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You may request a copy of the","page_number":15,"box":{"x":69,"y":415,"width":840,"height":12}},{"id":"1488c13a-7c02-4c97-8a68-2536f96434ce","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":15,"box":{"x":69,"y":430,"width":822,"height":12}},{"id":"d5c9e846-4500-4f95-a12a-7e35999e60c4","block_type":"box","text":"Eastern time on any business day.","page_number":15,"box":{"x":70,"y":445,"width":258,"height":12}},{"id":"0f780c2f-5873-4ba1-a5a2-decb5200219d","block_type":"box","text":"References to the Investment Company Act of 1940, as amended (the “Investment Company Act”), or","page_number":15,"box":{"x":103,"y":468,"width":767,"height":12}},{"id":"4baa2a40-0fc9-4c7f-9184-2a10d88789a6","block_type":"box","text":"other applicable law, will include any rules promulgated thereunder and any guidance, interpretations or","page_number":15,"box":{"x":69,"y":483,"width":796,"height":12}},{"id":"44382c8c-3de6-49b6-ae20-16bbda9ac082","block_type":"box","text":"modifications by the Commission, Commission staff or other authority with appropriate jurisdiction, including","page_number":15,"box":{"x":70,"y":498,"width":837,"height":12}},{"id":"4390504a-1123-47dd-b106-da14e4a78179","block_type":"box","text":"court interpretations, and exemptive, no-action or other relief or permission from the Commission,","page_number":15,"box":{"x":69,"y":513,"width":749,"height":12}},{"id":"64662969-3d25-41d9-b3f0-192d3ad0ed7d","block_type":"box","text":"Commission staff or other authority.","page_number":15,"box":{"x":70,"y":528,"width":274,"height":12}},{"id":"37b1ca84-2474-4483-b385-961221717dfc","block_type":"box","text":"Class","page_number":15,"box":{"x":69,"y":557,"width":31,"height":7}},{"id":"ec0225dd-5af6-423d-884a-e62f45cf794c","block_type":"box","text":"Ticker Symbol","page_number":15,"box":{"x":827,"y":557,"width":82,"height":9}},{"id":"e882ecce-be7d-4a9f-be4a-8367675815ef","block_type":"box","text":"Investor A Shares","page_number":15,"box":{"x":70,"y":575,"width":124,"height":8}},{"id":"2187293a-352b-40bc-970a-9ba733f11c56","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-1","page_number":16,"box":{"x":70,"y":108,"width":839,"height":11}},{"id":"ec3a5243-969d-46e0-b297-4e47e9cb4b8d","block_type":"box","text":"Investment Restrictions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-5","page_number":16,"box":{"x":70,"y":125,"width":839,"height":9}},{"id":"3e4ccb3c-fef4-4160-8900-8cf71151785b","block_type":"box","text":"Information on Trustees and Officers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-7","page_number":16,"box":{"x":70,"y":141,"width":838,"height":9}},{"id":"0beb9c57-4fc1-45b2-8bdd-31f60395d110","block_type":"box","text":"Management, Advisory and Other Service Arrangements . . . . . . . . .","page_number":16,"box":{"x":70,"y":158,"width":469,"height":11}},{"id":"f0e9b2e8-ec25-4513-8688-cce451fa97ce","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-19","page_number":16,"box":{"x":545,"y":158,"width":364,"height":8}},{"id":"4bce8f5a-543f-4cf3-bfcd-f861db11d51e","block_type":"box","text":"Information on Sales Charges and Distribution Related Expenses .","page_number":16,"box":{"x":70,"y":174,"width":469,"height":11}},{"id":"86cee432-0d6e-49f1-a8ef-4d7f51de1e75","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I-24","page_number":16,"box":{"x":358,"y":207,"width":551,"height":8}},{"id":"9f7bdaff-587d-4b45-992b-15c4be76d7df","block_type":"box","text":"Additional Information. . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":68,"y":223,"width":308,"height":9}},{"id":"60dff59a-cf2b-4cf2-9255-b2dd3cdccc47","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . I-25","page_number":16,"box":{"x":382,"y":223,"width":527,"height":9}},{"id":"9bf221b3-f942-4e6a-9dd5-d9ca3993193a","block_type":"box","text":"Financial Statements","page_number":16,"box":{"x":70,"y":239,"width":148,"height":9}},{"id":"60e0d686-39cc-4398-b773-c3a8d19477fd","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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I","page_number":16,"box":{"x":195,"y":386,"width":676,"height":8}},{"id":"c9e03799-6d06-4c26-bea3-a947d5b67e4a","block_type":"box","text":"I-122","page_number":16,"box":{"x":874,"y":386,"width":35,"height":8}},{"id":"c1edd5a0-f8fe-491d-9f9a-ff46b25bd767","block_type":"box","text":"Por tfolio Transactions and Brokerage . .","page_number":16,"box":{"x":69,"y":402,"width":283,"height":11}},{"id":"7b9ee304-aa12-4b6f-91f4-617dc87d6216","block_type":"box","text":".............................................................. 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I","page_number":16,"box":{"x":203,"y":435,"width":668,"height":8}},{"id":"0e1e4007-09b8-4232-b1f0-cebb92789ce2","block_type":"box","text":"I-136","page_number":16,"box":{"x":874,"y":435,"width":35,"height":9}},{"id":"aec26850-2c7a-4b07-b79e-75ba9e0317aa","block_type":"box","text":"Proxy Voting Policies and Procedures . . . . . . . . . . . . . . . . . . . . . .","page_number":16,"box":{"x":69,"y":451,"width":437,"height":11}},{"id":"72bd273b-aa4b-47df-930e-acde4fe8c1ef","block_type":"box","text":"........................................... 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I","page_number":16,"box":{"x":219,"y":468,"width":652,"height":8}},{"id":"b41953f9-eefb-43f1-a20a-7f4d5c551ee4","block_type":"box","text":"I-138","page_number":16,"box":{"x":874,"y":467,"width":35,"height":9}},{"id":"581496d7-f293-441d-8f49-c1af0109f107","block_type":"box","text":"Appendix A — Description of Bond Ratings. . . .","page_number":16,"box":{"x":68,"y":484,"width":332,"height":11}},{"id":"7b86ad7a-c34d-4201-b851-d46417cc3abb","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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Make any investment inconsistent with the Fund’s classification as a diversified company under the","page_number":22,"box":{"x":134,"y":332,"width":729,"height":11}},{"id":"26d856dc-fa61-45b2-8b11-230535add9c3","block_type":"box","text":"Investment Company Act.","page_number":22,"box":{"x":102,"y":347,"width":179,"height":11}},{"id":"22fe6f46-017e-40ef-aff3-35a777186e77","block_type":"box","text":"The Fund has adopted a fundamental investment policy that, under normal circumstances, the Fund will invest at","page_number":22,"box":{"x":101,"y":370,"width":806,"height":11}},{"id":"8f32aeac-3fe6-4527-9898-4166152f5624","block_type":"box","text":"least 80% of the value of its net assets, plus the amount of any borrowings for investment purposes, in investments","page_number":22,"box":{"x":70,"y":385,"width":829,"height":11}},{"id":"a921de73-a956-4bd9-89c7-dfa86a4e6354","block_type":"box","text":"the income of which is free from federal income tax, including the federal alternative minimum tax.","page_number":22,"box":{"x":68,"y":400,"width":702,"height":11}},{"id":"736f92f8-2b3c-44a9-936f-8c9b5b36a553","block_type":"box","text":"Notations Regarding the Fund’s Fundamental Investment Restrictions","page_number":22,"box":{"x":102,"y":423,"width":494,"height":11}},{"id":"0551b822-a916-4560-aacc-f13f657617a6","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":22,"box":{"x":101,"y":445,"width":799,"height":12}},{"id":"b8f3f943-d2e3-4d49-a813-ebc48c1516d2","block_type":"box","text":"subject to change without shareholder approval.","page_number":22,"box":{"x":69,"y":461,"width":341,"height":11}},{"id":"095f7f7a-7355-4338-8530-7d0743a9f408","block_type":"box","text":"With respect to the fundamental policy relating to concentration set for th in (1) above, the Investment Company","page_number":22,"box":{"x":101,"y":483,"width":796,"height":11}},{"id":"ad760d89-3bb3-47dc-99ce-094a15d791e9","block_type":"box","text":"Act does not define what constitutes “concentration” in an industry. The Commission staff has taken the position","page_number":22,"box":{"x":68,"y":498,"width":811,"height":11}},{"id":"83889fcb-c54a-4d62-be43-80571ad9e5fa","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":22,"box":{"x":68,"y":513,"width":833,"height":12}},{"id":"2bc7bcf0-6e66-406a-ae80-d19b61290ebd","block_type":"box","text":"the same industry or group of industries constitutes concentration. It is possible that interpretations of concentration","page_number":22,"box":{"x":68,"y":528,"width":836,"height":12}},{"id":"86f52324-f9f7-49cc-a2ca-0e8d497ec1c9","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":22,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"2d02c13e-4ab5-4a56-8fbd-358214566101","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":22,"box":{"x":70,"y":559,"width":813,"height":11}},{"id":"ba3f7249-1c9f-4822-85ab-f38ada11f848","block_type":"box","text":"securities of the U.S. government and its agencies or instrumentalities; securities of state, territory, possession or","page_number":22,"box":{"x":69,"y":574,"width":820,"height":11}},{"id":"afe1e735-948e-4734-b2f8-674ce81b76c2","block_type":"box","text":"municipal governments and their authorities, agencies, instrumentalities or political subdivisions; and repurchase","page_number":22,"box":{"x":69,"y":589,"width":809,"height":11}},{"id":"c0de5a10-f98b-4ff6-a77f-9f6f34af984f","block_type":"box","text":"agreements collateralized by any such obligations. Accordingly, issuers of the foregoing securities will not be","page_number":22,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"5857d286-34c2-49d2-b81d-5807072abd5a","block_type":"box","text":"considered to be members of any industry. For purposes of applying the fundamental policy relating to concentration","page_number":22,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"0c2cf6c6-651d-4171-90a2-b7f26d5eca7e","block_type":"box","text":"set for th in (1) above, municipal securities issued to finance a specific project, such as industrial development bonds","page_number":22,"box":{"x":69,"y":634,"width":838,"height":11}},{"id":"1136f787-7799-4938-9777-42c839335556","block_type":"box","text":"and private activity bonds, are considered to be in the industry of the relevant project. There also will be no limit on","page_number":22,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"87647930-e4fe-4c49-b94c-a819002c9821","block_type":"box","text":"investment in issuers domiciled in a single jurisdiction or country. Finance companies will be considered to be in the","page_number":22,"box":{"x":70,"y":665,"width":827,"height":11}},{"id":"459efcd7-de97-48f3-93e1-75a0b9f2d7fe","block_type":"box","text":"industries of their parents if their activities are primarily related to financing the activities of the parents. Each foreign","page_number":22,"box":{"x":70,"y":680,"width":836,"height":11}},{"id":"0942fc39-ebbc-47d3-b6d0-52b805f00739","block_type":"box","text":"government will be considered to be a member of a separate industry. With respect to the Fund’s industry","page_number":22,"box":{"x":68,"y":695,"width":758,"height":11}},{"id":"db7ff7a3-b8aa-4352-9983-eba937dfb6ec","block_type":"box","text":"classifications, the Fund currently utilizes any one or more of the industry sub-classifications used by one or more","page_number":22,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"4ca764e7-9790-45c8-9f57-8568c98fe730","block_type":"box","text":"widely recognized market indexes or rating group indexes, and/or as defined by Fund management. The policy also","page_number":22,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"e7915c01-1803-45d5-9469-6a656b9f4a01","block_type":"box","text":"will be interpreted to give broad authority to the Fund as to how to classify issuers within or among industries.","page_number":22,"box":{"x":68,"y":740,"width":783,"height":11}},{"id":"dd05a837-79c4-40df-915f-78f32f35aeb2","block_type":"box","text":"With respect to the fundamental policy relating to borrowing money set for th in (2) above, the Investment","page_number":22,"box":{"x":101,"y":763,"width":750,"height":11}},{"id":"81a1b632-b73f-475a-aca6-5b0bd299026b","block_type":"box","text":"Company Act permits the Fund to borrow money in amounts of up to onethird of the Fund’s total assets from banks","page_number":22,"box":{"x":69,"y":778,"width":823,"height":11}},{"id":"f621ed2f-b4bb-4c1b-a7f9-9d93984e2177","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":22,"box":{"x":68,"y":793,"width":781,"height":11}},{"id":"d21a9791-3639-44df-ab8b-4bac3a610358","block_type":"box","text":"purposes. (The Fund’s total assets include the amounts being borrowed.) To limit the risks attendant to borrowing,","page_number":22,"box":{"x":70,"y":808,"width":815,"height":11}},{"id":"891aba6d-fd91-4dce-8487-6382c9f7a2a7","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":22,"box":{"x":68,"y":823,"width":810,"height":12}},{"id":"2ef5a7d8-cfcc-4e86-b671-0d2cabefe813","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":22,"box":{"x":69,"y":838,"width":777,"height":12}},{"id":"663f374e-a010-4569-947c-936610983c18","block_type":"box","text":"amounts borrowed), minus liabilities other than borrowings, bears to the aggregate amount of all borrowings.","page_number":22,"box":{"x":69,"y":853,"width":776,"height":12}},{"id":"1dcbce75-ec5f-4159-bdaf-61cd5d2d3dce","block_type":"box","text":"Borrowing money to increase por tfolio holdings is known as leveraging. Cer tain trading practices and investments,","page_number":22,"box":{"x":70,"y":869,"width":813,"height":11}},{"id":"e23c1b57-f027-4b3a-999e-206c4570b565","block_type":"box","text":"such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are","page_number":22,"box":{"x":69,"y":884,"width":788,"height":11}},{"id":"e2e72e29-40b5-4b64-a732-e3c01181ed69","block_type":"box","text":"subject to the Investment Company Act restrictions. In accordance with Rule 18f-4 under the Investment Company","page_number":22,"box":{"x":69,"y":899,"width":813,"height":11}},{"id":"56b739fb-c89c-4b79-9a04-754e9cda898d","block_type":"box","text":"I-6","page_number":22,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"e9b0ca54-56ad-4675-9703-f7c915f98fae","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":22,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"56672ce1-b547-4f80-894a-879e5a09436f","block_type":"box","text":"Act, when the Fund engages in reverse repurchase agreements and similar financing transactions, the Fund may","page_number":23,"box":{"x":68,"y":45,"width":802,"height":11}},{"id":"65883aca-324b-4ac6-a961-0c63c0a87037","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":23,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"2ae820ee-5354-4268-bb08-f31fee452813","block_type":"box","text":"aggregate, or (ii) treat such transactions as derivatives transactions and comply with Rule 18f-4 with respect to such","page_number":23,"box":{"x":69,"y":75,"width":830,"height":11}},{"id":"6391a407-04f8-4bf2-9ccb-ceb35286a074","block_type":"box","text":"transactions. Shor t-term credits necessary for the settlement of securities transactions and arrangements with","page_number":23,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"db7df3f4-4a1c-4a4e-a198-47999b9cc3dc","block_type":"box","text":"respect to securities lending will not be considered to be borrowings under the policy. Practices and investments that","page_number":23,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"933f5fa1-1f2e-4c14-93d9-7bc73c91f590","block_type":"box","text":"may involve leverage but are not considered to be borrowings are not subject to the policy.","page_number":23,"box":{"x":69,"y":120,"width":643,"height":12}},{"id":"104da274-8efb-4956-bea4-e706799b768c","block_type":"box","text":"With respect to the fundamental policy relating to underwriting set for th in (5) above, the Investment Company","page_number":23,"box":{"x":101,"y":143,"width":788,"height":11}},{"id":"ff752319-6a28-4abd-b240-32954d7c96c7","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":23,"box":{"x":68,"y":158,"width":840,"height":11}},{"id":"4837840d-7390-4bb9-b7b4-9a93f9c62a6d","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":23,"box":{"x":70,"y":173,"width":808,"height":11}},{"id":"bed4fb82-4c02-4605-8bc2-19749a4afd85","block_type":"box","text":"commitments of up to 25% of its assets under cer tain circumstances. Those circumstances currently are that the","page_number":23,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"1ae7c272-b83c-4dea-a7f7-31106ed51e44","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":23,"box":{"x":69,"y":203,"width":838,"height":12}},{"id":"8d1c8928-a9d3-41a1-90c1-c1982b3730ae","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":23,"box":{"x":68,"y":218,"width":818,"height":12}},{"id":"8515a555-2a22-4705-872d-9ceb1fa6aa85","block_type":"box","text":"fund engaging in transactions involving the acquisition or disposition of por tfolio securities may be considered to be","page_number":23,"box":{"x":68,"y":234,"width":826,"height":11}},{"id":"d7e30323-a266-432a-978f-b754f62360a1","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":23,"box":{"x":69,"y":249,"width":822,"height":11}},{"id":"f376005d-97e5-460c-b304-ea64b8882932","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":23,"box":{"x":68,"y":264,"width":838,"height":11}},{"id":"d717747a-a510-45a4-ad0a-ef2b50245159","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":23,"box":{"x":69,"y":279,"width":823,"height":11}},{"id":"9eda97d4-45de-46dc-a839-d85885204d54","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":23,"box":{"x":68,"y":294,"width":796,"height":11}},{"id":"d7833253-f165-4685-8592-40c5c0add022","block_type":"box","text":"underwriter under the Securities Act or is otherwise engaged in the underwriting business to the extent permitted by","page_number":23,"box":{"x":69,"y":309,"width":830,"height":11}},{"id":"bd3ed574-0c13-4636-a74b-aa1df5e7fd27","block_type":"box","text":"applicable law.","page_number":23,"box":{"x":69,"y":325,"width":102,"height":10}},{"id":"74596a8e-8fa5-4442-be52-a5e61ea608a1","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":23,"box":{"x":101,"y":347,"width":778,"height":11}},{"id":"77b9418a-27fe-4ad1-b143-15cef8e96cd0","block_type":"box","text":"does not prohibit the fund from making loans (including lending its securities); however, Commission staff","page_number":23,"box":{"x":69,"y":362,"width":756,"height":11}},{"id":"656ca6c5-7963-46b9-9807-40e4485a1160","block_type":"box","text":"interpretations currently prohibit funds from lending more than one-third of their total assets (including lending its","page_number":23,"box":{"x":70,"y":377,"width":807,"height":12}},{"id":"168a97c6-3d68-48b9-a707-a5251522efcb","block_type":"box","text":"securities), except through the purchase of debt obligations or the use of repurchase agreements. In addition,","page_number":23,"box":{"x":69,"y":392,"width":784,"height":12}},{"id":"ffc12826-0fe7-4a67-aabc-754eb2f2b358","block_type":"box","text":"collateral arrangements with respect to options, forward currency and futures transactions and other derivative","page_number":23,"box":{"x":69,"y":407,"width":791,"height":12}},{"id":"eb038f6d-b91e-4cad-a561-d15fb06a7040","block_type":"box","text":"instruments (as applicable), as well as delays in the settlement of securities transactions, will not be considered","page_number":23,"box":{"x":70,"y":423,"width":803,"height":11}},{"id":"b354adb7-3a34-4d7e-8c6e-f4994642ead2","block_type":"box","text":"loans.","page_number":23,"box":{"x":70,"y":438,"width":40,"height":9}},{"id":"9ce6bf31-27aa-4b4f-92e8-787e212854fe","block_type":"box","text":"The Fund is currently classified as a diversified fund under the Investment Company Act. This means that the","page_number":23,"box":{"x":101,"y":460,"width":777,"height":12}},{"id":"8017cf04-7759-4519-b8ad-1ad51180ab6d","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":23,"box":{"x":70,"y":475,"width":751,"height":12}},{"id":"3d3039f6-3c65-417f-ab07-88a306e38888","block_type":"box","text":"government, its agencies or instrumentalities and (ii) securities of other investment companies) if, with respect to","page_number":23,"box":{"x":68,"y":491,"width":812,"height":11}},{"id":"aecbd129-09cb-4942-82a2-c9fb4414c1c9","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":23,"box":{"x":69,"y":506,"width":827,"height":11}},{"id":"8b9d8156-060f-4b70-9f4d-55b18b2b8219","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":23,"box":{"x":69,"y":521,"width":781,"height":11}},{"id":"3ce73ebc-b798-4937-ba60-6794d56e1c7b","block_type":"box","text":"remaining 25% of its total assets, the Fund can invest more than 5% of its assets in one issuer. Under the","page_number":23,"box":{"x":69,"y":536,"width":759,"height":11}},{"id":"5c473844-e733-4eab-9c53-03039f981d8f","block_type":"box","text":"Investment Company Act, the Fund cannot change its classification from diversified to non-diversified without","page_number":23,"box":{"x":70,"y":551,"width":774,"height":11}},{"id":"ec0ee3fa-de3e-4b4b-a22b-e1d2388ee0ca","block_type":"box","text":"shareholder approval.","page_number":23,"box":{"x":69,"y":566,"width":153,"height":11}},{"id":"053e25db-f3dd-4536-992c-f75795518490","block_type":"box","text":"Under its non-fundamental investment restrictions, which may be changed by the Board without shareholder","page_number":23,"box":{"x":102,"y":589,"width":768,"height":11}},{"id":"6df397f0-d9f8-48e6-9a6d-390003fddd81","block_type":"box","text":"approval, the Fund may not:","page_number":23,"box":{"x":69,"y":604,"width":197,"height":11}},{"id":"2f0f5fc6-2e84-4c44-a2da-292c105f3f9a","block_type":"box","text":"a. Purchase securities of other investment companies, except to the extent permitted by the Investment","page_number":23,"box":{"x":134,"y":627,"width":742,"height":11}},{"id":"fba90971-f2c5-4683-9b7a-d519af0d7340","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":23,"box":{"x":102,"y":642,"width":759,"height":11}},{"id":"c46b7e7e-9827-4a5b-86a5-2bac2760e6ef","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":23,"box":{"x":102,"y":657,"width":779,"height":11}},{"id":"5d729462-1f4f-4110-a873-a52940d9248e","block_type":"box","text":"funds” provisions) of the Investment Company Act, at any time the Fund has knowledge that its shares are","page_number":23,"box":{"x":101,"y":672,"width":761,"height":11}},{"id":"8089c1e7-bd60-41c2-8c55-130d34998662","block_type":"box","text":"purchased by another investment company investor in reliance on the provisions of subparagraph (G) of Section","page_number":23,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"4ae6507e-55e6-4b18-966f-773bb71f6ca5","block_type":"box","text":"12(d)(1).","page_number":23,"box":{"x":102,"y":702,"width":60,"height":11}},{"id":"6981aa6b-e29a-4666-be7d-00cb18c9744e","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":23,"box":{"x":134,"y":725,"width":765,"height":11}},{"id":"8ae69156-2752-40ea-94d4-ee9afb2aafb8","block_type":"box","text":"Prospectus and SAI, as amended from time to time, and applicable law.","page_number":23,"box":{"x":102,"y":740,"width":509,"height":11}},{"id":"445d9189-5de5-47aa-a84d-5af1c8aa28ac","block_type":"box","text":"Unless otherwise indicated, all limitations under the Fund’s fundamental or non-fundamental investment","page_number":23,"box":{"x":102,"y":763,"width":744,"height":10}},{"id":"25ee82d9-878e-47d7-a5d3-742c9c39f65c","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":23,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"f06250f8-b373-4f2c-84cb-0b6c65510e93","block_type":"box","text":"assets invested in cer tain securities or other instruments resulting from market fluctuations or other changes in the","page_number":23,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"1ee8bebc-639a-48bd-9e05-86eda10348d5","block_type":"box","text":"Fund’s total assets will not require the Fund to dispose of an investment until BFA determines that it is practicable to","page_number":23,"box":{"x":70,"y":808,"width":835,"height":11}},{"id":"1a86aa1e-e7fb-4ec1-b7b2-80993c2d2348","block_type":"box","text":"sell or close out the investment without undue market or tax consequences.","page_number":23,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"4034cfae-6a04-4e7d-a2d2-91485c1a6303","block_type":"box","text":"III. Information on Trustees and Officers","page_number":23,"box":{"x":69,"y":854,"width":290,"height":8}},{"id":"083ef224-800f-4c3d-ad18-4ed887098cfb","block_type":"box","text":"The Board consists of thir teen individuals (each, a “Trustee”), eleven of whom are not “interested persons” of","page_number":23,"box":{"x":101,"y":876,"width":789,"height":11}},{"id":"235346f5-0733-457b-9e7b-c6c0e0fee593","block_type":"box","text":"the Trust as defined in the Investment Company Act (the “Independent Trustees”). The registered investment","page_number":23,"box":{"x":68,"y":891,"width":779,"height":12}},{"id":"505b3165-dff5-4a3f-a9a0-76e4b1d742a7","block_type":"box","text":"companies advised by the Manager or its affiliates (the “BlackRock-advised Funds”) are organized into the BlackRock","page_number":23,"box":{"x":69,"y":906,"width":837,"height":12}},{"id":"b628dc7c-7d2e-42e9-a892-630cb7165fc8","block_type":"box","text":"I-7","page_number":23,"box":{"x":481,"y":943,"width":16,"height":9}},{"id":"4d6f53b1-a937-4477-8b7d-a7d8b38ddfea","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":23,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4040e8c4-e51e-417a-973a-0695dc524e75","block_type":"box","text":"Multi-Asset Complex, the BlackRock Fixed-Income Complex, and the iShares Complex (each, a “BlackRock Fund","page_number":24,"box":{"x":70,"y":45,"width":793,"height":11}},{"id":"40b2611e-4a50-430d-bca0-65b86a836426","block_type":"box","text":"Complex”). The Trust is included in the BlackRock Fund Complex referred to as the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"63619797-c462-4fb5-a0dc-683047b59eb2","block_type":"box","text":"The Trustees also oversee as board members the operations of the other open-end registered investment companies","page_number":24,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"9a147a95-e2f6-4dae-8ad3-d86ac6507d3e","block_type":"box","text":"included in the BlackRock Multi-Asset Complex.","page_number":24,"box":{"x":70,"y":90,"width":335,"height":11}},{"id":"6f7c2acf-9095-4ee9-9804-beebb754193d","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":24,"box":{"x":101,"y":113,"width":769,"height":11}},{"id":"fef7faed-a0b3-42cf-817c-6f00dd8b4bb1","block_type":"box","text":"Independent Trustee, and the Chair of each Board committee (each, a “Committee”) is an Independent Trustee. The","page_number":24,"box":{"x":70,"y":128,"width":827,"height":11}},{"id":"2e712805-50c0-4179-ac78-b1ecc77f5459","block_type":"box","text":"Board has five standing Committees: an Audit Committee, a Governance and Nominating Committee, a Compliance","page_number":24,"box":{"x":70,"y":143,"width":821,"height":11}},{"id":"9c81e57c-455e-44f1-8f3c-f0c86be25022","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":24,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"19a54b9f-3348-40cc-97aa-60e05a7c0e57","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":24,"box":{"x":70,"y":173,"width":830,"height":11}},{"id":"88823636-65ef-42f4-82c7-3b8d47f410d8","block_type":"box","text":"Trustees generally between meetings. The Chair of each Committee per forms a similar role with respect to the","page_number":24,"box":{"x":68,"y":188,"width":789,"height":12}},{"id":"07cc96de-2ee9-4ba1-b715-47c242f42d4b","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":24,"box":{"x":69,"y":203,"width":810,"height":12}},{"id":"c58d4ca7-111e-440c-b62e-8975445ceea3","block_type":"box","text":"delegated by the Board or the Committee from time to time. The Independent Trustees meet regularly outside the","page_number":24,"box":{"x":69,"y":218,"width":809,"height":12}},{"id":"fdaf6843-d0df-4c5f-badc-4966c1fbc5dc","block_type":"box","text":"presence of Fund management, in executive session or with other service providers to the Fund. The Board has","page_number":24,"box":{"x":70,"y":234,"width":794,"height":11}},{"id":"1aa0dbbd-5c1b-42f0-871b-5a16ecbe058e","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":24,"box":{"x":69,"y":249,"width":816,"height":11}},{"id":"c359637a-e295-4492-8892-758f3cc32e93","block_type":"box","text":"Committee meets regularly to conduct the oversight functions delegated to that Committee by the Board and repor ts","page_number":24,"box":{"x":69,"y":264,"width":831,"height":11}},{"id":"378ce0dd-85ff-486d-aa46-6521517f59bd","block_type":"box","text":"its findings to the Board. The Board and each standing Committee conduct annual assessments of their oversight","page_number":24,"box":{"x":70,"y":279,"width":811,"height":11}},{"id":"8c38d9f4-92ee-4d47-96ba-46bb84635926","block_type":"box","text":"function and structure. The Board has determined that the Board’s leadership structure is appropriate because it","page_number":24,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"a266e236-8c4d-4a72-8d73-f43f76701c00","block_type":"box","text":"allows the Board to exercise independent judgment over management and to allocate areas of responsibility among","page_number":24,"box":{"x":69,"y":309,"width":825,"height":11}},{"id":"d777d0d7-ad87-4a7b-b766-a4997cb0fda8","block_type":"box","text":"Committees and the full Board to enhance effective oversight.","page_number":24,"box":{"x":69,"y":324,"width":441,"height":12}},{"id":"1a0cce51-a7c3-4b39-8040-a2c48819f709","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":24,"box":{"x":101,"y":347,"width":777,"height":11}},{"id":"0f880255-c7db-4334-92b4-87b104bacfa3","block_type":"box","text":"overseeing the Manager, other service providers, the operations of the Fund and associated risks in accordance with","page_number":24,"box":{"x":69,"y":362,"width":832,"height":11}},{"id":"2d976b7b-97bd-4ab7-9a80-674399f73f2e","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":24,"box":{"x":68,"y":377,"width":820,"height":11}},{"id":"3151c113-2be0-4f28-ba7f-d048ed1a989e","block_type":"box","text":"investment objective and strategies. The Board reviews, on an ongoing basis, the Fund’s per formance, operations","page_number":24,"box":{"x":70,"y":392,"width":812,"height":12}},{"id":"218661e9-2f08-409b-9705-35bc87bf90ef","block_type":"box","text":"and investment strategies and techniques. The Board also conducts reviews of the Manager and its role in running","page_number":24,"box":{"x":69,"y":407,"width":819,"height":12}},{"id":"909eb99a-037a-46e4-b9f4-b980c5a7176c","block_type":"box","text":"the operations of the Fund.","page_number":24,"box":{"x":68,"y":423,"width":192,"height":11}},{"id":"b4df2175-0f1e-4949-822e-66de9b3cd09e","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":24,"box":{"x":102,"y":445,"width":785,"height":12}},{"id":"2f27602f-3289-4626-9583-a92653e42885","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":24,"box":{"x":69,"y":460,"width":828,"height":12}},{"id":"eeff6ff9-2fc4-41fd-9631-2bf34cde094b","block_type":"box","text":"subject to a number of risks, including investment, compliance, operational and valuation risks, among others. While","page_number":24,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"f6b6a120-37dd-4701-91e0-d968ab56b1ab","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":24,"box":{"x":68,"y":491,"width":820,"height":11}},{"id":"1c48c7f6-f5fe-4327-848a-b23233296417","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":24,"box":{"x":70,"y":506,"width":811,"height":11}},{"id":"c720a5bc-0493-4872-abe6-d437579333d6","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":24,"box":{"x":70,"y":521,"width":767,"height":11}},{"id":"6bffdb05-98ad-496f-a73e-4a54e119ce35","block_type":"box","text":"activities. The Board, directly or through a Committee, also reviews repor ts from, among others, management, the","page_number":24,"box":{"x":69,"y":536,"width":815,"height":11}},{"id":"f496eba9-752e-42a4-874a-c4ad5f8fcf36","block_type":"box","text":"independent registered public accounting firm for the Fund, sub-advisers and internal auditors for the investment","page_number":24,"box":{"x":70,"y":551,"width":803,"height":11}},{"id":"3d04761d-ba9f-4adc-873a-8750d9acc2b3","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":24,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"5470355c-c0f3-4a5e-ad05-267ff52877e1","block_type":"box","text":"risk functions. The Committee system facilitates the timely and efficient consideration of matters by the Trustees,","page_number":24,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"718a2e45-7ef8-4136-a601-473293466d59","block_type":"box","text":"and facilitates effective oversight of compliance with legal and regulatory requirements and of the Fund’s activities","page_number":24,"box":{"x":69,"y":596,"width":817,"height":12}},{"id":"378ffa09-bd4b-42e6-9350-f5d584d0b2fb","block_type":"box","text":"and associated risks. The Board has appointed a Chief Compliance Officer, who oversees the implementation and","page_number":24,"box":{"x":69,"y":612,"width":812,"height":11}},{"id":"5d742287-1d6f-4452-958a-f10c83791084","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":24,"box":{"x":68,"y":627,"width":818,"height":11}},{"id":"f56f9cf4-c728-41b1-ba88-9848e0091cef","block_type":"box","text":"its service providers. The Independent Trustees have engaged independent legal counsel to assist them in","page_number":24,"box":{"x":70,"y":642,"width":759,"height":11}},{"id":"49e1da35-d58e-45b3-ac97-393d6417b10b","block_type":"box","text":"per forming their oversight responsibilities.","page_number":24,"box":{"x":70,"y":657,"width":299,"height":11}},{"id":"69a1bebc-d92a-4066-9491-8e628e9c25dd","block_type":"box","text":"Audit Committee.","page_number":24,"box":{"x":101,"y":680,"width":122,"height":9}},{"id":"aecac64b-c14c-40ce-b10e-c4fdae1ea5c1","block_type":"box","text":"The members of the Audit Committee (the “Audit Committee”) are Henry R. Keizer (Chair), Neil","page_number":24,"box":{"x":229,"y":680,"width":673,"height":11}},{"id":"c9de2bca-69f8-43a7-950a-ffefba9db792","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":24,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"066de17e-3389-4a90-b315-fd60632c3987","block_type":"box","text":"responsibilities of the Audit Committee are to approve, and recommend to the full Board for approval, the selection,","page_number":24,"box":{"x":69,"y":710,"width":826,"height":11}},{"id":"cb605403-c38e-4938-a06e-d26566e95996","block_type":"box","text":"retention, termination and compensation of the Fund’s independent registered public accounting firm (the","page_number":24,"box":{"x":69,"y":725,"width":753,"height":11}},{"id":"a46f7ddd-2e6a-44b2-b363-2dff37d1f522","block_type":"box","text":"“Independent Registered Public Accounting Firm”) and to oversee the Independent Registered Public Accounting","page_number":24,"box":{"x":70,"y":740,"width":797,"height":11}},{"id":"57ebada2-04f9-48c5-b5dc-68fea4b9be86","block_type":"box","text":"Firm’s work. The Audit Committee’s responsibilities include, without limitation, to (1) evaluate the qualifications and","page_number":24,"box":{"x":70,"y":755,"width":825,"height":11}},{"id":"9a1a3722-3f67-486e-b34e-20cb8e1d76cd","block_type":"box","text":"independence of the Independent Registered Public Accounting Firm; (2) approve all audit engagement terms and","page_number":24,"box":{"x":70,"y":770,"width":807,"height":12}},{"id":"60221714-4f20-4665-b63a-a02527d93562","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":24,"box":{"x":68,"y":785,"width":781,"height":11}},{"id":"88411609-7994-4c27-9a14-ea31ff4b37fe","block_type":"box","text":"statements; (4) review any issues raised by the Independent Registered Public Accounting Firm or Fund management","page_number":24,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"c9096fe9-053c-40e5-b085-dce643d7dcf0","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":24,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"708d92a1-2c8a-49b1-9132-26918c3b8b41","block_type":"box","text":"and cer tain service providers; (5) oversee the per formance of the Fund’s Independent Registered Public Accounting","page_number":24,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"b5c3c46d-7173-48e0-9a87-81cb406cf62b","block_type":"box","text":"Firm; (6) review and discuss with management and the Fund’s Independent Registered Public Accounting Firm the","page_number":24,"box":{"x":70,"y":846,"width":809,"height":11}},{"id":"4223a395-d9a4-4584-944b-de93a0600d86","block_type":"box","text":"per formance and findings of the Fund’s internal auditors; (7) discuss with Fund management its policies regarding","page_number":24,"box":{"x":70,"y":861,"width":815,"height":11}},{"id":"90880428-4179-48ff-8792-5b8a46e8e9c7","block_type":"box","text":"risk assessment and risk management as such matters relate to the Fund’s financial repor ting and controls;","page_number":24,"box":{"x":69,"y":876,"width":774,"height":11}},{"id":"13178566-f3bf-425f-b2c9-307798f10e38","block_type":"box","text":"(8) resolve any disagreements between Fund management and the Independent Registered Public Accounting Firm","page_number":24,"box":{"x":69,"y":891,"width":815,"height":12}},{"id":"93cf1dcb-35ea-470e-98f4-aa47c1f5013d","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":24,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"7b89d8cc-c602-48dd-b3b3-c9d9c0052cf2","block_type":"box","text":"I-8","page_number":24,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"5606c3f6-2638-48f7-8cf4-98a96f279fb4","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":24,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5ee54df5-c83c-4e42-8dd5-13cea60e3d18","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":25,"box":{"x":69,"y":45,"width":812,"height":11}},{"id":"bc3656d0-2aed-4897-a212-d0037c083f85","block_type":"box","text":"During the fiscal year ended December 31, 2025, the Audit Committee met four times.","page_number":25,"box":{"x":70,"y":60,"width":617,"height":11}},{"id":"07143d59-37b7-42c3-94e6-179dd9832a54","block_type":"box","text":"Governance and Nominating Committee.","page_number":25,"box":{"x":102,"y":83,"width":286,"height":11}},{"id":"c1bc4867-c1b5-4cd2-bf3e-11802f324c85","block_type":"box","text":"The members of the Governance and Nominating Committee (the","page_number":25,"box":{"x":394,"y":82,"width":464,"height":12}},{"id":"e7db83de-0992-4bfc-b22f-1a17c8b02001","block_type":"box","text":"“Governance Committee”) are Cynthia A. Montgomery (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton","page_number":25,"box":{"x":70,"y":98,"width":833,"height":11}},{"id":"4c6f42ac-4a75-4a5f-aca1-956b12a97554","block_type":"box","text":"and Henry R. Keizer, all of whom are Independent Trustees. The principal responsibilities of the Governance","page_number":25,"box":{"x":69,"y":113,"width":769,"height":11}},{"id":"4430969a-3e31-41de-bd31-f9516ae0e575","block_type":"box","text":"Committee are to (1) identify individuals qualified to serve as Independent Trustees of the Trust and recommend","page_number":25,"box":{"x":69,"y":128,"width":802,"height":11}},{"id":"4030d79c-d1d9-4015-9414-9c409934efd5","block_type":"box","text":"Independent Trustee nominees for election by shareholders or appointment by the Board; (2) advise the Board with","page_number":25,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"a4507521-24d8-4a0a-bc34-f8255d5323c7","block_type":"box","text":"respect to Board composition, procedures and committees (other than the Audit Committee); (3) oversee periodic","page_number":25,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"d4702847-6338-4e38-b99e-1333f72ebd0a","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":25,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"9e8893f0-fcdd-4020-99bc-8b4a56c822ef","block_type":"box","text":"recommendations regarding Independent Trustee compensation; (5) monitor corporate governance matters and","page_number":25,"box":{"x":69,"y":188,"width":793,"height":12}},{"id":"06d37c71-7b2f-4d24-a05c-cc655c52689b","block_type":"box","text":"develop appropriate recommendations to the Board; (6) act as the administrative committee with respect to Board","page_number":25,"box":{"x":69,"y":203,"width":815,"height":11}},{"id":"e61f1817-af4b-4eab-87c9-d33eae35a566","block_type":"box","text":"policies and procedures, committee policies and procedures (other than the Audit Committee) and codes of ethics as","page_number":25,"box":{"x":70,"y":218,"width":835,"height":12}},{"id":"6a180767-d286-4167-ac6c-a37254183127","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":25,"box":{"x":68,"y":234,"width":815,"height":11}},{"id":"6da01e10-ebab-4634-99c8-22051a0dc9df","block_type":"box","text":"time be delegated by the Board to the Governance Committee. The Governance Committee may consider nominations","page_number":25,"box":{"x":68,"y":249,"width":841,"height":11}},{"id":"fca312ff-4047-49f9-8aa1-c5243a68773c","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":25,"box":{"x":68,"y":264,"width":809,"height":11}},{"id":"7bacadfa-cf1b-4a5c-bfe9-ec603949aa16","block_type":"box","text":"Code of Regulations (“Bylaws”), shareholders must follow cer tain procedures to nominate a person for election as a","page_number":25,"box":{"x":69,"y":279,"width":829,"height":11}},{"id":"7ff09bd1-ca3e-462b-8ac0-ee3ae5ea9d15","block_type":"box","text":"Trustee at a shareholder meeting at which Trustees are to be elected. Under these advance notice procedures,","page_number":25,"box":{"x":68,"y":294,"width":792,"height":11}},{"id":"6dc84a9d-9854-4828-aedf-b0e4886765bc","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":25,"box":{"x":69,"y":309,"width":798,"height":11}},{"id":"b3efe45a-6335-4a80-b48e-9425b6cd546a","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":25,"box":{"x":70,"y":324,"width":832,"height":12}},{"id":"f8f356c9-ae2f-493b-9a60-88841d0e6197","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":25,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"ce09999b-14c3-4492-8476-e3883cfe5149","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":25,"box":{"x":68,"y":355,"width":832,"height":11}},{"id":"9940c028-c0a8-493f-85bc-955c4474bd1a","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":25,"box":{"x":68,"y":370,"width":820,"height":11}},{"id":"141cf886-4ef9-4f40-a0df-45ea63b6e72b","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":25,"box":{"x":69,"y":385,"width":801,"height":11}},{"id":"88f1245e-d50f-49d9-b11a-0b8c82093f35","block_type":"box","text":"written char ter for the Governance Committee. During the fiscal year ended December 31, 2025, the Governance","page_number":25,"box":{"x":68,"y":400,"width":808,"height":11}},{"id":"0c24db89-363d-45d4-b1ca-dc02eac6153b","block_type":"box","text":"Committee met eleven times.","page_number":25,"box":{"x":69,"y":415,"width":208,"height":9}},{"id":"ab5e9bf5-f1eb-4444-bb19-a11595ca2b4a","block_type":"box","text":"Compliance Committee.","page_number":25,"box":{"x":102,"y":438,"width":168,"height":11}},{"id":"b8dd741c-e26c-4c2c-aa05-e65f5717b383","block_type":"box","text":"The members of the Compliance Committee (the “Compliance Committee”) are Claire A.","page_number":25,"box":{"x":276,"y":438,"width":629,"height":11}},{"id":"2e388f5d-d07d-470c-8928-fa05236ea7ec","block_type":"box","text":"Walton (Chair), Cynthia A. Montgomery, Donald C. Opatrny, Lori Richards and Kenneth L. Urish, all of whom are","page_number":25,"box":{"x":68,"y":453,"width":789,"height":11}},{"id":"44bba18c-2539-4cb1-897a-ad3eb097b766","block_type":"box","text":"Independent Trustees. The Compliance Committee’s purpose is to assist the Board in fulfilling its responsibility to","page_number":25,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"148ad2a8-b76f-42bb-b4b8-81d4f71dee4e","block_type":"box","text":"oversee regulatory and fiduciary compliance matters involving the Trust, the fund-related activities of BFA and any","page_number":25,"box":{"x":69,"y":483,"width":809,"height":11}},{"id":"b5cd504a-bfaf-4d6f-be93-51a232434600","block_type":"box","text":"sub-adviser and the Trust’s third-par ty service providers. The Compliance Committee’s responsibilities include,","page_number":25,"box":{"x":69,"y":498,"width":789,"height":11}},{"id":"dd54c3d3-e459-4098-84a6-33676ac915b0","block_type":"box","text":"without limitation, to (1) oversee the compliance policies and procedures of the Trust and its service providers and","page_number":25,"box":{"x":68,"y":513,"width":819,"height":11}},{"id":"9cd8f238-38e9-4743-9b06-72c19ff87abf","block_type":"box","text":"recommend changes or additions to such policies and procedures; (2) review information on and, where appropriate,","page_number":25,"box":{"x":69,"y":528,"width":832,"height":12}},{"id":"d44be46c-72b6-4059-b2f9-8b12d29756eb","block_type":"box","text":"recommend policies concerning the Trust’s compliance with applicable law; (3) review repor ts from, oversee the","page_number":25,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"128bcdf0-dbae-4993-a617-0d192faed484","block_type":"box","text":"annual per formance review of, and make cer tain recommendations and determinations regarding the Trust’s Chief","page_number":25,"box":{"x":69,"y":559,"width":818,"height":11}},{"id":"7cf1c4f7-b57e-48f5-87bb-3add62531c5e","block_type":"box","text":"Compliance Officer (the “CCO”), including determining the amount and structure of the CCO’s compensation and","page_number":25,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"34c980db-8146-4a21-80ac-23f61733dc1b","block_type":"box","text":"recommending such amount and structure to the full Board for approval and ratification; and (4) under take such","page_number":25,"box":{"x":69,"y":589,"width":799,"height":11}},{"id":"6c181efd-63ce-43e7-a614-15418bf2c69b","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":25,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"686f33e1-8153-4f7f-a50c-6bcf8ef785bd","block_type":"box","text":"The Board has adopted a written char ter for the Compliance Committee. During the fiscal year ended","page_number":25,"box":{"x":68,"y":619,"width":720,"height":11}},{"id":"36039318-89a8-48e1-99b4-7b2719a472d9","block_type":"box","text":"December 31, 2025, the Compliance Committee met four times.","page_number":25,"box":{"x":70,"y":634,"width":460,"height":11}},{"id":"fb467ad8-5541-477d-af30-3f81f4281b06","block_type":"box","text":"Per formance Oversight Committee.","page_number":25,"box":{"x":102,"y":657,"width":248,"height":11}},{"id":"45cab051-d563-44c5-9e4b-031c02fe747a","block_type":"box","text":"The members of the Per formance Oversight Committee (the “Per formance","page_number":25,"box":{"x":356,"y":657,"width":531,"height":11}},{"id":"79834102-c3d1-461f-8462-57cf6d6164be","block_type":"box","text":"Oversight Committee”) are Donald C. Opatrny (Chair), Christopher J. Ailman, Susan J. Car ter, Collette Chilton and Neil","page_number":25,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"47acacb5-5be5-417b-8177-5872d00114d3","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":25,"box":{"x":68,"y":687,"width":808,"height":11}},{"id":"7c7adf6e-66f4-43d1-b7d4-ff96954595de","block_type":"box","text":"Board in fulfilling its responsibility to oversee the Fund’s investment per formance relative to its agreed-upon","page_number":25,"box":{"x":70,"y":702,"width":769,"height":12}},{"id":"0468bda3-58ae-4f50-8573-11b139c4bc6d","block_type":"box","text":"per formance objectives and to assist the Independent Trustees in their consideration of investment advisory","page_number":25,"box":{"x":70,"y":717,"width":775,"height":12}},{"id":"542e97af-aeee-4538-94a3-4f81fd09b5eb","block_type":"box","text":"agreements. The Per formance Oversight Committee’s responsibilities include, without limitation, to (1) review","page_number":25,"box":{"x":69,"y":732,"width":782,"height":12}},{"id":"d104a9fa-9c9b-4826-afd4-634ae61f070c","block_type":"box","text":"information on, and make recommendations to the full Board in respect of, the Fund’s investment objective, policies","page_number":25,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"bde8fb38-6872-4e67-b6e5-f26d0fb2cd2b","block_type":"box","text":"and practices; (2) review information on the Fund’s investment per formance; (3) review information on appropriate","page_number":25,"box":{"x":69,"y":763,"width":816,"height":11}},{"id":"e5a547cc-dce2-4d99-8302-57e4169b80c1","block_type":"box","text":"benchmarks and competitive universes and unusual or exceptional investment matters; (4) review personnel and","page_number":25,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"642f7626-3507-490b-aeb1-1672745022f9","block_type":"box","text":"other resources devoted to management of the Fund and evaluate the nature and quality of information furnished to","page_number":25,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"4d5088cb-6c10-4dd1-a15c-8b77aebd86bd","block_type":"box","text":"the Per formance Oversight Committee; (5) recommend any required action regarding changes in fundamental and","page_number":25,"box":{"x":68,"y":808,"width":811,"height":11}},{"id":"55ad0fe6-9c74-4f13-88c0-353b6a2ce47c","block_type":"box","text":"non-fundamental investment policies and restrictions, fund mergers or liquidations; (6) request and review","page_number":25,"box":{"x":69,"y":823,"width":757,"height":12}},{"id":"79b90470-5bf8-40d8-bc17-35ebbf9db572","block_type":"box","text":"information on the nature, extent and quality of services provided to the shareholders; (7) make recommendations to","page_number":25,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"dc93a04c-ed85-48c9-9214-3022ecf83292","block_type":"box","text":"the Board concerning the approval or renewal of investment advisory agreements; and (8) under take such other","page_number":25,"box":{"x":68,"y":853,"width":800,"height":12}},{"id":"a65c02bd-5e1d-4873-8fcc-234734a93ecd","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":25,"box":{"x":69,"y":869,"width":780,"height":11}},{"id":"c9939042-19d3-4450-9dee-b033d96e4a9f","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":25,"box":{"x":69,"y":884,"width":838,"height":11}},{"id":"6591f691-b4b4-4ac3-ab43-0f91a807250d","block_type":"box","text":"ended December 31, 2025, the Per formance Oversight Committee met five times.","page_number":25,"box":{"x":69,"y":899,"width":587,"height":11}},{"id":"9388dceb-41fb-4124-a89c-0e1019dce473","block_type":"box","text":"I-9","page_number":25,"box":{"x":481,"y":943,"width":17,"height":9}},{"id":"fe5b0da5-7c6f-4327-addd-1bd585e036e9","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":25,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4be0194-5d24-4a86-82fa-7d3e81544bad","block_type":"box","text":"Ad Hoc Topics Committee.","page_number":26,"box":{"x":101,"y":45,"width":186,"height":11}},{"id":"d179d638-3555-4775-8c41-4aceb2070c63","block_type":"box","text":"The members of the Ad Hoc Topics Committee (the “Ad Hoc Topics Committee”) are","page_number":26,"box":{"x":293,"y":45,"width":598,"height":11}},{"id":"f5f665c6-0d36-467a-bc02-3f0086762c09","block_type":"box","text":"Mark Stalnecker (Chair) and Claire A. Walton, both of whom are Independent Trustees, and John M. Perlowski, who","page_number":26,"box":{"x":70,"y":60,"width":817,"height":11}},{"id":"d9829811-f198-4160-9f75-a511c8e8e5f6","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":26,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"b0b86c8f-a439-47eb-bc41-118662ed0330","block_type":"box","text":"routine matters between meetings of the Board; (2) act on such matters as may require urgent action between","page_number":26,"box":{"x":69,"y":90,"width":788,"height":11}},{"id":"c996412e-c6c5-4c0d-9ef9-ce4514ef25b4","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":26,"box":{"x":69,"y":105,"width":813,"height":11}},{"id":"8348d95b-bf68-4abe-9a0c-59a02e846c4f","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":26,"box":{"x":68,"y":120,"width":816,"height":12}},{"id":"5daaf528-7798-4059-9a5a-1ab1956bd980","block_type":"box","text":"the fiscal year ended December 31, 2025, the Ad Hoc Topics Committee did not meet.","page_number":26,"box":{"x":68,"y":135,"width":618,"height":11}},{"id":"802ad8bd-923b-4f4f-9e37-8e9ccf6cea4d","block_type":"box","text":"The Governance Committee has adopted a statement of policy that describes the experience, qualifications,","page_number":26,"box":{"x":101,"y":158,"width":771,"height":11}},{"id":"30089389-6f9a-40c0-96d3-b96055f6c062","block_type":"box","text":"skills and attributes that are necessary and desirable for potential Independent Trustee candidates (the “Statement","page_number":26,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"5612cfbb-11de-4d2e-82b9-96148df53b49","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":26,"box":{"x":69,"y":188,"width":830,"height":11}},{"id":"2d339765-448f-4113-8e79-79993c62179e","block_type":"box","text":"appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. Fur thermore,","page_number":26,"box":{"x":69,"y":203,"width":825,"height":12}},{"id":"62bb9b0e-fbbc-4ea8-8bb1-621b85c02c25","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":26,"box":{"x":70,"y":218,"width":807,"height":12}},{"id":"e5e8901c-b169-43d1-b270-ce2496f826c0","block_type":"box","text":"Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that,","page_number":26,"box":{"x":70,"y":234,"width":787,"height":11}},{"id":"fae84009-4520-48c0-a6c0-2121de42dd1b","block_type":"box","text":"collectively, the Independent Trustees have balanced and diverse experience, skills, attributes and qualifications,","page_number":26,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"db845baa-cdb7-4e42-b5b7-4be347364a64","block_type":"box","text":"which allow the Board to operate effectively in governing the Trust and protecting the interests of shareholders.","page_number":26,"box":{"x":68,"y":264,"width":794,"height":11}},{"id":"73ff0cad-fbf4-47c4-a164-172d5bf2f7f5","block_type":"box","text":"Among the attributes common to all Independent Trustees are their ability to review critically, evaluate, question and","page_number":26,"box":{"x":68,"y":279,"width":829,"height":11}},{"id":"78841e00-e807-4aac-89f4-30d2cf71f960","block_type":"box","text":"discuss information provided to them, to interact effectively with the Fund’s investment adviser, sub-advisers, other","page_number":26,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"749551c7-ec5f-45ed-8e69-a7faafbd0acc","block_type":"box","text":"service providers, counsel and the Independent Registered Public Accounting Firm, and to exercise effective","page_number":26,"box":{"x":69,"y":309,"width":771,"height":11}},{"id":"edea114a-ed4a-44b5-b7dc-b9d5c0e3fc0b","block_type":"box","text":"business judgment in the per formance of their duties as Trustees.","page_number":26,"box":{"x":69,"y":324,"width":473,"height":12}},{"id":"b7b9c094-c8af-40c2-a08c-a9e007e473f2","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":26,"box":{"x":102,"y":347,"width":792,"height":11}},{"id":"86289c59-d288-4ede-ba7c-158b82dcea32","block_type":"box","text":"or professional training; business, consulting, public service or academic positions; experience from service as a","page_number":26,"box":{"x":69,"y":362,"width":807,"height":11}},{"id":"ebc1fce1-0b5f-4aee-8b7b-5f9f3dc1aaa1","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":26,"box":{"x":69,"y":377,"width":837,"height":11}},{"id":"f0dfee0a-b622-4d08-ae52-8d06c47d1ccd","block_type":"box","text":"investment funds, public companies, non-profit entities or other organizations; ongoing commitment to and","page_number":26,"box":{"x":70,"y":392,"width":759,"height":12}},{"id":"b32e2aec-23b8-4c22-bbcf-8d2c865a634d","block_type":"box","text":"par ticipation in Board and Committee meetings, as well as his or her leadership of standing and","page_number":26,"box":{"x":70,"y":407,"width":685,"height":12}},{"id":"8c36a6a0-b7cb-4c55-9b87-eccce92fbb1f","block_type":"box","text":"ad hoc","page_number":26,"box":{"x":762,"y":408,"width":47,"height":8}},{"id":"72448b7b-c2b2-4b9a-abad-3fb1771989a6","block_type":"box","text":"committees","page_number":26,"box":{"x":814,"y":408,"width":82,"height":8}},{"id":"b395aaf1-4479-41f3-a751-c193f47d3e3e","block_type":"box","text":"throughout the years; or other relevant life experiences.","page_number":26,"box":{"x":68,"y":423,"width":395,"height":11}},{"id":"1ea4d3a6-babd-42f2-a3cb-c6b06548857e","block_type":"box","text":"Trustees Elect.","page_number":26,"box":{"x":101,"y":446,"width":105,"height":8}},{"id":"d83602ee-1304-469a-9745-04058fabf735","block_type":"box","text":"Jeffrey Jarczyk and Marc D. Stern have been appointed as Trustees of the Trust effective July 1, 2026 (each, a","page_number":26,"box":{"x":101,"y":468,"width":791,"height":11}},{"id":"fad63c1b-22d6-4e28-9906-52ad85b22aa4","block_type":"box","text":"“Trustee-Elect”). Each Trustee Elect is expected to qualify as an Independent Trustee at the time of his service. Each","page_number":26,"box":{"x":70,"y":483,"width":833,"height":11}},{"id":"7c5a2b6a-4433-42d0-b3d8-2876fa9a3e34","block_type":"box","text":"Trustee Elect has been retained as a consultant to the Independent Trustees to assist the Independent Trustees in","page_number":26,"box":{"x":68,"y":498,"width":822,"height":11}},{"id":"ae53e4f2-fa5a-42cf-ba59-f077eeb66a79","block_type":"box","text":"the per formance of their duties to the Trust and is expected to serve in that capacity until July 1, 2026.","page_number":26,"box":{"x":68,"y":513,"width":740,"height":11}},{"id":"56dcb1a7-eed4-4d25-ba69-94972e96eab3","block_type":"box","text":"The table below discusses some of the experiences, qualifications and skills of each of the Trustees that","page_number":26,"box":{"x":101,"y":536,"width":751,"height":11}},{"id":"44d6cd26-4f2f-4025-9e58-1ba7b020e14c","block_type":"box","text":"suppor t the conclusion that each Trustee should serve on the Board.","page_number":26,"box":{"x":69,"y":551,"width":492,"height":11}},{"id":"d3bece5b-7967-486c-8bf8-3c53d7376568","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":26,"box":{"x":68,"y":579,"width":409,"height":9}},{"id":"4157ac0d-3cc3-49b7-bee2-04273af8d0d6","block_type":"box","text":"Independent Trustees","page_number":26,"box":{"x":70,"y":596,"width":154,"height":11}},{"id":"19602ce4-13bd-44d8-bd89-4babd246f5de","block_type":"box","text":"Christopher J. Ailman Christopher Ailman has more than 30 years of experience in the financial services","page_number":26,"box":{"x":69,"y":611,"width":781,"height":11}},{"id":"6944d644-6c29-4ed1-b481-63711482b20a","block_type":"box","text":"industry, including most recently serving as Chief Investment Officer of the California","page_number":26,"box":{"x":265,"y":626,"width":604,"height":11}},{"id":"fff904b4-67de-4bea-ab83-6fcc6c093569","block_type":"box","text":"State Teachers Retirement System (CalSTRS) from 2000 to June 2024 where he led its","page_number":26,"box":{"x":265,"y":641,"width":623,"height":11}},{"id":"46faea3f-d959-46aa-9ec2-db0c7964381e","block_type":"box","text":"investment program. Mr. Ailman currently is a principal at Ailman Advisers. In addition, he","page_number":26,"box":{"x":265,"y":657,"width":637,"height":11}},{"id":"be89b16d-aad3-4f1a-860c-bb5ff3cfb65b","block_type":"box","text":"has held various roles in the industry, including as member and chair of the asset owner","page_number":26,"box":{"x":265,"y":671,"width":631,"height":12}},{"id":"7b371ca3-4db9-4dce-8b3d-50d5193f3139","block_type":"box","text":"committee of the Kroner Center for Financial Research, chairman of the Nor th American","page_number":26,"box":{"x":264,"y":686,"width":626,"height":11}},{"id":"b087818f-8658-49bc-8fa5-6682f657b7ae","block_type":"box","text":"Chapter of the 300 Club of Global CIOs, and co-chair of the Milken Global Capital Markets","page_number":26,"box":{"x":265,"y":702,"width":639,"height":11}},{"id":"10e4cfe6-9c9a-4ada-94a9-9dd690687369","block_type":"box","text":"Advisory Council. These positions have provided Mr. Ailman with considerable investment","page_number":26,"box":{"x":264,"y":717,"width":637,"height":11}},{"id":"edb2f804-3751-46c5-ae2b-254cf3079183","block_type":"box","text":"exper tise across asset classes and strategies, and insight and perspective on the","page_number":26,"box":{"x":265,"y":732,"width":586,"height":11}},{"id":"735066e4-2007-4f47-b5a0-b8283be8e70f","block_type":"box","text":"markets and the economy. In addition, Mr. Ailman serves as a member of the Governance","page_number":26,"box":{"x":265,"y":747,"width":640,"height":11}},{"id":"5f919e1f-5ced-4154-a415-cfcfddc11a95","block_type":"box","text":"Committee and the Per formance Oversight Committee.","page_number":26,"box":{"x":265,"y":762,"width":389,"height":11}},{"id":"78bb8108-297f-48b7-a906-4066f61dd657","block_type":"box","text":"I-10","page_number":26,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"139577ac-22b9-437e-8051-320990594de5","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":26,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"150880d5-edce-4eb4-9c28-e2c01468b9e4","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":27,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"eeb9067f-41bd-48b2-9c2d-46465adc7d2b","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":27,"box":{"x":69,"y":65,"width":806,"height":12}},{"id":"91d8b873-acb4-46c3-8f72-4e4a81ce1a51","block_type":"box","text":"served as President & Chief Executive Officer of Commonfund Capital, Inc. (“CCI”), a","page_number":27,"box":{"x":265,"y":81,"width":604,"height":11}},{"id":"33e772a9-572e-4a2d-bfb9-a000cd651907","block_type":"box","text":"registered investment adviser focused on non-profit investors, from 1997 to 2013, Chief","page_number":27,"box":{"x":265,"y":96,"width":632,"height":11}},{"id":"e215185a-bb8f-4f70-9a1a-033cca4ae717","block_type":"box","text":"Executive Officer of CCI from 2013 to 2014 and Senior Advisor to CCI in 2015.","page_number":27,"box":{"x":265,"y":111,"width":562,"height":9}},{"id":"c0a77ddc-2db1-418c-b752-074009d393c2","block_type":"box","text":"Ms. Car ter also served as director of the Pacific Pension Institute from 2014 to 2018,","page_number":27,"box":{"x":265,"y":126,"width":616,"height":10}},{"id":"71f0026b-c9e6-4217-bf89-07c05ae2b6e5","block_type":"box","text":"trustee to the Financial Accounting Foundation from 2017 to 2021, Advisory Board","page_number":27,"box":{"x":264,"y":141,"width":591,"height":11}},{"id":"bfef00e9-5af3-404c-8244-8ef580a910e8","block_type":"box","text":"Member for the Center for Private Equity and Entrepreneurship at Tuck School of Business","page_number":27,"box":{"x":265,"y":156,"width":641,"height":11}},{"id":"5d7e2d41-4517-4f68-816e-b1a38eadedd2","block_type":"box","text":"from 1997 to 2021, Advisory Board Member for Bridges Fund Management from 2016 to","page_number":27,"box":{"x":264,"y":171,"width":638,"height":12}},{"id":"0fa4177e-ad17-46ac-bea8-3a0ca71d34b1","block_type":"box","text":"2018, Advisory Board Member for Girls Who Invest from 2015 to 2018 and Board","page_number":27,"box":{"x":265,"y":186,"width":584,"height":12}},{"id":"01c76e7b-3ff8-4bd8-af4a-3e78ba365177","block_type":"box","text":"Member thereof from 2018 to 2022, and Practitioner Advisory Board Member for Private","page_number":27,"box":{"x":265,"y":201,"width":630,"height":12}},{"id":"74be5e3e-1e78-4f4e-8013-118239f4d613","block_type":"box","text":"Capital Research Institute (“PCRI”) from 2017 to 2024. She currently serves as Member","page_number":27,"box":{"x":265,"y":217,"width":634,"height":11}},{"id":"c9d0baf0-9efc-49d3-b002-0611ac2cfe5f","block_type":"box","text":"of the President’s Counsel for Commonfund. These positions have provided her with","page_number":27,"box":{"x":265,"y":232,"width":599,"height":11}},{"id":"0855be86-3e22-4943-974b-81440ba7357f","block_type":"box","text":"insight and perspective on the markets and the economy.","page_number":27,"box":{"x":265,"y":247,"width":407,"height":11}},{"id":"8baceb6a-ec7c-47a6-b5b9-3c561f917e5b","block_type":"box","text":"Collette Chilton Collette Chilton has over 20 years of experience in investment management. 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Keizer brings over 40 years of executive, financial, operational, strategic and","page_number":27,"box":{"x":70,"y":481,"width":806,"height":11}},{"id":"564658db-8ae9-4ab7-a70f-c250e10e4f91","block_type":"box","text":"global exper tise gained through his 35 year career at KPMG, a global professional","page_number":27,"box":{"x":264,"y":496,"width":584,"height":12}},{"id":"5c4960dd-a7cd-4e26-8e17-6ece2421a078","block_type":"box","text":"services organization and by his service as a director to both publicly and privately held","page_number":27,"box":{"x":265,"y":512,"width":622,"height":11}},{"id":"a20abff4-779c-4060-a896-29cfc334bf0d","block_type":"box","text":"organizations. He has extensive experience with issues facing complex, global companies","page_number":27,"box":{"x":265,"y":526,"width":638,"height":12}},{"id":"158ffc3e-4103-4ea2-a53f-029c13b90d06","block_type":"box","text":"and exper tise in financial repor ting, accounting, auditing, risk management, and","page_number":27,"box":{"x":265,"y":542,"width":570,"height":11}},{"id":"443c9f99-38f9-4371-a407-b3962747ebef","block_type":"box","text":"regulatory affairs for such companies. Mr. Keizer’s experience also includes service as an","page_number":27,"box":{"x":265,"y":557,"width":642,"height":11}},{"id":"341c8dd2-2f32-447f-bd21-5d005da0ded1","block_type":"box","text":"audit committee chair to both publicly and privately held organizations across numerous","page_number":27,"box":{"x":265,"y":572,"width":626,"height":11}},{"id":"dcec0e12-f0fc-47c3-873b-f29920d2363f","block_type":"box","text":"industries including professional services, proper ty and casualty reinsurance, insurance,","page_number":27,"box":{"x":265,"y":587,"width":630,"height":11}},{"id":"610b738d-b6f4-4815-a893-da474f8ae7c9","block_type":"box","text":"diversified financial services, banking, direct to consumer, business to business and","page_number":27,"box":{"x":265,"y":602,"width":602,"height":11}},{"id":"9db142a1-cdb3-4172-aefe-394f28cad320","block_type":"box","text":"technology. Mr. Keizer is a cer tified public accountant and also served on the board of the","page_number":27,"box":{"x":264,"y":617,"width":643,"height":12}},{"id":"f18947d7-a3a6-43a9-b48f-290f214b39cb","block_type":"box","text":"American Institute of Cer tified Public Accountants. Mr. Keizer has been determined by the","page_number":27,"box":{"x":264,"y":632,"width":639,"height":12}},{"id":"a9671a9c-977d-496f-a740-3b7c84a9fc9a","block_type":"box","text":"Audit Committee to be an audit committee financial exper t, as such term is defined in the","page_number":27,"box":{"x":264,"y":647,"width":641,"height":11}},{"id":"d4856cb4-9d83-484a-9018-74d1b2235fde","block_type":"box","text":"applicable Commission rules.","page_number":27,"box":{"x":265,"y":663,"width":208,"height":11}},{"id":"acbc4fed-4866-4bac-bdf8-1086a303bb92","block_type":"box","text":"Cynthia A. Montgomery Cynthia A. Montgomery has served for over 20 years on the boards of registered","page_number":27,"box":{"x":69,"y":685,"width":769,"height":12}},{"id":"14e0ee17-1ef2-4b2c-b673-56bba223aaa3","block_type":"box","text":"investment companies, most recently as a member of the boards of cer tain BlackRock","page_number":27,"box":{"x":265,"y":700,"width":621,"height":12}},{"id":"c8df1b13-c06c-4499-8786-991f7cef460c","block_type":"box","text":"advised Funds and predecessor funds, including the legacy Merrill Lynch Investment","page_number":27,"box":{"x":265,"y":715,"width":599,"height":12}},{"id":"cca02846-1bdc-4471-b72c-e9d8fe40f9ca","block_type":"box","text":"Managers, L.P. (“MLIM”) funds. The Board benefits from Ms. Montgomery’s more than 20","page_number":27,"box":{"x":265,"y":731,"width":641,"height":11}},{"id":"7d0af470-646a-4102-8953-67687a0b0164","block_type":"box","text":"years of academic experience as a professor at Harvard Business School where she","page_number":27,"box":{"x":264,"y":746,"width":602,"height":11}},{"id":"0b2d49f6-12fc-4815-ac3a-4cad18a714d2","block_type":"box","text":"taught courses on corporate strategy and corporate governance. Ms. Montgomery also","page_number":27,"box":{"x":264,"y":761,"width":617,"height":11}},{"id":"a415620e-ee73-4a58-8227-da55ac592007","block_type":"box","text":"has business management and corporate governance experience through her service on","page_number":27,"box":{"x":265,"y":776,"width":629,"height":11}},{"id":"08dba863-93eb-42b8-a596-9d2ae72f3459","block_type":"box","text":"the corporate boards of a variety of public companies. She has also authored numerous","page_number":27,"box":{"x":264,"y":791,"width":628,"height":11}},{"id":"855dbcb7-49e2-4fc9-bd91-54ef0f792809","block_type":"box","text":"ar ticles and books on these topics.","page_number":27,"box":{"x":265,"y":806,"width":251,"height":11}},{"id":"941b6c9e-cc8a-4006-a6c8-fdbd7aca824a","block_type":"box","text":"Donald C. Opatrny Donald C. 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He also has","page_number":27,"box":{"x":265,"y":874,"width":603,"height":12}},{"id":"899230a3-2244-455f-ab99-c2a140188618","block_type":"box","text":"investment management experience as a board member of Athena Capital Advisors LLC.","page_number":27,"box":{"x":265,"y":889,"width":629,"height":12}},{"id":"daa2a3b0-187a-4d05-8104-089ffcd4f2e1","block_type":"box","text":"I-11","page_number":27,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"7fe14b57-5145-4051-8329-dd1b48183a86","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":27,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a41d5cf4-d436-4255-be45-4819832a48be","block_type":"box","text":"Trustees Experience, Qualifications and Skills","page_number":28,"box":{"x":68,"y":49,"width":409,"height":9}},{"id":"21ce063e-359a-4763-a2db-efdce986f4da","block_type":"box","text":"Lori Richards Lori Richards has more than 30 years of experience in the financial services industry,","page_number":28,"box":{"x":70,"y":65,"width":804,"height":12}},{"id":"b8c27b81-c400-4abf-b6f4-e105a8011fc1","block_type":"box","text":"most notably as the first Director of the Office of Compliance Inspections and","page_number":28,"box":{"x":265,"y":81,"width":552,"height":11}},{"id":"5e4a0c7d-ebe3-4768-b602-b0ef2df4744e","block_type":"box","text":"Examinations (“OCIE”) of the Securities and Exchange Commission (“SEC”) from 1995 to","page_number":28,"box":{"x":265,"y":96,"width":636,"height":11}},{"id":"22e1e57b-9814-496d-974a-d79aefa199f4","block_type":"box","text":"2009. During 14 years as the Director of OCIE, she led the SEC’s nationwide examination","page_number":28,"box":{"x":265,"y":111,"width":639,"height":11}},{"id":"55ae0c52-cd34-4e9e-97ab-6b2f31b9a5c1","block_type":"box","text":"oversight program for advisers, mutual funds, hedge funds, broker-dealers, stock","page_number":28,"box":{"x":265,"y":126,"width":576,"height":11}},{"id":"842ef931-43fd-4903-88fd-24d3a4e9b17a","block_type":"box","text":"exchanges, and other industry firms. Prior to that, from 1985 to 1995, she held various","page_number":28,"box":{"x":265,"y":141,"width":626,"height":11}},{"id":"b1a9038d-cb24-462e-be5e-92cab0c5b4e8","block_type":"box","text":"roles at the SEC, including Associate Director for Enforcement for the SEC’s Pacific","page_number":28,"box":{"x":265,"y":156,"width":592,"height":11}},{"id":"79fc4caa-6b0a-44f1-b91b-5429ba45a9fc","block_type":"box","text":"Regional Office and executive assistant and senior advisor to then SEC Chairman Ar thur","page_number":28,"box":{"x":265,"y":171,"width":629,"height":12}},{"id":"97a34217-5fe5-4055-990d-4413b0c520da","block_type":"box","text":"Levitt. More recently, Ms. Richards served as Chief Compliance Officer of the Asset and","page_number":28,"box":{"x":265,"y":186,"width":626,"height":12}},{"id":"66e8350d-c40c-4565-afe0-c1cf278a3753","block_type":"box","text":"Wealth Management global lines of business at JPMorgan Chase & Co. from 2013 to","page_number":28,"box":{"x":264,"y":201,"width":608,"height":12}},{"id":"54ba8e51-fcf8-4f0b-9a95-7642fd20a923","block_type":"box","text":"2018 where she led its global compliance program, advised business leaders on","page_number":28,"box":{"x":265,"y":217,"width":575,"height":11}},{"id":"a3530fac-d10e-40cd-acad-f43ba1a9bcd3","block_type":"box","text":"compliance issues, oversaw risk assessment, monitoring, testing and training, and","page_number":28,"box":{"x":264,"y":232,"width":591,"height":11}},{"id":"05e8ab85-eec0-4ad1-9896-672c9c5347ca","block_type":"box","text":"maintained relationships with regulators. In addition, Ms. Richards served as a member","page_number":28,"box":{"x":265,"y":247,"width":627,"height":11}},{"id":"bae640ce-27d9-4c60-a37f-ad9add87bc16","block_type":"box","text":"of the National Adjudicatory Council of the Financial Industry Regulatory Authority","page_number":28,"box":{"x":265,"y":262,"width":578,"height":11}},{"id":"7f49ce3a-b173-4736-9bbd-6015e5c6945b","block_type":"box","text":"(FINRA) from 2019 to 2022 and held the chair and vice chair posts during her tenure.","page_number":28,"box":{"x":265,"y":277,"width":607,"height":11}},{"id":"909731eb-3eac-456a-96a7-a96bebd28fb3","block_type":"box","text":"Prior thereto, from 2010 to 2013, she was a Principal at PricewaterhouseCoopers LLP","page_number":28,"box":{"x":265,"y":292,"width":615,"height":11}},{"id":"1ee9e16b-8f52-4dc7-970d-b57e157a3d6d","block_type":"box","text":"(“PwC”) and co-leader of its Asset Management Regulatory group. At PwC, she assisted a","page_number":28,"box":{"x":265,"y":307,"width":638,"height":12}},{"id":"d388cdbd-471d-4455-909d-74758535a2fc","block_type":"box","text":"broad range of financial services clients in designing and implementing risk management","page_number":28,"box":{"x":265,"y":322,"width":635,"height":12}},{"id":"f91e972c-aad4-4bcf-b129-31930660f641","block_type":"box","text":"and compliance programs, and preparing for new regulatory expectations. These positions","page_number":28,"box":{"x":265,"y":338,"width":642,"height":11}},{"id":"37ddd643-1b63-4b49-9f70-4dacccf082a3","block_type":"box","text":"have provided her with insight and perspective on the markets and the economy, as well","page_number":28,"box":{"x":265,"y":353,"width":627,"height":11}},{"id":"acd5efad-f97a-4eab-bb28-77e04c656472","block_type":"box","text":"as asset management regulation and compliance. In addition, Ms. Richards serves as a","page_number":28,"box":{"x":265,"y":368,"width":628,"height":11}},{"id":"f85cae75-8b34-463a-a013-8dead6f563e4","block_type":"box","text":"member of the Audit Committee and the Compliance Committee.","page_number":28,"box":{"x":265,"y":383,"width":460,"height":11}},{"id":"ec98b6e0-7673-4f3b-bae9-c9ec19bb2012","block_type":"box","text":"Mark Stalnecker Mark Stalnecker has gained a wealth of experience in investing and asset management","page_number":28,"box":{"x":70,"y":406,"width":818,"height":11}},{"id":"6b68a5f0-c7f5-4301-934c-cb7a74dfcd48","block_type":"box","text":"from his over 13 years of service as the Chief Investment Officer of the University of","page_number":28,"box":{"x":264,"y":421,"width":603,"height":11}},{"id":"32d51d44-7ac8-41d7-a8f7-5335481551ed","block_type":"box","text":"Delaware as well as from his various positions with First Union Corporation, including","page_number":28,"box":{"x":265,"y":436,"width":606,"height":11}},{"id":"3c0a6157-030b-41b8-b67f-8d943c87e0ec","block_type":"box","text":"Senior Vice President and State Investment Director of First Investment Advisors. The","page_number":28,"box":{"x":265,"y":451,"width":608,"height":9}},{"id":"b1bacb5a-a70b-4e18-a32c-457977ebf6c8","block_type":"box","text":"Board benefits from his experience and perspective as the Chief Investment Officer of a","page_number":28,"box":{"x":265,"y":466,"width":626,"height":11}},{"id":"eebdeec4-2249-42de-89f0-ac2740e4b30f","block_type":"box","text":"university endowment and from the oversight experience he gained from service on","page_number":28,"box":{"x":265,"y":481,"width":591,"height":11}},{"id":"de4f7b4b-4876-471e-8c1e-04f496f311a8","block_type":"box","text":"various private and non-profit boards.","page_number":28,"box":{"x":264,"y":496,"width":265,"height":11}},{"id":"34c79f0d-7c91-4506-a333-2c68ff05a306","block_type":"box","text":"Kenneth L. Urish Kenneth L. Urish has served for over 15 years on the boards of registered investment","page_number":28,"box":{"x":70,"y":519,"width":807,"height":11}},{"id":"c0c5ad90-2fa0-46bb-988c-ffa095ab1ee3","block_type":"box","text":"companies, most recently as a member of the boards of cer tain BlackRock-advised Funds","page_number":28,"box":{"x":264,"y":534,"width":641,"height":11}},{"id":"5fd2eb1e-f07a-45ed-8523-3b4e60e63b87","block_type":"box","text":"and predecessor funds, including the legacy BlackRock funds. He has over 30 years of","page_number":28,"box":{"x":265,"y":549,"width":618,"height":11}},{"id":"379a2f21-30ed-4430-a587-a7713f567abe","block_type":"box","text":"experience in public accounting. Mr. Urish has served as a managing member of an","page_number":28,"box":{"x":265,"y":564,"width":594,"height":12}},{"id":"4b403fd7-f67f-43b9-8ce8-abd7343fe0bf","block_type":"box","text":"accounting and consulting firm. Mr. Urish has been determined by the Audit Committee to","page_number":28,"box":{"x":265,"y":579,"width":639,"height":12}},{"id":"8b970c2b-ba7a-4abe-9342-c25bbfc80b3f","block_type":"box","text":"be an audit committee financial exper t, as such term is defined in the applicable","page_number":28,"box":{"x":265,"y":595,"width":575,"height":11}},{"id":"41809dc6-c509-468c-ab98-56b82eb15e03","block_type":"box","text":"Commission rules.","page_number":28,"box":{"x":265,"y":610,"width":131,"height":9}},{"id":"ab04a309-15a5-48ff-bcc1-43f44630a2e8","block_type":"box","text":"Claire A. Walton Claire A. Walton has over 25 years of experience in investment management. She has","page_number":28,"box":{"x":69,"y":632,"width":808,"height":12}},{"id":"cd69e3af-c227-418d-8c62-fdd2ccac1a3a","block_type":"box","text":"served as the Chief Operating Officer and Chief Financial Officer of Liber ty Square Asset","page_number":28,"box":{"x":265,"y":647,"width":630,"height":12}},{"id":"4533c3d6-ccbf-45ff-92ef-24a987bf4881","block_type":"box","text":"Management, LP from 1998 to 2015, an investment manager that specialized in long/","page_number":28,"box":{"x":265,"y":663,"width":618,"height":11}},{"id":"ba7b6d09-94f4-452f-8e80-db911b07d269","block_type":"box","text":"shor t non-U.S. equity investments, and was an owner and General Par tner of Neon Liber ty","page_number":28,"box":{"x":265,"y":678,"width":643,"height":11}},{"id":"53c4c1cd-2598-4652-9cb5-4343075245ba","block_type":"box","text":"Capital Management, LLC from 2003 to 2023, a firm focusing on long/shor t equities in","page_number":28,"box":{"x":265,"y":693,"width":624,"height":11}},{"id":"e3827cef-dcd8-4bb3-bfd3-dadffc6892eb","block_type":"box","text":"global emerging and frontier markets. 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As of December 31, 2025, none of the","page_number":34,"box":{"x":69,"y":489,"width":837,"height":11}},{"id":"105946a0-8b0c-4ba7-a29d-36754bc12521","block_type":"box","text":"Independent Trustees of the Trust or their immediate family members owned beneficially or of record any securities of","page_number":34,"box":{"x":70,"y":504,"width":840,"height":11}},{"id":"7fc06f9a-f884-4ef4-ad74-702569f3b7df","block_type":"box","text":"the Fund’s investment adviser, principal underwriter, or any person directly or indirectly controlling, controlled by, or","page_number":34,"box":{"x":68,"y":519,"width":821,"height":11}},{"id":"7be127b6-eac7-411b-90cb-96a3e7865912","block_type":"box","text":"under common control with such entities.","page_number":34,"box":{"x":69,"y":534,"width":293,"height":9}},{"id":"87f4aa94-4a0a-4996-8902-67f373d52205","block_type":"box","text":"Compensation of Trustees","page_number":34,"box":{"x":69,"y":564,"width":190,"height":11}},{"id":"2bc8b486-98e1-45f1-8afb-007f62008e30","block_type":"box","text":"Each Trustee who is an Independent Trustee is paid as compensation an annual retainer of $375,000 per year","page_number":34,"box":{"x":102,"y":586,"width":791,"height":12}},{"id":"fce8ce4b-5311-4904-8d10-7aa5e78bf418","block_type":"box","text":"for his or her services as a board member of the BlackRock-advised Funds in the BlackRock Multi-Asset Complex,","page_number":34,"box":{"x":68,"y":602,"width":810,"height":11}},{"id":"bdaba3ce-7dd6-42d6-b61c-3bc3a11000fb","block_type":"box","text":"including the Trust, and a $20,000 board meeting fee to be paid for each in-person board meeting attended (and may","page_number":34,"box":{"x":70,"y":617,"width":838,"height":12}},{"id":"51fbe754-67ab-47b1-9506-d2e6895f256f","block_type":"box","text":"receive a board meeting fee for telephonic attendance at board meetings), for up to five board meetings held in a","page_number":34,"box":{"x":69,"y":632,"width":807,"height":12}},{"id":"d31a1772-61fa-4093-a192-4446f0e4042c","block_type":"box","text":"calendar year (compensation for meetings in excess of this number to be determined on a case-by-case basis),","page_number":34,"box":{"x":69,"y":647,"width":791,"height":12}},{"id":"8489dad6-8dab-4bdc-b822-fae7e7bae849","block_type":"box","text":"together with out-of-pocket expenses in accordance with a board policy on travel and other business expenses","page_number":34,"box":{"x":68,"y":663,"width":786,"height":11}},{"id":"92fa1567-447c-421a-8604-0d4d40f67701","block_type":"box","text":"relating to attendance at meetings. 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In addition, BFA may delegate cer tain of its","page_number":35,"box":{"x":70,"y":797,"width":763,"height":12}},{"id":"1999c1e1-d551-4b8e-8dbe-ea7843fd6e25","block_type":"box","text":"investment advisory functions under the Management Agreement to one or more of its affiliates to the extent","page_number":35,"box":{"x":70,"y":812,"width":779,"height":12}},{"id":"48aec75c-753d-4c5a-a99b-651c06d842be","block_type":"box","text":"permitted by applicable law. BFA may terminate any or all sub-advisers or such delegation arrangements in its sole","page_number":35,"box":{"x":70,"y":828,"width":815,"height":11}},{"id":"6af0a960-03d0-42be-b1fb-0b74d8865a2f","block_type":"box","text":"discretion at any time to the extent permitted by applicable law.","page_number":35,"box":{"x":69,"y":843,"width":451,"height":11}},{"id":"32a1306d-28fc-4c80-abf9-b84e54c13a37","block_type":"box","text":"I-19","page_number":35,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"2db9c715-1072-4ded-b972-cde4f3e9c907","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":35,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"225c8de6-d993-4cff-aad2-28d7d36100d9","block_type":"box","text":"The table below sets for th information about the total management fees paid by the Fund to BFA and the","page_number":36,"box":{"x":101,"y":45,"width":748,"height":11}},{"id":"28ff88bd-21fa-42bc-8b08-72b0e04832fa","block_type":"box","text":"amounts waived and/or reimbursed by BFA for the periods indicated:","page_number":36,"box":{"x":69,"y":60,"width":488,"height":11}},{"id":"8d5196ab-6574-44ff-b070-5ad82605ba8e","block_type":"box","text":"Fees Paid to BFA Fees Waived by BFA Fees Reimbursed by BFA","page_number":36,"box":{"x":489,"y":88,"width":420,"height":9}},{"id":"68c8fc5f-4e42-4a80-99bb-15113b529a65","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . $217,703 $139,114 $ 9,321","page_number":36,"box":{"x":70,"y":105,"width":798,"height":11}},{"id":"2acaea9c-316e-45d0-8301-6cfac038ad38","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . $243,734 $ 85,124 $20,913","page_number":36,"box":{"x":70,"y":120,"width":798,"height":11}},{"id":"9ffa932c-7d8f-43c8-a3a3-4c7f10ce7cc2","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . $267,328 $ 9,309 $15,034","page_number":36,"box":{"x":70,"y":135,"width":798,"height":11}},{"id":"ba7508cb-e8e0-4841-8f28-1eb28befaff2","block_type":"box","text":"Information Regarding the Portfolio Managers","page_number":36,"box":{"x":69,"y":168,"width":335,"height":11}},{"id":"2342aaa0-9856-4089-b4fd-4c13d1047634","block_type":"box","text":"James Mauro, Jonathan Graves, CFA and Marcus Tom are the por tfolio manager and are jointly and primarily","page_number":36,"box":{"x":101,"y":190,"width":773,"height":11}},{"id":"2a1d58c9-b56d-4e39-88be-7f8a3bca03d3","block_type":"box","text":"responsible for the day-to-day management of the Fund.","page_number":36,"box":{"x":69,"y":205,"width":395,"height":12}},{"id":"87426e31-11aa-4e78-ac93-70e11ab527fa","block_type":"box","text":"Other Funds and Accounts Managed","page_number":36,"box":{"x":70,"y":236,"width":265,"height":11}},{"id":"6fdb70e8-0a12-467b-863d-696727060ba7","block_type":"box","text":"The following table sets for th information about funds and accounts other than the Fund for which the Fund’s","page_number":36,"box":{"x":101,"y":258,"width":778,"height":11}},{"id":"9a02a4a5-4d88-4677-8a3d-98e984a1d139","block_type":"box","text":"por tfolio managers are primarily responsible for the day-to-day por tfolio management as of December 31, 2025.","page_number":36,"box":{"x":70,"y":273,"width":798,"height":12}},{"id":"c4636ff7-2bfd-4032-ac91-cf3210d81d53","block_type":"box","text":"Number of Other Accounts Managed","page_number":36,"box":{"x":367,"y":302,"width":211,"height":8}},{"id":"86baf047-5ddf-4567-8b14-85fed914f795","block_type":"box","text":"and Assets by Account Type","page_number":36,"box":{"x":390,"y":312,"width":165,"height":8}},{"id":"2a3ba760-03b6-4f5e-b30c-e53b68ffefd6","block_type":"box","text":"Number of Other Accounts and Assets","page_number":36,"box":{"x":656,"y":302,"width":222,"height":7}},{"id":"d6e49b65-9503-4987-8b22-d76d6dd9a6b6","block_type":"box","text":"for Which Advisory Fee is Performance-Based","page_number":36,"box":{"x":634,"y":312,"width":265,"height":8}},{"id":"7b0117d6-1d87-4dba-954c-18cb4c85e5e3","block_type":"box","text":"Name of Portfolio Manager","page_number":36,"box":{"x":74,"y":354,"width":157,"height":9}},{"id":"d8c09198-6a25-437a-930d-65bc4cb9e5de","block_type":"box","text":"Other","page_number":36,"box":{"x":360,"y":324,"width":31,"height":7}},{"id":"e7421449-1d7e-444f-b48b-54b878e48a9d","block_type":"box","text":"Registered","page_number":36,"box":{"x":344,"y":334,"width":62,"height":9}},{"id":"ec94e87f-facc-42e7-931a-28e11f8ec92d","block_type":"box","text":"Investment","page_number":36,"box":{"x":343,"y":345,"width":65,"height":7}},{"id":"778f4bfa-ad85-46d4-ba61-35bd84fda508","block_type":"box","text":"Companies","page_number":36,"box":{"x":343,"y":355,"width":64,"height":8}},{"id":"16474d0d-e17a-4a26-b04d-63214f9373b1","block_type":"box","text":"Other Pooled","page_number":36,"box":{"x":443,"y":334,"width":74,"height":7}},{"id":"04b04d1d-fdcc-44ab-a06b-89ec74497ef2","block_type":"box","text":"Investment","page_number":36,"box":{"x":448,"y":345,"width":65,"height":7}},{"id":"0051fb24-d09d-4c62-965f-2d28777b2a5c","block_type":"box","text":"Vehicles","page_number":36,"box":{"x":456,"y":355,"width":48,"height":7}},{"id":"974ec7a9-4e1f-4d45-8f05-349ff830f753","block_type":"box","text":"Other","page_number":36,"box":{"x":562,"y":344,"width":31,"height":8}},{"id":"155040f0-f2bc-4f2b-8545-c4945fd5e626","block_type":"box","text":"Accounts","page_number":36,"box":{"x":550,"y":355,"width":55,"height":7}},{"id":"6959c9dd-f0b0-4e71-92ad-5ae1381bddee","block_type":"box","text":"Other","page_number":36,"box":{"x":656,"y":324,"width":32,"height":7}},{"id":"670c7465-d469-40a1-9b86-71849b49accd","block_type":"box","text":"Registered","page_number":36,"box":{"x":641,"y":334,"width":62,"height":9}},{"id":"8bb15bf5-1ab8-41b1-a37b-3debaf265e96","block_type":"box","text":"Investment","page_number":36,"box":{"x":640,"y":345,"width":64,"height":7}},{"id":"05fded72-2771-4955-827c-d2a914771270","block_type":"box","text":"Companies","page_number":36,"box":{"x":640,"y":355,"width":64,"height":8}},{"id":"fcd39352-bd70-4207-8897-2fcf231f5038","block_type":"box","text":"Other Pooled","page_number":36,"box":{"x":735,"y":334,"width":74,"height":7}},{"id":"12de406f-ccc3-41bf-b5c9-cc2367819e6d","block_type":"box","text":"Investment","page_number":36,"box":{"x":740,"y":345,"width":64,"height":7}},{"id":"c92b5812-4ed7-40a7-81aa-3a0663b4778a","block_type":"box","text":"Vehicles","page_number":36,"box":{"x":748,"y":355,"width":48,"height":7}},{"id":"0c9b67f9-30ec-4ece-be25-f529078284b8","block_type":"box","text":"Other","page_number":36,"box":{"x":852,"y":344,"width":31,"height":8}},{"id":"76eff4b9-1001-4f4e-ac03-0018c403f7e3","block_type":"box","text":"Accounts","page_number":36,"box":{"x":840,"y":355,"width":54,"height":7}},{"id":"1850a955-3a92-4122-b276-e89ed00cc1a2","block_type":"box","text":"Jonathan Graves, CFA 37 68 9 0 0 0","page_number":36,"box":{"x":73,"y":368,"width":798,"height":9}},{"id":"bf773478-bb2d-4150-be1e-f78f79447a06","block_type":"box","text":"$146.55 Billion $31.42 Billion $3.03 Billion $0 $0 $0","page_number":36,"box":{"x":331,"y":380,"width":543,"height":9}},{"id":"c76bc7f6-9ac6-42ab-971a-d48ebbd06114","block_type":"box","text":"James Mauro 135 45 4 0 0 0","page_number":36,"box":{"x":73,"y":394,"width":798,"height":7}},{"id":"56a8cac4-d89d-46da-a84d-973cd0848064","block_type":"box","text":"$862.89 Billion $50.53 Billion $3.32 Billion $0 $0 $0","page_number":36,"box":{"x":331,"y":406,"width":543,"height":8}},{"id":"570c274c-3d31-4118-bf26-1305c0462dc2","block_type":"box","text":"Marcus Tom 15 11 5 0 0 0","page_number":36,"box":{"x":74,"y":419,"width":797,"height":7}},{"id":"78adb9b4-e884-4683-abb7-cf041fd74573","block_type":"box","text":"$87.07 Billion $50.58 Billion $1.79 Billion $0 $0 $0","page_number":36,"box":{"x":335,"y":431,"width":539,"height":8}},{"id":"a6949cec-7d75-464e-9933-31d94194d717","block_type":"box","text":"Por tfolio Manager Compensation Overview","page_number":36,"box":{"x":69,"y":465,"width":304,"height":12}},{"id":"e8a42f00-4d44-4692-98d6-46bafbdbd8e6","block_type":"box","text":"The discussion below describes the por tfolio managers’ compensation as of December 31, 2025.","page_number":36,"box":{"x":101,"y":488,"width":700,"height":11}},{"id":"80111e77-d9c2-4eb9-bb4f-f74e86441dd8","block_type":"box","text":"BlackRock’s financial arrangements with its por tfolio managers, its competitive compensation and its career","page_number":36,"box":{"x":102,"y":511,"width":774,"height":11}},{"id":"e49c01a9-2bd1-4654-aecb-0587cd0c6207","block_type":"box","text":"path emphasis at all levels reflect the value senior management places on key resources. Compensation may include","page_number":36,"box":{"x":70,"y":526,"width":837,"height":11}},{"id":"09e7960a-5652-4511-8486-25ba8afb717d","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":36,"box":{"x":69,"y":541,"width":823,"height":11}},{"id":"e990f299-3fe3-41b2-be07-7a301378f2e9","block_type":"box","text":"compensation include a base salary, a per formance-based discretionary bonus, par ticipation in various benefits","page_number":36,"box":{"x":69,"y":556,"width":799,"height":11}},{"id":"3e1092a2-7fc3-4cea-92a0-703a649b129d","block_type":"box","text":"programs and one or more of the incentive compensation programs established by BlackRock.","page_number":36,"box":{"x":70,"y":571,"width":670,"height":12}},{"id":"4dba92b9-5067-4b93-a41a-7864bc034e3d","block_type":"box","text":"Base Compensation.","page_number":36,"box":{"x":102,"y":594,"width":148,"height":11}},{"id":"bc78c54e-0daa-47b7-8b00-b3be8ecf3e95","block_type":"box","text":"Generally, por tfolio managers receive base compensation based on their position with the","page_number":36,"box":{"x":257,"y":594,"width":640,"height":11}},{"id":"e5f57113-0b8b-4a4a-88f7-b192c02262ce","block_type":"box","text":"firm.","page_number":36,"box":{"x":68,"y":609,"width":32,"height":9}},{"id":"d79f44c4-400e-4484-9bb6-38239694da86","block_type":"box","text":"Discretionary Incentive Compensation","page_number":36,"box":{"x":69,"y":639,"width":277,"height":11}},{"id":"c6d6d9eb-f0cd-4d44-a254-304ae4590fd3","block_type":"box","text":"Discretionary incentive compensation is a function of several components: the per formance of BlackRock, Inc.,","page_number":36,"box":{"x":102,"y":662,"width":792,"height":11}},{"id":"90227d75-4d6d-4758-9e7b-90fbf6c8f4bf","block_type":"box","text":"the per formance of the por tfolio manager’s group within BlackRock, the investment per formance, including risk","page_number":36,"box":{"x":68,"y":677,"width":800,"height":11}},{"id":"d129fde8-6d75-4ba2-8b39-3a8b81fc9dd9","block_type":"box","text":"adjusted returns, of the firm’s assets under management or supervision by that por tfolio manager relative to","page_number":36,"box":{"x":69,"y":692,"width":777,"height":11}},{"id":"466b0a75-4dc8-44d9-a216-72fd3c6e9d70","block_type":"box","text":"predetermined benchmarks, and the individual’s per formance and contribution to the overall per formance of these","page_number":36,"box":{"x":70,"y":707,"width":817,"height":11}},{"id":"3466cc2a-0180-471e-ba56-d218498be831","block_type":"box","text":"por tfolios and BlackRock. In most cases, these benchmarks are the same as the benchmark or benchmarks against","page_number":36,"box":{"x":70,"y":722,"width":830,"height":12}},{"id":"c37a0127-d66d-4fc8-9fa5-55af36197fd4","block_type":"box","text":"which the per formance of the Fund or other accounts managed by the por tfolio managers are measured. Among","page_number":36,"box":{"x":68,"y":738,"width":801,"height":11}},{"id":"b42bb78a-cc99-4a0b-895c-024cc7d8b349","block_type":"box","text":"other things, BlackRock’s Chief Investment Officers make a subjective determination with respect to each por tfolio","page_number":36,"box":{"x":69,"y":753,"width":819,"height":11}},{"id":"4e9f04d2-cd59-4f21-a121-6adf9bc9fb13","block_type":"box","text":"manager’s compensation based on the per formance of the Funds and other accounts managed by each por tfolio","page_number":36,"box":{"x":69,"y":768,"width":805,"height":11}},{"id":"6b5105ac-3af1-4d45-ade5-596b717d7732","block_type":"box","text":"manager relative to the various benchmarks. Per formance of fixed-income funds is measured on a pre-tax and/or","page_number":36,"box":{"x":69,"y":783,"width":807,"height":11}},{"id":"9c3a6aba-6020-41cf-82b0-8ce9d54a048e","block_type":"box","text":"after-tax basis over various time periods including 1-, 3- and 5-year periods, as applicable. With respect to these","page_number":36,"box":{"x":69,"y":798,"width":798,"height":11}},{"id":"a14f6617-db6a-4618-89a6-fda1e7ce3b9c","block_type":"box","text":"por tfolio managers, such benchmarks for the Fund and other accounts are:","page_number":36,"box":{"x":70,"y":813,"width":534,"height":11}},{"id":"24ccee45-6ed9-4c68-ba59-84997153dc10","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":36,"box":{"x":69,"y":841,"width":267,"height":9}},{"id":"aa3dc1c1-b1ef-46a3-8fc8-177fd581d6ae","block_type":"box","text":"James Mauro","page_number":36,"box":{"x":69,"y":858,"width":95,"height":9}},{"id":"9dee7dab-5727-4cbc-99f8-c697fdcb4fe3","block_type":"box","text":"Marcus Tom","page_number":36,"box":{"x":70,"y":873,"width":84,"height":9}},{"id":"08381e95-d458-4d55-b3c8-93910446987f","block_type":"box","text":"A combination of market-based indices (","page_number":36,"box":{"x":264,"y":858,"width":286,"height":11}},{"id":"d7b15c0e-3d2a-4aec-a9d1-57db7d39d601","block_type":"box","text":"e.g.","page_number":36,"box":{"x":551,"y":859,"width":25,"height":10}},{"id":"66005594-a042-4c90-9c5b-ce9dfc117cda","block_type":"box","text":", Bloomberg MBS Index and the Bloomberg","page_number":36,"box":{"x":579,"y":858,"width":306,"height":11}},{"id":"01825980-4209-4fef-8679-86847e0ce6b2","block_type":"box","text":"U.S. TIPS 0-5 Years Index).","page_number":36,"box":{"x":265,"y":873,"width":188,"height":11}},{"id":"9162f647-5ee5-4854-9e02-5ccd3710e5bf","block_type":"box","text":"I-20","page_number":36,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"0a9ece5e-4c10-4324-ad9a-cc4c34d0038b","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":36,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"96def0d2-f565-4519-bafe-191c43aaa2f2","block_type":"box","text":"Portfolio Manager Benchmarks","page_number":37,"box":{"x":69,"y":49,"width":267,"height":9}},{"id":"0bc4b1a4-1db7-4349-83df-c52bf1892514","block_type":"box","text":"Jonathan Graves, CFA A combination of market-based indices (","page_number":37,"box":{"x":69,"y":73,"width":481,"height":11}},{"id":"99ed11ac-d04c-4d9a-887e-3c61ec40a12a","block_type":"box","text":"e.g.,","page_number":37,"box":{"x":551,"y":74,"width":30,"height":10}},{"id":"b8428019-0f48-4d30-952b-3f22ff13c17c","block_type":"box","text":"Bloomberg U.S. Aggregate Bond Index),","page_number":37,"box":{"x":588,"y":73,"width":279,"height":11}},{"id":"e0bdc9a2-f3e4-4617-95a6-17ff8defc47d","block_type":"box","text":"cer tain customized indices and cer tain fund industry peer groups.","page_number":37,"box":{"x":264,"y":88,"width":469,"height":11}},{"id":"e848701a-a670-4b93-ada3-deeb8a0eeeba","block_type":"box","text":"Distribution of Discretionary Incentive Compensation.","page_number":37,"box":{"x":102,"y":112,"width":389,"height":11}},{"id":"633b9992-a53f-4641-bcee-5e5a1ed62558","block_type":"box","text":"Discretionary incentive compensation is distributed to","page_number":37,"box":{"x":499,"y":112,"width":383,"height":11}},{"id":"6552da7e-9b69-4f9b-9c13-42163469989f","block_type":"box","text":"por tfolio managers in a combination of cash, deferred BlackRock, Inc. stock awards, and/or deferred cash awards","page_number":37,"box":{"x":70,"y":127,"width":815,"height":11}},{"id":"c8a1156b-244f-4b8c-9306-319ce0629a98","block_type":"box","text":"that notionally track the return of cer tain BlackRock investment products.","page_number":37,"box":{"x":68,"y":142,"width":522,"height":11}},{"id":"e2c1ae84-709c-4da0-86c8-20eb0b842fec","block_type":"box","text":"Por tfolio managers receive their annual discretionary incentive compensation in the form of cash. Por tfolio","page_number":37,"box":{"x":102,"y":165,"width":760,"height":11}},{"id":"aca80af4-1efb-44b7-8d5b-ec3bbdb27a23","block_type":"box","text":"managers whose total compensation is above a specified threshold also receive deferred BlackRock, Inc. stock","page_number":37,"box":{"x":69,"y":180,"width":795,"height":11}},{"id":"44222e3c-49c4-44be-b295-ed485386c55b","block_type":"box","text":"awards annually as par t of their discretionary incentive compensation. Paying a por tion of discretionary incentive","page_number":37,"box":{"x":69,"y":195,"width":805,"height":11}},{"id":"e7944372-ee2a-4f9b-b126-b73b6c0a789f","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":37,"box":{"x":69,"y":210,"width":822,"height":12}},{"id":"eae1106f-b06b-49d0-b65c-d83367984a90","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":37,"box":{"x":68,"y":225,"width":839,"height":12}},{"id":"01268876-54e3-4bfd-a3da-feb8f5f69355","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":37,"box":{"x":69,"y":241,"width":802,"height":11}},{"id":"fc579f63-7861-4489-957a-c1067cf1aebd","block_type":"box","text":"incentive award to aid in retention, align interests with long-term shareholders and motivate per formance. Deferred","page_number":37,"box":{"x":70,"y":256,"width":820,"height":11}},{"id":"fdee1ac4-3f08-4d8d-9d1c-4bd0c83f82e1","block_type":"box","text":"BlackRock, Inc. stock awards are generally granted in the form of BlackRock, Inc. restricted stock units that vest","page_number":37,"box":{"x":70,"y":271,"width":801,"height":11}},{"id":"04b5ea95-dcca-41ca-b7aa-6ad52138591b","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":37,"box":{"x":70,"y":286,"width":831,"height":11}},{"id":"c33021bf-67e0-42ab-b858-219f4796054b","block_type":"box","text":"managers of this Fund have deferred BlackRock, Inc. stock awards.","page_number":37,"box":{"x":69,"y":301,"width":479,"height":11}},{"id":"1f553576-ab90-431a-8343-56d3c36f2eef","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":37,"box":{"x":102,"y":324,"width":785,"height":11}},{"id":"527492b1-c37d-47eb-a0a0-0ae1c79841b7","block_type":"box","text":"form of deferred cash awards that notionally track the returns of select BlackRock investment products they manage,","page_number":37,"box":{"x":68,"y":339,"width":836,"height":11}},{"id":"b9fe759d-9096-46ed-9849-eef9eca09d64","block_type":"box","text":"which provides direct alignment of por tfolio manager discretionary incentive compensation with investment product","page_number":37,"box":{"x":68,"y":354,"width":821,"height":11}},{"id":"5ae198a6-a80e-4332-bf97-753018ab57ad","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":37,"box":{"x":69,"y":369,"width":829,"height":11}},{"id":"e5120b2e-51d3-4ec0-a933-7e2a5de731ea","block_type":"box","text":"por tfolio managers who manage specified products and whose total compensation is above a specified threshold are","page_number":37,"box":{"x":70,"y":384,"width":835,"height":11}},{"id":"ef179ea3-fecf-41fb-8cbb-f9e78bf5d272","block_type":"box","text":"eligible to par ticipate in the deferred cash award program.","page_number":37,"box":{"x":69,"y":399,"width":414,"height":12}},{"id":"1017b769-d005-41c0-906a-44e0adae8f54","block_type":"box","text":"Other Compensation Benefits.","page_number":37,"box":{"x":101,"y":422,"width":218,"height":11}},{"id":"163b0026-8450-41a5-9170-829a029175d8","block_type":"box","text":"In addition to base salary and discretionary incentive compensation, por tfolio","page_number":37,"box":{"x":327,"y":422,"width":552,"height":11}},{"id":"4ae98b14-6770-4fad-9e46-35282727209d","block_type":"box","text":"managers may be eligible to receive or par ticipate in one or more of the following:","page_number":37,"box":{"x":69,"y":437,"width":582,"height":11}},{"id":"393da338-3972-49a5-9762-d992a17ff895","block_type":"box","text":"Incentive Savings Plans","page_number":37,"box":{"x":102,"y":460,"width":167,"height":11}},{"id":"adbc0a6d-3612-496f-a518-11f08d3fc4c3","block_type":"box","text":"— BlackRock, Inc. has created a variety of incentive savings plans in which BlackRock","page_number":37,"box":{"x":274,"y":460,"width":614,"height":11}},{"id":"f345f8c2-f53b-449d-be67-d26d4d3c2935","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":37,"box":{"x":69,"y":475,"width":831,"height":11}},{"id":"78806bea-39ca-4691-a6d9-c931ff4d64e6","block_type":"box","text":"BlackRock Employee Stock Purchase Plan (ESPP). The employer contribution components of the RSP include a","page_number":37,"box":{"x":70,"y":490,"width":785,"height":11}},{"id":"325f2122-e3aa-4402-9304-e607372aeb97","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":37,"box":{"x":69,"y":504,"width":830,"height":12}},{"id":"1826cbe1-327c-4972-992c-aaf2735337d1","block_type":"box","text":"company retirement contribution equal to 3-5% of eligible compensation up to the Internal Revenue Service limit","page_number":37,"box":{"x":69,"y":520,"width":799,"height":12}},{"id":"5366189b-43c5-449d-9c2e-1a5a27be474d","block_type":"box","text":"($350,000 for 2025). The RSP offers a range of investment options, including registered investment companies and","page_number":37,"box":{"x":69,"y":535,"width":831,"height":12}},{"id":"9b0f79e3-de39-4f98-bbaa-6bdc9b827b5f","block_type":"box","text":"collective investment funds managed by the firm. BlackRock contributions follow the investment direction set by","page_number":37,"box":{"x":69,"y":550,"width":798,"height":12}},{"id":"483ce4fa-f914-4ef2-a11a-8359f8547f3f","block_type":"box","text":"par ticipants for their own contributions or, absent par ticipant investment direction, are invested into a target date","page_number":37,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"eead2684-15cc-4c12-9618-a5ac9e4e9a8e","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":37,"box":{"x":68,"y":581,"width":793,"height":11}},{"id":"fe05db49-0fff-44b4-8164-74b2cb935d25","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":37,"box":{"x":70,"y":596,"width":832,"height":11}},{"id":"42ce27ef-d6ea-47ba-852b-acf550ca2373","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":37,"box":{"x":68,"y":611,"width":805,"height":11}},{"id":"b3d09212-62b2-4b62-b13b-16cec22d8ae6","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":37,"box":{"x":69,"y":625,"width":808,"height":12}},{"id":"7dce586f-0f58-4c3e-aa47-a5e6b6ff1516","block_type":"box","text":"par ticipate in these plans.","page_number":37,"box":{"x":70,"y":641,"width":185,"height":11}},{"id":"7a852354-53e5-46e0-8353-731460eeb2f6","block_type":"box","text":"Por tfolio Manager Beneficial Holdings","page_number":37,"box":{"x":69,"y":671,"width":268,"height":12}},{"id":"6fd0ab3b-e25e-4dd3-8444-1388b2e7cbbb","block_type":"box","text":"The por tfolio managers owned no shares of the Fund as of December 31, 2025.","page_number":37,"box":{"x":101,"y":694,"width":573,"height":11}},{"id":"b799e58e-cb1f-4332-bfe9-06449b731bdb","block_type":"box","text":"Por tfolio Manager Potential Material Conflicts of Interest","page_number":37,"box":{"x":69,"y":724,"width":403,"height":12}},{"id":"79757823-f9a1-4616-a7d2-797d97c1e72e","block_type":"box","text":"BlackRock has built a professional working environment, firm-wide compliance culture and compliance","page_number":37,"box":{"x":102,"y":747,"width":727,"height":11}},{"id":"f8a6f1a6-e5bd-4c1d-84cd-e9ea5512a64b","block_type":"box","text":"procedures and systems designed to protect against potential incentives that may favor one account over another.","page_number":37,"box":{"x":70,"y":762,"width":814,"height":11}},{"id":"3455184b-d64d-4599-96d5-311b00b0eb55","block_type":"box","text":"BlackRock has adopted policies and procedures that address the allocation of investment oppor tunities, execution of","page_number":37,"box":{"x":70,"y":777,"width":837,"height":11}},{"id":"9ba49899-169e-4a36-96cb-fe207fdaac05","block_type":"box","text":"por tfolio transactions, personal trading by employees and other potential conflicts of interest that are designed to","page_number":37,"box":{"x":70,"y":792,"width":810,"height":12}},{"id":"e5b249de-e00b-4ecf-9b64-bc4d717e7df1","block_type":"box","text":"ensure that all client accounts are treated equitably over time. Never theless, BlackRock furnishes investment","page_number":37,"box":{"x":69,"y":807,"width":782,"height":12}},{"id":"9fca645a-0e61-4b25-b95c-92aa1a6c366d","block_type":"box","text":"management and advisory services to numerous clients in addition to the Fund, and BlackRock may, consistent with","page_number":37,"box":{"x":69,"y":823,"width":830,"height":11}},{"id":"cf3a5144-ad18-40ad-8204-bc06ebd18401","block_type":"box","text":"applicable law, make investment recommendations to other clients or accounts (including accounts which are hedge","page_number":37,"box":{"x":69,"y":838,"width":828,"height":11}},{"id":"6c8fa463-27e8-4587-a270-4f954e812e7f","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":37,"box":{"x":68,"y":853,"width":834,"height":11}},{"id":"19299aae-815b-4bd7-af3a-a7494651513f","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":37,"box":{"x":70,"y":868,"width":777,"height":11}},{"id":"ac5a548a-ee0b-4914-b6eb-3013ae8e2e93","block_type":"box","text":"BlackRock, its affiliates and significant shareholders and any officer, director, shareholder or employee may or may","page_number":37,"box":{"x":70,"y":883,"width":821,"height":11}},{"id":"a3ae558b-3d0e-4f23-b9a8-02e6db244dfb","block_type":"box","text":"not have an interest in the securities whose purchase and sale BlackRock recommends to the Fund. BlackRock, or","page_number":37,"box":{"x":69,"y":898,"width":819,"height":11}},{"id":"5a4541e7-3c6b-4430-b6b4-85630ed340e4","block_type":"box","text":"I-21","page_number":37,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"15d2a3de-35d7-4c75-99ca-d718f162abe6","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":37,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"412b75ce-d5fe-40a9-bd86-fc7cd0e5123e","block_type":"box","text":"any of its affiliates or significant shareholders, or any officer, director, shareholder, employee or any member of their","page_number":38,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"046dc9bf-e1d1-40c5-90a5-1b86884e5682","block_type":"box","text":"families may take different actions than those recommended to the Fund by BlackRock with respect to the same","page_number":38,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"bbdbe790-367a-4a59-9f61-d6536bf0c194","block_type":"box","text":"securities. Moreover, BlackRock may refrain from rendering any advice or services concerning securities of","page_number":38,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"1e525a10-314d-486c-9378-b5a5a03fce6a","block_type":"box","text":"companies of which any of BlackRock’s (or its affiliates’ or significant shareholders’) officers, directors or employees","page_number":38,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"3b483f49-7a6a-4412-832a-3857b9ee7bae","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":38,"box":{"x":69,"y":105,"width":836,"height":11}},{"id":"0abd523e-e448-4761-8f43-530fb0485bfc","block_type":"box","text":"officers, directors and employees of any of them has any substantial economic interest or possesses material non","page_number":38,"box":{"x":69,"y":120,"width":822,"height":11}},{"id":"9c750b69-7eb2-452f-bd7c-b87f94bc9a22","block_type":"box","text":"public information. Cer tain por tfolio managers also may manage accounts whose investment strategies may at times","page_number":38,"box":{"x":70,"y":135,"width":835,"height":12}},{"id":"cd231442-4c63-43fa-a3e9-a8b4874690c3","block_type":"box","text":"be opposed to the strategy utilized for the Fund. It should also be noted that Messrs. Mauro, Graves and Tom may be","page_number":38,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"fdbe2f4d-62a4-4ec0-85f1-636fe542a19d","block_type":"box","text":"managing hedge fund and/or long only accounts, or may be par t of a team managing hedge fund and/or long only","page_number":38,"box":{"x":69,"y":166,"width":811,"height":11}},{"id":"ad5fd7b2-88f4-4738-b8f6-3964cc3abf8b","block_type":"box","text":"accounts, subject to incentive fees. Messrs. Mauro, Graves and Tom may therefore be entitled to receive a por tion of","page_number":38,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"f004ba8f-2091-4b79-8932-fe56968aa015","block_type":"box","text":"any incentive fees earned on such accounts.","page_number":38,"box":{"x":69,"y":196,"width":316,"height":11}},{"id":"62dfff84-27c6-47a4-89ee-1e3545ce0c3f","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":38,"box":{"x":101,"y":218,"width":788,"height":12}},{"id":"bdf2eaf5-1289-40e3-96d3-1fbd5afe645d","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":38,"box":{"x":70,"y":234,"width":839,"height":11}},{"id":"10e706f4-0bf0-4a82-a26b-184d1f3b21de","block_type":"box","text":"fiduciary duties. BlackRock attempts to allocate investments in a fair and equitable manner among client accounts,","page_number":38,"box":{"x":68,"y":249,"width":823,"height":11}},{"id":"9ade8ea6-a5a8-41d6-a079-bca4b52a03d6","block_type":"box","text":"with no account receiving preferential treatment. To this end, BlackRock has adopted policies that are intended to","page_number":38,"box":{"x":68,"y":264,"width":812,"height":11}},{"id":"8bf0ee55-e2d3-49b8-b733-99d8c56f1fef","block_type":"box","text":"ensure reasonable efficiency in client transactions and provide BlackRock with sufficient flexibility to allocate","page_number":38,"box":{"x":69,"y":279,"width":777,"height":11}},{"id":"2df2c88f-8c0e-465e-9d56-a5802834649a","block_type":"box","text":"investments in a manner that is consistent with the par ticular investment discipline and client base, as appropriate.","page_number":38,"box":{"x":70,"y":294,"width":826,"height":11}},{"id":"c10b8a64-8976-48d1-9a32-f7a452f00db5","block_type":"box","text":"Accounting Services","page_number":38,"box":{"x":68,"y":324,"width":150,"height":11}},{"id":"bd84e30a-5fc7-4f2c-a457-a9a89e093a97","block_type":"box","text":"State Street Bank and Trust Company (“State Street”), serves as the accounting services provider for the Fund.","page_number":38,"box":{"x":102,"y":347,"width":796,"height":11}},{"id":"1d1c9d09-eff9-4921-bd09-8271201b8297","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":38,"box":{"x":69,"y":362,"width":824,"height":11}},{"id":"327a427a-9b3f-4a73-b08f-696554ef5c90","block_type":"box","text":"custodian); records general ledger entries; calculates daily net income; reconciles activity to the trial balance;","page_number":38,"box":{"x":69,"y":377,"width":779,"height":12}},{"id":"99192dc7-9909-4c3d-ae1c-c459b6667087","block_type":"box","text":"calculates and publishes daily net asset value; prepares account balances; and provides such other accounting","page_number":38,"box":{"x":69,"y":393,"width":796,"height":11}},{"id":"40086285-498f-4ed4-afcb-8062be9f16c1","block_type":"box","text":"services as may be required. In connection with its accounting services, State Street also provides cer tain","page_number":38,"box":{"x":69,"y":408,"width":760,"height":11}},{"id":"1a43e4c7-2c44-45bb-913d-ae6b25b7e392","block_type":"box","text":"administration services.","page_number":38,"box":{"x":69,"y":423,"width":170,"height":9}},{"id":"9b86514d-3e46-4fad-91ee-b38d9a38c972","block_type":"box","text":"The table below shows the amounts paid the Fund to State Street for accounting services for the past three","page_number":38,"box":{"x":101,"y":445,"width":769,"height":12}},{"id":"344b95ae-3c41-4d98-8d4c-7a3f4a5cd1ca","block_type":"box","text":"fiscal years:","page_number":38,"box":{"x":68,"y":460,"width":85,"height":12}},{"id":"efcab4d7-ad55-4a7b-8fe9-a61281b0a873","block_type":"box","text":"Fees Paid to State Street","page_number":38,"box":{"x":761,"y":489,"width":148,"height":7}},{"id":"74757baa-982e-4833-be4e-fe15e6621f98","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":506,"width":456,"height":11}},{"id":"e67e9d7c-7404-4583-81c9-457dce4e4f64","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":38,"box":{"x":532,"y":506,"width":329,"height":11}},{"id":"87af7862-1cf7-46e1-b6fc-d58f5a953377","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":522,"width":456,"height":10}},{"id":"67e7f7fd-5559-428c-a321-797bddd100f8","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . $9,025","page_number":38,"box":{"x":532,"y":521,"width":329,"height":11}},{"id":"01c81cbe-6529-4196-9fd3-f6849a1fccd9","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . .","page_number":38,"box":{"x":70,"y":537,"width":456,"height":10}},{"id":"4c868464-f8bc-4a25-bffc-33d0c2118cc2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . $9,030","page_number":38,"box":{"x":532,"y":536,"width":329,"height":11}},{"id":"99778220-6406-43c0-8585-8a2e9799bb3e","block_type":"box","text":"Custodian","page_number":38,"box":{"x":69,"y":568,"width":72,"height":9}},{"id":"851f23b1-e73b-4149-b6c2-2e9a466df998","block_type":"box","text":"State Street (the “Custodian”), which has its principal place of business at One Congress Street, Suite 1,","page_number":38,"box":{"x":102,"y":591,"width":751,"height":11}},{"id":"29250d83-45fe-4f08-9a6c-52f7ea31230e","block_type":"box","text":"Boston, Massachusetts 02114-2016, serves as the custodian for the Fund. The Custodian, among other","page_number":38,"box":{"x":70,"y":606,"width":749,"height":11}},{"id":"79ce11d0-2cc6-46a7-a7a7-30e8e0ed67bc","block_type":"box","text":"responsibilities, maintains a custody account or accounts in the name of the Fund, receives and delivers all assets","page_number":38,"box":{"x":69,"y":621,"width":820,"height":11}},{"id":"b740681c-d712-4a8c-bdf5-c3ffa444bcfb","block_type":"box","text":"for the Fund upon purchase and upon sale or maturity, and collects and receives all income and other payments and","page_number":38,"box":{"x":68,"y":636,"width":830,"height":11}},{"id":"0196defc-4773-4497-87e7-345ece75c9ad","block_type":"box","text":"distributions on account of the assets of the Fund.","page_number":38,"box":{"x":69,"y":651,"width":359,"height":9}},{"id":"12c57c6d-6fcf-4fc6-a963-66b6a2d85cd7","block_type":"box","text":"Transfer Agency and Shareholders’ Administrative Services","page_number":38,"box":{"x":68,"y":682,"width":432,"height":11}},{"id":"789e2f4a-b800-41f7-8d01-32a3828de7d1","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”) serves as the transfer agent and dividend disbursing","page_number":38,"box":{"x":102,"y":704,"width":795,"height":11}},{"id":"2f597316-2b21-4d73-93c8-aab2e3085557","block_type":"box","text":"agent for the Fund.","page_number":38,"box":{"x":69,"y":719,"width":133,"height":12}},{"id":"bb99ffe1-03f5-4626-bf8d-32b905fdf426","block_type":"box","text":"Pursuant to a shareholders’ administrative services agreement, BlackRock Advisors, LLC (“BAL”) provides","page_number":38,"box":{"x":102,"y":742,"width":755,"height":11}},{"id":"809f6d37-9a94-4b25-b687-c4d1ef660eec","block_type":"box","text":"cer tain shareholder liaison services in connection with the Trust’s investor service center. The Trust, on behalf of the","page_number":38,"box":{"x":69,"y":757,"width":836,"height":11}},{"id":"00a190b4-a4a3-41e7-8b71-64cc3e312cd4","block_type":"box","text":"Fund, reimburses BAL for its costs in maintaining the service center, which costs include, among other things,","page_number":38,"box":{"x":70,"y":772,"width":783,"height":11}},{"id":"667a4a92-cd74-4d64-a9ee-f09d4b7558f6","block_type":"box","text":"employee salaries, leasehold expenses, and other out-of-pocket expenses.","page_number":38,"box":{"x":69,"y":787,"width":531,"height":11}},{"id":"5d78f8a2-d8db-4503-a57c-39fdc750b988","block_type":"box","text":"For the past three fiscal years, the Trust, on behalf of the Fund, reimbursed BAL for shareholder liaison services","page_number":38,"box":{"x":102,"y":810,"width":799,"height":11}},{"id":"66c5d0c5-d05e-46b4-9813-98f0d4fce175","block_type":"box","text":"pursuant to such agreement in the amounts set for th below:","page_number":38,"box":{"x":70,"y":825,"width":429,"height":11}},{"id":"dc5aa59e-cbf9-41fb-9905-3208026ceec4","block_type":"box","text":"Fees Paid","page_number":38,"box":{"x":750,"y":853,"width":56,"height":8}},{"id":"3e360eac-c484-4432-a871-84849150676c","block_type":"box","text":"to BAL","page_number":38,"box":{"x":756,"y":864,"width":40,"height":7}},{"id":"817d5a1e-4d88-4c2a-b61f-9c2af5f97dce","block_type":"box","text":"1","page_number":38,"box":{"x":796,"y":864,"width":4,"height":3}},{"id":"9a739187-65ff-43fe-9f08-c0d60d92104e","block_type":"box","text":"Fees Waived","page_number":38,"box":{"x":837,"y":853,"width":72,"height":8}},{"id":"c8e5e039-fe1e-4a8e-badd-cd050163f117","block_type":"box","text":"by BAL","page_number":38,"box":{"x":853,"y":864,"width":40,"height":8}},{"id":"48ff05c9-b8fc-444c-8e85-23fcc574d503","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . .","page_number":38,"box":{"x":70,"y":881,"width":306,"height":11}},{"id":"c42bf93f-4664-4837-b0ea-34320a49ed88","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $4,912 $3,521","page_number":38,"box":{"x":383,"y":881,"width":516,"height":11}},{"id":"071b07d2-1560-42d3-9ec3-59a9f98423d0","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . .","page_number":38,"box":{"x":70,"y":896,"width":306,"height":11}},{"id":"ad64953b-05ab-4c30-b13c-a518a37b071c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $5,996 $5,922","page_number":38,"box":{"x":383,"y":896,"width":516,"height":11}},{"id":"c1c81e05-6e78-4063-b37c-db5eab6adb50","block_type":"box","text":"I-22","page_number":38,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"58454f9d-3201-492b-8f95-f3e4a171a649","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":38,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"690091a9-f043-4455-86b4-05ac9af96229","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":750,"y":49,"width":56,"height":7}},{"id":"9463903f-7368-4032-a010-1cea37811f3d","block_type":"box","text":"to BAL","page_number":39,"box":{"x":756,"y":59,"width":40,"height":7}},{"id":"49d2c416-fcba-437c-a510-69c5299e2e58","block_type":"box","text":"1","page_number":39,"box":{"x":796,"y":59,"width":4,"height":4}},{"id":"50d70350-7b56-4339-8181-d23dfe0145b5","block_type":"box","text":"Fees Waived","page_number":39,"box":{"x":837,"y":49,"width":72,"height":7}},{"id":"5cc59af7-9e2a-4600-a8b5-1f9c0c701d44","block_type":"box","text":"by BAL","page_number":39,"box":{"x":853,"y":59,"width":40,"height":9}},{"id":"108fd129-48dd-4041-a954-74ea64595a29","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . .","page_number":39,"box":{"x":70,"y":77,"width":306,"height":10}},{"id":"da034e84-a5e7-4b26-8e89-c832f633035f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,665 $5,996","page_number":39,"box":{"x":383,"y":76,"width":516,"height":11}},{"id":"50dfd4a5-3669-4d5d-a9f9-e91fe3800e44","block_type":"box","text":"1","page_number":39,"box":{"x":69,"y":101,"width":3,"height":4}},{"id":"d3c2bdd4-6f0f-48ea-a40d-5eee3c5812b0","block_type":"box","text":"Pursuant to a Shareholder’s Administrative Services Agreement, the Manager provides cer tain shareholder liaison services in connection with","page_number":39,"box":{"x":94,"y":101,"width":809,"height":9}},{"id":"f32e9c0b-939d-4f67-b0fa-ad1aa2aea742","block_type":"box","text":"the Fund’s investor service center. The Funds reimburse the Manager for its costs in maintaining the service center, which costs include,","page_number":39,"box":{"x":93,"y":111,"width":781,"height":9}},{"id":"9a1fd695-c199-46b7-a56d-8e197622d1dc","block_type":"box","text":"among other things, employee salaries, leasehold expenses, and other out-of-pocket expenses which are a component of the transfer agency","page_number":39,"box":{"x":93,"y":121,"width":806,"height":9}},{"id":"50c8e100-6575-49e2-8853-7b90d8d95fe6","block_type":"box","text":"fees in the Fund’s annual repor ts.","page_number":39,"box":{"x":93,"y":131,"width":193,"height":9}},{"id":"7cfc3b3e-f357-4012-a029-c5814531b5a9","block_type":"box","text":"Credit Agreement","page_number":39,"box":{"x":69,"y":160,"width":129,"height":11}},{"id":"5ab6df07-cc1f-4d37-8ee0-45f4697e227f","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":39,"box":{"x":101,"y":183,"width":757,"height":11}},{"id":"3a4bdd02-2861-432d-bbc1-5f81ff522f8c","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":39,"box":{"x":69,"y":197,"width":817,"height":12}},{"id":"c9a393aa-5dac-4ef9-bd71-49ec8496f37a","block_type":"box","text":"terminates on April 8, 2027, unless otherwise extended or renewed (the “Credit Agreement”). Excluding","page_number":39,"box":{"x":68,"y":213,"width":743,"height":11}},{"id":"533a0234-d63b-4388-b51f-a1539baecebf","block_type":"box","text":"commitments designated for cer tain Par ticipating Funds, the Par ticipating Funds, including the Fund, can borrow up","page_number":39,"box":{"x":69,"y":228,"width":825,"height":11}},{"id":"b46f3948-a1ed-4c63-a611-3de3a89c1e15","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":39,"box":{"x":68,"y":242,"width":818,"height":12}},{"id":"718a0ef7-9df8-439f-8e41-bacdd688f7e9","block_type":"box","text":"limitations as specified in the Credit Agreement. The Fund may borrow under the Credit Agreement to meet","page_number":39,"box":{"x":70,"y":258,"width":761,"height":11}},{"id":"9c4821c7-0dcd-46aa-add5-7c3265bbd9cd","block_type":"box","text":"shareholder redemptions and for other lawful purposes. However, the Fund may not borrow under the Credit","page_number":39,"box":{"x":69,"y":273,"width":768,"height":11}},{"id":"7f950323-49f0-457d-bfaf-74801c5f08a5","block_type":"box","text":"Agreement for leverage. The Fund may borrow up to the maximum amount allowable under its current Prospectuses","page_number":39,"box":{"x":68,"y":288,"width":825,"height":12}},{"id":"b6e75e6e-b62c-4b6d-a32b-51a684f08691","block_type":"box","text":"and SAI, subject to various other legal, regulatory or contractual limits. Borrowing results in interest expense and","page_number":39,"box":{"x":69,"y":304,"width":805,"height":11}},{"id":"9e858aa2-e488-4986-b46d-4983e542fc71","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":39,"box":{"x":69,"y":319,"width":838,"height":11}},{"id":"86560343-5be0-41d2-b9c0-44124b255b06","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":39,"box":{"x":68,"y":334,"width":801,"height":11}},{"id":"05169ad5-eb09-4abc-a233-b3db6b6bf166","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":39,"box":{"x":69,"y":349,"width":833,"height":11}},{"id":"e9f32dab-bd75-4c8e-be6a-d43316ae5a22","block_type":"box","text":"charged interest at a variable rate.","page_number":39,"box":{"x":69,"y":364,"width":245,"height":11}},{"id":"d43daedc-0cb1-444e-9cb9-35c55125439e","block_type":"box","text":"V. Information on Sales Charges and Distribution Related Expenses","page_number":39,"box":{"x":68,"y":394,"width":491,"height":11}},{"id":"745292d6-c0d6-4cca-867a-cabed1b070a1","block_type":"box","text":"BlackRock Investments, LLC (“BRIL” or the “Distributor”) acts as the Fund’s sole distributor.","page_number":39,"box":{"x":102,"y":417,"width":657,"height":11}},{"id":"25e674df-125c-49c6-81bc-26760c8ef1df","block_type":"box","text":"Set for th below is information on sales charges (including any contingent deferred sales charges (“CDSCs”))","page_number":39,"box":{"x":102,"y":440,"width":773,"height":11}},{"id":"cc83b873-472a-4beb-906f-ba146115c6be","block_type":"box","text":"received by the Fund, including the amounts paid to affiliates of the Manager (“affiliates”) for the periods shown.","page_number":39,"box":{"x":69,"y":455,"width":804,"height":11}},{"id":"5734f431-65c1-402c-b745-96a338edbd7a","block_type":"box","text":"Investor P Shares","page_number":39,"box":{"x":693,"y":483,"width":102,"height":7}},{"id":"4962d6bc-ecd2-4623-b7e1-792d85565e21","block_type":"box","text":"Gross","page_number":39,"box":{"x":594,"y":529,"width":33,"height":7}},{"id":"37b63edd-98b0-4df7-861e-603465d507d4","block_type":"box","text":"Sales","page_number":39,"box":{"x":595,"y":539,"width":31,"height":7}},{"id":"ed0dd548-ad66-423a-aeb7-6a8ea97abfb9","block_type":"box","text":"Charges","page_number":39,"box":{"x":587,"y":549,"width":47,"height":9}},{"id":"ad706f50-036b-4d46-9079-b3a0a6d8b099","block_type":"box","text":"Collected","page_number":39,"box":{"x":583,"y":559,"width":55,"height":7}},{"id":"294d25b5-5691-4679-b8db-21c5b8dd884b","block_type":"box","text":"Sales","page_number":39,"box":{"x":683,"y":519,"width":31,"height":7}},{"id":"5caab338-0fea-4c46-be10-57c28760aa3a","block_type":"box","text":"Charges","page_number":39,"box":{"x":675,"y":529,"width":47,"height":9}},{"id":"e5732c66-8524-4887-92c3-ec9558859712","block_type":"box","text":"Retained","page_number":39,"box":{"x":673,"y":539,"width":51,"height":7}},{"id":"5eefd96d-7e19-42a0-aa9a-588e2cb14c94","block_type":"box","text":"by","page_number":39,"box":{"x":693,"y":549,"width":12,"height":9}},{"id":"9e705b68-59de-42f1-9b29-affd8f0fbc3e","block_type":"box","text":"BRIL","page_number":39,"box":{"x":686,"y":559,"width":26,"height":7}},{"id":"a438835d-4de1-4b76-8762-1197b20fed8d","block_type":"box","text":"Sales","page_number":39,"box":{"x":766,"y":529,"width":31,"height":7}},{"id":"74352908-4a7a-467c-8e53-f913b8e1e5e1","block_type":"box","text":"Charges","page_number":39,"box":{"x":758,"y":539,"width":48,"height":9}},{"id":"93b591e6-854c-4f0a-8f56-1faaee90a992","block_type":"box","text":"Paid To","page_number":39,"box":{"x":761,"y":549,"width":42,"height":7}},{"id":"e74be6e1-7187-4e63-bca0-a5776ea3f960","block_type":"box","text":"Affiliates","page_number":39,"box":{"x":756,"y":559,"width":52,"height":7}},{"id":"9520d1e5-7aa4-4634-9fb9-dd70f4a21e7c","block_type":"box","text":"CDSCs","page_number":39,"box":{"x":854,"y":499,"width":39,"height":7}},{"id":"e5f23883-de94-465e-90b9-b42cf857aaf2","block_type":"box","text":"Received on","page_number":39,"box":{"x":839,"y":509,"width":70,"height":7}},{"id":"81cf6735-aee6-4a25-8613-6bd9aa2dfb62","block_type":"box","text":"Redemption","page_number":39,"box":{"x":840,"y":519,"width":68,"height":9}},{"id":"1f502a81-e351-4778-915e-d9a8b69d3220","block_type":"box","text":"of","page_number":39,"box":{"x":869,"y":529,"width":11,"height":7}},{"id":"875969f8-0718-4ba5-a7f1-ddef7b3e2e1e","block_type":"box","text":"Load","page_number":39,"box":{"x":859,"y":539,"width":30,"height":7}},{"id":"c2d8c11d-9c49-4c1b-b164-f816158bac63","block_type":"box","text":"Waived","page_number":39,"box":{"x":853,"y":549,"width":41,"height":7}},{"id":"37fa6180-4e39-4771-85cb-56486474b331","block_type":"box","text":"Shares","page_number":39,"box":{"x":854,"y":559,"width":39,"height":7}},{"id":"10aa20ab-7c13-4c69-bab4-3a34fd1f0afb","block_type":"box","text":"Fiscal Year Ended December 31, 2025 .","page_number":39,"box":{"x":70,"y":577,"width":282,"height":10}},{"id":"90e7f2bc-e2fe-4c93-9e39-b392106d7819","block_type":"box","text":"........................","page_number":39,"box":{"x":359,"y":584,"width":189,"height":2}},{"id":"a2ca5b28-29dd-4214-aa96-561afffb8067","block_type":"box","text":"$41,092 $4,499 $4,499 $163","page_number":39,"box":{"x":580,"y":576,"width":313,"height":11}},{"id":"80d01c9d-dd2a-4cc9-a612-a5fc312af10c","block_type":"box","text":"Fiscal Year Ended December 31, 2024 .","page_number":39,"box":{"x":70,"y":592,"width":282,"height":11}},{"id":"6be7d864-ceda-4827-bdd7-a795e3b2d810","block_type":"box","text":"........................","page_number":39,"box":{"x":359,"y":599,"width":189,"height":2}},{"id":"514684e6-33ed-485d-9f60-a1a315fab4bd","block_type":"box","text":"$29,634 $2,375 $2,375 $185","page_number":39,"box":{"x":580,"y":591,"width":313,"height":12}},{"id":"f652f61a-e2e1-4139-b1c4-a99caf514e94","block_type":"box","text":"Fiscal Year Ended December 31, 2023 .","page_number":39,"box":{"x":70,"y":607,"width":282,"height":11}},{"id":"6571372e-bd0e-4681-bba5-67d80b32e038","block_type":"box","text":"........................","page_number":39,"box":{"x":359,"y":615,"width":189,"height":1}},{"id":"455221f3-c0cb-48fc-b1e4-3f272090410b","block_type":"box","text":"$28,175 $2,157 $2,157 $322","page_number":39,"box":{"x":580,"y":606,"width":312,"height":12}},{"id":"8828a274-015b-4ed8-b837-d82841ebd7d4","block_type":"box","text":"The table below provides information for the fiscal year ended December 31, 2025 about the 12b-1 fees the","page_number":39,"box":{"x":101,"y":631,"width":774,"height":11}},{"id":"055f0935-0287-413e-9545-0f856bf81eb4","block_type":"box","text":"Fund paid to BRIL under the Fund’s 12b-1 plan. A por tion of the fees collected by BRIL were paid to affiliates for","page_number":39,"box":{"x":70,"y":646,"width":800,"height":11}},{"id":"27ca1ee0-1fad-4d8c-abd4-f5de52d3a562","block_type":"box","text":"providing shareholder servicing activities for Investor A and Investor P Shares.","page_number":39,"box":{"x":70,"y":661,"width":554,"height":12}},{"id":"39ebbb4a-663e-473d-9509-678b11f87ee9","block_type":"box","text":"Class Name","page_number":39,"box":{"x":69,"y":700,"width":68,"height":7}},{"id":"567b9621-132e-48d7-b357-3f69e75fec9f","block_type":"box","text":"Fees Paid","page_number":39,"box":{"x":845,"y":690,"width":56,"height":7}},{"id":"061ae1b1-b88a-477d-b910-67b3e11d1ee9","block_type":"box","text":"to BRIL","page_number":39,"box":{"x":851,"y":700,"width":44,"height":7}},{"id":"b3a03e80-bda3-4550-af25-62a9e3df456e","block_type":"box","text":"Investor A Shares . .","page_number":39,"box":{"x":70,"y":718,"width":140,"height":8}},{"id":"9f72b079-2d9a-4d2b-bc6e-530aec8f201f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,553","page_number":39,"box":{"x":217,"y":717,"width":692,"height":11}},{"id":"3fa256fd-2c7a-4b9d-8941-a38346e8d523","block_type":"box","text":"Investor P Shares . .","page_number":39,"box":{"x":70,"y":733,"width":140,"height":9}},{"id":"b9cc4be7-0688-4ab7-bd38-826b8eeed309","block_type":"box","text":".........................................................................","page_number":39,"box":{"x":217,"y":740,"width":588,"height":1}},{"id":"e6849a51-6b0a-47f9-a94b-1f6b847cf0b1","block_type":"box","text":"$420,744","page_number":39,"box":{"x":837,"y":732,"width":72,"height":11}},{"id":"986a3a9c-c9da-451e-b6bc-4d39c276febe","block_type":"box","text":"VI. Computation of Offering Price Per Share","page_number":39,"box":{"x":68,"y":764,"width":318,"height":11}},{"id":"fed61d51-6c8c-426a-a9ba-23c0fc8e8edf","block_type":"box","text":"An illustration of the computation of the offering price for the Investor P Shares of the Fund based on the value","page_number":39,"box":{"x":101,"y":787,"width":791,"height":11}},{"id":"2f10f69d-477f-4f97-95c8-39eaf938025e","block_type":"box","text":"of the Fund’s Investor P Shares net assets and the number of Investor P Shares outstanding on December 31, 2025,","page_number":39,"box":{"x":69,"y":802,"width":838,"height":11}},{"id":"6f62d94d-0565-4ce7-a7f6-a814510a6746","block_type":"box","text":"is set for th below.","page_number":39,"box":{"x":70,"y":817,"width":126,"height":9}},{"id":"48a55508-d52e-4524-ae11-6b4a19a3f1c1","block_type":"box","text":"Investor","page_number":39,"box":{"x":833,"y":845,"width":46,"height":7}},{"id":"01dddb3c-e41f-4e18-abcc-b17bd1261dd5","block_type":"box","text":"P Shares","page_number":39,"box":{"x":830,"y":855,"width":51,"height":7}},{"id":"d53b4b68-3e9e-4608-b43d-1f05a8b920e1","block_type":"box","text":"Net Assets","page_number":39,"box":{"x":70,"y":873,"width":76,"height":9}},{"id":"b219b05b-b0b1-470e-b6d0-9c2432fce03a","block_type":"box","text":".............................................................................","page_number":39,"box":{"x":150,"y":880,"width":621,"height":2}},{"id":"fb7bc47f-6bc8-487f-95e0-33bcb99bdb17","block_type":"box","text":"$163,169,887","page_number":39,"box":{"x":803,"y":872,"width":105,"height":11}},{"id":"dfde1d22-56f1-4400-a77d-6ed25a811b7d","block_type":"box","text":"Number of Shares Outstanding . . .","page_number":39,"box":{"x":70,"y":888,"width":245,"height":11}},{"id":"1c9413d0-7593-4dbf-8f7c-c0e3f6133f60","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,","page_number":39,"box":{"x":321,"y":888,"width":524,"height":11}},{"id":"fe923313-fab1-401e-9afd-80f0caed2e53","block_type":"box","text":"807,669","page_number":39,"box":{"x":847,"y":888,"width":62,"height":11}},{"id":"c2a5fae5-4f6b-4747-87ae-578cb1edec4d","block_type":"box","text":"Net Asset Value Per Share (net assets divided by number of shares outstanding)","page_number":39,"box":{"x":70,"y":903,"width":571,"height":12}},{"id":"cfe2f4b1-de5c-49e8-8ab3-7e0e77c54db7","block_type":"box","text":"................","page_number":39,"box":{"x":647,"y":911,"width":124,"height":1}},{"id":"a9a394b5-510e-4f27-b921-0ed2bc8c1186","block_type":"box","text":"$11.02","page_number":39,"box":{"x":857,"y":903,"width":52,"height":10}},{"id":"fa271f87-3adf-448e-bbee-401d25530e6d","block_type":"box","text":"I-23","page_number":39,"box":{"x":476,"y":943,"width":26,"height":9}},{"id":"671e0a87-1dea-464e-ac80-4aaccbf0332f","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":39,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1c4781ee-dead-44a3-8a8c-227d0481e133","block_type":"box","text":"Investor","page_number":40,"box":{"x":833,"y":49,"width":46,"height":7}},{"id":"c8c88fa0-7051-4aa6-8893-54f55ec2f9d4","block_type":"box","text":"P Shares","page_number":40,"box":{"x":830,"y":59,"width":51,"height":7}},{"id":"09eb4b40-5dab-4393-847c-1f860307ae09","block_type":"box","text":"Sales Charge (4.00% of offering price; 4.17% of net asset value per share)","page_number":40,"box":{"x":69,"y":77,"width":534,"height":11}},{"id":"b4282391-daa2-475e-9f36-48ebe2a09016","block_type":"box","text":"1","page_number":40,"box":{"x":604,"y":77,"width":4,"height":5}},{"id":"99708043-bf9f-4223-9b34-f644541f619b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . $0.46","page_number":40,"box":{"x":615,"y":76,"width":294,"height":11}},{"id":"47d35852-09ed-4517-b64f-88a7dae391ca","block_type":"box","text":"Offering Price . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .","page_number":40,"box":{"x":69,"y":96,"width":702,"height":12}},{"id":"16d84f32-a2c4-466e-b9fd-bb27f7be5e11","block_type":"box","text":"$11.48","page_number":40,"box":{"x":857,"y":96,"width":52,"height":10}},{"id":"8f05f367-2d54-4ad4-890a-24d84c1fa53f","block_type":"box","text":"1","page_number":40,"box":{"x":69,"y":128,"width":3,"height":4}},{"id":"3dd13c78-ed2e-4a7e-8bf7-0fc2ec71cc19","block_type":"box","text":"Rounded to the nearest one-hundredth percent; assumes maximum sales charge is applicable.","page_number":40,"box":{"x":94,"y":128,"width":541,"height":9}},{"id":"32ba4c99-0158-4480-a581-f96142863c86","block_type":"box","text":"The offering price for the Fund’s other share classes is equal to the share class’s net asset value computed by","page_number":40,"box":{"x":101,"y":149,"width":795,"height":11}},{"id":"d5caa0b0-0c2e-4a1a-af02-63ac5c028baa","block_type":"box","text":"dividing the value of the share class’s net assets by the number of shares outstanding.","page_number":40,"box":{"x":69,"y":164,"width":622,"height":12}},{"id":"1b84fc30-b7b1-4aef-846e-f44319f7fa40","block_type":"box","text":"For more information on the purchasing and valuation of shares, please see “Purchase of Shares” and “Pricing","page_number":40,"box":{"x":102,"y":187,"width":793,"height":11}},{"id":"95855522-2553-474b-9e48-1ff7a7c1a219","block_type":"box","text":"of Shares” in Par t II of this SAI.","page_number":40,"box":{"x":69,"y":202,"width":223,"height":9}},{"id":"ec3d0b24-fb10-4278-85c0-d27ed98112f9","block_type":"box","text":"VII. Portfolio Transactions and Brokerage","page_number":40,"box":{"x":68,"y":232,"width":302,"height":11}},{"id":"6b1ba2bf-d2e7-4e7e-bd00-fd0ee89389da","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in Par t II of this SAI for more information.","page_number":40,"box":{"x":102,"y":255,"width":609,"height":11}},{"id":"3ad0ae92-a053-4fc3-8814-e0d30f692961","block_type":"box","text":"Brokerage Commissions.","page_number":40,"box":{"x":102,"y":278,"width":180,"height":11}},{"id":"8bf5c596-61d8-4f1c-ab58-3ac6a11834c6","block_type":"box","text":"Information about the brokerage commissions paid by the Fund including commissions","page_number":40,"box":{"x":289,"y":278,"width":617,"height":11}},{"id":"6303466a-0d3c-44b3-80be-9f08ec74bdd8","block_type":"box","text":"paid to affiliates, is set for th in the following table:","page_number":40,"box":{"x":70,"y":293,"width":360,"height":11}},{"id":"a6fdfa08-6bc5-4f48-8f9c-a528f59431b6","block_type":"box","text":"Aggregate Brokerage","page_number":40,"box":{"x":576,"y":321,"width":125,"height":9}},{"id":"395a926d-c504-4180-8a23-3128c1b4f5db","block_type":"box","text":"Commissions Paid Commissions Paid to Affiliates","page_number":40,"box":{"x":585,"y":331,"width":324,"height":7}},{"id":"6bedb25f-5d8a-4fae-b56f-cd6220c48edd","block_type":"box","text":"Fiscal Year Ended December 31, 2025 . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":40,"box":{"x":70,"y":348,"width":759,"height":11}},{"id":"7be32227-0c49-4922-93ba-d1dc7c4497b3","block_type":"box","text":"Fiscal Year Ended December 31, 2024 . