":102,"y":413,"width":761,"height":11}},{"id":"7db765ff-8b72-4c0d-8d12-fb2f03ece6cd","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":220,"box":{"x":102,"y":428,"width":738,"height":11}},{"id":"c0d5b4f0-6283-409f-a738-19e25c7707b3","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":220,"box":{"x":102,"y":450,"width":775,"height":12}},{"id":"8bd02a00-d7e0-4859-8eef-e64e5a9370df","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":220,"box":{"x":70,"y":466,"width":827,"height":11}},{"id":"b0da18b9-26a6-4524-8217-6f2738240262","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to enhance the effectiveness","page_number":220,"box":{"x":70,"y":481,"width":831,"height":11}},{"id":"81ce34e6-9d97-42ed-bd39-b7d447f45c84","block_type":"box","text":"of the independent members of the board through shaping the agenda, ensuring adequate information is provided to","page_number":220,"box":{"x":69,"y":496,"width":831,"height":11}},{"id":"fc8bd663-865e-4615-bd17-6e16d862ae02","block_type":"box","text":"the board, and encouraging independent director par ticipation in board deliberations. The lead independent director","page_number":220,"box":{"x":68,"y":511,"width":826,"height":11}},{"id":"5eb31b9b-1ed5-4279-9016-c8b76e2129e6","block_type":"box","text":"or another appropriate director should be available to meet with shareholders in those situations where an","page_number":220,"box":{"x":69,"y":526,"width":759,"height":11}},{"id":"32b24f73-0ddd-4bdd-a407-70a9555da91d","block_type":"box","text":"independent director is best placed to explain and contextualize a company’s approach.","page_number":220,"box":{"x":70,"y":541,"width":624,"height":11}},{"id":"caf616b7-50c4-4280-bc06-0f93ea9b70d5","block_type":"box","text":"There are matters for which the board has responsibility that may involve a conflict of interest for executives or","page_number":220,"box":{"x":101,"y":564,"width":791,"height":11}},{"id":"f537ba62-8180-43d0-9f95-6d2862962cc7","block_type":"box","text":"for affiliated directors or require additional focus. It is our view that objective oversight of such matters is best","page_number":220,"box":{"x":68,"y":579,"width":787,"height":11}},{"id":"40440869-8e90-494b-9059-829caf50f573","block_type":"box","text":"achieved when the board forms committees with a majority of independent directors, depending on market norms","page_number":220,"box":{"x":69,"y":594,"width":809,"height":11}},{"id":"49715ffc-15dc-4760-ab7f-7057f9b0f750","block_type":"box","text":"and a company’s ownership structure. In many markets, these committees of the board specialize in audit, director","page_number":220,"box":{"x":69,"y":609,"width":823,"height":11}},{"id":"b78f5942-a4c4-42b6-b409-8b191c2b7aba","block_type":"box","text":"nominations, and compensation matters. An ad hoc committee might also be formed to decide on a special","page_number":220,"box":{"x":69,"y":624,"width":767,"height":11}},{"id":"cf67888f-6547-4c0f-9625-4e5bced25e27","block_type":"box","text":"transaction, par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":220,"box":{"x":68,"y":639,"width":698,"height":12}},{"id":"9d7ae873-0280-49ac-b615-53e8bd01130a","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":220,"box":{"x":101,"y":662,"width":802,"height":11}},{"id":"ed589592-d37d-4c4a-9772-e8490b60ee3a","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":220,"box":{"x":69,"y":677,"width":818,"height":11}},{"id":"65b6befc-903f-43ae-970c-2b5029841222","block_type":"box","text":"within overall board composition. These disclosures should give an understanding of how the collective experience","page_number":220,"box":{"x":68,"y":692,"width":816,"height":11}},{"id":"43172d85-6586-432f-b194-4df3f55f98f3","block_type":"box","text":"and exper tise of the board, as well as the par ticular skill sets of individual directors, aligns with the company’s long","page_number":220,"box":{"x":69,"y":707,"width":831,"height":12}},{"id":"f42bbd05-3ee0-4f42-a4d4-e9ddc50b1249","block_type":"box","text":"term strategy and business model. Highly qualified, engaged directors with professional characteristics relevant to a","page_number":220,"box":{"x":68,"y":722,"width":829,"height":12}},{"id":"de2c0bf0-3883-4d06-a3c9-8db88a6e9c9e","block_type":"box","text":"company’s business and strategy enhance the ability of the board to add value and be the voice of shareholders in","page_number":220,"box":{"x":69,"y":738,"width":818,"height":11}},{"id":"36071acc-f104-4df7-bdfd-511bfc301805","block_type":"box","text":"board discussions.","page_number":220,"box":{"x":69,"y":753,"width":133,"height":9}},{"id":"83628f83-d84c-4162-bdc1-547964290046","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":220,"box":{"x":102,"y":775,"width":775,"height":11}},{"id":"d44bb51c-0b35-48fd-a23b-645a1ed86c7a","block_type":"box","text":"room. We see it as a means of promoting diversity of thought to avoid “group think” in the board’s exercise of its","page_number":220,"box":{"x":69,"y":790,"width":806,"height":12}},{"id":"75ad5b34-3c78-40b0-8f5f-56d6544947c7","block_type":"box","text":"responsibilities to advise and oversee management.","page_number":220,"box":{"x":69,"y":806,"width":371,"height":11}},{"id":"6beb11ef-2216-419d-b1d5-634a8403b2d0","block_type":"box","text":"5","page_number":220,"box":{"x":69,"y":835,"width":4,"height":5}},{"id":"accdea8b-2dfe-44d6-b989-edeacae63189","block_type":"box","text":"Please see: Tokyo Stock Exchange. “Japan’s Corporate Governance Code.” June 11, 2021; Financial Repor ting","page_number":220,"box":{"x":79,"y":835,"width":792,"height":11}},{"id":"7201c096-acad-4226-a302-3d1029c8cfbe","block_type":"box","text":"Council. “UK Corporate Governance Code.” July 16, 2018; Investor Stewardship Group. “Corporate Governance","page_number":220,"box":{"x":69,"y":850,"width":793,"height":11}},{"id":"f5e2ecc7-56ff-485b-a05a-c3bac201f448","block_type":"box","text":"Principles for US Listed Companies.”","page_number":220,"box":{"x":69,"y":865,"width":261,"height":11}},{"id":"02509013-0711-4aba-9036-b6e5159ed3ee","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"bac40a45-5c50-491b-a6c7-388f4a4d1ef6","block_type":"box","text":"Global Principles | 6","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"14da3e25-29e1-4975-b089-6c2338e74d9a","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84f92771-12c1-4c36-9483-8fd800f7dda6","block_type":"box","text":"In assessing board composition, we take a case-by-case approach based on a company’s board size, business","page_number":221,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"efc08603-b60d-4219-b50a-8b93b5fdb8de","block_type":"box","text":"model, strategy, location and market capitalization. We look for companies to explain how their approach to board","page_number":221,"box":{"x":69,"y":60,"width":809,"height":11}},{"id":"6f7edfe0-151b-4beb-974a-331402f0033a","block_type":"box","text":"composition suppor ts the company’s governance practices.","page_number":221,"box":{"x":69,"y":75,"width":424,"height":11}},{"id":"14c88f46-c0a6-4dba-ae7b-457217582189","block_type":"box","text":"We note that in many markets, policymakers have set board gender diversity goals which we may discuss with","page_number":221,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"dc5a3b1e-ed8f-41ed-b294-74002a075a7b","block_type":"box","text":"companies, par ticularly if there is a risk their board composition may be misaligned. We ask boards to disclose,","page_number":221,"box":{"x":69,"y":113,"width":797,"height":11}},{"id":"b3ca5aac-0e79-4e39-b86a-b1a37a8fba12","block_type":"box","text":"consistent with local laws, how diversity, including professional and personal characteristics, is considered in board","page_number":221,"box":{"x":69,"y":128,"width":823,"height":11}},{"id":"57b076c9-c19d-4155-ab12-5ed0eb30bcf6","block_type":"box","text":"composition, given the company’s long-term strategy and business model.","page_number":221,"box":{"x":69,"y":143,"width":528,"height":11}},{"id":"eff73948-9f6f-4102-a03e-97e71c5f9738","block_type":"box","text":"6","page_number":221,"box":{"x":598,"y":143,"width":5,"height":5}},{"id":"fcfea70e-7129-49ee-8f26-a3416750847c","block_type":"box","text":"Sufficient capacity","page_number":221,"box":{"x":68,"y":173,"width":137,"height":11}},{"id":"a178f534-3820-406c-bf54-ef6d247ab410","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":221,"box":{"x":101,"y":196,"width":763,"height":11}},{"id":"98710d4b-f96b-4cce-88a7-6cafc0075b52","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":221,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"5e89fc9d-4608-4e3c-a648-c4f0b77a160d","block_type":"box","text":"all of their responsibilities – including when there are unforeseen events – and therefore, they should not take on an","page_number":221,"box":{"x":69,"y":226,"width":829,"height":11}},{"id":"526608f0-86d8-4732-afa1-b14a03017b44","block_type":"box","text":"excessive number of roles that would impair their ability to fulfill their duties.","page_number":221,"box":{"x":69,"y":241,"width":545,"height":11}},{"id":"47af7849-de91-40bc-b102-a0da2942f3c9","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":221,"box":{"x":342,"y":272,"width":293,"height":8}},{"id":"ee1ee089-f309-44da-976e-f250ff10ebf8","block_type":"box","text":"BlackRock recognizes the critical impor tance of financial statements, which should provide a true and fair picture","page_number":221,"box":{"x":102,"y":294,"width":806,"height":11}},{"id":"9f1fecb4-65f5-4ae9-b10e-e8d722548b22","block_type":"box","text":"of a company’s financial condition. Accordingly, we look for the assumptions made by management and reviewed by","page_number":221,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"f451d46e-8563-4a19-bd07-5f8deb51f501","block_type":"box","text":"the auditor in preparing the financial statements to be reasonable and justified.","page_number":221,"box":{"x":68,"y":324,"width":567,"height":12}},{"id":"4db3341e-a58d-4338-b565-7bb27febc670","block_type":"box","text":"The accuracy of financial statements, inclusive of financial and non-financial information as required or permitted","page_number":221,"box":{"x":101,"y":347,"width":805,"height":11}},{"id":"b470916c-17d6-4e8a-a973-9ff186994933","block_type":"box","text":"under market-specific accounting rules, is of paramount impor tance to BlackRock. Investors increasingly recognize","page_number":221,"box":{"x":69,"y":362,"width":816,"height":11}},{"id":"0f290f52-0db0-4e92-be42-560fb0e5e759","block_type":"box","text":"that a broader range of risks and oppor tunities have the potential to materially impact financial per formance. Over","page_number":221,"box":{"x":68,"y":377,"width":817,"height":12}},{"id":"512e67e0-552c-4b96-9dc4-ea0f40ea8bbc","block_type":"box","text":"time, we anticipate investors and other users of company repor ting will increasingly seek to understand and","page_number":221,"box":{"x":68,"y":392,"width":769,"height":12}},{"id":"acd83ca3-bbae-422e-894c-c10dd581570c","block_type":"box","text":"scrutinize the assumptions underlying financial statements, par ticularly those that per tain to the impact of the","page_number":221,"box":{"x":69,"y":407,"width":787,"height":12}},{"id":"12fda8cf-e314-4ad4-9158-7fee41da9be1","block_type":"box","text":"transition to a low-carbon economy on a company’s business model and asset mix. We recognize that this is an area","page_number":221,"box":{"x":68,"y":423,"width":833,"height":11}},{"id":"6997504a-3220-4403-90e3-b49808b92b7e","block_type":"box","text":"of evolving practice and note that international standards setters, such as the International Financial Repor ting","page_number":221,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"2fec8ab6-3ffb-4603-b077-c2581425f9b1","block_type":"box","text":"Standards (IFRS) Board and the International Auditing and Assurance Standards Board (IAASB), continue to develop","page_number":221,"box":{"x":69,"y":453,"width":824,"height":11}},{"id":"77387f26-675a-449b-92c3-29f113ca8d6d","block_type":"box","text":"their guidance to companies.","page_number":221,"box":{"x":68,"y":468,"width":206,"height":11}},{"id":"895f3cc6-b252-49ce-b729-eb95558ca5c4","block_type":"box","text":"7","page_number":221,"box":{"x":276,"y":468,"width":4,"height":5}},{"id":"58494167-f66e-448e-b9aa-a0a17347d1fa","block_type":"box","text":"In this context, audit committees, or equivalent, play a vital role in a company’s financial repor ting system by","page_number":221,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"d2306f5f-ea87-4ad4-8ecf-6808861e9289","block_type":"box","text":"providing independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non","page_number":221,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"19e0b51b-289c-44b7-a8b0-3e69c092093d","block_type":"box","text":"financial information and internal control frameworks. Moreover, in the absence of a dedicated risk committee, these","page_number":221,"box":{"x":68,"y":521,"width":835,"height":10}},{"id":"6c926340-59c4-44cc-a596-aea03bcfee6a","block_type":"box","text":"committees can provide oversight of Enterprise Risk Management systems.","page_number":221,"box":{"x":69,"y":536,"width":537,"height":11}},{"id":"dc45e815-4b94-48e8-8f9f-4fb7bfdfcac2","block_type":"box","text":"8","page_number":221,"box":{"x":607,"y":536,"width":5,"height":5}},{"id":"7685d601-b971-4daa-af9d-ca46e918e9a6","block_type":"box","text":"In our view, effective audit committee","page_number":221,"box":{"x":618,"y":536,"width":265,"height":10}},{"id":"87282ed2-f40c-4441-9e9d-ab753a78941a","block_type":"box","text":"oversight strengthens the quality and reliability of a company’s financial statements and provides an impor tant level","page_number":221,"box":{"x":69,"y":551,"width":826,"height":11}},{"id":"dbb5aea8-97e8-419a-91d8-834c0304d108","block_type":"box","text":"of reassurance to shareholders.","page_number":221,"box":{"x":69,"y":566,"width":226,"height":9}},{"id":"ceff76f5-bf6f-4601-9f56-25d47ce5dae4","block_type":"box","text":"Audit committees or equivalent should have clearly ar ticulated char ters that set out their responsibilities and","page_number":221,"box":{"x":101,"y":589,"width":777,"height":11}},{"id":"b2d6e6b9-688b-4cb8-b4bf-7e190a6a1b41","block_type":"box","text":"have a rotation plan in place that allows for a periodic refreshment of the committee membership to introduce fresh","page_number":221,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"d08bb68f-827b-41ca-a8b3-392a87948d4c","block_type":"box","text":"perspectives to audit oversight. We recognize that audit committees will rely on management, internal audit, and the","page_number":221,"box":{"x":70,"y":619,"width":828,"height":11}},{"id":"4466ce87-73f4-40cc-8123-e61831ea92da","block_type":"box","text":"independent auditor in fulfilling their responsibilities but look to committee members to demonstrate they have","page_number":221,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"fde67859-b95e-4a2d-aa9a-6de33438aacc","block_type":"box","text":"relevant exper tise to monitor and oversee the audit process and related activities.","page_number":221,"box":{"x":69,"y":650,"width":585,"height":10}},{"id":"a9cb20a9-3bb5-459f-a343-88c7aabd4b71","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":221,"box":{"x":101,"y":672,"width":780,"height":11}},{"id":"e6ecc56a-6f07-4839-b963-45950f145c71","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, audit committees should","page_number":221,"box":{"x":69,"y":687,"width":783,"height":11}},{"id":"af67c75c-fee0-45ea-a0cc-053693de106b","block_type":"box","text":"provide timely disclosure on the remediation of Key and Critical Audit Matters identified either by the external auditor","page_number":221,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"0828c9dd-7d12-48d3-8059-53b087162a77","block_type":"box","text":"or internal audit function.","page_number":221,"box":{"x":69,"y":717,"width":178,"height":9}},{"id":"d8ac6c79-5fbb-4982-9575-8ac74e7469a5","block_type":"box","text":"6","page_number":221,"box":{"x":69,"y":747,"width":4,"height":4}},{"id":"e72e3277-e8aa-436c-a746-d118f48de27d","block_type":"box","text":"Personal characteristics may include, but are not limited to, gender; race/ethnicity; disability; veteran status;","page_number":221,"box":{"x":79,"y":747,"width":775,"height":11}},{"id":"5ea8b167-f565-4a1f-a171-a47a1f421a9f","block_type":"box","text":"LGBTQ+; and national, Indigenous, religious, or cultural identity.","page_number":221,"box":{"x":70,"y":762,"width":451,"height":11}},{"id":"4aae415d-bedf-4edf-8efe-8f5f81e201c6","block_type":"box","text":"7","page_number":221,"box":{"x":69,"y":780,"width":4,"height":4}},{"id":"b66389af-90f9-4f58-87fd-ed5d61adfc91","block_type":"box","text":"IFRS, “IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information”, June 2023, and","page_number":221,"box":{"x":79,"y":779,"width":829,"height":12}},{"id":"df2fe429-d2f7-458f-b469-962a7535e7b0","block_type":"box","text":"IAASB, “IAASB Launches Public Consultation on Landmark Proposed Global Sustainability Assurance Standard”,","page_number":221,"box":{"x":70,"y":795,"width":796,"height":11}},{"id":"29f0f911-e1b9-4550-a275-138d6dafa5ab","block_type":"box","text":"August 2023.","page_number":221,"box":{"x":68,"y":810,"width":96,"height":11}},{"id":"169798c5-7cf0-4a68-8fcd-3d17e1edb1ee","block_type":"box","text":"8","page_number":221,"box":{"x":69,"y":828,"width":4,"height":4}},{"id":"8a3f1675-dbd7-46e7-95c8-5bd8a9b6092e","block_type":"box","text":"Enterprise risk management is a process, effected by the entity’s board of directors, management, and other","page_number":221,"box":{"x":79,"y":827,"width":779,"height":12}},{"id":"c26555f3-a180-4982-9d15-c6d92d13bcae","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":221,"box":{"x":70,"y":842,"width":834,"height":12}},{"id":"57417724-4333-4ac1-915d-dabb6cf64a37","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":221,"box":{"x":68,"y":858,"width":841,"height":11}},{"id":"26295938-b62d-442d-bb0f-aa2c94210de9","block_type":"box","text":"of objectives. Please see the Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":221,"box":{"x":69,"y":873,"width":763,"height":11}},{"id":"6ed79d2d-0205-4096-83d7-be1771e7afec","block_type":"box","text":"“Enterprise Risk Management”, 2023.","page_number":221,"box":{"x":70,"y":888,"width":271,"height":11}},{"id":"cb96e671-295f-42e7-93b5-064f1b99e179","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"21a7c6c0-d720-4a90-b199-4f4038dd6517","block_type":"box","text":"Global Principles | 7","page_number":221,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"e95607de-755b-427f-be19-012757be249f","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f42cf0e0-176f-429f-9186-e5505c36c99b","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments to being an effective","page_number":222,"box":{"x":101,"y":45,"width":798,"height":11}},{"id":"73c6e396-89e6-4638-a947-f9354e471ca0","block_type":"box","text":"check on management. To that end, it is impor tant that auditors are, and are seen to be, independent. Where an","page_number":222,"box":{"x":69,"y":60,"width":805,"height":11}},{"id":"b0823630-1e18-43e8-9830-a06b44e34a5b","block_type":"box","text":"audit firm provides services to the company in addition to the audit, we look for the fees earned to be disclosed and","page_number":222,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"3b89a6c2-625e-4e00-b931-e1f204aa1e5a","block_type":"box","text":"explained. We look for Audit committees to have in place a procedure for assessing annually the independence of the","page_number":222,"box":{"x":69,"y":90,"width":837,"height":11}},{"id":"2eb082d2-daa9-40ba-8cb1-7d94e8e2517e","block_type":"box","text":"auditor and the quality of the external audit process.","page_number":222,"box":{"x":69,"y":105,"width":373,"height":11}},{"id":"8d50b7ba-9427-4f18-b9fa-712c022296b4","block_type":"box","text":"Comprehensive disclosure provides investors with a sense of the company’s long-term operational risk","page_number":222,"box":{"x":102,"y":128,"width":732,"height":11}},{"id":"22a36121-33a0-4e3a-8368-6c9d9dccd78a","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":222,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"026a8136-520a-4625-b3b6-46fd58eea56f","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":222,"box":{"x":68,"y":158,"width":806,"height":11}},{"id":"0d2e830c-f059-4fc0-abf8-170d475bba26","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors and management’s steps to","page_number":222,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"36aa9532-b54f-4d73-a253-d53adc6cc815","block_type":"box","text":"address them. In the absence of detailed disclosures, we may reasonably conclude that companies are not","page_number":222,"box":{"x":69,"y":188,"width":766,"height":11}},{"id":"76b08836-cd69-4a49-b7a9-3e44d5ad26a0","block_type":"box","text":"adequately managing risk.","page_number":222,"box":{"x":69,"y":204,"width":185,"height":11}},{"id":"03948b6b-0f73-4a3f-b152-ef323b5d9111","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ASSET SALES, AND OTHER SPECIAL TRANSACTIONS","page_number":222,"box":{"x":169,"y":234,"width":640,"height":10}},{"id":"51fab4ad-9bb4-4305-ba72-75c8b0a55730","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":222,"box":{"x":101,"y":256,"width":798,"height":11}},{"id":"794f6b45-d6d3-4a69-9dcf-078e94e84e13","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":222,"box":{"x":70,"y":271,"width":824,"height":12}},{"id":"b2b069f4-9433-4088-9967-b33d6fc73f34","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":222,"box":{"x":70,"y":286,"width":460,"height":12}},{"id":"5acf488d-7212-4eaf-8146-12cf158e9981","block_type":"box","text":"Effective voting rights are basic rights of share ownership and a core principle of effective governance.","page_number":222,"box":{"x":102,"y":309,"width":729,"height":11}},{"id":"a630e3bc-64d4-4e94-9e95-5d80aa736c29","block_type":"box","text":"Shareholders, as the residual claimants, have the strongest interest in protecting the financial value of the company,","page_number":222,"box":{"x":69,"y":324,"width":833,"height":12}},{"id":"4e9442ab-c764-4a1f-842d-d9e59e3c358f","block_type":"box","text":"and voting rights should match economic exposure,","page_number":222,"box":{"x":69,"y":340,"width":365,"height":11}},{"id":"44182dfb-4fbf-4f86-9a9a-dc766a18541e","block_type":"box","text":"i.e.","page_number":222,"box":{"x":442,"y":340,"width":20,"height":8}},{"id":"a0f19086-e098-4d61-a99e-f544c9195636","block_type":"box","text":"one share, one vote.","page_number":222,"box":{"x":469,"y":340,"width":145,"height":10}},{"id":"6bf3120d-c2c8-41ad-924f-36b32afc8823","block_type":"box","text":"In principle, we disagree with the creation of a share class with equivalent economic exposure and preferential,","page_number":222,"box":{"x":102,"y":362,"width":792,"height":11}},{"id":"b777074b-ce09-4e35-90d0-36359638de85","block_type":"box","text":"differentiated voting rights. In our view, this structure violates the fundamental corporate governance principle of","page_number":222,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"586de5e0-0bb4-41af-98a9-d13e208f812e","block_type":"box","text":"propor tionality and results in a concentration of power in the hands of a few shareholders, thus disenfranchising","page_number":222,"box":{"x":70,"y":392,"width":801,"height":12}},{"id":"70edf843-332e-4f46-b104-f58368ecd644","block_type":"box","text":"other shareholders and amplifying any potential conflicts of interest. However, we recognize that in cer tain markets,","page_number":222,"box":{"x":69,"y":407,"width":824,"height":12}},{"id":"4fc62e64-4437-4ee2-b5aa-9a7b44480bb0","block_type":"box","text":"at least for a period of time, companies may have a valid argument for listing dual classes of shares with","page_number":222,"box":{"x":69,"y":423,"width":749,"height":11}},{"id":"1859333f-a571-4a33-b302-82946cad5039","block_type":"box","text":"differentiated voting rights. In our view, such companies should review these share class structures on a regular","page_number":222,"box":{"x":69,"y":438,"width":801,"height":11}},{"id":"93804e78-b43b-4ab1-a179-d92f73bd2606","block_type":"box","text":"basis or as company circumstances change. Additionally, they should seek shareholder approval of their capital","page_number":222,"box":{"x":69,"y":453,"width":794,"height":11}},{"id":"e19ca481-64cf-4553-9749-f728040cda29","block_type":"box","text":"structure on a periodic basis via a management proposal at the company’s shareholder meeting. The proposal","page_number":222,"box":{"x":69,"y":468,"width":788,"height":11}},{"id":"d99b73c2-0365-4cb1-917b-db81fc92ff4e","block_type":"box","text":"should give unaffiliated shareholders the oppor tunity to affirm the current structure or establish mechanisms to end","page_number":222,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"10947b66-77d8-4a96-bb9e-12e76b592448","block_type":"box","text":"or phase out controlling structures at the appropriate time, while minimizing costs to shareholders.","page_number":222,"box":{"x":69,"y":498,"width":705,"height":11}},{"id":"b4895aef-d5e4-4057-a550-2bac53f60025","block_type":"box","text":"In assessing mergers, asset sales, or other special transactions, BlackRock’s primary consideration is the long","page_number":222,"box":{"x":102,"y":521,"width":799,"height":11}},{"id":"287a7927-59d1-4129-a740-02b80c092d5e","block_type":"box","text":"term economic interests of our clients as shareholders. Boards proposing a transaction should clearly explain the","page_number":222,"box":{"x":68,"y":536,"width":811,"height":11}},{"id":"27f67476-7ba0-4884-bb56-9e517896aca9","block_type":"box","text":"economic and strategic rationale behind it. We will review a proposed transaction to determine the degree to which it","page_number":222,"box":{"x":69,"y":551,"width":833,"height":11}},{"id":"b8c4a810-21cf-4854-bbb3-df4cf5ade9bf","block_type":"box","text":"can enhance long-term shareholder value. We find long-term investors like our clients typically benefit when proposed","page_number":222,"box":{"x":69,"y":566,"width":834,"height":11}},{"id":"8100ca97-4556-4a58-b6ef-9e4436346f18","block_type":"box","text":"transactions have the unanimous suppor t of the board and have been negotiated at arm’s length. We may seek","page_number":222,"box":{"x":68,"y":581,"width":799,"height":12}},{"id":"1d596749-0fd5-4ad4-9d4f-016b0cd465cb","block_type":"box","text":"reassurance from the board that the financial interests of executives and/or board members in a given transaction","page_number":222,"box":{"x":69,"y":596,"width":818,"height":12}},{"id":"bf982b60-57f2-4afb-95be-48988dca1909","block_type":"box","text":"have not adversely affected their ability to place shareholders’ interests before their own. Where the transaction","page_number":222,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"be1cc991-f525-43cf-8a8a-bff78ba10d68","block_type":"box","text":"involves related par ties, the recommendation to suppor t should come from the independent directors, a best","page_number":222,"box":{"x":70,"y":627,"width":779,"height":11}},{"id":"6868901c-eea9-458a-b0d0-f3c16e41f30f","block_type":"box","text":"practice in most markets, and ideally, the terms should have been assessed through an independent appraisal","page_number":222,"box":{"x":70,"y":642,"width":789,"height":11}},{"id":"a7d86afd-a194-425c-9954-2dd9a935fbb6","block_type":"box","text":"process. In addition, it is good practice that it be approved by a separate vote of the non-conflicted par ties.","page_number":222,"box":{"x":70,"y":657,"width":762,"height":11}},{"id":"4440cc3f-66a6-4cb1-ba6b-7d16b8aa04a0","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":222,"box":{"x":101,"y":680,"width":806,"height":11}},{"id":"0b855123-4344-41bf-bf5a-6cb41a162c87","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":222,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"17db6c40-cb18-4844-9a6d-365713274257","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":222,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"46c87012-1b8b-419c-b4b4-a0fda3e69393","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":222,"box":{"x":70,"y":725,"width":826,"height":11}},{"id":"323add10-b426-4f57-94d0-2b72f2a30e02","block_type":"box","text":"their own best interests. We encourage any so-called “shareholder rights plans” proposed by a board to be subject to","page_number":222,"box":{"x":68,"y":740,"width":838,"height":11}},{"id":"842103fd-0816-4d34-a807-b9bfca48a4da","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":222,"box":{"x":69,"y":755,"width":472,"height":11}},{"id":"311b0584-79fc-40f8-81e3-1862a3544b52","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":222,"box":{"x":385,"y":786,"width":207,"height":8}},{"id":"2352821e-8eb4-4ce0-a5ec-a1033cdb2533","block_type":"box","text":"In most markets, one of the most impor tant roles for a company’s board of directors is to put in place a","page_number":222,"box":{"x":102,"y":808,"width":742,"height":11}},{"id":"127ffe25-80e1-4211-8bc3-bd39c902d9d1","block_type":"box","text":"compensation structure that incentivizes and rewards executives appropriately. Executive compensation is an","page_number":222,"box":{"x":69,"y":823,"width":779,"height":11}},{"id":"446e9b90-92f5-4a8a-8dd1-1b19fa525deb","block_type":"box","text":"impor tant tool used by companies to suppor t long-term financial value creation. In our experience, well-structured","page_number":222,"box":{"x":70,"y":838,"width":808,"height":12}},{"id":"807dea7b-7195-4a14-85d2-02dd85cbfdc8","block_type":"box","text":"compensation policies reward the successful delivery of strategic, operational, and/or financial goals, encourage an","page_number":222,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"a9035b77-7b6c-4f1e-a598-66a757868f30","block_type":"box","text":"appropriate risk appetite, and align the interests of shareholders and executives through equity ownership.","page_number":222,"box":{"x":69,"y":869,"width":760,"height":11}},{"id":"fe1b7788-7e14-4727-b6a1-48af0c7d2f76","block_type":"box","text":"We look for there to be a clear link between variable pay and operational and financial per formance.","page_number":222,"box":{"x":101,"y":891,"width":712,"height":11}},{"id":"0526d4f2-2f1f-4563-b9be-00682debd586","block_type":"box","text":"Per formance metrics should be stretching and aligned with a company’s strategy and business model. BIS does not","page_number":222,"box":{"x":69,"y":906,"width":828,"height":12}},{"id":"78caf1b1-cb96-4477-8a0a-9c5b1967a084","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"aa24f73e-ff2e-40b2-b7d1-af333f049534","block_type":"box","text":"Global Principles | 8","page_number":222,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"39b5f4c1-6d96-49c5-ab78-3f8504e04c53","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbd8b9e5-23e1-4602-a77f-0d95e1307434","block_type":"box","text":"have a position on whether companies should use sustainability-related criteria in compensation structures, but,","page_number":223,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"199b4120-084a-4fed-a157-a1cacf4ad90c","block_type":"box","text":"where they are included, we look to companies to be as rigorous as they would be in setting other financial or","page_number":223,"box":{"x":68,"y":60,"width":783,"height":11}},{"id":"53664c04-e779-4662-8771-f1c5c1fff2eb","block_type":"box","text":"operational targets. Long-term incentive plans should encompass timeframes that 1) are distinct from annual","page_number":223,"box":{"x":69,"y":75,"width":778,"height":11}},{"id":"138554e7-224e-409d-b938-66e32ba2e886","block_type":"box","text":"executive compensation structures and metrics, and 2) encourage the delivery of strong financial results over a","page_number":223,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"dd4a5fac-4144-40ff-a407-b2628f09485e","block_type":"box","text":"period of years.","page_number":223,"box":{"x":70,"y":105,"width":108,"height":11}},{"id":"f6f52355-52fe-4870-bb59-63a16c545c11","block_type":"box","text":"When designing, reviewing, and approving executive compensation policies, board compensation committees –","page_number":223,"box":{"x":101,"y":128,"width":791,"height":11}},{"id":"9dc9d296-3f78-4d99-8773-0d1be8f05ab9","block_type":"box","text":"or board members responsible for setting executive compensation – should carefully consider the company’s specific","page_number":223,"box":{"x":69,"y":143,"width":836,"height":11}},{"id":"2093991d-7e18-4747-be7f-1b124dc54b02","block_type":"box","text":"circumstances, such as its risk profile, the environment in which it operates, and the individuals the board is trying to","page_number":223,"box":{"x":69,"y":158,"width":839,"height":11}},{"id":"53921b14-f4ca-48ac-ac57-ed04bfe15c69","block_type":"box","text":"attract, retain and incentivize. We look to the compensation committees to guard against contractual arrangements","page_number":223,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"85927780-c2f9-402a-88b5-c73a3c605c11","block_type":"box","text":"that would entitle executives to material compensation for early termination of their employment. Finally, pension","page_number":223,"box":{"x":68,"y":188,"width":804,"height":11}},{"id":"0f9ba8b3-7490-4c8a-a925-8f422c9e5880","block_type":"box","text":"contributions and other deferred compensation arrangements should be reasonable in light of market practices or the","page_number":223,"box":{"x":69,"y":203,"width":840,"height":12}},{"id":"70fa5ce4-f6b9-4427-9379-4247d64e1d40","block_type":"box","text":"company’s business and executive compensation strategies.","page_number":223,"box":{"x":69,"y":219,"width":433,"height":11}},{"id":"f1d4c6c2-4686-4bf0-9796-b35277d2eafe","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":223,"box":{"x":101,"y":241,"width":772,"height":11}},{"id":"665751b2-5677-4a12-9c44-7de9cb552f12","block_type":"box","text":"discretion has been used by the compensation committee or its equivalent, we appreciate disclosure relating to how","page_number":223,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"c4803b0b-ccf6-4db9-8df5-10a02c41035a","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. We","page_number":223,"box":{"x":69,"y":271,"width":812,"height":12}},{"id":"60310b62-8755-40b8-8591-99ab632fae7d","block_type":"box","text":"acknowledge that the use of peer group evaluation by compensation committees can help ensure competitive pay;","page_number":223,"box":{"x":69,"y":286,"width":814,"height":12}},{"id":"ec6a5122-7225-47f9-973f-bdbeb62c0abd","block_type":"box","text":"however, we are concerned when the rationale for increases in total compensation at a company is solely based on","page_number":223,"box":{"x":69,"y":302,"width":822,"height":11}},{"id":"4885d67f-bd61-4d6c-ad31-95b800797090","block_type":"box","text":"peer benchmarking, rather than also considering rigorous measures of outper formance. We encourage companies to","page_number":223,"box":{"x":70,"y":317,"width":831,"height":11}},{"id":"b9739b9d-bc63-471e-8aa6-c9acd3c5f7d7","block_type":"box","text":"clearly explain how compensation outcomes have rewarded per formance.","page_number":223,"box":{"x":69,"y":332,"width":522,"height":11}},{"id":"bbc5a9a6-a785-4875-a44b-034ab4772978","block_type":"box","text":"We encourage boards to consider building clawback provisions into incentive plans such that companies could","page_number":223,"box":{"x":101,"y":355,"width":786,"height":11}},{"id":"4454bd56-cbcd-4e05-99a9-c1ad1bb998a9","block_type":"box","text":"clawback compensation or require executives to forgo awards when compensation was based on faulty financial","page_number":223,"box":{"x":69,"y":370,"width":797,"height":11}},{"id":"5b3ac378-cff3-43c3-95fb-a9c2ee0697ab","block_type":"box","text":"statements or deceptive business practices. We also favor recoupment from or the foregoing of the grant of any","page_number":223,"box":{"x":69,"y":385,"width":798,"height":11}},{"id":"22534642-48bb-4622-b153-003d4c5b7247","block_type":"box","text":"awards by any senior executive whose behavior caused material financial harm to shareholders, material reputational","page_number":223,"box":{"x":69,"y":400,"width":836,"height":11}},{"id":"9a21ce97-c57c-46e6-8bb4-dd0aa51eb464","block_type":"box","text":"risk to the company, or resulted in a criminal investigation, even if such actions did not ultimately result in a material","page_number":223,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"4210d6ce-295c-425c-b864-5b385cd0226c","block_type":"box","text":"restatement of past results.","page_number":223,"box":{"x":69,"y":430,"width":198,"height":11}},{"id":"4d2cada7-e069-47ca-8847-f95e0503cd99","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":223,"box":{"x":102,"y":453,"width":803,"height":11}},{"id":"bce08a2f-72cf-4598-989d-ea168952e799","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":223,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"a88a6726-1566-4ce1-b2b0-cb80d74ab644","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":223,"box":{"x":69,"y":483,"width":825,"height":11}},{"id":"8468907c-b14e-4df5-8eec-f3792f6048a7","block_type":"box","text":"whom they are charged with overseeing.","page_number":223,"box":{"x":68,"y":498,"width":285,"height":11}},{"id":"d8db5a85-db3c-4ac0-bb5e-025b621d7776","block_type":"box","text":"BIS may convey concerns through not suppor ting management’s proposals to approve compensation, where they","page_number":223,"box":{"x":102,"y":521,"width":807,"height":11}},{"id":"0cd0f806-76ec-4eff-950e-0b0731100272","block_type":"box","text":"are on the agenda. We may also vote against members of the compensation committee or equivalent board members","page_number":223,"box":{"x":69,"y":536,"width":839,"height":11}},{"id":"27be68f0-e7a5-4bde-8449-a08110a3310e","block_type":"box","text":"for poor compensation practices or structures.","page_number":223,"box":{"x":68,"y":551,"width":331,"height":11}},{"id":"439a196b-c56a-42d7-b598-ffe2f6847dd2","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":223,"box":{"x":247,"y":581,"width":484,"height":9}},{"id":"ed673f82-61f6-4d8d-b3ff-aa9960d0991f","block_type":"box","text":"It is our view that well-managed companies will effectively evaluate and manage material sustainability-related","page_number":223,"box":{"x":102,"y":604,"width":782,"height":11}},{"id":"0252d508-fe82-4da3-9756-47c4a451dc46","block_type":"box","text":"risks and oppor tunities relevant to their businesses.","page_number":223,"box":{"x":69,"y":619,"width":372,"height":11}},{"id":"23bcc60c-29c0-4b36-b370-a74f1c61c045","block_type":"box","text":"9","page_number":223,"box":{"x":443,"y":620,"width":4,"height":4}},{"id":"8c4a91a7-b381-49ec-8e15-a239563d4ea3","block_type":"box","text":"As with all risks and oppor tunities in a company’s business","page_number":223,"box":{"x":453,"y":619,"width":424,"height":11}},{"id":"f344ca30-da8b-4b19-8e49-cff9166214cb","block_type":"box","text":"model, appropriate oversight of material sustainability considerations is a core component of having an effective","page_number":223,"box":{"x":69,"y":634,"width":802,"height":12}},{"id":"f589e227-5994-4d04-b6d7-3ef3632b03bb","block_type":"box","text":"governance framework that suppor ts durable, long-term financial value creation.","page_number":223,"box":{"x":68,"y":649,"width":570,"height":12}},{"id":"80f9e4ce-0056-434f-be46-8926e171c8b5","block_type":"box","text":"9","page_number":223,"box":{"x":69,"y":702,"width":4,"height":4}},{"id":"7f63c43a-bef2-472e-9fb2-a89d4fc5ab1a","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":223,"box":{"x":79,"y":701,"width":822,"height":11}},{"id":"6a84cab9-2ddf-4372-a760-329da14707f2","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":223,"box":{"x":69,"y":716,"width":835,"height":12}},{"id":"c95be8fb-1ce0-4c03-8783-97ae31ea8113","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":223,"box":{"x":70,"y":731,"width":827,"height":12}},{"id":"543f8714-7e79-468b-abbd-e5c16d653169","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":223,"box":{"x":70,"y":747,"width":826,"height":11}},{"id":"ff148615-6cc4-4b68-bfec-dd5e1c52e9e0","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":223,"box":{"x":69,"y":762,"width":433,"height":11}},{"id":"bc36a4c7-617b-4ffe-858d-e2967d42bf18","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"88e09d3e-7d03-48a5-b5cd-7d91e35fedb8","block_type":"box","text":"Global Principles | 9","page_number":223,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"af65fad4-1fd3-49e3-b9bb-cf9bb6082650","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1813d0d-8d4a-4560-a70e-e7f09c32a061","block_type":"box","text":"Robust disclosure allows investors to effectively evaluate companies’ strategy and business practices related to","page_number":224,"box":{"x":102,"y":45,"width":800,"height":11}},{"id":"bc659612-7403-43be-8fa1-78770e6d19d2","block_type":"box","text":"material sustainability-related risks and oppor tunities. We find it helpful when companies’ disclosures demonstrate","page_number":224,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"6a522288-aca0-4ce6-a57d-577683f0cca5","block_type":"box","text":"that they have a resilient business model that integrates material sustainability-related risks and oppor tunities into","page_number":224,"box":{"x":68,"y":75,"width":821,"height":11}},{"id":"ef4cab0f-6162-4fe6-89b4-f098e127c555","block_type":"box","text":"their strategy, risk management, and metrics and targets, including industry-specific metrics. The International","page_number":224,"box":{"x":68,"y":90,"width":786,"height":11}},{"id":"e425b79d-6b15-40f1-88d6-6b776be0f012","block_type":"box","text":"Sustainability Standards Board (ISSB) standards, IFRS S1 and S2","page_number":224,"box":{"x":69,"y":105,"width":468,"height":11}},{"id":"05078945-33e3-43ca-8fcc-fa47bcaf8c09","block_type":"box","text":"10","page_number":224,"box":{"x":538,"y":106,"width":9,"height":4}},{"id":"e3ebd981-0421-4305-a5ab-e659c7ce6c27","block_type":"box","text":"may prove helpful to companies in preparing this","page_number":224,"box":{"x":553,"y":105,"width":346,"height":11}},{"id":"ad6d5089-b815-4c98-8745-5220434e843a","block_type":"box","text":"disclosure. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework and the","page_number":224,"box":{"x":69,"y":120,"width":834,"height":11}},{"id":"df69aa2a-5abb-4e34-a890-8296018ad441","block_type":"box","text":"standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":224,"box":{"x":69,"y":135,"width":771,"height":12}},{"id":"cbc80c45-d34d-4f65-94a9-0cf1368c6b28","block_type":"box","text":"converged under the ISSB. We recognize that companies may phase in repor ting aligned with the ISSB standards","page_number":224,"box":{"x":69,"y":151,"width":806,"height":11}},{"id":"436844ee-f6fa-4e1f-bae5-80d10d526c2e","block_type":"box","text":"over several years. We also recognize that some companies may repor t using different standards, which may be","page_number":224,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"86713202-6556-4cd7-8e96-dabaef8d353d","block_type":"box","text":"required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies highlight","page_number":224,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"cc6d135a-f831-49e8-b06c-b78571bfac23","block_type":"box","text":"the metrics that are industry- or company-specific.","page_number":224,"box":{"x":68,"y":196,"width":356,"height":11}},{"id":"2cf302a7-896d-4196-804f-c198354fd0ec","block_type":"box","text":"We note that climate and other sustainability-related disclosures often require companies to collect and","page_number":224,"box":{"x":101,"y":218,"width":739,"height":12}},{"id":"12ca173c-666b-4050-a4aa-3e356f35b52b","block_type":"box","text":"aggregate data from various internal and external sources. We recognize that the practical realities of data collection","page_number":224,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"050eaa29-7212-4b37-9679-f127c511e0bf","block_type":"box","text":"and repor ting may not line up with financial repor ting cycles and companies may require additional time after their","page_number":224,"box":{"x":69,"y":249,"width":814,"height":11}},{"id":"934c55b5-f128-483b-91c5-cce25c6b0ff1","block_type":"box","text":"fiscal year-end to accurately collect, analyze, and repor t this data to investors. That said, while we do not prescribe","page_number":224,"box":{"x":68,"y":264,"width":820,"height":11}},{"id":"d6415829-b1ad-4754-8b87-f2cb5d6ad832","block_type":"box","text":"timelines regarding when companies make these disclosures, we encourage them to produce climate and other","page_number":224,"box":{"x":68,"y":279,"width":797,"height":11}},{"id":"f6abe252-e9a8-459b-83f0-ea15bf9bfbae","block_type":"box","text":"sustainability-related disclosures sufficiently in advance of their annual meeting, to the best of their abilities to","page_number":224,"box":{"x":69,"y":294,"width":789,"height":11}},{"id":"adee9b0c-9ed9-413b-9e64-3a3e85bf9039","block_type":"box","text":"provide investors with time to assess the data and make informed decisions.","page_number":224,"box":{"x":70,"y":309,"width":549,"height":11}},{"id":"e93f1caa-966c-41ce-868c-31df7f942420","block_type":"box","text":"Companies may also choose to adopt or refer to guidance on sustainable and responsible business conduct","page_number":224,"box":{"x":102,"y":332,"width":773,"height":11}},{"id":"3813a905-5963-4865-8bbe-27448a7c864e","block_type":"box","text":"issued by supranational organizations such as the United Nations or the Organization for Economic Cooperation and","page_number":224,"box":{"x":70,"y":347,"width":826,"height":11}},{"id":"7a80703a-e8ef-4741-8537-f8fa501b5d98","block_type":"box","text":"Development. Fur ther, industry initiatives on managing specific operational risks may provide useful guidance to","page_number":224,"box":{"x":70,"y":362,"width":798,"height":11}},{"id":"e767de1f-322e-49a3-90f3-1f337df7f1bd","block_type":"box","text":"companies on best practices and disclosures. While not a voting item, we find it helpful to our understanding of","page_number":224,"box":{"x":69,"y":377,"width":796,"height":12}},{"id":"63a2b042-5b9a-478e-b4d0-5ff98bc37954","block_type":"box","text":"investment risk when companies disclose any relevant global climate and other sustainability-related standards","page_number":224,"box":{"x":70,"y":393,"width":792,"height":11}},{"id":"b2dffbd7-85a9-4aa7-9f8a-99e4365bc7a6","block_type":"box","text":"adopted, the industry initiatives in which they par ticipate, any peer group benchmarking under taken, and any","page_number":224,"box":{"x":69,"y":408,"width":776,"height":11}},{"id":"7b5a5aa1-f62e-447c-a322-f764505f94c1","block_type":"box","text":"assurance processes to help investors understand their approach to sustainable and responsible business practices.","page_number":224,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"819c2105-e99e-4e9a-895c-d63b39dd0284","block_type":"box","text":"10","page_number":224,"box":{"x":69,"y":467,"width":9,"height":5}},{"id":"4d19379b-989c-48c1-8317-90ca82f92d3c","block_type":"box","text":"The objective of IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information is to","page_number":224,"box":{"x":83,"y":467,"width":804,"height":11}},{"id":"edae3a13-22c7-4cb8-ad61-36c340aa42f6","block_type":"box","text":"require an entity to disclose information about its sustainability-related risks and oppor tunities that is useful to","page_number":224,"box":{"x":69,"y":482,"width":792,"height":11}},{"id":"5b23ed78-19b4-4feb-a9c0-9e2d7448125e","block_type":"box","text":"primary users of general-purpose financial repor ts in making decisions relating to providing resources to the entity.","page_number":224,"box":{"x":70,"y":497,"width":816,"height":11}},{"id":"7b08c87c-8e61-4797-ab7a-fef7b69080f2","block_type":"box","text":"The objective of IFRS S2 Climate-related Disclosures is to require an entity to disclose information about its climate","page_number":224,"box":{"x":68,"y":512,"width":829,"height":11}},{"id":"6bda3c38-3dec-468c-a37b-dd6275e6fc73","block_type":"box","text":"related risks and oppor tunities that is useful to primary users of general-purpose financial repor ts in making","page_number":224,"box":{"x":69,"y":527,"width":773,"height":12}},{"id":"a01696b0-c287-4aa8-94f7-2358a02226f2","block_type":"box","text":"decisions relating to providing resources to the entity.","page_number":224,"box":{"x":69,"y":543,"width":381,"height":11}},{"id":"80341639-cf98-4e57-b7c1-8214d38364d3","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"f0db564a-986a-423a-a833-636aa79622c3","block_type":"box","text":"Global Principles | 10","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"7b2b19fe-2b2a-4958-9388-12816e62e24c","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9183e5e6-5bb8-4620-8a11-f8acbc40bcc7","block_type":"box","text":"Climate and nature-related risk","page_number":225,"box":{"x":69,"y":45,"width":226,"height":9}},{"id":"2d409ca6-d2c1-4e2b-a52c-972a691125ed","block_type":"box","text":"In our view, the transition to a low-carbon economy is one of several mega forces reshaping markets.","page_number":225,"box":{"x":102,"y":67,"width":718,"height":12}},{"id":"603d5319-97d1-4b3a-bc74-187413cb9703","block_type":"box","text":"11","page_number":225,"box":{"x":822,"y":68,"width":8,"height":4}},{"id":"10277324-87a7-408c-8e40-6935e08c33aa","block_type":"box","text":"Our","page_number":225,"box":{"x":836,"y":67,"width":24,"height":9}},{"id":"f7b8b994-d1cd-4646-814e-e17b2c831e90","block_type":"box","text":"research