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":40,"box":{"x":70,"y":363,"width":759,"height":11}},{"id":"7d525a18-afe6-47a7-853a-1e8cd8b26837","block_type":"box","text":"Fiscal Year Ended December 31, 2023 . . . . . . . . . . . . . . . . . . . . . . . . . $0 $0","page_number":40,"box":{"x":70,"y":378,"width":759,"height":12}},{"id":"87c9899e-5579-4eb6-92d5-813acc77285e","block_type":"box","text":"The following table shows the dollar amount of brokerage commissions paid to brokers for providing Section","page_number":40,"box":{"x":101,"y":403,"width":770,"height":11}},{"id":"4aac1d2d-5d62-48d1-81ac-6b04fac8cc4d","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":40,"box":{"x":69,"y":418,"width":814,"height":11}},{"id":"a726836d-7856-4b1d-9bc7-2672fb87245e","block_type":"box","text":"the approximate dollar amount of the transactions involved for the fiscal year ended December 31, 2025. The","page_number":40,"box":{"x":68,"y":433,"width":784,"height":11}},{"id":"c6814289-076f-4b45-b2e0-175582ae2bf3","block_type":"box","text":"provision of Section 28(e) research/brokerage services was not necessarily a factor in the placement of all brokerage","page_number":40,"box":{"x":70,"y":448,"width":839,"height":12}},{"id":"5ee5571b-fc1f-46b1-916d-b723e0fed665","block_type":"box","text":"business with such brokers.","page_number":40,"box":{"x":69,"y":464,"width":198,"height":9}},{"id":"dbc55f41-2364-4a75-ad5f-d5780335bd72","block_type":"box","text":"Amount of Commissions","page_number":40,"box":{"x":325,"y":492,"width":141,"height":7}},{"id":"eb9aa636-7857-435b-87c2-71f5398b3db3","block_type":"box","text":"Paid to Brokers for","page_number":40,"box":{"x":341,"y":502,"width":109,"height":7}},{"id":"f01a0c4a-df7c-4214-b5e8-c62d312e7392","block_type":"box","text":"Providing 28(e) Eligible","page_number":40,"box":{"x":327,"y":512,"width":136,"height":9}},{"id":"b755e5c3-d714-475f-adf9-90b4ce4ed378","block_type":"box","text":"Research Services","page_number":40,"box":{"x":342,"y":522,"width":107,"height":7}},{"id":"7062d14f-5048-4e48-939c-5ad96f07049e","block_type":"box","text":"Amount of Brokerage","page_number":40,"box":{"x":528,"y":512,"width":124,"height":9}},{"id":"9672edfc-bb7e-44f3-911e-14f3f0a73dee","block_type":"box","text":"Transactions Involved","page_number":40,"box":{"x":527,"y":522,"width":126,"height":7}},{"id":"7be2c85c-5cb5-45ce-bc4a-9b2aa175fb69","block_type":"box","text":"$0 $0","page_number":40,"box":{"x":386,"y":539,"width":213,"height":11}},{"id":"b3526024-c755-4f73-adc9-e72297d79f67","block_type":"box","text":"As of December 31, 2025, the Fund held no securities of its regular brokers or dealers (as defined in Rule 10b-1","page_number":40,"box":{"x":101,"y":564,"width":806,"height":11}},{"id":"3f752bec-557c-4176-ba59-a8c57e179fb2","block_type":"box","text":"under the Investment Company Act) or their parents whose shares were purchased during the fiscal year ended","page_number":40,"box":{"x":69,"y":579,"width":792,"height":11}},{"id":"f30aa194-2bb1-4ab8-8f04-27c43d5cd44b","block_type":"box","text":"December 31, 2025.","page_number":40,"box":{"x":70,"y":594,"width":147,"height":10}},{"id":"034341c5-1db7-40aa-be2e-ba67ce8ec763","block_type":"box","text":"Securities Lending","page_number":40,"box":{"x":68,"y":624,"width":135,"height":11}},{"id":"60e6ac64-f30f-484d-a264-bc43c8cd1561","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":40,"box":{"x":101,"y":647,"width":807,"height":11}},{"id":"9792bdad-f37e-4953-8521-6e4456fd0761","block_type":"box","text":"exemptive order from the Commission permitting it to lend por tfolio securities to borrowers affiliated with the Fund","page_number":40,"box":{"x":69,"y":662,"width":817,"height":11}},{"id":"ce280be8-5808-493c-b606-b9f18dae0e85","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":40,"box":{"x":69,"y":677,"width":813,"height":11}},{"id":"426fa1d5-9871-42d9-9bd0-3f48b89bbcf3","block_type":"box","text":"lending, BlackRock Institutional Trust Company, N.A. (“BTC”) acts as securities lending agent for the Fund, subject to","page_number":40,"box":{"x":70,"y":692,"width":832,"height":11}},{"id":"74803ad8-b6c4-43ff-a609-225dd9d51fa2","block_type":"box","text":"the overall supervision of the Manager, pursuant to a written agreement (the “Securities Lending Agency","page_number":40,"box":{"x":68,"y":707,"width":745,"height":12}},{"id":"e9806d24-50be-4be5-a6b8-08fc1fb8b18e","block_type":"box","text":"Agreement”). BTC administers the lending program in accordance with guidelines approved by the Board.","page_number":40,"box":{"x":68,"y":723,"width":747,"height":11}},{"id":"a9f31f34-27f4-4e30-8a5c-7c44378e64f4","block_type":"box","text":"To the extent the Fund engages in securities lending, the Fund retains a por tion of the securities lending income","page_number":40,"box":{"x":101,"y":745,"width":800,"height":11}},{"id":"1f1c775f-410a-4f17-ba8e-03c1cf95d139","block_type":"box","text":"and remits the remaining por tion to BTC as compensation for its services as securities lending agent. Securities","page_number":40,"box":{"x":69,"y":760,"width":803,"height":12}},{"id":"6ef15517-0bef-443a-8255-891919152fc5","block_type":"box","text":"lending income is generally equal to the total of income earned from the reinvestment of cash collateral (and","page_number":40,"box":{"x":70,"y":775,"width":774,"height":12}},{"id":"910f8b1c-2c42-4e54-be35-95e8e3ebc167","block_type":"box","text":"excludes collateral investment fees as defined below), and any fees or other payments to and from borrowers of","page_number":40,"box":{"x":69,"y":790,"width":801,"height":12}},{"id":"f8cdc96c-50f4-44b4-aa00-6b77e7f52605","block_type":"box","text":"securities. As securities lending agent, BTC bears all operational costs directly related to securities lending. The Fund","page_number":40,"box":{"x":69,"y":806,"width":838,"height":11}},{"id":"4420d989-31db-4cbe-8161-7ee24f972b18","block_type":"box","text":"is responsible for fees in connection with the investment of cash collateral received for securities on loan in money","page_number":40,"box":{"x":70,"y":821,"width":820,"height":11}},{"id":"04c64f41-490c-4dbd-ac37-df60a8a67206","block_type":"box","text":"market funds advised by BFA or its affiliates, and such fees will not be subject to any waivers (the “collateral","page_number":40,"box":{"x":69,"y":836,"width":775,"height":11}},{"id":"323aceaa-753d-4a07-98d7-2204b285a4e4","block_type":"box","text":"investment fees”); however, BTC has agreed to reduce the amount of securities lending income it receives in order to","page_number":40,"box":{"x":70,"y":851,"width":835,"height":11}},{"id":"f25c2139-1fd6-42b2-b028-c97143623199","block_type":"box","text":"effectively limit the collateral investment fees a Fund bears to an annual rate of 0.04%. Such money market fund","page_number":40,"box":{"x":69,"y":866,"width":804,"height":11}},{"id":"7a6f0f8e-dbd8-41a6-98bd-e48816fef5ec","block_type":"box","text":"shares will not be subject to a sales load, distribution fee or service fee.","page_number":40,"box":{"x":69,"y":881,"width":517,"height":11}},{"id":"8bff70c8-d8d6-40e6-9130-d8cc761848a3","block_type":"box","text":"I-24","page_number":40,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"a2957dba-3e02-4173-83b3-59b82e153ad1","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":40,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f8972825-6501-49e1-94e5-0897ae4ce9e9","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":41,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"818d40f7-ccf7-4a76-9e5d-1c5251d14702","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":41,"box":{"x":69,"y":60,"width":831,"height":11}},{"id":"c95983df-6012-4175-ba9b-cf669cdfaa6a","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":41,"box":{"x":68,"y":75,"width":812,"height":11}},{"id":"60760f05-3559-4590-bc22-4c7247d927d2","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":41,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"afbd0447-bd9c-4ee8-bc9c-835e0d74de27","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":41,"box":{"x":68,"y":105,"width":835,"height":11}},{"id":"7002e693-11a5-413c-8408-580fc9ca6c83","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":41,"box":{"x":69,"y":120,"width":818,"height":12}},{"id":"8df78987-059a-4f9a-a883-3da016f508b3","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":41,"box":{"x":68,"y":135,"width":789,"height":11}},{"id":"9deeb101-f84e-400e-9e3f-bfdabe13d2f9","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":41,"box":{"x":69,"y":150,"width":829,"height":12}},{"id":"32871fc2-d398-4cc3-a9c5-abf7b6a40ff0","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":41,"box":{"x":69,"y":166,"width":839,"height":11}},{"id":"092d6d21-e6c9-4531-844d-557995f369e5","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":41,"box":{"x":69,"y":181,"width":802,"height":11}},{"id":"4d1c7529-c261-417b-9da2-78ea4234ed3b","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":41,"box":{"x":70,"y":196,"width":830,"height":11}},{"id":"f1b7c04a-ba43-4ea1-9e74-dc939648f046","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":41,"box":{"x":69,"y":211,"width":838,"height":11}},{"id":"0d4cf315-8ac4-4718-8635-37b4dbe27843","block_type":"box","text":"Fund’s returns on securities lending.","page_number":41,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"9261887e-f20d-4e12-bd48-90318da2fd9f","block_type":"box","text":"Under the securities lending program, the Fund is categorized into one of several specific asset classes. The","page_number":41,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"e19a1b12-05f2-444c-88ee-515b3d418cb7","block_type":"box","text":"determination of the Fund’s asset class category (fixed-income, domestic equity, international equity or fund of","page_number":41,"box":{"x":69,"y":264,"width":790,"height":11}},{"id":"9d87fcc8-ea4e-49d3-ab1e-ad98676d56bd","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":41,"box":{"x":68,"y":279,"width":809,"height":11}},{"id":"063b28ef-1fb0-4483-b7c0-2c67bb4b8e24","block_type":"box","text":"Fund and BTC.","page_number":41,"box":{"x":70,"y":294,"width":100,"height":9}},{"id":"2a2bb380-0700-4deb-8bce-00986056b33b","block_type":"box","text":"Pursuant to the securities lending agreement effective January 1, 2026: (i) if the Fund were to engage in","page_number":41,"box":{"x":102,"y":317,"width":745,"height":11}},{"id":"a61e43c2-8147-419c-909d-d7e7fd0cca5d","block_type":"box","text":"securities lending, the Fund retains 82% of securities lending income (which excludes collateral investment fees); and","page_number":41,"box":{"x":69,"y":332,"width":839,"height":11}},{"id":"8539eafc-5c76-4400-9ed9-f2fde9513828","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":41,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"c862675a-02b7-4a10-9a59-e18bd099660a","block_type":"box","text":"In addition, commencing the business day following the date that the aggregate securities lending income","page_number":41,"box":{"x":102,"y":370,"width":753,"height":11}},{"id":"c9e62afe-5c05-4ca9-8e19-613942e7b73b","block_type":"box","text":"earned across the BlackRock Multi-Asset Complex in a calendar year exceeds specified thresholds, the Fund,","page_number":41,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"76ad394d-ed5c-49eb-9bfe-879dd3df2e36","block_type":"box","text":"pursuant to the current securities lending agreement, will receive for the remainder of that calendar year securities","page_number":41,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"acf83148-fc31-471a-8c5e-84b8dafb64ea","block_type":"box","text":"lending income as follows: (i) if the Fund were to engage in securities lending, 85% of securities lending income","page_number":41,"box":{"x":70,"y":415,"width":794,"height":11}},{"id":"57aef6bb-ba1f-458d-bb13-f288734c8c74","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":41,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"27d3854d-0fc8-4c73-b447-19b1b03780e7","block_type":"box","text":"lending income plus collateral investment fees.","page_number":41,"box":{"x":70,"y":445,"width":334,"height":12}},{"id":"bbe377be-7b8c-4bf1-9a4a-4c11a3cc18c3","block_type":"box","text":"The Fund had no income and fees/compensation related to its securities lending activities during its most recent","page_number":41,"box":{"x":101,"y":468,"width":807,"height":11}},{"id":"f42a98b4-86f5-42d6-84d4-d1650d7f36cb","block_type":"box","text":"fiscal year ended December 31, 2025.","page_number":41,"box":{"x":68,"y":483,"width":276,"height":11}},{"id":"2e36308f-bec6-4310-9c7f-2c94066939d1","block_type":"box","text":"VIII. Additional Information","page_number":41,"box":{"x":68,"y":513,"width":195,"height":9}},{"id":"45de7ebe-cdc4-4b70-a133-0991185a76ab","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":41,"box":{"x":102,"y":536,"width":352,"height":11}},{"id":"fcb4a5e1-c737-4c6c-b708-c75c8a2f0dd6","block_type":"box","text":"Deloitte & Touche LLP, with offices located at 115 Federal","page_number":41,"box":{"x":461,"y":536,"width":412,"height":10}},{"id":"572da57a-3a0f-4a3e-9997-21556748e9b8","block_type":"box","text":"Street, Boston, Massachusetts 02110, serves as the Fund’s independent registered public accounting firm.","page_number":41,"box":{"x":69,"y":551,"width":772,"height":11}},{"id":"fa75db99-cc53-41f9-af7c-12cfdafbb9ca","block_type":"box","text":"PricewaterhouseCoopers, LLP, with offices located at One Nor th Wacker Drive, Chicago, Illinois 60606, served","page_number":41,"box":{"x":102,"y":574,"width":786,"height":11}},{"id":"80d7631e-97f3-41a9-b192-c102493ad4f1","block_type":"box","text":"as the Predecessor Fund’s independent registered public accounting firm.","page_number":41,"box":{"x":69,"y":589,"width":525,"height":11}},{"id":"90b2791f-792c-4b97-b586-e0a4358e7c5b","block_type":"box","text":"Counsel.","page_number":41,"box":{"x":101,"y":612,"width":62,"height":9}},{"id":"ed465b75-6313-4839-8ee8-7a9b770689df","block_type":"box","text":"Ropes & Gray LLP, with offices at 1211 Avenue of the Americas, New York, New York 10036, serves as","page_number":41,"box":{"x":170,"y":612,"width":736,"height":11}},{"id":"08e5d73f-7777-4491-876b-e6e2574310d3","block_type":"box","text":"the Funds’ counsel.","page_number":41,"box":{"x":68,"y":627,"width":139,"height":9}},{"id":"54de4d9d-dd8c-404d-baa0-a403780ac59a","block_type":"box","text":"The Trust","page_number":41,"box":{"x":68,"y":657,"width":69,"height":9}},{"id":"619fc6ac-15d3-41ce-92b1-e42a79510bdd","block_type":"box","text":"The Trust was organized as a Massachusetts business trust on December 22, 1988, and is registered under the","page_number":41,"box":{"x":101,"y":680,"width":807,"height":11}},{"id":"aefefe71-0482-40f1-9ba2-424e5ed60c94","block_type":"box","text":"Investment Company Act as an open-end management investment company. The Fund is classified as diversified. The","page_number":41,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"a2bd7441-03ff-4bef-8591-563726fcc5b0","block_type":"box","text":"Trust is authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per","page_number":41,"box":{"x":68,"y":709,"width":792,"height":12}},{"id":"0a97ab49-8d74-4c32-9b81-a8429de358ec","block_type":"box","text":"share, which may be divided into different series and classes.","page_number":41,"box":{"x":69,"y":725,"width":441,"height":11}},{"id":"93918ea6-7ff4-4c6a-943b-193787041caf","block_type":"box","text":"Under Massachusetts law, shareholders of a business trust may, under cer tain circumstances, be held","page_number":41,"box":{"x":102,"y":748,"width":734,"height":11}},{"id":"03d75073-213c-4309-b145-4331795dec58","block_type":"box","text":"personally liable as par tners for the obligations of the Trust. However, the Trust’s Declaration of Trust provides that","page_number":41,"box":{"x":70,"y":763,"width":822,"height":11}},{"id":"7708ac52-66dc-47cc-97ab-3f0674966d6b","block_type":"box","text":"shareholders shall not be subject to any personal liability in connection with the assets of the Trust for the acts or","page_number":41,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"c09a4966-3355-4e5a-9015-7283dcde5de8","block_type":"box","text":"obligations of the Trust, and that every note, bond, contract, order or other under taking made by the Trust shall","page_number":41,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"1a7d7775-48fb-4600-9eb9-bcb68c67eba7","block_type":"box","text":"contain a provision to the effect that the shareholders are not personally liable thereunder. The Declaration of Trust","page_number":41,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"3c7a7137-bb30-4719-9a15-f6bb4db96f90","block_type":"box","text":"provides for indemnification out of Trust proper ty of any shareholder held personally liable solely by reason of his","page_number":41,"box":{"x":70,"y":823,"width":804,"height":11}},{"id":"bc333448-2ac2-4aa1-9339-962e5467cf64","block_type":"box","text":"being or having been a shareholder and not because of such shareholder’s acts or omissions or some other reason.","page_number":41,"box":{"x":69,"y":838,"width":830,"height":12}},{"id":"d436c41f-8f09-441d-b9a1-f816f339c3c6","block_type":"box","text":"The Declaration of Trust also provides that the Trust shall, upon request, assume the defense of any claim made","page_number":41,"box":{"x":68,"y":853,"width":807,"height":12}},{"id":"9832461e-c541-49a3-9c6e-fc1a18194ef4","block_type":"box","text":"against any shareholder for any act or obligation of the Trust, and shall satisfy any judgment thereon.","page_number":41,"box":{"x":69,"y":869,"width":719,"height":11}},{"id":"956f9d6d-2508-4a38-8847-eaa01fb6f9bb","block_type":"box","text":"The Declaration of Trust fur ther provides that all persons having any claim against the Trustees or Trust shall","page_number":41,"box":{"x":101,"y":891,"width":777,"height":12}},{"id":"44d15b38-545e-431c-a6e9-b6f78a06e398","block_type":"box","text":"look solely to the Trust proper ty for payment; that no Trustee of the Trust shall be personally liable for or on account","page_number":41,"box":{"x":70,"y":906,"width":828,"height":12}},{"id":"dfb2c74a-7aea-4ef6-abe8-2142d07b40a9","block_type":"box","text":"I-25","page_number":41,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"1203f57d-c202-4f1c-b2d8-79251e75be15","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":41,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"54881965-ed4b-4e33-ad57-dde04f69abfe","block_type":"box","text":"of any contract, debt, tor t, claim, damage, judgment or decree arising out of or connected with the administration or","page_number":42,"box":{"x":69,"y":45,"width":827,"height":11}},{"id":"cd3d7034-02d8-4f56-8f66-d3b7bab08cbe","block_type":"box","text":"preservation of the Trust proper ty or the conduct of any business of the Trust; and that no Trustee shall be","page_number":42,"box":{"x":70,"y":60,"width":762,"height":11}},{"id":"7a5a610b-0512-4bdb-bc88-b03c274a6ca9","block_type":"box","text":"personally liable to any person for any action or failure to act except by reason of such Trustee’s own bad faith, willful","page_number":42,"box":{"x":70,"y":75,"width":836,"height":11}},{"id":"8488465e-8b36-4e0a-9f3e-208151c27210","block_type":"box","text":"misfeasance, gross negligence or reckless disregard of his duties as a Trustee.","page_number":42,"box":{"x":69,"y":90,"width":567,"height":11}},{"id":"391a5661-f416-4d2b-be8f-17d7386c982c","block_type":"box","text":"With the exception stated, the Declaration of Trust provides that a Trustee is entitled to be indemnified against","page_number":42,"box":{"x":101,"y":113,"width":792,"height":11}},{"id":"90faf4ff-ed5f-49f7-b429-fa558300f4a8","block_type":"box","text":"all liabilities and expenses reasonably incurred by such Trustee in connection with the defense or disposition of any","page_number":42,"box":{"x":69,"y":128,"width":825,"height":11}},{"id":"b53c72da-f10f-4e8e-8e85-38415b5a1891","block_type":"box","text":"proceeding in which he may be involved or with which he may be threatened by reason of his being or having been a","page_number":42,"box":{"x":70,"y":143,"width":824,"height":11}},{"id":"d475d03f-69a6-4bef-8d62-44b867a77f62","block_type":"box","text":"Trustee, and that the Trust will indemnify officers, representatives and employees of the Trust to the same extent","page_number":42,"box":{"x":68,"y":158,"width":811,"height":11}},{"id":"84f74e90-ccb6-49e9-b5f5-5c484b66973b","block_type":"box","text":"that trustees are entitled to indemnification.","page_number":42,"box":{"x":68,"y":173,"width":315,"height":9}},{"id":"00200139-2075-4568-bc57-aa2c48c9025c","block_type":"box","text":"Principal Shareholders","page_number":42,"box":{"x":69,"y":203,"width":162,"height":11}},{"id":"c0509128-1072-4f34-8847-11487ee8120e","block_type":"box","text":"To the knowledge of the Trust, the following entities owned of record or beneficially 5% or more of a class of the","page_number":42,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"914e5bcc-dac2-4a4b-b3f4-bfc19aa930ca","block_type":"box","text":"Fund’s shares as of April 1, 2026:","page_number":42,"box":{"x":70,"y":241,"width":243,"height":11}},{"id":"c8788f24-d6cf-47e6-b423-67ba3da6eb44","block_type":"box","text":"Name Address Percentage Class","page_number":42,"box":{"x":69,"y":269,"width":786,"height":9}},{"id":"e6a7fede-f8eb-4d4e-8438-a81af788e6fa","block_type":"box","text":"Charles Schwab & Co Inc. 211 Main 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Co Inc. 101 Montgomery Street","page_number":42,"box":{"x":69,"y":514,"width":551,"height":11}},{"id":"f4e16d90-3620-4673-8d1c-6f4995a65222","block_type":"box","text":"San Francisco CA 94104-4122","page_number":42,"box":{"x":424,"y":529,"width":219,"height":9}},{"id":"e8c263ae-1932-48c1-b178-95e77e1fdf40","block_type":"box","text":"29.43% Institutional Shares","page_number":42,"box":{"x":680,"y":514,"width":229,"height":9}},{"id":"285e6c0d-c143-4cd6-bbc1-77eb585ecbcd","block_type":"box","text":"IX. Financial Statements","page_number":42,"box":{"x":69,"y":561,"width":179,"height":9}},{"id":"e51cf55f-8351-423b-9a00-f88e4acbb7e3","block_type":"box","text":"The audited financial statements, financial highlights and notes thereto in the Fund’s Annual Financial","page_number":42,"box":{"x":101,"y":583,"width":726,"height":12}},{"id":"57cb386f-0ed3-4f61-8967-7a05ae5e2d6f","block_type":"box","text":"Statements and Additional Information for the fiscal year ended December 31, 2025, as filed with the SEC on Form","page_number":42,"box":{"x":69,"y":598,"width":823,"height":11}},{"id":"b2f36a1d-4fe9-4aac-b100-1a8acc41b602","block_type":"box","text":"N-CSR (the “2025 Annual Financial Statements”), are incorporated in this SAI by reference. No other par ts of the","page_number":42,"box":{"x":70,"y":613,"width":804,"height":12}},{"id":"342c34e7-fcda-4d8b-952d-8b48bb76b565","block_type":"box","text":"2025 Annual Financial Statements are incorporated by reference herein. The 2025 Annual Financial Statements have","page_number":42,"box":{"x":69,"y":629,"width":837,"height":11}},{"id":"80deba25-9eb2-42e2-a2cf-d3da8da315fd","block_type":"box","text":"been audited by Deloitte & Touche LLP. The repor t of Deloitte & Touche LLP is incorporated herein by reference. Such","page_number":42,"box":{"x":69,"y":644,"width":835,"height":11}},{"id":"cff68b73-0447-439e-925b-58b593449f6e","block_type":"box","text":"2025 Annual Financial Statements have been incorporated herein in reliance upon the repor t of such firm given their","page_number":42,"box":{"x":69,"y":659,"width":833,"height":11}},{"id":"363ac103-9936-43c0-ab00-b262d4514b42","block_type":"box","text":"authority as exper ts in accounting and auditing. Additional copies of the Fund’s annual and semi-annual repor ts to","page_number":42,"box":{"x":69,"y":674,"width":815,"height":11}},{"id":"3ee2c88f-b75e-43a7-ad75-e12c535dbccf","block_type":"box","text":"shareholders and the Fund’s Annual and Semi-Annual Financial Statements and Additional Information may be","page_number":42,"box":{"x":69,"y":689,"width":785,"height":11}},{"id":"7e20eca2-6cf7-421d-807f-8da5e07d6c92","block_type":"box","text":"obtained at no charge by telephoning the Distributor at the telephone number appearing on the front page of this SAI.","page_number":42,"box":{"x":69,"y":704,"width":836,"height":11}},{"id":"12054d95-cf19-43ca-8983-9e1d79254f3e","block_type":"box","text":"I-26","page_number":42,"box":{"x":476,"y":943,"width":27,"height":9}},{"id":"57018509-40da-4e43-9dc9-93aa6672a76d","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":42,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"04892a97-de38-44f0-b615-16c039f79fc7","block_type":"box","text":"PART II","page_number":43,"box":{"x":463,"y":45,"width":52,"height":9}},{"id":"770e7386-e646-45d8-8e69-f87ab47061fa","block_type":"box","text":"Throughout this Statement of Additional Information (“SAI”), each BlackRock-advised fund may be referred to as","page_number":43,"box":{"x":101,"y":67,"width":799,"height":12}},{"id":"45c9de9a-18d0-465c-ab98-32c9d19c5040","block_type":"box","text":"a “Fund” or collectively with others as the “Funds.” Cer tain Funds may also be referred to as “Municipal Funds” if","page_number":43,"box":{"x":69,"y":82,"width":813,"height":12}},{"id":"1e027517-2942-49ab-81ee-ede91b24c568","block_type":"box","text":"they invest cer tain of their assets in municipal investments described below.","page_number":43,"box":{"x":68,"y":98,"width":546,"height":11}},{"id":"dcb9a3e7-0272-43df-9c87-49a7bb48c27b","block_type":"box","text":"Each Fund is organized either as a Maryland corporation, a Massachusetts business trust or a Delaware","page_number":43,"box":{"x":102,"y":120,"width":745,"height":12}},{"id":"ad166f15-737f-4720-af4b-f370fd2df793","block_type":"box","text":"statutory trust. In each jurisdiction, nomenclature varies. For ease and clarity of presentation, shares of common","page_number":43,"box":{"x":69,"y":135,"width":805,"height":11}},{"id":"5f7e7ab9-f89d-4140-b5f9-144ed4d02791","block_type":"box","text":"stock and shares of beneficial interest are referred to herein as “shares” or “Common Stock,” holders of shares of","page_number":43,"box":{"x":69,"y":150,"width":824,"height":11}},{"id":"4a0387de-55c0-4119-8c66-c5e03afadd52","block_type":"box","text":"Common Stock are referred to as “shareholders,” the trustees or directors of each Fund are referred to as","page_number":43,"box":{"x":69,"y":166,"width":761,"height":10}},{"id":"09c62c26-3b2c-4698-9a4d-5fa524d788ca","block_type":"box","text":"“Directors,” the boards of trustees/directors of each Fund are referred to as the “Board of Directors” or the “Board,”","page_number":43,"box":{"x":70,"y":181,"width":835,"height":11}},{"id":"305edf48-ccb6-44b6-8918-a993f873bbdf","block_type":"box","text":"BlackRock Advisors, LLC, BlackRock Fund Advisors or their respective affiliates is the investment adviser or manager","page_number":43,"box":{"x":70,"y":196,"width":832,"height":11}},{"id":"30654b8c-87cb-4a0d-b0a3-3acff9d3388e","block_type":"box","text":"of each Fund and is referred to herein as the “Manager” or “BlackRock,” and the investment advisory agreement or","page_number":43,"box":{"x":69,"y":211,"width":826,"height":11}},{"id":"958a5441-db1f-42da-8fce-e304ea617d7b","block_type":"box","text":"management agreement applicable to each Fund is referred to as the “Management Agreement.” Each Fund’s","page_number":43,"box":{"x":69,"y":226,"width":786,"height":11}},{"id":"72db40ab-257c-42b9-8412-d3102c2ccd6a","block_type":"box","text":"Ar ticles of Incorporation or Declaration of Trust, together with all amendments thereto, is referred to as its “char ter.”","page_number":43,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"2f23802e-fff0-434c-8601-f3a7323dec54","block_type":"box","text":"The Investment Company Act of 1940, as amended, is referred to herein as the “Investment Company Act.” The","page_number":43,"box":{"x":68,"y":256,"width":801,"height":11}},{"id":"589d469d-333a-4086-9162-d3f07981a0df","block_type":"box","text":"Securities Act of 1933, as amended, is referred to herein as the “Securities Act.” The Securities and Exchange","page_number":43,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"96ca5ab0-f749-478c-9dd3-8df8f6dc5a34","block_type":"box","text":"Commission is referred to herein as the “Commission” or the “SEC.”","page_number":43,"box":{"x":69,"y":286,"width":492,"height":10}},{"id":"5a5003b7-9948-40a7-a933-6d341b52bba3","block_type":"box","text":"Cer tain Funds are “feeder” funds (each, a “Feeder Fund”) that invest all or a por tion of their assets in a","page_number":43,"box":{"x":102,"y":309,"width":741,"height":11}},{"id":"13caab25-8d28-4f94-b2be-6399d45a80ab","block_type":"box","text":"corresponding “master” por tfolio (each, a “Master Por tfolio”) of a master limited liability company (each, a “Master","page_number":43,"box":{"x":69,"y":324,"width":824,"height":12}},{"id":"96d4a57a-044d-4df3-82d6-bef2c4e8d80a","block_type":"box","text":"LLC”), a mutual fund that has the same objective and strategies as the Feeder Fund. All investments are generally","page_number":43,"box":{"x":70,"y":339,"width":814,"height":12}},{"id":"38fc8d2b-eeb0-473f-b0ba-447bdde76919","block_type":"box","text":"made at the level of the Master Por tfolio. This structure is sometimes called a “master/feeder” structure. A Feeder","page_number":43,"box":{"x":69,"y":355,"width":825,"height":11}},{"id":"7aadca87-48bf-4525-8ccc-12f07e85867b","block_type":"box","text":"Fund’s investment results will correspond directly to the investment results of the underlying Master Por tfolio in","page_number":43,"box":{"x":70,"y":370,"width":795,"height":11}},{"id":"32d1c504-2708-48f2-ac59-c9e294c811b7","block_type":"box","text":"which it invests. For simplicity, this SAI uses the term “Fund” to include both a Feeder Fund and its Master Por tfolio.","page_number":43,"box":{"x":68,"y":385,"width":830,"height":11}},{"id":"9807f5bd-cc8e-4d8f-af1c-4e8b7ab3f356","block_type":"box","text":"In addition to containing information about the Funds, Par t II of this SAI contains general information about all","page_number":43,"box":{"x":102,"y":407,"width":783,"height":12}},{"id":"14db8bae-927b-4e79-a9fa-a3a8424f260c","block_type":"box","text":"funds in the BlackRock-advised fund complex. Cer tain information contained herein may not be relevant to a","page_number":43,"box":{"x":68,"y":423,"width":772,"height":11}},{"id":"a6262eaf-a625-4d36-9aca-f883443462bc","block_type":"box","text":"par ticular Fund.","page_number":43,"box":{"x":70,"y":438,"width":109,"height":11}},{"id":"05b09b5a-ebb6-458c-9d45-36705067d0bf","block_type":"box","text":"INVESTMENT RISKS AND CONSIDERATIONS","page_number":43,"box":{"x":314,"y":467,"width":351,"height":10}},{"id":"afe7d496-d066-4067-89fe-dbdd4ffd2727","block_type":"box","text":"Set for th below are descriptions of some of the types of investments and investment strategies that one or more","page_number":43,"box":{"x":102,"y":490,"width":805,"height":11}},{"id":"9d314f0d-8482-4e0d-a204-e6610a7fb0af","block_type":"box","text":"of the Funds may use, and the risks and considerations associated with those investments and investment","page_number":43,"box":{"x":69,"y":505,"width":765,"height":11}},{"id":"0f3dbe06-fadf-4ed6-975c-5756efcf2c93","block_type":"box","text":"strategies. Please see each Fund’s prospectuses (the “Prospectus”) and the “Investment Objective and Policies,”","page_number":43,"box":{"x":69,"y":520,"width":811,"height":12}},{"id":"8181a985-13fa-45c7-9105-413bf461323c","block_type":"box","text":"“Investment Objectives and Policies” or “Investment Strategies and Risks of the Fund” section, as applicable, of Par t","page_number":43,"box":{"x":70,"y":535,"width":837,"height":12}},{"id":"dd6b9051-aa52-41ff-8adc-6aa709abb16a","block_type":"box","text":"I of this SAI for fur ther information on each Fund’s investment policies and risks. Information contained in this","page_number":43,"box":{"x":70,"y":550,"width":785,"height":11}},{"id":"d8aad674-d7d2-490b-8c89-7191a7323159","block_type":"box","text":"section about the risks and considerations associated with a Fund’s investments and/or investment strategies","page_number":43,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"dd9c5ee8-ac2f-4055-a1e5-f0c9c81d1655","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":43,"box":{"x":69,"y":581,"width":805,"height":11}},{"id":"06335b2a-4a12-48c2-bfb2-f54792f8e6fc","block_type":"box","text":"each investment strategy (each, a “Covered Fund”). Information that does not apply to a Covered Fund does not form","page_number":43,"box":{"x":69,"y":596,"width":835,"height":11}},{"id":"349e4b96-89a4-448b-bd53-38728cb98d76","block_type":"box","text":"a par t of that Covered Fund’s SAI and should not be relied on by investors in that Covered Fund. Only information that","page_number":43,"box":{"x":69,"y":611,"width":840,"height":11}},{"id":"35c07ecc-1705-40df-9fd7-a609ad04022f","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":43,"box":{"x":70,"y":626,"width":770,"height":11}},{"id":"bc36e99b-15d7-452e-b028-21b948ead44a","block_type":"box","text":"Asset-Backed Securities.","page_number":43,"box":{"x":101,"y":649,"width":183,"height":9}},{"id":"b74416e8-08c7-4b1a-ac99-dfe09941efd7","block_type":"box","text":"Asset-backed securities are securities backed by home equity loans, installment sale","page_number":43,"box":{"x":290,"y":649,"width":607,"height":11}},{"id":"6083040e-fd63-4466-8d65-ca47481f6bf8","block_type":"box","text":"contracts, credit card receivables or other assets. Asset-backed securities are “pass-through” securities, meaning","page_number":43,"box":{"x":69,"y":664,"width":814,"height":11}},{"id":"8d4274c5-b171-45e8-b108-25248e430c22","block_type":"box","text":"that principal and interest payments — net of expenses — made by the borrower on the underlying assets (such as","page_number":43,"box":{"x":68,"y":679,"width":825,"height":11}},{"id":"3c18252a-e77c-4afa-bb47-75f4e1474120","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":43,"box":{"x":69,"y":694,"width":813,"height":11}},{"id":"b079ea45-e8f2-4af1-a019-1a42401798b7","block_type":"box","text":"fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However,","page_number":43,"box":{"x":68,"y":709,"width":830,"height":11}},{"id":"002d988d-7797-43dd-9ab5-8263a23943bf","block_type":"box","text":"asset-backed securities differ from traditional fixed-income securities because of their potential for prepayment. The","page_number":43,"box":{"x":69,"y":724,"width":827,"height":11}},{"id":"ac527938-a5f1-4cc6-97d0-9b1875a74722","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":43,"box":{"x":70,"y":739,"width":813,"height":12}},{"id":"123b5615-958d-460a-bf29-302b97839d12","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":43,"box":{"x":68,"y":755,"width":818,"height":11}},{"id":"9de1a01c-48d1-4ade-9f2a-0cab1c3001f0","block_type":"box","text":"the underlying assets. In a period of declining interest rates, borrowers may prepay the underlying assets more","page_number":43,"box":{"x":68,"y":770,"width":792,"height":11}},{"id":"e13cb39d-5940-46de-9d0b-3b213ab8f653","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the asset-backed securities.","page_number":43,"box":{"x":69,"y":785,"width":811,"height":11}},{"id":"f217b889-5b7c-4fd0-865f-bb59750ffee2","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":43,"box":{"x":70,"y":800,"width":832,"height":11}},{"id":"68bd354d-8c5e-4c43-86d1-05423b27f782","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":43,"box":{"x":70,"y":815,"width":792,"height":11}},{"id":"1ccf5131-707e-4a4c-9b05-a9e016fcf2e5","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":43,"box":{"x":69,"y":830,"width":825,"height":11}},{"id":"0398ab5f-4c7b-4ac5-b6c3-977adc7f0252","block_type":"box","text":"such securities at a discount, both scheduled payments and unscheduled prepayments will increase current and total","page_number":43,"box":{"x":69,"y":846,"width":838,"height":10}},{"id":"b2c08c36-1116-498f-acab-04f7d320e54e","block_type":"box","text":"returns and unscheduled prepayments will also accelerate the recognition of income which, when distributed to","page_number":43,"box":{"x":69,"y":860,"width":793,"height":12}},{"id":"ece48677-a464-48e3-b30e-1fdefa812a96","block_type":"box","text":"shareholders, will be taxable as ordinary income. In a period of rising interest rates, prepayments of the underlying","page_number":43,"box":{"x":69,"y":875,"width":819,"height":12}},{"id":"39a12ec5-1907-4d47-97fd-18dbf104869b","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":43,"box":{"x":69,"y":891,"width":834,"height":11}},{"id":"e3b81c82-57d6-4827-a7b4-1ba1bbde7439","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":43,"box":{"x":69,"y":906,"width":837,"height":11}},{"id":"70479981-0b65-4afc-afb8-f7348e6439e4","block_type":"box","text":"II-1","page_number":43,"box":{"x":478,"y":943,"width":23,"height":9}},{"id":"4a1d337b-1786-4018-b244-a4cfbde926cd","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":43,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"19887100-6be1-47e4-9cf3-5b0bb1a43047","block_type":"box","text":"Since the value of longer-term securities generally fluctuates more widely in response to changes in interest rates","page_number":44,"box":{"x":69,"y":45,"width":810,"height":11}},{"id":"aed555e6-3689-49f7-ad46-ef28f9fdb0a3","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":44,"box":{"x":68,"y":60,"width":833,"height":11}},{"id":"b55a814a-6e69-4cc1-923c-50c106ed3ebe","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":44,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"bae145cd-5ef7-429d-8158-eb6c29a0fa46","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":44,"box":{"x":68,"y":90,"width":805,"height":11}},{"id":"a6c6af44-f24e-480b-9916-f54b797ed946","block_type":"box","text":"retard prepayments and thus affect maturities.","page_number":44,"box":{"x":69,"y":105,"width":333,"height":11}},{"id":"79de8dbf-7309-48b0-94f5-7a259ad278eb","block_type":"box","text":"Asset-Based Securities.","page_number":44,"box":{"x":101,"y":128,"width":173,"height":9}},{"id":"97d988d6-aafc-47f9-ac79-a1fb0b3bd9b1","block_type":"box","text":"Cer tain Funds may invest in debt, preferred or conver tible securities, the principal","page_number":44,"box":{"x":281,"y":128,"width":582,"height":11}},{"id":"7c221103-4598-438c-abb9-9a4ece52168f","block_type":"box","text":"amount, redemption terms or conversion terms of which are related to the market price of some natural resource","page_number":44,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"2b2cacaf-7fa6-4f3b-a461-591f0284b614","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":44,"box":{"x":69,"y":158,"width":815,"height":11}},{"id":"b2f9b562-4804-47d5-aae7-66bc0d697beb","block_type":"box","text":"asset-based securities that are rated, or are issued by issuers that have outstanding debt obligations rated,","page_number":44,"box":{"x":69,"y":173,"width":769,"height":11}},{"id":"f57fc09a-6709-4665-996f-9dbca51cf2d2","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":44,"box":{"x":70,"y":188,"width":833,"height":12}},{"id":"eebea323-bb42-4d5e-bd08-3f340a7c6094","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":44,"box":{"x":70,"y":203,"width":795,"height":12}},{"id":"58c8a873-977b-4850-b405-b9dfe0f7b06b","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":44,"box":{"x":70,"y":218,"width":824,"height":12}},{"id":"99134c49-2006-4bd3-9aaa-24f512732711","block_type":"box","text":"rating category, while considered “investment grade,” may have cer tain speculative characteristics and may be more","page_number":44,"box":{"x":69,"y":234,"width":832,"height":11}},{"id":"998587ca-5168-4f93-a545-f6a44fc786a7","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":44,"box":{"x":70,"y":249,"width":797,"height":11}},{"id":"82505be4-f0d0-4bd8-ab85-56a6a1751f02","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":44,"box":{"x":69,"y":264,"width":768,"height":11}},{"id":"c9a5412f-e46c-4bf2-9358-6ca28261e150","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":44,"box":{"x":69,"y":279,"width":819,"height":11}},{"id":"7ea053cc-055a-402f-8624-96984eec7f40","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":44,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"14b4438a-243b-4653-b7a8-7227dba271bc","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":44,"box":{"x":68,"y":309,"width":780,"height":11}},{"id":"c06166c2-d175-48d0-8141-b31180bd505c","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":44,"box":{"x":69,"y":325,"width":815,"height":11}},{"id":"ab224e8b-b591-4e14-8785-0c364552439c","block_type":"box","text":"preferred dividends at below market (or even relatively nominal) rates. Cer tain asset-based securities may be payable","page_number":44,"box":{"x":70,"y":339,"width":837,"height":12}},{"id":"7a7cfd0b-fe59-4cfc-81ec-f15713453c63","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":44,"box":{"x":69,"y":355,"width":812,"height":11}},{"id":"5d89c6fb-34e3-4a74-91b0-0f52b3ff90ee","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":44,"box":{"x":69,"y":370,"width":836,"height":11}},{"id":"6b2eaa29-1cfc-4fab-bf58-97c7b0feafac","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":44,"box":{"x":69,"y":385,"width":778,"height":11}},{"id":"be8c4206-947f-4258-93cc-6023d799dcb2","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":44,"box":{"x":69,"y":400,"width":819,"height":11}},{"id":"f62d8fae-73b4-4b6b-87c4-007d5f3503ad","block_type":"box","text":"appreciation in the underlying asset.","page_number":44,"box":{"x":69,"y":415,"width":258,"height":11}},{"id":"db75781d-b877-4067-9ced-b8230d01231c","block_type":"box","text":"Precious Metal-Related Securities.","page_number":44,"box":{"x":102,"y":438,"width":243,"height":9}},{"id":"e6c5a88a-e39d-4cbf-92f7-412028b8310e","block_type":"box","text":"A Fund may invest in the equity and other securities of companies that","page_number":44,"box":{"x":351,"y":438,"width":503,"height":11}},{"id":"2ac8441b-dc14-439d-a1ee-8a91490e4bd6","block_type":"box","text":"explore for, extract, process or deal in precious metals (","page_number":44,"box":{"x":69,"y":453,"width":398,"height":11}},{"id":"25525df0-2e81-4ff0-bc79-9816d793c78d","block_type":"box","text":"e.g.","page_number":44,"box":{"x":469,"y":454,"width":25,"height":10}},{"id":"e798f7fd-0271-4233-b51a-b9faa8756297","block_type":"box","text":", gold, silver and platinum), and in asset-based securities","page_number":44,"box":{"x":497,"y":453,"width":407,"height":11}},{"id":"07a8c948-5c6c-494a-9f63-9c8433890465","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":44,"box":{"x":70,"y":468,"width":801,"height":11}},{"id":"b13c901b-8fdb-4624-b3d5-364f9bd68de1","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":44,"box":{"x":70,"y":483,"width":815,"height":11}},{"id":"65498121-f540-429e-8047-ba98b5536d65","block_type":"box","text":"are expected to benefit from inflationary pressure or other economic, political or financial uncer tainty or instability.","page_number":44,"box":{"x":69,"y":498,"width":815,"height":11}},{"id":"e17a9e45-0673-49a8-95b5-05e325c7fc23","block_type":"box","text":"Based on historical experience, during periods of economic or financial instability the securities of companies","page_number":44,"box":{"x":70,"y":513,"width":779,"height":12}},{"id":"76619a66-7b61-472c-a829-df0bd834a300","block_type":"box","text":"involved in precious metals may be subject to extreme price fluctuations, reflecting the high volatility of precious","page_number":44,"box":{"x":70,"y":528,"width":799,"height":12}},{"id":"69e29308-8321-4955-8085-bb964d0a731d","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":44,"box":{"x":69,"y":543,"width":838,"height":12}},{"id":"7a4e3bf8-ca1b-48fa-a2fd-a92f2468f50b","block_type":"box","text":"precious metal-related companies, which may, in turn, adversely affect the financial condition of such companies. The","page_number":44,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"920c413e-17a0-43a8-ace2-3828dc225e6a","block_type":"box","text":"major producers of gold include the Republic of South Africa, Russia, Canada, the United States, Brazil and Australia.","page_number":44,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"7ef3bd9d-fcde-4f20-aaf1-7d09740b2dc9","block_type":"box","text":"Sales of gold by Russia are largely unpredictable and often relate to political and economic considerations rather","page_number":44,"box":{"x":69,"y":589,"width":806,"height":11}},{"id":"5682b051-75ca-41b6-8146-9ddaa979b417","block_type":"box","text":"than to market forces. Economic, financial, social and political factors within South Africa may significantly affect","page_number":44,"box":{"x":68,"y":604,"width":805,"height":11}},{"id":"a4bcd1ff-cea8-41a1-a851-20c4c71bf8b3","block_type":"box","text":"South African gold production.","page_number":44,"box":{"x":69,"y":619,"width":213,"height":11}},{"id":"77e0ed03-060f-4a0f-a219-570d3409639b","block_type":"box","text":"Borrowing and Leverage.","page_number":44,"box":{"x":102,"y":642,"width":179,"height":11}},{"id":"17a28a3c-2860-4b59-b7bd-0e3e35441ad4","block_type":"box","text":"Each Fund may borrow as a temporary measure for extraordinary or emergency","page_number":44,"box":{"x":288,"y":642,"width":563,"height":11}},{"id":"cb0f6fb9-bedf-4418-997c-9439053b933d","block_type":"box","text":"purposes, including to meet redemptions or to settle securities transactions. Cer tain Funds will not purchase","page_number":44,"box":{"x":70,"y":657,"width":777,"height":11}},{"id":"f53cdb02-c22c-42bf-9716-e6b89c374668","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":44,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"b8648ac9-4fc3-4519-bf74-834c5e7dc24b","block_type":"box","text":"(b) to exercise subscription rights when outstanding borrowings have been obtained exclusively for settlements of","page_number":44,"box":{"x":69,"y":687,"width":810,"height":11}},{"id":"dc0eefc8-cc60-4fa8-8270-1eb61ae25618","block_type":"box","text":"other securities transactions.","page_number":44,"box":{"x":69,"y":703,"width":207,"height":8}},{"id":"c827c219-b059-4457-b17c-397258c6d3e2","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":44,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"1b107496-a094-46b0-91bf-6267f0851885","block_type":"box","text":"The purchase of securities while borrowings are outstanding will have the effect of leveraging the Fund. Such","page_number":44,"box":{"x":68,"y":740,"width":776,"height":11}},{"id":"4d8fde78-b192-400a-a4d4-12c0e6619c47","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":44,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"635c707b-5e93-4c01-8310-a9e5cf71f98a","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":44,"box":{"x":69,"y":770,"width":813,"height":12}},{"id":"196aa505-3cce-447c-88c0-2d81e138154f","block_type":"box","text":"time, creates special risks. For example, leveraging may exaggerate changes in the net asset value (“NAV”) of Fund","page_number":44,"box":{"x":68,"y":785,"width":823,"height":12}},{"id":"e8ee2475-df8d-4dd4-a074-f597f596cadf","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":44,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"d3f6f0fa-c636-4f84-bb02-7726364bb617","block_type":"box","text":"assets may change in value during the time the borrowings are outstanding. Borrowings will create interest expenses","page_number":44,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"b38023f8-641e-49ff-87cf-60fce8743c1a","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":44,"box":{"x":68,"y":831,"width":835,"height":11}},{"id":"a0246ea2-0582-4bc3-a34b-99fe3bd09692","block_type":"box","text":"capital appreciation derived from securities purchased with borrowed funds exceeds the interest the Fund will have to","page_number":44,"box":{"x":69,"y":846,"width":838,"height":11}},{"id":"92924f78-2d8e-4948-845a-d55df7a7d90d","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":44,"box":{"x":70,"y":861,"width":835,"height":11}},{"id":"62f0b6c8-4c18-45ec-aa5c-42be7101a974","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":44,"box":{"x":69,"y":876,"width":825,"height":11}},{"id":"66fe7570-33d7-4f45-9135-dff9f6df1ca3","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":44,"box":{"x":69,"y":891,"width":837,"height":12}},{"id":"ea2cb8bf-01c5-4f33-a9f9-4b27e15636f0","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":44,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"3c1c2301-a604-4019-b26e-8eb18bfb8e5a","block_type":"box","text":"II-2","page_number":44,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"224d2bc8-fa9a-44c4-bbd7-f8d73fe71f4c","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":44,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"83bcb977-af08-4e0f-9ba3-f9bc0746f482","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":45,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"6837e7a7-d2e6-42d4-bc59-3ed39eaf635c","block_type":"box","text":"shareholders of maintaining the leveraged position will outweigh the current reduced return.","page_number":45,"box":{"x":69,"y":60,"width":653,"height":11}},{"id":"8c821ed0-0b23-4785-882c-e1028b9e148e","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":45,"box":{"x":102,"y":82,"width":780,"height":12}},{"id":"84e1f4d8-b393-4e9d-8895-fe1ac2ae1f94","block_type":"box","text":"relating to asset coverage, por tfolio composition requirements and other matters. It is not anticipated that","page_number":45,"box":{"x":69,"y":98,"width":759,"height":11}},{"id":"8795b305-6680-47a0-a822-4f051a243608","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":45,"box":{"x":69,"y":113,"width":822,"height":11}},{"id":"49b05ccf-6416-43c4-a5ad-fe265012b650","block_type":"box","text":"Fund’s investment objectives and policies. However, a breach of any such covenants not cured within the specified","page_number":45,"box":{"x":70,"y":128,"width":816,"height":11}},{"id":"b53bbfa2-7279-4caf-b72a-f9acd7f7c199","block_type":"box","text":"cure period may result in acceleration of outstanding indebtedness and require the Fund to dispose of por tfolio","page_number":45,"box":{"x":69,"y":143,"width":792,"height":11}},{"id":"3789b9f2-cd5d-4090-9f8b-fa33010142e3","block_type":"box","text":"investments at a time when it may be disadvantageous to do so.","page_number":45,"box":{"x":70,"y":158,"width":459,"height":11}},{"id":"a1c71245-ccb4-463e-9c66-71a9926aa487","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":45,"box":{"x":102,"y":181,"width":786,"height":11}},{"id":"60131dab-86be-470f-9c1f-37daf2427b63","block_type":"box","text":"no less favorable than those available from comparable sources of funds in the marketplace.","page_number":45,"box":{"x":69,"y":196,"width":663,"height":11}},{"id":"a84a7dc6-531c-4301-84fc-ae72838070b6","block_type":"box","text":"Cash Management.","page_number":45,"box":{"x":102,"y":219,"width":140,"height":11}},{"id":"e881578d-2aaf-4da9-ae8e-31a233f8227b","block_type":"box","text":"Generally, the Manager will employ futures and options on futures to provide liquidity","page_number":45,"box":{"x":249,"y":218,"width":603,"height":12}},{"id":"b7564581-548b-460a-9889-ea03d4e5f0f1","block_type":"box","text":"necessary to meet anticipated redemptions or for day-to-day operating purposes. However, if considered appropriate","page_number":45,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"52272adb-2eab-48b2-aaf5-f1a947199a2d","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":45,"box":{"x":70,"y":249,"width":799,"height":11}},{"id":"111c6ed8-c249-418b-938f-c810bbd7c12f","block_type":"box","text":"remaining maturities of 397 days or less for liquidity purposes. Such instruments would consist of: (i) obligations of","page_number":45,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"5e4b9cbe-2574-4d5a-937a-701b847f7fce","block_type":"box","text":"the U.S. Government, its agencies, instrumentalities, authorities or political subdivisions (“U.S. Government","page_number":45,"box":{"x":68,"y":279,"width":772,"height":11}},{"id":"235ff4b5-3016-4db0-9245-716372eeaeb1","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":45,"box":{"x":69,"y":294,"width":823,"height":11}},{"id":"63ac2363-cbe9-4121-91f3-9f7affacc2b1","block_type":"box","text":"comparable quality in the opinion of the Manager; (iii) commercial paper; (iv) bank obligations, including negotiable","page_number":45,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"a2b38288-7f06-4416-9ec3-9ade3fbc61bb","block_type":"box","text":"cer tificates of deposit, time deposits and bankers’ acceptances; and (v) repurchase agreements. At the time the","page_number":45,"box":{"x":69,"y":324,"width":804,"height":12}},{"id":"f3d14bfd-a764-4bb8-b45f-7ba882fb1a29","block_type":"box","text":"Fund invests in commercial paper, bank obligations or repurchase agreements, the issuer or the issuer’s parent must","page_number":45,"box":{"x":70,"y":340,"width":839,"height":11}},{"id":"d5771af0-2594-46d9-bfb8-6650dca5f67d","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":45,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"b5c1114f-afba-4149-a723-7b18b0d60065","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":45,"box":{"x":69,"y":370,"width":771,"height":11}},{"id":"31d0e864-3537-42b4-9f0a-994b6cedf686","block_type":"box","text":"available, the instrument must be of comparable quality in the opinion of the Manager. For more information on","page_number":45,"box":{"x":69,"y":385,"width":793,"height":11}},{"id":"799f639d-3b6c-4ea3-8b3b-d3bfe968e1bd","block_type":"box","text":"money market instruments, see “Money Market Securities” below.","page_number":45,"box":{"x":69,"y":400,"width":472,"height":11}},{"id":"1937063c-abcb-4cdb-9da4-b7d5465c8f25","block_type":"box","text":"Collateralized Debt Obligations.","page_number":45,"box":{"x":102,"y":423,"width":229,"height":11}},{"id":"d9daf51f-8d2e-43bb-83cd-dff24d0e9612","block_type":"box","text":"Cer tain Funds may invest in collateralized debt obligations (“CDOs”), which","page_number":45,"box":{"x":337,"y":423,"width":534,"height":11}},{"id":"02febc37-ee90-4ae6-a79d-977a5a2f3b1f","block_type":"box","text":"include collateralized bond obligations (“CBOs”), collateralized loan obligations (“CLOs”) and other similarly","page_number":45,"box":{"x":70,"y":438,"width":764,"height":11}},{"id":"6a1e8d69-4dd4-48f4-a4a7-1b69508ec694","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":45,"box":{"x":69,"y":453,"width":787,"height":11}},{"id":"30e65262-dc65-4017-9563-ed9a3e9c16ba","block_type":"box","text":"special purpose entity (“SPE”) and is typically backed by a diversified pool of fixed-income securities (which may","page_number":45,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"b1b82dc3-1d55-4daf-8472-f94865aa4346","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":45,"box":{"x":70,"y":483,"width":798,"height":11}},{"id":"546c99e6-3d00-49e9-82c3-a3fc9c157ce2","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":45,"box":{"x":69,"y":498,"width":827,"height":11}},{"id":"7ec8ed0c-9983-4f67-84c7-fa37cf047f3c","block_type":"box","text":"senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated","page_number":45,"box":{"x":69,"y":514,"width":814,"height":11}},{"id":"9a513d35-2789-423d-b0c6-4a7c28bc00d2","block_type":"box","text":"below investment grade or equivalent unrated loans, held by such issuer. Investments in a CLO organized outside of","page_number":45,"box":{"x":69,"y":528,"width":828,"height":12}},{"id":"ecdf439d-1411-479d-99cf-cb73b082601c","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":45,"box":{"x":68,"y":543,"width":782,"height":12}},{"id":"839778e6-2578-48ee-ba6a-2c5a583eb51b","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":45,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"b55f4b9d-eac6-401e-b2f6-351d058eeec1","block_type":"box","text":"of a senior-subordinate structure, over-collateralization or bond insurance, such enhancement may not always be","page_number":45,"box":{"x":69,"y":574,"width":803,"height":11}},{"id":"b1425dc1-a28f-46bd-a4f8-9cbdedce596b","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":45,"box":{"x":70,"y":589,"width":827,"height":11}},{"id":"b74c713a-1b70-42c3-8d2d-74d4955afe02","block_type":"box","text":"use derivatives contracts to create “synthetic” exposure to assets rather than holding such assets directly, which","page_number":45,"box":{"x":69,"y":604,"width":807,"height":11}},{"id":"8dba855f-3896-4b12-90b5-60125f0aaee2","block_type":"box","text":"entails the risks of derivative instruments described elsewhere in this SAI. CDOs may charge management fees and","page_number":45,"box":{"x":69,"y":619,"width":826,"height":11}},{"id":"a6a75c58-bab8-46a1-a178-17fb872dffd5","block_type":"box","text":"administrative expenses, which are in addition to those of a Fund.","page_number":45,"box":{"x":69,"y":634,"width":469,"height":11}},{"id":"27f63a69-6582-4991-9004-d9aca44ff828","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":45,"box":{"x":102,"y":657,"width":758,"height":11}},{"id":"73fda62b-d08d-44ce-9035-f32fc746095d","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":45,"box":{"x":68,"y":672,"width":836,"height":11}},{"id":"edab5eb2-7aef-47e8-8fd0-b731f96cf6ab","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":45,"box":{"x":69,"y":687,"width":838,"height":11}},{"id":"b4d5c96f-c015-495b-ace6-b18fcc7d5a5d","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":45,"box":{"x":70,"y":702,"width":835,"height":12}},{"id":"1238b9e7-8468-4b27-97e2-e814ec72cb6c","block_type":"box","text":"ratings and lower yields than its underlying securities, and may be rated investment grade. Despite the protection","page_number":45,"box":{"x":69,"y":718,"width":808,"height":11}},{"id":"0a1ad9b1-d7ec-4a7a-a0ce-9f6f453a8bb0","block_type":"box","text":"from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, downgrades","page_number":45,"box":{"x":68,"y":732,"width":830,"height":12}},{"id":"12ced467-d40a-43ac-9b35-dcd737c952a0","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":45,"box":{"x":69,"y":748,"width":806,"height":11}},{"id":"5a54fea8-f94e-4bd1-ade5-7f8081bf8fff","block_type":"box","text":"tests, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market","page_number":45,"box":{"x":68,"y":763,"width":809,"height":11}},{"id":"c7ee9390-4ed9-4bac-8f76-554cdac0aac6","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":45,"box":{"x":69,"y":778,"width":835,"height":11}},{"id":"f0b76914-265e-4f60-82d7-8005c0f55ed5","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":45,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"56d6562b-5e3d-4470-8f52-b3c34dead3f4","block_type":"box","text":"cash), which involves continued exposure to default risk with respect to such payments.","page_number":45,"box":{"x":69,"y":808,"width":625,"height":11}},{"id":"d8022d1b-2a7f-4b81-9656-9bbcbd06f5b3","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":45,"box":{"x":101,"y":831,"width":789,"height":11}},{"id":"8780ba98-2563-4202-91d2-5359179084de","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":45,"box":{"x":69,"y":846,"width":830,"height":11}},{"id":"42d6b34b-f7a3-4aaf-9cf5-95845bfafefa","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":45,"box":{"x":69,"y":861,"width":830,"height":11}},{"id":"629f1271-3107-434b-9730-9bdcd0815ea5","block_type":"box","text":"for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities and asset-backed","page_number":45,"box":{"x":68,"y":876,"width":831,"height":9}},{"id":"dafe1979-0ddc-48d9-861a-7586e16e3cb9","block_type":"box","text":"securities generally discussed elsewhere in this SAI, CDOs carry additional risks including, but not limited to: (i) the","page_number":45,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"cec0f877-a055-4acb-8d5b-bc8648c7e8c1","block_type":"box","text":"possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the","page_number":45,"box":{"x":70,"y":906,"width":838,"height":12}},{"id":"9d4a2e49-59aa-4db5-b230-16776b6b6b99","block_type":"box","text":"II-3","page_number":45,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"676705d9-3150-44b6-a0d1-cf30c77a0501","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":45,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fbefba20-e7a9-4d31-a8af-34e63ba33a3d","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":46,"box":{"x":69,"y":45,"width":832,"height":11}},{"id":"27d834bb-774c-4b7c-bfbb-da6de0405af5","block_type":"box","text":"rating organization (“NRSRO”); (iii) a Fund may invest in tranches of CDOs that are subordinate to other tranches;","page_number":46,"box":{"x":69,"y":60,"width":807,"height":11}},{"id":"0798adf8-5af7-4a8e-8d8f-c906c802ad0b","block_type":"box","text":"(iv) the structure and complexity of the transaction and the legal documents could lead to disputes among investors","page_number":46,"box":{"x":69,"y":75,"width":826,"height":11}},{"id":"f421d1a9-bc69-418b-89d3-9e8b25133393","block_type":"box","text":"regarding the characterization of proceeds; (v) the investment return achieved by the Fund could be significantly","page_number":46,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"c3ee6aa0-dbe0-4ff3-8b32-03b152876f29","block_type":"box","text":"different than those predicted by financial models; (vi) the lack of a readily available secondary market for CDOs;","page_number":46,"box":{"x":69,"y":105,"width":804,"height":11}},{"id":"2be6d956-c021-4c2f-82bc-c7fc3d1708a3","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":46,"box":{"x":69,"y":120,"width":805,"height":12}},{"id":"f1fed5c8-278a-4411-ba91-2b66da3d0647","block_type":"box","text":"CDO’s manager may per form poorly.","page_number":46,"box":{"x":69,"y":135,"width":257,"height":12}},{"id":"d537bc4d-5a11-43a2-9f6b-94993e7043aa","block_type":"box","text":"Commercial Paper.","page_number":46,"box":{"x":102,"y":158,"width":136,"height":11}},{"id":"9c351c88-3fac-400c-8f00-9336b66fc153","block_type":"box","text":"Cer tain Funds may purchase commercial paper. Commercial paper purchasable by each","page_number":46,"box":{"x":244,"y":158,"width":626,"height":11}},{"id":"f063497a-b78b-48de-9a96-f4bfd29bb0f6","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":46,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"e7f76010-34fe-48cd-9911-f837a7e68ef0","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":46,"box":{"x":70,"y":188,"width":806,"height":12}},{"id":"9f38fa60-5418-4190-adbc-d50d1d389270","block_type":"box","text":"restricted as to disposition under the Federal securities laws, and is frequently sold (and resold) to institutional","page_number":46,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"da02d253-3783-4e09-bba0-10f62a811833","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":46,"box":{"x":70,"y":218,"width":820,"height":12}},{"id":"68c8fc56-8774-4d78-b5d8-1d629be1cf49","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":46,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"36120fb6-8206-4701-9697-d4f69c92bd3f","block_type":"box","text":"exemption provided in Rule 144A under the Securities Act. Most Funds can purchase commercial paper rated (at the","page_number":46,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"5e9dfe73-6626-4fb7-a0d1-b3b80ece7fb8","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":46,"box":{"x":68,"y":264,"width":805,"height":11}},{"id":"4be90988-0c5a-4cac-95dd-662d337f48fd","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":46,"box":{"x":69,"y":279,"width":707,"height":11}},{"id":"83435c17-b69e-43f6-aaf6-871fb1d87e34","block_type":"box","text":"Commercial paper is generally considered to be shor t-term unsecured debt of corporations. Like all fixed income","page_number":46,"box":{"x":102,"y":302,"width":801,"height":11}},{"id":"18284743-16e2-4539-b84a-320762681c2f","block_type":"box","text":"securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial","page_number":46,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"30a8520d-33b7-4671-8710-f8d129fcff25","block_type":"box","text":"paper prices will decline and vice versa. However, the shor t-term nature of a commercial paper investment generally","page_number":46,"box":{"x":70,"y":332,"width":826,"height":11}},{"id":"b757076e-71f5-4f39-9be6-5aa223752181","block_type":"box","text":"makes it less susceptible to volatility than many other fixed income securities because interest rate risk typically","page_number":46,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"7b542fe8-f690-4f0e-a3c5-2b8ad68388d8","block_type":"box","text":"increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate","page_number":46,"box":{"x":70,"y":362,"width":822,"height":11}},{"id":"94bc2c6b-d171-42b8-b6cd-ce020e415050","block_type":"box","text":"debt because securities with shor ter maturities typically have lower effective yields than those with longer maturities.","page_number":46,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"4a88bab0-5601-4f6c-89de-2ff308003fa2","block_type":"box","text":"Commodity-Linked Derivative Instruments and Hybrid Instruments.","page_number":46,"box":{"x":102,"y":400,"width":483,"height":11}},{"id":"e41a5f73-3435-40c8-9cac-1e38f3118c1b","block_type":"box","text":"Cer tain Funds seek to gain exposure to the","page_number":46,"box":{"x":591,"y":400,"width":308,"height":11}},{"id":"9dc21c03-5240-428a-aaf4-ca4ba47a7e64","block_type":"box","text":"commodities markets primarily through investments in hybrid instruments. Hybrid instruments are either equity or","page_number":46,"box":{"x":69,"y":415,"width":809,"height":11}},{"id":"704a914f-3015-4071-95c6-d118718c7550","block_type":"box","text":"debt derivative securities with one or more commodity-dependent components that have payment features similar to","page_number":46,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"de71a847-a900-40c4-9f16-67d9d4635075","block_type":"box","text":"a commodity futures contract, a commodity option contract, or a combination of both. Therefore, these instruments","page_number":46,"box":{"x":69,"y":445,"width":822,"height":11}},{"id":"99c37fcb-f744-4681-b39a-6a8cfdf0084f","block_type":"box","text":"are “commodity-linked.” They are considered “hybrid” instruments because they have both commodity-like and","page_number":46,"box":{"x":69,"y":461,"width":787,"height":11}},{"id":"69245427-b879-489d-a973-8ee8c759fcce","block_type":"box","text":"security-like characteristics. Hybrid instruments are derivative instruments because at least par t of their value is","page_number":46,"box":{"x":69,"y":475,"width":801,"height":12}},{"id":"3c3d6f96-eb5b-4460-ab90-788cc83a96d7","block_type":"box","text":"derived from the value of an underlying commodity, futures contract, index or other readily measurable economic","page_number":46,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"d6e3b318-9714-4564-8e29-54cecb622b01","block_type":"box","text":"variable.","page_number":46,"box":{"x":68,"y":506,"width":59,"height":9}},{"id":"cec35266-ea45-4a41-aa94-a780e29951d7","block_type":"box","text":"The prices of commodity-linked derivative instruments may move in different directions than investments in","page_number":46,"box":{"x":101,"y":528,"width":763,"height":12}},{"id":"50131bf1-daf5-4555-aa43-f40feb581aca","block_type":"box","text":"traditional equity and debt securities when the value of those traditional securities is declining due to adverse","page_number":46,"box":{"x":68,"y":543,"width":783,"height":12}},{"id":"3edefced-4de7-44e0-aac2-c6740a9b9427","block_type":"box","text":"economic conditions. As an example, during periods of rising inflation, debt securities have historically tended to","page_number":46,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"94579c17-7de2-4f0d-9b00-12373e56180b","block_type":"box","text":"decline in value due to the general increase in prevailing interest rates. Conversely, during those same periods of","page_number":46,"box":{"x":69,"y":574,"width":808,"height":11}},{"id":"38118bf5-2e59-4b06-8304-91a8d4aaa8e9","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":46,"box":{"x":69,"y":589,"width":811,"height":11}},{"id":"ae37bb1c-eb74-4769-b91d-f1c272c90164","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":46,"box":{"x":69,"y":604,"width":791,"height":11}},{"id":"c5b96ec4-9ef2-4ca6-a1a1-bf398717358c","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":46,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"6163ae29-ba12-441f-be41-45d8b4535c6c","block_type":"box","text":"securities. Commodities have historically tended to increase and decrease in value during different par ts of the","page_number":46,"box":{"x":69,"y":634,"width":795,"height":12}},{"id":"bbaab67c-4452-4df3-b628-0415900c977a","block_type":"box","text":"business cycle than financial assets. Never theless, at various times, commodities prices may move in tandem with","page_number":46,"box":{"x":69,"y":649,"width":822,"height":12}},{"id":"d629e150-c2d8-416c-a2ef-4c06da9036b1","block_type":"box","text":"the prices of financial assets and thus may not provide overall por tfolio diversification benefits. Under favorable","page_number":46,"box":{"x":68,"y":664,"width":797,"height":12}},{"id":"41b57e25-f8ef-464a-bfb3-aa7edcb85b54","block_type":"box","text":"economic conditions, the Fund’s investments may be expected to under-per form an investment in traditional","page_number":46,"box":{"x":69,"y":680,"width":772,"height":11}},{"id":"9e216aca-60ee-4863-b083-abcc47fc008b","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":46,"box":{"x":69,"y":695,"width":773,"height":11}},{"id":"3e42ba47-6096-4aa8-920a-5d32f774490a","block_type":"box","text":"correlation with stocks and bonds.","page_number":46,"box":{"x":69,"y":710,"width":244,"height":9}},{"id":"37ed53b4-c0f4-4ba2-bd3d-12fdcfa3db3a","block_type":"box","text":"Qualifying Hybrid Instruments.","page_number":46,"box":{"x":102,"y":732,"width":212,"height":12}},{"id":"034dcdf9-202a-4b21-86c0-78446706cfce","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that qualify for exclusion from","page_number":46,"box":{"x":320,"y":732,"width":552,"height":12}},{"id":"0d9ba4ea-c598-4577-8b64-56739bb38d86","block_type":"box","text":"regulation under the Commodity Exchange Act and the regulations adopted thereunder. A hybrid instrument that","page_number":46,"box":{"x":69,"y":748,"width":795,"height":11}},{"id":"c58246f3-9b7f-4371-bb00-cb0fa671cf29","block_type":"box","text":"qualifies for this exclusion from regulation must be “predominantly a security.” A hybrid instrument is considered to","page_number":46,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"ebfc12f3-ca9d-4419-b58a-1bb4f4ba50ef","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":46,"box":{"x":69,"y":778,"width":834,"height":11}},{"id":"e343b924-a527-4c46-adbd-37894cbd490d","block_type":"box","text":"the hybrid instrument, substantially contemporaneously with delivery of the hybrid instrument; (b) the purchaser or","page_number":46,"box":{"x":68,"y":793,"width":816,"height":11}},{"id":"697409c1-d2a2-4dcb-bbd3-91da4c6e8ffe","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":46,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"27f2f665-918c-462a-9083-473eab5ca626","block_type":"box","text":"paid under subparagraph (a), whether as margin, settlement payment, or otherwise, during the life of the hybrid","page_number":46,"box":{"x":70,"y":823,"width":793,"height":12}},{"id":"b798fa8f-f044-4333-8eb2-0f8885248f3d","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":46,"box":{"x":70,"y":838,"width":798,"height":11}},{"id":"36caf9ab-fd1e-4ede-8ec0-1bf52b7fc975","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":46,"box":{"x":69,"y":853,"width":797,"height":12}},{"id":"0f8f1f67-084a-419c-88d0-5744ad5741cc","block_type":"box","text":"commodity for future delivery (or option on such a contract) subject to applicable provisions of the Commodity","page_number":46,"box":{"x":69,"y":869,"width":783,"height":11}},{"id":"e2701c18-be7b-4a5f-b74c-49e3e847c559","block_type":"box","text":"Exchange Act. Hybrid instruments may be principal protected, par tially protected, or offer no principal protection. A","page_number":46,"box":{"x":70,"y":884,"width":816,"height":11}},{"id":"55250768-d1bf-4d82-b914-ffd39b28c02e","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":46,"box":{"x":70,"y":899,"width":791,"height":11}},{"id":"e94e6581-d525-47e1-8f21-05d1756c7dec","block_type":"box","text":"II-4","page_number":46,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"d5ebbf6b-9dd9-4e55-865a-305269af7867","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":46,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c9acce80-6ede-4673-9f24-7dcbe37680be","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":47,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"ac031dc0-84fd-463e-883c-bd0d59acda9a","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":47,"box":{"x":68,"y":60,"width":837,"height":11}},{"id":"6e1b3644-c17e-448e-b2bb-aacf56fd490e","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":47,"box":{"x":70,"y":75,"width":772,"height":11}},{"id":"e6451bde-2ee0-4383-bdf4-5625d7e38259","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":47,"box":{"x":69,"y":90,"width":839,"height":11}},{"id":"9669f477-b7b1-4450-b2a6-c9f636c1ace3","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":47,"box":{"x":70,"y":105,"width":835,"height":11}},{"id":"2cee78d0-caf9-4bbc-ab25-b3ca9967c1dc","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":47,"box":{"x":69,"y":120,"width":833,"height":12}},{"id":"390ca014-7798-44ab-bcc2-1e52a804ab0b","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":47,"box":{"x":68,"y":135,"width":831,"height":11}},{"id":"430a9090-78cc-4b26-b65b-7308d14f993c","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":47,"box":{"x":68,"y":150,"width":795,"height":12}},{"id":"5783f93d-5a28-45e2-9244-f19f9f3c958d","block_type":"box","text":"potentially, an amount greater than the stated par value if the underlying commodity, index, futures contract or","page_number":47,"box":{"x":70,"y":166,"width":784,"height":11}},{"id":"2d849273-8729-4eae-a388-6877f2993c98","block_type":"box","text":"economic variable to which the hybrid instrument is linked has increased in value. Par tially protected hybrid","page_number":47,"box":{"x":69,"y":181,"width":765,"height":11}},{"id":"75fcb148-7edf-4e55-af3b-3601233017ff","block_type":"box","text":"instruments may suffer some loss of principal if the underlying commodity, index, futures contract or economic","page_number":47,"box":{"x":70,"y":196,"width":788,"height":11}},{"id":"be18afda-0797-4c47-9cb0-9500c508d197","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":47,"box":{"x":68,"y":211,"width":828,"height":11}},{"id":"2cc6923c-4730-44ef-ad24-9f19beb15515","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":47,"box":{"x":70,"y":226,"width":773,"height":11}},{"id":"2cd36fb1-452a-44b9-adab-5785f22b4d38","block_type":"box","text":"Hybrid Instruments Without Principal Protection.","page_number":47,"box":{"x":102,"y":249,"width":339,"height":11}},{"id":"f9522fd6-db9e-472e-8431-4ceba9e0f1ae","block_type":"box","text":"Cer tain Funds may invest in hybrid instruments that offer no","page_number":47,"box":{"x":448,"y":249,"width":429,"height":11}},{"id":"660f2b27-da10-42d1-8bce-8bb0570a0d64","block_type":"box","text":"principal protection. At maturity, there is a risk that the underlying commodity price, futures contract, index or other","page_number":47,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"b9ad9c8e-89fc-48af-bcc0-006e19212cab","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":47,"box":{"x":69,"y":279,"width":780,"height":11}},{"id":"fb3ccbfc-691a-495d-9180-5c150cc0350d","block_type":"box","text":"instrument might not be returned. The Manager, at its discretion, may invest in a par tially protected principal","page_number":47,"box":{"x":70,"y":294,"width":773,"height":11}},{"id":"dd63b9f3-88ba-4ed5-950e-373f0712932d","block_type":"box","text":"structured note or a note without principal protection. In deciding to purchase a note without principal protection, the","page_number":47,"box":{"x":69,"y":309,"width":832,"height":11}},{"id":"e68cb2b5-5cc3-4c85-b495-cf7d3603a208","block_type":"box","text":"Manager may consider, among other things, the expected per formance of the underlying commodity futures contract,","page_number":47,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"a2a751b7-67be-4615-8d98-3213df4d4866","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":47,"box":{"x":70,"y":339,"width":831,"height":12}},{"id":"5ef3f62d-7d1d-4e82-84c1-b450625bfed8","block_type":"box","text":"the Manager believes are relevant.","page_number":47,"box":{"x":68,"y":355,"width":247,"height":11}},{"id":"4fab2a99-032c-47e1-aa92-700e915262cb","block_type":"box","text":"Limitations on Leverage.","page_number":47,"box":{"x":102,"y":377,"width":173,"height":12}},{"id":"5c0a66ce-a1f8-45f8-a911-9e4cb18133ca","block_type":"box","text":"Some of the hybrid instruments in which a Fund may invest may involve leverage. To","page_number":47,"box":{"x":281,"y":377,"width":598,"height":12}},{"id":"dcfa2137-bacc-4861-a2b4-b7a87ad8b425","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":47,"box":{"x":69,"y":392,"width":840,"height":12}},{"id":"362eaf6e-4532-4d8d-bfae-b90b5f9c77d4","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":47,"box":{"x":69,"y":407,"width":816,"height":12}},{"id":"c2039d57-d723-49fc-9622-ef233f685e16","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":47,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"3e6d72f8-15a2-444d-8a5b-b6ee673ed852","block_type":"box","text":"the underlying commodity, futures contract, index or other economic variable or (ii) the Fund’s “por tfolio leverage","page_number":47,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"995c8bf3-068b-4fba-81f2-24c860626356","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":47,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"9a7b8eb3-6016-462d-a112-e3e14004efac","block_type":"box","text":"hybrid instrument, assuming a one percent price increase in the underlying commodity, futures contract, index or","page_number":47,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"2b3136b8-cc0c-4db0-b970-2cc84914d78d","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":47,"box":{"x":69,"y":483,"width":783,"height":11}},{"id":"4f0c7b5c-9e55-4177-93ef-3e75aaba80be","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":47,"box":{"x":69,"y":498,"width":758,"height":11}},{"id":"8b9c2406-3a13-4470-b55f-e4d6d54ff0dc","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":47,"box":{"x":69,"y":513,"width":818,"height":12}},{"id":"14248237-76dd-4e81-9a8b-ce714c17bc3e","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":47,"box":{"x":68,"y":528,"width":763,"height":12}},{"id":"976de301-c0db-4d7e-b34b-11b705b348d9","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":47,"box":{"x":70,"y":543,"width":787,"height":12}},{"id":"3c8d0e2a-36ee-4e1d-9d62-01073c98accc","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":47,"box":{"x":69,"y":559,"width":757,"height":11}},{"id":"4bd32320-44f4-4986-aef9-9a3c8ad0b963","block_type":"box","text":"investments or use less leverage than may otherwise be allowable.","page_number":47,"box":{"x":70,"y":574,"width":477,"height":11}},{"id":"c432d93a-b9e7-4d1f-b2d9-b991990a92a7","block_type":"box","text":"Counterpar ty Risk.","page_number":47,"box":{"x":102,"y":597,"width":130,"height":11}},{"id":"59918ed8-8266-46fb-bfb6-5dfe4a73c755","block_type":"box","text":"A significant risk of hybrid instruments is counterpar ty risk. Unlike exchange-traded futures","page_number":47,"box":{"x":238,"y":596,"width":646,"height":12}},{"id":"d2387e42-0dbe-4ea5-a335-42ba4cba021d","block_type":"box","text":"and options, which are standard contracts, hybrid instruments are customized securities, tailor-made by a specific","page_number":47,"box":{"x":69,"y":612,"width":813,"height":11}},{"id":"0f649a2d-d6a8-437b-8b61-1bb0fafdf394","block_type":"box","text":"issuer. With a listed futures or options contract, an investor’s counterpar ty is the exchange clearinghouse. Exchange","page_number":47,"box":{"x":70,"y":627,"width":829,"height":11}},{"id":"b86571c7-22eb-4fd5-b74a-f20b9845b4da","block_type":"box","text":"clearinghouses are capitalized by the exchange members and typically have high investment grade ratings (","page_number":47,"box":{"x":69,"y":642,"width":763,"height":11}},{"id":"88b70fab-439d-4d2c-af0d-e46ca216ec13","block_type":"box","text":"e.g.","page_number":47,"box":{"x":834,"y":643,"width":25,"height":10}},{"id":"7e8f2f1c-4881-49e3-805f-9d1874d18d70","block_type":"box","text":",","page_number":47,"box":{"x":861,"y":649,"width":2,"height":3}},{"id":"a407e9db-1dca-44bc-b287-b1a4cdf7f4f9","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":47,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"4a2f52b0-61de-4983-ae7d-cb887f0ad407","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":47,"box":{"x":69,"y":672,"width":795,"height":11}},{"id":"0ae86a3e-6c55-441f-9623-c7f2e779b9f1","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":47,"box":{"x":70,"y":687,"width":791,"height":11}},{"id":"b1aeaa82-90f8-4a40-a745-930b40e5b499","block_type":"box","text":"obligations under the structured note.","page_number":47,"box":{"x":69,"y":703,"width":268,"height":11}},{"id":"fb46463a-e7a2-43c9-bf68-1b81b2211664","block_type":"box","text":"Convertible Securities.","page_number":47,"box":{"x":102,"y":725,"width":165,"height":9}},{"id":"4b715a8f-f037-4d39-9635-ae15c2aee9a6","block_type":"box","text":"A conver tible security is a bond, debenture, note, preferred stock or other security that","page_number":47,"box":{"x":273,"y":725,"width":619,"height":11}},{"id":"892ce408-f70e-469a-90df-72a4c69ab211","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":47,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"933db9a9-7c3a-4293-92e9-33a96898fb0a","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":47,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"b268ad26-3c05-430e-87e1-29a8105ac832","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":47,"box":{"x":69,"y":770,"width":781,"height":11}},{"id":"994b0334-405f-42cc-bad1-90b3c13db6c5","block_type":"box","text":"security matures or is redeemed, conver ted or exchanged. Before conversion, conver tible securities have","page_number":47,"box":{"x":69,"y":785,"width":750,"height":12}},{"id":"8445714c-9117-4955-a0bf-8ab27193f591","block_type":"box","text":"characteristics similar to nonconver tible income securities in that they ordinarily provide a stable stream of income","page_number":47,"box":{"x":69,"y":801,"width":819,"height":11}},{"id":"ea76c5ce-f574-42e1-ac96-c265071be960","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":47,"box":{"x":68,"y":816,"width":784,"height":11}},{"id":"535014c9-46d3-4a13-bd8d-0fb049c66773","block_type":"box","text":"comparable nonconver tible securities. The value of a conver tible security is influenced by changes in interest rates,","page_number":47,"box":{"x":69,"y":831,"width":823,"height":11}},{"id":"6a943496-3931-4d8c-b6a0-6bd09553fdd3","block_type":"box","text":"with investment value declining as interest rates increase and increasing as interest rates decline. The credit","page_number":47,"box":{"x":68,"y":846,"width":780,"height":11}},{"id":"9b655368-2d43-4b23-8896-4f682ea5e6cf","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":47,"box":{"x":69,"y":861,"width":795,"height":11}},{"id":"9061df3c-2fb4-4353-9060-c91cfe84bdf5","block_type":"box","text":"Conver tible securities rank senior to common stock in a corporation’s capital structure but are usually subordinated","page_number":47,"box":{"x":69,"y":876,"width":826,"height":11}},{"id":"d36f6639-23f7-478b-8b64-610b1e938fd6","block_type":"box","text":"to comparable nonconver tible securities. Conver tible securities may be subject to redemption at the option of the","page_number":47,"box":{"x":68,"y":891,"width":811,"height":11}},{"id":"0f432176-a577-44e9-9ffc-6cccdbed3636","block_type":"box","text":"issuer at a price established in the conver tible security’s governing instrument.","page_number":47,"box":{"x":70,"y":907,"width":563,"height":11}},{"id":"e4b61102-7856-49ba-b03d-c462ca0c98d5","block_type":"box","text":"II-5","page_number":47,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"0555b723-29fa-4fe0-8c06-845a9285869f","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":47,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1d89c17-6b30-465d-99be-2d89e2ac20bc","block_type":"box","text":"The characteristics of conver tible securities make them potentially attractive investments for an investment","page_number":48,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"8cdd4598-0037-4f83-b239-4ed05907df29","block_type":"box","text":"company seeking a high total return from capital appreciation and investment income. These characteristics include","page_number":48,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"bee7d7e1-7da5-425a-a823-bafef7d88c95","block_type":"box","text":"the potential for capital appreciation as the value of the underlying common stock increases, the relatively high yield","page_number":48,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"dcf45ae2-256a-447b-b400-7040cd9328b7","block_type":"box","text":"received from dividend or interest payments as compared to common stock dividends and decreased risks of decline","page_number":48,"box":{"x":69,"y":90,"width":834,"height":11}},{"id":"175d25a1-fd1f-4883-aa2e-3c84adb64c60","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":48,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"f0ab8d3b-e9a9-4ac2-ab23-feece85a0453","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":48,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"775a16da-2e08-4879-abe1-b7425be925bf","block_type":"box","text":"case if the securities were issued in nonconver tible form.","page_number":48,"box":{"x":69,"y":135,"width":409,"height":9}},{"id":"496856d6-58b2-41f7-87d8-3725a52cd000","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":48,"box":{"x":102,"y":158,"width":802,"height":11}},{"id":"e5758080-ef24-4cc3-a7fb-310850bcaaa1","block_type":"box","text":"its credit quality and the potential capital appreciation that is offered by the underlying common stock, among other","page_number":48,"box":{"x":70,"y":173,"width":824,"height":11}},{"id":"cf3f034d-4b5d-413f-ba0d-cfd229af36fe","block_type":"box","text":"things.","page_number":48,"box":{"x":68,"y":188,"width":47,"height":12}},{"id":"a8f32721-b55d-454e-9a93-1933ab43a851","block_type":"box","text":"Conver tible securities are issued and traded in a number of securities markets. Even in cases where a","page_number":48,"box":{"x":102,"y":211,"width":731,"height":9}},{"id":"afe3d82e-3473-4e7e-93bb-c49e9dd330e8","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":48,"box":{"x":69,"y":226,"width":836,"height":11}},{"id":"a610f6dc-b42d-4869-be69-74bcd37ebc33","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":48,"box":{"x":69,"y":241,"width":832,"height":11}},{"id":"07146b7a-b451-40bf-8d1a-aef6a4c6c05c","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":48,"box":{"x":69,"y":257,"width":818,"height":11}},{"id":"6ba8aefa-d2bb-4278-9831-8aa2f9c99510","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":48,"box":{"x":70,"y":271,"width":828,"height":12}},{"id":"a8ce0325-e1c3-49a3-91b0-8a0c0b2d5f12","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":48,"box":{"x":69,"y":286,"width":786,"height":12}},{"id":"c6c5daeb-64f8-4898-ba57-153672a9f167","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":48,"box":{"x":69,"y":302,"width":800,"height":11}},{"id":"e11cc46d-093e-4152-b2b8-f6d8601440f3","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":48,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"70084314-de9e-4697-a2b8-476f51bef95c","block_type":"box","text":"reduce the effect of exchange rate fluctuations.","page_number":48,"box":{"x":69,"y":332,"width":337,"height":11}},{"id":"9cbc295a-8365-4aaa-a44a-3269bdfe7ea5","block_type":"box","text":"Apar t from currency considerations, the value of conver tible securities is influenced by both the yield on","page_number":48,"box":{"x":101,"y":355,"width":741,"height":11}},{"id":"cff9cf8c-7ec2-43a4-b35d-89d6b575247d","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":48,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"38863f2d-b896-45be-a754-009a5a7ec03b","block_type":"box","text":"conver tible security viewed without regard to its conversion feature (","page_number":48,"box":{"x":69,"y":385,"width":485,"height":11}},{"id":"b55d952f-b0d8-448e-a5f5-b99bf1bc8520","block_type":"box","text":"i.e.","page_number":48,"box":{"x":557,"y":385,"width":20,"height":9}},{"id":"f82465c4-a07c-4619-b399-669ae12fcf3a","block_type":"box","text":", strictly on the basis of its yield) is","page_number":48,"box":{"x":579,"y":385,"width":248,"height":11}},{"id":"5696e2f6-270e-47f8-87e4-7f6dae9b11d4","block_type":"box","text":"sometimes referred to as its “investment value.” To the extent interest rates change, the investment value of the","page_number":48,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"b2043a0a-09c2-4e7e-8301-cccbdfd57df5","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":48,"box":{"x":69,"y":415,"width":807,"height":11}},{"id":"1c4f19d9-4564-40fa-af72-69489ab39960","block_type":"box","text":"influenced by its “conversion value,” which is the market value of the underlying common stock that would be","page_number":48,"box":{"x":70,"y":430,"width":778,"height":11}},{"id":"100d1693-9a93-4d10-8237-ea9fdb2b28a3","block_type":"box","text":"obtained if the conver tible security were conver ted. Conversion value fluctuates directly with the price of the","page_number":48,"box":{"x":69,"y":445,"width":769,"height":11}},{"id":"84bd8526-41e4-4269-938c-e8189d29e737","block_type":"box","text":"underlying common stock. If the conversion value of a conver tible security is substantially below its investment value,","page_number":48,"box":{"x":69,"y":460,"width":837,"height":12}},{"id":"f0734eaf-d1f5-4f7e-83cb-c9824ee722d4","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":48,"box":{"x":68,"y":475,"width":837,"height":12}},{"id":"3191b3d1-f384-417d-bf9b-79e91a7c0225","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":48,"box":{"x":69,"y":491,"width":800,"height":11}},{"id":"b26a3585-212f-49ca-8830-aab428caa150","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":48,"box":{"x":69,"y":506,"width":828,"height":11}},{"id":"57be2821-4dfa-43d4-a9f8-38dbcf5156d8","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":48,"box":{"x":69,"y":521,"width":808,"height":11}},{"id":"e17ee33c-f0c5-4921-aff8-713dad5d63ab","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":48,"box":{"x":68,"y":536,"width":835,"height":11}},{"id":"1ca8bf99-b669-476e-8090-2aeed53eec23","block_type":"box","text":"the Euromarket are frequently determined at levels that cause the conversion value to affect their market value more","page_number":48,"box":{"x":68,"y":551,"width":836,"height":11}},{"id":"a421e3be-5aa7-4bd2-a516-e750c9c54099","block_type":"box","text":"than the securities’ investment value.","page_number":48,"box":{"x":68,"y":566,"width":268,"height":9}},{"id":"8b1f0f5d-f94a-431e-9d34-fe336491bca4","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":48,"box":{"x":102,"y":589,"width":740,"height":11}},{"id":"9a5979fc-958a-48e6-9203-fbc854b64074","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":48,"box":{"x":69,"y":604,"width":801,"height":11}},{"id":"a5b471ea-62fd-4cd3-91e0-0b6dd393d5c9","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":48,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"bdbdfdd3-4bc0-4e1d-b37f-d50a8af012fc","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":48,"box":{"x":68,"y":634,"width":840,"height":12}},{"id":"53e7afea-44fa-4dfd-bf36-cea13cf9d5cc","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":48,"box":{"x":69,"y":649,"width":823,"height":12}},{"id":"71adf08d-7ae9-4918-9ef8-36a4d50b58ab","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":48,"box":{"x":69,"y":665,"width":835,"height":11}},{"id":"3b131387-9c8d-4432-b5d6-bc35ab11c827","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":48,"box":{"x":69,"y":680,"width":832,"height":11}},{"id":"dd3f38ad-74e0-41cf-a9b4-028ddb562a0d","block_type":"box","text":"security under cer tain circumstances.","page_number":48,"box":{"x":69,"y":695,"width":267,"height":11}},{"id":"56bc6d78-8867-452c-be73-f9d26ec628dd","block_type":"box","text":"A Fund may also invest in synthetic conver tible securities. Synthetic conver tible securities may include either","page_number":48,"box":{"x":101,"y":718,"width":777,"height":11}},{"id":"daa9cad9-b8d6-48e7-959d-5898d506d910","block_type":"box","text":"Cash-Settled Conver tibles or Manufactured Conver tibles. “Cash-Settled Conver tibles” are instruments that are","page_number":48,"box":{"x":69,"y":732,"width":789,"height":10}},{"id":"8bdb2ce8-29c2-49ac-81c6-981e261201f1","block_type":"box","text":"created by the issuer and have the economic characteristics of traditional conver tible securities but may not actually","page_number":48,"box":{"x":69,"y":748,"width":831,"height":11}},{"id":"a44cc28b-9ae6-40f7-8e28-8aeeabcc28b2","block_type":"box","text":"permit conversion into the underlying equity securities in all circumstances. As an example, a private company may","page_number":48,"box":{"x":70,"y":763,"width":819,"height":11}},{"id":"09ea41e5-18ee-44e4-8987-6b1b02b04db0","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":48,"box":{"x":70,"y":778,"width":833,"height":11}},{"id":"7c2e0a72-7a0b-4442-a7b3-4a02bc3d7ebf","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":48,"box":{"x":70,"y":793,"width":769,"height":11}},{"id":"13b33d7b-ee27-42aa-8bd6-660b8d61c2a1","block_type":"box","text":"appreciation. “Manufactured Conver tibles” are created by the Manager or another par ty by combining separate","page_number":48,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"16e03fa8-0062-44b6-ace7-e97709169029","block_type":"box","text":"securities that possess one of the two principal characteristics of a conver tible security,","page_number":48,"box":{"x":69,"y":823,"width":627,"height":11}},{"id":"bd66d189-5e06-4130-bba0-ff73081a16e8","block_type":"box","text":"i.e.","page_number":48,"box":{"x":703,"y":823,"width":20,"height":9}},{"id":"60ddb1a1-fcd8-438c-a689-d8537ddc73f4","block_type":"box","text":", fixed-income (“fixed","page_number":48,"box":{"x":726,"y":823,"width":151,"height":11}},{"id":"c5fff5e6-a1c1-49d3-bc2e-67a74ae3ea38","block_type":"box","text":"income component”) or a right to acquire equity securities (“conver tibility component”). The fixed-income component","page_number":48,"box":{"x":70,"y":838,"width":830,"height":12}},{"id":"29215e30-25d4-4591-90de-04ab302e449b","block_type":"box","text":"is achieved by investing in nonconver tible fixed-income securities, such as nonconver tible bonds, preferred stocks","page_number":48,"box":{"x":70,"y":853,"width":814,"height":12}},{"id":"e9393fc1-f789-413a-aae0-4a58c7b51e52","block_type":"box","text":"and money market instruments. The conver tibility component is achieved by investing in call options, warrants, or","page_number":48,"box":{"x":69,"y":869,"width":811,"height":11}},{"id":"3ffce939-b216-4282-bb72-d70b946e5727","block_type":"box","text":"other securities with equity conversion features (“equity features”) granting the holder the right to purchase a","page_number":48,"box":{"x":69,"y":884,"width":779,"height":11}},{"id":"b6fe01f8-8a5b-45f6-9c3d-47a396cd29db","block_type":"box","text":"II-6","page_number":48,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"5dd30fb3-a020-42ba-a1ac-ffb5685e3281","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":48,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98b24ad6-3f9a-46b8-9430-f1b44d61c1b2","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":49,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"74d8a113-7da1-4eb7-9432-edcbffc6b9c0","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":49,"box":{"x":69,"y":60,"width":744,"height":11}},{"id":"04dba517-c2b3-4f51-a908-a3473c3e60c8","block_type":"box","text":"A Manufactured Conver tible differs from traditional conver tible securities in several respects. Unlike a traditional","page_number":49,"box":{"x":101,"y":82,"width":804,"height":11}},{"id":"7af1f3d6-c2ca-4b78-9270-42d4e7959500","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":49,"box":{"x":69,"y":98,"width":777,"height":11}},{"id":"34e80181-8b3a-4219-a413-88dc04d0cc49","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":49,"box":{"x":69,"y":113,"width":832,"height":11}},{"id":"dfd84cd2-b954-43dd-9187-a54f00a77de1","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":49,"box":{"x":69,"y":128,"width":781,"height":11}},{"id":"43f7ab4e-5e8c-4583-8419-ee004ca50135","block_type":"box","text":"component.","page_number":49,"box":{"x":69,"y":144,"width":82,"height":10}},{"id":"bff7dd7b-b9e6-44af-ae73-30c99a3f7a79","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":49,"box":{"x":102,"y":166,"width":773,"height":11}},{"id":"ae16f886-3766-41a2-accf-fecc23e4ca8c","block_type":"box","text":"conver tible security. Because many corporations have not issued conver tible securities, the Manager may combine a","page_number":49,"box":{"x":69,"y":181,"width":833,"height":11}},{"id":"9a0d84bb-d197-498f-ba81-84719c032192","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":49,"box":{"x":68,"y":196,"width":826,"height":11}},{"id":"1f19fdb7-f420-4398-8d05-949a1d7e7973","block_type":"box","text":"to create a synthetic conver tible security otherwise unavailable in the market. The Manager may also combine a","page_number":49,"box":{"x":68,"y":211,"width":800,"height":11}},{"id":"2a5a5f3e-15a6-4fde-911d-77d2a7c933ed","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":49,"box":{"x":68,"y":226,"width":817,"height":11}},{"id":"fcb9da1a-c4db-4bc7-b943-72d6dcb90fd4","block_type":"box","text":"Manager believes such a Manufactured Conver tible would better promote a Fund’s objective than alternative","page_number":49,"box":{"x":70,"y":241,"width":772,"height":11}},{"id":"7746fd2d-bfef-437c-961f-a4c4d89f3f79","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":49,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"262fc0d1-af32-4834-b47f-1f73354cda7a","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":49,"box":{"x":70,"y":271,"width":790,"height":12}},{"id":"a0dfcdc7-85b1-4956-bde3-7a6901d3313c","block_type":"box","text":"Treasury instrument to create a Manufactured Conver tible with a higher credit profile than a traditional conver tible","page_number":49,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"7ee741ca-8078-4b40-8c06-eec20dc4f0d3","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":49,"box":{"x":69,"y":302,"width":764,"height":11}},{"id":"1d48e491-d4ac-424e-bff1-c8db43e5baa1","block_type":"box","text":"components may be purchased separately and, upon purchasing the separate securities, “combined” to create a","page_number":49,"box":{"x":69,"y":317,"width":806,"height":11}},{"id":"fc386ff3-0206-4911-9944-65bf3ffbe45c","block_type":"box","text":"Manufactured Conver tible. For example, the Fund may purchase a warrant for eventual inclusion in a Manufactured","page_number":49,"box":{"x":70,"y":332,"width":818,"height":11}},{"id":"b5f37b3d-eb93-4ec1-a5f8-fedb0c2bb652","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":49,"box":{"x":69,"y":347,"width":824,"height":11}},{"id":"f53a2172-e027-4e7d-938c-5108eb1e657b","block_type":"box","text":"favorable market conditions.","page_number":49,"box":{"x":68,"y":362,"width":202,"height":9}},{"id":"fdc6bddc-1dd5-4039-9a4f-f940dc1df537","block_type":"box","text":"The value of a Manufactured Conver tible may respond to cer tain market fluctuations differently from a traditional","page_number":49,"box":{"x":101,"y":385,"width":805,"height":11}},{"id":"4f6094d0-3870-471e-95c7-391d68807bda","block_type":"box","text":"conver tible security with similar characteristics. For example, in the event a Fund created a Manufactured Conver tible","page_number":49,"box":{"x":69,"y":400,"width":837,"height":11}},{"id":"0e733ffd-8c48-40c7-9780-d49a423a35bc","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":49,"box":{"x":69,"y":415,"width":839,"height":11}},{"id":"46f265a7-faaf-414c-812a-ad4435bc942a","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":49,"box":{"x":69,"y":430,"width":787,"height":11}},{"id":"0f9e394b-81ca-491f-9221-b919b30d614e","block_type":"box","text":"periods when Treasury instruments outper form corporate fixed-income securities and underper form during periods","page_number":49,"box":{"x":70,"y":445,"width":815,"height":12}},{"id":"eee7b661-a534-4d53-9f6c-cddeb75d9afe","block_type":"box","text":"when corporate fixed-income securities outper form Treasury instruments.","page_number":49,"box":{"x":68,"y":460,"width":523,"height":12}},{"id":"c11e1ecb-5c67-4512-887d-dce3a8eaeec3","block_type":"box","text":"Corporate Loans.","page_number":49,"box":{"x":102,"y":483,"width":123,"height":11}},{"id":"6c13506e-87e7-4926-bb0d-a60f9dd93a1f","block_type":"box","text":"Cer tain Funds may invest in corporate loans. Corporate loans are generally non-investment","page_number":49,"box":{"x":231,"y":483,"width":647,"height":11}},{"id":"0a5bdfca-8fc2-49a3-a62b-2af8f73b0996","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":49,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"6ab0c33e-f732-4bbe-965a-3b425e317846","block_type":"box","text":"fixed and floating rate loans (“Loans”) arranged through private negotiations between a corporate borrower or a","page_number":49,"box":{"x":68,"y":513,"width":794,"height":12}},{"id":"d0f83a20-4647-4b27-a98d-51c38f59df89","block_type":"box","text":"foreign sovereign entity and one or more financial institutions or institutional investors (“Lenders”). A Fund may invest","page_number":49,"box":{"x":68,"y":528,"width":841,"height":12}},{"id":"c7dd724d-209a-4d59-9ab1-0f07d503b62d","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":49,"box":{"x":70,"y":543,"width":818,"height":12}},{"id":"c04cc3ef-510a-4d84-beca-1215f90fdb84","block_type":"box","text":"from third par ties (“Assignments”). A Fund considers these investments to be investments in debt securities for","page_number":49,"box":{"x":68,"y":559,"width":801,"height":11}},{"id":"a0e6d77e-5694-4b0f-8d9e-efe3467bcb8e","block_type":"box","text":"purposes of its investment policies. Par ticipations typically will result in the Fund having a contractual relationship","page_number":49,"box":{"x":70,"y":574,"width":811,"height":11}},{"id":"f71e353e-5a8d-490d-a115-119081505351","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":49,"box":{"x":69,"y":589,"width":833,"height":11}},{"id":"9a4f473c-0db0-444e-9155-3d2bb80a2abf","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":49,"box":{"x":69,"y":604,"width":817,"height":11}},{"id":"4a8bcee5-8cc3-4387-909c-cfe16cf35479","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":49,"box":{"x":68,"y":619,"width":836,"height":11}},{"id":"41df5b6b-b87c-40d9-a2c1-9626bca70b43","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":49,"box":{"x":69,"y":634,"width":833,"height":12}},{"id":"59517612-c439-4a9e-8e92-581b25db4842","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":49,"box":{"x":69,"y":649,"width":837,"height":12}},{"id":"27e2c64d-b98c-4db5-9336-235a425ab03a","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":49,"box":{"x":70,"y":664,"width":809,"height":11}},{"id":"c9777464-d3b9-4b97-aee2-4f2656cb15fa","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":49,"box":{"x":68,"y":680,"width":838,"height":11}},{"id":"f485622e-7c70-4fcf-b4e1-4f3131a49b31","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":49,"box":{"x":68,"y":695,"width":772,"height":11}},{"id":"9df3be1e-2405-4d05-aca0-8d68112badb3","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":49,"box":{"x":69,"y":710,"width":837,"height":11}},{"id":"68160f8d-408d-4211-9cea-82577716bea7","block_type":"box","text":"determined by the Fund’s manager to be creditwor thy. When the Fund purchases Assignments from Lenders, the","page_number":49,"box":{"x":69,"y":725,"width":804,"height":11}},{"id":"94619d17-d422-43a2-9db2-2d5833cb7c47","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":49,"box":{"x":70,"y":740,"width":834,"height":11}},{"id":"0e60f152-2f6b-4afc-8588-afdf269ba674","block_type":"box","text":"risk. The Funds may enter into Par ticipations and Assignments on a forward commitment or “when-issued” basis,","page_number":49,"box":{"x":69,"y":755,"width":809,"height":11}},{"id":"5795b267-dbfd-45a9-b60e-a9b95811182d","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":49,"box":{"x":68,"y":770,"width":764,"height":12}},{"id":"8538ddb1-da2a-4679-82db-3e0238368fe6","block_type":"box","text":"information on forward commitments and when-issued securities, see “When-Issued Securities, Delayed Delivery","page_number":49,"box":{"x":70,"y":785,"width":805,"height":12}},{"id":"c081c4cd-39f4-4973-b50e-4b9a3d1e7fcc","block_type":"box","text":"Securities and Forward Commitments” below.","page_number":49,"box":{"x":69,"y":801,"width":324,"height":9}},{"id":"d497c1a9-73d6-4e51-9582-8d0f834a91f9","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":49,"box":{"x":101,"y":823,"width":782,"height":12}},{"id":"613c3095-229d-4072-92fb-9c0b13e00761","block_type":"box","text":"instruments may lack sufficient liquidity, and therefore the Fund anticipates that in such cases such instruments","page_number":49,"box":{"x":70,"y":838,"width":803,"height":11}},{"id":"91f346ec-58db-4438-a827-0fa4d28cf46f","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":49,"box":{"x":69,"y":853,"width":809,"height":12}},{"id":"7dba62b6-8e8b-4b9f-af54-b6f0b0c9fd58","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":49,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"9312b69e-ca6d-44e3-b9d9-457769287d03","block_type":"box","text":"Assignments or Par ticipations in response to a specific economic event, such as deterioration in the creditwor thiness","page_number":49,"box":{"x":68,"y":884,"width":841,"height":11}},{"id":"6e376881-b2d1-46a9-bf2f-c6dbf34e2d5a","block_type":"box","text":"of the borrower.","page_number":49,"box":{"x":69,"y":899,"width":111,"height":9}},{"id":"c10211a8-feeb-4ae3-ac65-8b7f8183cf60","block_type":"box","text":"II-7","page_number":49,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"bed20d38-b170-48d7-9216-224b0c52c21f","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":49,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2297b010-f9a7-48c7-aeff-2c926a82a024","block_type":"box","text":"Leading financial institutions often act as agent for a broader group of Lenders, generally referred to as a","page_number":50,"box":{"x":102,"y":45,"width":750,"height":11}},{"id":"326cd9c2-e6b0-44f6-bb98-39a4cdeae1c1","block_type":"box","text":"syndicate. The syndicate’s agent arranges the loans, holds collateral and accepts payments of principal and interest.","page_number":50,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"c680f6e8-634f-477f-884d-876e4e46cd8b","block_type":"box","text":"Failure by the syndicate agent to fulfill its obligations may delay or adversely affect receipt of payment by the Fund.","page_number":50,"box":{"x":70,"y":75,"width":816,"height":11}},{"id":"c0f7e78a-0a44-48be-8da6-893efc4676b9","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":50,"box":{"x":101,"y":98,"width":740,"height":11}},{"id":"0d663a60-f545-4ae9-b031-16b523099654","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":50,"box":{"x":69,"y":113,"width":827,"height":11}},{"id":"b606f492-3bdf-42f9-97d8-bea3a323b8d0","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":50,"box":{"x":70,"y":128,"width":802,"height":11}},{"id":"68766b79-e01e-4b5a-b308-e3e9208268a3","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":50,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"8b1202e7-b1d2-4e79-b6d7-f150eb3700f7","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":50,"box":{"x":70,"y":158,"width":827,"height":11}},{"id":"8c7ef831-6758-4472-b11c-c7c3b3883b3f","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":50,"box":{"x":69,"y":173,"width":777,"height":11}},{"id":"f047c718-cd16-43fb-96ea-469dd258127f","block_type":"box","text":"investment and may not receive interest during the delay.","page_number":50,"box":{"x":70,"y":188,"width":406,"height":12}},{"id":"6dc1887b-da49-4df3-91b6-39ffaf2b63a7","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":50,"box":{"x":101,"y":211,"width":752,"height":11}},{"id":"ae159486-1dc2-437f-83fd-bd5ef5ca3c62","block_type":"box","text":"corporate loans may not be readily available to make additional investments or to meet a Fund’s redemption","page_number":50,"box":{"x":69,"y":226,"width":773,"height":11}},{"id":"3388ef20-fc64-4875-9b13-a40bc21d6523","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":50,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"38406012-7100-44b2-af41-4c77296639cf","block_type":"box","text":"additional cash, sell investments or temporarily borrow from banks and other lenders.","page_number":50,"box":{"x":69,"y":256,"width":610,"height":11}},{"id":"21a03cfa-6f2d-4750-9b54-3b5cea262b63","block_type":"box","text":"In cer tain circumstances, Loans may not be deemed to be securities under cer tain federal securities laws.","page_number":50,"box":{"x":102,"y":279,"width":759,"height":11}},{"id":"bcfdaf89-e2d5-4e28-8570-922ccb5b3181","block_type":"box","text":"Therefore, in the event of fraud or misrepresentation by a borrower or an arranger, Lenders and purchasers of","page_number":50,"box":{"x":68,"y":294,"width":784,"height":11}},{"id":"1a327a44-def6-4d2a-9312-706b72423075","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":50,"box":{"x":70,"y":309,"width":772,"height":11}},{"id":"6e06102d-e2b6-439c-be1b-cdd553034061","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":50,"box":{"x":69,"y":324,"width":827,"height":12}},{"id":"3619b213-bd4a-4c3e-950f-4b03ca3ee5d9","block_type":"box","text":"rely on the contractual provisions in the Loan agreement itself and common-law fraud protections under applicable","page_number":50,"box":{"x":69,"y":339,"width":815,"height":12}},{"id":"a0408a77-797c-425a-8a0d-04bcec0a56ac","block_type":"box","text":"state law.","page_number":50,"box":{"x":69,"y":355,"width":67,"height":9}},{"id":"f140040b-4ad4-4422-81fb-eb1bd73cf9ef","block_type":"box","text":"Direct Lending.","page_number":50,"box":{"x":102,"y":377,"width":105,"height":12}},{"id":"cc6dfa6d-88a2-4670-9a67-a4ecb87047c0","block_type":"box","text":"The Fund may act as the originator for direct loans and engage in direct lending. Direct loans","page_number":50,"box":{"x":213,"y":377,"width":660,"height":12}},{"id":"7cde5777-e981-4990-bb8c-5284d255b69b","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":50,"box":{"x":69,"y":393,"width":817,"height":11}},{"id":"f85bc0e7-5e80-4056-92f3-6894fd5128d7","block_type":"box","text":"financing to commercial borrowers directly or through companies acquired (or created) and owned by or otherwise","page_number":50,"box":{"x":68,"y":407,"width":811,"height":12}},{"id":"c12233fb-e724-4e0a-834c-91cfdd7a4722","block_type":"box","text":"affiliated with the Fund. The terms of the direct loans are negotiated with borrowers in private transactions.","page_number":50,"box":{"x":69,"y":423,"width":764,"height":11}},{"id":"256f4210-176f-4147-90cd-6e13c0be0719","block_type":"box","text":"Fur thermore, a direct loan may be secured or unsecured.","page_number":50,"box":{"x":70,"y":438,"width":405,"height":11}},{"id":"6ae56034-d8bf-493b-af8b-8a27b3c952f4","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":50,"box":{"x":102,"y":460,"width":750,"height":12}},{"id":"f8fcfa04-9626-4e13-a336-daab9d15d900","block_type":"box","text":"borrower and/or any collateral for payment of interest and repayment of principal. The risks associated with direct","page_number":50,"box":{"x":69,"y":475,"width":813,"height":12}},{"id":"e0372f59-3d6b-418b-b4f3-49efaba1da47","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":50,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"5e6f2029-3a8b-4ab3-9e43-3ab572bc2867","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":50,"box":{"x":70,"y":506,"width":818,"height":11}},{"id":"cf8c953b-2353-4b26-9c78-39c20279c23f","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":50,"box":{"x":69,"y":521,"width":798,"height":11}},{"id":"c5d3eee1-ece7-4927-8bad-2999ab9c17bb","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":50,"box":{"x":69,"y":536,"width":825,"height":11}},{"id":"c631c82e-c7a3-484f-8871-b604ab2b3410","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":50,"box":{"x":70,"y":551,"width":807,"height":11}},{"id":"79ba5b72-5dda-46db-a426-31490a0792a2","block_type":"box","text":"direct loan and/or to value the direct loan.","page_number":50,"box":{"x":69,"y":566,"width":301,"height":11}},{"id":"15ffb3cd-84f7-4306-ad17-b327bda34251","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":50,"box":{"x":101,"y":589,"width":762,"height":11}},{"id":"1abb1557-c287-4a32-a69a-d33b9f67053d","block_type":"box","text":"originate loans on advantageous terms. In originating loans, the Fund will compete with a broad spectrum of lenders.","page_number":50,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"23402a8e-ed8b-4ba5-a522-030f1c44b2bd","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":50,"box":{"x":70,"y":619,"width":836,"height":11}},{"id":"09a11ffc-260f-476b-932c-3d7ba0a4f8a7","block_type":"box","text":"such loans, which could reduce Fund per formance.","page_number":50,"box":{"x":69,"y":634,"width":362,"height":11}},{"id":"1c66a56b-a9c0-4fcd-852b-45fbc5c8dd4f","block_type":"box","text":"As par t of its lending activities, the Fund may originate loans to companies that are experiencing significant","page_number":50,"box":{"x":101,"y":657,"width":767,"height":11}},{"id":"0c5a3519-8f8b-4930-b13f-eec93e2005ac","block_type":"box","text":"financial or business difficulties, including companies involved in bankruptcy or other reorganization and liquidation","page_number":50,"box":{"x":68,"y":672,"width":821,"height":11}},{"id":"de9f80a8-184d-42ba-9837-8e610f8812cb","block_type":"box","text":"proceedings. Although the terms of such financing may result in significant financial returns to the Fund, they involve","page_number":50,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"288effde-fc92-4333-bc0d-f640e2485174","block_type":"box","text":"a substantial degree of risk. The level of analytical sophistication, both financial and legal, necessary for successful","page_number":50,"box":{"x":69,"y":702,"width":826,"height":12}},{"id":"9e3dac12-4bea-4333-ab17-86d418068e6d","block_type":"box","text":"financing to companies experiencing significant business and financial difficulties is unusually high.","page_number":50,"box":{"x":68,"y":717,"width":709,"height":12}},{"id":"9472322e-f11c-4e94-80e1-8ab699a9ce1e","block_type":"box","text":"Credit Linked Securities.","page_number":50,"box":{"x":102,"y":740,"width":179,"height":9}},{"id":"19a7174b-3ade-4cfe-841d-3d263d43ab88","block_type":"box","text":"Among the income producing securities in which a Fund may invest are credit linked","page_number":50,"box":{"x":287,"y":740,"width":596,"height":11}},{"id":"88a202b1-5ea7-4d39-b7a8-ce42fa7f9d3e","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":50,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"a162ba34-50f1-482d-880f-665367ff2909","block_type":"box","text":"or basket of derivative instruments, such as credit default swaps, interest rate swaps and other securities, in order","page_number":50,"box":{"x":69,"y":770,"width":823,"height":11}},{"id":"bfe7b839-c743-4e48-95fc-caabce7d9454","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":50,"box":{"x":68,"y":785,"width":827,"height":12}},{"id":"b10a21c9-5b56-4e42-b184-b1e1a95426a8","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":50,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"0704c03b-a325-4beb-920c-3bacc1410583","block_type":"box","text":"traditional income producing securities are not available.","page_number":50,"box":{"x":68,"y":816,"width":404,"height":11}},{"id":"408c982b-fb38-486b-99c6-6c483260a793","block_type":"box","text":"Like an investment in a bond, investments in these credit linked securities represent the right to receive periodic","page_number":50,"box":{"x":102,"y":839,"width":804,"height":11}},{"id":"046aa1e7-b30c-462a-970d-0d1f22842468","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":50,"box":{"x":70,"y":853,"width":780,"height":12}},{"id":"d4251856-0831-4ada-8a7c-8f9f1687a71c","block_type":"box","text":"However, these payments are conditioned on the issuer’s receipt of payments from, and the issuer’s potential","page_number":50,"box":{"x":102,"y":876,"width":785,"height":11}},{"id":"1def4660-d353-421a-bb71-ce4e1b9719ed","block_type":"box","text":"obligations to, the counterpar ties to the derivative instruments and other securities in which the issuer invests. For","page_number":50,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"c49010a7-0e0c-4b76-ae26-96eb11450419","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":50,"box":{"x":70,"y":906,"width":806,"height":12}},{"id":"8f8c8938-b61f-4c2f-a2fd-0b8dc14e22c9","block_type":"box","text":"II-8","page_number":50,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"37174654-9491-4ad0-ad8d-bedbb8d4a86c","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":50,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b3edfd48-8905-4f73-8b41-f2e881244032","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":51,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"e76ac4f8-b36e-4d7c-9362-2ed5d33f461f","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":51,"box":{"x":69,"y":60,"width":826,"height":11}},{"id":"f3ae2997-d51a-4899-a512-c812e4a0b699","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":51,"box":{"x":68,"y":75,"width":807,"height":11}},{"id":"43a7321c-cb9d-4161-aeef-4ae0bde9f1e9","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":51,"box":{"x":69,"y":90,"width":783,"height":11}},{"id":"122f7f15-b76b-48d7-b203-30f697d06805","block_type":"box","text":"investments in these instruments are indirectly subject to the risks associated with derivative instruments, including,","page_number":51,"box":{"x":70,"y":105,"width":833,"height":11}},{"id":"1c1a4baf-589f-410e-9d89-20862ca0b16d","block_type":"box","text":"among others, credit risk, default or similar event risk, counterpar ty risk, interest rate risk, leverage risk and","page_number":51,"box":{"x":69,"y":120,"width":771,"height":12}},{"id":"ed105e2f-b2e8-40ec-8f4d-a8cf75ef4d3a","block_type":"box","text":"management risk. It is also expected that the securities will be exempt from registration under the Securities Act.","page_number":51,"box":{"x":69,"y":135,"width":808,"height":12}},{"id":"11153e88-93ba-4709-ac32-883abacb855d","block_type":"box","text":"Accordingly, there may be no established trading market for the securities and they may constitute illiquid","page_number":51,"box":{"x":68,"y":150,"width":752,"height":12}},{"id":"a0c361aa-a977-4201-9398-83fdf1ca61ce","block_type":"box","text":"investments.","page_number":51,"box":{"x":70,"y":166,"width":89,"height":9}},{"id":"6cd65f36-bf99-4490-8969-3c27d8048098","block_type":"box","text":"Debt Securities.","page_number":51,"box":{"x":102,"y":188,"width":116,"height":9}},{"id":"fe7a0c83-7eab-4fba-932a-d5347251eb14","block_type":"box","text":"Debt securities, such as bonds, involve credit risk. This is the risk that the issuer will not make","page_number":51,"box":{"x":225,"y":188,"width":677,"height":11}},{"id":"17b27ccd-98cb-4254-a013-fbb4d4dee7fb","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":51,"box":{"x":68,"y":203,"width":839,"height":12}},{"id":"0b927e6d-dad3-4916-baeb-b814593a5c35","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":51,"box":{"x":68,"y":218,"width":787,"height":12}},{"id":"081a8da3-7d58-43d6-829d-3f237461d184","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":51,"box":{"x":69,"y":234,"width":828,"height":11}},{"id":"4c56bdf5-a399-4e0f-bf5f-3c8cc9a07504","block_type":"box","text":"a Fund limits its debt investments to U.S. Government Securities.","page_number":51,"box":{"x":69,"y":249,"width":466,"height":9}},{"id":"c51486c0-1ec1-4a7d-b38a-b5c3183cc1fc","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":51,"box":{"x":101,"y":271,"width":784,"height":12}},{"id":"6fa82f49-5e29-415c-847c-e8eb823e7fcf","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":51,"box":{"x":68,"y":286,"width":792,"height":12}},{"id":"fdba3fef-c592-4c75-971d-51045bf2bca4","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":51,"box":{"x":70,"y":302,"width":806,"height":11}},{"id":"60e8dea4-d8ed-48a4-93e7-001667cfa560","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":51,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"42d61efc-c41b-45c8-bca2-b5f6440f6bc6","block_type":"box","text":"rates than will the market price of shor ter-term debt securities.","page_number":51,"box":{"x":69,"y":332,"width":448,"height":11}},{"id":"3de6b38a-b76b-43c8-97fe-3833d69f661a","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":51,"box":{"x":102,"y":355,"width":798,"height":11}},{"id":"2a7acdde-851a-4c4f-a7aa-0d81956604fd","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":51,"box":{"x":69,"y":370,"width":813,"height":11}},{"id":"a98115b1-774c-4798-9f36-04ff8ff4793d","block_type":"box","text":"these fixed-income securities, especially mor tgage-related securities, making them more sensitive to changes in","page_number":51,"box":{"x":68,"y":385,"width":801,"height":11}},{"id":"67caddeb-b088-4e5c-ba23-d108d67ea643","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":51,"box":{"x":70,"y":400,"width":806,"height":11}},{"id":"e569e79a-9e26-4503-8a39-8b587f17d661","block_type":"box","text":"lose value. This is known as extension risk.","page_number":51,"box":{"x":70,"y":415,"width":307,"height":9}},{"id":"c0911828-3675-4b81-961b-63d2c3f7a1f5","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":51,"box":{"x":101,"y":438,"width":778,"height":11}},{"id":"1c503fca-d635-41e7-8338-e9f94e88a680","block_type":"box","text":"interest rates. Fixed-income securities with longer maturities, which tend to produce higher yields, are subject to","page_number":51,"box":{"x":70,"y":453,"width":798,"height":11}},{"id":"a5c030b8-fa80-4cd4-9f9e-9ab00a1950a7","block_type":"box","text":"potentially greater capital appreciation and depreciation than securities with shor ter maturities. The Funds are not","page_number":51,"box":{"x":70,"y":468,"width":812,"height":11}},{"id":"1e9eb914-e1e5-4f2a-9cc0-abceff3d286e","block_type":"box","text":"restricted to any maximum or minimum time to maturity in purchasing individual por tfolio securities, and the average","page_number":51,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"a52ae37b-03ea-480f-ba9a-301dcb4eadd5","block_type":"box","text":"maturity of a Fund’s assets will vary.","page_number":51,"box":{"x":69,"y":498,"width":259,"height":11}},{"id":"89b487d8-fb25-4acb-8a2a-12bc04ac2c6f","block_type":"box","text":"Floating and Variable Rate Securities","page_number":51,"box":{"x":102,"y":521,"width":260,"height":11}},{"id":"6bb77494-74f2-4553-8123-1be9c81aa049","block_type":"box","text":". Cer tain Funds may invest in debt instruments that pay a variable coupon","page_number":51,"box":{"x":364,"y":521,"width":526,"height":11}},{"id":"a9511bfd-070c-4502-8bf1-0d29741fd3d4","block_type":"box","text":"rate. Securities with floating or variable interest rates can be less sensitive to interest rate changes than securities","page_number":51,"box":{"x":69,"y":536,"width":821,"height":11}},{"id":"11d5b46a-6ce5-4d4f-a6ef-f3dbf4b1fc76","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":51,"box":{"x":68,"y":551,"width":834,"height":11}},{"id":"8db18243-de14-4026-afde-f47f277820f2","block_type":"box","text":"rates in general. Conversely, floating rate securities will not generally increase in value if interest rates decline. The","page_number":51,"box":{"x":69,"y":566,"width":820,"height":11}},{"id":"6148066a-e575-4ee5-be03-700e974841ce","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":51,"box":{"x":70,"y":581,"width":838,"height":12}},{"id":"a1a73c46-4ffa-4717-9d81-8babd367b6a4","block_type":"box","text":"the investments. Benchmark interest rates used for floating and variable rate securities may not accurately track","page_number":51,"box":{"x":68,"y":596,"width":804,"height":12}},{"id":"507aec0f-8d19-43d1-9948-46cb56440c05","block_type":"box","text":"market interest rates.","page_number":51,"box":{"x":69,"y":612,"width":153,"height":9}},{"id":"8c5eab1e-9ad9-477f-ae07-0b1b250ab485","block_type":"box","text":"Inflation-Indexed Bonds.","page_number":51,"box":{"x":102,"y":634,"width":169,"height":9}},{"id":"2abffcb6-4f80-40d3-888e-166356f5f31d","block_type":"box","text":"Cer tain Funds may invest in inflation-indexed bonds, which are fixed-income securities or","page_number":51,"box":{"x":278,"y":634,"width":632,"height":11}},{"id":"5dd79986-7be1-4462-83a7-a6a62d48fe96","block_type":"box","text":"other instruments whose principal value is periodically adjusted according to the rate of inflation. Two structures are","page_number":51,"box":{"x":69,"y":649,"width":828,"height":12}},{"id":"645b84bf-4ef4-4008-80ec-01192f75e627","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":51,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"016f3bf3-d42a-41b3-8b0c-fe9067d89277","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":51,"box":{"x":68,"y":680,"width":810,"height":11}},{"id":"5e70b706-17ed-4ada-84b2-0f9cd2fb58b5","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":51,"box":{"x":102,"y":702,"width":792,"height":12}},{"id":"a1634187-ec8d-4d22-9f60-af10b2dd2c6c","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":51,"box":{"x":70,"y":717,"width":833,"height":12}},{"id":"78d34dbd-b827-44cf-8d58-b4bf40585f9b","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":51,"box":{"x":69,"y":732,"width":810,"height":12}},{"id":"142a80a4-6bbb-4ddd-a5e4-cc9367f72a7d","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":51,"box":{"x":70,"y":747,"width":814,"height":12}},{"id":"83b51e8c-4053-4e6d-ab1c-519f51e45888","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":51,"box":{"x":69,"y":762,"width":816,"height":12}},{"id":"187151ea-3854-4aa6-94b4-bdad9aa6584c","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":51,"box":{"x":69,"y":777,"width":828,"height":12}},{"id":"e0b2bd25-5882-4f73-a00d-a1583a22f44a","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":51,"box":{"x":69,"y":792,"width":828,"height":12}},{"id":"89c8f06e-1a65-4cf2-be20-b5ad6bf5c23c","block_type":"box","text":"and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).","page_number":51,"box":{"x":69,"y":807,"width":610,"height":12}},{"id":"318f7283-1e47-4730-94de-de787cc62ab2","block_type":"box","text":"If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be","page_number":51,"box":{"x":102,"y":831,"width":767,"height":11}},{"id":"c85bb540-fb04-4a50-bfa1-c09c8a562b32","block_type":"box","text":"adjusted downward, and, consequently, the interest payable on these securities (calculated with respect to a smaller","page_number":51,"box":{"x":69,"y":846,"width":833,"height":11}},{"id":"790f73ee-4134-44be-9ed8-5e3d9d178fb4","block_type":"box","text":"principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is","page_number":51,"box":{"x":70,"y":861,"width":834,"height":11}},{"id":"0d19b7ed-1388-451d-bdf2-6920dabd2876","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":51,"box":{"x":68,"y":876,"width":795,"height":11}},{"id":"1ffa03fa-fe95-4b59-b53e-73597b6bfc34","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":51,"box":{"x":69,"y":891,"width":788,"height":12}},{"id":"8be30220-5882-4608-a06d-b8c8fd072436","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":51,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"2671b1a0-2b84-491a-81d0-50ecf614c7d2","block_type":"box","text":"II-9","page_number":51,"box":{"x":478,"y":943,"width":22,"height":9}},{"id":"036558fb-a5e9-4119-9836-9734bf04b112","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":51,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1e9841a1-efb7-46dc-914d-b1cc7159d2a8","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":52,"box":{"x":68,"y":45,"width":821,"height":11}},{"id":"11cafdcb-bd97-4a26-be73-230e3000a326","block_type":"box","text":"Fund purchases inflation-indexed bonds offered by foreign issuers, the rate of inflation measured by the foreign","page_number":52,"box":{"x":70,"y":60,"width":792,"height":11}},{"id":"d1cc75e5-1341-4a3e-8d79-e1f1072fa42d","block_type":"box","text":"inflation index may not be correlated to the rate of inflation in the United States.","page_number":52,"box":{"x":70,"y":75,"width":570,"height":11}},{"id":"37ea0174-903c-4382-be65-050b873c4f07","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":52,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"ea739556-93d0-463d-a5ba-509cb5da3344","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":52,"box":{"x":70,"y":113,"width":831,"height":11}},{"id":"6f3338c7-dc01-417f-bd09-d1c7a65d9b1a","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":52,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"85202791-b7b4-43c3-bc34-0e060413a42c","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":52,"box":{"x":70,"y":143,"width":796,"height":10}},{"id":"59832393-6dda-4849-a8b8-c2480fa62370","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":52,"box":{"x":70,"y":158,"width":805,"height":11}},{"id":"738cd116-6166-48c1-8401-74cf3d8e5f6e","block_type":"box","text":"assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in interest rates.","page_number":52,"box":{"x":69,"y":173,"width":824,"height":11}},{"id":"8ba42689-3961-4168-a8d4-489723129a07","block_type":"box","text":"While these securities are expected to be protected from long-term inflationary trends, shor t-term increases in","page_number":52,"box":{"x":101,"y":196,"width":788,"height":11}},{"id":"9142a519-d33f-4b33-8940-801cae9fb68b","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":52,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"bc5900d3-bd65-42ce-970a-2ccc4e607fe6","block_type":"box","text":"changes in currency exchange rates), investors in these securities may not be protected to the extent that the","page_number":52,"box":{"x":69,"y":226,"width":784,"height":11}},{"id":"ef02452c-f472-4f4d-b67c-1db650413ad7","block_type":"box","text":"increase is not reflected in the bond’s inflation measure.","page_number":52,"box":{"x":70,"y":241,"width":403,"height":9}},{"id":"d0e0ab00-265e-495d-9580-61f5a56ca8bb","block_type":"box","text":"In general, the measure used to determine the periodic adjustment of U.S. inflation-indexed bonds is the","page_number":52,"box":{"x":102,"y":264,"width":746,"height":11}},{"id":"819f39bc-f83a-4644-85f0-889fa329146c","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":52,"box":{"x":69,"y":279,"width":786,"height":11}},{"id":"533e1db9-b5af-4839-a991-a5e45db4ce90","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":52,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"c0f74c8f-920a-45f5-a4f2-187cb8a6e052","block_type":"box","text":"food, transpor tation and energy. Inflation-indexed bonds issued by a foreign government are generally adjusted to","page_number":52,"box":{"x":68,"y":309,"width":809,"height":11}},{"id":"e7264444-6b75-4494-8aa2-7caae9ffa861","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":52,"box":{"x":69,"y":324,"width":830,"height":12}},{"id":"764a9515-0ae2-4722-be25-76f8e1ed3637","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":52,"box":{"x":68,"y":339,"width":833,"height":12}},{"id":"92b1679c-d8a6-4410-9f67-040356f9d77f","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":52,"box":{"x":68,"y":355,"width":840,"height":11}},{"id":"c3f84c87-fb06-48f8-81ad-7e37af48cd5a","block_type":"box","text":"United States.","page_number":52,"box":{"x":70,"y":370,"width":99,"height":9}},{"id":"1be75073-9f3f-43d6-b284-3e3e6ab94266","block_type":"box","text":"Any increase in the principal amount of an inflation-indexed bond will be considered taxable ordinary income,","page_number":52,"box":{"x":101,"y":392,"width":774,"height":12}},{"id":"79ed4bde-53f5-4261-b0f2-07afaae2b3ab","block_type":"box","text":"even though investors do not receive their principal until maturity.","page_number":52,"box":{"x":69,"y":408,"width":464,"height":11}},{"id":"19e33ca2-fcb7-4f87-adc9-3b256f31ddee","block_type":"box","text":"Investment Grade Debt Obligations.","page_number":52,"box":{"x":102,"y":430,"width":252,"height":11}},{"id":"5ec559ed-3d9a-4ed3-85f0-03088eef0207","block_type":"box","text":"Cer tain Funds may invest in “investment grade securities,” which are","page_number":52,"box":{"x":360,"y":430,"width":493,"height":11}},{"id":"8ea37ded-3b9e-42ac-9fb9-d4a568b77c09","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":52,"box":{"x":69,"y":445,"width":823,"height":12}},{"id":"16fa5ef6-6285-4b29-8a39-c49f3620a3e2","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":52,"box":{"x":70,"y":460,"width":815,"height":12}},{"id":"f8b55f50-e45b-41a2-8763-4c112c62d4e4","block_type":"box","text":"debt obligations rated in the lowest of the top four ratings (","page_number":52,"box":{"x":69,"y":475,"width":420,"height":12}},{"id":"95775b8a-f914-4d5f-9ad3-5cc3d668b27e","block_type":"box","text":"i.e.","page_number":52,"box":{"x":492,"y":476,"width":20,"height":8}},{"id":"300521f2-5772-4a95-a15e-eac2052d3ca6","block_type":"box","text":", “Baa” by Moody’s or “BBB” by S&P) are considered","page_number":52,"box":{"x":514,"y":476,"width":377,"height":11}},{"id":"5225550b-a4d6-456e-8a10-78cddb1134b4","block_type":"box","text":"to have some speculative characteristics and are more sensitive to economic change than higher rated securities. If","page_number":52,"box":{"x":68,"y":491,"width":829,"height":11}},{"id":"9497677a-f920-41cb-9f75-628a7ceb7479","block_type":"box","text":"an investment grade security of a Fund is subsequently downgraded below investment grade, the Fund’s Manager will","page_number":52,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"375f8381-e76d-4c18-860b-7cba3cc4b084","block_type":"box","text":"consider such an event in determining whether the Fund should continue to hold the security. Subject to its","page_number":52,"box":{"x":69,"y":521,"width":763,"height":11}},{"id":"3e2de34b-3cce-4455-8a4b-1194d17cec38","block_type":"box","text":"investment strategies, there is no limit on the amount of such downgraded securities a Fund may hold.","page_number":52,"box":{"x":70,"y":536,"width":731,"height":11}},{"id":"180e5732-0fb3-42f7-bbce-08117bd285d7","block_type":"box","text":"See Appendix A to this SAI for a description of applicable securities ratings.","page_number":52,"box":{"x":102,"y":559,"width":536,"height":11}},{"id":"9d35a57f-62df-40ec-9624-4b6f12643616","block_type":"box","text":"High Yield Investments (“Junk Bonds”).","page_number":52,"box":{"x":102,"y":582,"width":278,"height":11}},{"id":"c92090c6-ed60-4b49-86cf-abd628687fce","block_type":"box","text":"Non-investment grade or “high yield” fixed-income or conver tible securities commonly known to investors as","page_number":52,"box":{"x":102,"y":604,"width":767,"height":11}},{"id":"b2e5d1ea-8b82-4b76-aa97-7f4b1e1eaf1b","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":52,"box":{"x":70,"y":619,"width":834,"height":11}},{"id":"029173e1-c22a-4315-bdaa-b0937fe01f3f","block_type":"box","text":"that Fund management believes are of comparable quality. While generally providing greater income and oppor tunity","page_number":52,"box":{"x":68,"y":634,"width":828,"height":12}},{"id":"885ed3cb-d4da-4007-8482-8f05ace2bffb","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":52,"box":{"x":68,"y":649,"width":841,"height":12}},{"id":"47f27e77-1de4-4f11-b5e9-ae2a4818d8e8","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":52,"box":{"x":69,"y":664,"width":827,"height":12}},{"id":"fd76abf4-fbc3-41fb-81f8-8916d0473960","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":52,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"4fcf8106-2727-44c8-8433-f0d5afe12404","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":52,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"db151ec6-89e6-45de-9136-b5706bcfcbe1","block_type":"box","text":"ratings may from time to time change, positively or negatively, to reflect developments regarding the issuer’s financial","page_number":52,"box":{"x":69,"y":710,"width":838,"height":11}},{"id":"9b1c6431-eae5-4445-9822-611cf8fe4e1c","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":52,"box":{"x":69,"y":725,"width":817,"height":11}},{"id":"9816b167-b98c-4008-b2db-dc30c80b1236","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":52,"box":{"x":69,"y":740,"width":837,"height":11}},{"id":"f2aa0aa7-bf7f-46ef-b2fa-b9dcc7ab2cbd","block_type":"box","text":"risk than higher rated securities.","page_number":52,"box":{"x":69,"y":755,"width":230,"height":11}},{"id":"77826962-7846-4e37-959c-e3e7c43d1d1a","block_type":"box","text":"The major risks in junk bond investments include the following:","page_number":52,"box":{"x":101,"y":778,"width":447,"height":11}},{"id":"c4ae91c2-b124-4948-9169-d87d4a565b83","block_type":"box","text":"•","page_number":52,"box":{"x":69,"y":801,"width":6,"height":4}},{"id":"ca140b77-087e-4660-9f11-18a6caaa6991","block_type":"box","text":"Junk bonds may be issued by less creditwor thy companies. These securities are vulnerable to adverse changes","page_number":52,"box":{"x":101,"y":798,"width":796,"height":11}},{"id":"469072b5-f30e-4c43-af7a-1b76fe43b9c1","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":52,"box":{"x":102,"y":813,"width":792,"height":11}},{"id":"4ad98d92-4b1f-4ae7-b2fe-2ab8d6ea3cfc","block_type":"box","text":"interest or principal payment obligations because of an economic downturn, specific issuer developments or the","page_number":52,"box":{"x":102,"y":828,"width":799,"height":12}},{"id":"a0553bc5-ea56-4854-8049-00076d8d1eaa","block_type":"box","text":"unavailability of additional financing.","page_number":52,"box":{"x":102,"y":843,"width":256,"height":12}},{"id":"a04c4451-c0ec-4b1d-96a0-e7ff40ef1118","block_type":"box","text":"•","page_number":52,"box":{"x":69,"y":866,"width":6,"height":5}},{"id":"ef6237b0-8a38-4a9a-a94d-4449221609d4","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":52,"box":{"x":101,"y":863,"width":797,"height":12}},{"id":"b1b10941-e53c-4e49-8b5f-40742c692a6d","block_type":"box","text":"investment grade bonds. If the issuer experiences financial stress, it may be unable to meet its debt obligations.","page_number":52,"box":{"x":102,"y":879,"width":804,"height":11}},{"id":"dc508dd4-1fbb-4ead-89d7-c4ef8a687afc","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":52,"box":{"x":101,"y":894,"width":769,"height":11}},{"id":"04551fac-003d-4ab3-8c6e-789b13d334cd","block_type":"box","text":"II-10","page_number":52,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"21fa5642-ca92-42d3-b0bc-1ae938542df8","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":52,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f9646646-3d57-4f07-8cba-aa22ba1f1dd0","block_type":"box","text":"unavailability of additional financing. Issuers of high yield securities are often in the growth stage of their","page_number":53,"box":{"x":102,"y":45,"width":746,"height":11}},{"id":"5ac50300-b9a9-4169-ae49-034a4322a171","block_type":"box","text":"development and/or involved in a reorganization or takeover.","page_number":53,"box":{"x":101,"y":60,"width":432,"height":11}},{"id":"5c68c69c-61d1-4171-a2af-b64c9b959bc0","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"52732037-a22f-4566-a37c-542d99700124","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":53,"box":{"x":101,"y":80,"width":808,"height":11}},{"id":"0e832348-c1c9-45cd-8ea8-4c19c6a6c5d8","block_type":"box","text":"senior obligations are generally paid off before the junior obligations, which will potentially limit a Fund’s ability","page_number":53,"box":{"x":102,"y":95,"width":789,"height":11}},{"id":"23ac07e7-f991-4c59-ade1-fa23a301e491","block_type":"box","text":"to fully recover principal or to receive interest payments when senior securities are in default. Thus, investors in","page_number":53,"box":{"x":101,"y":110,"width":796,"height":11}},{"id":"87dd2e8e-a944-40ac-9a81-53a0ede38c0a","block_type":"box","text":"high yield securities have a lower degree of protection with respect to principal and interest payments than do","page_number":53,"box":{"x":102,"y":125,"width":782,"height":12}},{"id":"05d762d8-3759-471b-9fb2-84d72941d0a6","block_type":"box","text":"investors in higher rated securities.","page_number":53,"box":{"x":102,"y":141,"width":249,"height":11}},{"id":"002a942d-fe04-4d6e-94f9-8a16da9d16dc","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":163,"width":6,"height":5}},{"id":"fc968ef5-6e73-47ec-b73d-0b73399c8cda","block_type":"box","text":"Junk bonds frequently have redemption features that permit an issuer to repurchase the security from a Fund","page_number":53,"box":{"x":101,"y":161,"width":780,"height":11}},{"id":"624feb4a-0283-41f9-8d49-de182707b763","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":53,"box":{"x":102,"y":176,"width":784,"height":11}},{"id":"0fde9e44-f194-48ab-8e6f-4e57556bf7d8","block_type":"box","text":"lower yields and may lose income.","page_number":53,"box":{"x":102,"y":191,"width":242,"height":11}},{"id":"416852cf-a0dd-4be2-9311-05c2a52be21d","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":214,"width":6,"height":4}},{"id":"03dcfca5-ed50-404a-b144-0941afe14466","block_type":"box","text":"Prices of junk bonds are subject to extreme price fluctuations. Negative economic developments may have a","page_number":53,"box":{"x":102,"y":211,"width":772,"height":11}},{"id":"768b3f14-30d4-42cc-9dc3-9eaf5df6d0b4","block_type":"box","text":"greater impact on the prices of junk bonds than on those of other higher rated fixed-income securities.","page_number":53,"box":{"x":101,"y":226,"width":729,"height":11}},{"id":"a771817e-81d2-4cbf-bc88-03ed874bcc5d","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":249,"width":6,"height":5}},{"id":"96e8cc93-47f5-44c6-a8b4-f202a81fa7d2","block_type":"box","text":"Junk bonds may be less liquid than higher rated fixed-income securities even under normal economic conditions.","page_number":53,"box":{"x":101,"y":246,"width":802,"height":11}},{"id":"0b525662-4847-4664-afc4-bda170027e64","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":53,"box":{"x":102,"y":261,"width":768,"height":12}},{"id":"20638fca-dc21-4f83-83f7-5918d337a07b","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":53,"box":{"x":102,"y":276,"width":805,"height":12}},{"id":"8f5b33b3-79fc-4ed5-8428-b4a658ac73f5","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":53,"box":{"x":102,"y":292,"width":781,"height":11}},{"id":"b0b41aaf-c14e-4001-863e-60619516fbde","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":53,"box":{"x":102,"y":307,"width":767,"height":11}},{"id":"edc47239-c9c7-457f-b870-9c145022c14f","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":53,"box":{"x":102,"y":322,"width":806,"height":11}},{"id":"ac293588-4bb2-4469-bd06-2ec34c45f75e","block_type":"box","text":"than in the case of securities trading in a more liquid market.","page_number":53,"box":{"x":101,"y":337,"width":436,"height":11}},{"id":"7396716f-a325-4b32-9468-cfdae955d194","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"1cdb6daf-8fd0-4fc0-89b4-7023507c2fea","block_type":"box","text":"The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated","page_number":53,"box":{"x":101,"y":357,"width":763,"height":11}},{"id":"77c8212c-7984-45f0-8e39-478bab3e2657","block_type":"box","text":"securities. The secondary markets for high yield securities are concentrated in relatively few market makers and","page_number":53,"box":{"x":102,"y":372,"width":798,"height":11}},{"id":"dc6076cf-4461-4a7e-baf1-b16c695dbe02","block_type":"box","text":"par ticipants in the markets are mostly institutional investors, including insurance companies, banks, other","page_number":53,"box":{"x":102,"y":388,"width":759,"height":11}},{"id":"0ce282be-a201-4b70-8357-4cac8ad2a841","block_type":"box","text":"financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower","page_number":53,"box":{"x":101,"y":402,"width":798,"height":12}},{"id":"706f62e8-3490-4919-bc9d-5697f75b3b73","block_type":"box","text":"than that for higher rated securities and the secondary markets could contract under adverse market or","page_number":53,"box":{"x":101,"y":418,"width":739,"height":11}},{"id":"b1699009-325a-40ec-a8d9-8c5f3cade829","block_type":"box","text":"economic conditions independent of any specific adverse changes in the condition of a par ticular issuer. Under","page_number":53,"box":{"x":101,"y":433,"width":792,"height":11}},{"id":"fc6ed13c-e711-4e23-91d6-99f50a54310a","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":53,"box":{"x":101,"y":448,"width":797,"height":11}},{"id":"53429da6-c21c-4d90-bcd4-2acbedc0df51","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":53,"box":{"x":101,"y":463,"width":791,"height":11}},{"id":"b9520421-4cf4-40cc-85b0-7dcde58ad814","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":53,"box":{"x":102,"y":478,"width":777,"height":11}},{"id":"c0a1c54c-dea4-41bc-a6db-bd3d37d968c5","block_type":"box","text":"issue and obtaining accurate market quotations on the issue when valuing a Fund’s assets. Market quotations","page_number":53,"box":{"x":102,"y":493,"width":788,"height":11}},{"id":"894658cf-c4b5-49d2-83c9-ab55afdf9377","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":53,"box":{"x":102,"y":508,"width":797,"height":12}},{"id":"73b23d33-832d-497e-859b-3a63f9cebc7a","block_type":"box","text":"actual prices available for a purchase or sale. When the secondary market for high yield securities becomes","page_number":53,"box":{"x":102,"y":523,"width":769,"height":12}},{"id":"360850f0-a55e-454a-877a-36e4c6cb2d8e","block_type":"box","text":"more illiquid, or in the absence of readily available market quotations for such securities, the relative lack of","page_number":53,"box":{"x":102,"y":538,"width":772,"height":12}},{"id":"a2bb6187-1a3f-422f-a4e0-3f3bdc2a79f8","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":53,"box":{"x":102,"y":554,"width":801,"height":11}},{"id":"0f977818-8ff1-4b53-9cdc-9265279b4922","block_type":"box","text":"role in determining such valuations.","page_number":53,"box":{"x":102,"y":569,"width":252,"height":11}},{"id":"38e30292-bcff-446e-98bb-0858ae2f7e1c","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":592,"width":6,"height":4}},{"id":"4b19799b-d918-4369-98bc-87d1d6015417","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":53,"box":{"x":101,"y":589,"width":808,"height":11}},{"id":"8ef148d9-5650-4bb4-9af6-04babc07bad7","block_type":"box","text":"a defaulting issuer.","page_number":53,"box":{"x":102,"y":604,"width":134,"height":11}},{"id":"d0b9e414-e244-486d-9248-2fc29526c99d","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":627,"width":6,"height":5}},{"id":"ca78352f-dc00-4ebd-9d2b-5a63ab51bc2c","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":53,"box":{"x":101,"y":624,"width":800,"height":11}},{"id":"7b748f88-67bb-400d-a85e-8048782f0c2b","block_type":"box","text":"or expectation of adverse news, whether or not it is based on fundamental analysis. Additionally, prices for high","page_number":53,"box":{"x":102,"y":639,"width":793,"height":12}},{"id":"e52fa66f-6c52-4cf0-886a-c323e327c5a4","block_type":"box","text":"yield securities may be affected by legislative and regulatory developments. These developments could adversely","page_number":53,"box":{"x":101,"y":654,"width":808,"height":12}},{"id":"1b6ff113-e9ca-43ff-914f-ec73cbf937cd","block_type":"box","text":"affect a Fund’s NAV and investment practices, the secondary market for high yield securities, the financial","page_number":53,"box":{"x":102,"y":669,"width":756,"height":12}},{"id":"a0f6fb59-f727-4864-a20e-a8722c56ddf1","block_type":"box","text":"condition of issuers of these securities and the value and liquidity of outstanding high yield securities, especially","page_number":53,"box":{"x":101,"y":685,"width":803,"height":11}},{"id":"57fd6c07-e6b1-44b9-9415-03b895e55d31","block_type":"box","text":"in a thinly traded market. For example, federal legislation requiring the divestiture by federally insured savings","page_number":53,"box":{"x":102,"y":700,"width":781,"height":11}},{"id":"671cc2a7-bcac-431b-b89a-479f97b422d8","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":53,"box":{"x":102,"y":715,"width":798,"height":11}},{"id":"4c6addff-bc04-44fb-98c0-dbf1f82a6426","block_type":"box","text":"corporate issuers of high yield bonds adversely affected the market in the past.","page_number":53,"box":{"x":101,"y":730,"width":566,"height":11}},{"id":"71862e51-1e24-4f00-ad2e-45f2d54cbec3","block_type":"box","text":"•","page_number":53,"box":{"x":69,"y":753,"width":6,"height":5}},{"id":"a93453c2-b8ba-4b3c-8daf-5e377ca99f26","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":53,"box":{"x":101,"y":750,"width":751,"height":11}},{"id":"b3175112-f442-4394-9bd7-3ca6a3bc26f1","block_type":"box","text":"investment grade security’s principal and interest payments, but does not address market value risk. Because","page_number":53,"box":{"x":102,"y":766,"width":786,"height":11}},{"id":"4b033320-7485-455b-a75e-b0f41624e96d","block_type":"box","text":"such ratings of the ratings agencies may not always reflect current conditions and events, in addition to using","page_number":53,"box":{"x":102,"y":780,"width":782,"height":12}},{"id":"205011a5-c899-4ecf-a7a0-7c70a4f6c14d","block_type":"box","text":"recognized rating agencies and other sources, the Manager or sub-adviser per forms its own analysis of the","page_number":53,"box":{"x":102,"y":795,"width":762,"height":12}},{"id":"b1eccbe6-c371-4df9-a2af-a8bd4ded58b7","block_type":"box","text":"issuers whose non-investment grade securities a Fund holds. Because of this, the Fund’s per formance may","page_number":53,"box":{"x":102,"y":811,"width":767,"height":11}},{"id":"2b55542d-b185-4d3d-960a-635eb251ff4c","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":53,"box":{"x":101,"y":826,"width":806,"height":11}},{"id":"f845531e-397f-4ed7-bbff-46496eee0525","block_type":"box","text":"higher-rated securities.","page_number":53,"box":{"x":102,"y":841,"width":161,"height":11}},{"id":"a0ddaf14-34e8-469a-96f5-17c95f70bb5b","block_type":"box","text":"In selecting non-investment grade securities, the Manager or sub-adviser considers factors such as those","page_number":53,"box":{"x":102,"y":863,"width":751,"height":12}},{"id":"edb7d56d-7a0b-4af3-8132-36a2f285e712","block_type":"box","text":"relating to the creditwor thiness of issuers, the ratings and per formance of the securities, the protections afforded","page_number":53,"box":{"x":69,"y":879,"width":814,"height":11}},{"id":"5168c51c-979b-43fd-acb7-340dc5310937","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":53,"box":{"x":68,"y":894,"width":812,"height":11}},{"id":"3f4e2900-db6f-4b9a-b165-18b990f9746c","block_type":"box","text":"investment grade securities held by the Fund for their ability to make required principal and interest payments, as","page_number":53,"box":{"x":70,"y":909,"width":808,"height":11}},{"id":"bd7e74be-a60b-4057-8caa-55a4a035e9e8","block_type":"box","text":"II-11","page_number":53,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"929a3d78-7dd0-4f89-ba88-6ca490d489d8","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":53,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3d211a4d-ea34-44c6-a511-2d69c78a6ea8","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":54,"box":{"x":68,"y":45,"width":825,"height":11}},{"id":"c0a9e791-793e-40ab-a6f4-4ecab8893634","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":54,"box":{"x":70,"y":60,"width":779,"height":11}},{"id":"8da965f0-73e3-4e38-866e-4ddfa959a094","block_type":"box","text":"consider whether the Fund should continue to hold the security.","page_number":54,"box":{"x":69,"y":75,"width":451,"height":11}},{"id":"21190d64-9725-491b-93db-e53729bbbb2e","block_type":"box","text":"In the event that a Fund investing in high yield securities experiences an unexpected level of net redemptions,","page_number":54,"box":{"x":102,"y":98,"width":782,"height":11}},{"id":"38337df0-bedd-4c2e-814c-49783cd07626","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":54,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"22b72f65-a097-4ea0-ae96-016a80fc4cdb","block_type":"box","text":"upon which the Fund’s rate of return is based.","page_number":54,"box":{"x":69,"y":128,"width":328,"height":11}},{"id":"aad2a300-b2d7-415e-b950-fdf28a858792","block_type":"box","text":"The costs attributable to investing in the junk bond markets are usually higher for several reasons, such as","page_number":54,"box":{"x":101,"y":150,"width":764,"height":12}},{"id":"6ddbe75d-6a8f-404b-8517-e225e4210086","block_type":"box","text":"higher investment research costs and higher commission costs.","page_number":54,"box":{"x":69,"y":166,"width":455,"height":11}},{"id":"2f8f1c9a-99a4-4fa0-ac3b-adcf13350029","block_type":"box","text":"Mezzanine Investments.","page_number":54,"box":{"x":102,"y":188,"width":170,"height":9}},{"id":"6b918954-26ab-4b54-b7c8-b1791c622e90","block_type":"box","text":"Cer tain Funds, consistent with their restrictions on investing in securities of a specific","page_number":54,"box":{"x":279,"y":188,"width":612,"height":12}},{"id":"5d0a8934-c323-480b-a7ca-386a11e8e4cb","block_type":"box","text":"credit quality, may invest in cer tain high yield securities known as mezzanine investments, which are subordinated","page_number":54,"box":{"x":69,"y":204,"width":813,"height":11}},{"id":"e52e5aba-84a1-4368-a438-134750104fb6","block_type":"box","text":"debt securities which are generally issued in private placements in connection with an equity security (","page_number":54,"box":{"x":69,"y":219,"width":729,"height":11}},{"id":"a853e2a5-cf04-4a59-a274-bd5f3eb68c86","block_type":"box","text":"e.g.","page_number":54,"box":{"x":800,"y":220,"width":24,"height":10}},{"id":"1b23ba47-8b6a-4e07-984e-5f013d255c62","block_type":"box","text":", with","page_number":54,"box":{"x":827,"y":219,"width":36,"height":10}},{"id":"943a7f1b-1774-42d7-b332-bb322a8d57ea","block_type":"box","text":"attached warrants). Such mezzanine investments may be issued with or without registration rights. Similar to other","page_number":54,"box":{"x":69,"y":234,"width":818,"height":11}},{"id":"c73f9fac-0c7e-445c-880b-1598c67d04c3","block_type":"box","text":"high yield securities, maturities of mezzanine investments are typically seven to ten years, but the expected average","page_number":54,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"e16b6c99-13e7-4410-8fa2-9e563c80e2ab","block_type":"box","text":"life is significantly shor ter at three to five years. Mezzanine investments are usually unsecured and subordinate to","page_number":54,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"54ccc6ae-abef-4ff1-ac44-f3cbef1146fc","block_type":"box","text":"other obligations of the issuer.","page_number":54,"box":{"x":69,"y":279,"width":216,"height":11}},{"id":"d3da05cd-a8b8-48f3-b003-94a7a587bf58","block_type":"box","text":"Pay-in-kind Bonds.","page_number":54,"box":{"x":102,"y":302,"width":127,"height":11}},{"id":"88642ca0-3553-477c-9a13-0ed8217abe58","block_type":"box","text":"Cer tain Funds may invest in pay-in-kind, or PIK, bonds. PIK bonds are bonds which pay","page_number":54,"box":{"x":236,"y":302,"width":615,"height":11}},{"id":"417fc4c7-3ae1-4ab4-ad22-0efe8905ccc0","block_type":"box","text":"interest through the issuance of additional debt or equity securities. Similar to zero coupon obligations, pay-in-kind","page_number":54,"box":{"x":70,"y":317,"width":813,"height":11}},{"id":"d3583b73-0e49-4516-ad8f-800812a931cf","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":54,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"a327a606-2c1f-4bc7-8c1b-c07b77052eef","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":54,"box":{"x":69,"y":347,"width":784,"height":11}},{"id":"2090f657-86bf-413f-b6ed-c558c8c0ce64","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":54,"box":{"x":70,"y":362,"width":783,"height":11}},{"id":"8c435a3b-877e-45ee-baa1-23d904affff9","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":54,"box":{"x":68,"y":377,"width":790,"height":11}},{"id":"61aa4483-19d4-4140-b369-b85ff06be025","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":54,"box":{"x":68,"y":392,"width":831,"height":12}},{"id":"b67676a4-8579-4923-b9ba-910f1676bd64","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":54,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"36aca435-8002-439d-93d8-d865808a2e3c","block_type":"box","text":"federal income and excise taxes, each Fund may be required to distribute income accrued with respect to these","page_number":54,"box":{"x":68,"y":423,"width":798,"height":11}},{"id":"56a6f09c-2146-4af3-a8b2-bd4eaf1153e3","block_type":"box","text":"securities and may have to dispose of por tfolio securities under disadvantageous circumstances in order to generate","page_number":54,"box":{"x":69,"y":438,"width":835,"height":11}},{"id":"6255918d-7da0-40df-a72a-3108ae9ed81d","block_type":"box","text":"cash to satisfy these distribution requirements.","page_number":54,"box":{"x":69,"y":453,"width":336,"height":11}},{"id":"6e8bf14d-802c-4903-82c8-6953fb7f6ce6","block_type":"box","text":"Supranational Entities.","page_number":54,"box":{"x":102,"y":476,"width":160,"height":10}},{"id":"be9c7bd8-35d5-42e2-ae83-73cf008bcfa0","block_type":"box","text":"A Fund may invest in debt securities of supranational entities. Examples of such entities","page_number":54,"box":{"x":268,"y":475,"width":629,"height":12}},{"id":"baa45145-9340-40f0-8883-41628ecb6eea","block_type":"box","text":"include the International Bank for Reconstruction and Development (the World Bank), the European Steel and Coal","page_number":54,"box":{"x":70,"y":491,"width":814,"height":11}},{"id":"1a61a45a-28ec-440b-b187-181cf940c2e9","block_type":"box","text":"Community, the Asian Development Bank and the Inter-American Development Bank. The government members, or","page_number":54,"box":{"x":69,"y":506,"width":817,"height":11}},{"id":"8a171f00-d3af-45a8-bf0f-b01d83f3ccb9","block_type":"box","text":"“stockholders,” usually make initial capital contributions to the supranational entity and in many cases are","page_number":54,"box":{"x":70,"y":521,"width":759,"height":11}},{"id":"98b04e62-b10d-4d7b-83c1-8f02572cd1c2","block_type":"box","text":"committed to make additional capital contributions if the supranational entity is unable to repay its borrowings. There","page_number":54,"box":{"x":69,"y":536,"width":836,"height":11}},{"id":"f20d0573-d439-470a-980b-3a97625feec4","block_type":"box","text":"is no guarantee that one or more stockholders of a supranational entity will continue to make any necessary","page_number":54,"box":{"x":70,"y":551,"width":772,"height":11}},{"id":"1cfdcdb9-7086-4fca-9a6f-2df1fe85017c","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":54,"box":{"x":69,"y":566,"width":830,"height":11}},{"id":"88bb8236-86c9-48c2-82ee-c49e5010286c","block_type":"box","text":"principal on its debt securities, and a Fund may lose money on such investments.","page_number":54,"box":{"x":70,"y":582,"width":580,"height":10}},{"id":"15c5baad-4177-407b-aa94-16cc0bfdf761","block_type":"box","text":"Depositary Receipts (ADRs, EDRs and GDRs).","page_number":54,"box":{"x":102,"y":604,"width":334,"height":11}},{"id":"1039053c-2849-4f7a-9686-496c34f831a8","block_type":"box","text":"Cer tain Funds may invest in the securities of foreign issuers in","page_number":54,"box":{"x":442,"y":604,"width":446,"height":11}},{"id":"49bdce72-c6de-4899-a87d-c840c039e2ef","block_type":"box","text":"the form of Depositary Receipts or other securities conver tible into securities of foreign issuers. Depositary Receipts","page_number":54,"box":{"x":68,"y":619,"width":835,"height":11}},{"id":"77ddf80d-30b1-4270-baef-1f8a861e7d8f","block_type":"box","text":"may not necessarily be denominated in the same currency as the underlying securities into which they may be","page_number":54,"box":{"x":69,"y":634,"width":784,"height":12}},{"id":"a6dce2d9-47d4-44b0-95a9-d1b748aff8d6","block_type":"box","text":"conver ted. The Fund may invest in both sponsored and unsponsored American Depositary Receipts (“ADRs”),","page_number":54,"box":{"x":69,"y":650,"width":781,"height":11}},{"id":"04c40dcc-fe17-42f3-b03d-eb1c674ed839","block_type":"box","text":"European Depositary Receipts (“EDRs”), Global Depositary Receipts (“GDRs”) and other similar global instruments.","page_number":54,"box":{"x":70,"y":665,"width":823,"height":11}},{"id":"42bec14c-7305-4c7f-a1d6-421ef04753a3","block_type":"box","text":"ADRs typically are issued by an American bank or trust company and evidence ownership of underlying securities","page_number":54,"box":{"x":68,"y":680,"width":804,"height":11}},{"id":"177bb319-9591-4882-9536-0481656267b2","block_type":"box","text":"issued by a foreign corporation. EDRs, which are sometimes referred to as Continental Depositary Receipts, are","page_number":54,"box":{"x":70,"y":695,"width":799,"height":11}},{"id":"40e56421-57ae-43cf-acf3-14da767cbe34","block_type":"box","text":"receipts issued in Europe, typically by foreign banks and trust companies, that evidence ownership of either foreign","page_number":54,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"d23f6bc0-fbb4-48c4-8161-d4565ed0d172","block_type":"box","text":"or domestic underlying securities. GDRs are depositary receipts structured like global debt issues to facilitate trading","page_number":54,"box":{"x":69,"y":725,"width":837,"height":11}},{"id":"764db423-d491-441a-b02a-0df2fb3bd746","block_type":"box","text":"on an international basis. In addition to investment risks associated with the underlying issuer, Depositary Receipts","page_number":54,"box":{"x":69,"y":740,"width":825,"height":11}},{"id":"a77e6df0-4d1f-4332-b257-0b23aa317682","block_type":"box","text":"expose a Fund to additional risks associated with the non-uniform terms that apply to Depositary Receipt programs,","page_number":54,"box":{"x":69,"y":755,"width":825,"height":11}},{"id":"9520305e-4794-4902-88fd-f02ed6001c75","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":54,"box":{"x":69,"y":771,"width":780,"height":10}},{"id":"bb4fc17b-f2b8-4ec1-b256-d11318cf4001","block_type":"box","text":"establishes the programs, currency risk and the risk of an illiquid market for Depositary Receipts. Unsponsored ADR,","page_number":54,"box":{"x":69,"y":785,"width":833,"height":12}},{"id":"a7b93118-6a1d-4490-b13c-35e2c42df263","block_type":"box","text":"EDR and GDR programs are organized independently and without the cooperation of the issuer of the underlying","page_number":54,"box":{"x":70,"y":801,"width":796,"height":11}},{"id":"4c77db73-be08-49ef-a9d3-d41f4125d831","block_type":"box","text":"securities. Unsponsored programs generally expose investors to greater risks than sponsored programs and do not","page_number":54,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"6ee3f10b-e09e-4638-bfa2-01ffdf72ee6b","block_type":"box","text":"provide holders with many of the shareholder benefits that come from investing in a sponsored Depositary Receipt.","page_number":54,"box":{"x":70,"y":831,"width":820,"height":11}},{"id":"537f0747-87f1-433b-a387-47ff9f493056","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":54,"box":{"x":68,"y":846,"width":827,"height":11}},{"id":"38942537-9305-40c5-be55-d31faedde7d8","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":54,"box":{"x":70,"y":861,"width":825,"height":11}},{"id":"d7cdcaea-a541-45b0-9245-0cb0cf3d9f76","block_type":"box","text":"issuer. Depositary Receipts are generally subject to the same risks as the foreign securities that they evidence or","page_number":54,"box":{"x":70,"y":876,"width":810,"height":11}},{"id":"41ba039a-cdf7-454c-b540-f51d895b8b57","block_type":"box","text":"into which they may be conver ted. Investments in ADRs, EDRs and GDRs present additional investment","page_number":54,"box":{"x":70,"y":891,"width":737,"height":11}},{"id":"5bee2392-4796-4dd1-8610-fb7be0fbb2fd","block_type":"box","text":"considerations as described under “Foreign Investment Risks.”","page_number":54,"box":{"x":69,"y":907,"width":449,"height":11}},{"id":"2be5279e-9828-479d-89b8-9d8db745c806","block_type":"box","text":"II-12","page_number":54,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ff043de5-c8ac-418a-9d83-89b00569fcff","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":54,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0abe96b2-b009-4246-b9c9-32db0f68ffe5","block_type":"box","text":"Derivatives.","page_number":55,"box":{"x":102,"y":45,"width":84,"height":9}},{"id":"50737a78-2d72-47a1-a684-313901157fd8","block_type":"box","text":"General.","page_number":55,"box":{"x":102,"y":67,"width":58,"height":9}},{"id":"d8431b76-2ff9-4c74-a7a5-08e48543660b","block_type":"box","text":"Each Fund may use instruments referred to as derivatives, which are financial instruments that derive","page_number":55,"box":{"x":167,"y":67,"width":725,"height":11}},{"id":"19301f5f-0342-46d3-820d-702025673d22","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":55,"box":{"x":68,"y":82,"width":836,"height":12}},{"id":"95b8135c-f2b7-4c32-af71-a1cdced1ea28","block_type":"box","text":"indices (a measure of value or rates, such as the S&P 500 Index or the prime lending rate) or other reference asset.","page_number":55,"box":{"x":70,"y":98,"width":829,"height":11}},{"id":"782efbef-f0d0-4db8-984a-6b948c0b8f4e","block_type":"box","text":"Derivatives may allow a Fund to increase or decrease the level of risk to which the Fund is exposed more quickly and","page_number":55,"box":{"x":70,"y":113,"width":830,"height":11}},{"id":"c704936e-f2ed-4b33-9e4b-acf42b9db429","block_type":"box","text":"efficiently than with other transactions. Cer tain Funds may use derivatives to maintain a por tion of their long and","page_number":55,"box":{"x":69,"y":128,"width":804,"height":11}},{"id":"b4e48f00-35fa-418a-8714-62222d53241b","block_type":"box","text":"shor t positions. Unless otherwise permitted, no Fund may use derivatives to gain exposure to an asset or asset","page_number":55,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"735cdcc2-b8b8-465d-9459-6b5dc1d49b7f","block_type":"box","text":"class it is prohibited by its investment restrictions from purchasing directly. As described below, derivatives can be","page_number":55,"box":{"x":69,"y":158,"width":816,"height":11}},{"id":"6c51876e-7ca8-4b49-9055-d3cdb4747ac0","block_type":"box","text":"used for hedging or speculative purposes. Funds will engage in transaction-level payment netting,","page_number":55,"box":{"x":69,"y":173,"width":691,"height":11}},{"id":"f1bda924-9465-4b29-809e-b1d1c52b1a92","block_type":"box","text":"i.e.","page_number":55,"box":{"x":768,"y":173,"width":20,"height":9}},{"id":"0ce43aab-7e24-4a68-ade0-64190428a2c4","block_type":"box","text":", the payment","page_number":55,"box":{"x":791,"y":173,"width":96,"height":11}},{"id":"baa4f2a7-1b22-4a09-ba89-3755d3a244b7","block_type":"box","text":"obligations of derivatives contracts are netted against one another with the Fund receiving or paying, as the case may","page_number":55,"box":{"x":69,"y":188,"width":839,"height":12}},{"id":"962e97d9-c94b-4af0-b223-1536ce19582b","block_type":"box","text":"be, only the net amount of the two payment streams.","page_number":55,"box":{"x":69,"y":203,"width":378,"height":12}},{"id":"98948847-c164-4ff4-ad97-bbeb0a2e4a9e","block_type":"box","text":"Hedging.","page_number":55,"box":{"x":102,"y":226,"width":60,"height":11}},{"id":"191264ed-4ac0-411d-aa83-c093c47c9791","block_type":"box","text":"Each Fund may use derivatives for hedging purposes, in which a derivative is used to offset the risks","page_number":55,"box":{"x":169,"y":226,"width":717,"height":11}},{"id":"251018c1-6b1f-49ab-9c09-18b93f8eda36","block_type":"box","text":"associated with other Fund holdings. Losses on other investments may be substantially reduced by gains on a","page_number":55,"box":{"x":69,"y":241,"width":786,"height":11}},{"id":"df221293-de9d-466f-b8f3-7a41cd2b8196","block_type":"box","text":"derivative that reacts in an opposite manner to market movements. Although hedging may reduce losses, it may also","page_number":55,"box":{"x":69,"y":257,"width":834,"height":11}},{"id":"38baf110-063f-4177-82ff-e403b0deb31c","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":55,"box":{"x":69,"y":271,"width":834,"height":12}},{"id":"fad96b15-30c8-4828-98ec-d13449dcd077","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":55,"box":{"x":70,"y":286,"width":797,"height":12}},{"id":"672fe6a0-c1df-474d-93e9-cb537039593f","block_type":"box","text":"correlation risk,","page_number":55,"box":{"x":69,"y":302,"width":109,"height":10}},{"id":"1c557204-c342-45a2-9680-472c1b9171ec","block_type":"box","text":"i.e.","page_number":55,"box":{"x":186,"y":302,"width":20,"height":9}},{"id":"f0d8a096-76df-4b5c-b886-168f1ff8363b","block_type":"box","text":", the risk that changes in the value of the derivative will not match those of the holdings being","page_number":55,"box":{"x":209,"y":302,"width":669,"height":11}},{"id":"4bbeffce-c542-49b6-af25-4fe7adec4450","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":55,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"600a23f1-d196-4c2e-92f6-648fbf805513","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":55,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"75041f81-28d4-4a37-ad01-68ccfe637e67","block_type":"box","text":"be effective. No Fund is required to use derivatives to hedge.","page_number":55,"box":{"x":69,"y":347,"width":434,"height":11}},{"id":"21ef2820-44fe-4396-8aaa-f824a733c7c2","block_type":"box","text":"Speculation.","page_number":55,"box":{"x":102,"y":370,"width":86,"height":11}},{"id":"8fdccede-6383-4977-8166-e9b05c705966","block_type":"box","text":"Cer tain Funds may also use derivatives for speculative purposes to seek to enhance returns. The","page_number":55,"box":{"x":195,"y":370,"width":694,"height":11}},{"id":"2836d445-32b9-4917-832d-67cfe45c2dfc","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":55,"box":{"x":69,"y":385,"width":831,"height":11}},{"id":"6732e150-a439-4d75-9632-12d33a02ef87","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":55,"box":{"x":70,"y":400,"width":824,"height":11}},{"id":"858d9df2-77b1-4f5b-abdb-fbc6015f2064","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":55,"box":{"x":69,"y":415,"width":831,"height":11}},{"id":"00385fa3-72f8-4810-9f6e-236899ebf618","block_type":"box","text":"in cer tain cases may be unlimited.","page_number":55,"box":{"x":70,"y":430,"width":243,"height":11}},{"id":"149c6c87-2d84-4466-a75f-946166cff162","block_type":"box","text":"Regulation of Derivatives.","page_number":55,"box":{"x":102,"y":453,"width":180,"height":11}},{"id":"6090cf30-1e7b-4ce0-b2a0-02c84272f228","block_type":"box","text":"Rule 18f-4 Under the Investment Company Act.","page_number":55,"box":{"x":102,"y":475,"width":333,"height":12}},{"id":"ae1ac1c4-4815-4a5f-b648-0bcf60d707b5","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to","page_number":55,"box":{"x":442,"y":475,"width":458,"height":12}},{"id":"fa988996-3fbd-479b-9dde-83968ad818a1","block_type":"box","text":"enter into Derivatives Transactions (as defined below) and cer tain other transactions notwithstanding the restrictions","page_number":55,"box":{"x":69,"y":491,"width":833,"height":11}},{"id":"47ba41d7-8edc-4332-a20c-723042dfa482","block_type":"box","text":"on the issuance of “senior securities” under Section 18 of the Investment Company Act. Section 18 of the","page_number":55,"box":{"x":69,"y":506,"width":759,"height":11}},{"id":"ab2c075a-e9de-4afe-b09e-1569a5c59d4c","block_type":"box","text":"Investment Company Act, among other things, prohibits open-end funds, including the Funds, from issuing or selling","page_number":55,"box":{"x":70,"y":521,"width":825,"height":11}},{"id":"146ca249-015e-4545-8a8f-6ae5c7ebf008","block_type":"box","text":"any “senior security,” other than borrowing from a bank (subject to a requirement to maintain 300% “asset","page_number":55,"box":{"x":69,"y":536,"width":763,"height":11}},{"id":"aacf876e-23bf-4503-96c9-2dd8f3b32149","block_type":"box","text":"coverage”).","page_number":55,"box":{"x":69,"y":551,"width":79,"height":11}},{"id":"8e2fe21a-2810-4f24-b41a-ab2b621bfcab","block_type":"box","text":"Under Rule 18f-4, “Derivatives Transactions” include the following: (1) any swap, security-based swap (including","page_number":55,"box":{"x":102,"y":574,"width":796,"height":11}},{"id":"2d0d1bb6-8193-4d8d-9dcb-3599e118912d","block_type":"box","text":"a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination","page_number":55,"box":{"x":69,"y":589,"width":832,"height":11}},{"id":"09dd1eab-0122-4d0b-a9de-88d6dd2f2b5a","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":55,"box":{"x":69,"y":604,"width":840,"height":11}},{"id":"982bbbc0-3f4b-40c6-b8f2-fc120d81b07a","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":55,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"f2a235f7-3456-4d70-b29b-995d2812ae98","block_type":"box","text":"settlement payment or otherwise; (2) any shor t sale borrowing; (3) reverse repurchase agreements and similar","page_number":55,"box":{"x":69,"y":634,"width":791,"height":12}},{"id":"cf0a64fb-f540-4b09-9a61-aedce1093dfb","block_type":"box","text":"financing transactions (","page_number":55,"box":{"x":68,"y":649,"width":166,"height":12}},{"id":"e99f84ab-8296-4cdc-968b-be1741ec890d","block_type":"box","text":"e.g.","page_number":55,"box":{"x":236,"y":651,"width":25,"height":10}},{"id":"8806a331-a16f-4f15-85db-a8e4629cfb8f","block_type":"box","text":", recourse and non-recourse tender option bonds, and borrowed bonds), if a Fund elects to","page_number":55,"box":{"x":263,"y":649,"width":646,"height":11}},{"id":"031a3b89-3120-4ab5-ae1e-854d6cf32279","block_type":"box","text":"treat all of these transactions as Derivatives Transactions under Rule 18f-4; and (4) when-issued or forward-settling","page_number":55,"box":{"x":68,"y":664,"width":825,"height":12}},{"id":"0620202e-2452-443b-bf46-c4b2e3611b2b","block_type":"box","text":"securities (","page_number":55,"box":{"x":69,"y":680,"width":78,"height":11}},{"id":"77d26368-a5ea-4544-a532-1afb75929603","block_type":"box","text":"e.g.","page_number":55,"box":{"x":148,"y":681,"width":25,"height":10}},{"id":"f0da2fe9-898c-4976-a65b-be045deedf51","block_type":"box","text":", firm and standby commitments, including to-be-announced (“TBA”) commitments, and dollar rolls)","page_number":55,"box":{"x":176,"y":680,"width":704,"height":11}},{"id":"b3782618-5a12-4d09-877e-b8e51ca9070d","block_type":"box","text":"and non-standard settlement cycle securities, unless such transactions meet the Delayed-Settlement Securities","page_number":55,"box":{"x":69,"y":695,"width":796,"height":11}},{"id":"c2a610c1-9733-4b1c-b11d-c27a86ac63e8","block_type":"box","text":"Provision (as defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward","page_number":55,"box":{"x":69,"y":710,"width":732,"height":11}},{"id":"c71eb349-4b96-417a-9674-44d88b355e86","block_type":"box","text":"Commitments”).","page_number":55,"box":{"x":69,"y":725,"width":115,"height":11}},{"id":"61fd5c05-96e6-4ffe-ab2a-8d179bb0cba2","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":55,"box":{"x":102,"y":748,"width":805,"height":11}},{"id":"fba8de1d-b838-4eb7-a211-8b283e2d77a6","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":55,"box":{"x":70,"y":763,"width":832,"height":11}},{"id":"678d9c0f-8995-4857-b62b-62ba3e3ff171","block_type":"box","text":"implement a comprehensive written derivatives risk management program (“DRMP”) and comply with a relative or","page_number":55,"box":{"x":70,"y":778,"width":808,"height":11}},{"id":"7a24b550-7023-4a54-afc2-381b5e76d5f0","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":55,"box":{"x":69,"y":793,"width":780,"height":11}},{"id":"58833bfd-f6b3-41b6-a94d-b378e75fb6a9","block_type":"box","text":"“derivatives risk manager,” who is appointed by the Fund’s Board, including a majority of the independent Directors,","page_number":55,"box":{"x":70,"y":808,"width":824,"height":11}},{"id":"5b1a530d-3143-40a9-9232-ad7d68ac81a2","block_type":"box","text":"and periodically reviews the DRMP and repor ts to the Fund’s Board.","page_number":55,"box":{"x":69,"y":823,"width":482,"height":11}},{"id":"f5c38b73-95ff-45aa-8eb0-7a074200dd80","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":55,"box":{"x":102,"y":846,"width":724,"height":11}},{"id":"306514cb-8f59-4683-9894-83ebd4ad9bd2","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":55,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"b3eb571d-0c46-494b-8f35-db13a90c472b","block_type":"box","text":"adopts and implements written policies and procedures reasonably designed to manage its derivatives risks (the","page_number":55,"box":{"x":69,"y":876,"width":803,"height":11}},{"id":"d401e3e8-965d-4c6f-8148-e3afacb6512e","block_type":"box","text":"“Limited Derivatives User Exception”).","page_number":55,"box":{"x":70,"y":891,"width":268,"height":11}},{"id":"f68b5eb7-b7d1-4b35-aedc-cb2b8f4d7603","block_type":"box","text":"II-13","page_number":55,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"31611369-4475-4820-bcb3-7447231ff0a5","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":55,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"63bb48e1-99a5-4394-86c0-e8f4be15afb0","block_type":"box","text":"Dodd-Frank Regulations.","page_number":56,"box":{"x":102,"y":45,"width":171,"height":11}},{"id":"8391612f-3a5b-49b8-9030-aa6e4fa20f97","block_type":"box","text":"The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”),","page_number":56,"box":{"x":279,"y":45,"width":575,"height":11}},{"id":"d207ec3d-4d9f-42bf-a1ca-92bac26ffb9b","block_type":"box","text":"enacted in July 2010, includes provisions that comprehensively regulate the over-the-counter (“OTC”) derivatives","page_number":56,"box":{"x":69,"y":60,"width":800,"height":11}},{"id":"235bb110-6c9d-467a-8268-1f764ecd02a7","block_type":"box","text":"markets for the first time. While the Commodity Futures Trading Commission (“CFTC”) and other U.S. regulators have","page_number":56,"box":{"x":69,"y":75,"width":834,"height":11}},{"id":"f0c102bc-d91c-48cd-a272-00042021add6","block_type":"box","text":"adopted many of the required Dodd-Frank regulations, cer tain regulations have only recently become effective and","page_number":56,"box":{"x":69,"y":90,"width":813,"height":11}},{"id":"f830cb2d-52b5-4eb0-8d8f-018f6a2ac806","block_type":"box","text":"other regulations remain to be adopted. The full impact of Dodd-Frank on the Funds remains uncer tain.","page_number":56,"box":{"x":69,"y":105,"width":733,"height":11}},{"id":"0d83f2ee-d454-4d58-b009-05da8bdf5119","block_type":"box","text":"Many OTC derivatives dealers are required to register with the CFTC as “swap dealers” and/or with the SEC as","page_number":56,"box":{"x":102,"y":128,"width":789,"height":11}},{"id":"ebccf278-f61c-41e9-b1c6-31db9adbe0c8","block_type":"box","text":"“security-based swap dealers”. Registered swap dealers and security-based swap dealers are subject to various","page_number":56,"box":{"x":70,"y":143,"width":797,"height":11}},{"id":"ecb2bb77-8124-4ab2-841b-8d1377ace747","block_type":"box","text":"regulatory requirements, including, but not limited to, margin, recordkeeping, repor ting, transparency, position limits,","page_number":56,"box":{"x":69,"y":158,"width":833,"height":11}},{"id":"43a0ecfd-44a9-4e6e-bd61-76856feca60c","block_type":"box","text":"limitations on conflicts of interest, business conduct standards, minimum capital requirements and other regulatory","page_number":56,"box":{"x":70,"y":173,"width":826,"height":11}},{"id":"3174ae1f-2843-4280-8517-7d9510f96b18","block_type":"box","text":"requirements, which indirectly impact the Funds that enter into transactions with them.","page_number":56,"box":{"x":69,"y":188,"width":618,"height":11}},{"id":"f03f8b28-63d6-439e-8645-de129e9421d7","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":56,"box":{"x":101,"y":211,"width":745,"height":11}},{"id":"ec6353ee-ab01-4f0a-982d-68de8c9b0c1a","block_type":"box","text":"regulated markets and be submitted for clearing to regulated clearinghouses. The SEC is also expected to impose","page_number":56,"box":{"x":69,"y":226,"width":813,"height":11}},{"id":"fb51273d-8fb3-41f5-b549-fa9c749ca41a","block_type":"box","text":"similar requirements on cer tain security-based derivatives in the future. OTC derivatives trades submitted for clearing","page_number":56,"box":{"x":69,"y":241,"width":835,"height":11}},{"id":"6f5cb572-b59b-4438-8c0b-1ccd43adf0f1","block_type":"box","text":"are subject to minimum initial and variation margin requirements set by the relevant clearinghouse, as well as margin","page_number":56,"box":{"x":69,"y":257,"width":837,"height":11}},{"id":"4a394914-7126-4544-8e17-9e7212d0e764","block_type":"box","text":"requirements mandated by the CFTC, SEC and/or federal prudential regulators. In addition, futures commission","page_number":56,"box":{"x":69,"y":271,"width":794,"height":12}},{"id":"3e71b8f7-3517-4554-a999-ebf5bf192df1","block_type":"box","text":"merchants (“FCMs”), who act as clearing members on behalf of customers for cleared OTC derivatives and futures","page_number":56,"box":{"x":69,"y":286,"width":815,"height":12}},{"id":"a8161b05-487e-4c8b-9545-67df0264b921","block_type":"box","text":"contracts, also have discretion to increase a Fund’s margin requirements for these transactions beyond any","page_number":56,"box":{"x":69,"y":302,"width":770,"height":11}},{"id":"b2e49c7e-e63e-44e0-a9ea-8e5b752cc481","block_type":"box","text":"regulatory and clearinghouse minimums subject to any restrictions on such discretion in the documentation between","page_number":56,"box":{"x":69,"y":317,"width":831,"height":11}},{"id":"b67e1971-0b40-496e-857a-3413552cea15","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":56,"box":{"x":68,"y":332,"width":804,"height":11}},{"id":"b06f66c9-7737-4af7-a963-777aeb2a386a","block_type":"box","text":"enter into highly tailored or customized transactions, potentially rendering cer tain investment strategies impossible or","page_number":56,"box":{"x":69,"y":347,"width":839,"height":11}},{"id":"8294bee1-55c7-4768-8041-e5c3b0877f9c","block_type":"box","text":"not economically feasible. If a Fund decides to execute and clear cleared OTC derivatives and/or futures contracts","page_number":56,"box":{"x":69,"y":362,"width":814,"height":11}},{"id":"469c1308-e40f-4263-bbce-f9843cdae9e4","block_type":"box","text":"through execution facilities, exchanges or clearinghouses, either indirectly through an executing broker, clearing","page_number":56,"box":{"x":68,"y":377,"width":796,"height":12}},{"id":"26e415dd-2fc3-495b-9941-09798b92e8c0","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":56,"box":{"x":69,"y":392,"width":793,"height":12}},{"id":"a7757706-b0de-4938-9e56-d5bdb2fb61db","block_type":"box","text":"exchange or clearinghouse and other applicable law.","page_number":56,"box":{"x":69,"y":408,"width":370,"height":11}},{"id":"26727a71-7fb8-4cd8-b681-e47c2dbd6186","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":56,"box":{"x":101,"y":430,"width":766,"height":11}},{"id":"ecfd7a82-f1c8-4b04-a2ac-d44f7922b983","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":56,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"fc77e7ba-4310-4ec3-89bc-5414f11f44f2","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":56,"box":{"x":69,"y":460,"width":825,"height":12}},{"id":"721203c2-5ea7-454f-b616-7190e2b9b94a","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":56,"box":{"x":70,"y":475,"width":791,"height":12}},{"id":"c3578964-c11b-4073-8dc6-0994c0adcb3f","block_type":"box","text":"obligations to the clearinghouse simultaneously with a customer’s failure to meet its obligations to the clearing","page_number":56,"box":{"x":69,"y":491,"width":793,"height":11}},{"id":"6a318833-93e7-4868-9a25-f4f610a29062","block_type":"box","text":"member.","page_number":56,"box":{"x":69,"y":506,"width":60,"height":9}},{"id":"51e94246-0363-4a60-8a94-a30c939ca8cd","block_type":"box","text":"Clearing member FCMs are required to post initial margin to the clearinghouses through which they clear their","page_number":56,"box":{"x":102,"y":529,"width":782,"height":11}},{"id":"508b746c-faf2-4b4f-85ad-9e26b2464226","block_type":"box","text":"customers’ cleared OTC derivatives and futures contracts, instead of using such initial margin in their businesses, as","page_number":56,"box":{"x":69,"y":543,"width":837,"height":12}},{"id":"7c229824-b9c6-43f6-8933-be2be837efb9","block_type":"box","text":"was widely permitted for OTC derivatives before Dodd-Frank. While an FCM may require its customer to post initial","page_number":56,"box":{"x":68,"y":559,"width":811,"height":11}},{"id":"c03f4a60-b77b-46aa-a0f2-5a6f74af0b5f","block_type":"box","text":"margin in excess of clearinghouse requirements, and cer tain clearinghouses may share a por tion of their earnings on","page_number":56,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"e7e4faec-3af9-49df-ab0b-2e22c5d4af3d","block_type":"box","text":"initial margin with their clearing members, some por tion of the initial margin that is passed through to the","page_number":56,"box":{"x":70,"y":589,"width":754,"height":11}},{"id":"2a1e7935-225d-404a-879f-fb375402ca86","block_type":"box","text":"clearinghouse does not generate earnings for the FCM. The inability of FCMs to earn the same levels of returns on","page_number":56,"box":{"x":69,"y":604,"width":815,"height":11}},{"id":"9e59ca2d-c019-495b-9458-c9f0f6ceffed","block_type":"box","text":"initial margin for cleared OTC derivatives as they could earn with respect to non-cleared OTC derivatives may cause","page_number":56,"box":{"x":70,"y":619,"width":817,"height":11}},{"id":"793c943d-aebc-4465-93cb-6c41c447348c","block_type":"box","text":"FCMs to charge higher fees, or provide less favorable pricing on cleared OTC derivatives than swap dealers will","page_number":56,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"69f78d4d-abf0-43e7-8b9f-ba68bc6a4b2b","block_type":"box","text":"provide for non-cleared OTC derivatives. Fur thermore, customers, including the Funds, are subject to additional fees","page_number":56,"box":{"x":70,"y":649,"width":825,"height":12}},{"id":"2320bae5-e3ad-4059-a21c-5ca3d86ecfd4","block_type":"box","text":"payable to FCMs with respect to cleared OTC derivatives, which may raise the cost to Funds of clearing as compared","page_number":56,"box":{"x":70,"y":664,"width":829,"height":12}},{"id":"ebe1a1bd-d9f2-4a01-8353-8a097188e5ee","block_type":"box","text":"to trading non-cleared OTC derivatives bilaterally.","page_number":56,"box":{"x":68,"y":680,"width":346,"height":11}},{"id":"7a8af6e3-9d72-47f2-bd03-078d83ca311f","block_type":"box","text":"With respect to uncleared swaps, registered swap dealers and security-based swap dealers are required to","page_number":56,"box":{"x":101,"y":703,"width":762,"height":11}},{"id":"bd0b0e9e-1208-4476-984c-7ff648569730","block_type":"box","text":"exchange variation margin with a Fund and may be required by applicable regulations to collect (and in some cases","page_number":56,"box":{"x":69,"y":718,"width":820,"height":11}},{"id":"2616ab55-3085-4e95-b1ee-d650825f8258","block_type":"box","text":"exchange) initial margin with a Fund. Both initial and variation margin may be comprised of cash and/or securities,","page_number":56,"box":{"x":69,"y":732,"width":816,"height":12}},{"id":"c3ee456e-5db6-4a6e-8f3b-cbf842d88a6a","block_type":"box","text":"subject to applicable regulatory haircuts and other restrictions. Shares of investment companies (other than cer tain","page_number":56,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"bda58eed-cbb1-4f4c-a55e-2e114f778599","block_type":"box","text":"money market funds) may not be posted as collateral under applicable regulations.","page_number":56,"box":{"x":69,"y":763,"width":590,"height":11}},{"id":"7a34499a-2362-403d-9c8d-cf6d4b43213a","block_type":"box","text":"The CFTC, cer tain foreign regulators, and many futures exchanges have established (and continue to evaluate","page_number":56,"box":{"x":101,"y":785,"width":783,"height":12}},{"id":"d956d806-0080-4d8b-92d1-5fec0df4a47c","block_type":"box","text":"and monitor) speculative position limits (“position limits”) on the maximum speculative position which any person, or","page_number":56,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"d8ed0b87-ec95-4488-a7e2-d18098a3bf3c","block_type":"box","text":"group of persons acting in concer t, may hold or control in par ticular contracts. In addition, U.S. federal position limits","page_number":56,"box":{"x":68,"y":816,"width":837,"height":11}},{"id":"a155a8fb-a04c-4569-ae1a-ebd394b821a5","block_type":"box","text":"apply to swaps that are economically equivalent to futures contracts on cer tain agricultural, metals and energy","page_number":56,"box":{"x":69,"y":831,"width":789,"height":11}},{"id":"72d0ae62-19be-4ae8-800e-5dc16bc3f05c","block_type":"box","text":"commodities. All positions owned or controlled by the same person or entity, even if in different accounts, must be","page_number":56,"box":{"x":69,"y":846,"width":818,"height":11}},{"id":"bc3d2984-0ef7-4b35-9308-5f859030ecdb","block_type":"box","text":"aggregated for purposes of complying with the speculative limits. Thus, even if a Fund does not intend to exceed","page_number":56,"box":{"x":69,"y":861,"width":801,"height":11}},{"id":"c063d486-a815-4122-8050-fe2bf98b7452","block_type":"box","text":"applicable position limits, it is possible that different clients managed by the Manager and its affiliates may be","page_number":56,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"52098c93-8e06-4f60-93bd-e9dcfeadeaa6","block_type":"box","text":"aggregated for this purpose. Therefore, the trading decisions of the Manager may have to be modified and positions","page_number":56,"box":{"x":69,"y":891,"width":827,"height":12}},{"id":"119ab88e-0f8a-4bfc-b1af-8d8495c1f012","block_type":"box","text":"held by a Fund liquidated in order to avoid exceeding such limits. The modification of investment decisions or the","page_number":56,"box":{"x":69,"y":906,"width":805,"height":12}},{"id":"b4274b3a-e59a-491f-9707-57201b60760a","block_type":"box","text":"II-14","page_number":56,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"11362c02-c7c2-461f-9788-db45e0c3c50e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":56,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8338c505-2b1b-4de9-861c-907ad6765b53","block_type":"box","text":"elimination of open positions, if it occurs, may adversely affect the profitability of a Fund. A violation of position limits","page_number":57,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"7d8a8304-e99a-4e69-a5dd-0d965588d17d","block_type":"box","text":"could also lead to regulatory action materially adverse to a Fund’s investment strategy. A Fund may also be affected","page_number":57,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"f33958dd-5e19-4304-8552-9e21754a948d","block_type":"box","text":"by other regimes, including those of the European Union and United Kingdom, and trading venues that impose","page_number":57,"box":{"x":69,"y":75,"width":785,"height":11}},{"id":"1675142f-a274-42e6-9868-a3a7d409e12a","block_type":"box","text":"position limits on commodity derivative contracts.","page_number":57,"box":{"x":70,"y":90,"width":350,"height":11}},{"id":"5d2ca1b9-d1b5-4ac5-aff5-39f90fff14b9","block_type":"box","text":"Additional Regulation of Derivatives.","page_number":57,"box":{"x":101,"y":113,"width":256,"height":11}},{"id":"e704ecc4-ee9a-471f-9214-dc51d6f1f612","block_type":"box","text":"Regulatory bodies outside the U.S. have also passed, proposed, or may","page_number":57,"box":{"x":364,"y":113,"width":513,"height":11}},{"id":"0f3735db-eb88-42eb-9177-5f2a2e0d4043","block_type":"box","text":"propose in the future, legislation similar to Dodd-Frank or other legislation that could increase the costs of","page_number":57,"box":{"x":70,"y":128,"width":757,"height":11}},{"id":"bee60a9b-3b91-4958-a548-d5e5346ce7fb","block_type":"box","text":"par ticipating in, or otherwise adversely impact the liquidity of, par ticipating in the commodities markets. For example,","page_number":57,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"b1a57a5f-650b-4601-b050-b8c34bfe16b3","block_type":"box","text":"the European Market Infrastructure Regulation (Regulation (EU) No 648/2012) (“EMIR”) introduced cer tain","page_number":57,"box":{"x":68,"y":158,"width":762,"height":11}},{"id":"86d98432-2aae-4f64-9aca-3964017d8076","block_type":"box","text":"requirements in respect of OTC derivatives including: (i) the mandatory clearing of OTC derivative contracts declared","page_number":57,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"bd7c60c3-4e32-4bdc-869d-fd5458d57bea","block_type":"box","text":"subject to the clearing obligation; (ii) risk mitigation techniques in respect of uncleared OTC derivative contracts,","page_number":57,"box":{"x":69,"y":188,"width":798,"height":12}},{"id":"ed995107-b583-4cff-b728-64fd6a07ea67","block_type":"box","text":"including the mandatory margining of uncleared OTC derivative contracts; and (iii) repor ting and recordkeeping","page_number":57,"box":{"x":70,"y":203,"width":785,"height":12}},{"id":"a2b75bdc-2534-4c21-8280-53bfd539ac66","block_type":"box","text":"requirements in respect of all derivatives contracts. By way of fur ther example, the European Union Markets in","page_number":57,"box":{"x":69,"y":218,"width":787,"height":12}},{"id":"1644e715-7bd6-4df6-b893-12699aed1790","block_type":"box","text":"Financial Instruments Directive (Directive 2014/65/EU) and Markets in Financial Instruments Regulation (Regulation","page_number":57,"box":{"x":70,"y":234,"width":830,"height":11}},{"id":"c4cc0fef-4d38-41eb-9e0f-a86229b4d5bb","block_type":"box","text":"(EU) No 600/2014) (together “MiFID II”), which have applied since January 3, 2018, govern the provision of","page_number":57,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"07c36476-a56b-4d72-976f-9108e7944ae6","block_type":"box","text":"investment services and activities in relation to, as well as the organized trading of, financial instruments such as","page_number":57,"box":{"x":70,"y":264,"width":812,"height":11}},{"id":"bc4f25fc-e771-4bb5-9d11-71eeab53fb97","block_type":"box","text":"shares, bonds, units in collective investment schemes and derivatives. In par ticular, MiFID II requires European Union","page_number":57,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"2afe4989-e7d4-4f54-9d8f-3d7ecf39e9d6","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":57,"box":{"x":70,"y":294,"width":793,"height":11}},{"id":"9ac14bb0-43e9-4475-8e54-6c5f42f6f9e8","block_type":"box","text":"derivatives traded on European Union trading venues and in “economically equivalent” OTC contracts. If the","page_number":57,"box":{"x":69,"y":309,"width":765,"height":11}},{"id":"899b5bb1-e95b-4c7e-83d6-7bf93867b937","block_type":"box","text":"requirements of EMIR and MiFID II apply, the cost of derivatives transactions is expected to increase.","page_number":57,"box":{"x":69,"y":324,"width":720,"height":11}},{"id":"dda1f848-44de-4126-8f37-af94e6428899","block_type":"box","text":"In addition, regulations adopted by global prudential regulators that are now in effect require cer tain prudentially","page_number":57,"box":{"x":102,"y":347,"width":802,"height":11}},{"id":"531db7c2-ea0e-4875-a682-62c67b110bb4","block_type":"box","text":"regulated entities and cer tain of their affiliates and subsidiaries (including swap dealers) to include in their","page_number":57,"box":{"x":69,"y":362,"width":762,"height":11}},{"id":"fb68b121-1f66-4ef7-8d13-2b42f8e9d97a","block_type":"box","text":"derivatives contracts and cer tain other financial contracts, terms that delay or restrict the rights of counterpar ties","page_number":57,"box":{"x":69,"y":377,"width":810,"height":12}},{"id":"cfb47c78-d528-4e08-a464-0481ffef18a9","block_type":"box","text":"(such as the Funds) to terminate such contracts, foreclose upon collateral, exercise other default rights or restrict","page_number":57,"box":{"x":69,"y":392,"width":812,"height":12}},{"id":"5a68e566-ee84-4dc9-9ba6-68e92323c760","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":57,"box":{"x":68,"y":407,"width":787,"height":12}},{"id":"5735d1df-2d4b-4820-9c45-9a5eb3a0f7cd","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":57,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"6e104bfe-4b46-40dc-a1da-aa12b7378850","block_type":"box","text":"jurisdictions that may apply to a Fund’s counterpar ties located in those jurisdictions. In par ticular, in the United","page_number":57,"box":{"x":67,"y":438,"width":795,"height":11}},{"id":"a5d8bae4-c510-47e3-83b2-8841a9da86ac","block_type":"box","text":"Kingdom and the European Union, governmental authorities could reduce, eliminate or conver t to equity the liabilities","page_number":57,"box":{"x":70,"y":453,"width":835,"height":11}},{"id":"71a84081-4aa8-4650-9c26-72ddd8b9e71c","block_type":"box","text":"to a Fund of a counterpar ty experiencing financial difficulties (sometimes referred to as a “bail in”). It is possible that","page_number":57,"box":{"x":68,"y":468,"width":839,"height":11}},{"id":"4dc730d3-2d11-49df-9a90-074babce94c9","block_type":"box","text":"these requirements, as well as potential additional related government regulation, could adversely affect a Fund’s","page_number":57,"box":{"x":68,"y":483,"width":814,"height":11}},{"id":"3cdf32ea-4963-4dd1-a209-169d07d49a04","block_type":"box","text":"ability to terminate existing derivatives contracts, exercise default rights or satisfy obligations owed to it with","page_number":57,"box":{"x":69,"y":498,"width":773,"height":11}},{"id":"6fccd4d3-b923-473b-adb2-401934483fad","block_type":"box","text":"collateral received under such contracts.","page_number":57,"box":{"x":69,"y":514,"width":288,"height":8}},{"id":"1cbdf61b-d0cc-4083-8a4f-5d76cab2ae9f","block_type":"box","text":"Risk Factors in Derivatives.","page_number":57,"box":{"x":102,"y":536,"width":191,"height":9}},{"id":"3d30b8ad-f594-4883-9085-81c9fdffea66","block_type":"box","text":"There are significant risks that apply generally to derivatives transactions, including:","page_number":57,"box":{"x":101,"y":559,"width":597,"height":11}},{"id":"910395b5-7539-4d8c-992c-af4ec680a2d8","block_type":"box","text":"Correlation Risk","page_number":57,"box":{"x":102,"y":581,"width":114,"height":9}},{"id":"ddfb366d-3cbd-4edc-b99c-57837693a93f","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":57,"box":{"x":220,"y":581,"width":668,"height":12}},{"id":"90d0c10b-5e58-47a8-afe3-e98eb4b8a6dd","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":57,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"59767ca9-feb9-477e-9d64-5833e167f818","block_type":"box","text":"There are a number of factors which may prevent a derivative instrument from achieving the desired correlation (or","page_number":57,"box":{"x":68,"y":612,"width":818,"height":11}},{"id":"36b13b2a-7b07-4b17-8090-9e184d89c043","block_type":"box","text":"inverse correlation) with an underlying asset, rate or index, such as the impact of fees, expenses and transaction","page_number":57,"box":{"x":70,"y":627,"width":806,"height":11}},{"id":"7215869e-e4c4-4700-a4f7-1b6ed2d24712","block_type":"box","text":"costs, the timing of pricing, and disruptions or illiquidity in the markets for such derivative instrument.","page_number":57,"box":{"x":69,"y":642,"width":725,"height":11}},{"id":"6b8c2a12-1133-46a4-b567-cbb11b0f72ce","block_type":"box","text":"Counterpar ty Risk","page_number":57,"box":{"x":102,"y":665,"width":128,"height":11}},{"id":"7aed6570-91d1-4497-95c3-730ee69a5ace","block_type":"box","text":"— the risk that a derivatives transaction counterpar ty will be unable or unwilling to make","page_number":57,"box":{"x":233,"y":665,"width":632,"height":11}},{"id":"fd677b79-af0f-45eb-aebf-164f845f2924","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":57,"box":{"x":70,"y":680,"width":830,"height":11}},{"id":"5be36b0b-fa40-4e5d-bb32-3bf8839752e7","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":57,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"9181c1a6-64e8-4cb7-aee1-dff86e3d9a67","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":57,"box":{"x":69,"y":710,"width":834,"height":11}},{"id":"d37b4dbe-13bb-4d1e-bcb3-42b20c3b16f5","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":57,"box":{"x":70,"y":725,"width":831,"height":11}},{"id":"8518eaac-023d-4961-9e2b-9101a02cbb99","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":57,"box":{"x":69,"y":740,"width":806,"height":11}},{"id":"ee845b28-8e12-4a7c-831d-5779acf30fb4","block_type":"box","text":"engaging in OTC derivatives transactions only with creditwor thy entities that have substantial capital or that have","page_number":57,"box":{"x":69,"y":755,"width":803,"height":11}},{"id":"932dd95c-8e8f-4409-b218-d89ae710d8bf","block_type":"box","text":"provided the Fund with a third-par ty guaranty or other credit suppor t. When a Fund enters into a derivatives","page_number":57,"box":{"x":70,"y":771,"width":760,"height":11}},{"id":"253fd5e3-b1b5-4e1d-86ba-8407b75cf71a","block_type":"box","text":"transaction that is centrally cleared (whether mandatorily or voluntarily), the Fund is subject to the credit risk of the","page_number":57,"box":{"x":68,"y":785,"width":819,"height":12}},{"id":"efd1da4b-791a-4f9d-b532-e72cd63089b8","block_type":"box","text":"clearing house and the clearing member through which it holds its cleared position. Credit risk of market par ticipants","page_number":57,"box":{"x":69,"y":801,"width":834,"height":11}},{"id":"876588e7-c1eb-4f03-8595-e37a4742e745","block_type":"box","text":"with respect to derivatives that are centrally cleared is concentrated in a few clearing houses and increasingly fewer","page_number":57,"box":{"x":68,"y":816,"width":826,"height":11}},{"id":"c3afefd9-2830-40da-b54d-bf569b724826","block_type":"box","text":"clearing members. It is not clear how an insolvency proceeding of a clearing house would be conducted and what","page_number":57,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"f49e6ed2-1e91-4df3-b536-b651a590cbbe","block_type":"box","text":"impact an insolvency of a clearing house would have on the financial system. Also, a Fund will not be fully protected","page_number":57,"box":{"x":70,"y":846,"width":824,"height":11}},{"id":"dee6f284-54dd-44e2-95b8-0e07f9ea599e","block_type":"box","text":"in the event of the bankruptcy of a Fund’s clearing member because the Fund would be limited to recovering only a","page_number":57,"box":{"x":70,"y":861,"width":816,"height":11}},{"id":"981c08f5-d393-417f-827c-190697412490","block_type":"box","text":"pro rata share of the funds held by the clearing member on behalf of customers by account class for cleared","page_number":57,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"ea9f434a-ac21-4b3c-bc12-a25a9763289e","block_type":"box","text":"derivatives. Although a clearing member is required to segregate assets from customers with respect to cleared","page_number":57,"box":{"x":69,"y":891,"width":797,"height":12}},{"id":"5601167f-084c-4790-89e6-faaa4cb41805","block_type":"box","text":"derivatives positions from the clearing member’s proprietary assets, if a clearing member does not comply with the","page_number":57,"box":{"x":69,"y":906,"width":822,"height":12}},{"id":"47d64a98-4aeb-4e2b-b5d1-0423451f5766","block_type":"box","text":"II-15","page_number":57,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27a33c78-6a94-4d72-8909-a38be07605d7","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":57,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"71d91e89-19c8-4aad-88fa-c801a87ef98e","block_type":"box","text":"applicable regulations, or in the event of fraud or misappropriation of customer assets by a clearing member, a Fund","page_number":58,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"7c20037c-72d2-4bac-bf71-de0eb2bf582a","block_type":"box","text":"could have only an unsecured creditor claim in an insolvency of the clearing member with respect to the assets held","page_number":58,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"3cb7c495-735b-47bc-9334-d20266e768af","block_type":"box","text":"by the clearing member.","page_number":58,"box":{"x":69,"y":75,"width":169,"height":11}},{"id":"0ef82394-2fd9-4891-bc99-468017b1e5a2","block_type":"box","text":"Credit Risk","page_number":58,"box":{"x":102,"y":98,"width":78,"height":9}},{"id":"3c5e0f6c-c428-4982-b15f-6499154a8b78","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":58,"box":{"x":184,"y":98,"width":698,"height":11}},{"id":"19c4f561-df58-4c42-a763-0dc5c6cc0d5b","block_type":"box","text":"honor its financial obligations.","page_number":58,"box":{"x":69,"y":113,"width":213,"height":11}},{"id":"60bf9b4e-95df-4d0c-a212-552e3cd99a0c","block_type":"box","text":"Currency Risk","page_number":58,"box":{"x":102,"y":135,"width":98,"height":11}},{"id":"a539571e-6d22-4eb8-9586-150f85e29bab","block_type":"box","text":"— the risk that changes in the exchange rate between two currencies will adversely affect the","page_number":58,"box":{"x":204,"y":135,"width":669,"height":12}},{"id":"c7601cc7-7980-4d4c-91b7-252831bd20a5","block_type":"box","text":"value (in U.S. dollar terms) of a derivative.","page_number":58,"box":{"x":68,"y":150,"width":300,"height":11}},{"id":"6a0983d6-a8ef-4689-92cd-dcb921ca7ca3","block_type":"box","text":"Illiquidity Risk","page_number":58,"box":{"x":102,"y":173,"width":98,"height":11}},{"id":"f7710a5a-30b7-441b-88d1-e52058681c11","block_type":"box","text":"— the risk that cer tain securities or instruments may be difficult or impossible to sell at the time","page_number":58,"box":{"x":204,"y":173,"width":693,"height":11}},{"id":"58ad0dff-017f-42a2-b763-8b0b7989dac8","block_type":"box","text":"or at the price desired by a Fund in connection with payments of margin, collateral, or settlement payments. There","page_number":58,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"db23b470-a6ff-44d3-888e-93a9b721cb3f","block_type":"box","text":"can be no assurance that a Fund will be able to unwind or offset a derivative at its desired price, in a secondary","page_number":58,"box":{"x":69,"y":203,"width":799,"height":12}},{"id":"237c339b-283e-4287-9393-b617f3a10b74","block_type":"box","text":"market or otherwise. It may, therefore, not be possible for the Fund to unwind its position in a derivative without","page_number":58,"box":{"x":69,"y":218,"width":799,"height":12}},{"id":"e173bd57-fa9c-4acc-8c3c-34a132e8a11d","block_type":"box","text":"incurring substantial losses (if at all). Cer tain OTC derivatives, including swaps and OTC options, involve substantial","page_number":58,"box":{"x":70,"y":234,"width":824,"height":11}},{"id":"71c95358-27c2-40af-9c90-63d2c76e51c9","block_type":"box","text":"illiquidity risk. Illiquidity may also make it more difficult for a Fund to ascer tain a market value for such derivatives. A","page_number":58,"box":{"x":70,"y":249,"width":830,"height":11}},{"id":"568a35af-8ee4-4a59-a85b-3bb49bc60a4f","block_type":"box","text":"Fund will, therefore, acquire illiquid OTC derivatives (i) if the agreement pursuant to which the instrument is","page_number":58,"box":{"x":70,"y":264,"width":762,"height":11}},{"id":"87896a18-d6c2-4cc6-8be3-902c47ef93dc","block_type":"box","text":"purchased contains a formula price at which the instrument may be terminated or sold, or (ii) for which the Manager","page_number":58,"box":{"x":70,"y":279,"width":827,"height":11}},{"id":"d836a2cd-7480-4029-81a5-f66228500e98","block_type":"box","text":"anticipates the Fund can receive on each business day at least two independent bids or offers, unless a quotation","page_number":58,"box":{"x":69,"y":294,"width":816,"height":11}},{"id":"e950e556-7256-41b1-b646-3a5232bbea39","block_type":"box","text":"from only one dealer is available, in which case that dealer’s quotation may be used. The illiquidity of the derivatives","page_number":58,"box":{"x":68,"y":309,"width":831,"height":11}},{"id":"df253f13-9354-4433-8997-61a3936b5c17","block_type":"box","text":"markets may be due to various factors, including congestion, disorderly markets, limitations on deliverable supplies,","page_number":58,"box":{"x":69,"y":324,"width":828,"height":12}},{"id":"025df815-bd25-46a9-82fa-abccd8aa309e","block_type":"box","text":"the par ticipation of speculators, government regulation and intervention, and technical and operational or system","page_number":58,"box":{"x":68,"y":339,"width":809,"height":12}},{"id":"3b6103a5-75b8-47e8-95d6-a9aa1d6f5aab","block_type":"box","text":"failures. In addition, the liquidity of a market in an exchange-traded derivative contract may be adversely affected by","page_number":58,"box":{"x":68,"y":355,"width":826,"height":11}},{"id":"f5b88d18-6529-4ff6-bfd2-4490aa34bd49","block_type":"box","text":"“daily price fluctuation limits” established by the exchanges which limit the amount of fluctuation in an exchange","page_number":58,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"a7afd24d-96a0-47f2-96ee-e873ad22e0b5","block_type":"box","text":"traded contract price during a single trading day. Once the daily limit has been reached in the contract, no trades may","page_number":58,"box":{"x":68,"y":385,"width":838,"height":11}},{"id":"7d355c6e-2d78-4b02-972c-5c81ad5a9557","block_type":"box","text":"be entered into at a price beyond the limit, thus preventing the liquidation of open positions. Prices have in the past","page_number":58,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"70a4625d-1cb2-4ebc-8bef-df76c6068697","block_type":"box","text":"moved to the daily limit on a number of consecutive trading days with little to no trading. If it is not possible to close","page_number":58,"box":{"x":69,"y":415,"width":828,"height":11}},{"id":"e4c75f47-7347-4a11-a435-15de5dc350ce","block_type":"box","text":"an open derivative position entered into by the Fund, the Fund would continue to be required to make daily cash","page_number":58,"box":{"x":69,"y":430,"width":796,"height":11}},{"id":"e2d7da10-cb52-4310-9a78-03583f7d012d","block_type":"box","text":"payments of variation margin in the event of adverse price movements. In such a situation, if the Fund has","page_number":58,"box":{"x":70,"y":445,"width":759,"height":12}},{"id":"86c1dff4-87ab-4297-8953-dc53e54e3588","block_type":"box","text":"insufficient cash, it may have to sell por tfolio securities to meet daily variation margin requirements at a time when it","page_number":58,"box":{"x":70,"y":460,"width":837,"height":12}},{"id":"7ed29f17-00f2-47e9-bdb9-a3b349b56b0a","block_type":"box","text":"may be disadvantageous to do so.","page_number":58,"box":{"x":69,"y":476,"width":243,"height":11}},{"id":"80bdba4a-598a-47f1-ba06-1f003baeeebc","block_type":"box","text":"Index Risk","page_number":58,"box":{"x":102,"y":498,"width":73,"height":9}},{"id":"62b6fe1a-f599-45e9-9efe-fed6c9beba51","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":58,"box":{"x":179,"y":498,"width":714,"height":11}},{"id":"a71b8f83-95ef-48c3-ae18-059cb0e74872","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":58,"box":{"x":68,"y":513,"width":800,"height":12}},{"id":"282da441-8566-4ae8-963f-1d6f95562bf2","block_type":"box","text":"reduction in the value of the derivative to below the price that the Fund paid for such derivative.","page_number":58,"box":{"x":69,"y":528,"width":678,"height":11}},{"id":"5062e63c-5c9b-48e0-b3bf-ae598d71bad1","block_type":"box","text":"Legal Risk","page_number":58,"box":{"x":102,"y":551,"width":73,"height":11}},{"id":"0ebf13e8-ce82-4677-977d-5d7bc5fa3331","block_type":"box","text":"— the risk of insufficient documentation, insufficient capacity or authority of counterpar ty, or legality","page_number":58,"box":{"x":179,"y":551,"width":717,"height":11}},{"id":"12922c4c-4cbd-4e34-9110-cc93228eaf6f","block_type":"box","text":"or enforceability of a contract.","page_number":58,"box":{"x":69,"y":566,"width":211,"height":11}},{"id":"091588d1-8272-4e90-a223-862019f52c1d","block_type":"box","text":"Leverage Risk","page_number":58,"box":{"x":102,"y":589,"width":99,"height":11}},{"id":"a7cd4987-557e-40dc-b667-4abe889fcc29","block_type":"box","text":"— the risk that a Fund’s derivatives transactions can magnify the Fund’s gains and losses.","page_number":58,"box":{"x":205,"y":589,"width":648,"height":11}},{"id":"dcecc82b-5296-49ea-85e9-7b980b96ff36","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":58,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"15f73d51-d454-4fb7-9dd5-fe1ad75f50ec","block_type":"box","text":"in losses that greatly exceed the amount originally invested.","page_number":58,"box":{"x":70,"y":619,"width":425,"height":11}},{"id":"8b0f07a2-49c4-4509-b6d5-0874a6ecd6a0","block_type":"box","text":"Market Risk","page_number":58,"box":{"x":102,"y":642,"width":85,"height":9}},{"id":"d30b131b-068a-43bd-8e54-1f60a549b870","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":58,"box":{"x":191,"y":642,"width":716,"height":11}},{"id":"9585f2b1-18a2-4a0c-8b75-b12fb72fe8cc","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":58,"box":{"x":68,"y":657,"width":833,"height":11}},{"id":"41118992-e854-4ecc-9c3e-fd0fcac37c1b","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":58,"box":{"x":69,"y":672,"width":794,"height":11}},{"id":"fb2737a2-b62d-4c12-b8f7-5c08d7731450","block_type":"box","text":"affected.","page_number":58,"box":{"x":69,"y":687,"width":62,"height":9}},{"id":"c8b9c36c-cd43-4c67-82aa-da5b02f5d559","block_type":"box","text":"Operational Risk","page_number":58,"box":{"x":102,"y":710,"width":117,"height":11}},{"id":"4b0750ba-1755-4d95-976e-08cbf2bbeb52","block_type":"box","text":"— the risk related to potential operational issues, including documentation issues, settlement","page_number":58,"box":{"x":223,"y":710,"width":674,"height":11}},{"id":"b4ea46c3-6e9a-4cfb-8c05-ed7236a51e21","block_type":"box","text":"issues, systems failures, inadequate controls and human error.","page_number":58,"box":{"x":70,"y":725,"width":451,"height":11}},{"id":"87d58551-f125-4dea-9c5f-729c19b02bfd","block_type":"box","text":"Valuation Risk","page_number":58,"box":{"x":103,"y":748,"width":99,"height":9}},{"id":"40536f8b-8d25-4893-96e4-9e4634342d5d","block_type":"box","text":"— the risk that valuation sources for a derivative will not be readily available in the market. This is","page_number":58,"box":{"x":206,"y":748,"width":701,"height":11}},{"id":"d1ececeb-fb11-4479-a91f-ebd5f074d9cd","block_type":"box","text":"possible especially in times of market distress, since many market par ticipants may be reluctant to purchase","page_number":58,"box":{"x":70,"y":763,"width":779,"height":11}},{"id":"e4de2537-9de5-4cf9-8794-e799a1012985","block_type":"box","text":"complex instruments or quote prices for them.","page_number":58,"box":{"x":69,"y":778,"width":329,"height":11}},{"id":"164dfb03-8486-4ec4-9602-65bb97b672b2","block_type":"box","text":"Volatility Risk","page_number":58,"box":{"x":103,"y":801,"width":93,"height":11}},{"id":"4a4bb094-c5f8-40fc-9e7d-0dc77674d834","block_type":"box","text":"— the risk that the value of derivatives will fluctuate significantly within a shor t time period.","page_number":58,"box":{"x":200,"y":801,"width":652,"height":11}},{"id":"048e7234-52b2-40f7-b92c-da7a510f082f","block_type":"box","text":"Types of Derivatives Transactions.","page_number":58,"box":{"x":103,"y":823,"width":240,"height":11}},{"id":"a56889dd-6f62-4c37-8e51-670b21de64e7","block_type":"box","text":"A Fund may enter into derivatives transactions in accordance with its investment guidelines and restrictions,","page_number":58,"box":{"x":101,"y":846,"width":771,"height":11}},{"id":"c8ce3a5b-9d39-415e-97b1-d25d9f94a41e","block_type":"box","text":"including the following:","page_number":58,"box":{"x":70,"y":861,"width":159,"height":11}},{"id":"4999117f-952f-42b8-8551-ac74e3468f66","block_type":"box","text":"Futures.","page_number":58,"box":{"x":102,"y":884,"width":56,"height":9}},{"id":"75407721-176e-4937-91b7-e1c9cc5b2aed","block_type":"box","text":"II-16","page_number":58,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b25ad34b-48b9-4010-a018-5d595bc0ddef","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":58,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0f6cb8ca-2bdd-438b-b915-99691188b897","block_type":"box","text":"A Fund may enter into futures contracts (“futures”) and options on futures contracts. Futures are standardized,","page_number":59,"box":{"x":101,"y":45,"width":791,"height":11}},{"id":"7ee6fac8-c6f9-4572-b5e7-7de42e6ab25e","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":59,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"1ebb17a1-71c3-4d06-a4ce-9bff5d708423","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":59,"box":{"x":69,"y":75,"width":800,"height":11}},{"id":"77afa7c0-0698-4fde-bf2d-dafe2c46cc86","block_type":"box","text":"required to deposit initial margin equal to a percentage of the contract value. Futures contracts are marked to market","page_number":59,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"256f9b9b-acc8-4545-9e21-9aca5de39b6d","block_type":"box","text":"daily for the duration of the contract, and the Fund will either post additional margin or be entitled to a payment, as","page_number":59,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"468e356d-214e-4983-b26c-87110505db55","block_type":"box","text":"applicable, based on the mark-to-market movement of the contract.","page_number":59,"box":{"x":69,"y":120,"width":478,"height":11}},{"id":"11842b45-d208-43f3-bf67-73ff5463bcb9","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":59,"box":{"x":101,"y":143,"width":801,"height":11}},{"id":"546cc114-bc62-4eb9-8a5c-1af1b23a278f","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":59,"box":{"x":69,"y":158,"width":829,"height":11}},{"id":"74653219-a062-4c59-a064-745ca1b2af3b","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":59,"box":{"x":70,"y":173,"width":822,"height":11}},{"id":"9bf4c632-5acb-4ad1-b3f2-baf12044c46f","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":59,"box":{"x":68,"y":188,"width":830,"height":12}},{"id":"9b229a66-8eed-43dc-8502-44ebebf8a573","block_type":"box","text":"of the futures contract.","page_number":59,"box":{"x":69,"y":203,"width":162,"height":9}},{"id":"39809cd1-c4f8-44b0-a3e2-adfb858963a3","block_type":"box","text":"The purchase of a futures contract may provide a Fund a lower cost alternative to purchasing securities or","page_number":59,"box":{"x":101,"y":226,"width":756,"height":11}},{"id":"1658193d-1225-483d-bfb4-ed725ef2a6aa","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":59,"box":{"x":69,"y":241,"width":820,"height":11}},{"id":"5dd21f1c-a0f2-4602-8899-9445ac3bb34f","block_type":"box","text":"complete an anticipatory hedge transaction relating to a futures contract, however, the Fund may realize a loss","page_number":59,"box":{"x":69,"y":256,"width":789,"height":12}},{"id":"a296a127-6926-4ce4-a852-c2d372c6130f","block_type":"box","text":"relating to the futures position.","page_number":59,"box":{"x":69,"y":271,"width":219,"height":12}},{"id":"5cf62f7f-3963-47a6-8fed-2fe559fc87d9","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":59,"box":{"x":102,"y":294,"width":757,"height":11}},{"id":"9b99b62b-3c77-478a-b884-da2b2b18be41","block_type":"box","text":"required to liquidate positions or may not be able to fully implement trading instructions. Any such liquidation or","page_number":59,"box":{"x":69,"y":309,"width":797,"height":11}},{"id":"3d36d176-8d39-4ae4-9498-818422f989aa","block_type":"box","text":"limited implementation could result in substantial costs to a Fund. See “—Regulation of Derivatives — Dodd-Frank","page_number":59,"box":{"x":70,"y":324,"width":816,"height":12}},{"id":"b109b76d-379e-425e-92e2-80b9905018d0","block_type":"box","text":"Regulations” above.","page_number":59,"box":{"x":70,"y":340,"width":140,"height":11}},{"id":"428773b5-e23b-42c3-afb1-e3c51889044a","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":59,"box":{"x":101,"y":362,"width":799,"height":11}},{"id":"5825e1e8-c50e-4090-aa4f-a0113c8f4cc7","block_type":"box","text":"and stock indices. Generally, these strategies would be used under the same market and market sector conditions","page_number":59,"box":{"x":69,"y":377,"width":818,"height":12}},{"id":"c7779c8d-ddf1-4fea-a0d9-ec7859170663","block_type":"box","text":"(","page_number":59,"box":{"x":69,"y":393,"width":3,"height":10}},{"id":"3a13fa83-b763-4d81-8554-9e74f0995042","block_type":"box","text":"i.e.","page_number":59,"box":{"x":74,"y":393,"width":21,"height":8}},{"id":"212f7aec-cd94-448b-bf37-5816f4f2191b","block_type":"box","text":", conditions relating to specific types of investments) in which the Fund entered into futures transactions. A Fund","page_number":59,"box":{"x":97,"y":392,"width":803,"height":12}},{"id":"beb6b082-c18d-41b7-9aa8-dc2a251556b5","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":59,"box":{"x":69,"y":407,"width":830,"height":12}},{"id":"23a24c91-86d2-4a17-8a4a-41721d3cc749","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":59,"box":{"x":68,"y":423,"width":835,"height":11}},{"id":"70bf8e19-47b2-426b-8889-8d8d063d7bed","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":59,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"a5511f1a-730f-4504-a6c5-023084b62aa6","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":59,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"b4437199-a7d5-407b-a1ec-eba7fb0cb6d4","block_type":"box","text":"Fund intends to purchase.","page_number":59,"box":{"x":70,"y":468,"width":183,"height":11}},{"id":"d5e32f62-8567-4154-bbf6-8f8a91adc6ee","block_type":"box","text":"To maintain greater flexibility, a Fund may invest in instruments which have characteristics similar to futures","page_number":59,"box":{"x":101,"y":491,"width":768,"height":11}},{"id":"816910c9-a8d9-486d-bbb4-d5af43156a1b","block_type":"box","text":"contracts. These instruments may take a variety of forms, such as debt securities with interest or principal payments","page_number":59,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"6cfe0714-5e6b-499e-9192-3a4609bb636f","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":59,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"4863f199-d88e-4150-8f04-f42b91691902","block_type":"box","text":"risks of such investments could reflect the risks of investing in futures and securities, including volatility and","page_number":59,"box":{"x":69,"y":536,"width":773,"height":11}},{"id":"53ff76a5-b2cd-4720-8c76-8ffbde86b579","block_type":"box","text":"illiquidity.","page_number":59,"box":{"x":70,"y":551,"width":63,"height":11}},{"id":"4872ad7d-42cc-4421-84ac-82c12296f912","block_type":"box","text":"Futures contracts and options on futures contracts are subject to significant correlation risk, leverage risk,","page_number":59,"box":{"x":102,"y":574,"width":757,"height":11}},{"id":"01473115-d380-46de-bf4b-34ee48f2e9e2","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":59,"box":{"x":70,"y":589,"width":807,"height":11}},{"id":"aea4cd5b-5894-42b2-a2c0-ea5e3b6961d5","block_type":"box","text":"“—Risk Factors in Derivatives” above.","page_number":59,"box":{"x":70,"y":604,"width":269,"height":9}},{"id":"60abc1a4-b007-4393-b4fa-fa3ec92bd85a","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":59,"box":{"x":102,"y":627,"width":791,"height":11}},{"id":"b906969a-af9f-4ee4-a0b7-7a9e8f25add2","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":59,"box":{"x":69,"y":642,"width":838,"height":11}},{"id":"ed78625a-a1d6-4af0-9fcd-445fb71dcf30","block_type":"box","text":"can be emitted by regulated entities, such as manufacturers or energy producers. The regulator then may issue or","page_number":59,"box":{"x":69,"y":657,"width":814,"height":11}},{"id":"653b6039-364c-4716-b618-664ddf185c72","block_type":"box","text":"sell individual “emission allowances” to regulated entities, which can then be traded on the open market. Commodity","page_number":59,"box":{"x":69,"y":672,"width":837,"height":11}},{"id":"5ee0ae37-011e-4b16-9222-9d389f9ed7df","block_type":"box","text":"futures contracts linked to the value of emission allowances are known as “carbon futures.”","page_number":59,"box":{"x":68,"y":687,"width":657,"height":9}},{"id":"cf3fe918-5abb-4bb3-8850-423097061b0f","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":59,"box":{"x":101,"y":710,"width":792,"height":11}},{"id":"662ee3ef-6c59-46e7-b96c-11d0be5d7a78","block_type":"box","text":"for carbon futures contracts. Changes in law, market conditions and expectations, position limits, collateral","page_number":59,"box":{"x":68,"y":725,"width":764,"height":11}},{"id":"b4ea9f1e-4ce3-4cfa-b53d-1a4a05ec44f4","block_type":"box","text":"requirements, and other factors each can impact the supply of and demand for carbon futures contracts. The market","page_number":59,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"ba0a5c8f-7a3a-4f67-aabb-f79875cd75d5","block_type":"box","text":"for carbon futures contracts is still developing and may be subject to periods of illiquidity. During such times it may be","page_number":59,"box":{"x":68,"y":755,"width":841,"height":11}},{"id":"0e02c5b5-265c-4894-9e2c-ce3ed782e036","block_type":"box","text":"difficult or impossible to buy or sell a position at the desired price. Market disruptions or volatility can also make it","page_number":59,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"bf97876d-a95a-42bc-a9ae-d7fb4bf597ff","block_type":"box","text":"difficult to find a counterpar ty willing to transact at a reasonable price and sufficient size.","page_number":59,"box":{"x":69,"y":785,"width":637,"height":12}},{"id":"72cc57d7-3da3-4917-9681-6d6ed1e7c27f","block_type":"box","text":"Swap Agreements.","page_number":59,"box":{"x":102,"y":808,"width":131,"height":11}},{"id":"446942d2-88b6-4161-85e5-e9b75a746e1a","block_type":"box","text":"A Fund may enter into swap agreements for hedging purposes or speculative purposes. Swap agreements are","page_number":59,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"10a06c7e-950c-4bef-91f9-1277ddd7255c","block_type":"box","text":"OTC contracts entered into primarily by financial institutions and institutional investors which may or may not be","page_number":59,"box":{"x":69,"y":846,"width":796,"height":11}},{"id":"d3a27274-adae-4e77-b37a-f9eb97b01289","block_type":"box","text":"cleared by a central clearinghouse. In a standard “swap” transaction, two par ties agree to exchange the returns","page_number":59,"box":{"x":69,"y":861,"width":799,"height":11}},{"id":"48a87202-1488-4d42-b682-c4d355d29153","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":59,"box":{"x":69,"y":876,"width":792,"height":11}},{"id":"63440df6-3961-4701-b331-f17f46964af4","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":59,"box":{"x":68,"y":891,"width":832,"height":12}},{"id":"c10e38e4-05c4-410b-a5bd-b84498804c24","block_type":"box","text":"a “notional amount,”","page_number":59,"box":{"x":69,"y":907,"width":147,"height":10}},{"id":"28f9f01c-bcd3-4c2a-9fb9-cb96e621ee57","block_type":"box","text":"e.g.","page_number":59,"box":{"x":223,"y":908,"width":25,"height":10}},{"id":"e9897d46-acb5-449b-a143-0c712a98ff4f","block_type":"box","text":", the return or increase in value of a par ticular dollar amount invested at a par ticular","page_number":59,"box":{"x":251,"y":906,"width":602,"height":11}},{"id":"f203f0f9-2125-42e1-b3ee-cfb42642eb2f","block_type":"box","text":"II-17","page_number":59,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b6cc217-d239-4c30-8596-d0fd73d46c0e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":59,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ccfa52b4-7acc-4214-9b9e-ee13b3b0d9ff","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":60,"box":{"x":70,"y":45,"width":787,"height":11}},{"id":"370d758d-fcb6-4fb0-9f86-766a10e26fd7","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":60,"box":{"x":69,"y":60,"width":762,"height":11}},{"id":"c45fd9ef-5996-4ad8-a6a0-8a8f8f2ecdfa","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":60,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"cf3069d9-28ce-4022-877f-a1a7c39db493","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":60,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"07f3ccc2-b582-43a7-aaf4-99d23244fb95","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":60,"box":{"x":69,"y":105,"width":835,"height":11}},{"id":"0ab25343-7c7a-4242-83d6-243303dd1a11","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":60,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"7721fd87-c11f-4fcf-bd8b-a489566ddce8","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":60,"box":{"x":69,"y":136,"width":827,"height":11}},{"id":"f89a888a-b1dc-423a-8a40-c5e726f02208","block_type":"box","text":"to use swap agreements may be restricted by the tax rules applicable to registered investment companies.","page_number":60,"box":{"x":68,"y":151,"width":763,"height":11}},{"id":"5dc6d3cb-9b06-4e93-8ddb-e080a06ae730","block_type":"box","text":"Credit Default Swaps and Similar Instruments.","page_number":60,"box":{"x":102,"y":173,"width":329,"height":11}},{"id":"5bab5683-6faa-4a1a-b824-9d973f821a89","block_type":"box","text":"Cer tain Funds may enter into credit default swaps and similar","page_number":60,"box":{"x":438,"y":173,"width":439,"height":11}},{"id":"6cf8dac9-fa33-4ce5-a686-fd342975a219","block_type":"box","text":"instruments. Credit default swaps are standardized agreements in which the protection “buyer” pays the protection","page_number":60,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"4c53976b-ce02-48b3-9144-1cd557f1917a","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":60,"box":{"x":70,"y":203,"width":831,"height":12}},{"id":"64f53b33-1ea4-44c3-a32b-9b9cd87edb39","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":60,"box":{"x":69,"y":218,"width":801,"height":12}},{"id":"391a537f-601f-4480-8c12-56b2109d73f5","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":60,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"d697b363-2d99-4376-925c-ccfc4df6c6bc","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":60,"box":{"x":68,"y":249,"width":798,"height":11}},{"id":"32f049fd-c1d3-45b2-9127-f90d3193f88d","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":60,"box":{"x":69,"y":264,"width":827,"height":11}},{"id":"466c23c7-5124-4e3f-82e2-6b04c7adda33","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":60,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"537d2495-b104-4bc1-b62b-62a32e4d4b7c","block_type":"box","text":"index CDS.","page_number":60,"box":{"x":70,"y":294,"width":75,"height":9}},{"id":"6b485d52-ceb8-48e2-85bf-ebae70aee7c1","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":60,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"89f52ffd-c687-4248-8ac6-11ecd1366b81","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":60,"box":{"x":69,"y":332,"width":806,"height":9}},{"id":"fe1ca233-e7de-47bc-9966-abf5eca1d5ed","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":60,"box":{"x":69,"y":347,"width":828,"height":11}},{"id":"bff65e84-b6d6-4126-9afe-b58d35b00191","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":60,"box":{"x":69,"y":362,"width":804,"height":11}},{"id":"b93a4888-9620-4ca5-b1e1-0e55208489e4","block_type":"box","text":"issuer defaults or restructurings, it has been unclear under the standard industry documentation for credit default","page_number":60,"box":{"x":70,"y":377,"width":812,"height":12}},{"id":"04fb6218-7a4b-41ae-9caf-9c6043fba881","block_type":"box","text":"swaps whether or not a “credit event” triggering the seller’s payment obligation had occurred. Cer tain initiatives","page_number":60,"box":{"x":69,"y":392,"width":798,"height":12}},{"id":"47cdd2ea-5d59-447d-8b81-1ac690537d4d","block_type":"box","text":"adopted by derivatives market par ticipants, including the International Swaps and Derivatives Association (“ISDA”),","page_number":60,"box":{"x":69,"y":408,"width":819,"height":11}},{"id":"2631a85e-f4f9-447b-8806-185374b9e582","block_type":"box","text":"are designed to implement uniform settlement terms into standard credit default swap documentation, as well as","page_number":60,"box":{"x":69,"y":423,"width":810,"height":11}},{"id":"813a4aa7-0574-4071-8fdb-159cc9d5514a","block_type":"box","text":"refine the practices for the transparent conduct of the credit default swap market generally. Among these initiatives","page_number":60,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"64408964-01ab-41fe-b7de-1515c55ae3e4","block_type":"box","text":"are the ISDA Credit Derivatives Determination Committee and the implementation of market-wide cash settlement","page_number":60,"box":{"x":69,"y":453,"width":811,"height":11}},{"id":"30502311-5af4-44eb-b122-b4e726338d9f","block_type":"box","text":"protocols applicable to all market-standard credit default swaps. These initiatives are intended to reduce both the","page_number":60,"box":{"x":70,"y":468,"width":809,"height":11}},{"id":"a99a629f-07e8-4cc3-9c5e-df93938ad166","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":60,"box":{"x":69,"y":483,"width":827,"height":11}},{"id":"0acd18b1-5322-40f7-91c8-c06a3e41dc5d","block_type":"box","text":"Derivatives Determinations Committee will make determinations as to whether a credit event has occurred, establish","page_number":60,"box":{"x":70,"y":498,"width":834,"height":11}},{"id":"062e0aea-47bd-4343-8748-48f4d9d5bdbf","block_type":"box","text":"an auction to determine a settlement price and identify the deliverable securities for purposes of the auction,","page_number":60,"box":{"x":69,"y":513,"width":778,"height":11}},{"id":"423f2103-3fd8-4f3e-afe4-41406aa999bc","block_type":"box","text":"although the ISDA Credit Derivatives Determinations Committee may in cer tain limited circumstances refrain from","page_number":60,"box":{"x":69,"y":528,"width":809,"height":12}},{"id":"072f5e10-b783-4005-99b5-71c9f1b75f14","block_type":"box","text":"doing so. In the event the ISDA Credit Derivatives Determinations Committee cannot reach a timely resolution with","page_number":60,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"9245a2bd-f9a2-4170-bcf0-c25670ce3a0c","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":60,"box":{"x":69,"y":559,"width":807,"height":11}},{"id":"9e616c6b-f58b-4ee1-999d-fcc71f66da70","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":60,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"f36bde59-6626-47fa-9437-d8dabdcd67f4","block_type":"box","text":"into cer tain credit default swaps or similar instruments that may not be covered by these initiatives.","page_number":60,"box":{"x":70,"y":589,"width":711,"height":11}},{"id":"df63f23b-2abe-4159-af04-701900ad2fe4","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":60,"box":{"x":102,"y":612,"width":757,"height":11}},{"id":"494e6830-9a35-4fb5-ba18-a16c64280795","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":60,"box":{"x":69,"y":627,"width":794,"height":11}},{"id":"7f8d7091-c799-497b-91e3-ca268ce56a8f","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":60,"box":{"x":69,"y":642,"width":830,"height":11}},{"id":"bfe86f99-8a45-4b53-b531-ddec76b621ef","block_type":"box","text":"settlement auction, together with the up-front or periodic payments previously received, may be less than the amount","page_number":60,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"90ce43bb-9846-4578-a0ae-2b3f1d22997d","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":60,"box":{"x":70,"y":672,"width":817,"height":11}},{"id":"28654976-fe88-4562-accc-f247e5775ca9","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":60,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"2a040582-8034-4d63-901e-d7026d71e321","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":60,"box":{"x":68,"y":702,"width":833,"height":12}},{"id":"3b658310-9de7-46b0-a006-e6731c64fe4d","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":60,"box":{"x":69,"y":717,"width":837,"height":12}},{"id":"b5284624-fc3e-4741-beae-67b8b3be04f8","block_type":"box","text":"the event the ISDA Credit Derivatives Determinations Committee does not establish a cash settlement auction and","page_number":60,"box":{"x":68,"y":733,"width":820,"height":9}},{"id":"12fa2d98-f236-41c5-b2a1-e2826af27951","block_type":"box","text":"identify the relevant deliverable securities or loans, the credit default swap buyer will have broad discretion to select","page_number":60,"box":{"x":70,"y":748,"width":828,"height":11}},{"id":"70df7ad5-78f5-42cd-9487-b308826b938d","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":60,"box":{"x":68,"y":763,"width":815,"height":11}},{"id":"de159285-9edc-4001-888a-e3efb1526fc5","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":60,"box":{"x":68,"y":778,"width":814,"height":11}},{"id":"aba9952b-e5a6-4359-bf72-476c150a6899","block_type":"box","text":"credit default swaps generally trade on the basis of theoretical pricing and valuation models, which may not","page_number":60,"box":{"x":69,"y":793,"width":766,"height":11}},{"id":"255664a6-ca9b-4c79-8fd3-d06d7e9565ff","block_type":"box","text":"accurately value such swap positions when established or when subsequently traded or unwound under actual market","page_number":60,"box":{"x":69,"y":808,"width":840,"height":11}},{"id":"b064430a-7714-4f97-b2d8-fd129499b148","block_type":"box","text":"conditions.","page_number":60,"box":{"x":69,"y":823,"width":76,"height":9}},{"id":"ae993d22-b59a-42ab-a76f-a3c444806c1d","block_type":"box","text":"Dodd-Frank requires that cer tain index CDS be executed in regulated markets and submitted for clearing to","page_number":60,"box":{"x":102,"y":846,"width":762,"height":11}},{"id":"467c76fb-b47c-4e0d-a0ae-f1a0cbf6489c","block_type":"box","text":"regulated clearinghouses. See “—Derivatives — Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":60,"box":{"x":69,"y":861,"width":824,"height":11}},{"id":"ee5fbbfe-0b15-4613-a78e-14fa78b94e7a","block_type":"box","text":"single-name CDS and index CDS are permitted, although not required, to be cleared through regulated","page_number":60,"box":{"x":69,"y":876,"width":727,"height":11}},{"id":"5aae9478-59b0-47c8-9722-464aeca46978","block_type":"box","text":"clearinghouses. The Funds clear all credit default swaps that are subject to mandatory clearing and may voluntarily","page_number":60,"box":{"x":69,"y":891,"width":819,"height":12}},{"id":"b167a2cf-eabc-4392-9e04-a9da823b9e76","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":60,"box":{"x":69,"y":906,"width":764,"height":12}},{"id":"00158f0b-ffcd-4834-839b-e0a4c673a741","block_type":"box","text":"II-18","page_number":60,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"776cda2d-2508-4af9-b7ee-b5bebd5880f3","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":60,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2e6cf414-5160-43f1-978f-59ffa42a5ada","block_type":"box","text":"counterpar ty risk with respect to the clearinghouse when entering into cleared single-name CDS and cleared index","page_number":61,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"d07aae8c-a7bf-4661-9e78-b5ccbcada670","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":61,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"3bea1044-e11c-42ee-9583-243764068016","block_type":"box","text":"swaps and similar instruments. A Fund typically will enter into non-cleared credit default swaps and similar","page_number":61,"box":{"x":69,"y":75,"width":759,"height":11}},{"id":"e84a7bb4-91b6-4fef-ac2d-781db1a8c216","block_type":"box","text":"instruments with swap dealers and creditwor thy entities that have substantial capital or that have provided the Fund","page_number":61,"box":{"x":70,"y":90,"width":828,"height":11}},{"id":"913e7d83-afcc-4cc4-bbcd-123212dc5bb7","block_type":"box","text":"with a third-par ty guaranty or other credit suppor t.","page_number":61,"box":{"x":68,"y":105,"width":355,"height":11}},{"id":"ed9b6c47-5b91-40eb-ae29-0a684d597dd8","block_type":"box","text":"In cer tain instances, a Fund may enter into bespoke credit default swaps or similar instruments either as","page_number":61,"box":{"x":102,"y":128,"width":750,"height":11}},{"id":"2db63da4-055e-4dd7-ad0e-18c46797433c","block_type":"box","text":"protection buyer or protection seller. While these contracts are similar in their operation to the market-standard credit","page_number":61,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"5559b15e-4cc6-4d13-89d7-e4f6fbf9661a","block_type":"box","text":"default swaps described above, they are less standardized and instead have bespoke or tailored features. For","page_number":61,"box":{"x":69,"y":158,"width":785,"height":11}},{"id":"f042769e-963d-4317-aac1-47d7666039d1","block_type":"box","text":"example, as compared to market-standard credit defaults, the range of “credit events” triggering settlement of such","page_number":61,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"b68aa4e8-fa76-48a0-96b6-081adcee7d04","block_type":"box","text":"bespoke contracts may be narrower or broader, any such triggered contracts are settled by physical delivery of the","page_number":61,"box":{"x":69,"y":188,"width":814,"height":12}},{"id":"41f614b9-60df-4883-bc36-1bf90803df9e","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":61,"box":{"x":69,"y":203,"width":839,"height":12}},{"id":"da30a9b5-8f20-462f-bbd9-ffdd9fd80fa9","block_type":"box","text":"securities as the reference obligations and/or deliverable obligations.","page_number":61,"box":{"x":69,"y":218,"width":495,"height":12}},{"id":"483d5c49-7872-4a02-b491-3bfacb96e826","block_type":"box","text":"In addition, credit default swaps and similar instruments generally involve greater risks than if a Fund had","page_number":61,"box":{"x":102,"y":241,"width":752,"height":11}},{"id":"4640d430-db92-49be-aaf7-e586caa5c713","block_type":"box","text":"invested in the reference obligation directly and are subject to significant credit risk, correlation risk, leverage risk,","page_number":61,"box":{"x":70,"y":256,"width":814,"height":12}},{"id":"0ccd0868-8b0c-43db-badc-19b73bb71833","block_type":"box","text":"illiquidity risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":61,"box":{"x":70,"y":272,"width":520,"height":11}},{"id":"51b6f45c-359a-4576-8748-2b6b2a2ea9e5","block_type":"box","text":"Interest Rate Swaps, Floors and Caps.","page_number":61,"box":{"x":102,"y":294,"width":273,"height":11}},{"id":"5c96b9bb-6dff-481f-b269-b3c8121c5879","block_type":"box","text":"Cer tain Funds may enter into OTC derivatives in the form of interest rate","page_number":61,"box":{"x":381,"y":294,"width":515,"height":11}},{"id":"b2d2d51e-1d8a-4245-9a67-abf50e5fd485","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":61,"box":{"x":69,"y":309,"width":755,"height":11}},{"id":"c548f639-6e18-4065-bafa-4d8b370aefc4","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":61,"box":{"x":68,"y":324,"width":788,"height":12}},{"id":"79854d32-dcdb-44a1-ae13-73dea7a8e547","block_type":"box","text":"duration management technique, to protect against an increase in the price of securities a Fund anticipates","page_number":61,"box":{"x":69,"y":339,"width":768,"height":12}},{"id":"29486501-07b2-4505-9f9b-a183526b9dc6","block_type":"box","text":"purchasing at a later date, or for speculation to increase returns.","page_number":61,"box":{"x":70,"y":355,"width":461,"height":11}},{"id":"bccc96ad-8162-4045-9876-85959fc9e63f","block_type":"box","text":"Dodd-Frank requires that cer tain interest rate swaps be executed in regulated markets and submitted for","page_number":61,"box":{"x":102,"y":377,"width":748,"height":12}},{"id":"b53e372c-4512-4382-81ed-0fa08d0381d4","block_type":"box","text":"clearing to regulated clearinghouses. See “—Regulation of Derivatives — Dodd-Frank Regulations” above. Other","page_number":61,"box":{"x":69,"y":392,"width":799,"height":12}},{"id":"017bc642-abac-4366-8c7c-15c615d66484","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":61,"box":{"x":70,"y":407,"width":829,"height":12}},{"id":"a5db39f6-7f74-40ee-bd2b-ec89f282b5b0","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":61,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"e1a34951-6deb-46f9-8b43-94a015878407","block_type":"box","text":"cleared interest rate swaps.","page_number":61,"box":{"x":69,"y":438,"width":198,"height":11}},{"id":"99de4603-655a-4f45-a357-89b2e693df5d","block_type":"box","text":"The Funds face significant counterpar ty risk with respect to their counterpar ties to non-cleared interest rate","page_number":61,"box":{"x":101,"y":460,"width":766,"height":12}},{"id":"8349876f-538e-41b0-8754-87b4a6f5db53","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":61,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"620f8621-4ff9-4a5a-9a9f-8704182d9b63","block_type":"box","text":"transactions are swap dealers and other creditwor thy entities that have substantial capital or that have provided the","page_number":61,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"d7b0f4fb-ef52-4c70-8fa6-b48f31053c90","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":61,"box":{"x":70,"y":506,"width":822,"height":11}},{"id":"a694f54d-a23a-4799-b5cd-bfa8da24947c","block_type":"box","text":"Fund will have contractual remedies with respect to the transaction but there can be no guarantee that the Fund will","page_number":61,"box":{"x":70,"y":521,"width":824,"height":11}},{"id":"c4f2e3fe-ddd7-4028-8a75-5279d9779156","block_type":"box","text":"be successful in enforcing such remedies. The market for interest rate swaps is relatively liquid in comparison with","page_number":61,"box":{"x":69,"y":536,"width":819,"height":11}},{"id":"d31544cb-acef-4c93-8891-c2727e891e29","block_type":"box","text":"other similar instruments traded in the interbank market. A Fund may be limited in its ability to enter into cer tain","page_number":61,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"345ad209-ec1d-439f-a951-691e961c45dd","block_type":"box","text":"interest rate derivatives due to applicable income tax requirements.","page_number":61,"box":{"x":70,"y":566,"width":480,"height":11}},{"id":"a0851ef0-3147-4e3a-b25e-9a8ebe584510","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":61,"box":{"x":102,"y":589,"width":790,"height":11}},{"id":"65672d65-82b5-4b6e-9066-2788d8904e1e","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":61,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"1a79bc40-fff6-4d4e-9208-b2329522babd","block_type":"box","text":"or variable interest rate, index or asset.","page_number":61,"box":{"x":69,"y":619,"width":280,"height":11}},{"id":"8aec48d3-791f-4d4e-bc18-101eaad49906","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":61,"box":{"x":101,"y":642,"width":780,"height":11}},{"id":"e309c417-50c4-47d2-a1d0-b4ef7fd1b29e","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":61,"box":{"x":70,"y":657,"width":805,"height":11}},{"id":"55ea75dd-fbba-455c-b058-d3fbc65bd35f","block_type":"box","text":"such interest rate floor.","page_number":61,"box":{"x":69,"y":672,"width":165,"height":9}},{"id":"41d5a81a-c0ea-4080-86e6-9bc40344bbb9","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":61,"box":{"x":101,"y":695,"width":780,"height":11}},{"id":"5c0a3aee-a8f1-4af9-bb45-48ed190904f0","block_type":"box","text":"predetermined interest rate, to receive payments of interest on a notional principal amount from the par ty selling","page_number":61,"box":{"x":70,"y":710,"width":805,"height":11}},{"id":"4f7a5375-90a8-4f7a-9600-28124300a0aa","block_type":"box","text":"such interest rate cap.","page_number":61,"box":{"x":69,"y":725,"width":159,"height":11}},{"id":"f1312620-01de-4471-b223-f840be2757bd","block_type":"box","text":"A Fund may enter into an interest rate swap to effectively exchange with another par ty their respective","page_number":61,"box":{"x":101,"y":748,"width":729,"height":11}},{"id":"be4aab14-6fde-412b-9ea9-0152ae0dedda","block_type":"box","text":"commitments to pay or receive interest,","page_number":61,"box":{"x":69,"y":763,"width":282,"height":11}},{"id":"f7c86cea-f35b-4bb7-88ad-54e3240502c0","block_type":"box","text":"e.g.","page_number":61,"box":{"x":359,"y":764,"width":24,"height":10}},{"id":"aefdee18-1fc0-45b2-8445-aa9e07353b6d","block_type":"box","text":", an exchange of fixed rate payments for floating rate payments. For","page_number":61,"box":{"x":386,"y":763,"width":482,"height":11}},{"id":"53420607-1a93-458a-ba6b-7be0cdd99097","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":61,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"6466d33c-83b0-406f-8020-cca9686e3a22","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":61,"box":{"x":69,"y":793,"width":823,"height":11}},{"id":"a6741d9f-6a8f-46a6-889c-7f0fb37ddbd1","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":61,"box":{"x":68,"y":808,"width":832,"height":11}},{"id":"a079e980-17ed-4820-a0c7-0d7e59f0aef8","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":61,"box":{"x":69,"y":823,"width":807,"height":12}},{"id":"e145f172-40f9-44c7-93fc-d1417423f70b","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":61,"box":{"x":69,"y":839,"width":836,"height":11}},{"id":"915738a2-c833-4591-a635-7f6aad3cf286","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":61,"box":{"x":69,"y":853,"width":826,"height":12}},{"id":"2a97131b-aac5-4afc-b1e3-67d295c8a79e","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":61,"box":{"x":69,"y":869,"width":840,"height":11}},{"id":"23a9521d-6d0d-461f-a7e0-69937292190b","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":61,"box":{"x":69,"y":884,"width":810,"height":11}},{"id":"a1532fe9-5448-46f5-a7b3-46b373c73f7d","block_type":"box","text":"year interest rates, but would preclude it from taking full advantage of rising interest rates.","page_number":61,"box":{"x":68,"y":899,"width":646,"height":11}},{"id":"49cb28ec-c355-4e92-87f9-4c554f37b3d9","block_type":"box","text":"II-19","page_number":61,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a0e9e38-e284-40a6-befc-16e0be0c4743","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":61,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8931c669-122a-40d5-92e7-e25aadea5696","block_type":"box","text":"Gains from transactions in interest rate swaps distributed to shareholders will be taxable as ordinary income or,","page_number":62,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"27fa06ae-a174-498b-8b40-2e9ed46b20b9","block_type":"box","text":"in cer tain circumstances, as long term capital gains to shareholders.","page_number":62,"box":{"x":70,"y":60,"width":490,"height":11}},{"id":"0b5c8c57-6d72-47cd-ae60-af1da47cb5cd","block_type":"box","text":"Interest rate swaps and interest rate caps and floors may be subject to correlation risk, leverage risk, illiquidity","page_number":62,"box":{"x":102,"y":82,"width":791,"height":12}},{"id":"7b993529-2644-43dd-ab33-b6d3e05c22cc","block_type":"box","text":"risk and market risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":69,"y":98,"width":454,"height":9}},{"id":"497cf466-49a7-4db4-ba45-d1d88f561ef3","block_type":"box","text":"Total Return Swaps.","page_number":62,"box":{"x":103,"y":120,"width":139,"height":11}},{"id":"eb39c1e7-7c70-492d-bb77-cbbfdb4d8ca2","block_type":"box","text":"Total return swaps are contracts in which one par ty agrees to make periodic payments to","page_number":62,"box":{"x":249,"y":120,"width":634,"height":12}},{"id":"f59d4a13-dd02-45f1-8828-cbd3ea1f5cad","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":62,"box":{"x":68,"y":135,"width":838,"height":12}},{"id":"1c417a71-2d6c-4630-8169-d2e4c37da2b9","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":62,"box":{"x":69,"y":150,"width":764,"height":12}},{"id":"f03656da-f104-490a-af00-fabcbb05b2b3","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":62,"box":{"x":69,"y":166,"width":791,"height":11}},{"id":"a7c45c3a-b14c-47b4-be3f-4d0d2fb450be","block_type":"box","text":"asset. The asset underlying the contract may include a specified security, basket of securities or securities indices.","page_number":62,"box":{"x":69,"y":181,"width":821,"height":11}},{"id":"4f941cdb-17ec-4dcb-8e69-1ea79dad0514","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":62,"box":{"x":68,"y":196,"width":838,"height":11}},{"id":"4ce84dd9-a05d-4954-8eac-bcf6417db592","block_type":"box","text":"“contracts for difference.”","page_number":62,"box":{"x":70,"y":211,"width":184,"height":9}},{"id":"634bd647-5cbe-4da8-b320-0aa9294283b6","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":62,"box":{"x":101,"y":234,"width":770,"height":11}},{"id":"23c6b564-8903-4065-a381-3fee0825921e","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":62,"box":{"x":69,"y":249,"width":780,"height":11}},{"id":"8e7427a0-e3c5-43fb-811b-91f8c914e06d","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":62,"box":{"x":69,"y":264,"width":839,"height":11}},{"id":"23e4c709-ae15-4f7e-ae07-315f429b0757","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":62,"box":{"x":69,"y":279,"width":816,"height":11}},{"id":"5f6ee8c6-50e8-4edc-824a-cd0adab28886","block_type":"box","text":"the notional amount of the swap.","page_number":62,"box":{"x":68,"y":294,"width":235,"height":11}},{"id":"cb853378-3ee7-43da-a149-8ff8138d6f9f","block_type":"box","text":"Total return swaps are subject to significant correlation risk, leverage risk, illiquidity risk, market risk and","page_number":62,"box":{"x":101,"y":317,"width":746,"height":11}},{"id":"61c379b3-7f7d-414c-976e-64d5128b7827","block_type":"box","text":"counterpar ty risk. See “—Risk Factors in Derivatives” above.","page_number":62,"box":{"x":69,"y":332,"width":433,"height":11}},{"id":"b16a174d-5e6b-4936-93a6-07ed073dada5","block_type":"box","text":"Options.","page_number":62,"box":{"x":102,"y":355,"width":57,"height":11}},{"id":"076a6154-e6af-460e-b89f-922bc0ec85a6","block_type":"box","text":"Options on Securities and Securities Indices.","page_number":62,"box":{"x":102,"y":377,"width":319,"height":11}},{"id":"2563820b-3533-414c-ba55-307b79d6df2f","block_type":"box","text":"A Fund may engage in transactions in options on individual","page_number":62,"box":{"x":427,"y":377,"width":418,"height":12}},{"id":"8800b967-5a8b-45f5-9cce-451c636b752f","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":62,"box":{"x":69,"y":392,"width":838,"height":11}},{"id":"eb2d6628-048a-4c77-8661-dcf534eaf909","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":62,"box":{"x":69,"y":407,"width":820,"height":12}},{"id":"3cf3a691-9ee2-4502-8de2-8da92706eb27","block_type":"box","text":"made on exchanges and in the OTC markets. In general, exchange-traded options have standardized exercise prices","page_number":62,"box":{"x":69,"y":423,"width":826,"height":11}},{"id":"a9b5d3d2-0e44-4ed9-ba90-9f5abccd003f","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":62,"box":{"x":69,"y":438,"width":806,"height":11}},{"id":"02422011-56f0-48a0-85fb-beafaf4f26ae","block_type":"box","text":"par ties’ obligations in connection with such options is guaranteed by the exchange or a related clearing corporation.","page_number":62,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"44f1aa46-6640-482e-a03f-5039f60f63f0","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":62,"box":{"x":69,"y":468,"width":822,"height":11}},{"id":"b7d256d8-909c-41f8-8cf4-75957f1af2f2","block_type":"box","text":"risk. OTC options also involve greater illiquidity risk.","page_number":62,"box":{"x":69,"y":483,"width":366,"height":11}},{"id":"77f7c010-3b01-4096-be3a-edf3879c1c36","block_type":"box","text":"A Fund may also engage in transactions in options which have additional features that result in different","page_number":62,"box":{"x":101,"y":506,"width":743,"height":11}},{"id":"4095690a-fac8-4c3a-9107-c9e06be418f3","block_type":"box","text":"payment structures and/or expirations (commonly referred to as exotic options). For example, barrier options are","page_number":62,"box":{"x":70,"y":521,"width":804,"height":11}},{"id":"db4b21db-516c-4d07-a7e6-da1fffaa1e97","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":62,"box":{"x":69,"y":536,"width":827,"height":11}},{"id":"4b3bca82-c5a8-4f7d-afe9-532773940fa7","block_type":"box","text":"more predetermined levels on or before expiration. Binary options are another example of exotic options which have","page_number":62,"box":{"x":69,"y":551,"width":827,"height":11}},{"id":"26f2dd33-37cf-4e1c-a60c-4ca882ceeff9","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":62,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"f56ff86e-714a-4c4a-8b56-649f2f2649e2","block_type":"box","text":"OTC markets.","page_number":62,"box":{"x":69,"y":581,"width":95,"height":9}},{"id":"f2e441d5-cc07-4098-b415-4b8a89c06a8e","block_type":"box","text":"There are several risks associated with transactions in options on securities and indexes. For example, there are","page_number":62,"box":{"x":101,"y":604,"width":806,"height":11}},{"id":"1b05d5f4-4a37-4223-9fd1-2b9b65848f50","block_type":"box","text":"significant differences between the securities and options markets that could result in an imper fect correlation","page_number":62,"box":{"x":69,"y":619,"width":791,"height":11}},{"id":"28d11044-e299-4493-aa32-e74add48ac84","block_type":"box","text":"between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid market for","page_number":62,"box":{"x":69,"y":634,"width":801,"height":12}},{"id":"08d7f6e5-39f1-4c0b-a3c8-edcd4a3a55c7","block_type":"box","text":"par ticular options, whether traded OTC or on a national securities exchange (“Exchange”) may be absent for reasons","page_number":62,"box":{"x":70,"y":649,"width":831,"height":12}},{"id":"63eac220-317e-451a-9cc2-9137e1681f98","block_type":"box","text":"which include the following: there may be insufficient trading interest in cer tain options; restrictions may be imposed","page_number":62,"box":{"x":68,"y":664,"width":833,"height":12}},{"id":"6a44bfd9-d747-4bf6-899c-e27811ec551f","block_type":"box","text":"by an Exchange on opening transactions or closing transactions or both; trading halts, suspensions or other","page_number":62,"box":{"x":69,"y":680,"width":769,"height":11}},{"id":"6f48e8a1-b4e8-4009-bd3a-40fb2a0efdab","block_type":"box","text":"restrictions may be imposed with respect to par ticular classes or series of options or underlying securities; unusual","page_number":62,"box":{"x":69,"y":695,"width":824,"height":11}},{"id":"514ddd1a-98fb-47b7-80a9-0ef4df159059","block_type":"box","text":"or unforeseen circumstances may interrupt normal operations on an Exchange; the facilities of an Exchange or the","page_number":62,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"74e7045a-14a5-4a6e-8c60-8e7b5a494c0e","block_type":"box","text":"Options Clearing Corporation may not at all times be adequate to handle current trading volume; or one or more","page_number":62,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"62ac3aa7-0ca6-4ed7-9cc0-b52df0fb793e","block_type":"box","text":"Exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the","page_number":62,"box":{"x":70,"y":740,"width":798,"height":11}},{"id":"77aff83f-36d0-4302-9f62-8f994b7d3c57","block_type":"box","text":"trading of options (or a par ticular class or series of options), in which event the market on that Exchange (or in that","page_number":62,"box":{"x":68,"y":755,"width":822,"height":11}},{"id":"05ab7299-1e4f-4b61-afa0-71396406313e","block_type":"box","text":"class or series of options) would cease to exist, although outstanding options that had been issued by the Options","page_number":62,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"a3636d61-ee30-4e7d-aca6-f6a5a4a35712","block_type":"box","text":"Clearing Corporation as a result of trades on that Exchange would continue to be exercisable in accordance with their","page_number":62,"box":{"x":69,"y":785,"width":836,"height":12}},{"id":"817a21ef-36b2-4728-9351-1ea9e5a14275","block_type":"box","text":"terms.","page_number":62,"box":{"x":68,"y":801,"width":45,"height":9}},{"id":"0f6dab98-0d61-47d8-b587-96bb535b6eb0","block_type":"box","text":"Each of the options exchanges has established limitations governing the maximum number of call or put options","page_number":62,"box":{"x":102,"y":823,"width":801,"height":12}},{"id":"4f04f7d1-2ad4-4d5a-8be8-b3154b0887ef","block_type":"box","text":"on the same asset that may be bought or written by a single investor, whether acting alone or in concer t with others","page_number":62,"box":{"x":69,"y":839,"width":826,"height":11}},{"id":"0ce62822-22cd-47cd-8863-0facdd752fc2","block_type":"box","text":"(regardless of whether such options are written on the same or different exchanges or are held or written on one or","page_number":62,"box":{"x":69,"y":853,"width":823,"height":12}},{"id":"241a2467-8149-40fe-9bef-478d7ba75b25","block_type":"box","text":"more accounts or through one or more brokers). Under these limitations, option positions of all investment","page_number":62,"box":{"x":69,"y":869,"width":762,"height":11}},{"id":"95222c77-ff66-4e78-989c-435ec05affbc","block_type":"box","text":"companies advised by the Manager are combined for purposes of these limits. Pursuant to these limitations, an","page_number":62,"box":{"x":69,"y":884,"width":798,"height":11}},{"id":"96e41287-460d-4dbb-828b-87dee1de40e0","block_type":"box","text":"II-20","page_number":62,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b349d05-64c3-4507-b18f-5152acdad82d","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":62,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"09cd64a0-a9fc-4f83-ae71-9416941f6c31","block_type":"box","text":"exchange may order the liquidation of positions and may impose other sanctions or restrictions. These position limits","page_number":63,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"71608dc2-e090-4894-9e4c-2b2acff666ec","block_type":"box","text":"may restrict the number of listed options that a Fund may buy or sell.","page_number":63,"box":{"x":69,"y":60,"width":491,"height":11}},{"id":"62c1c4d4-f14c-4773-921a-a657a0c6e964","block_type":"box","text":"Call Options.","page_number":63,"box":{"x":102,"y":83,"width":89,"height":10}},{"id":"3d4539ae-e990-4108-8cca-9f7d82894d08","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":63,"box":{"x":197,"y":82,"width":694,"height":12}},{"id":"76aede4e-3a5c-4a86-b74d-a02c39cfdc82","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":63,"box":{"x":70,"y":98,"width":838,"height":11}},{"id":"ad88de07-ca8a-4c69-8170-2c146682abc9","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":63,"box":{"x":68,"y":113,"width":813,"height":11}},{"id":"ab961cfc-0e1a-4a23-b2ff-4ed83d602298","block_type":"box","text":"Index options are similar to options on securities except that, rather than taking or making delivery of securities","page_number":63,"box":{"x":70,"y":128,"width":795,"height":11}},{"id":"74844308-8e7d-4c23-b8ec-05a534a3e9ce","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":63,"box":{"x":69,"y":143,"width":807,"height":11}},{"id":"d9093683-8332-4b6b-a122-8fe697f810fd","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":63,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"d050c736-c312-4362-a2a5-b34e772777ac","block_type":"box","text":"of the option.","page_number":63,"box":{"x":69,"y":173,"width":93,"height":11}},{"id":"44eecd1d-7559-40e4-a3f7-20679d944a14","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":63,"box":{"x":101,"y":196,"width":794,"height":11}},{"id":"52652033-9e69-4bf4-a5ea-b777cc93e1f4","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":63,"box":{"x":69,"y":211,"width":823,"height":11}},{"id":"b16ee279-724c-4c7e-a9f9-0a857d70d2fa","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":63,"box":{"x":69,"y":226,"width":839,"height":11}},{"id":"0cebce7d-f97b-4bd3-b0ad-4d89891b9d61","block_type":"box","text":"illiquid investments under the Funds’ Liquidity Program (as defined below) (“liquid assets”) designated on the","page_number":63,"box":{"x":70,"y":241,"width":778,"height":11}},{"id":"de9a0e17-4a64-415b-8fe2-94811eb31b0b","block_type":"box","text":"Manager’s or the sub-adviser’s books and records to the extent required by Commission guidelines.","page_number":63,"box":{"x":70,"y":256,"width":711,"height":12}},{"id":"6a587777-73ca-406a-af23-1135b4900e26","block_type":"box","text":"A Fund may write (","page_number":63,"box":{"x":101,"y":279,"width":130,"height":11}},{"id":"b64ac8f6-6f97-4331-8082-819adc6fd1ee","block_type":"box","text":"i.e.","page_number":63,"box":{"x":233,"y":279,"width":20,"height":9}},{"id":"97346e8c-9926-47b0-91a6-2556347cb830","block_type":"box","text":", sell) covered call options on the securities or instruments in which it may invest and to","page_number":63,"box":{"x":256,"y":279,"width":627,"height":11}},{"id":"4cc1b0de-544a-45d6-8315-e5d46a5d070b","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":63,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"503a3596-694e-4f76-85c0-795ea162f5fd","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":63,"box":{"x":68,"y":309,"width":827,"height":11}},{"id":"3e951b74-9ac7-4501-b399-2b8d4390ee07","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":63,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"1490330a-95ee-49c3-be3a-f8e85c1c2927","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":63,"box":{"x":69,"y":339,"width":823,"height":12}},{"id":"1ae1cba4-1927-463c-be3e-3057f9af3c44","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":63,"box":{"x":70,"y":355,"width":823,"height":11}},{"id":"07109f33-d9d8-48aa-a1df-92089edea7ac","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":63,"box":{"x":70,"y":370,"width":825,"height":11}},{"id":"8f63c7a6-8f28-4d9f-b04f-476abad73b35","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":63,"box":{"x":69,"y":385,"width":800,"height":11}},{"id":"394c1f35-57af-4b34-9622-093aad2f9d24","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":63,"box":{"x":69,"y":400,"width":792,"height":11}},{"id":"8f08f16d-c2dd-4c89-b280-8b97e9cd84a0","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":63,"box":{"x":70,"y":415,"width":826,"height":11}},{"id":"b261b510-ab3f-4bb0-8b97-7cd9ea8b20fc","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":63,"box":{"x":69,"y":430,"width":760,"height":11}},{"id":"c9e435f1-a5f1-410e-8ca7-8069804ff74a","block_type":"box","text":"A Fund may write","page_number":63,"box":{"x":101,"y":453,"width":120,"height":11}},{"id":"9e6d5b12-db0e-4075-a9d5-032b6d5e3e6e","block_type":"box","text":"(i.e.","page_number":63,"box":{"x":228,"y":453,"width":25,"height":11}},{"id":"26a54b0a-9827-48d3-98b9-84e143614222","block_type":"box","text":", sell) uncovered call options on securities or instruments in which it may invest but that","page_number":63,"box":{"x":256,"y":453,"width":628,"height":11}},{"id":"6ce53e0d-e465-4d10-9545-a5e677886e57","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":63,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"1b25eabe-3c02-48cc-856b-23bd028c9653","block_type":"box","text":"committing capital to the ownership of the underlying securities or instruments. When writing uncovered call options,","page_number":63,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"0e5d48e2-c337-4221-91ef-214791cd21f0","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":63,"box":{"x":69,"y":498,"width":825,"height":11}},{"id":"bb043165-e994-4c9d-b6b3-f4b2e2cb22ba","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":63,"box":{"x":69,"y":513,"width":818,"height":11}},{"id":"c6f0bf50-3583-46d1-9cf0-138b35e27ba0","block_type":"box","text":"During periods of declining securities prices or when prices are stable, writing uncovered calls can be a profitable","page_number":63,"box":{"x":70,"y":528,"width":806,"height":12}},{"id":"11ec2893-2ae0-4881-afe7-e3810468b3c3","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":63,"box":{"x":69,"y":544,"width":839,"height":11}},{"id":"be45e734-a660-49aa-91d7-629a007283ac","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":63,"box":{"x":68,"y":559,"width":793,"height":11}},{"id":"bb5f716e-e102-4749-96a6-a2f1271a5853","block_type":"box","text":"characteristics and the potential for loss is unlimited. When an uncovered call is exercised, a Fund must purchase","page_number":63,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"98406c6f-653f-49cf-8763-e983f9a0b85d","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":63,"box":{"x":68,"y":589,"width":818,"height":11}},{"id":"8e981526-ec06-43cb-80f1-ca89180a48fd","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":63,"box":{"x":68,"y":604,"width":825,"height":11}},{"id":"c28d5858-f1ac-4fa8-ae52-b080bd8991d7","block_type":"box","text":"exercise price, a Fund will lose the difference.","page_number":63,"box":{"x":69,"y":619,"width":326,"height":11}},{"id":"8bdc202c-1901-4c3f-bacf-f1332428ad1c","block_type":"box","text":"Put Options.","page_number":63,"box":{"x":102,"y":642,"width":85,"height":11}},{"id":"9eabad58-b696-4181-9dd5-0c662f3724a8","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":63,"box":{"x":194,"y":642,"width":712,"height":11}},{"id":"af807ead-3437-486a-b2c6-abf63e83caf9","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":63,"box":{"x":68,"y":657,"width":828,"height":11}},{"id":"0b8eab9e-89f2-4363-a58a-0f1afdb4027d","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":63,"box":{"x":69,"y":672,"width":816,"height":11}},{"id":"b1dff925-56ff-4a30-a68c-54db8c12f83f","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":63,"box":{"x":70,"y":687,"width":820,"height":11}},{"id":"67e922e5-6287-4f4e-8030-d3ee5dde6678","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":63,"box":{"x":70,"y":702,"width":826,"height":11}},{"id":"8aeaca74-d63f-4965-9307-d0270d363276","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":63,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"2c1ac209-be00-4371-a7da-497409d74d1e","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":63,"box":{"x":68,"y":732,"width":839,"height":11}},{"id":"d62b050b-c6fd-47fa-a43e-855f7c2c2bdc","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":63,"box":{"x":68,"y":748,"width":841,"height":11}},{"id":"72f04a78-90fd-4305-9ce6-fa6aea126f37","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":63,"box":{"x":69,"y":763,"width":785,"height":11}},{"id":"4c3ae219-3101-41cc-8e75-a1a16df40dbc","block_type":"box","text":"purchase uncovered put options.","page_number":63,"box":{"x":70,"y":778,"width":231,"height":11}},{"id":"385e6235-76f5-475e-803d-bdec66d5721e","block_type":"box","text":"A Fund also may write (","page_number":63,"box":{"x":101,"y":801,"width":165,"height":11}},{"id":"2ad5d344-4e96-45a7-a96d-d3f613ba0c3c","block_type":"box","text":"i.e.","page_number":63,"box":{"x":268,"y":801,"width":20,"height":9}},{"id":"d7285737-6051-4ef7-98c3-e62bcaaaa350","block_type":"box","text":", sell) put options on the types of securities or instruments that may be held by the","page_number":63,"box":{"x":291,"y":801,"width":591,"height":11}},{"id":"f9859311-d326-42b5-be19-7238e5c2aedb","block_type":"box","text":"Fund. A Fund will receive a premium for writing a put option, which increases the Fund’s return.","page_number":63,"box":{"x":70,"y":816,"width":675,"height":11}},{"id":"59fae325-b975-4137-ae43-9efd05cf9eaf","block_type":"box","text":"A Fund also may write (","page_number":63,"box":{"x":101,"y":839,"width":165,"height":10}},{"id":"6725d888-d705-4563-bffe-3f61942bc68f","block_type":"box","text":"i.e.","page_number":63,"box":{"x":268,"y":839,"width":20,"height":8}},{"id":"c00c3a93-bcd5-4d19-a5db-a59815bbe067","block_type":"box","text":", sell) uncovered put options on securities or instruments in which it may invest but","page_number":63,"box":{"x":291,"y":839,"width":593,"height":10}},{"id":"0d88368f-ee68-42a3-9fa5-1cdd04d4d93d","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":63,"box":{"x":68,"y":854,"width":789,"height":11}},{"id":"6327c1a7-fdfd-471a-8f8c-60c6a2514b50","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":63,"box":{"x":69,"y":869,"width":773,"height":11}},{"id":"6b49d659-c26f-4d06-80d4-a8674f2a592e","block_type":"box","text":"uncovered put option. The principal reason for writing uncovered put options is to receive premium income and to","page_number":63,"box":{"x":69,"y":884,"width":807,"height":11}},{"id":"6ee190f3-002f-4ef8-be5f-26cc729540f4","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":63,"box":{"x":69,"y":899,"width":835,"height":11}},{"id":"2dc56bf5-cb5e-4427-a21b-16b876d76ebd","block_type":"box","text":"II-21","page_number":63,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bc66dd6e-35a3-426f-9ac2-110d31fbafdc","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":63,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ad09b21a-8c7a-487d-9e66-917887301ad5","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":64,"box":{"x":68,"y":45,"width":818,"height":11}},{"id":"d1e77ee4-1c2a-412a-b344-0ccc4f361684","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":64,"box":{"x":68,"y":60,"width":800,"height":11}},{"id":"d80ca4cb-3c72-403f-8259-57be6a91b3c4","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":64,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"f15385b2-7ba3-4dab-95e3-1772f3ad6ab6","block_type":"box","text":"the exercise price.","page_number":64,"box":{"x":68,"y":90,"width":130,"height":11}},{"id":"c29ff598-b502-4d8b-ab91-89e1d6cf105a","block_type":"box","text":"Options on Government National Mor tgage Association (“GNMA”) Cer tificates.","page_number":64,"box":{"x":102,"y":113,"width":556,"height":11}},{"id":"073a44a7-617a-4824-b6fe-ecf8d62c639f","block_type":"box","text":"The following information relates","page_number":64,"box":{"x":664,"y":113,"width":232,"height":11}},{"id":"7461ecd6-490c-41cc-83a0-dd67f24ed9f5","block_type":"box","text":"to the unique characteristics of options on GNMA Cer tificates. Since the remaining principal balance of GNMA","page_number":64,"box":{"x":68,"y":128,"width":784,"height":11}},{"id":"cecd0262-98d7-49f3-bcd7-eb34f4477c72","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":64,"box":{"x":69,"y":143,"width":840,"height":11}},{"id":"ba35b1fa-794a-4c84-992b-a4a772c91c36","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":64,"box":{"x":69,"y":158,"width":827,"height":11}},{"id":"b98a2f2d-4f06-4ded-a5bc-5d12fb37223e","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":64,"box":{"x":70,"y":173,"width":781,"height":11}},{"id":"b5acb7d3-afb9-4038-949a-a0d72df8c2b3","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":64,"box":{"x":70,"y":188,"width":803,"height":11}},{"id":"eae48c74-6583-4266-b9f7-c6840ae97fe7","block_type":"box","text":"market in order to maintain its “cover.”","page_number":64,"box":{"x":69,"y":204,"width":277,"height":8}},{"id":"5f803827-d535-4b01-86fd-810425b7b554","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":64,"box":{"x":101,"y":226,"width":807,"height":11}},{"id":"0735ccad-e285-4947-ad0e-9ce0b769b030","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":64,"box":{"x":68,"y":241,"width":835,"height":11}},{"id":"263b313a-deff-4013-9073-c32d0ab354ed","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":64,"box":{"x":69,"y":256,"width":821,"height":12}},{"id":"e81531ff-092a-4552-a6e2-8ac7021cc6c7","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":64,"box":{"x":68,"y":271,"width":784,"height":12}},{"id":"169e86ae-90b9-435a-a334-b4b373c455e0","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":64,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"fb0f9cdd-9ae8-4540-a804-41e24d4105de","block_type":"box","text":"and incur transaction costs.","page_number":64,"box":{"x":69,"y":302,"width":197,"height":9}},{"id":"80e3872b-1d37-421b-93fa-2d0b38cb1978","block_type":"box","text":"Options on Swaps (“Swaptions”).","page_number":64,"box":{"x":102,"y":324,"width":235,"height":11}},{"id":"e3e80172-d239-4551-a1f6-99f6581748ff","block_type":"box","text":"A swaption gives a counterpar ty the option (but not the obligation) to enter into","page_number":64,"box":{"x":343,"y":325,"width":563,"height":11}},{"id":"cf596f18-d382-4751-bac3-e84222bcaccd","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":64,"box":{"x":69,"y":339,"width":763,"height":12}},{"id":"ca3ce023-bbce-458b-a874-04e5a490e483","block_type":"box","text":"designated future time on specified terms. A Fund may write (","page_number":64,"box":{"x":69,"y":355,"width":439,"height":11}},{"id":"ece3a32f-d910-49a2-b2d7-c06ffab6d521","block_type":"box","text":"i.e.","page_number":64,"box":{"x":510,"y":355,"width":20,"height":9}},{"id":"20223793-e0b5-43cd-9b47-34fec84bbe2a","block_type":"box","text":", sell) and purchase put and call swaptions.","page_number":64,"box":{"x":533,"y":355,"width":309,"height":11}},{"id":"657d3698-3b90-4d5a-8729-e3a51d39435d","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":64,"box":{"x":70,"y":370,"width":826,"height":11}},{"id":"8d63544f-edc1-440b-8084-da4fb23f62c0","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":64,"box":{"x":70,"y":385,"width":793,"height":11}},{"id":"965bf011-8b62-45d4-ae9e-89527dbabe7d","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":64,"box":{"x":70,"y":400,"width":802,"height":11}},{"id":"bc62bc84-cfda-4f24-959d-858d193e24b5","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":64,"box":{"x":68,"y":415,"width":836,"height":11}},{"id":"6c89144b-3cd5-4441-a546-dac147773d10","block_type":"box","text":"the underlying agreement and the potential for loss may be unlimited. Cer tain swaptions are permitted, although not","page_number":64,"box":{"x":68,"y":430,"width":832,"height":11}},{"id":"501ae6a2-0292-4bcf-8b11-648f43109863","block_type":"box","text":"required, to be cleared.","page_number":64,"box":{"x":69,"y":446,"width":165,"height":10}},{"id":"890d784c-4f94-48bb-80f8-9374f21ee535","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":64,"box":{"x":101,"y":468,"width":760,"height":11}},{"id":"7e6e8b91-0603-4016-b4fd-4853cbae8e1c","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":64,"box":{"x":70,"y":483,"width":830,"height":11}},{"id":"ab73fa1d-59c7-45cc-b578-5427d9f063e3","block_type":"box","text":"a later date. A Fund generally will use these transactions for hedging purposes, not for speculation.","page_number":64,"box":{"x":69,"y":498,"width":706,"height":11}},{"id":"74499e03-1ea9-462f-8cf1-7312311951d9","block_type":"box","text":"Swaptions may be subject to correlation risk, leverage risk, illiquidity risk and market risk. See “—Risk Factors in","page_number":64,"box":{"x":102,"y":521,"width":805,"height":11}},{"id":"8e2b4222-295f-4eb1-a530-d8b2d2c2b065","block_type":"box","text":"Derivatives” above.","page_number":64,"box":{"x":70,"y":536,"width":135,"height":9}},{"id":"5e6ef210-03e0-4733-8461-7bb3f60745fe","block_type":"box","text":"FLEX Options.","page_number":64,"box":{"x":102,"y":559,"width":96,"height":11}},{"id":"dc2d2026-4261-4b52-b108-6484735d6292","block_type":"box","text":"FLEX Options are customized option contracts available through national securities exchanges that","page_number":64,"box":{"x":206,"y":559,"width":702,"height":11}},{"id":"a9150ca6-f9df-4742-a847-67be93b56473","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":64,"box":{"x":69,"y":574,"width":839,"height":11}},{"id":"8c786ab3-c611-4492-95c1-d788205b30a6","block_type":"box","text":"securities exchange. FLEX Options provide investors with the ability to customize assets referenced by the options,","page_number":64,"box":{"x":69,"y":589,"width":818,"height":11}},{"id":"7751b2a2-4657-4bfc-b963-58482cda570a","block_type":"box","text":"exercise prices, exercise styles (","page_number":64,"box":{"x":69,"y":604,"width":231,"height":11}},{"id":"324bf635-5deb-4609-9d38-c558c4e40173","block_type":"box","text":"i.e.","page_number":64,"box":{"x":302,"y":604,"width":20,"height":9}},{"id":"6d526156-44b8-405e-836f-313de8fa197f","block_type":"box","text":", American-style, exercisable any time prior to the expiration date, or European","page_number":64,"box":{"x":325,"y":604,"width":561,"height":11}},{"id":"cb881200-3c84-4d0a-bde5-b9d49a70cdc4","block_type":"box","text":"style, exercisable only on the option expiration date) and expiration dates, while achieving price discovery in","page_number":64,"box":{"x":69,"y":619,"width":768,"height":11}},{"id":"67ef3e9a-3c91-41aa-8f69-4c29b1a4f108","block_type":"box","text":"competitive, transparent auctions markets and avoiding the counterpar ty exposure of OTC options positions. Each","page_number":64,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"0c2f50af-3d4a-4549-baf7-3026ed6537bf","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":64,"box":{"x":69,"y":649,"width":830,"height":11}},{"id":"a9e4f19c-e7a3-4faa-bf7c-ffb01ffa33af","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":64,"box":{"x":69,"y":664,"width":792,"height":12}},{"id":"274dd26c-eeec-4505-8e3b-eea499a4e414","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":64,"box":{"x":70,"y":680,"width":802,"height":11}},{"id":"03ee91b0-1e35-4e8d-b119-01982661cb4f","block_type":"box","text":"options, which means that they are exercisable at a predetermined specified price (the “strike price”) only on the","page_number":64,"box":{"x":69,"y":695,"width":806,"height":11}},{"id":"c8841e0e-b564-4dc7-a7dd-81ae93dac209","block_type":"box","text":"FLEX Option’s expiration date.","page_number":64,"box":{"x":70,"y":710,"width":211,"height":11}},{"id":"c7877df3-4ef4-42bf-bd47-632cc46e2ee9","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":64,"box":{"x":101,"y":732,"width":783,"height":12}},{"id":"64413634-8fb7-4127-876a-b8177aa4cec2","block_type":"box","text":"every seller and the seller for every buyer”, reducing counterpar ty risk for clearing members and options traders.","page_number":64,"box":{"x":69,"y":748,"width":802,"height":11}},{"id":"9658bdf8-c6da-4412-8acf-989034ab6a6d","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":64,"box":{"x":68,"y":763,"width":826,"height":11}},{"id":"d35eb702-dc57-44fd-8032-fe7357d193a2","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":64,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"5a35dc4f-bef5-43d7-aba3-58b61e544dd3","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":64,"box":{"x":69,"y":793,"width":822,"height":11}},{"id":"368fc502-a8c4-4c1a-886a-b56eb4928dde","block_type":"box","text":"FLEX Options contracts.","page_number":64,"box":{"x":70,"y":808,"width":166,"height":11}},{"id":"b675025d-6e9f-4dfc-9f50-6171bf97eda5","block_type":"box","text":"Subject to determination by the Securities Committee of the OCC, adjustments may be made to the FLEX","page_number":64,"box":{"x":102,"y":831,"width":748,"height":11}},{"id":"6141c087-e4db-4d7e-9256-22eea93099a3","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":64,"box":{"x":69,"y":846,"width":822,"height":11}},{"id":"485adba2-6eb7-4dca-b8f3-66f8d480157b","block_type":"box","text":"dividends or distributions, stock splits, reverse stock splits, rights offerings, distributions, reorganizations,","page_number":64,"box":{"x":69,"y":861,"width":759,"height":11}},{"id":"69f6d74b-58e7-44d3-89e9-2ba5de7cd34d","block_type":"box","text":"recapitalizations, or reclassifications with respect to an underlying security, or a merger, consolidation, dissolution or","page_number":64,"box":{"x":69,"y":876,"width":833,"height":11}},{"id":"6ab56b3b-1992-4703-8cee-5af62aa4e52a","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":64,"box":{"x":70,"y":891,"width":829,"height":12}},{"id":"f46825d5-f3c8-45db-89a6-099e38190a86","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":64,"box":{"x":69,"y":906,"width":821,"height":12}},{"id":"86101ca0-ebc5-493c-8a5c-beab324e3b34","block_type":"box","text":"II-22","page_number":64,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e216e4bb-1750-40b7-838e-c1dd7da93acc","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":64,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7cb82ebe-6f46-4a7b-9437-ac301e8f6914","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":65,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"d614e18b-c43f-492c-8358-5d0c583ce7c2","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":65,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"a6e7ba16-e898-47a0-9d6a-1dff3b1f8c62","block_type":"box","text":"the affected options, the maintenance of a fair and orderly market in the affected options, consistency of","page_number":65,"box":{"x":68,"y":75,"width":753,"height":11}},{"id":"9838d9e9-f0ae-49da-8daf-ea5bb5a8b8ad","block_type":"box","text":"interpretation and practice, efficiency of exercise settlement procedures, and the coordination with other clearing","page_number":65,"box":{"x":70,"y":90,"width":806,"height":11}},{"id":"61415ef9-1c96-4114-a614-dba237dba253","block_type":"box","text":"agencies of the clearance and settlement of transactions in the underlying interest.","page_number":65,"box":{"x":69,"y":105,"width":593,"height":11}},{"id":"b042693f-6a26-4245-b566-1cb568d37ec6","block_type":"box","text":"Cer tain Considerations Regarding Options","page_number":65,"box":{"x":135,"y":128,"width":298,"height":11}},{"id":"09114d0b-20e4-49bd-ac26-899adb871c03","block_type":"box","text":". The FLEX Options in which each Fund may invest will be options","page_number":65,"box":{"x":435,"y":128,"width":461,"height":11}},{"id":"7114c868-520d-4730-8065-a96929f56a53","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":65,"box":{"x":102,"y":143,"width":768,"height":11}},{"id":"9b76b002-506a-4318-b6d5-4face067f68f","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":65,"box":{"x":102,"y":158,"width":775,"height":11}},{"id":"b1c730dd-9146-47bd-8b1d-eaacc30d4344","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":65,"box":{"x":102,"y":173,"width":777,"height":11}},{"id":"0e03d631-5d52-4f27-bca8-fe4fa3fa10b4","block_type":"box","text":"reflect, among other things, the time remaining until expiration (the end of the Outcome Period), the relationship","page_number":65,"box":{"x":102,"y":188,"width":799,"height":12}},{"id":"11b3beac-5fd1-48ad-be69-dc75c1b94f7d","block_type":"box","text":"of the exercise price to the market price of the Reference Asset, and general market conditions. Options that","page_number":65,"box":{"x":102,"y":203,"width":777,"height":12}},{"id":"f452a844-1f4f-4918-83c1-d790efffbdac","block_type":"box","text":"expire unexercised have no value.","page_number":65,"box":{"x":101,"y":219,"width":240,"height":10}},{"id":"2b933f84-b203-40af-b34a-abd6ea2c4889","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":65,"box":{"x":134,"y":241,"width":747,"height":11}},{"id":"7eb0a816-4ef7-47f4-a8a1-9afb4e7975a6","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":65,"box":{"x":101,"y":256,"width":792,"height":11}},{"id":"88242d82-e773-42b8-960c-4f07cab81899","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":65,"box":{"x":101,"y":271,"width":786,"height":12}},{"id":"54575a13-ed6d-4b8a-bd8c-8130062dcc11","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":65,"box":{"x":101,"y":286,"width":798,"height":12}},{"id":"6af6f22a-4e8f-4453-b9a5-4f57a0ebe79a","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":65,"box":{"x":102,"y":302,"width":802,"height":11}},{"id":"138f3c29-804d-4568-bb4c-64ba5be548ba","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":65,"box":{"x":102,"y":317,"width":800,"height":11}},{"id":"c0054343-2e81-41c6-8742-3d27e131b5f4","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":65,"box":{"x":102,"y":332,"width":774,"height":11}},{"id":"9118f3f3-ce27-4df7-8861-df990caf8019","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":65,"box":{"x":102,"y":347,"width":793,"height":11}},{"id":"d16a5e1d-bd60-440b-9be2-5ce6cf5a1872","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":65,"box":{"x":102,"y":362,"width":764,"height":11}},{"id":"1d154e17-d908-4d6d-8bef-0ff30a96dfcc","block_type":"box","text":"number of shares of the ETF in exchange for the strike price.","page_number":65,"box":{"x":102,"y":377,"width":430,"height":12}},{"id":"a26fe3b0-e89b-458d-9885-1eafc163d02b","block_type":"box","text":"Although each Fund will generally utilize FLEX Options that are physically settled, a Fund may also utilize","page_number":65,"box":{"x":134,"y":400,"width":740,"height":11}},{"id":"4b7c1411-4932-44aa-907d-6550ecb93cfa","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":65,"box":{"x":102,"y":415,"width":787,"height":11}},{"id":"589902ca-a527-485e-90bd-25f65cff301d","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":65,"box":{"x":102,"y":430,"width":790,"height":11}},{"id":"bd3129be-ec7a-4907-b371-87a51a631a48","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":65,"box":{"x":102,"y":445,"width":793,"height":12}},{"id":"3d9b6561-ac68-408b-b311-52eb0f51e1a3","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":65,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"3b0fbe77-bc61-4acd-9f27-9b6500e3db9b","block_type":"box","text":"multiple (“multiplier”), which determines the total value for each point of such difference.","page_number":65,"box":{"x":102,"y":475,"width":635,"height":12}},{"id":"aed34729-4798-4dfa-900c-46fa768918df","block_type":"box","text":"Risks of Options on the Reference Assets","page_number":65,"box":{"x":135,"y":498,"width":297,"height":11}},{"id":"5c4299c4-e35c-4a55-8e87-f2e5bbcb969d","block_type":"box","text":". If a Fund has purchased an option and exercises it before the","page_number":65,"box":{"x":433,"y":498,"width":448,"height":11}},{"id":"2c66edda-743f-47f2-92e6-4172a4adc7dd","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":65,"box":{"x":101,"y":513,"width":777,"height":12}},{"id":"acb9b07b-3e65-479b-99ee-0a07830abde3","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":65,"box":{"x":101,"y":528,"width":753,"height":12}},{"id":"935e0d37-c3b9-4812-97c1-703c10f8bde6","block_type":"box","text":"required to pay the difference between the closing Reference Asset value and the exercise price of the option","page_number":65,"box":{"x":102,"y":543,"width":780,"height":12}},{"id":"1460c345-2a21-4a3e-b827-19ad625d6b89","block_type":"box","text":"(times the applicable multiplier) to the assigned writer.","page_number":65,"box":{"x":102,"y":559,"width":387,"height":11}},{"id":"864dd0a0-2afa-4469-a11f-9bc6209bb22a","block_type":"box","text":"Foreign Exchange Transactions.","page_number":65,"box":{"x":102,"y":582,"width":222,"height":11}},{"id":"7e0e09d1-b60b-4569-8ffe-142cee044a93","block_type":"box","text":"A Fund may enter into spot foreign exchange transactions, forward foreign exchange transactions (“FX forwards”)","page_number":65,"box":{"x":101,"y":604,"width":807,"height":11}},{"id":"17c08b6b-8520-4559-94b6-c5c42786c8e0","block_type":"box","text":"and currency swaps, purchase and sell currency options, currency futures and related options thereon (collectively,","page_number":65,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"852723ed-2e7e-4ce9-b272-db68b0b7b8c6","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":65,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"77949a22-b199-49a7-a9d0-02c250e6fc42","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":65,"box":{"x":69,"y":649,"width":792,"height":12}},{"id":"d20f681c-7f6b-4316-b56b-d1851fd6ff1b","block_type":"box","text":"Such transactions could be effected to hedge with respect to foreign dollar denominated securities owned by a","page_number":65,"box":{"x":102,"y":672,"width":790,"height":11}},{"id":"2d4e606b-083c-4410-8fcf-7d379dc49410","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":65,"box":{"x":70,"y":687,"width":830,"height":11}},{"id":"1e4dc26e-163b-4be4-b74a-8366ab59164d","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":65,"box":{"x":69,"y":702,"width":808,"height":12}},{"id":"77a71e84-fd0b-42ab-9c93-4b036f4c4bee","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":65,"box":{"x":69,"y":717,"width":824,"height":12}},{"id":"c67c4a3d-758a-45d1-b2b4-b5b2f2d2bd26","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":65,"box":{"x":68,"y":732,"width":823,"height":12}},{"id":"8782d27f-e560-4dd7-85dc-91f4c463dc2d","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":65,"box":{"x":68,"y":748,"width":821,"height":11}},{"id":"8791a9fc-8621-406d-99b9-8e2aa15f6471","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":65,"box":{"x":70,"y":763,"width":813,"height":11}},{"id":"ea96bb45-ab73-4544-9c3f-d5dac0e9c9a3","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":65,"box":{"x":69,"y":778,"width":813,"height":11}},{"id":"64a94c2d-3ecc-42ae-afcf-b9bf16dc82a3","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":65,"box":{"x":69,"y":793,"width":835,"height":11}},{"id":"317e51e4-3030-477c-bfc4-f8f9ad3c124f","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":65,"box":{"x":68,"y":808,"width":836,"height":11}},{"id":"f9bb7fd7-2e2c-4c7b-a964-e1978caf1653","block_type":"box","text":"transactions. Cer tain Funds have a fundamental investment restriction that restricts currency option strategies.","page_number":65,"box":{"x":68,"y":823,"width":794,"height":12}},{"id":"57a4c769-457a-4bbd-975d-0619adb3c5c2","block_type":"box","text":"Hedging transactions involving Currency Instruments involve substantial risks, including correlation risk. A Fund’s","page_number":65,"box":{"x":102,"y":846,"width":805,"height":11}},{"id":"ab4744b4-7de8-45c4-829b-654ef077e3b6","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":65,"box":{"x":69,"y":861,"width":828,"height":11}},{"id":"4c1e3180-cca8-4362-9b3d-248a4b1b6a4e","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":65,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"073fb3d5-d04a-4542-8359-4ff2c15dbc0c","block_type":"box","text":"Moreover, although Currency Instruments will be used with the intention of hedging against adverse currency","page_number":65,"box":{"x":70,"y":891,"width":773,"height":12}},{"id":"1886221a-0e73-40bc-82eb-6da8aeab0adf","block_type":"box","text":"movements, transactions in Currency Instruments involve the risk that anticipated currency movements will not be","page_number":65,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"afdd0f6d-5b33-409f-ab35-67816a0264fb","block_type":"box","text":"II-23","page_number":65,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c7f9767a-4b35-4054-a1db-852bd8db85dc","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":65,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7bd5fb10-258b-4656-bf93-63191ed54a87","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":66,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"5a150997-ca3f-4133-9ca8-33dd9bbf324c","block_type":"box","text":"against anticipated currency movements that do not occur, the Fund may realize losses and decrease its total return.","page_number":66,"box":{"x":69,"y":60,"width":835,"height":11}},{"id":"425b25e6-9e58-4c6a-bbeb-4d49d66dfef8","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":66,"box":{"x":70,"y":75,"width":798,"height":11}},{"id":"396fc012-6cb6-4560-b946-f82ef548678e","block_type":"box","text":"activities when movements in currency exchange rates actually occur.","page_number":66,"box":{"x":69,"y":90,"width":493,"height":11}},{"id":"f312aaaa-6ee0-4918-96b8-4475d6c7c460","block_type":"box","text":"In connection with its trading in forward foreign currency contracts, a Fund will contract with a foreign or","page_number":66,"box":{"x":102,"y":113,"width":738,"height":11}},{"id":"d603010b-6a5d-414e-8c14-64b406ffb1bc","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":66,"box":{"x":69,"y":128,"width":814,"height":11}},{"id":"c5ab4973-e5c9-4906-a3e2-34bd6c058809","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":66,"box":{"x":70,"y":143,"width":819,"height":11}},{"id":"baa287d1-2a3a-4cb5-a797-60f6919eb199","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":66,"box":{"x":69,"y":158,"width":834,"height":11}},{"id":"1f13b242-8a78-4627-a3ad-3b24f6366687","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":66,"box":{"x":69,"y":173,"width":797,"height":11}},{"id":"5dd6c5bd-2ef4-46d9-8720-3bd4a622cf46","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":66,"box":{"x":69,"y":188,"width":794,"height":11}},{"id":"95b05483-ca0b-4d7e-92fe-f9c585022825","block_type":"box","text":"Governmental imposition of currency controls might limit any such forward contract trading. With respect to its trading","page_number":66,"box":{"x":69,"y":203,"width":841,"height":12}},{"id":"b49cacd1-5f48-4238-9f58-fc0dbd88724b","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":66,"box":{"x":69,"y":218,"width":831,"height":12}},{"id":"dcb9dfe7-6112-43aa-9960-08f194ac3a89","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":66,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"e21fb78d-0eaa-47e6-83ec-71916ac3f740","block_type":"box","text":"then market price and could result in a loss to the Fund.","page_number":66,"box":{"x":68,"y":249,"width":401,"height":11}},{"id":"b95ab36c-6ea3-488c-9b0c-7086fb81dba7","block_type":"box","text":"It may not be possible for a Fund to hedge against currency exchange rate movements, even if correctly","page_number":66,"box":{"x":102,"y":271,"width":738,"height":12}},{"id":"daf51920-3190-4dc4-89dc-585b769f1f1c","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":66,"box":{"x":69,"y":287,"width":837,"height":11}},{"id":"8edc151a-8f37-430d-84dd-0a5bd7ed7160","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":66,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"b841dd85-52fb-4d73-92c0-d5193cb4a6f8","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":66,"box":{"x":69,"y":317,"width":800,"height":11}},{"id":"991c02ab-910a-487c-aa85-ea0e15252f43","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":66,"box":{"x":68,"y":332,"width":829,"height":11}},{"id":"d380f102-029b-4b06-8a4d-9dd5ea6c9a43","block_type":"box","text":"the currencies involved, the length of the contract period and the market conditions then prevailing. Since","page_number":66,"box":{"x":68,"y":347,"width":753,"height":11}},{"id":"71a6416d-beed-4131-8298-23af6112d9c6","block_type":"box","text":"transactions in foreign currency exchange usually are conducted on a principal basis, no fees or commissions are","page_number":66,"box":{"x":68,"y":362,"width":811,"height":11}},{"id":"289bc95f-52c7-434f-afee-c80a661012f2","block_type":"box","text":"involved.","page_number":66,"box":{"x":70,"y":377,"width":59,"height":9}},{"id":"a12f8eda-913e-42c2-835a-689cf5411cb0","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":66,"box":{"x":101,"y":400,"width":803,"height":11}},{"id":"230aa6ed-fd26-4808-841b-194ffaf74dd5","block_type":"box","text":"receivables for unsettled securities sales), or has committed to purchase or anticipates purchasing, which are","page_number":66,"box":{"x":69,"y":415,"width":785,"height":11}},{"id":"bfbb1e02-4e96-4cd8-a23b-ea01bd0a8d2e","block_type":"box","text":"denominated in such currency.","page_number":66,"box":{"x":69,"y":430,"width":216,"height":11}},{"id":"83a75147-b936-404f-a40e-5cb0fa2341ac","block_type":"box","text":"Spot Transactions and FX Forwards.","page_number":66,"box":{"x":102,"y":453,"width":254,"height":11}},{"id":"5bccd245-fde7-44d0-a2ce-e3e3a9ba9c09","block_type":"box","text":"FX forwards are OTC contracts to purchase or sell a specified amount of a","page_number":66,"box":{"x":364,"y":453,"width":527,"height":11}},{"id":"49d5ac7b-8824-464d-87ec-9e70d7d28b40","block_type":"box","text":"specified currency or multinational currency unit at a specified price and specified future date. Spot foreign exchange","page_number":66,"box":{"x":69,"y":468,"width":834,"height":11}},{"id":"96bf1837-9eb9-4c87-8d63-768ad17adc16","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":66,"box":{"x":68,"y":483,"width":798,"height":11}},{"id":"9903f961-2134-4a6f-b4ff-be8751c42216","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":66,"box":{"x":68,"y":498,"width":817,"height":11}},{"id":"11b460c6-fd91-4c06-be06-828b2d8f093d","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":66,"box":{"x":70,"y":513,"width":830,"height":11}},{"id":"ec7b700e-8753-4489-a344-96b32e6d26d6","block_type":"box","text":"may enter into a foreign exchange transaction for purposes of hedging a specific transaction by, for example,","page_number":66,"box":{"x":69,"y":528,"width":774,"height":12}},{"id":"14fa4b01-253a-499d-8f41-09390b4d7a49","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":66,"box":{"x":70,"y":544,"width":828,"height":11}},{"id":"b24ad2d6-6414-4590-82e9-5cdf14401202","block_type":"box","text":"anticipates receiving a dividend or distribution. A Fund may enter into a foreign exchange transaction for purposes of","page_number":66,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"c79ec352-7ffe-4be0-bdbc-878e608ab777","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":66,"box":{"x":69,"y":574,"width":826,"height":11}},{"id":"602ea818-e662-46fd-973e-fb13ce3dff40","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":66,"box":{"x":69,"y":589,"width":819,"height":11}},{"id":"a3b1183f-44bf-4cb8-8478-87387b6bc1c1","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":66,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"71a9a2d2-2ac3-45b1-ae51-e72905257684","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":66,"box":{"x":68,"y":619,"width":819,"height":11}},{"id":"a5922c0d-31a9-4e13-b159-8051e89cb7de","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":66,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"366fa9ad-2846-470e-87c2-777a31f079f9","block_type":"box","text":"currency being hedged, and (ii) executing a cross-hedge through the currency in which the cross-hedge is","page_number":66,"box":{"x":69,"y":650,"width":745,"height":11}},{"id":"06d0b036-d0a4-43e0-91ed-af1ee680f9dc","block_type":"box","text":"denominated will be significantly more cost-effective or provide substantially greater liquidity than executing a similar","page_number":66,"box":{"x":69,"y":664,"width":832,"height":12}},{"id":"8eb43594-b167-43f0-ab40-9fb49cde39ce","block_type":"box","text":"hedging transaction by means of the currency being hedged.","page_number":66,"box":{"x":69,"y":680,"width":428,"height":11}},{"id":"bf8ec81a-15ca-4aab-b7b0-cc4ebda26ac6","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":66,"box":{"x":101,"y":702,"width":797,"height":12}},{"id":"8492f197-80d4-434b-b226-05a84e8fd9fd","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":66,"box":{"x":69,"y":717,"width":829,"height":12}},{"id":"2fb54a16-7a83-485b-9d6d-feb2cf5ffe04","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":66,"box":{"x":70,"y":732,"width":838,"height":12}},{"id":"885735fe-614b-42c6-a4d9-74995a9750b8","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":66,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"a5b45927-c16a-46ab-901c-3d0deed036f4","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":66,"box":{"x":70,"y":763,"width":827,"height":11}},{"id":"f8fac292-dbed-4ccb-b951-e45d78384c69","block_type":"box","text":"hedging involves some of the same risks and considerations as other transactions with similar instruments. Currency","page_number":66,"box":{"x":69,"y":778,"width":838,"height":11}},{"id":"d9156de9-1f6a-4db4-9779-efe544137753","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":66,"box":{"x":68,"y":793,"width":798,"height":11}},{"id":"982d5c32-1193-4ca8-b191-7180161a0f82","block_type":"box","text":"direction that is not anticipated. In addition, there is the risk that the perceived linkage between various currencies","page_number":66,"box":{"x":69,"y":808,"width":819,"height":11}},{"id":"12537a71-81eb-492c-91b8-d2a70c6b9ef5","block_type":"box","text":"may not be present, including during the par ticular time that a Fund is engaging in proxy hedging.","page_number":66,"box":{"x":69,"y":823,"width":691,"height":12}},{"id":"2278e9d0-c516-414f-984c-eb9ca13a1932","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":66,"box":{"x":101,"y":846,"width":785,"height":11}},{"id":"7aa8ae71-aca7-4f3c-bb17-b5aeddea10f8","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":66,"box":{"x":69,"y":861,"width":811,"height":11}},{"id":"830955b2-428b-46de-a642-30f26db338d8","block_type":"box","text":"have por tfolio exposure. For example, a Fund may hold both Canadian government bonds and Japanese government","page_number":66,"box":{"x":69,"y":876,"width":828,"height":11}},{"id":"6ac12f04-741c-49fc-82ea-f1d5ae3d298f","block_type":"box","text":"bonds, and the Manager or sub-adviser may believe that Canadian dollars will deteriorate against Japanese yen. The","page_number":66,"box":{"x":69,"y":891,"width":829,"height":12}},{"id":"34659d96-3564-4281-8408-6aacf5dc1ae4","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":66,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"830d8a4d-85c2-4ae1-a583-85e96e9548c7","block_type":"box","text":"II-24","page_number":66,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ba35028c-1e67-44cf-ac8c-b344e37feaa3","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":66,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8edec3ad-a78a-4f8a-9ac6-e05fe56e3533","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":67,"box":{"x":69,"y":45,"width":818,"height":11}},{"id":"0ccabcee-cc46-419f-955f-abc52b87ca10","block_type":"box","text":"value of the Japanese yen relative to the U.S. dollar.","page_number":67,"box":{"x":68,"y":60,"width":372,"height":11}},{"id":"2b707b2c-e497-4216-b55e-9c04a8030165","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":67,"box":{"x":102,"y":82,"width":768,"height":12}},{"id":"65e7aecf-c73c-41fe-92da-47aea67ed9fb","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":67,"box":{"x":68,"y":98,"width":838,"height":11}},{"id":"8a01ddfa-493f-4b3a-8430-35d35df6bd0e","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":67,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"c9db3426-018d-47a4-90c9-83748f0f31c7","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":67,"box":{"x":68,"y":128,"width":806,"height":11}},{"id":"f7ec0804-97a3-4a37-b47e-925db282e43b","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":67,"box":{"x":69,"y":143,"width":839,"height":11}},{"id":"388feda0-cd07-49b9-9a2b-d2a929009777","block_type":"box","text":"the difference between the prevailing market exchange rate and the agreed upon exchange rate is calculated. The","page_number":67,"box":{"x":68,"y":158,"width":812,"height":11}},{"id":"162508d2-10b5-45c9-bd2e-88134acde100","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":67,"box":{"x":69,"y":173,"width":821,"height":11}},{"id":"f322a476-bd36-4ba7-8e39-460b394b808c","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":67,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"6ecd24a7-42fb-4af4-ad47-240b198e4033","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":67,"box":{"x":68,"y":203,"width":802,"height":12}},{"id":"24c0bead-2081-40b7-ae5e-15b47dfa9bc1","block_type":"box","text":"traded.","page_number":67,"box":{"x":68,"y":219,"width":49,"height":8}},{"id":"97e33282-03b6-4ecd-99ee-3395023d1da2","block_type":"box","text":"Currency Futures.","page_number":67,"box":{"x":102,"y":241,"width":123,"height":11}},{"id":"c8635058-7ddf-49f6-a848-0d4ca3c4160d","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":67,"box":{"x":232,"y":241,"width":654,"height":11}},{"id":"c59bd7c1-02cd-4e47-8b26-bc25e42c8eda","block_type":"box","text":"through use of currency futures or options on currency futures. Currency futures are similar to forward foreign","page_number":67,"box":{"x":68,"y":256,"width":782,"height":12}},{"id":"dd79a7c1-04c7-4420-a206-767a5c9c52f5","block_type":"box","text":"exchange transactions except that futures are standardized, exchange-traded contracts while forward foreign","page_number":67,"box":{"x":69,"y":271,"width":774,"height":12}},{"id":"e4d2eab9-b62a-4bfe-93dc-ca569bf9a089","block_type":"box","text":"exchange transactions are traded in the OTC market. Currency futures involve substantial currency risk as well as the","page_number":67,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"e53efeef-3e7b-4f17-b6c0-ba17fafc8bad","block_type":"box","text":"risks discussed above in “—Futures.”","page_number":67,"box":{"x":69,"y":302,"width":269,"height":9}},{"id":"9cd40fec-f2a7-42f0-8a38-9128e05c10ed","block_type":"box","text":"Currency Options.","page_number":67,"box":{"x":102,"y":324,"width":125,"height":11}},{"id":"bc320c90-3b14-4f9f-8d38-9187f0605327","block_type":"box","text":"A Fund may seek to enhance returns or hedge against the decline in the value of a currency","page_number":67,"box":{"x":233,"y":324,"width":654,"height":12}},{"id":"50c7f71b-7b05-4ccb-9102-3f34e518dfbe","block_type":"box","text":"through the use of currency options. Cer tain Funds have fundamental investment restrictions that permit the","page_number":67,"box":{"x":68,"y":339,"width":776,"height":12}},{"id":"14573083-342b-40aa-8bfd-9d023f045767","block_type":"box","text":"purchase of currency options, but prohibit the writing of currency options. Currency options are similar to options on","page_number":67,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"058fc4ec-6d2d-403d-a96d-a2ced7714831","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":67,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"676847b1-9a98-43e8-9733-e0e72af144c6","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":67,"box":{"x":68,"y":385,"width":820,"height":11}},{"id":"a1867d63-e4f2-48c1-a839-56d53e868041","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":67,"box":{"x":69,"y":400,"width":824,"height":11}},{"id":"2d2f7baf-858f-40d7-80ff-97f858c98f24","block_type":"box","text":"on currencies either on exchanges or OTC markets. Such transactions in options may include exotic options on","page_number":67,"box":{"x":69,"y":415,"width":790,"height":11}},{"id":"7dec1a1c-817e-4198-82c8-7b256f26b4b8","block_type":"box","text":"currencies, which are typically traded in OTC markets and have additional features that result in different payment","page_number":67,"box":{"x":69,"y":430,"width":813,"height":11}},{"id":"7f9d6a81-6fb7-4ef9-8c47-6f42463278a1","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":67,"box":{"x":69,"y":446,"width":826,"height":10}},{"id":"997d1d49-867e-4fd7-b241-74d0b06db72a","block_type":"box","text":"on up to 100% of the currencies in its por tfolio. See “—Options” above. Currency options involve substantial","page_number":67,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"b18fa885-7694-492d-90b7-e3b9dfdd9dd2","block_type":"box","text":"currency risk, and may also involve credit, leverage or illiquidity risk.","page_number":67,"box":{"x":69,"y":476,"width":483,"height":11}},{"id":"dda193b9-b89b-4234-aeff-20642aed5b97","block_type":"box","text":"Currency Swaps.","page_number":67,"box":{"x":102,"y":498,"width":117,"height":11}},{"id":"f8032084-4c3d-49af-802c-d485bd1389c2","block_type":"box","text":"A Fund may enter into currency swaps in order to protect against currency fluctuations or to","page_number":67,"box":{"x":225,"y":498,"width":652,"height":11}},{"id":"cc75e5b9-d94f-4285-8964-7789ce9b2d94","block_type":"box","text":"hedge por tfolio positions. Currency swaps are transactions in which one currency is simultaneously bought for a","page_number":67,"box":{"x":69,"y":513,"width":799,"height":12}},{"id":"8246221f-7c2f-4522-af57-e65a401f85fa","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":67,"box":{"x":69,"y":528,"width":812,"height":12}},{"id":"8d0b8b66-b873-44ac-94a5-9c4661fe6d70","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":67,"box":{"x":69,"y":543,"width":836,"height":12}},{"id":"fa78f694-5ae6-4a41-9be7-ed171de125ee","block_type":"box","text":"require the delivery of the entire principal value of one designated currency in exchange for the other designated","page_number":67,"box":{"x":69,"y":559,"width":800,"height":11}},{"id":"0b0294be-5804-4076-a845-589ffffd640f","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":67,"box":{"x":69,"y":574,"width":810,"height":11}},{"id":"b702ecad-135e-49bd-9bba-3645a0023efa","block_type":"box","text":"swap will default on its contractual delivery obligations.","page_number":67,"box":{"x":69,"y":589,"width":393,"height":11}},{"id":"b7cfa438-80d6-4c6d-851c-0fa90320786a","block_type":"box","text":"Distressed Securities.","page_number":67,"box":{"x":102,"y":612,"width":159,"height":9}},{"id":"3faece2f-5d8c-4f71-90c2-01a121e9cd46","block_type":"box","text":"A Fund may invest in securities, including loans purchased in the secondary market, that","page_number":67,"box":{"x":267,"y":612,"width":633,"height":11}},{"id":"9d9fe020-c6e0-4166-b408-0975acd15e4d","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":67,"box":{"x":69,"y":627,"width":834,"height":11}},{"id":"67e84ea6-9738-4031-b2cd-60f36da973e7","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":67,"box":{"x":70,"y":642,"width":827,"height":11}},{"id":"a5e02cef-eb71-4a78-9afd-1e82dc442cb4","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":67,"box":{"x":69,"y":657,"width":835,"height":11}},{"id":"7fd58579-92fb-4d90-9371-a7f5869c306f","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":67,"box":{"x":69,"y":672,"width":784,"height":11}},{"id":"f0cb09d2-d3d7-4ff7-8a7d-25d9c822cae9","block_type":"box","text":"Investment in Distressed Securities is speculative and involves significant risks.","page_number":67,"box":{"x":70,"y":687,"width":569,"height":11}},{"id":"12555990-c783-4794-b4d7-e295052b5578","block_type":"box","text":"A Fund will generally make such investments only when the Manager believes it is reasonably likely that the","page_number":67,"box":{"x":101,"y":710,"width":766,"height":11}},{"id":"26116753-636c-40cc-8ff8-c944d8db394c","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":67,"box":{"x":70,"y":725,"width":795,"height":11}},{"id":"381f8fd8-e444-4708-89f5-759195c54e70","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":67,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"36e94392-b3b1-42ea-ac13-7348484ad5fa","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":67,"box":{"x":69,"y":755,"width":794,"height":11}},{"id":"35422f31-a145-451c-9597-d450d6a3de2c","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":67,"box":{"x":69,"y":770,"width":832,"height":12}},{"id":"6be09d08-2cf2-4de0-9a24-5784a7034081","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":67,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"0c0bc32a-dfa7-4c4b-8f90-71f8cc8f3389","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":67,"box":{"x":69,"y":801,"width":789,"height":11}},{"id":"f7fe503f-d369-48a5-adf6-39a3792626d4","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":67,"box":{"x":69,"y":816,"width":810,"height":11}},{"id":"9f69dece-ea89-4334-999d-59ed5aab5f3f","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":67,"box":{"x":70,"y":831,"width":831,"height":11}},{"id":"751dd89e-0dc6-4186-9e26-2decbcd1667c","block_type":"box","text":"extent the Fund seeks capital appreciation through investment in distressed securities, the Fund’s ability to achieve","page_number":67,"box":{"x":69,"y":846,"width":826,"height":11}},{"id":"7f27812b-6a91-4e1d-b6f0-38c12e7a0fd3","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":67,"box":{"x":69,"y":861,"width":827,"height":11}},{"id":"7b6e3dd2-307d-4562-945a-fc72043b8cac","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":67,"box":{"x":68,"y":876,"width":834,"height":11}},{"id":"941aa70a-ea7d-441e-bc54-c1afa6f9980c","block_type":"box","text":"satisfied (","page_number":67,"box":{"x":69,"y":891,"width":70,"height":11}},{"id":"7d26cee4-d08a-4544-8fd0-1f06c91b33c8","block_type":"box","text":"e.g.","page_number":67,"box":{"x":140,"y":893,"width":25,"height":10}},{"id":"0e335912-62a2-47ba-916f-a40763ec3044","block_type":"box","text":", through a liquidation of the obligor’s assets, an exchange offer or plan of reorganization involving the","page_number":67,"box":{"x":168,"y":891,"width":729,"height":12}},{"id":"c27a974c-acb5-4fb1-8485-f327cc4473de","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":67,"box":{"x":69,"y":906,"width":807,"height":12}},{"id":"a71bcc94-32a9-435d-866a-8d35466ed9e8","block_type":"box","text":"II-25","page_number":67,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"45294adb-5a07-4f06-ad49-c347ad0362f3","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":67,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f7c17ba6-5698-4817-adab-1250f1324a04","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":68,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"a1b50771-835a-4c4a-a8c2-2c47e6b362f4","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":68,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"15c5c0b6-ba81-49f1-bfc7-cebaf8cbf15a","block_type":"box","text":"reorganization will not have a lower value or income potential than may have been anticipated when the investment","page_number":68,"box":{"x":69,"y":75,"width":821,"height":11}},{"id":"f0e5e0ca-4a9e-498d-b46f-e399a232d860","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":68,"box":{"x":68,"y":90,"width":827,"height":11}},{"id":"503b846e-645d-4691-a424-2ec5ab737d86","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":68,"box":{"x":69,"y":105,"width":800,"height":11}},{"id":"07cce718-ca58-4686-b2d5-7a7574d1edff","block_type":"box","text":"exchange offer or plan of reorganization with respect to an issuer of Distressed Securities, the Fund may be","page_number":68,"box":{"x":69,"y":120,"width":770,"height":12}},{"id":"b49a322a-79c3-40f8-9c21-7a8e2580b78e","block_type":"box","text":"restricted from disposing of such securities. To the extent that a Fund becomes involved in such proceedings, the","page_number":68,"box":{"x":69,"y":135,"width":809,"height":12}},{"id":"0698d457-8bf9-468d-a3f0-5a219cb0faf2","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":68,"box":{"x":70,"y":150,"width":839,"height":12}},{"id":"23e22940-fffd-42c7-890c-9ef499b92a25","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":68,"box":{"x":70,"y":166,"width":787,"height":11}},{"id":"8940dd2b-c75d-43fa-b245-15c3978926c5","block_type":"box","text":"affairs.","page_number":68,"box":{"x":69,"y":181,"width":49,"height":9}},{"id":"c28e3e76-4b04-4419-a658-39555abaa150","block_type":"box","text":"Environmental, Social and Governance (“ESG”) Integration","page_number":68,"box":{"x":102,"y":203,"width":428,"height":11}},{"id":"657d03a5-a3ae-4dcb-a1a2-10a7f05f08f9","block_type":"box","text":". Although a Fund does not seek to implement a","page_number":68,"box":{"x":531,"y":204,"width":341,"height":11}},{"id":"8a0edea0-20aa-4df1-9c16-efd85442a521","block_type":"box","text":"specific sustainability objective, strategy or process unless disclosed in its Prospectus, Fund management will","page_number":68,"box":{"x":69,"y":218,"width":785,"height":12}},{"id":"c3314608-0a18-4307-88b4-f77ec191d4c7","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":68,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"4b6457b8-f8f6-44df-94f9-1759d1dc0f0c","block_type":"box","text":"practice of incorporating financially material ESG data or information into investment processes with the objective of","page_number":68,"box":{"x":70,"y":249,"width":827,"height":11}},{"id":"f05f2d7d-4ced-4d96-9fb8-a452b4332b90","block_type":"box","text":"enhancing risk-adjusted returns. These ESG considerations will vary depending on a Fund’s par ticular investment","page_number":68,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"bdecf1c1-3cdd-464a-ac61-b2a20a09be21","block_type":"box","text":"strategies and may include consideration of third-par ty research as well as consideration of proprietary BlackRock","page_number":68,"box":{"x":69,"y":279,"width":812,"height":11}},{"id":"cfb445bf-971a-466a-84da-4715b2450958","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":68,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"bd2374af-fedf-4a9b-a3e7-e9d32cdc9fec","block_type":"box","text":"investment process are anticipated to evolve over time and one or more characteristics may not be relevant with","page_number":68,"box":{"x":70,"y":309,"width":800,"height":11}},{"id":"52e5ae26-f946-444d-8aee-4b4665c37fe7","block_type":"box","text":"respect to all issuers that are eligible for investment.","page_number":68,"box":{"x":69,"y":324,"width":377,"height":12}},{"id":"98888ddb-f867-47c8-a3da-2a132859112a","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":68,"box":{"x":102,"y":347,"width":778,"height":11}},{"id":"dd20cf8e-efbd-44e7-b59c-266977411c8f","block_type":"box","text":"management views ESG considerations as having the potential to contribute to a Fund’s long-term per formance,","page_number":68,"box":{"x":69,"y":362,"width":800,"height":11}},{"id":"a2fa0332-d12b-4033-a2b1-0f02705e7509","block_type":"box","text":"there is no guarantee that such results will be achieved.","page_number":68,"box":{"x":68,"y":377,"width":400,"height":12}},{"id":"3fd8653f-b418-4a3d-937a-c2dd5a66cf8c","block_type":"box","text":"Equity Securities.","page_number":68,"box":{"x":102,"y":400,"width":127,"height":11}},{"id":"4f14a90f-4b63-426d-92d7-899fa5743495","block_type":"box","text":"Cer tain Funds may invest in equity securities, which include common stock and, for cer tain","page_number":68,"box":{"x":235,"y":400,"width":648,"height":11}},{"id":"c30fade0-e301-4669-9fca-2f49ae977d9e","block_type":"box","text":"Funds, preferred stock (including conver tible preferred stock); bonds, stock purchase warrants and rights; equity","page_number":68,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"5b083b88-b011-4a56-a4bf-40033b0adda7","block_type":"box","text":"interests in trusts; general and limited par tnerships and limited liability companies; and depositary receipts. Stock","page_number":68,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"c8490c54-4b06-45f3-86ad-feb687b0e40d","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":68,"box":{"x":69,"y":445,"width":819,"height":11}},{"id":"603b4749-2db2-4bf4-8e30-cdb5452b317b","block_type":"box","text":"investing in equities. The price of equity securities fluctuates based on changes in a company’s financial condition","page_number":68,"box":{"x":70,"y":460,"width":813,"height":12}},{"id":"ddd54b4e-007b-47d1-b57d-b2b39f635045","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":68,"box":{"x":69,"y":475,"width":839,"height":12}},{"id":"98e44fd3-3d3c-4dda-b5e5-15dd53e8636a","block_type":"box","text":"financial condition of the companies the Fund invests in decline or if overall market and economic conditions","page_number":68,"box":{"x":68,"y":491,"width":775,"height":11}},{"id":"d32d7ebc-b422-4a5e-b37f-cbb53f4a9010","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":68,"box":{"x":69,"y":506,"width":777,"height":11}},{"id":"82245c9a-95a1-4132-80c6-ad3945c0e1cd","block_type":"box","text":"shor tages or increase in production costs and competitive conditions within an industry. In addition, they may decline","page_number":68,"box":{"x":69,"y":521,"width":837,"height":11}},{"id":"d58b0c00-d039-4986-8a58-6c92d8f8031c","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":68,"box":{"x":69,"y":536,"width":831,"height":11}},{"id":"2307156e-937f-4b13-a63f-aaa6d3c64090","block_type":"box","text":"adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency","page_number":68,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"8d0b5104-9a42-4cec-8048-aa477ed39382","block_type":"box","text":"rates or generally adverse investor sentiment.","page_number":68,"box":{"x":69,"y":566,"width":325,"height":11}},{"id":"f409c323-ff89-4bb4-8c87-927fbef3e98f","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":68,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"7f8b897a-9072-47cf-aaab-ce2ac9758d85","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":68,"box":{"x":69,"y":604,"width":833,"height":11}},{"id":"72c01c7a-1391-4422-99a6-ba1fdd2511de","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":68,"box":{"x":69,"y":619,"width":824,"height":11}},{"id":"c6c13bf9-c334-4302-a850-34c8820f7a78","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":68,"box":{"x":68,"y":634,"width":834,"height":12}},{"id":"0c09d3dd-3c5a-41e2-bbb8-515c970f71cc","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":68,"box":{"x":70,"y":649,"width":782,"height":12}},{"id":"5e3d9146-ac75-4dca-b6c2-a822ed8f40d8","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":68,"box":{"x":69,"y":664,"width":790,"height":12}},{"id":"4442856e-3291-4d38-ac39-5e5353d8e158","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":68,"box":{"x":70,"y":680,"width":823,"height":11}},{"id":"ab745033-bedc-4ca9-968b-e90616e2eb36","block_type":"box","text":"Securities issued in IPOs have no trading history, and information about the companies may be available for very","page_number":68,"box":{"x":69,"y":695,"width":805,"height":11}},{"id":"6b2ae3c7-2479-4e71-8f2f-f1381dedce9a","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":68,"box":{"x":70,"y":710,"width":836,"height":11}},{"id":"9fd633fe-7f5e-4337-9e50-16b1ff878dc8","block_type":"box","text":"initial public offering.","page_number":68,"box":{"x":70,"y":725,"width":147,"height":11}},{"id":"b5fc8bf0-7eea-4c9c-9726-59483ad64c5e","block_type":"box","text":"The Funds may invest in companies that have relatively small market capitalizations. These organizations will","page_number":68,"box":{"x":101,"y":748,"width":777,"height":11}},{"id":"1e047df0-2dec-4cf8-a491-bf4c78afc499","block_type":"box","text":"normally have more limited product lines, markets and financial resources and will be dependent upon a more limited","page_number":68,"box":{"x":69,"y":763,"width":838,"height":11}},{"id":"40f81dda-3ccc-4e85-8e55-6224169c659f","block_type":"box","text":"management group than larger capitalized companies. In addition, it is more difficult to get information on smaller","page_number":68,"box":{"x":69,"y":778,"width":815,"height":11}},{"id":"45573605-7085-4420-9a63-26afccbdec18","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":68,"box":{"x":69,"y":793,"width":829,"height":11}},{"id":"221861cf-5e11-4ec5-a9f7-0ed51773e786","block_type":"box","text":"large investors and are followed by relatively few securities analysts. The securities of smaller capitalized companies","page_number":68,"box":{"x":70,"y":808,"width":831,"height":11}},{"id":"65e5c9e6-bb0f-48c1-ad7f-0ca2b18f13e3","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":68,"box":{"x":69,"y":823,"width":826,"height":11}},{"id":"dbd794ae-e6ec-4e34-849a-55a098fca854","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":68,"box":{"x":68,"y":838,"width":810,"height":12}},{"id":"45865834-0294-4f75-9b8b-6ab7e26aedc0","block_type":"box","text":"more established companies.","page_number":68,"box":{"x":69,"y":854,"width":209,"height":10}},{"id":"2f1a9b96-1c1d-40f7-865a-4ed07ee802c2","block_type":"box","text":"II-26","page_number":68,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"754f8782-2d52-47de-9ad9-b19431e4f5b9","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":68,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d74c7a4-900f-477f-8df4-fd47584904a2","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":69,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"864db178-ad21-4c55-8cbc-26476dca56ce","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":69,"box":{"x":70,"y":60,"width":810,"height":11}},{"id":"09703d3b-5450-4e40-84a8-ec46f6ea93a9","block_type":"box","text":"private companies, which are subject to the risks of “Illiquid Investments” and “Restricted Securities” described","page_number":69,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"23b59dc2-653b-4744-aa90-14bb81567aae","block_type":"box","text":"below.","page_number":69,"box":{"x":69,"y":90,"width":43,"height":9}},{"id":"218023a6-6367-42a6-9851-5ca650e3fc7a","block_type":"box","text":"Real Estate-Related Securities.","page_number":69,"box":{"x":102,"y":113,"width":219,"height":9}},{"id":"fc610ff4-38fd-4190-bbdc-377958fd9736","block_type":"box","text":"Although no Fund may invest directly in real estate, cer tain Funds may invest in","page_number":69,"box":{"x":327,"y":113,"width":565,"height":11}},{"id":"aaf677e1-0655-422d-93d0-88483aedc20e","block_type":"box","text":"equity securities of issuers that are principally engaged in the real estate industry. Such investments are subject to","page_number":69,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"4d242632-6335-41cb-830e-e4e0ccce22de","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":69,"box":{"x":69,"y":143,"width":814,"height":11}},{"id":"d42038bc-ba24-41a7-9fc8-19012bf997b5","block_type":"box","text":"include, among others: possible declines in the value of real estate; risks related to general and local economic","page_number":69,"box":{"x":70,"y":158,"width":796,"height":11}},{"id":"13bffe2d-45fd-42fc-be5c-49c3f25a3b11","block_type":"box","text":"conditions; possible lack of availability of mor tgage funds or other limitations on access to capital; overbuilding; risks","page_number":69,"box":{"x":69,"y":173,"width":836,"height":11}},{"id":"77311742-fd52-466b-806c-c90517662205","block_type":"box","text":"associated with leverage; market illiquidity; extended vacancies of proper ties; increase in competition, proper ty","page_number":69,"box":{"x":69,"y":188,"width":795,"height":12}},{"id":"b4074962-8a45-4b1a-b9a3-4fbff9ea1b61","block_type":"box","text":"taxes, capital expenditures and operating expenses; changes in zoning laws or other governmental regulation; costs","page_number":69,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"0b9896eb-c76a-4fb0-a569-2931abebf6f4","block_type":"box","text":"resulting from the clean-up of, and liability to third par ties for damages resulting from, environmental problems;","page_number":69,"box":{"x":69,"y":218,"width":794,"height":12}},{"id":"ae27569e-cdcf-4f8a-86ed-f9dd85b5c59d","block_type":"box","text":"tenant bankruptcies or other credit problems; casualty or condemnation losses; uninsured damages from floods,","page_number":69,"box":{"x":68,"y":234,"width":805,"height":11}},{"id":"93df2d35-3209-4429-8f25-108107128177","block_type":"box","text":"ear thquakes or other natural disasters; limitations on and variations in rents, including decreases in market rates for","page_number":69,"box":{"x":69,"y":249,"width":836,"height":11}},{"id":"f45ecbb7-d4d0-473d-92c9-71e6d652a071","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":69,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"d2813103-d9e9-4013-b0da-25fd8599da93","block_type":"box","text":"interest rates. To the extent that assets underlying a Fund’s investments are concentrated geographically, by proper ty","page_number":69,"box":{"x":70,"y":279,"width":838,"height":11}},{"id":"819ae246-02fa-4627-b90a-3133c8bfb608","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":69,"box":{"x":68,"y":294,"width":785,"height":11}},{"id":"38191314-694a-4a3c-8263-0b9383214ee8","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":69,"box":{"x":70,"y":309,"width":836,"height":11}},{"id":"d46894c7-a979-4ad7-9f32-713b4f186ebf","block_type":"box","text":"with refinancings and their impact on servicing rights.","page_number":69,"box":{"x":68,"y":324,"width":381,"height":12}},{"id":"27d596c1-ce15-4091-a25f-4bebf8af40bb","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":69,"box":{"x":102,"y":347,"width":797,"height":11}},{"id":"84b0692e-42c1-480a-85e1-92ee28d3626d","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":69,"box":{"x":69,"y":362,"width":829,"height":11}},{"id":"7ef9b37a-4e69-4a5d-94f4-679ea0bcacff","block_type":"box","text":"its tax status as a regulated investment company because of cer tain income source requirements applicable to","page_number":69,"box":{"x":70,"y":377,"width":794,"height":12}},{"id":"3c39037d-c85d-4b0b-b232-1265260082c3","block_type":"box","text":"regulated investment companies under the Internal Revenue Code of 1986, as amended (the “Code”).","page_number":69,"box":{"x":69,"y":392,"width":730,"height":12}},{"id":"6e3661ed-a066-47ef-a019-92943939dd11","block_type":"box","text":"Securities of Smaller or Emerging Growth Companies.","page_number":69,"box":{"x":102,"y":415,"width":381,"height":11}},{"id":"559a4346-8218-47b7-9a8f-885230957049","block_type":"box","text":"Investment in smaller or emerging growth companies","page_number":69,"box":{"x":490,"y":415,"width":376,"height":11}},{"id":"484f12d8-d090-4043-ac18-bcecc793f61a","block_type":"box","text":"involves greater risk than is customarily associated with investments in more established companies. The securities","page_number":69,"box":{"x":70,"y":430,"width":828,"height":11}},{"id":"25b70921-7a45-49ba-8dd1-4c8883a5f229","block_type":"box","text":"of smaller or emerging growth companies may be subject to more abrupt or erratic market movements than larger,","page_number":69,"box":{"x":69,"y":445,"width":815,"height":12}},{"id":"9b3ca2cc-ffac-48f1-be64-0236110a456c","block_type":"box","text":"more established companies or the market average in general. These companies may have limited product lines,","page_number":69,"box":{"x":69,"y":461,"width":804,"height":11}},{"id":"f4a7a091-4286-46f0-a439-854129d3fcdb","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":69,"box":{"x":69,"y":475,"width":647,"height":12}},{"id":"3324921d-c2f5-4ce1-beca-4f43cdf588b7","block_type":"box","text":"Investments in smaller or emerging growth companies may involve greater risks and thus may be considered","page_number":69,"box":{"x":102,"y":498,"width":773,"height":11}},{"id":"0c3e378c-2011-45c5-b717-28731cb56a85","block_type":"box","text":"speculative. Full development of these companies and trends frequently takes time.","page_number":69,"box":{"x":69,"y":513,"width":597,"height":11}},{"id":"417d63a3-7e0c-4798-8e3f-8db4da7233a5","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":69,"box":{"x":102,"y":536,"width":797,"height":11}},{"id":"4ae0856a-3522-4469-bebb-f79225c6b0fd","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":69,"box":{"x":69,"y":551,"width":832,"height":11}},{"id":"613d4593-76cd-48f1-a349-94359d3c47ea","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":69,"box":{"x":69,"y":566,"width":808,"height":11}},{"id":"b48dc579-499a-4753-915d-8acb6c51545b","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":69,"box":{"x":69,"y":581,"width":825,"height":12}},{"id":"b34e0fbb-306c-476f-bdda-8df3dcccc1f9","block_type":"box","text":"during periods when, in Fund management’s judgment, such disposition is not desirable.","page_number":69,"box":{"x":69,"y":597,"width":631,"height":11}},{"id":"e0b1c07b-778c-4b25-a47e-9db64734dca4","block_type":"box","text":"The process of selection and continuous supervision by Fund management does not guarantee successful","page_number":69,"box":{"x":101,"y":619,"width":758,"height":11}},{"id":"125ceda0-ea04-42bd-bc70-fe9781e08ef5","block_type":"box","text":"investment results. Careful initial selection is par ticularly impor tant in this area as many new enterprises have","page_number":69,"box":{"x":70,"y":634,"width":787,"height":11}},{"id":"3eda811e-ca3f-4ebe-afa5-8e0e900cbc9a","block_type":"box","text":"promise but lack cer tain of the fundamental factors necessary to prosper. Investing in small cap and emerging","page_number":69,"box":{"x":70,"y":649,"width":789,"height":12}},{"id":"4ba84949-db50-487d-85ef-84731aa9c5c5","block_type":"box","text":"growth companies requires specialized research and analysis.","page_number":69,"box":{"x":68,"y":665,"width":442,"height":11}},{"id":"fc8cc752-4fb5-4754-8dae-89cbba3f4ec2","block_type":"box","text":"Fund management believes that relatively small companies may have the oppor tunity to develop into significant","page_number":69,"box":{"x":102,"y":687,"width":795,"height":11}},{"id":"5ef671df-d0d2-49ab-bba8-61d8bce62c1a","block_type":"box","text":"business enterprises. A Fund may invest in securities of small issuers in the relatively early stages of business","page_number":69,"box":{"x":69,"y":702,"width":791,"height":12}},{"id":"2b087a04-5adf-40ff-b279-5e90e7be0d5a","block_type":"box","text":"development that have a new technology, a unique or proprietary product or service, or a favorable market position.","page_number":69,"box":{"x":69,"y":717,"width":823,"height":12}},{"id":"3ae4f3cd-2ff4-48b7-8615-5af95784002f","block_type":"box","text":"Equity securities of specific small cap issuers may present different oppor tunities for long-term capital","page_number":69,"box":{"x":102,"y":740,"width":729,"height":11}},{"id":"aa315278-6dbe-4e22-a269-782bcff6761f","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":69,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"8aa0f9f0-6966-47fd-a0c2-8ec524b92397","block_type":"box","text":"business development. The market valuation of small cap issuers tends to fluctuate during economic or market","page_number":69,"box":{"x":69,"y":770,"width":794,"height":12}},{"id":"bc0a4aa4-079d-4dba-a56e-1f2761c2c5b3","block_type":"box","text":"cycles.","page_number":69,"box":{"x":69,"y":786,"width":46,"height":11}},{"id":"4aff0900-a7da-4d8b-a2ed-f53637ed3206","block_type":"box","text":"Tracking Stocks","page_number":69,"box":{"x":103,"y":808,"width":110,"height":11}},{"id":"863498db-7fe3-4ee6-8300-c7f9a324d55f","block_type":"box","text":". A tracking stock is a separate class of common stock whose value is linked to a specific","page_number":69,"box":{"x":214,"y":808,"width":640,"height":11}},{"id":"24a91531-7c5a-42a2-8f55-524630617777","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":69,"box":{"x":69,"y":823,"width":791,"height":12}},{"id":"007688ec-f39c-496f-a8ed-4be1126db698","block_type":"box","text":"business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company.","page_number":69,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"9c7ef384-0bab-48b3-90f0-726b00beb171","block_type":"box","text":"The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However,","page_number":69,"box":{"x":68,"y":853,"width":801,"height":12}},{"id":"95489dd1-d2ef-4d9e-a8f3-d94b321d664f","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":69,"box":{"x":69,"y":869,"width":740,"height":11}},{"id":"f517e99e-275d-4222-81bd-152aac93290e","block_type":"box","text":"Exchange-Traded Notes (“ETNs”).","page_number":69,"box":{"x":102,"y":891,"width":245,"height":11}},{"id":"e413069c-ae4e-4ac0-97f3-1372e1a07f94","block_type":"box","text":"Cer tain Funds may invest in ETNs. ETNs are generally notes representing","page_number":69,"box":{"x":354,"y":891,"width":521,"height":12}},{"id":"07013e5f-4181-454e-a8e8-40e8185ce473","block_type":"box","text":"debt of the issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN’s returns","page_number":69,"box":{"x":69,"y":906,"width":814,"height":12}},{"id":"66b22396-59dd-4416-b74b-6627888a1a33","block_type":"box","text":"II-27","page_number":69,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9e65f77c-9fe5-47d1-b590-5c1ec5dcc4a6","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":69,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2a932671-0d1d-450c-94f9-e6dfe9f98398","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":70,"box":{"x":69,"y":45,"width":774,"height":11}},{"id":"7c194edb-5593-484a-b9d4-bc6920ea1a23","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":70,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"d58bd4fa-841b-4f31-9118-4b206063dc64","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":70,"box":{"x":70,"y":75,"width":831,"height":11}},{"id":"1ee0edc1-86dc-4f8f-8e76-864b459ac039","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":70,"box":{"x":69,"y":90,"width":805,"height":11}},{"id":"8aeec6f4-de75-4e29-bd2b-d539dfe6fe37","block_type":"box","text":"regular bonds, ETNs do not make periodic interest payments, and principal is not protected.","page_number":70,"box":{"x":69,"y":105,"width":654,"height":11}},{"id":"18192e62-d730-4e95-ab5d-ae11e136d798","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":70,"box":{"x":101,"y":128,"width":794,"height":11}},{"id":"9f1a71e6-020d-41d4-8180-affe2c2f9370","block_type":"box","text":"the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the","page_number":70,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"d03d38c7-c37e-44bd-8048-2bd18a306430","block_type":"box","text":"per formance of the reference instrument, changes in the issuer’s credit rating and economic, legal, political or","page_number":70,"box":{"x":70,"y":158,"width":789,"height":11}},{"id":"7d3e12b1-d6a9-449e-93cc-df940a6ed515","block_type":"box","text":"geographic events that affect the reference instrument. ETNs are subject to credit risk and the value of the ETN may","page_number":70,"box":{"x":68,"y":173,"width":831,"height":11}},{"id":"52868575-b9c7-40df-b072-71ab87d408f9","block_type":"box","text":"drop due to a downgrade in an issuer’s credit rating, despite the underlying reference instrument remaining","page_number":70,"box":{"x":69,"y":188,"width":766,"height":12}},{"id":"c06309ca-e713-4d8c-8e40-5caaa7eba898","block_type":"box","text":"unchanged. When a Fund invests in ETNs, it will bear its propor tionate share of any fees and expenses borne by the","page_number":70,"box":{"x":69,"y":203,"width":828,"height":12}},{"id":"a106ce17-0dc8-4d6e-a4d1-83a4a3c251f9","block_type":"box","text":"ETN.","page_number":70,"box":{"x":70,"y":219,"width":30,"height":8}},{"id":"17190ea8-d8ef-4c13-beaf-1ebb146e924b","block_type":"box","text":"An ETN that is tied to a reference instrument may not replicate the per formance of the reference instrument.","page_number":70,"box":{"x":101,"y":241,"width":776,"height":11}},{"id":"840c2559-1b00-471c-8751-afcc9b5e2aed","block_type":"box","text":"ETNs also incur cer tain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage","page_number":70,"box":{"x":70,"y":256,"width":837,"height":12}},{"id":"73a9dda0-738b-40b0-9064-56ca05c76ead","block_type":"box","text":"may, at times, be illiquid and may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same","page_number":70,"box":{"x":69,"y":271,"width":840,"height":12}},{"id":"d868ceb4-b53e-4765-89fd-50af96a610cd","block_type":"box","text":"risk as other instruments that use leverage in any form. While leverage allows for greater potential return, the","page_number":70,"box":{"x":69,"y":286,"width":781,"height":12}},{"id":"96b38f78-229e-4d52-a175-64c19b75b23a","block_type":"box","text":"potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in","page_number":70,"box":{"x":70,"y":302,"width":827,"height":11}},{"id":"672ae7b0-34f0-4853-9da1-bb77115cb1c4","block_type":"box","text":"addition to the money lost on the investment, the loan still needs to be repaid.","page_number":70,"box":{"x":69,"y":317,"width":560,"height":11}},{"id":"ffaea97e-185c-4049-9d6a-78830e498072","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":70,"box":{"x":102,"y":340,"width":774,"height":11}},{"id":"6100ce0f-ada2-4799-8629-583a9a2dc300","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":70,"box":{"x":68,"y":355,"width":788,"height":11}},{"id":"60e7cee6-1aa3-4e9f-8941-e62f53332ade","block_type":"box","text":"reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This","page_number":70,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"91fb41db-dce4-4443-bf87-d7767081c2f1","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":70,"box":{"x":69,"y":385,"width":815,"height":11}},{"id":"86f0d308-ddf9-4f23-b2f1-679a43dc6a3c","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":70,"box":{"x":68,"y":400,"width":766,"height":11}},{"id":"203d112b-a9b4-4424-800d-edbb66a6f72f","block_type":"box","text":"instrument that the ETN seeks to track.","page_number":70,"box":{"x":70,"y":415,"width":279,"height":9}},{"id":"34107fc5-229a-45f3-9174-582eaa54a52c","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":70,"box":{"x":101,"y":438,"width":791,"height":11}},{"id":"444e756c-b249-4657-8410-98899b27f33c","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":70,"box":{"x":69,"y":453,"width":818,"height":11}},{"id":"182472bc-79d6-4f0b-8f28-efb7873c012f","block_type":"box","text":"market. An investor in an ETN could lose some or all of the amount invested.","page_number":70,"box":{"x":69,"y":468,"width":547,"height":9}},{"id":"24540e99-064a-4b7d-850f-c82be751afe5","block_type":"box","text":"ETNs are also subject to tax risks. The Internal Revenue Service (the “IRS”) may not accept, and a cour t may not","page_number":70,"box":{"x":102,"y":491,"width":807,"height":11}},{"id":"13c4d728-4c44-4c76-9799-1e54265139f5","block_type":"box","text":"uphold, how the Funds characterize and treat ETNs for tax purposes. The timing and character of income and gains","page_number":70,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"279afb7a-5abc-4148-afa0-4c43d72fb117","block_type":"box","text":"derived by a Fund from investments in ETNs may be affected by future legislation.","page_number":70,"box":{"x":69,"y":521,"width":581,"height":11}},{"id":"189b9623-75ac-45e7-9d82-43beb8bbeff2","block_type":"box","text":"Foreign Investments.","page_number":70,"box":{"x":102,"y":544,"width":152,"height":11}},{"id":"485ed2f5-3779-4a72-875a-2d5f98a1140c","block_type":"box","text":"Foreign Investment Risks.","page_number":70,"box":{"x":102,"y":566,"width":182,"height":11}},{"id":"3d710e7a-d4fd-4ca2-8868-70bb4f8f2343","block_type":"box","text":"Cer tain Funds may invest in foreign securities, including securities from issuers","page_number":70,"box":{"x":291,"y":566,"width":567,"height":11}},{"id":"f82ed49d-e0f3-4782-ba0f-df7150e91ea3","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":70,"box":{"x":70,"y":581,"width":822,"height":12}},{"id":"f16cf4d9-fcd3-4fc2-bc2d-6da723c17ea4","block_type":"box","text":"Investing in foreign securities involves risks not typically associated with investing in securities of companies","page_number":70,"box":{"x":70,"y":596,"width":774,"height":12}},{"id":"22304c61-8c09-45da-bd84-fa03b06cd544","block_type":"box","text":"organized and operated in the United States that can increase the chances that a Fund will lose money.","page_number":70,"box":{"x":69,"y":612,"width":738,"height":11}},{"id":"9348948b-62ed-4b18-af80-3d1677e51f06","block_type":"box","text":"Securities issued by cer tain companies organized outside the United States may not be deemed to be foreign","page_number":70,"box":{"x":102,"y":634,"width":782,"height":12}},{"id":"7e303f00-0ff1-4f23-a264-4c88f211655a","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":70,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"1f907287-4e79-4b14-8c40-cd92bfd056c9","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":70,"box":{"x":70,"y":665,"width":771,"height":11}},{"id":"b91625ef-32bf-4b16-9300-4da796e02d40","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":70,"box":{"x":69,"y":680,"width":792,"height":11}},{"id":"f221ad2d-9a32-4c6e-ab53-345d143c0284","block_type":"box","text":"benchmark index.","page_number":70,"box":{"x":69,"y":695,"width":124,"height":9}},{"id":"7de0ada5-bcf9-45c3-bd58-d260cd39f378","block_type":"box","text":"In