shows that the low-carbon transition is a structural shift in the global economy that will be shaped by","page_number":225,"box":{"x":69,"y":82,"width":787,"height":12}},{"id":"f4cb7c4b-6229-44aa-91ea-9b75bedd72ad","block_type":"box","text":"changes in government policies, technology, and consumer and investor preferences, which may be material for many","page_number":225,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"e002ea20-780d-489c-89cc-2552baf41962","block_type":"box","text":"companies.","page_number":225,"box":{"x":69,"y":113,"width":80,"height":11}},{"id":"0789659b-848b-4470-a825-61ef51c63f40","block_type":"box","text":"12","page_number":225,"box":{"x":151,"y":113,"width":9,"height":4}},{"id":"ac9c146a-44e1-45d2-9992-e932f3ac7721","block_type":"box","text":"Yet the path to a low-carbon economy is uncer tain and uneven, with different par ts of the economy","page_number":225,"box":{"x":166,"y":113,"width":705,"height":11}},{"id":"1c677dbb-772c-45f0-be01-c3c2ad531747","block_type":"box","text":"moving at different speeds. BIS recognizes that it can be challenging for companies to predict the impact of climate","page_number":225,"box":{"x":69,"y":128,"width":829,"height":11}},{"id":"26862b89-43ec-4a79-b6e0-ecd1a549548f","block_type":"box","text":"related risk and oppor tunity on their businesses and operating environments. Many companies are assessing how to","page_number":225,"box":{"x":69,"y":143,"width":833,"height":11}},{"id":"cc81e3db-9e5b-4a66-8b66-04ee35dbc687","block_type":"box","text":"navigate the low-carbon transition while delivering long-term financial value to investors. At companies where these","page_number":225,"box":{"x":69,"y":158,"width":818,"height":11}},{"id":"ba9b430e-7a03-4306-b3b6-1934a73299ad","block_type":"box","text":"climate-related risks are material, we find it helpful when they publicly disclose, consistent with their business model","page_number":225,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"8a127484-5713-4933-bfe5-bee83735bd8d","block_type":"box","text":"and sector, how they intend to deliver long-term financial per formance through the transition to a low-carbon","page_number":225,"box":{"x":69,"y":188,"width":769,"height":12}},{"id":"900e9aa0-a975-477e-a718-0377a98de8fc","block_type":"box","text":"economy, including where available, their transition plan.","page_number":225,"box":{"x":69,"y":204,"width":402,"height":11}},{"id":"82014200-7c1f-4b7e-85aa-c2640cc09301","block_type":"box","text":"13","page_number":225,"box":{"x":473,"y":204,"width":9,"height":4}},{"id":"018e9865-3ea4-49d9-9eb1-415f137601e9","block_type":"box","text":"In our experience, disclosure consistent with the ISSB standards or the TCFD framework can help investors","page_number":225,"box":{"x":102,"y":226,"width":763,"height":11}},{"id":"a6b014a1-180c-4394-a51e-41f01f300de2","block_type":"box","text":"assess company-specific climate-related risks and oppor tunities, and inform investment decisions.","page_number":225,"box":{"x":69,"y":241,"width":704,"height":11}},{"id":"e8902b8d-589c-45ba-945e-7d7e9f736a2b","block_type":"box","text":"14","page_number":225,"box":{"x":775,"y":242,"width":9,"height":4}},{"id":"9675d079-41c5-4b02-a8f8-ed65b4d15d8e","block_type":"box","text":"Such","page_number":225,"box":{"x":789,"y":241,"width":34,"height":9}},{"id":"cd2ec8bb-693b-43e1-881d-abb2a73beb36","block_type":"box","text":"disclosures also provide investors with insights into how companies are managing the risks associated with climate","page_number":225,"box":{"x":69,"y":257,"width":825,"height":11}},{"id":"360e3a87-6b74-414d-909a-1c06df975f9f","block_type":"box","text":"change by managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":225,"box":{"x":69,"y":271,"width":779,"height":12}},{"id":"97464dfc-940a-42bc-9fe7-4dcc5a9bcbba","block_type":"box","text":"Recognizing the value of these disclosures, in some jurisdictions, like the U.K, large companies must disclose such","page_number":225,"box":{"x":70,"y":286,"width":823,"height":12}},{"id":"67935fc7-d758-481f-b079-9a6b5f052c03","block_type":"box","text":"climate-related financial information on a mandatory basis, while in other jurisdictions these disclosures are viewed","page_number":225,"box":{"x":69,"y":302,"width":823,"height":11}},{"id":"4eafbe1b-374e-4390-973f-4db57109a7f9","block_type":"box","text":"as best practice in the market.","page_number":225,"box":{"x":69,"y":317,"width":217,"height":11}},{"id":"1df691b5-0094-4e71-806a-de671ce50a62","block_type":"box","text":"Consistent with the ISSB standards and the TCFD framework, we seek to understand, from company disclosures","page_number":225,"box":{"x":102,"y":339,"width":802,"height":12}},{"id":"43554b16-93f1-464d-9ef3-d3d489a2a354","block_type":"box","text":"and engagement, the strategies companies have in place to manage material risks to, and oppor tunities for, their","page_number":225,"box":{"x":69,"y":355,"width":811,"height":11}},{"id":"2746c283-e056-4049-ba55-ef40fc53f500","block_type":"box","text":"long-term business model associated with a range of climate-related scenarios. This includes a scenario in which","page_number":225,"box":{"x":70,"y":370,"width":804,"height":11}},{"id":"288ffce5-aab7-41ae-a5a9-4cc4c78f5c06","block_type":"box","text":"global warming is limited to well below 2°C, considering ambitions to achieve a limit of 1.5°C, the temperature goal","page_number":225,"box":{"x":68,"y":385,"width":821,"height":11}},{"id":"840f1f7d-665f-465f-9e66-7f0339cb5b86","block_type":"box","text":"recently reaffirmed by G20 members as par t of the 2024 Leader’s Declaration.","page_number":225,"box":{"x":69,"y":400,"width":565,"height":11}},{"id":"8bcd8bfc-3fbd-4bf9-b95d-25cb19f7f131","block_type":"box","text":"15","page_number":225,"box":{"x":636,"y":400,"width":9,"height":5}},{"id":"8a508bd6-ed74-4b30-a32c-eb609e572cdb","block_type":"box","text":"These frameworks also contemplate disclosures on how companies are setting shor t-, medium- and long-term","page_number":225,"box":{"x":101,"y":423,"width":783,"height":11}},{"id":"5f6ffb5c-249c-4746-b218-b2e1669dee7b","block_type":"box","text":"targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":225,"box":{"x":68,"y":438,"width":765,"height":11}},{"id":"ddc13e7c-0286-4c24-b75b-c5adc90dadf6","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":225,"box":{"x":69,"y":453,"width":773,"height":11}},{"id":"879846f7-cf9b-430a-a4ea-149dc28e7830","block_type":"box","text":"interests of their investors.","page_number":225,"box":{"x":70,"y":468,"width":190,"height":9}},{"id":"04883f72-2f10-4a5e-9aec-f72df61b7d3a","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":225,"box":{"x":101,"y":491,"width":784,"height":11}},{"id":"df697873-290c-47c2-9d60-6cab001d70d5","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":225,"box":{"x":68,"y":506,"width":832,"height":11}},{"id":"790c6e41-80c5-4059-bb67-84afb669da07","block_type":"box","text":"11","page_number":225,"box":{"x":69,"y":535,"width":9,"height":5}},{"id":"a2f89352-cc82-44b8-a2b4-fa373e703019","block_type":"box","text":"BlackRock Investment Institute, “Mega forces: An investment oppor tunity”, 2023.","page_number":225,"box":{"x":84,"y":535,"width":582,"height":11}},{"id":"0bf3f529-50e7-4714-8c13-c8f54c1218b3","block_type":"box","text":"12","page_number":225,"box":{"x":69,"y":553,"width":9,"height":4}},{"id":"7b0a5f70-ab01-44fa-a562-e626088eb4ba","block_type":"box","text":"BlackRock Investment Institute, “Tracking the low-carbon transition”, July 2023.","page_number":225,"box":{"x":84,"y":553,"width":566,"height":11}},{"id":"8862ba0d-ec75-4ea7-8376-fe02a2a0fad0","block_type":"box","text":"13","page_number":225,"box":{"x":69,"y":571,"width":9,"height":4}},{"id":"dbc901bc-6114-4820-a34b-70c2948ddbc0","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in a number of","page_number":225,"box":{"x":83,"y":570,"width":769,"height":12}},{"id":"f0dcae71-6afc-4b83-ab13-56f2d520aff6","block_type":"box","text":"markets are signaling their intentions to require them or already have requirements in place, such as Australia,","page_number":225,"box":{"x":69,"y":586,"width":791,"height":11}},{"id":"02ead737-0209-4b0f-9e26-f0741e7168cf","block_type":"box","text":"Brazil, and the European Union. We view transition plans as a method for a company to both internally assess and","page_number":225,"box":{"x":70,"y":600,"width":814,"height":12}},{"id":"5859aabb-33b4-41b5-b3cf-05673aa4b498","block_type":"box","text":"externally communicate its long-term strategy, ambition, objectives, and actions to create financial value through the","page_number":225,"box":{"x":69,"y":616,"width":829,"height":11}},{"id":"02242a2c-099f-4132-8ddc-0a3bc0b40d3a","block_type":"box","text":"global transition towards a low-carbon economy. Transition plans are building momentum internationally, with","page_number":225,"box":{"x":68,"y":631,"width":775,"height":11}},{"id":"85d42f17-8923-4e93-a37f-5332ad7187c3","block_type":"box","text":"increased focus from policy makers and supervisors, including in the EU, UK, G7, G20, and from the financial","page_number":225,"box":{"x":70,"y":646,"width":779,"height":11}},{"id":"d76b2081-aa84-4e13-83e8-50f99101997a","block_type":"box","text":"industry. While many initiatives across jurisdictions outline a framework for transition plans, there is no consensus on","page_number":225,"box":{"x":70,"y":661,"width":838,"height":11}},{"id":"e03dc1f7-50ef-45b5-82e3-b9e74d7d3041","block_type":"box","text":"the key elements these plans should contain. We view useful disclosure as one that communicates a company’s","page_number":225,"box":{"x":68,"y":676,"width":805,"height":11}},{"id":"cf7a36bc-58a9-4718-b113-79b98dfb2167","block_type":"box","text":"approach to managing financially material business relevant risks and oppor tunities – including climate-related risks","page_number":225,"box":{"x":69,"y":691,"width":827,"height":11}},{"id":"971200d4-3ac3-45d9-83ac-4492d226111e","block_type":"box","text":"– to deliver long-term financial per formance, which allows investors to make more informed decisions. While","page_number":225,"box":{"x":68,"y":706,"width":773,"height":12}},{"id":"3d5e23a6-e556-49b8-b360-3c5bfca3a583","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":225,"box":{"x":68,"y":721,"width":813,"height":11}},{"id":"8c8cd318-0de2-4459-a30e-35c2d0758ac9","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":225,"box":{"x":68,"y":737,"width":819,"height":11}},{"id":"d8eb6a2f-e47e-4443-b220-857c0846c598","block_type":"box","text":"actions and resource implications.","page_number":225,"box":{"x":69,"y":752,"width":244,"height":11}},{"id":"22369878-8ffe-45aa-9f8f-1f36b033c8be","block_type":"box","text":"14","page_number":225,"box":{"x":69,"y":770,"width":9,"height":4}},{"id":"8a955f4d-e3c9-4ef5-945b-5086e52b4812","block_type":"box","text":"BlackRock, “Global perspectives on investing in the low-carbon transition”, June 2023. We recognize that","page_number":225,"box":{"x":84,"y":769,"width":749,"height":12}},{"id":"f47e4b12-c6c8-4653-bf2a-5683a3c75650","block_type":"box","text":"companies may phase in repor ting aligned with the ISSB standards over several years, depending on local","page_number":225,"box":{"x":69,"y":785,"width":757,"height":11}},{"id":"4ba15b81-c6d4-4959-b71f-64306e373e1b","block_type":"box","text":"requirements. We also recognize and respect that some companies may repor t using different local standards, which","page_number":225,"box":{"x":69,"y":799,"width":837,"height":12}},{"id":"377d35a2-0cb7-4356-b074-9a98322e286f","block_type":"box","text":"may be required by regulation, or one of a number of voluntary standards. In such cases, we ask that companies","page_number":225,"box":{"x":69,"y":815,"width":805,"height":11}},{"id":"763709b6-17b1-4ba9-829c-c930513b879a","block_type":"box","text":"disclose their rationale for repor ting in line with the specific disclosure framework chosen and highlight the metrics","page_number":225,"box":{"x":69,"y":830,"width":818,"height":11}},{"id":"e20b8b59-ba82-4fd0-b55e-d8bcfff9ba99","block_type":"box","text":"that are industry- or company-specific.","page_number":225,"box":{"x":68,"y":845,"width":271,"height":11}},{"id":"a376a8c3-7e7d-4124-9121-f2105c812123","block_type":"box","text":"15","page_number":225,"box":{"x":69,"y":863,"width":9,"height":4}},{"id":"d6f714a2-8fc4-498b-aa86-69d9a9c432b0","block_type":"box","text":"In November 2024, G20 members reaffirmed the Paris Agreement temperature goal as par t of the Leader’s","page_number":225,"box":{"x":84,"y":862,"width":769,"height":12}},{"id":"22da5bfc-323a-4b84-be17-2da30cdca9b7","block_type":"box","text":"Declaration. G20 members include the world’s major economies (19 countries and two regional bodies, the European","page_number":225,"box":{"x":70,"y":878,"width":836,"height":11}},{"id":"ca9968e0-7252-4885-bd5c-4a23e991fffa","block_type":"box","text":"Union and African Union), representing 85% of global Gross Domestic Product, over 75% of international trade, and","page_number":225,"box":{"x":70,"y":893,"width":819,"height":11}},{"id":"ea14e71c-d084-435e-9195-bad5585f01f9","block_type":"box","text":"about two-thirds of the world population.","page_number":225,"box":{"x":69,"y":908,"width":285,"height":11}},{"id":"706c7a8a-c788-4ca5-a99b-3aae3c002840","block_type":"box","text":"BlackRock Investment Stewardship","page_number":225,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"515ecb9d-97cc-4604-b1d8-ebcb1d8f14e9","block_type":"box","text":"Global Principles | 11","page_number":225,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"061033e4-ad38-4dd5-baae-fe4aef4f74f6","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":225,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b2c72b74-2d19-47ec-a5d6-86253345fc3c","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":226,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"a4793fc1-f209-4920-b464-56972b3ddd1c","block_type":"box","text":"companies choose to make regarding material scope 3 emissions and recognize these are provided on a good-faith","page_number":226,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"f1d6c6a2-29d0-46dc-9d13-38c63d1359f1","block_type":"box","text":"basis as methodology develops. Our publicly available commentary provides more information on our approach to","page_number":226,"box":{"x":69,"y":75,"width":809,"height":11}},{"id":"2db0264d-b905-46bf-b069-b4959a3b6d3a","block_type":"box","text":"climate-related risks and oppor tunities.","page_number":226,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"46f10ff9-5780-4239-a107-cda0631dea7c","block_type":"box","text":"In addition to climate-related risks and oppor tunities, the management of nature-related factors is increasingly a","page_number":226,"box":{"x":102,"y":113,"width":799,"height":11}},{"id":"4bf35272-c57f-4f4a-a106-10fc58d6acd2","block_type":"box","text":"component of some companies’ ability to generate durable, long-term financial returns for shareholders, par ticularly","page_number":226,"box":{"x":69,"y":128,"width":827,"height":11}},{"id":"e9ba3cce-2411-4eb2-9cba-21f747858d46","block_type":"box","text":"where a company’s strategy is heavily reliant on the availability of natural capital, or whose supply chains are","page_number":226,"box":{"x":68,"y":143,"width":778,"height":11}},{"id":"d523cf2e-6843-468c-ada9-530e54a0d87b","block_type":"box","text":"exposed to locations with nature-related risks. We look for such companies to disclose how they manage any reliance","page_number":226,"box":{"x":69,"y":158,"width":837,"height":11}},{"id":"ec7ba327-bdac-4730-ab98-9cead70288d7","block_type":"box","text":"and impact on, as well as use of, natural capital, including appropriate risk oversight and relevant metrics and","page_number":226,"box":{"x":69,"y":173,"width":784,"height":11}},{"id":"62d9cebb-e0bf-4551-9916-8adc5f288876","block_type":"box","text":"targets, to understand how these factors are integrated into strategy. We will evaluate these disclosures to inform","page_number":226,"box":{"x":68,"y":188,"width":813,"height":12}},{"id":"566dca8b-3bd2-4dda-b012-4e31fd5551dd","block_type":"box","text":"our view of how a company is managing material nature-related risks and oppor tunities. We rely on company","page_number":226,"box":{"x":69,"y":203,"width":772,"height":12}},{"id":"70f0cb8b-9f05-4a15-8310-344fecf8a51d","block_type":"box","text":"disclosures when determining how to vote on shareholder proposals addressing natural capital issues. Our publicly","page_number":226,"box":{"x":69,"y":219,"width":821,"height":11}},{"id":"ef5031e7-a434-4b7e-86c1-90dd894b4cc2","block_type":"box","text":"available commentary provides more information on our approach to natural capital.","page_number":226,"box":{"x":69,"y":234,"width":598,"height":11}},{"id":"624accb1-9479-4a59-be26-9006e0e72a29","block_type":"box","text":"16","page_number":226,"box":{"x":669,"y":234,"width":9,"height":4}},{"id":"f2f2cc46-e681-4a15-846f-c6f752a07228","block_type":"box","text":"Companies’ impact on their workforce, supply chains, and communities","page_number":226,"box":{"x":69,"y":264,"width":521,"height":11}},{"id":"d7660992-f35e-4e7e-9acd-24a8ab9a31a2","block_type":"box","text":"In order to advance long-term shareholders’ interests, companies should consider the interests of the various","page_number":226,"box":{"x":102,"y":286,"width":782,"height":12}},{"id":"13b0aefa-727e-47f6-a3c7-a1ba1f882438","block_type":"box","text":"par ties on whom they depend for their success over time. It is for each company to determine their key stakeholders","page_number":226,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"d1c1adf2-0afe-4b07-b90b-15b36f3bbd4e","block_type":"box","text":"based on what is material to their business and long-term financial per formance. For many companies, key","page_number":226,"box":{"x":69,"y":317,"width":763,"height":11}},{"id":"9ab62f46-9285-4755-a993-f9276760b29e","block_type":"box","text":"stakeholders include employees, business par tners (such as suppliers and distributors), clients and consumers,","page_number":226,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"a904b3e9-1a0d-4f18-ae85-1aa83e89c11f","block_type":"box","text":"regulators, and the communities in which they operate.","page_number":226,"box":{"x":69,"y":347,"width":391,"height":11}},{"id":"82668754-0a74-48f1-b011-212612e2d994","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":226,"box":{"x":101,"y":370,"width":783,"height":11}},{"id":"8f5843fc-0418-48ab-92c4-0e3ab41c371b","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":226,"box":{"x":70,"y":385,"width":755,"height":11}},{"id":"de21df81-d2b3-4329-a6cd-0569bab3fd4a","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":226,"box":{"x":69,"y":400,"width":831,"height":11}},{"id":"43f81f26-4649-4847-b2c8-496769fa0bf2","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested to","page_number":226,"box":{"x":69,"y":415,"width":811,"height":11}},{"id":"1260219e-432a-4705-b0b3-25d2a6b6004a","block_type":"box","text":"understand how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":226,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"173ec142-80d4-4fd3-a5b4-4a046b9d3c8a","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy.","page_number":226,"box":{"x":69,"y":445,"width":619,"height":12}},{"id":"f6e2d43b-df6c-43db-a75c-845afd52afb5","block_type":"box","text":"Companies should ar ticulate how they address material adverse impacts that could arise from their business","page_number":226,"box":{"x":102,"y":468,"width":779,"height":11}},{"id":"e28972ea-7b62-4d8e-a190-0662994adb39","block_type":"box","text":"practices and affect critical relationships with their stakeholders. We encourage companies to implement, to the","page_number":226,"box":{"x":70,"y":483,"width":800,"height":11}},{"id":"2b9163b9-e027-4242-94fe-57e8647f6eab","block_type":"box","text":"extent appropriate, monitoring processes (often referred to as due diligence) to identify and mitigate potential","page_number":226,"box":{"x":69,"y":498,"width":781,"height":11}},{"id":"bbf93880-cec3-4320-90d6-5df533f2719b","block_type":"box","text":"adverse impacts and grievance mechanisms to remediate any actual adverse material impacts. In our view,","page_number":226,"box":{"x":69,"y":514,"width":763,"height":11}},{"id":"a705aa9c-edaf-4f9d-aebf-b70cfdc3ea8c","block_type":"box","text":"maintaining trust within these relationships can contribute to a company’s long-term success.","page_number":226,"box":{"x":69,"y":529,"width":668,"height":11}},{"id":"ecd9b5e6-d1c8-49d8-8a83-76a8e406abff","block_type":"box","text":"OTHER CORPORATE GOVERNANCE MATTERS AND SHAREHOLDER PROTECTIONS","page_number":226,"box":{"x":192,"y":559,"width":594,"height":9}},{"id":"4f7d100c-ca6c-4916-b434-861949f600b4","block_type":"box","text":"In our view, shareholders have a right to material and timely information on the financial per formance and","page_number":226,"box":{"x":102,"y":581,"width":753,"height":12}},{"id":"94bf78e3-0d18-4e7c-92ed-81ff43a27588","block_type":"box","text":"viability of the companies in which they invest. In addition, companies should publish information on the governance","page_number":226,"box":{"x":68,"y":596,"width":829,"height":12}},{"id":"0ad6cf42-a61c-4520-8185-8350cf8a56be","block_type":"box","text":"structures in place and the rights of shareholders to influence these structures. The repor ting and disclosure","page_number":226,"box":{"x":69,"y":612,"width":778,"height":11}},{"id":"7bb843b5-bd0e-424a-b6df-d80ea0f4767b","block_type":"box","text":"provided by companies help shareholders assess the effectiveness of the board’s oversight of management and","page_number":226,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"c738f5c7-6bdb-4410-9c8f-022da447e1c0","block_type":"box","text":"whether investors’ economic interests have been protected. As a general principle, we believe shareholders should","page_number":226,"box":{"x":68,"y":642,"width":821,"height":11}},{"id":"3bebe383-1918-4cd1-b20e-781aed24f4c8","block_type":"box","text":"have the right to vote on key corporate governance matters, including changes to governance mechanisms, to submit","page_number":226,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"ebdca695-3dab-4094-b652-c68a8f1f8285","block_type":"box","text":"proposals to the shareholders’ meeting, and to call special meetings of shareholders.","page_number":226,"box":{"x":70,"y":672,"width":610,"height":11}},{"id":"aeec7258-60ac-44a0-bbef-dc9f9be086f4","block_type":"box","text":"16","page_number":226,"box":{"x":69,"y":717,"width":9,"height":4}},{"id":"d7158018-a59c-49fd-b168-706f2ef5bb43","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":226,"box":{"x":84,"y":716,"width":797,"height":12}},{"id":"53d7b3bd-f75e-4bb7-b157-edda222a6c68","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. In our view, the final","page_number":226,"box":{"x":69,"y":731,"width":784,"height":12}},{"id":"1014fe1a-ec09-47a6-9200-0dfc89c84898","block_type":"box","text":"recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some","page_number":226,"box":{"x":69,"y":747,"width":772,"height":11}},{"id":"d084bf1e-f2d0-4f60-84b8-abaef6d188e8","block_type":"box","text":"companies. We recognize that some companies may repor t using different standards, which may be required by","page_number":226,"box":{"x":69,"y":762,"width":799,"height":11}},{"id":"5c5f77fd-9b9e-4c89-b824-552d8323aa25","block_type":"box","text":"regulation, or one of a number of other private sector standards. TNFD-aligned repor ting is not a voting issue.","page_number":226,"box":{"x":69,"y":777,"width":779,"height":11}},{"id":"3dac58fc-7f76-4dc3-ad14-6d6f7a9f48d4","block_type":"box","text":"BlackRock Investment Stewardship","page_number":226,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"498a2114-b27c-42fd-978e-93033a15ee9e","block_type":"box","text":"Global Principles | 12","page_number":226,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"1ff1127c-fcbc-4823-8632-e8440fb66f20","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":226,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73ebeb9c-b6cb-4d42-b00e-9be10b8631ca","block_type":"box","text":"Corporate form","page_number":227,"box":{"x":69,"y":45,"width":108,"height":11}},{"id":"0c8c9e03-c7b0-486e-9faa-ce84d0f507cd","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":227,"box":{"x":102,"y":67,"width":781,"height":12}},{"id":"e9fd61e0-8ce9-4397-aa7c-a60344137dc9","block_type":"box","text":"the company’s purpose and business model.","page_number":227,"box":{"x":68,"y":83,"width":320,"height":11}},{"id":"0ff28ba7-6931-472a-985d-38495441864e","block_type":"box","text":"17","page_number":227,"box":{"x":390,"y":83,"width":9,"height":4}},{"id":"defba2f6-53fb-41ce-b1b5-f7498857c6ff","block_type":"box","text":"Companies