addition to equity securities, foreign investments of the Funds may include: (a) debt obligations issued or","page_number":70,"box":{"x":102,"y":717,"width":767,"height":12}},{"id":"0c2637f1-e095-4c8b-bfb4-24f210d06330","block_type":"box","text":"guaranteed by foreign sovereign governments or their agencies, authorities, instrumentalities or political","page_number":70,"box":{"x":68,"y":732,"width":742,"height":12}},{"id":"b0ef469b-515f-441b-8b2d-584b237e9171","block_type":"box","text":"subdivisions, including a foreign state, province or municipality; (b) debt obligations of supranational organizations;","page_number":70,"box":{"x":69,"y":748,"width":818,"height":11}},{"id":"a1897fe3-00a2-4626-90f0-4b686ac802a5","block_type":"box","text":"(c) debt obligations of foreign banks and bank holding companies; (d) debt obligations of domestic banks and","page_number":70,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"2cbf1219-ff29-4ea4-a69f-63b5cd30a50c","block_type":"box","text":"corporations issued in foreign currencies; (e) debt obligations denominated in the Euro; and (f) foreign corporate debt","page_number":70,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"36220c8e-37ba-48d2-85f9-e92416acd44e","block_type":"box","text":"securities and commercial paper. Such securities may include loan par ticipations and assignments, conver tible","page_number":70,"box":{"x":69,"y":793,"width":794,"height":11}},{"id":"de2481e9-3f36-4cc5-849a-06d31e4f3ff1","block_type":"box","text":"securities and zero-coupon securities.","page_number":70,"box":{"x":69,"y":808,"width":268,"height":11}},{"id":"3b1dc07a-f9d6-4a29-9885-c0c61ba313bf","block_type":"box","text":"Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding","page_number":70,"box":{"x":102,"y":831,"width":785,"height":11}},{"id":"4bf14151-66ed-43d0-b8d8-c7474bcd4862","block_type":"box","text":"taxes.","page_number":70,"box":{"x":68,"y":847,"width":42,"height":8}},{"id":"672aaa2d-51ea-44e5-88fe-34d6d1d42aa9","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":70,"box":{"x":101,"y":869,"width":798,"height":11}},{"id":"335bc821-2d67-446c-b06c-2e37391cfd93","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":70,"box":{"x":68,"y":884,"width":815,"height":11}},{"id":"4241ddb4-35a8-4741-a78d-aad97cff331c","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":70,"box":{"x":70,"y":899,"width":792,"height":11}},{"id":"8e66455a-7936-4485-ba9f-a993e3a93d44","block_type":"box","text":"II-28","page_number":70,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3b3db394-49bc-4938-9497-6da99b7aab8b","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":70,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c8f11f2f-3804-4d37-b37a-d142a704236e","block_type":"box","text":"underlying security (","page_number":71,"box":{"x":69,"y":45,"width":140,"height":11}},{"id":"3286262c-8bd9-4d5f-b433-249218ef15a3","block_type":"box","text":"i.e.","page_number":71,"box":{"x":211,"y":45,"width":20,"height":9}},{"id":"ad62ce1c-fa19-42ff-ae04-ab063a24e2c3","block_type":"box","text":", the Fund’s quote from the closed foreign market). The impact of a closed foreign market on a","page_number":71,"box":{"x":234,"y":45,"width":675,"height":11}},{"id":"4c838e63-642b-4871-bb90-40c5cc74ab41","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":71,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"cf451c65-a2c4-421a-9112-0d77f579f495","block_type":"box","text":"that closed foreign market or when the foreign market is closed for unscheduled reasons. These deviations may","page_number":71,"box":{"x":68,"y":75,"width":800,"height":11}},{"id":"ac5b4f56-c492-4d14-97bf-56397708e11e","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":71,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"74596521-c5bb-4beb-badc-544afdd9a1f2","block_type":"box","text":"Foreign Market Risk.","page_number":71,"box":{"x":102,"y":113,"width":144,"height":11}},{"id":"fcc8b41d-c039-4ffb-8618-b9e62f98c1f6","block_type":"box","text":"Funds that may invest in foreign securities offer the potential for more diversification than a","page_number":71,"box":{"x":254,"y":113,"width":652,"height":11}},{"id":"975211ad-9606-4c51-bff2-9b1c48519966","block_type":"box","text":"Fund that invests only in the United States because securities traded on foreign markets have often (though not","page_number":71,"box":{"x":70,"y":128,"width":797,"height":11}},{"id":"82d198c4-b1b1-43ca-9bac-e6860f06f1c1","block_type":"box","text":"always) per formed differently from securities traded in the United States. However, such investments often involve","page_number":71,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"8d1885df-b873-46f0-b7a2-b14e36a93917","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":71,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"b4762e4f-b37f-478e-8bf4-91384336def8","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":71,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"b9726be0-80d2-41f3-b0cf-ff62fd693835","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":71,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"36da9b32-3d45-4f95-8edf-ac2175840f4f","block_type":"box","text":"prices of foreign securities may fluctuate more than prices of securities traded in the United States. Investments in","page_number":71,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"bbc73c2c-38d2-4338-89e3-a9279ad95838","block_type":"box","text":"foreign markets may also be adversely affected by governmental actions such as the imposition of punitive taxes or","page_number":71,"box":{"x":68,"y":218,"width":826,"height":12}},{"id":"75ece9eb-0011-4b36-bdbd-8822da2e157c","block_type":"box","text":"tariffs. In addition, economic conditions, such as volatile currency exchange rates and interest rates, political events,","page_number":71,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"2806e095-0c11-4b65-b520-5ea1f8d65079","block_type":"box","text":"military action and other conditions may, without prior warning, lead to the governments of cer tain countries, or the","page_number":71,"box":{"x":69,"y":249,"width":821,"height":11}},{"id":"617ec463-e863-4ad9-8800-047bf015e623","block_type":"box","text":"U.S. Government with respect to cer tain countries, prohibiting or imposing substantial restrictions through capital","page_number":71,"box":{"x":70,"y":264,"width":807,"height":11}},{"id":"4f0f6017-c944-469d-abcc-1e4f973e74b5","block_type":"box","text":"controls and/or sanctions on foreign investing in the capital markets or cer tain industries in those countries. Capital","page_number":71,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"1cb37edf-a514-4c4e-a934-f606b609c08f","block_type":"box","text":"controls and/or sanctions may include the prohibition of, or restrictions on, the ability to own or transfer currency,","page_number":71,"box":{"x":69,"y":294,"width":810,"height":11}},{"id":"dc828449-1ad5-4c77-9df7-fcbbc170a557","block_type":"box","text":"securities, derivatives or other assets and may also include retaliatory actions of one government against another","page_number":71,"box":{"x":69,"y":309,"width":813,"height":11}},{"id":"173ed4f4-11e0-4dce-ae8b-0f1633d04dfa","block_type":"box","text":"government, such as seizure of assets. Any of these actions could severely impair a Fund’s ability to purchase, sell,","page_number":71,"box":{"x":68,"y":324,"width":828,"height":12}},{"id":"c5fb282c-0c4a-4818-8f43-5fcd261adcfb","block_type":"box","text":"transfer, receive, deliver or otherwise obtain exposure to foreign securities and assets, including the ability to","page_number":71,"box":{"x":68,"y":339,"width":782,"height":12}},{"id":"e6de7818-feb6-4d7c-a6e3-bae8f1a8157d","block_type":"box","text":"transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or","page_number":71,"box":{"x":68,"y":355,"width":796,"height":11}},{"id":"afa7330d-6d7c-4dc6-9c22-6bb2844aa2e5","block_type":"box","text":"liquidity of such assets or otherwise adversely affect a Fund’s operations, causing the Fund to decline in value. Other","page_number":71,"box":{"x":70,"y":370,"width":837,"height":11}},{"id":"2c02b06e-8207-4099-b5b8-95c85f1cbab6","block_type":"box","text":"potential foreign market risks include exchange controls, difficulties in pricing securities, defaults on foreign","page_number":71,"box":{"x":70,"y":385,"width":768,"height":11}},{"id":"18c21ec9-b48b-4f8c-a67f-ec11b5282ad3","block_type":"box","text":"government securities, difficulties in enforcing favorable legal judgments in foreign cour ts, and political and social","page_number":71,"box":{"x":68,"y":400,"width":813,"height":11}},{"id":"0c5491c0-9e4c-4a8c-a55a-915c429f1776","block_type":"box","text":"conditions, such as diplomatic relations, confiscatory taxation, expropriation, limitation on the removal of funds or","page_number":71,"box":{"x":69,"y":415,"width":814,"height":11}},{"id":"48c00a9c-edb4-40ea-b06e-d8556823c7ef","block_type":"box","text":"assets, or imposition of (or change in) exchange control regulations. Legal remedies available to investors in cer tain","page_number":71,"box":{"x":69,"y":430,"width":828,"height":11}},{"id":"6f3a61f4-7229-4ecc-a697-221367af7627","block_type":"box","text":"foreign countries may be less extensive than those available to investors in the United States or other foreign","page_number":71,"box":{"x":68,"y":445,"width":782,"height":12}},{"id":"518f9c5f-88e6-47a6-bb40-1f012b020dc1","block_type":"box","text":"countries. In addition, changes in government administrations or economic or monetary policies in the United States","page_number":71,"box":{"x":69,"y":460,"width":830,"height":12}},{"id":"8ec768e7-8359-4ed0-a2c0-b16c1f7ba96d","block_type":"box","text":"or abroad could result in appreciation or depreciation of por tfolio securities and could favorably or adversely affect a","page_number":71,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"4f916528-5383-4210-8e43-6010f2eeab4e","block_type":"box","text":"Fund’s operations.","page_number":71,"box":{"x":70,"y":491,"width":130,"height":11}},{"id":"1f0b953a-5345-4d99-bb5a-865560293cfc","block_type":"box","text":"Foreign Economy Risk.","page_number":71,"box":{"x":102,"y":514,"width":158,"height":11}},{"id":"ee8deb95-6ad9-414e-9b90-27da532dc928","block_type":"box","text":"The economies of cer tain foreign markets often do not compare favorably with that of the","page_number":71,"box":{"x":267,"y":513,"width":636,"height":12}},{"id":"16c2b742-4ce5-4fd5-846c-a5344f206922","block_type":"box","text":"United States with respect to such issues as growth of gross national product, reinvestment of capital, resources,","page_number":71,"box":{"x":70,"y":528,"width":812,"height":12}},{"id":"e83afe74-8ff5-46b6-8cda-6051fa26df8d","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":71,"box":{"x":69,"y":543,"width":835,"height":12}},{"id":"fa63b2e6-ab8d-4d20-acfb-9d26fe0331c4","block_type":"box","text":"and are more vulnerable to diplomatic developments, the imposition of economic sanctions against a par ticular","page_number":71,"box":{"x":69,"y":559,"width":795,"height":11}},{"id":"c0071785-a020-4caa-a063-15ca54a5da82","block_type":"box","text":"country or countries, changes in international trading patterns, trade barriers, and other protectionist or retaliatory","page_number":71,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"844677f2-1552-453c-8d80-28f5cf6a522f","block_type":"box","text":"measures.","page_number":71,"box":{"x":69,"y":591,"width":74,"height":7}},{"id":"5719d0cd-8498-4391-b20e-b97c490b5768","block_type":"box","text":"Currency Risk and Exchange Risk.","page_number":71,"box":{"x":102,"y":612,"width":240,"height":11}},{"id":"fc94a29e-d6c8-4ef7-bc32-48f914a646b2","block_type":"box","text":"Because foreign securities generally are denominated and pay dividends or","page_number":71,"box":{"x":349,"y":612,"width":534,"height":11}},{"id":"f3b299b2-a75a-4bff-943b-532c313c01fc","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":71,"box":{"x":70,"y":627,"width":838,"height":11}},{"id":"7972a416-418c-411b-9cda-0ea9c16cf021","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":71,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"d360ebbf-6fe5-4e98-bff4-6872228a480f","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":71,"box":{"x":69,"y":657,"width":801,"height":11}},{"id":"1fc3deb1-8d50-479d-a8cb-7e3274fd305b","block_type":"box","text":"dollars. Conversely, when the U.S. dollar decreases in value against a foreign currency, a security denominated in","page_number":71,"box":{"x":69,"y":672,"width":808,"height":11}},{"id":"3ea88911-3210-4f12-8d0d-934652b99cfc","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":71,"box":{"x":68,"y":687,"width":816,"height":11}},{"id":"853cf37e-acd5-4a4a-be75-b5febcae091f","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":71,"box":{"x":69,"y":702,"width":814,"height":12}},{"id":"04616225-5496-4f39-b93f-93278d43d70c","block_type":"box","text":"those returns. Currency exchange rates can also be affected unpredictably by intervention by U.S. or foreign","page_number":71,"box":{"x":68,"y":717,"width":771,"height":12}},{"id":"325f941f-9863-4881-901d-13b14c9b288f","block_type":"box","text":"governments or central banks, or the failure to intervene, or buy currency controls or political developments in the","page_number":71,"box":{"x":68,"y":732,"width":813,"height":12}},{"id":"113b0b79-57a5-4fa3-9bf2-f702681f8062","block_type":"box","text":"United States or abroad.","page_number":71,"box":{"x":70,"y":748,"width":172,"height":9}},{"id":"7bbe8d49-fe2d-4dab-97a8-b9ca2600445d","block_type":"box","text":"Governmental Supervision and Regulation/Accounting Standards.","page_number":71,"box":{"x":102,"y":770,"width":466,"height":12}},{"id":"c824abec-ed51-4818-a3de-14eb71c294a6","block_type":"box","text":"Many foreign governments supervise and","page_number":71,"box":{"x":575,"y":770,"width":293,"height":12}},{"id":"c58ce406-6a9b-4afb-974e-d134d574ae92","block_type":"box","text":"regulate stock exchanges, brokers and the sale of securities less than does the United States. Some countries may","page_number":71,"box":{"x":69,"y":785,"width":828,"height":12}},{"id":"9a4fa5d4-aa19-4c03-a5c0-b78173480f2d","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":71,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"dc22ea7a-2164-4b95-802b-9a90c4c4671d","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":71,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"76802c29-7cc5-4437-bcc8-dd564a15dc7e","block_type":"box","text":"securities based on nonpublic information about that company. Accounting standards in other countries are not","page_number":71,"box":{"x":69,"y":831,"width":794,"height":11}},{"id":"dff64e4e-dda5-4ee3-a442-075b87078a58","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":71,"box":{"x":69,"y":846,"width":831,"height":11}},{"id":"3a27a5ec-14d7-4e9f-939b-c31b1edfad02","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":71,"box":{"x":69,"y":861,"width":840,"height":11}},{"id":"f6ad1a64-a886-406d-86b6-a59bee57227d","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":71,"box":{"x":69,"y":876,"width":760,"height":11}},{"id":"a4b5a95a-d36a-49f8-aad4-ea38e073af9d","block_type":"box","text":"restrictions, through penalties and otherwise, on foreign investments by U.S. investors such as the Fund. If such","page_number":71,"box":{"x":69,"y":891,"width":803,"height":12}},{"id":"74c8e2d7-a993-4205-9a2b-305c100df667","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":71,"box":{"x":69,"y":906,"width":798,"height":12}},{"id":"e4bd3b94-66a9-4dc4-8365-2972be7c0b60","block_type":"box","text":"II-29","page_number":71,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ec53f7b8-edf6-47bb-8a45-2c0b3f5d10b7","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":71,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"82d8ec0b-6f2f-45e4-8232-29d4d667532d","block_type":"box","text":"assets in U.S. securities. Also, brokerage commissions and other costs of buying or selling securities often are","page_number":72,"box":{"x":69,"y":45,"width":793,"height":11}},{"id":"39f4faf6-bd4e-4b61-a887-3a379cbf3124","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":72,"box":{"x":69,"y":60,"width":797,"height":11}},{"id":"0a3f7554-9ef4-4a0b-a033-17d55f5ae85f","block_type":"box","text":"investments.","page_number":72,"box":{"x":70,"y":75,"width":89,"height":9}},{"id":"b792f6ee-49f1-40e1-b608-b918fe1bd856","block_type":"box","text":"Cer tain Risks of Holding Fund Assets Outside the United States.","page_number":72,"box":{"x":102,"y":98,"width":458,"height":11}},{"id":"23bc87aa-edd9-469c-8f3c-8bea597834fd","block_type":"box","text":"A Fund generally holds its foreign securities and","page_number":72,"box":{"x":566,"y":98,"width":341,"height":11}},{"id":"10a00f79-4042-462c-ac2d-60fee677860e","block_type":"box","text":"cash in foreign banks and securities depositories. Some foreign banks and securities depositories may be recently","page_number":72,"box":{"x":69,"y":113,"width":819,"height":11}},{"id":"4bbb2fad-f79e-4274-b46c-573a8f2fa215","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":72,"box":{"x":69,"y":128,"width":813,"height":11}},{"id":"56ee255c-5b48-4f15-bee8-74d4282d5d4c","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":72,"box":{"x":68,"y":143,"width":838,"height":11}},{"id":"2f2aa9b2-d7a8-4b38-b4f9-ee5981d5101f","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":72,"box":{"x":69,"y":158,"width":835,"height":11}},{"id":"55a4f5b2-61a0-4ba5-871a-62d0bd0645ae","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":72,"box":{"x":68,"y":173,"width":777,"height":11}},{"id":"d6a6118b-5368-44a1-a6de-ea9419040c76","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":72,"box":{"x":69,"y":188,"width":831,"height":12}},{"id":"90ef963b-c449-4d50-9887-4c7bced48502","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":72,"box":{"x":70,"y":203,"width":828,"height":12}},{"id":"b6c6fcd9-2dc7-4edb-bd73-c92b69b896b9","block_type":"box","text":"States.","page_number":72,"box":{"x":69,"y":219,"width":49,"height":8}},{"id":"4a81d577-e607-4b12-aab7-f1236ceb4912","block_type":"box","text":"Publicly Available Information.","page_number":72,"box":{"x":102,"y":241,"width":210,"height":11}},{"id":"02bb0ef3-9410-4973-bdb3-a53e62fb8cc5","block_type":"box","text":"In general, less information is publicly available with respect to foreign issuers","page_number":72,"box":{"x":319,"y":241,"width":558,"height":11}},{"id":"6860ccc8-85dd-4942-98b9-5030917b9a5c","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":72,"box":{"x":68,"y":256,"width":779,"height":12}},{"id":"889f8861-a626-411b-ae9a-bd6d1f2c9ea4","block_type":"box","text":"accounting and financial repor ting requirements applicable to issuers in the United States. While the volume of","page_number":72,"box":{"x":69,"y":271,"width":793,"height":12}},{"id":"cf0ca3ae-6d8f-4533-a52a-d4aaa33bb413","block_type":"box","text":"transactions effected on foreign stock exchanges has increased in recent years, it remains appreciably below that of","page_number":72,"box":{"x":68,"y":286,"width":834,"height":12}},{"id":"be80092e-5a22-4606-a6dc-7e56cc28f894","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":72,"box":{"x":68,"y":302,"width":841,"height":11}},{"id":"d7507d37-a4d8-4661-8f6f-04d4991958d1","block_type":"box","text":"be more volatile than, comparable investments in securities in U.S. companies. In addition, there is generally less","page_number":72,"box":{"x":69,"y":317,"width":813,"height":11}},{"id":"03b90ce2-2db5-4861-9f91-05a35b324eaf","block_type":"box","text":"government supervision and regulation of securities exchanges, brokers and issuers in foreign countries than in the","page_number":72,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"4baf42b4-8a3e-4181-a8f1-425276880244","block_type":"box","text":"United States.","page_number":72,"box":{"x":70,"y":347,"width":99,"height":9}},{"id":"dad47c20-248c-4226-bc52-ac213134a610","block_type":"box","text":"Settlement Risk.","page_number":72,"box":{"x":102,"y":370,"width":116,"height":9}},{"id":"2984b63a-5f38-4292-a29f-68c0e87287a9","block_type":"box","text":"Settlement and clearance procedures in cer tain foreign markets differ significantly from those","page_number":72,"box":{"x":225,"y":370,"width":669,"height":11}},{"id":"366c31e8-8e35-4a04-8da1-ec6667e7f5f4","block_type":"box","text":"in the United States. Supervisory authorities may also be unable to apply standards which are comparable with those","page_number":72,"box":{"x":70,"y":385,"width":837,"height":11}},{"id":"9191152e-2335-4461-8b4c-a5bc7f4755f8","block_type":"box","text":"in the United States. Foreign settlement procedures and trade regulations also may involve cer tain risks (such as","page_number":72,"box":{"x":70,"y":400,"width":808,"height":11}},{"id":"1c02b67e-1e62-4d01-a334-c809b84c0ce8","block_type":"box","text":"delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments.","page_number":72,"box":{"x":69,"y":415,"width":772,"height":11}},{"id":"f2c71135-ab34-40f7-abb4-b9bc6a138aeb","block_type":"box","text":"Communications between the United States and emerging market countries may be unreliable, increasing the","page_number":72,"box":{"x":102,"y":438,"width":781,"height":11}},{"id":"1ebba170-b784-4cb4-9282-89162eb271c7","block_type":"box","text":"risk of delayed settlements or losses of security cer tificates in markets that still rely on physical settlement.","page_number":72,"box":{"x":69,"y":453,"width":771,"height":11}},{"id":"25730eb9-c4ea-48c7-8529-da5539cd85be","block_type":"box","text":"Settlements in cer tain foreign countries at times have not kept pace with the number of securities transactions;","page_number":72,"box":{"x":69,"y":468,"width":797,"height":11}},{"id":"014ba615-1f77-40c9-bccf-db37ffdf21c4","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":72,"box":{"x":68,"y":483,"width":802,"height":11}},{"id":"cc26197d-9936-482a-9f01-c413d44f3f18","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":72,"box":{"x":69,"y":498,"width":812,"height":11}},{"id":"d202f240-cc42-4cd8-bb28-2ddae841ddf7","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":72,"box":{"x":69,"y":513,"width":821,"height":12}},{"id":"baedcf11-bf14-4002-a8da-c42bff959d80","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":72,"box":{"x":69,"y":528,"width":816,"height":12}},{"id":"bebcf850-6d4f-426e-abb9-337e778269c4","block_type":"box","text":"another par ty, the Fund could be liable to that par ty for any losses incurred.","page_number":72,"box":{"x":69,"y":543,"width":539,"height":12}},{"id":"359c53f3-c8c7-48f0-90e9-1e00ec3854c1","block_type":"box","text":"Because of uncer tainties in the operation of settlement systems in individual markets, competing claims may","page_number":72,"box":{"x":102,"y":566,"width":781,"height":11}},{"id":"c708f53f-bbf3-4951-8a8f-8a289b1867a8","block_type":"box","text":"arise in respect of securities held by or to be transferred to a Fund. Compensation schemes may not exist or may","page_number":72,"box":{"x":69,"y":581,"width":810,"height":11}},{"id":"b2adb941-4e46-499c-a8ff-e8a2ed02c56c","block_type":"box","text":"otherwise be limited or inadequate to meet the Fund’s claims in case of such event.","page_number":72,"box":{"x":69,"y":596,"width":601,"height":11}},{"id":"2b026c2f-14a5-4791-9e21-bd88450f6953","block_type":"box","text":"Sovereign Debt.","page_number":72,"box":{"x":102,"y":619,"width":111,"height":11}},{"id":"81e5885f-b590-47bd-97e7-50aff263b062","block_type":"box","text":"Investment in sovereign debt can involve a high degree of risk. The governmental entity that","page_number":72,"box":{"x":221,"y":619,"width":653,"height":11}},{"id":"153543cb-1f8c-4e11-95be-11a5fd5b998e","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":72,"box":{"x":69,"y":634,"width":837,"height":12}},{"id":"956af6fc-a005-4e3d-affb-892f0708f07b","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":72,"box":{"x":69,"y":649,"width":826,"height":12}},{"id":"9b481940-7a94-4244-8725-cd65f8c0ccc4","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":72,"box":{"x":69,"y":664,"width":798,"height":12}},{"id":"a47456bf-e3cf-400e-b747-0c3cb8d7ba35","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":72,"box":{"x":69,"y":680,"width":809,"height":11}},{"id":"4d12bec0-bbfc-475c-83dd-41e7a1ef1809","block_type":"box","text":"service burden to the economy as a whole, the governmental entity’s policy towards the International Monetary Fund","page_number":72,"box":{"x":69,"y":695,"width":832,"height":11}},{"id":"4013330a-fb60-4625-acc7-6d27b007a80c","block_type":"box","text":"and the political constraints to which a governmental entity may be subject. Governmental entities may also be","page_number":72,"box":{"x":69,"y":710,"width":790,"height":11}},{"id":"6746f4ba-92e5-420c-af1a-99350e581562","block_type":"box","text":"dependent on expected disbursements from foreign governments, multilateral agencies and others abroad to reduce","page_number":72,"box":{"x":69,"y":725,"width":831,"height":11}},{"id":"c86c4fe9-bb46-497f-864f-9949ce4fc5f8","block_type":"box","text":"principal and interest arrearages on their debt. The commitment on the par t of these governments, agencies and","page_number":72,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"0b4faaee-0394-4b35-be98-30b076ffe7e0","block_type":"box","text":"others to make such disbursements may be conditioned on the implementation of economic reforms and/or","page_number":72,"box":{"x":69,"y":755,"width":772,"height":11}},{"id":"b0715d30-dd5a-44b1-bbc2-d2832705e5a7","block_type":"box","text":"economic per formance and the timely service of such debtor’s obligations. Failure to implement such reforms,","page_number":72,"box":{"x":69,"y":770,"width":789,"height":12}},{"id":"2c141130-e4f0-4560-bf13-ac3fde5a71cc","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":72,"box":{"x":69,"y":785,"width":839,"height":12}},{"id":"d0599c62-3f10-40c9-83fb-ba3d79c51602","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":72,"box":{"x":69,"y":801,"width":810,"height":11}},{"id":"e92719f5-ce22-4df9-9ae2-5a68e9c9e296","block_type":"box","text":"ability or willingness to timely service its debts. Consequently, governmental entities may default on their sovereign","page_number":72,"box":{"x":69,"y":816,"width":821,"height":11}},{"id":"2d4bee1a-75de-43f1-bc2b-de17448e4422","block_type":"box","text":"debt.","page_number":72,"box":{"x":69,"y":831,"width":34,"height":9}},{"id":"32d926f2-37b6-42c8-a3f7-b76141b3ce57","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":72,"box":{"x":102,"y":853,"width":807,"height":12}},{"id":"86084f6d-90c6-470a-9c84-773b68531efb","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":72,"box":{"x":70,"y":869,"width":814,"height":11}},{"id":"2b9ed30a-3cd8-4c23-b964-a6e115e3f6ba","block_type":"box","text":"legal remedies for collecting on such debt.","page_number":72,"box":{"x":70,"y":884,"width":300,"height":11}},{"id":"1adb60b8-6cdc-4259-9742-8c591efa2894","block_type":"box","text":"II-30","page_number":72,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"79b2c90a-4618-4d78-8a43-f3411fc0e1d0","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":72,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"553092bb-cb68-4487-afb3-1c96794e2624","block_type":"box","text":"Withholding Tax Reclaims Risk","page_number":73,"box":{"x":103,"y":45,"width":215,"height":11}},{"id":"c13a2179-c011-4618-8f6f-50a9e3fd577c","block_type":"box","text":". A Fund may file claims to recover foreign withholding taxes on dividend and","page_number":73,"box":{"x":318,"y":45,"width":542,"height":11}},{"id":"eceba084-0b45-4864-9c25-5a82c37e1cba","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":73,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"bed65252-778f-4828-a77a-aa0ce672b536","block_type":"box","text":"securities where such withholding tax reclaim is possible. Whether or when a Fund will receive a withholding tax","page_number":73,"box":{"x":69,"y":75,"width":795,"height":11}},{"id":"8f6cc015-313a-4491-b9ea-0c10bafc855b","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":73,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"69eeb7e5-f6af-4360-ba05-2667e73c0663","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":73,"box":{"x":68,"y":105,"width":838,"height":11}},{"id":"ca10e0b0-cf80-4eb0-aa23-15e6e70e7ba6","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":73,"box":{"x":68,"y":120,"width":807,"height":12}},{"id":"71220eac-4e47-4efd-b041-8d8432f85a6f","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":73,"box":{"x":69,"y":135,"width":814,"height":12}},{"id":"fb9c44bb-e96f-4faf-a811-9ab30cf5190e","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":73,"box":{"x":69,"y":150,"width":831,"height":12}},{"id":"63e4f0de-890d-4b28-9553-0b23b1c65fc5","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":73,"box":{"x":69,"y":166,"width":819,"height":11}},{"id":"88ea002c-a6c0-4bd9-87cd-48be8e0e9e19","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":73,"box":{"x":68,"y":181,"width":833,"height":11}},{"id":"1a142487-a311-46da-93dc-4aefa20db400","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":73,"box":{"x":69,"y":196,"width":814,"height":11}},{"id":"673ebc61-6009-46f6-86c0-a3bfdcb8346a","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":73,"box":{"x":68,"y":211,"width":835,"height":11}},{"id":"3a1c6687-6234-4ec9-a903-50b9eb501eb6","block_type":"box","text":"in the Fund’s net asset value.","page_number":73,"box":{"x":70,"y":226,"width":209,"height":9}},{"id":"b6a7f9d0-7088-4d8b-a4dd-0f3efd6eeef6","block_type":"box","text":"U.S. Economic Trading Par tners Risk.","page_number":73,"box":{"x":103,"y":249,"width":263,"height":11}},{"id":"88319fb4-a961-4ef2-9714-65ed8c1f4804","block_type":"box","text":"The United States is a significant, and in some cases the most significant,","page_number":73,"box":{"x":372,"y":249,"width":532,"height":11}},{"id":"bf0491b6-241b-4a2b-bebc-a5f7732e9347","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":73,"box":{"x":68,"y":264,"width":773,"height":11}},{"id":"4d46ee37-3543-4ac5-b7a2-3ca7a89eebe0","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":73,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"d2ce7381-9247-438f-a87f-6926e0a2f07d","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":73,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"c43954d3-c4b7-44b3-b519-a04b2a0a68c8","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":73,"box":{"x":69,"y":309,"width":803,"height":11}},{"id":"07525d57-54d8-410c-9c71-561b645a766a","block_type":"box","text":"result, securities to which the Fund has exposure. Circumstances could arise that could prevent the timely payment","page_number":73,"box":{"x":69,"y":324,"width":824,"height":11}},{"id":"2f274839-c9ba-4737-88de-576a7a4f2701","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":73,"box":{"x":69,"y":339,"width":819,"height":12}},{"id":"861e53f9-8525-4d52-9003-6261bfc4a68c","block_type":"box","text":"would result in substantial negative consequences for the U.S. economy and the global financial system.","page_number":73,"box":{"x":68,"y":355,"width":746,"height":11}},{"id":"8c5ec281-d26e-42bf-98f7-0fc92e9b7689","block_type":"box","text":"There are strained relations between the United States and a number of foreign countries, including traditional","page_number":73,"box":{"x":101,"y":377,"width":787,"height":12}},{"id":"51da6d7b-a756-4e8a-b538-bc12b36d5e92","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":73,"box":{"x":69,"y":392,"width":827,"height":11}},{"id":"1c6e283d-ad13-4ab6-876c-81de3cafb05e","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":73,"box":{"x":70,"y":407,"width":817,"height":12}},{"id":"288c3fd8-dfb1-4bf8-9387-7c597eef6862","block_type":"box","text":"United States for trade. The United States has also experienced increased internal unrest and discord. If these","page_number":73,"box":{"x":70,"y":423,"width":791,"height":11}},{"id":"26f81f11-82ff-4c7b-8d94-0cce7f0fd33d","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":73,"box":{"x":68,"y":438,"width":803,"height":11}},{"id":"13e6586f-ef00-45b8-971c-0a4c7246f01e","block_type":"box","text":"Fund may invest.","page_number":73,"box":{"x":70,"y":453,"width":117,"height":11}},{"id":"e1bed178-8f03-472b-8b32-155d02cd6c55","block_type":"box","text":"Funding Agreements.","page_number":73,"box":{"x":102,"y":476,"width":154,"height":11}},{"id":"1b599ba4-ff00-4a39-b4a1-0a8308b01bb7","block_type":"box","text":"Cer tain Funds may invest in Guaranteed Investment Contracts and similar funding","page_number":73,"box":{"x":262,"y":475,"width":584,"height":12}},{"id":"7927c0a8-cfdc-400f-a2b4-df5e04fe75bc","block_type":"box","text":"agreements. In connection with these investments, a Fund makes cash contributions to a deposit fund of an","page_number":73,"box":{"x":69,"y":491,"width":773,"height":11}},{"id":"b5641993-c232-41f2-92a8-5dd197c354c1","block_type":"box","text":"insurance company’s general account. The insurance company then credits to the Fund on a monthly basis","page_number":73,"box":{"x":70,"y":506,"width":761,"height":11}},{"id":"1414b912-c7a9-4c74-a58a-5c47fcbef0cc","block_type":"box","text":"guaranteed interest, which is based on an index. The funding agreements provide that this guaranteed interest will","page_number":73,"box":{"x":68,"y":521,"width":817,"height":11}},{"id":"c1b55cf4-d6ae-4589-9389-a24cbd052dba","block_type":"box","text":"not be less than a cer tain minimum rate. The purchase price paid for a funding agreement becomes par t of the","page_number":73,"box":{"x":69,"y":536,"width":794,"height":11}},{"id":"e5c7d4fa-80cf-4923-ad50-2386a80b24d9","block_type":"box","text":"general assets of the insurance company, and the contract is paid from the general assets of the insurance company.","page_number":73,"box":{"x":68,"y":551,"width":839,"height":11}},{"id":"0fcf2d78-4fbf-4740-b0a9-73ac7ac7933e","block_type":"box","text":"Generally, funding agreements are not assignable or transferable without the permission of the issuing insurance","page_number":73,"box":{"x":69,"y":566,"width":806,"height":11}},{"id":"412580e5-adc9-4e67-9e48-47484814adbc","block_type":"box","text":"companies, and an active secondary market in some funding agreements does not currently exist.","page_number":73,"box":{"x":69,"y":581,"width":700,"height":12}},{"id":"87f04309-f484-4cf7-8833-8083b750a6e4","block_type":"box","text":"Guarantees.","page_number":73,"box":{"x":102,"y":604,"width":87,"height":9}},{"id":"863ada7b-cfb1-4ea4-9982-bb94f9d8c13d","block_type":"box","text":"A Fund may purchase securities which contain guarantees issued by an entity separate from the","page_number":73,"box":{"x":194,"y":604,"width":685,"height":11}},{"id":"b5cc0cf9-a758-40dc-bfc3-f30a76e390db","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":73,"box":{"x":70,"y":619,"width":797,"height":11}},{"id":"63021807-2fe0-4081-9c06-08aceacb1ae3","block_type":"box","text":"payment obligations under a security if the issuer is unable to do so.","page_number":73,"box":{"x":70,"y":634,"width":488,"height":12}},{"id":"63a79e3c-091a-4473-a6da-148e403aff16","block_type":"box","text":"Illiquid Investments.","page_number":73,"box":{"x":102,"y":657,"width":146,"height":11}},{"id":"eae1532a-cf08-413a-ac1e-f31fde672f36","block_type":"box","text":"Each Fund may not acquire any illiquid investment if, immediately after the acquisition, a","page_number":73,"box":{"x":255,"y":657,"width":630,"height":11}},{"id":"aa2c3999-bbfc-4114-8da5-1b86b796658a","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":73,"box":{"x":70,"y":672,"width":787,"height":11}},{"id":"4c81dc5c-dbb3-42e0-9424-05bc7a2922eb","block_type":"box","text":"investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven","page_number":73,"box":{"x":70,"y":687,"width":792,"height":11}},{"id":"0d0b4d8e-5942-4acb-a2a1-11fe5765b838","block_type":"box","text":"calendar days or less without the sale or disposition significantly changing the market value of the investment. Liquid","page_number":73,"box":{"x":69,"y":702,"width":834,"height":12}},{"id":"c977a855-080c-43b4-b058-a5eec36b9c8e","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":73,"box":{"x":70,"y":717,"width":838,"height":12}},{"id":"98eee303-6a00-400e-a259-11aaccc39ff4","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":73,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"5be2e634-6012-46b3-9ed5-e9958f11e06f","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":73,"box":{"x":69,"y":748,"width":838,"height":11}},{"id":"1b6b7a3d-0327-48f7-8ce9-e5731e9fe8b0","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":73,"box":{"x":70,"y":763,"width":816,"height":11}},{"id":"d089eb8e-065a-4480-9154-d210743f8f35","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":73,"box":{"x":68,"y":778,"width":832,"height":11}},{"id":"ffd8c6f3-c181-401c-b4fb-aeef00535bc3","block_type":"box","text":"Fund is limited in its ability to dispose of illiquid investments during periods when shareholders are redeeming or","page_number":73,"box":{"x":70,"y":793,"width":803,"height":11}},{"id":"48043392-d0e5-45fb-be96-274305089a80","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":73,"box":{"x":69,"y":808,"width":817,"height":11}},{"id":"8593b89d-b5a1-42c4-8762-b8869fcb1385","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":73,"box":{"x":69,"y":823,"width":781,"height":12}},{"id":"d704ed3e-ee99-48b2-a5e6-fba990369fdc","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":73,"box":{"x":70,"y":838,"width":822,"height":12}},{"id":"10474945-8200-467f-bb0b-3319cd220207","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":73,"box":{"x":69,"y":853,"width":822,"height":12}},{"id":"eafcff2c-f144-4830-8ebc-4caa4bee9b34","block_type":"box","text":"comparable liquid investments. Investment of a Fund’s assets in illiquid investments may restrict the ability of the","page_number":73,"box":{"x":69,"y":869,"width":813,"height":11}},{"id":"507aea0f-854e-45a6-a72c-43940b118975","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":73,"box":{"x":70,"y":884,"width":814,"height":11}},{"id":"169b3f7a-cbbf-4a38-8a0d-3dbede33da82","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":73,"box":{"x":69,"y":899,"width":833,"height":11}},{"id":"61f08ab3-bf7d-49b2-a0ad-f5a53c1d3ce7","block_type":"box","text":"II-31","page_number":73,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"3a6deec5-3203-4936-8568-eae387779a68","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":73,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e2f77aca-c2e8-4470-b2d9-a7c0233b6722","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":74,"box":{"x":69,"y":45,"width":801,"height":11}},{"id":"ee8c6cb5-3144-46dd-9923-e72cbeba0dd7","block_type":"box","text":"shor t-term cash requirements or incurring capital losses on the sale of illiquid investments.","page_number":74,"box":{"x":69,"y":60,"width":651,"height":11}},{"id":"57c308fc-0b37-4f5c-8fe7-2be2cdb3b26c","block_type":"box","text":"Index Funds.","page_number":74,"box":{"x":102,"y":83,"width":91,"height":8}},{"id":"c20cf24b-58d2-4674-9f27-b551eb28201a","block_type":"box","text":"Cash Flows; Expenses.","page_number":74,"box":{"x":102,"y":105,"width":162,"height":11}},{"id":"d7527c01-6eca-4c74-b86c-d9a8f2133edb","block_type":"box","text":"The ability of each Fund to satisfy its investment objective depends to some extent on","page_number":74,"box":{"x":270,"y":105,"width":613,"height":11}},{"id":"9a9e14c4-8ac4-4517-a007-3f9f5a620be5","block_type":"box","text":"the Manager’s ability to manage cash flow (primarily from purchases and redemptions and distributions from the","page_number":74,"box":{"x":68,"y":120,"width":803,"height":12}},{"id":"d4f8915e-a317-44da-a8e0-893461ec3d01","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":74,"box":{"x":70,"y":135,"width":810,"height":12}},{"id":"f501b222-694d-4eb9-a5f4-439faa7d36ef","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":74,"box":{"x":68,"y":150,"width":823,"height":12}},{"id":"d4493013-cae6-4b77-93fe-a7f18a80dc0f","block_type":"box","text":"the investment per formance of each index is a hypothetical number which does not take into account brokerage","page_number":74,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"99007c2a-458f-458c-a3a5-2ae98210008a","block_type":"box","text":"commissions and other transaction costs, custody and other costs of investing, and any incremental operating costs","page_number":74,"box":{"x":69,"y":181,"width":831,"height":11}},{"id":"bca74270-f8f3-4c46-a865-d747b917a3d9","block_type":"box","text":"(","page_number":74,"box":{"x":69,"y":196,"width":3,"height":11}},{"id":"366e5749-996e-4ef0-a3cf-2e2487dff546","block_type":"box","text":"e.g.","page_number":74,"box":{"x":74,"y":197,"width":25,"height":10}},{"id":"f7f6e198-6c5c-4b07-80f8-a909d1d90340","block_type":"box","text":", transfer agency and accounting costs) that will be borne by the Funds. Finally, since each Fund seeks to","page_number":74,"box":{"x":101,"y":196,"width":749,"height":11}},{"id":"1196d785-00d8-4704-9df9-123353245497","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":74,"box":{"x":69,"y":211,"width":774,"height":11}},{"id":"45bffdf7-c7a1-4129-af73-6e3ae4585bd7","block_type":"box","text":"par ticular security as an investment.","page_number":74,"box":{"x":70,"y":226,"width":258,"height":11}},{"id":"533bd7e0-ab98-4c57-819b-24f6643e3b2c","block_type":"box","text":"Tracking Error Risk","page_number":74,"box":{"x":103,"y":249,"width":132,"height":11}},{"id":"80654a9a-bcaa-4d69-8ac3-de7b032ad439","block_type":"box","text":". A Fund may be subject to tracking error, which is the divergence of the Fund’s per formance","page_number":74,"box":{"x":236,"y":249,"width":658,"height":11}},{"id":"999f112e-a9d5-4809-b3a4-df838a07cf4c","block_type":"box","text":"from that of the Underlying Index. Tracking error may occur because of differences between the securities and other","page_number":74,"box":{"x":68,"y":264,"width":827,"height":11}},{"id":"9692951a-cdc8-4650-a171-d387c26654a4","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":74,"box":{"x":70,"y":279,"width":830,"height":11}},{"id":"84eea006-9418-4b65-af14-89cb58a12d34","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":74,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"eee59494-d6b5-4890-b684-d47c4ea248f6","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":74,"box":{"x":68,"y":309,"width":797,"height":11}},{"id":"470fdd29-6693-4a81-b04f-89bb8c9ade0d","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":74,"box":{"x":70,"y":324,"width":787,"height":12}},{"id":"23b90f91-3c75-4b56-9f79-b51cc5e16927","block_type":"box","text":"distributions, interest, the requirements to maintain pass-through tax treatment, por tfolio transactions carried out to","page_number":74,"box":{"x":69,"y":339,"width":830,"height":12}},{"id":"f5cec485-ba7e-4412-b48d-0a1ca80744a5","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":74,"box":{"x":69,"y":355,"width":838,"height":11}},{"id":"8484b9da-b4ec-4c2d-9809-480f58e8215d","block_type":"box","text":"complying with various new or existing regulatory requirements. These risks may be heightened during times of","page_number":74,"box":{"x":69,"y":370,"width":791,"height":11}},{"id":"ad12d441-1f96-43a8-a6c1-8b8f067db1de","block_type":"box","text":"increased market volatility or other unusual market conditions. In addition, tracking error may result because the","page_number":74,"box":{"x":70,"y":385,"width":801,"height":11}},{"id":"2ca9acf8-5059-4e07-b0fc-ccaf2e1bdcf7","block_type":"box","text":"Fund incurs fees and expenses, while the Underlying Index does not.","page_number":74,"box":{"x":70,"y":400,"width":487,"height":11}},{"id":"122ef88c-e13f-42ec-a0c8-4effe92e0492","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":74,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"c0aafd6b-1f17-4d59-9360-1c6d4a9b302f","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":74,"box":{"x":69,"y":438,"width":803,"height":11}},{"id":"405d3bb9-6468-4c65-b005-84852e987e06","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":74,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"ea0e55f5-5aeb-4a17-bd02-805c45534689","block_type":"box","text":"the issuer, unusual or significant shor t interest or lending activity, negative sentiment, suspended trading or incorrect","page_number":74,"box":{"x":68,"y":468,"width":838,"height":11}},{"id":"6b6277e2-044d-4d7c-9286-5de99d259847","block_type":"box","text":"free-float calculations, which could be indicators of possible irregularities, miscalculations or even fraud). If it","page_number":74,"box":{"x":68,"y":483,"width":778,"height":11}},{"id":"57a54596-dbc7-4046-867d-238be7ec09fa","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":74,"box":{"x":70,"y":498,"width":816,"height":11}},{"id":"c20d1466-bc00-4c87-b222-7ec484f48706","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":74,"box":{"x":70,"y":513,"width":836,"height":11}},{"id":"a115aa66-6f16-4a19-9b89-efed6ff1c1d0","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":76,"box":{"x":70,"y":60,"width":802,"height":11}},{"id":"ec5e2c29-b30e-456d-a28c-59b6ff69cab2","block_type":"box","text":"other product or person into consideration in determining, composing or calculating a Bloomberg Index.","page_number":76,"box":{"x":69,"y":75,"width":735,"height":11}},{"id":"28660ee1-74fe-4fa5-b45d-b2a45dc51d8c","block_type":"box","text":"ICE BofA Indexes.","page_number":76,"box":{"x":102,"y":98,"width":124,"height":9}},{"id":"ea7e51cc-5fb1-469d-b5be-3b92f0522ec5","block_type":"box","text":"No Fund is promoted, sponsored or endorsed by, nor in any way affiliated with Intercontinental","page_number":76,"box":{"x":233,"y":98,"width":670,"height":11}},{"id":"1c7db6b4-f11d-4000-b663-63ec03a2e77e","block_type":"box","text":"Exchange, Inc. and its affiliates (collectively, “ICE”) or Bank of America or its affiliates (collectively, “BofA”). BofA is","page_number":76,"box":{"x":70,"y":113,"width":819,"height":11}},{"id":"f74880a6-f2b5-4ca0-b5b9-1a6cd3d0838e","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":76,"box":{"x":69,"y":128,"width":820,"height":11}},{"id":"df5a90ea-0172-424d-9dda-800907b52967","block_type":"box","text":"under license. 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ICE has no obligation to take the needs of any par ticular Fund or its par ticipants or any other product or","page_number":76,"box":{"x":70,"y":211,"width":825,"height":11}},{"id":"e6100cab-6fab-49cf-af81-ec4417263f32","block_type":"box","text":"person into consideration in determining, composing or calculating an ICE BofA Index.","page_number":76,"box":{"x":70,"y":226,"width":608,"height":11}},{"id":"f13081b4-8469-425b-97be-69b9a38f4cc0","block_type":"box","text":"Indexed and Inverse Securities.","page_number":76,"box":{"x":102,"y":249,"width":228,"height":9}},{"id":"12116217-0a63-4045-8eb9-b2bb9878bc70","block_type":"box","text":"A Fund may invest in securities that provide a potential return based on a","page_number":76,"box":{"x":336,"y":249,"width":523,"height":11}},{"id":"4c28a231-3ef6-4237-bb75-c1b9b8ab7145","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":76,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"fa60da29-1cc1-4546-a350-302a6d6a4f96","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":76,"box":{"x":70,"y":279,"width":814,"height":11}},{"id":"e5aeb18a-aec8-4651-80e1-c21b24935564","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":76,"box":{"x":68,"y":294,"width":830,"height":11}},{"id":"7958de90-1af5-439b-8ddb-73e36ef8accc","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":76,"box":{"x":69,"y":309,"width":827,"height":11}},{"id":"57cf3d4b-6512-4d4b-98f1-ec91affc82ae","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":76,"box":{"x":68,"y":324,"width":812,"height":11}},{"id":"978f0e1f-bce4-4bf4-9c15-5962b2f803bf","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":76,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"fbdb3dc7-2ece-4a3d-bace-0b693e87c684","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":76,"box":{"x":69,"y":355,"width":781,"height":11}},{"id":"41316b54-d3d4-4562-ad73-8266638db0aa","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":76,"box":{"x":70,"y":370,"width":838,"height":11}},{"id":"3ff83a76-4fc4-45b9-a919-5995381def5c","block_type":"box","text":"Fund may purchase synthetically-created inverse floating rate bonds evidenced by custodial or trust receipts.","page_number":76,"box":{"x":70,"y":385,"width":771,"height":11}},{"id":"bc188289-87c9-417f-9f06-73d869a2373d","block_type":"box","text":"Generally, income on inverse floating rate bonds will decrease when interest rates increase, and will increase when","page_number":76,"box":{"x":69,"y":400,"width":820,"height":11}},{"id":"718e2509-930c-4c86-ad3b-29f7df9768ed","block_type":"box","text":"interest rates decrease. Such securities have the effect of providing a degree of investment leverage, since they may","page_number":76,"box":{"x":70,"y":415,"width":835,"height":11}},{"id":"4d4eb6ff-ee18-4936-9d04-6e1f5f52ee85","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":76,"box":{"x":70,"y":430,"width":817,"height":11}},{"id":"f844e3ab-d88f-40ca-9977-e80a6c9fcc6b","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":76,"box":{"x":69,"y":445,"width":829,"height":12}},{"id":"6f007c0e-42a6-45bd-b691-246010f6dcc2","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":76,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"381e0afe-29b0-4a64-89e5-e5fd427e096a","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":76,"box":{"x":69,"y":475,"width":838,"height":12}},{"id":"8353186b-6b3e-4f44-8d30-7286c58f8235","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":76,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"d717a669-9947-4e01-b3f1-cd9fd7dd55db","block_type":"box","text":"obligations may be illiquid. The Manager believes that indexed and inverse floating obligations represent flexible","page_number":76,"box":{"x":69,"y":506,"width":798,"height":11}},{"id":"ac44889b-faf0-48b4-90dc-e8255d665ad2","block_type":"box","text":"por tfolio management instruments for a Fund that allow the Fund to seek potential investment rewards, hedge other","page_number":76,"box":{"x":70,"y":521,"width":829,"height":11}},{"id":"bec60481-21cb-4814-8436-e3663291def3","block_type":"box","text":"por tfolio positions or vary the degree of investment leverage relatively efficiently under different market conditions. A","page_number":76,"box":{"x":70,"y":536,"width":834,"height":11}},{"id":"e51e06b5-5245-4ace-b860-a4b71816c9be","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":76,"box":{"x":70,"y":551,"width":839,"height":11}},{"id":"7a9fbbf0-725a-4758-9837-9c6341d3fa7c","block_type":"box","text":"hedging purposes, indexed and inverse securities involve correlation risk. Fur thermore, where such a security","page_number":76,"box":{"x":69,"y":566,"width":781,"height":11}},{"id":"5308c168-88c0-466a-985c-a76de869c6ae","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":76,"box":{"x":70,"y":581,"width":812,"height":12}},{"id":"c21c5430-f9cb-4c33-a078-69dd8b267552","block_type":"box","text":"may be required to pay substantial additional margin to maintain the position.","page_number":76,"box":{"x":69,"y":597,"width":553,"height":11}},{"id":"75557cee-8bc7-4d98-9ae4-61fad4c1d9ea","block_type":"box","text":"The Funds may invest up to 10% of their total assets in leveraged inverse floating rate debt instruments","page_number":76,"box":{"x":101,"y":619,"width":741,"height":11}},{"id":"01cca6e1-5ced-4c2f-8908-8d294fa14a86","block_type":"box","text":"(“inverse floaters”). Inverse floaters are securities the potential of which is inversely related to changes in interest","page_number":76,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"f3f399e6-95d6-4f80-a5cf-c6824711f359","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":76,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"48944afd-8d05-4cfa-9ec0-cb9820e03c9a","block_type":"box","text":"when shor t-term rates decrease. Municipal tender option bonds, both taxable and tax-exempt, which may include","page_number":76,"box":{"x":68,"y":665,"width":805,"height":11}},{"id":"0d7b2fea-0029-4812-a14c-5bc5661053a2","block_type":"box","text":"inverse floating rate debt instruments, (including residual interests thereon) are excluded from this 10% limitation.","page_number":76,"box":{"x":70,"y":680,"width":813,"height":11}},{"id":"2b8d5aae-1aef-4901-ac15-e47f8ba0831b","block_type":"box","text":"Inflation Risk.","page_number":76,"box":{"x":102,"y":702,"width":100,"height":9}},{"id":"ed9d15bb-00f9-4433-912f-5e2be1f6e713","block_type":"box","text":"Like all funds, the Funds are subject to inflation risk. Inflation risk is the risk that the present","page_number":76,"box":{"x":209,"y":702,"width":663,"height":11}},{"id":"f61955b5-1c08-48bf-88bc-fc58b228664a","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":76,"box":{"x":68,"y":717,"width":820,"height":12}},{"id":"f12f2faa-fe48-437d-81b1-a009ce36a087","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":76,"box":{"x":70,"y":732,"width":792,"height":11}},{"id":"aa7a7466-2141-451a-bb45-3aa1da050e54","block_type":"box","text":"Inflation rates may change frequently and significantly due to a number of potential factors, including, among others,","page_number":76,"box":{"x":70,"y":748,"width":829,"height":11}},{"id":"a710a296-ad6e-46f5-8e9d-abea1645af82","block_type":"box","text":"unexpected economic shifts or changes in fiscal or monetary policies.","page_number":76,"box":{"x":69,"y":763,"width":497,"height":11}},{"id":"b1cbe485-eeb2-4b1b-a996-8212f58cc633","block_type":"box","text":"Initial Public Offering (“IPO”) Risk.","page_number":76,"box":{"x":102,"y":785,"width":253,"height":12}},{"id":"c8e19ffe-333a-4f45-a053-9c8b6e26f7ae","block_type":"box","text":"The volume of IPOs and the levels at which the newly issued stocks trade in","page_number":76,"box":{"x":361,"y":785,"width":540,"height":12}},{"id":"2bd74a85-d6bb-4987-8617-935caeda2ada","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":76,"box":{"x":68,"y":801,"width":836,"height":11}},{"id":"a76a843e-518f-4e07-8a41-72d7a3678405","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":76,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"ff0db586-82b0-4e1e-9957-a1f18af2d8b7","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":76,"box":{"x":69,"y":831,"width":795,"height":11}},{"id":"099bd12c-3980-4304-b8e1-010f11e05394","block_type":"box","text":"securities involved in IPOs are often subject to greater and more unpredictable price changes than more established","page_number":76,"box":{"x":69,"y":846,"width":829,"height":11}},{"id":"c0a16a4e-7d25-4dea-99ce-be38f04d9367","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":76,"box":{"x":69,"y":861,"width":814,"height":11}},{"id":"8fc5a518-8071-4d42-b01e-b3f3b8077ff7","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":76,"box":{"x":70,"y":876,"width":813,"height":11}},{"id":"122f09f2-00eb-45aa-83fa-ad35093d3257","block_type":"box","text":"commissions and transaction costs, and potentially result in taxable gains that the Fund will subsequently distribute","page_number":76,"box":{"x":69,"y":891,"width":828,"height":12}},{"id":"a8421f32-993f-4251-934a-3d59087ae9b3","block_type":"box","text":"to shareholders. There is no assurance that any Fund will have access to profitable IPOs and therefore investors","page_number":76,"box":{"x":68,"y":906,"width":802,"height":12}},{"id":"a674210d-1a7e-4a22-8555-01ea3ae02f3b","block_type":"box","text":"II-34","page_number":76,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6c414687-65e6-42a3-aff6-65135b5170cb","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":76,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6cc975c1-e7e3-4b18-b425-bb106dd2eaa2","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":77,"box":{"x":69,"y":45,"width":837,"height":11}},{"id":"72bc4368-cd48-477a-86e1-1d15b388bcb7","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":77,"box":{"x":70,"y":60,"width":832,"height":11}},{"id":"72b75e78-e799-49f9-bd44-c1ac191c8607","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":77,"box":{"x":70,"y":75,"width":777,"height":11}},{"id":"80d491ff-d022-462a-8ff9-cd1496e6ea29","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":77,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"76d8f146-5d67-4269-84cf-c79d30d049a9","block_type":"box","text":"market capitalizations. Securities issued in IPOs have no trading history, and information about the companies may","page_number":77,"box":{"x":69,"y":105,"width":823,"height":11}},{"id":"02ba0d7c-02bb-472c-bb46-f1116ee418f7","block_type":"box","text":"be available for very limited periods.","page_number":77,"box":{"x":69,"y":120,"width":257,"height":11}},{"id":"8b76d1b3-73e5-4e91-b0bd-bd85bc343df7","block_type":"box","text":"Investment in Emerging Markets.","page_number":77,"box":{"x":102,"y":143,"width":242,"height":11}},{"id":"8f930191-4a00-4fa2-b60f-d143eb0ada2e","block_type":"box","text":"General.","page_number":77,"box":{"x":102,"y":166,"width":58,"height":9}},{"id":"3df10031-5f97-405f-b967-4a5333d39331","block_type":"box","text":"Cer tain Funds may invest in the securities of issuers domiciled in various countries with emerging capital","page_number":77,"box":{"x":102,"y":188,"width":748,"height":12}},{"id":"5eb2b2b6-a7df-403d-a137-ef715818c146","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":77,"box":{"x":69,"y":204,"width":840,"height":11}},{"id":"3aeb4cdb-938a-4071-96c9-81c7285c6c77","block_type":"box","text":"that is (i) generally recognized to be an emerging market country by the international financial community, such as","page_number":77,"box":{"x":68,"y":218,"width":813,"height":12}},{"id":"0ebd981e-3e72-430b-bab3-ba0c90474090","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":77,"box":{"x":68,"y":234,"width":836,"height":11}},{"id":"ad714231-8ca6-4b30-9775-652e47d65a76","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":77,"box":{"x":69,"y":249,"width":839,"height":11}},{"id":"acc65945-1a0a-4faf-b9e4-8154f92de0cf","block_type":"box","text":"index that is generally representative of emerging markets. Countries with emerging markets can be found in regions","page_number":77,"box":{"x":70,"y":264,"width":831,"height":11}},{"id":"e906339e-7995-4b5a-a899-70aebfd2aacd","block_type":"box","text":"such as Asia, Latin America, Eastern Europe and Africa.","page_number":77,"box":{"x":69,"y":279,"width":396,"height":11}},{"id":"8c0b4e5f-78fd-421a-bd3b-d162d3483a5f","block_type":"box","text":"Investments in the securities of issuers domiciled in countries with emerging capital markets involve cer tain","page_number":77,"box":{"x":102,"y":302,"width":770,"height":11}},{"id":"0c63c028-85d6-46ff-beef-efe8ec50360e","block_type":"box","text":"additional risks that do not generally apply to investments in securities of issuers in more developed capital markets,","page_number":77,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"8a06ef28-22df-492f-91a1-462460516782","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":77,"box":{"x":69,"y":332,"width":828,"height":11}},{"id":"56935db3-800a-4395-acd8-e2eee462cfa6","block_type":"box","text":"securities, as compared to securities of comparable issuers in more developed capital markets; (ii) uncer tain","page_number":77,"box":{"x":69,"y":347,"width":779,"height":11}},{"id":"ca5ab0f4-6abe-40ac-bfe4-7b9b7af62119","block_type":"box","text":"national policies and social, political and economic instability, increasing the potential for expropriation of assets,","page_number":77,"box":{"x":69,"y":362,"width":809,"height":11}},{"id":"a6a4122a-65b0-4bbe-9358-6dad3bd3d38c","block_type":"box","text":"confiscatory taxation, high rates of inflation or unfavorable diplomatic developments; (iii) possible fluctuations in","page_number":77,"box":{"x":69,"y":377,"width":800,"height":12}},{"id":"93a3d2a0-4bc9-4be4-9a3a-cdff97bc4613","block_type":"box","text":"exchange rates, differing legal systems and the existence or possible imposition of exchange controls, custodial","page_number":77,"box":{"x":69,"y":392,"width":800,"height":12}},{"id":"e7e100ea-2154-4d6f-bef3-9b9c78703781","block_type":"box","text":"restrictions or other foreign or U.S. Governmental laws or restrictions applicable to such investments; (iv) national","page_number":77,"box":{"x":69,"y":407,"width":811,"height":12}},{"id":"3ee68a66-3839-4213-ad2f-4029f1cf2b53","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":77,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"15973150-e896-4c63-bbef-8e4c6a4ec0d2","block_type":"box","text":"deemed sensitive to national interests; and (v) the lack or relatively early development of legal structures governing","page_number":77,"box":{"x":69,"y":438,"width":823,"height":11}},{"id":"b4c1f613-b370-4c97-9ba1-7a8687e46afd","block_type":"box","text":"private and foreign investments and private proper ty. In addition to withholding taxes on investment income, some","page_number":77,"box":{"x":70,"y":453,"width":813,"height":11}},{"id":"83dee574-c180-4def-98af-7e9d75b71942","block_type":"box","text":"countries with emerging markets may impose differential capital gains taxes on foreign investors.","page_number":77,"box":{"x":69,"y":468,"width":694,"height":11}},{"id":"c0a2bfa5-7631-4f4a-8411-32c05386b810","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":77,"box":{"x":102,"y":491,"width":767,"height":11}},{"id":"c07d16b2-ad2e-4c19-99cc-9ec67dcd6878","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":77,"box":{"x":69,"y":506,"width":814,"height":11}},{"id":"c40ba7db-efdd-47b3-8b88-8f0e8fadde40","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":77,"box":{"x":69,"y":521,"width":792,"height":11}},{"id":"87ec662c-e50b-405e-bb43-d64ee92136b1","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":77,"box":{"x":69,"y":536,"width":838,"height":11}},{"id":"6de2766c-1b47-4d0a-998c-39fed129cff3","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":77,"box":{"x":69,"y":551,"width":828,"height":11}},{"id":"07bf40eb-5371-4352-9fe2-b4365d1c797a","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":77,"box":{"x":68,"y":566,"width":816,"height":11}},{"id":"d950d065-870f-4149-be28-e8657fa384f0","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":77,"box":{"x":70,"y":581,"width":802,"height":11}},{"id":"0424f0b1-58fc-489a-827c-04cfe11ee8a0","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":77,"box":{"x":70,"y":596,"width":838,"height":12}},{"id":"d83dcbeb-19bf-466a-aa60-a8be35537db1","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":77,"box":{"x":69,"y":612,"width":788,"height":11}},{"id":"22e4b8ad-e6d2-4903-8579-1f79e7b058fc","block_type":"box","text":"additional investments. The small size and inexperience of the securities markets in cer tain of these countries and","page_number":77,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"22d4f90d-ac23-4176-b135-213f92de73b5","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":77,"box":{"x":68,"y":642,"width":838,"height":11}},{"id":"5d254be4-80df-4f5a-8a98-d08e40de17b1","block_type":"box","text":"volatile than investments in more established markets.","page_number":77,"box":{"x":68,"y":657,"width":392,"height":9}},{"id":"d6a31502-31fd-4376-a587-dcf748ce829c","block_type":"box","text":"Also, there may be less publicly available information about issuers in emerging markets than would be available","page_number":77,"box":{"x":101,"y":680,"width":805,"height":11}},{"id":"d05072df-2d01-4fbc-9254-ee435a86432d","block_type":"box","text":"about issuers in more developed capital markets, and such issuers may not be subject to accounting, auditing and","page_number":77,"box":{"x":69,"y":695,"width":818,"height":11}},{"id":"09be0faf-1632-4f92-a8e5-517c5911c244","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":77,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"41f488d9-b54d-4c02-b90d-cf6a887f817a","block_type":"box","text":"countries with emerging capital markets, repor ting standards vary widely. As a result, traditional investment","page_number":77,"box":{"x":69,"y":725,"width":768,"height":11}},{"id":"e60f3012-649e-4171-85eb-0b738799921f","block_type":"box","text":"measurements used in the United States, such as price/earnings ratios, may not be applicable. Emerging market","page_number":77,"box":{"x":69,"y":740,"width":811,"height":11}},{"id":"adee65dd-1bfc-40c4-8030-bc96bcbce0c7","block_type":"box","text":"securities may be substantially less liquid than, and more volatile than, those of mature markets, and company","page_number":77,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"2cc89b00-5a9f-493d-9e7a-429ed46faa1c","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":77,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"4ddf6b83-2a1b-46d5-a27c-7d3462cb73b5","block_type":"box","text":"acquisition or disposal of securities.","page_number":77,"box":{"x":69,"y":785,"width":257,"height":11}},{"id":"82a24031-2c44-43f3-aa85-693568be0d4b","block_type":"box","text":"Practices in relation to settlement of securities transactions in emerging markets involve higher risks than those","page_number":77,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"d04357b3-5363-4166-bee8-4f54bbc48140","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":77,"box":{"x":70,"y":823,"width":769,"height":11}},{"id":"99bdd032-6c91-4028-90bc-f71c078c769e","block_type":"box","text":"capitalized, and custody and registration of assets in some countries may be unreliable. The possibility of fraud,","page_number":77,"box":{"x":69,"y":838,"width":798,"height":12}},{"id":"a84aff46-832f-475f-aa97-e37720a25647","block_type":"box","text":"negligence, undue influence being exer ted by the issuer or refusal to recognize ownership exists in some emerging","page_number":77,"box":{"x":69,"y":853,"width":819,"height":12}},{"id":"81a980b7-7640-49fa-be88-23bd5a7b8cc5","block_type":"box","text":"markets, and, along with other factors, could result in ownership registration being completely lost. A Fund would","page_number":77,"box":{"x":69,"y":869,"width":804,"height":11}},{"id":"e5287d57-7a6e-4fad-a6a8-a31ce13baf29","block_type":"box","text":"absorb any loss resulting from such registration problems and may have no successful claim for compensation.","page_number":77,"box":{"x":69,"y":884,"width":794,"height":11}},{"id":"51421b6c-1d4b-441c-bb25-c2b70424cc27","block_type":"box","text":"II-35","page_number":77,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7b29045f-efc2-4e31-9124-2d98ce74f912","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":77,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0eb7e3e9-a42e-4c51-9262-85eb0f48bfba","block_type":"box","text":"Investment in non-dollar denominated securities including securities from issuers located in emerging market","page_number":78,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"f3b39564-6ef3-4aff-a274-a7bff6120c31","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":78,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"97177f85-a077-4ca0-b4c4-1a84cf0252ce","block_type":"box","text":"foreign currencies pending investment or conversion into U.S. dollars. Some of these instruments may have the","page_number":78,"box":{"x":68,"y":75,"width":797,"height":11}},{"id":"9fce989f-fb00-4807-8b38-14383cf1a2fc","block_type":"box","text":"characteristics of futures contracts. In addition, cer tain Funds may engage in foreign currency exchange transactions","page_number":78,"box":{"x":69,"y":90,"width":832,"height":11}},{"id":"f3535be8-2016-4371-bcfd-74dc55f81dcb","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":78,"box":{"x":68,"y":105,"width":799,"height":11}},{"id":"8a1351dd-035b-47a7-9138-77f6a17f4981","block_type":"box","text":"per formance. These investments and transactions involving foreign securities, currencies, options (including options","page_number":78,"box":{"x":70,"y":120,"width":829,"height":12}},{"id":"6df346cd-d5b9-495a-9c11-d6e4f13fa62e","block_type":"box","text":"that relate to foreign currencies), futures, hedging and cross-hedging are described under “Derivatives.”","page_number":78,"box":{"x":68,"y":135,"width":740,"height":12}},{"id":"f1f34206-0d7c-47c0-9887-57016a194190","block_type":"box","text":"Risks of Investing in Asia-Pacific Countries.","page_number":78,"box":{"x":102,"y":158,"width":305,"height":11}},{"id":"b4335de2-1878-4695-85b5-98a13eed5a73","block_type":"box","text":"In addition to the risks of foreign investing and the risks of investing","page_number":78,"box":{"x":414,"y":158,"width":485,"height":11}},{"id":"3d59deae-4eb1-441f-922d-0cc8b56f487e","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":78,"box":{"x":70,"y":173,"width":832,"height":11}},{"id":"656c6616-8921-4ca5-9a5d-6a36686746b9","block_type":"box","text":"additional or specific risks. Cer tain Funds may make substantial investments in Asia-Pacific countries. In many of","page_number":78,"box":{"x":69,"y":188,"width":808,"height":11}},{"id":"94e816d9-004d-4472-be2d-cbbc87fa6382","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":78,"box":{"x":68,"y":203,"width":838,"height":12}},{"id":"199785b5-312d-478c-8701-49ed009a89c5","block_type":"box","text":"representing a limited number of industries, as well as a high concentration of investors and financial intermediaries.","page_number":78,"box":{"x":69,"y":218,"width":834,"height":12}},{"id":"f6f0436d-7583-4a45-8ad5-083f6810c502","block_type":"box","text":"Many of these markets also may be affected by developments with respect to more established markets in the","page_number":78,"box":{"x":70,"y":234,"width":791,"height":11}},{"id":"97357f03-5ce1-46b5-801e-517655963ddc","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":78,"box":{"x":69,"y":249,"width":804,"height":11}},{"id":"24aa0a44-27f1-4cb0-b456-98e815e81b89","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":78,"box":{"x":69,"y":264,"width":833,"height":11}},{"id":"19a8e925-a9f5-4faa-bf95-46c0ebd3e99e","block_type":"box","text":"requirements for open-end investment companies and the restrictions on foreign investment discussed below, result","page_number":78,"box":{"x":69,"y":279,"width":830,"height":11}},{"id":"308c6efc-917a-4b50-adac-633f9572191d","block_type":"box","text":"in potentially fewer investment oppor tunities for a Fund and may have an adverse impact on the investment","page_number":78,"box":{"x":70,"y":294,"width":766,"height":11}},{"id":"0ad76fbf-a8a8-411d-b149-34e0dae8ddc1","block_type":"box","text":"per formance of the Fund.","page_number":78,"box":{"x":70,"y":309,"width":179,"height":11}},{"id":"97ad61bc-60aa-4e1d-80c5-8689275bdb4f","block_type":"box","text":"Many of the developing market Asia-Pacific countries may be subject to a greater degree of economic, political","page_number":78,"box":{"x":102,"y":332,"width":784,"height":11}},{"id":"41179f55-4bd2-463e-bf3c-8990831b6da1","block_type":"box","text":"and social instability than is the case in the United States and Western European countries. Such instability may","page_number":78,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"e65e94ca-8f24-4688-9250-66d7f890ca5f","block_type":"box","text":"result from, among other things: (i) authoritarian governments or military involvement in political and economic","page_number":78,"box":{"x":69,"y":362,"width":788,"height":11}},{"id":"d41bd603-90a9-49de-a468-753b8625aa02","block_type":"box","text":"decision-making, including changes in government through extra-constitutional means; (ii) popular unrest associated","page_number":78,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"bd1b9958-46a1-4937-bce8-dd95e970b2cf","block_type":"box","text":"with demands for improved political, economic and social conditions; (iii) internal insurgencies; (iv) hostile relations","page_number":78,"box":{"x":68,"y":392,"width":823,"height":12}},{"id":"89f24025-905a-4970-a571-676a7d4fa878","block_type":"box","text":"with neighboring countries; and (v) ethnic, religious and racial disaffection. In addition, the governments of many of","page_number":78,"box":{"x":68,"y":407,"width":822,"height":12}},{"id":"a5bf0ec4-d4f2-4e7a-80cb-87b018021138","block_type":"box","text":"such countries, such as Indonesia, have a substantial role in regulating and supervising the economy. Another risk","page_number":78,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"45a87c81-1c8e-4cc7-88c2-e6aab00d7524","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":78,"box":{"x":69,"y":438,"width":821,"height":11}},{"id":"a060a8b4-c9bd-4217-bead-fce714181099","block_type":"box","text":"international trade. The existence of overburdened infrastructure and obsolete financial systems also presents risks","page_number":78,"box":{"x":70,"y":453,"width":827,"height":11}},{"id":"e7b2d614-608e-496c-ac53-b0f083bdeb8b","block_type":"box","text":"in cer tain countries, as do environmental problems. Cer tain economies also depend to a significant degree upon","page_number":78,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"4c703518-34d2-4f49-9a26-d3b1b92901e8","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":78,"box":{"x":69,"y":483,"width":824,"height":11}},{"id":"09e6f5b7-fe94-4242-b135-64c96268c257","block_type":"box","text":"affected by a variety of factors.","page_number":78,"box":{"x":69,"y":498,"width":220,"height":11}},{"id":"4c7570cf-f156-4790-b78c-6dbac3a391e6","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":78,"box":{"x":101,"y":521,"width":785,"height":11}},{"id":"2debcbf9-7c08-4038-9026-1ec0c69216d6","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":78,"box":{"x":70,"y":536,"width":789,"height":11}},{"id":"e40951dd-612b-4bfe-8b33-c53714e7ef64","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":78,"box":{"x":69,"y":551,"width":814,"height":11}},{"id":"36eec312-c877-4221-9181-a0984c43adca","block_type":"box","text":"clear in cer tain emerging market Asia-Pacific countries. Similarly, the rights of investors in developing market Asia","page_number":78,"box":{"x":69,"y":566,"width":813,"height":11}},{"id":"fcfbbb2b-3f01-4134-8cc7-999d10553300","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":78,"box":{"x":69,"y":581,"width":777,"height":11}},{"id":"0a1a1c0b-8dcc-4b9c-8b77-4fd007b2ab5d","block_type":"box","text":"impossible to obtain and/or enforce a judgment in a developing market Asia-Pacific country.","page_number":78,"box":{"x":70,"y":596,"width":652,"height":12}},{"id":"030260b3-15be-44e9-8b40-e69cf9cea323","block_type":"box","text":"Governments of many developing market Asia-Pacific countries have exercised and continue to exercise","page_number":78,"box":{"x":102,"y":619,"width":737,"height":11}},{"id":"33d2602f-24b8-4a84-88a3-e9f16755ed7b","block_type":"box","text":"substantial influence over many aspects of the private sector. In cer tain cases, the government owns or controls","page_number":78,"box":{"x":69,"y":634,"width":803,"height":12}},{"id":"30667759-05f7-42db-aaf6-ae32d6e0b6b5","block_type":"box","text":"many companies, including the largest in the country. Accordingly, government actions in the future could have a","page_number":78,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"ead12150-fba3-4bf5-b729-dff3e232b840","block_type":"box","text":"significant effect on economic conditions in developing market Asia-Pacific countries, which could affect private","page_number":78,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"f7d50a9a-be5d-42ec-8d3b-976b6dcaebea","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":78,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"92002b16-1f25-407a-bf56-8bed9a7420d4","block_type":"box","text":"statistics of developing market Asia-Pacific countries may be less reliable than economic statistics of more developed","page_number":78,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"bc62e804-9498-4ded-8acd-b6aaa7cdf0af","block_type":"box","text":"nations.","page_number":78,"box":{"x":69,"y":710,"width":56,"height":9}},{"id":"a7e3d973-a1a1-43ba-aaca-052735aff405","block_type":"box","text":"In addition to the relative lack of publicly available information about developing market Asia-Pacific issuers and","page_number":78,"box":{"x":102,"y":732,"width":794,"height":12}},{"id":"ae160b3d-b81c-4dea-9f8a-70ac6f74bbbb","block_type":"box","text":"the possibility that such issuers may not be subject to the same accounting, auditing and financial repor ting","page_number":78,"box":{"x":68,"y":748,"width":773,"height":11}},{"id":"ef7c4599-5e80-4c45-ba8e-c0e62007e826","block_type":"box","text":"standards as U.S. companies, inflation accounting rules in some developing market Asia-Pacific countries require","page_number":78,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"a04a18b3-94da-4773-b3c2-9bd5fc165df7","block_type":"box","text":"companies that keep accounting records in the local currency, for both tax and accounting purposes, to restate","page_number":78,"box":{"x":69,"y":778,"width":791,"height":11}},{"id":"78ca9a1e-f0df-4e45-930c-66c6b0d33e96","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":78,"box":{"x":69,"y":793,"width":790,"height":11}},{"id":"e346b710-63bb-48b4-a029-2421a9a90a60","block_type":"box","text":"constant purchasing power. Inflation accounting may indirectly generate losses or profits for cer tain developing","page_number":78,"box":{"x":69,"y":808,"width":790,"height":11}},{"id":"c2bb9716-d2f3-4f03-9f1a-072d42aa22d3","block_type":"box","text":"market Asia-Pacific companies.","page_number":78,"box":{"x":69,"y":823,"width":220,"height":11}},{"id":"e2f0469b-f474-4679-9cad-a8e53be03e30","block_type":"box","text":"Satisfactory custodial services for investment securities may not be available in some developing Asia-Pacific","page_number":78,"box":{"x":102,"y":846,"width":780,"height":11}},{"id":"f192f69d-8238-476c-b10b-81d36820cb9e","block_type":"box","text":"countries, which may result in the Fund incurring additional costs and delays in providing transpor tation and custody","page_number":78,"box":{"x":69,"y":861,"width":829,"height":11}},{"id":"5ed2f2be-28aa-4004-8413-4619707b1777","block_type":"box","text":"services for such securities outside such countries.","page_number":78,"box":{"x":69,"y":876,"width":367,"height":9}},{"id":"2a9e4847-9efb-4bbc-9b04-2bc094e99973","block_type":"box","text":"II-36","page_number":78,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cfd376db-7e70-4186-ad0b-be56df296084","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":78,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb01c537-b678-4a4a-b5ef-99feadb7d89d","block_type":"box","text":"Cer tain developing Asia-Pacific countries, such as the Philippines, India and Turkey, are especially large debtors","page_number":79,"box":{"x":102,"y":45,"width":795,"height":11}},{"id":"305dd879-8c52-4600-804a-19939aea3bad","block_type":"box","text":"to commercial banks and foreign governments.","page_number":79,"box":{"x":68,"y":60,"width":335,"height":11}},{"id":"d135d1dc-4177-42c5-960f-7e55fc0cc18e","block_type":"box","text":"Natural disasters in Asia-Pacific countries, and the resulting damage, could have a severe and negative impact","page_number":79,"box":{"x":102,"y":82,"width":788,"height":12}},{"id":"57df9ab0-2f0e-47a4-87ce-12f979575b8b","block_type":"box","text":"on a Fund’s investment por tfolio and, in the longer term, could impair the ability of issuers in which the Fund invests","page_number":79,"box":{"x":69,"y":98,"width":830,"height":11}},{"id":"9789e123-e5cc-4e61-b880-10229da4c1d7","block_type":"box","text":"to conduct their businesses in the manner normally conducted.","page_number":79,"box":{"x":68,"y":113,"width":450,"height":11}},{"id":"6062b0d7-4cf0-4efc-8d6b-76f24b0b4b6c","block_type":"box","text":"Fund management may determine that, notwithstanding otherwise favorable investment criteria, it may not be","page_number":79,"box":{"x":102,"y":135,"width":782,"height":12}},{"id":"bb9756e2-7d18-4165-97cf-df6248c10d78","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":79,"box":{"x":70,"y":150,"width":819,"height":12}},{"id":"746a2696-ed09-4ffa-bac7-1f10f0929482","block_type":"box","text":"which foreign investors, including management of the Fund, have had no or limited prior experience.","page_number":79,"box":{"x":68,"y":166,"width":711,"height":11}},{"id":"1af5611c-7c0d-49eb-85bd-6d16f95fe2a9","block_type":"box","text":"Restrictions on Foreign Investments in Asia-Pacific Countries.","page_number":79,"box":{"x":102,"y":188,"width":435,"height":12}},{"id":"2a73bf33-b29e-49aa-bc20-29334fe02fee","block_type":"box","text":"Some developing Asia-Pacific countries prohibit or","page_number":79,"box":{"x":543,"y":188,"width":355,"height":12}},{"id":"e7df2c7d-6f40-4c53-a9ea-741dd43a33d6","block_type":"box","text":"impose substantial restrictions on investments in their capital markets, par ticularly their equity markets, by foreign","page_number":79,"box":{"x":70,"y":203,"width":817,"height":12}},{"id":"70347d66-02ac-40d2-9863-9927e9077a20","block_type":"box","text":"entities such as a Fund. As illustrations, cer tain countries may require governmental approval prior to investments by","page_number":79,"box":{"x":69,"y":219,"width":836,"height":11}},{"id":"5813bcbc-6bd8-46aa-8222-404f1e8a5fb5","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":79,"box":{"x":68,"y":234,"width":828,"height":11}},{"id":"5da33114-5f0a-4a35-99b5-8d83638d915f","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":79,"box":{"x":69,"y":249,"width":794,"height":11}},{"id":"09142297-aea0-4d37-a7ae-e63207e357b7","block_type":"box","text":"(including price and shareholder rights) than securities of the company available for purchase by nationals. There can","page_number":79,"box":{"x":69,"y":264,"width":835,"height":11}},{"id":"d0a0ae23-0323-4f44-9023-595f82ba9435","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":79,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"220fba3e-f2e0-45ce-a09d-e394f61f4fd1","block_type":"box","text":"changes to restrictions on foreign ownership of securities subsequent to a Fund’s purchase of such securities may","page_number":79,"box":{"x":69,"y":294,"width":820,"height":11}},{"id":"871c308a-a380-4e7a-b629-d28d62df07c7","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":79,"box":{"x":69,"y":309,"width":788,"height":11}},{"id":"4033ba17-fe22-4519-832d-e39b7d4c27c3","block_type":"box","text":"issuers or industries deemed impor tant to national interests.","page_number":79,"box":{"x":70,"y":325,"width":434,"height":10}},{"id":"00535532-fa01-4dac-81fa-4bf18ad106c0","block_type":"box","text":"The manner in which foreign investors may invest in companies in cer tain developing Asia-Pacific countries, as","page_number":79,"box":{"x":101,"y":347,"width":787,"height":11}},{"id":"bef752e4-2c9e-420f-8918-897ebeb65617","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":79,"box":{"x":68,"y":362,"width":833,"height":11}},{"id":"e13b6560-02a8-4e91-a7b4-326b38d9bf8e","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":79,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"56e52758-891f-4834-8db4-bc24893df47d","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":79,"box":{"x":69,"y":392,"width":831,"height":12}},{"id":"6e862ba1-5c7b-40e7-81f4-e2fcb9b48318","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":79,"box":{"x":68,"y":407,"width":834,"height":12}},{"id":"a088812d-330f-43ef-a8f9-dfe4881d8ef0","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":79,"box":{"x":70,"y":423,"width":836,"height":11}},{"id":"6dc62189-ab4a-42e9-9490-1454f8ae7a3f","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":79,"box":{"x":69,"y":438,"width":800,"height":11}},{"id":"c8312a70-46f2-4bf9-b117-0fd8d190ecf0","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":79,"box":{"x":69,"y":453,"width":826,"height":11}},{"id":"b831a98b-fe8d-466f-90e8-55030f3c7d5d","block_type":"box","text":"investment at that time.","page_number":79,"box":{"x":70,"y":468,"width":168,"height":9}},{"id":"8bdd6abf-7b65-418b-b611-91b9458e4c6a","block_type":"box","text":"Substantial limitations may exist in cer tain countries with respect to a Fund’s ability to repatriate investment","page_number":79,"box":{"x":102,"y":491,"width":774,"height":11}},{"id":"fba15eeb-18bf-4c65-9778-8e3926de6147","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":79,"box":{"x":70,"y":506,"width":803,"height":11}},{"id":"f42428bc-22e0-48d1-a3d6-9ecdfe55ee9c","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":79,"box":{"x":69,"y":521,"width":789,"height":11}},{"id":"1a060797-51f7-4ed9-afd5-5752a475a0d4","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":79,"box":{"x":69,"y":536,"width":826,"height":11}},{"id":"5e880e9e-d420-4c2b-9e94-b1b0583f9a65","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":79,"box":{"x":69,"y":551,"width":818,"height":11}},{"id":"c8326d76-01d2-40b2-96fe-f22ff70e89d8","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":79,"box":{"x":68,"y":566,"width":826,"height":11}},{"id":"c73e30e5-68cc-4715-8fca-ab83dbb6cc3f","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":79,"box":{"x":68,"y":581,"width":800,"height":12}},{"id":"27318599-1bdf-47f3-8230-d5af2a46c051","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":79,"box":{"x":69,"y":596,"width":839,"height":12}},{"id":"84e5aaef-74ab-4fa6-8b18-9cee00af37eb","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":79,"box":{"x":68,"y":612,"width":798,"height":11}},{"id":"be09ef9a-6143-4295-b421-2e0c6f9dd259","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":79,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"36325321-990a-4a5d-8dbf-aaaca7743472","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":79,"box":{"x":69,"y":642,"width":808,"height":11}},{"id":"924a29ba-8021-4b0e-b214-d3469faa9bd4","block_type":"box","text":"government).","page_number":79,"box":{"x":68,"y":657,"width":92,"height":11}},{"id":"bf917da1-6746-45ab-80e1-4fb2c4f99ebd","block_type":"box","text":"In cer tain countries, banks or other financial institutions may be among the leading companies or have actively","page_number":79,"box":{"x":102,"y":680,"width":790,"height":11}},{"id":"e8a5e362-8b07-4f2c-acf6-78660b52c84a","block_type":"box","text":"traded securities available for investment. The Investment Company Act restricts a Fund’s investments in any equity","page_number":79,"box":{"x":68,"y":695,"width":828,"height":11}},{"id":"b34f71a4-a22e-40a7-b370-a57d93c266c1","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":79,"box":{"x":69,"y":710,"width":808,"height":11}},{"id":"bab56857-3e82-4879-926a-5b63c8b9d662","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":79,"box":{"x":69,"y":725,"width":829,"height":11}},{"id":"f82f5dec-9124-48d4-af3f-57bd349376f2","block_type":"box","text":"foreign banks and other financial institutions.","page_number":79,"box":{"x":68,"y":740,"width":322,"height":11}},{"id":"a3115e5e-0dbe-436f-b91c-91e17ffec83f","block_type":"box","text":"Political and economic structures in emerging market countries may be undergoing significant evolution and","page_number":79,"box":{"x":102,"y":763,"width":767,"height":11}},{"id":"83b16b02-8470-4e51-9902-473901a80bd2","block_type":"box","text":"rapid development, and these countries may lack the social, political and economic stability characteristic of more","page_number":79,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"9bc4d151-48bf-47fe-85ab-ed5505b1fc28","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":79,"box":{"x":69,"y":793,"width":809,"height":11}},{"id":"362e6e1c-730b-4f1b-94d0-b8c8e11cd7f9","block_type":"box","text":"have at times nationalized or expropriated the assets of private companies. As a result the risks described above,","page_number":79,"box":{"x":69,"y":808,"width":812,"height":11}},{"id":"fca55c9e-fd8a-4310-98c0-444c85343213","block_type":"box","text":"including the risks of nationalization or expropriation of assets, may be heightened. In addition, unanticipated political","page_number":79,"box":{"x":70,"y":823,"width":838,"height":12}},{"id":"d2c7c286-059a-4af7-b850-1e8c5e3aca20","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":79,"box":{"x":69,"y":838,"width":788,"height":11}},{"id":"7fb9d06d-71ce-4d3d-b053-f4f01c015215","block_type":"box","text":"additional investments in emerging market countries. The small size and inexperience of the securities markets in","page_number":79,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"d07d6a09-ab36-4894-ba58-5d23f01259b8","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":79,"box":{"x":69,"y":869,"width":835,"height":11}},{"id":"72b4cf0d-ff4a-4664-9cc3-ecd7c2bc5d43","block_type":"box","text":"the countries illiquid and more volatile than investments in Japan or most Western European countries. There may be","page_number":79,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"a541a257-1848-4491-8688-10474fa87a97","block_type":"box","text":"II-37","page_number":79,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dfbbaba0-bd52-422d-8b79-964c1d68f017","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":79,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ff945b66-ab42-44f5-a134-a8a37773c3d1","block_type":"box","text":"little financial or accounting information available with respect to issuers located in cer tain emerging market","page_number":80,"box":{"x":70,"y":45,"width":771,"height":11}},{"id":"3922e013-c575-42b7-adcc-777aea7ab45f","block_type":"box","text":"countries, and it may be difficult to assess the value or prospects of an investment in such issuers.","page_number":80,"box":{"x":69,"y":60,"width":711,"height":11}},{"id":"5e5ce661-7ca7-4409-b873-ff322e35b58e","block_type":"box","text":"The expense ratios of the Funds investing significantly in foreign securities can be expected to be higher than","page_number":80,"box":{"x":101,"y":82,"width":779,"height":12}},{"id":"1cf2f943-7ae1-435f-9ab0-24d164f410b5","block_type":"box","text":"those of Funds investing primarily in domestic securities. The costs attributable to investing abroad are usually higher","page_number":80,"box":{"x":68,"y":98,"width":840,"height":11}},{"id":"d346cc9c-4473-4e88-a27c-15c727649cca","block_type":"box","text":"for several reasons, such as the higher cost of custody of foreign securities, higher commissions paid on comparable","page_number":80,"box":{"x":68,"y":113,"width":838,"height":11}},{"id":"c5303633-cd48-43bc-a5c3-f63972eba0c3","block_type":"box","text":"transactions on foreign markets and additional costs arising from delays in settlements of transactions involving","page_number":80,"box":{"x":68,"y":128,"width":802,"height":11}},{"id":"a28f5e98-618f-4988-9f8e-efac8b62d1f1","block_type":"box","text":"foreign securities.","page_number":80,"box":{"x":68,"y":143,"width":127,"height":11}},{"id":"52b2345c-52f4-466a-a592-31d923ba76e0","block_type":"box","text":"Risks of Investments in Russia.","page_number":80,"box":{"x":102,"y":166,"width":224,"height":9}},{"id":"2b37c36a-ec8b-4e35-a7a8-2008ccc9bdcf","block_type":"box","text":"A Fund may invest a por tion of its assets in securities issued by companies","page_number":80,"box":{"x":332,"y":166,"width":539,"height":11}},{"id":"e30ce24c-41a9-4c66-af22-087bc1d2b2d8","block_type":"box","text":"located in Russia. The Russian securities market suffers from a variety of problems described above in “Investment","page_number":80,"box":{"x":70,"y":181,"width":826,"height":11}},{"id":"fd58f63f-bedc-41d4-b9c8-7e1959989a0a","block_type":"box","text":"in Emerging Markets” not encountered in more developed markets. The Russian securities market is relatively new,","page_number":80,"box":{"x":70,"y":196,"width":821,"height":11}},{"id":"aab29f40-fc62-475b-b0c9-c1f26ca2b4ea","block_type":"box","text":"and a substantial por tion of securities transactions in Russia are privately negotiated outside of stock exchanges.","page_number":80,"box":{"x":69,"y":211,"width":812,"height":11}},{"id":"06997dcc-d368-4390-bd78-6d677d9c7912","block_type":"box","text":"The inexperience of the Russian securities market and the limited volume of trading in securities in the market may","page_number":80,"box":{"x":68,"y":226,"width":824,"height":11}},{"id":"bddfb6ba-7681-443c-a489-1665b803584e","block_type":"box","text":"make obtaining accurate prices on por tfolio securities from independent sources more difficult than in more","page_number":80,"box":{"x":69,"y":241,"width":771,"height":11}},{"id":"f19662fb-01b7-422a-8dab-56a44dc0edaf","block_type":"box","text":"developed markets.","page_number":80,"box":{"x":69,"y":257,"width":138,"height":10}},{"id":"06b7f295-405c-40a9-935d-202b60b49143","block_type":"box","text":"Because of the underdeveloped state of Russia’s securities markets and banking and telecommunication","page_number":80,"box":{"x":102,"y":279,"width":751,"height":11}},{"id":"73c20c82-fbab-4c2a-bff2-4ca8891f1c50","block_type":"box","text":"systems, settlement, clearing and registration of securities transactions are subject to additional risks. Prior to 2013,","page_number":80,"box":{"x":69,"y":294,"width":839,"height":11}},{"id":"422c095e-1143-4082-9cf8-a08960535323","block_type":"box","text":"there was no central registration system for equity share registration in Russia and registration was carried out either","page_number":80,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"3d9ba89c-25d2-4270-8663-feb86362b29d","block_type":"box","text":"by the issuers themselves or by registrars located throughout Russia. These registrars may not have been subject to","page_number":80,"box":{"x":69,"y":325,"width":831,"height":11}},{"id":"49399384-5dea-440b-994f-5f60c895d44c","block_type":"box","text":"effective state supervision or licensed with any governmental entity. In 2013, Russia established the National","page_number":80,"box":{"x":69,"y":339,"width":783,"height":12}},{"id":"e4cb9bed-093f-4df3-92bc-c63f5dfecb18","block_type":"box","text":"Settlement Depository (“NSD”) as a recognized central securities depository, and title to Russian equities held","page_number":80,"box":{"x":69,"y":355,"width":790,"height":11}},{"id":"c5650762-9bea-4e81-a276-cecc66244c80","block_type":"box","text":"through the NSD is now based on the records of the NSD and not on the records of the local registrars. Although the","page_number":80,"box":{"x":68,"y":370,"width":833,"height":11}},{"id":"1ce1c8c3-ea78-4e42-aea1-4fa663228edf","block_type":"box","text":"implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, loss still","page_number":80,"box":{"x":70,"y":385,"width":831,"height":11}},{"id":"d4e0190a-5405-4af0-adc9-8a6329442997","block_type":"box","text":"can occur. Additionally, issuers and registrars remain prominent in the validation and approval of documentation","page_number":80,"box":{"x":69,"y":400,"width":797,"height":11}},{"id":"fbaaea54-d2f1-4274-8375-519ef7302913","block_type":"box","text":"requirements for corporate action processing in Russia, and, because the documentation requirements and approval","page_number":80,"box":{"x":69,"y":415,"width":832,"height":11}},{"id":"8d4d45b5-f976-46a9-9155-470c5cf1f730","block_type":"box","text":"criteria vary between registrars and issuers, there remain inconsistent market standards in the Russian market with","page_number":80,"box":{"x":69,"y":430,"width":827,"height":11}},{"id":"dfc5c779-b21c-44db-9130-6c7b7d469631","block_type":"box","text":"respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss","page_number":80,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"fdbd358f-8ed6-4217-bf42-9d7caca1b396","block_type":"box","text":"relating to title or corporate actions relating to its por tfolio securities, it may be difficult for the Fund to enforce its","page_number":80,"box":{"x":69,"y":460,"width":813,"height":12}},{"id":"75fb1940-2484-4a19-bb6e-02a0110aeda2","block_type":"box","text":"rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a","page_number":80,"box":{"x":69,"y":475,"width":836,"height":12}},{"id":"69e1bad4-a79e-4384-b497-7ff4e0480e47","block_type":"box","text":"custodian bank, and as a result the custodian may be considered the ultimate owner of securities held on behalf of","page_number":80,"box":{"x":69,"y":491,"width":824,"height":11}},{"id":"db9a5a16-5702-40fa-91ee-f3efacd95f9d","block_type":"box","text":"their clients. A Fund also may experience difficulty in obtaining and/or enforcing judgments in Russia.","page_number":80,"box":{"x":68,"y":506,"width":723,"height":11}},{"id":"a20dc042-03d3-47d4-8001-84b34b905e2a","block_type":"box","text":"In addition, Russia continues to asser t its influence in the region through economic and military measures, as it","page_number":80,"box":{"x":102,"y":528,"width":801,"height":12}},{"id":"0e7cc7e2-bb2d-4044-a790-b05b25494cde","block_type":"box","text":"did with Georgia in the summer of 2008 and the Ukraine in 2014 and 2022. Russia launched a large-scale invasion","page_number":80,"box":{"x":69,"y":543,"width":826,"height":12}},{"id":"603472c3-9ec3-407d-b32a-075bed68ac2c","block_type":"box","text":"of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions and resulting","page_number":80,"box":{"x":69,"y":559,"width":809,"height":11}},{"id":"ca1f62ce-0a47-4226-9c70-34c4997ff560","block_type":"box","text":"future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar,","page_number":80,"box":{"x":68,"y":574,"width":821,"height":11}},{"id":"c714f396-b999-47db-9655-57c063872fc0","block_type":"box","text":"are impossible to predict. Any such disruptions caused by Russian military action or other actions (including","page_number":80,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"37e19287-bdb0-4539-87e2-968a40b72ca1","block_type":"box","text":"cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and","page_number":80,"box":{"x":69,"y":604,"width":827,"height":11}},{"id":"c7c5b0de-4c3d-4aea-8729-472873855b51","block_type":"box","text":"financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks","page_number":80,"box":{"x":68,"y":619,"width":824,"height":11}},{"id":"961723da-2e2b-4222-b92b-660a98ad33b1","block_type":"box","text":"on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia’s","page_number":80,"box":{"x":69,"y":634,"width":814,"height":12}},{"id":"98f47c39-ec5f-481f-84b2-6b40a2232361","block_type":"box","text":"economy and Russian issuers of securities in which the Fund invests. Actual and threatened responses to such","page_number":80,"box":{"x":69,"y":649,"width":795,"height":12}},{"id":"acef66c5-535b-492f-9439-6229f50199a2","block_type":"box","text":"activity, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Russian government or Russian","page_number":80,"box":{"x":69,"y":664,"width":814,"height":12}},{"id":"e231ab51-e7e7-40a5-9d4e-65a041f1b743","block_type":"box","text":"companies, may impact Russia’s economy and Russian issuers of securities in which the Fund invests. Actual and","page_number":80,"box":{"x":69,"y":680,"width":816,"height":11}},{"id":"87563745-ddd5-43bd-99ec-08eefb79b8bc","block_type":"box","text":"threatened responses to such military action may also impact the markets for cer tain Russian commodities, such as","page_number":80,"box":{"x":68,"y":695,"width":836,"height":11}},{"id":"847ad2f0-9312-4254-b162-c17a2acdc218","block_type":"box","text":"oil and natural gas, as well as other sectors of the Russian economy, and may likely have collateral impacts on such","page_number":80,"box":{"x":69,"y":710,"width":829,"height":11}},{"id":"679359ea-99d7-4520-ad71-f5697c17e7a3","block_type":"box","text":"sectors globally.","page_number":80,"box":{"x":69,"y":725,"width":112,"height":11}},{"id":"d86a23fc-3b2a-42c0-8d8d-95d982ae527f","block_type":"box","text":"Governments in the United States and many other countries (collectively, the “Sanctioning Bodies”) have","page_number":80,"box":{"x":102,"y":748,"width":745,"height":11}},{"id":"5969fb18-ec12-4837-9ced-3e21b16ee2a9","block_type":"box","text":"imposed economic sanctions, which can consist of prohibiting cer tain securities trades, cer tain private transactions","page_number":80,"box":{"x":70,"y":763,"width":826,"height":11}},{"id":"e4d24586-2315-4dec-9a51-077bf1613204","block_type":"box","text":"in the energy sector, asset freezes and prohibition of all business, against cer tain Russian individuals, including","page_number":80,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"ad70a0c7-82c8-41ac-b997-2bb4a0ab1556","block_type":"box","text":"politicians, and Russian corporate and banking entities. The Sanctioning Bodies, or others, could also institute","page_number":80,"box":{"x":70,"y":793,"width":788,"height":11}},{"id":"d68b8ce8-739d-440d-86e5-e1c446a6ca8e","block_type":"box","text":"broader sanctions on Russia, including banning Russia from global payments systems that facilitate cross-border","page_number":80,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"67eb9816-e53f-4a27-8759-cb61d1eef611","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":80,"box":{"x":70,"y":823,"width":782,"height":11}},{"id":"935b0ac7-18d5-4eb4-aeba-6a57dc85ecf9","block_type":"box","text":"liquidity of Russian securities, a weakening of the ruble or other adverse consequences to the Russian economy.","page_number":80,"box":{"x":70,"y":838,"width":802,"height":12}},{"id":"af20524d-99c2-4f28-9e10-c3c18634f030","block_type":"box","text":"These sanctions have resulted and may continue to result in the immediate freeze of Russian securities and/or","page_number":80,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"3cba8b09-b303-4112-b308-0fe39e6d39c3","block_type":"box","text":"funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities","page_number":80,"box":{"x":68,"y":869,"width":804,"height":11}},{"id":"d72b6b54-2816-4f6a-b0bd-b39edc35db2d","block_type":"box","text":"and/or assets. Sanctions could also result in Russia taking counter measures or retaliatory actions which may","page_number":80,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"b462023d-c3fc-4e78-8f30-7c654b45c535","block_type":"box","text":"fur ther impair the value and liquidity of Russian securities.","page_number":80,"box":{"x":68,"y":899,"width":417,"height":11}},{"id":"f6b1f4a0-4389-41d8-be69-367fca12371d","block_type":"box","text":"II-38","page_number":80,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0338dbd0-b47e-4f8b-847d-4df7e27e8885","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":80,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"cde940e8-4ff4-4c6d-8a90-13f1695d92a1","block_type":"box","text":"Risks of Investing in Saudi Arabia.","page_number":81,"box":{"x":102,"y":45,"width":241,"height":11}},{"id":"c24bb023-cfec-4696-a06a-6b1cdb9de952","block_type":"box","text":"The ability of foreign investors (such as a Fund) to invest in Saudi Arabian","page_number":81,"box":{"x":350,"y":45,"width":523,"height":11}},{"id":"ce9034c6-63da-4077-b9eb-4bb0e33d52d4","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":81,"box":{"x":70,"y":60,"width":838,"height":11}},{"id":"7b1934ff-078b-4298-9b95-d4e9b01df396","block_type":"box","text":"and unforeseen risks could materialize due to foreign ownership in such securities. In addition, the Capital Market","page_number":81,"box":{"x":69,"y":75,"width":814,"height":11}},{"id":"795ba8cb-0e60-455c-9e83-4535cee7b67b","block_type":"box","text":"Authority (“CMA”) places investment limitations on the ownership of Saudi Arabian issuers by foreign investors,","page_number":81,"box":{"x":68,"y":90,"width":793,"height":11}},{"id":"f53df059-0051-4213-8b8c-523a8a06ec42","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":81,"box":{"x":70,"y":105,"width":819,"height":11}},{"id":"7298ceb1-bf13-4a23-9d71-5a1f0533fa1d","block_type":"box","text":"may prevent a Fund from investing in accordance with its strategy and contribute to tracking error against the","page_number":81,"box":{"x":69,"y":120,"width":777,"height":12}},{"id":"c4062fed-5aaf-44b1-a360-d46e0470e91e","block_type":"box","text":"Underlying Index. These restrictions may be changed or new restrictions, such as licensing requirements, special","page_number":81,"box":{"x":70,"y":136,"width":803,"height":11}},{"id":"9bb322d5-1e1b-49a8-9ad6-1c6fbb26bad0","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":81,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"a263f264-db1b-40b9-b96e-0608c748726a","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":81,"box":{"x":69,"y":166,"width":765,"height":11}},{"id":"ddcaf09e-6669-460a-bdbe-f8256f10b2d3","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":81,"box":{"x":69,"y":181,"width":838,"height":11}},{"id":"5837429d-67aa-4628-8c2b-777bee3a3a1e","block_type":"box","text":"may be exacerbated, compared to more developed markets, given the limited history of foreign investment in the","page_number":81,"box":{"x":69,"y":196,"width":805,"height":11}},{"id":"18557a87-8542-4850-bd5d-17803815848c","block_type":"box","text":"Saudi Arabian market. Investments in Saudi Arabia may also be subject to loss due to expropriation or nationalization","page_number":81,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"3f20ff30-c334-435f-9813-ca749a0030c6","block_type":"box","text":"of assets and proper ty or the imposition of restrictions on additional foreign investments and repatriation of capital.","page_number":81,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"4d8ed9a6-9594-43e3-8541-41acccbaeceb","block_type":"box","text":"Such heightened risks may include, among others, restrictions on and government intervention in international trade,","page_number":81,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"79fa0703-5d15-4b9a-9138-a95e3c329aca","block_type":"box","text":"confiscatory taxation, political instability, including authoritarian and/or military involvement in governmental decision","page_number":81,"box":{"x":69,"y":256,"width":835,"height":12}},{"id":"c1e03a09-b178-4767-b790-5aa418962130","block_type":"box","text":"making, armed conflict, crime and instability as a result of religious, ethnic and/or socioeconomic unrest. Saudi","page_number":81,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"bb631eff-1a8c-4214-a32e-5ccc103a292b","block_type":"box","text":"Arabia has privatized, or has begun the process of privatizing, cer tain entities and industries. Newly privatized","page_number":81,"box":{"x":68,"y":286,"width":781,"height":12}},{"id":"ed46a9e5-8948-422b-a4fc-6ee71e6afaae","block_type":"box","text":"companies may face strong competition from government-sponsored competitors that have not been privatized. In","page_number":81,"box":{"x":69,"y":302,"width":811,"height":11}},{"id":"63290e77-4726-4d1f-9b1d-cb0d5ccfcfa6","block_type":"box","text":"some instances, investors in newly privatized entities have suffered losses due to the inability of the newly privatized","page_number":81,"box":{"x":69,"y":317,"width":833,"height":11}},{"id":"8be63429-ea5a-425d-9c03-8f3a2277243e","block_type":"box","text":"entities to adjust quickly to a competitive environment or changing regulatory and legal standards or, in some cases,","page_number":81,"box":{"x":69,"y":332,"width":831,"height":11}},{"id":"94f30b4b-b53f-45b0-bb0e-636024c839df","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":81,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"a83226dd-b979-46ba-a3b3-8eea274e4f86","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":81,"box":{"x":69,"y":362,"width":791,"height":11}},{"id":"250a77dd-768b-4e6f-92ee-2a3aea8835bb","block_type":"box","text":"company to foreign stockholders are generally subject to a 5% withholding tax (different tax rates may apply pursuant","page_number":81,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"396c69a2-95d6-4958-9329-9806c3a00179","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":81,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"b0a0ebe7-5a50-4b0e-a9ac-3b1f65168268","block_type":"box","text":"countries involved in the sale of petroleum, and its economy is therefore vulnerable to changes in foreign currency","page_number":81,"box":{"x":69,"y":407,"width":815,"height":12}},{"id":"541a8c5b-ba4b-4639-821e-a6d0081db8c8","block_type":"box","text":"values and the market for petroleum. As global demand for petroleum fluctuates, Saudi Arabia may be significantly","page_number":81,"box":{"x":68,"y":423,"width":818,"height":11}},{"id":"0a0e5491-6680-4f66-b893-813b208f53ac","block_type":"box","text":"impacted.","page_number":81,"box":{"x":70,"y":438,"width":67,"height":11}},{"id":"627e98e9-842c-4627-b343-2a4150a71376","block_type":"box","text":"Like most Middle Eastern governments, the government of Saudi Arabia exercises substantial influence over","page_number":81,"box":{"x":102,"y":460,"width":773,"height":12}},{"id":"1c3138d9-37cb-4e2c-81f1-a2a663f6ac60","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":81,"box":{"x":69,"y":475,"width":812,"height":12}},{"id":"f8bd84eb-1cc9-4d34-9aaf-9b01d01fad74","block_type":"box","text":"lagged significantly: restrictions on foreign ownership persist, and the government has an ownership stake in many","page_number":81,"box":{"x":70,"y":491,"width":818,"height":11}},{"id":"34a3fbbd-d18e-4fe5-a98e-7c121db45b76","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":81,"box":{"x":69,"y":506,"width":836,"height":11}},{"id":"71d6b67e-e5e0-432d-ba97-b3b288ab44a4","block_type":"box","text":"Arabia has historically experienced strained relations with economic par tners worldwide, including other countries in","page_number":81,"box":{"x":68,"y":521,"width":826,"height":11}},{"id":"a55a292f-ee64-4f27-931f-ec3893779caa","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":81,"box":{"x":68,"y":536,"width":809,"height":11}},{"id":"d470cbe3-118d-41aa-8264-688cfaeb1316","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":81,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"b36206e1-b6eb-4789-9ba6-6c22ab71064d","block_type":"box","text":"investments. Governmental actions in the future could have a significant effect on economic conditions in Saudi","page_number":81,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"9f813bf2-b27f-44be-a09f-2cb7f66bb270","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":81,"box":{"x":68,"y":581,"width":781,"height":11}},{"id":"f296a32c-e2e9-468d-bf2c-97c7a9a67237","block_type":"box","text":"por tfolio. Any economic sanctions on Saudi Arabian individuals or Saudi Arabian corporate entities, or even the threat","page_number":81,"box":{"x":70,"y":596,"width":836,"height":12}},{"id":"d2421eda-235a-42c8-ae3d-ead363060308","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":81,"box":{"x":69,"y":612,"width":837,"height":11}},{"id":"4b3d2b24-2b92-432e-93fa-d36527621234","block_type":"box","text":"riyal or other adverse consequences to the Saudi Arabian economy. In addition, Saudi Arabia’s economy relies heavily","page_number":81,"box":{"x":69,"y":627,"width":838,"height":11}},{"id":"bdc03077-0d76-4563-b85b-7b43fcad21a3","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":81,"box":{"x":69,"y":642,"width":790,"height":11}},{"id":"527118c5-fa89-45b5-a940-bd59b8f51775","block_type":"box","text":"economy.","page_number":81,"box":{"x":69,"y":659,"width":65,"height":9}},{"id":"7246370f-3f8a-4e2f-982b-4f9fc86258f2","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":81,"box":{"x":101,"y":680,"width":747,"height":11}},{"id":"c5cf5df1-fe91-4d20-a086-6d6461a624fc","block_type":"box","text":"securities markets in Saudi Arabia are subject to greater risks associated with market volatility, lower market","page_number":81,"box":{"x":69,"y":695,"width":776,"height":11}},{"id":"99ae9d83-fdf8-4d90-8c53-fa2d732121f4","block_type":"box","text":"capitalization, lower trading volume, illiquidity, inflation, greater price fluctuations, uncer tainty regarding the existence","page_number":81,"box":{"x":69,"y":710,"width":836,"height":11}},{"id":"834cf5d6-bd7a-46ff-b3f7-60f78a9f4354","block_type":"box","text":"of trading markets, governmental control and heavy regulation of labor and industry. Shares of cer tain Saudi Arabian","page_number":81,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"0d64baec-94fe-4bc5-81c4-6955a6a65c96","block_type":"box","text":"companies tend to trade less frequently than those of companies on exchanges in more developed markets. Such","page_number":81,"box":{"x":69,"y":740,"width":813,"height":11}},{"id":"64ae67a7-0a2a-43ea-8a30-5161ee090c56","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":81,"box":{"x":70,"y":755,"width":822,"height":11}},{"id":"2175104e-bad0-4cc3-8f24-01bcacc9a41d","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":81,"box":{"x":68,"y":770,"width":837,"height":12}},{"id":"61b842ba-3bdb-40b8-8af1-123a3272ac0d","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":81,"box":{"x":69,"y":785,"width":826,"height":12}},{"id":"e15fe65f-1260-43cd-9168-f6c1846eb191","block_type":"box","text":"typically the case for investment managers.","page_number":81,"box":{"x":68,"y":801,"width":309,"height":11}},{"id":"de5a6048-54bd-4579-85b8-72166a021e2a","block_type":"box","text":"Although the political situation in Saudi Arabia is largely stable, Saudi Arabia has historically experienced political","page_number":81,"box":{"x":101,"y":823,"width":806,"height":12}},{"id":"adf40c74-068f-4d9c-8100-fbebbe3dd469","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":81,"box":{"x":70,"y":838,"width":828,"height":12}},{"id":"e2ec3cb8-d73e-4fd2-98e1-5a7d5d135c23","block_type":"box","text":"Middle East region could adversely impact the economy of Saudi Arabia. Instability may be caused by military","page_number":81,"box":{"x":70,"y":853,"width":777,"height":12}},{"id":"a597a29c-861b-4ce3-8696-7de6347e97ee","block_type":"box","text":"developments, government interventions in the marketplace, terrorism, extremist attitudes, attempted social or","page_number":81,"box":{"x":69,"y":869,"width":796,"height":11}},{"id":"2a7916d7-8cde-45e8-99e1-b3efe3149205","block_type":"box","text":"political reforms, religious differences, or other factors. Additionally, anti-Western views held by cer tain groups in the","page_number":81,"box":{"x":70,"y":884,"width":830,"height":11}},{"id":"6c480fd1-67b5-4328-8e49-f967c8e20d9e","block_type":"box","text":"Middle East may influence government policies regarding foreign investment. Fur ther developments in U.S. relations","page_number":81,"box":{"x":70,"y":899,"width":827,"height":11}},{"id":"736467c5-b0fc-423b-a2fc-b2bcfc745f50","block_type":"box","text":"II-39","page_number":81,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"218d9875-f814-4625-b9e1-b5dd69108bac","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":81,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b029390-65b5-4369-98a6-efff773251ee","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":82,"box":{"x":68,"y":45,"width":764,"height":11}},{"id":"d591b37f-5cde-4e74-9528-d27b6f88d4d2","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":82,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"b61a1ddb-5be6-4451-8416-ca93110929bd","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":82,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"b25fc113-5da3-42f8-af9a-10184062eeff","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":82,"box":{"x":70,"y":90,"width":829,"height":11}},{"id":"1455dea3-c6f9-4a23-8ecf-130bca2ada2f","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":82,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"d4be7199-6f8f-4ee1-9363-1f92e7da15a2","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":82,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"19f97be2-d6d4-4e80-bcd9-d29fefee8470","block_type":"box","text":"East region has caused significant disruptions to many industries. Continued political and social unrest in these","page_number":82,"box":{"x":70,"y":135,"width":797,"height":12}},{"id":"42b68e18-a9b3-41e5-9a22-2d9114a3f170","block_type":"box","text":"areas may negatively affect the value of securities in a Fund’s por tfolio.","page_number":82,"box":{"x":69,"y":150,"width":510,"height":12}},{"id":"d45a403e-1f6b-4fd5-93fb-ee630266b252","block_type":"box","text":"Cer tain issuers located in Saudi Arabia may operate in, or have dealings with, countries subject to sanctions","page_number":82,"box":{"x":102,"y":173,"width":773,"height":11}},{"id":"a92c4ecb-5dbf-4e0d-86da-0de449719de6","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":82,"box":{"x":69,"y":188,"width":820,"height":12}},{"id":"0e54f4ad-7fdc-4909-87bd-5843772d1b6b","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":82,"box":{"x":69,"y":203,"width":787,"height":12}},{"id":"3a66579e-235e-4134-b82c-e25261d1b856","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":82,"box":{"x":70,"y":218,"width":837,"height":12}},{"id":"4c79554b-ad0d-48cb-9912-12720448be55","block_type":"box","text":"will be indirectly subject to those risks.","page_number":82,"box":{"x":68,"y":234,"width":277,"height":11}},{"id":"47c6a20f-ffa0-48d8-ac39-29a2423bdade","block_type":"box","text":"Risks of Investing in Venezuela.","page_number":82,"box":{"x":102,"y":256,"width":223,"height":12}},{"id":"b102adef-a52f-484f-8e0d-4f99baf2a460","block_type":"box","text":"Investment in Venezuela may subject a Fund to legal, regulatory, political,","page_number":82,"box":{"x":332,"y":257,"width":521,"height":11}},{"id":"2ace1214-2790-414e-9f79-2f0527f5b01f","block_type":"box","text":"currency, security, expropriation and/or nationalization of assets and economic risk specific to Venezuela. Venezuela","page_number":82,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"88f51945-8a54-4ac6-a8f9-5fb0a09d1af8","block_type":"box","text":"is extremely well endowed with natural resources, including oil and natural gas, and its economy is heavily dependent","page_number":82,"box":{"x":70,"y":287,"width":837,"height":11}},{"id":"4c23bfda-3513-4d56-a36d-473278572f57","block_type":"box","text":"on expor t of natural resources to key trading par tners. Any act of terrorism, an armed conflict or a breakdown of a","page_number":82,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"8c9fb11c-7777-415c-87fa-a32a9c1157bb","block_type":"box","text":"key trading relationship that disrupts the production or expor t of natural resources will likely negatively affect the","page_number":82,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"b336c489-ed2b-4893-b48a-0b339a12d63a","block_type":"box","text":"Venezuelan economy. The government continues to control key sectors of the economy, including upstream oil and","page_number":82,"box":{"x":68,"y":332,"width":816,"height":11}},{"id":"8f670c2f-6ceb-484b-9a05-9822b30b7bde","block_type":"box","text":"gas production, and has sought to increase its role in key sectors, such as telecommunications and steel.","page_number":82,"box":{"x":68,"y":347,"width":758,"height":11}},{"id":"72128d1e-eeeb-45b3-9315-7821c5aa6989","block_type":"box","text":"Meanwhile, ambiguities in the investment environment remain, such as continued high levels of bureaucracy and","page_number":82,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"eb1d55b8-d3aa-43cb-b234-9d5c2df02ef6","block_type":"box","text":"corruption, large macroeconomic imbalances, and political and policy uncer tainty. Friction continues between the","page_number":82,"box":{"x":69,"y":377,"width":804,"height":12}},{"id":"e86aa75c-7730-4e97-b93e-83b3c0b0331e","block_type":"box","text":"governments of the U.S. and Venezuela. The U.S. has imposed economic sanctions, which consist of asset freezes","page_number":82,"box":{"x":68,"y":392,"width":822,"height":12}},{"id":"3208c2a3-0ab3-4a11-bc5d-63508475a7df","block_type":"box","text":"and sectoral sanctions, on cer tain Venezuelan individuals and Venezuelan corporate entities, and on the Venezuelan","page_number":82,"box":{"x":69,"y":408,"width":827,"height":10}},{"id":"7461778a-7f76-4292-9e8a-3d985d562319","block_type":"box","text":"government. The U.S. could also institute broader sanctions on Venezuela. The U.S. has also taken military action","page_number":82,"box":{"x":68,"y":423,"width":814,"height":11}},{"id":"94540ea5-d75c-4006-84ea-90e4fade0d95","block_type":"box","text":"against Venezuela in an effor t to effect regime change. Military action, sanctions, or even the threat of fur ther","page_number":82,"box":{"x":69,"y":438,"width":787,"height":11}},{"id":"dc8b5b9a-2ac2-459c-a44b-a4e54e03e8ce","block_type":"box","text":"military action and sanctions, may result in the decline of the value and liquidity of Venezuelan securities, a","page_number":82,"box":{"x":69,"y":453,"width":766,"height":11}},{"id":"cfe8a2f9-c126-4273-ad91-004a67ea513e","block_type":"box","text":"weakening of the bolivar or other adverse consequences to the Venezuelan economy. These sanctions impair the","page_number":82,"box":{"x":68,"y":468,"width":804,"height":11}},{"id":"2e5666bb-08e5-4f09-bc7e-2979a29ad2ca","block_type":"box","text":"ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Additional sanctions against Venezuela","page_number":82,"box":{"x":69,"y":483,"width":838,"height":11}},{"id":"16f9305e-b9ab-42d4-9b08-9d689fd1c2a8","block_type":"box","text":"may in the future be imposed by the U.S. or other countries. These factors, among others, can have a negative","page_number":82,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"524b389f-eaa7-4524-be10-7881b6aafcaa","block_type":"box","text":"impact on a Fund’s investments.","page_number":82,"box":{"x":70,"y":514,"width":230,"height":10}},{"id":"9adaf96c-b447-4653-8fa1-3b8e68ab1660","block_type":"box","text":"Brady Bonds.","page_number":82,"box":{"x":102,"y":536,"width":92,"height":11}},{"id":"9d010683-7c4d-467b-a1f8-c0369bd9115e","block_type":"box","text":"Cer tain Funds may invest in Brady Bonds. A Fund’s emerging market debt securities may include","page_number":82,"box":{"x":201,"y":536,"width":689,"height":11}},{"id":"0715b4ce-16d6-46a9-814f-98f72e9dd9b3","block_type":"box","text":"emerging market governmental debt obligations commonly referred to as Brady Bonds. Brady Bonds are securities","page_number":82,"box":{"x":69,"y":551,"width":815,"height":11}},{"id":"63006fc1-5e30-429e-a4a3-9f1ea6ccc341","block_type":"box","text":"created through the exchange of existing commercial bank loans to sovereign entities for new obligations in","page_number":82,"box":{"x":69,"y":566,"width":766,"height":11}},{"id":"9e0a2f53-a196-4f74-b262-dbb6be3f59f7","block_type":"box","text":"connection with debt restructurings under a debt restructuring plan introduced by former U.S. Secretary of the","page_number":82,"box":{"x":69,"y":581,"width":784,"height":12}},{"id":"40a2d1cb-fb37-4ece-ac51-a2878406c6b9","block_type":"box","text":"Treasury, Nicholas F. Brady (the “Brady Plan”). Brady Plan debt restructurings have been implemented in a number of","page_number":82,"box":{"x":68,"y":596,"width":837,"height":12}},{"id":"e9e2b92c-1621-49e3-a41b-c095fd9f4179","block_type":"box","text":"countries, including: Argentina, Bolivia, Brazil, Bulgaria, Costa Rica, the Dominican Republic, Ecuador, Jordan, Mexico,","page_number":82,"box":{"x":69,"y":612,"width":839,"height":11}},{"id":"dbaf23af-899e-4849-9b00-4a3591803573","block_type":"box","text":"Niger, Nigeria, Panama, Peru, the Philippines, Poland, Uruguay, Venezuela, and Vietnam. Beginning in the early","page_number":82,"box":{"x":70,"y":627,"width":786,"height":11}},{"id":"78f4e4fa-ec4d-4d17-9db1-70fd28c94297","block_type":"box","text":"2000s, cer tain countries began retiring their Brady Bonds, including Brazil, Colombia, Mexico, the Philippines, and","page_number":82,"box":{"x":69,"y":642,"width":814,"height":11}},{"id":"d7252783-e661-4733-84a8-321c98cc5348","block_type":"box","text":"Venezuela.","page_number":82,"box":{"x":68,"y":657,"width":75,"height":9}},{"id":"22fac93d-ece5-46a9-aeb3-c1a44b132b12","block_type":"box","text":"Brady Bonds may be collateralized or uncollateralized, are issued in various currencies (primarily the U.S. dollar)","page_number":82,"box":{"x":102,"y":680,"width":798,"height":11}},{"id":"cc6c2b11-ce1f-4016-80a2-a3a8c59ead31","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":82,"box":{"x":69,"y":695,"width":780,"height":11}},{"id":"b0e78fc2-d32e-4352-b359-f02dd5536e7b","block_type":"box","text":"Securities. U.S. dollar-denominated, collateralized Brady Bonds, which may be fixed rate par bonds or floating rate","page_number":82,"box":{"x":69,"y":710,"width":812,"height":11}},{"id":"53370128-2200-4c91-8681-dc17de556a9d","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":82,"box":{"x":69,"y":725,"width":796,"height":11}},{"id":"9bcfb6e7-f0c7-4cfc-8353-bb3fb0f22628","block_type":"box","text":"same maturity as the Brady Bonds. Interest payments on these Brady Bonds generally are collateralized on a one","page_number":82,"box":{"x":69,"y":740,"width":812,"height":11}},{"id":"440b518b-db07-49df-97e7-8fcd4a858020","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":82,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"bef082e1-82f9-4178-aed3-ad73874a7e10","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":82,"box":{"x":68,"y":770,"width":833,"height":12}},{"id":"4419f00b-c436-4729-b97c-5cabf1771fa5","block_type":"box","text":"interest payments based on the applicable interest rate at that time and is adjusted at regular intervals thereafter.","page_number":82,"box":{"x":70,"y":785,"width":816,"height":12}},{"id":"6f1fd4ba-0958-4cca-99a1-7ac91fc23710","block_type":"box","text":"Cer tain Brady Bonds are entitled to “value recovery payments” in cer tain circumstances, which in effect constitute","page_number":82,"box":{"x":69,"y":801,"width":818,"height":11}},{"id":"5af51eb2-15d0-4644-8c86-5784b911f925","block_type":"box","text":"supplemental interest payments but generally are not collateralized. Brady Bonds are often viewed as having three or","page_number":82,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"31844919-51b1-491a-a6ee-7f3cd14f0bf9","block_type":"box","text":"four valuation components: (i) the collateralized repayment of principal at final maturity; (ii) the collateralized interest","page_number":82,"box":{"x":68,"y":831,"width":832,"height":11}},{"id":"eff21a6d-3acd-4595-a771-fd84b4d736e1","block_type":"box","text":"payments; (iii) the uncollateralized interest payments; and (iv) any uncollateralized repayment of principal at maturity","page_number":82,"box":{"x":70,"y":846,"width":828,"height":11}},{"id":"21d81c38-2349-4f61-b2d3-2423c63c0dca","block_type":"box","text":"(the uncollateralized amounts constitute the “residual risk”).","page_number":82,"box":{"x":69,"y":861,"width":430,"height":11}},{"id":"defe32be-04bf-47f4-b523-8c7d07fcfc92","block_type":"box","text":"Brady Bonds involve various risk factors described above associated with investing in foreign securities, including","page_number":82,"box":{"x":102,"y":884,"width":807,"height":11}},{"id":"6d026dd0-bbd5-40af-8ba2-bdf23c74cad7","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":82,"box":{"x":68,"y":899,"width":838,"height":11}},{"id":"8ef87b61-954d-4a46-ad53-32805a09b8b8","block_type":"box","text":"II-40","page_number":82,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0d1db50e-ec8b-4aff-981c-8b692726a975","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":82,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e23830f2-34c4-487a-a2b6-63bdb5384477","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":83,"box":{"x":70,"y":45,"width":819,"height":11}},{"id":"e7620f17-426e-4ab7-b559-9aeb074add11","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":83,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"b1aba6b3-4dae-4b77-8b93-b0602ef384c8","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":83,"box":{"x":68,"y":75,"width":841,"height":11}},{"id":"a4982f9e-2871-438e-aa70-fd88f43eacc5","block_type":"box","text":"loss of interest or principal on any of its holdings.","page_number":83,"box":{"x":70,"y":90,"width":351,"height":11}},{"id":"e906f232-18b2-43da-b654-d3af7d7b7e3c","block_type":"box","text":"China Investments Risk.","page_number":83,"box":{"x":102,"y":113,"width":171,"height":9}},{"id":"8cd04602-57f5-43e8-8946-515f565ab280","block_type":"box","text":"Investments in securities of companies domiciled in the People’s Republic of China (“China” or the “PRC”),","page_number":83,"box":{"x":102,"y":135,"width":763,"height":11}},{"id":"6e7e10de-de92-4e59-96bf-937bb0f58660","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":83,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"fd73f739-2832-45f1-94b2-4f8a8c3d8ab9","block_type":"box","text":"not typically associated with investing in the U.S. securities markets. Such heightened risks include, among others,","page_number":83,"box":{"x":69,"y":166,"width":821,"height":11}},{"id":"259f3262-722f-4799-adfd-7c02f7078fb8","block_type":"box","text":"an authoritarian government, popular unrest associated with demands for improved political, economic and social","page_number":83,"box":{"x":69,"y":181,"width":809,"height":11}},{"id":"2a03e62b-be02-41fd-b67d-5314745cdea4","block_type":"box","text":"conditions, the impact of regional conflict on the economy and hostile relations with other countries.","page_number":83,"box":{"x":69,"y":196,"width":713,"height":11}},{"id":"5f115681-c5eb-4e3f-8e61-850e1929e6ad","block_type":"box","text":"Military conflicts, either in response to internal social unrest or conflicts with other countries, could disrupt","page_number":83,"box":{"x":102,"y":218,"width":762,"height":12}},{"id":"78c51d12-6081-472e-9827-42cd39633610","block_type":"box","text":"economic development. The Chinese economy is vulnerable to the long-running disagreements and religious and","page_number":83,"box":{"x":69,"y":234,"width":800,"height":11}},{"id":"76a31049-2126-45d0-97a0-0dfbedd063d0","block_type":"box","text":"nationalist disputes with Tibet and the Xinjiang region. Since 1997, there have been tensions between the Chinese","page_number":83,"box":{"x":69,"y":249,"width":820,"height":11}},{"id":"9d75ea31-dd80-4e94-99b0-933d990930a1","block_type":"box","text":"government and many people in Hong Kong who perceive China as tightening control over Hong Kong’s semi","page_number":83,"box":{"x":68,"y":264,"width":777,"height":11}},{"id":"44275331-745a-48af-ae3f-3f014f502d40","block_type":"box","text":"autonomous liberal political, economic, legal, and social framework. Protests and unrest have increased tensions","page_number":83,"box":{"x":69,"y":279,"width":809,"height":11}},{"id":"6f049ef3-23f4-4a3d-9c21-50d43846878f","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":83,"box":{"x":69,"y":294,"width":805,"height":11}},{"id":"5d0ce0df-942b-43cc-a561-6d61806389bc","block_type":"box","text":"Kong may cause uncer tainty in the Hong Kong and Chinese markets. China has a complex territorial dispute","page_number":83,"box":{"x":70,"y":309,"width":770,"height":11}},{"id":"20894ea1-0b40-4a3c-9adc-2b82fe5e5f45","block_type":"box","text":"regarding the sovereignty of Taiwan and has made threats of invasion. Taiwan-based companies and individuals are","page_number":83,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"bb5566e6-9556-4042-b945-f7f9056b7439","block_type":"box","text":"significant investors in China. The continuing hostility between China and Taiwan may have an adverse impact on the","page_number":83,"box":{"x":69,"y":339,"width":831,"height":12}},{"id":"f618e6b1-d947-4c4d-a114-23492bc0f997","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":83,"box":{"x":68,"y":355,"width":812,"height":11}},{"id":"4774c667-cd67-4e0e-b49c-8238d2011043","block_type":"box","text":"securities or other assets or may otherwise make such investments impracticable or impossible. Any escalation of","page_number":83,"box":{"x":69,"y":370,"width":818,"height":11}},{"id":"4eeeb143-2d9b-47cf-b250-c771f5336ec1","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":83,"box":{"x":69,"y":385,"width":769,"height":11}},{"id":"35001681-2ac4-4f9d-9595-f64bb3ef4c22","block_type":"box","text":"investments in both countries and the region. In addition, China has strained international relations with Japan, India,","page_number":83,"box":{"x":70,"y":400,"width":836,"height":11}},{"id":"7e6e1124-552b-42ab-a4cd-3c76bab7b660","block_type":"box","text":"the Philippines and other neighbors due to territorial disputes, historical animosities and other defense concerns.","page_number":83,"box":{"x":68,"y":415,"width":810,"height":11}},{"id":"9ffa48ed-a5e6-4ae2-b92d-482589360344","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":83,"box":{"x":70,"y":430,"width":813,"height":11}},{"id":"4a80c282-5823-4772-ae03-1507a4b9b0a1","block_type":"box","text":"military conflict. Additionally, China is alleged to have par ticipated in state-sponsored cyberattacks against foreign","page_number":83,"box":{"x":69,"y":445,"width":811,"height":12}},{"id":"f0754fda-6a5c-4937-b6f6-c71b191155ab","block_type":"box","text":"companies and foreign governments. Actual and threatened responses to such activity and strained international","page_number":83,"box":{"x":69,"y":460,"width":804,"height":12}},{"id":"fb9262cd-aa79-4f49-9ff5-848dc5b920af","block_type":"box","text":"relations, including purchasing restrictions, sanctions, tariffs or cyberattacks on the Chinese government or Chinese","page_number":83,"box":{"x":69,"y":475,"width":829,"height":12}},{"id":"19d2ed17-65e7-4272-a30c-8907e768a407","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":83,"box":{"x":69,"y":491,"width":825,"height":11}},{"id":"38369a0e-62e4-4b7d-b60b-1609e7936df1","block_type":"box","text":"affected by military events on the Korean peninsula or internal instability within Nor th Korea. These situations may","page_number":83,"box":{"x":69,"y":506,"width":819,"height":11}},{"id":"02ef7e3d-e129-4a78-8e15-042d7d1023c4","block_type":"box","text":"cause uncer tainty in the Chinese market and may adversely affect the per formance of the Chinese economy.","page_number":83,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"ff40e80e-a6af-4ea1-940b-13b9985292e9","block_type":"box","text":"The Chinese government has implemented economic reforms in order to liberalize trade policy, promote foreign","page_number":83,"box":{"x":101,"y":543,"width":792,"height":12}},{"id":"7e8eba2f-8a86-4e35-afea-3ab0ea6f2e1b","block_type":"box","text":"investment in the economy, reduce government control of the economy and develop market mechanisms. However,","page_number":83,"box":{"x":70,"y":559,"width":818,"height":11}},{"id":"2993bad1-8c42-45f0-b8fa-733ea9687033","block_type":"box","text":"the Chinese government still exercises substantial influence over many aspects of the private sector and may own or","page_number":83,"box":{"x":68,"y":574,"width":835,"height":11}},{"id":"f75dc27e-d483-4653-a9c6-f9dff49cffd7","block_type":"box","text":"control many companies. Chinese companies, such as those in the financial services or technology sectors, and","page_number":83,"box":{"x":69,"y":589,"width":802,"height":11}},{"id":"5c2fa96a-f3a5-4b18-a971-d1b411cd6936","block_type":"box","text":"potentially other sectors in the future, are subject to the risk that Chinese authorities can intervene in their","page_number":83,"box":{"x":70,"y":604,"width":763,"height":11}},{"id":"e08683ed-a0ed-40a0-bed5-46cde8fa87ee","block_type":"box","text":"operations and structure. The Chinese government continues to maintain a major role in economic policymaking and","page_number":83,"box":{"x":69,"y":619,"width":829,"height":11}},{"id":"7facb785-5bd8-4d74-9d36-1948fdce5fff","block_type":"box","text":"investing in China involves risk of loss due to expropriation, nationalization, confiscation of assets and proper ty or","page_number":83,"box":{"x":70,"y":634,"width":813,"height":12}},{"id":"1e20c117-8474-4981-b302-5fd1dc03f820","block_type":"box","text":"the imposition of restrictions on foreign investments and on repatriation of capital invested.","page_number":83,"box":{"x":68,"y":649,"width":653,"height":12}},{"id":"4ac85b7a-7876-4046-bb8d-e33a6d1f8d90","block_type":"box","text":"The Chinese government may intervene in the Chinese financial markets, such as by the imposition of trading","page_number":83,"box":{"x":101,"y":672,"width":783,"height":11}},{"id":"bdbaf0c6-7bb9-4f1f-97d9-b7abeaeb1dee","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":83,"box":{"x":69,"y":687,"width":805,"height":11}},{"id":"ee4f3181-8a63-40f3-94b2-3c80542c9f6e","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":83,"box":{"x":69,"y":702,"width":827,"height":11}},{"id":"da475f40-3341-41f0-9f77-018f680bcb62","block_type":"box","text":"Funds. Fur thermore, such market interventions may have a negative impact on market sentiment which may in turn","page_number":83,"box":{"x":70,"y":718,"width":821,"height":11}},{"id":"f6dd53b4-00ce-4787-8fd8-e91ea87044e3","block_type":"box","text":"affect the per formance of the securities markets and as a result the per formance of the Funds.","page_number":83,"box":{"x":69,"y":732,"width":683,"height":11}},{"id":"fbb599bd-c2ee-4cf3-8715-360e1262eb20","block_type":"box","text":"In addition, there is less regulation and monitoring of Chinese securities markets and the activities of investors,","page_number":83,"box":{"x":102,"y":755,"width":797,"height":11}},{"id":"bc76ee8b-9610-4189-9760-d18bd5e5a40b","block_type":"box","text":"brokers and other par ticipants than in the United States. Accordingly, issuers of securities in China, including","page_number":83,"box":{"x":69,"y":770,"width":779,"height":12}},{"id":"437c9d0a-be6d-469c-b769-fa34099894d9","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":83,"box":{"x":69,"y":785,"width":822,"height":12}},{"id":"627d84c1-2dae-40ba-ac71-ac4d434100ee","block_type":"box","text":"issuers with respect to such matters as insider trading rules, tender offer regulation, accounting standards or auditor","page_number":83,"box":{"x":70,"y":801,"width":836,"height":11}},{"id":"629a6a7e-a454-4e34-9a2c-689dc3c1aff2","block_type":"box","text":"oversight, stockholder proxy requirements and the requirements mandating timely and accurate disclosure of","page_number":83,"box":{"x":69,"y":816,"width":778,"height":11}},{"id":"7fa8477a-45fc-44ac-b171-c73fed38b4e0","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":83,"box":{"x":70,"y":831,"width":803,"height":11}},{"id":"b70f0853-b05f-4d83-840d-70a33f4f7ceb","block_type":"box","text":"trading volatility, difficulty in the settlement and recording of transactions and difficulty in interpreting and applying","page_number":83,"box":{"x":68,"y":846,"width":816,"height":11}},{"id":"49fbab2a-f602-4154-bb5a-6ad223664a67","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":83,"box":{"x":68,"y":861,"width":816,"height":11}},{"id":"6a85ae56-10e4-4106-9c31-27cc22dbe694","block_type":"box","text":"settlement and administration of securities in China that is customary in more developed markets. In par ticular,","page_number":83,"box":{"x":69,"y":876,"width":798,"height":11}},{"id":"3332b83b-6c13-48fd-ba6a-ecea3baae905","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":83,"box":{"x":68,"y":891,"width":826,"height":12}},{"id":"5458e38b-8aba-4965-910f-e9667c580cd8","block_type":"box","text":"sub-custodian.","page_number":83,"box":{"x":69,"y":907,"width":102,"height":8}},{"id":"6c3b8414-60da-4b1e-8445-173be059f352","block_type":"box","text":"II-41","page_number":83,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"db51cacd-605a-4631-8cff-d71ab4837a8c","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":83,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c34923e6-cc8c-4034-9ca7-2299bab80959","block_type":"box","text":"There may be significant obstacles to obtaining information necessary for investigations into or litigation against","page_number":84,"box":{"x":101,"y":45,"width":801,"height":11}},{"id":"988eba1e-e2d3-40da-b284-ea8764472cec","block_type":"box","text":"Chinese companies, and shareholders may have limited legal remedies. The Funds do not select investments based","page_number":84,"box":{"x":69,"y":60,"width":829,"height":11}},{"id":"d13953e2-833f-4772-8a9a-c36fea0fa3b7","block_type":"box","text":"on investor protection considerations.","page_number":84,"box":{"x":69,"y":75,"width":268,"height":11}},{"id":"7321971e-073d-4c25-9fa4-d1191af2558a","block_type":"box","text":"The Chinese government historically took positions that prevented the U.S. Public Company Accounting Oversight","page_number":84,"box":{"x":101,"y":98,"width":806,"height":11}},{"id":"4c7f979d-1469-4bf4-934c-1e7a2672895f","block_type":"box","text":"Board (“PCAOB”) from inspecting the audit work and practices of accounting firms in mainland China and Hong Kong","page_number":84,"box":{"x":70,"y":113,"width":829,"height":11}},{"id":"43928d55-2a5c-4b3b-bd36-5c5ce310659a","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":84,"box":{"x":68,"y":128,"width":810,"height":11}},{"id":"ded877bf-527e-42cb-8725-33405120673e","block_type":"box","text":"Protocol with the China Securities Regulatory Commission and the Ministry of Finance of the PRC, which marked the","page_number":84,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"f5dc547d-2af0-4c6a-b233-afd2bb39f848","block_type":"box","text":"first step toward opening access for the PCAOB to inspect and investigate registered public accounting firms","page_number":84,"box":{"x":68,"y":158,"width":774,"height":11}},{"id":"fad350a5-c970-46de-bf14-90107639cbd8","block_type":"box","text":"headquar tered in mainland China and Hong Kong completely in accordance with U.S. law. However, as this","page_number":84,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"f1184ff3-4196-42a6-8a3f-ae50d98bde54","block_type":"box","text":"development is relatively recent, the implementation of the Statement of Protocol remains to be tested. Audits","page_number":84,"box":{"x":69,"y":188,"width":788,"height":11}},{"id":"fb6c2070-7c94-46f8-ae69-2d651ecb4cc8","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":84,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"b2dbd7ad-1f3e-4e2d-99c7-8f711adb71c6","block_type":"box","text":"per formed by firms subject to PCAOB inspection. Accordingly, information about the Chinese securities in which the","page_number":84,"box":{"x":70,"y":218,"width":821,"height":12}},{"id":"57e5ec97-0f98-4079-8b82-8c8af4441352","block_type":"box","text":"Funds invest may be less reliable or complete. Under amendments to the Sarbanes-Oxley Act enacted in December","page_number":84,"box":{"x":70,"y":234,"width":820,"height":11}},{"id":"9ea10a89-e5cc-4e41-be82-a4751db3e8d5","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":84,"box":{"x":69,"y":249,"width":805,"height":11}},{"id":"751664c4-0baf-4c80-a562-f72fc408cd35","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":84,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"73acb76c-f2fc-4ca5-9dca-b4127e08e581","block_type":"box","text":"accounting firm.","page_number":84,"box":{"x":69,"y":279,"width":112,"height":11}},{"id":"2edfc5c5-05f6-4f7c-a625-45fb4d75587b","block_type":"box","text":"The Renminbi (“RMB”) is currently not a freely conver tible currency and is subject to foreign exchange control","page_number":84,"box":{"x":101,"y":302,"width":780,"height":11}},{"id":"24a95e26-3eb0-4f76-b371-955e32573f21","block_type":"box","text":"policies and repatriation restrictions imposed by the Chinese government. The imposition of currency controls may","page_number":84,"box":{"x":70,"y":317,"width":815,"height":11}},{"id":"c48f3f6a-e640-4997-909e-15ee9c0cd6b5","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":84,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"ab95b17d-9af7-4ca3-9514-04e8d013d3ca","block_type":"box","text":"be adversely affected by delays in, or a refusal to grant, any required governmental approval for repatriation of","page_number":84,"box":{"x":69,"y":347,"width":787,"height":11}},{"id":"d3fdd017-8f57-4a6b-b470-ecbbaa2712bc","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":84,"box":{"x":69,"y":362,"width":837,"height":11}},{"id":"4147384a-912f-4c6e-89af-6af0682f4f38","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":84,"box":{"x":68,"y":377,"width":825,"height":11}},{"id":"5c4f00f7-0942-46a7-a388-09671978ab63","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":84,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"20996a95-b3a5-4e06-bdf9-7a9a811f23e6","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":84,"box":{"x":70,"y":408,"width":812,"height":11}},{"id":"85125fb9-8483-4dc7-ab1c-3b0c47075380","block_type":"box","text":"connection with conversions between the two separate types of RMB, the onshore RMB (“CNY”) and the offshore","page_number":84,"box":{"x":69,"y":423,"width":808,"height":11}},{"id":"c33b5a28-dc16-4856-a5fa-38ced80a51ee","block_type":"box","text":"RMB (“CNH”).","page_number":84,"box":{"x":70,"y":438,"width":97,"height":11}},{"id":"8c253db0-33ec-416c-a49e-f7244437c5e1","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":84,"box":{"x":102,"y":460,"width":802,"height":12}},{"id":"af182d0f-3dc4-408c-8942-fe37646986a4","block_type":"box","text":"result of foreign ownership restrictions. In a VIE structure, a Chinese operating company establishes a shell company","page_number":84,"box":{"x":69,"y":475,"width":837,"height":12}},{"id":"902ff429-36f3-4064-ac29-0d16a9364886","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":84,"box":{"x":70,"y":491,"width":822,"height":11}},{"id":"bb9583d9-a67f-4adc-9652-d25199481786","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":84,"box":{"x":70,"y":506,"width":775,"height":11}},{"id":"98ed4421-7668-49fc-81b5-3b4254d1aa5a","block_type":"box","text":"company directly or indirectly enters into contracts with the Chinese operating company under Chinese law. These","page_number":84,"box":{"x":69,"y":521,"width":809,"height":11}},{"id":"e0a8005e-416a-404e-9490-ceef48bfe66f","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":84,"box":{"x":69,"y":536,"width":803,"height":11}},{"id":"23c9fa97-ad8a-4338-8217-a9c5f5d0e80e","block_type":"box","text":"represent equity ownership in the operating company.","page_number":84,"box":{"x":69,"y":551,"width":380,"height":11}},{"id":"c2aecdf8-15e2-4c8f-94e6-129bb3086c1d","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":84,"box":{"x":101,"y":574,"width":801,"height":11}},{"id":"a9dc188a-85f4-4973-bc98-20dc4682ff8c","block_type":"box","text":"formally recognized under Chinese law. The Chinese government has provided guidance to and placed restrictions on","page_number":84,"box":{"x":68,"y":589,"width":833,"height":11}},{"id":"0ac062a1-990b-488a-9873-c0a634e7dbb7","block_type":"box","text":"Chinese-based companies raising capital offshore, including through VIEs. In 2023, the China Securities Regulatory","page_number":84,"box":{"x":69,"y":604,"width":825,"height":11}},{"id":"ebddd22e-ea73-40bd-a901-566fc617694e","block_type":"box","text":"Commission (“CSRC”) released new rules that permit the use of VIE structures, provided they abide by Chinese laws","page_number":84,"box":{"x":69,"y":619,"width":832,"height":11}},{"id":"12934773-8efb-468e-af30-b9976340dd77","block_type":"box","text":"and register with the CSRC. The rules, however, may cause Chinese companies to undergo greater scrutiny and add","page_number":84,"box":{"x":69,"y":634,"width":826,"height":12}},{"id":"ed64742a-c948-4e58-ac3e-1eb4b01f4f53","block_type":"box","text":"costs to VIE structures. Intervention, rulemaking or guidance by the Chinese government with respect to VIE","page_number":84,"box":{"x":69,"y":649,"width":770,"height":12}},{"id":"de048f6c-aa3d-4c65-8a74-d9fbf7a01825","block_type":"box","text":"structures or the non-enforcement of VIE-related contractual rights could significantly affect the operating company’s","page_number":84,"box":{"x":69,"y":664,"width":829,"height":12}},{"id":"4b070681-a83f-4043-956a-f04f26a231d7","block_type":"box","text":"business in China, the enforceability of the U.S.-listed shell company’s contractual arrangements with the Chinese","page_number":84,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"bb05c9a9-d194-453f-940b-321d276ce04c","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":84,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"63f4aa64-accc-4da8-9183-495bfef3de4d","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":84,"box":{"x":69,"y":710,"width":802,"height":11}},{"id":"fe879f32-4316-40c3-832f-c46ed0a09744","block_type":"box","text":"ineffective. In addition to the risk of government intervention, investments through a VIE structure are subject to the","page_number":84,"box":{"x":70,"y":725,"width":828,"height":11}},{"id":"0455aa11-7516-4f7e-bf39-51bcd060a77c","block_type":"box","text":"risk that the China-based company (or its officers, directors, or Chinese equity owners) may breach those contractual","page_number":84,"box":{"x":69,"y":740,"width":833,"height":11}},{"id":"6f1e01ad-e774-46d3-a212-0f8dc98099b1","block_type":"box","text":"arrangements, or Chinese law changes in a way that adversely affects the enforceability of these arrangements, or","page_number":84,"box":{"x":69,"y":755,"width":819,"height":11}},{"id":"eff282ff-c220-4a22-b800-55ac27ad4b87","block_type":"box","text":"those contracts are otherwise not enforceable under Chinese law, in which case the Fund may suffer significant","page_number":84,"box":{"x":68,"y":770,"width":798,"height":12}},{"id":"79ba1eaf-6e86-48b2-883d-95d1ecbdd98c","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":84,"box":{"x":70,"y":785,"width":833,"height":12}},{"id":"86ad0836-ecb2-40f5-8fb8-d4c0e8df5b42","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":84,"box":{"x":69,"y":801,"width":837,"height":11}},{"id":"53f96905-4e09-4719-a32f-8b21a18b5583","block_type":"box","text":"generally or with respect to specific industries, could result in significant, and possibly permanent and/or total,","page_number":84,"box":{"x":68,"y":816,"width":792,"height":11}},{"id":"c3714d1f-b84a-491c-83e2-723cba8d5424","block_type":"box","text":"losses to a Fund.","page_number":84,"box":{"x":70,"y":831,"width":120,"height":9}},{"id":"0d52c107-2e28-4107-9134-caf0da6a190a","block_type":"box","text":"While the Chinese economy has experienced past periods of rapid growth, there is no assurance that such","page_number":84,"box":{"x":101,"y":853,"width":760,"height":12}},{"id":"0f3d7427-155d-4215-a847-bcbdf85116d3","block_type":"box","text":"growth rates will recur. Other economic challenges for China include indebtedness, weak consumer demand, trade","page_number":84,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"7616f1e2-1959-4f73-80b2-44ebe5f00ec3","block_type":"box","text":"tensions, and an aging population. China continues to face pressure from its trading par tners over its expor ting of its","page_number":84,"box":{"x":68,"y":884,"width":837,"height":11}},{"id":"50875419-25d9-446d-aad7-e32810682117","block_type":"box","text":"excess industrial capacity and overall approach to economic management. China’s economy is heavily dependent on","page_number":84,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"0a88d546-a758-4cbe-bd04-42cc5804c353","block_type":"box","text":"II-42","page_number":84,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"22636961-7cc8-4025-83c2-d14ebcc4e62b","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":84,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ace8af3e-f485-49eb-afa7-943a3494e273","block_type":"box","text":"expor t growth. Reduction in spending on Chinese products and services, supply chain diversification, institution of","page_number":85,"box":{"x":69,"y":45,"width":815,"height":11}},{"id":"6b9d5af3-3ce1-43b3-a0f2-d197fea48790","block_type":"box","text":"additional tariffs, sanctions or other trade barriers (including as a result of heightened trade tensions between China","page_number":85,"box":{"x":69,"y":60,"width":832,"height":11}},{"id":"389d69c8-09ea-4048-b4b6-bb109a561d93","block_type":"box","text":"and the United States or in response to actual or alleged Chinese cyber activity) or a downturn in any of the","page_number":85,"box":{"x":69,"y":75,"width":765,"height":11}},{"id":"3674cf1d-2f51-4a4c-aac7-b840a1240cc5","block_type":"box","text":"economies of China’s key trading par tners may have an adverse impact on the Chinese economy and the companies","page_number":85,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"d0a3425a-3bf8-438f-83ec-1c35bcc8008e","block_type":"box","text":"in which a Fund invests. Cer tain Chinese companies (which may change from time to time) are directly or indirectly","page_number":85,"box":{"x":70,"y":105,"width":816,"height":11}},{"id":"fe7e2c73-c96f-4d24-a06b-7a3e0e18aa66","block_type":"box","text":"subject to economic or trade restrictions imposed by the U.S. or other governments due to national security, human","page_number":85,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"2578f386-534b-4c37-9f8d-9e4cfbc214be","block_type":"box","text":"rights or other concerns of such government. For example, cer tain foreign technology companies are subject to U.S.","page_number":85,"box":{"x":69,"y":135,"width":825,"height":12}},{"id":"93602e04-bbe5-45fc-afeb-b91329ada8ab","block_type":"box","text":"expor t controls as those companies are believed to pose a risk to U.S. interests. The U.S. also bans impor ts of","page_number":85,"box":{"x":69,"y":150,"width":798,"height":11}},{"id":"36fe125e-cacb-4ac9-92f3-61667863e31e","block_type":"box","text":"goods produced in cer tain regions of China or by cer tain Chinese companies due to concerns about forced labor.","page_number":85,"box":{"x":68,"y":166,"width":805,"height":11}},{"id":"5c0fa664-3231-4699-94a7-7594b3c737cb","block_type":"box","text":"Such restrictions may have unanticipated and adverse effects on the Chinese economy and companies. Any action","page_number":85,"box":{"x":69,"y":181,"width":817,"height":11}},{"id":"39e4425c-09fb-4c6d-af84-7ffcc7bc9908","block_type":"box","text":"that targets Chinese financial markets or securities exchanges could inter fere with orderly trading, delay settlement","page_number":85,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"556552ee-cf8e-4424-a8f3-6d406f606650","block_type":"box","text":"or cause market disruptions. Cer tain companies may be subject to economic or trade restrictions (but not investment","page_number":85,"box":{"x":69,"y":211,"width":839,"height":11}},{"id":"4058d634-c477-4f21-9ce0-653983cd90d8","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":85,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"3cbc6230-8aba-43f1-95fa-4e978022afc8","block_type":"box","text":"such government. So long as these restrictions do not include restrictions on investments, the Fund may invest in","page_number":85,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"5e0ff7fd-4778-4ab8-8d44-7d80b8a14d09","block_type":"box","text":"such companies.","page_number":85,"box":{"x":69,"y":257,"width":119,"height":10}},{"id":"21b630b8-4a47-429b-a70f-e13dc58da7e7","block_type":"box","text":"The tax laws and regulations in the PRC are subject to change, including the issuance of authoritative guidance","page_number":85,"box":{"x":101,"y":279,"width":792,"height":11}},{"id":"3b5a2844-0397-4827-9e28-559e734cd558","block_type":"box","text":"or enforcement, possibly with retroactive effect. The interpretation, applicability and enforcement of such laws by PRC","page_number":85,"box":{"x":69,"y":294,"width":840,"height":11}},{"id":"9ca6029f-40d6-46fd-8288-65e07f96865e","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":85,"box":{"x":68,"y":309,"width":815,"height":11}},{"id":"f767ebb4-f53f-41d4-83cc-0755d7477946","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":85,"box":{"x":69,"y":324,"width":823,"height":12}},{"id":"3a900b7e-8d09-4eae-bf1f-b5116a607edc","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":85,"box":{"x":69,"y":340,"width":812,"height":11}},{"id":"21596efc-638a-4b1c-9049-807f2f224901","block_type":"box","text":"addition, the accounting, auditing and financial repor ting standards and practices applicable to Chinese companies","page_number":85,"box":{"x":69,"y":355,"width":821,"height":11}},{"id":"6aaa08ee-22af-47f1-a739-2087f793d4dd","block_type":"box","text":"may be less rigorous, and may result in significant differences between financial statements prepared in accordance","page_number":85,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"c968176e-e96f-4fdd-9e75-ed0e408f4e4e","block_type":"box","text":"with PRC accounting standards and practice and those prepared in accordance with international accounting","page_number":85,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"8cc78861-8a1e-49a1-bb38-e24328286e39","block_type":"box","text":"standards.","page_number":85,"box":{"x":69,"y":400,"width":74,"height":9}},{"id":"9c1d5ba2-d20b-41ec-b450-d40da9d34979","block_type":"box","text":"From time to time and in recent years, China has experienced outbreaks of infectious illnesses and the country","page_number":85,"box":{"x":102,"y":423,"width":794,"height":11}},{"id":"89ffb77e-35ff-47a0-861f-34b33cf931f8","block_type":"box","text":"may be subject to other public health threats, infectious illnesses, diseases or similar issues in the future. Any","page_number":85,"box":{"x":69,"y":438,"width":792,"height":11}},{"id":"8bbffe62-3bdb-493e-a7a8-1bb1e57ad6c8","block_type":"box","text":"spread of an infectious illness, public health threat or similar issue could reduce consumer demand or economic","page_number":85,"box":{"x":69,"y":453,"width":803,"height":11}},{"id":"d2003eb6-0883-4c5e-aa4e-dd80daf3ecf8","block_type":"box","text":"output, result in market closures, travel restrictions or quarantines, and generally have a significant impact on the","page_number":85,"box":{"x":69,"y":468,"width":811,"height":11}},{"id":"a941114f-6ffb-47f8-a345-aa62a9119836","block_type":"box","text":"Chinese economy, which in turn could adversely affect a Fund’s investments.","page_number":85,"box":{"x":69,"y":483,"width":548,"height":11}},{"id":"4381239b-c92a-4113-817c-1f386dcdde22","block_type":"box","text":"Risk of Investing through Stock Connect.","page_number":85,"box":{"x":102,"y":506,"width":288,"height":11}},{"id":"9e4f140c-d548-447b-82cd-5146d4dbc21a","block_type":"box","text":"General","page_number":85,"box":{"x":102,"y":529,"width":55,"height":8}},{"id":"13e4815c-17e8-4ba9-9290-d24d6813b35c","block_type":"box","text":". China A-shares are equity securities of companies domiciled in China that trade on Chinese stock","page_number":85,"box":{"x":158,"y":528,"width":704,"height":12}},{"id":"e411bad6-8e9d-421b-a183-ff0acdfc9a41","block_type":"box","text":"exchanges such as the Shanghai Stock Exchange (“SSE”), the Shenzhen Stock Exchange (“SZSE”) and the Beijing","page_number":85,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"4dcc0919-0bb2-4acd-8f00-8e2ded8fbf1b","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":85,"box":{"x":69,"y":559,"width":815,"height":11}},{"id":"97116fcc-f7cc-4390-9b01-a992ce7678ea","block_type":"box","text":"than pursuant to available exceptions, such as through a qualified foreign investor approved pursuant to the relevant","page_number":85,"box":{"x":68,"y":574,"width":833,"height":11}},{"id":"eeb0ca82-6567-4a5a-8c95-c75d03fa7370","block_type":"box","text":"mainland China laws and regulations as may be promulgated and/or amended from time to time (“QFI”).","page_number":85,"box":{"x":69,"y":589,"width":744,"height":11}},{"id":"93e2ad74-7e6e-420d-9590-0ea394d4c8ee","block_type":"box","text":"Investment in eligible exchange traded funds and A-shares listed and traded on the SSE or SZSE (“Stock","page_number":85,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"dfc3ecf5-0d12-44f9-8df3-3d8d32d5608e","block_type":"box","text":"Connect Securities”) is also permitted through the Shanghai-Hong Kong Stock Connect program or the Shenzhen","page_number":85,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"a0fd9efa-28dd-4be3-94e1-f4caea8a6191","block_type":"box","text":"Hong Kong Stock Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). Each","page_number":85,"box":{"x":70,"y":642,"width":834,"height":11}},{"id":"5ec623c1-3261-46ba-8b87-2dc0295ed617","block_type":"box","text":"Stock Connect is a securities trading and clearing links program established by The Stock Exchange of Hong Kong","page_number":85,"box":{"x":69,"y":657,"width":812,"height":11}},{"id":"6882aab4-139a-4126-9e29-de61638d1199","block_type":"box","text":"Limited (“SEHK”), the Hong Kong Securities Clearing Company Limited (“HKSCC”), the SSE or SZSE, as applicable,","page_number":85,"box":{"x":70,"y":672,"width":819,"height":11}},{"id":"716dc235-eca3-4bed-99ce-c0fc4b7f1de4","block_type":"box","text":"and China Securities Depository and Clearing Corporation Limited (“CSDCC”) that aims to provide mutual stock","page_number":85,"box":{"x":69,"y":687,"width":793,"height":11}},{"id":"9dcab44f-4636-4b7b-b0ae-236688f2f500","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":85,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"64a600c7-fb16-4152-a189-dee24414b86d","block_type":"box","text":"through their local securities brokers. Under Stock Connects, a Fund’s trading of Stock Connect Securities listed on","page_number":85,"box":{"x":68,"y":717,"width":824,"height":12}},{"id":"f13f94e5-8370-4e83-9749-ca9b31899498","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":85,"box":{"x":68,"y":732,"width":827,"height":12}},{"id":"e6fcf811-895c-45c6-989e-cafd3fc60452","block_type":"box","text":"company established by SEHK.","page_number":85,"box":{"x":69,"y":748,"width":219,"height":11}},{"id":"a74f4ca1-b212-4d47-90f9-fd94117ca39f","block_type":"box","text":"Although no individual investment quotas or licensing requirements apply to investors in Stock Connect, trading","page_number":85,"box":{"x":101,"y":770,"width":794,"height":12}},{"id":"915ab1a0-370c-4bee-bd35-0dd39fa117f2","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":85,"box":{"x":68,"y":786,"width":839,"height":11}},{"id":"90c6c616-7686-4f79-ad94-14c8dd7bd4fb","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":85,"box":{"x":69,"y":801,"width":779,"height":11}},{"id":"98c18c31-3f39-46e2-acf1-b46d8b5874ed","block_type":"box","text":"permitted to sell their Stock Connect Securities regardless of the quota). These limitations may restrict a Fund from","page_number":85,"box":{"x":70,"y":816,"width":824,"height":11}},{"id":"67d93b8d-c876-4c32-aa12-5a488ff4d51a","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":85,"box":{"x":70,"y":831,"width":827,"height":11}},{"id":"7d12988f-cbeb-466c-85e1-4489e0ac8a33","block_type":"box","text":"investment strategy. Investment quotas are also subject to change. Investment in Stock Connect Securities through a","page_number":85,"box":{"x":70,"y":846,"width":837,"height":11}},{"id":"26a72c80-07df-4504-b7aa-f3747e68d2fe","block_type":"box","text":"Stock Connect is subject to trading, clearance and settlement procedures that could pose risks to a Fund. Stock","page_number":85,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"98920e66-5165-4745-bf26-220eddd4edec","block_type":"box","text":"Connect Securities purchased through Stock Connects generally may not be sold or otherwise transferred other than","page_number":85,"box":{"x":69,"y":876,"width":831,"height":11}},{"id":"32c3d94a-73e4-42d7-8c90-db8a7d4dbebb","block_type":"box","text":"through Stock Connects in accordance with applicable rules. For example, the PRC regulations require that in order","page_number":85,"box":{"x":68,"y":891,"width":821,"height":12}},{"id":"d21167b4-ef55-4861-a989-d09cf0e25f7a","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":85,"box":{"x":68,"y":906,"width":829,"height":12}},{"id":"e922e4d2-b42c-4999-aff5-0c0068ada7d0","block_type":"box","text":"II-43","page_number":85,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2ed47a76-bedc-44e4-bcc4-bb0f1690a0d7","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":85,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"51f30ed5-3228-4336-83b8-d73bebb646d8","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":86,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"ecd67513-8a0d-4062-9f89-36ba9cdc89b1","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":86,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"93591dda-43ce-4aa2-b89f-58158e33f07f","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":86,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"63836ad5-9337-4d36-bb6d-fa49d0c6bb72","block_type":"box","text":"(“SZSE Securities”) of its par ticipants (","page_number":86,"box":{"x":69,"y":90,"width":278,"height":11}},{"id":"38bdea95-8617-4199-be84-359c7c1987e4","block_type":"box","text":"i.e.","page_number":86,"box":{"x":349,"y":90,"width":21,"height":9}},{"id":"4fa6b12d-a956-416d-be0d-c493ca364a3a","block_type":"box","text":", stock brokers) to ensure that this requirement is satisfied. While shares","page_number":86,"box":{"x":372,"y":90,"width":524,"height":11}},{"id":"243f1ff6-cfb3-4600-9e1c-b7cd385e6cfa","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":86,"box":{"x":69,"y":105,"width":815,"height":11}},{"id":"63bb67c2-db6e-4acb-aa98-4f5c0c0db08e","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":86,"box":{"x":69,"y":120,"width":810,"height":12}},{"id":"777e2dcc-868a-4fd9-84ae-d8d112d422ca","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":86,"box":{"x":69,"y":135,"width":834,"height":12}},{"id":"da2d2ef3-3bf2-40b0-a2d7-f722b9a2b9dc","block_type":"box","text":"services are available in both markets on the corresponding settlement days. Therefore, an investment in Stock","page_number":86,"box":{"x":69,"y":150,"width":799,"height":12}},{"id":"6befc530-c9b5-4e7b-b858-4491cfc02d8c","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":86,"box":{"x":69,"y":166,"width":797,"height":11}},{"id":"07ba9124-d477-4281-adb4-0432f7eac64f","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":86,"box":{"x":69,"y":181,"width":818,"height":11}},{"id":"ee768eae-d049-4b67-b0a5-e4824d16c3d2","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":86,"box":{"x":68,"y":196,"width":820,"height":11}},{"id":"7a1aaabc-333a-48e8-a33a-4333c0c21646","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":86,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"a21fef85-e6ee-40aa-bb3f-70489e77b8f1","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":86,"box":{"x":69,"y":226,"width":811,"height":11}},{"id":"88ed6f03-ae5f-45d3-9a14-f686a8549d24","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":86,"box":{"x":68,"y":241,"width":815,"height":11}},{"id":"9c43d2f2-1dca-43ad-971b-18c4aa24ed37","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":86,"box":{"x":69,"y":256,"width":824,"height":11}},{"id":"5e764833-91b0-4fec-bf18-aff3ee76f037","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":86,"box":{"x":70,"y":271,"width":777,"height":12}},{"id":"faaee267-ee54-4a20-81d9-7940e5e3e337","block_type":"box","text":"investments in Stock Connect Securities. A Fund may also incur conversion costs.","page_number":86,"box":{"x":70,"y":287,"width":582,"height":11}},{"id":"b1019a6a-6cf2-49dd-926b-8c2fbc7fa6a9","block_type":"box","text":"Stock Connect Securities held through the nominee structure under a Stock Connect will be held through HKSCC","page_number":86,"box":{"x":102,"y":309,"width":802,"height":11}},{"id":"9bf64bb8-0fa8-456f-bc9e-da9e447db4a2","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":86,"box":{"x":69,"y":324,"width":784,"height":12}},{"id":"b519ecc4-cd74-451f-bee2-c9eb37ac2885","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":86,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"15540f74-7766-4223-b4e2-c2a9bd68e7c6","block_type":"box","text":"clear definition of, and distinction between, legal ownership and beneficial ownership under the PRC laws and there","page_number":86,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"5ea0c145-c6b1-4e30-ae1e-020bb754dde9","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":86,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"f74b786a-144a-4b28-8d86-95fd8b073c88","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":86,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"80c783b9-efad-41a0-af3a-f4f4fe59de20","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":86,"box":{"x":70,"y":400,"width":807,"height":11}},{"id":"827d0c27-6975-41fd-8183-1a6bf38d6742","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":86,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"0fb61ea3-53f9-45c2-8134-c3f06b6c2278","block_type":"box","text":"HKSCC available for general distribution to its creditors. Notwithstanding the fact that HKSCC does not claim","page_number":86,"box":{"x":70,"y":430,"width":774,"height":11}},{"id":"5910b1cb-34d8-45e0-a952-c355fc0723b3","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":86,"box":{"x":70,"y":445,"width":816,"height":11}},{"id":"a80fb807-60b8-4465-981f-27eb395b3db5","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":86,"box":{"x":69,"y":460,"width":808,"height":12}},{"id":"289b7fd1-b813-4fed-891e-eecd7d14a97b","block_type":"box","text":"when it handles corporate actions in respect of such SSE Securities or SZSE Securities. HKSCC monitors the","page_number":86,"box":{"x":68,"y":475,"width":779,"height":11}},{"id":"13956e2a-ec77-4f66-868d-7034a1b29c3d","block_type":"box","text":"corporate actions affecting SSE Securities and SZSE Securities and keeps par ticipants of Central Clearing and","page_number":86,"box":{"x":69,"y":491,"width":788,"height":11}},{"id":"a9e4798d-f44a-4e93-9f79-068edf632065","block_type":"box","text":"Settlement System (“CCASS”) informed of all such corporate actions that require CCASS par ticipants to take steps in","page_number":86,"box":{"x":69,"y":506,"width":839,"height":11}},{"id":"32242921-caa4-47b5-bbaf-f3dd39102d27","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":86,"box":{"x":69,"y":521,"width":811,"height":11}},{"id":"e3751ebb-d0ad-4ab5-b0dc-8493d355f66f","block_type":"box","text":"HKSCC through par ticipants of CCASS. All voting instructions from CCASS par ticipants will be consolidated by","page_number":86,"box":{"x":70,"y":536,"width":783,"height":11}},{"id":"e62c78d3-9d57-40ce-b774-3b7d90811913","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":86,"box":{"x":70,"y":551,"width":826,"height":11}},{"id":"bf399091-38dc-4781-a34b-70d1b5cc21d7","block_type":"box","text":"result, a Fund may suffer difficulties or delays in enforcing its rights in SSE Securities or SZSE Securities.","page_number":86,"box":{"x":69,"y":566,"width":752,"height":11}},{"id":"8e2d9c23-4dcc-4551-9b79-8d111833ee34","block_type":"box","text":"Hong Kong’s Investor Compensation Fund is established to pay compensation to investors of any nationality who","page_number":86,"box":{"x":102,"y":589,"width":804,"height":11}},{"id":"9153ff94-7fa8-477e-80a9-94e4b86583ea","block_type":"box","text":"suffer pecuniary losses as a result of default of a licensed intermediary or authorized financial institution in relation","page_number":86,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"214e102c-10e9-43fd-9cf4-e357d7cf55ac","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":86,"box":{"x":68,"y":619,"width":769,"height":11}},{"id":"aaa0ff96-4fe8-4c71-aceb-ef3d6285774b","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":86,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"44939e68-ecb1-4b05-b120-541f15080eb8","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":86,"box":{"x":69,"y":649,"width":801,"height":12}},{"id":"6f8ba8c3-9089-4b89-9e8f-3595985d373c","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":86,"box":{"x":68,"y":664,"width":822,"height":12}},{"id":"d9fbf5d3-7ec1-4294-ba12-1695fb2f77bb","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":86,"box":{"x":69,"y":680,"width":829,"height":11}},{"id":"b8d3e75d-3b53-4644-a428-ec16eab3d054","block_type":"box","text":"PRC.","page_number":86,"box":{"x":69,"y":695,"width":32,"height":9}},{"id":"180b30f7-9150-4696-9818-dd2d98841394","block_type":"box","text":"Market par ticipants are able to par ticipate in Stock Connects subject to meeting cer tain information technology","page_number":86,"box":{"x":102,"y":717,"width":796,"height":12}},{"id":"05e03926-01f5-4afb-912c-d00837911306","block_type":"box","text":"capability, risk management and other requirements as may be specified by the relevant exchange and/or clearing","page_number":86,"box":{"x":69,"y":732,"width":815,"height":12}},{"id":"4b6a05ca-4ca8-42ba-8448-4332059c1bfa","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":86,"box":{"x":69,"y":748,"width":822,"height":11}},{"id":"f5ae5835-30de-4682-b1ba-d2a8dc9bd274","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":86,"box":{"x":68,"y":763,"width":818,"height":11}},{"id":"594a7dd3-269f-4cc3-9aef-91096bc5de6a","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":86,"box":{"x":70,"y":778,"width":813,"height":11}},{"id":"4b3b8df4-f6ff-4e71-a9d5-fa064a4d7476","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":86,"box":{"x":69,"y":793,"width":827,"height":11}},{"id":"6f7e2323-5fa0-4d87-b75a-a3483da07b02","block_type":"box","text":"function properly, trading in Stock Connect Securities through Stock Connects could be disrupted.","page_number":86,"box":{"x":68,"y":808,"width":695,"height":11}},{"id":"b1340493-7ea7-47b6-9336-b8cb4931f2bf","block_type":"box","text":"The Shanghai-Hong Kong Stock Connect program launched in November 2014 and the Shenzhen-Hong Kong","page_number":86,"box":{"x":101,"y":831,"width":772,"height":11}},{"id":"f3efc615-459f-463e-bd2b-d3422a4f06be","block_type":"box","text":"Stock Connect program launched in December 2016. Each program does not have an extensive operating history.","page_number":86,"box":{"x":69,"y":846,"width":810,"height":11}},{"id":"94332221-1d0d-4944-af00-251388beccfb","block_type":"box","text":"New or revised regulations may be issued from time to time by the regulators and stock exchanges in China and","page_number":86,"box":{"x":70,"y":861,"width":798,"height":11}},{"id":"b9120022-de05-4429-8122-bcb06b5b30b9","block_type":"box","text":"Hong Kong in connection with operations, legal enforcement and cross-border trades under Stock Connects. In","page_number":86,"box":{"x":70,"y":876,"width":786,"height":11}},{"id":"f5a1f1de-2b99-416a-95b0-f454a0468cdf","block_type":"box","text":"addition, there can be no assurance that Stock Connect will not be discontinued. A Fund may be adversely affected","page_number":86,"box":{"x":69,"y":891,"width":821,"height":11}},{"id":"54ec19fa-43e9-4be9-aa4b-5c70731e82d6","block_type":"box","text":"as a result of such changes. Fur thermore, the securities regimes and legal systems of China and Hong Kong differ","page_number":86,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"4b7472ea-96a8-4cc6-8099-5c901d0b3852","block_type":"box","text":"II-44","page_number":86,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"25432554-25e3-4d75-ab37-f266cfd9fdf6","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":86,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b6c15638-5859-4905-b09a-ba4262e6d67e","block_type":"box","text":"significantly and issues may arise from the differences on an on-going basis. In the event that the relevant systems","page_number":87,"box":{"x":69,"y":45,"width":823,"height":11}},{"id":"a404fc72-1e18-4912-a01b-6eea1ad00ec9","block_type":"box","text":"fail to function properly, trading in both markets through Stock Connects could be disrupted and a Fund’s ability to","page_number":87,"box":{"x":68,"y":60,"width":814,"height":11}},{"id":"988c02f6-e9da-4f36-823e-48ea838855be","block_type":"box","text":"achieve its investment objective may be adversely affected. In addition, a Fund’s investments in Stock Connect","page_number":87,"box":{"x":69,"y":75,"width":793,"height":11}},{"id":"c9a9d05a-a818-4665-ae46-2b6b8dd3a7fe","block_type":"box","text":"Securities through Stock Connects are generally subject to Chinese securities regulations and listing rules, among","page_number":87,"box":{"x":69,"y":90,"width":815,"height":11}},{"id":"c9f2b673-cad9-4c84-9621-5feeb92a7920","block_type":"box","text":"other restrictions. Fur ther, different fees, costs and taxes are imposed on foreign investors acquiring Stock Connect","page_number":87,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"dbcd666c-8fe1-4ab4-9b49-2754b80b502a","block_type":"box","text":"Securities through Stock Connects, and these fees, costs and taxes may be higher than comparable fees, costs and","page_number":87,"box":{"x":69,"y":120,"width":831,"height":12}},{"id":"85044d98-d780-4611-bda4-517473a4b0cd","block_type":"box","text":"taxes imposed on owners of other securities providing similar investment exposure.","page_number":87,"box":{"x":68,"y":135,"width":596,"height":12}},{"id":"9ee8f917-219c-42ad-9f8c-ca17baa03080","block_type":"box","text":"Suspension Risk.","page_number":87,"box":{"x":102,"y":158,"width":122,"height":11}},{"id":"1aca310c-b58c-49a7-8bbc-057899eb5cb2","block_type":"box","text":"SSE Securities and SZSE Securities may only be bought from, or sold to, a Fund at times when","page_number":87,"box":{"x":231,"y":158,"width":675,"height":11}},{"id":"2b20c226-e5ac-430f-abb4-4e522ad7da20","block_type":"box","text":"the relevant SSE Securities and SZSE Securities may be sold or purchased on the relevant Chinese stock exchange.","page_number":87,"box":{"x":68,"y":173,"width":829,"height":11}},{"id":"d2fcbe63-64f9-40b0-b3d9-081e3a575539","block_type":"box","text":"The SSE Securities and SZSE Securities markets have a higher propensity for trading suspensions than many other","page_number":87,"box":{"x":68,"y":188,"width":823,"height":12}},{"id":"149df06a-0cf3-48b1-8d62-d6021b4e2ecc","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":87,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"fc0ee8e4-8fca-4dda-93cb-cc59bc8751a0","block_type":"box","text":"SZSE Securities purchased on the Stock Connects if necessary for ensuring an orderly and fair market and ensuring","page_number":87,"box":{"x":69,"y":218,"width":828,"height":12}},{"id":"9d41ab04-62fd-4e93-a7d3-02697ab470bc","block_type":"box","text":"that risks are managed prudently. Consent from the relevant regulator would be sought before a suspension of","page_number":87,"box":{"x":68,"y":234,"width":791,"height":11}},{"id":"58c95d2f-18df-43ad-ae10-3a6635bb546a","block_type":"box","text":"Nor thbound trading is triggered. The relevant PRC government authority may also impose “circuit breakers” and other","page_number":87,"box":{"x":70,"y":249,"width":837,"height":11}},{"id":"e05e82a8-db7c-4178-9b8c-18725504eabb","block_type":"box","text":"measures to halt or suspend Nor thbound trading. Where a suspension in the Nor thbound trading through Stock","page_number":87,"box":{"x":69,"y":264,"width":796,"height":11}},{"id":"280aa2f7-2a67-4403-a4ca-db083b4a8dcd","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":87,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"05c7b67e-408a-463c-b9db-2a9552db7406","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":87,"box":{"x":69,"y":294,"width":829,"height":11}},{"id":"936ebfb1-21b5-4385-ab4c-85692c7704c4","block_type":"box","text":"daily price limit, generally set at 10%, of the amount of fluctuation permitted in the prices of the relevant SSE","page_number":87,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"c6ee832b-d74a-4462-a7e4-0ce4fe12b77e","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":87,"box":{"x":69,"y":324,"width":815,"height":12}},{"id":"7c7cb55d-4173-45ef-9d88-0cfd926d0469","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":87,"box":{"x":69,"y":340,"width":833,"height":11}},{"id":"9a0c6c88-b335-4776-8e50-eb094a0c378e","block_type":"box","text":"exist for any par ticular SSE Security or SZSE Security or for any par ticular time.","page_number":87,"box":{"x":69,"y":355,"width":563,"height":11}},{"id":"04a883d6-5a36-46c9-9a05-f63a42437307","block_type":"box","text":"Risk of Investing in the China Interbank Bond Market through Bond Connect.","page_number":87,"box":{"x":102,"y":377,"width":542,"height":12}},{"id":"e9467df4-7b55-44d0-bd03-acd7acf09528","block_type":"box","text":"A Fund may invest directly in the","page_number":87,"box":{"x":650,"y":377,"width":230,"height":11}},{"id":"b01a8655-f104-448e-bce4-d8b897f3a428","block_type":"box","text":"domestic bond market in the PRC (the “China Interbank Bond Market”) through the nor thbound trading of Bond","page_number":87,"box":{"x":69,"y":392,"width":791,"height":12}},{"id":"a5da460d-73f8-420f-a48c-717083fbb18c","block_type":"box","text":"Connect (“Bond Connect”). Bond Connect is an initiative launched in July 2017 for mutual bond market access","page_number":87,"box":{"x":69,"y":407,"width":790,"height":12}},{"id":"86db8601-9565-4c61-a652-f778af99fafe","block_type":"box","text":"between the PRC and Hong Kong, established by the China Foreign Exchange Trade System & National Interbank","page_number":87,"box":{"x":69,"y":423,"width":803,"height":11}},{"id":"0a4ef5c9-8e4e-4fc1-bf8c-30dbbae9d580","block_type":"box","text":"Funding Centre (“CFETS”), China Central Depository & Clearing Co., Ltd (“CDCC”), Shanghai Clearing House (“SCH”),","page_number":87,"box":{"x":70,"y":438,"width":832,"height":11}},{"id":"956a37a6-f5cd-4d6b-b62f-551aec09fb74","block_type":"box","text":"Hong Kong Exchanges and Clearing Limited (“HKEX”) and Central Moneymarkets Unit (“CMU”). Under the prevailing","page_number":87,"box":{"x":70,"y":453,"width":821,"height":11}},{"id":"e0a71631-ac92-4bd0-be54-7e8b059e1eaf","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":87,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"a4528dd3-c095-456e-8fc7-c2aac0cd6a7e","block_type":"box","text":"Bond Market through Bond Connect. Eligible foreign investors may submit trade requests for bonds circulated in the","page_number":87,"box":{"x":70,"y":483,"width":825,"height":11}},{"id":"4d5e7346-cc64-41e9-9d4e-d6ec52fffa17","block_type":"box","text":"China Interbank Bond Market through offshore electronic bond trading platforms (such as Tradeweb), which will in","page_number":87,"box":{"x":69,"y":498,"width":809,"height":11}},{"id":"d551dac5-31d7-406d-aba3-2293b56b8d20","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":87,"box":{"x":68,"y":513,"width":786,"height":11}},{"id":"3875f39a-e81d-4295-8bc0-7a03e33294d5","block_type":"box","text":"approved onshore dealers (including market makers and others engaged in the market making business) in the PRC.","page_number":87,"box":{"x":69,"y":529,"width":830,"height":11}},{"id":"45ae0b03-4a8f-4e88-bf57-8ab017a92b0f","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":87,"box":{"x":68,"y":543,"width":788,"height":12}},{"id":"cb6eafe0-99f0-464f-ae07-12d030fe0a63","block_type":"box","text":"responses to those eligible foreign investors through the same offshore electronic bond trading platforms. Once the","page_number":87,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"89cd206f-3ba3-40e4-80c5-c1b2078bc6d6","block_type":"box","text":"eligible foreign investor accepts the quotation, the trade is concluded on CFETS.","page_number":87,"box":{"x":69,"y":574,"width":570,"height":11}},{"id":"6b620fbe-ff15-4afd-9825-04caf207b4d0","block_type":"box","text":"The settlement and custody of bonds traded in the China Interbank Bond Market under Bond Connect will be","page_number":87,"box":{"x":101,"y":596,"width":773,"height":12}},{"id":"ece2847b-ed81-4e58-ac8b-6d5349bedfad","block_type":"box","text":"effected through the settlement and custody link between CMU, as an offshore custody agent, and CDCC and SCH,","page_number":87,"box":{"x":69,"y":612,"width":823,"height":11}},{"id":"3e3c387a-af11-42c0-97e0-432dd45b1362","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":87,"box":{"x":69,"y":627,"width":832,"height":11}},{"id":"44165b5a-802f-4217-afc1-c1ce02ea3066","block_type":"box","text":"settlement of confirmed trades onshore and CMU will process bond settlement instructions from CMU members on","page_number":87,"box":{"x":69,"y":642,"width":822,"height":11}},{"id":"5af387fc-324d-4509-aa9a-ce26170c3eab","block_type":"box","text":"behalf of eligible foreign investors in accordance with its relevant rules. Since the introduction in August 2018 of","page_number":87,"box":{"x":69,"y":657,"width":804,"height":11}},{"id":"290c123d-c46c-4c46-a271-215cdc7fe4bd","block_type":"box","text":"delivery versus payment (DVP) settlement in respect of Bond Connect, the movement of cash and securities is","page_number":87,"box":{"x":69,"y":672,"width":787,"height":11}},{"id":"38c0648b-07c2-4ee6-9b20-71edf2f8fe74","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":87,"box":{"x":69,"y":687,"width":788,"height":11}},{"id":"f7147837-bfa9-4e6b-806f-a8f967546533","block_type":"box","text":"offshore custody agent recognized by the Hong Kong Monetary Authority, will open omnibus nominee accounts with","page_number":87,"box":{"x":69,"y":702,"width":820,"height":12}},{"id":"80e3427e-70a8-42d6-a117-3e3a335d72d8","block_type":"box","text":"the onshore custody agent recognized by the People’s Bank of China (","page_number":87,"box":{"x":68,"y":717,"width":500,"height":12}},{"id":"c1b216ac-e685-4822-b017-143f1de0a5d2","block_type":"box","text":"i.e.","page_number":87,"box":{"x":570,"y":718,"width":20,"height":8}},{"id":"2c0fad4a-fb77-4de2-afcf-2f4a0e5c0f5b","block_type":"box","text":", CDCC and SCH). All bonds traded by","page_number":87,"box":{"x":593,"y":718,"width":267,"height":11}},{"id":"9901919f-688f-4597-9c75-2e77cb02225b","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":87,"box":{"x":69,"y":732,"width":832,"height":12}},{"id":"995052b7-9b3e-45ad-afa4-387145016272","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":87,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"ca798607-7798-460d-b3ec-be57f3c0dbfc","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":87,"box":{"x":69,"y":763,"width":822,"height":11}},{"id":"03128342-28d5-42ca-b804-437d87a8ea3c","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":87,"box":{"x":68,"y":778,"width":822,"height":11}},{"id":"6fef6af0-afbd-4601-aad6-5279d0269ace","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":87,"box":{"x":69,"y":793,"width":793,"height":11}},{"id":"cefabd17-f1b4-4338-bd42-31582687b48a","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":87,"box":{"x":68,"y":808,"width":802,"height":11}},{"id":"6e302634-48c5-4f74-b5c1-2087ba1904f6","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":87,"box":{"x":70,"y":823,"width":812,"height":12}},{"id":"95be506e-8c0d-4bf2-82fc-bbf7d40f1b2d","block_type":"box","text":"par ties.","page_number":87,"box":{"x":70,"y":839,"width":52,"height":10}},{"id":"a3649a13-243a-4a23-a2e0-f2775b072bbb","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":87,"box":{"x":101,"y":861,"width":799,"height":11}},{"id":"d6441c37-b843-440d-9834-10023eeaa71a","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":87,"box":{"x":70,"y":876,"width":785,"height":11}},{"id":"186b9872-eafa-480b-9776-2ca5a0aa233a","block_type":"box","text":"distinction between, legal ownership and beneficial ownership under PRC law and there have been few cases","page_number":87,"box":{"x":69,"y":891,"width":776,"height":12}},{"id":"6eef25d9-5b0a-411b-8fdc-3d1cbda11002","block_type":"box","text":"II-45","page_number":87,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"87acf876-b786-4d90-9be8-d64b3a110a6d","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":87,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0fa2f8a0-cb10-49e1-9f61-9f6ade2b39cc","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":88,"box":{"x":70,"y":45,"width":830,"height":11}},{"id":"208a9bb7-1ff4-4c6c-8c1f-b163faa51652","block_type":"box","text":"and interests of a Fund under PRC law are also uncer tain.","page_number":88,"box":{"x":69,"y":60,"width":412,"height":9}},{"id":"949f5ecf-6e6e-4b42-9099-8bf17036a319","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":88,"box":{"x":102,"y":82,"width":793,"height":12}},{"id":"a5c45d36-d34a-4f57-a118-5607a29492ba","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":88,"box":{"x":70,"y":98,"width":832,"height":11}},{"id":"ea8b95b1-6694-4035-a463-e46944e223a7","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":88,"box":{"x":69,"y":113,"width":821,"height":11}},{"id":"1c0a20e7-1389-4e9f-9d7f-f1f91e633f46","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":88,"box":{"x":69,"y":128,"width":836,"height":11}},{"id":"04a407c2-950c-46ef-826f-663666a5e1c2","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":88,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"52b1b554-4042-4a57-b478-b926bde0d38b","block_type":"box","text":"Fund’s ability to acquire or dispose of such securities at their expected prices.","page_number":88,"box":{"x":70,"y":158,"width":556,"height":11}},{"id":"eb77ffcf-0473-4a01-ac3e-4a42dfcfdcf2","block_type":"box","text":"Investing in the China Interbank Bond Market through Bond Connect is also subject to regulatory risks. The","page_number":88,"box":{"x":102,"y":181,"width":762,"height":11}},{"id":"6af725a2-3223-4005-9086-7003c569fbbc","block_type":"box","text":"relevant rules and regulations are subject to change, which may have potential retrospective effect, and there can be","page_number":88,"box":{"x":69,"y":196,"width":835,"height":11}},{"id":"863e616c-d040-4967-94bd-fd36e850eaa0","block_type":"box","text":"no assurance that Bond Connect will not be discontinued or abolished. Fur thermore, the securities regimes and legal","page_number":88,"box":{"x":69,"y":211,"width":835,"height":11}},{"id":"d4c3a045-1f6f-42b8-a1f3-839f0a6a035f","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":88,"box":{"x":69,"y":226,"width":820,"height":11}},{"id":"94f5fbbd-082e-4571-a5c6-7d40040c4879","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":88,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"d33e8610-5bba-4b4d-97ee-71b165a528e8","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":88,"box":{"x":68,"y":256,"width":826,"height":11}},{"id":"5f598079-e1c5-4d36-a3d3-85ca6e170f9c","block_type":"box","text":"to achieve its investment objective will be negatively affected and, after exhausting other trading alternatives, the","page_number":88,"box":{"x":68,"y":271,"width":808,"height":12}},{"id":"68094030-5e93-4e30-90ff-feb578814edc","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":88,"box":{"x":70,"y":286,"width":826,"height":12}},{"id":"a530ad36-bd3c-4c1f-b6e4-693134d949b4","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":88,"box":{"x":69,"y":302,"width":789,"height":11}},{"id":"f5379584-5a50-43a9-a130-c53203dd4fbd","block_type":"box","text":"per formance.","page_number":88,"box":{"x":70,"y":317,"width":93,"height":11}},{"id":"8a713b20-ad8f-48ab-91df-202ac7c3f07c","block_type":"box","text":"Trading through Bond Connect is per formed through newly developed trading platforms and operational systems.","page_number":88,"box":{"x":101,"y":339,"width":803,"height":12}},{"id":"57365672-6cb7-4c47-8d0f-8d495ef7e653","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":88,"box":{"x":68,"y":355,"width":776,"height":11}},{"id":"81b6b26d-72a5-4fe0-8036-c9dc430a6743","block_type":"box","text":"developments in the market. In the event that the relevant systems fail to function properly, trading through Bond","page_number":88,"box":{"x":69,"y":370,"width":806,"height":11}},{"id":"d2b5c1f6-4874-4d74-8bdc-15a17664f4c7","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":88,"box":{"x":69,"y":385,"width":791,"height":11}},{"id":"39f754d9-9556-4ca6-aa8e-da3cd3f485a9","block_type":"box","text":"strategy) may therefore be adversely affected. In addition, where a Fund invests in the China Interbank Bond Market","page_number":88,"box":{"x":69,"y":400,"width":827,"height":11}},{"id":"83ba1e98-8e0e-429f-9b5b-18e7b22a2ec2","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":88,"box":{"x":68,"y":415,"width":827,"height":11}},{"id":"9e89f82a-7257-4a3e-8526-35be646bfdba","block_type":"box","text":"Bond Connect trades are settled in Chinese currency, the RMB, which is currently restricted and not freely","page_number":88,"box":{"x":102,"y":438,"width":755,"height":11}},{"id":"b8027c27-7e49-4dc0-95b5-3c84839f0e4d","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":88,"box":{"x":69,"y":453,"width":830,"height":11}},{"id":"3e2e9447-e515-4600-9e65-255861e2ab9e","block_type":"box","text":"timely access to a reliable supply of RMB.","page_number":88,"box":{"x":68,"y":468,"width":298,"height":11}},{"id":"202fabf4-8055-4a09-b9a8-88f52dea4f5f","block_type":"box","text":"Tax Risk – Withholding Income Tax Risk","page_number":88,"box":{"x":103,"y":491,"width":277,"height":11}},{"id":"688076d1-97fa-478e-8a45-ed2587c4b6e8","block_type":"box","text":".","page_number":88,"box":{"x":381,"y":498,"width":2,"height":2}},{"id":"c8b2113c-ed88-45d8-b753-d6eac5255788","block_type":"box","text":"According to PRC tax regulations, a 10% withholding income tax is imposed on PRC sourced dividends and","page_number":88,"box":{"x":101,"y":513,"width":758,"height":12}},{"id":"9f1c3845-5fc2-4cc1-8a9b-640a8043f856","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":88,"box":{"x":70,"y":528,"width":828,"height":12}},{"id":"99533545-a40c-497d-9e7e-0ffbcf992e3f","block_type":"box","text":"applicable tax treaty. From a technical perspective, withholding income tax is also applicable to capital gains realized","page_number":88,"box":{"x":69,"y":544,"width":831,"height":11}},{"id":"166ab4b9-cc1f-4d93-b48b-6d97053110a1","block_type":"box","text":"by foreign investors on the disposal of PRC equity interests.","page_number":88,"box":{"x":69,"y":559,"width":425,"height":11}},{"id":"a2ffb699-c982-4800-8d37-39970ffa7ab6","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":88,"box":{"x":101,"y":582,"width":697,"height":11}},{"id":"ab779a64-39a2-474a-9e89-5f250484d019","block_type":"box","text":"On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State","page_number":88,"box":{"x":102,"y":604,"width":803,"height":11}},{"id":"60070cab-7adf-4f4c-a204-a54977ce408a","block_type":"box","text":"Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily","page_number":88,"box":{"x":68,"y":619,"width":822,"height":11}},{"id":"43c3f85b-da2e-42ba-849d-fd34377e320f","block_type":"box","text":"exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors","page_number":88,"box":{"x":69,"y":634,"width":794,"height":12}},{"id":"baf1d844-edff-4cba-bb73-cb538fe41268","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":88,"box":{"x":69,"y":649,"width":812,"height":12}},{"id":"2e1a7a0e-a64f-4916-96cf-4334a49104f8","block_type":"box","text":"after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital","page_number":88,"box":{"x":69,"y":664,"width":800,"height":12}},{"id":"fdd81a65-fe67-4d18-b246-97d0c9f3087b","block_type":"box","text":"gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock","page_number":88,"box":{"x":68,"y":680,"width":783,"height":11}},{"id":"57c97343-39f7-4db8-bda6-fff84a41d75f","block_type":"box","text":"exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock","page_number":88,"box":{"x":69,"y":695,"width":825,"height":11}},{"id":"58c1afb4-171a-413e-b6ff-d1e9c6413aa5","block_type":"box","text":"Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the","page_number":88,"box":{"x":69,"y":710,"width":809,"height":11}},{"id":"ac568e5e-8dfc-40da-bbe9-8b03d63abf4d","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":88,"box":{"x":68,"y":725,"width":818,"height":11}},{"id":"e33620e4-b3f8-4261-b3ba-d2d624d347f9","block_type":"box","text":"without notice.","page_number":88,"box":{"x":68,"y":740,"width":103,"height":9}},{"id":"c4f95e47-2675-457c-9c80-a9519a78ee8f","block_type":"box","text":"On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":88,"box":{"x":102,"y":763,"width":759,"height":11}},{"id":"a7722269-e5ad-4c08-a360-0e684434db95","block_type":"box","text":"investors are temporarily exempt from withholding income tax with respect to interest income on bonds derived from","page_number":88,"box":{"x":70,"y":778,"width":827,"height":11}},{"id":"7c581c65-ec97-4157-82e0-81b3b37ae5e7","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":88,"box":{"x":68,"y":793,"width":798,"height":10}},{"id":"444df216-f084-4ff9-b536-1a8575d1615c","block_type":"box","text":"issued Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. On","page_number":88,"box":{"x":70,"y":808,"width":798,"height":11}},{"id":"8c55cafe-fcfd-41ef-8b36-cb27ab158077","block_type":"box","text":"January 15, 2026, it was announced via Public Notice No. 5 of 2026 that the exemption was extended through","page_number":88,"box":{"x":69,"y":823,"width":792,"height":12}},{"id":"c254a91a-99c0-4973-a0c7-0d9dc51fcb91","block_type":"box","text":"December 31, 2027.","page_number":88,"box":{"x":70,"y":838,"width":147,"height":11}},{"id":"891a6ffd-4cc2-49e6-b1f9-93fd66c0fe06","block_type":"box","text":"Value Added Tax (“VAT”) Risk —","page_number":88,"box":{"x":103,"y":861,"width":225,"height":11}},{"id":"4d6cf246-5e3c-43d7-9a22-2947f7e40c68","block_type":"box","text":"From May 1, 2016, VAT applies to cer tain income derived by the Fund, including","page_number":88,"box":{"x":333,"y":861,"width":569,"height":11}},{"id":"e9cbee6a-2841-4274-b422-10905d1c771e","block_type":"box","text":"PRC sourced interest income on non-government bonds and trading gains.","page_number":88,"box":{"x":69,"y":876,"width":528,"height":11}},{"id":"f8d9afa4-22db-47e0-8060-b05f3d507511","block_type":"box","text":"There are however cer tain tax exemptions available, some temporary in nature, highlighted below.","page_number":88,"box":{"x":101,"y":899,"width":697,"height":11}},{"id":"3c6b6514-6b37-4a7b-9b8a-f0ad48ddefc4","block_type":"box","text":"II-46","page_number":88,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8431c0b4-2fc7-4cae-a7f6-6f245d385e3a","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":88,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a6d79c17-a2e0-4e59-819f-7a82d172403e","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":89,"box":{"x":101,"y":45,"width":789,"height":11}},{"id":"e8da039f-6a73-4716-9623-2dfa2a2891f3","block_type":"box","text":"Stock Connects and debt securities traded in the China Interbank Bond Market.","page_number":89,"box":{"x":69,"y":60,"width":565,"height":9}},{"id":"d26cd40b-5b5b-48f7-9b87-d6a25afccab2","block_type":"box","text":"On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional","page_number":89,"box":{"x":102,"y":82,"width":749,"height":12}},{"id":"139fa697-6209-48b0-bfdd-a896ebdb3569","block_type":"box","text":"investors are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond","page_number":89,"box":{"x":70,"y":98,"width":791,"height":11}},{"id":"e617656f-e62a-4ad9-b8dc-0299236c62a0","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":89,"box":{"x":69,"y":113,"width":840,"height":11}},{"id":"cd92a4f5-a4a9-451a-86e1-be84866d23a3","block_type":"box","text":"Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on","page_number":89,"box":{"x":70,"y":128,"width":766,"height":11}},{"id":"8f44af3f-5a2a-49f7-b09c-14af977d42a9","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":89,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"ba8fd422-9882-4e01-b516-b9384b94e82b","block_type":"box","text":"interest income derived from treasury bonds, local government bonds and financial bonds issued on or after","page_number":89,"box":{"x":70,"y":158,"width":772,"height":11}},{"id":"4b33e942-b170-4194-9b6d-b393fc0fed07","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":89,"box":{"x":68,"y":173,"width":840,"height":11}},{"id":"58893a27-ccd9-49a2-9ab6-410a082196b7","block_type":"box","text":"for foreign institutional investors. This exemption was extended through December 31, 2027.","page_number":89,"box":{"x":68,"y":188,"width":665,"height":12}},{"id":"925ecdf9-4be8-4406-aa36-c420063a05b6","block_type":"box","text":"Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC","page_number":89,"box":{"x":101,"y":211,"width":801,"height":11}},{"id":"2257fc7c-f339-4c7e-8a9a-f3152dbeef7a","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":89,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"8380ed41-1c63-42e7-b7da-72bd90fbb344","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":89,"box":{"x":68,"y":241,"width":808,"height":11}},{"id":"6e165c5c-6e32-4e99-896f-6a5464d15a28","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":89,"box":{"x":69,"y":256,"width":810,"height":12}},{"id":"4451413a-81a0-47ac-8cc0-bb3a52941613","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":89,"box":{"x":68,"y":272,"width":829,"height":11}},{"id":"83ed0999-456c-4bcb-974f-8d5fa0b74633","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":89,"box":{"x":69,"y":287,"width":819,"height":11}},{"id":"6dc0f9ae-3d2f-48c1-a01e-6d194f1eaee1","block_type":"box","text":"advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. There","page_number":89,"box":{"x":69,"y":302,"width":833,"height":11}},{"id":"c6f4809e-6992-4e70-9429-e6581a50be9c","block_type":"box","text":"will be no retrospective restatement of the Fund’s net asset value.","page_number":89,"box":{"x":68,"y":317,"width":474,"height":11}},{"id":"5494047f-2c64-48bf-a9f8-75c05d1383bb","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":89,"box":{"x":102,"y":339,"width":777,"height":12}},{"id":"84725b67-985b-4347-b20a-2b28df954c5e","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":89,"box":{"x":68,"y":355,"width":836,"height":11}},{"id":"ea980e57-4972-41be-b8d6-8322e4624efa","block_type":"box","text":"the PRC in notifications.","page_number":89,"box":{"x":68,"y":370,"width":171,"height":9}},{"id":"499856c4-1ac3-4d9c-823e-a0f28287ce5e","block_type":"box","text":"Investment in Other Investment Companies.","page_number":89,"box":{"x":102,"y":392,"width":320,"height":11}},{"id":"0890ef4a-2390-4618-8386-b908d1703c5b","block_type":"box","text":"Each Fund may, subject to applicable law, invest in other","page_number":89,"box":{"x":429,"y":393,"width":402,"height":11}},{"id":"ff12a5aa-4d66-4de5-be58-03c1efd9474d","block_type":"box","text":"investment companies (including investment companies managed by BlackRock and its affiliates), including money","page_number":89,"box":{"x":70,"y":407,"width":818,"height":12}},{"id":"713209fe-f991-4b74-bbae-8a4dec9cbf46","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":89,"box":{"x":69,"y":423,"width":797,"height":11}},{"id":"05cc3e77-256d-4870-8b7c-ba5e08e327fe","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":89,"box":{"x":70,"y":438,"width":822,"height":11}},{"id":"170d7476-9b5d-403f-8f52-7861de549446","block_type":"box","text":"in securities of other investment companies (measured at the time of such investment). In addition, under Section","page_number":89,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"c5fa4544-d9dc-4d95-b770-d372b69523bb","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":89,"box":{"x":70,"y":468,"width":793,"height":11}},{"id":"de572f9e-16f7-4a09-9132-0f9436826a0b","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":89,"box":{"x":69,"y":483,"width":796,"height":11}},{"id":"443ae43f-e780-4ccb-832c-5aea7932a15d","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":89,"box":{"x":69,"y":498,"width":837,"height":11}},{"id":"cb7e2cf6-8576-4b06-b12d-fae336d23926","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":89,"box":{"x":68,"y":513,"width":812,"height":11}},{"id":"a08f1b59-7e18-4c51-9e3b-101d19e8a66d","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":89,"box":{"x":69,"y":528,"width":829,"height":12}},{"id":"bbc9d3fa-7c0b-4803-8647-5c75704615b5","block_type":"box","text":"on investing in other investment companies discussed above, under Section 12(d)(1)(C) of the Investment Company","page_number":89,"box":{"x":69,"y":543,"width":827,"height":12}},{"id":"ce9c00df-6ab4-4d2a-b464-b5deb06f3810","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":89,"box":{"x":68,"y":559,"width":821,"height":11}},{"id":"dcea8b67-374d-4d92-a6ef-6409c55f7484","block_type":"box","text":"and other BlackRock-advised investment companies to own more than 10% of the total outstanding voting stock of","page_number":89,"box":{"x":69,"y":574,"width":817,"height":11}},{"id":"fb4e69f4-a713-4c2d-8154-eaec4e056a89","block_type":"box","text":"such closed-end investment company. Pursuant to Section 12(d)(1)(G) of the Investment Company Act, these","page_number":89,"box":{"x":69,"y":589,"width":776,"height":11}},{"id":"484c437d-f3fd-48cb-8555-e9156e2012d3","block_type":"box","text":"percentage limitations do not apply to investments in affiliated investment companies, including ETFs, subject to","page_number":89,"box":{"x":70,"y":604,"width":802,"height":11}},{"id":"ef8d6b79-258a-413f-8a91-ada187ef0b86","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":89,"box":{"x":69,"y":619,"width":801,"height":11}},{"id":"917b2827-fad7-4a35-89cb-56a4896342be","block_type":"box","text":"invest in shares of money market funds or other investment companies beyond the statutory limits noted above, but","page_number":89,"box":{"x":70,"y":634,"width":829,"height":11}},{"id":"935ecac0-5ab4-4ec1-a576-2a4ee2c657b8","block_type":"box","text":"subject to cer tain conditions.","page_number":89,"box":{"x":69,"y":650,"width":206,"height":10}},{"id":"bc336125-22cb-4fe8-9505-96dfe6fc6699","block_type":"box","text":"As with other investments, investments in other investment companies are subject to market and selection risk.","page_number":89,"box":{"x":101,"y":672,"width":799,"height":11}},{"id":"6c648719-ed4c-4e29-8952-01efc50a88cf","block_type":"box","text":"Shares of investment companies, such as closed-end fund investment companies, that trade on an exchange","page_number":89,"box":{"x":102,"y":695,"width":779,"height":11}},{"id":"b405225a-d249-4b40-a14b-9dec7a7da3c1","block_type":"box","text":"may at times be acquired at market prices representing premiums to their NAVs. In addition, investment companies","page_number":89,"box":{"x":69,"y":710,"width":824,"height":11}},{"id":"ae9eefa1-5121-4add-86a2-697cc98fa73b","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":89,"box":{"x":69,"y":725,"width":836,"height":11}},{"id":"56913e42-34f2-47dc-94ab-7b9961fbb0af","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":89,"box":{"x":68,"y":740,"width":839,"height":11}},{"id":"c0cffe9b-4e97-4f41-9b43-447e4c8bfc3a","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":89,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"9c2faa3d-81a7-4434-bcf0-0f4c62327589","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":89,"box":{"x":68,"y":771,"width":810,"height":10}},{"id":"46d5a20c-89fa-4d11-b299-2684734b3448","block_type":"box","text":"loss.","page_number":89,"box":{"x":70,"y":786,"width":31,"height":8}},{"id":"7f96ae40-6e49-473c-8f80-158ab7d2d3a5","block_type":"box","text":"In addition, if a Fund acquires shares in investment companies, including affiliated investment companies,","page_number":89,"box":{"x":102,"y":808,"width":758,"height":11}},{"id":"a0da0b4d-1aa8-4392-9d43-06bd8620a9fa","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":89,"box":{"x":69,"y":823,"width":837,"height":11}},{"id":"816f6d5c-8679-437e-ac31-5c4de424e98f","block_type":"box","text":"investment companies. Such expenses, both at the Fund level and acquired investment company level, would include","page_number":89,"box":{"x":70,"y":838,"width":835,"height":11}},{"id":"9ac9d36a-4347-4dd1-a7e6-58074ad1fde8","block_type":"box","text":"management and advisory fees, unless such fees have been waived by BlackRock. Please see the relevant Fund’s","page_number":89,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"43cbc0e5-d57a-4cc8-b4f2-f021bac1e91a","block_type":"box","text":"Prospectus to determine whether any such management and advisory fees have been waived by BlackRock.","page_number":89,"box":{"x":69,"y":869,"width":768,"height":11}},{"id":"0eaa1ccb-7de3-4177-8d9d-ff845d93b8bf","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":89,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"a0159593-5eb5-4358-959a-702cd8b7fa00","block_type":"box","text":"deemed an investment in other investment companies. Pursuant to guidance issued by the staff of the Commission,","page_number":89,"box":{"x":69,"y":899,"width":830,"height":11}},{"id":"3218308f-30d9-4e37-aa29-1af46607510a","block_type":"box","text":"II-47","page_number":89,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a5ee390b-4c12-4e60-986e-e8b5ce7badf9","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":89,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a542fa3-7678-451a-b765-30ba0a17c310","block_type":"box","text":"fees and expenses of money market funds used for the investment of cash collateral received in connection with","page_number":90,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"49a13d25-42c0-47de-a96c-403345f46c80","block_type":"box","text":"loans of Fund securities are not treated as “acquired fund fees and expenses,” which are fees and expenses","page_number":90,"box":{"x":70,"y":60,"width":778,"height":11}},{"id":"cf082a93-81e8-4411-88a3-67605179bab1","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":90,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"9defe45a-9833-4ec1-8237-a726ba75734e","block_type":"box","text":"assets.","page_number":90,"box":{"x":69,"y":91,"width":51,"height":8}},{"id":"77fcce5c-3a1e-439c-9508-245f24c43d64","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":90,"box":{"x":101,"y":113,"width":776,"height":11}},{"id":"db18a351-ca22-4e3e-ae78-3fa961b5eca8","block_type":"box","text":"may be limited. In addition, a fund-of-funds (","page_number":90,"box":{"x":69,"y":128,"width":313,"height":11}},{"id":"cd58556b-6161-4290-9609-fdcf1694c97b","block_type":"box","text":"e.g.","page_number":90,"box":{"x":384,"y":129,"width":24,"height":10}},{"id":"a44e2564-4b0c-4b20-b83e-3aaf364e27ea","block_type":"box","text":", an investment company that seeks to meet its investment objective","page_number":90,"box":{"x":411,"y":128,"width":491,"height":11}},{"id":"6117ad66-a682-4ab3-80cd-d550a05c7cbe","block_type":"box","text":"by investing significantly in other investment companies) may be limited in its ability to purchase underlying funds if","page_number":90,"box":{"x":69,"y":143,"width":823,"height":11}},{"id":"1d066332-6e02-4523-a09e-5911790d0ffd","block_type":"box","text":"such underlying funds themselves own shares of underlying funds.","page_number":90,"box":{"x":69,"y":158,"width":472,"height":11}},{"id":"296b5d7d-0226-4570-9c94-6fb0d57e6d2e","block_type":"box","text":"A number of publicly traded closed-end investment companies have been organized to facilitate indirect foreign","page_number":90,"box":{"x":101,"y":181,"width":790,"height":11}},{"id":"9474f858-4087-4487-948f-390f3f30dbab","block_type":"box","text":"investment in developing countries, and cer tain of such countries, such as Thailand, South Korea, Chile and Brazil,","page_number":90,"box":{"x":70,"y":196,"width":818,"height":11}},{"id":"31a1ca56-0ce9-4e27-8cc1-58a21a49a2df","block_type":"box","text":"have specifically authorized such funds. There also are investment oppor tunities in cer tain of such countries in","page_number":90,"box":{"x":69,"y":211,"width":791,"height":11}},{"id":"ee9b7380-9088-42c0-b706-01777a879400","block_type":"box","text":"pooled vehicles that resemble open-end investment companies. The restrictions on investments in securities of","page_number":90,"box":{"x":70,"y":226,"width":795,"height":11}},{"id":"4411cb56-8069-466d-8895-bf2b4ebad306","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":90,"box":{"x":70,"y":241,"width":807,"height":11}},{"id":"609741b6-db14-48e3-827d-54135ccc0a0a","block_type":"box","text":"countries.","page_number":90,"box":{"x":69,"y":257,"width":69,"height":8}},{"id":"42eeaa90-bdf4-47d8-bd32-28aaf85a9c0b","block_type":"box","text":"Issuer Insolvency Risk.","page_number":90,"box":{"x":102,"y":279,"width":166,"height":11}},{"id":"f030ae3a-23f0-45db-bc8e-78321cb09e21","block_type":"box","text":"Cer tain Funds’ potential exposure to financially or operationally troubled issuers involves","page_number":90,"box":{"x":275,"y":279,"width":631,"height":11}},{"id":"e826a6c5-d09d-41b2-97ac-73924cdc218d","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":90,"box":{"x":69,"y":294,"width":832,"height":11}},{"id":"b85ab0db-10e6-41dd-972c-c756dec81de3","block_type":"box","text":"an issuer of securities held by a Fund become involved in a bankruptcy proceeding, reorganization or financial","page_number":90,"box":{"x":69,"y":309,"width":781,"height":11}},{"id":"01e60628-addd-4ac5-ade0-4f1cf32a3608","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":90,"box":{"x":69,"y":324,"width":797,"height":12}},{"id":"aff350b2-1907-4859-bd4b-d00d33dd1aed","block_type":"box","text":"issuer uncer tain.","page_number":90,"box":{"x":70,"y":340,"width":118,"height":8}},{"id":"ca525911-6995-402b-ba01-587b74b5caa7","block_type":"box","text":"During the period of a bankruptcy proceeding, reorganization or financial restructuring, it is unlikely that a Fund","page_number":90,"box":{"x":102,"y":362,"width":788,"height":11}},{"id":"d4a3c3a1-d453-4927-8546-a5735b794557","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":90,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"d48d52bf-fbe6-48be-9059-6e2387a53500","block_type":"box","text":"to whether the reorganization or restructuring will be completed, and the Fund may bear cer tain extraordinary","page_number":90,"box":{"x":68,"y":393,"width":779,"height":11}},{"id":"642282ee-422a-4c94-9f55-f0f54d31b1dc","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":90,"box":{"x":69,"y":407,"width":829,"height":12}},{"id":"2cd0877e-4743-4a26-a5e0-95b629ccccbd","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":90,"box":{"x":70,"y":423,"width":797,"height":11}},{"id":"7cd48b37-ecc9-4ce3-8e5e-dc8f35f12e39","block_type":"box","text":"eventually be satisfied.","page_number":90,"box":{"x":69,"y":438,"width":162,"height":11}},{"id":"9432b01b-b0ed-48a6-bce8-aa2c5651ed0f","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":90,"box":{"x":102,"y":460,"width":805,"height":12}},{"id":"821e3eeb-ac39-481e-8e43-fa93822c4979","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":90,"box":{"x":70,"y":476,"width":827,"height":11}},{"id":"23e857dc-0cc9-4602-9bf5-7252a96e3e99","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":90,"box":{"x":69,"y":491,"width":819,"height":11}},{"id":"33ea3784-b100-4e70-80ed-1da17a8ed55b","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":90,"box":{"x":69,"y":506,"width":802,"height":11}},{"id":"3aaa61eb-4ac6-4829-98c8-98d037f2bef9","block_type":"box","text":"interest in any collateral challenged, disallowed or subordinated to the claims or security interests of other creditors.","page_number":90,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"a833facc-3368-4562-84d8-9079a13ad441","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":90,"box":{"x":70,"y":536,"width":805,"height":11}},{"id":"2cfe5b29-cc51-42b7-bfed-4801581b7713","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":90,"box":{"x":70,"y":551,"width":820,"height":11}},{"id":"f7dcebde-87f4-4fe2-82dd-d47395abb309","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":90,"box":{"x":70,"y":566,"width":828,"height":11}},{"id":"e2823cbd-57d2-413e-99b6-12cb43a54007","block_type":"box","text":"a Fund may receive different securities or other assets, including equity securities. These types of equity securities","page_number":90,"box":{"x":69,"y":581,"width":820,"height":12}},{"id":"96862a6e-885c-41df-b990-247548509b19","block_type":"box","text":"include, but are not limited to: common stock; preferred stock (including conver tible preferred stock); bonds, notes","page_number":90,"box":{"x":70,"y":596,"width":820,"height":12}},{"id":"5e5d4524-c325-4f2d-8e72-efd0e71510d7","block_type":"box","text":"and debentures conver tible into common or preferred stock; stock purchase warrants and rights; equity interests in","page_number":90,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"9de906f8-e27d-4fc7-bdc6-e0a9ca90ae87","block_type":"box","text":"trusts; and depositary receipts. Equity securities are subject to changes in value, and their value may be more","page_number":90,"box":{"x":68,"y":627,"width":788,"height":11}},{"id":"6076c415-ed1a-4f6a-92dd-57e4f4ae6b1a","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":90,"box":{"x":68,"y":642,"width":826,"height":11}},{"id":"8f7ceb6e-4687-4bf7-a1a3-d9da42e26eb0","block_type":"box","text":"securities because the status of equity holders is subordinate to debtholders in an issuer’s capital structure. The","page_number":90,"box":{"x":69,"y":657,"width":809,"height":11}},{"id":"ec34f818-2567-4513-a8fd-28f4fe3cbe41","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":90,"box":{"x":68,"y":672,"width":809,"height":11}},{"id":"844a7c83-417a-4519-811a-fa7b6e76a7db","block_type":"box","text":"overall market and economic conditions, or conditions within the issuer’s region or industry, deteriorate.","page_number":90,"box":{"x":69,"y":687,"width":741,"height":11}},{"id":"9d08de48-0aaf-47c8-8364-7daaeaa56f0a","block_type":"box","text":"To the extent that a Fund receives other assets in connection with a bankruptcy proceeding, reorganization or","page_number":90,"box":{"x":101,"y":710,"width":780,"height":11}},{"id":"c6c633bc-f393-4866-b31e-6a73987ce456","block_type":"box","text":"financial restructuring, the Fund may also be subject to additional risks associated with the assets received. One","page_number":90,"box":{"x":68,"y":725,"width":807,"height":11}},{"id":"b8d42753-4658-487c-bab4-431bb426cb50","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":90,"box":{"x":69,"y":740,"width":795,"height":11}},{"id":"2985ec68-9281-4a29-9a1d-01cdb8f60d85","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":90,"box":{"x":68,"y":755,"width":814,"height":11}},{"id":"53a82bf6-b59b-461a-b944-615b962c4de3","block_type":"box","text":"loans to the extent permitted by the Investment Company Act.","page_number":90,"box":{"x":70,"y":770,"width":439,"height":11}},{"id":"f2783b67-6f48-416f-bb62-31589bfa0f6d","block_type":"box","text":"Securities or other assets received in a reorganization or restructuring typically entail a higher degree of risk than","page_number":90,"box":{"x":102,"y":793,"width":806,"height":11}},{"id":"f8a754f6-8938-47fc-8bc5-1f73a5c62a7f","block_type":"box","text":"investments in securities of issuers that have not undergone a reorganization or restructuring and may be subject to","page_number":90,"box":{"x":70,"y":808,"width":829,"height":11}},{"id":"777d9bc8-62e3-41ec-bdef-a0a591410bad","block_type":"box","text":"heavy selling or downward pricing pressure after completion of the reorganization or restructuring. The post","page_number":90,"box":{"x":69,"y":823,"width":767,"height":12}},{"id":"5ff4b56b-8b97-4a02-b0b2-185ec036181e","block_type":"box","text":"reorganization/restructuring assets and securities may also be illiquid and difficult to sell or value. If a Fund","page_number":90,"box":{"x":69,"y":838,"width":771,"height":12}},{"id":"b1775800-71d1-4e0c-93e4-3a306ce41fc2","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":90,"box":{"x":70,"y":853,"width":823,"height":12}},{"id":"15f181f2-4523-44e4-baa2-d4f9bb792b58","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":90,"box":{"x":70,"y":869,"width":822,"height":11}},{"id":"a5153ec8-131f-4418-8e8c-d2cb2efd53dc","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":90,"box":{"x":69,"y":884,"width":828,"height":11}},{"id":"5ce87ab7-07ba-4c95-9295-da3bd1a1e374","block_type":"box","text":"that assumed generally by an investor.","page_number":90,"box":{"x":68,"y":899,"width":274,"height":11}},{"id":"7ef5f0c6-731b-4788-b962-abe77ede2c30","block_type":"box","text":"II-48","page_number":90,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2fe4aae6-93df-41a0-a521-cdf91b94f294","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":90,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"73620ef0-6d71-4621-aea0-9dd6dc445620","block_type":"box","text":"Lease Obligations.","page_number":91,"box":{"x":102,"y":45,"width":133,"height":11}},{"id":"688eeca3-f3fa-4c4d-b01e-999dd8c7e8fb","block_type":"box","text":"A Fund may hold par ticipation cer tificates in a lease, an installment purchase contract, or a","page_number":91,"box":{"x":241,"y":45,"width":653,"height":11}},{"id":"a92b3681-f75f-4875-8c35-739deb3c42ce","block_type":"box","text":"conditional sales contract (“lease obligations”). The Manager will monitor the credit standing of each borrower and","page_number":91,"box":{"x":69,"y":60,"width":816,"height":11}},{"id":"f069e13f-5a00-4bc6-a56e-ff138df45073","block_type":"box","text":"each entity providing credit suppor t and/or a put option relating to lease obligations.","page_number":91,"box":{"x":69,"y":75,"width":602,"height":11}},{"id":"5caa83bc-9c9d-475b-a662-cb36684fd8ef","block_type":"box","text":"Life Settlement Investments.","page_number":91,"box":{"x":102,"y":98,"width":210,"height":9}},{"id":"98fc81ad-2b67-40df-a484-73eef09589fe","block_type":"box","text":"A Fund may invest in life settlements, which are sales to third par ties, such as the","page_number":91,"box":{"x":318,"y":98,"width":589,"height":11}},{"id":"cf04a82f-2fb4-47c0-840e-2ab91cbd707f","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":91,"box":{"x":70,"y":113,"width":838,"height":11}},{"id":"dcdf05d8-521d-4c4f-b291-0a7c884c1c56","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":91,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"297fe724-a33c-4fe5-a3ee-470eb176af4e","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":91,"box":{"x":69,"y":143,"width":808,"height":11}},{"id":"1fa0cc2d-2523-4a38-8896-e2be0d374a65","block_type":"box","text":"including liquidity risk, credit risk of the insurance company, and inaccurate estimations of life expectancy of the","page_number":91,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"511cab18-e2d5-4cc1-a6c5-6dfbe295cf91","block_type":"box","text":"insured individuals (viators). These policies may be considered illiquid because they are bought and sold in a","page_number":91,"box":{"x":70,"y":173,"width":775,"height":11}},{"id":"cca0ec3c-a338-44b4-af9a-e7e856741b3c","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":91,"box":{"x":69,"y":188,"width":805,"height":12}},{"id":"80c97c22-729b-4f9e-94d3-974c3a9f52fb","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":91,"box":{"x":70,"y":203,"width":789,"height":12}},{"id":"5eb38733-3eab-4ee1-83e8-6e5d1cb60595","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":91,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"387a31e6-8696-4308-b81e-1e977f73d8cf","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":91,"box":{"x":70,"y":234,"width":813,"height":11}},{"id":"a0022c4b-b5a6-4bb4-a838-8b444f378c00","block_type":"box","text":"reduce this life expectancy risk by investing only in contracts where the life expectancy was reviewed by an","page_number":91,"box":{"x":69,"y":249,"width":758,"height":11}},{"id":"96d64e5a-fde8-485b-8b7a-b93a2bd862ec","block_type":"box","text":"experienced actuary, as well as by diversifying its investments across viators of varying ages and medical profiles. In","page_number":91,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"c2ca22ef-b35b-46b9-a3ec-9a6f513e6274","block_type":"box","text":"addition, it is unclear whether the income from life settlements is qualifying income for purposes of the IRS 90%","page_number":91,"box":{"x":69,"y":279,"width":800,"height":11}},{"id":"9343d407-62e4-4fbf-b434-5230161c3949","block_type":"box","text":"gross income test a Fund must satisfy each year to qualify as a regulated investment company. A Fund intends to","page_number":91,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"c114bab4-447a-4407-a526-3e5cec41d66e","block_type":"box","text":"monitor its investments to ensure that the Fund remains qualified as a regulated investment company.","page_number":91,"box":{"x":69,"y":309,"width":730,"height":11}},{"id":"a3a9b3d8-99e8-4a5a-8e33-0c43a2e61af4","block_type":"box","text":"Liquidity Risk Management.","page_number":91,"box":{"x":102,"y":332,"width":202,"height":11}},{"id":"8f14e097-46a9-4275-907b-874c474ec5db","block_type":"box","text":"Rule 22e-4 under the Investment Company Act (the “Liquidity Rule”) requires open","page_number":91,"box":{"x":311,"y":332,"width":591,"height":11}},{"id":"b742ea3e-3d7b-4b6c-956b-16e9bb535341","block_type":"box","text":"end funds, such as the Funds, to adopt a liquidity risk management program and enhance disclosures regarding fund","page_number":91,"box":{"x":69,"y":347,"width":835,"height":11}},{"id":"880cf416-113e-4ab6-969f-2faf7f21c0d6","block_type":"box","text":"liquidity. As required by the Liquidity Rule, the Funds have implemented a liquidity risk management program (the","page_number":91,"box":{"x":70,"y":362,"width":803,"height":11}},{"id":"064361bb-9d9f-48c5-989c-38ad1bcc0ca5","block_type":"box","text":"“Liquidity Program”), and the Boards of Directors of the Funds, including a majority of the independent Directors,","page_number":91,"box":{"x":70,"y":377,"width":801,"height":12}},{"id":"aa1b9e70-f080-4608-ab04-28950b1c2b4f","block_type":"box","text":"have appointed the Manager as the liquidity risk program administrator of the Liquidity Program. Under the Liquidity","page_number":91,"box":{"x":69,"y":392,"width":822,"height":12}},{"id":"833451bc-0411-4908-9674-765cf69d5f7c","block_type":"box","text":"Program, the Manager assesses, manages, and periodically reviews each Fund’s liquidity risk and classifies each","page_number":91,"box":{"x":69,"y":407,"width":808,"height":12}},{"id":"b4e6b4a4-97dd-4874-a210-e73d4d9562f4","block_type":"box","text":"investment held by a Fund as a “highly liquid investment,” “moderately liquid investment,” “less liquid investment” or","page_number":91,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"2954e6fa-9cf8-4dde-91f9-a4045fbf2e55","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":91,"box":{"x":70,"y":438,"width":804,"height":11}},{"id":"4f43391f-86d1-4ad9-85a0-d4debf2f95a7","block_type":"box","text":"redeem shares issued by the Fund without significant dilution of the remaining investors’ interests in the Fund. The","page_number":91,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"a264139d-3ebf-428d-89ad-dfc686823ec3","block_type":"box","text":"liquidity of a Fund’s por tfolio investments is determined based on relevant market, trading and investment-specific","page_number":91,"box":{"x":70,"y":468,"width":815,"height":11}},{"id":"38bd8d2b-b116-44a6-ae7f-aa665e04fa0b","block_type":"box","text":"considerations under the Liquidity Program. To the extent that an investment is deemed to be an illiquid investment","page_number":91,"box":{"x":69,"y":483,"width":823,"height":11}},{"id":"53514c34-579e-4130-aa5e-9c6d6a9371ad","block_type":"box","text":"or a less liquid investment, a Fund can expect to be exposed to greater liquidity risk.","page_number":91,"box":{"x":69,"y":498,"width":601,"height":11}},{"id":"2c6015f8-e25d-4150-82ee-e8b1fc339b7c","block_type":"box","text":"Master Limited Partnerships.","page_number":91,"box":{"x":102,"y":521,"width":211,"height":11}},{"id":"26ea7d12-5d5f-4f8c-8da2-9ea4b39cae46","block_type":"box","text":"Cer tain Funds may invest in publicly traded master limited par tnerships (“MLPs”)","page_number":91,"box":{"x":320,"y":521,"width":577,"height":11}},{"id":"db6ef053-488b-4e8e-b5cc-53bbdc06726f","block_type":"box","text":"which are limited par tnerships or limited liability companies taxable as par tnerships. MLPs may derive income and","page_number":91,"box":{"x":68,"y":536,"width":816,"height":11}},{"id":"b5605244-3e39-432b-a921-c27b5acd5127","block_type":"box","text":"gains from the exploration, development, mining or production, processing, refining, transpor tation (including","page_number":91,"box":{"x":68,"y":551,"width":777,"height":11}},{"id":"df4e752b-1c27-4d5f-ac59-34f21764d82c","block_type":"box","text":"pipelines transpor ting gas, oil, or products thereof), or the marketing of any mineral or natural resources. MLPs","page_number":91,"box":{"x":70,"y":566,"width":792,"height":11}},{"id":"8f7b92cc-b952-48d8-8f97-7d2d9ab59279","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":91,"box":{"x":68,"y":581,"width":811,"height":12}},{"id":"be416289-664c-4014-9d17-db18cb7d06d8","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":91,"box":{"x":70,"y":596,"width":791,"height":12}},{"id":"6a326500-86b9-4d07-98a8-95db3d6e9865","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":91,"box":{"x":68,"y":612,"width":812,"height":11}},{"id":"42ac2006-481a-4e59-abe6-3db63284e094","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":91,"box":{"x":69,"y":627,"width":770,"height":11}},{"id":"bc166b8f-8ffe-4cfa-93ac-f4b5e691d884","block_type":"box","text":"corporation or other entity. The general par tner typically controls the operations and management of the MLP through","page_number":91,"box":{"x":69,"y":642,"width":833,"height":11}},{"id":"a0aa2ed9-42ad-4c81-af7c-a661b5306f39","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":91,"box":{"x":69,"y":657,"width":799,"height":11}},{"id":"ce790661-fdab-4915-9e47-ff1f2d6067e5","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":91,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"a8731a23-42da-4169-a6d3-029fd4049ecb","block_type":"box","text":"in the par tnership’s operations and management.","page_number":91,"box":{"x":70,"y":687,"width":352,"height":11}},{"id":"8c71759b-545d-4ddb-9aca-5ec2f2d44869","block_type":"box","text":"MLPs are typically structured such that common units and general par tner interests have first priority to receive","page_number":91,"box":{"x":102,"y":710,"width":794,"height":11}},{"id":"b047edbc-11d0-4c1a-bf07-768f737332dc","block_type":"box","text":"quar terly cash distributions up to an established minimum amount (“minimum quar terly distributions” or “MQD”).","page_number":91,"box":{"x":69,"y":725,"width":809,"height":11}},{"id":"0d759520-8200-4ecb-a645-4c84c04d8b0c","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":91,"box":{"x":69,"y":740,"width":804,"height":11}},{"id":"f4d643ba-4ffd-4b2a-96b8-e1d7562538d5","block_type":"box","text":"Once common and general par tner interests have been paid, subordinated units receive distributions of up to the","page_number":91,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"0946e307-4608-40aa-8499-7ae5154d62e0","block_type":"box","text":"MQD; however, subordinated units do not accrue arrearages. Distributable cash in excess of the MQD paid to both","page_number":91,"box":{"x":70,"y":770,"width":816,"height":12}},{"id":"3c0f2edf-1cca-41ba-b883-545849865dcd","block_type":"box","text":"common and subordinated units is distributed to both common and subordinated units generally on a pro rata basis.","page_number":91,"box":{"x":69,"y":786,"width":831,"height":11}},{"id":"598adfd0-5343-47d8-abfb-17eddd01dcc9","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":91,"box":{"x":68,"y":801,"width":835,"height":11}},{"id":"56789178-c157-4ff9-ad48-42639c2eea30","block_type":"box","text":"manner which results in distributions paid per common unit surpassing specified target levels. As the general par tner","page_number":91,"box":{"x":69,"y":816,"width":838,"height":11}},{"id":"5964a91d-e87a-49ed-b2ef-d83cbaee9a67","block_type":"box","text":"increases cash distributions to the limited par tners, the general par tner receives an increasingly higher percentage of","page_number":91,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"e1276e4b-f2d0-4ce5-9204-b1fce707f439","block_type":"box","text":"the incremental cash distributions. A common arrangement provides that the general par tner can reach a tier where","page_number":91,"box":{"x":68,"y":846,"width":828,"height":11}},{"id":"6da2c28c-65d8-4e85-b46a-90b0dd0cafcd","block_type":"box","text":"it receives 50% of every incremental dollar paid to common and subordinated unit holders. These incentive","page_number":91,"box":{"x":70,"y":861,"width":761,"height":11}},{"id":"6594be28-9bdc-4226-8806-c9537db0e024","block_type":"box","text":"distributions encourage the general par tner to streamline costs, increase capital expenditures and acquire assets in","page_number":91,"box":{"x":69,"y":876,"width":830,"height":11}},{"id":"4b4467ce-ba7c-40ad-b7ab-6d8e7292d6c9","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":91,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"2338319c-7457-4fc9-a9d7-2990abcf471e","block_type":"box","text":"Such results benefit all security holders of the MLP.","page_number":91,"box":{"x":69,"y":906,"width":366,"height":12}},{"id":"c765cb3c-06a4-4653-98d5-bf45a9151032","block_type":"box","text":"II-49","page_number":91,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"0d265dfd-1cd7-4582-8886-eadd0ac8d1ee","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":91,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4263ee37-9ee0-43d0-aad1-2d64b335556a","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":92,"box":{"x":102,"y":45,"width":790,"height":11}},{"id":"7565ccf8-08de-4397-a2eb-b4bb3214d73f","block_type":"box","text":"U.S. securities exchanges, with their value fluctuating predominantly based on prevailing market conditions and the","page_number":92,"box":{"x":70,"y":60,"width":820,"height":11}},{"id":"c71ba64c-53dc-4ab1-8e1e-8896f7d2d4aa","block_type":"box","text":"success of the MLP. Cer tain Funds intend to purchase common units in market transactions. Unlike owners of","page_number":92,"box":{"x":69,"y":75,"width":787,"height":11}},{"id":"293a13f7-32c0-4e76-b767-0b1b3df466e4","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":92,"box":{"x":69,"y":90,"width":810,"height":11}},{"id":"a52cd20f-028f-4121-ba48-64336867fbd6","block_type":"box","text":"elect directors. In the event of liquidation, common units have preference over subordinated units, but not over debt","page_number":92,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"d9bce8df-8b93-42ca-b869-d5bd937f63e3","block_type":"box","text":"or preferred units, to the remaining assets of the MLP.","page_number":92,"box":{"x":69,"y":120,"width":387,"height":12}},{"id":"9a99f39d-734d-42d7-8f94-d28d472f2fbe","block_type":"box","text":"Merger Transaction Risk.","page_number":92,"box":{"x":102,"y":143,"width":183,"height":11}},{"id":"a51b7a6f-399b-4493-ac29-67b6de2b096c","block_type":"box","text":"A Fund may buy stock of the target company in an announced merger transaction prior","page_number":92,"box":{"x":291,"y":143,"width":616,"height":11}},{"id":"5b61d65e-aa6f-4738-acaa-51ed9f0d0243","block_type":"box","text":"to the consummation of such transaction. In that circumstance, a Fund would expect to receive an amount (whether","page_number":92,"box":{"x":68,"y":158,"width":827,"height":11}},{"id":"2237b069-cf74-4d17-a810-f7d2be31f769","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":92,"box":{"x":70,"y":173,"width":816,"height":11}},{"id":"0b51ab5d-86ba-4415-aacd-0d453e4004b4","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":92,"box":{"x":68,"y":188,"width":825,"height":12}},{"id":"b206c137-bbdb-45ba-9914-14b7f8945f5a","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":92,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"242c2ae4-3998-4bd3-9750-20f1eeba7b1d","block_type":"box","text":"the Fund and may lose significant value.","page_number":92,"box":{"x":68,"y":218,"width":286,"height":12}},{"id":"8eb538cc-feb0-4fe3-b631-75295801b149","block_type":"box","text":"Money Market Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks.","page_number":92,"box":{"x":102,"y":241,"width":723,"height":11}},{"id":"358bfe55-1515-470d-9a62-bb9634a5c4cb","block_type":"box","text":"Cer tain","page_number":92,"box":{"x":831,"y":241,"width":50,"height":9}},{"id":"74dab1bc-3b72-4f6a-ac82-23be3f86dad3","block_type":"box","text":"Funds may purchase bank obligations, such as cer tificates of deposit, notes, bankers’ acceptances and time","page_number":92,"box":{"x":70,"y":256,"width":778,"height":12}},{"id":"f51f5c95-b40e-4fd1-8aab-814ca9bebf9a","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":92,"box":{"x":69,"y":271,"width":802,"height":12}},{"id":"d0608534-6c01-47ae-82ee-98112abceb25","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":92,"box":{"x":69,"y":286,"width":820,"height":12}},{"id":"2a323baa-8eea-4b64-a0db-4094d1c04b1a","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":92,"box":{"x":68,"y":302,"width":794,"height":11}},{"id":"4d809dc0-f64a-4e55-bc47-458aae235a7c","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":92,"box":{"x":68,"y":317,"width":781,"height":11}},{"id":"49a70d4d-3521-480f-b781-453d627abb14","block_type":"box","text":"domestic and foreign branches for purposes of a Fund’s investment policies. Investments in shor t-term bank","page_number":92,"box":{"x":69,"y":332,"width":776,"height":11}},{"id":"09d19a2a-b741-4bda-9fbe-8d114f59df23","block_type":"box","text":"obligations may include obligations of foreign banks and domestic branches of foreign banks, and also foreign","page_number":92,"box":{"x":69,"y":347,"width":785,"height":11}},{"id":"a044c859-2905-4a31-b850-d948916c16c0","block_type":"box","text":"branches of domestic banks.","page_number":92,"box":{"x":69,"y":362,"width":205,"height":9}},{"id":"df9530da-1b77-413e-b099-a915f7de9861","block_type":"box","text":"To the extent consistent with their investment objectives, a Fund may invest in debt obligations of domestic or","page_number":92,"box":{"x":101,"y":385,"width":785,"height":11}},{"id":"8a32c71d-c89c-4b3b-8083-14844ed47fbe","block_type":"box","text":"foreign corporations and banks, and may acquire commercial obligations issued by Canadian corporations and","page_number":92,"box":{"x":68,"y":400,"width":787,"height":11}},{"id":"2f7497fa-1af9-4171-a80c-d9078e4ea722","block_type":"box","text":"Canadian counterpar ts of U.S. corporations, as well as Europaper, which is U.S. dollar-denominated commercial","page_number":92,"box":{"x":69,"y":415,"width":797,"height":11}},{"id":"eb383c6d-fb4c-45d8-ad39-b5b02ede8ea0","block_type":"box","text":"paper of a foreign issuer.","page_number":92,"box":{"x":70,"y":430,"width":176,"height":11}},{"id":"31956eac-c15c-419d-b3e8-b5e864752d81","block_type":"box","text":"Money Market Securities.","page_number":92,"box":{"x":102,"y":453,"width":188,"height":11}},{"id":"b4517006-c552-4ac9-b756-2bdf7df6e833","block_type":"box","text":"Cer tain Funds may invest in a broad range of shor t-term, high quality, U.S. dollar","page_number":92,"box":{"x":296,"y":453,"width":578,"height":11}},{"id":"c63072f9-d7c7-4d2e-b387-80d683e4e739","block_type":"box","text":"denominated instruments, such as government, bank, commercial and other obligations that are available in the","page_number":92,"box":{"x":69,"y":468,"width":802,"height":11}},{"id":"061b4a58-36e6-4e56-938a-2cf66fde2005","block_type":"box","text":"money markets. In par ticular, the Funds may invest in:","page_number":92,"box":{"x":69,"y":483,"width":386,"height":11}},{"id":"add817ee-575e-4e75-8e23-4d722a68a1b5","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":92,"box":{"x":69,"y":503,"width":779,"height":12}},{"id":"fdf3fba0-d8a0-4369-82c9-cc5b9139799b","block_type":"box","text":"institutions with total assets in excess of $1 billion (including obligations of foreign branches of such banks);","page_number":92,"box":{"x":102,"y":518,"width":776,"height":12}},{"id":"56f48fd5-b121-480b-a822-2955132a09e2","block_type":"box","text":"(b) high quality commercial paper and other obligations issued or guaranteed by U.S. and foreign corporations and","page_number":92,"box":{"x":69,"y":538,"width":821,"height":12}},{"id":"082ca06f-e1c1-4937-92a7-15f84d5d0b20","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":92,"box":{"x":102,"y":554,"width":795,"height":11}},{"id":"ce192d19-bbb1-4fa4-9b5c-5a29ad1fd416","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":92,"box":{"x":102,"y":569,"width":757,"height":11}},{"id":"7ed8c5ad-ea32-463a-ac5a-ffd3c44951ce","block_type":"box","text":"agencies;","page_number":92,"box":{"x":102,"y":584,"width":66,"height":11}},{"id":"b2b45662-9ca3-4c3a-b489-361618f85b5c","block_type":"box","text":"(c) unrated notes, paper and other instruments that are of comparable quality to the instruments described in","page_number":92,"box":{"x":69,"y":604,"width":792,"height":11}},{"id":"8a48aeb6-8941-4c44-9313-305045bc6f8e","block_type":"box","text":"(b) above as determined by the Fund’s Manager;","page_number":92,"box":{"x":102,"y":619,"width":344,"height":11}},{"id":"be9e3ff5-2f57-41b6-b4f7-0cbf54554348","block_type":"box","text":"(d) asset-backed securities (including interests in pools of assets such as mor tgages, installment purchase","page_number":92,"box":{"x":69,"y":639,"width":776,"height":12}},{"id":"2cc626fe-204e-4a32-9903-26544c2bf0a3","block_type":"box","text":"obligations and credit card receivables);","page_number":92,"box":{"x":102,"y":655,"width":283,"height":11}},{"id":"4cd8226e-de94-4ccf-8473-abc3356fc08f","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":92,"box":{"x":69,"y":675,"width":778,"height":11}},{"id":"4ad2e480-2c07-4ea4-b703-c763256294aa","block_type":"box","text":"authorities and related custodial receipts;","page_number":92,"box":{"x":102,"y":690,"width":296,"height":11}},{"id":"414dde61-bddb-4eff-a0d7-bc82e3c63708","block_type":"box","text":"(f) dollar-denominated securities issued or guaranteed by foreign governments or their political subdivisions,","page_number":92,"box":{"x":69,"y":710,"width":782,"height":11}},{"id":"017f4dd3-d36e-4126-8b94-59f0b7699396","block_type":"box","text":"agencies or authorities;","page_number":92,"box":{"x":102,"y":725,"width":166,"height":11}},{"id":"ff084944-1e2b-4562-9309-2606b78c7a93","block_type":"box","text":"(g) funding agreements issued by highly-rated U.S. insurance companies;","page_number":92,"box":{"x":69,"y":745,"width":528,"height":11}},{"id":"47487541-1e6b-4f04-83b7-42d5aacaf4e7","block_type":"box","text":"(h) securities issued or guaranteed by state or local governmental bodies;","page_number":92,"box":{"x":69,"y":766,"width":534,"height":11}},{"id":"772f74aa-4ea7-4783-b904-d1fcfddaf463","block_type":"box","text":"(i) repurchase agreements relating to the above instruments;","page_number":92,"box":{"x":69,"y":786,"width":447,"height":11}},{"id":"2ba5a423-7519-41bc-848f-5718be6a0c5e","block_type":"box","text":"(j) municipal bonds and notes whose principal and interest payments are guaranteed by the U.S. Government or","page_number":92,"box":{"x":69,"y":806,"width":812,"height":11}},{"id":"94e26105-6043-4e3b-a943-5639e1184f44","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":92,"box":{"x":102,"y":821,"width":766,"height":11}},{"id":"918e1aed-71cb-45ca-9bc5-37193004a06f","block_type":"box","text":"States;","page_number":92,"box":{"x":102,"y":836,"width":49,"height":10}},{"id":"e2e15811-bd97-4c48-82d9-f74804ebbfdd","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":92,"box":{"x":69,"y":856,"width":829,"height":11}},{"id":"c74eb977-7c17-40b6-8fd0-84ec51baef25","block_type":"box","text":"SP-2 or A-2 or higher by S&P, or F-2 or higher by Fitch;","page_number":92,"box":{"x":102,"y":871,"width":379,"height":11}},{"id":"2cdd1845-b205-417b-84a1-3c4a4ccfec41","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":92,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"6e291ee3-bacd-4000-8f25-d878dc2cf340","block_type":"box","text":"S&P, or F-2 or higher by Fitch;","page_number":92,"box":{"x":102,"y":906,"width":207,"height":12}},{"id":"8a44db16-faaf-4fc8-bed9-2131875d90a6","block_type":"box","text":"II-50","page_number":92,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"dc9785ca-2908-4117-98eb-330c7bf0d35e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":92,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"07dca411-5777-4c5b-bce3-e93df53438b2","block_type":"box","text":"(m) municipal bonds rated A or higher by Moody’s, S&P or Fitch;","page_number":93,"box":{"x":69,"y":45,"width":458,"height":11}},{"id":"5ddb82a8-7ac0-414d-8c60-a35631a9336c","block_type":"box","text":"(n) unrated notes, paper or other instruments that are of comparable quality to the instruments described above, as","page_number":93,"box":{"x":69,"y":65,"width":837,"height":11}},{"id":"687b7e05-585a-4722-a39d-24e60c5f26ef","block_type":"box","text":"determined by the Fund’s Manager under guidelines established by the Board; and","page_number":93,"box":{"x":101,"y":80,"width":589,"height":11}},{"id":"85305c3b-9014-4fcc-af7d-9a26ce0e4c4b","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":93,"box":{"x":69,"y":100,"width":795,"height":11}},{"id":"06d8e5a7-a36c-4bc2-8d81-199e86662e6a","block_type":"box","text":"agency or instrumentality thereof or which otherwise depend directly or indirectly on the credit of the United","page_number":93,"box":{"x":102,"y":115,"width":764,"height":11}},{"id":"1d0805f7-2b3f-4d37-8ffd-75468790a55b","block_type":"box","text":"States.","page_number":93,"box":{"x":102,"y":130,"width":49,"height":9}},{"id":"55032ff7-e479-4ae2-bbd2-a617f160ae6b","block_type":"box","text":"Mortgage-Related Securities.","page_number":93,"box":{"x":102,"y":153,"width":213,"height":11}},{"id":"fb0bac89-fbb2-4fe9-b001-07dd91a17399","block_type":"box","text":"Mor tgage-Backed Securities.","page_number":93,"box":{"x":102,"y":176,"width":203,"height":11}},{"id":"ec53df18-27dc-42b6-9c6f-c23493365cad","block_type":"box","text":"Mor tgage-backed securities represent interests in pools of mor tgages in which","page_number":93,"box":{"x":312,"y":176,"width":560,"height":11}},{"id":"6753d7ea-c269-418e-b3e5-a9c348f18355","block_type":"box","text":"payments of both principal and interest on the securities are generally made monthly, in effect “passing through”","page_number":93,"box":{"x":70,"y":191,"width":805,"height":11}},{"id":"95613d26-9feb-4117-b045-e35719296702","block_type":"box","text":"monthly payments made by borrowers on the residential or commercial mor tgage loans that underlie the securities","page_number":93,"box":{"x":69,"y":206,"width":819,"height":11}},{"id":"b41b70d0-9f5d-4892-b2ce-40e6f064eb26","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":93,"box":{"x":69,"y":221,"width":832,"height":11}},{"id":"8529759f-c994-45cc-96ac-ae99b2d9ee3b","block_type":"box","text":"of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at","page_number":93,"box":{"x":69,"y":236,"width":838,"height":11}},{"id":"6fceef8d-9c02-4177-b2ef-8a606a092595","block_type":"box","text":"maturity or specified call dates.","page_number":93,"box":{"x":69,"y":251,"width":222,"height":11}},{"id":"0f3ea10f-a5ab-45f6-be05-a9252f3faa1f","block_type":"box","text":"Mor tgage-backed securities are subject to the general risks associated with investing in real estate securities;","page_number":93,"box":{"x":102,"y":274,"width":785,"height":11}},{"id":"0699b4c6-b8ac-4598-9a36-911f51cb855d","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":93,"box":{"x":68,"y":289,"width":838,"height":11}},{"id":"86e0ddf5-6a17-4596-8fd4-736a3cae3694","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":93,"box":{"x":69,"y":304,"width":836,"height":11}},{"id":"ae06d844-2b34-4248-8d77-ecaa8d2ef570","block_type":"box","text":"par ty to meet its commitments under the related operative documents, adverse interest rate changes and the effects","page_number":93,"box":{"x":70,"y":319,"width":837,"height":12}},{"id":"5a0359ca-d37d-4b6b-8688-3673ed7ddd74","block_type":"box","text":"of prepayments on mor tgage cash flows. Mor tgage-backed securities are “pass-through” securities, meaning that","page_number":93,"box":{"x":69,"y":334,"width":810,"height":12}},{"id":"229dbe16-c0af-481a-8bc8-6984537a5a80","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":93,"box":{"x":70,"y":350,"width":811,"height":11}},{"id":"c3d4ca06-b9d4-4725-a299-0a6eb7bf2702","block_type":"box","text":"Accordingly, the value of mor tgage-backed securities in which a Fund invests may be par ticularly sensitive to changes","page_number":93,"box":{"x":68,"y":365,"width":837,"height":11}},{"id":"3204adf7-a1cd-4e2f-bf87-cd84daa38dda","block_type":"box","text":"in prevailing interest rates, and, like other fixed income investments, the ability of a Fund to utilize these instruments","page_number":93,"box":{"x":70,"y":380,"width":834,"height":11}},{"id":"5d8f1d96-9aec-4d4a-b671-538ac972f9d3","block_type":"box","text":"successfully may depend in par t upon the ability of the Manager to forecast interest rates and other economic factors","page_number":93,"box":{"x":69,"y":395,"width":840,"height":11}},{"id":"006a0823-8f19-403a-9f07-dd7ca7595c25","block_type":"box","text":"correctly. The value of mor tgage-backed securities, like that of traditional fixed-income securities, typically increases","page_number":93,"box":{"x":69,"y":410,"width":827,"height":11}},{"id":"1c3f9e0b-d8e5-4e8f-8652-244e5dece997","block_type":"box","text":"when interest rates fall and decreases when interest rates rise. However, mor tgage-backed securities differ from","page_number":93,"box":{"x":68,"y":425,"width":805,"height":11}},{"id":"7cf49fba-972a-49b0-8b2b-d283563d6d4f","block_type":"box","text":"traditional fixed-income securities because of their potential for prepayment without penalty. The price paid by a Fund","page_number":93,"box":{"x":68,"y":440,"width":834,"height":11}},{"id":"fe268dc6-4fc5-4a2f-817a-be2c5ba2b7ed","block_type":"box","text":"for its mor tgage-backed securities, the yield the Fund expects to receive from such securities and the weighted","page_number":93,"box":{"x":68,"y":455,"width":791,"height":12}},{"id":"6d347039-6eaf-4e05-8836-87edb2982de4","block_type":"box","text":"average life of the securities are based on a number of factors, including the anticipated rate of prepayment of the","page_number":93,"box":{"x":69,"y":470,"width":816,"height":12}},{"id":"cd64307c-824a-4f26-a908-7cc388d4126b","block_type":"box","text":"underlying mor tgages. In a period of declining interest rates, borrowers may prepay the underlying mor tgages more","page_number":93,"box":{"x":69,"y":486,"width":819,"height":11}},{"id":"8b7c643e-9294-4a23-b28e-180564df719f","block_type":"box","text":"quickly than anticipated, thereby reducing the yield to maturity and the average life of the mor tgage-backed","page_number":93,"box":{"x":69,"y":501,"width":761,"height":11}},{"id":"a379c6fc-da9b-4ad8-9c2d-761ace546814","block_type":"box","text":"securities. Moreover, when a Fund reinvests the proceeds of a prepayment in these circumstances, it will likely","page_number":93,"box":{"x":69,"y":516,"width":791,"height":11}},{"id":"0eac6bbc-70b6-48ac-8f0e-d0aaf313cdd4","block_type":"box","text":"receive a rate of interest that is lower than the rate on the security that was prepaid.","page_number":93,"box":{"x":69,"y":531,"width":602,"height":11}},{"id":"7ccee194-f5cd-488d-a5fe-f3ea5d20eb6d","block_type":"box","text":"To the extent that a Fund purchases mor tgage-backed securities at a premium, mor tgage foreclosures and","page_number":93,"box":{"x":101,"y":554,"width":761,"height":11}},{"id":"f66667a9-f048-41be-be80-ed701780499f","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":93,"box":{"x":70,"y":569,"width":800,"height":11}},{"id":"32d3d70b-e275-4645-9487-fd1028962371","block_type":"box","text":"discount, both scheduled payments of principal and unscheduled prepayments will increase current and total returns","page_number":93,"box":{"x":69,"y":584,"width":833,"height":11}},{"id":"2d765f07-89e6-4552-a007-447a77e3e7f5","block_type":"box","text":"and will accelerate the recognition of income, which, when distributed to shareholders, will be taxable as ordinary","page_number":93,"box":{"x":69,"y":599,"width":809,"height":11}},{"id":"e577e007-f9c5-410e-b128-d7e811b16f8f","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":93,"box":{"x":70,"y":614,"width":801,"height":11}},{"id":"201ca9ec-7978-41c9-b648-d48264ef3ef9","block_type":"box","text":"expected rate, creating maturity extension risk. This par ticular risk may effectively change a security that was","page_number":93,"box":{"x":69,"y":629,"width":778,"height":11}},{"id":"45b6568d-f76b-4f63-b698-7f79bdd06164","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":93,"box":{"x":69,"y":644,"width":831,"height":12}},{"id":"643c20ed-c4b0-4adb-b474-b1a85365a3ca","block_type":"box","text":"securities generally fluctuates more widely in response to changes in interest rates than that of shor ter-term","page_number":93,"box":{"x":69,"y":659,"width":773,"height":12}},{"id":"ab710b6d-fdf1-4b4e-8908-73c0f1912751","block_type":"box","text":"securities, maturity extension risk could increase the inherent volatility of the Fund. Under cer tain interest rate and","page_number":93,"box":{"x":69,"y":675,"width":818,"height":11}},{"id":"201d5997-c8d4-400e-a498-bb8bb1116e20","block_type":"box","text":"prepayment scenarios, a Fund may fail to recoup fully its investment in mor tgage-backed securities notwithstanding","page_number":93,"box":{"x":70,"y":690,"width":822,"height":11}},{"id":"c161b2be-6350-4fa6-89bd-db308e4fb974","block_type":"box","text":"any direct or indirect governmental or agency guarantee.","page_number":93,"box":{"x":69,"y":705,"width":399,"height":11}},{"id":"79adbc63-a2a3-469f-b78b-72e3d792b616","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":93,"box":{"x":101,"y":727,"width":802,"height":12}},{"id":"58826042-9a3b-4763-93d0-e86124b38377","block_type":"box","text":"one of its agencies or instrumentalities, such as the Government National Mor tgage Association (“Ginnie Mae”), the","page_number":93,"box":{"x":69,"y":743,"width":830,"height":11}},{"id":"6f41a27d-6996-4fbb-bcf8-5d36d83dfc98","block_type":"box","text":"Federal National Mor tgage Association (“Fannie Mae”) and the Federal Home Loan Mor tgage Corporation (“Freddie","page_number":93,"box":{"x":70,"y":758,"width":818,"height":11}},{"id":"d7a0f2f4-c1d5-4c14-8464-b75039ba3e6e","block_type":"box","text":"Mac”); (2) those issued by private issuers that represent an interest in or are collateralized by pass-through","page_number":93,"box":{"x":70,"y":773,"width":766,"height":11}},{"id":"20891d37-dac5-4cb5-bf12-92470e664a4b","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":93,"box":{"x":69,"y":788,"width":808,"height":11}},{"id":"ce9a12ca-8ec1-4784-b3c2-60a7264123d5","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":93,"box":{"x":70,"y":803,"width":825,"height":11}},{"id":"61f81e9c-75e5-431e-a7d3-a25fb4c62d65","block_type":"box","text":"securities without a government guarantee but that usually have some form of private credit enhancement.","page_number":93,"box":{"x":69,"y":818,"width":761,"height":11}},{"id":"5feda061-2e15-4741-88a8-241651cabb1a","block_type":"box","text":"Ginnie Mae is a wholly owned U.S. Government corporation within the Depar tment of Housing and Urban","page_number":93,"box":{"x":102,"y":841,"width":743,"height":11}},{"id":"3d93494f-0111-4707-87b4-ce6f85447f62","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":93,"box":{"x":70,"y":856,"width":831,"height":11}},{"id":"5d38472d-c10a-48da-8b3c-13542ab260a7","block_type":"box","text":"payment of principal and interest on securities issued by the institutions approved by Ginnie Mae (such as savings","page_number":93,"box":{"x":70,"y":871,"width":815,"height":11}},{"id":"770aae86-ec42-4bd8-9162-70538d2e3435","block_type":"box","text":"and loan institutions, commercial banks and mor tgage banks), and backed by pools of Federal Housing","page_number":93,"box":{"x":69,"y":886,"width":737,"height":12}},{"id":"2dff1058-71cd-4ca0-8930-6043750382bb","block_type":"box","text":"Administration (“FHA”)-insured or Veterans’ Administration (“VA”)-guaranteed mor tgages. Pass-through cer tificates","page_number":93,"box":{"x":68,"y":901,"width":814,"height":12}},{"id":"7428bf47-f883-41ea-84d3-3e4fee117f87","block_type":"box","text":"II-51","page_number":93,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"067603b0-fde7-4fed-9cae-137de44b47af","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":93,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5b0b5497-eea5-40e6-b20c-a6cbc4a4b01e","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":94,"box":{"x":68,"y":45,"width":794,"height":11}},{"id":"2acf32be-f47c-485a-833b-c5a83fbb40df","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":94,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"04418036-ba2f-4b3d-89fe-bb5fb8795c3d","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":94,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"1c0ad47c-5c93-4227-9cce-fd900626320c","block_type":"box","text":"Treasury Depar tment to make payments under its guarantee. Mor tgage-related securities issued by Fannie Mae","page_number":94,"box":{"x":68,"y":90,"width":798,"height":11}},{"id":"eb65279a-fc88-49fe-a434-a58dfe7abe0d","block_type":"box","text":"include Fannie Mae guaranteed Mor tgage Pass-Through Cer tificates (also known as “Fannie Maes”), which are","page_number":94,"box":{"x":70,"y":105,"width":788,"height":11}},{"id":"5f78f0ed-a483-4339-b2e8-a688f76b4570","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":94,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"dd755bce-61e9-4c2e-8f59-1af4cdc89fd4","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":94,"box":{"x":68,"y":135,"width":825,"height":12}},{"id":"b5ea735c-ac8a-40b5-9785-c7a6d2c213c2","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":94,"box":{"x":70,"y":150,"width":830,"height":12}},{"id":"a41a47eb-d959-4fe1-af34-3a07dfff67a1","block_type":"box","text":"private shareholder-owned company. Mor tgage-related securities issued by Freddie Mac include Freddie Mac","page_number":94,"box":{"x":70,"y":166,"width":770,"height":11}},{"id":"b2e94000-7779-499d-ae06-8742b323bf58","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":94,"box":{"x":70,"y":181,"width":812,"height":11}},{"id":"648c193e-3cdc-411d-8f39-d5c597cd6a7e","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":94,"box":{"x":69,"y":196,"width":829,"height":11}},{"id":"0ad9c6fa-217c-4194-a2a2-58c31a9a7a1d","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":94,"box":{"x":70,"y":211,"width":832,"height":11}},{"id":"1ce102b7-47a1-4b49-ae14-d4cca9a133db","block_type":"box","text":"Freddie Macs entitle the holder to timely payment of interest, which is guaranteed by Freddie Mac. Freddie Mac","page_number":94,"box":{"x":70,"y":226,"width":792,"height":11}},{"id":"d613f247-c148-4d1c-9a51-09840e67017f","block_type":"box","text":"guarantees either ultimate collection or timely payment of all principal payments on the underlying mor tgage loans.","page_number":94,"box":{"x":68,"y":241,"width":819,"height":11}},{"id":"e3dc59c6-bf4d-42a5-bc82-e26c41b7faa4","block_type":"box","text":"While Freddie Mac generally does not guarantee timely payment of principal, Freddie Mac may remit the amount due","page_number":94,"box":{"x":68,"y":256,"width":829,"height":12}},{"id":"11cee0bd-783f-451b-a95a-9fd4196b5020","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":94,"box":{"x":69,"y":271,"width":829,"height":12}},{"id":"8dccc5de-3566-4fd1-914c-fac02ddd63a8","block_type":"box","text":"in no event later than one year after it becomes payable.","page_number":94,"box":{"x":70,"y":286,"width":401,"height":12}},{"id":"bf33bc51-5e73-4ffe-bae0-aef2e595b352","block_type":"box","text":"Private mor tgage pass-through securities are structured similarly to Ginnie Mae, Fannie Mae, and Freddie Mac","page_number":94,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"af25b879-0d0a-4b77-b2b6-0ab589d93227","block_type":"box","text":"mor tgage pass-through securities and are issued by originators of and investors in mor tgage loans, including","page_number":94,"box":{"x":69,"y":324,"width":777,"height":12}},{"id":"9e5b67e5-b9d4-40ec-9645-b127bd4d8ee9","block_type":"box","text":"depository institutions, mor tgage banks, investment banks and special purpose subsidiaries of the foregoing.","page_number":94,"box":{"x":69,"y":339,"width":782,"height":12}},{"id":"5b10d3e3-77b1-4395-874d-dc7d4cc594f3","block_type":"box","text":"Pools created by private mor tgage pass-through issuers generally offer a higher rate of interest than government","page_number":94,"box":{"x":102,"y":362,"width":802,"height":11}},{"id":"379b29e4-6bcb-443c-9c8c-1347a98752e1","block_type":"box","text":"and government-related pools because there are no direct or indirect government or agency guarantees of payments","page_number":94,"box":{"x":69,"y":377,"width":828,"height":12}},{"id":"2e89de7e-8a05-4bb1-9738-6ea0b5d4f384","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":94,"box":{"x":70,"y":392,"width":814,"height":12}},{"id":"9c2ba972-aceb-48f8-b746-5dbb10bb564b","block_type":"box","text":"forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The","page_number":94,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"8bfe31a8-5ed7-4c52-9c14-6a2547ac8d27","block_type":"box","text":"insurance and guarantees are issued by governmental entities, private insurers and the mor tgage poolers. The","page_number":94,"box":{"x":70,"y":423,"width":789,"height":11}},{"id":"39d0f685-b2f7-4304-ad6b-8f7015c4b879","block_type":"box","text":"insurance and guarantees and the creditwor thiness of the issuers thereof will be considered in determining whether","page_number":94,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"c3c79db8-7943-49ab-9a71-6b9d34062bbc","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":94,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"cb47f05a-09a2-4cd6-a58e-1f27771c330c","block_type":"box","text":"insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Private","page_number":94,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"3e99f6bf-3068-42e1-82ff-06903289ae33","block_type":"box","text":"mor tgage pass-through securities may be bought without insurance or guarantees if, through an examination of the","page_number":94,"box":{"x":69,"y":483,"width":820,"height":11}},{"id":"4bd1850e-9113-42bf-a2e3-e7158569e1a6","block_type":"box","text":"loan experience and practices of the originator/servicers and poolers, the Manager determines that the securities","page_number":94,"box":{"x":70,"y":498,"width":812,"height":11}},{"id":"74bed0fd-85fe-4be1-b20c-726e1e6ff91c","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":94,"box":{"x":69,"y":514,"width":790,"height":11}},{"id":"2dc93136-e814-47db-ad46-c11c8dd898c2","block_type":"box","text":"exposure to subprime loans as well as to the mor tgage and credit markets generally.","page_number":94,"box":{"x":69,"y":529,"width":604,"height":11}},{"id":"94ca9ea5-410a-498a-b7ce-41c872101a42","block_type":"box","text":"In addition, mor tgage-related securities that are issued by private issuers are not subject to the underwriting","page_number":94,"box":{"x":102,"y":551,"width":774,"height":11}},{"id":"4ff39fad-519f-4a14-b30a-9f29912bd391","block_type":"box","text":"requirements for the underlying mor tgages that are applicable to those mor tgage-related securities that have a","page_number":94,"box":{"x":69,"y":566,"width":791,"height":11}},{"id":"afbbed05-096c-40c0-926d-e56c883ec8c0","block_type":"box","text":"government or government-sponsored entity guarantee. As a result, the mor tgage loans underlying private mor tgage","page_number":94,"box":{"x":68,"y":582,"width":832,"height":11}},{"id":"9458448b-0805-409d-adbf-5436ab4dd466","block_type":"box","text":"related securities may, and frequently do, have less favorable collateral, credit risk or other underwriting","page_number":94,"box":{"x":69,"y":596,"width":742,"height":12}},{"id":"b837ec3a-dc5a-4894-b9c4-a1b5667e675e","block_type":"box","text":"characteristics than government or government-sponsored mor tgage-related securities and have wider variances in a","page_number":94,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"afb9eb72-2113-4d8c-bc8a-64f18e2697be","block_type":"box","text":"number of terms including interest rate, term, size, purpose and borrower characteristics. Privately issued pools more","page_number":94,"box":{"x":69,"y":627,"width":840,"height":11}},{"id":"e0654df9-694b-4550-8f27-fa03d3922ab6","block_type":"box","text":"frequently include second mor tgages, high loan-to-value mor tgages and manufactured housing loans. The coupon","page_number":94,"box":{"x":68,"y":642,"width":809,"height":11}},{"id":"4677ba15-32d0-4f03-bc6f-eeb7f9ebface","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":94,"box":{"x":69,"y":657,"width":828,"height":11}},{"id":"b413771c-b596-4818-8963-2121aacad9ff","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":94,"box":{"x":69,"y":672,"width":830,"height":11}},{"id":"a778324e-e4e0-40d3-a021-d83351998e7f","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":94,"box":{"x":70,"y":687,"width":810,"height":11}},{"id":"94657e3d-8656-471b-8f21-59e1c8a78f7f","block_type":"box","text":"make timely payments on their loans. For these reasons, the loans underlying these securities have had in many","page_number":94,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"a7c4d30f-a074-46f4-b76e-c7a0c40281ee","block_type":"box","text":"cases higher default rates than those loans that meet government underwriting requirements.","page_number":94,"box":{"x":69,"y":717,"width":669,"height":12}},{"id":"111a9add-ff97-4fc7-a80a-19d373d44025","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":94,"box":{"x":101,"y":740,"width":754,"height":11}},{"id":"230b9ecb-2810-46b4-8e06-8b177fdaffba","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":94,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"a3b1f1a0-3c67-48ad-855d-4cd673d0eb8c","block_type":"box","text":"repayments may include a general economic turndown, high unemployment, a general slowdown in the real estate","page_number":94,"box":{"x":69,"y":771,"width":812,"height":11}},{"id":"e140d0d6-4dc5-45c8-a4e9-9c72ed37c87f","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":94,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"ecbe8654-2c7f-439a-86fb-41575c151b03","block_type":"box","text":"payments by holders of adjustable rate mor tgages.","page_number":94,"box":{"x":70,"y":801,"width":361,"height":11}},{"id":"fb7f9e3f-7033-46ea-b931-f8ee3010e209","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":94,"box":{"x":102,"y":823,"width":784,"height":12}},{"id":"8b13506d-6f39-4afd-89be-9b6c044c951d","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":94,"box":{"x":68,"y":838,"width":813,"height":12}},{"id":"e9634277-556c-4e14-91d3-b2a176c373c1","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":94,"box":{"x":68,"y":853,"width":837,"height":12}},{"id":"91475874-055d-49fd-a851-d82ce57ce115","block_type":"box","text":"value because of the complexities involved in assessing the value of the underlying mor tgage loans.","page_number":94,"box":{"x":68,"y":869,"width":714,"height":11}},{"id":"024f0d3a-7330-467f-a38b-68b3cd6c2c8c","block_type":"box","text":"Collateralized Mor tgage Obligations (“CMOs”).","page_number":94,"box":{"x":102,"y":891,"width":328,"height":12}},{"id":"733ffe95-3f5a-4fea-ab4a-4f8daa6812e2","block_type":"box","text":"CMOs are debt obligations collateralized by residential or","page_number":94,"box":{"x":437,"y":891,"width":407,"height":12}},{"id":"5f9394e0-68ca-4502-8506-ba54389e72cd","block_type":"box","text":"commercial mor tgage loans or residential or commercial mor tgage pass-through securities. Interest and prepaid","page_number":94,"box":{"x":69,"y":907,"width":800,"height":11}},{"id":"3361df0d-a6a6-45e0-ad4a-70a469ef9cea","block_type":"box","text":"II-52","page_number":94,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"ac35a107-0d3a-484f-8150-3ac23c04fdf5","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":94,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"584c294a-3bd3-4bb8-b605-f0efe0aee5a5","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":95,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"a0f09d0b-6dff-46f5-9e0c-ecccc3b212ff","block_type":"box","text":"through securities but are more typically collateralized by por tfolios of mor tgage pass-through securities guaranteed","page_number":95,"box":{"x":68,"y":60,"width":826,"height":11}},{"id":"18b497d3-e4eb-4db0-8b38-a289afbba981","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":95,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"c17ecddc-bec8-46a8-9a9b-33abb7a54697","block_type":"box","text":"Mor tgage Investment Conduit (“REMIC”). All future references to CMOs also include REMICs.","page_number":95,"box":{"x":70,"y":90,"width":661,"height":11}},{"id":"17910e18-5c71-44fd-ae8a-665cc5b90a3f","block_type":"box","text":"CMOs are structured into multiple classes, often referred to as a “tranche,” each issued at a specific adjustable","page_number":95,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"9d554189-a724-463d-8bb7-506f6b2518c7","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":95,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"5433d773-5788-4866-9424-1189681795b7","block_type":"box","text":"distribution date. Actual maturity and average life will depend upon the prepayment experience of the collateral, which","page_number":95,"box":{"x":69,"y":143,"width":838,"height":11}},{"id":"65f1e424-985d-42d2-97b9-e13a35603f47","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":95,"box":{"x":70,"y":158,"width":836,"height":11}},{"id":"70792bd8-c2a6-4d26-af88-fe7a2d1de3dc","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":95,"box":{"x":69,"y":173,"width":791,"height":11}},{"id":"5a3ec001-22ae-4430-aacb-4fe0cd88aa5e","block_type":"box","text":"payment of principal received from the pool of underlying mor tgages, including prepayments, is first returned to","page_number":95,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"fefba96f-4029-4727-80a1-c52243808ff6","block_type":"box","text":"investors holding the shor test maturity class. Investors holding the longer maturity classes usually receive principal","page_number":95,"box":{"x":70,"y":204,"width":820,"height":11}},{"id":"0b97c802-512d-452f-8939-2ade9ffb9ee4","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":95,"box":{"x":69,"y":218,"width":836,"height":12}},{"id":"ea10e52a-a242-480c-853d-f6030edea3c0","block_type":"box","text":"of principal because of the sequential payments.","page_number":95,"box":{"x":69,"y":234,"width":346,"height":11}},{"id":"4482dbdc-5172-4005-90ab-4de38c9fb969","block_type":"box","text":"Cer tain issuers of CMOs are not considered investment companies pursuant to a rule adopted by the","page_number":95,"box":{"x":102,"y":256,"width":723,"height":11}},{"id":"44cfe8c3-7446-4e43-920c-d10d87fc633a","block_type":"box","text":"Commission, and a Fund may invest in the securities of such issuers without the limitations imposed by the","page_number":95,"box":{"x":69,"y":271,"width":768,"height":12}},{"id":"43330315-e2a9-418c-b854-ea6a7c24bb50","block_type":"box","text":"Investment Company Act on investments by a Fund in other investment companies. In addition, in reliance on an","page_number":95,"box":{"x":70,"y":287,"width":800,"height":11}},{"id":"cf189d1c-d714-4d02-885f-875f854d1e4f","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":95,"box":{"x":69,"y":302,"width":836,"height":11}},{"id":"ad7fd5a9-4cd2-47a3-a48b-f458215a3473","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":95,"box":{"x":69,"y":317,"width":793,"height":11}},{"id":"c733d5c1-2a03-45a6-9eb0-55f82d402500","block_type":"box","text":"investment companies. In order to be able to rely on the Commission’s interpretation, these CMOs must be","page_number":95,"box":{"x":70,"y":332,"width":767,"height":11}},{"id":"efb73cda-b81d-4257-a627-ef8645a6a621","block_type":"box","text":"unmanaged, fixed asset issuers, that: (1) invest primarily in mor tgage-backed securities; (2) do not issue redeemable","page_number":95,"box":{"x":69,"y":347,"width":838,"height":11}},{"id":"5116ca4e-6144-4f5c-b920-5a5e6d385abc","block_type":"box","text":"securities; (3) operate under general exemptive orders exempting them from all provisions of the Investment","page_number":95,"box":{"x":69,"y":362,"width":773,"height":11}},{"id":"ec81fda5-02da-42ce-b38c-97a17156d6cd","block_type":"box","text":"Company Act; and (4) are not registered or regulated under the Investment Company Act as investment companies.","page_number":95,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"18b1f79a-8f3f-4d74-b96d-36027a511902","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":95,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"e5dc228b-5a68-4a13-b1ca-827ca65ca00a","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":95,"box":{"x":69,"y":407,"width":795,"height":12}},{"id":"7907c636-05fd-42eb-84ec-eb1c45e10f0a","block_type":"box","text":"securities of any single such entity.","page_number":95,"box":{"x":69,"y":423,"width":248,"height":11}},{"id":"e04930c6-9746-49cc-a046-c9459d075e16","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":95,"box":{"x":101,"y":445,"width":807,"height":12}},{"id":"d549098f-c266-4826-bc22-7b960fd4b709","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":95,"box":{"x":69,"y":460,"width":805,"height":12}},{"id":"ed8f53f7-d770-4391-bfd6-5f7c031629f9","block_type":"box","text":"concurrently on a propor tionate or dispropor tionate basis. These simultaneous payments are taken into account in","page_number":95,"box":{"x":69,"y":476,"width":819,"height":11}},{"id":"7308de92-9002-4822-9b27-2683b11e6e2c","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":95,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"9e019181-44e1-40c0-9edc-67a2b1088c27","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":95,"box":{"x":69,"y":506,"width":835,"height":11}},{"id":"ce258bca-73c1-414d-beae-4abe49452e61","block_type":"box","text":"or sequential pay structures. These securities include accrual cer tificates (also known as “Z-Bonds”), which only","page_number":95,"box":{"x":69,"y":521,"width":802,"height":11}},{"id":"6d7bd5d6-b234-4c38-84b0-717e52d2742c","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":95,"box":{"x":69,"y":536,"width":833,"height":11}},{"id":"b8d12e1e-44ae-4fba-850e-eae3fbefedde","block_type":"box","text":"and are conver ted thereafter to an interest-paying security. Floating rate CMOs are securities whose coupon rate","page_number":95,"box":{"x":69,"y":551,"width":801,"height":11}},{"id":"98f67f4f-fd76-4970-82c0-1f23aa169027","block_type":"box","text":"fluctuates according to some formula related to an existing market index or rate. Typical indices would include the","page_number":95,"box":{"x":68,"y":566,"width":813,"height":11}},{"id":"db640e7f-4a8a-4b2f-91db-8e5d681557eb","block_type":"box","text":"eleventh district cost-of-funds index (“COFI”), one-year Treasury yields, and ten-year Treasury yields.","page_number":95,"box":{"x":69,"y":581,"width":708,"height":11}},{"id":"65475601-40f0-46eb-9efe-03cb9c759091","block_type":"box","text":"Classes of CMOs also include planned amor tization classes (“PACs”) and targeted amor tization classes","page_number":95,"box":{"x":102,"y":604,"width":742,"height":11}},{"id":"0e0dc3cb-ef89-4567-8c7f-815165393fcc","block_type":"box","text":"(“TACs”). PAC bonds generally require payments of a specified amount of principal on each payment date. The","page_number":95,"box":{"x":69,"y":619,"width":784,"height":11}},{"id":"3f63d4f8-e13c-404d-895a-b5e06b82f01e","block_type":"box","text":"scheduled principal payments for PAC Cer tificates generally have the highest priority on each payment date after","page_number":95,"box":{"x":69,"y":634,"width":800,"height":12}},{"id":"91b2e451-86ec-4dc4-b4d5-0cc4bb68d055","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":95,"box":{"x":70,"y":649,"width":802,"height":12}},{"id":"0791d3a1-6126-4092-bae2-3d3888593675","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":95,"box":{"x":69,"y":664,"width":834,"height":12}},{"id":"c4b90d9e-2ba7-4133-8169-03d6467c40e0","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":95,"box":{"x":68,"y":680,"width":835,"height":11}},{"id":"eefc9ecf-6c73-4698-827a-10f3cf0c06a2","block_type":"box","text":"be created that absorb most of the volatility in the underlying mor tgage assets. These tranches (often called","page_number":95,"box":{"x":69,"y":695,"width":772,"height":11}},{"id":"62ad5a0a-5913-4140-838f-4b90d3c6acda","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":95,"box":{"x":70,"y":710,"width":792,"height":11}},{"id":"000bc6ae-b741-434c-857f-14c74f1df502","block_type":"box","text":"classes.","page_number":95,"box":{"x":69,"y":725,"width":57,"height":9}},{"id":"66ce99db-70a8-43ae-95c0-b1b2ef1e1dda","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":95,"box":{"x":101,"y":748,"width":774,"height":11}},{"id":"3ce88bb2-1bf9-4f4a-9888-136512510b16","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":95,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"0782c5b0-9fd4-49aa-bf7b-7f72a55db4a6","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":95,"box":{"x":70,"y":778,"width":815,"height":11}},{"id":"e2714422-0395-4ed1-9c53-3ac07b3d94c8","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":95,"box":{"x":68,"y":793,"width":833,"height":11}},{"id":"2cc1c0fe-076b-45b1-a914-5851330ab22e","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":95,"box":{"x":69,"y":808,"width":839,"height":11}},{"id":"5ad3bffa-42d6-429b-9940-d80b45b38bb0","block_type":"box","text":"also tend to have market prices and yields that are more volatile than PACs.","page_number":95,"box":{"x":69,"y":823,"width":541,"height":11}},{"id":"3245e694-03a4-4319-b551-6cc81017603b","block_type":"box","text":"Adjustable Rate Mor tgage Securities.","page_number":95,"box":{"x":101,"y":846,"width":265,"height":11}},{"id":"0fa9f172-4b7f-4c9b-9485-253a0befb1a3","block_type":"box","text":"Adjustable rate mor tgage securities (“ARMs”) are pass-through securities","page_number":95,"box":{"x":372,"y":846,"width":523,"height":11}},{"id":"fff99c63-f0d7-42a4-9ff6-648974c791a6","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":95,"box":{"x":69,"y":861,"width":807,"height":11}},{"id":"ee4c7cef-8082-413d-aa44-b33978df4100","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":95,"box":{"x":68,"y":876,"width":835,"height":11}},{"id":"a6b2010e-5580-4a4d-803c-254ac371854d","block_type":"box","text":"schedule of payments has been completed, the interest rates are subject to periodic adjustment based on changes","page_number":95,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"224269ba-f15d-4272-bcd6-010a0137af73","block_type":"box","text":"to a designated benchmark index.","page_number":95,"box":{"x":68,"y":907,"width":241,"height":11}},{"id":"e98cce81-9e59-4794-8e26-cf9c6513e6f5","block_type":"box","text":"II-53","page_number":95,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d4c5b0f1-cee8-4626-b898-3e7bf2a4c2fd","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":95,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02e9399e-371a-4d5e-af5e-b6c841743e3a","block_type":"box","text":"ARMs contain maximum and minimum rates beyond which the mor tgage interest rate may not vary over the","page_number":96,"box":{"x":101,"y":45,"width":767,"height":11}},{"id":"259c9909-7125-451f-9860-73fdec83a98f","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":96,"box":{"x":70,"y":60,"width":828,"height":11}},{"id":"c285a8a4-515a-4055-acfa-80cf0fc15dff","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":96,"box":{"x":68,"y":75,"width":837,"height":11}},{"id":"eefeac9b-d6d8-4f40-9621-c1241252f4b5","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":96,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"6fdfc20b-0542-4097-aa70-6b09ded25b3b","block_type":"box","text":"of interest. In these circumstances, the market value of the ARM security will likely have fallen.","page_number":96,"box":{"x":69,"y":105,"width":676,"height":11}},{"id":"e53c0715-444e-429d-b926-bab2325f30d9","block_type":"box","text":"Cer tain ARMs contain limitations on changes in the required monthly payment. In the event that a monthly","page_number":96,"box":{"x":102,"y":128,"width":757,"height":11}},{"id":"73a54945-d3c4-49ab-aa3a-0e934d62aab9","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":96,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"d83f710e-6ab6-46a0-a4a6-691da4024caf","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":96,"box":{"x":69,"y":158,"width":823,"height":11}},{"id":"eafb430f-98bf-4389-b477-ac2dfe8a6393","block_type":"box","text":"instrument exceeds the sum of the interest accrued at the applicable mor tgage interest rate and the principal","page_number":96,"box":{"x":70,"y":173,"width":782,"height":11}},{"id":"43c4e16b-00fa-4352-b26d-27c632a93387","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":96,"box":{"x":70,"y":188,"width":838,"height":12}},{"id":"a0646822-069e-43ca-969d-9d8152fb99aa","block_type":"box","text":"excess is then used to reduce the outstanding principal balance of the ARM.","page_number":96,"box":{"x":69,"y":203,"width":544,"height":12}},{"id":"8bbc066f-c2ab-4d87-8404-0bbba9026e15","block_type":"box","text":"CMO Residuals.","page_number":96,"box":{"x":102,"y":226,"width":112,"height":9}},{"id":"90603f88-db6d-474e-a4dc-14c128e6d1f1","block_type":"box","text":"CMO residuals are derivative mor tgage securities issued by agencies or instrumentalities of the","page_number":96,"box":{"x":221,"y":226,"width":682,"height":11}},{"id":"c5dc6441-d162-48c1-9b0d-0f9b9385ae76","block_type":"box","text":"U.S. Government or by private originators of, or investors in, mor tgage loans, including savings and loan","page_number":96,"box":{"x":70,"y":241,"width":740,"height":11}},{"id":"1127e4d2-96f4-49fe-9d8e-beb0055b05de","block_type":"box","text":"associations, homebuilders, mor tgage banks, commercial banks, investment banks, and special purpose entities of","page_number":96,"box":{"x":69,"y":256,"width":829,"height":12}},{"id":"3485d1aa-0ada-4987-b12a-97e3cf7deee8","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":96,"box":{"x":68,"y":271,"width":826,"height":12}},{"id":"218ad15e-4f9d-4541-a274-313416e94861","block_type":"box","text":"required payments of principal and interest on the CMOs and second to pay the related administrative expenses and","page_number":96,"box":{"x":69,"y":286,"width":831,"height":12}},{"id":"d7c03786-156a-4189-a292-68b525f9bc6a","block_type":"box","text":"any management fees of the issuer. The residual in a CMO structure generally represents the interest in any excess","page_number":96,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"9ea2d3c8-2638-4609-abec-d73fc9346a15","block_type":"box","text":"cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the","page_number":96,"box":{"x":69,"y":317,"width":829,"height":11}},{"id":"45664187-b9e5-4216-9bd7-41c7508b33f5","block_type":"box","text":"related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a","page_number":96,"box":{"x":69,"y":332,"width":838,"height":11}},{"id":"38a6c976-4107-4d53-8d08-375ed4080152","block_type":"box","text":"CMO will depend on, among other things, the characteristics of the mor tgage assets, the coupon rate of each class","page_number":96,"box":{"x":69,"y":347,"width":825,"height":11}},{"id":"9a96b988-d6d9-4fca-9e49-3fddb8f7085c","block_type":"box","text":"of CMO, prevailing interest rates, the amount of administrative expenses and the prepayment experience on the","page_number":96,"box":{"x":69,"y":362,"width":798,"height":11}},{"id":"e2ae3c40-5305-44a6-88d7-f26e053f7159","block_type":"box","text":"mor tgage assets. In par t, the yield to maturity on the CMO residuals is extremely sensitive to prepayments on the","page_number":96,"box":{"x":69,"y":377,"width":813,"height":12}},{"id":"1b593470-7108-4571-95fd-9bd313c88264","block_type":"box","text":"related underlying mor tgage assets, in the same manner as an interest-only class of stripped mor tgage-related","page_number":96,"box":{"x":69,"y":392,"width":790,"height":12}},{"id":"3bd2700d-5d16-4ac3-b4a1-154721ababac","block_type":"box","text":"securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to","page_number":96,"box":{"x":69,"y":407,"width":805,"height":12}},{"id":"436d8513-8818-4d1a-9469-caab3960fba1","block_type":"box","text":"maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which","page_number":96,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"185517d4-ed90-4329-9426-f375ce368562","block_type":"box","text":"interest rate adjustments are based. In cer tain circumstances, a Fund may fail to recoup fully its initial investment in","page_number":96,"box":{"x":70,"y":438,"width":831,"height":11}},{"id":"6b96863f-96dd-4b11-b906-2acef72cf50a","block_type":"box","text":"a CMO residual.","page_number":96,"box":{"x":69,"y":453,"width":112,"height":9}},{"id":"c0d72657-4e9a-4cfb-b713-f314f57b2269","block_type":"box","text":"CMO residuals are generally purchased and sold by institutional investors through one or more investment","page_number":96,"box":{"x":102,"y":476,"width":758,"height":11}},{"id":"5a14a990-45f3-49cb-a7c7-06e42245d4e5","block_type":"box","text":"banking firms acting as brokers or dealers. Transactions in CMO residuals are generally completed only after careful","page_number":96,"box":{"x":69,"y":491,"width":827,"height":11}},{"id":"5f303e64-79a8-43dd-b4e7-0df6667e901a","block_type":"box","text":"review of the characteristics of the securities in question. In addition, CMO residuals may or, pursuant to an","page_number":96,"box":{"x":69,"y":506,"width":769,"height":11}},{"id":"ca0e5380-ebbc-4762-8d95-93c15ce08ca5","block_type":"box","text":"exemption therefrom, may not have been registered under the Securities Act. Residual interests generally are junior","page_number":96,"box":{"x":69,"y":521,"width":825,"height":11}},{"id":"c2e80ebd-05d9-4fea-98a6-af43f5fed3e2","block_type":"box","text":"to, and may be significantly more volatile than, “regular” CMO and REMIC interests. CMO residuals, whether or not","page_number":96,"box":{"x":68,"y":536,"width":820,"height":11}},{"id":"b2ed885e-2918-4076-9436-dd4d8070f564","block_type":"box","text":"registered under the Securities Act, may be subject to cer tain restrictions on transferability.","page_number":96,"box":{"x":69,"y":551,"width":650,"height":11}},{"id":"79b47f11-f257-4c16-95e7-e118f9c8ac1f","block_type":"box","text":"Stripped Mor tgage-Backed Securities.","page_number":96,"box":{"x":102,"y":574,"width":267,"height":11}},{"id":"8376b241-5840-4840-bd6c-f16b2af16e6c","block_type":"box","text":"A Fund may invest in stripped mor tgage-backed securities (“SMBSs”)","page_number":96,"box":{"x":375,"y":574,"width":493,"height":11}},{"id":"6816e586-3c5d-4c6c-9ddc-152bc131721d","block_type":"box","text":"issued by agencies or instrumentalities of the United States. SMBSs are derivative multi-class mor tgage-backed","page_number":96,"box":{"x":70,"y":589,"width":798,"height":11}},{"id":"c45bb082-29b5-4f35-80a7-4d837ead219b","block_type":"box","text":"securities. SMBS arrangements commonly involve two classes of securities that receive different propor tions of the","page_number":96,"box":{"x":69,"y":604,"width":826,"height":11}},{"id":"99f904ed-3f9c-4f52-92a1-381027396e36","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":96,"box":{"x":70,"y":619,"width":832,"height":11}},{"id":"d6859d5d-12f6-4a27-be80-62b08cdab629","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":96,"box":{"x":70,"y":634,"width":821,"height":12}},{"id":"2f25084a-5453-450c-8223-a89912a9e5b7","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":96,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"d65bba8f-d3d5-4a70-b6b2-215a1c554737","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":96,"box":{"x":69,"y":664,"width":822,"height":11}},{"id":"0972aead-c4a3-405d-8e63-f7cde5181736","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":96,"box":{"x":70,"y":680,"width":834,"height":11}},{"id":"5ce214b1-4ed2-4608-a08f-e088450da9ff","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":96,"box":{"x":68,"y":695,"width":800,"height":11}},{"id":"eaf84437-b571-4906-874f-1649e5e5c6e6","block_type":"box","text":"related underlying assets, and a rapid rate of principal prepayments in excess of that considered in pricing the","page_number":96,"box":{"x":69,"y":710,"width":786,"height":11}},{"id":"8deaf833-ffbe-4b0b-9636-e498afdac29c","block_type":"box","text":"securities will have a material adverse effect on an IO security’s yield to maturity. If the underlying mor tgage assets","page_number":96,"box":{"x":69,"y":725,"width":823,"height":11}},{"id":"e65e1ccf-2485-4ebe-96a2-b017e3224a26","block_type":"box","text":"experience greater than anticipated payments of principal, a Fund may fail to recoup fully its initial investment in IOs.","page_number":96,"box":{"x":69,"y":740,"width":832,"height":11}},{"id":"c4bd9639-563b-46e6-ad1d-7958cbb6e7f2","block_type":"box","text":"In addition, there are cer tain types of IOs that represent the interest por tion of a par ticular class as opposed to the","page_number":96,"box":{"x":70,"y":755,"width":824,"height":11}},{"id":"7bc552c5-4aab-442c-b912-651d702cce30","block_type":"box","text":"interest por tion of the entire pool. The sensitivity of this type of IO to interest rate fluctuations may be increased","page_number":96,"box":{"x":70,"y":770,"width":800,"height":11}},{"id":"3e96d4fa-0b5b-4b81-af25-272f2bfdd2e5","block_type":"box","text":"because of the characteristics of the principal por tion to which they relate. As a result of the above factors, a Fund","page_number":96,"box":{"x":69,"y":785,"width":818,"height":12}},{"id":"b9f47b37-1c85-4ab7-871f-2d017f0d6cee","block_type":"box","text":"generally will purchase IOs only as a component of so called “synthetic” securities. This means that purchases of IOs","page_number":96,"box":{"x":68,"y":801,"width":840,"height":11}},{"id":"68210062-aef0-4a11-80fa-aa717a611c9a","block_type":"box","text":"will be matched with cer tain purchases of other securities, such as POs, inverse floating rate CMOs or fixed rate","page_number":96,"box":{"x":68,"y":816,"width":802,"height":11}},{"id":"fad0076c-42ba-40a0-a8e4-9fab08582e80","block_type":"box","text":"securities; as interest rates fall, presenting a greater risk of unanticipated prepayments of principal, the negative","page_number":96,"box":{"x":69,"y":831,"width":805,"height":11}},{"id":"9ac93200-2de7-40c8-9292-71e2e3912975","block_type":"box","text":"effect on a Fund because of its holdings of IOs should be diminished somewhat because of the increased yield on","page_number":96,"box":{"x":69,"y":846,"width":814,"height":11}},{"id":"a1a6637b-ee74-4770-8b68-97d2eded0e38","block_type":"box","text":"the inverse floating rate CMOs or the increased appreciation on the POs or fixed rate securities.","page_number":96,"box":{"x":68,"y":861,"width":683,"height":11}},{"id":"91dcb8ec-c2c5-4ad9-a552-7a4e6d60f92f","block_type":"box","text":"Tiered Index Bonds.","page_number":96,"box":{"x":103,"y":884,"width":138,"height":9}},{"id":"86731249-b263-49c0-8371-88923060523d","block_type":"box","text":"Tiered index bonds are forms of mor tgage-related securities. The interest rate on a tiered","page_number":96,"box":{"x":247,"y":884,"width":638,"height":11}},{"id":"fe37cea1-7da8-45bf-8c6f-fe47ab26d614","block_type":"box","text":"index bond is tied to a specified index or market rate. So long as this index or market rate is below a predetermined","page_number":96,"box":{"x":70,"y":899,"width":825,"height":11}},{"id":"8229de48-897e-44b4-b15b-673524edad6e","block_type":"box","text":"II-54","page_number":96,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1fb1bbf3-480c-449a-95ae-0b7be9f04c7d","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":96,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1b5d1984-2ccc-43f0-be4c-05749fb59d5f","block_type":"box","text":"“strike” rate, the interest rate on the tiered index bond remains fixed. If, however, the specified index or market rate","page_number":97,"box":{"x":70,"y":45,"width":827,"height":11}},{"id":"3b73b193-807d-443d-8673-ac513811e161","block_type":"box","text":"rises above the “strike” rate, the interest rate of the tiered index bond will decrease. Thus, under these","page_number":97,"box":{"x":69,"y":60,"width":738,"height":10}},{"id":"486c80e2-3628-44af-808a-d0ac955118b6","block_type":"box","text":"circumstances, the interest rate on a tiered index bond, like an inverse floater, will move in the opposite direction of","page_number":97,"box":{"x":69,"y":75,"width":828,"height":11}},{"id":"ab779391-6c67-40de-98b1-67cf9b937781","block_type":"box","text":"prevailing interest rates, with the result that the price of the tiered index bond may be considerably more volatile than","page_number":97,"box":{"x":70,"y":90,"width":836,"height":11}},{"id":"c40e1759-1a4f-4243-8fdb-0aeedab53782","block_type":"box","text":"that of a fixed-rate bond.","page_number":97,"box":{"x":68,"y":105,"width":174,"height":9}},{"id":"cf96fec4-18c2-4151-b09b-410d742b9a51","block_type":"box","text":"TBA Commitments.","page_number":97,"box":{"x":103,"y":128,"width":133,"height":9}},{"id":"698a1ba6-1277-4b42-bbaf-fff0b455edd6","block_type":"box","text":"Cer tain Funds may enter into “to be announced” or “TBA” commitments. TBA commitments","page_number":97,"box":{"x":243,"y":128,"width":653,"height":11}},{"id":"231f9b51-fdba-4343-be9a-72e768366b41","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":97,"box":{"x":69,"y":143,"width":834,"height":11}},{"id":"4bcdd44b-de9e-4225-9aae-2d21a408b9f0","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":97,"box":{"x":68,"y":158,"width":825,"height":11}},{"id":"336e79ab-698c-4720-93c1-5937532788da","block_type":"box","text":"identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and","page_number":97,"box":{"x":70,"y":173,"width":793,"height":11}},{"id":"01698727-214a-4d4b-b3ee-db6e413d9c2c","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":97,"box":{"x":69,"y":188,"width":833,"height":12}},{"id":"d4e38219-270d-4e35-974e-8530bfd449c9","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":97,"box":{"x":70,"y":203,"width":804,"height":12}},{"id":"280b3e05-2354-464f-8ff3-52ce2b957a29","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":97,"box":{"x":69,"y":218,"width":779,"height":12}},{"id":"02e18f82-8bb7-4719-8323-72150f3f4f44","block_type":"box","text":"required to be delivered. See “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”","page_number":97,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"d469e89b-77d6-45d6-9d9f-2663e1c51d60","block_type":"box","text":"below.","page_number":97,"box":{"x":69,"y":249,"width":43,"height":9}},{"id":"b3887e4d-5a8f-44d7-b9fa-fa61c66e44d6","block_type":"box","text":"Mor tgage Dollar Rolls.","page_number":97,"box":{"x":102,"y":272,"width":157,"height":11}},{"id":"276fee67-00d6-4bc1-adef-4cfe915f8f57","block_type":"box","text":"Cer tain Funds may invest in mor tgage dollar rolls. In a mor tgage dollar roll transaction, a","page_number":97,"box":{"x":266,"y":272,"width":634,"height":11}},{"id":"0ba27618-4d89-4f96-b4cc-377ad6b6c40d","block_type":"box","text":"Fund sells mor tgage-backed securities for delivery in the current month and simultaneously contracts to repurchase","page_number":97,"box":{"x":70,"y":286,"width":825,"height":12}},{"id":"09d40594-4ff2-4ea4-936f-1562bf866d74","block_type":"box","text":"substantially similar securities on a specified future date. The securities that are repurchased will bear the same","page_number":97,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"e66cdfdc-4d6b-42ff-a802-7c9c1b8244dd","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":97,"box":{"x":70,"y":317,"width":817,"height":11}},{"id":"7bd6d5b8-eb2e-452f-8faa-d0cacf3f43d5","block_type":"box","text":"different prepayment histories than those sold. During the period between the sale and repurchase, a Fund will not","page_number":97,"box":{"x":69,"y":332,"width":820,"height":11}},{"id":"8d27a04b-1399-41f7-9e58-bb2f6c535bdc","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":97,"box":{"x":69,"y":347,"width":827,"height":11}},{"id":"da5b156b-d8eb-4548-8b60-9391a20bfcc3","block_type":"box","text":"additional instruments for the Fund, and the income from these investments will generate income for the Fund. If","page_number":97,"box":{"x":69,"y":362,"width":806,"height":11}},{"id":"2cfe5fcf-a6b2-4855-a41b-73ccc05e3db6","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":97,"box":{"x":69,"y":377,"width":833,"height":12}},{"id":"9b4281b2-8541-4d5b-975e-49d4e77dabb0","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":97,"box":{"x":69,"y":392,"width":836,"height":11}},{"id":"3f5a3e3c-cc58-465a-9bfb-9db2097e7b1b","block_type":"box","text":"compared with what the per formance would have been without the use of dollar rolls.","page_number":97,"box":{"x":69,"y":407,"width":607,"height":11}},{"id":"ca480273-7b24-437d-8ccb-0e8c2211ac8c","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":97,"box":{"x":102,"y":430,"width":744,"height":11}},{"id":"5fd45741-5d84-4cab-9119-e739a0b2a758","block_type":"box","text":"subsequent purchase or sale of a substantially similar security in the forward market. Transactions in mor tgage","page_number":97,"box":{"x":69,"y":445,"width":796,"height":12}},{"id":"65bf0fe5-6e24-416c-a4d3-32cb4db22467","block_type":"box","text":"dollar rolls may increase trading costs and por tfolio turnover.","page_number":97,"box":{"x":69,"y":460,"width":433,"height":12}},{"id":"2b40a403-dee0-4253-8321-5258597ca0f5","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":97,"box":{"x":102,"y":483,"width":795,"height":11}},{"id":"550f35f4-ce44-4d0e-8322-70eb1fd426dd","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":97,"box":{"x":70,"y":498,"width":824,"height":11}},{"id":"6f00075c-31ae-4edd-ab8c-e511cc6266d1","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":97,"box":{"x":69,"y":513,"width":774,"height":12}},{"id":"d59562c1-79e9-4b73-8312-575b87b2f406","block_type":"box","text":"securities in the forward transaction.","page_number":97,"box":{"x":69,"y":528,"width":261,"height":9}},{"id":"4298bcf9-3283-43d7-a0d2-5e9b000d77b2","block_type":"box","text":"A Fund may engage in dollar roll transactions to enhance returns. Successful use of mor tgage dollar rolls may","page_number":97,"box":{"x":101,"y":551,"width":785,"height":11}},{"id":"6caa5eff-ab1a-40be-863a-e7a96314a29d","block_type":"box","text":"depend upon the Manager’s ability to correctly predict interest rates and prepayments. Dollar rolls involve the risk","page_number":97,"box":{"x":69,"y":566,"width":812,"height":11}},{"id":"86ecea1f-fed6-44c5-90b5-b4df955db73f","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":97,"box":{"x":68,"y":581,"width":824,"height":11}},{"id":"4d3bba33-eaa7-4d8c-a0d5-b11dfefac76b","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":97,"box":{"x":69,"y":596,"width":824,"height":12}},{"id":"1c4ead78-89a4-409b-b42a-ee66840e7470","block_type":"box","text":"of the forward commitment. Dollar rolls are speculative techniques that can be deemed to involve leverage. There is","page_number":97,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"8120e475-d440-4f67-92cc-1a15d5a55178","block_type":"box","text":"no assurance that dollar rolls can be successfully employed.","page_number":97,"box":{"x":69,"y":627,"width":430,"height":11}},{"id":"1744926e-2940-4bc9-b39a-2adea6921c65","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":97,"box":{"x":102,"y":649,"width":759,"height":12}},{"id":"1d8cd1e0-3225-49bd-bd4f-538174cabf4d","block_type":"box","text":"securities (","page_number":97,"box":{"x":69,"y":665,"width":78,"height":11}},{"id":"b3e9a60f-61d7-41c7-a6c9-2b07f34b319c","block_type":"box","text":"e.g.","page_number":97,"box":{"x":148,"y":666,"width":25,"height":10}},{"id":"99403614-22fc-4b35-a2cd-4912aad8c5a8","block_type":"box","text":", dollar rolls and firm and standby commitments, including TBA commitments) and non-standard","page_number":97,"box":{"x":176,"y":664,"width":681,"height":12}},{"id":"7c2ecdbd-c8a6-4485-8da5-f1e3d2106b91","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":97,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"70c7c378-97de-41bc-ada3-90ef2dd392fc","block_type":"box","text":"Investment Company Act, provided that the transaction meets the Delayed-Settlement Securities Provision (as","page_number":97,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"247efe70-ec4c-472b-b7b5-cf99752db87e","block_type":"box","text":"defined below under “—When-Issued Securities, Delayed Delivery Securities and Forward Commitments”). If a when","page_number":97,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"f69bff69-4065-427f-991b-ac8ff8cb4cef","block_type":"box","text":"issued, forward-settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities","page_number":97,"box":{"x":70,"y":725,"width":830,"height":11}},{"id":"65a532c5-a97e-435a-9675-b68281b6cd27","block_type":"box","text":"Provision, then it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of","page_number":97,"box":{"x":69,"y":740,"width":788,"height":11}},{"id":"d4ca9221-458f-42ae-9c83-7250dea4f97c","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":97,"box":{"x":70,"y":755,"width":489,"height":11}},{"id":"933fc0d1-9a0c-40e8-9029-25d26075b9cf","block_type":"box","text":"Net Interest Margin (NIM) Securities.","page_number":97,"box":{"x":102,"y":778,"width":260,"height":11}},{"id":"5655bf21-6f59-4a9a-8cb0-e5ee863f41a0","block_type":"box","text":"A Fund may invest in net interest margin (“NIM”) securities. These","page_number":97,"box":{"x":368,"y":778,"width":473,"height":11}},{"id":"bb590815-0485-4fb0-97f0-1ad8eae471d9","block_type":"box","text":"securities are derivative interest-only mor tgage securities structured off home equity loan transactions. NIM","page_number":97,"box":{"x":69,"y":793,"width":768,"height":11}},{"id":"0a4b807a-38a6-4000-bddf-0bb570da7794","block_type":"box","text":"securities receive any “excess” interest computed after paying coupon costs, servicing costs and fees and any credit","page_number":97,"box":{"x":69,"y":808,"width":836,"height":11}},{"id":"12e98ba2-ff24-44bf-980d-f974a92e7a60","block_type":"box","text":"losses associated with the underlying pool of home equity loans. Like traditional stripped mor tgage-backed","page_number":97,"box":{"x":70,"y":823,"width":760,"height":12}},{"id":"dd1bdd6b-fd6d-47a7-b978-0261204847ca","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":97,"box":{"x":69,"y":839,"width":832,"height":11}},{"id":"409ca0df-ecd2-41a9-9042-65782f1d951b","block_type":"box","text":"to the rate of principal payments (including prepayments) on the underlying home equity loans. NIM securities are","page_number":97,"box":{"x":68,"y":853,"width":810,"height":12}},{"id":"94723ffe-451d-4e5a-98bb-81ae3f4799f4","block_type":"box","text":"highly sensitive to credit losses on the underlying collateral and the timing in which those losses are taken.","page_number":97,"box":{"x":69,"y":869,"width":764,"height":11}},{"id":"c3955e6b-2cb5-42fa-8000-7f7582cc12b7","block_type":"box","text":"Municipal Investments.","page_number":97,"box":{"x":102,"y":891,"width":169,"height":11}},{"id":"9c541e9a-01c9-44ce-b743-7d3deec1c874","block_type":"box","text":"II-55","page_number":97,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"07475a1f-91b2-4e40-8fe9-8897fad65622","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":97,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"01c15149-0943-4f02-bb1d-01a8d961e053","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":98,"box":{"x":102,"y":45,"width":763,"height":11}},{"id":"1def69f8-7505-4bcd-b74c-577901d56cb7","block_type":"box","text":"United States and the District of Columbia and their political subdivisions, agencies and instrumentalities, the","page_number":98,"box":{"x":70,"y":60,"width":783,"height":11}},{"id":"31caa7ba-f173-43c8-96b2-42d3d11f953b","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":98,"box":{"x":70,"y":75,"width":833,"height":11}},{"id":"a334f670-9a4c-4123-b07f-cc1a17dd4a03","block_type":"box","text":"income tax purposes (“Municipal Bonds”). Cer tain of the Municipal Funds may also invest in Municipal Bonds that","page_number":98,"box":{"x":70,"y":90,"width":813,"height":11}},{"id":"456d78ff-7122-41b1-9eec-f7f1bc25b923","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":98,"box":{"x":70,"y":105,"width":836,"height":11}},{"id":"044f5bcc-9d3e-4ba4-bf59-a59e83b7d672","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":98,"box":{"x":69,"y":120,"width":779,"height":12}},{"id":"7186d909-1e26-4841-9ee0-6dab59629e41","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":98,"box":{"x":70,"y":135,"width":838,"height":11}},{"id":"68e23c77-b102-42b9-987f-94906a1e076c","block_type":"box","text":"or by an agency or instrumentality thereof, if the Manager believes such securities to pay interest excludable from","page_number":98,"box":{"x":69,"y":150,"width":810,"height":12}},{"id":"1f8d3634-3f5d-4533-a086-e81f5b0d51e3","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":98,"box":{"x":68,"y":166,"width":834,"height":11}},{"id":"5f829376-8821-491d-8c4a-5dea579699ad","block_type":"box","text":"or state and local personal proper ty taxes of the designated state (“Non-Municipal Tax-Exempt Securities”). Non","page_number":98,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"b9ca50df-58a4-4b62-83c8-a5d49a8f43ab","block_type":"box","text":"Municipal Tax-Exempt Securities could include trust cer tificates or other instruments evidencing interest in one or","page_number":98,"box":{"x":70,"y":196,"width":807,"height":11}},{"id":"51f801f3-41a3-4d87-ba27-55a93171441d","block_type":"box","text":"more long-term municipal securities. Non-Municipal Tax-Exempt Securities also may include securities issued by other","page_number":98,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"c445f6e8-f8d9-41fa-900c-74b524893153","block_type":"box","text":"investment companies that invest in municipal bonds, to the extent such investments are permitted by applicable","page_number":98,"box":{"x":70,"y":226,"width":809,"height":11}},{"id":"301b71ad-3ee3-496e-a14c-185ec6282898","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":98,"box":{"x":70,"y":241,"width":826,"height":11}},{"id":"1d0fed83-1f61-4b26-8837-30d027502c9f","block_type":"box","text":"purposes will be considered “Municipal Bonds” for purposes of a Municipal Fund’s investment objective and policies.","page_number":98,"box":{"x":70,"y":256,"width":834,"height":11}},{"id":"5250bf33-ce0d-43ee-a32b-ec2308df3825","block_type":"box","text":"Non-Municipal Tax-Exempt Securities that pay interest excludable from gross income for purposes of U.S. federal","page_number":98,"box":{"x":70,"y":271,"width":800,"height":12}},{"id":"66d1ea62-29a8-4e99-8713-a36ddd2fd7f8","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":98,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"90e79223-9885-4695-9f76-54fdd4cf4bac","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":98,"box":{"x":69,"y":302,"width":805,"height":11}},{"id":"a7dbb0a3-056a-45ab-9d8d-b6eef3a79b91","block_type":"box","text":"purposes of the investment objective and policies of each of California Municipal Oppor tunities Fund, New Jersey","page_number":98,"box":{"x":70,"y":317,"width":805,"height":11}},{"id":"9ce49563-1bb0-430d-8996-188154153b8c","block_type":"box","text":"Municipal Bond Fund, New York Municipal Oppor tunities Fund and Pennsylvania Municipal Bond Fund.","page_number":98,"box":{"x":70,"y":332,"width":721,"height":11}},{"id":"1474f19d-d46d-4890-9daf-25aab8325dae","block_type":"box","text":"Risk Factors and Special Considerations Relating to Municipal Bonds.","page_number":98,"box":{"x":102,"y":355,"width":495,"height":11}},{"id":"301ea1fc-33a4-47ca-9d02-fb2e58d88576","block_type":"box","text":"The risks and special considerations","page_number":98,"box":{"x":603,"y":355,"width":260,"height":11}},{"id":"6f7acebc-a002-4f34-bb7e-65da3f6c1954","block_type":"box","text":"involved in investment in Municipal Bonds vary with the types of instruments being acquired. Investments in Non","page_number":98,"box":{"x":70,"y":370,"width":806,"height":11}},{"id":"60aba5a9-c282-46a2-bb89-523246262d3c","block_type":"box","text":"Municipal Tax-Exempt Securities may present similar risks, depending on the par ticular product. Cer tain municipal","page_number":98,"box":{"x":70,"y":385,"width":810,"height":11}},{"id":"d6015945-7394-496c-bc48-387d7cdb0d2a","block_type":"box","text":"instruments in which a Fund may invest may be characterized as derivatives.","page_number":98,"box":{"x":70,"y":400,"width":544,"height":11}},{"id":"64869d70-1da3-44fc-81f2-5b54acdf1ae3","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":98,"box":{"x":101,"y":423,"width":799,"height":11}},{"id":"6501a47e-991a-4772-ab5d-f52448f35b50","block_type":"box","text":"legislation or litigation, including legislation or litigation that changes the taxation of Municipal Bonds or the rights of","page_number":98,"box":{"x":70,"y":438,"width":829,"height":11}},{"id":"2949d56b-0852-4345-922e-043613b63eb8","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":98,"box":{"x":70,"y":453,"width":814,"height":11}},{"id":"efe16148-e6c8-47cc-8686-4f4a05043d5d","block_type":"box","text":"U.S. Bankruptcy Code governing such bankruptcies are unclear. Fur ther, the application of state law to Municipal","page_number":98,"box":{"x":70,"y":468,"width":802,"height":11}},{"id":"e2bb4501-d058-47c9-8174-66276412d35b","block_type":"box","text":"Bond issuers could produce varying results among the states or among Municipal Bond issuers within a state. These","page_number":98,"box":{"x":70,"y":483,"width":834,"height":11}},{"id":"8b7c336d-52a0-43fb-a2cb-302bc8b0597b","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":98,"box":{"x":69,"y":498,"width":761,"height":11}},{"id":"974f984f-b93a-449a-bbea-89abe0e5cc61","block_type":"box","text":"II-56","page_number":98,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"6c555f15-9c36-4ac0-a065-10411179693b","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":98,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"beeb79f7-2577-4ed8-95ff-0c165284af2b","block_type":"box","text":"Description of Municipal Bonds.","page_number":99,"box":{"x":70,"y":45,"width":224,"height":11}},{"id":"0c4fb1b0-fa80-4f11-8140-f42812f178e2","block_type":"box","text":"Municipal Bonds include debt obligations issued to obtain funds for various public purposes, including the","page_number":99,"box":{"x":102,"y":67,"width":754,"height":12}},{"id":"89d28db8-6019-4b75-a277-45dde53145b2","block_type":"box","text":"construction of a wide range of public facilities, refunding of outstanding obligations and obtaining funds for general","page_number":99,"box":{"x":69,"y":82,"width":824,"height":12}},{"id":"5b3ca67f-2a95-4003-9e8b-88a29a73a509","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":99,"box":{"x":69,"y":98,"width":836,"height":11}},{"id":"6c58fb40-c493-4c1f-8de8-0ef2bda726e9","block_type":"box","text":"by or on behalf of public authorities to finance various privately owned or operated facilities, including cer tain","page_number":99,"box":{"x":69,"y":113,"width":776,"height":11}},{"id":"996821e5-8b90-40f0-86aa-1565f4ea5d0d","block_type":"box","text":"facilities for the local furnishing of electric energy or gas, sewage facilities, solid waste disposal facilities and other","page_number":99,"box":{"x":68,"y":128,"width":822,"height":11}},{"id":"40a1337e-b630-49c9-9de9-2d77bd3c1127","block_type":"box","text":"specialized facilities. Such obligations are included within the term Municipal Bonds if the interest paid thereon is","page_number":99,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"a2ac901c-d295-4609-b1f2-1fe541cb14d4","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":99,"box":{"x":69,"y":158,"width":808,"height":11}},{"id":"282c7251-75cd-43cc-9299-f37c1b2ae21c","block_type":"box","text":"types of private activity bonds, the proceeds of which are used for the construction, equipment or improvement of","page_number":99,"box":{"x":68,"y":173,"width":812,"height":11}},{"id":"e6afe3a7-e275-48e6-9b99-9e8a78062598","block_type":"box","text":"privately operated industrial or commercial facilities, may constitute Municipal Bonds, although the current U.S.","page_number":99,"box":{"x":70,"y":188,"width":792,"height":12}},{"id":"79218786-86e0-4fc9-b942-07b0837db71c","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":99,"box":{"x":68,"y":203,"width":835,"height":12}},{"id":"e0647827-1221-4a0c-97c4-04953180ab21","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":99,"box":{"x":68,"y":218,"width":840,"height":12}},{"id":"28a89d38-3264-4bc0-9830-54f3f46230ae","block_type":"box","text":"obligation” and “revenue” or “special obligation” bonds, which latter category includes private activity bonds (“PABs”)","page_number":99,"box":{"x":69,"y":234,"width":838,"height":11}},{"id":"3ddabebd-f6a7-41a8-904b-585f90d9c6f4","block_type":"box","text":"(or “industrial development bonds” under pre-1986 law).","page_number":99,"box":{"x":69,"y":249,"width":401,"height":11}},{"id":"a7337240-8561-4cfb-a7e4-e6cf55036f74","block_type":"box","text":"General Obligation Bonds.","page_number":99,"box":{"x":102,"y":272,"width":184,"height":11}},{"id":"a3233aea-598d-4739-b2c5-8efe200a0198","block_type":"box","text":"General obligation bonds are secured by the issuer’s pledge of its full faith, credit and","page_number":99,"box":{"x":292,"y":271,"width":613,"height":12}},{"id":"e221630c-d075-4db0-b2ce-1c5a37e8ba96","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":99,"box":{"x":68,"y":286,"width":816,"height":12}},{"id":"3da9d956-a4d9-4a4f-abe6-cec64430dd7b","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":99,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"b6c35084-1273-4fbf-beac-1ae361995679","block_type":"box","text":"including potential erosion of its tax base due to population declines, natural disasters, declines in the state’s","page_number":99,"box":{"x":70,"y":317,"width":786,"height":11}},{"id":"70ec6b44-ef94-42a2-9c71-ace3f60fee09","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":99,"box":{"x":70,"y":332,"width":835,"height":11}},{"id":"9f7e8b2b-363b-474a-9b83-83b535e3e309","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":99,"box":{"x":69,"y":347,"width":840,"height":11}},{"id":"b78c395e-9517-434e-8641-72989fe60d97","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":99,"box":{"x":69,"y":362,"width":782,"height":11}},{"id":"f6b6c277-dfc9-4801-9503-ed4bea88c019","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":99,"box":{"x":68,"y":377,"width":791,"height":12}},{"id":"c9589633-0bd2-4763-b871-477cd3e2c31d","block_type":"box","text":"repayment of principal when due is affected by the issuer’s maintenance of its tax base.","page_number":99,"box":{"x":69,"y":392,"width":630,"height":12}},{"id":"fdfb19ad-e4e5-4e00-a42b-5d9791d8afb4","block_type":"box","text":"Revenue Bonds.","page_number":99,"box":{"x":102,"y":415,"width":114,"height":9}},{"id":"968bc13c-7df0-48aa-a9dc-038d5432d0b1","block_type":"box","text":"Revenue bonds are payable only from the revenues derived from a par ticular facility or class of","page_number":99,"box":{"x":223,"y":415,"width":676,"height":11}},{"id":"60383438-7fe0-44bd-982c-20766a671422","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":99,"box":{"x":68,"y":430,"width":791,"height":11}},{"id":"ec214164-e635-4e30-9806-5567837d3dda","block_type":"box","text":"payments from the user of the facility being financed; accordingly, the timely payment of interest and the repayment","page_number":99,"box":{"x":70,"y":445,"width":824,"height":12}},{"id":"84cbb69a-523c-423b-8155-e5df7bfdf18a","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":99,"box":{"x":69,"y":460,"width":798,"height":12}},{"id":"7df6f284-c8e0-4532-8ae4-a4a3b6de5cea","block_type":"box","text":"viability of such facility or such revenue source.","page_number":99,"box":{"x":68,"y":475,"width":336,"height":12}},{"id":"ddf87ab6-5b1a-40bb-9c8e-ebb033a8f87e","block_type":"box","text":"Revenue bonds issued by state or local agencies to finance the development of low-income, multi-family housing","page_number":99,"box":{"x":102,"y":498,"width":801,"height":11}},{"id":"bdf61246-8386-4d16-bcdb-99117362460f","block_type":"box","text":"involve special risks in addition to those associated with municipal bonds generally, including that the underlying","page_number":99,"box":{"x":70,"y":514,"width":800,"height":11}},{"id":"401e6907-7d47-4220-90a6-b3edbf1e4cd8","block_type":"box","text":"proper ties may not generate sufficient income to pay expenses and interest costs. Such bonds are generally non","page_number":99,"box":{"x":70,"y":528,"width":810,"height":12}},{"id":"61f62f38-a3b5-4e36-b191-03b7e9ce1a8e","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":99,"box":{"x":69,"y":543,"width":830,"height":12}},{"id":"a7512b72-8115-48fd-ac8d-6822238f0944","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":99,"box":{"x":70,"y":559,"width":828,"height":11}},{"id":"4c41919d-b068-45c0-b3a6-f9625bc3a9e4","block_type":"box","text":"and may be used to finance the construction of housing developments which, until completed and rented, do not","page_number":99,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"e2ac8c15-6eb1-446c-92be-b4915a0954cd","block_type":"box","text":"generate income to pay interest. Increases in interest rates payable on senior obligations may make it more difficult","page_number":99,"box":{"x":68,"y":589,"width":830,"height":11}},{"id":"9f215eba-b847-4c99-afae-9e1aa75b1b46","block_type":"box","text":"for issuers to meet payment obligations on subordinated bonds.","page_number":99,"box":{"x":68,"y":604,"width":457,"height":11}},{"id":"6f658e33-03f2-4770-b168-2a61a8856f60","block_type":"box","text":"PABs.","page_number":99,"box":{"x":102,"y":627,"width":38,"height":9}},{"id":"8d6ff5f8-5323-434c-ae1e-11586416cfd7","block_type":"box","text":"PABs are, in most cases, tax-exempt securities issued by states, municipalities or public authorities to","page_number":99,"box":{"x":147,"y":627,"width":730,"height":11}},{"id":"7346da1b-2182-4607-a7ae-36c7bbbe2f8a","block_type":"box","text":"provide funds, usually through a loan or lease arrangement, to a private entity for the purpose of financing","page_number":99,"box":{"x":70,"y":642,"width":755,"height":11}},{"id":"698c8ca9-df4d-4947-bc57-b4a54f2376a4","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":99,"box":{"x":69,"y":657,"width":797,"height":11}},{"id":"ab4f79fc-867c-4eb0-ab2c-691b2e6d9c61","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":99,"box":{"x":69,"y":672,"width":793,"height":11}},{"id":"6e0d3344-d33c-440f-85e0-4cd42b4ce443","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":99,"box":{"x":70,"y":687,"width":840,"height":11}},{"id":"889203b1-97da-49f5-9741-5d34dd7eecd5","block_type":"box","text":"such bonds. Therefore, an investor should understand that repayment of such bonds generally depends on the","page_number":99,"box":{"x":69,"y":702,"width":789,"height":12}},{"id":"624c139b-5f04-4c37-a865-9be0e006f1e3","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":99,"box":{"x":69,"y":717,"width":832,"height":12}},{"id":"617bff5d-301e-407e-ad92-18894da40aa2","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":99,"box":{"x":69,"y":732,"width":802,"height":12}},{"id":"592349a1-512a-470b-8bc7-30cad1a92b79","block_type":"box","text":"many factors including the size of the entity, its capital structure, demand for its products or services, competition,","page_number":99,"box":{"x":69,"y":748,"width":819,"height":11}},{"id":"6961aee8-a740-415e-8c81-d8bff282476d","block_type":"box","text":"general economic conditions, government regulation and the entity’s dependence on revenues for the operation of","page_number":99,"box":{"x":68,"y":763,"width":816,"height":11}},{"id":"021ebbbb-687d-426b-b42f-501e4a43f683","block_type":"box","text":"the par ticular facility being financed.","page_number":99,"box":{"x":68,"y":778,"width":258,"height":11}},{"id":"312d7e47-e890-4295-adcf-b82a93d0c4df","block_type":"box","text":"Moral Obligation Bonds.","page_number":99,"box":{"x":102,"y":801,"width":169,"height":11}},{"id":"9bad185f-6fd2-4128-a3bc-8620124c932f","block_type":"box","text":"“Moral obligation” bonds are normally issued by special purpose public authorities. If an","page_number":99,"box":{"x":278,"y":801,"width":628,"height":11}},{"id":"6709338c-b90c-4ba4-984c-9f21aeff8f54","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":99,"box":{"x":70,"y":816,"width":809,"height":11}},{"id":"00fcb007-d7e0-4ac3-9285-698ae69b9e27","block_type":"box","text":"commitment but not a legal obligation of the state or municipality that created the special purpose public authority","page_number":99,"box":{"x":69,"y":831,"width":816,"height":11}},{"id":"94e76cc9-0433-4f07-afd4-72f84064b14e","block_type":"box","text":"that issued the bonds.","page_number":99,"box":{"x":68,"y":846,"width":160,"height":9}},{"id":"d0a1fccb-1182-41e6-8a0f-3bce6d5715ff","block_type":"box","text":"Municipal Notes.","page_number":99,"box":{"x":102,"y":869,"width":118,"height":11}},{"id":"31bb0318-a1bb-4b75-a455-330d34c532ed","block_type":"box","text":"Municipal notes are shor ter term municipal debt obligations. They may provide interim financing","page_number":99,"box":{"x":227,"y":869,"width":683,"height":11}},{"id":"e5ab1bfc-2afb-40a0-b830-519292685048","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":99,"box":{"x":70,"y":884,"width":807,"height":11}},{"id":"96fcb95b-a67c-4e55-8a14-88d8dc745cea","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":99,"box":{"x":69,"y":899,"width":739,"height":11}},{"id":"161a13d0-501c-4625-bec6-c30717baaa27","block_type":"box","text":"II-57","page_number":99,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a8232ac8-209a-4b6c-88cc-710d89003da1","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":99,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"fb2e51fb-27df-4cd1-8332-ba9989e54c73","block_type":"box","text":"Municipal Commercial Paper.","page_number":100,"box":{"x":102,"y":45,"width":205,"height":11}},{"id":"62dd57fa-8f23-457d-b2ff-790ebc6a445e","block_type":"box","text":"Municipal commercial paper is generally unsecured and issued to meet shor t-term","page_number":100,"box":{"x":314,"y":45,"width":586,"height":11}},{"id":"04380645-e07d-459d-8a55-c84deb197ff0","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":100,"box":{"x":68,"y":60,"width":767,"height":11}},{"id":"82dbe705-86fb-4af9-b19d-29cf6ec1797c","block_type":"box","text":"bankruptcy, unsecured creditors are repaid only after the secured creditors out of the assets, if any, that remain.","page_number":100,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"76d5cc79-9349-477a-8bb3-c217f07d1e04","block_type":"box","text":"Municipal Lease Obligations.","page_number":100,"box":{"x":102,"y":98,"width":203,"height":11}},{"id":"a86dc523-95df-43c0-afb2-29e30da3768e","block_type":"box","text":"Also included within the general category of Municipal Bonds are cer tificates of","page_number":100,"box":{"x":311,"y":98,"width":566,"height":11}},{"id":"d689f9b1-bc7f-4984-a9f9-768afdb979d8","block_type":"box","text":"par ticipation (“COPs”) issued by government authorities or entities to finance the acquisition or construction of","page_number":100,"box":{"x":70,"y":113,"width":791,"height":11}},{"id":"660b92a0-1295-4f55-8d38-0cdd2b4c2196","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":100,"box":{"x":69,"y":128,"width":840,"height":11}},{"id":"1caa76b4-31eb-4c59-9960-5f45798bc3da","block_type":"box","text":"conditional sales contract (hereinafter collectively called “lease obligations”) relating to such equipment, land or","page_number":100,"box":{"x":69,"y":143,"width":800,"height":11}},{"id":"2796fb12-4920-443b-acac-be3a92c58a17","block_type":"box","text":"facilities. Municipal leases, like other municipal debt obligations, are subject to the risk of non-payment. Although","page_number":100,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"415dd66a-b6cb-4724-8d12-f5571b07720c","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":100,"box":{"x":70,"y":173,"width":820,"height":11}},{"id":"fd62900f-87b7-478b-9c96-40e1ae1411b5","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":100,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"f4296de5-a2d6-4c3b-92fa-e73e292ecd27","block_type":"box","text":"payments