proposing to change their corporate form to a public","page_number":227,"box":{"x":405,"y":82,"width":455,"height":12}},{"id":"cbd59440-2ac6-44ac-a82e-5aeda831bd60","block_type":"box","text":"benefit corporation or similar entity should put it to a shareholder vote if not already required to do so under","page_number":227,"box":{"x":69,"y":98,"width":770,"height":11}},{"id":"f3fc3bd0-e44b-444f-9d25-95d48379dfaf","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholder proponents proposing","page_number":227,"box":{"x":69,"y":113,"width":834,"height":11}},{"id":"1d793ae8-892f-44ec-85eb-f8528a421162","block_type":"box","text":"to alter the corporate form clearly explains how the interests of shareholders and different stakeholders would be","page_number":227,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"fbbf58a8-f7ea-4201-9f9c-046dd5cc1930","block_type":"box","text":"impacted as well as the accountability and voting mechanisms that would be available to shareholders. We generally","page_number":227,"box":{"x":70,"y":143,"width":830,"height":11}},{"id":"854ef084-3b82-411c-844c-4d821eac9c47","block_type":"box","text":"suppor t management proposals if our analysis indicates that shareholders’ economic interests are adequately","page_number":227,"box":{"x":69,"y":158,"width":789,"height":11}},{"id":"dccd8925-225f-468d-a339-8bbe562bd2e2","block_type":"box","text":"protected. Relevant shareholder proposals are evaluated on a case-by-case basis.","page_number":227,"box":{"x":70,"y":173,"width":583,"height":11}},{"id":"cc1590a6-04b7-4d79-bb3d-e10c277cafff","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":227,"box":{"x":385,"y":203,"width":207,"height":9}},{"id":"f98e1061-e539-4f36-b721-7638b28dd3ec","block_type":"box","text":"In most markets in which BlackRock invests on behalf of clients, shareholders have the right to submit proposals","page_number":227,"box":{"x":102,"y":226,"width":807,"height":11}},{"id":"d046add4-66ff-4b1f-92a8-735f9f1b4814","block_type":"box","text":"to be voted on at a company’s annual or extraordinary meeting, as long as eligibility and procedural requirements are","page_number":227,"box":{"x":68,"y":241,"width":837,"height":11}},{"id":"015720e3-2d1d-46e0-a3b9-66160d2f2f68","block_type":"box","text":"met. The matters that we see put forward by shareholders address a wide range of topics, including governance","page_number":227,"box":{"x":69,"y":256,"width":799,"height":12}},{"id":"283d8a24-125b-402c-be26-52ddf48452e8","block_type":"box","text":"reforms, capital management, and improvements in the management or disclosure of sustainability-related risks.","page_number":227,"box":{"x":69,"y":271,"width":805,"height":12}},{"id":"255dad73-627c-4b34-be23-59377fe9cd3d","block_type":"box","text":"BlackRock is subject to legal and regulatory requirements in the U.S. that place restrictions and limitations on","page_number":227,"box":{"x":102,"y":294,"width":784,"height":11}},{"id":"b09fe8ed-6b9d-487a-b2d2-48e506b1cbff","block_type":"box","text":"how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to","page_number":227,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"0ad0c955-9905-4236-be82-3384c15c103a","block_type":"box","text":"submit shareholder proposals. We can vote, on behalf of clients who authorize us to do so, on proposals put for th by","page_number":227,"box":{"x":69,"y":324,"width":836,"height":11}},{"id":"1f40bfc6-394b-4d56-8a08-2d98ca708355","block_type":"box","text":"others.","page_number":227,"box":{"x":69,"y":340,"width":48,"height":8}},{"id":"52d2865d-028a-4e6f-995c-6a657f01192c","block_type":"box","text":"When assessing shareholder proposals, we evaluate each proposal on its merit, considering the company’s","page_number":227,"box":{"x":101,"y":362,"width":768,"height":11}},{"id":"8b408640-4528-41a8-9edc-5319e4709db0","block_type":"box","text":"individual circumstances and maintaining a singular focus on the proposal’s implications for long-term financial value","page_number":227,"box":{"x":70,"y":377,"width":833,"height":12}},{"id":"d3c37f59-80af-4e9d-8bbf-d122c0435a53","block_type":"box","text":"creation. BIS’ evaluation considers whether a shareholder proposal addresses a material risk that, if left unmanaged,","page_number":227,"box":{"x":69,"y":392,"width":837,"height":12}},{"id":"5fbc6182-bf09-44d0-a292-5f40fe9687f3","block_type":"box","text":"may impact a company’s long-term per formance. We look for consistency between the specific request formally made","page_number":227,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"cc21b6c8-efcc-4a95-ab97-71b79f861733","block_type":"box","text":"in the proposal, the suppor ting documentation, and the proponents’ other communications on the issues. We also","page_number":227,"box":{"x":70,"y":423,"width":816,"height":11}},{"id":"d60950fe-5d45-4d61-9831-c04726967f53","block_type":"box","text":"assess the company’s practices and disclosures and the costs and benefits to the company of meeting the request","page_number":227,"box":{"x":69,"y":438,"width":826,"height":11}},{"id":"a43d2be8-9cf6-41f9-8ed0-2ea084ff9bb0","block_type":"box","text":"made in the proposal. We take into consideration a company’s governance practices and disclosures against those","page_number":227,"box":{"x":69,"y":453,"width":822,"height":11}},{"id":"e4ea29a4-a8f8-4a00-916c-14e22cfd6f0f","block_type":"box","text":"of their peers.","page_number":227,"box":{"x":69,"y":468,"width":98,"height":11}},{"id":"edf00c56-f619-44b1-89cb-fb92a36e84d9","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":227,"box":{"x":102,"y":491,"width":777,"height":11}},{"id":"92320bc4-d5f5-42e0-804a-ed48b77d5692","block_type":"box","text":"submitted or advised on the proposal.","page_number":227,"box":{"x":69,"y":506,"width":270,"height":11}},{"id":"62375c65-8724-4079-ac72-25e3ce28e573","block_type":"box","text":"We would not suppor t proposals that we believe would result in over-reaching into the basic business decisions","page_number":227,"box":{"x":101,"y":529,"width":795,"height":11}},{"id":"3fdcde08-061b-4196-9e84-4870976a2660","block_type":"box","text":"of the company, are unduly prescriptive or constraining on management. We take into consideration the legal effect","page_number":227,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"ca7c58cb-4217-4642-a4ab-89e8bf62cbc0","block_type":"box","text":"of the proposal, as shareholder proposals may be advisory or legally binding depending on the jurisdiction, while","page_number":227,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"4b6eb062-694c-4eb7-8295-8333b79fa412","block_type":"box","text":"others may make requests that would be deemed illegal in a given jurisdiction.","page_number":227,"box":{"x":69,"y":574,"width":559,"height":11}},{"id":"bc44a82a-4034-40f7-8ab3-127610f23961","block_type":"box","text":"BIS is likely to suppor t shareholder proposals that request disclosures that help us, as long-term investors on","page_number":227,"box":{"x":102,"y":597,"width":784,"height":11}},{"id":"df6cabdc-d50a-4347-8c4f-722e2721f2d8","block_type":"box","text":"behalf of our clients, better understand the material risks and oppor tunities companies face and how they are","page_number":227,"box":{"x":69,"y":612,"width":784,"height":11}},{"id":"59f71fe2-ff68-427e-a069-4586800af746","block_type":"box","text":"managing them, especially where this information is additive given the company’s existing disclosures. We may also","page_number":227,"box":{"x":69,"y":627,"width":828,"height":11}},{"id":"7008033f-96e3-443d-9010-c3ab65912b26","block_type":"box","text":"suppor t shareholder proposals that are focused on a material business risk that we agree needs to be addressed","page_number":227,"box":{"x":69,"y":642,"width":812,"height":11}},{"id":"1c55fa32-2a67-42fd-ae1b-5d6608f963f9","block_type":"box","text":"and the intended outcome is consistent with long-term financial value creation.","page_number":227,"box":{"x":69,"y":657,"width":561,"height":11}},{"id":"fa144004-9e15-49c5-89be-097d8da658fd","block_type":"box","text":"We recognize that some shareholder proposals bundle topics and/or specific requests. Fur ther, the proponent’s","page_number":227,"box":{"x":101,"y":680,"width":800,"height":11}},{"id":"1ce23afc-4d79-470c-9491-017d5ff496ef","block_type":"box","text":"suppor ting statement may refer to topics that are not directly related to the request made in the proposal. In voting","page_number":227,"box":{"x":69,"y":695,"width":823,"height":11}},{"id":"031823a1-3593-458e-b23e-b62b0fb90945","block_type":"box","text":"on behalf of clients, we do not submit or edit proposals or the suppor ting statements – we must vote yes or no on","page_number":227,"box":{"x":69,"y":710,"width":814,"height":11}},{"id":"780fb062-8bc2-4bf3-8243-c90325e1ca19","block_type":"box","text":"the proposal as phrased by the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily","page_number":227,"box":{"x":68,"y":725,"width":831,"height":11}},{"id":"8b1c4a83-292c-49b6-ad47-8cc759c78302","block_type":"box","text":"endorsing every element of the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We","page_number":227,"box":{"x":69,"y":740,"width":828,"height":11}},{"id":"b7bb4ef6-cc7e-40a8-8325-db2eb8e5a83a","block_type":"box","text":"may suppor t a proposal for different reasons from those put for th by the proponent, when we believe that, overall, it","page_number":227,"box":{"x":69,"y":755,"width":831,"height":11}},{"id":"ce25d7da-e128-405e-8dd3-f65fbc7a4e6b","block_type":"box","text":"can advance our clients’ long-term financial interests. We typically explain to the company our rationale for suppor ting","page_number":227,"box":{"x":69,"y":770,"width":839,"height":12}},{"id":"9daab43a-d091-48d6-9a52-d40b95f03017","block_type":"box","text":"such proposals.","page_number":227,"box":{"x":69,"y":786,"width":112,"height":10}},{"id":"e3ad7911-c28c-493a-b7bb-81660886262e","block_type":"box","text":"Alternatively, or in addition, we may vote against the election of one or more directors if, in our assessment, the","page_number":227,"box":{"x":101,"y":808,"width":798,"height":11}},{"id":"7e25f4c7-2a62-4734-aee3-436e2b0d1267","block_type":"box","text":"board has not responded sufficiently or with an appropriate sense of urgency to a material risk. We may also suppor t","page_number":227,"box":{"x":69,"y":823,"width":836,"height":12}},{"id":"3854ef9e-2e61-4af1-bf27-e0fb3d01286f","block_type":"box","text":"a proposal if management is on track, but we believe that voting in favor might accelerate effor ts to address a","page_number":227,"box":{"x":69,"y":838,"width":787,"height":12}},{"id":"d5cc124e-9b5e-415e-be19-2add0adef1c2","block_type":"box","text":"material risk.","page_number":227,"box":{"x":69,"y":854,"width":91,"height":8}},{"id":"dba5c345-ead6-4220-a514-800dc9b566df","block_type":"box","text":"17","page_number":227,"box":{"x":69,"y":883,"width":8,"height":4}},{"id":"fe56d773-55d6-4b27-9870-f8bf46be1834","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":227,"box":{"x":84,"y":883,"width":550,"height":11}},{"id":"43c827c5-cf26-4c87-b308-ba066e6cc126","block_type":"box","text":"BlackRock Investment Stewardship","page_number":227,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"15258309-3ecb-4d2e-819d-a31641e25182","block_type":"box","text":"Global Principles | 13","page_number":227,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"80b4a2c6-4810-4ba5-922f-e56de59bc349","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":227,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"429a00c0-f772-4eca-aa31-cdb40433641e","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":228,"box":{"x":213,"y":45,"width":553,"height":9}},{"id":"ad02d897-3fd7-4430-87f4-227d673ebaed","block_type":"box","text":"Oversight","page_number":228,"box":{"x":69,"y":75,"width":68,"height":11}},{"id":"64369224-1f73-4a0b-902a-092434528869","block_type":"box","text":"BlackRock maintains advisory committees (Stewardship Advisory Committees), generally consisting of senior","page_number":228,"box":{"x":102,"y":98,"width":777,"height":11}},{"id":"48d82ad5-fc70-4e09-93a4-67aeb3b6b671","block_type":"box","text":"BlackRock index investment professionals and/or senior employees with practical boardroom experience. The","page_number":228,"box":{"x":70,"y":113,"width":781,"height":11}},{"id":"2ba8f38b-c9c6-4e06-88bf-2cffd3c2c260","block_type":"box","text":"Stewardship Advisory Committees review and advise on amendments to BIS regional proxy voting guidelines (the","page_number":228,"box":{"x":69,"y":128,"width":803,"height":11}},{"id":"483427e5-a5cd-4d76-b7f6-b264a89aaddb","block_type":"box","text":"Guidelines). The advisory committees do not determine voting decisions, which are the responsibility of BIS.","page_number":228,"box":{"x":69,"y":143,"width":771,"height":11}},{"id":"4554a95b-6671-41a2-bb05-ebed63d746b3","block_type":"box","text":"In addition to the Stewardship Advisory Committees, the Investment Stewardship Global Oversight Committee","page_number":228,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"92325e31-e643-41d8-b7c6-1b7a9e49c731","block_type":"box","text":"(Global Oversight Committee) is a risk-focused committee, comprised of the Global Head of Investment Stewardship","page_number":228,"box":{"x":69,"y":181,"width":827,"height":11}},{"id":"0e9d9b0e-6ab2-449a-8e8a-a7cd168c5bc9","block_type":"box","text":"(Global Head), and senior BlackRock executives with legal, risk and other experience relevant to team oversight. The","page_number":228,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"12e2dbc8-6296-4b89-a30e-1c50e3156127","block_type":"box","text":"Global Committee does not determine voting decisions, which are the responsibility of BIS.","page_number":228,"box":{"x":69,"y":211,"width":647,"height":11}},{"id":"b8f69899-f043-49d2-bf3c-e9d53d38f616","block_type":"box","text":"The Global Head has primary oversight of the activities of BIS, including voting in accordance with the","page_number":228,"box":{"x":101,"y":234,"width":724,"height":11}},{"id":"2c0c4cbe-b347-4e07-92e4-9de8b7c0210b","block_type":"box","text":"Guidelines, which require the application of professional judgment and consideration of each company’s unique","page_number":228,"box":{"x":69,"y":249,"width":795,"height":11}},{"id":"62acfcfb-e327-4d36-b850-7ad8d8d09f54","block_type":"box","text":"circumstances. The Global Committee reviews and approves amendments to these Principles. The Global Committee","page_number":228,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"7eb52b15-fcbe-4630-b805-688f9824ef38","block_type":"box","text":"also reviews and approves amendments to the regional Guidelines.","page_number":228,"box":{"x":69,"y":279,"width":478,"height":11}},{"id":"4c8e6dcc-4886-4b64-8c4d-cc484248c5dc","block_type":"box","text":"In addition, the Global Committee receives and reviews periodic repor ts regarding the votes cast by BIS, as well","page_number":228,"box":{"x":102,"y":302,"width":796,"height":11}},{"id":"c54d284d-4324-43bd-9fd5-d022a9ed96a9","block_type":"box","text":"as updates on material process issues, procedural changes, and other risk oversight considerations. The Global","page_number":228,"box":{"x":69,"y":317,"width":799,"height":11}},{"id":"0f2595d4-139e-468a-a1e0-08d6b138b80d","block_type":"box","text":"Committee reviews these repor ts in an oversight capacity as informed by the Guidelines.","page_number":228,"box":{"x":69,"y":332,"width":631,"height":11}},{"id":"1bd7a201-8c30-4531-8072-be4eebd16c64","block_type":"box","text":"BIS carries out engagement with companies, executes proxy votes, and conducts vote operations (including","page_number":228,"box":{"x":102,"y":355,"width":766,"height":11}},{"id":"09275ccc-232f-45bf-a89f-ab0dfe630f83","block_type":"box","text":"maintaining records of votes cast) in a manner consistent with the relevant Guidelines. BIS also conducts research","page_number":228,"box":{"x":69,"y":370,"width":820,"height":11}},{"id":"2938807b-f60a-47ea-bae2-ddced659692b","block_type":"box","text":"on corporate governance issues and par ticipates in industry discussions to contribute to and keep abreast of","page_number":228,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"99a6787d-7629-4632-8ccc-3cd386fb1948","block_type":"box","text":"impor tant developments in the corporate governance field. BIS may utilize third par ties for cer tain of the foregoing","page_number":228,"box":{"x":70,"y":400,"width":815,"height":11}},{"id":"47f5806e-25e1-4061-8db5-597ad43c2e6c","block_type":"box","text":"activities and per forms oversight of those third par ties. BIS may discuss complicated or par ticularly controversial","page_number":228,"box":{"x":69,"y":415,"width":806,"height":11}},{"id":"96f3b85e-6c51-40f4-862e-a28bd4ae3a46","block_type":"box","text":"matters with senior specialists internally, on an advisory basis, prior to making a voting decision.","page_number":228,"box":{"x":69,"y":430,"width":690,"height":11}},{"id":"5428bc60-dc54-4a92-9b05-28082f66f46e","block_type":"box","text":"VOTING GUIDELINES AND VOTE EXECUTION","page_number":228,"box":{"x":328,"y":460,"width":321,"height":9}},{"id":"494fcb20-b163-45c6-bcc3-1795140f311b","block_type":"box","text":"BlackRock votes on proxy issues when our clients authorize us to do so. We carefully consider proxies submitted","page_number":228,"box":{"x":102,"y":483,"width":802,"height":11}},{"id":"e80a159f-a99e-4e90-9619-56a2bf50719c","block_type":"box","text":"to funds and other fiduciary account(s) (Fund or Funds) for which we have voting authority. BlackRock votes (or","page_number":228,"box":{"x":68,"y":498,"width":787,"height":11}},{"id":"814075e7-72ee-44ec-9f03-d60417f1f5cf","block_type":"box","text":"refrains from voting) proxies for each Fund for which we have voting authority based on our evaluation of the","page_number":228,"box":{"x":69,"y":513,"width":769,"height":12}},{"id":"a5ccbf07-a0ad-444f-aba1-d7877a6aa091","block_type":"box","text":"alignment of the voting items with the long-term economic interests of our clients, in the exercise of our independent","page_number":228,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"861a801d-b6a7-44f9-ad06-2ac094ad61b0","block_type":"box","text":"business judgment, and without regard to the relationship of the issuer of the proxy (or any shareholder proponent or","page_number":228,"box":{"x":69,"y":543,"width":834,"height":12}},{"id":"f538af79-2762-4764-a232-fff4a6a9de4f","block_type":"box","text":"dissident shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock","page_number":228,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"9c3059fa-b6d2-4c36-94e7-2a835da4cdde","block_type":"box","text":"employees (see “Conflicts management policies and procedures,” below).","page_number":228,"box":{"x":69,"y":574,"width":526,"height":11}},{"id":"7a43b76e-434f-4dd8-b536-faa109d52d5d","block_type":"box","text":"When exercising voting rights, BIS will normally vote on specific proxy issues in accordance with the Guidelines","page_number":228,"box":{"x":101,"y":596,"width":790,"height":12}},{"id":"a5eb9218-a3f9-4b70-966c-91efe0f0ca56","block_type":"box","text":"for the relevant market, as well as the Principles. The voting guidelines published for each region/country in which we","page_number":228,"box":{"x":68,"y":612,"width":840,"height":11}},{"id":"0888c85f-2bc1-4a36-82b7-bf45e26ae92c","block_type":"box","text":"vote are intended to summarize BlackRock’s general philosophy and approach to issues that may commonly arise in","page_number":228,"box":{"x":68,"y":627,"width":830,"height":11}},{"id":"d442fa35-41b1-4eb3-ac69-3ee34e75a418","block_type":"box","text":"the proxy voting context in each market where we invest. The Guidelines are not intended to be exhaustive. BIS","page_number":228,"box":{"x":68,"y":642,"width":793,"height":11}},{"id":"918ff843-090b-437a-81a9-ae1ab2782c6b","block_type":"box","text":"applies the Guidelines on a case-by-case basis, in the context of the individual circumstances of each company and","page_number":228,"box":{"x":69,"y":657,"width":823,"height":11}},{"id":"2fa9e700-28cf-443d-ae8b-7c4374709714","block_type":"box","text":"the specific issue under review. As such, the Guidelines do not indicate how BIS will vote in every instance. Rather,","page_number":228,"box":{"x":68,"y":672,"width":820,"height":11}},{"id":"7e7e4661-19f5-4fca-9e09-5a5a97857d9a","block_type":"box","text":"they reflect our view about corporate governance issues generally, and provide insight into how we typically approach","page_number":228,"box":{"x":68,"y":687,"width":831,"height":11}},{"id":"357b143e-4395-4fc2-8a36-bcaf348991fa","block_type":"box","text":"issues that commonly arise on corporate ballots. The Guidelines are reviewed annually and updated as necessary to","page_number":228,"box":{"x":70,"y":702,"width":830,"height":11}},{"id":"6ebc8043-33ea-49bf-9411-c3f334401040","block_type":"box","text":"reflect changes in market practices, developments in corporate governance and feedback from companies and","page_number":228,"box":{"x":69,"y":717,"width":788,"height":12}},{"id":"5dd8847f-5864-4ce6-9076-e99a9337f9f4","block_type":"box","text":"clients. In this way, BIS aims to maintain policies that explain our approach to governance practices most aligned","page_number":228,"box":{"x":69,"y":733,"width":807,"height":11}},{"id":"25ebd0fb-434e-4552-a554-37d66f43280f","block_type":"box","text":"with clients’ long-term financial interests. BIS analysts may exercise their professional judgment in determining how","page_number":228,"box":{"x":68,"y":748,"width":826,"height":11}},{"id":"22b06719-1ded-4c02-8525-8a7c39b1d3d1","block_type":"box","text":"to vote if they conclude that the Guidelines do not cover the specific matter raised by a ballot item or that an","page_number":228,"box":{"x":68,"y":763,"width":775,"height":11}},{"id":"ab6ba866-cc13-469a-9bc6-051c388d8da9","block_type":"box","text":"exception to the Guidelines would be in the long-term economic interests of BlackRock’s clients.","page_number":228,"box":{"x":69,"y":778,"width":686,"height":11}},{"id":"61c5d372-8fc7-4de9-9ec5-337937b76e56","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote such proxies, as","page_number":228,"box":{"x":102,"y":801,"width":783,"height":11}},{"id":"1cd5b873-297d-4fa2-95e3-fd6de846e787","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":228,"box":{"x":68,"y":816,"width":791,"height":11}},{"id":"f481c2b3-de9d-4a2b-9137-4cb644a71fa2","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":228,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"5707fd51-0b30-4e31-be92-b48b731283dc","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":228,"box":{"x":70,"y":846,"width":784,"height":11}},{"id":"9f8307dc-5f72-4b99-929a-f880d6ca98bc","block_type":"box","text":"dispose of their holdings for some specified period in proximity to the shareholder meeting); v) potential difficulties in","page_number":228,"box":{"x":69,"y":861,"width":836,"height":11}},{"id":"28d356aa-a751-4322-af4d-7ea78c78fdf0","block_type":"box","text":"translating the proxy; vi) regulatory constraints; and vii) requirements to provide local agents with unrestricted powers","page_number":228,"box":{"x":68,"y":876,"width":838,"height":11}},{"id":"4a291a7c-f0dd-4089-9abf-277994607949","block_type":"box","text":"of attorney to facilitate voting instructions. We are not suppor tive of impediments to the exercise of voting rights such","page_number":228,"box":{"x":69,"y":891,"width":839,"height":12}},{"id":"5e1ae620-7c5d-4bec-bb9a-a0c50291a769","block_type":"box","text":"as share-blocking or overly burdensome administrative requirements.","page_number":228,"box":{"x":69,"y":907,"width":490,"height":11}},{"id":"a31b5fba-425c-4cec-8023-164840941cc2","block_type":"box","text":"BlackRock Investment Stewardship","page_number":228,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"58c5b48b-221f-4b36-a00a-00bc1ade3002","block_type":"box","text":"Global Principles | 14","page_number":228,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"78fd0bd9-d9cd-48c2-9f6d-0c75ba1a8223","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":228,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aaf9aacb-1e91-45f1-9855-28a80c8ca586","block_type":"box","text":"BlackRock votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is","page_number":229,"box":{"x":102,"y":45,"width":787,"height":11}},{"id":"b4568d03-5c1f-457b-9100-3f1bda259f3a","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":229,"box":{"x":68,"y":60,"width":799,"height":11}},{"id":"890e07c7-e91c-432e-9302-81a8bf740669","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":229,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"aa08a69c-f7cd-4d54-898a-4ab524017db7","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":229,"box":{"x":69,"y":90,"width":661,"height":11}},{"id":"4a560798-c03e-4a59-97cb-d8afc993c0df","block_type":"box","text":"VOTING