due under the lease obligation. However, cer tain lease obligations contain “non-appropriation” clauses,","page_number":100,"box":{"x":70,"y":204,"width":809,"height":11}},{"id":"d5d123a3-fb17-4107-9997-e12ffcd4d177","block_type":"box","text":"which provide that the issuer has no obligation to make lease or installment purchase payments in future years","page_number":100,"box":{"x":68,"y":218,"width":795,"height":12}},{"id":"bfb6b8ca-ebaa-426d-9ad5-c836ead2e56e","block_type":"box","text":"unless money is appropriated for such purpose on a yearly basis. Although “non-appropriation” lease obligations are","page_number":100,"box":{"x":69,"y":234,"width":829,"height":11}},{"id":"25045887-34a9-4df7-9985-75f4eb63a6f4","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":100,"box":{"x":69,"y":249,"width":810,"height":11}},{"id":"8aa50e6c-0842-4e25-b703-388f28d0d4db","block_type":"box","text":"securities represent a type of financing that has not yet developed the depth of marketability associated with more","page_number":100,"box":{"x":69,"y":264,"width":817,"height":11}},{"id":"3eaee86b-d5e9-4388-bda7-e4ca584bf5bb","block_type":"box","text":"conventional securities. Cer tain investments in lease obligations may be illiquid.","page_number":100,"box":{"x":69,"y":279,"width":572,"height":11}},{"id":"00312459-16a9-4858-919e-ca280619b52e","block_type":"box","text":"The ability of issuers of municipal leases to make timely lease payments may be adversely impacted in general","page_number":100,"box":{"x":101,"y":302,"width":791,"height":11}},{"id":"48eec4ec-302a-4f04-b26e-cfb6f49e0492","block_type":"box","text":"economic downturns and as relative governmental cost burdens are allocated and reallocated among federal, state","page_number":100,"box":{"x":69,"y":317,"width":822,"height":11}},{"id":"b61b7c03-74a6-4eb6-88af-ff2774795aff","block_type":"box","text":"and local governmental units. Such non-payment would result in a reduction of income to a Fund and could result in a","page_number":100,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"d89b56e6-eca0-4fa3-928b-0ce4719aa083","block_type":"box","text":"reduction in the value of the municipal lease experiencing non-payment and a potential decrease in the NAV of a","page_number":100,"box":{"x":69,"y":347,"width":798,"height":11}},{"id":"b6c75d5a-33b0-4793-b81a-458dacde504c","block_type":"box","text":"Fund. Issuers of municipal securities might seek protection under the bankruptcy laws. In the event of bankruptcy of","page_number":100,"box":{"x":70,"y":362,"width":828,"height":11}},{"id":"0ade2eb9-9e84-4f90-a0b8-69a8332b70f5","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":100,"box":{"x":69,"y":377,"width":833,"height":11}},{"id":"77c599d9-924c-4d04-a86c-66cbd5b33eae","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":100,"box":{"x":69,"y":393,"width":807,"height":11}},{"id":"f4b85b24-f1ce-45d8-b5d5-bfdf26b5b151","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":100,"box":{"x":68,"y":407,"width":835,"height":12}},{"id":"1dd62521-d619-4a6d-81dc-b1fdd2dfadde","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":100,"box":{"x":69,"y":423,"width":828,"height":11}},{"id":"5d3c5da2-f1f9-470b-8bdd-b4f77b6ddcba","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":100,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"4db3562e-df2b-4b41-8fce-b6ab5413fb4d","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":100,"box":{"x":68,"y":453,"width":793,"height":11}},{"id":"79e07d1d-2e8d-47f1-8d3a-5ea4a4cfac79","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":100,"box":{"x":70,"y":468,"width":810,"height":11}},{"id":"ea67862f-a140-413b-9164-156ccbd04d0f","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":100,"box":{"x":70,"y":483,"width":820,"height":11}},{"id":"564bac62-bfd7-4adc-806c-2c3fd24449d6","block_type":"box","text":"exercise its rights by taking possession of such assets, because as a regulated investment company a Fund is","page_number":100,"box":{"x":69,"y":498,"width":790,"height":11}},{"id":"d307aefa-5400-4609-a12f-80088f41bbe4","block_type":"box","text":"subject to cer tain limitations on its investments and on the nature of its income.","page_number":100,"box":{"x":69,"y":513,"width":574,"height":11}},{"id":"f584ed32-3e9c-49b5-896d-b7a2247c38ea","block_type":"box","text":"Tender Option Bonds.","page_number":100,"box":{"x":103,"y":536,"width":150,"height":11}},{"id":"4c8ab645-1755-4102-95b2-ea7a0d8cea83","block_type":"box","text":"Cer tain Funds may invest in residual inverse floating rate interest tender option bonds","page_number":100,"box":{"x":260,"y":536,"width":613,"height":11}},{"id":"067128e8-143a-4078-9f83-ca4bca35470a","block_type":"box","text":"(“TOB Residuals”), which are derivative interests in Municipal Bonds. The TOB Residuals in which the Funds will","page_number":100,"box":{"x":69,"y":551,"width":796,"height":11}},{"id":"5c4e809f-12ae-4454-98ed-432fc9c3f6c7","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":100,"box":{"x":70,"y":566,"width":834,"height":11}},{"id":"ff83be3c-49c2-4a4f-ae6d-a0d3ea49fbec","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":100,"box":{"x":68,"y":581,"width":807,"height":11}},{"id":"2290c824-f45e-461d-80cb-3e99d5f352f3","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":100,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"64fd20bd-761f-49dc-808f-5d277d493129","block_type":"box","text":"the potential for yields exceeding the yields available on fixed rate Municipal Bonds with comparable credit quality.","page_number":100,"box":{"x":68,"y":612,"width":814,"height":11}},{"id":"4f4e9cdc-644d-4237-974d-879cacddf825","block_type":"box","text":"The Funds may invest in TOB Residuals for the purpose of using economic leverage.","page_number":100,"box":{"x":68,"y":627,"width":598,"height":11}},{"id":"03dabadd-9d7c-4d6f-beea-3ef330ee7489","block_type":"box","text":"TOB Residuals represent beneficial interests in a special purpose trust formed for the purpose of holding","page_number":100,"box":{"x":101,"y":649,"width":751,"height":12}},{"id":"adb0b0c4-1299-4430-8ab6-a3e8eb2349b8","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":100,"box":{"x":70,"y":664,"width":786,"height":12}},{"id":"3d5f6b81-682c-40a2-ba84-ca83fbedde56","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":100,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"dd0991a9-7aef-4ba4-bae5-cd6140b39886","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":100,"box":{"x":68,"y":695,"width":799,"height":11}},{"id":"b0f44433-dad3-4f4b-9f07-3f9519abc07b","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":100,"box":{"x":70,"y":710,"width":830,"height":11}},{"id":"30a71305-abe8-46bf-849a-bbc759efffb9","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":100,"box":{"x":68,"y":725,"width":828,"height":11}},{"id":"6e7d5018-d9e0-453f-ad32-36b51b06cf92","block_type":"box","text":"Liquidity Provider (defined below) which allows holders to tender their position at par (plus accrued interest). A Fund,","page_number":100,"box":{"x":70,"y":740,"width":826,"height":11}},{"id":"8d3408af-df0d-4c4f-a1a4-62751968c2e5","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":100,"box":{"x":69,"y":755,"width":768,"height":11}},{"id":"a88f6313-f9bb-4d35-8a88-4bd1f4d1de3e","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":100,"box":{"x":70,"y":770,"width":825,"height":11}},{"id":"ffd323c6-6f01-4ee5-b9f3-001a7d3e9b28","block_type":"box","text":"cer tain transaction costs, and typically will invest the cash to purchase additional Municipal Bonds or other","page_number":100,"box":{"x":69,"y":786,"width":764,"height":11}},{"id":"81c1637d-4d77-44a6-ae84-c572c76805a1","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":100,"box":{"x":70,"y":801,"width":838,"height":11}},{"id":"ece342e1-8b0b-43af-b191-2b41901900d0","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":100,"box":{"x":68,"y":816,"width":810,"height":11}},{"id":"caf926c5-0865-4da4-9b75-16eeb86af586","block_type":"box","text":"TOB Trust in exchange for a propor tionate amount of the Municipal Bonds owned by the TOB Trust.","page_number":100,"box":{"x":68,"y":831,"width":704,"height":11}},{"id":"d685a2cf-5f93-425d-aa5b-2e006dbc63ea","block_type":"box","text":"Other BlackRock-advised funds may contribute Municipal Bonds to a TOB Trust into which a Fund has contributed","page_number":100,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"c803aced-c5f3-4837-a477-7ca1974a849c","block_type":"box","text":"Municipal Bonds. If multiple BlackRock-advised funds par ticipate in the same TOB Trust, the economic rights and","page_number":100,"box":{"x":70,"y":869,"width":805,"height":11}},{"id":"a5492e78-fc06-4e69-97e1-4c767fa2ee20","block_type":"box","text":"obligations under the TOB Residual will generally be shared among the funds ratably in propor tion to their","page_number":100,"box":{"x":69,"y":884,"width":752,"height":11}},{"id":"f4e67ed8-ef0b-4fea-a773-db935af2dad0","block_type":"box","text":"par ticipation in the TOB Trust.","page_number":100,"box":{"x":70,"y":899,"width":211,"height":11}},{"id":"07e6a1d3-bd63-4870-9a38-b08e06cb3f81","block_type":"box","text":"II-58","page_number":100,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4b7b679c-66f4-4aae-8393-2b94fdb930d2","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":100,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9b3ad14c-5876-460d-a646-3661eae28d4e","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":101,"box":{"x":101,"y":45,"width":802,"height":11}},{"id":"4b5effc0-67ba-41bb-ad45-913a0a83e871","block_type":"box","text":"Municipal Bonds transferred are lower grade Municipal Bonds, the TOB Trust transaction includes a credit","page_number":101,"box":{"x":70,"y":60,"width":753,"height":11}},{"id":"761a8b20-0458-4505-90f3-a8a974566cbc","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":101,"box":{"x":69,"y":75,"width":829,"height":11}},{"id":"c7ddb2b0-47db-4bd6-bccb-d5d974cb2a54","block_type":"box","text":"a credit enhancement provider. The TOB Trust would be responsible for the payment of the credit enhancement fee","page_number":101,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"c82dd67e-ca49-442b-bff8-b89dc4b2bb02","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":101,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"2b1b6937-a919-41a2-af2e-08f1e40a5ebd","block_type":"box","text":"interest made by the credit enhancement provider.","page_number":101,"box":{"x":70,"y":120,"width":357,"height":11}},{"id":"8c4cfb8d-37cd-4609-b1d6-bee63e154b81","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":101,"box":{"x":101,"y":143,"width":807,"height":11}},{"id":"ec610764-60fd-4e10-a34e-17a3fe28d863","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":101,"box":{"x":69,"y":158,"width":810,"height":11}},{"id":"698daa48-a039-4410-929b-646fd5a3f6a8","block_type":"box","text":"may withdraw a corresponding share of the Municipal Bonds from the TOB Trust. This transaction, in effect, creates","page_number":101,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"9f84e4b8-3a29-4af2-8d2a-4f869cc26c92","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":101,"box":{"x":69,"y":188,"width":834,"height":11}},{"id":"585f0761-00aa-4e4d-ade6-c6c7fd740513","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":101,"box":{"x":70,"y":203,"width":797,"height":12}},{"id":"fa473153-5137-41f4-b074-f69befe33df6","block_type":"box","text":"impact of the Municipal Bonds’ return within the Fund (thereby creating leverage). The leverage within a TOB Trust","page_number":101,"box":{"x":70,"y":218,"width":809,"height":12}},{"id":"09ba091e-1ec2-4bb1-a6a8-34a56353cf2a","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":101,"box":{"x":69,"y":234,"width":820,"height":11}},{"id":"675b6a37-19f1-4cb0-83f0-fb306cf4b710","block_type":"box","text":"issues.","page_number":101,"box":{"x":70,"y":249,"width":49,"height":9}},{"id":"11b1724b-0866-41d3-85f1-495e9f468997","block_type":"box","text":"A Fund may invest in highly leveraged TOB Residuals. A TOB Residual generally is considered highly leveraged if","page_number":101,"box":{"x":101,"y":271,"width":795,"height":12}},{"id":"03fd709c-da4e-4962-87be-32c3aa86207c","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":101,"box":{"x":68,"y":286,"width":833,"height":12}},{"id":"c9712539-be75-40d1-92c2-c0f64fa1789f","block_type":"box","text":"Municipal Bonds owned by the TOB Trust.","page_number":101,"box":{"x":70,"y":302,"width":293,"height":11}},{"id":"b62d5eba-719d-437a-9c45-be75e78e1c01","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":101,"box":{"x":101,"y":324,"width":802,"height":11}},{"id":"26f8fbc9-d81e-42c7-b352-6a42a30ac213","block_type":"box","text":"events (“TOTEs”) and mandatory termination events (“MTEs”), as defined in the TOB Trust agreements. TOTEs","page_number":101,"box":{"x":69,"y":339,"width":788,"height":12}},{"id":"9a1095be-96dd-4b54-beb1-02bd6cd32e54","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":101,"box":{"x":70,"y":355,"width":836,"height":11}},{"id":"4f7ea069-d918-4864-9a4f-a73259d824fe","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":101,"box":{"x":70,"y":370,"width":819,"height":11}},{"id":"da926d84-f06b-4649-beb8-40094f6b3c80","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":101,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"0eaa1a4f-bac6-4c8c-ad09-a4787c9a084f","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":101,"box":{"x":68,"y":400,"width":834,"height":11}},{"id":"61801614-5cdc-41e1-88ba-a03cccda46bf","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":101,"box":{"x":70,"y":415,"width":838,"height":11}},{"id":"9e73412c-9d2d-4ac7-900b-f6e6836b9508","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":101,"box":{"x":68,"y":430,"width":831,"height":11}},{"id":"f0097e3b-cedf-408c-b863-4e800215b5e1","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":101,"box":{"x":70,"y":445,"width":823,"height":12}},{"id":"4c88e6ee-5667-4b1c-b179-bed542fee70f","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":101,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"580cd4ab-4c6c-4cec-a33e-1ec709447aaf","block_type":"box","text":"the holders of the TOB Floaters would be paid senior to the TOB Residual holders (","page_number":101,"box":{"x":68,"y":475,"width":589,"height":12}},{"id":"baa753cb-eaed-428a-8182-3ca2ac879939","block_type":"box","text":"i.e.","page_number":101,"box":{"x":659,"y":476,"width":21,"height":8}},{"id":"d819f523-fbce-4197-995d-fae53508f6be","block_type":"box","text":", the Fund). In contrast, in the","page_number":101,"box":{"x":682,"y":476,"width":211,"height":11}},{"id":"0e7c0d97-5454-4ef1-a28b-b9ad69a82a2c","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":101,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"aeacbf8c-45b0-47bf-9ef2-934a635dbd54","block_type":"box","text":"rata in propor tion to the respective face values of their cer tificates.","page_number":101,"box":{"x":69,"y":506,"width":479,"height":11}},{"id":"248fd019-7ce0-4457-93bc-2a628fa410f8","block_type":"box","text":"A Fund may invest in a TOB Trust on either a non-recourse or recourse basis. TOB Trusts are typically suppor ted","page_number":101,"box":{"x":101,"y":529,"width":797,"height":11}},{"id":"40a0c080-96dd-44f1-a9b7-47d09f63953a","block_type":"box","text":"by a liquidity facility provided by a third-par ty bank or other financial institution (the “Liquidity Provider”) that allows","page_number":101,"box":{"x":69,"y":543,"width":815,"height":12}},{"id":"9f6d5c92-f7d8-4b8d-b4cc-7ee3cb9d96fb","block_type":"box","text":"the holders of the TOB Floaters to tender their TOB Floaters in exchange for payment of par plus accrued interest on","page_number":101,"box":{"x":68,"y":559,"width":828,"height":11}},{"id":"ce24348d-fb33-4757-9151-c82f64d6b170","block_type":"box","text":"any business day (subject to the non-occurrence of a TOTE described above). Depending on the structure of the TOB","page_number":101,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"16ba52e7-5d4a-424e-96df-b45e0d759359","block_type":"box","text":"Trust, the Liquidity Provider may purchase the tendered TOB Floaters, or the TOB Trust may draw upon a loan from","page_number":101,"box":{"x":68,"y":589,"width":815,"height":11}},{"id":"8b7d1c58-6854-4aaa-8010-b3324862eafa","block_type":"box","text":"the Liquidity Provider to purchase the tendered TOB Floaters.","page_number":101,"box":{"x":68,"y":604,"width":434,"height":11}},{"id":"982c3e86-37e7-437b-b5ed-6fd481c6c00d","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":101,"box":{"x":101,"y":627,"width":772,"height":11}},{"id":"b30e9696-7b56-4229-8a85-3cba452e5697","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":101,"box":{"x":70,"y":642,"width":831,"height":11}},{"id":"528cddba-d0b5-489f-a565-b2a93815be67","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":101,"box":{"x":69,"y":657,"width":785,"height":11}},{"id":"a7f647e6-05b7-4fbc-b638-2b36ec822a79","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":101,"box":{"x":70,"y":672,"width":831,"height":11}},{"id":"dfc7f1fb-dc23-4c77-a294-fc141df604c4","block_type":"box","text":"enter into a reimbursement agreement with the Liquidity Provider pursuant to which the Fund is required to reimburse","page_number":101,"box":{"x":69,"y":687,"width":836,"height":11}},{"id":"c02c665f-b433-4f64-b885-64f55af75626","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":101,"box":{"x":68,"y":702,"width":836,"height":11}},{"id":"c78c33a1-1a5b-4297-b4f9-eb42b48dbaaa","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":101,"box":{"x":68,"y":717,"width":788,"height":12}},{"id":"edc4c794-0d2b-47ff-b40a-975ff1b053dd","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":101,"box":{"x":70,"y":733,"width":823,"height":11}},{"id":"5b2b1a2b-546a-4822-bc5f-d417fae9e5cc","block_type":"box","text":"Trust.","page_number":101,"box":{"x":68,"y":748,"width":39,"height":9}},{"id":"41593f84-5205-4080-8072-3c63045d3b43","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":101,"box":{"x":102,"y":770,"width":784,"height":12}},{"id":"e373e9bd-79e0-4962-92e6-ddb6f587843a","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":101,"box":{"x":70,"y":785,"width":830,"height":12}},{"id":"ae7ec3bb-1dae-4bd2-9087-0eff83a4ecdc","block_type":"box","text":"are presented as liabilities in the Fund’s Statement of Assets and Liabilities. Interest income from the underlying","page_number":101,"box":{"x":69,"y":801,"width":806,"height":11}},{"id":"64f763b2-6813-4e33-9043-15e7dfa05cd2","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":101,"box":{"x":70,"y":816,"width":831,"height":11}},{"id":"e7a4f1ce-3ff9-440e-9297-ac66d285510c","block_type":"box","text":"expenses related to remarketing, administration, trustee and other services to a TOB Trust are repor ted as expenses","page_number":101,"box":{"x":69,"y":831,"width":837,"height":11}},{"id":"4b7c0fb2-5b77-4e43-a942-ee785057f4d7","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":101,"box":{"x":69,"y":846,"width":832,"height":11}},{"id":"52b7cb5f-867d-43ab-a050-79776661e8d6","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":101,"box":{"x":70,"y":861,"width":728,"height":9}},{"id":"0476f48a-f49b-45d0-a9e3-ab013f541972","block_type":"box","text":"For TOB Floaters, generally, the interest rate earned will be based upon the market rates for Municipal Bonds","page_number":101,"box":{"x":102,"y":884,"width":776,"height":11}},{"id":"ceb31e66-680d-4560-a3a5-3d9e8def6dd3","block_type":"box","text":"with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option.","page_number":101,"box":{"x":68,"y":899,"width":837,"height":11}},{"id":"19030d2d-28be-4dd1-8634-5fdf047bdbf6","block_type":"box","text":"II-59","page_number":101,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d63c25a0-418b-4b30-a0a8-fb946bcf84e6","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":101,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"98b254bc-7483-458e-baa4-734de609c973","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":102,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"5fadf0ee-0d70-418c-ba06-61215275ed1a","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":102,"box":{"x":70,"y":60,"width":809,"height":11}},{"id":"1f148810-b99c-4ad2-aeab-6e71ffddd0f2","block_type":"box","text":"financial institution furnishing the liquidity facility as well as the credit strength of that institution. The risk associated","page_number":102,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"aaa19ca9-7b07-4adb-b64b-8ef0779c1448","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":102,"box":{"x":68,"y":90,"width":835,"height":11}},{"id":"c9485095-3e5c-4e3e-b8e9-0bf92846ae77","block_type":"box","text":"the credit ratings, and thus the perceived reliability and creditwor thiness, of many major financial institutions, some","page_number":102,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"1cc5e429-4c13-4d86-a8e0-d0dddf6be8dd","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":102,"box":{"x":69,"y":120,"width":790,"height":11}},{"id":"6912d056-cd93-4399-b0c5-ebcc005c27d3","block_type":"box","text":"Floaters as investments, which could impair the viability or availability of TOB Trusts.","page_number":102,"box":{"x":70,"y":135,"width":599,"height":11}},{"id":"84d160e3-7787-4711-9d8d-b6e2db0c3a1b","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into TOB Trust transactions, reverse","page_number":102,"box":{"x":102,"y":158,"width":762,"height":11}},{"id":"8710f8f8-b887-4642-a420-35da66cc1e08","block_type":"box","text":"repurchase agreements and similar financing transactions (e.g., borrowed bonds) notwithstanding the limitation on","page_number":102,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"c52c9262-7a32-4ddf-993c-4e7a2bb9bb0f","block_type":"box","text":"the issuance of senior securities in Section 18 of the Investment Company Act, provided that the Fund either","page_number":102,"box":{"x":68,"y":188,"width":778,"height":11}},{"id":"b95f7bc7-1f5b-4c59-abd6-6a0c2eb239f8","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":102,"box":{"x":69,"y":203,"width":811,"height":12}},{"id":"067abd40-ae5f-4aad-a52e-9f0b636a86ff","block_type":"box","text":"aggregate, or (ii) treats such transactions as Derivatives Transactions under Rule 18f-4. See “—Derivatives —","page_number":102,"box":{"x":69,"y":218,"width":786,"height":12}},{"id":"81ac5bae-7d60-4f63-b21c-91bbed2ed887","block_type":"box","text":"Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":102,"box":{"x":70,"y":234,"width":588,"height":11}},{"id":"06e2ed04-9f08-4af0-9e5e-216207d65fa1","block_type":"box","text":"Developments in the TOB Trust Market.","page_number":102,"box":{"x":102,"y":256,"width":279,"height":11}},{"id":"cf5c2ceb-df43-4675-9530-2a1526c51e96","block_type":"box","text":"In response to the restrictions imposed by section 619 of the Dodd-Frank Wall Street Reform and Consumer","page_number":102,"box":{"x":102,"y":279,"width":771,"height":11}},{"id":"afe88140-17ed-48e4-b6a7-68b01651728e","block_type":"box","text":"Protection Act (the “Volcker Rule”), market par ticipants have developed a structure for TOB Trusts designed to","page_number":102,"box":{"x":69,"y":294,"width":786,"height":11}},{"id":"2523e07b-2df9-4790-bc6e-6b3d5685556b","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":102,"box":{"x":69,"y":309,"width":816,"height":11}},{"id":"dd605934-dc25-4dd0-8263-910e9fa953a7","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":102,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"f77c8e80-4250-4d39-ae41-0a244239c031","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":102,"box":{"x":69,"y":339,"width":812,"height":12}},{"id":"a7426ac3-22b6-4cd5-bb50-c636ccfa588a","block_type":"box","text":"may utilize service providers in meeting these responsibilities. It is possible that regulators could take positions that","page_number":102,"box":{"x":69,"y":355,"width":832,"height":11}},{"id":"d7d67ea7-6bfb-45a6-bc79-d081f4147082","block_type":"box","text":"could limit the market for such structured TOB Trust transactions or a Fund’s ability to hold TOB Residuals. Under","page_number":102,"box":{"x":69,"y":370,"width":810,"height":11}},{"id":"58365bdf-9d87-4a39-9830-f6f609a9c301","block_type":"box","text":"this TOB Trust structure, a Fund has cer tain additional duties and responsibilities, which may give rise to cer tain","page_number":102,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"1c3d5839-12de-439d-b239-21ed901cd457","block_type":"box","text":"additional risks including, but not limited to, compliance, securities law and operational risks.","page_number":102,"box":{"x":69,"y":400,"width":665,"height":11}},{"id":"67632a84-672c-494b-863c-859416335ff3","block_type":"box","text":"Under this structure, service providers to a TOB Trust, such as administrators, liquidity providers, trustees, and","page_number":102,"box":{"x":102,"y":423,"width":793,"height":11}},{"id":"6b4cb42a-01fa-46a5-a509-17c6eb6b69da","block_type":"box","text":"remarketing agents, act at the direction of, and as agent of, a Fund as the TOB Residual holder. Similar to the","page_number":102,"box":{"x":69,"y":438,"width":783,"height":11}},{"id":"a4a8e2af-bab6-4d60-9fa6-e0a3540d5296","block_type":"box","text":"traditional tender option bond structure, a Fund deposits Municipal Bonds into the TOB Trust in exchange for TOB","page_number":102,"box":{"x":68,"y":453,"width":808,"height":11}},{"id":"95b50ac0-8df4-4f8e-8174-f672b38fb5b2","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":102,"box":{"x":70,"y":468,"width":830,"height":11}},{"id":"9d4bd0a2-7075-47ad-9c67-0095e198c145","block_type":"box","text":"the TOB Floaters is distributed to such TOB Residual holders (","page_number":102,"box":{"x":68,"y":483,"width":442,"height":11}},{"id":"52db83ff-37e9-4cfe-860f-4ed44b4f2620","block_type":"box","text":"i.e.","page_number":102,"box":{"x":512,"y":483,"width":20,"height":9}},{"id":"2f4df2f6-fbce-49d5-a942-40e90fe7278d","block_type":"box","text":", the Fund). Tendered TOB Floaters continue to be","page_number":102,"box":{"x":535,"y":483,"width":352,"height":11}},{"id":"07923f6b-79b7-48ab-aff2-0b48c46ea7e1","block_type":"box","text":"suppor ted by a remarketing agent and a liquidity facility. However, the remarketing agent does not purchase tendered","page_number":102,"box":{"x":69,"y":498,"width":836,"height":11}},{"id":"6b88a366-12ad-4b72-9a34-5c09f27bfc95","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":102,"box":{"x":68,"y":513,"width":816,"height":12}},{"id":"73a31852-3dda-442c-aa2d-eaadfa5c2268","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":102,"box":{"x":68,"y":528,"width":835,"height":11}},{"id":"efeb5cd6-8dcc-4af6-808c-54f41fe606e6","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":102,"box":{"x":69,"y":543,"width":822,"height":12}},{"id":"5fa89b67-19fa-4926-a01c-5a6593f56399","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":102,"box":{"x":69,"y":559,"width":777,"height":11}},{"id":"4ebe2711-dcbe-443f-bd88-aa59ca1a9fc2","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":102,"box":{"x":69,"y":574,"width":800,"height":11}},{"id":"f8b0900d-5580-4cbd-9197-75016ca91d28","block_type":"box","text":"made by a Liquidity Provider will be secured by the purchased TOB Floaters held by the TOB Trust.","page_number":102,"box":{"x":69,"y":589,"width":696,"height":11}},{"id":"1c5fc8a2-9449-42b0-ab89-766cb467b38f","block_type":"box","text":"Similar to the traditional structure for TOB Trusts, a Fund may hold either non-recourse TOB Residuals or","page_number":102,"box":{"x":102,"y":612,"width":745,"height":11}},{"id":"8643a8c6-a4e6-4f30-bc62-9111e590f1c3","block_type":"box","text":"recourse TOB Residuals under this structure. In the event of a Liquidation Shor tfall, there would generally be no","page_number":102,"box":{"x":69,"y":627,"width":797,"height":11}},{"id":"0cc6136a-8e00-4029-85b8-99830398e7a8","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":102,"box":{"x":69,"y":642,"width":803,"height":10}},{"id":"373a0b7d-4c57-4f18-b563-453db787101e","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":102,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"e2c7b78f-faed-4fc9-9183-28c83b160236","block_type":"box","text":"The SEC and various federal banking and housing agencies adopted credit risk retention rules for securitizations","page_number":102,"box":{"x":101,"y":680,"width":801,"height":11}},{"id":"890909bc-b9a1-4ae2-98ff-f70029a38985","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":102,"box":{"x":69,"y":695,"width":838,"height":11}},{"id":"7c6826a5-9845-4f59-a994-5026a54fc849","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":102,"box":{"x":68,"y":710,"width":787,"height":11}},{"id":"8eb9cf11-4acb-402b-b3c8-d6122313f12c","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":102,"box":{"x":70,"y":725,"width":791,"height":11}},{"id":"3e8cd6d8-34c8-4631-9681-aaf47c8b700e","block_type":"box","text":"increase the costs of such transactions in cer tain circumstances.","page_number":102,"box":{"x":70,"y":740,"width":466,"height":9}},{"id":"bc8ceae5-8ea0-4359-8846-e604148310e2","block_type":"box","text":"TOB Trust transactions constitute an impor tant component of the municipal bond market. Accordingly,","page_number":102,"box":{"x":101,"y":763,"width":726,"height":11}},{"id":"94e00f18-5d9e-410c-8f1b-b69f4b3bc9a0","block_type":"box","text":"implementation of the Volcker Rule may adversely impact the municipal market, including through reduced demand","page_number":102,"box":{"x":70,"y":778,"width":816,"height":11}},{"id":"fa83dc1b-9c1c-47ce-8816-528af16fcdae","block_type":"box","text":"for and liquidity of municipal bonds and increased financing costs for municipal issuers. Any such developments","page_number":102,"box":{"x":68,"y":793,"width":799,"height":11}},{"id":"bcd2d4d2-a3c7-4092-98db-48f877debc49","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":102,"box":{"x":69,"y":808,"width":807,"height":11}},{"id":"84bfcb2a-a5dd-416b-9e9d-6b5743dbbf18","block_type":"box","text":"market is not yet cer tain.","page_number":102,"box":{"x":69,"y":823,"width":178,"height":11}},{"id":"9d742524-9238-4f82-946f-b35f43669d4c","block_type":"box","text":"Yields.","page_number":102,"box":{"x":103,"y":846,"width":45,"height":9}},{"id":"ce2aa857-889d-4403-bed5-e2169fbec7f2","block_type":"box","text":"Yields on Municipal Bonds are dependent on a variety of factors, including the general condition of the","page_number":102,"box":{"x":154,"y":846,"width":730,"height":11}},{"id":"9ae36199-f2bc-4b13-9cb7-7b23244e934c","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":102,"box":{"x":69,"y":861,"width":788,"height":11}},{"id":"5c05e635-7971-419c-8b3d-ea9e950ba6d4","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":102,"box":{"x":70,"y":876,"width":787,"height":11}},{"id":"2a5523ff-eb7d-42a5-b4fd-0adf060d6e7f","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":102,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"487f7fc8-4df5-4b7d-8095-4163765be380","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":102,"box":{"x":68,"y":906,"width":794,"height":12}},{"id":"e8933495-f722-4e98-a13c-278657a0a3ac","block_type":"box","text":"II-60","page_number":102,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"05d5463b-71ea-47b9-b2de-f19ac5182e6e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":102,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"487e0437-69e6-412e-8b75-6ba5b2e7e7dd","block_type":"box","text":"holding Municipal Bonds, both within a par ticular classification and between classifications, depending on numerous","page_number":103,"box":{"x":69,"y":45,"width":831,"height":11}},{"id":"8be90d6c-4e0c-4514-aced-990a658709b0","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":103,"box":{"x":68,"y":60,"width":806,"height":11}},{"id":"6cc87b66-1bb2-4bc8-8796-7c1fee97a163","block_type":"box","text":"Bonds may be subject to applicable bankruptcy, insolvency and similar laws and cour t decisions affecting the rights","page_number":103,"box":{"x":70,"y":75,"width":823,"height":11}},{"id":"be1606ec-6eb3-407a-8228-24645e697595","block_type":"box","text":"of creditors generally and to general equitable principles, which may limit the enforcement of cer tain remedies.","page_number":103,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"c72ddcad-3a37-4ed8-b924-cf0be944050f","block_type":"box","text":"Variable Rate Demand Obligations (“VRDOs”).","page_number":103,"box":{"x":103,"y":113,"width":323,"height":11}},{"id":"c96b6b90-53f1-4a38-95a2-e89bb639bb1f","block_type":"box","text":"VRDOs are tax-exempt obligations that contain a floating or","page_number":103,"box":{"x":432,"y":113,"width":422,"height":11}},{"id":"b4f4ea53-44c5-443d-9ac3-b27a7522a21c","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":103,"box":{"x":68,"y":128,"width":830,"height":11}},{"id":"9af8277a-ba02-4087-a28a-0bba10ff866d","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":103,"box":{"x":69,"y":143,"width":759,"height":11}},{"id":"0a69e9d1-9dc0-4ab4-a0bb-ae44fc905bfc","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":103,"box":{"x":101,"y":166,"width":798,"height":11}},{"id":"059bc7a0-7f29-4d2d-9acd-7afa5d8c0e51","block_type":"box","text":"The interest rates are adjustable at periodic intervals to some prevailing market rate for similar investments, such","page_number":103,"box":{"x":68,"y":181,"width":815,"height":11}},{"id":"e3b397d9-a3d3-436c-8aa8-6f3ff19a3a1d","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":103,"box":{"x":69,"y":196,"width":826,"height":11}},{"id":"f8503def-45d0-4aeb-a31b-0a9736132824","block_type":"box","text":"VRDOs on the adjustment date. The adjustments typically are based upon the Securities Industry and Financial","page_number":103,"box":{"x":68,"y":211,"width":791,"height":11}},{"id":"0e15d770-e52c-42ac-8871-2b90331ace0c","block_type":"box","text":"Markets Association (“SIFMA”) Index.","page_number":103,"box":{"x":70,"y":226,"width":264,"height":11}},{"id":"845d117d-1c9e-44fd-baaf-f55725b9dcdf","block_type":"box","text":"Because of the interest rate adjustment formula on VRDOs, VRDOs are not comparable to fixed rate securities.","page_number":103,"box":{"x":102,"y":249,"width":791,"height":11}},{"id":"ad773bb2-13fc-4d9b-b6c8-afd522c685c1","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":103,"box":{"x":70,"y":264,"width":833,"height":11}},{"id":"63a113ba-8788-4c59-9b38-188302f24f04","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":103,"box":{"x":69,"y":279,"width":808,"height":11}},{"id":"66b77690-0c58-4dae-8f96-504afc46e7bc","block_type":"box","text":"increase and the Fund’s shareholders will have a reduced risk of capital depreciation.","page_number":103,"box":{"x":70,"y":294,"width":608,"height":11}},{"id":"4ae81a64-c6a0-4b0f-95f1-2cb4aba2fc9f","block_type":"box","text":"Transactions in Financial Futures Contracts on Municipal Indexes.","page_number":103,"box":{"x":103,"y":317,"width":465,"height":11}},{"id":"6f2b3d1b-d5f9-4f0b-bb89-7dc833169cfe","block_type":"box","text":"The Municipal Funds and cer tain other funds","page_number":103,"box":{"x":574,"y":317,"width":318,"height":11}},{"id":"819809de-50bb-4e83-9747-5edcf804c84d","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":103,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"64aa19e5-c9d5-403f-a0f2-d3acb3d3257e","block_type":"box","text":"Trade (“CBT”) and The Bond Buyer (the “Municipal Bond Index”). The Municipal Bond Index is comprised of 40 long","page_number":103,"box":{"x":68,"y":347,"width":825,"height":11}},{"id":"723e9ca5-3d3a-4fc1-82cd-4a5442a67e4d","block_type":"box","text":"term, actively traded tax-exempt municipal revenue and general obligation bonds. Each bond included in the Municipal","page_number":103,"box":{"x":68,"y":362,"width":840,"height":11}},{"id":"6310c283-e109-4d89-9819-49b3f94c7d09","block_type":"box","text":"Bond Index must be rated A or higher by Moody’s or S&P and must have a remaining maturity of 19 years or more.","page_number":103,"box":{"x":70,"y":377,"width":815,"height":12}},{"id":"b411f924-41b7-4758-ad28-c195fd067551","block_type":"box","text":"Twice a month new issues satisfying the eligibility requirements are added to, and an equal number of old issues are","page_number":103,"box":{"x":68,"y":392,"width":836,"height":12}},{"id":"c879806f-4e06-401f-8d5b-7b6dda643270","block_type":"box","text":"deleted from, the Municipal Bond Index. The value of the Municipal Bond Index is computed daily according to a","page_number":103,"box":{"x":69,"y":407,"width":796,"height":12}},{"id":"b116657f-7fe8-4b4e-b8bd-5f712003afe0","block_type":"box","text":"formula based on the price of each bond in the Municipal Bond Index, as evaluated by six dealer-to-dealer brokers.","page_number":103,"box":{"x":68,"y":423,"width":816,"height":11}},{"id":"a66c43c0-41d8-4d6b-bde2-bb877447585d","block_type":"box","text":"The Municipal Bond Index futures contract is traded only on the CBT. Like other contract markets, the CBT","page_number":103,"box":{"x":101,"y":445,"width":756,"height":11}},{"id":"5979c342-a351-4f5e-b6e2-ecc64f3b6e5d","block_type":"box","text":"assures per formance under futures contracts through a clearing corporation, a nonprofit organization managed by the","page_number":103,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"ce9340bd-d092-4b8d-9553-ee74cae0fe0a","block_type":"box","text":"exchange membership that is also responsible for handling daily accounting of deposits or withdrawals of margin.","page_number":103,"box":{"x":69,"y":475,"width":808,"height":12}},{"id":"6823efe7-1d85-4a14-be8c-694f9f5fd6ae","block_type":"box","text":"The par ticular municipal bonds comprising the index underlying the Municipal Bond Index financial futures","page_number":103,"box":{"x":101,"y":498,"width":753,"height":11}},{"id":"dc3802d3-4231-40f7-a579-c58680281f1d","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":103,"box":{"x":69,"y":513,"width":764,"height":12}},{"id":"54ffbf27-06a4-4ce6-8564-c90099995e3d","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":103,"box":{"x":69,"y":528,"width":826,"height":12}},{"id":"251243dd-4efb-4832-a203-6e6135282a60","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":103,"box":{"x":69,"y":543,"width":774,"height":12}},{"id":"d773a7c9-e156-49e0-9466-157e78641781","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":103,"box":{"x":69,"y":559,"width":801,"height":11}},{"id":"78982a1f-e8a3-4e92-a31c-175a2c8d1654","block_type":"box","text":"disparities in the average maturity, ratings, geographical mix or structure of a Municipal Fund’s investments as","page_number":103,"box":{"x":69,"y":574,"width":788,"height":11}},{"id":"683f3ab6-834d-4f7a-baab-65880fa5beff","block_type":"box","text":"compared to those comprising the Municipal Bond Index and general economic or political factors. In addition, the","page_number":103,"box":{"x":69,"y":589,"width":812,"height":11}},{"id":"282d2109-8167-4587-987e-aa7705604e4d","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":103,"box":{"x":69,"y":604,"width":799,"height":11}},{"id":"d1721f68-e693-4ab0-be89-b603165843ee","block_type":"box","text":"additions to and deletions from the Municipal Bond Index alter its structure. The correlation between futures","page_number":103,"box":{"x":69,"y":619,"width":772,"height":11}},{"id":"cdc78175-da05-4fe9-aca7-21c5e12acdb2","block_type":"box","text":"contracts on U.S. Government Securities and the Municipal Bonds held by a Municipal Fund may be adversely","page_number":103,"box":{"x":69,"y":634,"width":782,"height":11}},{"id":"0a6e7441-4a21-4bcd-803b-269646825773","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":103,"box":{"x":69,"y":649,"width":806,"height":12}},{"id":"0967f653-3831-494f-84d8-e96e5c4ee081","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":103,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"7934bb3b-3348-4490-bad5-afc2cce808e4","block_type":"box","text":"contracts were approved for trading in 1985. Trading in such futures contracts may tend to be less liquid than trading","page_number":103,"box":{"x":69,"y":680,"width":837,"height":11}},{"id":"9e85c865-2db1-4342-b030-1e9008da9f10","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":103,"box":{"x":70,"y":695,"width":839,"height":11}},{"id":"90c623e2-df7f-4f5f-8c24-70d9ff8a7a75","block_type":"box","text":"trading activity, which could at times make it difficult or impossible to liquidate existing positions.","page_number":103,"box":{"x":68,"y":710,"width":693,"height":11}},{"id":"8e532dcb-e294-494d-a41d-fdaf97460b80","block_type":"box","text":"Call Rights.","page_number":103,"box":{"x":102,"y":733,"width":79,"height":11}},{"id":"9f20ffe8-3576-4874-a90d-fa9388d29f09","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":103,"box":{"x":187,"y":732,"width":708,"height":12}},{"id":"ae190c95-dd25-47c6-ba98-6262eebc6387","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":103,"box":{"x":68,"y":748,"width":790,"height":11}},{"id":"65b7a433-f67f-42b3-8c65-a34f5e83b4a7","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":103,"box":{"x":69,"y":763,"width":827,"height":11}},{"id":"9ed0ef72-1c0b-467e-b0df-d8e4fe5c0c7c","block_type":"box","text":"exercised prior to maturity of the related Municipal Bond will expire without value. The economic effect of holding","page_number":103,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"dfe00951-17d7-4e07-917e-a92d589b7f0a","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":103,"box":{"x":69,"y":793,"width":833,"height":11}},{"id":"153c25be-cd6b-413e-b436-8cc608c8aeb7","block_type":"box","text":"Cer tain investments in such obligations may be illiquid.","page_number":103,"box":{"x":69,"y":808,"width":393,"height":11}},{"id":"8b7b259d-0c5b-40b7-ac42-31d23617d39a","block_type":"box","text":"Municipal Interest Rate Swap Transactions.","page_number":103,"box":{"x":102,"y":831,"width":307,"height":11}},{"id":"b76948e0-c1af-4914-bfd6-de51f37b9a1d","block_type":"box","text":"In order to hedge the value of a Fund against interest rate","page_number":103,"box":{"x":417,"y":831,"width":411,"height":11}},{"id":"f6a20f64-8344-4e7e-b1cb-7c1927fd8655","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":103,"box":{"x":68,"y":846,"width":835,"height":11}},{"id":"bfc078e2-6b34-48bf-ac81-d0422e4dd5ca","block_type":"box","text":"Market Data AAA Cash Curve swaps (“MMD Swaps”) or Securities Industry and Financial Markets Association","page_number":103,"box":{"x":70,"y":861,"width":781,"height":11}},{"id":"e4bf8cdc-397d-471d-8d3f-5ec417416d37","block_type":"box","text":"Municipal Swap Index swaps (“SIFMA Swaps”). To the extent that a Fund enters into these transactions, the Fund","page_number":103,"box":{"x":70,"y":876,"width":808,"height":11}},{"id":"38aa0357-9256-408c-b940-67caa9cf76fa","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":103,"box":{"x":69,"y":891,"width":814,"height":11}},{"id":"bf05932f-dc41-4bac-8894-14902694ad7d","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":103,"box":{"x":70,"y":906,"width":832,"height":12}},{"id":"403c2601-ba60-4c28-91ef-932424081390","block_type":"box","text":"II-61","page_number":103,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"94ab37af-0631-400d-a956-5548de7d0427","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":103,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1dbda1af-56c0-4ed0-991a-cbc20098a6b2","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":104,"box":{"x":68,"y":45,"width":817,"height":11}},{"id":"eeda4c96-3a8e-40ca-af56-ae3f27f95c89","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":104,"box":{"x":70,"y":60,"width":797,"height":11}},{"id":"ece04d7f-27bd-4d1a-97fa-8d8876911a11","block_type":"box","text":"during periods of steep interest rate yield curves (","page_number":104,"box":{"x":69,"y":75,"width":356,"height":11}},{"id":"337a1a14-47d7-4caa-99a5-6663f306466a","block_type":"box","text":"i.e.","page_number":104,"box":{"x":427,"y":75,"width":20,"height":9}},{"id":"24f17bef-b079-4ab3-9a4e-7f13bbaa35e9","block_type":"box","text":", wide differences between shor t-term and long-term interest","page_number":104,"box":{"x":449,"y":75,"width":433,"height":11}},{"id":"4d76c623-fa17-4561-8026-91d2d3b54254","block_type":"box","text":"rates).","page_number":104,"box":{"x":69,"y":90,"width":44,"height":11}},{"id":"bb540428-7891-4395-8adf-55604f064071","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":104,"box":{"x":101,"y":113,"width":807,"height":11}},{"id":"263a75c5-c74e-448b-84b0-399a321eef2e","block_type":"box","text":"another par ty their respective commitments to pay or receive interest (","page_number":104,"box":{"x":69,"y":128,"width":503,"height":11}},{"id":"43355ac9-eb2f-41d7-953d-f58affbd4d31","block_type":"box","text":"e.g.","page_number":104,"box":{"x":574,"y":129,"width":25,"height":10}},{"id":"2edd1c9a-9fbe-417f-96ea-e302767b0e92","block_type":"box","text":", an exchange of fixed rate payments for","page_number":104,"box":{"x":601,"y":128,"width":286,"height":11}},{"id":"301c648b-9f2b-4959-82a6-65f3385058a9","block_type":"box","text":"floating rate payments linked to the SIFMA Municipal Swap Index). Because the underlying index is a tax-exempt","page_number":104,"box":{"x":68,"y":143,"width":798,"height":11}},{"id":"3cbd58b0-d620-4a36-a263-29499ca53027","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":104,"box":{"x":70,"y":158,"width":778,"height":11}},{"id":"a14ecd3a-1179-46b7-8b37-250e2d9bd2fe","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":104,"box":{"x":69,"y":173,"width":833,"height":11}},{"id":"4b645125-e604-4e9e-b977-4989e20c5c2c","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":104,"box":{"x":69,"y":188,"width":823,"height":11}},{"id":"73944b17-de49-43ba-8211-2303d517cd01","block_type":"box","text":"with the same attributes as the swap (","page_number":104,"box":{"x":68,"y":204,"width":275,"height":10}},{"id":"31d76b91-07f5-4f4a-ba3a-5f3cf530574f","block_type":"box","text":"e.g.","page_number":104,"box":{"x":345,"y":205,"width":24,"height":10}},{"id":"91daa65b-ce1e-4005-99e1-0f82c207bafb","block_type":"box","text":", coupon, maturity, call feature).","page_number":104,"box":{"x":372,"y":203,"width":224,"height":12}},{"id":"25c71988-43f0-45e0-ba0b-6e03655c791e","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":104,"box":{"x":101,"y":226,"width":797,"height":11}},{"id":"83bd20d4-0db1-4a87-8021-3d8c35655f7c","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":104,"box":{"x":68,"y":241,"width":770,"height":11}},{"id":"35a5c34b-c96f-40cf-9980-fb246c086048","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":104,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"1af1f7eb-d327-40f0-aa48-bbb301a4a436","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":104,"box":{"x":70,"y":271,"width":805,"height":12}},{"id":"440ad407-2d52-4729-ac48-b649d9f07fed","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":104,"box":{"x":69,"y":286,"width":808,"height":12}},{"id":"470b9ca6-bfe7-4a0b-af8c-70fcb9227f00","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":104,"box":{"x":69,"y":302,"width":832,"height":11}},{"id":"da2121ca-5634-4207-9341-1bc89ffe6b34","block_type":"box","text":"a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or","page_number":104,"box":{"x":69,"y":317,"width":804,"height":11}},{"id":"277e43ae-9e98-4995-9dc1-364b5fede1fb","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":104,"box":{"x":69,"y":332,"width":803,"height":11}},{"id":"1cffacfb-ef8f-44c9-9f79-ba17133bc239","block_type":"box","text":"Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the","page_number":104,"box":{"x":70,"y":347,"width":763,"height":11}},{"id":"16acafdd-a723-4b76-baf4-2eb493884737","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":104,"box":{"x":69,"y":362,"width":797,"height":11}},{"id":"f0d460bf-5dcc-4732-a46d-b8c64728d988","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":104,"box":{"x":69,"y":377,"width":836,"height":12}},{"id":"6dd2cd13-1d6f-474c-8be9-7e76dc59f7c0","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":104,"box":{"x":68,"y":392,"width":816,"height":12}},{"id":"0a79c167-f3c8-47f6-9dca-1e52ea9b8c15","block_type":"box","text":"minus the specified level, multiplied by the notional amount of the contract.","page_number":104,"box":{"x":69,"y":407,"width":537,"height":12}},{"id":"b0bca287-2412-40d4-9e2e-1637978a1861","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":104,"box":{"x":102,"y":430,"width":788,"height":11}},{"id":"c9c72410-ad1b-4a46-ba07-8860b7bd5346","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":104,"box":{"x":69,"y":446,"width":821,"height":10}},{"id":"f0a70d02-bd55-419c-ad14-6eb647ee3d3a","block_type":"box","text":"the transaction that could adversely affect the Fund’s per formance.","page_number":104,"box":{"x":68,"y":460,"width":482,"height":12}},{"id":"20b75d4f-79de-48f2-9163-febed92b36b1","block_type":"box","text":"Insured Municipal Bonds.","page_number":104,"box":{"x":102,"y":483,"width":179,"height":11}},{"id":"aab21815-edb3-4fcf-878f-b0945a64886d","block_type":"box","text":"Bonds purchased by a Fund may be covered by insurance that guarantees that interest","page_number":104,"box":{"x":288,"y":483,"width":619,"height":11}},{"id":"440819ad-8391-433c-8feb-cfae4544cf6e","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":104,"box":{"x":70,"y":498,"width":835,"height":11}},{"id":"cd24e932-4863-47a1-b76d-15f4da4ae64d","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":104,"box":{"x":69,"y":513,"width":840,"height":12}},{"id":"16eb6c43-5ca0-4e15-9c12-b6d041ebc0d9","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":104,"box":{"x":69,"y":528,"width":818,"height":12}},{"id":"5ad3abb4-5115-49b1-845a-761e0ca9fbd3","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":104,"box":{"x":69,"y":544,"width":829,"height":11}},{"id":"8c5d4de4-9023-4279-9d6e-53259d955f81","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":104,"box":{"x":70,"y":559,"width":827,"height":11}},{"id":"d370682e-1a3d-4011-bea1-10f4f8d656e4","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":104,"box":{"x":70,"y":574,"width":815,"height":11}},{"id":"588dd474-0e84-432c-8e4f-d4a4478ff03f","block_type":"box","text":"ability, financial strength, or equivalent ratings of at least investment grade. However, if insurance from insurers with","page_number":104,"box":{"x":69,"y":589,"width":829,"height":11}},{"id":"98cc3e78-d43b-4d85-93db-7c11ae8f4178","block_type":"box","text":"these ratings is not available, the Fund may use insurance companies with lower ratings or stop purchasing","page_number":104,"box":{"x":68,"y":604,"width":767,"height":11}},{"id":"eef805be-0ebd-4e03-bd8b-7e9b68e61654","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":104,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"b6734090-95ac-428a-bfff-920d48e31d81","block_type":"box","text":"bond could drop.","page_number":104,"box":{"x":69,"y":634,"width":118,"height":11}},{"id":"0678bdaf-1c60-4c24-ab3d-05514d7ca4a8","block_type":"box","text":"Build America Bonds.","page_number":104,"box":{"x":102,"y":657,"width":150,"height":9}},{"id":"ef3042c1-e856-4e56-944c-04edddd191ce","block_type":"box","text":"If a Fund holds Build America Bonds, the Fund may be eligible to receive a U.S. federal","page_number":104,"box":{"x":259,"y":657,"width":616,"height":11}},{"id":"670384f5-d0bc-4a72-a365-59a371a8e6c0","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":104,"box":{"x":70,"y":672,"width":825,"height":11}},{"id":"506b0f78-f102-45ef-86fe-b64628632c37","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":104,"box":{"x":68,"y":687,"width":824,"height":11}},{"id":"c405b96f-4fcd-4ec5-9d9d-4290180aaf66","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":104,"box":{"x":70,"y":702,"width":833,"height":11}},{"id":"0698a2be-8fee-4fb0-a09b-614c1cacc22a","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":104,"box":{"x":69,"y":717,"width":815,"height":12}},{"id":"76fc7e89-137f-457b-9e4b-b69a646f07b6","block_type":"box","text":"minimum distribution requirement, the Fund may elect for U.S. federal income tax purposes to pass through to","page_number":104,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"b784b2f1-d52b-44f2-89ff-26d2a9a373b1","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":104,"box":{"x":69,"y":748,"width":823,"height":11}},{"id":"97d4d242-d131-4697-bd1d-bcd5232764da","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":104,"box":{"x":70,"y":763,"width":825,"height":11}},{"id":"f3e7a9ec-a995-4697-8e18-eca27bbf8532","block_type":"box","text":"clean renewable energy bond, a qualified energy conservation bond, or a qualified zone academy bond, each of which","page_number":104,"box":{"x":69,"y":778,"width":837,"height":11}},{"id":"3028045e-8350-4f9d-8cad-893cce3fcec1","block_type":"box","text":"must meet cer tain requirements specified in the Code), a “Build America Bond” (which includes cer tain qualified","page_number":104,"box":{"x":69,"y":793,"width":802,"height":11}},{"id":"0715fc57-c212-45cc-9ce8-ca84a24bd933","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":104,"box":{"x":69,"y":808,"width":821,"height":11}},{"id":"888c4eef-c8aa-4d0f-bab5-d91b9a3f88a2","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":104,"box":{"x":68,"y":823,"width":760,"height":11}},{"id":"c6685fe0-9f0d-4e12-b38d-3a6d9ccd37b0","block_type":"box","text":"propor tionate share of such credits, and such amount would be subject to withholding provisions of the Code.","page_number":104,"box":{"x":70,"y":838,"width":782,"height":12}},{"id":"ed522ec9-85a4-42db-9676-d4e5772e9114","block_type":"box","text":"Cer tain limitations may apply on the extent to which the credit may be claimed.","page_number":104,"box":{"x":69,"y":854,"width":563,"height":11}},{"id":"bde1edc5-b67f-4e01-9b4a-f7e08f14d693","block_type":"box","text":"Tax-Exempt Municipal Investments.","page_number":104,"box":{"x":103,"y":876,"width":246,"height":11}},{"id":"5fb6dced-2c6f-4a44-af34-0c199a550d52","block_type":"box","text":"Cer tain Funds may hold tax-exempt municipal investments which may be in","page_number":104,"box":{"x":355,"y":876,"width":534,"height":11}},{"id":"807a2e0e-5d75-4dc6-b08e-d0fac5bf73da","block_type":"box","text":"the form of tender option bonds, variable rate demand obligations, par ticipations, beneficial interests in a trust,","page_number":104,"box":{"x":68,"y":891,"width":798,"height":12}},{"id":"c1c5947a-b034-4679-834e-e0fe9a7d9780","block_type":"box","text":"par tnership interests or other forms. These investments are described in greater detail above in this section. Some","page_number":104,"box":{"x":70,"y":906,"width":823,"height":12}},{"id":"e4cdca9b-75da-4630-a66c-95f1bdb09982","block_type":"box","text":"II-62","page_number":104,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a0ef3749-2cb7-4e53-95b6-61bd1ddb3dac","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":104,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"90c656a1-32e2-4937-9703-041888cc3f6e","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":105,"box":{"x":69,"y":45,"width":830,"height":11}},{"id":"671d679d-da48-4c9a-8213-31788ba501f3","block_type":"box","text":"trustee or custodian, that are coupled with tender option, demand and other features when the tax-exempt municipal","page_number":105,"box":{"x":68,"y":60,"width":832,"height":11}},{"id":"c0f08c19-fa6e-4895-976e-da6945504c3b","block_type":"box","text":"investments are created. Together, these features entitle the holder of the interest to tender (or put) the underlying","page_number":105,"box":{"x":70,"y":75,"width":819,"height":11}},{"id":"8ca7e9a0-6a99-4142-9ae5-0f6962019a01","block_type":"box","text":"municipal debt obligation to a third par ty at periodic intervals and to receive the principal amount thereof.","page_number":105,"box":{"x":69,"y":90,"width":752,"height":11}},{"id":"15b17f9a-63e4-4af9-b8ff-4a1d2a6fa9e2","block_type":"box","text":"In some cases, municipal debt obligations are represented by custodial receipts evidencing rights to receive","page_number":105,"box":{"x":102,"y":113,"width":770,"height":11}},{"id":"7e2784ed-eeab-4c35-9812-5b51b0aa68fb","block_type":"box","text":"specific future interest payments, principal payments, or both, on the underlying securities held by the custodian.","page_number":105,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"19e20d8d-bc56-4a47-9142-747f7a663232","block_type":"box","text":"Under such arrangements, the holder of the custodial receipt has the option to tender the underlying securities at","page_number":105,"box":{"x":70,"y":143,"width":809,"height":11}},{"id":"be2b27ad-9730-4971-a7d6-b8cb0fca170d","block_type":"box","text":"their face value to the sponsor (","page_number":105,"box":{"x":68,"y":158,"width":228,"height":11}},{"id":"e792de9d-b6e4-4570-9df3-dfce221070ed","block_type":"box","text":"e.g.","page_number":105,"box":{"x":297,"y":160,"width":25,"height":9}},{"id":"237b2536-4c6c-434a-b560-da25e9809526","block_type":"box","text":", a Fund, or a bank or broker-dealer or other financial institution), which is paid","page_number":105,"box":{"x":325,"y":158,"width":557,"height":11}},{"id":"0a9857b4-16b5-4578-ad00-1ceac35e36f8","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":105,"box":{"x":70,"y":173,"width":803,"height":11}},{"id":"3e2fb40d-94d4-44b4-b519-abdebcf16615","block_type":"box","text":"securities, coupled with the tender option, to trade at par on the date of a rate adjustment.","page_number":105,"box":{"x":69,"y":188,"width":648,"height":11}},{"id":"858165e0-c6e9-4f80-9c68-ae9ddd86628a","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":105,"box":{"x":101,"y":211,"width":775,"height":11}},{"id":"f14311df-c18e-4f13-9eab-0a0005aae313","block_type":"box","text":"par ticipation bears to the total principal amount of the Municipal Bond, and typically provides for a repurchase","page_number":105,"box":{"x":70,"y":226,"width":785,"height":11}},{"id":"7b54fdda-f9e4-4ed9-9532-92831dde223b","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":105,"box":{"x":68,"y":241,"width":821,"height":11}},{"id":"e63b8d52-6a14-4f44-ba40-742094f2ffaf","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":105,"box":{"x":70,"y":256,"width":833,"height":12}},{"id":"7476c689-f73b-414e-ae2d-f5ab74e95dcc","block_type":"box","text":"into variable or floating rate demand instruments.","page_number":105,"box":{"x":70,"y":271,"width":351,"height":12}},{"id":"cf6fc28d-e3cc-4629-bbeb-8b3161533e59","block_type":"box","text":"The Municipal Bond Funds may hold par ticipation interests and custodial receipts for municipal debt obligations","page_number":105,"box":{"x":101,"y":294,"width":797,"height":11}},{"id":"a27abe96-2937-4ea9-8a8f-7445b550c915","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":105,"box":{"x":68,"y":309,"width":836,"height":11}},{"id":"6e6ff24a-8f0d-4158-9227-ae901fa11c90","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":105,"box":{"x":69,"y":324,"width":831,"height":11}},{"id":"c3b2cb52-ae36-475b-a47c-366fd685872e","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":105,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"e4ee12bf-fab9-4897-b6cb-2232a00c8cf9","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":105,"box":{"x":69,"y":355,"width":818,"height":11}},{"id":"08bd1f19-8ac0-4a18-9476-6362c1e9d182","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":105,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"6cd46cb7-24f8-4103-aa4d-85643eb34531","block_type":"box","text":"such opinions.","page_number":105,"box":{"x":69,"y":385,"width":102,"height":11}},{"id":"1511f97a-7730-4afc-98f3-babcc690149e","block_type":"box","text":"Operational and Technology Risks.","page_number":105,"box":{"x":102,"y":408,"width":250,"height":11}},{"id":"a21671f6-cac7-4198-aad8-e0c3da8cdcac","block_type":"box","text":"The Fund and the entities with which it interacts directly or indirectly are","page_number":105,"box":{"x":358,"y":408,"width":512,"height":11}},{"id":"86e13a50-e81d-4fe0-b164-1be8498e97df","block_type":"box","text":"susceptible to operational and technology risks, including those related to human errors, processing errors,","page_number":105,"box":{"x":69,"y":423,"width":766,"height":11}},{"id":"9ddda516-9143-4b97-a8c6-bd40c12f177e","block_type":"box","text":"communication errors, systems failures, cybersecurity incidents, and the use of ar tificial intelligence and machine","page_number":105,"box":{"x":69,"y":438,"width":812,"height":11}},{"id":"1444e2dc-871d-4273-9a49-7d85bb62bdb2","block_type":"box","text":"learning (“AI”), which may result in losses for the Fund and its shareholders or impair the Fund’s operations. These","page_number":105,"box":{"x":70,"y":453,"width":820,"height":11}},{"id":"2def29c8-8625-4583-bc53-6c4b068cd3dd","block_type":"box","text":"entities include, but are not limited to, the Fund’s adviser, administrator, distributor, other service providers (e.g.,","page_number":105,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"cac227c5-5122-41d8-bf4a-a786f669309f","block_type":"box","text":"index and benchmark providers, accountants, custodians, and transfer agents), financial intermediaries,","page_number":105,"box":{"x":70,"y":483,"width":741,"height":11}},{"id":"2756d3fd-d8b2-44db-82c6-9eae25e1de48","block_type":"box","text":"counterpar ties, market makers, Authorized Par ticipants, listing exchanges, other financial market operators, and","page_number":105,"box":{"x":69,"y":498,"width":802,"height":11}},{"id":"f2c237ab-94de-4e54-a8e5-3c4f87d3a0f9","block_type":"box","text":"governmental authorities, as applicable. Operational and technology risks for the issuers in which the Fund invests","page_number":105,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"54996d84-5930-4071-8fa0-621283ff685e","block_type":"box","text":"could also result in material adverse consequences for such issuers and may cause the Fund’s investments in such","page_number":105,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"5ff51373-cc62-4507-9a53-dd3d073bc3a1","block_type":"box","text":"issuers to lose value. The Fund may incur substantial costs in order to mitigate operational and technology risks.","page_number":105,"box":{"x":70,"y":544,"width":803,"height":11}},{"id":"45445213-c7d9-49ab-bec3-b06592633868","block_type":"box","text":"Cybersecurity incidents can result from deliberate attacks or unintentional events against an issuer in which the","page_number":105,"box":{"x":102,"y":566,"width":796,"height":11}},{"id":"d140d9a7-e96e-4ff6-ac05-bdee321c1455","block_type":"box","text":"Fund invests, the Fund or any of its service providers. They include, but are not limited to, gaining unauthorized","page_number":105,"box":{"x":70,"y":581,"width":790,"height":12}},{"id":"9a5fb512-8e07-411a-be46-2dfc6a5d4ab0","block_type":"box","text":"access to systems, misappropriating assets or sensitive information, corrupting or destroying data, and causing","page_number":105,"box":{"x":69,"y":596,"width":800,"height":12}},{"id":"9102d52c-a27b-4ec5-8582-649c0f8c62e0","block_type":"box","text":"operational disruption. Geopolitical tension may increase the scale and sophistication of deliberate attacks,","page_number":105,"box":{"x":69,"y":612,"width":768,"height":11}},{"id":"aa22a03c-ae14-4ce6-b20b-d3820518343a","block_type":"box","text":"par ticularly those from nation states or from entities with nation state backing. Cybersecurity incidents may result in","page_number":105,"box":{"x":70,"y":627,"width":827,"height":11}},{"id":"e83a434e-787a-4d71-9ffc-8a959e8ff5fb","block_type":"box","text":"any of the following: financial losses; inter ference with the Fund’s ability to calculate its NAV; disclosure of","page_number":105,"box":{"x":69,"y":642,"width":760,"height":11}},{"id":"37946550-b87c-4c32-8766-64511c5aef89","block_type":"box","text":"confidential information; impediments to trading; submission of erroneous trades by the Fund or erroneous","page_number":105,"box":{"x":69,"y":657,"width":763,"height":11}},{"id":"f884714a-719a-4875-91b0-25faa01a030c","block_type":"box","text":"subscription or redemption orders; the inability of the Fund or its service providers to transact business; violations of","page_number":105,"box":{"x":69,"y":672,"width":835,"height":11}},{"id":"bd0f949f-b0b9-452c-b6bc-9015548b0ba4","block_type":"box","text":"applicable privacy and other laws; regulatory fines; penalties; reputational damage; reimbursement or other","page_number":105,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"c9f33dd4-5072-4cb8-9655-e465b5257c99","block_type":"box","text":"compensation costs; and other legal and compliance expenses. Fur thermore, cybersecurity incidents may render","page_number":105,"box":{"x":69,"y":703,"width":804,"height":11}},{"id":"8f0ea1e1-8f30-443c-9cf6-4bcd67ffcf72","block_type":"box","text":"records of the Fund, including records relating to its assets and transactions, shareholder ownership of Fund shares,","page_number":105,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"c0c112a4-f89b-4621-9d08-360b2a9a0906","block_type":"box","text":"and other data integral to the Fund’s functioning, inaccessible, inaccurate or incomplete. Power outages, natural","page_number":105,"box":{"x":69,"y":732,"width":800,"height":12}},{"id":"3d890718-0759-4f66-b886-1624306d8381","block_type":"box","text":"disasters, equipment malfunctions and processing errors that threaten information and technology systems relied","page_number":105,"box":{"x":69,"y":748,"width":812,"height":11}},{"id":"cdce5407-cf6e-4c66-83cc-f6d08b938071","block_type":"box","text":"upon by the Fund or its service providers, as well as market events that occur at a pace that overloads these","page_number":105,"box":{"x":69,"y":763,"width":777,"height":11}},{"id":"b7e57c45-59f0-451c-8996-a36649a84097","block_type":"box","text":"systems, may also disrupt business operations or impact critical data. Recent advances in AI technology pose risks","page_number":105,"box":{"x":69,"y":778,"width":824,"height":11}},{"id":"1291cbb8-9321-4906-86b1-9686526e46ab","block_type":"box","text":"to the Fund and its por tfolio investments. These advancements could harm the Fund and its por tfolio investments by","page_number":105,"box":{"x":68,"y":793,"width":836,"height":11}},{"id":"f69a0f3c-e924-48eb-9671-6c28cdd16e52","block_type":"box","text":"reducing the demand for both the technology and software offerings of the Fund’s por tfolio investments. Additionally,","page_number":105,"box":{"x":69,"y":808,"width":833,"height":11}},{"id":"a7beaadf-5c4f-49de-b499-638579dfd8a3","block_type":"box","text":"these advancements could significantly disrupt the Fund’s por tfolio investments and subject them to increased","page_number":105,"box":{"x":68,"y":823,"width":793,"height":12}},{"id":"76943c64-c937-48d2-84c4-bf6ca849ed16","block_type":"box","text":"competition, which could have a material adverse effect on business, financial condition, and results of operations.","page_number":105,"box":{"x":69,"y":838,"width":822,"height":11}},{"id":"0cb8fbd1-2e14-44e1-9d05-7c1816abc8dd","block_type":"box","text":"AI technology advancements, including efficiency improvements, without related increases in the adoption and","page_number":105,"box":{"x":68,"y":853,"width":787,"height":12}},{"id":"d7033938-c720-4d03-9cf6-3631c37f34b0","block_type":"box","text":"development of such technologies, could also negatively impact demand for, and the valuation of, digital","page_number":105,"box":{"x":69,"y":869,"width":742,"height":11}},{"id":"46a76dc0-2c58-4072-bdbf-5cd98ffe5ab5","block_type":"box","text":"infrastructure assets.","page_number":105,"box":{"x":70,"y":884,"width":151,"height":9}},{"id":"43d0e6fa-4eb6-4be9-a641-57e31c6018ca","block_type":"box","text":"II-63","page_number":105,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"16c8ad3c-42e9-4ac2-b6bf-a6879cd1a811","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":105,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33377f70-ff32-48a7-a28d-a366be1f53c0","block_type":"box","text":"The Fund and its por tfolio investments could be exposed to the risks of AI technology if third-par ty service","page_number":106,"box":{"x":101,"y":45,"width":755,"height":11}},{"id":"628acadc-e5e4-4460-b0a4-bebbc83864c3","block_type":"box","text":"providers or any counterpar ties, whether or not known to the Fund, also use AI technology in their business activities.","page_number":106,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"cff6deff-bdeb-4a23-9166-e159e5cfe06b","block_type":"box","text":"The Fund and its service providers may not be in a position to control the use of AI technology in third-par ty products","page_number":106,"box":{"x":68,"y":75,"width":833,"height":11}},{"id":"9d8e452c-692c-4f00-94af-f49d6656d135","block_type":"box","text":"or services.","page_number":106,"box":{"x":69,"y":90,"width":82,"height":9}},{"id":"b1ae68b6-8cab-4411-9eb6-ecd715c0cd7d","block_type":"box","text":"Use of AI technology could include the input of confidential information in contravention of applicable policies,","page_number":106,"box":{"x":102,"y":113,"width":781,"height":11}},{"id":"9bf8f237-d626-4d3c-8744-f4ca451487c5","block_type":"box","text":"contractual or other obligations or restrictions, resulting in such confidential information becoming accessible by","page_number":106,"box":{"x":69,"y":128,"width":801,"height":11}},{"id":"412ccaf9-cda7-4eaa-be1b-56fc38124b5d","block_type":"box","text":"other third-par ty AI technology applications and users.","page_number":106,"box":{"x":69,"y":143,"width":383,"height":11}},{"id":"bb31054b-8155-472a-8498-fc5867c38ba3","block_type":"box","text":"Independent of its context of use, AI technology is generally highly reliant on the collection and analysis of large","page_number":106,"box":{"x":102,"y":166,"width":795,"height":11}},{"id":"0a26cd4b-d3e2-4791-b0ef-b5c4d6a4972a","block_type":"box","text":"amounts of data, may incorporate biased or inaccurate data, and it is not possible or practicable to incorporate all","page_number":106,"box":{"x":69,"y":181,"width":813,"height":11}},{"id":"4cf2f03b-2cf8-44d9-abc7-627b470763a3","block_type":"box","text":"relevant data into the models that AI technology utilizes to operate. Cer tain data in such models will inevitably","page_number":106,"box":{"x":69,"y":196,"width":785,"height":11}},{"id":"d5bfb992-6c88-42e4-a7c3-f6683dfbab6a","block_type":"box","text":"contain a degree of inaccuracy and error, or could otherwise be inadequate or flawed, which would be likely to","page_number":106,"box":{"x":69,"y":211,"width":782,"height":11}},{"id":"bc4e3ed8-fa0e-4c16-b71e-cd172c3716c2","block_type":"box","text":"degrade the effectiveness of AI technology. The output or results of any such AI technologies may therefore be","page_number":106,"box":{"x":69,"y":226,"width":787,"height":11}},{"id":"d5fef04d-8854-4722-bed4-268f53537e03","block_type":"box","text":"incomplete, erroneous, distor ted, or misleading. Fur ther, AI tools may lack transparency as to how data is utilized","page_number":106,"box":{"x":70,"y":241,"width":809,"height":11}},{"id":"22c4c483-8cd9-402f-aa91-a5bfb8540d0d","block_type":"box","text":"and how outputs are generated. AI technologies may also allow the unintended introduction of vulnerabilities into","page_number":106,"box":{"x":69,"y":256,"width":805,"height":12}},{"id":"f2cb848d-73b9-4157-af7c-ac984f3ed13b","block_type":"box","text":"infrastructures and applications. To the extent that the Fund or its por tfolio investments are exposed to the risks of","page_number":106,"box":{"x":70,"y":271,"width":822,"height":11}},{"id":"afca64eb-b5c5-4c1e-a188-76cff8638aa8","block_type":"box","text":"AI technology use, any such inaccuracies or errors could have adverse impacts on the Fund or its investments.","page_number":106,"box":{"x":68,"y":287,"width":789,"height":11}},{"id":"3f3a6f39-95c6-435f-ad58-11497be93d07","block_type":"box","text":"Regulations related to AI technology could also impose cer tain obligations and costs related to monitoring and","page_number":106,"box":{"x":102,"y":309,"width":786,"height":11}},{"id":"0032ce68-c3d9-4b9c-bd3a-1b2939488bdb","block_type":"box","text":"compliance. For example, in April 2023, the Federal Trade Commission, U.S. Depar tment of Justice, Consumer","page_number":106,"box":{"x":69,"y":324,"width":791,"height":11}},{"id":"3eeaa6ef-1bb6-4c08-80cf-c0a688a2c755","block_type":"box","text":"Financial Protection Bureau, and U.S. Equal Employment Oppor tunity Commission released a joint statement on","page_number":106,"box":{"x":70,"y":340,"width":796,"height":11}},{"id":"ba45d921-9cb2-4a5d-8142-e9245bd6e78d","block_type":"box","text":"ar tificial intelligence demonstrating interest in monitoring the development and use of automated systems and","page_number":106,"box":{"x":69,"y":355,"width":788,"height":11}},{"id":"1412c1d1-2662-4c58-9dc5-b4329eb6cc0d","block_type":"box","text":"enforcement of their respective laws and regulations. In October 2023, an executive order established new standards","page_number":106,"box":{"x":69,"y":370,"width":839,"height":11}},{"id":"30ddf589-04e4-4d30-bfa4-e75a964f3a2a","block_type":"box","text":"for AI safety and security. In addition to the U.S. regulatory framework, in 2024, the EU adopted the Ar tificial","page_number":106,"box":{"x":68,"y":385,"width":773,"height":11}},{"id":"ecf44bba-29c0-4a4b-a290-3e2f6ce18b84","block_type":"box","text":"Intelligence Act, which applies to cer tain AI technology and the data used to train, test, and deploy them, which may","page_number":106,"box":{"x":70,"y":400,"width":826,"height":11}},{"id":"50bc3667-26ec-4884-bb57-c3f6b651b1f1","block_type":"box","text":"create additional compliance burdens, higher administrative costs, and significant penalties should the Fund, the","page_number":106,"box":{"x":69,"y":415,"width":805,"height":11}},{"id":"f371de4c-b785-4c64-a164-966452b084b9","block_type":"box","text":"adviser, or the Fund’s por tfolio investments fail to comply.","page_number":106,"box":{"x":69,"y":430,"width":412,"height":11}},{"id":"fddc19f6-7827-4e80-95a0-0a3010a931f8","block_type":"box","text":"AI technology and its applications, including in the investment and financial sectors, continue to develop rapidly,","page_number":106,"box":{"x":101,"y":453,"width":797,"height":11}},{"id":"a75b1f1d-6bd9-420c-8b15-1302ac1c0e8f","block_type":"box","text":"and it is impossible to predict the future risks that may arise from such developments. The full extent of current or","page_number":106,"box":{"x":69,"y":468,"width":817,"height":11}},{"id":"fca56acc-d380-433d-921a-106b6bb74b03","block_type":"box","text":"future risks related thereto is not possible to predict, and the Fund may not be able to anticipate, prevent, mitigate,","page_number":106,"box":{"x":68,"y":483,"width":824,"height":11}},{"id":"e53f7455-c961-4f01-8d52-6a39e9ebc28a","block_type":"box","text":"or remediate all of the potential risks, challenges, or impacts of such changes.","page_number":106,"box":{"x":69,"y":498,"width":561,"height":11}},{"id":"98f645cc-3f9c-42d4-9a1f-f9c84ec51080","block_type":"box","text":"While the Fund’s service providers are required to have appropriate operational, information security and","page_number":106,"box":{"x":101,"y":521,"width":747,"height":11}},{"id":"550ce444-1b58-46bf-bc3b-6560b3200866","block_type":"box","text":"cybersecurity risk management policies and procedures, their methods of risk management may differ from those of","page_number":106,"box":{"x":69,"y":536,"width":830,"height":11}},{"id":"c75c1013-c17e-45a5-a9d8-577927d111ae","block_type":"box","text":"the Fund in the setting of priorities, the personnel and resources available or the effectiveness of relevant controls.","page_number":106,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"3c5b0299-2f85-4b3a-947c-6ed61cb51c3b","block_type":"box","text":"The Fund and its adviser seek to reduce these risks through controls, procedures and oversight, including","page_number":106,"box":{"x":68,"y":566,"width":755,"height":11}},{"id":"c1b42ac6-a33d-45b4-8ac1-f02b021a1760","block_type":"box","text":"establishing business continuity plans and risk management systems. However, there are inherent limitations in such","page_number":106,"box":{"x":69,"y":582,"width":838,"height":11}},{"id":"410f7bb7-c997-4a88-b201-3c34e1867b58","block_type":"box","text":"plans and systems, including the possibility that cer tain risks that may affect the Fund have not been identified or","page_number":106,"box":{"x":70,"y":596,"width":812,"height":12}},{"id":"9b9900fe-5332-4a3f-bbf5-298c694dc171","block_type":"box","text":"may emerge in the future; that such plans and systems may not completely eliminate the occurrence or mitigate the","page_number":106,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"5fafb95c-8088-4a4d-a937-9d98b788a09b","block_type":"box","text":"effects of operational or information security disruptions or failures or of cybersecurity incidents; or that prevention","page_number":106,"box":{"x":69,"y":627,"width":819,"height":11}},{"id":"240222fc-5dfd-4507-8fa6-2d90271c7d46","block_type":"box","text":"and remediation effor ts will not be successful or that incidents will go undetected. The Fund cannot control the","page_number":106,"box":{"x":69,"y":642,"width":792,"height":11}},{"id":"07a54478-2467-454b-8257-ab04799cf291","block_type":"box","text":"systems, information security or other cybersecurity of the issuers in which it invests or its service providers,","page_number":106,"box":{"x":69,"y":657,"width":775,"height":11}},{"id":"7d6f30dc-2c0d-4365-9ed9-b2417d33d55c","block_type":"box","text":"counterpar ties, and other third par ties whose activities affect the Fund.","page_number":106,"box":{"x":69,"y":672,"width":510,"height":11}},{"id":"e6e62660-6a14-4058-bfcc-2daea617faf0","block_type":"box","text":"Lastly, the regulatory climate governing cybersecurity and data protection is developing quickly and may vary","page_number":106,"box":{"x":102,"y":695,"width":771,"height":11}},{"id":"0b328914-d8a9-4e62-93b9-a818f5770908","block_type":"box","text":"considerably across jurisdictions. Regulators continue to develop new rules and standards related to cybersecurity","page_number":106,"box":{"x":69,"y":710,"width":816,"height":11}},{"id":"eea78a35-4d52-4aae-a40a-2a3e50d25055","block_type":"box","text":"and data protection. Compliance with evolving regulations can be demanding and costly, requiring substantial","page_number":106,"box":{"x":69,"y":725,"width":778,"height":11}},{"id":"d43c5175-0a6d-463f-8bd0-715c1a520e85","block_type":"box","text":"resources to monitor and implement required changes.","page_number":106,"box":{"x":69,"y":740,"width":391,"height":11}},{"id":"5b67444e-57b7-4e78-9800-7c6d4d172658","block_type":"box","text":"Participation Notes.","page_number":106,"box":{"x":102,"y":763,"width":145,"height":11}},{"id":"49a6c4c5-3038-4bc2-b33c-b8707688756c","block_type":"box","text":"A Fund may buy par ticipation notes from a bank or broker-dealer (“issuer”) that entitle the","page_number":106,"box":{"x":253,"y":763,"width":641,"height":11}},{"id":"0c7aa632-49b8-42b1-b8ff-f92a8ea451b0","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":106,"box":{"x":70,"y":778,"width":766,"height":11}},{"id":"6c036655-c0ea-4145-97db-996616057173","block_type":"box","text":"(collectively, the “underlying security”). Par ticipation notes are typically used when a direct investment in the","page_number":106,"box":{"x":69,"y":793,"width":772,"height":11}},{"id":"02f1da2b-e64d-406a-b851-daec13fc87d2","block_type":"box","text":"underlying security is restricted due to country-specific regulations.","page_number":106,"box":{"x":69,"y":808,"width":475,"height":11}},{"id":"c27c4a75-e9f3-409a-a0fa-ffe92b8c67d4","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":106,"box":{"x":101,"y":831,"width":782,"height":11}},{"id":"dd6febec-619f-4f4d-acca-84f0f3e3ed6f","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":106,"box":{"x":68,"y":846,"width":831,"height":11}},{"id":"b52ad005-1989-4f4b-a4d7-94311f1bcc7b","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":106,"box":{"x":69,"y":861,"width":831,"height":11}},{"id":"ab376584-c532-467e-b48a-42371bcc411b","block_type":"box","text":"par ticipation note does not provide any beneficial or equitable entitlement or interest in the relevant underlying","page_number":106,"box":{"x":70,"y":876,"width":789,"height":11}},{"id":"12840253-0446-493a-93b0-9cc1dc3b6c4c","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":106,"box":{"x":69,"y":891,"width":791,"height":12}},{"id":"37ef8f8c-0199-486b-8a05-d59cdd19a623","block_type":"box","text":"par ticipation note synthetically replicates the economic benefit of holding shares in the underlying security. Because","page_number":106,"box":{"x":70,"y":906,"width":827,"height":12}},{"id":"f88821a5-be71-45f6-977b-8802923dc30a","block_type":"box","text":"II-64","page_number":106,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"c39f4296-9547-4336-8af9-cf261cabfe12","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":106,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a00ced0b-a8f3-43d6-92d5-f5166de62188","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":107,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"9771cdf4-4576-49a3-a679-1aaa906ac450","block_type":"box","text":"a Fund may suffer losses potentially equal to the full value of the par ticipation note if the issuer fails to per form its","page_number":107,"box":{"x":69,"y":60,"width":822,"height":11}},{"id":"ae048c55-b5e9-46fa-b496-d2dda9ef38d2","block_type":"box","text":"obligations. A Fund attempts to mitigate that risk by purchasing only from issuers determined to be creditwor thy.","page_number":107,"box":{"x":69,"y":75,"width":801,"height":11}},{"id":"327b2a58-f39e-4427-8973-f3426ee86039","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":107,"box":{"x":101,"y":98,"width":743,"height":11}},{"id":"8abc9243-3e73-474b-a756-29c5616701b4","block_type":"box","text":"obligation. A Fund may, but is not required to, purchase credit protection against the default of the issuer. When the","page_number":107,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"3f464fb7-bd55-4964-b249-ef3a18ba66b1","block_type":"box","text":"par ticipation note expires or a Fund exercises the par ticipation note and closes its position, the Fund receives a","page_number":107,"box":{"x":70,"y":128,"width":799,"height":11}},{"id":"816bebe9-e8ae-40cb-903c-63ba29831211","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":107,"box":{"x":70,"y":143,"width":776,"height":11}},{"id":"83aac9f8-c431-4b53-a4d2-5292e4041d26","block_type":"box","text":"transaction costs). The price, per formance and liquidity of a par ticipation note are all linked directly to the underlying","page_number":107,"box":{"x":68,"y":158,"width":834,"height":11}},{"id":"2a982285-9d92-4843-b77e-93724d1a380d","block_type":"box","text":"security. A Fund’s ability to redeem or exercise a par ticipation note generally is dependent on the liquidity in the local","page_number":107,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"2b29a3fa-a12b-4147-8383-ea647441ae50","block_type":"box","text":"trading market for the security underlying the par ticipation note.","page_number":107,"box":{"x":68,"y":188,"width":454,"height":12}},{"id":"5bb563b5-5751-4f1c-bd6e-70049545c2f1","block_type":"box","text":"Portfolio Turnover Rates.","page_number":107,"box":{"x":102,"y":211,"width":181,"height":9}},{"id":"b1b84bf3-df9f-4cc9-b213-e7a5c10eab80","block_type":"box","text":"A Fund’s annual por tfolio turnover rate will not be a factor preventing a sale or","page_number":107,"box":{"x":289,"y":211,"width":558,"height":11}},{"id":"23e4fbcb-7e23-472b-9d10-cede15e2d52a","block_type":"box","text":"purchase when the Manager believes investment considerations warrant such sale or purchase. Although cer tain","page_number":107,"box":{"x":70,"y":226,"width":804,"height":11}},{"id":"48d306cf-3d27-4c6d-88e2-1c67059e3d19","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":107,"box":{"x":70,"y":241,"width":806,"height":11}},{"id":"c76b5abf-9862-48d6-b90c-5b1bf30c19aa","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":107,"box":{"x":69,"y":256,"width":800,"height":11}},{"id":"96e37683-be01-47fc-8a07-c59e9259372f","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":107,"box":{"x":70,"y":271,"width":818,"height":12}},{"id":"26a79d6d-f4e8-47c3-b29a-17261f32f909","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":107,"box":{"x":68,"y":286,"width":800,"height":12}},{"id":"1d5db346-0014-4d2e-9a34-034ba9fb1ee0","block_type":"box","text":"greatly from year to year as well as within a par ticular year. High por tfolio turnover (","page_number":107,"box":{"x":68,"y":302,"width":595,"height":11}},{"id":"b7aeca9d-ddfb-4187-aa9b-9d13358e6b04","block_type":"box","text":"i.e.","page_number":107,"box":{"x":665,"y":302,"width":20,"height":9}},{"id":"52fcaefa-8018-4c05-ab62-0a1229b9c4e9","block_type":"box","text":", 100% or more) may result in","page_number":107,"box":{"x":687,"y":302,"width":210,"height":11}},{"id":"4b4f43fc-2bc2-4c5c-aa5a-a8ade825dc7b","block_type":"box","text":"increased transaction costs to a Fund, including brokerage commissions, dealer mark-ups and other transaction","page_number":107,"box":{"x":70,"y":317,"width":797,"height":11}},{"id":"acbb3804-d599-443f-99cd-86557a7028bd","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":107,"box":{"x":69,"y":332,"width":832,"height":11}},{"id":"e9fb06cb-bf88-45c3-b557-5ede38c8aa6f","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":107,"box":{"x":68,"y":347,"width":831,"height":11}},{"id":"ca5eb142-c683-4b2e-84af-b3766fc1a897","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":107,"box":{"x":68,"y":362,"width":795,"height":11}},{"id":"5008b4f6-bdc5-4556-9a8e-66b694b548aa","block_type":"box","text":"Preferred Stock.","page_number":107,"box":{"x":102,"y":385,"width":118,"height":9}},{"id":"4ad11244-9827-496b-af13-717d0ff44275","block_type":"box","text":"Cer tain Funds may invest in preferred stocks. Preferred stock has a preference over common","page_number":107,"box":{"x":226,"y":385,"width":665,"height":11}},{"id":"869790b0-36a0-44ac-b4ad-7bc5acc7ca76","block_type":"box","text":"stock in liquidation (and generally dividends as well) but is subordinated to bond holders and other creditors in all","page_number":107,"box":{"x":69,"y":400,"width":808,"height":11}},{"id":"7192abdc-49a0-468b-9786-ea80fa0e0588","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":107,"box":{"x":69,"y":415,"width":834,"height":11}},{"id":"0b981f6b-8b3e-4da6-8227-ed215e78459a","block_type":"box","text":"varies inversely with interest rates and perceived credit risk, while the market price of conver tible preferred stock","page_number":107,"box":{"x":68,"y":430,"width":808,"height":11}},{"id":"c468b4a5-519c-4ccf-885e-aea7871db34d","block_type":"box","text":"generally also reflects some element of conversion value. Because preferred stock is junior to debt securities and","page_number":107,"box":{"x":68,"y":445,"width":813,"height":12}},{"id":"bc888c28-4625-49e0-8745-2006ca9e4eec","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":107,"box":{"x":69,"y":460,"width":831,"height":12}},{"id":"50e15b75-a672-46d6-952f-b70f4546eb95","block_type":"box","text":"of a preferred stock than in a more senior debt security with similar stated yield characteristics. Unlike interest","page_number":107,"box":{"x":69,"y":475,"width":791,"height":12}},{"id":"4ffb19a7-f6ad-47ef-9ec7-a0c912e6d058","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":107,"box":{"x":70,"y":491,"width":838,"height":11}},{"id":"facb605a-7d7d-471f-a042-9f8fe524ef2d","block_type":"box","text":"Preferred stock also may be subject to optional or mandatory redemption provisions.","page_number":107,"box":{"x":69,"y":506,"width":604,"height":11}},{"id":"6f3cf45b-429b-4746-9d9c-b297f346e818","block_type":"box","text":"Tax-Exempt Preferred Shares.","page_number":107,"box":{"x":103,"y":528,"width":207,"height":11}},{"id":"790ea782-ec56-4326-bdf7-112bd0b34cb0","block_type":"box","text":"Cer tain Funds may invest in preferred interests of other investment funds that pay","page_number":107,"box":{"x":316,"y":528,"width":588,"height":12}},{"id":"28584e1e-18d5-4a71-8d97-ff88be90fe19","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":107,"box":{"x":69,"y":543,"width":806,"height":12}},{"id":"849b4084-0f9b-4ab5-aa85-61fad7c3b4bf","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":107,"box":{"x":69,"y":559,"width":814,"height":11}},{"id":"f8966a85-2bb6-4bdb-b98e-43a7d80dd137","block_type":"box","text":"revenue bonds issued by state or local agencies to fund the development of low-income, multi-family housing.","page_number":107,"box":{"x":69,"y":574,"width":780,"height":11}},{"id":"60000891-019d-4a1a-9335-63a60a194e8a","block_type":"box","text":"Investment in such tax-exempt preferred shares involves many of the same issues as investing in other investment","page_number":107,"box":{"x":70,"y":589,"width":820,"height":11}},{"id":"43028805-f682-40f7-9095-2ceb80809f40","block_type":"box","text":"companies. These investments also have additional risks, including illiquid investments risk, the absence of","page_number":107,"box":{"x":69,"y":604,"width":772,"height":11}},{"id":"befc2297-008d-43c3-8177-7816f1047424","block_type":"box","text":"regulation governing investment practices, capital structure and leverage, affiliated transactions and other matters,","page_number":107,"box":{"x":69,"y":619,"width":821,"height":11}},{"id":"0e1291b6-1aa5-4c7f-96f6-5d7612f94a16","block_type":"box","text":"and concentration of investments in par ticular issuers or industries. The Municipal Bond Funds will treat investments","page_number":107,"box":{"x":69,"y":634,"width":834,"height":11}},{"id":"10f50c4c-215e-42f8-a95a-e6140dd98268","block_type":"box","text":"in tax-exempt preferred shares as investments in municipal bonds.","page_number":107,"box":{"x":70,"y":649,"width":474,"height":11}},{"id":"d9f9a7a5-ec45-4f2e-a26c-de306405e865","block_type":"box","text":"Trust Preferred Securities.","page_number":107,"box":{"x":103,"y":672,"width":184,"height":9}},{"id":"fc6e8ab7-b241-4f21-bacc-6cb566e3eb86","block_type":"box","text":"Cer tain Funds may invest in trust preferred securities. Trust preferred securities are","page_number":107,"box":{"x":294,"y":672,"width":599,"height":11}},{"id":"1723e7e4-3518-4632-aaaf-7b33bcebb91b","block_type":"box","text":"typically issued by corporations, generally in the form of interest bearing notes with preferred securities","page_number":107,"box":{"x":68,"y":687,"width":737,"height":11}},{"id":"3df0508f-a2ef-471f-a85e-fa3677f9bf5a","block_type":"box","text":"characteristics, or by an affiliated business trust of a corporation, generally in the form of beneficial interests in","page_number":107,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"d73ae249-4418-4ea9-b0f4-6d78b55e19a7","block_type":"box","text":"subordinated debentures or similarly structured securities. The trust preferred securities market consists of both","page_number":107,"box":{"x":69,"y":717,"width":805,"height":12}},{"id":"dd236a5f-72f3-44c2-ba2a-c4951fb475f2","block_type":"box","text":"fixed and adjustable coupon rate securities that are either perpetual in nature or have stated maturity dates.","page_number":107,"box":{"x":68,"y":732,"width":773,"height":12}},{"id":"0ed8f3bc-dba5-4660-9b8c-83bc276bee0c","block_type":"box","text":"Trust preferred securities are typically junior and fully subordinated liabilities of an issuer and benefit from a","page_number":107,"box":{"x":101,"y":755,"width":770,"height":11}},{"id":"e7df1485-c3b2-4b63-8328-954737858d3b","block_type":"box","text":"guarantee that is junior and fully subordinated to the other liabilities of the guarantor. In addition, trust preferred","page_number":107,"box":{"x":68,"y":770,"width":801,"height":12}},{"id":"c093703b-81dd-497a-89ad-bcc352597dbe","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":107,"box":{"x":69,"y":785,"width":830,"height":12}},{"id":"3052795e-9304-40fd-ad12-548facf0b109","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":107,"box":{"x":69,"y":801,"width":822,"height":11}},{"id":"21974db4-bd9d-431b-a02c-602cee2792e2","block_type":"box","text":"for extended periods of time without default consequences to the issuer, and cer tain other features (such as","page_number":107,"box":{"x":68,"y":816,"width":777,"height":11}},{"id":"c081c333-6c5b-4914-b41e-7feefcffd616","block_type":"box","text":"restrictions on common dividend payments by the issuer or ultimate guarantor when full cumulative payments on the","page_number":107,"box":{"x":69,"y":831,"width":831,"height":11}},{"id":"ad38c3c9-e3ca-4a70-bcb4-7aae07aaa6c0","block_type":"box","text":"trust preferred securities have not been made), these trust preferred securities are often treated as close","page_number":107,"box":{"x":68,"y":846,"width":757,"height":11}},{"id":"0048be2f-868b-4f44-b76a-3b7bd77effb7","block_type":"box","text":"substitutes for traditional preferred securities, both by issuers and investors.","page_number":107,"box":{"x":69,"y":861,"width":548,"height":11}},{"id":"87229d7c-7fdc-47ce-81e8-333700255665","block_type":"box","text":"Trust preferred securities include but are not limited to trust originated preferred securities (“TOPRS","page_number":107,"box":{"x":101,"y":884,"width":715,"height":11}},{"id":"7ee5dbda-586e-4641-bfbb-b72cf27f41a8","block_type":"box","text":"®","page_number":107,"box":{"x":817,"y":884,"width":5,"height":5}},{"id":"918765a0-6f48-49de-a42e-c9f5dd52cbb9","block_type":"box","text":"”); monthly","page_number":107,"box":{"x":824,"y":884,"width":77,"height":11}},{"id":"ddd61971-e50e-4718-a2c8-df96d3ce7097","block_type":"box","text":"income preferred securities (“MIPS","page_number":107,"box":{"x":70,"y":899,"width":248,"height":11}},{"id":"ceecf8fe-4705-44a5-94ba-9266a9c8fc64","block_type":"box","text":"®","page_number":107,"box":{"x":319,"y":899,"width":6,"height":5}},{"id":"31394393-d372-45f4-a69b-a29db5c25f5e","block_type":"box","text":"”); quar terly income bond securities (“QUIBS","page_number":107,"box":{"x":326,"y":899,"width":317,"height":11}},{"id":"c8717cbf-0a33-4775-97bd-cb67ad02b1b2","block_type":"box","text":"®","page_number":107,"box":{"x":644,"y":899,"width":6,"height":5}},{"id":"64417a8d-cf38-4af3-b8f8-238616e4cdb2","block_type":"box","text":"” ); quar terly income debt securities","page_number":107,"box":{"x":652,"y":899,"width":255,"height":11}},{"id":"c15dea8b-add1-478a-bbad-60e4dcdb4ecf","block_type":"box","text":"II-65","page_number":107,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7708a40-0fee-4f26-aa57-d220a7840e2a","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":107,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"be94b91c-6cb6-4c60-bb70-8abcb4d7e21e","block_type":"box","text":"(“QUIDS","page_number":108,"box":{"x":69,"y":45,"width":57,"height":11}},{"id":"7782a474-7458-4546-9800-72c50edbc0d1","block_type":"box","text":"®","page_number":108,"box":{"x":127,"y":45,"width":6,"height":4}},{"id":"560e5fda-a07d-4433-ae62-59379bde80f7","block_type":"box","text":"”); quar terly income preferred securities (“QUIPS","page_number":108,"box":{"x":135,"y":45,"width":346,"height":11}},{"id":"8d805fa4-fae9-4608-9aba-d8244ee1d1fb","block_type":"box","text":"SM","page_number":108,"box":{"x":482,"y":45,"width":11,"height":4}},{"id":"4208051d-d83c-4162-ae34-4fd5fa9e5ed1","block_type":"box","text":"”); corporate trust securities (“CORTS","page_number":108,"box":{"x":495,"y":45,"width":267,"height":11}},{"id":"b11215d3-b0af-4ba6-b0c3-bf49ba646a31","block_type":"box","text":"®","page_number":108,"box":{"x":762,"y":45,"width":6,"height":4}},{"id":"906ce206-d018-469d-bc04-0f6e9763142d","block_type":"box","text":"”); public income","page_number":108,"box":{"x":770,"y":45,"width":118,"height":11}},{"id":"8afcdff3-0fa7-4a85-9a57-53921f7ed991","block_type":"box","text":"notes (“PINES","page_number":108,"box":{"x":69,"y":60,"width":99,"height":11}},{"id":"915b691e-1169-47c1-bf83-8ebe33c9f527","block_type":"box","text":"®","page_number":108,"box":{"x":169,"y":60,"width":6,"height":5}},{"id":"539f3ef4-b3c9-4058-a95a-a59a4594b5e8","block_type":"box","text":"”); and other trust preferred securities.","page_number":108,"box":{"x":177,"y":60,"width":275,"height":11}},{"id":"00b9a6a3-a308-4dc8-bd8c-4bb31fcb7394","block_type":"box","text":"Trust preferred securities are typically issued with a final maturity date, although some are perpetual in nature.","page_number":108,"box":{"x":101,"y":82,"width":790,"height":12}},{"id":"d19ed288-b9e8-4178-8d4c-ca20130d42f0","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":108,"box":{"x":70,"y":98,"width":825,"height":11}},{"id":"b1632c09-505b-47c0-91cd-77551258d394","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":108,"box":{"x":68,"y":113,"width":827,"height":11}},{"id":"6bf0fda5-5258-45df-92bf-411d292e54b3","block_type":"box","text":"payment obligations have been met, although issuers may be able to engage in open-market repurchases without","page_number":108,"box":{"x":70,"y":128,"width":808,"height":11}},{"id":"57a7392d-efac-46ec-8a57-bc09ec4cb2bb","block_type":"box","text":"regard to whether all payments have been paid.","page_number":108,"box":{"x":69,"y":143,"width":338,"height":11}},{"id":"404b4e17-fe80-47b2-a8dc-d60efde17bd8","block_type":"box","text":"Many trust preferred securities are issued by trusts or other special purpose entities established by operating","page_number":108,"box":{"x":102,"y":166,"width":784,"height":11}},{"id":"46beb93b-f4dd-4e7c-8933-a53493c51284","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":108,"box":{"x":69,"y":181,"width":811,"height":11}},{"id":"26c9f55c-d54b-4ea6-8c1c-5b4900cd8090","block_type":"box","text":"sells such preferred securities to investors, it purchases debt of the operating company (with terms comparable to","page_number":108,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"3751a56c-4620-4aab-9538-3a448ceeecdb","block_type":"box","text":"those of the trust or special purpose entity securities), which enables the operating company to deduct for tax","page_number":108,"box":{"x":68,"y":211,"width":785,"height":11}},{"id":"392bd78c-8213-4cb8-b986-6e892b305294","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":108,"box":{"x":70,"y":226,"width":830,"height":11}},{"id":"51122f27-e022-48ab-8806-dd83419e24b2","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":108,"box":{"x":70,"y":241,"width":819,"height":11}},{"id":"90ba4b1f-09e4-45a9-9d53-eed108fbcc1b","block_type":"box","text":"trust preferred securities are treated as owning beneficial interests in the underlying debt of the operating company.","page_number":108,"box":{"x":68,"y":256,"width":827,"height":12}},{"id":"2c813c2f-05a1-446b-b874-cb86e68e2b89","block_type":"box","text":"Accordingly, payments on the trust preferred securities are treated as interest rather than dividends for U.S. federal","page_number":108,"box":{"x":68,"y":271,"width":824,"height":12}},{"id":"80e87284-4424-4218-9a88-0efe67e15b18","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":108,"box":{"x":70,"y":286,"width":819,"height":12}},{"id":"56458796-e768-4205-b782-c4d8ee3dac18","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":108,"box":{"x":69,"y":302,"width":817,"height":11}},{"id":"be5cb5e6-620a-445d-9c73-5b4235ac3f1a","block_type":"box","text":"common shareholders, but would typically be subordinated to other classes of the operating company’s debt.","page_number":108,"box":{"x":69,"y":317,"width":778,"height":11}},{"id":"2375501b-24fe-4078-a754-0b10a9557d68","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":108,"box":{"x":68,"y":332,"width":811,"height":11}},{"id":"0c024fc4-a7b5-464b-8685-b171b3d6b2b6","block_type":"box","text":"debt securities.","page_number":108,"box":{"x":69,"y":347,"width":109,"height":9}},{"id":"feeb5425-8716-4c8b-a9f9-5354f994246c","block_type":"box","text":"Real Estate Investment Trusts (“REITs”).","page_number":108,"box":{"x":102,"y":370,"width":300,"height":11}},{"id":"b8b38861-e11f-4a55-a712-7182eb13d8a9","block_type":"box","text":"In pursuing its investment strategy, a Fund may invest in shares of","page_number":108,"box":{"x":409,"y":370,"width":473,"height":11}},{"id":"cf23f7b7-2ba7-4789-82a8-82b2532bfde9","block_type":"box","text":"REITs. REITs possess cer tain risks which differ from an investment in common stocks. REITs are financial vehicles","page_number":108,"box":{"x":70,"y":385,"width":814,"height":11}},{"id":"79228e3a-fd4e-4814-b83b-4d659b8932a3","block_type":"box","text":"that pool investor’s capital to purchase or finance real estate. REITs may concentrate their investments in specific","page_number":108,"box":{"x":68,"y":400,"width":814,"height":11}},{"id":"441c79ce-7439-47c8-a694-7cd55e2b7534","block_type":"box","text":"geographic areas or in specific proper ty types,","page_number":108,"box":{"x":68,"y":415,"width":329,"height":11}},{"id":"29c47e3d-d5df-411b-91c4-96d0416c4000","block_type":"box","text":"i.e.","page_number":108,"box":{"x":405,"y":415,"width":20,"height":9}},{"id":"327ee249-296b-4835-a9aa-1351f08fd91a","block_type":"box","text":", hotels, shopping malls, residential complexes and office","page_number":108,"box":{"x":428,"y":415,"width":411,"height":11}},{"id":"7b136b61-db9c-4528-aa10-f88a628b0330","block_type":"box","text":"buildings.","page_number":108,"box":{"x":69,"y":430,"width":66,"height":11}},{"id":"77c9cb94-9f91-4878-9d8e-1080c5994849","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":108,"box":{"x":102,"y":453,"width":768,"height":11}},{"id":"6c1b94b9-ac57-4064-b7ff-5b43c5838ca6","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":108,"box":{"x":70,"y":468,"width":824,"height":11}},{"id":"588e4e6c-146e-4b98-ac49-31902f133704","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":108,"box":{"x":70,"y":483,"width":829,"height":11}},{"id":"10cf0ef5-f62a-4266-b2f7-934127e5720c","block_type":"box","text":"proper ty, which derive most of their income from rents. Mor tgage REITs invest mostly in mor tgages on real estate,","page_number":108,"box":{"x":70,"y":498,"width":813,"height":11}},{"id":"e3baafc8-77e3-402c-a4ec-00362606fa20","block_type":"box","text":"which may secure construction, development or long-term loans; the main source of their income is mor tgage","page_number":108,"box":{"x":68,"y":513,"width":782,"height":12}},{"id":"735e86bc-3e91-4d10-9e59-bc33afe3259a","block_type":"box","text":"interest payments. Hybrid REITs hold both ownership and mor tgage interests in real estate.","page_number":108,"box":{"x":70,"y":529,"width":649,"height":11}},{"id":"dd14eb7b-6065-40a6-a3f9-31f2fef98aa5","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":108,"box":{"x":102,"y":551,"width":776,"height":11}},{"id":"2078a64c-fa4c-4d73-b380-43705c7b6618","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":108,"box":{"x":69,"y":566,"width":822,"height":11}},{"id":"f72e3645-524d-4385-a292-4c7872589d42","block_type":"box","text":"adversely affected by several factors, including rising interest rates, changes in the national, state and local","page_number":108,"box":{"x":69,"y":581,"width":769,"height":12}},{"id":"218dc6f0-4e7c-48f9-828e-d71e51822662","block_type":"box","text":"economic climate and real estate conditions, occupancy and rental rates, perceptions of prospective tenants of the","page_number":108,"box":{"x":69,"y":596,"width":822,"height":12}},{"id":"f55c921c-1385-42d3-bb3b-32113f1a748d","block_type":"box","text":"safety, convenience and attractiveness of the proper ties, the ability of the owners to provide adequate management,","page_number":108,"box":{"x":69,"y":612,"width":831,"height":11}},{"id":"1b463385-eead-451c-9d97-1bf710597cac","block_type":"box","text":"maintenance and insurance, the cost of complying with the Americans with Disabilities Act, increased competition","page_number":108,"box":{"x":69,"y":627,"width":810,"height":11}},{"id":"c3a7adef-472a-40d9-b17e-0bf91182cd5d","block_type":"box","text":"from new proper ties, the impact of present or future environmental legislation and compliance with environmental","page_number":108,"box":{"x":68,"y":642,"width":812,"height":11}},{"id":"9775e834-f87c-470a-b10e-4eb61073b60b","block_type":"box","text":"laws, failing to maintain their exemptions from registration under the Investment Company Act, changes in real estate","page_number":108,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"243d467e-efc1-4926-835f-78206811828d","block_type":"box","text":"taxes and other operating expenses, adverse changes in governmental rules and fiscal policies, adverse changes in","page_number":108,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"83f74058-f704-4052-b8ba-0c06ecbfa2e6","block_type":"box","text":"zoning laws and other factors beyond the control of the issuers of the REITs. To the extent that assets underlying a","page_number":108,"box":{"x":69,"y":687,"width":817,"height":11}},{"id":"42649ce3-77f1-4504-930d-169a2fab361c","block_type":"box","text":"REIT are concentrated geographically, by proper ty type, or in cer tain other respects, these risks may be heightened.","page_number":108,"box":{"x":70,"y":703,"width":822,"height":11}},{"id":"d3c90319-53c1-4837-a12f-fcc44e245305","block_type":"box","text":"In addition, distributions received by a Fund from REITs may consist of dividends, capital gains and/or return of","page_number":108,"box":{"x":70,"y":717,"width":792,"height":12}},{"id":"4cf91b94-ca36-4a44-a347-f421e5e8a1f1","block_type":"box","text":"capital. As REITs generally pay a higher rate of dividends (on a pre-tax basis) than operating companies, to the extent","page_number":108,"box":{"x":69,"y":732,"width":834,"height":12}},{"id":"1aa33f92-0a66-44aa-b75c-4278f16b9c06","block_type":"box","text":"application of the Fund’s investment strategy results in the Fund investing in REIT shares, the percentage of the","page_number":108,"box":{"x":69,"y":748,"width":798,"height":11}},{"id":"3f8a711e-a5e3-4aee-a94c-a57066968717","block_type":"box","text":"Fund’s dividend income received from REIT shares will likely exceed the percentage of the Fund’s por tfolio which is","page_number":108,"box":{"x":70,"y":763,"width":818,"height":11}},{"id":"cc58b9fe-bc93-4ff2-92a8-c0d3347e15c7","block_type":"box","text":"comprised of REIT shares. Ordinary REIT dividends received by the Fund and distributed to the Fund’s shareholders","page_number":108,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"1acfb03f-5d28-4d8f-9e75-14444699faaf","block_type":"box","text":"will generally be taxable as ordinary income and will not constitute “qualified dividend income.” However, a non","page_number":108,"box":{"x":68,"y":793,"width":797,"height":11}},{"id":"d261289c-ffdd-4416-87cf-001bb56ca0c2","block_type":"box","text":"corporate taxpayer who is a direct REIT shareholder may claim a 20% “qualified business income” deduction for","page_number":108,"box":{"x":69,"y":808,"width":798,"height":11}},{"id":"47145409-f7cb-4d38-97e3-eeb3c0f100e5","block_type":"box","text":"ordinary REIT dividends, and a regulated investment company may repor t dividends as eligible for this deduction to","page_number":108,"box":{"x":69,"y":823,"width":820,"height":12}},{"id":"ad8f9289-185a-4b8a-82c3-c21a70e56819","block_type":"box","text":"the extent the regulated investment company’s income is derived from ordinary REIT dividends (reduced by allocable","page_number":108,"box":{"x":68,"y":838,"width":831,"height":12}},{"id":"0a700a8d-41ee-4744-a05e-4a95bfd9d5c2","block_type":"box","text":"regulated investment company expenses). A shareholder may treat the dividends as such provided the regulated","page_number":108,"box":{"x":69,"y":854,"width":801,"height":11}},{"id":"3d69fff6-9c32-49d1-8c77-1ec8043728d6","block_type":"box","text":"investment company and the shareholder satisfy applicable holding period requirements.","page_number":108,"box":{"x":70,"y":869,"width":631,"height":11}},{"id":"628b4f54-7ad4-4bbd-916a-643ca1c1aed6","block_type":"box","text":"REITs (especially mor tgage REITs) are also subject to interest rate risk. Rising interest rates may cause REIT","page_number":108,"box":{"x":102,"y":891,"width":772,"height":12}},{"id":"19fa2fad-092e-4253-9ca1-6245439bd90e","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":108,"box":{"x":70,"y":906,"width":790,"height":12}},{"id":"969e73ff-f805-4b81-9d45-4f4d6dcdaa1d","block_type":"box","text":"II-66","page_number":108,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cd09c27c-fd45-4aff-94a2-e03fea360f7b","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":108,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dbc34ea4-61af-44f3-aa55-7b0a699af3b6","block_type":"box","text":"securities issued by a REIT. Rising interest rates also generally increase the costs of obtaining financing, which could","page_number":109,"box":{"x":69,"y":45,"width":834,"height":11}},{"id":"bb8fbde7-8c3c-458f-861d-39e96942c14c","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":109,"box":{"x":69,"y":60,"width":837,"height":11}},{"id":"d429609e-c031-4622-8243-64751c36f47f","block_type":"box","text":"are often refinanced. Refinancing may reduce the yield on investments in mor tgage REITs. In addition, since REITs","page_number":109,"box":{"x":69,"y":75,"width":812,"height":11}},{"id":"e1aaeac6-ff7a-45a3-a0cb-6d652b9fa965","block_type":"box","text":"depend on payment under their mor tgage loans and leases to generate cash to make distributions to their","page_number":109,"box":{"x":69,"y":90,"width":759,"height":11}},{"id":"df02c2c6-9c60-4fc2-af68-ebff41beefd2","block_type":"box","text":"shareholders, investments in REITs may be adversely affected by defaults on such mor tgage loans or leases.","page_number":109,"box":{"x":69,"y":105,"width":778,"height":11}},{"id":"bd1a7520-d267-4e1d-bba3-659a0aeab259","block_type":"box","text":"Investing in cer tain REITs, which often have small market capitalizations, may also involve the same risks as","page_number":109,"box":{"x":102,"y":128,"width":773,"height":11}},{"id":"59d08c45-1cbe-4f94-b61c-af05cebd1258","block_type":"box","text":"investing in other small capitalization companies. REITs may have limited financial resources and their securities may","page_number":109,"box":{"x":70,"y":143,"width":836,"height":11}},{"id":"bd78692e-0774-4da3-a130-c3dd070e893f","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":109,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"20f952ce-646f-4010-8e95-7a5a8f73eff5","block_type":"box","text":"company securities. Historically, small capitalization stocks, such as REITs, have been more volatile in price than the","page_number":109,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"5bb6dc1a-176f-4112-ac61-eb20623c2e20","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":109,"box":{"x":70,"y":188,"width":832,"height":12}},{"id":"dd2cdde0-6cfe-4a34-838b-ca13ccc8b4a5","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":109,"box":{"x":68,"y":203,"width":815,"height":12}},{"id":"39f1d6a6-e12f-4098-aed7-e2a61bc1033b","block_type":"box","text":"activities competitive with the REIT. REITs may own proper ties through joint ventures or in other circumstances in","page_number":109,"box":{"x":69,"y":219,"width":804,"height":11}},{"id":"227b2b3b-01a6-4b9b-82dd-39ce57a632b8","block_type":"box","text":"which the REIT may not have control over its investments. REITs may incur significant amounts of leverage.","page_number":109,"box":{"x":68,"y":234,"width":761,"height":11}},{"id":"874ed67d-84c9-4455-af13-fca901f341af","block_type":"box","text":"Market Risks/Recent Market Events.","page_number":109,"box":{"x":102,"y":256,"width":275,"height":11}},{"id":"3f1f56d9-161e-4613-b018-cffdb388deef","block_type":"box","text":"Securities may decline in value due to factors affecting securities","page_number":109,"box":{"x":383,"y":256,"width":466,"height":12}},{"id":"09741949-7496-4106-a2b7-42c1cfe25949","block_type":"box","text":"markets generally or par ticular industries represented in the markets. The value of a security may decline due to","page_number":109,"box":{"x":69,"y":271,"width":801,"height":12}},{"id":"51aab376-3ea4-496f-817d-718c8b7a1777","block_type":"box","text":"general market conditions, economic trends or events that are not specifically related to a company or to factors that","page_number":109,"box":{"x":68,"y":286,"width":837,"height":12}},{"id":"05b4a234-c5c1-4ce0-a355-2d665a9fd845","block_type":"box","text":"affect a par ticular industry or industries, or factors that affect a par ticular issuer or issuers, exchange, country,","page_number":109,"box":{"x":69,"y":302,"width":795,"height":11}},{"id":"ad08e1e8-8b65-4c9a-a093-9cfa3f64fae9","block_type":"box","text":"group of countries, region, market, industry, group of industries, sector or asset class. The success of a Fund’s","page_number":109,"box":{"x":68,"y":317,"width":796,"height":11}},{"id":"fdeaa511-cbea-450e-b346-6aed074377f8","block_type":"box","text":"activities could be affected by interest rates, availability of credit, inflation rates, economic uncer tainty, changes in","page_number":109,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"689dda45-ecf8-40c1-baf2-e1502e7cddb8","block_type":"box","text":"laws, trade barriers, economic sanctions, currency exchange controls, and local, regional or global events such as","page_number":109,"box":{"x":70,"y":347,"width":812,"height":11}},{"id":"6d31a583-ac60-48b5-8526-0f8791ab9d4f","block_type":"box","text":"war, acts of terrorism, natural and environmental disasters, the spread of infectious illness or other public health","page_number":109,"box":{"x":68,"y":362,"width":807,"height":11}},{"id":"86dde4e6-834b-47e2-8ec8-70eaca3bdf1e","block_type":"box","text":"issues, recessions, or other events could have a significant impact on a Fund and its investments. During a general","page_number":109,"box":{"x":70,"y":377,"width":822,"height":12}},{"id":"33c21362-27ce-4f48-a3f3-a49bd1cb3f0a","block_type":"box","text":"economic downturn in the securities markets, multiple asset classes may be negatively affected. These factors may","page_number":109,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"cc1cf99e-330f-409f-b0dd-725e5af5f3d5","block_type":"box","text":"affect the level and volatility of securities prices and the liquidity of a Fund’s investments, which could impair the","page_number":109,"box":{"x":69,"y":407,"width":804,"height":12}},{"id":"36033430-c385-4ec4-b1ad-65ba7f15c598","block_type":"box","text":"Fund’s profitability or result in losses. A Fund may maintain substantial trading positions that can be adversely","page_number":109,"box":{"x":70,"y":423,"width":787,"height":11}},{"id":"93554658-7c4e-4678-9c9f-c395fc5aab24","block_type":"box","text":"affected by the level of volatility in the financial markets; the larger the positions, the greater the potential for loss.","page_number":109,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"92a0031c-60b7-4e2f-af95-383f63b63e39","block_type":"box","text":"Unpredictable or unstable market conditions may result in reduced oppor tunities to find suitable investments to","page_number":109,"box":{"x":70,"y":453,"width":796,"height":11}},{"id":"7b15787e-7626-4864-9dd7-585e49aecc11","block_type":"box","text":"deploy capital or make it more difficult to exit and realize value from a Fund’s existing investments. It is impor tant to","page_number":109,"box":{"x":69,"y":468,"width":832,"height":11}},{"id":"2d4b06ee-d51a-449c-9e0d-66d4322a5930","block_type":"box","text":"understand that a Fund can incur material losses even if it reacts quickly to difficult market conditions and there can","page_number":109,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"7409d554-df05-4b58-bb62-09c8f8a853c0","block_type":"box","text":"be no assurance that a Fund will not suffer material adverse effects from broad and rapid changes in market","page_number":109,"box":{"x":69,"y":498,"width":776,"height":11}},{"id":"02a80de5-e2d4-44e5-9e24-914aa9613ec1","block_type":"box","text":"conditions.","page_number":109,"box":{"x":69,"y":514,"width":76,"height":8}},{"id":"bcd55f43-df9f-41ff-9d2e-ea8a1bd6db20","block_type":"box","text":"Periods of unusually high volatility in the financial markets and restrictive credit conditions, sometimes limited to","page_number":109,"box":{"x":102,"y":536,"width":802,"height":11}},{"id":"43c0d310-96f3-4958-bc25-669236fa3279","block_type":"box","text":"a par ticular sector or a geography, can occur. Some countries, including the United States, have adopted and/or are","page_number":109,"box":{"x":69,"y":551,"width":829,"height":11}},{"id":"f47937d9-0c12-4bbe-9bac-a7f4db732903","block_type":"box","text":"considering the adoption of more protectionist trade policies, a move away from the tighter financial industry","page_number":109,"box":{"x":69,"y":566,"width":775,"height":11}},{"id":"613a2123-ad87-46d2-84c1-158ec7a385a1","block_type":"box","text":"regulations that followed the financial crisis of 2008, and/or substantially reducing corporate taxes. The exact shape","page_number":109,"box":{"x":69,"y":581,"width":833,"height":12}},{"id":"3735dca2-9877-45bb-851b-83bae212026b","block_type":"box","text":"of these policies is still being considered, but the equity and debt markets may react strongly to expectations of","page_number":109,"box":{"x":69,"y":596,"width":799,"height":12}},{"id":"07dc4aba-e2aa-4992-a611-c9d73f5ae081","block_type":"box","text":"change, which could increase volatility, especially if the market’s expectations are not borne out. A rise in","page_number":109,"box":{"x":69,"y":612,"width":751,"height":11}},{"id":"b6246b90-2068-4e61-a29a-598c7b4b953a","block_type":"box","text":"protectionist trade policies, and the possibility of changes to some international trade agreements, could affect the","page_number":109,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"e190c903-d749-4363-99d3-a6710d559e7e","block_type":"box","text":"economies of many nations in ways that cannot necessarily be foreseen at the present time. In addition, geopolitical","page_number":109,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"61eb9445-4856-4f5c-b818-0176867f7ab3","block_type":"box","text":"and other risks, including environmental and public health, may add to instability in world economies and markets","page_number":109,"box":{"x":69,"y":657,"width":810,"height":11}},{"id":"45fb043e-5a76-4774-8a0c-f584eb9dd15d","block_type":"box","text":"generally. Economies and financial markets throughout the world are increasingly interconnected. As a result, whether","page_number":109,"box":{"x":68,"y":672,"width":841,"height":11}},{"id":"07afbda1-e9e9-445a-accf-e4c912a0b163","block_type":"box","text":"or not a Fund invests in securities of issuers located in or with significant exposure to countries experiencing","page_number":109,"box":{"x":69,"y":687,"width":775,"height":11}},{"id":"36c5b456-0f2d-49c8-aafd-77882aa03e46","block_type":"box","text":"economic, political and/or financial difficulties, the value and liquidity of the Fund’s investments may be negatively","page_number":109,"box":{"x":69,"y":702,"width":818,"height":12}},{"id":"63c54886-f268-4585-8abd-2ec41c79dfa4","block_type":"box","text":"affected by such events.","page_number":109,"box":{"x":69,"y":717,"width":173,"height":12}},{"id":"47856bf3-41a9-4cc3-98f2-9d285d8d4784","block_type":"box","text":"Governments and regulators may take actions that affect the regulation of the Fund or the instruments in which","page_number":109,"box":{"x":102,"y":740,"width":795,"height":11}},{"id":"2dd2ee74-b053-449b-9b50-704d5edfe8b5","block_type":"box","text":"the Fund invests, or the issuers of such instruments, in ways that are unforeseeable. Future legislation or regulation","page_number":109,"box":{"x":68,"y":755,"width":830,"height":11}},{"id":"d3c42bc8-70af-4c4d-948e-b786d069fb6d","block_type":"box","text":"or other governmental actions could limit or preclude the Fund’s abilities to achieve its investment objectives or","page_number":109,"box":{"x":69,"y":771,"width":796,"height":11}},{"id":"bb0d135f-ae8a-4f5c-99c6-42fa8e55a1ea","block_type":"box","text":"otherwise adversely impact an investment in the Fund. Recent policy initiatives under taken by the U.S. government","page_number":109,"box":{"x":69,"y":786,"width":820,"height":11}},{"id":"e9041ac1-c07d-4e06-9729-0804b5213769","block_type":"box","text":"have the potential to impact international relations, trade agreements and the overall regulatory environment in ways","page_number":109,"box":{"x":69,"y":801,"width":833,"height":11}},{"id":"d9232168-8b50-410c-8cba-32bcc8954e00","block_type":"box","text":"that could create uncer tainty and instability in domestic and global markets and could adversely affect the","page_number":109,"box":{"x":68,"y":816,"width":759,"height":11}},{"id":"0fc2ae8c-bc7a-4d37-a2a2-e845fec19a8c","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":109,"box":{"x":70,"y":831,"width":819,"height":11}},{"id":"236ac47b-77d5-499e-937b-d913ee776316","block_type":"box","text":"trade relations could lead to trade wars, increased costs for impor ted goods, disruptions in supply chains, reduced","page_number":109,"box":{"x":68,"y":846,"width":821,"height":11}},{"id":"918deabe-18e6-4781-8307-c9e2bc079ac0","block_type":"box","text":"foreign investment, and instability in regions where the Fund invests. Political and diplomatic events within the United","page_number":109,"box":{"x":68,"y":861,"width":837,"height":11}},{"id":"e058dfc5-5f50-4ba6-a384-2099f50a5a22","block_type":"box","text":"States, including a contentious domestic political environment, changes in political par ty control of one or more","page_number":109,"box":{"x":69,"y":876,"width":795,"height":11}},{"id":"7c012f74-89be-455f-9370-441145a02d26","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":109,"box":{"x":69,"y":891,"width":836,"height":12}},{"id":"77b63368-a0dd-4bc2-8983-9e59cd476c39","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":109,"box":{"x":69,"y":906,"width":817,"height":12}},{"id":"5dd4ed1a-73e3-4936-baae-c7f98107da5e","block_type":"box","text":"II-67","page_number":109,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9c830ae5-7a76-4eda-8ad2-eb455dce0a53","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":109,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"176cf26d-303d-42fd-a60b-c26739b7baf5","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":110,"box":{"x":70,"y":45,"width":816,"height":11}},{"id":"88896bb2-3d8d-4f5a-bc75-2c915f19c965","block_type":"box","text":"investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps","page_number":110,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"642484e6-771b-4caa-88f8-c01cba102aaf","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":110,"box":{"x":69,"y":75,"width":815,"height":11}},{"id":"3b20da62-6996-44d7-89cc-47ceb8c9f63c","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":110,"box":{"x":69,"y":90,"width":836,"height":11}},{"id":"38349b19-7ed1-4465-bee8-1028fa83c546","block_type":"box","text":"economies. For example, concerns about the U.S. Government’s credit quality may cause increased volatility in the","page_number":110,"box":{"x":69,"y":105,"width":820,"height":11}},{"id":"0bba4b44-fc13-4678-bb07-b95ee4d4db02","block_type":"box","text":"stock and bond markets, higher interest rates, reduced prices and liquidity of U.S. Treasury securities, and/or","page_number":110,"box":{"x":69,"y":120,"width":785,"height":12}},{"id":"71d50259-7b59-40ee-8d1d-9b681656feee","block_type":"box","text":"increased costs of various kinds of debt. Moreover, although the U.S. Government has honored its credit obligations,","page_number":110,"box":{"x":70,"y":135,"width":832,"height":12}},{"id":"e2a0af55-e4e2-4d8d-82cf-f733f4e01be5","block_type":"box","text":"there remains a possibility that the United States could default on its obligations. The consequences of such an","page_number":110,"box":{"x":68,"y":150,"width":799,"height":12}},{"id":"f96ca1a1-67cc-4eef-aaf8-f208b7d9f5d5","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":110,"box":{"x":69,"y":166,"width":802,"height":11}},{"id":"8794dbc6-c479-4b16-bedc-c2812d2152d6","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":110,"box":{"x":69,"y":181,"width":746,"height":11}},{"id":"515aad59-37e7-4e10-925f-8cceebc6f31b","block_type":"box","text":"investments.","page_number":110,"box":{"x":70,"y":196,"width":89,"height":9}},{"id":"51a0aed6-60ae-4506-9fc4-6833533ab373","block_type":"box","text":"The COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in","page_number":110,"box":{"x":101,"y":218,"width":802,"height":12}},{"id":"ba69a2cc-934e-42ad-9df0-3ed0dde171c2","block_type":"box","text":"global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in","page_number":110,"box":{"x":68,"y":234,"width":796,"height":11}},{"id":"47e3f221-7110-4420-b66d-9172901667f0","block_type":"box","text":"economies throughout the world. The impact of this coronavirus, and other epidemics and pandemics that may arise","page_number":110,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"811dc33a-bffe-49e4-96b1-10beed6fdd11","block_type":"box","text":"in the future, could affect the economies of many nations, individual companies and the market in general in ways","page_number":110,"box":{"x":70,"y":264,"width":813,"height":11}},{"id":"a4a93761-a714-4b57-8aaf-6cce5685de8c","block_type":"box","text":"that cannot necessarily be foreseen at the present time. These health crises may be shor t term or long term, and","page_number":110,"box":{"x":68,"y":279,"width":812,"height":11}},{"id":"8a88d5df-7cf0-493b-a25b-fe8d0457c231","block_type":"box","text":"may exacerbate other pre-existing political, social and economic risks, disrupt normal market conditions and","page_number":110,"box":{"x":69,"y":294,"width":771,"height":11}},{"id":"24fb3d74-ebcc-43b9-94ed-5ea33ea476c4","block_type":"box","text":"operations, and negatively impact per formance. In addition, the impact of infectious diseases in emerging developing","page_number":110,"box":{"x":69,"y":309,"width":837,"height":11}},{"id":"5b501fbb-60af-4041-9ea1-99c93fc4c0d9","block_type":"box","text":"or emerging market countries may be greater due to less established health care systems.","page_number":110,"box":{"x":69,"y":325,"width":646,"height":11}},{"id":"a2c31074-76b7-4dda-b249-6a8c0e59cd2f","block_type":"box","text":"Legal and Regulatory Risks.","page_number":110,"box":{"x":102,"y":347,"width":197,"height":11}},{"id":"601db648-c77e-4626-9827-021481d81306","block_type":"box","text":"The Manager is par t of a larger firm with multiple business lines active in multiple","page_number":110,"box":{"x":305,"y":347,"width":583,"height":11}},{"id":"6ecac7b6-3376-4ce2-9ecf-c116b84f5378","block_type":"box","text":"jurisdictions that are governed by a multitude of legal systems and regulatory regimes, some of which are new and","page_number":110,"box":{"x":67,"y":362,"width":819,"height":11}},{"id":"17e463e5-cb74-4830-bf7a-07f1a0576e6c","block_type":"box","text":"evolving. As a result, the Funds and the Manager and its affiliates are subject to extensive and sophisticated legal,","page_number":110,"box":{"x":69,"y":377,"width":820,"height":12}},{"id":"7b418b6a-7be1-4f71-b5fa-d4d7e6713b51","block_type":"box","text":"tax and regulatory risks, including changing laws and regulations, developing interpretations of such laws and","page_number":110,"box":{"x":68,"y":392,"width":781,"height":12}},{"id":"1d438b6c-f3fd-492e-9ecb-65c40d60f225","block_type":"box","text":"regulations, as well as existing laws, and increased scrutiny by regulators and law enforcement authorities.","page_number":110,"box":{"x":69,"y":407,"width":763,"height":12}},{"id":"97c88630-b68e-403f-bfb7-0aacba23a34e","block_type":"box","text":"Unexpected economic, political, regulatory and diplomatic events within the United States and abroad can trigger new","page_number":110,"box":{"x":70,"y":423,"width":838,"height":11}},{"id":"1f919a53-656a-4568-ad28-1d59c39be283","block_type":"box","text":"and complex regulations that the Manager and/or the Funds may need to comply with. The implementation of","page_number":110,"box":{"x":69,"y":438,"width":781,"height":11}},{"id":"1e3e6f80-b58f-4478-bf2e-2cba3780dfbe","block_type":"box","text":"changes to comply with current and/or new regulations applicable to the Funds and/or the Manager could have a","page_number":110,"box":{"x":69,"y":453,"width":807,"height":11}},{"id":"45be72a8-ee41-4be4-ac0c-79f4d8ebd1ac","block_type":"box","text":"material adverse effect on the Funds (including by imposing material costs on the Funds, reducing profit margins,","page_number":110,"box":{"x":69,"y":468,"width":807,"height":11}},{"id":"167ea092-6628-49cc-9a55-4ccde4e64772","block_type":"box","text":"reducing investment oppor tunities or by otherwise restricting the Funds and/or the Manager).","page_number":110,"box":{"x":69,"y":483,"width":666,"height":11}},{"id":"2528e407-1d7c-4b0a-93dd-fe82e9926099","block_type":"box","text":"Tariff and Trade Policy Risks.","page_number":110,"box":{"x":103,"y":506,"width":202,"height":11}},{"id":"85b28135-1eb2-4e82-9981-fad022ab27ec","block_type":"box","text":"Some countries, including the U.S., have adopted more protectionist trade policies.","page_number":110,"box":{"x":312,"y":506,"width":593,"height":11}},{"id":"5e18e34f-c8ab-4ff0-8612-4488ef4e1cbf","block_type":"box","text":"The U.S. government recently altered its approach to international trade policy, resulting in significant impacts on","page_number":110,"box":{"x":68,"y":521,"width":806,"height":11}},{"id":"be6a8eaa-b297-4cd3-9480-bd9b3e9f0f1a","block_type":"box","text":"international trade relations, cer tain tax and immigration policies, and other aspects of the national and international","page_number":110,"box":{"x":70,"y":536,"width":833,"height":11}},{"id":"6808bc0e-8489-44c6-b0b7-a95422b7f57f","block_type":"box","text":"political and financial landscape. The rise in protectionist trade policies, slowing economic growth, changes to some","page_number":110,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"ce58f359-4ba4-4f0d-b2c2-2d166485de60","block_type":"box","text":"major international trade agreements, risks associated with trade agreements between the U.S. and the European","page_number":110,"box":{"x":69,"y":566,"width":814,"height":11}},{"id":"5b6870c6-ae22-4c53-af82-4ff342cc52c7","block_type":"box","text":"Union, and the risks associated with trade negotiations between the U.S. and China, could affect the economies of","page_number":110,"box":{"x":70,"y":581,"width":821,"height":12}},{"id":"7df01c4a-6d1f-4419-9ddc-19e2df496a85","block_type":"box","text":"many nations in ways that cannot necessarily be foreseen at the present time.","page_number":110,"box":{"x":69,"y":596,"width":559,"height":12}},{"id":"e8b0bfaa-5a1d-4f12-8787-edc571c3eb00","block_type":"box","text":"Global trade disruption, significant introductions of trade barriers, and bilateral trade frictions, together with any","page_number":110,"box":{"x":102,"y":619,"width":796,"height":11}},{"id":"b0feb46e-944f-4f02-bcc2-33e3014a6a95","block_type":"box","text":"future downturns in the global economy resulting therefrom, could adversely affect the financial per formance of a","page_number":110,"box":{"x":68,"y":634,"width":809,"height":12}},{"id":"52d7fdb2-fe30-4656-95b1-3044d6d298b6","block_type":"box","text":"Fund and its investments. Trade policy may be an ongoing source of instability, potentially resulting in significant","page_number":110,"box":{"x":70,"y":649,"width":799,"height":12}},{"id":"96cb5e09-622e-4768-a489-b32b4db8d4fa","block_type":"box","text":"currency fluctuations and/or having other adverse effects on international markets, international trade agreements,","page_number":110,"box":{"x":69,"y":664,"width":823,"height":12}},{"id":"c55994e1-97a2-49a7-8cff-6df36b4f7d0a","block_type":"box","text":"and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory, or","page_number":110,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"b80da348-dd35-4ff0-b1c1-d3c067fd6a49","block_type":"box","text":"otherwise). To the extent trade disputes escalate globally, there could be additional significant impacts on the","page_number":110,"box":{"x":69,"y":695,"width":783,"height":11}},{"id":"b34dc987-1de7-4b8f-88f0-92d0396fd4a3","block_type":"box","text":"sectors or industries in which a Fund invests and other adverse impacts on a Fund’s overall per formance.","page_number":110,"box":{"x":69,"y":710,"width":753,"height":11}},{"id":"1eb7e181-932b-436b-a403-b9492cad9d3f","block_type":"box","text":"Geographic Risks","page_number":110,"box":{"x":102,"y":733,"width":123,"height":11}},{"id":"052632c6-1a6b-4396-b88e-f5ff82ebfa74","block_type":"box","text":". Some of the companies in which the Fund invests may be located in, or otherwise connected","page_number":110,"box":{"x":226,"y":732,"width":671,"height":12}},{"id":"be24cc32-8df9-4480-ab05-79d3ca28e654","block_type":"box","text":"to, par ts of the world affected by natural disasters such as severe heat, ear thquakes, tornadoes, volcanic eruptions,","page_number":110,"box":{"x":68,"y":748,"width":835,"height":11}},{"id":"cdbd14ba-16cc-4a75-9486-76ec7afe0033","block_type":"box","text":"wildfires, droughts, floods, hurricanes or tsunamis, and are economically sensitive to environmental events. In","page_number":110,"box":{"x":68,"y":763,"width":787,"height":11}},{"id":"8bc55eb6-1d2c-4d44-87c2-939516a17289","block_type":"box","text":"addition, issuers may be impacted by security concerns with respect to a country or region, such as war and other","page_number":110,"box":{"x":69,"y":778,"width":814,"height":11}},{"id":"5ca85f2b-d9e9-43f8-9246-9f5a012146ec","block_type":"box","text":"types of conflict, terrorism, strained international relations and territorial disputes. Any of these events may adversely","page_number":110,"box":{"x":68,"y":793,"width":840,"height":11}},{"id":"fa62850d-9c9d-4694-9fe2-4eb371873d3b","block_type":"box","text":"affect the issuers, markets and economies to which a Fund is exposed, which may adversely affect the value of the","page_number":110,"box":{"x":69,"y":808,"width":824,"height":11}},{"id":"09a3e61a-c93b-48d1-8d14-7147ee43dc05","block_type":"box","text":"Fund.","page_number":110,"box":{"x":70,"y":823,"width":36,"height":9}},{"id":"168afdeb-0031-4ffb-9e87-6cb88f92d027","block_type":"box","text":"Reference Rate Replacement Risk.","page_number":110,"box":{"x":102,"y":846,"width":255,"height":11}},{"id":"61d6a64e-a367-40f2-9aa2-e326f55d4313","block_type":"box","text":"The London Interbank Offered Rate (“LIBOR”) had historically been used","page_number":110,"box":{"x":363,"y":846,"width":514,"height":11}},{"id":"52f730a3-ed28-46b1-a3c9-3eb14b291f4d","block_type":"box","text":"extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial","page_number":110,"box":{"x":69,"y":861,"width":782,"height":11}},{"id":"a1352adc-c749-4dca-a358-547ec5bfd725","block_type":"box","text":"contracts, including corporate and municipal bonds, bank loans, asset-backed and mor tgage-related securities,","page_number":110,"box":{"x":69,"y":876,"width":791,"height":11}},{"id":"e3fdf23e-1952-4783-acdb-dc37541343e8","block_type":"box","text":"interest rate swaps and other derivatives. Instruments in which a Fund may have historically paid interest at floating","page_number":110,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"35de466d-a1de-4020-89d0-b62ad84cda1d","block_type":"box","text":"rates based on LIBOR or may have been subject to interest caps or floors based on LIBOR. The Funds and issuers of","page_number":110,"box":{"x":69,"y":906,"width":834,"height":12}},{"id":"fdf94d18-f5d9-42c3-93a0-cd4f3886032a","block_type":"box","text":"II-68","page_number":110,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d49119b7-8e3d-4a64-9596-198d6169c431","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":110,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a7740f4b-81e2-43bc-8359-54f7bdf485eb","block_type":"box","text":"instruments in which a Fund invests may have also historically obtained financing at floating rates based on LIBOR. In","page_number":111,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"284fcd91-93de-4956-b630-8ce2493fb415","block_type":"box","text":"connection with the global transition away from LIBOR led by regulators and market par ticipants as a result of","page_number":111,"box":{"x":69,"y":60,"width":783,"height":11}},{"id":"b6ee3a83-a5cb-48db-a856-3599975fda9f","block_type":"box","text":"benchmark reforms, LIBOR was last published on a representative basis at the end of June 2023. Alternative","page_number":111,"box":{"x":69,"y":75,"width":779,"height":11}},{"id":"24fe46fc-6845-47f2-8296-56114dac332a","block_type":"box","text":"reference rates to LIBOR have been established in most major currencies and markets in these alternative rates are","page_number":111,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"729de5a5-5eab-4e5b-bc26-199911d94792","block_type":"box","text":"continuing to develop (","page_number":111,"box":{"x":69,"y":105,"width":160,"height":11}},{"id":"ae18bd4a-d76e-4f68-8ef5-9ed205604922","block_type":"box","text":"e.g.","page_number":111,"box":{"x":231,"y":107,"width":25,"height":9}},{"id":"62a5f398-a139-422a-9fbd-7605001fedb2","block_type":"box","text":", the Secured Overnight Financing Rate (“SOFR”) for USD-LIBOR). While the transition from","page_number":111,"box":{"x":258,"y":105,"width":641,"height":11}},{"id":"ac48ecf8-5861-4ca8-b27d-9fb6955971b5","block_type":"box","text":"LIBOR has gone relatively smoothly, residual risks associated with the transition may remain that may impact","page_number":111,"box":{"x":70,"y":120,"width":777,"height":12}},{"id":"425ef949-d4d8-4976-902a-08b02539fed5","block_type":"box","text":"markets or par ticular investments and, as such, the full impact of the transition on the Funds or the financial","page_number":111,"box":{"x":69,"y":135,"width":776,"height":11}},{"id":"e757a990-1938-4cfd-a04f-9ab1dccb5dfa","block_type":"box","text":"instruments in which the Funds invest cannot yet be fully determined.","page_number":111,"box":{"x":70,"y":150,"width":493,"height":12}},{"id":"5df14966-e989-4812-8262-431ce63b646e","block_type":"box","text":"SOFR is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are","page_number":111,"box":{"x":102,"y":173,"width":750,"height":11}},{"id":"eb8cb04a-3afa-42a4-bdd1-2edc4b3d5fd9","block_type":"box","text":"collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from","page_number":111,"box":{"x":69,"y":188,"width":803,"height":11}},{"id":"cf547308-48cd-4c8e-9a50-87baf3e1c067","block_type":"box","text":"various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data.","page_number":111,"box":{"x":68,"y":203,"width":831,"height":12}},{"id":"52e0e361-a9b9-4192-916d-cce54557e315","block_type":"box","text":"Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from","page_number":111,"box":{"x":70,"y":218,"width":801,"height":12}},{"id":"5f383ef2-6600-4e04-b9ec-7311f5462916","block_type":"box","text":"LIBOR. LIBOR is intended to be an unsecured rate that represents interbank funding costs for different shor t-term","page_number":111,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"f7d90671-c651-4ba0-a2db-3df4f38ca57c","block_type":"box","text":"maturities or tenors. It is a forward-looking rate reflecting expectations regarding interest rates for the applicable","page_number":111,"box":{"x":69,"y":249,"width":803,"height":11}},{"id":"0212ae24-bb47-4c0d-b2e0-c2675d9846db","block_type":"box","text":"tenor. Thus, LIBOR is intended to be sensitive, in cer tain respects, to bank credit risk and to term interest rate risk.","page_number":111,"box":{"x":68,"y":264,"width":825,"height":11}},{"id":"91390310-ddf8-4114-a0df-4f9033656282","block_type":"box","text":"In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is","page_number":111,"box":{"x":70,"y":279,"width":828,"height":11}},{"id":"c509941c-0980-4bbd-963d-a08f78617e04","block_type":"box","text":"largely insensitive to credit-risk considerations and to shor t-term interest rate risks. SOFR is a transaction-based rate,","page_number":111,"box":{"x":70,"y":294,"width":838,"height":11}},{"id":"d1cf5dc9-8311-4b9f-bbd6-c817ed9d4af2","block_type":"box","text":"and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during cer tain","page_number":111,"box":{"x":69,"y":309,"width":796,"height":11}},{"id":"aabe8977-918d-4a25-9d32-126ef0705945","block_type":"box","text":"periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will per form","page_number":111,"box":{"x":70,"y":324,"width":836,"height":12}},{"id":"f38a43c1-509b-4619-81b2-d29c441bdfc1","block_type":"box","text":"in the same or similar way as LIBOR would have per formed at any time, and there is no assurance that SOFR-based","page_number":111,"box":{"x":70,"y":339,"width":824,"height":12}},{"id":"d48087bf-0879-4407-a300-0242f1c621ed","block_type":"box","text":"rates will be a suitable substitute for LIBOR. SOFR has a relatively limited history, having been first published in April","page_number":111,"box":{"x":69,"y":355,"width":830,"height":11}},{"id":"2afb9a68-c280-4dba-b997-5185bf1f7711","block_type":"box","text":"2018. The future per formance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s","page_number":111,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"cb07242b-6d86-49d3-b402-a30e712c7484","block_type":"box","text":"history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or","page_number":111,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"9732c8e8-d7fc-468c-8dc2-076ed3e5751b","block_type":"box","text":"other rates. There can also be no assurance that SOFR will not be discontinued or fundamentally altered in a manner","page_number":111,"box":{"x":69,"y":400,"width":835,"height":11}},{"id":"fd45db39-6126-4512-87fe-e380287ff800","block_type":"box","text":"that is materially adverse to the interests of the Fund.","page_number":111,"box":{"x":68,"y":415,"width":384,"height":11}},{"id":"4b8cd4b3-f3c3-4420-abf8-875705fd2b2c","block_type":"box","text":"In addition, interest rates or other types of rates and indices which are classified as “benchmarks” have been","page_number":111,"box":{"x":102,"y":438,"width":782,"height":11}},{"id":"d06e47ee-97f7-4d0f-9c7a-e0d5ebff88dd","block_type":"box","text":"the subject of ongoing national and international regulatory reform, including under the European Union (“EU”)","page_number":111,"box":{"x":68,"y":453,"width":786,"height":11}},{"id":"ae30c00b-5d20-4384-903d-e50dca3b1ea5","block_type":"box","text":"regulation on indices used as benchmarks in financial instruments and financial contracts (known as the","page_number":111,"box":{"x":69,"y":468,"width":746,"height":11}},{"id":"693b7b28-ec1a-436b-a8d0-753f12987c8f","block_type":"box","text":"“Benchmarks Regulation”). The Benchmarks Regulation has been enacted into United Kingdom (“UK”) law by vir tue","page_number":111,"box":{"x":70,"y":483,"width":822,"height":11}},{"id":"639eca66-4c90-4461-893e-c504792870ab","block_type":"box","text":"of the EU (Withdrawal) Act 2018 (as amended), subject to amendments made by the Benchmarks (Amendment and","page_number":111,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"acfa53e7-51c2-471e-acc0-2cfdc87ea685","block_type":"box","text":"Transitional Provision) (EU Exit) Regulations 2019 (SI 2019/657) and other statutory instruments. Following the","page_number":111,"box":{"x":68,"y":513,"width":799,"height":12}},{"id":"6c79049b-9924-4e8c-96b3-922f5468171c","block_type":"box","text":"implementation of these reforms, the manner of administration of benchmarks has changed and may fur ther change","page_number":111,"box":{"x":70,"y":528,"width":830,"height":12}},{"id":"a085db99-6eb5-408d-a85d-b4d4d9d541bf","block_type":"box","text":"in the future, with the result that relevant benchmarks may per form differently than in the past, the use of","page_number":111,"box":{"x":70,"y":543,"width":757,"height":12}},{"id":"6b593322-e727-42a4-95df-087c27d28491","block_type":"box","text":"benchmarks that are not compliant with the new standards by cer tain supervised entities may be restricted, and","page_number":111,"box":{"x":69,"y":559,"width":802,"height":11}},{"id":"907aff41-b289-4a9e-9703-3311ad349bfa","block_type":"box","text":"cer tain benchmarks may be eliminated entirely. Such changes could cause increased market volatility and disruptions","page_number":111,"box":{"x":69,"y":574,"width":840,"height":11}},{"id":"baff57a1-ee62-40a7-8640-75e397737f29","block_type":"box","text":"in liquidity for instruments that rely on or are impacted by such benchmarks. Additionally, there could be other","page_number":111,"box":{"x":70,"y":589,"width":782,"height":11}},{"id":"c7da16f1-3389-4b80-b73c-8b7c7c974979","block_type":"box","text":"consequences which cannot be predicted.","page_number":111,"box":{"x":69,"y":604,"width":298,"height":11}},{"id":"ee0ae96d-62df-4067-8daf-d6878b4f7d50","block_type":"box","text":"Repurchase Agreements and Purchase and Sale Contracts.","page_number":111,"box":{"x":102,"y":627,"width":432,"height":11}},{"id":"61e31ec4-3096-4a78-a78d-ee146eefe535","block_type":"box","text":"Under repurchase agreements and purchase and","page_number":111,"box":{"x":541,"y":627,"width":347,"height":11}},{"id":"975d714d-2672-4c2d-a97f-27efa7e67575","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":111,"box":{"x":69,"y":642,"width":821,"height":11}},{"id":"e2bac5e3-f56f-4d20-bc1d-030fda3306a1","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":111,"box":{"x":68,"y":657,"width":815,"height":11}},{"id":"3c751062-717b-4396-a09b-8de75514faa5","block_type":"box","text":"term of the agreement.","page_number":111,"box":{"x":68,"y":672,"width":164,"height":11}},{"id":"5072e555-6d89-49ec-b6f7-e91005acff81","block_type":"box","text":"A purchase and sale contract differs from a repurchase agreement in that the contract arrangements stipulate","page_number":111,"box":{"x":101,"y":695,"width":788,"height":11}},{"id":"314142e8-cd04-4920-a6cd-9d44aa356ec3","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":111,"box":{"x":68,"y":710,"width":831,"height":11}},{"id":"a49cff3d-6d7e-41ef-b1d1-254ecbe1dc0b","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":111,"box":{"x":70,"y":725,"width":821,"height":11}},{"id":"b15deb50-7940-417f-a104-b30d44379d1a","block_type":"box","text":"on the underlying obligation; whereas, in the case of purchase and sale contracts, the prices take into account","page_number":111,"box":{"x":69,"y":740,"width":790,"height":11}},{"id":"6ae53c5e-bff6-4a7f-a920-f3150d61b53b","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":111,"box":{"x":69,"y":755,"width":827,"height":11}},{"id":"ad328760-e380-4005-8acc-da905b9bb5aa","block_type":"box","text":"unaffiliated third-par ty custodian maintains accounts to hold collateral for the Fund and its counterpar ties and,","page_number":111,"box":{"x":69,"y":770,"width":788,"height":11}},{"id":"1068c31f-daad-4dcb-afcc-a8a6ca157111","block_type":"box","text":"therefore, the Fund may be subject to the credit risk of those custodians.","page_number":111,"box":{"x":68,"y":785,"width":522,"height":12}},{"id":"ded945d3-4305-4eda-b11d-e03737e48859","block_type":"box","text":"Some repurchase agreements and purchase and sale contracts are structured to result in a fixed rate of return","page_number":111,"box":{"x":102,"y":808,"width":792,"height":11}},{"id":"0c59d8cc-f1b4-4c55-bf67-bc1293eba2b1","block_type":"box","text":"insulated from market fluctuations during the term of the agreement, although such return may be affected by","page_number":111,"box":{"x":70,"y":823,"width":784,"height":12}},{"id":"dfdd1c93-aabe-401d-9f35-85e6970dfe80","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":111,"box":{"x":69,"y":838,"width":837,"height":12}},{"id":"517a175a-6e41-456f-9579-e558d1b4537e","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":111,"box":{"x":69,"y":853,"width":812,"height":12}},{"id":"fa08f778-e36d-4431-a3f8-5eb2f1dc2541","block_type":"box","text":"fluctuations of the market values of the securities underlying the contract and the accrued interest on those","page_number":111,"box":{"x":68,"y":869,"width":770,"height":11}},{"id":"db065f01-b712-47a4-97a8-b881a0bb9c13","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":111,"box":{"x":69,"y":884,"width":802,"height":11}},{"id":"a4cb8ef7-551a-4e03-ab1d-dc71fe2bfe1b","block_type":"box","text":"losses arising from market fluctuations following the default.","page_number":111,"box":{"x":70,"y":899,"width":430,"height":11}},{"id":"911d16c5-1514-4228-9c3a-eb968275e0e8","block_type":"box","text":"II-69","page_number":111,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"18e91bdb-b9e6-43d5-8c3a-754f1aacdedd","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":111,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"24a99604-3476-4494-93fd-9930830494b7","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":112,"box":{"x":102,"y":45,"width":759,"height":11}},{"id":"23f74b1b-e026-40f8-86b2-2c3b006d9c4f","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":112,"box":{"x":70,"y":60,"width":765,"height":11}},{"id":"768b5b01-708d-4864-a8fe-1c287a10f0e1","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":112,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"fa618672-b7d3-4ad5-853f-79b27b34228a","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":112,"box":{"x":69,"y":90,"width":799,"height":11}},{"id":"a8e7fd7e-7daf-49a4-82f9-2f7102742361","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":112,"box":{"x":69,"y":105,"width":801,"height":11}},{"id":"0a1698e3-c27b-4ab1-93e3-880218d3f3b8","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":112,"box":{"x":69,"y":120,"width":826,"height":12}},{"id":"1629f1b4-9087-4f43-9990-436ede03d94f","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":112,"box":{"x":70,"y":135,"width":831,"height":12}},{"id":"ef17b912-1d68-4fff-a6f7-ca2cdcf443b5","block_type":"box","text":"Securities subject to repurchase agreements (other than tri-par ty repurchase agreements) and purchase and sale","page_number":112,"box":{"x":69,"y":151,"width":810,"height":11}},{"id":"f1222d5c-5da1-47e3-92b9-42355feb286a","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":112,"box":{"x":69,"y":166,"width":829,"height":11}},{"id":"58b6e63b-d903-4b16-a5f1-b8ae1b21410e","block_type":"box","text":"or by another authorized securities depository.","page_number":112,"box":{"x":69,"y":181,"width":329,"height":11}},{"id":"52d2af42-4657-4a61-a1e0-896429bc9383","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":112,"box":{"x":102,"y":203,"width":770,"height":12}},{"id":"30d3fea2-5d1d-4b9e-a052-50e3e0fb0af0","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":112,"box":{"x":69,"y":218,"width":805,"height":12}},{"id":"f932679e-5ece-4668-b8fb-55733479dab3","block_type":"box","text":"repurchase price. Therefore, the Fund may suffer time delays and incur costs or possible losses in connection with","page_number":112,"box":{"x":69,"y":234,"width":819,"height":11}},{"id":"2fa09b03-6d64-4a51-97cd-bf5e2fac7f90","block_type":"box","text":"disposition of the collateral. If the seller becomes insolvent and subject to liquidation or reorganization under","page_number":112,"box":{"x":69,"y":249,"width":778,"height":11}},{"id":"398dbb8c-181d-4faa-a701-e6b399ed1a30","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":112,"box":{"x":69,"y":264,"width":832,"height":11}},{"id":"8abfa17f-8758-4128-9980-017083d56bb1","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":112,"box":{"x":70,"y":279,"width":810,"height":11}},{"id":"18e030d8-7be7-47c1-b4b4-37be3b499078","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":112,"box":{"x":69,"y":294,"width":812,"height":11}},{"id":"dbcb0be9-0e11-4970-ab8c-552b08b4278f","block_type":"box","text":"amount at least equal to the repurchase price, including accrued interest. If the seller fails to repurchase the","page_number":112,"box":{"x":69,"y":309,"width":778,"height":11}},{"id":"cf341da8-dc2a-459f-988a-2c3fd5d36a44","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":112,"box":{"x":69,"y":324,"width":817,"height":12}},{"id":"b8128f77-035f-479f-aa66-014c23d7eda3","block_type":"box","text":"the repurchase price.","page_number":112,"box":{"x":68,"y":340,"width":151,"height":10}},{"id":"823bed3e-2eab-4392-bafa-584ae476bb2d","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":112,"box":{"x":102,"y":362,"width":805,"height":11}},{"id":"df9e8ca3-f563-4fe6-810b-fa0dc201eaef","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":112,"box":{"x":70,"y":377,"width":837,"height":12}},{"id":"dff4df66-408d-440b-aad7-73154ec8e7b1","block_type":"box","text":"collateral may include instruments other than cash items and obligations issued by the U.S. Government or its","page_number":112,"box":{"x":69,"y":392,"width":788,"height":12}},{"id":"8aeb0331-7572-4616-9990-7b2713b82078","block_type":"box","text":"agencies or instrumentalities, including securities that the Fund could not hold directly under its investment","page_number":112,"box":{"x":69,"y":408,"width":767,"height":11}},{"id":"9fc1480c-a13f-4aac-be8f-c2b2f9042038","block_type":"box","text":"strategies without the repurchase obligation.","page_number":112,"box":{"x":69,"y":423,"width":317,"height":11}},{"id":"ff202c75-b413-481b-9170-192bbbf363c6","block_type":"box","text":"The type of collateral underlying repurchase agreements may also pose cer tain risks for a Fund. Lower quality","page_number":112,"box":{"x":101,"y":445,"width":782,"height":12}},{"id":"fbdd4db6-c767-45fd-8764-614873441957","block_type":"box","text":"collateral and collateral with longer maturities may be subject to greater price fluctuations than higher quality","page_number":112,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"9814dbb8-f2ad-4b14-972c-7f0be325a549","block_type":"box","text":"collateral and collateral with shor ter maturities. If the repurchase agreement counterpar ty were to default, lower","page_number":112,"box":{"x":69,"y":475,"width":799,"height":12}},{"id":"81970725-b99a-4a15-a36a-f500ac205322","block_type":"box","text":"quality collateral may be more difficult to liquidate than higher quality collateral. Should the counterpar ty default and","page_number":112,"box":{"x":69,"y":491,"width":829,"height":11}},{"id":"ac5b8c7c-14c4-4484-808b-c1f5528b5925","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":112,"box":{"x":68,"y":506,"width":825,"height":11}},{"id":"30965678-4f45-4880-b0c0-71d19625b9e7","block_type":"box","text":"status of an unsecured creditor of the counterpar ty (","page_number":112,"box":{"x":69,"y":521,"width":374,"height":11}},{"id":"c963943b-e45c-43df-ae5b-a5121c9d3424","block_type":"box","text":"i.e.","page_number":112,"box":{"x":445,"y":521,"width":20,"height":9}},{"id":"1c6b7a4d-943a-49cf-a994-1f2405f112b7","block_type":"box","text":", the position the Fund would normally be in if it were to hold,","page_number":112,"box":{"x":468,"y":521,"width":434,"height":11}},{"id":"5d543ae1-b9d5-4665-a887-bd3822c92cec","block_type":"box","text":"pursuant to its investment policies, other unsecured debt securities of the defaulting counterpar ty) with respect to","page_number":112,"box":{"x":70,"y":536,"width":813,"height":11}},{"id":"4c40079e-8b48-4e64-a4f9-39f779a3f45d","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":112,"box":{"x":68,"y":551,"width":816,"height":11}},{"id":"1c99bbbe-d29e-4679-848d-8a9dacb76f49","block_type":"box","text":"and income involved in the transaction.","page_number":112,"box":{"x":69,"y":566,"width":278,"height":9}},{"id":"2fe04757-1f8f-41f7-9ad8-4e3d5ad4cded","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":112,"box":{"x":102,"y":589,"width":800,"height":11}},{"id":"3c0c7a23-55fc-4e95-9cb8-1c2de8408aa0","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many repurchase agreements and purchase and sale","page_number":112,"box":{"x":68,"y":604,"width":840,"height":11}},{"id":"2a005e4c-99cb-4515-88ca-8b8a1cdf515c","block_type":"box","text":"contracts, terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements,","page_number":112,"box":{"x":69,"y":619,"width":814,"height":11}},{"id":"8c837d07-d414-4b36-ae7f-0308855f0f73","block_type":"box","text":"take foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":112,"box":{"x":68,"y":634,"width":790,"height":12}},{"id":"5e46e5de-9664-4206-8961-dd3bb1b09c39","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":112,"box":{"x":69,"y":649,"width":818,"height":12}},{"id":"97741ad5-895a-4577-a886-f353ee3a4cd0","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":112,"box":{"x":68,"y":665,"width":783,"height":11}},{"id":"79d08e33-d61d-4e97-abdc-3b13b9387fdc","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing repurchase agreements and purchase and sale","page_number":112,"box":{"x":69,"y":680,"width":821,"height":11}},{"id":"6e6ebe9c-edde-4fe0-bd4b-2bf22b4fa71e","block_type":"box","text":"contracts or to realize amounts to be received under such agreements. The SEC has also finalized rules that will","page_number":112,"box":{"x":69,"y":695,"width":800,"height":11}},{"id":"9662e95e-78cc-465a-a03c-c583c963dd1d","block_type":"box","text":"require cer tain transactions involving U.S. Treasuries, including repurchase agreements, to be centrally cleared.","page_number":112,"box":{"x":69,"y":710,"width":796,"height":11}},{"id":"b41d47e4-4fe3-406a-b185-836cee345e54","block_type":"box","text":"Compliance with these rules is expected to be required by the middle of 2027. Although the impact of these rules on","page_number":112,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"cca236b3-9669-4900-b89a-89f6677c32ef","block_type":"box","text":"the Funds is difficult to predict, they may reduce the availability or increase the costs of such transactions and may","page_number":112,"box":{"x":68,"y":740,"width":824,"height":11}},{"id":"753f2954-6cda-4615-a003-fdf6ee45d941","block_type":"box","text":"adversely affect a Fund’s per formance.","page_number":112,"box":{"x":69,"y":755,"width":279,"height":11}},{"id":"3e151e62-7dd8-44a8-8950-eec66287683e","block_type":"box","text":"Restricted Securities.","page_number":112,"box":{"x":102,"y":778,"width":157,"height":9}},{"id":"1cc61c67-890b-4120-890c-3a1a2f390c17","block_type":"box","text":"A Fund may invest in or hold securities that are not registered under the Securities Act","page_number":112,"box":{"x":265,"y":778,"width":617,"height":11}},{"id":"9c6ef618-5402-4ccf-ab15-bc0ee39f1de7","block_type":"box","text":"(“restricted securities”), which may include securities in private companies and Rule 144A Securities. Restricted","page_number":112,"box":{"x":69,"y":793,"width":801,"height":11}},{"id":"9d3d8677-ce73-4f37-afed-1208dcb78c2a","block_type":"box","text":"securities may be sold in private placement transactions between issuers and their purchasers, including through","page_number":112,"box":{"x":69,"y":808,"width":808,"height":11}},{"id":"c95e4532-c14a-471a-b8d1-eca6b8be2feb","block_type":"box","text":"private negotiated transactions between the issuer and their purchasers, such as the Funds, and may be neither","page_number":112,"box":{"x":70,"y":823,"width":802,"height":12}},{"id":"bf313fab-907d-4a72-a195-b54d2f2a719f","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":112,"box":{"x":70,"y":839,"width":834,"height":11}},{"id":"dd157048-4fb5-4224-8ba3-d3d82e2825ad","block_type":"box","text":"freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. Some of","page_number":112,"box":{"x":68,"y":853,"width":825,"height":12}},{"id":"92808d98-a22d-4017-9939-23ec0c853740","block_type":"box","text":"these securities are new and complex, and trade only among institutions; the markets for these securities are still","page_number":112,"box":{"x":68,"y":869,"width":815,"height":11}},{"id":"4b50e4d1-6048-4443-b391-97a9eca53dd0","block_type":"box","text":"developing, and may not function as efficiently as established markets. Typically, investments in private companies","page_number":112,"box":{"x":69,"y":884,"width":821,"height":11}},{"id":"e3e9690a-fee2-45d8-bece-10e6eb7ae6b4","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":112,"box":{"x":69,"y":899,"width":831,"height":11}},{"id":"c5175ef8-34f7-4e7d-90ae-3eb58bbebd7e","block_type":"box","text":"II-70","page_number":112,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"cf0938cb-e1d0-4025-be2f-d85efc04388d","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":112,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d81ba5b-68bf-4e76-80c8-87356bd5f179","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":113,"box":{"x":70,"y":45,"width":824,"height":11}},{"id":"f27c53ce-819e-45ab-ab93-497ccd22b6a4","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":113,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"ecfada7e-6c9f-4ea1-838d-acf4a081efc0","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":113,"box":{"x":69,"y":75,"width":769,"height":11}},{"id":"5bc7630c-7639-4388-a9ae-75efbc19965a","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":113,"box":{"x":69,"y":90,"width":838,"height":11}},{"id":"b1b6a100-8d72-4ac0-ad1a-ac1fd6fc5501","block_type":"box","text":"value than publicly traded securities. To the extent that restricted securities may be resold in privately negotiated","page_number":113,"box":{"x":68,"y":105,"width":805,"height":11}},{"id":"5b65564f-5c61-4833-8a4d-d2d022ad1441","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":113,"box":{"x":68,"y":120,"width":840,"height":12}},{"id":"603856c4-92e2-41cb-bf91-47efac735a07","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":113,"box":{"x":70,"y":135,"width":815,"height":12}},{"id":"d91abb37-d97e-4733-b8a4-229e9732841c","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":113,"box":{"x":69,"y":150,"width":835,"height":12}},{"id":"7c063497-eb64-47ae-8f6c-d4e78977f6ed","block_type":"box","text":"market conditions. In addition, issuers whose securities are not publicly traded or who are not otherwise