CHOICE","page_number":229,"box":{"x":430,"y":120,"width":117,"height":9}},{"id":"d217f569-5280-466a-b086-c69e20adccc3","block_type":"box","text":"BlackRock offers Voting Choice a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":229,"box":{"x":102,"y":143,"width":795,"height":11}},{"id":"0039d930-19a7-4d23-86c8-d8b599010530","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":229,"box":{"x":68,"y":158,"width":447,"height":11}},{"id":"1936440b-2145-4813-8b94-c3643cb099ee","block_type":"box","text":"Voting Choice is currently available for eligible clients invested in cer tain institutional pooled funds in the U.S.,","page_number":229,"box":{"x":101,"y":181,"width":786,"height":11}},{"id":"44f0d8e9-2a3e-4d8c-92b1-ebd3a052f1f9","block_type":"box","text":"UK, Ireland, and Canada that utilize cer tain equity index investment strategies, as well as eligible clients in cer tain","page_number":229,"box":{"x":70,"y":196,"width":816,"height":11}},{"id":"e3b4aa92-c625-41ed-a5c6-a41c17cab7f4","block_type":"box","text":"institutional pooled funds in the U.S., UK, and Canada that use systematic active equity (SAE) strategies. In addition,","page_number":229,"box":{"x":70,"y":211,"width":833,"height":11}},{"id":"f9f70fa7-0b0c-4bee-a30a-f97851364d78","block_type":"box","text":"institutional clients in separately managed accounts (SMAs) continue to be eligible for BlackRock Voting Choice","page_number":229,"box":{"x":70,"y":226,"width":791,"height":11}},{"id":"a2d3d584-026f-49e2-9f1f-a1d7b5ebb5f4","block_type":"box","text":"regardless of their investment strategies.","page_number":229,"box":{"x":69,"y":241,"width":293,"height":11}},{"id":"453dd1c5-37b1-478f-ba22-bb1f2fdba801","block_type":"box","text":"18","page_number":229,"box":{"x":364,"y":242,"width":9,"height":4}},{"id":"ca7d028d-47f6-4108-85df-1df35500606f","block_type":"box","text":"BlackRock also launched a U.S. Program to offer proxy voting to eligible","page_number":229,"box":{"x":379,"y":241,"width":509,"height":11}},{"id":"9504100e-60ac-46d4-b1e2-262c6eedb384","block_type":"box","text":"shareholder accounts in a U.S. Fund.","page_number":229,"box":{"x":69,"y":256,"width":262,"height":9}},{"id":"5033c408-2d4d-45dc-86bb-b393681e0757","block_type":"box","text":"19","page_number":229,"box":{"x":334,"y":257,"width":8,"height":4}},{"id":"30d39ad0-26dc-4ef0-860a-7c0dcd8d2028","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":229,"box":{"x":101,"y":279,"width":788,"height":11}},{"id":"d71fdae8-0e2d-477a-b17c-a9ae88a5f1ff","block_type":"box","text":"on whether our clients have authorized BIS to vote on their behalf, have authorized BIS to vote in accordance with a","page_number":229,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"6f24430d-5cdb-4750-ada9-a5c94db60b08","block_type":"box","text":"third-par ty policy, or have elected to vote shares in accordance with their own policy. Our clients have greater control","page_number":229,"box":{"x":68,"y":309,"width":828,"height":11}},{"id":"5cbb9117-c4d7-4cd6-8cf8-f0ba3fdd5b10","block_type":"box","text":"over proxy voting because of Voting Choice. BlackRock does not disclose client information, including a client’s","page_number":229,"box":{"x":69,"y":324,"width":790,"height":12}},{"id":"f8784e17-a340-4717-9fae-514add20a74f","block_type":"box","text":"selection of proxy policy, without client consent.","page_number":229,"box":{"x":69,"y":339,"width":338,"height":12}},{"id":"ec3abde2-dc2a-4f0c-b9cc-4a5f023ad2ed","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":229,"box":{"x":281,"y":370,"width":416,"height":9}},{"id":"427d9dea-05b4-485e-8926-7e365d3a2553","block_type":"box","text":"BIS maintains policies and procedures that seek to prevent undue influence on BlackRock’s proxy voting activity.","page_number":229,"box":{"x":102,"y":392,"width":801,"height":12}},{"id":"99ee882a-fc22-4528-97de-9194e6bcf327","block_type":"box","text":"Such influence might stem from any relationship between the investee company (or any shareholder proponent or","page_number":229,"box":{"x":69,"y":407,"width":809,"height":12}},{"id":"a01e2006-8949-4c80-be20-d5cc355c303f","block_type":"box","text":"dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or BlackRock employees.","page_number":229,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"b68ba3b5-7fce-47a6-af08-e1dcccf376c6","block_type":"box","text":"The following are examples of sources of perceived or potential conflicts of interest:","page_number":229,"box":{"x":68,"y":438,"width":598,"height":11}},{"id":"d5ab7b7b-7bc1-4cbf-a72f-85fa24a8ccf2","block_type":"box","text":"•","page_number":229,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"c6c16b55-cdd8-453e-a076-8c6924703e3d","block_type":"box","text":"BlackRock clients who may be issuers of securities or proponents of shareholder 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We may engage more than one independent","page_number":230,"box":{"x":69,"y":350,"width":813,"height":11}},{"id":"b5fbac4e-ca8f-46d1-bd74-71f4a851c801","block_type":"box","text":"third-par ty voting service provider, in par t to mitigate potential or perceived conflicts of interest at a single voting","page_number":230,"box":{"x":68,"y":365,"width":804,"height":11}},{"id":"8b46ef9e-0a95-444f-b531-55768318b4bf","block_type":"box","text":"service provider. The Global Committee appoints and reviews the per formance of the independent third-par ty voting","page_number":230,"box":{"x":69,"y":380,"width":824,"height":11}},{"id":"9bb8de10-903b-40e6-8cdd-608377c4a5da","block_type":"box","text":"service providers, generally on an annual basis.","page_number":230,"box":{"x":69,"y":395,"width":339,"height":11}},{"id":"685bd12d-1be5-4f3d-8d6c-deb9c41a338b","block_type":"box","text":"SECURITIES LENDING","page_number":230,"box":{"x":409,"y":425,"width":159,"height":9}},{"id":"02159a14-6802-4c1e-84a1-8371303cccd0","block_type":"box","text":"When so authorized, BlackRock acts as a securities lending agent on behalf of Funds. Securities lending is a","page_number":230,"box":{"x":101,"y":448,"width":775,"height":11}},{"id":"b2f1de44-9df6-4a8c-ae13-46a1e2530c5e","block_type":"box","text":"well-regulated practice that contributes to capital market efficiency. It also enables funds to generate additional","page_number":230,"box":{"x":68,"y":463,"width":794,"height":11}},{"id":"c3a6bd52-62b4-4815-bd6e-e1ad4e2ecae6","block_type":"box","text":"returns while allowing fund providers to keep fund expenses lower.","page_number":230,"box":{"x":69,"y":478,"width":473,"height":11}},{"id":"0eecf09a-d723-43a1-bdcd-bfbf85a2094a","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":230,"box":{"x":101,"y":501,"width":779,"height":11}},{"id":"3a1495b2-8e6c-43ac-8572-18f1721e379c","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":230,"box":{"x":70,"y":516,"width":827,"height":11}},{"id":"b2a1370a-9d7a-4290-a8ad-69e1616fd41d","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":230,"box":{"x":70,"y":531,"width":832,"height":11}},{"id":"df790100-bea7-488d-9e11-8e0b2612072b","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":230,"box":{"x":69,"y":546,"width":832,"height":11}},{"id":"9cc26946-861b-4204-9d75-ef64c5c51d2f","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":230,"box":{"x":69,"y":561,"width":814,"height":11}},{"id":"60ddc581-b322-4949-bd6c-3c7be104f771","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":230,"box":{"x":70,"y":576,"width":834,"height":12}},{"id":"52616934-c98f-4053-b43e-3ad1b5a72e82","block_type":"box","text":"of recall consideration).","page_number":230,"box":{"x":69,"y":591,"width":166,"height":11}},{"id":"11d6ccca-dac6-40cd-be5c-5e2a075cc0b5","block_type":"box","text":"20","page_number":230,"box":{"x":237,"y":592,"width":9,"height":4}},{"id":"a518cb55-2487-4785-8106-9affae89a05e","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":230,"box":{"x":252,"y":592,"width":617,"height":11}},{"id":"dc816988-89ae-470c-84ad-fd71d3cb66bb","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":230,"box":{"x":68,"y":606,"width":563,"height":12}},{"id":"cb2e6447-177a-49eb-9456-5f1250d9461c","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to the Fund of voting","page_number":230,"box":{"x":102,"y":629,"width":785,"height":11}},{"id":"e23d27be-e59d-4735-8007-73be1dfff76a","block_type":"box","text":"shares would be less than the potential revenue the loan may provide the Fund. However, in cer tain instances,","page_number":230,"box":{"x":69,"y":645,"width":789,"height":10}},{"id":"65b7cdc0-dfbf-4116-8d59-9cabea0deb1e","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":230,"box":{"x":70,"y":659,"width":816,"height":12}},{"id":"7af5ae43-24a4-46f3-b2b4-5fa0783951cb","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances.","page_number":230,"box":{"x":68,"y":675,"width":790,"height":11}},{"id":"7fc971bf-de4a-467d-bf0f-e3b01fb6a73b","block_type":"box","text":"Periodically, BlackRock reviews our process for determining whether to recall securities on loan in order to vote","page_number":230,"box":{"x":102,"y":697,"width":790,"height":12}},{"id":"7db5fbfd-e1d5-4326-af1d-793bbabd9c39","block_type":"box","text":"and may modify it as necessary.","page_number":230,"box":{"x":69,"y":712,"width":228,"height":12}},{"id":"3e8fc07d-4de0-4199-b8c6-0e27ff1d8258","block_type":"box","text":"20","page_number":230,"box":{"x":69,"y":742,"width":9,"height":4}},{"id":"6808f834-4b8e-4345-b908-11d1fbba0367","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":230,"box":{"x":84,"y":742,"width":789,"height":11}},{"id":"64045ee4-c54d-46bc-b3d8-67d9b91deb79","block_type":"box","text":"date of a shareholder meeting typically falls before the proxy statements are released. Accordingly, it is not","page_number":230,"box":{"x":69,"y":757,"width":763,"height":11}},{"id":"b08bbe99-8bd1-468f-b57f-d10341a45fd7","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":230,"box":{"x":70,"y":772,"width":794,"height":11}},{"id":"74635bf6-a7eb-487f-9ff9-559139e6e27c","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":230,"box":{"x":69,"y":787,"width":833,"height":11}},{"id":"0e70aa11-8000-4135-a73e-f46fc3c17b63","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":230,"box":{"x":69,"y":802,"width":821,"height":11}},{"id":"3f7e5aa4-bae9-4b0d-84db-f1061f40a6cd","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":230,"box":{"x":69,"y":817,"width":823,"height":11}},{"id":"6418fe61-b394-4622-b2e6-d0d5f5c1d88d","block_type":"box","text":"fund (thereby forgoing potential securities lending revenue for the fund’s shareholders) or leaving shares on loan to","page_number":230,"box":{"x":68,"y":832,"width":822,"height":12}},{"id":"fc98f605-4a17-4499-8af1-633400b7f3f5","block_type":"box","text":"potentially earn revenue for the fund (thereby forgoing the oppor tunity to vote).","page_number":230,"box":{"x":70,"y":847,"width":558,"height":12}},{"id":"dc42350f-71ca-415f-8db3-4bd7874aa7fe","block_type":"box","text":"BlackRock Investment Stewardship","page_number":230,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0e1d344a-a088-4055-a783-d27f3d1bf914","block_type":"box","text":"Global Principles | 16","page_number":230,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"7ccaba12-5521-47ce-b235-d6fc0d9216f5","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":230,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d2cd25e9-b9d0-45c4-b9d2-eef40160249e","block_type":"box","text":"REPORTING AND VOTE TRANSPARENCY","page_number":231,"box":{"x":343,"y":45,"width":293,"height":9}},{"id":"d48bc276-cf56-480e-b525-a77f8480cc38","block_type":"box","text":"We are committed to transparency in the stewardship work we do on behalf of clients. We inform clients about","page_number":231,"box":{"x":101,"y":67,"width":788,"height":11}},{"id":"8f4c55f7-fad2-4e0d-9d74-5327c0594a91","block_type":"box","text":"our engagement and voting policies and activities through direct communication and through disclosure on our","page_number":231,"box":{"x":69,"y":83,"width":787,"height":11}},{"id":"88424c7d-11fc-4218-b8ce-456b0fd16ec8","block_type":"box","text":"website. Additionally, we make public our regional proxy voting guidelines for the benefit of clients and the companies","page_number":231,"box":{"x":68,"y":98,"width":837,"height":11}},{"id":"7ba7273b-4e1a-4891-b866-f7107bf1ea9a","block_type":"box","text":"in which we invest on their behalf. We also publish commentaries to share our perspective on market developments","page_number":231,"box":{"x":70,"y":113,"width":825,"height":11}},{"id":"ae88b3bb-71f9-4ba7-830a-c28cb77207e7","block_type":"box","text":"and emerging key themes.","page_number":231,"box":{"x":69,"y":128,"width":187,"height":11}},{"id":"c67101f6-ef83-4521-82d8-12800e9ff6b7","block_type":"box","text":"At a more granular level, on a quar terly basis, we publish our vote record for each company that held a","page_number":231,"box":{"x":101,"y":150,"width":732,"height":12}},{"id":"b355df79-4ff7-40b1-904c-c094fb78f219","block_type":"box","text":"shareholder meeting during the period, showing how BIS voted on each proposal and providing our rationale for any","page_number":231,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"9169bd90-b13f-4c52-bdce-0995fe030936","block_type":"box","text":"votes against management proposals and on shareholder proposals. For shareholder meetings where a vote might","page_number":231,"box":{"x":68,"y":181,"width":819,"height":11}},{"id":"b06d2f90-9b60-425c-b10a-f70144c00bcd","block_type":"box","text":"be high profile or of significant interest to clients, we may publish a vote bulletin after the meeting, disclosing and","page_number":231,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"c107d84d-ffa1-4d55-91d1-db7a2c95f2fb","block_type":"box","text":"explaining our vote on key proposals. We also publish a quar terly list of all companies with which we engaged and the","page_number":231,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"a6f8ddc2-f2e9-4b57-9459-9cb1ebb858c7","block_type":"box","text":"key topics addressed in the engagement meeting.","page_number":231,"box":{"x":69,"y":226,"width":354,"height":11}},{"id":"8699c6b3-3e7a-4e6b-a547-3115f994266f","block_type":"box","text":"In this way, we help inform our clients about the work we do on their behalf in promoting the governance and","page_number":231,"box":{"x":102,"y":249,"width":772,"height":11}},{"id":"7c898efa-f601-408a-bc7f-bc089acddce8","block_type":"box","text":"business practices that suppor t durable, long-term financial value creation by companies.","page_number":231,"box":{"x":69,"y":264,"width":637,"height":11}},{"id":"bf6f4a41-8535-4e56-8bc6-90edfe2247f5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":231,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"c1450416-ebbd-4245-bcd7-031eaf6cd735","block_type":"box","text":"Global Principles | 17","page_number":231,"box":{"x":758,"y":942,"width":150,"height":13}},{"id":"ae09b9cc-aa3c-4605-8158-565f9c28596b","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":231,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"84cfacc0-dfbc-46de-8e0d-ec7059537dca","block_type":"box","text":"Want to know more?","page_number":232,"box":{"x":68,"y":731,"width":152,"height":9}},{"id":"dc01c8fe-c951-4143-bf33-88c66c0a3521","block_type":"box","text":"blackrock.com/stewardship | contactstewardship@blackrock.com","page_number":232,"box":{"x":69,"y":761,"width":464,"height":13}},{"id":"95d82fdb-67e3-488d-8347-099627f0923c","block_type":"box","text":"This document is provided for information and educational purposes only. Investing involves risk, including the loss of","page_number":232,"box":{"x":68,"y":792,"width":839,"height":11}},{"id":"dcbb24fa-484a-4047-b77f-6feba9f49a2d","block_type":"box","text":"principal.","page_number":232,"box":{"x":70,"y":807,"width":62,"height":11}},{"id":"30c4da8f-1beb-4487-a468-6669f3fb57c8","block_type":"box","text":"Prepared by BlackRock, Inc.","page_number":232,"box":{"x":69,"y":852,"width":196,"height":11}},{"id":"129b2828-7ca0-49c3-b9b8-28a3c1b025a1","block_type":"box","text":"©","page_number":232,"box":{"x":68,"y":883,"width":6,"height":4}},{"id":"9556e0d0-1cdc-49dc-84b8-1e7652fe93b8","block_type":"box","text":"2025 BlackRock, Inc. All rights reserved.","page_number":232,"box":{"x":75,"y":883,"width":291,"height":11}},{"id":"1b18054c-fcfa-4dcb-927d-5e0f69dd06e1","block_type":"box","text":"BLACKROCK","page_number":232,"box":{"x":373,"y":883,"width":92,"height":8}},{"id":"38ab620d-1567-4039-9ba1-604fdf7dd010","block_type":"box","text":"is a trademark of BlackRock, Inc., or its subsidiaries in the","page_number":232,"box":{"x":471,"y":882,"width":417,"height":11}},{"id":"dba6e32d-6cd4-4c9d-82cf-5b03da3113e1","block_type":"box","text":"United States and elsewhere. All other trademarks are those of their respective owners.","page_number":232,"box":{"x":70,"y":898,"width":624,"height":11}},{"id":"9f399775-10cc-40b3-afe8-1cce49883d70","block_type":"box","text":"BlackRock","page_number":232,"box":{"x":69,"y":943,"width":78,"height":9}},{"id":"b3b3785c-8ae0-4fca-8a9c-056b8f597c14","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"447b84a0-32da-4245-a24b-8acb9d3432a8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":233,"box":{"x":359,"y":45,"width":260,"height":11}},{"id":"ed84a011-0ccc-4225-b5c0-c88099dc2638","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines","page_number":233,"box":{"x":297,"y":67,"width":384,"height":11}},{"id":"1592969a-933d-4724-b8f3-653da92bbf35","block_type":"box","text":"Published July 2024","page_number":233,"box":{"x":416,"y":90,"width":146,"height":11}},{"id":"7ffd4108-c487-42ce-b355-104a15b87841","block_type":"box","text":"BlackRock","page_number":233,"box":{"x":102,"y":113,"width":78,"height":9}},{"id":"4d3fdf3d-50b8-4b44-8500-eb9a6e81ce76","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":233,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a18b53a3-fa51-4426-bbab-bc48673a5e40","block_type":"box","text":"BLACKROCK CLIMATE AND DECARBONIZATION STEWARDSHIP GUIDELINES","page_number":234,"box":{"x":208,"y":45,"width":557,"height":9}},{"id":"7c8cbd6c-ba0d-48a8-8366-322e9c7ffaf9","block_type":"box","text":"1","page_number":234,"box":{"x":766,"y":45,"width":5,"height":4}},{"id":"3e83d272-0aad-4296-84a7-f009de6adf76","block_type":"box","text":"Introduction to BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":75,"width":374,"height":11}},{"id":"0bc8ffe2-0776-4e1f-903b-86d7761e7e46","block_type":"box","text":"BlackRock’s clients depend on us to help them meet their varied investment goals. We consider it one of our","page_number":234,"box":{"x":102,"y":98,"width":776,"height":11}},{"id":"463a177c-d0ea-4820-8c61-69bc53c0251c","block_type":"box","text":"responsibilities to be an informed, engaged shareholder on their behalf, given the business decisions that companies","page_number":234,"box":{"x":69,"y":113,"width":839,"height":11}},{"id":"0450fffa-09e4-4fc1-86af-532af9419565","block_type":"box","text":"make have a direct impact on our clients’ long-term investment outcomes and financial well-being. BlackRock","page_number":234,"box":{"x":69,"y":128,"width":779,"height":11}},{"id":"a9b5800d-eeac-4f46-8b70-895e46171735","block_type":"box","text":"Investment Stewardship (BIS) is a dedicated function within BlackRock, which serves as a link between BlackRock’s","page_number":234,"box":{"x":70,"y":143,"width":826,"height":11}},{"id":"66f711e5-0134-485b-bccf-42fda8d7927d","block_type":"box","text":"clients and the companies we invest in on their behalf. BIS takes a long-term approach in our stewardship effor ts,","page_number":234,"box":{"x":69,"y":158,"width":814,"height":11}},{"id":"d0c4228f-71ec-4cfe-a356-56e02b2d1ec3","block_type":"box","text":"reflecting the investment horizons of the majority of our clients. BIS does this through:","page_number":234,"box":{"x":69,"y":173,"width":614,"height":11}},{"id":"70958639-da69-40f9-8c64-86f803e77043","block_type":"box","text":"1.","page_number":234,"box":{"x":70,"y":194,"width":11,"height":8}},{"id":"80eaf0d0-d47b-43c7-ae35-f27fbaa093e9","block_type":"box","text":"Engaging with companies","page_number":234,"box":{"x":102,"y":193,"width":186,"height":11}},{"id":"6f7b4313-9c50-4e6a-843e-92950d6cdf02","block_type":"box","text":"in a two-way dialogue to build our understanding of a company’s practices and inform","page_number":234,"box":{"x":294,"y":193,"width":606,"height":12}},{"id":"585ac6f2-f1dc-477e-b583-8b05df2ca165","block_type":"box","text":"our voting decisions.","page_number":234,"box":{"x":102,"y":209,"width":145,"height":11}},{"id":"e5e8adcd-bc87-4d2e-b46d-60ec85cb1dd0","block_type":"box","text":"2.","page_number":234,"box":{"x":69,"y":229,"width":12,"height":8}},{"id":"e8bfc533-06e1-409b-9a20-494c281d5b1c","block_type":"box","text":"Voting at shareholder meetings","page_number":234,"box":{"x":101,"y":229,"width":228,"height":11}},{"id":"ed2f6ba9-5fb4-4a3c-985c-6bbe11ba4d9e","block_type":"box","text":"on management and shareholder proposals on behalf of clients who have","page_number":234,"box":{"x":335,"y":229,"width":524,"height":11}},{"id":"d98b5613-5790-4e1f-b094-d262e4bf7192","block_type":"box","text":"delegated voting authority to BlackRock.","page_number":234,"box":{"x":101,"y":244,"width":284,"height":11}},{"id":"77ad34a7-707c-4fdc-baed-97f5d687d5e9","block_type":"box","text":"3.","page_number":234,"box":{"x":69,"y":264,"width":12,"height":9}},{"id":"1bed5bd4-c84a-408e-a59f-4f634b691dd1","block_type":"box","text":"Contributing to industry dialogue on stewardship","page_number":234,"box":{"x":101,"y":264,"width":356,"height":11}},{"id":"e57e310b-6e8f-437b-a02d-9d3d12ca2ed5","block_type":"box","text":"to share our perspectives on matters that may impact our","page_number":234,"box":{"x":462,"y":264,"width":412,"height":11}},{"id":"ceb1df3a-62ea-41a6-a1ac-8e0d48a7863b","block_type":"box","text":"clients’ investments.","page_number":234,"box":{"x":101,"y":279,"width":147,"height":9}},{"id":"54fdbeba-8957-4290-8d54-38fa0486c075","block_type":"box","text":"4.","page_number":234,"box":{"x":69,"y":299,"width":12,"height":9}},{"id":"2a01777e-7ffa-40e3-b0ef-ce8976113a63","block_type":"box","text":"Reporting on our activities","page_number":234,"box":{"x":102,"y":299,"width":193,"height":11}},{"id":"2ef4b088-aa3e-4fe9-a0e4-bf6183402531","block_type":"box","text":"to inform clients about our stewardship effor ts on their behalf through a range of","page_number":234,"box":{"x":301,"y":299,"width":579,"height":11}},{"id":"4e52c0fd-3958-4e5a-bf4c-eb8329c9896a","block_type":"box","text":"publications and direct repor ting.","page_number":234,"box":{"x":102,"y":314,"width":234,"height":12}},{"id":"707b99c3-b6d3-470b-baf7-6ba4444b2d1b","block_type":"box","text":"Stewardship for clients with investment objectives relating to the low-carbon transition","page_number":234,"box":{"x":68,"y":345,"width":638,"height":11}},{"id":"08178dd2-7ff5-4540-bfee-0f35d0343ddf","block_type":"box","text":"2","page_number":234,"box":{"x":707,"y":345,"width":4,"height":4}},{"id":"9df3d85d-1ce2-468c-b280-65bb0f7888dc","block_type":"box","text":"BlackRock offers a wide range of investment products and funds to suppor t our clients’ unique and varied","page_number":234,"box":{"x":102,"y":367,"width":755,"height":11}},{"id":"ed4e9312-4e04-41c0-bdd8-d2cb59560b48","block_type":"box","text":"investment objectives, and in February 2024, BlackRock announced it would be launching a new decarbonization","page_number":234,"box":{"x":70,"y":382,"width":803,"height":12}},{"id":"bd3e6f0d-5d7a-4396-b048-9c4d41495f7c","block_type":"box","text":"stewardship option for those clients who explicitly direct BlackRock to invest their assets with decarbonization","page_number":234,"box":{"x":69,"y":397,"width":783,"height":12}},{"id":"22eab64e-9491-493b-8117-279775a58a45","block_type":"box","text":"investment objectives. An increasing number of clients are seeking to minimize the financial risk, and maximize the","page_number":234,"box":{"x":70,"y":412,"width":820,"height":12}},{"id":"78112986-e69f-4943-a844-5e92e9fad0e1","block_type":"box","text":"financial oppor tunities, associated with the transition to a low-carbon economy, and thus are interested in","page_number":234,"box":{"x":68,"y":428,"width":755,"height":11}},{"id":"aeb16ac0-26bb-4dd9-a6fb-f4a2d1051113","block_type":"box","text":"sustainable and transition investing, with some including decarbonization as an investment objective in their","page_number":234,"box":{"x":69,"y":443,"width":772,"height":11}},{"id":"ed74da04-e686-47ec-9a72-d392fd96810b","block_type":"box","text":"mandates with BlackRock. In Europe for example, all of our largest, strategic relationship clients have net zero","page_number":234,"box":{"x":69,"y":458,"width":787,"height":11}},{"id":"001d4622-6741-4d71-829f-c90c77047de0","block_type":"box","text":"commitments for their organizations, and globally a growing number have made similar commitments, which those","page_number":234,"box":{"x":69,"y":473,"width":815,"height":11}},{"id":"f6d79aa0-0903-431d-9277-f71439c4b507","block_type":"box","text":"clients believe, will shape financial oppor tunities in the transition to a low-carbon economy. A survey of 200","page_number":234,"box":{"x":69,"y":488,"width":767,"height":11}},{"id":"7378b119-aac6-4b8d-8ed3-f247633fdeeb","block_type":"box","text":"institutional investors globally, representing nearly $9tn in assets under management, indicated that 98% of them","page_number":234,"box":{"x":70,"y":503,"width":810,"height":12}},{"id":"81b4bf92-6564-45b8-b35f-34952e409386","block_type":"box","text":"have set some kind of transition investment objective for their por tfolios.","page_number":234,"box":{"x":69,"y":518,"width":518,"height":11}},{"id":"17b107a0-d04d-485d-8133-f8b6d0680efb","block_type":"box","text":"3","page_number":234,"box":{"x":589,"y":519,"width":4,"height":4}},{"id":"867e8c43-a281-4293-a2df-25bd19d8e57c","block_type":"box","text":"These guidelines set out BIS’ approach to voting at companies’ shareholder meetings on behalf of funds with","page_number":234,"box":{"x":101,"y":541,"width":780,"height":11}},{"id":"a7b4ed56-9249-4331-947e-0917b906af08","block_type":"box","text":"explicit decarbonization or climate-related investment objectives,","page_number":234,"box":{"x":69,"y":556,"width":458,"height":11}},{"id":"550c4b76-bb3e-49e5-8909-38f99dc77482","block_type":"box","text":"4","page_number":234,"box":{"x":529,"y":557,"width":4,"height":4}},{"id":"f1ccea51-0b6e-45f7-89c8-d0ab7b4a377c","block_type":"box","text":"and, when appropriate, engagement with corporate","page_number":234,"box":{"x":539,"y":556,"width":362,"height":11}},{"id":"9a49880f-3cc4-45b5-8732-fc611a9ebbad","block_type":"box","text":"leadership to suppor t our voting on clients’ behalf. In addition, clients in separately managed accounts may instruct","page_number":234,"box":{"x":70,"y":571,"width":825,"height":12}},{"id":"6da3c965-d9d3-40eb-8933-deecd2baab40","block_type":"box","text":"BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed accounts,","page_number":234,"box":{"x":70,"y":586,"width":819,"height":12}},{"id":"e2b145f0-981d-464c-98b0-515b781d862f","block_type":"box","text":"these guidelines are only implemented upon explicit selection and approval by the applicable fund board or client.","page_number":234,"box":{"x":68,"y":601,"width":810,"height":12}},{"id":"452ca542-28bc-47c2-b480-fa57260482d4","block_type":"box","text":"1","page_number":234,"box":{"x":69,"y":654,"width":4,"height":4}},{"id":"99a05673-42a1-4fc0-9ef8-0f8c70966482","block_type":"box","text":"We have heard from a growing number of clients globally that they have made, or are planning to make,","page_number":234,"box":{"x":78,"y":653,"width":737,"height":12}},{"id":"8f4f3855-d78b-4df3-aec2-5c520cb101af","block_type":"box","text":"commitments to align their investment strategies with the transition to a low-carbon economy. This stewardship","page_number":234,"box":{"x":69,"y":669,"width":793,"height":11}},{"id":"6bdb85b0-6982-4781-ae91-9626de8e929a","block_type":"box","text":"option helps those clients meet their climate and decarbonization investment objectives and is par t of BlackRock’s","page_number":234,"box":{"x":69,"y":684,"width":820,"height":11}},{"id":"8d078d32-2e58-48a9-be27-a82e748c0bd3","block_type":"box","text":"commitment to offer clients choice.","page_number":234,"box":{"x":69,"y":699,"width":252,"height":9}},{"id":"12b0d28c-7aa7-40c4-91b3-163d56cf7b19","block_type":"box","text":"2","page_number":234,"box":{"x":69,"y":717,"width":4,"height":4}},{"id":"a75a20c0-3e31-4054-8553-1b892fa4a98e","block_type":"box","text":"Key climate, decarbonization and low-carbon transition related terms used in these guidelines are explained in","page_number":234,"box":{"x":79,"y":717,"width":785,"height":11}},{"id":"d4c7f69e-ac45-4e4a-b21d-c9a4ff48ddc9","block_type":"box","text":"appendix 1.","page_number":234,"box":{"x":69,"y":732,"width":81,"height":10}},{"id":"7d3bba49-2e00-4697-b038-4b4672906790","block_type":"box","text":"3","page_number":234,"box":{"x":69,"y":750,"width":4,"height":4}},{"id":"a141bfb3-b8c7-4f41-8779-e025f4cc8613","block_type":"box","text":"To help inform the choices BlackRock offers our clients, in June 2023 we commissioned iResearch Services, an","page_number":234,"box":{"x":78,"y":749,"width":800,"height":11}},{"id":"c2392a1e-d247-4fdc-930e-2eabe241aacb","block_type":"box","text":"independent third-par ty research consultancy, to conduct a market survey on our behalf. The survey sought to better","page_number":234,"box":{"x":70,"y":764,"width":829,"height":12}},{"id":"32acf281-ad6a-490c-877f-ed55fe177144","block_type":"box","text":"understand institutions’ needs and preferences related to investing in the low-carbon transition.","page_number":234,"box":{"x":69,"y":779,"width":682,"height":12}},{"id":"7a01f224-5929-466d-bdd4-a42468607542","block_type":"box","text":"4","page_number":234,"box":{"x":69,"y":797,"width":4,"height":5}},{"id":"e7470b5e-6fdd-472a-a63b-4479520eb2bc","block_type":"box","text":"A list of approved funds is on BlackRock’s website here.","page_number":234,"box":{"x":78,"y":797,"width":401,"height":11}},{"id":"9aa530ad-1077-40f6-8bae-3cbc4c9f5ca5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":234,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3db226ac-f0a0-4ce1-bc1f-4a1c2a07fc68","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 2","page_number":234,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"94af1671-1ea9-4185-bd3c-8fc372933c16","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":234,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c586805c-d422-475d-b7aa-169f4082330e","block_type":"box","text":"These guidelines should be read in conjunction with BIS’ benchmark policies","page_number":235,"box":{"x":101,"y":45,"width":545,"height":11}},{"id":"b933cbd3-7e67-4d6b-b253-c97a51844234","block_type":"box","text":"5","page_number":235,"box":{"x":648,"y":45,"width":4,"height":4}},{"id":"99842b78-2186-49a5-8d9f-119a7f71d930","block_type":"box","text":"and are focused on matters","page_number":235,"box":{"x":658,"y":45,"width":196,"height":9}},{"id":"1e1e55fc-6b9d-4a82-b1dd-bab5a24ef6bd","block_type":"box","text":"related to climate risks and the transition to a low-carbon economy at companies that are held by funds and clients","page_number":235,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"20c21458-ad9e-4000-a15a-efd46dbd3ae3","block_type":"box","text":"who have selected these guidelines. These guidelines differ from the benchmark policies in that they consider, in","page_number":235,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"7e3b4936-2a48-429d-8002-aba4312a80ea","block_type":"box","text":"addition to financial considerations and consistent with the investment objective of each fund or account that has","page_number":235,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"a290f9aa-0ca7-4de6-9195-9596d9999ef9","block_type":"box","text":"selected these guidelines, the alignment of companies’ business model and strategies with the financial","page_number":235,"box":{"x":69,"y":105,"width":745,"height":11}},{"id":"80a9f84e-6d75-4ada-b16e-ed8a5017add1","block_type":"box","text":"oppor tunities presented by the transition to a low-carbon economy and the more ambitious goal of the Paris","page_number":235,"box":{"x":69,"y":120,"width":768,"height":12}},{"id":"73fea3da-c12a-4e41-a9f8-d28365c3bacf","block_type":"box","text":"Agreement,","page_number":235,"box":{"x":68,"y":136,"width":80,"height":11}},{"id":"f203ca15-2d04-482b-b843-927ca0c676cd","block_type":"box","text":"6","page_number":235,"box":{"x":150,"y":136,"width":4,"height":4}},{"id":"9715136f-4a22-4f23-8fbf-516c4073d7c1","block_type":"box","text":"namely to limit average temperature rise to 1.5°C above pre-industrial levels.","page_number":235,"box":{"x":161,"y":135,"width":546,"height":12}},{"id":"b8f81431-47a2-4a02-b01b-b481cde990f6","block_type":"box","text":"These guidelines will apply to companies which produce goods and services that contribute to real world","page_number":235,"box":{"x":101,"y":158,"width":744,"height":11}},{"id":"85a9cfe3-dd02-4fc4-b27c-9e62365be7c5","block_type":"box","text":"decarbonization or have a carbon intensive business model and face outsized impacts from the low-carbon transition,","page_number":235,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"87b3a07f-1638-4cd3-b365-87fe19449dd3","block_type":"box","text":"based on repor ted and estimated scopes 1, 2, and 3 greenhouse gas emissions.","page_number":235,"box":{"x":69,"y":188,"width":581,"height":12}},{"id":"19631324-a54f-4417-ad33-2f21c91b46f7","block_type":"box","text":"7","page_number":235,"box":{"x":652,"y":189,"width":4,"height":4}},{"id":"3e14c675-e4e4-415b-ae99-e384147d1d8b","block_type":"box","text":"We estimate these companies","page_number":235,"box":{"x":661,"y":188,"width":216,"height":11}},{"id":"ddf3a731-0b60-4218-afff-352f751c4727","block_type":"box","text":"represent the vast majority of the value chain emissions of the companies held by funds and clients that have","page_number":235,"box":{"x":69,"y":203,"width":784,"height":12}},{"id":"3b57c993-8e6b-4645-af6a-8ca5af99fd56","block_type":"box","text":"selected these guidelines. For all other companies held by these funds and clients, BIS’ benchmark voting guidelines","page_number":235,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"1b4bdc7c-f6d3-49f0-8748-e19c1f50d556","block_type":"box","text":"apply.","page_number":235,"box":{"x":69,"y":234,"width":39,"height":11}},{"id":"6c27fd3d-13aa-4b4e-9719-4c5a9f34b078","block_type":"box","text":"On other matters not related to climate risks and the transition to a low-carbon economy, BIS will apply our","page_number":235,"box":{"x":102,"y":256,"width":760,"height":11}},{"id":"21504ab0-f0c7-4e64-b1ec-567f230dca6e","block_type":"box","text":"benchmark policies.","page_number":235,"box":{"x":69,"y":272,"width":141,"height":10}},{"id":"204616da-54a7-407b-b09e-d472d297bbc3","block_type":"box","text":"For clients who have not directed BlackRock to prioritize climate risks and decarbonization as an investment","page_number":235,"box":{"x":102,"y":294,"width":770,"height":11}},{"id":"e8914494-adfb-4af0-953f-fd991a0583ed","block_type":"box","text":"objective, BIS will continue to under take our stewardship responsibilities in line with our benchmark policies, with a","page_number":235,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"1bff7625-1b9a-47b1-a589-e4e2f04d42be","block_type":"box","text":"sole focus on advancing those clients’ long-term economic interests. This will include consideration of climate-related","page_number":235,"box":{"x":69,"y":324,"width":836,"height":12}},{"id":"c8bac00f-b52e-4657-974a-6101e5d201ac","block_type":"box","text":"risks and oppor tunities in a company’s business model, where material to the company’s ability to deliver long-term","page_number":235,"box":{"x":69,"y":340,"width":826,"height":11}},{"id":"8263d371-e651-4dc4-81f6-7852e5f442bb","block_type":"box","text":"financial returns.","page_number":235,"box":{"x":68,"y":355,"width":119,"height":9}},{"id":"5856dbb3-50c8-4bec-8108-04ee06ee4345","block_type":"box","text":"Please see appendix 2, which sets out the key differences between the BIS benchmark and decarbonization","page_number":235,"box":{"x":102,"y":377,"width":769,"height":11}},{"id":"e3092697-f8bc-4667-ac86-ab8943bd59e8","block_type":"box","text":"policies on items related to climate risk and the transition to a low-carbon economy.","page_number":235,"box":{"x":70,"y":393,"width":595,"height":11}},{"id":"65faa30e-20f6-40cd-be8d-2cc966c231f0","block_type":"box","text":"5","page_number":235,"box":{"x":69,"y":437,"width":4,"height":5}},{"id":"5714d0c1-fdb8-4858-a397-b9b837090197","block_type":"box","text":"BIS’ benchmark policies set out the core elements of corporate governance that guide our investment stewardship","page_number":235,"box":{"x":79,"y":437,"width":817,"height":11}},{"id":"0e471c38-d36f-492f-a294-ef24641ff149","block_type":"box","text":"effor ts globally and within each market, including when engaging with companies and voting at shareholder meetings.","page_number":235,"box":{"x":69,"y":452,"width":837,"height":11}},{"id":"26db1142-cb00-4931-926b-1e34f56ebaec","block_type":"box","text":"They are anchored in our Global Principles, which set out cer tain globally applicable fundamental elements of","page_number":235,"box":{"x":68,"y":467,"width":780,"height":11}},{"id":"c7c7a98a-6916-4b2f-b42b-a5e3fa3f1459","block_type":"box","text":"governance that contribute to a company’s ability to create long-term financial value, anchored in transparency and","page_number":235,"box":{"x":68,"y":482,"width":819,"height":11}},{"id":"19beb30c-d6e3-4cb3-af84-83d06bbc6354","block_type":"box","text":"accountability. They also include our regional and market-specific voting guidelines, which explain how the Principles","page_number":235,"box":{"x":69,"y":497,"width":825,"height":11}},{"id":"118e1adf-de61-4d25-a668-1b88f416f551","block_type":"box","text":"inform our voting decisions in relation to common ballot items for shareholder meetings in those markets. We publish","page_number":235,"box":{"x":70,"y":512,"width":837,"height":12}},{"id":"9f9c3c95-4bf5-4f06-83f2-2c9c7edd005e","block_type":"box","text":"our engagement priorities which reflect the five themes on which we most frequently engage companies, where they","page_number":235,"box":{"x":69,"y":527,"width":826,"height":12}},{"id":"d75dee3c-7f24-4dc5-90e8-be442e403eea","block_type":"box","text":"are relevant, as these can be a source of material business risk or oppor tunity. The BIS policies are applied on a","page_number":235,"box":{"x":69,"y":542,"width":805,"height":12}},{"id":"f0735e61-41c5-460c-9715-e28b3306e544","block_type":"box","text":"case-by-case basis, taking into consideration the context within which a company is operating. They are reviewed","page_number":235,"box":{"x":69,"y":558,"width":802,"height":11}},{"id":"3b9df7f7-eb94-4bcd-bfc4-2c85a0a4050c","block_type":"box","text":"annually and updated as necessary to reflect market developments and feedback from clients and companies.","page_number":235,"box":{"x":69,"y":573,"width":788,"height":11}},{"id":"bdbe3b3f-d151-4974-84d2-5f3cd524a3e9","block_type":"box","text":"6","page_number":235,"box":{"x":69,"y":591,"width":4,"height":4}},{"id":"0bdb7eaf-3763-4f7e-8d03-11e54bd49eb9","block_type":"box","text":"The Paris Agreement to the United Nations Framework Convention on Climate Change, December 12, 2015.","page_number":235,"box":{"x":78,"y":591,"width":770,"height":11}},{"id":"f1fc9a03-e74b-48a8-a72a-044dd8f785aa","block_type":"box","text":"7","page_number":235,"box":{"x":69,"y":609,"width":4,"height":4}},{"id":"fbeaf773-4374-4c44-89dd-3202e8a01ab8","block_type":"box","text":"These companies may already be low-carbon operators, or be demonstrating momentum in reducing emissions in","page_number":235,"box":{"x":78,"y":608,"width":808,"height":11}},{"id":"8dcc0487-c122-466c-9610-cbce325a2d11","block_type":"box","text":"their operations, providing key inputs or goods and services that suppor t real world decarbonization, or pivoting their","page_number":235,"box":{"x":68,"y":623,"width":832,"height":11}},{"id":"56fa07dc-982a-41f5-a0cd-1d5a32e3cb84","block_type":"box","text":"current business model to contribute to the transition to the low-carbon economy.","page_number":235,"box":{"x":69,"y":639,"width":579,"height":10}},{"id":"8d73f707-4d9c-4c4e-965a-09ad64843b76","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"381a12e8-e28d-40bf-8575-0eeb94b09c86","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 3","page_number":235,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"4e470ba4-ac2c-4f4b-a180-9f5c89b6b5b7","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4b554cd1-f366-4ac1-ab2a-3cd69c8a8247","block_type":"box","text":"UNDERSTANDING THE INVESTMENT IMPLICATIONS OF THE TRANSITION TO A LOW-CARBON ECONOMY","page_number":236,"box":{"x":111,"y":45,"width":757,"height":9}},{"id":"8d68211d-1c3a-4dda-8177-bdd92fcb9e98","block_type":"box","text":"Research from the BlackRock Investment Institute (BII) highlights that changing government policy, technology,","page_number":236,"box":{"x":102,"y":67,"width":785,"height":12}},{"id":"4b1e65bd-1c81-4c44-878d-e89c458e4428","block_type":"box","text":"and consumer and investor preferences are driving the transition to a low-carbon economy, but these forces are","page_number":236,"box":{"x":69,"y":82,"width":796,"height":12}},{"id":"2af626c6-ddaf-4f9a-82d0-74f532b22339","block_type":"box","text":"moving at uneven speeds across sectors and regions. For example—some technologies like renewable power are","page_number":236,"box":{"x":69,"y":98,"width":810,"height":11}},{"id":"7cff10b1-c192-4663-9cf6-6670b0195823","block_type":"box","text":"already being deployed at scale in some regions, while in other sectors and regions less cost-effective low-carbon","page_number":236,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"9afce865-fca9-4b8c-83cd-27a8a60eecc3","block_type":"box","text":"alternatives exist. We have heard from cer tain clients that they see the low-carbon transition as a series of shifts","page_number":236,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"afe297c6-d696-4d57-b779-d43f49bcb2f8","block_type":"box","text":"over decades that will reshape production and consumption, spur significant capital investment and create risks,","page_number":236,"box":{"x":69,"y":143,"width":804,"height":11}},{"id":"f86c788d-1a32-4dcf-ae9e-d8a22559a3eb","block_type":"box","text":"oppor tunities and a wider range of financial and competitive outcomes for companies.","page_number":236,"box":{"x":69,"y":158,"width":612,"height":11}},{"id":"86bc8edf-79a5-46d7-8784-04835c3fcddc","block_type":"box","text":"For clients interested in investing in the transition to a low-carbon economy and understanding its corresponding","page_number":236,"box":{"x":102,"y":181,"width":800,"height":11}},{"id":"0424b541-fb73-474e-8e88-30d3d0e86fdb","block_type":"box","text":"risks and oppor tunities, we have developed the BlackRock Investment Institute Transition Scenario (BIITS), powered","page_number":236,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"aa115bca-718f-4f6e-8cbe-b94de5b1bf9a","block_type":"box","text":"by Aladdin","page_number":236,"box":{"x":69,"y":211,"width":71,"height":11}},{"id":"fcbd22d1-bd0f-48b4-86ff-d0f21223dad4","block_type":"box","text":"®","page_number":236,"box":{"x":141,"y":211,"width":6,"height":5}},{"id":"ea74cf1d-7a3e-46f1-b763-71b09f3ff245","block_type":"box","text":"technology. BIITS is a research-based, analytical forecast of how the low-carbon transition is most likely to","page_number":236,"box":{"x":152,"y":211,"width":756,"height":11}},{"id":"1bfb2c6d-eff0-410a-b45d-ff672a6d2150","block_type":"box","text":"play out based on what we know and expect today. It can help inform a top-down assessment of a company’s","page_number":236,"box":{"x":70,"y":226,"width":778,"height":11}},{"id":"bbaacede-4d24-45d8-abec-e60c835eb139","block_type":"box","text":"business risk arising from the transition. BII based its key assumptions on rigorous research, and the input of","page_number":236,"box":{"x":69,"y":241,"width":785,"height":11}},{"id":"9a75767e-b1bb-41b9-b284-98befe194acb","block_type":"box","text":"BlackRock’s por tfolio managers and other exper ts.","page_number":236,"box":{"x":70,"y":256,"width":361,"height":12}},{"id":"a0bc31e7-f9fd-457a-b6b6-696535838921","block_type":"box","text":"For client assets with explicit investment objectives related to the transition to a low-carbon economy, BIS will","page_number":236,"box":{"x":102,"y":279,"width":779,"height":11}},{"id":"9f44c8df-79a3-42bb-a94b-14ef462cd869","block_type":"box","text":"draw on the insights generated by BIITS and Aladdin","page_number":236,"box":{"x":69,"y":294,"width":370,"height":11}},{"id":"952b653b-824f-40bb-af8b-62704969ebe5","block_type":"box","text":"®","page_number":236,"box":{"x":440,"y":294,"width":6,"height":5}},{"id":"1df678ae-25cd-469d-a63d-f4531368c8b6","block_type":"box","text":"Climate,","page_number":236,"box":{"x":451,"y":294,"width":57,"height":11}},{"id":"f227d560-1760-41cd-8d01-71c5affb8b8c","block_type":"box","text":"8","page_number":236,"box":{"x":510,"y":294,"width":4,"height":5}},{"id":"1e81b166-8440-48a2-ab93-71715d4dc6cf","block_type":"box","text":"as well as our own analysis and engagement, in","page_number":236,"box":{"x":520,"y":294,"width":340,"height":11}},{"id":"3da11dd9-9557-4543-a3ec-296dd611b05c","block_type":"box","text":"applying these guidelines. In doing so, we will take into consideration the fact that the necessary data to assess","page_number":236,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"6988ba78-f28a-423b-9d0e-31730719af0d","block_type":"box","text":"individual companies currently has limitations, but is improving as a result of disclosure requirements in an","page_number":236,"box":{"x":70,"y":324,"width":764,"height":12}},{"id":"7b32c1b5-7ebf-4a86-b32c-138f48cd4d3d","block_type":"box","text":"increasing number of jurisdictions.","page_number":236,"box":{"x":70,"y":339,"width":243,"height":12}},{"id":"7c399836-4e50-43bd-858b-217100734a41","block_type":"box","text":"DECARBONIZATION STEWARDSHIP GUIDELINES DESIGN PRINCIPLES","page_number":236,"box":{"x":236,"y":370,"width":507,"height":9}},{"id":"720a6177-0d7f-4b96-9946-c4f75da6d404","block_type":"box","text":"The framework of these guidelines is designed to:","page_number":236,"box":{"x":101,"y":392,"width":354,"height":12}},{"id":"56f3f81c-8887-470c-bf7c-92bc1ad18a09","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":415,"width":6,"height":5}},{"id":"876c0285-86c2-475a-a1d1-0a8280d3946b","block_type":"box","text":"Prioritize sectors and companies that are critical to the transition to a low-carbon economy:","page_number":236,"box":{"x":102,"y":413,"width":671,"height":11}},{"id":"a5153dec-78af-43bb-ae3a-652ab81163d6","block_type":"box","text":"This includes","page_number":236,"box":{"x":779,"y":413,"width":93,"height":9}},{"id":"6398d6d4-0de5-471f-9151-ffc7aa9affcf","block_type":"box","text":"companies which produce goods and services that contribute to real world decarbonization or have a carbon","page_number":236,"box":{"x":101,"y":428,"width":772,"height":11}},{"id":"f95cac87-f087-43c0-ac3f-618e77acf4b9","block_type":"box","text":"intensive business model and face outsized impacts from the low-carbon transition.","page_number":236,"box":{"x":102,"y":443,"width":594,"height":11}},{"id":"fba12243-e109-4a2b-ae7e-6aaa9e4ac7c7","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":466,"width":6,"height":4}},{"id":"62883955-6a16-40e0-bb2d-3087d8f50e7e","block_type":"box","text":"Apply a sectoral approach to our analysis that acknowledges the unevenness of the low-carbon transition","page_number":236,"box":{"x":101,"y":463,"width":770,"height":11}},{"id":"92aa9e17-330c-43df-af3c-1b3d348fa2b2","block_type":"box","text":"across sectors and markets:","page_number":236,"box":{"x":101,"y":478,"width":208,"height":9}},{"id":"1ce7d77c-6441-4896-b5e0-1b85351358c4","block_type":"box","text":"We take into consideration the varying speeds at which sectors and markets can","page_number":236,"box":{"x":315,"y":478,"width":575,"height":11}},{"id":"0d9ab4ee-60d0-4e63-b738-8cf6730818d4","block_type":"box","text":"decarbonize based on technological feasibility, consumer demand, government policy, regulatory frameworks and","page_number":236,"box":{"x":101,"y":493,"width":804,"height":11}},{"id":"cfdd29a8-bdb0-4bf7-b294-52fbcc3c93cf","block_type":"box","text":"other factors. Fur ther, we recognize that these factors are uncer tain and dynamic, which will require that we","page_number":236,"box":{"x":102,"y":508,"width":768,"height":12}},{"id":"ab3c19ce-c110-497c-aee7-3d3b9dc6a454","block_type":"box","text":"evolve our approach as necessary.","page_number":236,"box":{"x":101,"y":524,"width":246,"height":11}},{"id":"6c8adb2e-55b2-4037-ae30-fd9d33b43a0e","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":546,"width":6,"height":5}},{"id":"7e78ef2b-3e5e-406f-8d50-505a0fab3f6e","block_type":"box","text":"Take a long-term, pragmatic approach that favors a transition that minimizes