publicly","page_number":113,"box":{"x":69,"y":166,"width":803,"height":11}},{"id":"6a3f3389-2dcf-4ace-b94d-f0754d8bd845","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":113,"box":{"x":70,"y":181,"width":830,"height":11}},{"id":"af458546-92ef-466a-a325-6c1bce229bc2","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":113,"box":{"x":69,"y":196,"width":817,"height":11}},{"id":"95e78e60-29f9-41be-be79-67bb30663341","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":113,"box":{"x":68,"y":211,"width":825,"height":11}},{"id":"69b4e9fd-d27a-4206-86c7-96f0460b2836","block_type":"box","text":"of registration. Where registration is required for restricted securities, a considerable time period may elapse","page_number":113,"box":{"x":69,"y":226,"width":777,"height":11}},{"id":"2a816cbe-a5d3-424f-8930-b58fe038d608","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":113,"box":{"x":69,"y":241,"width":828,"height":11}},{"id":"3eb30092-c50f-410c-9d7f-8272410af3a2","block_type":"box","text":"an effective registration statement. If during such period, adverse market conditions were to develop, the Fund might","page_number":113,"box":{"x":69,"y":256,"width":834,"height":12}},{"id":"badfeeef-4b84-46ac-834c-5ef448a50541","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":113,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"03b4ca7e-a03a-4776-ae2d-759daf7ce5a8","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":113,"box":{"x":69,"y":286,"width":836,"height":12}},{"id":"6507edef-2a5e-4514-814c-c22d573cb7df","block_type":"box","text":"to purchasers of the restricted securities if the registration statement prepared by the issuer, or the corresponding","page_number":113,"box":{"x":68,"y":302,"width":819,"height":11}},{"id":"477f8990-12ac-451f-a081-4326adc3c83b","block_type":"box","text":"prospectus, is materially inaccurate or misleading. Transactions in restricted securities may entail other transaction","page_number":113,"box":{"x":70,"y":317,"width":822,"height":11}},{"id":"0a796474-4f12-41dc-8990-83adb78fb37d","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":113,"box":{"x":69,"y":332,"width":798,"height":11}},{"id":"64008f5c-1db7-4a5d-8ed3-e5bc739fcb47","block_type":"box","text":"private placements may consist of direct investments and may include investments in smaller, less seasoned","page_number":113,"box":{"x":70,"y":347,"width":780,"height":11}},{"id":"ae5b7ff0-236c-48fc-8063-00db8b642bda","block_type":"box","text":"issuers, which may involve greater risks. Issuers of restricted securities may not be subject to SEC repor ting","page_number":113,"box":{"x":70,"y":362,"width":773,"height":11}},{"id":"e6127f5f-f5e4-4e7b-acea-14d7c3a3209c","block_type":"box","text":"requirements, may not be required to maintain their accounting records in accordance with generally accepted","page_number":113,"box":{"x":69,"y":377,"width":784,"height":12}},{"id":"c80775ec-d8ee-4c49-9608-8dfcf9caa3c5","block_type":"box","text":"accounting principles, and may not be required to maintain effective internal controls over financial repor ting. As a","page_number":113,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"b6f51af9-0c7d-418b-916b-33f5566b475d","block_type":"box","text":"result, BlackRock may not have timely or accurate information about the business, financial condition and results of","page_number":113,"box":{"x":69,"y":407,"width":828,"height":12}},{"id":"bdeb02e1-644c-458c-9f34-3502d05a73f9","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":113,"box":{"x":69,"y":423,"width":831,"height":11}},{"id":"a3f0795c-a9b1-476c-b5f0-5fb63f053ab2","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":113,"box":{"x":68,"y":438,"width":804,"height":11}},{"id":"d5e51d5b-d703-4d1e-8805-4e66c135c839","block_type":"box","text":"markets or financial resources, or they may be dependent on a limited management group.","page_number":113,"box":{"x":69,"y":453,"width":647,"height":11}},{"id":"85cc535e-9dd6-4c02-b833-f9d9c5ce74dc","block_type":"box","text":"Cer tain restricted securities may represent limited investment oppor tunities and each shareholder’s","page_number":113,"box":{"x":102,"y":476,"width":714,"height":11}},{"id":"86d99623-1d9c-4b4c-acc4-d1df80c00524","block_type":"box","text":"propor tionate investment exposure to such limited investment oppor tunities may be reduced propor tionately as the","page_number":113,"box":{"x":70,"y":491,"width":823,"height":11}},{"id":"a056004a-eca8-4eec-a751-c8951cee838d","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":113,"box":{"x":70,"y":506,"width":826,"height":11}},{"id":"f4e52677-95fa-4a40-ac39-348a54a0d084","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":113,"box":{"x":70,"y":521,"width":830,"height":11}},{"id":"7e627974-03fa-4c89-8c85-4cababc54af8","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":113,"box":{"x":69,"y":536,"width":812,"height":11}},{"id":"fb4c964b-04b6-405f-806a-e6337a3cad73","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":113,"box":{"x":69,"y":551,"width":787,"height":11}},{"id":"2b034aba-a0b5-42bc-8afa-873bde4f4b5d","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":113,"box":{"x":69,"y":566,"width":833,"height":11}},{"id":"669ec2b1-d696-43ef-8992-26e4b5e766d0","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":113,"box":{"x":69,"y":581,"width":759,"height":12}},{"id":"79cf1373-e2da-42fc-855f-3ca593a3b5cd","block_type":"box","text":"investments, potentially indefinitely, and may adversely affect the value of the investments. In making investments in","page_number":113,"box":{"x":70,"y":596,"width":833,"height":12}},{"id":"781512ae-3ecf-4d79-88a9-1e301e3fe5bc","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":113,"box":{"x":69,"y":612,"width":828,"height":11}},{"id":"541e55e5-45d8-4a19-bd4a-6715d6289f50","block_type":"box","text":"conduct por tfolio transactions in such securities. The activity of identifying, completing, and realizing upon attractive","page_number":113,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"fa94e05e-d34e-42f9-b019-7e4f00d722fc","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":113,"box":{"x":70,"y":642,"width":804,"height":11}},{"id":"d115ee17-e504-4188-a359-ddb514755f0c","block_type":"box","text":"competing for investments against other similarly situated investors. It is possible that competition for appropriate","page_number":113,"box":{"x":69,"y":657,"width":816,"height":11}},{"id":"173058e4-96bd-47ec-8b4a-e4102b231465","block_type":"box","text":"investment oppor tunities may increase, thus potentially reducing the number of investment oppor tunities available to","page_number":113,"box":{"x":70,"y":672,"width":835,"height":11}},{"id":"69e7acbd-f697-4574-8193-d98579aac925","block_type":"box","text":"a Fund and adversely affecting the terms upon which investments can be made. There is no assurance that","page_number":113,"box":{"x":69,"y":687,"width":768,"height":11}},{"id":"de2e53ff-16e8-4f15-aa01-8215f53b572b","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":113,"box":{"x":70,"y":702,"width":815,"height":12}},{"id":"1ba9cd25-fe61-4b1b-89a8-c8add8516ae3","block_type":"box","text":"especially as that Fund grows in size.","page_number":113,"box":{"x":69,"y":718,"width":264,"height":11}},{"id":"5c99f5db-f5ee-4f8b-853d-4bd5110733f2","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":113,"box":{"x":101,"y":740,"width":762,"height":11}},{"id":"efbc0fd0-4f7d-4621-be6f-297b5712b754","block_type":"box","text":"securities issued by private companies) and thus they may be considered “illiquid”. Each Fund values restricted","page_number":113,"box":{"x":69,"y":755,"width":795,"height":11}},{"id":"ab73aee8-6d73-4843-b42d-67f9c2325a0e","block_type":"box","text":"securities in accordance with BlackRock’s valuation policies and procedures, which are designed to value","page_number":113,"box":{"x":69,"y":771,"width":751,"height":11}},{"id":"8fbc7b40-847d-4c58-a8ad-bc0e9230575d","block_type":"box","text":"investments such that they accurately reflect fair value. Due to the inherent uncer tainty and subjectivity of","page_number":113,"box":{"x":70,"y":785,"width":755,"height":12}},{"id":"c04694fe-8cdf-477c-b297-bfdeddac8eef","block_type":"box","text":"determining the fair value of investments that do not have a readily available market value, the fair value of a Fund’s","page_number":113,"box":{"x":69,"y":801,"width":830,"height":11}},{"id":"f2169de5-a685-4da0-bda8-1d07e72ea3fe","block_type":"box","text":"private investments may differ significantly from the values that would have been used had a readily available market","page_number":113,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"a6812f9e-5849-4a41-86d5-2962c5a065f5","block_type":"box","text":"value existed for such investments and may differ materially from the amounts the Fund may realize on any","page_number":113,"box":{"x":68,"y":831,"width":766,"height":11}},{"id":"3c702827-8ed7-46c1-8918-37fcceec2976","block_type":"box","text":"dispositions of such investments. Differences in the value of the Fund’s private investments could result in the","page_number":113,"box":{"x":69,"y":846,"width":792,"height":11}},{"id":"eabda725-0b9f-414e-9d1f-c732829068ec","block_type":"box","text":"Fund’s shareholder transactions being effected at a NAV that does not accurately reflect the underlying value of the","page_number":113,"box":{"x":70,"y":861,"width":821,"height":11}},{"id":"adf97d81-6b1b-4edf-8ffa-44ab433b8148","block_type":"box","text":"Fund’s por tfolio, potentially resulting in the dilution of shareholder interests and increasing oppor tunities for","page_number":113,"box":{"x":70,"y":876,"width":771,"height":11}},{"id":"85211840-2396-4cb8-8888-de2155992fba","block_type":"box","text":"shareholder arbitrage. The values used by the Fund to price its restricted securities may also differ from those used","page_number":113,"box":{"x":69,"y":891,"width":826,"height":12}},{"id":"b350d624-d3a0-4a13-804e-db2fba7cad66","block_type":"box","text":"by other investment companies and investors to price the same restricted securities. In addition, the impact of","page_number":113,"box":{"x":69,"y":906,"width":790,"height":12}},{"id":"f7bddd9f-cd24-4ca2-b4c6-c0f1e9de3e4f","block_type":"box","text":"II-71","page_number":113,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a522ba20-cdd4-4f94-9c3f-0a4c9b413b58","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":113,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"157cd239-93f0-42f4-adc1-37e229cec3ad","block_type":"box","text":"changes in the market environment and other events on the fair values of a Fund’s investments that have no readily","page_number":114,"box":{"x":69,"y":45,"width":828,"height":11}},{"id":"5de9bf20-e339-4edc-80a9-9fed397e0225","block_type":"box","text":"available market values may differ from the impact of such changes on the readily available market values for the","page_number":114,"box":{"x":69,"y":60,"width":810,"height":11}},{"id":"ba0932f2-056e-43be-af0e-bd7cbaaaaca5","block_type":"box","text":"Fund’s other investments. A Fund’s NAV could be adversely affected if the Fund’s determinations regarding the fair","page_number":114,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"0d739ced-e14f-45ac-a8c2-3e945d72ae12","block_type":"box","text":"value of the Fund’s investments were materially higher than the investment’s actual market or fair value or the values","page_number":114,"box":{"x":68,"y":90,"width":839,"height":11}},{"id":"dc0b0191-b0a4-4867-8aa5-fb3f10a62cfd","block_type":"box","text":"that the Fund ultimately realizes upon the disposal of such investments.","page_number":114,"box":{"x":68,"y":105,"width":514,"height":11}},{"id":"634ae9f2-44bc-418b-9648-9843c940adc4","block_type":"box","text":"See also risks discussed under “Illiquid Investments.”","page_number":114,"box":{"x":102,"y":128,"width":385,"height":11}},{"id":"f0d05ad6-2d80-4162-a95f-18462f8af919","block_type":"box","text":"Reverse Repurchase Agreements.","page_number":114,"box":{"x":102,"y":151,"width":246,"height":11}},{"id":"d4c6da9a-fd77-4152-ad60-d9dcb477c70b","block_type":"box","text":"A Fund may enter into reverse repurchase agreements with the same par ties","page_number":114,"box":{"x":354,"y":151,"width":548,"height":11}},{"id":"3a2d3d09-289f-4859-931c-7806f55b37a2","block_type":"box","text":"with whom it may enter into repurchase agreements. Under a reverse repurchase agreement, a Fund sells securities","page_number":114,"box":{"x":68,"y":166,"width":830,"height":11}},{"id":"98d03573-914a-4a2a-9561-5f6192259416","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":114,"box":{"x":68,"y":181,"width":793,"height":11}},{"id":"de12a202-1dfc-4f58-84b7-9f2310215ff4","block_type":"box","text":"repurchase agreement when it is anticipated that the interest income to be earned from the investment of the","page_number":114,"box":{"x":69,"y":196,"width":784,"height":11}},{"id":"a99534c8-9b41-421a-b617-ffaf4a248a49","block_type":"box","text":"proceeds of the transaction is greater than the interest expense of the transaction.","page_number":114,"box":{"x":70,"y":211,"width":591,"height":11}},{"id":"18e68cd6-75dd-4eff-99ce-06b8422e27bd","block_type":"box","text":"The use of reverse repurchase agreements may be regarded as leveraging and, therefore, speculative.","page_number":114,"box":{"x":101,"y":234,"width":730,"height":11}},{"id":"518abf55-0753-4c2f-b227-0aba76488719","block_type":"box","text":"Fur thermore, reverse repurchase agreements involve the risks that (i) the interest income earned in the investment","page_number":114,"box":{"x":70,"y":249,"width":822,"height":11}},{"id":"aea9b6c2-9cbc-451a-a1b7-2f9ca1c9df97","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":114,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"14cb4029-22bf-412d-8b24-26fe174ac3ad","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":114,"box":{"x":69,"y":279,"width":801,"height":11}},{"id":"d026697d-3262-424f-bd47-1b8b32b7e5a1","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":114,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"521cdfe9-720b-432f-887f-7f2798f87820","block_type":"box","text":"(iv) the securities will not be returned to the Fund.","page_number":114,"box":{"x":69,"y":309,"width":354,"height":11}},{"id":"4b107102-4181-4060-9cac-bb519d9d4edb","block_type":"box","text":"In addition, if the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes","page_number":114,"box":{"x":102,"y":332,"width":769,"height":11}},{"id":"e227cfc7-1b51-41e7-9281-5c279d9f4b37","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":114,"box":{"x":70,"y":347,"width":815,"height":11}},{"id":"691f7acf-14c3-4261-8dcc-8bec5d779334","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":114,"box":{"x":70,"y":362,"width":782,"height":11}},{"id":"d3f4aa5b-4e46-4673-b0f7-55ef01c14aa7","block_type":"box","text":"agreement may effectively be restricted pending such decision.","page_number":114,"box":{"x":69,"y":377,"width":449,"height":12}},{"id":"5171a79f-9121-454f-9f24-80aeb359c72c","block_type":"box","text":"Rule 18f-4 under the Investment Company Act permits a Fund to enter into reverse repurchase agreements and","page_number":114,"box":{"x":102,"y":400,"width":794,"height":11}},{"id":"77403722-2cbc-4f6d-ad78-7a2394e40a45","block_type":"box","text":"similar financing transactions (","page_number":114,"box":{"x":69,"y":415,"width":218,"height":11}},{"id":"41081c58-6283-4a8f-9995-8abca29c6d19","block_type":"box","text":"e.g.","page_number":114,"box":{"x":289,"y":417,"width":24,"height":9}},{"id":"69738be9-96fe-4160-ae51-53bd7a5fb9a2","block_type":"box","text":", recourse and non-recourse tender option bonds, borrowed bonds) notwithstanding","page_number":114,"box":{"x":316,"y":415,"width":594,"height":11}},{"id":"8b0a5dc8-00bd-4e6e-a99b-403d2b9252b7","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":114,"box":{"x":68,"y":430,"width":813,"height":11}},{"id":"083cc89e-de84-4a1e-a701-f1b35685ad70","block_type":"box","text":"Fund either (i) complies with the 300% asset coverage ratio with respect to all such transactions and any other","page_number":114,"box":{"x":70,"y":445,"width":789,"height":12}},{"id":"8f404eec-8f74-4d95-9fac-7ed94a75329e","block_type":"box","text":"borrowings in the aggregate, or (ii) treats all such transactions as Derivatives Transactions under Rule 18f-4. See “—","page_number":114,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"5e128e6a-b498-4d34-b704-eedb9a4ed373","block_type":"box","text":"Derivatives — Regulation of Derivatives — Rule 18f-4 under the Investment Company Act” above. The SEC has also","page_number":114,"box":{"x":70,"y":475,"width":824,"height":12}},{"id":"858e9d33-1fd1-4338-8935-febcaa1e26f5","block_type":"box","text":"finalized rules that will require cer tain transactions involving U.S. Treasuries, including reverse repurchase","page_number":114,"box":{"x":68,"y":491,"width":758,"height":11}},{"id":"e0837c94-d3b6-43e2-a52b-c6e1c6485c61","block_type":"box","text":"agreements, to be centrally cleared. Compliance with these rules is expected to be required by the middle of 2027.","page_number":114,"box":{"x":69,"y":506,"width":822,"height":11}},{"id":"8e2b114c-5f8d-4a25-85a9-5b97622b0d5f","block_type":"box","text":"Although the impact of these rules on the Funds is difficult to predict, they may reduce the availability or increase the","page_number":114,"box":{"x":68,"y":521,"width":838,"height":11}},{"id":"68612f44-769a-4bb3-a07b-ff981436e6f0","block_type":"box","text":"costs of such transactions and may adversely affect a Fund’s per formance.","page_number":114,"box":{"x":69,"y":536,"width":538,"height":11}},{"id":"2e4e6942-3c09-494e-aec7-5397ddf7031e","block_type":"box","text":"Additionally, regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties","page_number":114,"box":{"x":101,"y":559,"width":780,"height":11}},{"id":"03f8871d-09f1-4916-bbfa-f664c26aa889","block_type":"box","text":"and cer tain of their affiliates to include in cer tain financial contracts, including many reverse repurchase agreements,","page_number":114,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"62827b1d-fc23-46dc-852e-dc0e42a74356","block_type":"box","text":"terms that delay or restrict the rights of counterpar ties, such as a Fund, to terminate such agreements, take","page_number":114,"box":{"x":68,"y":589,"width":775,"height":11}},{"id":"f6b0d7a6-ce94-4f68-858a-03d103a64e59","block_type":"box","text":"foreclosure action, exercise other default rights or restrict transfers of credit suppor t in the event that the","page_number":114,"box":{"x":68,"y":604,"width":754,"height":11}},{"id":"6ddfe2ea-7435-4251-a34b-3fa435bc20d9","block_type":"box","text":"counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible","page_number":114,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"fda55f0b-4c3c-4e98-b1e6-b825ba4fa23e","block_type":"box","text":"that these requirements, as well as potential additional government regulation and other developments in the","page_number":114,"box":{"x":68,"y":634,"width":783,"height":12}},{"id":"ae495038-aa99-4a11-bc72-1506dee8d567","block_type":"box","text":"market, could adversely affect a Fund’s ability to terminate existing reverse repurchase agreements or to realize","page_number":114,"box":{"x":69,"y":649,"width":800,"height":12}},{"id":"a5983bb5-adc0-4020-b8fa-2cd63983d8ec","block_type":"box","text":"amounts to be received under such agreements.","page_number":114,"box":{"x":69,"y":665,"width":345,"height":11}},{"id":"4175afa7-fa4d-419f-b5cc-1b52f249f392","block_type":"box","text":"Rights Offerings and Warrants to Purchase.","page_number":114,"box":{"x":102,"y":687,"width":316,"height":11}},{"id":"0ed20a8d-f69e-433a-a309-2a16af144fab","block_type":"box","text":"Cer tain Funds may par ticipate in rights offerings and may purchase","page_number":114,"box":{"x":424,"y":687,"width":481,"height":11}},{"id":"0ae90705-53cf-497a-9329-4976937f039a","block_type":"box","text":"warrants, which are privileges issued by corporations enabling the owners to subscribe to and purchase a specified","page_number":114,"box":{"x":68,"y":702,"width":822,"height":12}},{"id":"40b0b5d2-6c7b-41c0-9051-5f2fcc2133e9","block_type":"box","text":"number of shares of the corporation at a specified price during a specified period of time. Subscription rights","page_number":114,"box":{"x":69,"y":717,"width":776,"height":12}},{"id":"0e148bca-341d-4a77-9432-a192e3c9edb5","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":114,"box":{"x":69,"y":732,"width":817,"height":12}},{"id":"308c2fde-0c0c-45ae-bd33-18c51a9c0875","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":114,"box":{"x":70,"y":748,"width":833,"height":11}},{"id":"baf99786-cc41-41bb-81e1-3ef1db1492f8","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":114,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"f68fccae-1a44-474b-9f0a-f4f3e316ed76","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":114,"box":{"x":70,"y":778,"width":821,"height":11}},{"id":"b33427bb-e225-4197-b8ee-1393e50b0c8d","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":114,"box":{"x":69,"y":793,"width":830,"height":11}},{"id":"734ef736-54f1-4678-bfc4-a7b288cb8e4b","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":114,"box":{"x":69,"y":808,"width":777,"height":11}},{"id":"c64afcc0-49ac-40d3-93ab-250ce4346938","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":114,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"08bdb1a2-d978-4317-bd9f-994aeeb50fa3","block_type":"box","text":"this reason investments in warrants may be more speculative than other equity-based investments.","page_number":114,"box":{"x":68,"y":839,"width":708,"height":10}},{"id":"70226259-1f22-4db5-a4ad-9bab9627370a","block_type":"box","text":"Rule 144A Securities.","page_number":114,"box":{"x":102,"y":861,"width":159,"height":9}},{"id":"123f3abf-57c2-4687-b6a3-9e24ad6c5374","block_type":"box","text":"A Fund may purchase securities that can be offered and sold only to “qualified","page_number":114,"box":{"x":266,"y":861,"width":560,"height":11}},{"id":"ef804ca4-b360-410c-aaca-2796e0b27b4c","block_type":"box","text":"institutional buyers” pursuant to Rule 144A under the Securities Act. See “Restricted Securities” above.","page_number":114,"box":{"x":70,"y":876,"width":741,"height":11}},{"id":"bf42f05f-c472-4421-b463-7e4ed32a1717","block_type":"box","text":"II-72","page_number":114,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"1d23d9f6-85b7-43d0-84b9-8964f432c39b","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":114,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d246e2b0-1137-4bf1-a48c-c15f1ab5a191","block_type":"box","text":"Securities Lending.","page_number":115,"box":{"x":101,"y":45,"width":139,"height":11}},{"id":"246d53f3-a8d4-40c5-a172-3d8f9e7c9a1b","block_type":"box","text":"Each Fund may lend por tfolio securities to cer tain borrowers that BlackRock determines to","page_number":115,"box":{"x":247,"y":45,"width":645,"height":11}},{"id":"db2316bc-151a-4629-9e97-11594a0041c6","block_type":"box","text":"be creditwor thy, including borrowers affiliated with BlackRock. The borrowers provide collateral that is maintained in","page_number":115,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"facd35f6-0f98-45ba-ae28-8bef6f14e085","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":115,"box":{"x":69,"y":75,"width":817,"height":11}},{"id":"a277c63a-400c-4ed4-afcb-3e4b786a830d","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":115,"box":{"x":69,"y":90,"width":831,"height":11}},{"id":"8fe9d4b0-e9e4-4757-8dbb-05e11909f0a4","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":115,"box":{"x":68,"y":105,"width":827,"height":11}},{"id":"f1ce0643-889d-446b-83f4-d2d2bcb18a97","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":115,"box":{"x":69,"y":120,"width":829,"height":11}},{"id":"59be3c8e-0420-477d-8856-864fdf37d576","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":115,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"a7e22548-a78d-4db2-818e-9900921286bc","block_type":"box","text":"the securities were not on loan.","page_number":115,"box":{"x":68,"y":151,"width":225,"height":8}},{"id":"53227538-a876-4dec-b995-7f614b8c7eea","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":115,"box":{"x":101,"y":173,"width":799,"height":11}},{"id":"0aa5abc7-8246-4936-af12-739797f4c374","block_type":"box","text":"amount of cash collateral. The Funds are compensated by any positive difference between the amount earned on the","page_number":115,"box":{"x":69,"y":188,"width":835,"height":11}},{"id":"c65be5cd-3e65-4930-9aa0-497b096bd78c","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":115,"box":{"x":69,"y":203,"width":824,"height":11}},{"id":"f898836d-55b7-4ea0-b231-70304a447aec","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":115,"box":{"x":69,"y":218,"width":821,"height":12}},{"id":"0e61b443-fb9d-4201-80c3-416a3f4bda5d","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":115,"box":{"x":69,"y":234,"width":810,"height":11}},{"id":"0dbbda16-267c-4d41-b1fa-4df96a9a3383","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":115,"box":{"x":70,"y":249,"width":789,"height":11}},{"id":"875ee761-e8cf-4173-89e8-03ac7fde237f","block_type":"box","text":"including those affiliated with BlackRock; such investments are subject to investment risk.","page_number":115,"box":{"x":70,"y":264,"width":643,"height":11}},{"id":"6bc95d61-d165-4ea5-a0be-f2f7700829c1","block_type":"box","text":"Securities lending involves exposure to cer tain risks, including operational risk (","page_number":115,"box":{"x":102,"y":287,"width":568,"height":11}},{"id":"2265a041-e41c-4100-b57f-ec687653f035","block_type":"box","text":"i.e.","page_number":115,"box":{"x":672,"y":287,"width":20,"height":9}},{"id":"fc4355f0-ef10-420e-8427-71c365923b9f","block_type":"box","text":", the risk of losses resulting","page_number":115,"box":{"x":695,"y":286,"width":198,"height":12}},{"id":"ee40ef37-a613-4ad8-b3db-adb412b8b8f0","block_type":"box","text":"from problems in the settlement and accounting process), “gap” risk (","page_number":115,"box":{"x":68,"y":302,"width":501,"height":11}},{"id":"3dd9648a-0978-41d1-acd7-db9d4bb333da","block_type":"box","text":"i.e.","page_number":115,"box":{"x":571,"y":302,"width":20,"height":9}},{"id":"44d31490-c2f2-4b11-afcc-70852bbe9b71","block_type":"box","text":", the risk of a mismatch between the return","page_number":115,"box":{"x":594,"y":302,"width":307,"height":10}},{"id":"5c435ff1-11ca-46fd-b5a2-d47337819ed4","block_type":"box","text":"on cash collateral reinvestments and the fees each Fund has agreed to pay a borrower), foreign exchange risk (","page_number":115,"box":{"x":69,"y":317,"width":794,"height":11}},{"id":"50f675d9-ff5a-4e1a-ae5c-1b62c19f0d4e","block_type":"box","text":"i.e.","page_number":115,"box":{"x":865,"y":317,"width":20,"height":9}},{"id":"61058536-f8f9-4384-af2d-646b4bee4764","block_type":"box","text":",","page_number":115,"box":{"x":888,"y":324,"width":2,"height":3}},{"id":"bcc8ef7b-f753-4e23-8d7c-383bf0ee3ebe","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":115,"box":{"x":68,"y":332,"width":788,"height":11}},{"id":"c6a8ba35-31bb-428d-bb3e-8b90dc3bec15","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":115,"box":{"x":69,"y":347,"width":837,"height":11}},{"id":"6fa872e1-871d-49ad-8c8a-af4dbd0223a3","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":115,"box":{"x":69,"y":362,"width":822,"height":11}},{"id":"08b16623-2247-49af-bdb5-7f721cb4e361","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":115,"box":{"x":68,"y":377,"width":811,"height":12}},{"id":"2eaad8d8-e85c-4146-a69c-3a365528c0d6","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":115,"box":{"x":70,"y":392,"width":820,"height":12}},{"id":"17d75540-5c2e-4705-990a-6a14ea54e95d","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":115,"box":{"x":69,"y":408,"width":790,"height":11}},{"id":"b3cb88e1-5ef2-4ee4-a184-0ee8a9220fca","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":115,"box":{"x":70,"y":423,"width":820,"height":11}},{"id":"e0cee261-e941-4293-bb48-f0344bdf71d8","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":115,"box":{"x":70,"y":438,"width":805,"height":11}},{"id":"c2a9f3b4-daab-456c-b7d2-f91858bb6ef0","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":115,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"a56d4e5b-ee3e-455a-8c35-2a34b4eb113e","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":115,"box":{"x":69,"y":468,"width":775,"height":11}},{"id":"851f3c7a-741f-48fc-be6e-df1a0b01744a","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":115,"box":{"x":69,"y":483,"width":821,"height":11}},{"id":"44a056ea-103c-4b6f-9230-b02c00e686e7","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":115,"box":{"x":69,"y":498,"width":838,"height":11}},{"id":"ad375aa3-4f0a-4f9f-8ab6-d770ac246e21","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":115,"box":{"x":70,"y":513,"width":837,"height":11}},{"id":"10898c5e-566a-4d81-9936-c637c1a8fcd6","block_type":"box","text":"in purchasing replacement securities. This latter event could trigger adverse tax consequences for a Fund. A Fund","page_number":115,"box":{"x":70,"y":528,"width":808,"height":12}},{"id":"82b79734-f51e-4b16-a20b-69479f26a0a7","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":115,"box":{"x":69,"y":543,"width":839,"height":12}},{"id":"c4865f5a-f490-498e-ab8c-fef8ff94866b","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":115,"box":{"x":70,"y":559,"width":832,"height":11}},{"id":"a17f234c-51a3-4bf2-a1bd-53ff5f967eee","block_type":"box","text":"qualified dividend income, and distributions by the Fund of such substitute payments will not constitute qualified","page_number":115,"box":{"x":69,"y":574,"width":801,"height":11}},{"id":"47e25ddc-fc54-4427-a083-84ec451d2c32","block_type":"box","text":"dividend income. Additionally, substitute payments received by a Fund representing qualified REIT dividends paid on","page_number":115,"box":{"x":69,"y":589,"width":823,"height":11}},{"id":"05b8baa4-a776-4f08-a2f5-2e7f0ad37dd7","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":115,"box":{"x":70,"y":604,"width":823,"height":11}},{"id":"b4072b8e-1f61-457a-b089-e9e6eda5f6a8","block_type":"box","text":"of such substitute payments will not be eligible for a 20% deduction currently available for ordinary REIT dividends","page_number":115,"box":{"x":69,"y":619,"width":812,"height":11}},{"id":"79046392-aba0-4a76-8e0e-631bb7d9042e","block_type":"box","text":"paid to non-corporate shareholders provided cer tain other requirements are satisfied. The securities lending agent","page_number":115,"box":{"x":70,"y":634,"width":814,"height":12}},{"id":"81ad7f27-a8a4-4b18-aabd-26883e577c96","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":115,"box":{"x":68,"y":649,"width":787,"height":12}},{"id":"131aad40-cf8e-4d78-9df9-512a2122e75f","block_type":"box","text":"securities lending program. Substitute payments received on tax-exempt securities loaned out will not be tax-exempt","page_number":115,"box":{"x":69,"y":665,"width":828,"height":11}},{"id":"e063a127-ecf0-4d24-84f8-45ea626e39a6","block_type":"box","text":"income. There could also be changes in the status of issuers under applicable laws and regulations, including tax","page_number":115,"box":{"x":70,"y":680,"width":809,"height":11}},{"id":"1a3b3b93-7d91-499b-a8ac-44a25abeaafe","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":115,"box":{"x":69,"y":695,"width":821,"height":11}},{"id":"5abb6e7b-2519-4ba0-9332-1f9ad04c6d51","block_type":"box","text":"delay in the payment of dividend equivalent payments owed to a Fund (as permitted by applicable law).","page_number":115,"box":{"x":69,"y":710,"width":731,"height":11}},{"id":"6fd7cc74-c5e6-4a78-a7f2-073e0938c60f","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":115,"box":{"x":102,"y":732,"width":800,"height":12}},{"id":"95210fd9-53df-4273-9bbc-bd6b44d99a0c","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many securities lending agreements, terms that","page_number":115,"box":{"x":68,"y":748,"width":802,"height":11}},{"id":"149d336e-85a4-4b21-a654-70edab889583","block_type":"box","text":"delay or restrict the rights of counterpar ties, such as the Fund, to terminate such agreements, foreclose upon","page_number":115,"box":{"x":69,"y":763,"width":783,"height":11}},{"id":"9494b5f6-615b-482e-b612-dc0981c41e50","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":115,"box":{"x":69,"y":778,"width":839,"height":11}},{"id":"c909c5c9-9476-4f08-aeca-a9eb31e0e4f5","block_type":"box","text":"its affiliates are subject to cer tain types of resolution or insolvency proceedings. It is possible that these","page_number":115,"box":{"x":70,"y":793,"width":747,"height":11}},{"id":"8bf1a289-49b8-464f-9862-b26e77725a8a","block_type":"box","text":"requirements, as well as potential additional government regulation and other developments in the market, could","page_number":115,"box":{"x":69,"y":808,"width":806,"height":11}},{"id":"dc9a225c-2319-4030-b49c-f0a073df4834","block_type":"box","text":"adversely affect the Fund’s ability to terminate existing securities lending agreements or to realize amounts to be","page_number":115,"box":{"x":69,"y":823,"width":808,"height":12}},{"id":"03cf09c4-96bd-498b-920f-97e9c64fbd1c","block_type":"box","text":"received under such agreements. Prudential regulation may also favor lenders that can provide additional protections,","page_number":115,"box":{"x":69,"y":838,"width":839,"height":12}},{"id":"c406800e-2392-4a45-abc9-360d34f8bab3","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":115,"box":{"x":69,"y":853,"width":827,"height":11}},{"id":"f2393bea-3157-4add-a531-17263b1b9d9d","block_type":"box","text":"additional protections to borrowers, where permitted pursuant to a Fund’s investment policies and if BlackRock","page_number":115,"box":{"x":69,"y":869,"width":794,"height":11}},{"id":"6de42ce0-1beb-4fc6-837c-4897084cc7e2","block_type":"box","text":"believes doing so is in the best interest of the Fund.","page_number":115,"box":{"x":69,"y":884,"width":371,"height":11}},{"id":"35b39d53-c915-403c-9d48-a807fe49b307","block_type":"box","text":"II-73","page_number":115,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f2c2489a-656e-48dd-a3fe-95dfcde5cff3","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":115,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e47af69-5757-442a-aceb-fb969e22b499","block_type":"box","text":"The SEC has adopted a rule that will require repor ting and public disclosure of securities loan transaction","page_number":116,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"30daf281-e6a6-4879-836a-78aebb660aa0","block_type":"box","text":"information (not including par ty names); this may include, but is not limited to, information about securities loans","page_number":116,"box":{"x":70,"y":60,"width":808,"height":11}},{"id":"ac5eb2f6-a0ed-481c-9943-df747a0793df","block_type":"box","text":"entered into in connection with shor t sales. Compliance with this rule is expected to be required in late 2028,","page_number":116,"box":{"x":69,"y":75,"width":784,"height":11}},{"id":"1bae7323-fbca-4e64-b0c6-4c42377294b1","block_type":"box","text":"although in response to the outcome of a legal challenge against the rule, the SEC may amend the rule and/or delay","page_number":116,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"367c9e1f-55e0-4d75-9a2e-fc35d9af118b","block_type":"box","text":"the current expected compliance date.","page_number":116,"box":{"x":68,"y":105,"width":273,"height":11}},{"id":"d455ed75-8fa1-4c3c-ae8c-9c4e7c17fa03","block_type":"box","text":"Short Sales.","page_number":116,"box":{"x":101,"y":128,"width":89,"height":9}},{"id":"75847b99-e48a-4d70-aa40-cae3153ae976","block_type":"box","text":"Cer tain Funds may make shor t sales of securities, either as a hedge against potential declines in","page_number":116,"box":{"x":196,"y":128,"width":696,"height":11}},{"id":"13afba62-0293-4db0-a046-e15844f3d2af","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":116,"box":{"x":68,"y":143,"width":821,"height":11}},{"id":"73c78f7f-b548-4451-8074-136822de331d","block_type":"box","text":"Cer tain Funds have a fundamental investment restriction prohibiting shor t sales of securities unless they are","page_number":116,"box":{"x":69,"y":158,"width":778,"height":11}},{"id":"42a6b54f-beb2-4d65-bc53-59fb5c24d687","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":116,"box":{"x":70,"y":173,"width":831,"height":11}},{"id":"863c08ba-b5e3-49de-a0dc-f0dc9aaaf4a5","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":116,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"ccbc00ce-14f4-4910-8134-5af141679f4f","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":116,"box":{"x":68,"y":204,"width":828,"height":11}},{"id":"45cb39b4-62c9-4099-89cf-1cd5818bd4c1","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":116,"box":{"x":70,"y":218,"width":829,"height":12}},{"id":"083f392e-9bb4-4c89-9391-20d70998f141","block_type":"box","text":"securities to the lender of the securities.","page_number":116,"box":{"x":69,"y":234,"width":289,"height":9}},{"id":"cdadb845-e808-4916-a955-312c67ea5037","block_type":"box","text":"A Fund secures its obligation to replace the borrowed security by depositing collateral with the broker-dealer,","page_number":116,"box":{"x":101,"y":257,"width":772,"height":11}},{"id":"432d55ed-9cc1-4404-a943-18b62aeeb6b9","block_type":"box","text":"usually in cash, U.S. Government Securities or other liquid securities similar to those borrowed. With respect to","page_number":116,"box":{"x":69,"y":272,"width":795,"height":11}},{"id":"7772f5fc-7ffc-4bd3-b011-a81a651a7fba","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":116,"box":{"x":69,"y":286,"width":801,"height":12}},{"id":"ba35217d-169e-4a93-9b8c-39454f0153ed","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":116,"box":{"x":69,"y":302,"width":830,"height":11}},{"id":"9418e272-7799-4ba6-9f2e-7989bf1322c3","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":116,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"f59fc166-e842-42c3-8545-bba1c38173ce","block_type":"box","text":"borrowed the security, regarding payment received by the Fund on such security, a Fund may not receive any","page_number":116,"box":{"x":69,"y":332,"width":770,"height":11}},{"id":"b9f9333f-1b6d-48fe-9426-3a879759ba9e","block_type":"box","text":"payments (including interest) on its collateral deposited with such broker-dealer.","page_number":116,"box":{"x":70,"y":347,"width":568,"height":11}},{"id":"ccc38059-0e08-4a63-a5d9-3ea6aa788b9a","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":116,"box":{"x":102,"y":370,"width":806,"height":11}},{"id":"4cd417d8-51e7-48cc-a05e-a69ab0892123","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":116,"box":{"x":69,"y":385,"width":817,"height":11}},{"id":"2d07d277-f161-47df-ac49-942015ad7c22","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":116,"box":{"x":68,"y":400,"width":819,"height":11}},{"id":"48517e02-7abc-4024-b891-607d93e5fe5e","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":116,"box":{"x":69,"y":415,"width":758,"height":11}},{"id":"ac401414-dba8-4468-92c6-fbb4346d0089","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":116,"box":{"x":69,"y":430,"width":817,"height":11}},{"id":"ace71656-dc99-492d-b4ff-0f075a62a510","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":116,"box":{"x":69,"y":445,"width":800,"height":11}},{"id":"7086b500-8904-41f5-b0e7-450eb947724c","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":116,"box":{"x":69,"y":461,"width":818,"height":11}},{"id":"32c73901-cfd5-473c-9689-a3335937cf6e","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":116,"box":{"x":68,"y":475,"width":821,"height":12}},{"id":"425feede-a417-4487-bcd8-8d1aac59fe00","block_type":"box","text":"security, less the price at which the security was sold and may, theoretically, be unlimited.","page_number":116,"box":{"x":69,"y":491,"width":640,"height":11}},{"id":"e725f026-0556-436e-9ca4-c4ec6df18693","block_type":"box","text":"A Fund may also make shor t sales “against the box” without being subject to such limitations.","page_number":116,"box":{"x":101,"y":514,"width":673,"height":11}},{"id":"bfd14d29-0997-4f72-94bf-4bc1e2025be1","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":116,"box":{"x":101,"y":536,"width":721,"height":11}},{"id":"2c83942d-ae0d-40cb-b2c3-034c7af30804","block_type":"box","text":"borrowings, which are considered Derivatives Transactions under the Rule. See “—Derivatives — Regulation of","page_number":116,"box":{"x":69,"y":551,"width":791,"height":11}},{"id":"7375af9d-542a-40d0-a032-4f71caf6aac3","block_type":"box","text":"Derivatives — Rule 18f-4 under the Investment Company Act” above.","page_number":116,"box":{"x":70,"y":566,"width":489,"height":11}},{"id":"847bb7df-53b4-4319-8103-bfae474490bf","block_type":"box","text":"Shor t sales are also subject to cer tain SEC regulations and cer tain European Union and United Kingdom","page_number":116,"box":{"x":102,"y":589,"width":745,"height":11}},{"id":"ba191ad9-3e7b-4275-ac5c-74e650ae7acb","block_type":"box","text":"regulations (under which there are restrictions on net shor t sales in cer tain securities). If the SEC or regulatory","page_number":116,"box":{"x":69,"y":604,"width":793,"height":11}},{"id":"caf5cb61-f756-4f71-9be8-6108b020f14e","block_type":"box","text":"authorities in other jurisdictions were to adopt additional restrictions regarding shor t sales, they could restrict a","page_number":116,"box":{"x":69,"y":619,"width":796,"height":11}},{"id":"930c9bcf-d1d2-4daf-9560-fd887f9b4a3e","block_type":"box","text":"Fund’s ability to engage in shor t sales in cer tain circumstances, and the Fund may be unable to execute its","page_number":116,"box":{"x":70,"y":634,"width":766,"height":12}},{"id":"ebe22fbf-15e7-45ee-9ed2-af07e57db83f","block_type":"box","text":"investment strategy as a result. In response to market events, the SEC and regulatory authorities in other","page_number":116,"box":{"x":70,"y":649,"width":754,"height":12}},{"id":"1cd12577-19ae-4172-a220-c3c21f393cd7","block_type":"box","text":"jurisdictions may adopt (and in cer tain cases, have adopted) bans or other restrictions on shor t sales of cer tain","page_number":116,"box":{"x":67,"y":664,"width":800,"height":12}},{"id":"2e2a7d9b-f7d1-4bd0-aa42-6a7e6a4d5295","block_type":"box","text":"securities or on derivatives and other hedging instruments used to achieve a similar economic effect. Such bans or","page_number":116,"box":{"x":69,"y":680,"width":823,"height":11}},{"id":"c4591fb7-4909-49d4-9f54-f25a21c9f2f3","block_type":"box","text":"other restrictions may make it impossible for a Fund to execute cer tain investment strategies and may have a","page_number":116,"box":{"x":69,"y":695,"width":782,"height":11}},{"id":"c53b55c7-897a-433d-bb3d-5713e6c04f55","block_type":"box","text":"material adverse effect on the Fund’s ability to generate returns.","page_number":116,"box":{"x":69,"y":710,"width":460,"height":11}},{"id":"7c2e0d9a-ddf9-410f-8570-25c06a789652","block_type":"box","text":"Special Purpose Acquisition Companies.","page_number":116,"box":{"x":101,"y":733,"width":293,"height":11}},{"id":"8d207cba-8bb1-4f56-b6e6-f632a81eac85","block_type":"box","text":"A Fund may invest in stock, warrants, rights and other interests issued","page_number":116,"box":{"x":400,"y":733,"width":504,"height":11}},{"id":"fbbce8a4-23e2-475e-9102-e6b785c2551c","block_type":"box","text":"by special purpose acquisition companies (“SPACs”) or similar special purpose entities that pool funds to seek","page_number":116,"box":{"x":69,"y":748,"width":791,"height":11}},{"id":"1c0200b4-1919-4257-85e4-99c455df017b","block_type":"box","text":"potential acquisition oppor tunities, including the “founder’s” shares and warrants described below. A SPAC is a","page_number":116,"box":{"x":70,"y":763,"width":793,"height":11}},{"id":"9d5122f5-ee09-484c-a3bd-7e2d9d7ba817","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":116,"box":{"x":70,"y":778,"width":824,"height":11}},{"id":"710e7387-e26a-4a8c-a968-a6112bc17b22","block_type":"box","text":"more operating businesses or assets. In connection with forming a SPAC, the SPAC’s sponsors acquire “founder’s”","page_number":116,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"2b6cb174-4e0d-4aa1-b0b5-d970d3998b24","block_type":"box","text":"shares, generally for nominal consideration, and warrants that will result in the sponsors owning a specified","page_number":116,"box":{"x":69,"y":808,"width":768,"height":11}},{"id":"9a133735-7570-41c5-8db2-0ba978e863dc","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":116,"box":{"x":70,"y":823,"width":826,"height":12}},{"id":"a901e704-45dd-4de2-83f4-f30430c480cf","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":116,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"64afa853-ef8a-4858-b64f-86bf713c6fd2","block_type":"box","text":"Unless and until an acquisition is completed, a SPAC generally invests its assets in U.S. Government securities,","page_number":116,"box":{"x":70,"y":854,"width":797,"height":11}},{"id":"26f9dde4-e974-4fd0-b354-0763e31ecfa5","block_type":"box","text":"money market securities and cash. If an acquisition that meets the requirements for the SPAC is not completed","page_number":116,"box":{"x":69,"y":869,"width":795,"height":11}},{"id":"026f6fac-94f0-47b8-aa61-4e1d18dd34c8","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":116,"box":{"x":68,"y":884,"width":788,"height":11}},{"id":"e5c1c043-eef4-4942-9a03-12fa06490622","block_type":"box","text":"warrants expire, and the “founder’s” shares and such warrants become wor thless. Because SPACs and similar","page_number":116,"box":{"x":68,"y":899,"width":794,"height":11}},{"id":"47c610ab-a8ea-41c8-aac3-3b7e8920bea3","block_type":"box","text":"II-74","page_number":116,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"4dfcb845-4e2f-4083-a269-32566f3aa341","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":116,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f6ccd14-3b76-40a5-b0c7-29cc3e734b5d","block_type":"box","text":"entities are in essence “blank check” companies without operating histories or ongoing business operations (other","page_number":117,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"0ed2793b-3d5c-4011-9462-a9a03ad88d29","block_type":"box","text":"than identifying and pursuing acquisitions), the potential for the long-term capital appreciation of their securities is","page_number":117,"box":{"x":68,"y":60,"width":815,"height":11}},{"id":"b6d00cbd-846c-43eb-8140-f2ae863716e8","block_type":"box","text":"par ticularly dependent on the ability of the SPAC’s management to identify and complete a profitable acquisition.","page_number":117,"box":{"x":70,"y":75,"width":802,"height":11}},{"id":"31979905-b185-4996-bf9c-9bc66ab69ef7","block_type":"box","text":"There is no guarantee that the SPACs in which a Fund invests will complete an acquisition or that any acquisitions","page_number":117,"box":{"x":68,"y":90,"width":812,"height":11}},{"id":"1c8a02c2-6be5-49a6-87b6-e618ef47949c","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":117,"box":{"x":69,"y":105,"width":838,"height":11}},{"id":"d0fb05b7-44be-4beb-b9fb-7bf5eeb8a22d","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":117,"box":{"x":69,"y":120,"width":806,"height":12}},{"id":"693a668d-1b1f-487e-a61e-7e1d5fb0e044","block_type":"box","text":"acquisition. In addition, some of these securities may be considered illiquid and/or subject to restrictions on resale.","page_number":117,"box":{"x":69,"y":135,"width":828,"height":11}},{"id":"5ead7843-672f-4495-995c-9a07d56db895","block_type":"box","text":"Standby Commitment Agreements.","page_number":117,"box":{"x":101,"y":158,"width":255,"height":11}},{"id":"fd83eaf8-7e43-45c4-992f-d872b9d24b42","block_type":"box","text":"Standby commitment agreements commit a Fund, for a stated period of","page_number":117,"box":{"x":362,"y":158,"width":511,"height":11}},{"id":"4d55c681-b81a-4ee0-ae98-0973ed0c7962","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":117,"box":{"x":68,"y":173,"width":834,"height":11}},{"id":"43ed7b90-4ead-484e-bb99-9131b7e78dd8","block_type":"box","text":"The price of the security is fixed at the time of the commitment. At the time of entering into the agreement, a Fund is","page_number":117,"box":{"x":68,"y":188,"width":834,"height":12}},{"id":"52cd43f6-7b64-4653-b07c-6ee35dbd3f0c","block_type":"box","text":"paid a commitment fee, regardless of whether or not the security is ultimately issued. A Fund will enter into such","page_number":117,"box":{"x":70,"y":203,"width":802,"height":12}},{"id":"d3287f75-a906-4c61-b80f-2b1b28425c54","block_type":"box","text":"agreements for the purpose of investing in the security underlying the commitment at a price that is considered","page_number":117,"box":{"x":69,"y":218,"width":793,"height":12}},{"id":"a7c45a75-c175-4630-8ed9-b89df2710a20","block_type":"box","text":"advantageous to the Fund.","page_number":117,"box":{"x":69,"y":234,"width":188,"height":11}},{"id":"76d62e25-5da6-465e-97a3-98065739260b","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":117,"box":{"x":101,"y":256,"width":800,"height":11}},{"id":"7b916784-1120-474c-bb0a-45bf428cd3e2","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":117,"box":{"x":68,"y":271,"width":816,"height":12}},{"id":"d83e2f4f-520a-49fe-a79b-f0f194844c5a","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":117,"box":{"x":69,"y":286,"width":835,"height":12}},{"id":"56e672eb-713b-4456-aeb1-7743cfe5279f","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":117,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"026ebf38-0e68-4c73-94f2-675c76b5111a","block_type":"box","text":"The purchase of a security pursuant to a standby commitment agreement and the related commitment fee will","page_number":117,"box":{"x":101,"y":324,"width":785,"height":12}},{"id":"41acf921-92fd-4524-9ded-c7f4227a4544","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":117,"box":{"x":69,"y":339,"width":837,"height":12}},{"id":"a7bdddf5-cc00-43a3-8b99-25cb51b118f9","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":117,"box":{"x":68,"y":355,"width":815,"height":11}},{"id":"ab0972b2-78d2-43da-87d1-1b2fa13dd6cf","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":117,"box":{"x":69,"y":370,"width":792,"height":11}},{"id":"6ccf0850-13f1-4a13-8ab4-8853deb35a0d","block_type":"box","text":"income on the expiration date of the standby commitment.","page_number":117,"box":{"x":70,"y":385,"width":415,"height":11}},{"id":"637cb384-ed41-46e5-90c3-628c3d2ede87","block_type":"box","text":"Standby commitments will only be entered into with dealers, banks and broker-dealers which, in the Manager’s","page_number":117,"box":{"x":102,"y":408,"width":789,"height":11}},{"id":"090ab296-29a8-45bb-b4de-297d8cba132a","block_type":"box","text":"or sub-adviser’s opinion, present minimal credit risks. A Fund will acquire standby commitments solely to facilitate","page_number":117,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"1d49ed48-6b98-481b-9848-fe4cd148da01","block_type":"box","text":"por tfolio liquidity and not to exercise its rights thereunder for trading purposes. Standby commitments will be valued","page_number":117,"box":{"x":70,"y":438,"width":827,"height":11}},{"id":"05e2d447-269d-42ee-810c-2542b0d0ab3a","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":117,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"0c2ce49a-baf6-4382-8f32-05d5d364f318","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":117,"box":{"x":68,"y":468,"width":817,"height":11}},{"id":"baa4edac-fc9f-4c99-ac27-2567e761fa11","block_type":"box","text":"reflected as a realized gain or loss when the commitment is exercised or expires.","page_number":117,"box":{"x":69,"y":483,"width":578,"height":11}},{"id":"0b3952a7-4067-4943-8ed3-3e0299d84f7b","block_type":"box","text":"Stripped Securities.","page_number":117,"box":{"x":101,"y":506,"width":143,"height":11}},{"id":"d06e80e7-c5e2-4869-a1d0-d5aadde42d32","block_type":"box","text":"Stripped securities are created when the issuer separates the interest and principal","page_number":117,"box":{"x":251,"y":506,"width":596,"height":11}},{"id":"69a70987-df70-4fef-9efe-84ef54389dc3","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":117,"box":{"x":69,"y":521,"width":839,"height":11}},{"id":"206c5474-c41c-4943-9804-be918574e84f","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":117,"box":{"x":70,"y":536,"width":818,"height":11}},{"id":"6cb6dad0-b931-4654-be2e-0aa1c6413e87","block_type":"box","text":"payments (the principal only or “PO” security). Some stripped securities may receive a combination of interest and","page_number":117,"box":{"x":70,"y":551,"width":813,"height":11}},{"id":"7009636b-7778-47ff-a529-4996d829aab0","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":117,"box":{"x":70,"y":566,"width":777,"height":11}},{"id":"17ed0fbd-605b-4ea1-82be-685a4f6b6116","block_type":"box","text":"principal payments (including prepayments) on the related underlying assets, and principal payments may have a","page_number":117,"box":{"x":70,"y":582,"width":802,"height":11}},{"id":"9323b16a-4e44-4415-a069-1bc41e70669c","block_type":"box","text":"material effect on yield to maturity. If the underlying assets experience greater than anticipated prepayments of","page_number":117,"box":{"x":69,"y":596,"width":794,"height":12}},{"id":"a7029c7b-9685-4975-986b-0f968de82ff5","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":117,"box":{"x":70,"y":612,"width":837,"height":11}},{"id":"bad3d5b2-c652-4ab1-b0bb-9ce821af909d","block_type":"box","text":"than anticipated prepayments of principal, the yield on POs could be adversely affected. Stripped securities may be","page_number":117,"box":{"x":68,"y":627,"width":823,"height":11}},{"id":"d520f5e0-306d-4131-8ff7-dabb6ebf2bca","block_type":"box","text":"highly sensitive to changes in interest rates and rates of prepayment.","page_number":117,"box":{"x":69,"y":642,"width":494,"height":11}},{"id":"4012e9bd-3a82-4961-aecb-0ecba40ed834","block_type":"box","text":"Structured Notes.","page_number":117,"box":{"x":101,"y":665,"width":130,"height":8}},{"id":"d2603888-f830-4ea3-aecd-67b8974734e4","block_type":"box","text":"Structured notes and other related instruments purchased by a Fund are generally privately","page_number":117,"box":{"x":237,"y":665,"width":650,"height":11}},{"id":"1ce2ad04-4a8a-49b6-8a21-672f3efc932b","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":117,"box":{"x":69,"y":680,"width":818,"height":11}},{"id":"73f9bd50-22a4-43ac-875d-d1dc2c6cbb10","block_type":"box","text":"specific asset, benchmark asset, market or interest rate (“reference measure”). Issuers of structured notes generally","page_number":117,"box":{"x":69,"y":695,"width":839,"height":11}},{"id":"3a8c0f58-d60b-444b-95a5-498ac12486df","block_type":"box","text":"include corporations and banks. The interest rate or the principal amount payable upon maturity or redemption may","page_number":117,"box":{"x":70,"y":710,"width":821,"height":11}},{"id":"af8d42ba-891e-4bf3-b90a-df7b0be09a1d","block_type":"box","text":"increase or decrease, depending upon changes in the value of the reference measure. The terms of a structured note","page_number":117,"box":{"x":70,"y":725,"width":839,"height":11}},{"id":"8b420336-5fee-4ebb-b195-5e2d3ee23361","block_type":"box","text":"may provide that, in cer tain circumstances, no principal is due at maturity and, therefore, may result in a loss of","page_number":117,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"e58148e3-3538-43b9-b543-f38e7a31889c","block_type":"box","text":"invested capital by a Fund. The interest and/or principal payments that may be made on a structured product may","page_number":117,"box":{"x":70,"y":755,"width":813,"height":11}},{"id":"83c5cfb5-2693-41ff-a41d-7273b32e7b12","block_type":"box","text":"vary widely, depending on a variety of factors, including the volatility of the reference measure.","page_number":117,"box":{"x":68,"y":770,"width":673,"height":12}},{"id":"ae094d17-c7bc-48e4-bf7d-27935a9c9e56","block_type":"box","text":"Structured notes may be positively or negatively indexed, so the appreciation of the reference measure may","page_number":117,"box":{"x":102,"y":793,"width":768,"height":11}},{"id":"728c2d26-e599-46c7-b1b3-dc6e3957103d","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":117,"box":{"x":70,"y":808,"width":821,"height":11}},{"id":"f76278dd-07dc-4759-a533-b7bfeed0f8e3","block_type":"box","text":"structured notes may be determined by applying a multiplier to the per formance or differential per formance of","page_number":117,"box":{"x":69,"y":823,"width":787,"height":12}},{"id":"5fb84907-93e1-4831-bbf9-dbd85a20031f","block_type":"box","text":"reference measures. Application of a multiplier involves leverage that will serve to magnify the potential for gain and","page_number":117,"box":{"x":69,"y":838,"width":827,"height":12}},{"id":"acbdb86d-d073-4676-951e-b38c46c098a9","block_type":"box","text":"the risk of loss.","page_number":117,"box":{"x":68,"y":853,"width":110,"height":9}},{"id":"5d8d49dc-3e97-4cc0-803d-dc1591b7073e","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":117,"box":{"x":101,"y":876,"width":759,"height":11}},{"id":"35545829-5810-442a-b8e7-d26cfd660711","block_type":"box","text":"Structured notes may also be more volatile, less liquid, and more difficult to price accurately than less complex","page_number":117,"box":{"x":69,"y":891,"width":795,"height":11}},{"id":"0c6f67fd-59b3-4b6d-aa21-78fb816ae56e","block_type":"box","text":"securities and instruments or more traditional debt securities. The secondary market for structured notes could be","page_number":117,"box":{"x":69,"y":906,"width":819,"height":12}},{"id":"2477af9b-dcc0-4b97-a92c-24036359980b","block_type":"box","text":"II-75","page_number":117,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"2bd0937a-40b4-4b3d-b951-86a916f4aca9","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":117,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6eaa11d9-ffb2-4d98-a05e-fd3b26b68d6d","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":118,"box":{"x":70,"y":45,"width":821,"height":11}},{"id":"e92a6766-3475-44e2-9b3e-414824754336","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":118,"box":{"x":69,"y":60,"width":827,"height":11}},{"id":"33718f41-ac93-47e8-b85e-b537772a1d3b","block_type":"box","text":"losses and could make structured notes more difficult for the Fund to value accurately.","page_number":118,"box":{"x":70,"y":75,"width":618,"height":11}},{"id":"9a3a4d6e-b308-4ce5-bc8e-e82cc8e4e171","block_type":"box","text":"Taxability Risk.","page_number":118,"box":{"x":103,"y":98,"width":109,"height":11}},{"id":"097134ec-6c18-4833-ad76-c0e9c51e4c0e","block_type":"box","text":"Cer tain of the Funds intend to minimize the payment of taxable income to shareholders by","page_number":118,"box":{"x":218,"y":98,"width":644,"height":11}},{"id":"6534a5d1-952f-4c09-93aa-e10456a9b2e9","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":118,"box":{"x":70,"y":113,"width":817,"height":11}},{"id":"dc401193-4cbc-4d6c-a32a-8b0692034030","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":118,"box":{"x":68,"y":128,"width":827,"height":11}},{"id":"35379aa3-dc00-4d1c-9c31-805703e82e65","block_type":"box","text":"be excludable from gross income for U.S. federal income tax purposes. Such securities, however, may be determined","page_number":118,"box":{"x":69,"y":143,"width":835,"height":11}},{"id":"53301548-8e2c-4759-924a-6f72bb335065","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":118,"box":{"x":68,"y":158,"width":809,"height":11}},{"id":"8300ef3d-dc16-4f28-808d-6e8f28c0d6e6","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":118,"box":{"x":69,"y":173,"width":832,"height":11}},{"id":"000f1c03-554e-414d-96ea-e51921ad4ec5","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":118,"box":{"x":69,"y":188,"width":816,"height":11}},{"id":"698bd035-e96e-432d-b8ea-c745911e1761","block_type":"box","text":"paid by the Fund as “exempt interest dividends” could be adversely affected, subjecting the Fund’s shareholders to","page_number":118,"box":{"x":70,"y":203,"width":822,"height":12}},{"id":"46caee29-e2f9-4092-a150-b87228b892df","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":118,"box":{"x":70,"y":218,"width":818,"height":12}},{"id":"6ce3bf4b-0d6e-41b1-a04d-900576622176","block_type":"box","text":"Fund is subsequently determined to be taxable, the Fund will dispose of that security as soon as reasonably","page_number":118,"box":{"x":70,"y":234,"width":771,"height":11}},{"id":"dff865fd-80f7-4c8d-9635-767cce3f9207","block_type":"box","text":"practicable. In addition, future laws, regulations, rulings or cour t decisions may cause interest on municipal","page_number":118,"box":{"x":70,"y":249,"width":765,"height":11}},{"id":"17f43710-bcf7-42fb-9af3-6a2564f30e05","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":118,"box":{"x":69,"y":264,"width":834,"height":11}},{"id":"cd3e86ee-9e6b-4bcf-a8c0-e33ab363c998","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":118,"box":{"x":68,"y":279,"width":807,"height":11}},{"id":"441e206a-4c3b-45ce-9f48-027bd7656b25","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":118,"box":{"x":70,"y":294,"width":830,"height":11}},{"id":"ce3702f0-df7d-41e3-b506-b9201e5b0769","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":118,"box":{"x":68,"y":309,"width":838,"height":11}},{"id":"896bf203-c280-4d60-b671-93cb10c5114d","block_type":"box","text":"the value of an investment in the Fund.","page_number":118,"box":{"x":68,"y":324,"width":278,"height":9}},{"id":"5260bec2-4ee2-4b80-8c34-0c275c6526fe","block_type":"box","text":"Temporary Defensive Measures.","page_number":118,"box":{"x":103,"y":347,"width":230,"height":11}},{"id":"d6d2dbf8-e285-4413-bda1-b5593348a379","block_type":"box","text":"As a temporary defensive measure, including to respond to adverse market,","page_number":118,"box":{"x":339,"y":347,"width":542,"height":11}},{"id":"1b05c2ca-2ec2-40b0-908f-53c6a91467c5","block_type":"box","text":"economic, political or other conditions, a Fund may depar t from its principal investment strategies and may invest","page_number":118,"box":{"x":69,"y":362,"width":811,"height":11}},{"id":"da47600b-3a03-4797-93e4-4a780837a5a2","block_type":"box","text":"without limitation in cash, high quality money market instruments, or other shor t term investments. Cer tain Funds","page_number":118,"box":{"x":68,"y":377,"width":813,"height":12}},{"id":"75ca0297-c49f-4b26-a348-8f0b197b7309","block_type":"box","text":"may also invest in cash and other such instruments pending investment or to meet anticipated redemption requests.","page_number":118,"box":{"x":69,"y":393,"width":833,"height":11}},{"id":"97a8f1a4-0704-4b4b-a48b-a3a177f178a5","block_type":"box","text":"High quality money market instruments include U.S. Government obligations, U.S. Government agency obligations,","page_number":118,"box":{"x":70,"y":408,"width":813,"height":11}},{"id":"28424a0a-c2b5-4fe7-a9a6-14796b21be4a","block_type":"box","text":"dollar denominated obligations of foreign issuers, bank obligations, including U.S. subsidiaries and branches of","page_number":118,"box":{"x":69,"y":423,"width":795,"height":11}},{"id":"4094f1d1-3116-448c-810b-1aa3003e1765","block_type":"box","text":"foreign banks, corporate obligations, commercial paper, repurchase agreements and obligations of supranational","page_number":118,"box":{"x":68,"y":438,"width":806,"height":11}},{"id":"41275bea-fedf-4b2a-b179-cbea89bc593d","block_type":"box","text":"organizations. Generally, such obligations will mature within one year from the date of settlement but may mature","page_number":118,"box":{"x":69,"y":453,"width":808,"height":11}},{"id":"b6d757dd-094d-4cd5-9c1c-6acdcd38a504","block_type":"box","text":"within two years from the date of settlement. Temporary defensive measures may affect a Fund’s ability to achieve","page_number":118,"box":{"x":68,"y":468,"width":820,"height":11}},{"id":"ebbd61f6-e1c3-40c5-8af9-1df82be4fcb0","block_type":"box","text":"its investment objective.","page_number":118,"box":{"x":70,"y":483,"width":171,"height":11}},{"id":"f07fd0b2-f46f-42f3-a7ee-7034a783b431","block_type":"box","text":"U.S. Government Obligations.","page_number":118,"box":{"x":102,"y":506,"width":213,"height":11}},{"id":"e4d0b199-5586-4284-a064-4bb0d10fc45f","block_type":"box","text":"A Fund may purchase obligations issued or guaranteed by the U.S. Government","page_number":118,"box":{"x":321,"y":506,"width":566,"height":11}},{"id":"fc8c222b-7124-4180-9e0d-b95d035fb794","block_type":"box","text":"and U.S. Government agencies and instrumentalities. Obligations of cer tain agencies and instrumentalities of the","page_number":118,"box":{"x":69,"y":521,"width":810,"height":11}},{"id":"16b968bc-83fb-465e-8be0-da1d70d0651b","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":118,"box":{"x":70,"y":536,"width":826,"height":11}},{"id":"a4cf6909-d36d-46a3-8df7-32de883f92d8","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":118,"box":{"x":68,"y":551,"width":779,"height":11}},{"id":"3f91e37b-aabb-4918-814f-3b52e6d7975c","block_type":"box","text":"instrumentality issuing the obligation. No assurance can be given that the U.S. Government will provide financial","page_number":118,"box":{"x":70,"y":566,"width":798,"height":11}},{"id":"808e1d27-956d-40f4-996f-50494ae5c106","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":118,"box":{"x":69,"y":581,"width":822,"height":12}},{"id":"32a5e8f0-bdcb-4d18-abaf-2e2346c05b25","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":118,"box":{"x":69,"y":596,"width":809,"height":12}},{"id":"d304a9b0-df71-4b3d-a991-2cb1c37f8886","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":118,"box":{"x":69,"y":612,"width":805,"height":11}},{"id":"87eb106a-4500-4730-864a-ce4b39a62d1a","block_type":"box","text":"other stripped securities, represent beneficial ownership interests in either future interest payments or the future","page_number":118,"box":{"x":69,"y":627,"width":807,"height":11}},{"id":"67ed914b-fd7b-4c5e-b6dc-75cf0c8c5d9c","block_type":"box","text":"principal payments on U.S. Government obligations. These instruments are issued at a discount to their “face value”","page_number":118,"box":{"x":70,"y":642,"width":832,"height":11}},{"id":"0c5e34f1-82cd-4f35-8618-53b7567beebd","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":118,"box":{"x":69,"y":657,"width":829,"height":11}},{"id":"767c8359-9175-4fc7-8396-81d7630dca25","block_type":"box","text":"debt securities because of the manner in which their principal and interest are returned to investors.","page_number":118,"box":{"x":69,"y":672,"width":716,"height":11}},{"id":"4b431b2b-480d-4100-ade0-c5f391040095","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":118,"box":{"x":102,"y":695,"width":800,"height":11}},{"id":"287e7ad0-c48d-4796-a2fa-bf2abcf783f6","block_type":"box","text":"Treasury Notes and Treasury Bonds and the obligations of the Federal Housing Administration, Farmers Home","page_number":118,"box":{"x":68,"y":710,"width":785,"height":11}},{"id":"f6ae9ae1-f4a5-4f4b-b528-d3152953dc38","block_type":"box","text":"Administration, Expor t-Impor t Bank of the United States, Small Business Administration, Ginnie Mae, Fannie Mae,","page_number":118,"box":{"x":68,"y":725,"width":813,"height":11}},{"id":"1818ddb0-c0f2-4177-9f8c-7e2cec17116b","block_type":"box","text":"Federal Financing Bank, General Services Administration, Student Loan Marketing Association, Central Bank for","page_number":118,"box":{"x":70,"y":740,"width":794,"height":11}},{"id":"4414493c-8419-4754-9ba6-a5efdaf77f81","block_type":"box","text":"Cooperatives, Federal Home Loan Banks, Freddie Mac, Federal Intermediate Credit Banks, Federal Land Banks, Farm","page_number":118,"box":{"x":69,"y":755,"width":835,"height":11}},{"id":"4326b549-7532-45a0-aa89-3a9cc3b8fea3","block_type":"box","text":"Credit Banks System, Maritime Administration, Tennessee Valley Authority and Washington D.C. Armory Board. The","page_number":118,"box":{"x":69,"y":770,"width":818,"height":12}},{"id":"8d8b9e0c-3479-4a67-8b79-0986db2e72f8","block_type":"box","text":"Funds may also invest in mor tgage-related securities issued or guaranteed by U.S. Government agencies and","page_number":118,"box":{"x":70,"y":786,"width":777,"height":11}},{"id":"054defbc-d14b-4d4c-b158-1698faa777ee","block_type":"box","text":"instrumentalities, including such instruments as obligations of Ginnie Mae, Fannie Mae and Freddie Mac.","page_number":118,"box":{"x":70,"y":801,"width":749,"height":11}},{"id":"730f977b-cd9a-4fba-8952-4fad9ad19ad0","block_type":"box","text":"U.S. Treasury Obligations.","page_number":118,"box":{"x":103,"y":823,"width":183,"height":12}},{"id":"880fd154-b46c-478f-b0a2-b02f895597f6","block_type":"box","text":"Treasury obligations may differ in their interest rates, maturities, times of issuance","page_number":118,"box":{"x":292,"y":823,"width":593,"height":12}},{"id":"8e1fa5f2-05d9-4042-8151-e58be8e0d3a5","block_type":"box","text":"and other characteristics. Obligations of U.S. Government agencies and authorities are suppor ted by varying degrees","page_number":118,"box":{"x":69,"y":838,"width":835,"height":12}},{"id":"35a1e111-4c5c-4230-8e69-63246ce44230","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":118,"box":{"x":69,"y":853,"width":827,"height":12}},{"id":"e73e8e72-c098-42bd-9f1c-ba4d111df1f1","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":118,"box":{"x":68,"y":869,"width":823,"height":11}},{"id":"8835a02b-a1f9-44f4-934f-9cbb8d3d946d","block_type":"box","text":"do so.","page_number":118,"box":{"x":69,"y":884,"width":42,"height":9}},{"id":"f86b7fa1-451b-4686-b5da-29810aa4f842","block_type":"box","text":"II-76","page_number":118,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"678c1128-997f-483b-9ecd-e64339442bb5","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":118,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8ffbb673-8518-4e79-a12c-67af23b60100","block_type":"box","text":"U.S. Treasury Rolls","page_number":119,"box":{"x":102,"y":45,"width":139,"height":11}},{"id":"a3f17b33-98b3-4a9c-9698-4da3de5bf800","block_type":"box","text":".","page_number":119,"box":{"x":241,"y":52,"width":3,"height":2}},{"id":"fc9a5f52-cee7-4378-85c9-76bc1eb1b55c","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":119,"box":{"x":250,"y":45,"width":656,"height":11}},{"id":"1c2a1995-9721-433a-b90b-0caac972fb2c","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":119,"box":{"x":69,"y":60,"width":804,"height":11}},{"id":"f3f4c1a0-f3d8-43af-a5a0-2dcb891090d9","block_type":"box","text":"agreed upon price and future settlement date. U.S. Treasury roll transactions may incrementally adjust the average","page_number":119,"box":{"x":69,"y":75,"width":820,"height":11}},{"id":"834a17b5-7b25-4d06-8c2f-5e747a34fed1","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":119,"box":{"x":69,"y":90,"width":840,"height":11}},{"id":"18de71fa-191f-4c8a-bd9d-f36bdcc6d383","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":119,"box":{"x":69,"y":105,"width":828,"height":11}},{"id":"5891b322-8d85-4dd8-be49-7dc847fd2848","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":119,"box":{"x":69,"y":120,"width":775,"height":12}},{"id":"b5c00a20-ace8-4a07-bae4-639e2653beb4","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":119,"box":{"x":69,"y":135,"width":829,"height":12}},{"id":"0422a2d7-20b2-4326-a964-36ab512b63ee","block_type":"box","text":"to the U.S. Treasury roll transaction failed to per form its obligations on the settlement date.","page_number":119,"box":{"x":68,"y":150,"width":657,"height":12}},{"id":"88950659-380d-450d-9c43-0b1a6301b2a8","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":119,"box":{"x":101,"y":173,"width":756,"height":11}},{"id":"177898cd-d431-478e-b015-f128701eb7eb","block_type":"box","text":"purchase price of those securities. U.S. Treasury rolls are speculative techniques that can be deemed to involve","page_number":119,"box":{"x":70,"y":188,"width":800,"height":11}},{"id":"e0da2f5e-5ccb-4d17-be47-a70f1e58fd3d","block_type":"box","text":"leverage. There is no assurance that U.S. Treasury rolls can be successfully employed.","page_number":119,"box":{"x":70,"y":203,"width":617,"height":12}},{"id":"631209f7-ef06-4e4c-a709-464d92b0bdbe","block_type":"box","text":"Utility Industries.","page_number":119,"box":{"x":102,"y":226,"width":124,"height":11}},{"id":"3fb1c1a2-5bbc-4330-b9d3-9cbea51572aa","block_type":"box","text":"Risks that are intrinsic to the utility industries include difficulty in obtaining an adequate return","page_number":119,"box":{"x":233,"y":226,"width":674,"height":11}},{"id":"d46932b0-4b1b-4854-96a1-001096ef1512","block_type":"box","text":"on invested capital, difficulty in financing large construction programs during an inflationary period, restrictions on","page_number":119,"box":{"x":69,"y":241,"width":812,"height":11}},{"id":"c7535e2b-8f11-4962-85a1-d59c6a6be193","block_type":"box","text":"operations and increased cost and delays attributable to environmental considerations and regulation, difficulty in","page_number":119,"box":{"x":69,"y":256,"width":812,"height":12}},{"id":"eae1609c-6039-4e90-83d6-e2bcab1b0ebb","block_type":"box","text":"raising capital in adequate amounts on reasonable terms in periods of high inflation and unsettled capital markets,","page_number":119,"box":{"x":69,"y":271,"width":821,"height":12}},{"id":"1e1d9517-246a-4d16-af49-df0640b4124a","block_type":"box","text":"technological innovations that may render existing plants, equipment or products obsolete, the potential impact of","page_number":119,"box":{"x":68,"y":286,"width":815,"height":12}},{"id":"de5f7a48-30f5-4be1-8587-bff162bc0ea3","block_type":"box","text":"natural or man-made disasters, increased costs and reduced availability of cer tain types of fuel, occasional reduced","page_number":119,"box":{"x":69,"y":302,"width":827,"height":11}},{"id":"436d5d92-38d8-4a22-8b8d-9044b106dc53","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":119,"box":{"x":69,"y":317,"width":795,"height":11}},{"id":"caee9a08-e12a-43d5-a98c-c4c53aa3021c","block_type":"box","text":"energy policy and lengthy delays and greatly increased costs and other problems associated with the design,","page_number":119,"box":{"x":69,"y":332,"width":774,"height":11}},{"id":"161de98a-3b2b-44a4-b43c-92f628c112da","block_type":"box","text":"construction, licensing, regulation and operation of nuclear facilities for electric generation, including, among other","page_number":119,"box":{"x":69,"y":347,"width":817,"height":11}},{"id":"3fa8f91d-2479-41b4-961f-2ca303f455b0","block_type":"box","text":"considerations, the problems associated with the use of radioactive materials and the disposal of radioactive wastes.","page_number":119,"box":{"x":69,"y":362,"width":839,"height":11}},{"id":"65d3601a-cd7d-4e23-906a-c1b21e82d57c","block_type":"box","text":"There are substantial differences among the regulatory practices and policies of various jurisdictions, and any given","page_number":119,"box":{"x":68,"y":377,"width":827,"height":12}},{"id":"eebf7bd2-ef99-4cc9-abea-c4d6b0b2a4ba","block_type":"box","text":"regulatory agency may make major shifts in policy from time to time. There is no assurance that regulatory","page_number":119,"box":{"x":69,"y":392,"width":761,"height":12}},{"id":"bc3df4a3-976a-42ae-ba08-544e2bfd4d94","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":119,"box":{"x":69,"y":407,"width":821,"height":12}},{"id":"09621bdd-a34c-446c-97c6-96565942a1b3","block_type":"box","text":"dividends on common stocks issued by a utility company. Additionally, existing and possible future regulatory","page_number":119,"box":{"x":69,"y":423,"width":777,"height":11}},{"id":"0c6e9210-8160-401f-b5ab-9dcd44667144","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":119,"box":{"x":70,"y":438,"width":820,"height":11}},{"id":"907de2a0-3a1c-4fd2-b6a7-94ca662a33ac","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":119,"box":{"x":69,"y":453,"width":835,"height":11}},{"id":"59e52bd0-31ff-46f1-b616-89d53a155973","block_type":"box","text":"to time review existing policies and impose additional requirements governing the licensing, construction and","page_number":119,"box":{"x":68,"y":468,"width":778,"height":11}},{"id":"2338244b-035f-46e3-8fda-95d62db2b79a","block_type":"box","text":"operation of nuclear power plants. Prolonged changes in climatic conditions can also have a significant impact on","page_number":119,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"e4f26bcf-fcab-4445-987e-947d78019928","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":119,"box":{"x":69,"y":498,"width":831,"height":11}},{"id":"cadc41e1-9fd4-49f4-b0c9-89ea06755576","block_type":"box","text":"utility.","page_number":119,"box":{"x":69,"y":514,"width":39,"height":10}},{"id":"d6cc2f8d-cae2-4a22-beff-47d75afdc512","block_type":"box","text":"Companies in the utilities sector may be adversely affected by changes in exchange rates, domestic and","page_number":119,"box":{"x":102,"y":536,"width":744,"height":11}},{"id":"0134cb77-3ce1-4462-b801-6973333be76f","block_type":"box","text":"international competition, and governmental limitations on rates charged to customers. The value of regulated utility","page_number":119,"box":{"x":70,"y":551,"width":828,"height":11}},{"id":"7ef5e705-0874-4487-9422-408e45df37fe","block_type":"box","text":"debt securities and, to a lesser extent, equity securities, tends to have an inverse relationship to the movement of","page_number":119,"box":{"x":69,"y":566,"width":817,"height":11}},{"id":"a3373ecd-e077-41a0-ba97-d0bb740ef729","block_type":"box","text":"interest rates and therefore may lead to volatility in per formance.","page_number":119,"box":{"x":70,"y":581,"width":464,"height":11}},{"id":"356c559b-6116-46fd-b0e6-668d85ca365a","block_type":"box","text":"Utility companies in the United States and in foreign countries are generally subject to regulation. In the United","page_number":119,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"955706a3-15c3-45bd-bd84-db842f9d3233","block_type":"box","text":"States, most utility companies are regulated by state and/or federal authorities. Such regulation is intended to","page_number":119,"box":{"x":69,"y":619,"width":790,"height":11}},{"id":"6be9e919-19ba-4886-bd3f-8fd2e72182c6","block_type":"box","text":"ensure appropriate standards of service and adequate capacity to meet public demand. Generally, prices are also","page_number":119,"box":{"x":69,"y":634,"width":811,"height":11}},{"id":"dd3e6db7-28bf-4299-9c5e-81c8313d1cc7","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":119,"box":{"x":69,"y":649,"width":824,"height":12}},{"id":"81101eb2-5816-4a97-a704-8fd00770e4cf","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":119,"box":{"x":68,"y":664,"width":781,"height":12}},{"id":"d532e6d1-ae98-4e02-a019-3cfed011c3c9","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":119,"box":{"x":69,"y":680,"width":826,"height":11}},{"id":"10df581a-ce9a-480d-b5fc-0424fb9983ee","block_type":"box","text":"continue in the future.","page_number":119,"box":{"x":69,"y":695,"width":156,"height":9}},{"id":"4e417216-549e-4563-b07a-a4d13ad7dc7d","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":119,"box":{"x":101,"y":717,"width":763,"height":12}},{"id":"10856603-a5da-4de0-af19-f4b3c71b81e2","block_type":"box","text":"countries. In recent years, changes in regulation in the United States increasingly have allowed utility companies to","page_number":119,"box":{"x":69,"y":733,"width":820,"height":11}},{"id":"69b9fee4-e9d1-43e9-9131-c019d5466f9d","block_type":"box","text":"provide services and products outside their traditional geographic areas and lines of business, creating new areas of","page_number":119,"box":{"x":70,"y":748,"width":834,"height":11}},{"id":"32f441cb-bc8e-44bc-9a17-3c9325cbde51","block_type":"box","text":"competition within the industries. In some instances, utility companies are operating on an unregulated basis.","page_number":119,"box":{"x":69,"y":763,"width":784,"height":11}},{"id":"edb4e674-8c4a-46ff-92cb-a0a5059e8fee","block_type":"box","text":"Because of trends toward deregulation and the evolution of independent power producers as well as new entrants to","page_number":119,"box":{"x":70,"y":778,"width":830,"height":11}},{"id":"c92e7d5d-416c-4d8d-8e33-a7c26647ed4d","block_type":"box","text":"the field of telecommunications, non-regulated providers of utility services have become a significant par t of their","page_number":119,"box":{"x":68,"y":793,"width":809,"height":11}},{"id":"c5c3cb0c-2d9b-43c6-8ab2-137d63f32d43","block_type":"box","text":"respective industries. The Manager believes that the emergence of competition and deregulation will result in cer tain","page_number":119,"box":{"x":69,"y":808,"width":834,"height":11}},{"id":"84a53591-a43a-475c-bbc1-d076f1653b4c","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":119,"box":{"x":69,"y":823,"width":825,"height":12}},{"id":"946173de-51c5-41e6-b649-f3d52a5970aa","block_type":"box","text":"to defend their core business from increased competition and may be less profitable. Reduced profitability, as well as","page_number":119,"box":{"x":68,"y":838,"width":840,"height":11}},{"id":"937aac30-8401-4f1e-b40c-a0afaffae8a6","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":119,"box":{"x":69,"y":853,"width":796,"height":12}},{"id":"0976be55-655b-4528-a796-c6f1cc28f639","block_type":"box","text":"rates. As deregulation allows utility companies to diversify outside of their original geographic regions and their","page_number":119,"box":{"x":69,"y":869,"width":790,"height":11}},{"id":"18a2c1a3-73b7-46b1-969b-b12c9c038aca","block_type":"box","text":"traditional lines of business, utility companies may engage in riskier ventures. Therefore, deregulation may eliminate","page_number":119,"box":{"x":68,"y":884,"width":831,"height":11}},{"id":"f87dfc87-ead8-4610-aa0a-cb5741d828d4","block_type":"box","text":"restrictions on the maximum level of profits of cer tain utility companies, but may also subject these companies to","page_number":119,"box":{"x":69,"y":899,"width":812,"height":11}},{"id":"6a4840c2-64c3-4217-b564-0265a7cbd0ac","block_type":"box","text":"II-77","page_number":119,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"27ab5ee5-ceb1-4b94-bf9a-6c2c73444788","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":119,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"587b9c56-d8d1-4521-9679-43e404bbff6d","block_type":"box","text":"greater risk of loss. The Manager seeks to take advantage of favorable investment oppor tunities that may arise from","page_number":120,"box":{"x":68,"y":45,"width":833,"height":11}},{"id":"c76cbbe2-59fd-46f8-8c9d-002801b2a8a0","block_type":"box","text":"these structural changes. Of course, there can be no assurance that favorable developments will occur in the future.","page_number":120,"box":{"x":68,"y":60,"width":831,"height":11}},{"id":"e71363fb-55fb-426b-80bb-4af422de03d2","block_type":"box","text":"Foreign utility companies are also subject to regulation, although such regulations may or may not be","page_number":120,"box":{"x":102,"y":83,"width":720,"height":11}},{"id":"8d278805-7d49-4cb6-a7ee-27b00cb4bd79","block_type":"box","text":"comparable to those in the United States. Foreign utility companies may be more heavily regulated by their respective","page_number":120,"box":{"x":69,"y":98,"width":838,"height":11}},{"id":"c5ead8e6-f860-4322-8a38-7b293115a064","block_type":"box","text":"governments than utilities in the United States and, as in the United States, generally are required to seek","page_number":120,"box":{"x":68,"y":113,"width":762,"height":11}},{"id":"2dbfad54-a2ed-49a9-b247-40cfe975d28e","block_type":"box","text":"government approval for rate increases. In addition, many foreign utilities use fuels that may cause more pollution","page_number":120,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"09554ba1-cd68-42fc-9d17-f5f7c96700cd","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":120,"box":{"x":68,"y":143,"width":801,"height":11}},{"id":"7d7fc5c7-2209-4ca6-a32e-379405bde4c5","block_type":"box","text":"meet any proposed pollution restrictions. Foreign regulatory systems vary from country to country and may evolve in","page_number":120,"box":{"x":69,"y":158,"width":828,"height":11}},{"id":"ee1d2d67-6999-4072-98c0-d01719dd244e","block_type":"box","text":"ways different from regulation in the United States.","page_number":120,"box":{"x":68,"y":173,"width":365,"height":11}},{"id":"af2c190c-e5aa-4f9e-a8c4-f94d2e8f34a8","block_type":"box","text":"A Fund’s investment policies are designed to enable it to capitalize on evolving investment oppor tunities","page_number":120,"box":{"x":101,"y":196,"width":745,"height":11}},{"id":"f35ae3e4-37d3-491f-9224-b311e9ee098a","block_type":"box","text":"throughout the world. For example, the rapid growth of cer tain foreign economies will necessitate expansion of","page_number":120,"box":{"x":68,"y":211,"width":790,"height":11}},{"id":"fbed0ac1-d294-4bcb-b72e-82fd54ff57df","block_type":"box","text":"capacity in the utility industries in those countries. Although many foreign utility companies currently are government","page_number":120,"box":{"x":69,"y":226,"width":833,"height":11}},{"id":"079d2c27-c618-45ef-820f-c22a572290b4","block_type":"box","text":"owned, thereby limiting current investment oppor tunities for a Fund, the Manager believes that, in order to attract","page_number":120,"box":{"x":69,"y":241,"width":810,"height":11}},{"id":"b8bf9419-8a60-4ed5-89dc-0696c71c6217","block_type":"box","text":"significant capital for growth, foreign governments are likely to seek global investors through the privatization of their","page_number":120,"box":{"x":69,"y":256,"width":831,"height":12}},{"id":"b7abfb56-7dda-4052-b750-6ac00b134ea8","block_type":"box","text":"utility industries. Privatization, which refers to the trend toward investor ownership of assets rather than government","page_number":120,"box":{"x":69,"y":271,"width":828,"height":12}},{"id":"2dc9cbd7-5378-4fc0-82e7-28ecb0c4b40b","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":120,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"47f31a19-9112-46ca-b1f7-bfe13f45fc45","block_type":"box","text":"assurance that such favorable developments will occur or that investment oppor tunities in foreign markets will","page_number":120,"box":{"x":69,"y":302,"width":786,"height":11}},{"id":"4a5cae87-a308-49df-88ef-6063012989af","block_type":"box","text":"increase.","page_number":120,"box":{"x":70,"y":317,"width":63,"height":9}},{"id":"221cfdd4-86c9-43eb-a677-643f4c19321e","block_type":"box","text":"The revenues of domestic and foreign utility companies generally reflect the economic growth and development","page_number":120,"box":{"x":101,"y":339,"width":793,"height":12}},{"id":"95b6a9b4-fb89-4a0e-b0ca-92c4dc808cf4","block_type":"box","text":"in the geographic areas in which they do business. The Manager will take into account anticipated economic growth","page_number":120,"box":{"x":70,"y":355,"width":821,"height":11}},{"id":"72a88a8c-abb7-4428-8ccb-1b9c379f762f","block_type":"box","text":"rates and other economic developments when selecting securities of utility companies.","page_number":120,"box":{"x":69,"y":370,"width":619,"height":11}},{"id":"628262ee-ad7c-4de8-9196-a982cdfcb821","block_type":"box","text":"Electric.","page_number":120,"box":{"x":102,"y":393,"width":54,"height":8}},{"id":"8fe545f1-3399-4a35-92d2-0c60c49e5781","block_type":"box","text":"The electric utility industry consists of companies that are engaged principally in the generation,","page_number":120,"box":{"x":163,"y":392,"width":684,"height":12}},{"id":"6c87968d-3601-42a4-8453-396ee31b8121","block_type":"box","text":"transmission and sale of electric energy, although many also provide other energy-related services. In the past,","page_number":120,"box":{"x":68,"y":407,"width":793,"height":12}},{"id":"56a62d90-e82b-406f-a911-fbd1a0b76bbb","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":120,"box":{"x":69,"y":423,"width":814,"height":11}},{"id":"688cf05f-12af-4874-990f-0b57cd077644","block_type":"box","text":"near completion of major construction programs. In addition, many of these companies have generated cash flows in","page_number":120,"box":{"x":69,"y":438,"width":833,"height":11}},{"id":"df149986-3a86-4fee-a0e0-adb287938315","block_type":"box","text":"excess of current operating expenses and construction expenditures, permitting some degree of diversification into","page_number":120,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"6a6df830-3aa8-436b-9aad-414558f7355b","block_type":"box","text":"unregulated businesses. Some electric utilities have also taken advantage of the right to sell power outside of their","page_number":120,"box":{"x":69,"y":468,"width":823,"height":11}},{"id":"ff7fe793-5e11-45ce-8167-3482d3915963","block_type":"box","text":"traditional geographic areas. Electric utility companies have historically been subject to the risks associated with","page_number":120,"box":{"x":68,"y":483,"width":803,"height":11}},{"id":"e92d5281-1f65-45a5-bba8-b42b4c7ebfd2","block_type":"box","text":"increases in fuel and other operating costs, high interest costs on borrowings needed for capital construction","page_number":120,"box":{"x":70,"y":498,"width":778,"height":11}},{"id":"189c310a-7880-4fb2-a203-e32a660bd8f7","block_type":"box","text":"programs, costs associated with compliance with environmental and safety regulations and changes in the regulatory","page_number":120,"box":{"x":70,"y":513,"width":836,"height":12}},{"id":"7f1ea6ab-d48c-4314-b235-9400c612c294","block_type":"box","text":"climate. As interest rates declined, many utilities refinanced high cost debt and in doing so improved their fixed","page_number":120,"box":{"x":69,"y":528,"width":793,"height":12}},{"id":"9298e12d-5902-4c97-b954-bc456043bc57","block_type":"box","text":"charges coverage. Regulators, however, lowered allowed rates of return as interest rates declined and thereby","page_number":120,"box":{"x":69,"y":543,"width":786,"height":12}},{"id":"69a37638-806d-4099-b181-48b4e607e70d","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":120,"box":{"x":69,"y":559,"width":819,"height":11}},{"id":"a00e3c31-5d7a-4d5f-8d6a-e71b86fcd799","block_type":"box","text":"rates, the allowed rates of return may not keep pace with the utilities’ increased costs. The construction and","page_number":120,"box":{"x":69,"y":574,"width":775,"height":11}},{"id":"b394f3d7-4401-40a1-88f3-5686cf6d732f","block_type":"box","text":"operation of nuclear power facilities are subject to strict scrutiny by, and evolving regulations of, the Nuclear","page_number":120,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"7ec420f3-fa67-4e2e-aaba-91d5af6a4e45","block_type":"box","text":"Regulatory Commission and state agencies which have comparable jurisdiction. Strict scrutiny might result in higher","page_number":120,"box":{"x":70,"y":604,"width":826,"height":11}},{"id":"395b11e4-8054-4d70-82c2-d2bdfbac90b5","block_type":"box","text":"operating costs and higher capital expenditures, with the risk that the regulators may disallow inclusion of these","page_number":120,"box":{"x":69,"y":619,"width":800,"height":11}},{"id":"78b5e2ed-51d8-43d2-9313-f687b0a40673","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":120,"box":{"x":69,"y":634,"width":836,"height":11}},{"id":"ddd9e8bc-1651-49d5-b494-a66c55b40b77","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":120,"box":{"x":68,"y":649,"width":826,"height":12}},{"id":"7c1845bd-dd07-491f-bde0-6728f413911a","block_type":"box","text":"and for decommissioning such plants.","page_number":120,"box":{"x":69,"y":664,"width":270,"height":12}},{"id":"6a82f4a5-de7d-4b7a-8d30-a7df0e464087","block_type":"box","text":"The rating agencies look closely at the business profile of utilities. Ratings for companies are expected to be","page_number":120,"box":{"x":101,"y":687,"width":776,"height":11}},{"id":"21f4d4b5-cada-460b-a82e-a3a50b003976","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":120,"box":{"x":70,"y":702,"width":802,"height":12}},{"id":"dd4a216a-a602-43a2-b0f3-f48f2a03611b","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":120,"box":{"x":69,"y":717,"width":791,"height":12}},{"id":"4baf2b30-530a-4f0f-8acc-f5829479200a","block_type":"box","text":"competitive and the least regulated. On the other hand, companies that focus on transmission and distribution, which","page_number":120,"box":{"x":69,"y":732,"width":839,"height":12}},{"id":"ac871423-347d-4548-8f37-35bf75d918be","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":120,"box":{"x":70,"y":748,"width":838,"height":11}},{"id":"19cfe725-2097-4f76-b9cc-382085350fb1","block_type":"box","text":"greater predictability of cash flow.","page_number":120,"box":{"x":68,"y":763,"width":239,"height":11}},{"id":"87da5741-9d8d-4ebc-8448-719b3d369727","block_type":"box","text":"A number of states are considering or have enacted deregulation proposals. The introduction of competition into","page_number":120,"box":{"x":101,"y":785,"width":801,"height":12}},{"id":"76fadcdc-0914-48a0-917c-898d635691a9","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":120,"box":{"x":68,"y":801,"width":821,"height":11}},{"id":"5b2d962a-9678-424d-8efa-9933adf7d678","block_type":"box","text":"default risk, and lower electric utility security prices. Such increased competition may also cause long-term contracts,","page_number":120,"box":{"x":69,"y":816,"width":835,"height":11}},{"id":"755ca54d-2dc4-4edc-9771-1d53715b4b3f","block_type":"box","text":"which electric utilities previously entered into to buy power, to become “stranded assets” which have no economic","page_number":120,"box":{"x":68,"y":831,"width":815,"height":11}},{"id":"ef4a1149-c2b9-4edd-a542-f93257fb26dd","block_type":"box","text":"value. Any loss associated with such contracts must be absorbed by ratepayers and investors. In addition, some","page_number":120,"box":{"x":68,"y":846,"width":803,"height":11}},{"id":"c70a1bb1-70e1-419d-8cf6-5884e5c5b01d","block_type":"box","text":"electric utilities have acquired electric utilities overseas to diversify, enhance earnings and gain experience in","page_number":120,"box":{"x":69,"y":861,"width":777,"height":11}},{"id":"d17973d9-9641-4f09-8421-e732fcbf2d16","block_type":"box","text":"operating in a deregulated environment. In some instances, such acquisitions have involved significant borrowings,","page_number":120,"box":{"x":69,"y":876,"width":819,"height":11}},{"id":"3977d7dc-2e2b-4d2d-a7e9-2b36517da62c","block_type":"box","text":"which have burdened the acquirer’s balance sheet. There is no assurance that current deregulation proposals will be","page_number":120,"box":{"x":68,"y":891,"width":835,"height":12}},{"id":"b72c12d2-16ad-41bd-9daa-2485db986655","block_type":"box","text":"adopted. However, deregulation in any form could significantly impact the electric utilities industry.","page_number":120,"box":{"x":69,"y":906,"width":700,"height":12}},{"id":"0f9609c5-7428-43d4-b0bd-d808455fde43","block_type":"box","text":"II-78","page_number":120,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"bfdb7bf8-5f4d-4eb3-87ab-df01f9f35d64","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":120,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3fba2cc0-2403-4883-ba07-bac3da058983","block_type":"box","text":"Telecommunications.","page_number":121,"box":{"x":103,"y":45,"width":147,"height":9}},{"id":"4452e3cd-1c71-49ad-ac67-8af150cdd78a","block_type":"box","text":"The telecommunications industry today includes both traditional telephone companies, with","page_number":121,"box":{"x":256,"y":45,"width":652,"height":11}},{"id":"9503c50c-df5b-4b76-ac70-a5f3faa51201","block_type":"box","text":"a history of broad market coverage and highly regulated businesses, and cable companies, which began as small,","page_number":121,"box":{"x":69,"y":60,"width":813,"height":11}},{"id":"794bee7e-9d88-4345-927f-abbedf800c58","block_type":"box","text":"lightly regulated businesses focused on limited markets. Today these two historically different businesses are","page_number":121,"box":{"x":70,"y":75,"width":782,"height":11}},{"id":"addb6e41-af18-43be-9d78-4e4299918510","block_type":"box","text":"converging in an industry that is trending toward larger, competitive national and international markets with an","page_number":121,"box":{"x":69,"y":90,"width":786,"height":11}},{"id":"50cbe285-692e-458b-bc58-fd7336d46f0d","block_type":"box","text":"emphasis on deregulation. Companies that distribute telephone services and provide access to the telephone","page_number":121,"box":{"x":69,"y":105,"width":784,"height":11}},{"id":"0dca0522-ed97-4a55-a8b6-8b65b541a182","block_type":"box","text":"networks still comprise the greatest por tion of this segment, but non-regulated activities such as wireless telephone","page_number":121,"box":{"x":69,"y":120,"width":830,"height":12}},{"id":"c98ec533-7685-4d6f-ab35-37600f3107f0","block_type":"box","text":"services, paging, data transmission and processing, equipment retailing, computer software and hardware and","page_number":121,"box":{"x":69,"y":135,"width":790,"height":12}},{"id":"ee3ccb89-b0cd-4c95-aeab-f75371d70b92","block_type":"box","text":"internet services are becoming increasingly significant components as well. In par ticular, wireless and internet","page_number":121,"box":{"x":70,"y":150,"width":788,"height":12}},{"id":"d218764a-689d-4a5e-be61-99a93bb34c59","block_type":"box","text":"telephone services continue to gain market share at the expense of traditional telephone companies. The presence","page_number":121,"box":{"x":68,"y":166,"width":825,"height":11}},{"id":"6a9d98ba-1c75-473f-ab71-1b0aeb33d6ec","block_type":"box","text":"of unregulated companies in this industry and the entry of traditional telephone companies into unregulated or less","page_number":121,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"b4d10e8d-cefe-4d9a-a9c8-6010854ea99b","block_type":"box","text":"regulated businesses provide significant investment oppor tunities with companies that may increase their earnings","page_number":121,"box":{"x":69,"y":196,"width":821,"height":11}},{"id":"b399f2ac-b7d1-4ad2-8962-db5aac91bf2f","block_type":"box","text":"at faster rates than had been allowed in traditional regulated businesses. Still, increasing competition, technological","page_number":121,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"03aafec0-63c2-43ec-a707-ceb304f92122","block_type":"box","text":"innovations and other structural changes could adversely affect the profitability of such utilities and the growth rate","page_number":121,"box":{"x":70,"y":226,"width":821,"height":11}},{"id":"def6e15d-6800-4bf8-8429-f311892d6be1","block_type":"box","text":"of their dividends. Given mergers and proposed legislation and enforcement changes, it is likely that both traditional","page_number":121,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"573ca5a8-ca78-404e-8696-a227013c513c","block_type":"box","text":"telephone companies and cable companies will continue to provide an expanding range of utility services to both","page_number":121,"box":{"x":68,"y":256,"width":804,"height":12}},{"id":"56aa8328-9773-4d22-8b5c-ddf49253ef6c","block_type":"box","text":"residential, corporate and governmental customers.","page_number":121,"box":{"x":69,"y":272,"width":367,"height":11}},{"id":"4e8d0e93-395e-4554-b2a4-4584036f2597","block_type":"box","text":"Gas.","page_number":121,"box":{"x":102,"y":294,"width":31,"height":9}},{"id":"70683bb4-58de-43c9-b5fb-2bdc5be17691","block_type":"box","text":"Gas transmission companies and gas distribution companies are undergoing significant changes. In the","page_number":121,"box":{"x":139,"y":294,"width":740,"height":11}},{"id":"297aee75-90fd-4656-966e-a617f565583b","block_type":"box","text":"United States, interstate transmission companies are regulated by the Federal Energy Regulatory Commission, which","page_number":121,"box":{"x":70,"y":309,"width":834,"height":11}},{"id":"a8101cdd-2df1-4326-8ebd-06c90f51a92f","block_type":"box","text":"is reducing its regulation of the industry. Many companies have diversified into oil and gas exploration and","page_number":121,"box":{"x":70,"y":324,"width":756,"height":12}},{"id":"f2351057-77e0-4b2d-97d5-448e44491389","block_type":"box","text":"development, making returns more sensitive to energy prices. In the recent decade, gas utility companies have been","page_number":121,"box":{"x":69,"y":340,"width":831,"height":11}},{"id":"58046bc4-5742-4bb5-aec7-a6dc30f86d90","block_type":"box","text":"adversely affected by disruptions in the oil industry and have also been affected by increased concentration and","page_number":121,"box":{"x":69,"y":355,"width":801,"height":11}},{"id":"683c27dd-e894-4e8d-86bd-4995c2bfa092","block_type":"box","text":"competition. In the opinion of the Manager, however, environmental considerations could improve the gas industry","page_number":121,"box":{"x":69,"y":370,"width":815,"height":11}},{"id":"727a06c5-3ccd-4847-bbe6-b749280e48ca","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":121,"box":{"x":69,"y":385,"width":782,"height":11}},{"id":"daa70102-2553-4fde-bddf-97855185dec9","block_type":"box","text":"incremental shifts in fuel consumption toward natural gas and away from oil and coal, even for electricity generation.","page_number":121,"box":{"x":70,"y":400,"width":829,"height":11}},{"id":"89be55f5-0b63-482d-a54b-72519219cbc1","block_type":"box","text":"However, technological or regulatory changes within the industry may delay or prevent this result.","page_number":121,"box":{"x":70,"y":415,"width":691,"height":11}},{"id":"0ea928d4-8038-4199-89cc-56dd11b5c5b4","block_type":"box","text":"Water.","page_number":121,"box":{"x":103,"y":438,"width":42,"height":9}},{"id":"03ae0d6f-fed4-403b-88b6-eaaab0c8f538","block_type":"box","text":"Water supply utilities are companies that collect, purify, distribute and sell water. In the United States and","page_number":121,"box":{"x":151,"y":438,"width":754,"height":11}},{"id":"21d1430c-e8e2-417e-8eee-ae816e81d19c","block_type":"box","text":"around the world the industry is highly fragmented because most of the supplies are owned by local authorities.","page_number":121,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"3a9abb90-d328-4ce7-b199-08f8dd04482e","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":121,"box":{"x":69,"y":468,"width":806,"height":11}},{"id":"773cbdb4-041e-4c9e-92a3-d169b3dcc1ee","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":121,"box":{"x":69,"y":483,"width":814,"height":11}},{"id":"e9012de0-011f-45a8-8694-dd1fbe8eaa9c","block_type":"box","text":"and for foreign acquisition of domestic companies. The Manager believes that favorable investment oppor tunities","page_number":121,"box":{"x":69,"y":498,"width":808,"height":11}},{"id":"764d3d4c-585b-4d95-a88f-eb025ce9529c","block_type":"box","text":"may result from consolidation of this segment. As with other utilities, however, increased regulation, increased costs","page_number":121,"box":{"x":69,"y":513,"width":832,"height":12}},{"id":"93409f30-912b-42ee-9ed8-3163517b7ef1","block_type":"box","text":"and potential disruptions in supply may adversely affect investments in water supply utilities.","page_number":121,"box":{"x":69,"y":528,"width":662,"height":12}},{"id":"2ba9b5d5-cca5-4901-9062-a454f9097f48","block_type":"box","text":"Utility Industries Generally.","page_number":121,"box":{"x":103,"y":551,"width":186,"height":11}},{"id":"9ca0fc1a-8381-453d-91c3-fccc4c48bfa9","block_type":"box","text":"There can be no assurance that the positive developments noted above, including","page_number":121,"box":{"x":296,"y":551,"width":584,"height":11}},{"id":"892a230b-4ced-4fc0-9e3b-8ca48124fb43","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":121,"box":{"x":68,"y":566,"width":837,"height":11}},{"id":"62ee5f01-9b2c-4f21-9325-dadce8d08e40","block_type":"box","text":"not develop in the future.","page_number":121,"box":{"x":69,"y":581,"width":178,"height":11}},{"id":"f509a99a-b37b-413c-8ca0-312672979029","block_type":"box","text":"When-Issued Securities, Delayed Delivery Securities and Forward Commitments.","page_number":121,"box":{"x":103,"y":604,"width":585,"height":11}},{"id":"b1f67636-4c9f-4e2f-ac71-458a73e8689c","block_type":"box","text":"A Fund may purchase or sell","page_number":121,"box":{"x":694,"y":604,"width":200,"height":11}},{"id":"a08ce07d-3045-419b-a2c9-646cc3c1cd11","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":121,"box":{"x":69,"y":619,"width":795,"height":11}},{"id":"ad43e8f7-8745-44d2-bd1f-31445ea49c97","block_type":"box","text":"delayed delivery basis or through a forward commitment (including on a TBA (to be announced) basis). These","page_number":121,"box":{"x":69,"y":634,"width":777,"height":12}},{"id":"b3c3d6ca-ad45-43af-ba46-0229a41d49fe","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":121,"box":{"x":68,"y":649,"width":820,"height":12}},{"id":"ad4633d5-1b05-4e5d-9d3b-a6a1a4b7ad34","block_type":"box","text":"taking place in the future. The Fund enters into these transactions to obtain what is considered an advantageous","page_number":121,"box":{"x":68,"y":664,"width":807,"height":12}},{"id":"a2f011e8-3dd1-4f07-91e1-743a0ac72b94","block_type":"box","text":"price to the Fund at the time of entering into the transaction.","page_number":121,"box":{"x":70,"y":680,"width":430,"height":11}},{"id":"a94b02c2-8827-4a3a-b413-3ccc43d6a3d7","block_type":"box","text":"Pursuant to recommendations of the Treasury Market Practices Group, which is sponsored by the Federal","page_number":121,"box":{"x":102,"y":702,"width":750,"height":11}},{"id":"4777b413-756d-461c-9eee-f7ae1bce9344","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":121,"box":{"x":70,"y":717,"width":823,"height":12}},{"id":"0e6f4422-d517-484a-9292-8c92d7385c51","block_type":"box","text":"cer tain forward-settling transactions, including without limitation TBA transactions. FINRA rules have also been","page_number":121,"box":{"x":69,"y":732,"width":788,"height":12}},{"id":"ec0cd947-d6b4-47cb-97d8-3572c3723dc2","block_type":"box","text":"implemented that include mandatory margin requirements for the TBA market with limited exceptions. The","page_number":121,"box":{"x":70,"y":748,"width":755,"height":11}},{"id":"31228b5b-c43c-40fd-9252-ac9b03f1cdaf","block_type":"box","text":"collateralization of TBA trades is intended to mitigate counterpar ty credit risk between trade and settlement, but","page_number":121,"box":{"x":69,"y":763,"width":799,"height":11}},{"id":"0d7c2fcc-5da1-4825-b69f-e8192729eec6","block_type":"box","text":"could increase the cost of TBA transactions and impose added operational complexity.","page_number":121,"box":{"x":69,"y":778,"width":614,"height":11}},{"id":"64007482-9f89-4e29-831a-88fc3611c93d","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":121,"box":{"x":101,"y":801,"width":780,"height":11}},{"id":"733a3fac-073f-4b6e-90b2-5f39f7e6773d","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":121,"box":{"x":70,"y":816,"width":823,"height":11}},{"id":"94ecc3f1-6323-440b-b45d-6990b63f2f07","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":121,"box":{"x":69,"y":831,"width":838,"height":11}},{"id":"5cec9481-5b85-4104-8ca9-db516bb48537","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":121,"box":{"x":68,"y":846,"width":839,"height":11}},{"id":"24a653d3-29e7-441c-bb2d-32fc2afca6b7","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":121,"box":{"x":70,"y":861,"width":824,"height":11}},{"id":"21468622-2065-43e0-a6ad-f4251709af5a","block_type":"box","text":"II-79","page_number":121,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b2a7ab2-16bd-462f-9156-6dbafbf5d296","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":121,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"289e42bb-01dc-43c2-b603-0adb6ecce4d2","block_type":"box","text":"If deemed advisable as a matter of investment strategy, a Fund may dispose of or renegotiate a commitment","page_number":122,"box":{"x":102,"y":45,"width":776,"height":11}},{"id":"2a472a0f-2cdb-48d2-93d7-880235c1f56c","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":122,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"ea7b2d0e-6cdb-4e96-9b57-d0a3a807b7e9","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":122,"box":{"x":69,"y":75,"width":799,"height":11}},{"id":"4e237f2d-4efe-4279-b4e3-b4680e5a232f","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":122,"box":{"x":101,"y":98,"width":784,"height":11}},{"id":"64393ad3-e41f-4a57-aa2b-05320f0da13e","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":122,"box":{"x":69,"y":113,"width":772,"height":11}},{"id":"047815b9-667a-4afb-8721-e4aa714beb1c","block_type":"box","text":"oppor tunity to obtain a price considered to be advantageous.","page_number":122,"box":{"x":69,"y":128,"width":434,"height":11}},{"id":"61988709-0ed0-455a-a5c6-3406fd0d2811","block_type":"box","text":"The market value of the securities underlying a commitment to purchase securities, and any subsequent","page_number":122,"box":{"x":101,"y":150,"width":745,"height":12}},{"id":"c41eb833-b798-4647-973b-49fb5bab52e5","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":122,"box":{"x":68,"y":166,"width":831,"height":11}},{"id":"2aea31de-b0f7-40cd-9d30-2973ea79da27","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":122,"box":{"x":69,"y":181,"width":823,"height":11}},{"id":"6221fd00-d5b4-47ef-bd73-52943b5c7572","block_type":"box","text":"to purchase until they are paid for and delivered on the settlement date.","page_number":122,"box":{"x":68,"y":196,"width":514,"height":11}},{"id":"e830eeb4-c229-493c-b9d2-108d0cdd6faa","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":122,"box":{"x":102,"y":218,"width":759,"height":12}},{"id":"d2616675-ef77-4f46-a29d-158c27f61cab","block_type":"box","text":"securities (","page_number":122,"box":{"x":69,"y":234,"width":78,"height":11}},{"id":"17f85671-89f9-4662-bdc7-f3dde94df464","block_type":"box","text":"e.g.","page_number":122,"box":{"x":148,"y":235,"width":25,"height":10}},{"id":"d9d5ad1c-6495-4801-ba8e-820a3a60bac2","block_type":"box","text":", firm and standby commitments, including TBA commitments, and dollar rolls) and non-standard","page_number":122,"box":{"x":176,"y":234,"width":686,"height":11}},{"id":"da993898-0ab3-4276-8c8e-2bd107cc82e3","block_type":"box","text":"settlement cycle securities notwithstanding the limitation on the issuance of senior securities in Section 18 of the","page_number":122,"box":{"x":69,"y":249,"width":813,"height":11}},{"id":"d017d05f-3f89-499c-b7a0-ee745ca1a33c","block_type":"box","text":"Investment Company Act, provided that the Fund intends to physically settle the transaction and the transaction will","page_number":122,"box":{"x":70,"y":264,"width":822,"height":11}},{"id":"a606f3f2-4475-43a9-8b63-bd49f502aeeb","block_type":"box","text":"settle within 35 days of its trade date (the “Delayed-Settlement Securities Provision”). If a when-issued, forward","page_number":122,"box":{"x":69,"y":279,"width":802,"height":11}},{"id":"ab228113-6bb0-416c-bfa5-f26379e50438","block_type":"box","text":"settling or non-standard settlement cycle security does not satisfy the Delayed-Settlement Securities Provision, then","page_number":122,"box":{"x":69,"y":294,"width":826,"height":11}},{"id":"3b1c6ff7-a984-4b7a-b46b-1ec5925b9e0f","block_type":"box","text":"it is treated as a Derivatives Transaction under Rule 18f-4. See “—Derivatives — Regulation of Derivatives — Rule","page_number":122,"box":{"x":70,"y":309,"width":816,"height":11}},{"id":"0089761b-380f-411b-9ce6-c48af0f88505","block_type":"box","text":"18f-4 under the Investment Company Act” above.","page_number":122,"box":{"x":70,"y":324,"width":349,"height":11}},{"id":"75479511-bcf8-4bf5-bde3-538fc7137b15","block_type":"box","text":"Regulations adopted by global prudential regulators require cer tain bank-regulated counterpar ties and cer tain of","page_number":122,"box":{"x":102,"y":347,"width":800,"height":11}},{"id":"780c61c8-4665-4c40-a040-d2d695cf2964","block_type":"box","text":"their affiliates to include in cer tain financial contracts, including many agreements with respect to when-issued, TBA","page_number":122,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"be273ae7-6aae-44c2-bc05-cd21a12f4636","block_type":"box","text":"and forward commitment transactions, terms that delay or restrict the rights of counterpar ties, such as a Fund, to","page_number":122,"box":{"x":69,"y":377,"width":814,"height":12}},{"id":"7b9a65a9-7217-47a9-a651-d4157546717d","block_type":"box","text":"terminate such agreements, foreclose upon collateral, exercise other default rights or restrict transfers of credit","page_number":122,"box":{"x":68,"y":392,"width":799,"height":12}},{"id":"7bade2ee-ef0e-4f7b-8fe9-0e342031b613","block_type":"box","text":"suppor t in the event that the counterpar ty and/or its affiliates are subject to cer tain types of resolution or insolvency","page_number":122,"box":{"x":69,"y":407,"width":836,"height":12}},{"id":"f0ccfcb3-c9b4-47f8-b074-bdf9d6824a63","block_type":"box","text":"proceedings. It is possible that these requirements, as well as potential additional government regulation and other","page_number":122,"box":{"x":70,"y":423,"width":824,"height":11}},{"id":"d182c81f-5811-4331-96d4-fd41c1922632","block_type":"box","text":"developments in the market, could adversely affect a Fund’s ability to terminate existing agreements with respect to","page_number":122,"box":{"x":69,"y":438,"width":829,"height":11}},{"id":"9de8f00d-47f3-4186-b933-e6523794cd22","block_type":"box","text":"these transactions or to realize amounts to be received under such agreements.","page_number":122,"box":{"x":68,"y":453,"width":573,"height":11}},{"id":"dcbebb06-cde0-40d2-ba39-d9262d429a71","block_type":"box","text":"Yields and Ratings.","page_number":122,"box":{"x":103,"y":476,"width":139,"height":11}},{"id":"4c104af3-d1f8-49b9-aa16-33fce34efb61","block_type":"box","text":"The yields on cer tain obligations are dependent on a variety of factors, including general","page_number":122,"box":{"x":247,"y":475,"width":628,"height":12}},{"id":"3d1faf5a-6f6f-4186-9f21-c7cb55ab3f29","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":122,"box":{"x":69,"y":491,"width":834,"height":11}},{"id":"5b1e0f8f-db14-4751-bdaf-321c38037c22","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":122,"box":{"x":69,"y":506,"width":799,"height":11}},{"id":"97e8f613-6acb-43b8-9b2a-6e3a706d517a","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":122,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"02172fd3-9f2b-4f3a-b538-35fd80e6dcf9","block_type":"box","text":"general and are not absolute standards of quality. Consequently, obligations with the same rating, maturity and","page_number":122,"box":{"x":68,"y":536,"width":792,"height":11}},{"id":"4a435f74-929f-41a9-bf3b-8a0d433b753f","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":122,"box":{"x":70,"y":551,"width":827,"height":11}},{"id":"4d4ab426-e459-4d83-9035-9257bf1dd070","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":122,"box":{"x":69,"y":566,"width":786,"height":11}},{"id":"793b839e-523c-42ad-ac97-e9dad46af09d","block_type":"box","text":"continue to hold the security.","page_number":122,"box":{"x":69,"y":582,"width":204,"height":10}},{"id":"93ad0f75-4e3f-4793-999f-bbfb5253096b","block_type":"box","text":"Zero Coupon Securities.","page_number":122,"box":{"x":102,"y":604,"width":175,"height":11}},{"id":"3376ed7a-95da-447f-8fa0-8fd571e4cc08","block_type":"box","text":"Zero coupon securities are securities that are sold at a discount to par value and do","page_number":122,"box":{"x":283,"y":604,"width":601,"height":11}},{"id":"25b82ded-7b01-4ecc-9c93-9b367e4dd630","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":122,"box":{"x":69,"y":619,"width":837,"height":11}},{"id":"30af5df8-601b-4540-8b69-aa0fa97f24b8","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":122,"box":{"x":69,"y":634,"width":822,"height":12}},{"id":"96d58136-ce27-4b55-b41d-c121daac73d8","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":122,"box":{"x":68,"y":649,"width":814,"height":12}},{"id":"cf5f0b7b-2161-4f86-a135-5f9f94bdc4b0","block_type":"box","text":"security.","page_number":122,"box":{"x":69,"y":665,"width":57,"height":11}},{"id":"1fc160e0-b3a8-4cd7-b2b6-74f77bb9ab74","block_type":"box","text":"While interest payments are not made on such securities, holders of such securities are deemed to have","page_number":122,"box":{"x":101,"y":687,"width":749,"height":11}},{"id":"a9c41efe-e843-4314-8766-8a17934579be","block_type":"box","text":"received income (“phantom income”) annually, notwithstanding that cash may not be received currently. The effect of","page_number":122,"box":{"x":69,"y":702,"width":835,"height":12}},{"id":"5a2f9d7f-36a1-4317-a9cc-bbefcc223ea4","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":122,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"61462b88-ea1e-43bc-8885-df792757f078","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":122,"box":{"x":70,"y":732,"width":836,"height":12}},{"id":"3e25621b-31b1-4bba-bfb7-dada36ed7dea","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":122,"box":{"x":69,"y":748,"width":804,"height":11}},{"id":"690ac6b0-bc6f-4d5c-b8fb-ff7863d080f1","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":122,"box":{"x":68,"y":763,"width":824,"height":11}},{"id":"3204522b-464d-43dc-b944-7f6caec560ef","block_type":"box","text":"future. For this reason, some of these securities may be subject to substantially greater price fluctuations during","page_number":122,"box":{"x":68,"y":778,"width":805,"height":11}},{"id":"f26bcb67-7dff-4f43-8222-be25ac77b77e","block_type":"box","text":"periods of changing market interest rates than are comparable securities that pay interest currently. Longer term zero","page_number":122,"box":{"x":70,"y":793,"width":837,"height":11}},{"id":"aa4389c5-5395-4406-a6b7-6a0f5293c400","block_type":"box","text":"coupon bonds are more exposed to interest rate risk than shor ter term zero coupon bonds. These investments","page_number":122,"box":{"x":69,"y":808,"width":791,"height":11}},{"id":"26bf8608-0826-4128-b212-0f53a1f55f8c","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":122,"box":{"x":69,"y":823,"width":800,"height":12}},{"id":"ea36ff32-611a-4f1b-85c3-103c9743f72c","block_type":"box","text":"attract investors who are willing to defer receipt of cash.","page_number":122,"box":{"x":69,"y":838,"width":400,"height":12}},{"id":"1dd9db1c-465e-4b26-bbc7-4f44aca8095f","block_type":"box","text":"A Fund accrues income with respect to these securities for U.S. federal income tax and accounting purposes","page_number":122,"box":{"x":101,"y":861,"width":775,"height":11}},{"id":"5bf9adea-a425-4c6d-92ee-09a68999974a","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":122,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"9c514553-1a10-4756-b6b9-11497cc2a73c","block_type":"box","text":"liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular","page_number":122,"box":{"x":70,"y":891,"width":826,"height":12}},{"id":"11a58c64-6817-4e25-9e4d-0a113207bbc8","block_type":"box","text":"intervals.","page_number":122,"box":{"x":70,"y":907,"width":64,"height":8}},{"id":"dfec1f25-9fa0-432b-b40b-26bcc88266e0","block_type":"box","text":"II-80","page_number":122,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"d36a77fa-9d29-4852-b6da-fb81db9d80ac","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":122,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b9f86d4d-dfea-4513-a8f0-00de32a3716c","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":123,"box":{"x":102,"y":45,"width":749,"height":11}},{"id":"7c045f43-3a1a-4e22-84fb-681fbf3b8fd5","block_type":"box","text":"required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid","page_number":123,"box":{"x":69,"y":60,"width":784,"height":11}},{"id":"e9b926a8-0051-4aee-b907-cefb835b124f","block_type":"box","text":"por tfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to","page_number":123,"box":{"x":70,"y":75,"width":799,"height":11}},{"id":"ac2448a9-e9c2-4637-9e33-61dae190d4f4","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":123,"box":{"x":68,"y":90,"width":799,"height":11}},{"id":"dc1ac457-3718-4c0b-bc39-32057a38605b","block_type":"box","text":"exposure to zero coupon securities.","page_number":123,"box":{"x":69,"y":105,"width":253,"height":11}},{"id":"aec6f48f-fb8d-4800-abe0-67b3afcc2566","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":123,"box":{"x":102,"y":128,"width":740,"height":11}},{"id":"4f7b6617-8310-4f94-a5bb-48dd7e4bc2d6","block_type":"box","text":"securities. During a period of severe market conditions, the market for such securities may become even less liquid.","page_number":123,"box":{"x":69,"y":143,"width":829,"height":11}},{"id":"5de658fa-4304-4596-b26d-cff152c544ac","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":123,"box":{"x":70,"y":158,"width":829,"height":11}},{"id":"b05404d7-eafb-4eb7-b1c1-41957c6509bb","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":123,"box":{"x":69,"y":173,"width":741,"height":11}},{"id":"0a240158-ab65-4779-be49-860e717ab34f","block_type":"box","text":"Suitability. (All Funds)","page_number":123,"box":{"x":101,"y":196,"width":161,"height":11}},{"id":"dff6788b-e9f2-4646-9a45-f301ddadf0bd","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":123,"box":{"x":101,"y":218,"width":793,"height":12}},{"id":"3b12828d-be9e-4b9e-b4c0-a134059b63ce","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":123,"box":{"x":68,"y":234,"width":811,"height":11}},{"id":"42941ba3-38cf-4ba0-a9e6-f2a68a7a4a59","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":123,"box":{"x":70,"y":249,"width":810,"height":11}},{"id":"251fe436-3e07-4c17-8747-8bc2fe731b90","block_type":"box","text":"among other things, such investor’s investment objectives and such investor’s ability to accept the risks associated","page_number":123,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"8430877c-8f94-405d-8cc6-68bf9ce20807","block_type":"box","text":"with investing in securities, including the risk of loss of principal.","page_number":123,"box":{"x":68,"y":279,"width":460,"height":11}},{"id":"669e8ff0-39a3-46ee-81d4-195d3cdffa0a","block_type":"box","text":"Investment Restrictions. (All Funds)","page_number":123,"box":{"x":102,"y":302,"width":264,"height":11}},{"id":"dabc84c2-3039-4b4c-a7e7-ccceb7dcfaaa","block_type":"box","text":"See “Investment Restrictions” or “Investment Policies,” as applicable in each Fund’s SAI for the specific","page_number":123,"box":{"x":102,"y":324,"width":745,"height":11}},{"id":"24a919f9-7336-4e45-907f-c7879fde3f5e","block_type":"box","text":"fundamental and non-fundamental investment restrictions adopted by each Fund. In addition to those investment","page_number":123,"box":{"x":68,"y":339,"width":807,"height":12}},{"id":"46348d60-e63d-467e-9d6e-c3f5a9a80c1e","block_type":"box","text":"restrictions, each Fund is also subject to the restrictions discussed below.","page_number":123,"box":{"x":69,"y":355,"width":528,"height":11}},{"id":"bcc09c74-bc92-42e4-a219-31ad0d785ee0","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":123,"box":{"x":102,"y":377,"width":735,"height":12}},{"id":"c91b5934-fba9-4e86-a8d7-cf02f366edf7","block_type":"box","text":"company” for purposes of the Code. See “Dividends and Taxes — Taxes” or “Taxes.” To qualify, among other","page_number":123,"box":{"x":69,"y":392,"width":775,"height":12}},{"id":"5d4ce515-11e8-45ba-a8b6-397a679e024c","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":123,"box":{"x":69,"y":407,"width":837,"height":12}},{"id":"30820dab-46d3-48e5-91f5-5e0ab4199104","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":123,"box":{"x":69,"y":423,"width":799,"height":11}},{"id":"281cf4a1-1a53-43fb-921a-22f67830df0c","block_type":"box","text":"companies, U.S. Government Securities and other securities, with such other securities limited, in respect of any one","page_number":123,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"a1f94c64-1ded-418b-a51b-156b73090018","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":123,"box":{"x":70,"y":453,"width":825,"height":11}},{"id":"c004fb8a-219b-4575-a062-5ceebdaa6652","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":123,"box":{"x":68,"y":468,"width":802,"height":11}},{"id":"01b4afc8-536f-492b-8a19-4aa7d07a5850","block_type":"box","text":"(other than U.S. Government Securities or securities of other regulated investment companies) of any one issuer, any","page_number":123,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"11eb4b39-1cac-4ac1-959b-875324af95cf","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":123,"box":{"x":68,"y":498,"width":819,"height":11}},{"id":"4fcdfe0a-fdc1-4be2-b930-c047381c16eb","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":123,"box":{"x":69,"y":513,"width":828,"height":11}},{"id":"3daadabb-ad19-412a-b1ce-95168501b386","block_type":"box","text":"(","page_number":123,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"7b72e57e-9af2-4677-b427-aba6ca934b48","block_type":"box","text":"i.e.","page_number":123,"box":{"x":74,"y":529,"width":21,"height":8}},{"id":"43620b7a-77ba-4f65-bb96-e8575a2957ce","block_type":"box","text":", par tnerships that are traded on an established securities market or tradable on a secondary market, other than","page_number":123,"box":{"x":97,"y":529,"width":806,"height":11}},{"id":"211a701d-304b-4da5-81ab-cfc1251efea1","block_type":"box","text":"par tnerships that derive 90% of their income from interest, dividends, capital gains and other traditionally permitted","page_number":123,"box":{"x":70,"y":543,"width":824,"height":12}},{"id":"7ddd5f60-3c32-43ca-88a7-a31ce4f80676","block_type":"box","text":"mutual fund income). For purposes of this restriction, the Municipal Funds generally will regard each state and each","page_number":123,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"94ef524f-41ae-489d-a9da-3421cd5e5a62","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":123,"box":{"x":69,"y":574,"width":838,"height":11}},{"id":"ecacc62c-0b96-4602-a2bb-c081ecc83683","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":123,"box":{"x":69,"y":589,"width":815,"height":11}},{"id":"3f1ebc27-83cd-4978-bfa6-8132cb6b142a","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":123,"box":{"x":69,"y":604,"width":781,"height":11}},{"id":"a7523c57-b1bb-4c0a-9de6-bf8e714d1057","block_type":"box","text":"government entity, then the entity with the ultimate responsibility for the payment of interest and principal may be","page_number":123,"box":{"x":68,"y":619,"width":810,"height":11}},{"id":"ff2dacaa-08ac-46b6-93ba-f2064a91cd4a","block_type":"box","text":"regarded as the sole issuer.","page_number":123,"box":{"x":69,"y":634,"width":198,"height":12}},{"id":"aafece94-a6a4-4e02-aec8-4b7b87869cba","block_type":"box","text":"Foreign government securities (unlike U.S. Government Securities) are not exempt from the 5%, 10% and 25%","page_number":123,"box":{"x":102,"y":657,"width":784,"height":11}},{"id":"1634ad48-48e5-4f60-afa8-480ddc2d3704","block_type":"box","text":"diversification requirements of the Code discussed above and the securities of each foreign government issuer are","page_number":123,"box":{"x":69,"y":672,"width":819,"height":11}},{"id":"cb9e8882-7962-4b3f-8e68-08653d56a205","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":123,"box":{"x":69,"y":687,"width":811,"height":11}},{"id":"d8f032d8-ce5b-4b94-91af-da20c27bb196","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":123,"box":{"x":70,"y":702,"width":747,"height":12}},{"id":"3db78ec0-ea6d-486b-8a13-dc3ca656eef5","block_type":"box","text":"“diversified” under the Investment Company Act must satisfy the foregoing 5% and 10% requirements with respect to","page_number":123,"box":{"x":70,"y":717,"width":834,"height":12}},{"id":"25692e71-4605-4cb5-bd60-ad9049ddf70b","block_type":"box","text":"75% of its total assets.","page_number":123,"box":{"x":69,"y":732,"width":165,"height":10}},{"id":"a4ec5214-86d3-4d64-b715-77e6bbb22001","block_type":"box","text":"MANAGEMENT AND OTHER SERVICE ARRANGEMENTS","page_number":123,"box":{"x":268,"y":762,"width":442,"height":10}},{"id":"5c6176fe-9f9c-451c-958f-84b83a74e7df","block_type":"box","text":"Directors and Officers","page_number":123,"box":{"x":69,"y":792,"width":159,"height":9}},{"id":"50e18d18-1f8e-451e-afff-6fd751a1902b","block_type":"box","text":"See “Information on Directors and Officers, ‘—Biographical Information,’ ‘— Share Ownership’ and ‘—","page_number":123,"box":{"x":102,"y":815,"width":733,"height":11}},{"id":"ec8866f8-070e-4b2c-bd83-c4a23341f0a3","block_type":"box","text":"Compensation of Directors’” or “Information on Trustees and Officers, ‘—Biographical Information,’ ‘— Share","page_number":123,"box":{"x":69,"y":830,"width":783,"height":11}},{"id":"5c80edb8-eac4-43c7-bb75-7bdbdfcc4335","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":123,"box":{"x":69,"y":845,"width":795,"height":12}},{"id":"b7641181-356f-4ffb-94d2-22e48b9c63cf","block_type":"box","text":"cer tain other information relating to the Directors and officers of your Fund, including Directors’ compensation.","page_number":123,"box":{"x":69,"y":860,"width":789,"height":12}},{"id":"a1b7a9de-149a-42db-8c25-be7bfadb8b5c","block_type":"box","text":"II-81","page_number":123,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"e11d5266-4b1e-4190-9375-32ffca21b963","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":123,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4a4fd2fa-a69d-4c86-89cc-eb19c0ae3ad3","block_type":"box","text":"Management Arrangements","page_number":124,"box":{"x":69,"y":45,"width":202,"height":11}},{"id":"03df9159-11cb-4c35-9f32-233f89337fe8","block_type":"box","text":"Management Services.","page_number":124,"box":{"x":102,"y":67,"width":162,"height":12}},{"id":"d726d6c9-5ae7-407d-97ff-31f466e6bc63","block_type":"box","text":"The Manager provides each Fund with investment advisory and management services.","page_number":124,"box":{"x":270,"y":68,"width":615,"height":11}},{"id":"cc6796b1-ab2d-4896-83e6-90a22fb611e6","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":124,"box":{"x":69,"y":82,"width":836,"height":12}},{"id":"6354a9b3-2d62-42c5-aee3-e24ee08cb59a","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":124,"box":{"x":70,"y":98,"width":820,"height":11}},{"id":"eae1e2dc-8f5a-46c3-9840-7b750f578df0","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":124,"box":{"x":68,"y":113,"width":832,"height":11}},{"id":"c29f5c4e-9430-40bc-86e5-f0cb5d3a4de0","block_type":"box","text":"per forms cer tain of the other administrative services and provides all the office space, facilities, equipment and","page_number":124,"box":{"x":70,"y":128,"width":801,"height":11}},{"id":"60227c32-02c4-431d-a9f1-5566cdbe2824","block_type":"box","text":"necessary personnel for management of each Fund.","page_number":124,"box":{"x":69,"y":143,"width":370,"height":11}},{"id":"ffb3c492-e8b7-4e17-a43e-8db1a284606b","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":124,"box":{"x":102,"y":166,"width":778,"height":11}},{"id":"9914b102-a729-4cda-a4af-cdacc09cdf18","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":124,"box":{"x":70,"y":181,"width":800,"height":11}},{"id":"053f5d5b-0ca9-4aa8-8e32-97ed3480229a","block_type":"box","text":"require management services. For such Feeder Funds, por tfolio management occurs at the Master Por tfolio level.","page_number":124,"box":{"x":69,"y":196,"width":810,"height":11}},{"id":"0914cae0-c1a9-4c02-9570-90ecea10421b","block_type":"box","text":"Management Fee.","page_number":124,"box":{"x":102,"y":219,"width":126,"height":11}},{"id":"2bddc39b-f400-406e-8446-591b74cec380","block_type":"box","text":"Each Fund has entered into a Management Agreement with the Manager pursuant to which","page_number":124,"box":{"x":235,"y":219,"width":646,"height":11}},{"id":"afb76d45-348f-4f6c-90c5-2b33e82d32bb","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":124,"box":{"x":68,"y":234,"width":841,"height":11}},{"id":"852ca5f4-026d-4d29-b1d3-0c1dd0485824","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":124,"box":{"x":69,"y":249,"width":833,"height":11}},{"id":"bfb08db5-487a-43a3-8bde-241da25ec99c","block_type":"box","text":"fiscal years or other applicable periods, see “Management, Advisory and Other Service Arrangements —","page_number":124,"box":{"x":68,"y":264,"width":746,"height":11}},{"id":"97b67963-0ef4-4387-8099-ece4a69204eb","block_type":"box","text":"Management Agreement” or “Management and Advisory Arrangements,” as applicable, in Par t I of each Fund’s SAI.","page_number":124,"box":{"x":70,"y":279,"width":825,"height":11}},{"id":"be7f11d5-e640-41f5-9bdb-93b2ceac31be","block_type":"box","text":"For Funds that do not have an administrator, each Management Agreement obligates the Manager to provide","page_number":124,"box":{"x":102,"y":302,"width":774,"height":11}},{"id":"9e662b18-c61b-4626-89ef-f1333e64cd60","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":124,"box":{"x":69,"y":317,"width":826,"height":11}},{"id":"cb8bfec0-2d0d-44fb-a0ad-d937bc28fb5c","block_type":"box","text":"in connection with investment and economic research, trading and investment management of the Fund, as well as","page_number":124,"box":{"x":70,"y":332,"width":820,"height":11}},{"id":"bfe3113b-3168-4deb-9f9f-66a5ca773151","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":124,"box":{"x":68,"y":347,"width":797,"height":11}},{"id":"a8e31516-66b5-4f01-a26c-1d091ff4d665","block_type":"box","text":"incurred in the operation of that Fund, including among other things: taxes; expenses for legal and auditing services;","page_number":124,"box":{"x":70,"y":362,"width":830,"height":11}},{"id":"f774328e-c97f-4af4-9f47-aa80db062497","block_type":"box","text":"costs of preparing, printing and mailing proxies, shareholder repor ts, prospectuses and statements of additional","page_number":124,"box":{"x":69,"y":377,"width":802,"height":12}},{"id":"4160df3a-d44a-4285-9b3e-294f044c039b","block_type":"box","text":"information, except to the extent paid by BlackRock Investments, LLC (“BRIL” or the “Distributor”); charges of the","page_number":124,"box":{"x":70,"y":392,"width":809,"height":12}},{"id":"787de71c-ba1a-4e09-9718-9ca74b986cc3","block_type":"box","text":"custodian and sub-custodian, and the transfer agent; expenses of redemption of shares; Commission fees; expenses","page_number":124,"box":{"x":69,"y":407,"width":838,"height":12}},{"id":"77886e01-9e6d-4b77-bb8e-1bbc3b49c4a2","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":124,"box":{"x":69,"y":423,"width":830,"height":11}},{"id":"5c17cdba-f51f-43fc-9171-abaa8bc28f97","block_type":"box","text":"persons of a Fund as defined in the Investment Company Act; accounting and pricing costs (including the daily","page_number":124,"box":{"x":70,"y":438,"width":784,"height":11}},{"id":"fcd691bf-9fd2-4078-921f-d8317ed3f162","block_type":"box","text":"calculations of NAV); insurance; interest; brokerage costs; litigation and other extraordinary or non-recurring","page_number":124,"box":{"x":69,"y":453,"width":767,"height":11}},{"id":"6fb6ce47-ca54-44fd-a58b-90c806c266bf","block_type":"box","text":"expenses; and other expenses properly payable by the Fund. Cer tain accounting services are provided to each Fund","page_number":124,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"5a638d27-0f66-4248-8757-8bf3afa5202f","block_type":"box","text":"by State Street Bank and Trust Company (“State Street”), BNY Mellon Investment Servicing (US) Inc. (“BNY Mellon”)","page_number":124,"box":{"x":69,"y":483,"width":830,"height":11}},{"id":"9f6be38d-8e5b-4b32-8cda-9bd2ca7f049a","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":124,"box":{"x":69,"y":498,"width":794,"height":11}},{"id":"8e67cd74-6a1b-45a3-bf63-22ce3bcbcfa8","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":124,"box":{"x":69,"y":513,"width":786,"height":12}},{"id":"af1132eb-a12c-493d-bb8f-6e36e50d7134","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":124,"box":{"x":69,"y":528,"width":790,"height":12}},{"id":"db19a452-9124-4cc0-81dc-f8977c6e856a","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":124,"box":{"x":69,"y":543,"width":817,"height":12}},{"id":"e9e3f784-63bc-4d6e-8f5f-15871327be9e","block_type":"box","text":"expenses are financed by each Fund pursuant to distribution plans in compliance with Rule 12b-1 under the","page_number":124,"box":{"x":69,"y":559,"width":767,"height":11}},{"id":"5075b6d9-2313-4734-80e8-42239346f264","block_type":"box","text":"Investment Company Act. 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Each Manager is an indirect, majority-owned subsidiary of BlackRock, Inc.","page_number":124,"box":{"x":70,"y":664,"width":819,"height":12}},{"id":"2fbd97eb-87f8-47a1-9f4f-b154d0166d6b","block_type":"box","text":"BlackRock, Inc., through its subsidiaries and divisions, provides (i) investment management services to individuals","page_number":124,"box":{"x":70,"y":680,"width":817,"height":11}},{"id":"5dd92d36-08fc-4039-8db9-0674e8454aaf","block_type":"box","text":"and institutional investors through separate account management, non-discretionary advisory programs and","page_number":124,"box":{"x":69,"y":695,"width":768,"height":11}},{"id":"5b0ef93b-5ffa-4ab2-be45-0c4e176d9b35","block_type":"box","text":"commingled investment vehicles; (ii) risk management services, investment accounting and trade processing tools;","page_number":124,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"e9372048-12d4-485e-ade5-23ad80675392","block_type":"box","text":"(iii) transition management services, and (iv) securities lending services.","page_number":124,"box":{"x":69,"y":725,"width":517,"height":11}},{"id":"0a1bb679-962c-4a6e-b940-c00325ca26e2","block_type":"box","text":"Duration and Termination.","page_number":124,"box":{"x":102,"y":748,"width":182,"height":9}},{"id":"73ecef0d-f1d3-4f9b-a8d5-8d3ab4a88571","block_type":"box","text":"Unless earlier terminated as described below, each Management Agreement and each","page_number":124,"box":{"x":292,"y":748,"width":613,"height":11}},{"id":"491740ea-4571-40d8-a318-0ba0d71f0628","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":124,"box":{"x":69,"y":763,"width":835,"height":11}},{"id":"dff09d71-0128-457c-b44c-b130a790c7dc","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":124,"box":{"x":69,"y":778,"width":803,"height":11}},{"id":"6a8e409b-a451-4a7b-9dec-eff8d8c7d3b3","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":124,"box":{"x":69,"y":793,"width":839,"height":11}},{"id":"93f624de-c471-4445-9406-3d98f63f05dc","block_type":"box","text":"in the Investment Company Act) of any such par ty. 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Each Administrator is also","page_number":125,"box":{"x":70,"y":211,"width":809,"height":11}},{"id":"e346ebc9-6d6a-4d3b-ba85-334b37fd1bae","block_type":"box","text":"obligated to pay, or cause its affiliates to pay, the fees of those officers and Directors of the Fund who are affiliated","page_number":125,"box":{"x":69,"y":226,"width":826,"height":11}},{"id":"3e189d33-12bf-443d-8fd2-b00e20046c44","block_type":"box","text":"persons of the Administrator or any of its affiliates.","page_number":125,"box":{"x":70,"y":241,"width":362,"height":11}},{"id":"df385e05-a010-44f5-9406-1694d07b79bd","block_type":"box","text":"Duration and Termination of Administration Agreement.","page_number":125,"box":{"x":102,"y":264,"width":390,"height":11}},{"id":"5f43add3-ba33-4a84-b769-a2b2acc1e35f","block_type":"box","text":"Unless earlier terminated as described below, each","page_number":125,"box":{"x":499,"y":264,"width":364,"height":10}},{"id":"774093f9-c868-4fc9-b364-99b0e699f3ca","block_type":"box","text":"Administration Agreement with BlackRock will continue for an initial two year period and from year to year if approved","page_number":125,"box":{"x":68,"y":279,"width":832,"height":11}},{"id":"3129398a-807c-4098-933c-ccb28f781aab","block_type":"box","text":"annually (a) by the Board of Directors of each applicable Fund or by a vote of a majority of the outstanding voting","page_number":125,"box":{"x":69,"y":294,"width":802,"height":11}},{"id":"3d85ba36-d764-43fc-9129-674dd7b556e9","block_type":"box","text":"securities of such Fund and (b) by a majority of the Directors of the Fund who are not par ties to such contract or","page_number":125,"box":{"x":69,"y":309,"width":800,"height":11}},{"id":"2b74053c-bcbc-4cee-8128-dabc1b735085","block_type":"box","text":"interested persons (as defined in the Investment Company Act) of any such par ty. Such contract is not assignable","page_number":125,"box":{"x":70,"y":324,"width":810,"height":12}},{"id":"64830af5-b663-4f8e-8b56-a7366fcfebd2","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":125,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"ca3773c2-79a5-4074-a9b0-93b3a3d43ebf","block_type":"box","text":"shareholders of the Fund.","page_number":125,"box":{"x":69,"y":355,"width":181,"height":9}},{"id":"1c731198-8bbe-4418-9846-971576893d6e","block_type":"box","text":"Transfer Agency Services.","page_number":125,"box":{"x":103,"y":377,"width":180,"height":12}},{"id":"ce5dad6e-576f-489c-a9cf-c8eb50dda73d","block_type":"box","text":"BNY Mellon Investment Servicing (US) Inc. (in this capacity, the “Transfer Agent”), a","page_number":125,"box":{"x":291,"y":377,"width":595,"height":12}},{"id":"eb404ab5-706c-402a-95fa-6074e95b887b","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":125,"box":{"x":69,"y":392,"width":816,"height":12}},{"id":"6b37e345-456f-4333-8bb7-b4b1f8ebfb36","block_type":"box","text":"Agency, Dividend Disbursing Agency and Shareholder Servicing Agency Agreement (the “Transfer Agency Agreement”)","page_number":125,"box":{"x":68,"y":407,"width":833,"height":12}},{"id":"58e4d795-a0c9-430b-b8cc-750eb3ab5e79","block_type":"box","text":"with the Funds. Pursuant to the Transfer Agency Agreement, the Transfer Agent is responsible for the issuance,","page_number":125,"box":{"x":68,"y":423,"width":792,"height":11}},{"id":"137fbb9e-57a6-4051-86e8-6dfafc91954e","block_type":"box","text":"transfer and redemption of shares and the opening and maintenance of shareholder accounts. Each Fund pays the","page_number":125,"box":{"x":68,"y":438,"width":819,"height":11}},{"id":"920da44b-00e1-4597-8b7a-8a9d1496dcad","block_type":"box","text":"Transfer Agent a fee for the services it receives based on the type of account and the level of services required. Each","page_number":125,"box":{"x":68,"y":453,"width":839,"height":11}},{"id":"5b800e43-4a74-41b8-b973-c033df94f3ad","block_type":"box","text":"Fund reimburses the Transfer Agent’s reasonable out-of-pocket expenses and pays a fee of 0.10% of account assets","page_number":125,"box":{"x":70,"y":468,"width":831,"height":11}},{"id":"cacd720d-7637-4351-be77-eb44ae0a5a36","block_type":"box","text":"for cer tain accounts that par ticipate in cer tain fee-based programs sponsored by the Manager or its affiliates. For","page_number":125,"box":{"x":68,"y":483,"width":813,"height":11}},{"id":"725b7dd6-b985-4061-9c33-98b5a458fff2","block_type":"box","text":"purposes of each Transfer Agency Agreement, the term “account” includes a shareholder account maintained directly","page_number":125,"box":{"x":70,"y":498,"width":836,"height":11}},{"id":"a32aa62b-606d-4e37-933c-eadb0cc333e3","block_type":"box","text":"by the Transfer Agent and any other account representing the beneficial interest of a person in the relevant share","page_number":125,"box":{"x":69,"y":513,"width":806,"height":12}},{"id":"958426bd-5730-4f4e-a2b5-5c1731240703","block_type":"box","text":"class on a recordkeeping system.","page_number":125,"box":{"x":69,"y":529,"width":238,"height":11}},{"id":"888b40d0-3ece-4a36-a4d6-41b774cde3ce","block_type":"box","text":"Independent Registered Public Accounting Firm.","page_number":125,"box":{"x":102,"y":551,"width":338,"height":11}},{"id":"eb0e5f12-8884-4a57-be7a-e9e85e8862f5","block_type":"box","text":"The Audit Committee of each Fund, the members of which are","page_number":125,"box":{"x":446,"y":551,"width":441,"height":11}},{"id":"0b70372d-7f39-4156-b036-31f493656ecc","block_type":"box","text":"non-interested Directors of the Fund, has selected an independent registered public accounting firm for that Fund that","page_number":125,"box":{"x":69,"y":566,"width":840,"height":11}},{"id":"3380b20e-7d29-421d-9061-511075ec4c61","block_type":"box","text":"audits the Fund’s financial statements. Please see the inside back cover page of your Fund’s Prospectus and Par t I","page_number":125,"box":{"x":69,"y":581,"width":823,"height":12}},{"id":"b368431f-6248-498e-a3dc-4c9267c75119","block_type":"box","text":"of this SAI for information on your Fund’s independent registered public accounting firm.","page_number":125,"box":{"x":69,"y":596,"width":627,"height":12}},{"id":"4f20fbfc-f5c4-4a14-aa90-6a3d46b3b179","block_type":"box","text":"Custodian Services.","page_number":125,"box":{"x":102,"y":619,"width":141,"height":9}},{"id":"26b28434-def0-478d-9f34-cb5c73e75c54","block_type":"box","text":"The name and address of the custodian (the “Custodian”) of each Fund are provided on the","page_number":125,"box":{"x":249,"y":619,"width":654,"height":11}},{"id":"bb01de98-1fac-4b3b-98c0-c21cebcedfc7","block_type":"box","text":"inside back cover page of the Fund’s Prospectus. The Custodian is responsible for safeguarding and controlling the","page_number":125,"box":{"x":70,"y":634,"width":820,"height":12}},{"id":"fa2a71e9-0ae7-419a-90bf-c4c8857ae8ae","block_type":"box","text":"Fund’s cash and securities, handling the receipt and delivery of securities and collecting interest and dividends on","page_number":125,"box":{"x":70,"y":649,"width":814,"height":12}},{"id":"5bf69d67-63fc-4cd2-8e56-81f4d8e1fd2e","block_type":"box","text":"the Fund’s investments. The Custodian is authorized to establish separate accounts in foreign currencies and to","page_number":125,"box":{"x":68,"y":664,"width":802,"height":12}},{"id":"a64c8f85-2dfe-414e-84e9-dbe004833676","block_type":"box","text":"cause foreign securities owned by the Fund to be held in its offices outside the United States and with cer tain foreign","page_number":125,"box":{"x":69,"y":680,"width":839,"height":11}},{"id":"d969f661-78d2-472a-b233-18ff23652359","block_type":"box","text":"banks and securities depositories. A Fund also may use special purpose custodian banks from time to time for","page_number":125,"box":{"x":69,"y":695,"width":792,"height":11}},{"id":"d4227d30-6581-4d33-9351-6f772a3ae045","block_type":"box","text":"cer tain assets.","page_number":125,"box":{"x":69,"y":710,"width":106,"height":9}},{"id":"3dd1a0a1-07b9-4e78-96e4-35425f156f73","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":125,"box":{"x":102,"y":732,"width":716,"height":11}},{"id":"a25e2cef-0b7e-474a-8c4a-5006b8c9ee12","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":125,"box":{"x":102,"y":755,"width":803,"height":11}},{"id":"fa915ce2-451a-4077-b407-134b92526897","block_type":"box","text":"basis the Custodian nets the Fund’s daily positive and negative cash balances and calculates a credit (“custody","page_number":125,"box":{"x":69,"y":770,"width":799,"height":12}},{"id":"ea67ebda-55f5-4ce5-bda1-1d2768fd9bfe","block_type":"box","text":"credit”) or a charge based on that net amount. With respect to such Funds, the custodian fees, including the amount","page_number":125,"box":{"x":69,"y":785,"width":834,"height":12}},{"id":"e330f735-22cf-4f28-8d1b-8e0875f5cbfe","block_type":"box","text":"of any overdraft charges, may be reduced by the amount of such custody credits, and any unused credits at the end","page_number":125,"box":{"x":69,"y":801,"width":826,"height":11}},{"id":"3f09d76f-6567-48d4-be79-a4b162d86f86","block_type":"box","text":"of a given month may be carried forward to a subsequent month. Any such credits unused by the end of a Fund’s","page_number":125,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"f1e25cc1-1740-4414-832e-64130288887f","block_type":"box","text":"fiscal year will not expire. Net debits at the end of a given month are added to the Fund’s custody bill and paid by the","page_number":125,"box":{"x":68,"y":831,"width":836,"height":11}},{"id":"d9c16b9b-cb08-4975-87af-bdba96c23562","block_type":"box","text":"Fund.","page_number":125,"box":{"x":70,"y":846,"width":36,"height":9}},{"id":"a5b712f9-4352-49f2-a32c-e09a0507d35e","block_type":"box","text":"II-83","page_number":125,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"b7b25851-6491-4be3-9801-a9f0d759d4ea","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":125,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c24e29e-dc56-42bd-8a81-80b1d7c24a4c","block_type":"box","text":"Accounting Services.","page_number":126,"box":{"x":101,"y":45,"width":148,"height":11}},{"id":"84b19236-94c6-4c9b-abb2-ad008657074c","block_type":"box","text":"Each Fund has entered into an agreement with State Street, BNY Mellon or JPM, pursuant","page_number":126,"box":{"x":256,"y":45,"width":641,"height":11}},{"id":"59f8d895-6997-494b-b036-0562c95fa375","block_type":"box","text":"to which State Street, BNY Mellon or JPM provides cer tain accounting and administrative services to the Fund. Each","page_number":126,"box":{"x":68,"y":60,"width":829,"height":11}},{"id":"d4144098-e494-4049-afaa-4d35bf4199db","block_type":"box","text":"Fund pays a fee for these services. 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In some cases, such por tfolio holdings are made publicly available on a daily basis. While not expected, it is","page_number":132,"box":{"x":70,"y":286,"width":816,"height":12}},{"id":"0e8a3a0a-ab30-491c-90ed-daf0288630a1","block_type":"box","text":"possible that a recipient of por tfolio holdings information for such an investment vehicle could cause harm to a Fund","page_number":132,"box":{"x":70,"y":302,"width":831,"height":11}},{"id":"0967e451-1c53-46c4-8a2c-5bd68da0480e","block_type":"box","text":"that is managed in an identical or substantially similar manner, including by trading ahead of or against such Fund","page_number":132,"box":{"x":68,"y":317,"width":813,"height":11}},{"id":"b8674a3e-4af5-4b4e-b2d2-06bd62238e83","block_type":"box","text":"based on the information received.","page_number":132,"box":{"x":69,"y":332,"width":247,"height":9}},{"id":"323fd7d3-29a4-4e13-be6d-1be8e29cde0b","block_type":"box","text":"When BlackRock seeks to purchase or sell the same assets for client accounts, including a Fund, the assets","page_number":132,"box":{"x":101,"y":355,"width":777,"height":11}},{"id":"ad7a8d31-90d6-4714-b1d4-3ecc01fecf9d","block_type":"box","text":"actually purchased or sold may be allocated among the accounts on a basis determined in its good faith discretion to","page_number":132,"box":{"x":69,"y":370,"width":838,"height":11}},{"id":"c55b5ecf-1749-42e7-a2bf-eecb542e51d3","block_type":"box","text":"be equitable. In some cases, this system may adversely affect the size or price of the assets purchased or sold for a","page_number":132,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"855faf11-de95-49cf-a138-c91c8e8a5649","block_type":"box","text":"Fund. In addition, transactions in investments by one or more other accounts managed by BlackRock may have the","page_number":132,"box":{"x":70,"y":400,"width":817,"height":11}},{"id":"2e0de94e-c696-4289-b1fa-81a3e8bb6316","block_type":"box","text":"effect of diluting or otherwise disadvantaging the values, prices or investment strategies of a Fund, par ticularly, but","page_number":132,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"df034f99-8fd1-4f66-bf7f-0e6d1f2dd36b","block_type":"box","text":"not limited to, with respect to small capitalization, emerging market or less liquid strategies. This may occur with","page_number":132,"box":{"x":69,"y":430,"width":803,"height":11}},{"id":"771366cb-0d40-4ddc-aee8-08d280950b0d","block_type":"box","text":"respect to BlackRock-advised accounts when investment decisions regarding a Fund are based on research or other","page_number":132,"box":{"x":69,"y":446,"width":827,"height":11}},{"id":"9991b138-e1ee-4eb1-a2e0-129f4f399cb5","block_type":"box","text":"information that is also used to suppor t decisions for other accounts. When BlackRock implements a por tfolio","page_number":132,"box":{"x":70,"y":460,"width":785,"height":11}},{"id":"ecf41a93-b2e9-45d2-a428-3871066e01fb","block_type":"box","text":"decision or strategy on behalf of another account ahead of, or contemporaneously with, similar decisions or","page_number":132,"box":{"x":69,"y":475,"width":767,"height":12}},{"id":"20812cec-b3a5-4bb5-8c35-2f34176cc4cb","block_type":"box","text":"strategies for a Fund, market impact, liquidity constraints, or other factors could result in the Fund receiving less","page_number":132,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"c2557d4f-4663-44f9-a37a-f652df9cc76b","block_type":"box","text":"favorable trading results and the costs of implementing such decisions or strategies could be increased or the Fund","page_number":132,"box":{"x":68,"y":506,"width":827,"height":11}},{"id":"7ba070a4-7296-490d-9a18-4ece71a8179d","block_type":"box","text":"could otherwise be disadvantaged. BlackRock may, in cer tain cases, elect to implement internal policies and","page_number":132,"box":{"x":69,"y":521,"width":776,"height":11}},{"id":"b28c28c3-8ab4-44f6-bd0a-7e9fd7ac4d23","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":132,"box":{"x":70,"y":536,"width":774,"height":11}},{"id":"00124229-b556-4745-90a1-acfc8ed9115c","block_type":"box","text":"activities, including purchasing or disposing of securities, when it might otherwise be desirable for it to do so.","page_number":132,"box":{"x":69,"y":551,"width":781,"height":11}},{"id":"6f5fc08c-581a-450c-83e3-3709a7c6fc5d","block_type":"box","text":"Conflicts may also arise because por tfolio decisions regarding a Fund may benefit other accounts managed by","page_number":132,"box":{"x":69,"y":566,"width":787,"height":11}},{"id":"083981de-7274-4d30-9f56-42f6f94ba946","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":132,"box":{"x":70,"y":581,"width":809,"height":12}},{"id":"600bf41d-dbbb-41c9-bc22-ef6c91f2369a","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":132,"box":{"x":70,"y":596,"width":805,"height":12}},{"id":"56ce7b50-7d58-4830-8a2a-d50c8ead678b","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":132,"box":{"x":70,"y":612,"width":797,"height":11}},{"id":"6e067bef-ee0a-44a5-a0d2-d9f582e72918","block_type":"box","text":"security held by (and therefore benefit) BlackRock or its other accounts or funds.","page_number":132,"box":{"x":69,"y":627,"width":573,"height":11}},{"id":"e668d526-1bfe-4da4-9227-277b5acaeeea","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":132,"box":{"x":102,"y":649,"width":797,"height":12}},{"id":"e4eaaa5f-4dba-4e3a-b6b3-9ef86d379f6c","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":132,"box":{"x":69,"y":664,"width":791,"height":12}},{"id":"46652fc1-0698-4d0a-89ca-613938b5567e","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":132,"box":{"x":69,"y":680,"width":835,"height":11}},{"id":"6bcb0007-bff7-4660-a646-24c8bfdbfebb","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":132,"box":{"x":69,"y":695,"width":812,"height":11}},{"id":"4b8d44fc-73cf-40fe-bdf2-28fad126675b","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":132,"box":{"x":69,"y":710,"width":803,"height":11}},{"id":"56ccabf6-8abb-457a-82de-f764d8dbaf70","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":132,"box":{"x":70,"y":725,"width":783,"height":11}},{"id":"11bf1d18-40df-4366-99af-292fe6faa389","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":132,"box":{"x":69,"y":740,"width":818,"height":11}},{"id":"25c61d89-4906-4377-87b1-b60c1c07290b","block_type":"box","text":"BlackRock addresses these and other potential conflicts of interest based on the facts and circumstances of","page_number":132,"box":{"x":70,"y":755,"width":777,"height":11}},{"id":"e025050f-f978-40be-9118-fcf2ad005890","block_type":"box","text":"par ticular situations. For example, BlackRock may determine to rely on information barriers between different","page_number":132,"box":{"x":70,"y":770,"width":780,"height":11}},{"id":"660f7e5e-d838-455a-a139-2e050c72e699","block_type":"box","text":"business units or por tfolio management teams. BlackRock may also determine to rely on the actions of similarly","page_number":132,"box":{"x":69,"y":785,"width":802,"height":12}},{"id":"4bb98cd2-c3c1-484b-a347-90997391b0e5","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":132,"box":{"x":69,"y":801,"width":817,"height":11}},{"id":"e44a20ca-2ecd-41a7-ab83-41ddf3cd0bbf","block_type":"box","text":"Funds.","page_number":132,"box":{"x":70,"y":816,"width":44,"height":9}},{"id":"08c58a39-5d11-4975-a17c-ed9d68af4cf8","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":132,"box":{"x":102,"y":838,"width":755,"height":11}},{"id":"2aa6fc86-4c66-480f-8e7a-9e98fa810352","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":132,"box":{"x":69,"y":853,"width":836,"height":12}},{"id":"dca50865-9d5c-4388-836c-9bf3a3487722","block_type":"box","text":"result in conflicts of interest relating to asset allocation, timing of Fund purchases and redemptions, and increased","page_number":132,"box":{"x":69,"y":869,"width":821,"height":11}},{"id":"39744329-d6c6-4fba-a01d-3aa42fe011f8","block_type":"box","text":"remuneration and profitability for BlackRock and/or its personnel, including por tfolio managers.","page_number":132,"box":{"x":69,"y":884,"width":679,"height":11}},{"id":"9ec01401-d71b-4ba1-897c-8fedc20313d8","block_type":"box","text":"II-90","page_number":132,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"8bdd21b4-e0f6-4bbb-ba5f-4c028511f586","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":132,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0d925894-ea66-4117-9be6-2e2ba0789bf2","block_type":"box","text":"Third par ties, including service providers to BlackRock or the Fund, may sponsor events (including, but not","page_number":133,"box":{"x":101,"y":45,"width":760,"height":11}},{"id":"22c97c9c-af72-4ce9-9f77-2864db4ba985","block_type":"box","text":"limited to, marketing and promotional activities and presentations, educational training programs and conferences)","page_number":133,"box":{"x":70,"y":60,"width":818,"height":11}},{"id":"92dd2762-4006-4381-90b2-a9d28168a26c","block_type":"box","text":"for registered representatives, other professionals and individual investors. There is a potential conflict of interest as","page_number":133,"box":{"x":68,"y":75,"width":836,"height":11}},{"id":"39b28767-45a9-40f7-9a0e-587442b4026d","block_type":"box","text":"such sponsorships may defray the costs of such activities to BlackRock, and may provide an incentive to BlackRock","page_number":133,"box":{"x":69,"y":90,"width":825,"height":11}},{"id":"3feb7229-d8e3-4b7e-bb00-e67b44fe3814","block_type":"box","text":"to retain such third par ties to provide services to the Fund.","page_number":133,"box":{"x":68,"y":105,"width":421,"height":11}},{"id":"ce2d4cdc-eab8-40b7-96ed-a12b0679b1bb","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":133,"box":{"x":102,"y":128,"width":794,"height":11}},{"id":"f5c08262-ac03-4516-ba72-1cd51b03272a","block_type":"box","text":"fund or account advised by BlackRock. BlackRock may (but is not required to) effect purchases and sales between","page_number":133,"box":{"x":68,"y":143,"width":817,"height":11}},{"id":"7c4628b3-c0f0-4d82-93f6-b922f4d98930","block_type":"box","text":"BlackRock clients (“cross trades”), including the Funds, if BlackRock believes such transactions are appropriate","page_number":133,"box":{"x":70,"y":158,"width":797,"height":11}},{"id":"2d9d1c9c-1e3a-4ab1-88d4-1aef3b28e538","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":133,"box":{"x":69,"y":173,"width":826,"height":11}},{"id":"560dbb59-d0fd-4378-af79-baef23569c33","block_type":"box","text":"potential conflicts of interest or regulatory issues relating to these transactions which could limit BlackRock’s","page_number":133,"box":{"x":70,"y":188,"width":780,"height":12}},{"id":"34b19a65-bc1d-48b9-86b3-ae3bf4640d53","block_type":"box","text":"decision to engage in these transactions for the Funds. BlackRock may have a potentially conflicting division of","page_number":133,"box":{"x":69,"y":203,"width":791,"height":12}},{"id":"33282c82-f5d7-446a-99e7-2e957f9e0e8c","block_type":"box","text":"loyalties and responsibilities to the par ties in such transactions.","page_number":133,"box":{"x":70,"y":219,"width":457,"height":11}},{"id":"da7ce80d-dccc-420d-a966-29771fca10d7","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":133,"box":{"x":102,"y":241,"width":784,"height":11}},{"id":"6549e1e1-abb5-4a91-90b3-e38653d1a1fc","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":133,"box":{"x":69,"y":256,"width":840,"height":11}},{"id":"17192275-b756-435b-9382-ec48498d58f0","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":133,"box":{"x":70,"y":271,"width":827,"height":12}},{"id":"94641030-4aee-4364-81d3-8f643c38ce7f","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":133,"box":{"x":70,"y":286,"width":828,"height":12}},{"id":"f4f7ffeb-dbfa-4ad3-b1b9-9265381bc685","block_type":"box","text":"case.","page_number":133,"box":{"x":69,"y":304,"width":37,"height":7}},{"id":"36dbd2da-aaf0-4e39-bd15-b9187ea056c0","block_type":"box","text":"The results of a Fund’s investment activities may differ significantly from the results achieved by BlackRock for","page_number":133,"box":{"x":101,"y":324,"width":791,"height":12}},{"id":"d69ef792-9046-4673-86b2-0d41a526f891","block_type":"box","text":"its proprietary accounts or other accounts (including investment companies or collective investment vehicles) that it","page_number":133,"box":{"x":70,"y":340,"width":824,"height":11}},{"id":"6f378e1d-7a78-49b9-95aa-776cd504aca4","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":133,"box":{"x":69,"y":355,"width":798,"height":11}},{"id":"79fac98e-e460-4b64-ac29-7faf1ebc1141","block_type":"box","text":"accounts will achieve investment results that are substantially more or less favorable than the results achieved by a","page_number":133,"box":{"x":69,"y":370,"width":828,"height":11}},{"id":"da87c461-1847-4210-ab68-554f939e8279","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":133,"box":{"x":70,"y":385,"width":835,"height":11}},{"id":"f49ba869-cb63-4182-a271-872390155ab2","block_type":"box","text":"accounts managed or advised by BlackRock achieve significant profits. The opposite result is also possible.","page_number":133,"box":{"x":69,"y":400,"width":767,"height":11}},{"id":"ecf2fa56-b1a9-4ccf-932a-7d53220d45fb","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":133,"box":{"x":102,"y":423,"width":766,"height":11}},{"id":"0d66a63b-2fb7-4b59-b4a7-44c98c8cc5a0","block_type":"box","text":"investment activities because of regulatory, legal or contractual requirements applicable to BlackRock or other","page_number":133,"box":{"x":70,"y":438,"width":786,"height":11}},{"id":"0422f8da-6b16-4c0b-8693-cff74637e6f5","block_type":"box","text":"accounts managed or advised by BlackRock, and/or the internal policies of BlackRock designed to comply with such","page_number":133,"box":{"x":69,"y":453,"width":828,"height":11}},{"id":"4b7c0195-f2b7-4ebe-ae50-739b626840bc","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":133,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"23ab3278-0051-4487-9727-411c3a8a18c8","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":133,"box":{"x":68,"y":483,"width":825,"height":11}},{"id":"b65a22ac-c7d3-49b9-a233-f0c2ee25ccd4","block_type":"box","text":"when position limits have been reached. For example, the investment activities of BlackRock for its proprietary","page_number":133,"box":{"x":68,"y":498,"width":790,"height":11}},{"id":"e9357827-47b6-495f-9cc3-cbaf84ed774f","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":133,"box":{"x":69,"y":513,"width":830,"height":12}},{"id":"6fc8dc59-9dda-49ff-abab-b992f3153474","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":133,"box":{"x":69,"y":528,"width":827,"height":12}},{"id":"ba337228-e936-4e32-a4c2-48106f535fd6","block_type":"box","text":"issuers, by affiliated foreign investors.","page_number":133,"box":{"x":70,"y":543,"width":271,"height":12}},{"id":"c4e5b790-3ca6-43e4-94cc-11f10ef59c31","block_type":"box","text":"In connection with its management of a Fund, BlackRock may have access to cer tain fundamental analysis and","page_number":133,"box":{"x":102,"y":566,"width":792,"height":11}},{"id":"76929f5b-070d-40ed-8645-31a5358edf4e","block_type":"box","text":"proprietary technical models developed by BlackRock. BlackRock will not be under any obligation, however, to effect","page_number":133,"box":{"x":70,"y":581,"width":826,"height":12}},{"id":"64ca0c25-0a8b-47a9-be68-793610cab67b","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":133,"box":{"x":68,"y":596,"width":821,"height":12}},{"id":"f4e9c664-ead9-4c7e-aadf-ec9dabd3b100","block_type":"box","text":"any obligation to make available any information regarding its proprietary activities or strategies, or the activities or","page_number":133,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"83e7a18e-d594-4888-b243-77feb98eff88","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":133,"box":{"x":69,"y":627,"width":793,"height":11}},{"id":"bafe2df3-acdb-47ae-946d-fc857911b5e4","block_type":"box","text":"anticipated that BlackRock will have access to such information for the purpose of managing the Fund. The","page_number":133,"box":{"x":69,"y":642,"width":762,"height":11}},{"id":"a9a9de9d-324f-4f42-b8f9-12886096fe41","block_type":"box","text":"proprietary activities or por tfolio strategies of BlackRock, or the activities or strategies used for accounts managed by","page_number":133,"box":{"x":70,"y":657,"width":839,"height":11}},{"id":"2ef99d05-f783-462a-87fc-9e382e3282e1","block_type":"box","text":"BlackRock or other client accounts could conflict with the transactions and strategies employed by BlackRock in","page_number":133,"box":{"x":70,"y":672,"width":795,"height":11}},{"id":"e1939029-5e36-4bf2-9ef3-06a27f1b8fa0","block_type":"box","text":"managing a Fund.","page_number":133,"box":{"x":69,"y":687,"width":124,"height":11}},{"id":"267942d5-455f-4ea3-bceb-f404cbd36b25","block_type":"box","text":"The Funds may be included in investment models developed by BlackRock for use by clients and financial","page_number":133,"box":{"x":101,"y":710,"width":751,"height":11}},{"id":"4370397d-8192-465f-b802-cf1242ed5009","block_type":"box","text":"advisors. To the extent clients invest in these investment models and increase the assets under management of the","page_number":133,"box":{"x":69,"y":725,"width":830,"height":11}},{"id":"024de280-6c0e-49c3-a684-7d6767275142","block_type":"box","text":"Funds, the investment management fee amounts paid by the Funds to BlackRock may also increase. The net asset","page_number":133,"box":{"x":70,"y":740,"width":820,"height":11}},{"id":"ff096f17-1613-44dd-939d-dd547346bfcd","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":133,"box":{"x":68,"y":755,"width":785,"height":11}},{"id":"584f3e8d-56a9-4646-a8ad-9105ef527164","block_type":"box","text":"por tfolios, as well as by BlackRock itself and by its advisory clients.","page_number":133,"box":{"x":70,"y":770,"width":481,"height":11}},{"id":"f8e55167-3f1f-4c64-a128-20315d4eaf85","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":133,"box":{"x":102,"y":793,"width":754,"height":11}},{"id":"fbbc7e9a-cd72-4f3e-b7e2-8bebd683af6b","block_type":"box","text":"employees of other business units or entities within BlackRock. As a result, these principals and employees may","page_number":133,"box":{"x":69,"y":808,"width":804,"height":11}},{"id":"f0b33458-5c1e-4d33-955d-c2ece0318eba","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":133,"box":{"x":69,"y":823,"width":831,"height":12}},{"id":"0d70e1ee-771a-4c86-aafe-03d2c2d4f0db","block_type":"box","text":"or entities or their clients may be a consideration of which investors in a Fund should be aware.","page_number":133,"box":{"x":69,"y":838,"width":680,"height":11}},{"id":"b0d2ae7d-1999-45a3-b9e6-775c17202e55","block_type":"box","text":"BlackRock may enter into transactions and invest in securities, instruments and currencies on behalf of a Fund","page_number":133,"box":{"x":102,"y":861,"width":791,"height":11}},{"id":"734843ab-62f7-45fc-b442-9dbef6f807ee","block_type":"box","text":"in which clients of BlackRock, or, to the extent permitted by the Commission and applicable law, BlackRock, serves","page_number":133,"box":{"x":70,"y":876,"width":820,"height":11}},{"id":"d856997b-7128-4bbd-90fc-151a004074f7","block_type":"box","text":"as the counterpar ty, principal or issuer. 