disruption to companies and","page_number":236,"box":{"x":101,"y":544,"width":773,"height":11}},{"id":"cf3233de-ac4d-4559-b754-0489e1bc1293","block_type":"box","text":"their key stakeholders:","page_number":236,"box":{"x":101,"y":559,"width":167,"height":11}},{"id":"69ba2310-d665-4ca5-9066-eab6d9adc0a2","block_type":"box","text":"Our approach recognizes the challenges that many companies face in adapting their","page_number":236,"box":{"x":275,"y":559,"width":598,"height":11}},{"id":"5b7cdd21-0744-433a-9bd6-09eb153b92a0","block_type":"box","text":"business models. It is premised on the views of interested clients that a transition where companies adapt and","page_number":236,"box":{"x":102,"y":574,"width":794,"height":11}},{"id":"268c8e7b-bba1-49be-8395-ccf3d06f7f73","block_type":"box","text":"continue to deliver financial returns throughout, is a better long-term investment outcome for them, and less","page_number":236,"box":{"x":101,"y":589,"width":773,"height":11}},{"id":"d05a9eb7-816d-4820-b31f-d716323ecd71","block_type":"box","text":"disruptive to a company’s other key stakeholders, than a transition that is uneven. Fur ther, we consider the","page_number":236,"box":{"x":101,"y":604,"width":767,"height":11}},{"id":"7af57337-24aa-46dd-9970-08550c84efbc","block_type":"box","text":"differences between the actions and outcomes over which company management has influence, and those it","page_number":236,"box":{"x":101,"y":619,"width":778,"height":11}},{"id":"c96c2807-0b5d-4df8-9d2f-e1a320fd13ed","block_type":"box","text":"does not.","page_number":236,"box":{"x":101,"y":634,"width":66,"height":9}},{"id":"72e66903-51b5-4e84-b6f8-eff5c7944fc8","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":657,"width":6,"height":5}},{"id":"82d8ef80-7cfd-4d95-b689-cf83d87b9221","block_type":"box","text":"Focus on useful, contextualized disclosures that help inform investors views, while recognizing data","page_number":236,"box":{"x":102,"y":654,"width":729,"height":12}},{"id":"a39b5db2-2c01-43f6-b07a-526a9a7114a5","block_type":"box","text":"limitations:","page_number":236,"box":{"x":102,"y":670,"width":80,"height":9}},{"id":"00f66ad0-a382-4c06-8add-da6af7f7e75f","block_type":"box","text":"The policy will seek disclosures that outline key milestones and dependencies underpinning the","page_number":236,"box":{"x":188,"y":670,"width":681,"height":11}},{"id":"14b838e9-5903-4f27-a298-fd72a3560a82","block_type":"box","text":"company’s low-carbon transition strategy; explain the trade-offs required to adapt the business model; and","page_number":236,"box":{"x":101,"y":685,"width":760,"height":11}},{"id":"51ec6f97-517a-4d81-bbbe-e0657f45a306","block_type":"box","text":"include relevant data and narrative.","page_number":236,"box":{"x":102,"y":700,"width":250,"height":9}},{"id":"b36c3fde-f81e-4c08-bde3-4c1f6a1a5c48","block_type":"box","text":"•","page_number":236,"box":{"x":69,"y":723,"width":6,"height":4}},{"id":"d2eb2bd3-847b-4f5f-bd0d-f8e9d151990a","block_type":"box","text":"Be consistent with our position as a minority investor on behalf of our clients:","page_number":236,"box":{"x":102,"y":720,"width":566,"height":11}},{"id":"67b6a430-ad84-41b7-9988-aba3063ddff4","block_type":"box","text":"The boards and executive","page_number":236,"box":{"x":675,"y":720,"width":181,"height":9}},{"id":"d3d00afa-63ac-4283-aa67-f1510d7a2f1a","block_type":"box","text":"leadership of companies determine a company’s strategy and its implementation. We make decisions on how to","page_number":236,"box":{"x":102,"y":735,"width":800,"height":11}},{"id":"e88a541a-6efd-471e-87a1-c819581f0620","block_type":"box","text":"engage companies and vote proxies independently, based on our professional judgment of the priorities and","page_number":236,"box":{"x":101,"y":750,"width":770,"height":11}},{"id":"b99b1e93-583e-4c92-8762-6db752275835","block_type":"box","text":"outcomes most aligned with clients’ investment objectives.","page_number":236,"box":{"x":102,"y":766,"width":419,"height":11}},{"id":"d8ac1368-d6df-42f9-8f77-e3683f861349","block_type":"box","text":"8","page_number":236,"box":{"x":69,"y":795,"width":4,"height":4}},{"id":"cf3119ac-90fb-44f8-9961-54ec6452186e","block_type":"box","text":"Aladdin","page_number":236,"box":{"x":78,"y":795,"width":51,"height":8}},{"id":"714142b3-92c3-43fd-b5eb-93ab23e819bb","block_type":"box","text":"®","page_number":236,"box":{"x":130,"y":795,"width":6,"height":4}},{"id":"42a54b1f-032a-4118-ac00-65ad3fdbe3ec","block_type":"box","text":"Climate is a suite of climate analytics including forward-looking scenario analysis and net zero alignment","page_number":236,"box":{"x":142,"y":794,"width":745,"height":12}},{"id":"bb528fb0-4f37-4827-9522-a5abd9747bc4","block_type":"box","text":"analytics. 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This would normally mean that they have a long-term","page_number":237,"box":{"x":101,"y":231,"width":759,"height":11}},{"id":"846de169-81be-45c4-9b3c-fee972647fe3","block_type":"box","text":"strategy to achieve net-zero greenhouse gas (GHG) emissions by 2050, with appropriate near- and medium-term","page_number":237,"box":{"x":102,"y":246,"width":797,"height":11}},{"id":"f837d0d6-1978-4f36-956b-557f04556744","block_type":"box","text":"milestones to assess their progress.","page_number":237,"box":{"x":102,"y":262,"width":260,"height":11}},{"id":"4d8d0bc0-e6f7-485b-8ce2-d5eea1108449","block_type":"box","text":"(2) low-carbon transition-related repor ting consistent with the standards developed by the International Sustainability","page_number":237,"box":{"x":69,"y":282,"width":840,"height":11}},{"id":"c9d31aa2-4b77-409a-894c-78f0e0d5e49a","block_type":"box","text":"Standards Board (ISSB).","page_number":237,"box":{"x":102,"y":297,"width":172,"height":11}},{"id":"285f159c-ad19-4486-8888-00385e68d994","block_type":"box","text":"11","page_number":237,"box":{"x":276,"y":297,"width":9,"height":4}},{"id":"23d7d3e4-4e09-4c08-bfa3-316306b573f7","block_type":"box","text":"IFRS S1 addresses the general requirements of sustainability repor ting and IFRS S2","page_number":237,"box":{"x":291,"y":297,"width":600,"height":11}},{"id":"ce6b3d0d-7f26-460b-ae46-b33b224528fc","block_type":"box","text":"sets out the disclosures that would provide investors with decision-useful information about a company’s most","page_number":237,"box":{"x":102,"y":312,"width":789,"height":11}},{"id":"66f09df3-9ffe-48cf-8fcd-75aeb5ea6e4d","block_type":"box","text":"significant climate- and low-carbon transition-related risks and oppor tunities. As audit and assurance standards","page_number":237,"box":{"x":102,"y":327,"width":793,"height":11}},{"id":"f4347f18-497c-4408-a405-cb40748f94cb","block_type":"box","text":"are developed, it would be helpful to investors’ confidence in such disclosures for companies to seek","page_number":237,"box":{"x":102,"y":342,"width":723,"height":11}},{"id":"e67d6968-cf27-4616-83e3-c6e207954dc5","block_type":"box","text":"independent, third-par ty assurance.","page_number":237,"box":{"x":102,"y":357,"width":251,"height":11}},{"id":"b9ae8fb7-a079-4fd9-8ff0-ae1c1a3b9523","block_type":"box","text":"9","page_number":237,"box":{"x":69,"y":402,"width":4,"height":4}},{"id":"906279a9-6ecd-4848-8642-e747a0c18c21","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":237,"box":{"x":78,"y":401,"width":822,"height":12}},{"id":"d7c504e6-83e4-4dd7-8aa9-4ebd3d4ccb62","block_type":"box","text":"as to how BIS will engage and/or vote in every instance. The guidelines are applied by BIS analysts with discretion,","page_number":237,"box":{"x":69,"y":417,"width":821,"height":11}},{"id":"6b949f24-4583-4def-afc3-dead94402f64","block_type":"box","text":"on a case-by-case basis, taking into consideration the range of issues and facts specific to the company, as well as","page_number":237,"box":{"x":69,"y":432,"width":823,"height":11}},{"id":"71c05dfa-7641-437a-88cf-5e6691742dc8","block_type":"box","text":"individual ballot items at shareholder meetings.","page_number":237,"box":{"x":70,"y":447,"width":336,"height":11}},{"id":"d86f5366-dc2b-4100-a341-23bfeb835d74","block_type":"box","text":"10","page_number":237,"box":{"x":69,"y":465,"width":9,"height":4}},{"id":"84041fc9-2f6b-4f0b-8489-34fd572bb02b","block_type":"box","text":"Given data and measurement limitations, companies may need to provide estimated GHG emissions where","page_number":237,"box":{"x":84,"y":465,"width":764,"height":11}},{"id":"31da2be0-c884-47ee-b802-c4ab2b094fb0","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":237,"box":{"x":69,"y":479,"width":834,"height":12}},{"id":"5fe38025-7056-4dd0-bea5-eb5de870168f","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":237,"box":{"x":69,"y":495,"width":651,"height":11}},{"id":"3008cfa4-5bcc-489d-8e7a-7e33ae4a3de5","block_type":"box","text":"11","page_number":237,"box":{"x":69,"y":513,"width":9,"height":4}},{"id":"524ed362-a003-44cf-b105-76f5665fe3b0","block_type":"box","text":"The International Sustainability Standards Board (ISSB) was formed by the International Financial Repor ting","page_number":237,"box":{"x":83,"y":512,"width":768,"height":12}},{"id":"b738bb40-a7df-4ccf-a545-ed7291622a5f","block_type":"box","text":"Standards (IFRS) Foundation in 2021. It aims to develop global standards for sustainability repor ting for corporates","page_number":237,"box":{"x":69,"y":527,"width":822,"height":12}},{"id":"21c2b3f1-7784-4209-9613-c8a7fb644300","block_type":"box","text":"and investors to suppor t more efficient capital markets. The goal is standards that will provide a high-quality,","page_number":237,"box":{"x":69,"y":542,"width":776,"height":12}},{"id":"8fefd4de-4735-47bc-8b2a-5cf8879c264e","block_type":"box","text":"comprehensive, and cost-effective global baseline of sustainability disclosures, while enabling interoperability with","page_number":237,"box":{"x":69,"y":558,"width":814,"height":11}},{"id":"2ce94fc4-95fd-4bf7-961e-76a5c3828924","block_type":"box","text":"jurisdiction-specific disclosure, and broader stakeholder, requirements. IFRS S1 and S2 were based on the","page_number":237,"box":{"x":67,"y":573,"width":763,"height":11}},{"id":"28930da4-cfed-46da-8cfd-111f5b814ce8","block_type":"box","text":"recommendations of the Task Force on Climate-related Financial Disclosures, which many companies have used in","page_number":237,"box":{"x":69,"y":588,"width":815,"height":11}},{"id":"66a10b74-820d-42c8-b87d-753d6de30c9c","block_type":"box","text":"their repor ting to date. A number of jurisdictions are consulting on adopting the standards issued to date or have","page_number":237,"box":{"x":68,"y":603,"width":807,"height":11}},{"id":"8a758f05-153f-4c72-b04a-802a0219a0a9","block_type":"box","text":"already committed to doing so.","page_number":237,"box":{"x":69,"y":618,"width":219,"height":11}},{"id":"59b264fa-57b2-4ce5-8be0-de7facd1b604","block_type":"box","text":"BlackRock Investment Stewardship","page_number":237,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"bd84b527-230d-4991-a9bb-42bad83b7b79","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 5","page_number":237,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"d7ce454b-c93b-46a5-abce-e77eea44a7c9","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":237,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3559c5e6-830a-4afc-b3dc-bbfadb26b889","block_type":"box","text":"(3) scope 1 and scope 2, and material scope 3 GHG emissions.","page_number":238,"box":{"x":69,"y":45,"width":461,"height":11}},{"id":"ca6dfd0b-6be9-47a0-80e8-be407696eafd","block_type":"box","text":"12 13","page_number":238,"box":{"x":533,"y":45,"width":23,"height":4}},{"id":"4793a085-a561-4828-9df9-5df56e4d99fc","block_type":"box","text":"In addition, we look to companies to disclose","page_number":238,"box":{"x":562,"y":45,"width":321,"height":11}},{"id":"4fbdb805-fd82-4288-8aca-cd89004f10b0","block_type":"box","text":"their reduction targets for scope 1 and 2 emissions, science-based where possible. We welcome disclosure of","page_number":238,"box":{"x":101,"y":60,"width":788,"height":11}},{"id":"2dc301e3-a75e-4d85-9bf6-f713d0d8c0ac","block_type":"box","text":"targets or indicative goals, where companies have set them, for scope 3 emissions reductions, recognizing that","page_number":238,"box":{"x":101,"y":75,"width":797,"height":11}},{"id":"b9599443-46d0-4758-9f0f-87f887a0d329","block_type":"box","text":"these would be provided on a ‘best effor ts’ basis given the methodological challenges these currently present","page_number":238,"box":{"x":101,"y":90,"width":787,"height":11}},{"id":"7396bc25-d852-4e2f-bed3-665f311230d5","block_type":"box","text":"for repor ters. Scope 3 information, including how a company is working with its value chain to accelerate","page_number":238,"box":{"x":101,"y":105,"width":747,"height":11}},{"id":"7d98a6a4-8cdb-45ba-85a6-3d5003af565c","block_type":"box","text":"reductions in GHG intensity, provides useful insight to investors focused on investing in the low-carbon transition","page_number":238,"box":{"x":102,"y":120,"width":800,"height":12}},{"id":"a431688d-0a24-44f6-aee2-94a1fe7ed4ba","block_type":"box","text":"and understanding the impact of their investments on their decarbonization goals.","page_number":238,"box":{"x":102,"y":135,"width":582,"height":12}},{"id":"b6e7a1e9-88ee-4c05-b6d2-0047fbc8cff1","block_type":"box","text":"14","page_number":238,"box":{"x":686,"y":136,"width":9,"height":4}},{"id":"f8900013-bb58-4832-b05f-97508926e7fc","block_type":"box","text":"However, we recognize that","page_number":238,"box":{"x":702,"y":136,"width":192,"height":11}},{"id":"e62448ae-fa3b-4e0f-ae0b-4a41c3c66f33","block_type":"box","text":"companies have varying ability to influence the emissions across the different par ts of their value chain and it is","page_number":238,"box":{"x":101,"y":150,"width":803,"height":12}},{"id":"cddefba7-012c-45bf-88e4-e6da8e731959","block_type":"box","text":"helpful when disclosures explain the implications for the achievement of their decarbonization targets.","page_number":238,"box":{"x":102,"y":166,"width":727,"height":11}},{"id":"4b25341e-205e-43ef-9ce3-e10e756f0432","block_type":"box","text":"Transition plans","page_number":238,"box":{"x":101,"y":188,"width":115,"height":11}},{"id":"5c4aecf4-315e-4571-8cb4-377c5340ee92","block_type":"box","text":"Some companies have published a transition plan that explains how the company intends to implement its low","page_number":238,"box":{"x":102,"y":211,"width":792,"height":11}},{"id":"34fc6fb1-f8e8-4ebf-8a46-8a73fd253d0f","block_type":"box","text":"carbon transition strategy by, as defined by the ISSB, “lay[ing] out the entity’s targets, actions or resources for its","page_number":238,"box":{"x":69,"y":226,"width":810,"height":11}},{"id":"7d4b6666-40f6-4aef-8a90-67015c5d57a7","block_type":"box","text":"transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions” (see","page_number":238,"box":{"x":68,"y":241,"width":822,"height":11}},{"id":"22a4cdd9-18a2-42d8-8d95-2284183e2d08","block_type":"box","text":"appendix 1).","page_number":238,"box":{"x":69,"y":257,"width":86,"height":10}},{"id":"a5721c05-9abe-40f1-bc9f-043c880a01ac","block_type":"box","text":"We note the work being under taken in a number of jurisdictions on establishing a common approach in a market","page_number":238,"box":{"x":101,"y":279,"width":802,"height":11}},{"id":"6dfd05be-ee6b-4c3d-a3a0-3ed6c2c3b2c3","block_type":"box","text":"to corporate transition plans. Given this work continues, for the near-term, BIS will not make preparation and","page_number":238,"box":{"x":68,"y":294,"width":775,"height":11}},{"id":"f3666cc9-1d08-48be-a52a-50cf34f4ab77","block_type":"box","text":"production of transition plans a voting issue. BIS may engage companies that have chosen to publish a transition","page_number":238,"box":{"x":70,"y":309,"width":807,"height":11}},{"id":"8a88be6a-e062-4e5d-9039-3ab541721599","block_type":"box","text":"plan to understand their planned actions and resource implications in accordance with anticipated requirements.","page_number":238,"box":{"x":70,"y":325,"width":802,"height":10}},{"id":"eb3cbd67-ca72-4e9b-bf50-31a9fef1884f","block_type":"box","text":"Boards and directors","page_number":238,"box":{"x":69,"y":355,"width":151,"height":9}},{"id":"20fd6abc-90c4-4a1f-a20b-698faa438d10","block_type":"box","text":"An effective and well-functioning board that has appropriate governance structures to facilitate oversight of a","page_number":238,"box":{"x":101,"y":377,"width":775,"height":12}},{"id":"cebf6a2e-fef7-4f39-a6cc-88cbeffe8bc3","block_type":"box","text":"company’s management and strategic initiatives is critical to the company’s ability to deliver on its low-carbon","page_number":238,"box":{"x":69,"y":393,"width":782,"height":11}},{"id":"2cdb99e8-9d20-428e-a20a-960e2af5e275","block_type":"box","text":"transition strategy.","page_number":238,"box":{"x":68,"y":408,"width":131,"height":11}},{"id":"a19096d1-7804-4507-9df1-b85c25fa7cc4","block_type":"box","text":"In assessing the role and effectiveness of the board in this regard, we seek to understand whether:","page_number":238,"box":{"x":102,"y":430,"width":710,"height":11}},{"id":"9717670d-c9ff-4243-889c-6fa160e6982f","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":453,"width":6,"height":5}},{"id":"dd2f0a6c-06f6-4d1a-9365-566d4482b3ea","block_type":"box","text":"The board has clear oversight responsibilities for climate and low-carbon transition-related risks and","page_number":238,"box":{"x":101,"y":450,"width":711,"height":12}},{"id":"c135b7fd-b6da-41e2-84e2-aece2498a0ad","block_type":"box","text":"oppor tunities in the company’s business model. We consider the whole board to have responsibility for oversight","page_number":238,"box":{"x":102,"y":465,"width":805,"height":12}},{"id":"56d44f79-df84-4bde-8d01-319338c1652a","block_type":"box","text":"of the company’s long-term strategy, including those aspects related to the transition to a low-carbon economy.","page_number":238,"box":{"x":102,"y":481,"width":789,"height":11}},{"id":"ea88d0bf-7ad9-4f99-802b-857fa0f2031f","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":504,"width":6,"height":4}},{"id":"53804a5e-7b18-4ba4-8a54-46e08eb8eea1","block_type":"box","text":"Management has established a robust low-carbon transition framework and long-term strategy, with clear","page_number":238,"box":{"x":102,"y":501,"width":747,"height":11}},{"id":"808b9db9-39e9-4c4a-8e13-6b3ba3bda621","block_type":"box","text":"accountability for delivery by senior executives.","page_number":238,"box":{"x":102,"y":516,"width":333,"height":11}},{"id":"b1855b4f-baec-4b13-a648-9549cff51d63","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":539,"width":6,"height":4}},{"id":"243279df-5d44-4d51-9e22-c5702c63675a","block_type":"box","text":"The capital management strategy explains how the company allocates investments to (traditional and next","page_number":238,"box":{"x":101,"y":536,"width":758,"height":11}},{"id":"1c8b2586-2b80-40dc-b367-904add20aaab","block_type":"box","text":"generation) business lines and innovation, and returns cash to shareholders, consistent with the low-carbon","page_number":238,"box":{"x":101,"y":551,"width":770,"height":11}},{"id":"7d7eb88c-b04d-4af1-8eef-3d1c45985a69","block_type":"box","text":"transition strategy.","page_number":238,"box":{"x":101,"y":566,"width":131,"height":11}},{"id":"6e12c2ad-ac4b-4b49-87ce-840d6d1e7051","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":589,"width":6,"height":5}},{"id":"3913465b-db08-45e0-a1f9-330a73de62df","block_type":"box","text":"The climate and low-carbon transition risks most likely to significantly impact the business are integrated into the","page_number":238,"box":{"x":101,"y":586,"width":807,"height":12}},{"id":"f24228aa-f578-4fce-9c02-f3c77f1043da","block_type":"box","text":"company’s enterprise risk management processes and repor ting.","page_number":238,"box":{"x":101,"y":602,"width":465,"height":11}},{"id":"5ba4bc88-6514-4501-888d-405413b34e87","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":625,"width":6,"height":4}},{"id":"86f48ea2-14d3-4561-b294-8a5a6af8d9ab","block_type":"box","text":"The company has set scope 1 & 2 GHG emissions reduction targets, science-based and independently verified","page_number":238,"box":{"x":101,"y":622,"width":789,"height":11}},{"id":"b06947ed-6b71-40a0-9e77-2c83ea96894d","block_type":"box","text":"where possible, against a baseline, that are consistent with the ambition to limit average temperature rise to no","page_number":238,"box":{"x":101,"y":637,"width":800,"height":11}},{"id":"71d507f9-6ce0-4604-a05f-913f32e439b9","block_type":"box","text":"more than 1.5°C above pre-industrial levels.","page_number":238,"box":{"x":102,"y":652,"width":312,"height":11}},{"id":"0d9c98ac-de07-484d-8674-a5c0287927a2","block_type":"box","text":"•","page_number":238,"box":{"x":69,"y":675,"width":6,"height":5}},{"id":"1602fe23-6cb2-43cf-8730-3142a75897f0","block_type":"box","text":"There is a clear link between the company’s scope 1 & 2 GHG emissions reduction targets over time and its","page_number":238,"box":{"x":101,"y":672,"width":773,"height":11}},{"id":"0b6c2f5f-77a3-46e1-be94-1496a9f70e5a","block_type":"box","text":"long-term low-carbon transition strategy.","page_number":238,"box":{"x":102,"y":687,"width":282,"height":11}},{"id":"1c4d4218-cc8c-425c-8007-626937ac11b6","block_type":"box","text":"12","page_number":238,"box":{"x":69,"y":732,"width":9,"height":4}},{"id":"418ebccf-efca-4f76-9bee-f93f486e890b","block_type":"box","text":"FTSE Russell address the materiality of different categories of Scope 3 GHG emissions by sector in a January","page_number":238,"box":{"x":84,"y":731,"width":783,"height":12}},{"id":"4f598f34-71d4-4f3d-ab6d-6f99cd50ff6a","block_type":"box","text":"2024 paper “Scope for improvement: Solving the Scope 3 conundrum”.","page_number":238,"box":{"x":69,"y":747,"width":510,"height":11}},{"id":"e954fdc2-c6ad-47fe-bcee-741d90807006","block_type":"box","text":"13","page_number":238,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"cf0636a2-80fc-47b5-b150-988ccde2470b","block_type":"box","text":"Under this policy, we look for GHG emissions disclosures to be aligned with the Greenhouse Gas Protocol (“GHG","page_number":238,"box":{"x":84,"y":764,"width":800,"height":12}},{"id":"84140989-7dd9-4110-9c82-17654a169ae7","block_type":"box","text":"Protocol”). The Protocol Standards and Guidance are currently being updated to ensure they continue to provide “a","page_number":238,"box":{"x":69,"y":779,"width":819,"height":12}},{"id":"68216850-19d0-4098-b155-94518f46bea3","block_type":"box","text":"rigorous and credible accounting foundation for businesses to measure, plan and track progress toward science","page_number":238,"box":{"x":69,"y":794,"width":803,"height":12}},{"id":"a79cfa3f-4127-4bf6-8550-27f65f0e6935","block_type":"box","text":"based and net-zero targets in line with the global 1.5°C goal.”","page_number":238,"box":{"x":69,"y":810,"width":439,"height":11}},{"id":"5cff8a56-35ac-41e9-9f92-dccc2e7ae2de","block_type":"box","text":"14","page_number":238,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"137d6cfc-7bf2-45f4-b896-6a030c30bfba","block_type":"box","text":"We do not believe the purpose of Scope 3 disclosure requirements should be to push publicly traded companies","page_number":238,"box":{"x":83,"y":827,"width":801,"height":11}},{"id":"3933e463-15e5-49c3-a11f-c689b3034bc7","block_type":"box","text":"into the role of enforcing emission reduction targets outside of their control. Given methodological complexity for","page_number":238,"box":{"x":70,"y":842,"width":802,"height":12}},{"id":"3ff83696-a0b6-45fa-b799-d017655f985b","block_type":"box","text":"Scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most useful when","page_number":238,"box":{"x":69,"y":857,"width":820,"height":12}},{"id":"4c87b610-3103-47dc-8e9b-5549f5d86c7f","block_type":"box","text":"companies focus their disclosures on those of the fifteen Scope 3 GHG Protocol categories that are material to their","page_number":238,"box":{"x":69,"y":873,"width":830,"height":11}},{"id":"7fee6f54-a476-4b3a-8b85-04829b9b5aaa","block_type":"box","text":"business models.","page_number":238,"box":{"x":69,"y":888,"width":124,"height":9}},{"id":"2319e7c8-2f8e-40e9-abf3-36dd54a67f28","block_type":"box","text":"BlackRock Investment Stewardship","page_number":238,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"8ee65a5b-8cfd-4808-b8af-d734ae1fc0d4","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 6","page_number":238,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"1e163c13-199d-47aa-a0ed-044ae1394153","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":238,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"994c9968-aa1e-4245-89ce-5df7f707ad06","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"4e39eed7-fa23-4446-8e55-3a72406ade83","block_type":"box","text":"The company is monitoring its material scope 3 emissions","page_number":239,"box":{"x":101,"y":45,"width":416,"height":11}},{"id":"8c14cfcd-f3c3-43ce-958f-3f971f40be80","block_type":"box","text":"15","page_number":239,"box":{"x":518,"y":45,"width":9,"height":4}},{"id":"c3f6674b-54b7-4a6a-85d5-93d27d71169b","block_type":"box","text":"and disclosing these where it is confident in the","page_number":239,"box":{"x":533,"y":45,"width":341,"height":11}},{"id":"fbc10256-581f-4adc-95c5-96fd06601f8c","block_type":"box","text":"data. Given for thcoming regulatory requirements in cer tain jurisdictions, some companies are voluntarily","page_number":239,"box":{"x":101,"y":60,"width":746,"height":11}},{"id":"6b394809-6c58-40e1-a5dc-0efda6a458a0","block_type":"box","text":"disclosing scope 3 emissions reductions targets and plans, setting out how they are working on decarbonization","page_number":239,"box":{"x":101,"y":75,"width":800,"height":11}},{"id":"a994ace1-5b1a-4508-9650-819a8ee16750","block_type":"box","text":"with the different constituents in their value chain.","page_number":239,"box":{"x":101,"y":90,"width":358,"height":9}},{"id":"738c5033-cf04-46f9-a5af-1d298a1c0bdb","block_type":"box","text":"•","page_number":239,"box":{"x":69,"y":113,"width":6,"height":5}},{"id":"c84e95e1-e8a4-4d99-ab15-84c591e79a02","block_type":"box","text":"The board oversees, and management has a formalized approach to, the company’s lobbying activities, including","page_number":239,"box":{"x":101,"y":110,"width":806,"height":11}},{"id":"e3318cd6-9996-4784-a80d-f545daee7b0e","block_type":"box","text":"trade association memberships. Policy engagement should be consistent with a company’s stated strategic","page_number":239,"box":{"x":101,"y":126,"width":767,"height":11}},{"id":"8e46a9ac-9ac0-4e65-bbf4-f2f755b93295","block_type":"box","text":"policy objectives, including those related to the low-carbon transition.","page_number":239,"box":{"x":102,"y":141,"width":490,"height":11}},{"id":"604bb5a6-6719-42b5-a6f4-81a566d94960","block_type":"box","text":"Voting against directors over concerns about climate risk","page_number":239,"box":{"x":101,"y":163,"width":420,"height":11}},{"id":"85bdfdcf-ce01-4b3d-b768-e8880d0c08de","block_type":"box","text":"In implementing these guidelines, BIS will generally suppor t non-executive directors standing for election where,","page_number":239,"box":{"x":102,"y":186,"width":796,"height":11}},{"id":"4c39854d-8d0b-4d78-b40d-675828477292","block_type":"box","text":"in BIS’ assessment based on company disclosures and engagement, a company is executing on its commitment to","page_number":239,"box":{"x":70,"y":201,"width":821,"height":11}},{"id":"981abd66-a540-48b2-9da1-97b89ad0c885","block_type":"box","text":"align with the transition to a low-carbon economy, as defined above. Where BIS determines this is not the case, we","page_number":239,"box":{"x":69,"y":216,"width":820,"height":11}},{"id":"93651f3b-6ad6-471c-9705-3a291f633ccc","block_type":"box","text":"may vote against the election of one or more directors who have responsibility for the issue. The directors most likely","page_number":239,"box":{"x":69,"y":231,"width":836,"height":11}},{"id":"8fef79db-1b89-446a-ab7b-aeee660f3571","block_type":"box","text":"to be in focus are the chair of the board sub-committee with low-carbon transition, climate or sustainability risk","page_number":239,"box":{"x":68,"y":246,"width":791,"height":11}},{"id":"c9a820cb-e4de-4845-9a4f-71eda89e89e2","block_type":"box","text":"oversight responsibilities, other members of the relevant committee, the lead independent director or the non","page_number":239,"box":{"x":69,"y":261,"width":785,"height":12}},{"id":"748f12c0-ce6d-4db1-9232-7f8b2668460e","block_type":"box","text":"executive chair of the board. In cer tain markets, we may withhold suppor t for the discharge of the supervisory board","page_number":239,"box":{"x":69,"y":276,"width":830,"height":12}},{"id":"25b3785a-9b40-4b34-9a7d-c9c6bbe9e6f9","block_type":"box","text":"or equivalent.","page_number":239,"box":{"x":69,"y":292,"width":95,"height":11}},{"id":"45a76f2e-84e7-427c-80cf-a18980e4d4a0","block_type":"box","text":"Where we have not suppor ted director elections over climate concerns in a prior year, and the company has not","page_number":239,"box":{"x":101,"y":314,"width":796,"height":11}},{"id":"31c357db-6b5b-4abe-9ec1-181ce7895eca","block_type":"box","text":"subsequently made progress towards aligning with the transition to a low-carbon economy, we may escalate","page_number":239,"box":{"x":69,"y":330,"width":768,"height":11}},{"id":"7f1d0712-806e-4cad-aaef-808e1c705418","block_type":"box","text":"16","page_number":239,"box":{"x":838,"y":330,"width":9,"height":4}},{"id":"a5b85c21-7e58-437c-8023-1f87397959c5","block_type":"box","text":"by","page_number":239,"box":{"x":853,"y":330,"width":15,"height":11}},{"id":"91e7d6bc-ecc8-4175-b7c4-22245a08c640","block_type":"box","text":"voting against the re-election of additional responsible directors to signal our heightened concerns.","page_number":239,"box":{"x":68,"y":344,"width":705,"height":12}},{"id":"d425387a-f63e-40ac-9132-518590950a26","block_type":"box","text":"Management proposals to approve a climate strategy or progress report","page_number":239,"box":{"x":69,"y":375,"width":528,"height":11}},{"id":"4727312f-fb92-4aa2-b6f5-b6c149fa0973","block_type":"box","text":"In cer tain markets, company management may submit proposals asking shareholders to approve their climate","page_number":239,"box":{"x":102,"y":398,"width":786,"height":11}},{"id":"3cb20074-9163-413e-a5de-ba6b3a35f289","block_type":"box","text":"action plans or progress repor ts, sometimes known as “Say on Climate.” BIS will generally suppor t management’s","page_number":239,"box":{"x":69,"y":413,"width":819,"height":11}},{"id":"5a6be7c3-fd10-41a3-807a-209a511d4c6c","block_type":"box","text":"climate strategy proposal if, in our assessment based on these guidelines, the strategy is aligned with the low-carbon","page_number":239,"box":{"x":69,"y":428,"width":837,"height":11}},{"id":"0a6ad46b-6bdc-4b60-81f1-ff4cae0b6e0d","block_type":"box","text":"transition. Similarly, we will generally suppor t management’s proposal on a progress repor t if the company has","page_number":239,"box":{"x":68,"y":443,"width":791,"height":11}},{"id":"c69abc5b-055c-4f21-b1be-07dd5b3cc70c","block_type":"box","text":"clearly explained its progress against, and any deviations from or changes to, its stated transition plan and targets.","page_number":239,"box":{"x":69,"y":458,"width":822,"height":11}},{"id":"9c887407-16a7-461a-bedb-218cfcc72819","block_type":"box","text":"Shareholder proposals on climate and low-carbon transition matters","page_number":239,"box":{"x":68,"y":488,"width":495,"height":11}},{"id":"b76a5ef0-16b7-40a6-ac18-b97278049b2b","block_type":"box","text":"Shareholder proposals on a company’s approach to the low-carbon transition or climate risk will be considered","page_number":239,"box":{"x":102,"y":511,"width":786,"height":11}},{"id":"d8af5f28-984c-4c58-95e6-5cdcda0117a4","block_type":"box","text":"on their merit. Our assessment will take into consideration the implications for, and the relevance to, the company’s","page_number":239,"box":{"x":69,"y":526,"width":829,"height":11}},{"id":"78625c0a-316c-441c-8727-2c809f07bc84","block_type":"box","text":"stated low-carbon transition strategy and targets. We may suppor t shareholder proposals that, for example, ask a","page_number":239,"box":{"x":69,"y":541,"width":810,"height":11}},{"id":"2f6942ed-1ee9-4574-b495-10eabba30cb1","block_type":"box","text":"company to:","page_number":239,"box":{"x":69,"y":557,"width":85,"height":10}},{"id":"efe060b7-0265-46ed-8053-2cef5652da86","block_type":"box","text":"•","page_number":239,"box":{"x":102,"y":579,"width":6,"height":5}},{"id":"2bfddfd1-7280-41b3-b223-3e458155379d","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average temperature","page_number":239,"box":{"x":135,"y":577,"width":764,"height":11}},{"id":"b7c4aa36-b0ad-4f4d-b481-ca8978deffdc","block_type":"box","text":"rise to no more than 1.5°C above pre-industrial levels","page_number":239,"box":{"x":135,"y":592,"width":380,"height":10}},{"id":"ddcc6627-d00a-4072-8e01-690f0b24518f","block_type":"box","text":"•","page_number":239,"box":{"x":102,"y":614,"width":6,"height":5}},{"id":"bf32c395-4872-4128-a36d-f37b26bd3fb1","block_type":"box","text":"Align their scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a","page_number":239,"box":{"x":134,"y":612,"width":773,"height":11}},{"id":"e5773710-81b9-4754-8d0a-8c087fcd2427","block_type":"box","text":"long-term goal of the company achieving net zero GHG emissions by 2050","page_number":239,"box":{"x":135,"y":627,"width":526,"height":11}},{"id":"0b95a18a-4e78-4dc2-8498-30dd155143d5","block_type":"box","text":"•","page_number":239,"box":{"x":102,"y":650,"width":6,"height":4}},{"id":"ec81833f-5e54-48cd-ac3e-4f51966476f7","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most material to a company’s business model","page_number":239,"box":{"x":135,"y":647,"width":697,"height":11}},{"id":"59ff22b8-314f-4627-a78b-30550315f941","block_type":"box","text":"•","page_number":239,"box":{"x":102,"y":670,"width":6,"height":4}},{"id":"f3eb495d-4be4-4a80-9aa1-c345255a16b5","block_type":"box","text":"Improve disclosures on how a company’s climate-related lobbying (including trade association memberships","page_number":239,"box":{"x":135,"y":667,"width":768,"height":11}},{"id":"d9bd03f5-0b0b-4437-be72-920d9895ceec","block_type":"box","text":"and other indirect lobbying) is aligned with its strategic policy positions.","page_number":239,"box":{"x":134,"y":682,"width":508,"height":11}},{"id":"7ac2f7a6-68cb-4238-8acf-8ab0b8bc45b8","block_type":"box","text":"We would not suppor t shareholder proposals that seek to constrain board or management decision-making or","page_number":239,"box":{"x":101,"y":705,"width":783,"height":11}},{"id":"47f393d9-015c-43c4-9781-88f57f545eee","block_type":"box","text":"direct specific business or strategic decisions. This includes proposals that seek to change a company’s ar ticles of","page_number":239,"box":{"x":69,"y":720,"width":825,"height":11}},{"id":"cfaa8cd2-2a5a-4e2e-b55e-8ad64768a73a","block_type":"box","text":"association or char ter to require commitments or actions related to climate risk or the low-carbon transition.","page_number":239,"box":{"x":69,"y":735,"width":771,"height":11}},{"id":"6edfdb16-6f74-4b29-a34c-e1a3033c69b1","block_type":"box","text":"15","page_number":239,"box":{"x":69,"y":765,"width":9,"height":4}},{"id":"a5fa0a63-7ae1-4be5-a3c0-e3397d5c4312","block_type":"box","text":"As discussed in the FTSE Russell publication mentioned above, their research indicates that there are 2-3 material","page_number":239,"box":{"x":83,"y":764,"width":819,"height":11}},{"id":"008c0ed4-62f2-406b-ac5d-1e53d3172521","block_type":"box","text":"scope 3 GHG emissions categories by sector. The research uses a definition of materiality from the GHG Protocol,","page_number":239,"box":{"x":69,"y":779,"width":813,"height":12}},{"id":"d7dc0b3b-9f93-4ba1-9686-45d6e8096352","block_type":"box","text":"which “encourages companies to maintain a representative inventory of the “most significant GHG emissions, [that]","page_number":239,"box":{"x":68,"y":794,"width":828,"height":12}},{"id":"6006ded7-42ac-4ceb-b31f-3ff40adfd6cc","block_type":"box","text":"offer the most significant GHG reduction oppor tunities and are most relevant to the company’s business goals.”","page_number":239,"box":{"x":69,"y":810,"width":801,"height":11}},{"id":"e49dd5a4-8d1e-4bd7-a733-beb915d3e2a6","block_type":"box","text":"16","page_number":239,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"e580adb3-c95e-40a0-b935-3771e2b39a56","block_type":"box","text":"While BIS may escalate voting by not suppor ting additional management proposals, principally director elections,","page_number":239,"box":{"x":83,"y":827,"width":804,"height":12}},{"id":"b3ccf51e-639f-457c-8864-ab3562551ee3","block_type":"box","text":"we do not consider filing shareholder proposals, preannouncing our voting intentions or using the media to amplify","page_number":239,"box":{"x":68,"y":842,"width":816,"height":12}},{"id":"07155177-e7e2-435b-8dd0-9e305c591b34","block_type":"box","text":"our concerns appropriate courses of action. We will continue to take a constructive, long-term focused approach, to","page_number":239,"box":{"x":69,"y":857,"width":823,"height":12}},{"id":"327730c5-4c02-4b59-9934-0be1cd8b6363","block_type":"box","text":"our engagement and voting on behalf of clients under these guidelines.","page_number":239,"box":{"x":69,"y":873,"width":506,"height":11}},{"id":"95db6a2f-58d6-4792-bf8a-295b63913646","block_type":"box","text":"BlackRock Investment Stewardship","page_number":239,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"907d672a-6325-4e07-aa87-5c30356c09a8","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 7","page_number":239,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"fb84e252-ecd4-43e0-9698-83f20e099ea9","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":239,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d5325be-e0bd-4cf0-a5c5-ebddb55794e9","block_type":"box","text":"RELATED MATTERS","page_number":240,"box":{"x":419,"y":45,"width":140,"height":9}},{"id":"f6303f75-d05a-47a2-a784-169b18c90ee6","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":240,"box":{"x":101,"y":68,"width":771,"height":10}},{"id":"98f48302-899f-4e3f-969e-ad918fc5b6c6","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these guidelines, BIS is most likely to engage,","page_number":240,"box":{"x":69,"y":83,"width":800,"height":11}},{"id":"4749e4d6-4976-41fb-bb7d-3e447a1ea589","block_type":"box","text":"where appropriate, if we seek to enhance our understanding of a company’s approach. Generally, our voting on these","page_number":240,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"7b5a95c6-3d61-4c87-9876-d935b99c73e2","block_type":"box","text":"matters would be covered by BIS’ benchmark guidelines.","page_number":240,"box":{"x":69,"y":113,"width":402,"height":11}},{"id":"4417cdcb-8eef-4aeb-874e-1315380de8dc","block_type":"box","text":"Executive compensation","page_number":240,"box":{"x":69,"y":143,"width":177,"height":11}},{"id":"76bdc864-7cae-48c3-aa16-8acb42a26a52","block_type":"box","text":"We look to company boards to put in place a compensation structure that incentivizes and rewards executives","page_number":240,"box":{"x":101,"y":166,"width":785,"height":11}},{"id":"c56c3677-eb96-4ce3-92c8-b39588187a3a","block_type":"box","text":"appropriately. Some companies, in light of their long-term strategy, may decide to include relevant GHG emissions","page_number":240,"box":{"x":69,"y":181,"width":810,"height":11}},{"id":"c681c6ab-77cb-405c-a52d-4df59e501fee","block_type":"box","text":"reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, BIS would engage to","page_number":240,"box":{"x":69,"y":196,"width":833,"height":11}},{"id":"06cfe630-c2ec-404d-b7c4-c1218bb42a8c","block_type":"box","text":"understand the alignment between those metrics and the company’s stated climate strategy.","page_number":240,"box":{"x":69,"y":211,"width":661,"height":11}},{"id":"c394a694-ecbf-4cc7-a16c-4097ee9d7ea1","block_type":"box","text":"Auditors and audit-related issues","page_number":240,"box":{"x":68,"y":241,"width":240,"height":9}},{"id":"c2e4571c-59a7-4aaa-bd82-cd95b20ca67e","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, BIS is","page_number":240,"box":{"x":102,"y":264,"width":737,"height":11}},{"id":"d6e7b839-e37e-4090-b2e7-5ae9ffa8b5c9","block_type":"box","text":"interested to understand whether the company considers and, if relevant, quantifies, and accounts for material","page_number":240,"box":{"x":70,"y":279,"width":789,"height":11}},{"id":"f1d5df8a-8d0f-4787-a235-f7bd884163ad","block_type":"box","text":"climate-related risks in its financial statements, including if the company explains such risks within the context of its","page_number":240,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"a425b025-2972-4fc8-8dee-c4db1f2f4ef6","block_type":"box","text":"audit repor t. We note that work is being under taken to develop audit and assurance standards in relation to climate","page_number":240,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"c156a756-f914-4b45-a2f8-33dbc0cd1352","block_type":"box","text":"and transition repor ting, which may impact the future repor ting requirements of companies. We note that assurance","page_number":240,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"0371fe2d-e439-4b5f-b64d-40a8d97e19e5","block_type":"box","text":"of corporate disclosures related to climate risk and the transition to a low-carbon economy is still nascent.","page_number":240,"box":{"x":69,"y":339,"width":758,"height":12}},{"id":"e5e83008-6a16-4dfa-9dd7-10df7b015521","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":240,"box":{"x":69,"y":370,"width":463,"height":11}},{"id":"f1a07d0b-0209-4362-9554-6b73cdbf0ddd","block_type":"box","text":"Special situations will be considered on their financial merits, but BIS may engage on climate-related factors","page_number":240,"box":{"x":102,"y":392,"width":772,"height":12}},{"id":"d34aa106-8bf3-4f6d-ae96-0ce3ce6d464b","block_type":"box","text":"under these guidelines where a transaction may significantly alter a company’s climate strategy or a shareholder","page_number":240,"box":{"x":69,"y":407,"width":803,"height":12}},{"id":"2ac9a875-e289-4868-a8e4-10c528851799","block_type":"box","text":"activist has proposed governance, strategic or operational changes that may impact its climate strategy. BIS does not","page_number":240,"box":{"x":69,"y":423,"width":840,"height":11}},{"id":"2e2ff17c-47e1-456f-8f1d-aefafd18bc9d","block_type":"box","text":"promote changes in corporate control, nor does it invoke formal governance mechanisms that rise to the level of","page_number":240,"box":{"x":70,"y":438,"width":802,"height":11}},{"id":"f0eb6ac2-6531-41df-8a2c-478739b141da","block_type":"box","text":"shareholder activism.","page_number":240,"box":{"x":69,"y":453,"width":151,"height":9}},{"id":"2f589540-5ff8-4374-8794-ba587f7b0bec","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":240,"box":{"x":69,"y":483,"width":503,"height":11}},{"id":"d2926674-6329-440c-a906-d86f5aec6e19","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other sustainability","page_number":240,"box":{"x":102,"y":506,"width":803,"height":11}},{"id":"2473692b-051d-4bef-bdbe-61b026a17d90","block_type":"box","text":"related risks and oppor tunities that may be relevant to a company’s business model and long-term per formance.","page_number":240,"box":{"x":69,"y":521,"width":805,"height":11}},{"id":"a44dc791-8281-47f1-a5f0-27fc25af67a2","block_type":"box","text":"These include a company’s impacts or dependencies on natural capital and key stakeholders.","page_number":240,"box":{"x":68,"y":536,"width":669,"height":11}},{"id":"138a4419-c51d-404e-8ace-74263e1d5186","block_type":"box","text":"17","page_number":240,"box":{"x":739,"y":536,"width":8,"height":5}},{"id":"45284d74-fa97-46c4-9fa4-022802578cb3","block_type":"box","text":"In the context of","page_number":240,"box":{"x":754,"y":536,"width":115,"height":9}},{"id":"0669aaae-b36a-4156-b602-0107a1a94dff","block_type":"box","text":"these guidelines, we may engage companies to better understand how they are managing the impact on people (","page_number":240,"box":{"x":68,"y":551,"width":805,"height":11}},{"id":"fcbc832e-ff27-4c8c-a5a5-71fe740e8491","block_type":"box","text":"e.g.","page_number":240,"box":{"x":875,"y":553,"width":25,"height":9}},{"id":"da15e8d5-9d87-4b0b-b5a9-00c23c0e5820","block_type":"box","text":",","page_number":240,"box":{"x":902,"y":559,"width":2,"height":3}},{"id":"908e1116-826f-4349-bb3b-632f00492946","block_type":"box","text":"employees, suppliers, customers and communities) of any strategic or operational changes they are making in","page_number":240,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"9c5334be-5a0c-480e-9517-98843b71c918","block_type":"box","text":"relation to their transition to a low-carbon economy. Similarly, we may engage companies that face risks and","page_number":240,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"664adff8-ba7d-4eed-9f58-49d197580244","block_type":"box","text":"oppor tunities related to land use and deforestation, access to fresh water, or the ability to secure scarce resources","page_number":240,"box":{"x":69,"y":596,"width":825,"height":12}},{"id":"2cde472a-fee6-4aea-b9c5-10de99f85ca2","block_type":"box","text":"critical to the transition to a low-carbon economy.","page_number":240,"box":{"x":69,"y":612,"width":348,"height":11}},{"id":"bdcecf56-d574-4ed9-a6ef-47a0243476ab","block_type":"box","text":"17","page_number":240,"box":{"x":69,"y":656,"width":8,"height":5}},{"id":"c9efa5da-e93b-45b8-94ab-e9131141fe25","block_type":"box","text":"BIS’ engagement with companies on these issues is informed by our commentaries on natural capital, human","page_number":240,"box":{"x":84,"y":656,"width":783,"height":11}},{"id":"f86de3a2-363e-4515-bd3c-ebe831f39c04","block_type":"box","text":"capital management and human rights.","page_number":240,"box":{"x":69,"y":671,"width":277,"height":11}},{"id":"614d1581-3818-46ad-8857-e5a74fc4d25d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":240,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"743e867c-2780-4617-95ba-797123c40528","block_type":"box","text":"BlackRock Climate and Decarbonization Stewardship Guidelines | 8","page_number":240,"box":{"x":431,"y":942,"width":478,"height":13}},{"id":"4977bb30-5503-4566-8d52-b46eb6da6a47","block_type":"box","text":"BNM1026U-6032956-19204434","page_number":240,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83c7e1f3-5796-465a-bac6-ec132e49b07d","block_type":"box","text":"Appendix 1","page_number":241,"box":{"x":101,"y":45,"width":78,"height":11}},{"id":"a14933ac-b3e2-4906-9934-337d4fe2003b","block_type":"box","text":"Terminology","page_number":241,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"c96c6c48-7ce0-40ca-ae05-87bdfe1df477","block_type":"box","text":"We understand the key concepts referred to within these guidelines as follows:","page_number":241,"box":{"x":101,"y":98,"width":562,"height":11}},{"id":"69bb3b33-575a-4a6c-bc45-5303ad20e8cf","block_type":"box","text":"Climate risk:","page_number":241,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"8016e0f8-794f-4ef8-8f10-57198add00f1","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":241,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"3203c99b-93c4-4c94-83c3-30c932035ea4","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":241,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"1fb99434-a265-46d1-bbec-44362b2c6825","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":241,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"56aa05ef-1da2-4e83-891a-9425cc7e6bc1","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":241,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"682510b0-f5e7-4ec4-86eb-a030554bf057","block_type":"box","text":"The global economic shift toward lower","page_number":241,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"14a160b7-3466-4d80-ad74-2cdc6647baa6","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":241,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"026ae54a-99aa-43f8-894a-f98be39a607b","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":241,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"2e30de7f-8682-4d1e-a996-7d6c60301ff9","block_type":"box","text":"change (","page_number":241,"box":{"x":69,"y":219,"width":59,"height":11}},{"id":"3dafc2b7-d676-4b75-b26d-b01fcc08fe31","block_type":"box","text":"e.g.","page_number":241,"box":{"x":130,"y":220,"width":25,"height":10}},{"id":"ab95dd24-ec3c-4edd-9803-85116006dc03","block_type":"box","text":", extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":241,"box":{"x":158,"y":218,"width":723,"height":12}},{"id":"dd8bef5d-7ab0-4dc9-87da-e3de1ad2f929","block_type":"box","text":"Decarbonization:","page_number":241,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"07cfb30b-cb3b-4d6a-ba6d-dd2d67c1e8ee","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":241,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"060c1883-4fed-4de5-90a7-f7e27973f2c8","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":241,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"7f4808a9-737f-479f-bdd1-2bebeee70d73","block_type":"box","text":"individual consumers. 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