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In addition, the purchase, holding and sale of such investments by a","page_number":134,"box":{"x":69,"y":45,"width":813,"height":11}},{"id":"ed2da265-44fe-4ef3-ad03-d541c8ee8833","block_type":"box","text":"Fund may enhance the profitability of BlackRock.","page_number":134,"box":{"x":70,"y":60,"width":344,"height":11}},{"id":"54b8cdc2-1167-43e4-8c2a-4e74f350aa4c","block_type":"box","text":"BlackRock may also create, write or issue derivatives for clients, the underlying securities, currencies or","page_number":134,"box":{"x":102,"y":82,"width":741,"height":12}},{"id":"7de46919-9df7-42db-885a-fdfdd6d2ca42","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":134,"box":{"x":70,"y":98,"width":824,"height":11}},{"id":"dc0daa11-6f73-47d0-a573-9deb46f9aa87","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":134,"box":{"x":68,"y":113,"width":825,"height":11}},{"id":"fdde5926-a044-4397-ac7f-835fc7e3c0ef","block_type":"box","text":"cer tain Funds. BlackRock has entered into an arrangement with Markit Indices Limited, the index provider for","page_number":134,"box":{"x":69,"y":128,"width":777,"height":11}},{"id":"062364ac-f939-4791-a77b-a8d4be064b2a","block_type":"box","text":"underlying fixed-income indexes used by cer tain iShares ETFs, related to derivative fixed-income products that are","page_number":134,"box":{"x":69,"y":143,"width":810,"height":11}},{"id":"85a1823b-0223-4274-85e1-c186c10c6916","block_type":"box","text":"based on such iShares ETFs. Trading activity in these derivative products could also potentially lead to greater","page_number":134,"box":{"x":69,"y":158,"width":784,"height":11}},{"id":"35bd3c21-94c8-476c-abd4-a77bc6554881","block_type":"box","text":"liquidity for such products, increased purchase activity with respect to these iShares ETFs and increased assets","page_number":134,"box":{"x":70,"y":173,"width":798,"height":11}},{"id":"19b02f09-7686-40c6-a6ae-04c4f8959d27","block_type":"box","text":"under management for BlackRock.","page_number":134,"box":{"x":69,"y":188,"width":243,"height":12}},{"id":"d23b1599-6429-4e89-979c-5bc327636470","block_type":"box","text":"A Fund may, subject to applicable law, purchase investments that are the subject of an underwriting or other","page_number":134,"box":{"x":101,"y":211,"width":773,"height":11}},{"id":"699d0789-a8b7-4254-8d0a-f7e25da69746","block_type":"box","text":"distribution by BlackRock and may also enter into transactions with other clients of BlackRock where such other","page_number":134,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"8f6acac3-50c6-4c47-9a6d-d88ef13e25ae","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":134,"box":{"x":69,"y":241,"width":817,"height":11}},{"id":"c0c1233e-0488-4c23-809d-16514df11456","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":134,"box":{"x":68,"y":256,"width":837,"height":12}},{"id":"a83a43fc-402f-4374-a7c3-f2f3c2f7d620","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":134,"box":{"x":70,"y":272,"width":781,"height":11}},{"id":"27b1293e-3612-437e-bcc7-36471c24e138","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":134,"box":{"x":101,"y":294,"width":779,"height":11}},{"id":"6c802b4a-8a37-4ab3-aacb-89e484d8aa73","block_type":"box","text":"other commercial capacities for a Fund. It is anticipated that the commissions, mark-ups, mark-downs, financial","page_number":134,"box":{"x":69,"y":309,"width":795,"height":11}},{"id":"ee5b0ac8-5a55-4637-89d5-a933f83449e8","block_type":"box","text":"advisory fees, underwriting and placement fees, sales fees, financing and commitment fees, brokerage fees, other","page_number":134,"box":{"x":69,"y":324,"width":821,"height":12}},{"id":"b6df095d-f47e-48d0-b368-a33e5fea9d3c","block_type":"box","text":"fees, compensation or profits, rates, terms and conditions charged by BlackRock will be in its view commercially","page_number":134,"box":{"x":68,"y":339,"width":802,"height":12}},{"id":"4c396f76-c541-4f01-92cd-a7cb11c4fd2a","block_type":"box","text":"reasonable, although BlackRock, including its sales personnel, will have an interest in obtaining fees and other","page_number":134,"box":{"x":69,"y":355,"width":792,"height":11}},{"id":"66ff837f-082a-40b9-81ee-d55c54890ceb","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":134,"box":{"x":69,"y":370,"width":832,"height":11}},{"id":"fb31fbd3-4c09-4a9f-84b6-f58a5aff43d2","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":134,"box":{"x":70,"y":385,"width":833,"height":11}},{"id":"de25dccc-c284-4d11-8043-90796a1caf99","block_type":"box","text":"that acts as a broker, dealer, agent, lender or in other commercial capacities for a Fund or BlackRock.","page_number":134,"box":{"x":68,"y":400,"width":726,"height":11}},{"id":"e6b58e3f-8418-4edd-bc46-2233aae3f7c0","block_type":"box","text":"Subject to applicable law, BlackRock (and its personnel and other distributors) will be entitled to retain fees and","page_number":134,"box":{"x":102,"y":423,"width":796,"height":11}},{"id":"4c36f175-b485-40fa-97cd-333d286b6f41","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":134,"box":{"x":69,"y":438,"width":837,"height":11}},{"id":"caceb070-1f5a-44cc-9913-dbdb29ca9cb5","block_type":"box","text":"or in other commercial capacities. 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BlackRock will not have any obligation to allow its credit to be used in connection with a Fund’s","page_number":134,"box":{"x":69,"y":559,"width":793,"height":11}},{"id":"7d3e9ab1-7c9b-4f69-a336-cc41f04531b8","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":134,"box":{"x":69,"y":574,"width":835,"height":11}},{"id":"95960394-e272-4865-b196-8a14015b0f30","block_type":"box","text":"BlackRock in evaluating the Fund’s creditwor thiness.","page_number":134,"box":{"x":70,"y":589,"width":374,"height":11}},{"id":"041be98e-48f9-4886-bb90-ed64d7676786","block_type":"box","text":"BlackRock Investment Management, LLC (“BIM”) or BlackRock Institutional Trust Company, N.A. 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As described fur ther below, BlackRock seeks to mitigate this conflict by providing its securities lending","page_number":134,"box":{"x":70,"y":732,"width":814,"height":12}},{"id":"9dbe582d-ed10-41f8-8f35-fd2f78686887","block_type":"box","text":"clients with equal lending oppor tunities over time in order to approximate pro rata allocation.","page_number":134,"box":{"x":69,"y":748,"width":660,"height":11}},{"id":"e14af390-2e26-4c2b-9c8b-17d1eeafc312","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":134,"box":{"x":101,"y":770,"width":767,"height":12}},{"id":"45f7898d-86de-446d-b6a5-dbf9cea2c2bf","block_type":"box","text":"funds against a shor tfall in collateral in the event of borrower default. 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As a result, the management of program-wide exposure as well as","page_number":134,"box":{"x":69,"y":876,"width":786,"height":11}},{"id":"c1b843f7-45ec-48a8-ba0e-87b33f94d213","block_type":"box","text":"BlackRock-specific indemnification exposure may affect the amount of securities lending activity BlackRock may","page_number":134,"box":{"x":70,"y":891,"width":796,"height":12}},{"id":"a03a3caa-b168-4758-b65c-b0e9efdf7e5b","block_type":"box","text":"II-92","page_number":134,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"5df69b4f-1020-4ffa-aafa-5aa79862fca3","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":134,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7cf9ef9d-e2ec-4712-bf62-e0f3228f1678","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":135,"box":{"x":69,"y":45,"width":799,"height":11}},{"id":"0e0b312b-2263-47cc-85b3-67a1bc9b035b","block_type":"box","text":"asset type, collateral type and/or revenue profile).","page_number":135,"box":{"x":69,"y":60,"width":356,"height":11}},{"id":"2d7475fe-ce2a-4bfc-aeac-81c47baaac6d","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":135,"box":{"x":102,"y":82,"width":801,"height":12}},{"id":"afe27ed1-8ac8-4e6f-8aa6-7e8bf92b1a79","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":135,"box":{"x":68,"y":98,"width":817,"height":11}},{"id":"018d36fa-4959-442f-81c1-e9f550e1790f","block_type":"box","text":"and/or market rules, liquidity considerations, or credit considerations, which may impact Funds by reducing or","page_number":135,"box":{"x":69,"y":113,"width":784,"height":11}},{"id":"03406a5e-9fd1-42e1-b3cd-77d59a89772c","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":135,"box":{"x":69,"y":128,"width":789,"height":11}},{"id":"deac77ff-7b85-4107-96cc-882f66f19ac8","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":135,"box":{"x":70,"y":143,"width":783,"height":11}},{"id":"28591519-b214-4a83-a33c-88113828a096","block_type":"box","text":"BlackRock lenders that provide additional protections against lender default that are favored by their prudential","page_number":135,"box":{"x":70,"y":158,"width":790,"height":11}},{"id":"f62171e2-bb1c-4e73-8648-977179ab8e3a","block_type":"box","text":"regulation.","page_number":135,"box":{"x":69,"y":173,"width":73,"height":11}},{"id":"52f33c3c-373f-4aa5-91bf-0c99516e6bfc","block_type":"box","text":"BlackRock uses a predetermined systematic process in order to approximate pro rata allocation over time. In","page_number":135,"box":{"x":102,"y":196,"width":777,"height":11}},{"id":"1ceca8a0-f3c9-4045-910c-482520bcc2bd","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":135,"box":{"x":69,"y":211,"width":830,"height":11}},{"id":"dd2ff381-c9b0-4a76-bc5a-177c17e0ce04","block_type":"box","text":"various program limits (","page_number":135,"box":{"x":68,"y":226,"width":168,"height":11}},{"id":"46c00760-15c3-41b1-9ee7-437e402d3a1a","block_type":"box","text":"i.e.","page_number":135,"box":{"x":238,"y":226,"width":20,"height":9}},{"id":"601b0c42-133b-4ab4-95f4-5f25add1cd77","block_type":"box","text":"indemnification exposure limit and borrower credit limits); (ii) the lending por tfolio must","page_number":135,"box":{"x":265,"y":226,"width":621,"height":11}},{"id":"bb76c893-e664-4540-b72e-5420b9e70930","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":135,"box":{"x":69,"y":241,"width":827,"height":11}},{"id":"4a33542c-83a9-49e5-8892-84a3ebcef8d4","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":135,"box":{"x":69,"y":256,"width":836,"height":12}},{"id":"c8fccfdb-8225-47b3-88a9-71875963dffb","block_type":"box","text":"In doing so, BlackRock seeks to provide equal lending oppor tunities for all por tfolios, independent of whether","page_number":135,"box":{"x":70,"y":271,"width":780,"height":12}},{"id":"bc62b120-fa02-4b1e-9937-3f112a57116b","block_type":"box","text":"BlackRock indemnifies the por tfolio. Equal oppor tunities for lending por tfolios does not guarantee equal outcomes.","page_number":135,"box":{"x":70,"y":286,"width":820,"height":12}},{"id":"5e8b3336-9fe1-4a2b-9dc4-ed2cbcd387ec","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":135,"box":{"x":69,"y":302,"width":834,"height":11}},{"id":"ccee5f5b-719c-4162-8e7d-410bf1754fa7","block_type":"box","text":"different securities, and the overall limits imposed by the firm.","page_number":135,"box":{"x":69,"y":317,"width":444,"height":11}},{"id":"254f4bd1-2fb4-42a1-9a28-40bdb2850efe","block_type":"box","text":"Purchases and sales of securities and other assets for a Fund may be aggregated with orders for other","page_number":135,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"780919e7-5ea5-49dc-a9d3-01c6f269f875","block_type":"box","text":"BlackRock client accounts, including with accounts that pay different transaction costs solely due to the fact that they","page_number":135,"box":{"x":70,"y":355,"width":840,"height":11}},{"id":"d559018d-663e-4b38-8bff-1d0042ef8532","block_type":"box","text":"have different research payment arrangements. BlackRock, however, is not required to aggregate orders if por tfolio","page_number":135,"box":{"x":69,"y":370,"width":822,"height":11}},{"id":"f5c83e92-6122-4154-977e-dea20f728372","block_type":"box","text":"management decisions for different accounts are made separately, or if they determine that aggregating is not","page_number":135,"box":{"x":69,"y":385,"width":788,"height":11}},{"id":"94bba736-8386-4b17-b387-e789483909dd","block_type":"box","text":"practicable or required, or in cases involving client direction.","page_number":135,"box":{"x":70,"y":400,"width":426,"height":11}},{"id":"1acd430c-df37-4b4d-aca0-23bd435c70ee","block_type":"box","text":"Prevailing trading activity frequently may make impossible the receipt of the same price or execution on the","page_number":135,"box":{"x":102,"y":423,"width":763,"height":11}},{"id":"6140d752-0006-4ec8-a195-9d706e26d925","block_type":"box","text":"entire volume of securities purchased or sold. 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In addition, under cer tain circumstances, the Funds will not be charged","page_number":135,"box":{"x":69,"y":468,"width":828,"height":11}},{"id":"02c704ea-edd1-4e2e-9a83-28f2d9dbb837","block_type":"box","text":"the same commission or commission equivalent rates in connection with an aggregated order.","page_number":135,"box":{"x":68,"y":483,"width":672,"height":11}},{"id":"13813ea3-7b73-4721-8c06-473d76dca892","block_type":"box","text":"As discussed in the section below entitled “Por tfolio Transactions and Brokerage—Transactions in Por tfolio","page_number":135,"box":{"x":101,"y":506,"width":767,"height":11}},{"id":"aec4f350-5669-4046-a00d-cd73bc48d766","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":135,"box":{"x":69,"y":521,"width":832,"height":11}},{"id":"652c0deb-7f2b-4fab-94ce-3c50472f5b1e","block_type":"box","text":"commission for effecting a transaction that exceeds the amount another broker or dealer would have charged for","page_number":135,"box":{"x":69,"y":536,"width":805,"height":11}},{"id":"213d8b31-8d3d-41fc-9c1d-a7a558c67428","block_type":"box","text":"effecting the same transaction in recognition of the value of brokerage and research services provided by that broker","page_number":135,"box":{"x":69,"y":551,"width":836,"height":11}},{"id":"5c01796a-7f8e-4382-89df-5a4f1f3b07c9","block_type":"box","text":"or dealer. Under MiFID II, EU investment managers, including BlackRock International Limited (“BIL”) which acts as a","page_number":135,"box":{"x":69,"y":566,"width":831,"height":11}},{"id":"a72b7380-565d-4e65-8a45-2410acae4edf","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":135,"box":{"x":69,"y":581,"width":812,"height":11}},{"id":"cdfb61d8-bc71-4735-b1ed-df14fcf304d1","block_type":"box","text":"than through client commissions.","page_number":135,"box":{"x":68,"y":597,"width":237,"height":11}},{"id":"d0e0c315-30b5-46a8-8ee1-779eb3bb2817","block_type":"box","text":"Subject to applicable law, BlackRock may select brokers that furnish BlackRock, the Funds, other BlackRock","page_number":135,"box":{"x":102,"y":619,"width":770,"height":11}},{"id":"cc78488e-96ae-4c53-af23-567786b59b56","block_type":"box","text":"client accounts or personnel, directly or through correspondent relationships, with research or other appropriate","page_number":135,"box":{"x":69,"y":634,"width":797,"height":12}},{"id":"8a888809-d1f8-4d3d-83d0-5200dfe804b5","block_type":"box","text":"services which provide, in BlackRock’s view, appropriate assistance to BlackRock in the investment decision making","page_number":135,"box":{"x":69,"y":650,"width":830,"height":11}},{"id":"050ce175-9f8a-4cc0-bbcd-8bf22317830f","block_type":"box","text":"process (including with respect to futures, fixed-price offerings and OTC transactions). Such research or other","page_number":135,"box":{"x":70,"y":664,"width":780,"height":12}},{"id":"d656628b-fabc-485c-8a58-298bc09473fd","block_type":"box","text":"services may include, to the extent permitted by law, research repor ts on companies, industries and securities;","page_number":135,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"bf9b8f9e-de5f-4c39-a319-247443f14270","block_type":"box","text":"economic and financial data; financial publications; proxy analysis; trade industry seminars; computer data bases;","page_number":135,"box":{"x":69,"y":695,"width":815,"height":11}},{"id":"05a29806-726c-4ce7-871c-3e7912d19263","block_type":"box","text":"research-oriented software and other services and products.","page_number":135,"box":{"x":69,"y":710,"width":430,"height":11}},{"id":"341b9639-97ad-4cf9-a6b7-4dc7b64d5368","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":135,"box":{"x":102,"y":732,"width":785,"height":12}},{"id":"6d45e714-845c-444b-afea-84aae4c9431c","block_type":"box","text":"BlackRock client accounts, including in connection with BlackRock client accounts other than those that pay","page_number":135,"box":{"x":70,"y":748,"width":768,"height":11}},{"id":"be8e0ee3-e719-4273-a90c-584bbc7a5922","block_type":"box","text":"commissions to the broker relating to the research or other service arrangements. Such products and services may","page_number":135,"box":{"x":69,"y":763,"width":826,"height":11}},{"id":"d4613a7e-421d-4821-8e77-314fe9da6edf","block_type":"box","text":"dispropor tionately benefit other BlackRock client accounts relative to the Funds based on the amount of brokerage","page_number":135,"box":{"x":69,"y":778,"width":818,"height":11}},{"id":"d387901c-b8dd-4423-8ea5-68a460a61319","block_type":"box","text":"commissions paid by the Funds and such other BlackRock client accounts. For example, research or other services","page_number":135,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"96f2fd02-0efb-4ef0-a235-b7c25e52d9e4","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":135,"box":{"x":68,"y":808,"width":815,"height":11}},{"id":"8cdc52a4-fecb-44c4-b4a1-b2c88fbf83e4","block_type":"box","text":"other BlackRock client accounts may receive the benefit, including dispropor tionate benefits, of economies of scale","page_number":135,"box":{"x":69,"y":823,"width":824,"height":12}},{"id":"d4e1a196-c86e-417f-bbf5-e317196dea1f","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":135,"box":{"x":69,"y":839,"width":804,"height":10}},{"id":"04d7a5a4-c5eb-4580-b300-85b090254e8f","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":135,"box":{"x":70,"y":853,"width":819,"height":12}},{"id":"59a9acac-4334-4f93-a09a-4e553e8cbaaa","block_type":"box","text":"and services itself.","page_number":135,"box":{"x":69,"y":869,"width":134,"height":9}},{"id":"601b7a74-9cf8-4233-ab94-d7db3422c9a5","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may endeavor to execute trades through brokers who, pursuant","page_number":135,"box":{"x":102,"y":891,"width":793,"height":12}},{"id":"e57e5d99-13f8-4ffe-aa07-85c9f482842e","block_type":"box","text":"to such arrangements, provide research or other services in order to ensure the continued receipt of research or","page_number":135,"box":{"x":68,"y":906,"width":805,"height":12}},{"id":"c5c58cc8-6e21-46da-8501-bad235658917","block_type":"box","text":"II-93","page_number":135,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"a7677049-101f-41c4-ae8d-3fd00eae78cf","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":135,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"48806b7f-9dab-4842-9513-f8c64fff3833","block_type":"box","text":"other services BlackRock believes are useful in its investment decision-making process. BlackRock may from time to","page_number":136,"box":{"x":69,"y":45,"width":833,"height":11}},{"id":"8e041dd3-4140-4013-9e2b-5a4fe8e60f24","block_type":"box","text":"time choose not to engage in the above described arrangements to varying degrees. BlackRock, unless prohibited by","page_number":136,"box":{"x":68,"y":60,"width":836,"height":11}},{"id":"98a9c306-9e40-4840-a615-cec090fde7b1","block_type":"box","text":"applicable law, may also enter into commission sharing arrangements under which BlackRock may execute","page_number":136,"box":{"x":69,"y":75,"width":760,"height":11}},{"id":"318d900b-62d8-41f4-84de-c3eb177caee4","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":136,"box":{"x":68,"y":90,"width":803,"height":11}},{"id":"6d3d27de-bc00-4b6e-8a75-6fc9641d833f","block_type":"box","text":"commission credits to another firm that provides research to BlackRock. To the extent that BlackRock engages in","page_number":136,"box":{"x":69,"y":105,"width":807,"height":11}},{"id":"e7d32233-28da-4126-b144-466b628a6730","block_type":"box","text":"commission sharing arrangements, many of the same conflicts related to traditional soft dollars may exist.","page_number":136,"box":{"x":69,"y":120,"width":760,"height":12}},{"id":"b441e179-5f75-4fc7-b7fa-66090ce7450f","block_type":"box","text":"BlackRock may utilize cer tain electronic crossing networks (“ECNs”) (including, without limitation, ECNs in which","page_number":136,"box":{"x":102,"y":143,"width":799,"height":11}},{"id":"8d51791b-7880-4353-b04c-48e7c7ef433b","block_type":"box","text":"BlackRock has an investment or other interest, to the extent permitted by applicable law) in executing client","page_number":136,"box":{"x":70,"y":158,"width":767,"height":11}},{"id":"cad97d1f-ff7b-49b0-841f-1d9884651f6d","block_type":"box","text":"securities transactions for cer tain types of securities. These ECNs may charge fees for their services, including","page_number":136,"box":{"x":69,"y":173,"width":794,"height":11}},{"id":"66717da8-e63c-4a56-805a-cb045715a93c","block_type":"box","text":"access fees and transaction fees. The transaction fees, which are similar to commissions or markups/ markdowns,","page_number":136,"box":{"x":69,"y":188,"width":825,"height":11}},{"id":"f9ac303f-014e-4edf-8992-5934b3867139","block_type":"box","text":"will generally be charged to clients and, like commissions and markups/markdowns, would generally be included in","page_number":136,"box":{"x":68,"y":204,"width":821,"height":11}},{"id":"ff26de7b-2438-4e1d-bd1b-4b4a2386dd5e","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":136,"box":{"x":68,"y":218,"width":833,"height":12}},{"id":"2cfbccc7-7667-4919-926c-5d9efa87d89c","block_type":"box","text":"executing transactions on behalf of clients, including the Funds. In cer tain circumstances, ECNs may offer volume","page_number":136,"box":{"x":69,"y":234,"width":812,"height":11}},{"id":"731cfa03-e12f-406e-8a7f-681343f92584","block_type":"box","text":"discounts that will reduce the access fees typically paid by BlackRock. BlackRock will only utilize ECNs consistent","page_number":136,"box":{"x":69,"y":249,"width":809,"height":11}},{"id":"fb08d2e4-a5ae-43c6-98c4-77e59b144fa2","block_type":"box","text":"with its obligation to seek to obtain best execution in client transactions.","page_number":136,"box":{"x":68,"y":264,"width":519,"height":11}},{"id":"26ddbf8a-1c64-4dc2-b64d-f1c97421ea96","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":136,"box":{"x":102,"y":286,"width":793,"height":12}},{"id":"39813af0-3907-4e41-a585-ab1f082c54b4","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":136,"box":{"x":69,"y":302,"width":782,"height":11}},{"id":"5d696e1e-1300-400e-8faf-299017fd8af1","block_type":"box","text":"appropriate venue for execution of orders placed by BlackRock traders on behalf of client por tfolios.","page_number":136,"box":{"x":69,"y":317,"width":710,"height":11}},{"id":"c72b98fc-cdf8-413e-8f69-012a1efc83ad","block_type":"box","text":"BlackRock has adopted policies and procedures designed to prevent conflicts of interest from influencing proxy","page_number":136,"box":{"x":102,"y":339,"width":792,"height":12}},{"id":"56fa321b-67f9-45b7-a0a9-5bd2527400d8","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":136,"box":{"x":68,"y":355,"width":784,"height":11}},{"id":"a072691d-f6be-4907-8554-1b41f45cb1fd","block_type":"box","text":"decisions are made in accordance with BlackRock’s fiduciary obligations to its clients. Never theless, notwithstanding","page_number":136,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"0c945ec7-882c-4be0-ba60-709e6dd89fa9","block_type":"box","text":"such proxy voting policies and procedures, actual proxy voting decisions of BlackRock may have the effect of favoring","page_number":136,"box":{"x":69,"y":385,"width":835,"height":11}},{"id":"03a03dee-d7a2-48c1-ae7a-8068cb62ba1d","block_type":"box","text":"the interests of other clients or businesses of other divisions or units of BlackRock, provided that BlackRock believes","page_number":136,"box":{"x":68,"y":400,"width":837,"height":11}},{"id":"07219e39-2d92-45b3-8184-34558034786a","block_type":"box","text":"such voting decisions to be in accordance with its fiduciary obligations. For a more detailed discussion of these","page_number":136,"box":{"x":69,"y":415,"width":795,"height":11}},{"id":"59db2096-e8b0-4cee-ab1a-584c332d2dab","block_type":"box","text":"policies and procedures, see “Proxy Voting Policies and Procedures.”","page_number":136,"box":{"x":70,"y":430,"width":490,"height":11}},{"id":"0a692e12-b18c-47ea-9a7c-1b010f524a1d","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":136,"box":{"x":102,"y":453,"width":757,"height":11}},{"id":"48d0552c-269c-4093-b5fa-23dee70806c2","block_type":"box","text":"separately managed accounts) may, subject to compliance with applicable law, purchase and hold shares of a Fund.","page_number":136,"box":{"x":69,"y":468,"width":825,"height":11}},{"id":"c927b498-1367-4ad0-8ebf-46465aecad1b","block_type":"box","text":"Increasing a Fund’s assets may enhance investment flexibility and diversification and may contribute to economies of","page_number":136,"box":{"x":70,"y":483,"width":837,"height":11}},{"id":"dff6dd5d-03ea-40df-95c6-365a4d4bafa6","block_type":"box","text":"scale that tend to reduce the Fund’s expense ratio. BlackRock reserves the right, subject to compliance with","page_number":136,"box":{"x":69,"y":498,"width":774,"height":11}},{"id":"f4d6dfbf-2fdc-460a-a5ed-65413dba0ccd","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":136,"box":{"x":69,"y":513,"width":796,"height":12}},{"id":"922c8c24-bdcd-4786-9a9a-b6338d177a90","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":136,"box":{"x":69,"y":528,"width":830,"height":12}},{"id":"184e98c4-8c0a-41f1-b3f5-d89177a28569","block_type":"box","text":"an adverse effect on the Fund’s investment flexibility, por tfolio diversification and expense ratio. BlackRock seeks to","page_number":136,"box":{"x":69,"y":543,"width":831,"height":12}},{"id":"a865b15c-3613-4323-b584-4593ea2993ad","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":136,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"f7157308-2e84-4221-b046-8ea17b0762ba","block_type":"box","text":"not obligated to do so and may elect not to do so.","page_number":136,"box":{"x":69,"y":574,"width":355,"height":11}},{"id":"b96d1be1-03ff-4211-b1ca-aab43839b713","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":136,"box":{"x":102,"y":596,"width":742,"height":12}},{"id":"a4190559-9e5c-4495-b396-6fcbdcccca45","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":136,"box":{"x":70,"y":612,"width":838,"height":11}},{"id":"05120eb6-31d7-469c-b9c5-565e41316d01","block_type":"box","text":"structured notes) by entities for which BlackRock provides and is compensated for cash management services","page_number":136,"box":{"x":69,"y":627,"width":788,"height":11}},{"id":"e7dc5e08-394c-4f2d-8823-8e02ded9dbfb","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":136,"box":{"x":69,"y":642,"width":816,"height":11}},{"id":"0c110a6c-5339-4bd9-ae4b-8fb40380634b","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":136,"box":{"x":69,"y":657,"width":806,"height":11}},{"id":"3667ad42-c9a7-4e3f-95bf-05e96c6c98f8","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":136,"box":{"x":68,"y":672,"width":822,"height":11}},{"id":"894f376c-0ff6-46cb-b23c-3de33a6c850c","block_type":"box","text":"and sales of securities. As indicated below, BlackRock may engage in transactions with companies in which","page_number":136,"box":{"x":69,"y":687,"width":766,"height":11}},{"id":"4f57f138-eac8-441d-a178-2cfa968999ba","block_type":"box","text":"BlackRock-advised funds or other clients of BlackRock have an investment.","page_number":136,"box":{"x":70,"y":702,"width":533,"height":9}},{"id":"08959d8f-8b62-4b96-90f2-9fee7594f735","block_type":"box","text":"BlackRock and its personnel and other financial service providers may have interests in promoting sales of the","page_number":136,"box":{"x":102,"y":725,"width":789,"height":11}},{"id":"2e8ce719-4962-4777-a7be-a9155e792c3e","block_type":"box","text":"Funds. With respect to BlackRock and its personnel, the remuneration and profitability relating to services to and","page_number":136,"box":{"x":70,"y":740,"width":805,"height":11}},{"id":"33f31d1a-4e95-407b-854c-b3dfaa832be9","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":136,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"6299b88c-5d88-4894-98f8-46f17377e13f","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":136,"box":{"x":69,"y":770,"width":814,"height":12}},{"id":"57939a62-0f19-4974-9f0b-3b51a677571f","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":136,"box":{"x":69,"y":785,"width":788,"height":12}},{"id":"b06064d4-b164-444f-a7da-8404d224c87e","block_type":"box","text":"BlackRock and its advisory or other personnel may also benefit from increased amounts of assets under","page_number":136,"box":{"x":70,"y":801,"width":745,"height":11}},{"id":"3eb3bf87-bb94-451a-9c83-b62c9909015f","block_type":"box","text":"management. Fees and commissions may also be higher than for other products or services, and the remuneration","page_number":136,"box":{"x":69,"y":816,"width":822,"height":11}},{"id":"ba99177d-f3b9-470b-b334-666bb0338741","block_type":"box","text":"and profitability to BlackRock and such personnel resulting from transactions on behalf of or management of the","page_number":136,"box":{"x":69,"y":831,"width":801,"height":11}},{"id":"c87cff0c-938a-4721-9349-ece35a608ffe","block_type":"box","text":"Funds may be greater than the remuneration and profitability resulting from other funds or products.","page_number":136,"box":{"x":70,"y":846,"width":711,"height":11}},{"id":"6f3fcb33-c1f4-4ff7-a023-0c5e79805993","block_type":"box","text":"BlackRock may provide valuation assistance to cer tain clients with respect to cer tain securities or other","page_number":136,"box":{"x":102,"y":869,"width":741,"height":11}},{"id":"ee0ba4db-c99d-4242-ab24-590891885a48","block_type":"box","text":"investments and the valuation recommendations made for such clients’ accounts may differ from the valuations for","page_number":136,"box":{"x":70,"y":884,"width":823,"height":11}},{"id":"1bb15d1b-7adc-4ae0-998d-89d781ae3399","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":136,"box":{"x":68,"y":899,"width":829,"height":11}},{"id":"b07b9a78-8a51-4463-98a9-1d8f636727d9","block_type":"box","text":"II-94","page_number":136,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"9b6e62cf-01f8-4cca-9a95-6a43c1a7620a","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":136,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d60a7b6-cbcf-4855-939c-867b8fe9646d","block_type":"box","text":"broker-dealer quotes or other data sources unavailable to the Fund’s pricing vendors. While BlackRock will generally","page_number":137,"box":{"x":69,"y":45,"width":825,"height":11}},{"id":"110e6b77-6634-48a0-a5cf-3c78035dff50","block_type":"box","text":"communicate its valuation information or determinations to a Fund’s pricing vendors and/or fund accountants, there","page_number":137,"box":{"x":69,"y":60,"width":830,"height":11}},{"id":"825a3a83-9a45-4ba7-9f06-e17a723b0717","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":137,"box":{"x":69,"y":75,"width":824,"height":11}},{"id":"116c8afd-897c-4582-92d5-73b2b53b71fd","block_type":"box","text":"other investment than the valuation for such security or investment determined or recommended by BlackRock.","page_number":137,"box":{"x":69,"y":90,"width":792,"height":11}},{"id":"97a9d263-60c7-4070-bafd-da1fe66d66c3","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":137,"box":{"x":101,"y":113,"width":784,"height":11}},{"id":"c3347005-847e-4dcf-8b62-5d468060c2d9","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":137,"box":{"x":69,"y":128,"width":837,"height":11}},{"id":"8d8d37e0-4e52-4937-b8ba-65ddfe1e37ee","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":137,"box":{"x":68,"y":143,"width":803,"height":11}},{"id":"3f45e182-c76c-4e0f-b023-4c1b5ecaf212","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":137,"box":{"x":69,"y":158,"width":831,"height":11}},{"id":"6f7332f6-446e-4713-bb93-c549d128385a","block_type":"box","text":"assistance from other BlackRock pricing committees and in accordance with BlackRock’s policies and procedures","page_number":137,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"ad6b3fca-00d7-40ef-b3af-0bd5d2b0d49a","block_type":"box","text":"(the “Valuation Procedures”). 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The fair value of one or more assets or","page_number":137,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"dcf20b74-1ded-4327-b489-e4628f414188","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":137,"box":{"x":70,"y":294,"width":800,"height":11}},{"id":"3a8594c6-3a65-4571-8a2f-3156f57000f3","block_type":"box","text":"period in which the par ticular fair values were used in determining a Fund’s NAV. 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In connection with any","page_number":137,"box":{"x":69,"y":392,"width":823,"height":12}},{"id":"4f308800-0f44-4b5c-b19b-796c3bf77db3","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":137,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"22f6f6e5-9ed0-4df7-a394-b9bdb8e06e5c","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":137,"box":{"x":69,"y":423,"width":822,"height":11}},{"id":"852d68cd-922c-42eb-ace9-572248745400","block_type":"box","text":"some additional expenses.","page_number":137,"box":{"x":69,"y":438,"width":190,"height":11}},{"id":"3a1f41a0-9005-47e3-bff7-d9af738a37dd","block_type":"box","text":"BlackRock and its directors, officers and employees, may buy and sell securities or other investments for their","page_number":137,"box":{"x":102,"y":460,"width":787,"height":12}},{"id":"2380430b-2070-4126-96d8-69ac9e373021","block_type":"box","text":"own accounts and may have conflicts of interest with respect to investments made on behalf of a Fund. 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To lessen the possibility that a Fund will be adversely affected by this personal trading, the Fund, BRIL and","page_number":137,"box":{"x":70,"y":521,"width":802,"height":11}},{"id":"08e71730-388d-4e5b-98d2-5bd84c7395ce","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":137,"box":{"x":70,"y":536,"width":828,"height":11}},{"id":"58ee2e90-0a2d-4067-a9ed-eafd0a0a446f","block_type":"box","text":"restricts securities trading in the personal accounts of investment professionals and others who normally come into","page_number":137,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"99c6cf18-33eb-4628-962d-472937c7f1e6","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":137,"box":{"x":70,"y":566,"width":816,"height":11}},{"id":"335f7094-b70f-411d-9f97-dd973b9ee609","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":137,"box":{"x":70,"y":581,"width":836,"height":12}},{"id":"664d84c9-9829-47b2-a89e-bbf9e9638263","block_type":"box","text":"a duplicating fee, by e-mail at publicinfo@sec.gov.","page_number":137,"box":{"x":69,"y":596,"width":352,"height":12}},{"id":"31e85269-05c5-4deb-8bbf-ff5ddba0583b","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":137,"box":{"x":102,"y":619,"width":768,"height":11}},{"id":"d4bffdcf-fffd-42af-803c-12e33a0ae384","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":137,"box":{"x":69,"y":634,"width":836,"height":12}},{"id":"1f19098d-18ed-4475-837f-d63c511ea4a3","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":137,"box":{"x":68,"y":649,"width":839,"height":11}},{"id":"ad9600b3-fb2f-47d0-a76e-c747eeb50aa3","block_type":"box","text":"or investment advisers or pursuant to exemptive orders granted to the Funds and/or BlackRock by the Commission.","page_number":137,"box":{"x":69,"y":665,"width":824,"height":11}},{"id":"81533b09-8fee-4777-90d1-25e2abbf5f16","block_type":"box","text":"These transactions would be effected in circumstances in which BlackRock determined that it would be appropriate","page_number":137,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"67313950-aaee-443f-8d27-d5a61c536595","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":137,"box":{"x":68,"y":695,"width":826,"height":11}},{"id":"cae26263-0f53-4b9b-87e9-53b348caeb40","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":137,"box":{"x":68,"y":710,"width":810,"height":11}},{"id":"e7d930b6-d239-4278-86a5-7c0b6d24c0e5","block_type":"box","text":"restricted because of regulatory requirements applicable to BlackRock and/or BlackRock’s internal policies designed","page_number":137,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"9ad4fa4a-b4a2-4be3-849d-6c31b1f0ae88","block_type":"box","text":"to comply with, limit the applicability of, or that otherwise relate to such requirements. A client not advised by","page_number":137,"box":{"x":68,"y":740,"width":782,"height":11}},{"id":"34507b69-e510-4bc2-b823-a65aa66bd7e9","block_type":"box","text":"BlackRock would not be subject to some of those considerations. There may be periods when BlackRock may not","page_number":137,"box":{"x":70,"y":755,"width":807,"height":11}},{"id":"7775be1f-c3a7-4a3d-8f0f-7ae4edf84949","block_type":"box","text":"initiate or recommend cer tain types of transactions, or may otherwise restrict or limit its advice regarding cer tain","page_number":137,"box":{"x":70,"y":770,"width":804,"height":12}},{"id":"0d24695f-7c54-4c02-a9b4-0f23a65f4409","block_type":"box","text":"securities or instruments issued by or related to companies for which BlackRock is per forming advisory or other","page_number":137,"box":{"x":69,"y":785,"width":799,"height":12}},{"id":"25bf5ccc-4926-4029-b754-2a26be7320ae","block_type":"box","text":"services or has proprietary positions. 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Moreover,","page_number":137,"box":{"x":376,"y":846,"width":499,"height":11}},{"id":"bddd12e6-166e-4906-ad1d-8f1ef6208c85","block_type":"box","text":"applicable provisions of the Investment Company Act or other regulatory considerations may restrict a Fund or","page_number":137,"box":{"x":69,"y":861,"width":784,"height":11}},{"id":"9c37d678-85bd-4330-9066-901d0bb743cf","block_type":"box","text":"BlackRock from effecting cer tain por tfolio transactions or taking other actions in respect of an investment on behalf","page_number":137,"box":{"x":70,"y":876,"width":827,"height":11}},{"id":"5fd9de1e-b49b-4a4d-9326-cdbbbb52e126","block_type":"box","text":"of a Fund, including where BlackRock and/or clients advised by BlackRock already have an interest in such issuer or","page_number":137,"box":{"x":69,"y":891,"width":830,"height":12}},{"id":"b54e092d-156c-4792-9626-c669fdd68199","block_type":"box","text":"the investment. 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Cer tain por tfolio management teams within BlackRock may","page_number":138,"box":{"x":69,"y":173,"width":818,"height":11}},{"id":"744757c7-4c78-4477-80ee-d23f4b026440","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":138,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"d689b333-482f-4fcb-9dc0-fe542b8d8640","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":138,"box":{"x":69,"y":203,"width":835,"height":12}},{"id":"ffb0790b-855b-45fb-8d78-f89e90041494","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":138,"box":{"x":68,"y":218,"width":797,"height":12}},{"id":"a5386ed2-9e76-45e8-9cb5-d7213155d14d","block_type":"box","text":"information barriers and other policies, and will not have any obligation or other duty to do so.","page_number":138,"box":{"x":70,"y":234,"width":667,"height":11}},{"id":"047b7bb3-0749-4927-ac24-bec03f266052","block_type":"box","text":"BlackRock has established cer tain information barriers and other policies to address the sharing of information","page_number":138,"box":{"x":102,"y":256,"width":794,"height":12}},{"id":"bf401ec1-f9c6-43ed-8229-c7f35bdcc956","block_type":"box","text":"between different businesses within BlackRock, including with respect to personnel responsible with managing","page_number":138,"box":{"x":69,"y":271,"width":791,"height":12}},{"id":"aefe4677-9fcb-49ba-a8f9-734f3c3a2e42","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":138,"box":{"x":70,"y":286,"width":812,"height":12}},{"id":"71dec6b3-8ecf-4b69-9d1e-9fa891dee2cf","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":138,"box":{"x":70,"y":302,"width":818,"height":11}},{"id":"85618c16-64e3-49b6-bfdb-a67ac36a9283","block_type":"box","text":"BlackRock generally will not have access, or will have limited access, to cer tain information and personnel, including","page_number":138,"box":{"x":70,"y":317,"width":830,"height":11}},{"id":"21a11ffa-5b96-4381-a828-1ae27c022881","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":138,"box":{"x":69,"y":332,"width":835,"height":11}},{"id":"eda6fae4-7a95-4a7e-81b4-77f781f06c83","block_type":"box","text":"possessed by such other units. Therefore, BlackRock may not be able to review potential investments for the Funds","page_number":138,"box":{"x":70,"y":347,"width":824,"height":11}},{"id":"439d88e2-7e6c-40f2-aa63-0b3f0fe9f8ae","block_type":"box","text":"with the benefit of information held by cer tain areas of BlackRock.","page_number":138,"box":{"x":68,"y":362,"width":472,"height":11}},{"id":"a4071fc9-9154-4dd7-bed6-58fb1bc65e54","block_type":"box","text":"BlackRock may determine to move cer tain personnel, businesses, or business units from one side of an","page_number":138,"box":{"x":102,"y":385,"width":744,"height":11}},{"id":"556f2930-7856-42ff-a3eb-933abe23bb4c","block_type":"box","text":"information barrier to the other side of the information barrier. In connection therewith, BlackRock personnel,","page_number":138,"box":{"x":70,"y":400,"width":775,"height":11}},{"id":"d2ad209d-ca98-4e1e-a890-9f7f49581e2b","block_type":"box","text":"businesses, and business units that were moved will no longer have access to the information and personnel from","page_number":138,"box":{"x":69,"y":415,"width":818,"height":11}},{"id":"f3b9bbeb-3255-4b9b-871f-ea6ac0646d8a","block_type":"box","text":"the side of the information barrier from which they were moved. Information obtained in connection with such","page_number":138,"box":{"x":68,"y":430,"width":779,"height":11}},{"id":"75564cc8-e412-4093-aa2e-afebc23e6117","block_type":"box","text":"changes to information barriers may limit or restrict the ability of BlackRock to engage in or otherwise effect","page_number":138,"box":{"x":69,"y":445,"width":771,"height":12}},{"id":"5823052e-1e03-41ce-912c-d6017a8defb2","block_type":"box","text":"transactions on behalf of the Funds (including purchasing or selling securities that BlackRock may otherwise have","page_number":138,"box":{"x":68,"y":460,"width":812,"height":12}},{"id":"a599322e-9913-49c1-8b9c-11a165b9d322","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":138,"box":{"x":70,"y":475,"width":803,"height":12}},{"id":"ce732af5-7e78-4f07-a907-83be820a19f0","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":138,"box":{"x":69,"y":491,"width":813,"height":11}},{"id":"b59f4949-e650-4c1e-af57-cc1c6b5cd2d9","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":138,"box":{"x":69,"y":506,"width":829,"height":11}},{"id":"08341050-bbe2-42d3-9577-ec1c0edb4c44","block_type":"box","text":"a barrier.","page_number":138,"box":{"x":69,"y":521,"width":62,"height":9}},{"id":"39bf06be-c9b9-4bbf-8530-2689ffbb8760","block_type":"box","text":"Although the information barriers are intended to allow for independent por tfolio management decision-making","page_number":138,"box":{"x":101,"y":543,"width":788,"height":12}},{"id":"e875f104-1abd-432b-a065-462161c1ecec","block_type":"box","text":"and proxy voting among cer tain BlackRock businesses, the investment activities of BlackRock for BlackRock clients,","page_number":138,"box":{"x":69,"y":559,"width":827,"height":11}},{"id":"3cb6ba9c-7b36-4727-a909-b082d3c71651","block_type":"box","text":"as well as BlackRock’s proprietary accounts, may nonetheless limit the investment strategies and rights of other","page_number":138,"box":{"x":69,"y":574,"width":805,"height":11}},{"id":"6fb06e4c-5710-4eab-aba5-4f3b650200bf","block_type":"box","text":"clients (including the Fund). As BlackRock’s assets under management increases, BlackRock clients may face greater","page_number":138,"box":{"x":69,"y":589,"width":840,"height":11}},{"id":"e075c6c6-1243-4cff-aa57-434e22643ef8","block_type":"box","text":"negative impacts due to ownership restrictions and limitations imposed by laws, regulations, rules, regulators, or","page_number":138,"box":{"x":69,"y":604,"width":806,"height":11}},{"id":"1c8e7045-e2d7-470d-af42-615eb4ce6efc","block_type":"box","text":"issuers. For example, in cer tain circumstances where a BlackRock client invests in securities issued by companies","page_number":138,"box":{"x":70,"y":619,"width":818,"height":11}},{"id":"369e3d9e-507f-463a-a58d-3b4c6c648799","block_type":"box","text":"that operate in cer tain industries (","page_number":138,"box":{"x":68,"y":634,"width":244,"height":11}},{"id":"a77ba190-e368-4f27-b840-e117c8cd2497","block_type":"box","text":"e.g.","page_number":138,"box":{"x":314,"y":636,"width":25,"height":10}},{"id":"7a64c994-34cf-4591-a828-0760fddc962a","block_type":"box","text":", banking, insurance, and utilities) or in cer tain emerging or international","page_number":138,"box":{"x":342,"y":634,"width":515,"height":12}},{"id":"449f92d7-158a-4a57-b7f8-a2184be45c2e","block_type":"box","text":"markets, or are subject to regulatory or corporate ownership restrictions (","page_number":138,"box":{"x":69,"y":650,"width":523,"height":11}},{"id":"5589ac33-40cd-4488-9be4-63d1bf6f7831","block_type":"box","text":"e.g.","page_number":138,"box":{"x":594,"y":651,"width":25,"height":10}},{"id":"63daf0c1-cc6b-4398-bf21-bcf9d5ca76f3","block_type":"box","text":", with mechanisms such as poison pills","page_number":138,"box":{"x":621,"y":650,"width":280,"height":10}},{"id":"8c03f7ed-d4a9-496c-b3f2-beeabbc3f3e5","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":138,"box":{"x":70,"y":664,"width":816,"height":12}},{"id":"f5852ab5-c6cc-494d-b01f-1a7b2e6b7f1e","block_type":"box","text":"limits on the aggregate amount invested by BlackRock for its clients and BlackRock’s proprietary accounts that may","page_number":138,"box":{"x":70,"y":680,"width":825,"height":11}},{"id":"da1f1bba-14fc-4a5a-925a-6e5ea236942b","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":138,"box":{"x":69,"y":695,"width":837,"height":11}},{"id":"bb0b7bde-fb13-4376-a98e-f44a046b3075","block_type":"box","text":"or non-disapproval or, if exceeded, may cause BlackRock or its clients to be subject to enforcement actions,","page_number":138,"box":{"x":69,"y":710,"width":769,"height":11}},{"id":"bcfd9de5-70e5-403e-923e-0f99dffbebc1","block_type":"box","text":"disgorgement of share ownership or profits, regulatory restrictions, complex compliance repor ting, increased","page_number":138,"box":{"x":69,"y":725,"width":775,"height":11}},{"id":"b284260e-fbcb-49e3-9413-36788af3fee7","block_type":"box","text":"compliance costs or suffer disadvantages or business restrictions. In light of cer tain restrictions, BlackRock may also","page_number":138,"box":{"x":69,"y":740,"width":839,"height":11}},{"id":"22c63297-9b8c-4fc3-8b4c-10a1c2d67d49","block_type":"box","text":"seek to make indirect investments (","page_number":138,"box":{"x":69,"y":755,"width":255,"height":11}},{"id":"ded1c2f0-d1aa-4d03-ba02-b7d8448bfed5","block_type":"box","text":"e.g.","page_number":138,"box":{"x":326,"y":757,"width":24,"height":9}},{"id":"1401ef1d-e7ab-42e6-a778-a3d5510197f9","block_type":"box","text":", using derivatives) on behalf of its clients to receive exposure to cer tain","page_number":138,"box":{"x":353,"y":755,"width":514,"height":11}},{"id":"4fc568cb-b471-4055-8432-7f94eb042f1c","block_type":"box","text":"securities in excess of the applicable ownership restrictions and limitations when legally permitted that will expose","page_number":138,"box":{"x":69,"y":770,"width":817,"height":12}},{"id":"772b9954-e6fe-49f9-a0c7-17aba215a60c","block_type":"box","text":"such clients to additional costs and additional risks, including any risks associated with investing in derivatives.","page_number":138,"box":{"x":69,"y":786,"width":795,"height":11}},{"id":"d032a98d-df01-448f-9b12-435e294f749a","block_type":"box","text":"There may be limited availability of derivatives that provide indirect exposure to an impacted security. BlackRock","page_number":138,"box":{"x":68,"y":801,"width":799,"height":11}},{"id":"ca53e33d-a7f5-4b10-99c5-02bc72652462","block_type":"box","text":"clients can be subject to more than one ownership limitation depending on each client’s holdings, and each","page_number":138,"box":{"x":69,"y":816,"width":767,"height":11}},{"id":"8bfd6611-3149-47db-accd-bd866e5290f1","block_type":"box","text":"ownership limitation can impact multiple securities held by the client. Cer tain clients or shareholders may have their","page_number":138,"box":{"x":69,"y":831,"width":829,"height":11}},{"id":"d42a9b52-74a6-43f6-bc9b-6056b737ef27","block_type":"box","text":"own overlapping obligations to monitor their compliance with ownership limitations across their investments.","page_number":138,"box":{"x":69,"y":846,"width":772,"height":11}},{"id":"2788ada8-72a8-41bf-ab78-39488e669920","block_type":"box","text":"If cer tain aggregate ownership thresholds are reached either through the actions of BlackRock or a BlackRock","page_number":138,"box":{"x":102,"y":869,"width":783,"height":11}},{"id":"9075382b-5d73-4122-817d-17d74cefc15e","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":138,"box":{"x":69,"y":884,"width":808,"height":11}},{"id":"ca447268-e7fe-4fac-b45e-87f216dafa3f","block_type":"box","text":"dispose of investments, or exercise rights (including voting) or under take business transactions, may be restricted by","page_number":138,"box":{"x":69,"y":899,"width":837,"height":11}},{"id":"bbf34ca6-5f3b-447e-abf6-7e41d723324d","block_type":"box","text":"II-96","page_number":138,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"446efb72-3835-4d47-8251-f0464c0e9942","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":138,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f402bd93-32ae-46e2-81b2-69c0edae41a3","block_type":"box","text":"law, regulation, rule, or organizational documents or otherwise impaired. For example, to meet the requirements of","page_number":139,"box":{"x":70,"y":45,"width":818,"height":11}},{"id":"7b78e5c9-4046-408b-8f46-456bd9e65857","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":139,"box":{"x":69,"y":60,"width":821,"height":11}},{"id":"ef97d624-8176-4ce8-8b06-a38a85db57e5","block_type":"box","text":"otherwise purchase or hold. The limitation or restriction may be based on the holdings of other BlackRock clients","page_number":139,"box":{"x":69,"y":75,"width":806,"height":11}},{"id":"50d4181a-3cec-4c2f-9e92-01aff12f1e69","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":139,"box":{"x":70,"y":90,"width":839,"height":11}},{"id":"704518d0-cd58-4740-9bdc-7574fa93bbdf","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":139,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"7dc12b83-84a3-445b-b0a1-f13324699dbc","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":139,"box":{"x":69,"y":120,"width":807,"height":11}},{"id":"67f85a33-9bc5-4d2f-adf3-54823bc480ed","block_type":"box","text":"existing investments, utilize indirect investments, utilize information barriers, or otherwise restrict, forgo, or limit the","page_number":139,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"25670336-726d-4556-a4b8-27b621a37b21","block_type":"box","text":"exercise of rights (including transferring, outsourcing, or limiting voting rights or forgoing the right to receive","page_number":139,"box":{"x":69,"y":150,"width":765,"height":12}},{"id":"59a8fdec-53f7-4a08-828e-4276ad55309a","block_type":"box","text":"dividends) when BlackRock, in its sole discretion, deems it appropriate in light of potential regulatory or other","page_number":139,"box":{"x":69,"y":166,"width":781,"height":11}},{"id":"23dd53fc-8032-4303-9853-1dabdb8fbfcb","block_type":"box","text":"restrictions on ownership or other consequences resulting from reaching investment thresholds. These types of","page_number":139,"box":{"x":69,"y":181,"width":796,"height":11}},{"id":"9c661da1-5b00-499b-be6b-e12c89cfbf38","block_type":"box","text":"restrictions could negatively impact a client’s per formance or ability to meet its investment objective.","page_number":139,"box":{"x":69,"y":196,"width":720,"height":11}},{"id":"c7bdc6fb-25d1-4f28-a7a6-d7053cf0210a","block_type":"box","text":"When BlackRock or a BlackRock client is subject to an ownership limitation, BlackRock may in its discretion seek","page_number":139,"box":{"x":101,"y":219,"width":807,"height":11}},{"id":"97cba28b-dd1c-4ad5-9155-98ca3bcc36e0","block_type":"box","text":"permission from the applicable issuers or regulators to exceed the limitation. However, there is no guarantee that","page_number":139,"box":{"x":70,"y":234,"width":810,"height":11}},{"id":"6bfc340e-6729-4d9b-b515-6a878905279e","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":139,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"5b394629-2df0-4587-a262-e612e2896789","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":139,"box":{"x":69,"y":264,"width":824,"height":11}},{"id":"32a3ab4e-3317-47ec-be11-37847bbc3dcf","block_type":"box","text":"from taking cer tain actions in connection with the approval, order, consent, relief or non-disapproval, which BlackRock","page_number":139,"box":{"x":68,"y":279,"width":841,"height":11}},{"id":"743f4f7b-2c9c-4172-8090-54e3a5aa1afb","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":139,"box":{"x":69,"y":294,"width":770,"height":11}},{"id":"48b87e27-395a-4d68-aee4-4a03c6b73cc8","block_type":"box","text":"otherwise would take. In those circumstances where ownership thresholds or limitations must be observed,","page_number":139,"box":{"x":69,"y":309,"width":769,"height":11}},{"id":"7a0b442f-091d-4f36-9d42-7d9b660e408c","block_type":"box","text":"BlackRock seeks to allocate limited investment oppor tunities equitably among clients, taking into consideration","page_number":139,"box":{"x":70,"y":325,"width":794,"height":11}},{"id":"dd16243f-0c94-4c15-a06b-37c475345e2a","block_type":"box","text":"benchmark weight and investment strategy. BlackRock may adopt cer tain controls designed to prevent the","page_number":139,"box":{"x":69,"y":340,"width":757,"height":11}},{"id":"f7d0bfe2-f4b1-4088-b4e1-1c086516b213","block_type":"box","text":"occurrence of a breach of any applicable ownership threshold or limits, including, for example, when ownership in","page_number":139,"box":{"x":69,"y":355,"width":807,"height":11}},{"id":"91ea0da6-6bb7-47e0-a03d-df1d58ca88ba","block_type":"box","text":"cer tain securities nears an applicable threshold, BlackRock may limit additional purchases in such securities or, with","page_number":139,"box":{"x":69,"y":370,"width":833,"height":11}},{"id":"2ff0ee94-c697-4f66-ae19-cef89f1c7518","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":139,"box":{"x":69,"y":385,"width":827,"height":11}},{"id":"ee6dbba1-79ed-4c0e-a937-2677b42270db","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":139,"box":{"x":68,"y":400,"width":803,"height":11}},{"id":"95bcb0b3-d25a-45a5-895d-f9fbfebc9efe","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":139,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"5792848e-47c9-4c1a-b975-ba543de29c47","block_type":"box","text":"reduce these positions to meet the applicable limitations and BlackRock or such client may be subject to regulatory","page_number":139,"box":{"x":69,"y":430,"width":826,"height":11}},{"id":"526fadc8-2fd4-4263-9f75-1fdbb6b4924a","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":139,"box":{"x":69,"y":445,"width":834,"height":11}},{"id":"066f1f72-c267-4d4a-a648-1039e920a27a","block_type":"box","text":"Ownership limitations are highly complex. It is possible that, despite BlackRock’s intent to either comply with or","page_number":139,"box":{"x":102,"y":468,"width":795,"height":11}},{"id":"ca4ebdfd-0ea4-4dc5-8ed8-dafa848a2ea7","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":139,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"a2c5dd66-fe48-4884-9bde-0fa19fbb2129","block_type":"box","text":"regulatory approval, order, consent, relief or non-disapproval that was obtained.","page_number":139,"box":{"x":69,"y":498,"width":566,"height":11}},{"id":"1f4efa44-5419-4bdf-bc18-77a9cfb052a6","block_type":"box","text":"In addition to the foregoing, other ownership thresholds may trigger repor ting requirements to governmental and","page_number":139,"box":{"x":102,"y":521,"width":798,"height":11}},{"id":"c1a9146e-3964-411c-b9fb-2ad282d3264a","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":139,"box":{"x":69,"y":536,"width":823,"height":11}},{"id":"64371bfd-644b-4325-b7bf-b36f877b76d3","block_type":"box","text":"strategy with respect to such security or asset.","page_number":139,"box":{"x":69,"y":551,"width":333,"height":11}},{"id":"0f5be023-e989-4ace-8702-a9558f0036b4","block_type":"box","text":"BlackRock may maintain securities indices. To the extent permitted by applicable laws, the Funds may seek to","page_number":139,"box":{"x":102,"y":574,"width":785,"height":11}},{"id":"56046156-6bdf-440b-923b-48948959adbb","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":139,"box":{"x":70,"y":589,"width":760,"height":11}},{"id":"55d84607-7d8c-44a4-b0b6-488bc091a392","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":139,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"9854a6b9-2188-49ba-8676-49d621dd63d0","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":139,"box":{"x":70,"y":619,"width":830,"height":11}},{"id":"9f556f1a-fddd-4689-a558-28c09ee2c0dc","block_type":"box","text":"index or index name. In instances where BlackRock charges a unitary management fee, BlackRock may have a","page_number":139,"box":{"x":70,"y":634,"width":788,"height":12}},{"id":"b03def66-be2e-4b12-bcef-0e7b199b9f0f","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":139,"box":{"x":68,"y":649,"width":829,"height":12}},{"id":"c63650f0-0559-458b-b1c8-41f6072d8660","block_type":"box","text":"benefit from the Funds using BlackRock indices by creating increasing acceptance in the marketplace for such","page_number":139,"box":{"x":69,"y":664,"width":784,"height":12}},{"id":"9dab55e4-e23f-4a09-abd4-e72a4786df9b","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":139,"box":{"x":70,"y":680,"width":797,"height":11}},{"id":"183df3ec-a628-4e86-a5e4-3b1fad6d67b6","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":139,"box":{"x":70,"y":695,"width":837,"height":11}},{"id":"652f0fe7-7123-4cbe-b312-ccbf496dab2e","block_type":"box","text":"index licensing agreement with BlackRock will be as favorable as those terms offered to other licensees.","page_number":139,"box":{"x":70,"y":710,"width":746,"height":11}},{"id":"5b8987e4-d566-42c5-95a0-31368d7df254","block_type":"box","text":"BlackRock may enter into contractual arrangements with third-par ty service providers to a Fund (","page_number":139,"box":{"x":102,"y":733,"width":686,"height":11}},{"id":"fc29ecbd-edb3-46d4-90a7-5ecc1fcd65be","block_type":"box","text":"e.g.","page_number":139,"box":{"x":790,"y":734,"width":25,"height":10}},{"id":"bd62a368-3540-4caf-9d8a-5600417162ef","block_type":"box","text":", custodians,","page_number":139,"box":{"x":817,"y":733,"width":90,"height":10}},{"id":"3dc52cf5-cf41-45ff-83b2-e28b31987d77","block_type":"box","text":"administrators and index providers) pursuant to which BlackRock receives fee discounts or concessions in","page_number":139,"box":{"x":69,"y":748,"width":756,"height":11}},{"id":"80c3f818-4a8e-437a-bcf9-c2e1353b08cf","block_type":"box","text":"recognition of BlackRock’s overall relationship with such service providers. BlackRock may also enter into contractual","page_number":139,"box":{"x":69,"y":763,"width":836,"height":11}},{"id":"327f8fa0-de0d-434b-ae65-2e4161e9fdc7","block_type":"box","text":"arrangements with such service providers pursuant to which BlackRock incurs additional costs if the service","page_number":139,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"c4582894-87c0-4a1a-8daa-d92f45a27c3f","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":139,"box":{"x":70,"y":793,"width":800,"height":11}},{"id":"3b59caa3-6935-4e2f-a45e-6421af480986","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":139,"box":{"x":69,"y":808,"width":771,"height":11}},{"id":"4c6a45e7-2383-4851-9e59-1bcd71895567","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":139,"box":{"x":69,"y":823,"width":839,"height":12}},{"id":"09451261-9078-4b85-861b-e2a57e499466","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":139,"box":{"x":70,"y":838,"width":785,"height":12}},{"id":"5492d5b7-2688-49ae-8684-8950d8a00044","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":139,"box":{"x":70,"y":854,"width":786,"height":11}},{"id":"98d82e18-f618-468c-abde-a638a38c34b0","block_type":"box","text":"selection of such providers, par ticularly in circumstances where BlackRock is negotiating on behalf of both funds that","page_number":139,"box":{"x":69,"y":869,"width":837,"height":11}},{"id":"e8febbaf-f9a5-43e2-983e-56673db5aa30","block_type":"box","text":"have a unitary management fee and those that do not or different service providers have different fee structures.","page_number":139,"box":{"x":69,"y":884,"width":809,"height":11}},{"id":"cd92710e-a68d-4ad2-9699-803922c9ad8e","block_type":"box","text":"II-97","page_number":139,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"f69ecc67-af90-4ec3-89be-097a906c2d41","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":139,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a0a542f-067d-48da-ac45-ebe5e76c532a","block_type":"box","text":"Conflicts of interest may arise as a result of simultaneous investment management of multiple client accounts","page_number":140,"box":{"x":102,"y":45,"width":788,"height":11}},{"id":"bffc19d8-4c1e-4b29-84f1-3d6c2ed7f8ec","block_type":"box","text":"by BlackRock’s investment professionals. For example, differences in the advisory fee structure may create the","page_number":140,"box":{"x":69,"y":60,"width":795,"height":11}},{"id":"76de1887-736a-47c9-9401-e27617fa72c2","block_type":"box","text":"appearance of actual or potential conflicts of interest because such differences could create pecuniary incentives for","page_number":140,"box":{"x":69,"y":75,"width":835,"height":11}},{"id":"3dcf6b75-8b69-4a45-b549-ebc77482f837","block_type":"box","text":"BlackRock to favor one client account over another.","page_number":140,"box":{"x":70,"y":90,"width":363,"height":9}},{"id":"d2272be1-9ee0-40cc-8efe-021b47502498","block_type":"box","text":"BlackRock owns or has an ownership interest in cer tain trading, por tfolio management, operations and/or","page_number":140,"box":{"x":102,"y":113,"width":757,"height":11}},{"id":"9c19f500-9024-46d4-97ce-035b50afb9d2","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":140,"box":{"x":70,"y":128,"width":826,"height":11}},{"id":"b11025e9-3db2-446c-b0cb-b8181bb91fb8","block_type":"box","text":"in connection with the provision of services to accounts managed by BlackRock and funds managed and sponsored","page_number":140,"box":{"x":70,"y":143,"width":822,"height":11}},{"id":"126f5adc-5308-4e2e-88ee-9175653641e2","block_type":"box","text":"by BlackRock, including the Funds, that engage the service provider (typically the custodian). A Fund’s service","page_number":140,"box":{"x":69,"y":158,"width":782,"height":11}},{"id":"867218a0-dce7-4c0a-89df-1e602a049f33","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":140,"box":{"x":70,"y":173,"width":835,"height":11}},{"id":"823c0841-ac38-4e09-8bc3-e761ee44cec7","block_type":"box","text":"use of these systems may enhance the profitability of BlackRock.","page_number":140,"box":{"x":69,"y":188,"width":465,"height":11}},{"id":"2a7f0a13-b3c6-42a4-9a65-e80868bb4b05","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":140,"box":{"x":102,"y":211,"width":804,"height":11}},{"id":"de950459-d684-4df8-8f02-5ab4c6dfc76c","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":140,"box":{"x":69,"y":226,"width":840,"height":11}},{"id":"943dcc18-7952-4411-b7a8-94e7202ea97b","block_type":"box","text":"provider.","page_number":140,"box":{"x":70,"y":241,"width":58,"height":11}},{"id":"77787723-0d41-4f8a-a66b-a0ee6ab22ad9","block_type":"box","text":"In recognition of a BlackRock client’s overall relationship with BlackRock, BlackRock may offer special pricing","page_number":140,"box":{"x":102,"y":264,"width":778,"height":11}},{"id":"26643b35-790e-4692-995a-1d7b064620d2","block_type":"box","text":"arrangements for cer tain services provided by BlackRock. Any such special pricing arrangements will not affect Fund","page_number":140,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"7a8f84c0-1f28-41e4-ab9a-ed07db3919a7","block_type":"box","text":"fees and expenses applicable to such client’s investment in a Fund.","page_number":140,"box":{"x":68,"y":294,"width":485,"height":11}},{"id":"82adf02c-5d51-4147-92e2-83d9103a9ceb","block_type":"box","text":"Present and future activities of BlackRock and its directors, officers and employees, in addition to those","page_number":140,"box":{"x":102,"y":317,"width":742,"height":11}},{"id":"00e4559e-52d9-47c5-8bbc-7165657fe456","block_type":"box","text":"described in this section, may give rise to additional conflicts of interest.","page_number":140,"box":{"x":69,"y":332,"width":517,"height":11}},{"id":"51d243c7-fa40-4e8b-a194-e318d6f28b90","block_type":"box","text":"PURCHASE OF SHARES","page_number":140,"box":{"x":395,"y":361,"width":188,"height":10}},{"id":"79aa6388-607d-43a1-821c-717a33ba79e7","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":140,"box":{"x":102,"y":384,"width":800,"height":11}},{"id":"6723ddb9-6517-4a6c-b986-09f9aa2bf7c8","block_type":"box","text":"under the Investment Company Act. Investor A Shares are sold to investors choosing the initial sales charge","page_number":140,"box":{"x":69,"y":399,"width":771,"height":12}},{"id":"4743de8f-6caf-40ef-af28-36399898b2bd","block_type":"box","text":"alternative, except that Investor A Shares of Index Funds (defined below) and BlackRock Shor t Obligations Fund are","page_number":140,"box":{"x":69,"y":414,"width":822,"height":12}},{"id":"b973cba5-6600-4c1a-ba5b-ba2ce0f62e55","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":140,"box":{"x":68,"y":429,"width":809,"height":12}},{"id":"16f35ef9-1753-4ccf-b4c3-e51cd42be262","block_type":"box","text":"sales charge alternative. Investor P Shares are available only to cer tain investors purchasing shares of Funds","page_number":140,"box":{"x":69,"y":445,"width":781,"height":11}},{"id":"c103579c-448d-4553-bed1-e8f559bdf41c","block_type":"box","text":"through registered representatives of an insurance company’s broker-dealer that has entered into an agreement with","page_number":140,"box":{"x":68,"y":460,"width":833,"height":11}},{"id":"5815fbb0-a7eb-4a3d-b7c7-ed42700f8d0a","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":140,"box":{"x":68,"y":475,"width":833,"height":11}},{"id":"bf4cd438-dd39-4985-9259-bb50eee39ba8","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":140,"box":{"x":69,"y":490,"width":835,"height":11}},{"id":"c14b85be-cfe0-438d-a9a2-b7f997e9924b","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":140,"box":{"x":69,"y":505,"width":804,"height":11}},{"id":"06a6c608-ef9a-4a84-b707-ccd6b440ec38","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":140,"box":{"x":70,"y":520,"width":816,"height":12}},{"id":"79c5bcba-3e06-4a94-a5c8-db303649d39a","block_type":"box","text":"financial intermediary that meets an initial investment minimum of $2 billion. In addition, cer tain Funds offer Service","page_number":140,"box":{"x":68,"y":535,"width":835,"height":11}},{"id":"fd81e2cd-6b31-4b97-9a72-c7c40dfd21c0","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":140,"box":{"x":69,"y":551,"width":834,"height":11}},{"id":"f1f74202-6070-4d3f-90a7-ced77aead180","block_type":"box","text":"appropriate Prospectus for your Fund to determine which classes are offered by your Fund and under what","page_number":140,"box":{"x":69,"y":566,"width":757,"height":11}},{"id":"be29bb51-e205-4321-9c19-7f7a04736bde","block_type":"box","text":"circumstances. Each class has different exchange privileges. See “Shareholder Services — Exchange Privilege.”","page_number":140,"box":{"x":69,"y":581,"width":802,"height":11}},{"id":"c023ea95-27fe-491f-ae50-e5aa39c87ff5","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":140,"box":{"x":101,"y":603,"width":799,"height":12}},{"id":"75baf257-3e2a-4ae1-8705-b1d503c2c359","block_type":"box","text":"the purchase order by a dealer or other financial intermediary (“Selling Dealer”) that has been authorized by the","page_number":140,"box":{"x":68,"y":618,"width":798,"height":12}},{"id":"0df4d720-560a-4955-a0bb-472f24cdd3d6","block_type":"box","text":"Distributor by contract to accept such orders. In addition, with respect to the affiliated underlying funds in which","page_number":140,"box":{"x":70,"y":634,"width":795,"height":11}},{"id":"14da418b-3ef0-409d-bc0f-a0e6f92c3c66","block_type":"box","text":"target date funds advised by BlackRock or its affiliates (“BlackRock Target Date Funds”) invest, the applicable","page_number":140,"box":{"x":68,"y":649,"width":786,"height":11}},{"id":"bf31964d-f3d3-46d0-af9f-6c22c19723c3","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":140,"box":{"x":69,"y":664,"width":839,"height":11}},{"id":"de90cc64-cb75-43d3-81cc-cf0df0e83d8b","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":140,"box":{"x":69,"y":679,"width":795,"height":11}},{"id":"465f5ad7-ed42-47bd-a93c-1bed3dec693c","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":140,"box":{"x":68,"y":694,"width":819,"height":11}},{"id":"a0bded03-af87-4ff3-bec1-5350f2501f3a","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":140,"box":{"x":69,"y":709,"width":808,"height":11}},{"id":"9ded822f-0b93-482a-8221-70d3c5cc16e9","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":140,"box":{"x":69,"y":724,"width":803,"height":12}},{"id":"0c8cb25c-05f1-4b98-be71-08663ed5b003","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":140,"box":{"x":70,"y":739,"width":812,"height":12}},{"id":"808800be-e95e-4143-915f-1ab7738543c9","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":140,"box":{"x":68,"y":755,"width":828,"height":11}},{"id":"ff70729f-2f3e-40e6-aeab-898c3303d1e0","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":140,"box":{"x":68,"y":770,"width":788,"height":11}},{"id":"05e809cb-79d8-4a06-ad95-55144cb56b3e","block_type":"box","text":"deemed received on the next business day. It is the responsibility of brokers to transmit purchase orders and","page_number":140,"box":{"x":69,"y":785,"width":779,"height":11}},{"id":"45247f16-c0e1-405e-9900-9d41d6a7ac20","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":140,"box":{"x":70,"y":800,"width":830,"height":11}},{"id":"9b5df9df-3ed0-4edc-9629-8f57af23c6fe","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":140,"box":{"x":69,"y":815,"width":828,"height":11}},{"id":"ce0774dc-df98-4dde-bdb4-3e24efe41301","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":140,"box":{"x":68,"y":829,"width":762,"height":12}},{"id":"c40f0829-c186-4b23-9885-8548bda4b566","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":140,"box":{"x":101,"y":853,"width":768,"height":11}},{"id":"d8eb7c47-691c-49f3-bdfb-6fa3ab697214","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":140,"box":{"x":69,"y":868,"width":819,"height":11}},{"id":"af1ecdea-d03e-4eaa-b3e7-fb8c6fe9f192","block_type":"box","text":"affiliates is $100, unless payment is made through a payroll deduction program in which case the minimum","page_number":140,"box":{"x":69,"y":882,"width":769,"height":12}},{"id":"1aa51d95-49f4-42d2-8089-06a30ec42df4","block_type":"box","text":"investment is $25.","page_number":140,"box":{"x":70,"y":898,"width":132,"height":10}},{"id":"ae9de09d-e450-450f-bbc3-7559345e0bb0","block_type":"box","text":"II-98","page_number":140,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"7c468252-f9f1-459b-91f8-fdcd8421d94a","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":140,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9a024b5a-f915-4a70-925e-039208c5d17c","block_type":"box","text":"Each Fund has lower investment minimums for other categories of shareholders eligible to purchase Institutional","page_number":141,"box":{"x":102,"y":45,"width":802,"height":11}},{"id":"e14f3e2a-beee-470e-835f-348d9f2cd8fe","block_type":"box","text":"Shares, including selected fee-based programs. Each Fund may permit a lower initial investment for cer tain investors","page_number":141,"box":{"x":69,"y":60,"width":833,"height":11}},{"id":"c5bf14cb-1b6c-457b-b2fd-ea0a85a94a8b","block_type":"box","text":"if their purchase, combined with purchases by other investors received together by the Fund, meets the minimum","page_number":141,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"9e802304-37de-4758-9775-a3ba3cc3973e","block_type":"box","text":"investment requirement. Each Fund may reject any purchase order, modify or waive the minimum initial or","page_number":141,"box":{"x":70,"y":90,"width":751,"height":11}},{"id":"e711bfbd-1bdb-4023-9ea7-440177928ac6","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":141,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"c1dcb2d5-fee7-472a-8e19-fe32a14f5a72","block_type":"box","text":"Financial intermediaries may, in connection with a change in account type or otherwise in accordance with a","page_number":141,"box":{"x":102,"y":128,"width":768,"height":11}},{"id":"08c3e203-876d-4289-a9b3-a768e85f9b85","block_type":"box","text":"financial intermediary’s policies and procedures, exchange shares of a Fund from one class of shares to another","page_number":141,"box":{"x":68,"y":143,"width":807,"height":11}},{"id":"94e4a64e-2ba9-497f-bc8d-a2784037a40f","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":141,"box":{"x":69,"y":158,"width":836,"height":11}},{"id":"53a89573-9c00-48f6-afd0-05136a0800b5","block_type":"box","text":"charge (“CDSC”) and that shareholders meet eligibility requirements of the new share class. Please speak to your","page_number":141,"box":{"x":69,"y":173,"width":814,"height":11}},{"id":"20aedcc8-c99c-46c3-9d9b-6570897e74a8","block_type":"box","text":"financial intermediary for information about specific policies and procedures applicable to your account.","page_number":141,"box":{"x":68,"y":188,"width":740,"height":11}},{"id":"d61137aa-a3f0-4555-ac9d-d2a83016cc16","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":141,"box":{"x":102,"y":211,"width":795,"height":11}},{"id":"d3427541-919b-46a1-873d-3caf6ee1eee4","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":141,"box":{"x":70,"y":226,"width":813,"height":11}},{"id":"301d20e8-d601-47d1-b75d-f50f0f6d96d7","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":141,"box":{"x":68,"y":241,"width":827,"height":11}},{"id":"8048413c-a779-4626-b97f-fa1b66345498","block_type":"box","text":"financial intermediaries are permitted to withhold placing orders to benefit themselves by a price change.","page_number":141,"box":{"x":68,"y":256,"width":750,"height":12}},{"id":"b33808a8-dd59-43eb-beea-a7be5a22f678","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":141,"box":{"x":101,"y":279,"width":776,"height":11}},{"id":"e38a559f-1e2c-4cd4-ac02-899a3e3ec9ab","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":141,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"031430e2-5369-4450-b9bc-8afda15a1cf2","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":141,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"5f24b5af-7445-46f2-a1d0-32c8fe16456e","block_type":"box","text":"single fiduciary account although more than one beneficiary may be involved. The term “purchase” also includes","page_number":141,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"fe08159b-892e-4f1e-96f2-ad1f49763b88","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":141,"box":{"x":70,"y":339,"width":839,"height":12}},{"id":"e4a32a59-140e-4669-b6b0-8fe66e979502","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":141,"box":{"x":69,"y":355,"width":819,"height":11}},{"id":"2e7cd61b-df9e-47c8-9eed-5b2d99b43a71","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":141,"box":{"x":68,"y":370,"width":827,"height":11}},{"id":"498c63d9-6071-4dd0-8da2-c17aaad5ddc3","block_type":"box","text":"group of individuals whose sole organizational nexus is that its par ticipants are credit cardholders of a company,","page_number":141,"box":{"x":68,"y":385,"width":803,"height":11}},{"id":"ce6136f4-674e-4057-abe6-3b1c46abc5cc","block_type":"box","text":"policyholders of an insurance company, customers of either a bank or broker-dealer or clients of an investment","page_number":141,"box":{"x":70,"y":400,"width":788,"height":11}},{"id":"01ef9910-e51d-49c5-89c0-2726b8190a8a","block_type":"box","text":"adviser.","page_number":141,"box":{"x":69,"y":415,"width":53,"height":9}},{"id":"7b2671dc-fece-4040-99e2-a007814b6bc0","block_type":"box","text":"With cer tain limited exceptions, the Funds are generally available only to investors residing in the United States","page_number":141,"box":{"x":101,"y":438,"width":795,"height":11}},{"id":"cae7f18f-cef0-4951-adb4-b6c7d60af5b1","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":141,"box":{"x":69,"y":453,"width":821,"height":11}},{"id":"212f537c-3f69-498d-a8f2-e1705bdaa1b7","block_type":"box","text":"additional investments (including by way of exchange from another Fund) into existing accounts, a Fund generally","page_number":141,"box":{"x":69,"y":468,"width":803,"height":11}},{"id":"adf5a931-c58e-404a-b3d6-14c44a8dad73","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":141,"box":{"x":69,"y":483,"width":834,"height":11}},{"id":"3e47ec21-e156-4269-a99d-8f5cce9e7868","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":141,"box":{"x":68,"y":498,"width":747,"height":11}},{"id":"5fd13fff-04f4-4172-96dd-ffc595838cb6","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":141,"box":{"x":70,"y":513,"width":809,"height":11}},{"id":"e0939ffe-0ade-4afb-8a0e-bdac9958b88e","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":141,"box":{"x":69,"y":528,"width":819,"height":12}},{"id":"3841b17a-22b3-4feb-9601-30d0ed00527f","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":141,"box":{"x":68,"y":543,"width":840,"height":12}},{"id":"1b39ff07-4f8b-45ad-99f7-7937620e41c5","block_type":"box","text":"also be restricted from making additional investments.","page_number":141,"box":{"x":69,"y":559,"width":388,"height":11}},{"id":"03e95e19-7dd7-42f8-986d-5466a6c992d8","block_type":"box","text":"In-Kind Purchases","page_number":141,"box":{"x":102,"y":582,"width":127,"height":8}},{"id":"1678a01e-98ce-48dc-8413-e644a0e884bf","block_type":"box","text":". Payment for shares of a Fund may, at the discretion of BlackRock, be made in the form of","page_number":141,"box":{"x":230,"y":581,"width":649,"height":11}},{"id":"1971b987-0fad-487a-b24a-b6dc7a8f2659","block_type":"box","text":"securities that are permissible investments for the Fund and that meet the investment objective, policies and","page_number":141,"box":{"x":69,"y":596,"width":779,"height":12}},{"id":"bd2c2385-bde7-48fa-bff1-9192acb05463","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":141,"box":{"x":70,"y":612,"width":820,"height":11}},{"id":"bb161005-bc05-4292-a3fd-a054cbeb7085","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":141,"box":{"x":69,"y":627,"width":827,"height":11}},{"id":"1fae2017-7f42-484d-a33d-296c576e07e7","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":141,"box":{"x":69,"y":642,"width":831,"height":11}},{"id":"c5f36d67-c00f-4522-8fd9-182a75d4c43f","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":141,"box":{"x":69,"y":657,"width":817,"height":11}},{"id":"abdc9bd0-9e18-4e15-bd7e-018500c770f2","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":141,"box":{"x":68,"y":672,"width":837,"height":11}},{"id":"91df1af3-a1de-40bf-938b-51d192a6da18","block_type":"box","text":"securities. All dividends, interest, subscription or other rights per taining to such securities shall become the proper ty","page_number":141,"box":{"x":69,"y":687,"width":835,"height":11}},{"id":"610c7040-9c4b-453e-91d2-0d190c8bf1e1","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":141,"box":{"x":69,"y":702,"width":795,"height":12}},{"id":"4b07e367-3fc2-405d-b19a-760428bb2bed","block_type":"box","text":"receipt from the issuer. Shares purchased in exchange for securities generally cannot be redeemed until the transfer","page_number":141,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"1328b75b-906a-405b-9c31-47e38a4a7fa1","block_type":"box","text":"has settled.","page_number":141,"box":{"x":69,"y":733,"width":83,"height":9}},{"id":"08939976-0fbd-4fc3-88e0-ea3f87b51603","block_type":"box","text":"Institutional Shares","page_number":141,"box":{"x":69,"y":763,"width":142,"height":9}},{"id":"8479a785-3409-4a6a-92d5-59531462d13c","block_type":"box","text":"Institutional Shares may be purchased at NAV without a sales charge. Only cer tain investors are eligible to","page_number":141,"box":{"x":102,"y":786,"width":759,"height":11}},{"id":"cadafe97-2660-4219-be8c-1350393f56a8","block_type":"box","text":"purchase Institutional Shares. Investors who are eligible to purchase Institutional Shares should purchase","page_number":141,"box":{"x":70,"y":801,"width":756,"height":11}},{"id":"4c54cffb-00db-4ced-88a3-9cce8897886c","block_type":"box","text":"Institutional Shares because they are not subject to any sales charge and have lower ongoing expenses than","page_number":141,"box":{"x":70,"y":816,"width":775,"height":11}},{"id":"a24c1d8b-cf4f-48a1-b64a-8c3dcb388546","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":141,"box":{"x":70,"y":831,"width":839,"height":11}},{"id":"4136ab9b-8e31-48a9-b3e8-b66a89f31a59","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":141,"box":{"x":69,"y":846,"width":807,"height":11}},{"id":"42848907-9872-42b5-a24d-0bb8a35faeed","block_type":"box","text":"sale of shares of any Fund at any time.","page_number":141,"box":{"x":69,"y":861,"width":276,"height":11}},{"id":"cb2f54f8-d38b-40c7-998f-44b0358a781e","block_type":"box","text":"Eligible Institutional Share Investors.","page_number":141,"box":{"x":102,"y":884,"width":259,"height":11}},{"id":"c0f17dbb-6b75-4259-991e-b06022955936","block_type":"box","text":"Institutional Shares of the Funds may be purchased by customers of broker","page_number":141,"box":{"x":369,"y":884,"width":540,"height":11}},{"id":"5c123290-18a7-49f2-bcf1-31bbf631a996","block_type":"box","text":"dealers and agents that have established a servicing relationship with the Fund on behalf of their customers. These","page_number":141,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"115ec5b0-79bd-41cb-8c94-2fe3f4aa11d9","block_type":"box","text":"II-99","page_number":141,"box":{"x":473,"y":943,"width":32,"height":9}},{"id":"514d2bfe-b628-434b-a882-3cad88acb14d","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":141,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5112f091-d954-46e1-83d1-d724b7c9292a","block_type":"box","text":"broker-dealers and agents may impose additional or different conditions on the purchase or redemption of Fund","page_number":142,"box":{"x":69,"y":45,"width":796,"height":11}},{"id":"2d4e9428-5172-4d97-86e7-b15f589807cf","block_type":"box","text":"shares by their customers and may charge their customers transaction, account or other fees on the purchase and","page_number":142,"box":{"x":69,"y":60,"width":819,"height":11}},{"id":"a101086f-31e6-432c-bb55-044def0f5823","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":142,"box":{"x":69,"y":75,"width":840,"height":11}},{"id":"74390a09-7be4-4d54-8898-6bf9cb184f53","block_type":"box","text":"any such fees and information regarding any additional or different conditions regarding purchases and redemptions.","page_number":142,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"ae7398fa-a23c-47c7-8b9a-e7783598f31c","block_type":"box","text":"Shareholders who are customers of such broker-dealers or agents should consult them for information regarding","page_number":142,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"3c9fba6b-5955-45b3-94bb-c95c87f34f6c","block_type":"box","text":"these fees and conditions.","page_number":142,"box":{"x":68,"y":120,"width":189,"height":9}},{"id":"96e4ec39-9aa4-44a9-bdb9-e1933d8884f7","block_type":"box","text":"Payment for Institutional Shares must normally be made in Federal funds or other funds immediately available by","page_number":142,"box":{"x":102,"y":143,"width":805,"height":11}},{"id":"0c566596-3bbd-40d2-a07a-503d34ea14fa","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":142,"box":{"x":69,"y":158,"width":825,"height":11}},{"id":"3c2379c5-7d4b-4b76-8a4c-3b77d7f543bd","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":142,"box":{"x":69,"y":173,"width":817,"height":11}},{"id":"e50fcdaf-dd3a-4e09-a3e4-c8f5afefcfa1","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":142,"box":{"x":70,"y":188,"width":831,"height":12}},{"id":"80b82856-c9ae-4dab-99ec-d54332987e67","block_type":"box","text":"incurred by the Fund.","page_number":142,"box":{"x":70,"y":204,"width":147,"height":11}},{"id":"7337eb28-12d4-47ed-b67d-287cc8259bdb","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":142,"box":{"x":102,"y":226,"width":774,"height":11}},{"id":"e13e487e-7d99-45fa-8f0f-58ab2d4173f6","block_type":"box","text":"following investors may purchase Institutional Shares: employees, officers and directors/trustees of BlackRock, Inc.,","page_number":142,"box":{"x":68,"y":241,"width":834,"height":11}},{"id":"3bb5ee0d-9fba-4afd-b356-7424dcf8c9f3","block_type":"box","text":"BlackRock Funds, Bank of America Corporation (“BofA Corp.”), Barclays PLC or their respective affiliates and","page_number":142,"box":{"x":70,"y":256,"width":773,"height":11}},{"id":"d33f2434-3e8b-4c0e-afd7-a5f0eaa310cc","block_type":"box","text":"immediate family members of such persons, individuals and “Institutional Investors” with a minimum initial","page_number":142,"box":{"x":70,"y":271,"width":762,"height":12}},{"id":"409c0b5c-f6a7-46eb-ba3e-443fbb24f1bd","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":142,"box":{"x":70,"y":286,"width":821,"height":12}},{"id":"b9d96ef4-0dfa-4d62-8fc0-a272e7f69b3c","block_type":"box","text":"an agreement with the Distributor to purchase such shares (“Institutional Investors” include, but are not limited to,","page_number":142,"box":{"x":69,"y":302,"width":819,"height":11}},{"id":"184655d8-2d87-41d3-b7ee-aec315aaa656","block_type":"box","text":"endowments, foundations, family offices, local, city, and state governmental institutions, corporations, and insurance","page_number":142,"box":{"x":69,"y":317,"width":836,"height":11}},{"id":"38d2ce1a-1d40-471c-8f2e-20bcf51f1663","block_type":"box","text":"company separate accounts); employer-sponsored retirement plans (which, for this purpose, do not include SEP IRAs,","page_number":142,"box":{"x":69,"y":332,"width":837,"height":11}},{"id":"ae66d035-b1bd-47cc-934a-450b25c94288","block_type":"box","text":"SIMPLE IRAs or SARSEPs), state sponsored 529 college savings plans, collective trust funds, investment companies","page_number":142,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"d51efc2d-2c75-4b73-8a46-f1cda75c2cfd","block_type":"box","text":"or other pooled investment vehicles, unaffiliated thrifts and unaffiliated banks and trust companies, each of which","page_number":142,"box":{"x":69,"y":362,"width":815,"height":11}},{"id":"59d87b6b-be9f-4a45-b295-349665afaf30","block_type":"box","text":"may purchase shares of the Fund through a financial intermediary that has entered into an agreement with the","page_number":142,"box":{"x":69,"y":377,"width":789,"height":12}},{"id":"21513491-d92b-4fef-9328-1a4c87daff29","block_type":"box","text":"Distributor to purchase such shares; clients investing through a self-directed IRA brokerage account program","page_number":142,"box":{"x":70,"y":392,"width":772,"height":12}},{"id":"33b0ab99-c72f-4158-a8d4-77adb99d2452","block_type":"box","text":"sponsored by a retirement plan record-keeper, provided that such program offers only mutual fund options and that","page_number":142,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"6b70c857-324d-48c1-8c97-57250359fd4b","block_type":"box","text":"the program maintains an account with the Fund on an omnibus basis; clients of financial intermediaries that:","page_number":142,"box":{"x":68,"y":423,"width":783,"height":11}},{"id":"9038d70a-c4a7-4f2c-9bff-67e67dd94042","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":142,"box":{"x":69,"y":438,"width":785,"height":11}},{"id":"ccccaa3e-a0c7-474e-ace5-98861a3f9ffc","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares through a no-load program or investment platform, in each","page_number":142,"box":{"x":69,"y":453,"width":838,"height":11}},{"id":"07a27f21-b84d-4015-82bf-10682df18bad","block_type":"box","text":"case, with no minimum initial investment; clients investing through financial intermediaries that have entered into an","page_number":142,"box":{"x":69,"y":468,"width":831,"height":11}},{"id":"e18efff6-ce19-45ae-b7f4-98b0869aca01","block_type":"box","text":"agreement with the Distributor to offer such shares on a platform that charges a transaction based sales","page_number":142,"box":{"x":69,"y":483,"width":751,"height":11}},{"id":"0bbfba49-4f8e-4939-bbf1-0651b00a2216","block_type":"box","text":"commission outside of the Fund, with a minimum initial investment of $1,000; tax-qualified accounts for insurance","page_number":142,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"e21c0f17-9423-4052-bd49-4dfd18e1531f","block_type":"box","text":"agents that are registered representatives of an insurance company’s broker-dealer that has entered into an","page_number":142,"box":{"x":69,"y":513,"width":773,"height":12}},{"id":"2e80cb85-ce23-4826-af3f-1ff992bd38e7","block_type":"box","text":"agreement with the Distributor to offer Institutional Shares, and the family members of such persons, with a","page_number":142,"box":{"x":69,"y":528,"width":771,"height":12}},{"id":"6d39e4ef-710e-4b20-af82-b7afacc376db","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":142,"box":{"x":69,"y":543,"width":822,"height":11}},{"id":"894e87f7-5651-4d1d-9fa3-2d899b8bff26","block_type":"box","text":"they (i) act in a fiduciary capacity (excluding par ticipant directed employee benefit plans), (ii) otherwise have","page_number":142,"box":{"x":68,"y":559,"width":771,"height":11}},{"id":"c7a2d9f9-1416-47e8-ac63-7b95cb70a95f","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":142,"box":{"x":70,"y":573,"width":801,"height":12}},{"id":"e33d06b7-305a-4499-9105-ab8dc8c8b39a","block_type":"box","text":"sponsored unit investment trusts (UITs) who reinvest dividends received from such UITs in shares of a Fund.","page_number":142,"box":{"x":69,"y":589,"width":770,"height":11}},{"id":"def6fa59-729f-46d8-8d6f-04bdddaf92e1","block_type":"box","text":"Purchase Privileges of Cer tain Persons.","page_number":142,"box":{"x":102,"y":612,"width":280,"height":11}},{"id":"c2b26e6c-e31d-4b26-9197-07839e869f69","block_type":"box","text":"Employees, officers, directors/trustees of BlackRock, Inc., BlackRock","page_number":142,"box":{"x":389,"y":612,"width":496,"height":11}},{"id":"ee2140a6-6cff-47c2-b301-b7890ad51b05","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":142,"box":{"x":70,"y":627,"width":812,"height":11}},{"id":"a66190b5-dcf1-49ee-8819-486f8ac501a3","block_type":"box","text":"persons may purchase Institutional Shares at lower investment minimums than stated in each Fund’s Prospectus. A","page_number":142,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"11f6f669-5bd3-4a1e-a762-a75ad69a5cb9","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":142,"box":{"x":70,"y":657,"width":838,"height":11}},{"id":"c554653d-0d6f-4eb6-bc19-295c63bd63df","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":142,"box":{"x":68,"y":672,"width":826,"height":11}},{"id":"3dcd76a5-7b6c-4cf7-9f64-205971a18039","block_type":"box","text":"satisfy the Fund’s suitability standards.","page_number":142,"box":{"x":69,"y":687,"width":279,"height":11}},{"id":"ae3fa850-adc8-4018-a9da-66869fc15a4a","block_type":"box","text":"Initial Sales Charge Alternative — Investor A Shares","page_number":142,"box":{"x":69,"y":718,"width":382,"height":11}},{"id":"627f6ba5-249f-422a-9926-b9c5c00df5e3","block_type":"box","text":"Investors who prefer an initial sales charge alternative may elect to purchase Investor A Shares. Investor A1","page_number":142,"box":{"x":102,"y":740,"width":770,"height":11}},{"id":"2a2973ec-92a5-4153-8757-38969e93af75","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":142,"box":{"x":69,"y":755,"width":837,"height":11}},{"id":"ad1bd0af-3226-4ef9-a681-65881a8348c0","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":142,"box":{"x":69,"y":770,"width":819,"height":11}},{"id":"58857ba9-ff2e-481a-bc02-a9cea5759ce1","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":142,"box":{"x":68,"y":785,"width":840,"height":12}},{"id":"1103cd41-f681-4914-936b-b47c9185b7d2","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":142,"box":{"x":69,"y":801,"width":815,"height":11}},{"id":"63556c46-55d1-4ca6-a90e-2828fb05b77b","block_type":"box","text":"sometimes referred to herein as “front-end load shares.” Investor A Shares of Index Funds (defined below) and","page_number":142,"box":{"x":69,"y":816,"width":791,"height":11}},{"id":"5c4640b9-2fee-49f2-9dcc-3c2214a1d848","block_type":"box","text":"BlackRock Shor t Obligations Fund generally are not subject to an initial sales charge or front-end load.","page_number":142,"box":{"x":70,"y":831,"width":727,"height":11}},{"id":"0ceed416-075c-4cd7-b866-15303b66d082","block_type":"box","text":"Investors qualifying for significantly reduced initial sales charges may find the initial sales charge alternative","page_number":142,"box":{"x":102,"y":853,"width":770,"height":12}},{"id":"db954fc1-3e01-4b40-9477-64a8b331e72e","block_type":"box","text":"par ticularly attractive because similar sales charge reductions are not available with respect to the deferred sales","page_number":142,"box":{"x":70,"y":869,"width":812,"height":11}},{"id":"7d390867-d9bb-44b9-ae8e-66da3a7a642c","block_type":"box","text":"charges imposed in connection with investments in Investor C Shares (sometimes referred to herein as “CDSC","page_number":142,"box":{"x":69,"y":884,"width":791,"height":11}},{"id":"89dbe21d-ccbd-4b57-ac6d-b61ddce80111","block_type":"box","text":"shares”). Investors who do not qualify for reduced initial sales charges and who expect to maintain their investment","page_number":142,"box":{"x":69,"y":899,"width":826,"height":11}},{"id":"0194ab29-f0b3-4013-947d-17df49297659","block_type":"box","text":"II-100","page_number":142,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"897a14b7-7a75-4567-a632-6bace8c08489","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":142,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c330b2e4-8842-43ae-9cab-4bb75b5f5fc8","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":143,"box":{"x":68,"y":45,"width":808,"height":11}},{"id":"e4f3e997-1d56-4c3b-bc20-39947d02422d","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":143,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"f37b0cec-3fff-4def-a7b7-1b0d4c878d8a","block_type":"box","text":"service fee. Although some investors who previously purchased Institutional Shares may no longer be eligible to","page_number":143,"box":{"x":69,"y":75,"width":798,"height":11}},{"id":"ec54bc77-7eee-4c42-96a3-47414eb5f356","block_type":"box","text":"purchase Institutional Shares of other Funds, those previously purchased Institutional Shares, together with all","page_number":143,"box":{"x":70,"y":90,"width":789,"height":11}},{"id":"7b67eba8-b888-48d7-9319-27c660465b9a","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":143,"box":{"x":70,"y":105,"width":805,"height":11}},{"id":"d7a4ff99-0fea-4b05-aeaa-fcd41d404277","block_type":"box","text":"investor for a reduced initial sales charge on new initial sales charge purchases. In addition, the ongoing CDSC","page_number":143,"box":{"x":70,"y":120,"width":792,"height":12}},{"id":"33b9d2bd-b979-4edc-b23a-91116c60d110","block_type":"box","text":"shares service and distribution fees will cause CDSC shares to have higher expense ratios, pay lower dividends and","page_number":143,"box":{"x":69,"y":135,"width":826,"height":12}},{"id":"c274caf7-7542-4294-b149-b03b37312810","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":143,"box":{"x":69,"y":150,"width":802,"height":12}},{"id":"2b3dc1b7-8263-47af-b96c-ae4dd1009369","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":143,"box":{"x":69,"y":166,"width":834,"height":11}},{"id":"20ce3195-79e1-47e7-a0ed-e7b2590b245a","block_type":"box","text":"have a lower total return than Institutional Shares.","page_number":143,"box":{"x":69,"y":181,"width":358,"height":9}},{"id":"b84f1b6c-4431-484d-ab66-c234cccc09d8","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":143,"box":{"x":102,"y":203,"width":734,"height":12}},{"id":"0821a435-f1cf-4310-b3f3-22f0d8ea5e86","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor A and Investor A1 Shares for the","page_number":143,"box":{"x":70,"y":218,"width":785,"height":11}},{"id":"de5ffe1b-3b76-45c9-aeb6-30a6e71f29e6","block_type":"box","text":"periods indicated.","page_number":143,"box":{"x":70,"y":234,"width":124,"height":11}},{"id":"dc51c48b-1dd5-46f7-b8d9-9136d0867b2a","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":143,"box":{"x":101,"y":256,"width":806,"height":11}},{"id":"a1ce328b-7769-4cde-b743-318c64e7c396","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":143,"box":{"x":68,"y":272,"width":830,"height":11}},{"id":"542c3ccb-b6a4-473d-bfb9-1b2da3ba16de","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":143,"box":{"x":69,"y":286,"width":832,"height":12}},{"id":"05b2c449-1824-46f5-9ce5-f0df3f0babfd","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":143,"box":{"x":69,"y":302,"width":714,"height":11}},{"id":"908db8e8-eeaa-4cd6-bbc1-51231f399b47","block_type":"box","text":"Initial Sales Charge — Investor P Shares","page_number":143,"box":{"x":69,"y":332,"width":297,"height":11}},{"id":"9cfca395-b27f-460b-a59e-46f09eb46e38","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":143,"box":{"x":102,"y":355,"width":761,"height":11}},{"id":"3e4665dc-4647-45d6-b846-a271c28fa377","block_type":"box","text":"available for purchase only through registered representatives of an insurance company’s broker-dealer that has","page_number":143,"box":{"x":69,"y":370,"width":800,"height":11}},{"id":"86084f37-5e38-4d91-8619-05d554ffe486","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":143,"box":{"x":69,"y":385,"width":812,"height":11}},{"id":"30b1f151-0c08-4f12-8fe1-18b5b696eb03","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":143,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"d892c671-45d0-4c94-9111-1844bce67f7a","block_type":"box","text":"dividends and have a lower total return than Investor A Shares of the same Fund.","page_number":143,"box":{"x":69,"y":415,"width":578,"height":9}},{"id":"8f819645-e62f-437b-928f-edef1ddcafb8","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":143,"box":{"x":102,"y":438,"width":734,"height":11}},{"id":"c5dbb5f0-f0a5-4c3d-8d22-7b3f7e6771b4","block_type":"box","text":"information about amounts paid to the Distributor in connection with Investor P Shares for the periods indicated.","page_number":143,"box":{"x":70,"y":453,"width":800,"height":11}},{"id":"7726e18a-1c93-4add-bcf3-8345e9e0e63a","block_type":"box","text":"The Distributor may reallow discounts to selected securities dealers and other financial intermediaries and retain","page_number":143,"box":{"x":101,"y":475,"width":806,"height":12}},{"id":"56e3be7f-4a52-45b8-b55e-e731adcb5698","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":143,"box":{"x":68,"y":491,"width":830,"height":11}},{"id":"656a9672-b0b9-4f28-b0fe-8a349ffa38d0","block_type":"box","text":"securities dealers and other financial intermediaries selling front-end load shares of a Fund will receive a concession","page_number":143,"box":{"x":69,"y":506,"width":832,"height":11}},{"id":"93a41e64-0956-431f-9822-f8c358e915b0","block_type":"box","text":"equal to most of the sales charge, they may be deemed to be underwriters under the Securities Act.","page_number":143,"box":{"x":69,"y":521,"width":714,"height":11}},{"id":"3b10629c-4f3b-4830-b0f7-6a58e90c7574","block_type":"box","text":"Reduced Initial Sales Charges","page_number":143,"box":{"x":69,"y":551,"width":219,"height":11}},{"id":"69381568-f542-4b75-b4cb-fd7983d2bd1f","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":143,"box":{"x":102,"y":574,"width":782,"height":11}},{"id":"941fe379-ed3f-4e10-8c09-638c16cb4e41","block_type":"box","text":"and/or the reduced sales effor ts necessary to obtain their investments. Financial intermediaries may, in connection","page_number":143,"box":{"x":69,"y":589,"width":827,"height":11}},{"id":"f5fdef10-1b91-48a6-b6aa-f1da851a320b","block_type":"box","text":"with a change in account type or otherwise in accordance with a financial intermediary’s policies and procedures,","page_number":143,"box":{"x":68,"y":604,"width":809,"height":11}},{"id":"aed42351-bffb-4b1e-891c-603b977fde4c","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":143,"box":{"x":69,"y":619,"width":823,"height":11}},{"id":"0a60e5f4-edc6-41ea-99be-5e0316da0c12","block_type":"box","text":"exchanged shares are not subject to a contingent deferred sales charge and that shareholders meet the eligibility","page_number":143,"box":{"x":69,"y":634,"width":812,"height":12}},{"id":"20e6bc80-c91e-46f2-afca-24ba85f55c59","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":143,"box":{"x":69,"y":649,"width":813,"height":12}},{"id":"31bd8597-69a4-4e04-bb33-6733a89117d3","block_type":"box","text":"cer tain financial intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the","page_number":143,"box":{"x":69,"y":664,"width":793,"height":12}},{"id":"170c6561-d821-47c4-8925-0e9d4b202951","block_type":"box","text":"Fund’s Prospectus. Please speak to your financial intermediary for more information.","page_number":143,"box":{"x":70,"y":680,"width":603,"height":11}},{"id":"610ebedf-81cf-4068-aa4e-67b6b65d28f9","block_type":"box","text":"Reinvested Dividends.","page_number":143,"box":{"x":102,"y":703,"width":156,"height":8}},{"id":"3f02c83f-ca0e-4756-81f2-beafe261c1b6","block_type":"box","text":"No sales charges are imposed upon shares issued as a result of the automatic","page_number":143,"box":{"x":265,"y":702,"width":566,"height":12}},{"id":"bd133bc3-18da-471a-8853-6cdb0b981f5b","block_type":"box","text":"reinvestment of dividends.","page_number":143,"box":{"x":69,"y":717,"width":186,"height":9}},{"id":"04532a4a-82f4-421c-929c-939189a0174d","block_type":"box","text":"Right of Accumulation.","page_number":143,"box":{"x":102,"y":740,"width":158,"height":11}},{"id":"8001ddc2-68ef-42d6-be44-005eb8e31d33","block_type":"box","text":"Investors have a “right of accumulation” under which any of the following may be","page_number":143,"box":{"x":267,"y":740,"width":574,"height":11}},{"id":"e183120d-1037-4c3c-801d-af36b8a6d773","block_type":"box","text":"combined with the amount of the current purchase in determining whether an investor qualifies for a breakpoint and","page_number":143,"box":{"x":69,"y":755,"width":826,"height":11}},{"id":"f9ddc0d4-4295-4de7-a648-d07167fc8fc3","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":143,"box":{"x":69,"y":770,"width":810,"height":12}},{"id":"5b764129-36e6-4fe4-a269-364938193d1d","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":143,"box":{"x":70,"y":785,"width":825,"height":11}},{"id":"4d80d0fe-458a-4687-8de1-1ea65d0db172","block_type":"box","text":"existing shares of cer tain unlisted closed-end management investment companies sponsored and advised by","page_number":143,"box":{"x":69,"y":801,"width":780,"height":11}},{"id":"54bbdece-2dce-41f5-8d29-f3643a86ff71","block_type":"box","text":"BlackRock or its affiliates (“Eligible Unlisted BlackRock Closed-End Funds”) and (iii) the investment in the BlackRock","page_number":143,"box":{"x":70,"y":816,"width":828,"height":11}},{"id":"e5aa3499-5801-4252-aa74-a5748711be25","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":143,"box":{"x":69,"y":831,"width":804,"height":11}},{"id":"cfc319e9-2b1b-47f4-b52b-e88c66459171","block_type":"box","text":"intermediaries may value current holdings of their customers differently for purposes of determining whether an","page_number":143,"box":{"x":70,"y":846,"width":794,"height":11}},{"id":"73eaf471-943d-44b2-b02a-e784880645e0","block_type":"box","text":"investor qualifies for a breakpoint and a reduced front-end sales charge, although customers of the same financial","page_number":143,"box":{"x":70,"y":861,"width":814,"height":11}},{"id":"ced56b49-2ac8-4fa8-80af-89cb577eb80f","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":143,"box":{"x":70,"y":876,"width":828,"height":11}},{"id":"c5f8152d-4606-488b-a74d-0882fb1d6f5d","block_type":"box","text":"any previously purchased shares. Cer tain funds employ a “passive” management approach and attempt to match the","page_number":143,"box":{"x":69,"y":891,"width":838,"height":12}},{"id":"6b5d7c14-d29d-47d3-8b8d-f5d352c4bb52","block_type":"box","text":"per formance of a target index as closely as possible before the deduction of Fund expenses (“Index Funds”).","page_number":143,"box":{"x":70,"y":906,"width":776,"height":12}},{"id":"48836ee6-fa5f-461f-b563-6a06ddb5348e","block_type":"box","text":"II-101","page_number":143,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"7f055758-b15d-4092-8236-b6ea174cb5a0","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":143,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8a458fb9-24f4-4142-a7ac-0b438f000f54","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":144,"box":{"x":68,"y":45,"width":835,"height":11}},{"id":"10cf18ca-f380-47ab-b7d7-9f0bc353ff2b","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":144,"box":{"x":69,"y":60,"width":839,"height":11}},{"id":"b734d09e-e64d-4bc2-a3c6-671e9bdfe0df","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":144,"box":{"x":70,"y":75,"width":829,"height":11}},{"id":"54def2d5-c08b-4254-842e-cdfda8013b0c","block_type":"box","text":"purchase in determining whether an investor qualifies for a breakpoint and a reduced front-end sales charge.","page_number":144,"box":{"x":70,"y":90,"width":774,"height":11}},{"id":"23b46e0e-737a-4c39-a461-11b34cbfb8ef","block_type":"box","text":"Letter of Intent.","page_number":144,"box":{"x":102,"y":113,"width":109,"height":9}},{"id":"b171816b-ba07-4e7e-b196-fbd60347a91c","block_type":"box","text":"An investor may qualify for a reduced front-end sales charge immediately by signing a “Letter of","page_number":144,"box":{"x":217,"y":113,"width":681,"height":11}},{"id":"bd096272-524b-4978-87a9-fc1e00731dee","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":144,"box":{"x":70,"y":128,"width":820,"height":11}},{"id":"d3f3a1f6-3a21-459b-9529-9f96bc40735a","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":144,"box":{"x":68,"y":143,"width":792,"height":11}},{"id":"0cf1e167-0a34-4cd4-b9d9-d4b36be0c313","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":144,"box":{"x":70,"y":158,"width":802,"height":11}},{"id":"5eae2f17-2a4d-405c-aaa9-6ac128488aaa","block_type":"box","text":"more Eligible Unlisted BlackRock Closed-End Funds and/or (iii) make an investment through the BlackRock","page_number":144,"box":{"x":69,"y":173,"width":760,"height":11}},{"id":"9bc307fb-7dfd-413f-a318-b8b5a5eafe5b","block_type":"box","text":"CollegeAdvantage 529 Program in one or more BlackRock Funds. The initial investment must meet the minimum","page_number":144,"box":{"x":69,"y":188,"width":800,"height":12}},{"id":"7882d04e-1ec5-4649-b673-d5ab485b496a","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":144,"box":{"x":70,"y":203,"width":826,"height":12}},{"id":"93c53589-c1b3-489b-bea5-cba64980cadc","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":144,"box":{"x":69,"y":218,"width":822,"height":12}},{"id":"f4de1b6e-9ba9-472b-995e-31d153283bb5","block_type":"box","text":"Investor P, Institutional, Class K and Premier Shares, Eligible Unlisted BlackRock Closed-End Funds and the","page_number":144,"box":{"x":70,"y":234,"width":764,"height":11}},{"id":"327b4576-9706-45f9-8f7e-41b8113fae90","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program Class A and Class C Units) as of the date of commencement that are","page_number":144,"box":{"x":70,"y":249,"width":800,"height":11}},{"id":"205a49d3-2f14-4132-a5c1-008ef8fddae6","block_type":"box","text":"eligible under the Right of Accumulation may be counted towards the sales charge reduction. The investor must notify","page_number":144,"box":{"x":69,"y":264,"width":838,"height":11}},{"id":"8a7d0a39-f97f-4620-8814-df2937dcaee8","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":144,"box":{"x":68,"y":279,"width":835,"height":11}},{"id":"8c6b0281-1b80-4171-9896-b56b035b8f88","block_type":"box","text":"BlackRock CollegeAdvantage 529 Program that should be counted towards the sales charge reduction and (ii) any","page_number":144,"box":{"x":70,"y":294,"width":811,"height":11}},{"id":"11dacad0-fc49-421b-a61f-77cf5695f5ed","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":144,"box":{"x":69,"y":309,"width":814,"height":11}},{"id":"89d99d8f-1f58-4cc1-8d1a-f2f203f81cec","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":144,"box":{"x":68,"y":324,"width":827,"height":12}},{"id":"bfeb327d-ca9e-4447-ba8a-cd4eab5a7aa5","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":144,"box":{"x":69,"y":339,"width":827,"height":12}},{"id":"b19ce2b2-ce86-42b4-a04e-8d547e16ff92","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":144,"box":{"x":69,"y":355,"width":817,"height":11}},{"id":"7902ad91-2869-400a-9c2a-592bddff1bc7","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":144,"box":{"x":70,"y":370,"width":807,"height":11}},{"id":"b9de20e1-084d-4d43-8f5e-8e799f6882dc","block_type":"box","text":"Shares, as applicable, held in escrow to pay the difference.","page_number":144,"box":{"x":69,"y":385,"width":423,"height":11}},{"id":"17fa477c-e732-4af7-9a87-cc26cd417870","block_type":"box","text":"Placement Fees.","page_number":144,"box":{"x":102,"y":408,"width":116,"height":8}},{"id":"3f12d4dd-2d77-497e-a2ab-e1ad11a68512","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":144,"box":{"x":102,"y":430,"width":777,"height":11}},{"id":"553f7b3e-8b4e-47aa-bb71-4525f745d312","block_type":"box","text":"which may depend on the policies, procedures and trading platforms of your financial intermediary.","page_number":144,"box":{"x":68,"y":445,"width":704,"height":12}},{"id":"4365311e-7064-46a3-bc5a-099f8fec1fcf","block_type":"box","text":"Except as noted below, these placement fees may be up to the following amounts for Investor A Shares:","page_number":144,"box":{"x":102,"y":468,"width":741,"height":11}},{"id":"938d010e-85e9-49c8-b282-f1cb0fd57bf2","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":495,"width":361,"height":10}},{"id":"caeed7be-68df-43da-ad1d-96a04ea1fc51","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":144,"box":{"x":535,"y":496,"width":288,"height":9}},{"id":"95e439ff-a711-4126-afb0-b4eb14d55bc4","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":510,"width":361,"height":11}},{"id":"987c1f5b-8feb-47d6-b111-3b4db0ca748c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":511,"width":288,"height":9}},{"id":"e034f61f-1a20-487d-a65b-ce91ba8fb58c","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":525,"width":345,"height":11}},{"id":"3d3db820-0eb5-4de4-a070-4267c451a9e2","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":518,"y":526,"width":305,"height":9}},{"id":"0be6dad1-8ebf-4de6-8098-58e59c7f97c6","block_type":"box","text":"With respect to Investor A Shares of BlackRock Global Allocation Fund, Inc., BlackRock Dynamic High Income","page_number":144,"box":{"x":101,"y":550,"width":776,"height":11}},{"id":"865cb480-5cf4-4a29-a8f5-a449696a4a7a","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":144,"box":{"x":69,"y":565,"width":774,"height":11}},{"id":"6a8accc6-a7f2-4d69-b5a3-99723a6b6e66","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":144,"box":{"x":70,"y":580,"width":824,"height":11}},{"id":"e9043c18-6e46-4176-b43c-388e709d53a6","block_type":"box","text":"and BlackRock Event Driven Equity Fund, the placement fees may be up to the following amounts:","page_number":144,"box":{"x":69,"y":595,"width":695,"height":11}},{"id":"5d20a680-fcc1-4eed-8eac-05dea7238736","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":622,"width":410,"height":11}},{"id":"042a444a-28f7-4482-9584-bf4fc16f5a44","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":144,"box":{"x":583,"y":623,"width":240,"height":9}},{"id":"22cdbc4d-ba08-4e11-9829-496cd784fe8b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":637,"width":361,"height":11}},{"id":"5d423f75-ea2c-45af-8680-c41ab2d7048b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":638,"width":288,"height":9}},{"id":"f69f896c-eb6c-4337-9ca0-c49ca03202c5","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":652,"width":345,"height":11}},{"id":"1ebc0fa3-a60d-48a9-b526-48136295d42f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":518,"y":653,"width":305,"height":9}},{"id":"7cd94af7-0e49-4230-ab39-8b27969be265","block_type":"box","text":"With respect to Investor A Shares of BlackRock Systematic Multi-Strategy Fund of BlackRock Funds IV, BlackRock","page_number":144,"box":{"x":101,"y":677,"width":806,"height":11}},{"id":"10504517-a41c-4672-b9dd-9cf5b5b42c17","block_type":"box","text":"Advantage CoreAlpha Bond Fund of BlackRock Funds VI, BlackRock Tactical Oppor tunities Fund of BlackRock Funds","page_number":144,"box":{"x":68,"y":692,"width":821,"height":11}},{"id":"27f4f201-e211-4002-b194-d7fe33c3061b","block_type":"box","text":"SM","page_number":144,"box":{"x":890,"y":693,"width":11,"height":4}},{"id":"d5a24e04-b39e-4de2-a531-01b9df2bbaaf","block_type":"box","text":",","page_number":144,"box":{"x":903,"y":700,"width":2,"height":3}},{"id":"2761fbf1-e6de-4ec2-9425-ccd7f6cb73d3","block_type":"box","text":"BlackRock High Yield Por tfolio, BlackRock Core Bond Por tfolio and BlackRock Sustainable High Yield Bond Fund of","page_number":144,"box":{"x":70,"y":707,"width":816,"height":12}},{"id":"bc5ea31a-c071-4212-9609-d59853789fdf","block_type":"box","text":"BlackRock Funds V, BlackRock Securitized Income Fund of Managed Account Series II and BlackRock Strategic Global","page_number":144,"box":{"x":70,"y":722,"width":835,"height":12}},{"id":"e487537e-a304-4848-82ba-137b8944c7fe","block_type":"box","text":"Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":144,"box":{"x":70,"y":738,"width":520,"height":11}},{"id":"84b0de2b-60a4-4fe2-8ac9-80c60a1eccf4","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":765,"width":361,"height":10}},{"id":"ae48a7e9-048c-4008-8cf9-2ae151f2832c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":144,"box":{"x":535,"y":765,"width":288,"height":9}},{"id":"af0bbda5-c929-47fb-a215-e5168da0b51b","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":780,"width":361,"height":10}},{"id":"fae5edac-d129-411d-a6c9-976697ecd7ed","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":780,"width":288,"height":9}},{"id":"b39f3ac2-efcf-44b2-bd2a-6d114b174abe","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":795,"width":345,"height":10}},{"id":"6200725c-7ff5-4281-9d62-f0a39708e557","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":518,"y":796,"width":305,"height":8}},{"id":"c62d62f1-ae37-4ce5-a5ab-0af201a72e94","block_type":"box","text":"With respect to Investor A Shares of BlackRock Mor tgage-Backed Securities Fund and BlackRock Impact","page_number":144,"box":{"x":101,"y":819,"width":743,"height":12}},{"id":"24fb898b-2c60-4116-9319-a1d06783df95","block_type":"box","text":"Mor tgage Fund of BlackRock Funds V, the placement fees may be up to the following amounts:","page_number":144,"box":{"x":70,"y":835,"width":674,"height":11}},{"id":"6175c770-bc59-469c-bc3d-82866d07906d","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":862,"width":361,"height":10}},{"id":"c6ac7f8e-419b-4316-a5c4-77d807c6fda4","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":144,"box":{"x":535,"y":862,"width":288,"height":9}},{"id":"3c9bca9f-99af-40e8-817f-061d76d7d74e","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":877,"width":361,"height":10}},{"id":"17cc0c33-ac7e-442f-91dc-a11a9e998703","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":144,"box":{"x":535,"y":878,"width":288,"height":8}},{"id":"cd9c5b9b-b648-4622-9c8a-4c45b1afe799","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":144,"box":{"x":167,"y":892,"width":345,"height":10}},{"id":"b05bc3f1-6997-4e96-a272-6680adaa868a","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":144,"box":{"x":518,"y":893,"width":305,"height":9}},{"id":"5d6f928f-c6a0-49bf-aefa-81640347eda6","block_type":"box","text":"II-102","page_number":144,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"2d4ed9af-f947-41c5-8b3c-3e89defdd682","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":144,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9e49352d-0811-40be-9e24-93b494444d35","block_type":"box","text":"With respect to Investor A Shares of BlackRock Managed Income Fund of BlackRock Funds II, the placement fees","page_number":145,"box":{"x":101,"y":45,"width":808,"height":11}},{"id":"4725c882-d24a-456b-94bb-6be8d9ad655d","block_type":"box","text":"may be up to the following amounts:","page_number":145,"box":{"x":69,"y":60,"width":257,"height":11}},{"id":"7c3644ea-1cb8-49da-8ed0-39c73b8f459a","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":87,"width":410,"height":11}},{"id":"43850771-49c4-4e4e-a466-bca71b059dff","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":583,"y":88,"width":240,"height":8}},{"id":"b8aa076d-cc6e-4d8b-946a-3f2012ad8938","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":102,"width":361,"height":10}},{"id":"55cd182b-3245-4c7d-8bfa-81f4b40b2043","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":535,"y":103,"width":288,"height":9}},{"id":"d85eec78-afff-463d-98aa-36ddaa3321ae","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":117,"width":345,"height":11}},{"id":"8d818d44-bb36-4bef-8ca5-0e95e2b9c8db","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":518,"y":118,"width":305,"height":9}},{"id":"c1e2cc14-2fe5-4346-a036-c8a221a90fd8","block_type":"box","text":"With respect to Investor A Shares of BlackRock Inflation Protected Bond Por tfolio of BlackRock Funds V, the","page_number":145,"box":{"x":101,"y":142,"width":768,"height":11}},{"id":"c3c5055d-f41a-42be-8879-74b9b43aad13","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":157,"width":371,"height":11}},{"id":"3ff58251-12f7-493d-9d76-5f663b9490d4","block_type":"box","text":"$1 million but less than $3 million . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":184,"width":361,"height":10}},{"id":"cf5ecf96-e146-4a0b-bfb7-69067a4965bc","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":145,"box":{"x":535,"y":185,"width":288,"height":8}},{"id":"7f633e55-a291-4d1e-853d-c8017aa30eed","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":199,"width":361,"height":10}},{"id":"00485d23-b73c-4236-9cdf-974ef55bd761","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.10%","page_number":145,"box":{"x":535,"y":200,"width":288,"height":9}},{"id":"9096ce7f-e770-456b-b576-a092503592cd","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":214,"width":345,"height":11}},{"id":"368640bb-8363-46f8-86ea-835eaad7e720","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.05%","page_number":145,"box":{"x":518,"y":215,"width":305,"height":9}},{"id":"9efb07b3-e07c-406d-b054-d0a7508a101b","block_type":"box","text":"With respect to Investor A Shares of BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income","page_number":145,"box":{"x":101,"y":239,"width":778,"height":11}},{"id":"85cd3043-d7fd-451b-8f6a-ab3398896b39","block_type":"box","text":"Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of BlackRock Funds V, the","page_number":145,"box":{"x":69,"y":254,"width":830,"height":11}},{"id":"34c3cf35-8c57-44e5-8736-0f930b5d66c0","block_type":"box","text":"placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":269,"width":371,"height":11}},{"id":"7cbabb0a-496e-4b16-ad2e-9ca581929c08","block_type":"box","text":"$500,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":296,"width":410,"height":11}},{"id":"18a6457b-4918-4440-8ab2-d69a26a9844b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":583,"y":297,"width":240,"height":9}},{"id":"1e47e7ea-82d6-4549-84db-7e9e1ecb96d0","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":311,"width":361,"height":11}},{"id":"5be6d0bd-b0df-444b-ac4e-a29d11a24284","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":312,"width":288,"height":9}},{"id":"e373837b-5407-4e53-9f70-eaa0e007ab8f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":326,"width":345,"height":11}},{"id":"1945f998-3cbe-4dbf-83e8-3db7b3af5482","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":327,"width":305,"height":9}},{"id":"cf5c31f3-0f31-49a6-8dcd-3d47d5622bb4","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":145,"box":{"x":101,"y":351,"width":779,"height":11}},{"id":"89e60928-6611-404b-b652-b03bedb75683","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":145,"box":{"x":70,"y":366,"width":780,"height":11}},{"id":"1c9cf366-fde9-4fb3-b676-e1c03de9d415","block_type":"box","text":"$250,000 and above . . . .","page_number":145,"box":{"x":167,"y":393,"width":182,"height":11}},{"id":"f5310428-67f4-4b61-801a-f2bac6adf71b","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":355,"y":394,"width":468,"height":9}},{"id":"93f85e23-6599-4075-8b86-69c9f109772a","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":145,"box":{"x":101,"y":418,"width":779,"height":11}},{"id":"0ad70d2b-9363-4bc3-ac28-d6a77f0dd22b","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":145,"box":{"x":70,"y":433,"width":819,"height":11}},{"id":"4c8355aa-2f2a-44f2-b625-ab3a3aed91bc","block_type":"box","text":"the following amounts:","page_number":145,"box":{"x":68,"y":448,"width":161,"height":11}},{"id":"9dae24d6-ce52-4e6b-a590-aadd40bd806d","block_type":"box","text":"$100,000 and above . . . .","page_number":145,"box":{"x":167,"y":475,"width":182,"height":11}},{"id":"f2332945-697d-433b-9b04-c8eee63f6f30","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":355,"y":476,"width":468,"height":8}},{"id":"40c2ef76-2692-4b88-a5f4-af8e8772b3d0","block_type":"box","text":"With respect to Investor A Shares of BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund,","page_number":145,"box":{"x":101,"y":499,"width":779,"height":11}},{"id":"2fb4a982-6443-4fc7-a193-2d242b35201e","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":145,"box":{"x":70,"y":515,"width":775,"height":11}},{"id":"42adb264-2f56-43f7-809c-dc225cd1acc7","block_type":"box","text":"$250,000 and above . . . .","page_number":145,"box":{"x":167,"y":542,"width":182,"height":11}},{"id":"bc12f2a3-c864-4a6f-b3e5-10dce4d8bd2f","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":355,"y":542,"width":468,"height":9}},{"id":"583824bf-7cdf-4f9b-85cc-18152d970f1e","block_type":"box","text":"With respect to Investor A Shares of BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal","page_number":145,"box":{"x":101,"y":566,"width":788,"height":11}},{"id":"17cc4869-7dcb-423c-aedd-c576bed139f7","block_type":"box","text":"Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust,","page_number":145,"box":{"x":69,"y":581,"width":792,"height":11}},{"id":"257a3589-8eb9-4fe4-998a-82391ed04dff","block_type":"box","text":"BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":145,"box":{"x":70,"y":597,"width":787,"height":11}},{"id":"64f72b76-9eae-4585-b961-ba4958a69bd7","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust and BlackRock National Municipal","page_number":145,"box":{"x":69,"y":612,"width":834,"height":11}},{"id":"cc18ce15-dc54-4f26-9651-5338f7d8685c","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., the placement fees may be up to the following amounts:","page_number":145,"box":{"x":70,"y":627,"width":729,"height":11}},{"id":"5fd0d43a-e594-403c-9c73-97c55217e185","block_type":"box","text":"$250,000 but less than $4 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":654,"width":410,"height":11}},{"id":"5fb9a4e8-af1c-4eb8-86cf-cdf43ba0f7c6","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 1.00%","page_number":145,"box":{"x":583,"y":655,"width":240,"height":8}},{"id":"5d0f3890-094c-49d4-a187-b31dc539e773","block_type":"box","text":"$4 million but less than $10 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":669,"width":361,"height":10}},{"id":"05620039-8376-4a7c-92cb-f2253088f690","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":670,"width":288,"height":9}},{"id":"b5546995-a2a9-456b-83e3-bdec6a244c36","block_type":"box","text":"$10 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":684,"width":345,"height":10}},{"id":"ad46ab2c-6643-4a2e-97c1-c9b2858291ca","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":685,"width":305,"height":9}},{"id":"3b7eac67-3bb3-48ff-ab6a-6899598ae17a","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":145,"box":{"x":101,"y":709,"width":801,"height":11}},{"id":"645998d0-af99-4393-a39c-0ab99885be3a","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":145,"box":{"x":69,"y":724,"width":769,"height":11}},{"id":"1f32f319-cbd5-454d-a10b-f9d2838d7e2d","block_type":"box","text":"BlackRock Funds II, BlackRock Total Return Fund of BlackRock Bond Fund, Inc. and BlackRock Balanced Fund, Inc.,","page_number":145,"box":{"x":70,"y":739,"width":818,"height":10}},{"id":"09577c31-d30a-41fd-812a-80f409f3d321","block_type":"box","text":"the placement fees may be up to the following amounts:","page_number":145,"box":{"x":68,"y":754,"width":401,"height":11}},{"id":"4e9c29c6-8890-4351-9720-58495b7135f4","block_type":"box","text":"$250,000 but less than $3 million . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":781,"width":410,"height":11}},{"id":"58c249df-bb22-4b14-bca6-2eba5379214c","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . 0.75%","page_number":145,"box":{"x":583,"y":782,"width":240,"height":9}},{"id":"e74d3203-7ab7-4212-aefa-ea3e006fbbee","block_type":"box","text":"$3 million but less than $15 million . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":796,"width":361,"height":11}},{"id":"09d769f2-a6ce-4560-9971-c2d246b270f1","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.50%","page_number":145,"box":{"x":535,"y":797,"width":288,"height":9}},{"id":"7cf1ea2c-fa20-4db7-8bea-6cb24707741f","block_type":"box","text":"$15 million and above . . . . . . . . . . . . . . . . . . . . . . .","page_number":145,"box":{"x":167,"y":811,"width":345,"height":11}},{"id":"39c80352-1fba-4e56-8bd3-c870875b0d59","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.25%","page_number":145,"box":{"x":518,"y":812,"width":305,"height":9}},{"id":"0b494cbb-e172-40f9-87f0-9a662d4031a8","block_type":"box","text":"With respect to Investor P Shares of BlackRock LifePath","page_number":145,"box":{"x":101,"y":836,"width":398,"height":11}},{"id":"6c3f262c-49fc-40a9-be89-e95ab7fc3af2","block_type":"box","text":"®","page_number":145,"box":{"x":500,"y":836,"width":6,"height":5}},{"id":"7687efda-d21c-4b9a-a033-0170dbe1a437","block_type":"box","text":"Index 2030 Fund, BlackRock 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.","page_number":146,"box":{"x":167,"y":154,"width":206,"height":11}},{"id":"e8e10b79-22e8-4a80-a1b4-9c2f7c670dad","block_type":"box","text":". . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.15%","page_number":146,"box":{"x":380,"y":154,"width":443,"height":9}},{"id":"f3e2e18b-5eb9-4a25-abbf-32f9941bb61d","block_type":"box","text":"There are no placement fees for Investor P Shares of iShares MSCI EAFE International Index Fund and iShares","page_number":146,"box":{"x":101,"y":178,"width":787,"height":11}},{"id":"5a8f06c8-e566-46d7-a28b-31e45ed823b2","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":146,"box":{"x":70,"y":193,"width":808,"height":11}},{"id":"4e596c08-cca2-4939-92ce-465d2e9b01d8","block_type":"box","text":"U.S. Aggregate Bond Index Fund of BlackRock Funds 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has entered into a Class A","page_number":146,"box":{"x":68,"y":390,"width":837,"height":11}},{"id":"5946af3c-2d6a-4900-bcaa-88e47013d1a2","block_type":"box","text":"or Investor P NAV agreement, as applicable, with respect to such program with the Distributor; (c) insurance company","page_number":146,"box":{"x":69,"y":405,"width":836,"height":11}},{"id":"96055057-01c0-4210-a02a-56a38e74efd6","block_type":"box","text":"separate accounts; (d) registered investment advisers, trust companies and bank trust depar tments exercising","page_number":146,"box":{"x":69,"y":420,"width":793,"height":11}},{"id":"ae3f3503-3f9f-4b33-93f1-07dc177d3b4e","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":146,"box":{"x":69,"y":435,"width":811,"height":11}},{"id":"7b7522d1-a35a-42f6-a679-b6c35726174b","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":146,"box":{"x":68,"y":450,"width":827,"height":12}},{"id":"15be8c88-a073-4de9-959f-bbe330eb6051","block_type":"box","text":"institution; (f) financial intermediaries who have entered into an agreement with the Distributor and have been","page_number":146,"box":{"x":70,"y":465,"width":782,"height":12}},{"id":"648b26a2-a283-4887-aa1d-38d0186fd952","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":146,"box":{"x":69,"y":481,"width":830,"height":11}},{"id":"4798fcc8-fe19-4716-af90-434eb72e36a8","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":146,"box":{"x":69,"y":496,"width":815,"height":11}},{"id":"1df6920b-8214-4d75-9e3d-d256c192d421","block_type":"box","text":"IRAs as permitted under the Internal Revenue Code; (h) with respect to Investor A Shares only, accounts opened","page_number":146,"box":{"x":70,"y":511,"width":799,"height":11}},{"id":"75a4bd49-0ce3-474a-a382-8d467eb320ae","block_type":"box","text":"directly with a Fund that do not have a financial intermediary associated with the account; and (i) persons","page_number":146,"box":{"x":69,"y":526,"width":752,"height":11}},{"id":"05a6326e-22f3-471a-a608-927fa17aaa43","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":146,"box":{"x":70,"y":541,"width":836,"height":11}},{"id":"00c95167-9bac-4f73-bda8-8d0017a8d23d","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":146,"box":{"x":69,"y":556,"width":812,"height":11}},{"id":"bb3788c2-5ea1-4a0d-a4b5-2af340bbcc85","block_type":"box","text":"Sub-Advisers, Transfer Agent, Distributor, fund accounting agents, Barclays PLC and their affiliates may buy Investor A","page_number":146,"box":{"x":69,"y":571,"width":839,"height":12}},{"id":"1d1aa948-c5a4-4638-b660-de1e642565c5","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":146,"box":{"x":69,"y":586,"width":788,"height":12}},{"id":"56e0e096-aa3f-40f4-b1ac-4e80bd3880e6","block_type":"box","text":"including: (a) officers, directors and par tners; (b) employees and retirees; (c) employees or registered representatives","page_number":146,"box":{"x":70,"y":601,"width":838,"height":12}},{"id":"dc2738c1-c886-4724-a51d-560f214ec374","block_type":"box","text":"of firms who have entered into selling agreements to distribute shares of BlackRock-advised funds; (d) immediate","page_number":146,"box":{"x":69,"y":617,"width":810,"height":11}},{"id":"476276a2-5227-41ae-a9cb-8f719e8d6a6d","block_type":"box","text":"family members of such persons (“immediate family members” shall be defined as the investor, the investor’s","page_number":146,"box":{"x":68,"y":632,"width":787,"height":11}},{"id":"ba796a99-ab43-4b1f-ac01-5cf3afb04acf","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":146,"box":{"x":69,"y":647,"width":834,"height":11}},{"id":"7c6178d4-8015-458d-8339-eeca3711f352","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":146,"box":{"x":70,"y":662,"width":808,"height":11}},{"id":"118fd34c-4b2d-4c6f-a3a6-a6347929e8b7","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":146,"box":{"x":69,"y":677,"width":837,"height":11}},{"id":"314b95c6-d28e-45eb-a9ea-d5efec709035","block_type":"box","text":"investors exchanging Investor A Shares of one BlackRock Fund for Investor P Shares of another BlackRock Fund, or","page_number":146,"box":{"x":70,"y":692,"width":820,"height":11}},{"id":"737b505c-6d87-437d-8419-fc4660111c23","block_type":"box","text":"exchanging Investor P Shares of one BlackRock Fund for Investor A Shares of another BlackRock Fund, through an","page_number":146,"box":{"x":69,"y":707,"width":813,"height":12}},{"id":"c28e6d75-26c7-442d-bf9c-f4340e590290","block_type":"box","text":"intermediary-processed exchange, provided that the investor had previously paid a sales charge with respect to such","page_number":146,"box":{"x":70,"y":723,"width":831,"height":11}},{"id":"148bc120-e76a-4455-8975-4ddb26456945","block_type":"box","text":"shares. The availability of Investor A or Investor P Shares sales charge waivers may depend upon the policies,","page_number":146,"box":{"x":69,"y":738,"width":783,"height":11}},{"id":"b5f81113-4762-4942-be18-b56f5a4f7e5f","block_type":"box","text":"procedures and trading platforms of your financial intermediary; consult your financial adviser.","page_number":146,"box":{"x":70,"y":753,"width":668,"height":11}},{"id":"84d14fac-b722-4162-a75a-e287bf6b7ed8","block_type":"box","text":"If you invest $1,000,000 ($250,000 for BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset","page_number":146,"box":{"x":102,"y":775,"width":754,"height":12}},{"id":"62db3118-b88f-41c1-8da5-b51a8c896d73","block_type":"box","text":"Income Por tfolio and BlackRock Managed Income Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund","page_number":146,"box":{"x":70,"y":790,"width":823,"height":12}},{"id":"a86a8862-b94d-4a64-b604-0d43acc522a2","block_type":"box","text":"of BlackRock Funds IV, BlackRock Total Return Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund,","page_number":146,"box":{"x":69,"y":806,"width":833,"height":10}},{"id":"6a0361c0-51d1-45c0-aa1a-02a6463f71ca","block_type":"box","text":"Inc., BlackRock National Municipal Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni","page_number":146,"box":{"x":70,"y":821,"width":802,"height":11}},{"id":"8b2e1ca1-fdd8-4fd3-9ed1-dd95db22d32f","block_type":"box","text":"Fund of BlackRock Municipal Bond Fund, Inc., BlackRock Strategic Municipal Oppor tunities Fund of BlackRock","page_number":146,"box":{"x":70,"y":836,"width":781,"height":11}},{"id":"be58250e-c49d-496b-bfda-a129ca61f8d9","block_type":"box","text":"Municipal Series Trust, BlackRock California Municipal Oppor tunities Fund of BlackRock California Municipal Series","page_number":146,"box":{"x":70,"y":851,"width":819,"height":11}},{"id":"e3714b54-df12-4c56-9a2d-547ae43043b9","block_type":"box","text":"Trust, BlackRock New York Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock","page_number":146,"box":{"x":68,"y":866,"width":835,"height":11}},{"id":"887b3a84-eb4d-479b-bf19-b6624a97939f","block_type":"box","text":"Pennsylvania Municipal Bond Fund of BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity","page_number":146,"box":{"x":69,"y":881,"width":813,"height":11}},{"id":"bbd1bd55-b7d9-471f-847c-77db656c5174","block_type":"box","text":"Fund and BlackRock Balanced Fund, Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock","page_number":146,"box":{"x":70,"y":896,"width":792,"height":11}},{"id":"8ba3f7eb-68f0-412d-b85a-0070bdb7d784","block_type":"box","text":"Floating Rate Income Por tfolio, BlackRock Income Fund and BlackRock Strategic Income Oppor tunities Por tfolio of","page_number":146,"box":{"x":70,"y":911,"width":813,"height":12}},{"id":"8bcc3db3-e506-43a0-8b4a-2c783c45449f","block_type":"box","text":"II-104","page_number":146,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ee4d9195-ed15-4a98-b0ec-69ca109c63e0","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":146,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5a085c62-8070-4724-8d12-61ccdce32e6f","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":147,"box":{"x":70,"y":45,"width":837,"height":11}},{"id":"d1a16e20-b191-4fe6-bc99-2b5cd50756a7","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":147,"box":{"x":70,"y":60,"width":790,"height":11}},{"id":"1d0cfeeb-5034-46ac-ae74-a15403b9e529","block_type":"box","text":"shor ter holding period may apply depending on the Fund), you may be charged a deferred sales charge.","page_number":147,"box":{"x":69,"y":75,"width":736,"height":11}},{"id":"46c2c717-6b53-4a85-ab14-3e7dd7e78778","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":147,"box":{"x":101,"y":98,"width":763,"height":11}},{"id":"6b8e0c6a-ba58-4b50-9831-f4f87079633d","block_type":"box","text":"Funds and BlackRock Shor t Obligations Fund purchased in an exchange transaction for Investor A Shares of a","page_number":147,"box":{"x":70,"y":113,"width":782,"height":11}},{"id":"99e9f38f-b307-4172-a7ee-b3115054d63a","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":147,"box":{"x":70,"y":128,"width":832,"height":11}},{"id":"7cb72455-e1b5-4d2d-8947-3b80a8dfea7d","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":147,"box":{"x":68,"y":142,"width":839,"height":12}},{"id":"fd6f1033-116a-4aad-ae6c-125acc3ca5a2","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":147,"box":{"x":69,"y":158,"width":817,"height":11}},{"id":"fd86c7f3-fb91-4b3c-9dcb-ac112d248b8c","block_type":"box","text":"charge is only charged upon redemptions of Investor A Shares within 18 months after you originally acquired such","page_number":147,"box":{"x":69,"y":173,"width":811,"height":11}},{"id":"af5a4328-4b85-44ae-aad9-a3ae56a20279","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":147,"box":{"x":70,"y":188,"width":818,"height":12}},{"id":"16f4219e-c0dd-4c61-ad4b-927ba733d9c5","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":147,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"c396ff95-044d-47f9-b203-5a943bf7ea4c","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":147,"box":{"x":69,"y":218,"width":830,"height":12}},{"id":"0f083018-4d28-4522-a7a7-907f53bb3526","block_type":"box","text":"period, as applicable) (as measured from your original purchase of Investor A Shares that you exchanged into","page_number":147,"box":{"x":70,"y":234,"width":778,"height":11}},{"id":"5e077d22-6856-4d3c-b84b-8f0ec4108140","block_type":"box","text":"Investor A Shares of the Index Fund or BlackRock Shor t Obligations Fund).","page_number":147,"box":{"x":70,"y":249,"width":526,"height":11}},{"id":"6a910663-94dc-4e67-b1a1-4075bf10b23d","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":147,"box":{"x":101,"y":271,"width":788,"height":12}},{"id":"36afe3a7-e847-4f15-8883-8ae1fe695562","block_type":"box","text":"(a) redemptions of Investor A or Investor P Shares purchased through cer tain employer-sponsored retirement plans","page_number":147,"box":{"x":69,"y":286,"width":819,"height":12}},{"id":"fc862130-ddf1-4041-9b17-7b55bca20cdc","block_type":"box","text":"and rollovers of current investments in a Fund through such plans; (b) exchanges described in “Exchange Privilege”","page_number":147,"box":{"x":69,"y":302,"width":820,"height":11}},{"id":"f96ca81f-d59a-4716-94e4-a28a18b3579c","block_type":"box","text":"below; (c) redemptions made in connection with minimum required distributions from IRA and 403(b)(7) accounts due","page_number":147,"box":{"x":69,"y":317,"width":837,"height":11}},{"id":"a8f4dd49-5477-48c0-ad98-931fc6969109","block_type":"box","text":"to the shareholder reaching the applicable age triggering such distributions; (d) redemptions made with respect to","page_number":147,"box":{"x":68,"y":332,"width":812,"height":11}},{"id":"c20a0411-4843-4fd2-a704-4411738f58a2","block_type":"box","text":"cer tain retirement plans sponsored by a Fund, BlackRock or its affiliates; (e) redemptions (i) within one year of a","page_number":147,"box":{"x":69,"y":347,"width":803,"height":11}},{"id":"051d1edd-49fe-49a5-821a-0b3f30fe25de","block_type":"box","text":"shareholder’s death or, if later, the receipt of a cer tified probate settlement (including in connection with the","page_number":147,"box":{"x":69,"y":362,"width":772,"height":11}},{"id":"6e69a49b-f9e7-4a59-b0cb-5ef972cc16c2","block_type":"box","text":"distribution of account assets to a beneficiary of the decedent) or (ii) in connection with a shareholder’s disability (as","page_number":147,"box":{"x":69,"y":377,"width":835,"height":11}},{"id":"89fe7578-0f61-4240-a402-f82533ae8c7b","block_type":"box","text":"defined in the Code) subsequent to the purchase of Investor A or Investor P Shares; (f) involuntary redemptions of","page_number":147,"box":{"x":69,"y":392,"width":814,"height":12}},{"id":"8ca4d047-a0fd-4560-a2fa-0c3095abbd8a","block_type":"box","text":"Investor A or Investor P Shares in accounts with low balances; (g) cer tain redemptions made pursuant to the","page_number":147,"box":{"x":70,"y":408,"width":772,"height":11}},{"id":"30ffeaf1-907e-443c-8bfe-2e4715b76872","block_type":"box","text":"Systematic Withdrawal Plan (described below); (h) redemptions related to the payment of BNY Mellon Investment","page_number":147,"box":{"x":69,"y":423,"width":805,"height":11}},{"id":"4133a742-d2b1-40f1-a955-7e300c7ed016","block_type":"box","text":"Servicing Trust Company custodial IRA fees; and (i) redemptions when a shareholder can demonstrate hardship, in","page_number":147,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"3c0b1755-a934-4a18-8fe7-ec6558cfcb18","block_type":"box","text":"the absolute discretion of a Fund.","page_number":147,"box":{"x":68,"y":453,"width":239,"height":9}},{"id":"6eeb1a1d-9c2f-48f2-a5e9-5ee3c9f7e848","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":147,"box":{"x":101,"y":475,"width":794,"height":12}},{"id":"a9565f40-867e-48f9-a8ce-fe1239292f37","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":147,"box":{"x":68,"y":490,"width":776,"height":12}},{"id":"fac72bba-60dd-49a2-81e1-7ac1a7c66333","block_type":"box","text":"BlackRock Dynamic High Income Por tfolio, BlackRock Multi-Asset Income Por tfolio and BlackRock Managed Income","page_number":147,"box":{"x":70,"y":506,"width":821,"height":11}},{"id":"d582aaff-eb23-4f13-91eb-895b1f186817","block_type":"box","text":"Fund of BlackRock Funds II, BlackRock Credit Relative Value Fund of BlackRock Funds IV, BlackRock Total Return","page_number":147,"box":{"x":70,"y":521,"width":800,"height":10}},{"id":"28a7416d-7805-4dfd-89fc-c346fc56a888","block_type":"box","text":"Fund of BlackRock Bond Fund, Inc., BlackRock Global Allocation Fund, Inc., BlackRock National Municipal Fund of","page_number":147,"box":{"x":70,"y":536,"width":806,"height":11}},{"id":"b259f577-8475-4baa-84fc-ef3ad68c3def","block_type":"box","text":"BlackRock Municipal Bond Fund, Inc., BlackRock Shor t Duration Muni Fund of BlackRock Municipal Bond Fund, Inc.,","page_number":147,"box":{"x":70,"y":551,"width":823,"height":11}},{"id":"5155d05b-7f43-4f55-a7ca-8051f78683d7","block_type":"box","text":"BlackRock Strategic Municipal Oppor tunities Fund of BlackRock Municipal Series Trust, BlackRock California","page_number":147,"box":{"x":70,"y":566,"width":770,"height":11}},{"id":"07aff25e-3cef-4508-927e-1122b31018d7","block_type":"box","text":"Municipal Oppor tunities Fund of BlackRock California Municipal Series Trust, BlackRock New York Municipal","page_number":147,"box":{"x":70,"y":581,"width":766,"height":11}},{"id":"b7834bef-08c6-4ad0-aeab-7c169ae132bf","block_type":"box","text":"Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund and BlackRock Pennsylvania Municipal Bond Fund of","page_number":147,"box":{"x":69,"y":596,"width":837,"height":12}},{"id":"abe03682-de28-4448-8de9-283c18535491","block_type":"box","text":"BlackRock Multi-State Municipal Series Trust, BlackRock Event Driven Equity Fund and BlackRock Balanced Fund,","page_number":147,"box":{"x":70,"y":612,"width":805,"height":11}},{"id":"6e7151b7-9a83-4fff-bc23-4e923227d7db","block_type":"box","text":"Inc., and $500,000 for BlackRock Low Duration Bond Por tfolio, BlackRock Floating Rate Income Por tfolio, BlackRock","page_number":147,"box":{"x":70,"y":626,"width":832,"height":12}},{"id":"df0c09f0-08dc-483b-aa74-ca5cc3b16177","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":147,"box":{"x":70,"y":642,"width":828,"height":11}},{"id":"6e8dc668-65e1-4ab7-9472-c1d706c6c2e4","block_type":"box","text":"Investor P Shares. This may depend upon the policies, procedures and trading platforms of your financial","page_number":147,"box":{"x":70,"y":657,"width":746,"height":11}},{"id":"188df68a-ca22-43b5-b897-e8b2547d3e64","block_type":"box","text":"intermediary; consult your financial adviser.","page_number":147,"box":{"x":70,"y":672,"width":307,"height":11}},{"id":"a8c97f4e-e9a7-4d04-85f1-7e9f776316dd","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":147,"box":{"x":102,"y":695,"width":799,"height":11}},{"id":"6a28473a-71bf-4f97-bc3e-e5177145f2fe","block_type":"box","text":"to transfer investment positions from a foreign registered investment company advised by BlackRock or its affiliates","page_number":147,"box":{"x":68,"y":710,"width":829,"height":11}},{"id":"b33fcd22-c9e5-42a2-b001-85405632658a","block_type":"box","text":"to a U.S. registered BlackRock-advised fund.","page_number":147,"box":{"x":68,"y":725,"width":317,"height":11}},{"id":"12801e99-867f-4d96-bcb2-607e168a8b95","block_type":"box","text":"Acquisition of Cer tain Investment Companies.","page_number":147,"box":{"x":101,"y":748,"width":326,"height":11}},{"id":"4958c574-aef6-41ef-95dd-1122fd1e23f6","block_type":"box","text":"Investor A and Investor P Shares may be offered at NAV in","page_number":147,"box":{"x":434,"y":748,"width":413,"height":11}},{"id":"0ec1219e-ff52-45fd-9786-c5f9dbb4d3bc","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":147,"box":{"x":69,"y":763,"width":811,"height":11}},{"id":"341e10a3-41c0-41b2-9a5a-8f1968b52491","block_type":"box","text":"public or private investment company.","page_number":147,"box":{"x":70,"y":778,"width":266,"height":11}},{"id":"d57fd03f-d1dc-44b5-af63-62cdcbfb4847","block_type":"box","text":"Purchases Through Cer tain Financial Intermediaries.","page_number":147,"box":{"x":102,"y":801,"width":372,"height":11}},{"id":"37d4e14b-a13f-4052-b75e-abee2a17361a","block_type":"box","text":"Reduced sales charges may be applicable for purchases of","page_number":147,"box":{"x":481,"y":801,"width":421,"height":11}},{"id":"6e9e3721-947d-4233-831a-3571772fa09c","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":147,"box":{"x":70,"y":816,"width":825,"height":11}},{"id":"17b7ec33-3def-4f8b-bcd1-cef7172a7e61","block_type":"box","text":"and other financial intermediaries that meet and adhere to standards established by the Manager from time to time.","page_number":147,"box":{"x":69,"y":831,"width":830,"height":11}},{"id":"65dc3da5-9d80-462a-95ff-8406a68a4689","block_type":"box","text":"II-105","page_number":147,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"69ce5bc2-92c9-45dc-b8e7-cc7fa7561f58","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":147,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2759a93d-697d-4715-8535-ce3e65a81281","block_type":"box","text":"Deferred Sales Charge Alternative — Investor C Shares","page_number":148,"box":{"x":69,"y":45,"width":405,"height":11}},{"id":"c7fef4b5-ef98-44c2-8cd0-011197fa41d9","block_type":"box","text":"Investors choosing the deferred sales charge alternative should consider Investor C Shares if they are uncer tain","page_number":148,"box":{"x":102,"y":67,"width":799,"height":12}},{"id":"31d36f6c-c855-4413-9f68-6a977110faa0","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":148,"box":{"x":69,"y":82,"width":828,"height":12}},{"id":"45b779ba-ece0-4942-8391-ec45b6e443db","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":148,"box":{"x":70,"y":97,"width":778,"height":12}},{"id":"dd069f6d-19a6-49eb-be01-e4ed9fc0f93a","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":148,"box":{"x":70,"y":113,"width":826,"height":11}},{"id":"a4f6d882-44b9-4b91-9b52-e2d3be57de8b","block_type":"box","text":"set a lower maximum for Investor C Shares.","page_number":148,"box":{"x":69,"y":128,"width":311,"height":9}},{"id":"4d61a999-93b1-4a22-a98c-dacbe15c88f7","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":148,"box":{"x":102,"y":150,"width":789,"height":12}},{"id":"e6f97da0-b892-4350-b2aa-f8919f8e7d09","block_type":"box","text":"intermediary associated with the account.","page_number":148,"box":{"x":70,"y":166,"width":297,"height":11}},{"id":"6168f1a3-7ba7-4c52-b58b-f9e22bc721c0","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":148,"box":{"x":102,"y":188,"width":669,"height":12}},{"id":"55f3b0d2-bb58-456a-8088-e99977d0782f","block_type":"box","text":"The deferred sales charge alternatives may be par ticularly appealing to investors who do not qualify for the","page_number":148,"box":{"x":101,"y":211,"width":763,"height":11}},{"id":"48f8444a-24a2-44cf-b097-854fc2a274e9","block_type":"box","text":"reduction in initial sales charges. CDSC shares are subject to ongoing service fees and distribution fees; however,","page_number":148,"box":{"x":69,"y":226,"width":815,"height":11}},{"id":"a840b861-6552-4efb-9615-c6602ca49c51","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":148,"box":{"x":68,"y":241,"width":813,"height":11}},{"id":"b5d04639-8bb5-4d2a-957f-d58e3d4f7388","block_type":"box","text":"CDSC shares.","page_number":148,"box":{"x":69,"y":256,"width":97,"height":9}},{"id":"e956baf1-8b3e-440c-bafa-dd00763dcd7f","block_type":"box","text":"BlackRock compensates financial advisers and other financial intermediaries for selling CDSC shares at the time","page_number":148,"box":{"x":102,"y":279,"width":804,"height":11}},{"id":"6f1698ce-3644-4d7b-b7ce-d396a8708cc4","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":148,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"a44fe8c6-cbfc-4829-a6ba-b51b96f1dc88","block_type":"box","text":"used by the Distributor to defray the expenses of securities dealers or other financial intermediaries related to","page_number":148,"box":{"x":69,"y":309,"width":786,"height":11}},{"id":"325e37d3-c3ba-434f-91b8-cbed54f419dd","block_type":"box","text":"providing distribution-related services to each Fund in connection with the sale of the CDSC shares. The combination","page_number":148,"box":{"x":70,"y":324,"width":831,"height":12}},{"id":"a14b9118-dad3-45ae-8fad-ebe031deff9b","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":148,"box":{"x":69,"y":339,"width":809,"height":12}},{"id":"c04cbcfc-2a28-4a22-b147-69111bc1ea3d","block_type":"box","text":"sales charge being deducted at the time of purchase. See “Distribution and/or Shareholder Servicing Plans” below.","page_number":148,"box":{"x":69,"y":355,"width":824,"height":11}},{"id":"6a09cd81-ddd9-457b-93b9-85f87632b1fe","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":148,"box":{"x":70,"y":370,"width":822,"height":11}},{"id":"7825dc57-3667-4100-ab0b-1bfcfc9c1831","block_type":"box","text":"sales charge rule. See “Limitations on the Payment of Deferred Sales Charges” below.","page_number":148,"box":{"x":69,"y":385,"width":618,"height":11}},{"id":"cdca1889-d9cc-4bcb-b328-09ab4384e5ee","block_type":"box","text":"Dealers will generally immediately receive commissions equal to 1.00% of the Investor C Shares sold by them","page_number":148,"box":{"x":102,"y":407,"width":782,"height":12}},{"id":"793be983-1ea0-4ae7-ad06-f4404bed6872","block_type":"box","text":"plus ongoing fees under the Fund’s Distribution and Service Plan. Dealers may not receive a commission in","page_number":148,"box":{"x":70,"y":423,"width":764,"height":11}},{"id":"0400781a-d7b8-4f98-8e3a-d334041b23f9","block_type":"box","text":"connection with sales of Investor C Shares to cer tain employer-sponsored retirement plans sponsored by the Fund,","page_number":148,"box":{"x":69,"y":438,"width":820,"height":11}},{"id":"d2789769-c108-40c9-a3ea-8337f2e59ecf","block_type":"box","text":"BlackRock or its affiliates, but may receive fees under the Distribution and Service Plan. These commissions and","page_number":148,"box":{"x":70,"y":453,"width":806,"height":11}},{"id":"6429a2dc-dbc7-4a14-823d-1b0059e594ec","block_type":"box","text":"payments may be different than the reallowances, placement fees and commissions paid to dealers in connection","page_number":148,"box":{"x":70,"y":468,"width":813,"height":11}},{"id":"40dce5fe-cad8-4eaa-9811-a916e0f9eb65","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":148,"box":{"x":68,"y":483,"width":811,"height":11}},{"id":"72f2ad23-d3e0-4e5c-a89c-cbee365196ff","block_type":"box","text":"trading platforms of your financial intermediary; consult your financial adviser.","page_number":148,"box":{"x":68,"y":498,"width":554,"height":11}},{"id":"e61eae31-c5be-4b07-b822-dd23a6a63ea3","block_type":"box","text":"Each Fund has adopted an automatic conversion feature for Investor C Shares. Effective November 23, 2020,","page_number":148,"box":{"x":102,"y":521,"width":783,"height":11}},{"id":"704bbbae-aeb8-4094-8d4e-c0877d0626cb","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":148,"box":{"x":70,"y":536,"width":808,"height":11}},{"id":"7ad08f7f-e7ea-410d-a30b-6b4cd7f17578","block_type":"box","text":"Fund’s Prospectus. In addition, accounts that do not have a financial intermediary associated with them are not","page_number":148,"box":{"x":70,"y":551,"width":797,"height":11}},{"id":"a8e984de-e21c-485c-968b-b2fbfd077281","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":148,"box":{"x":69,"y":566,"width":837,"height":11}},{"id":"d299226a-4d6a-40bd-81aa-ac55c5702e64","block_type":"box","text":"Investor A Shares.","page_number":148,"box":{"x":70,"y":581,"width":128,"height":9}},{"id":"42440f3c-6f9c-44c1-a884-1d568b96229e","block_type":"box","text":"Conversion of Investor C Shares to Investor A Shares","page_number":148,"box":{"x":102,"y":604,"width":378,"height":9}},{"id":"e0a7e206-e6e9-469d-a5f1-957670eacadb","block_type":"box","text":"Effective November 23, 2020 (the “Effective Date”), approximately eight years after purchase, Investor C Shares","page_number":148,"box":{"x":102,"y":627,"width":804,"height":11}},{"id":"5243804b-d5cd-4257-9fa7-6bcac5a093ff","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":148,"box":{"x":69,"y":642,"width":794,"height":11}},{"id":"30f9f545-0a31-469e-aa9c-c7bf7ed62cbd","block_type":"box","text":"Cer tain funds (the “Predecessor Funds”) were reorganized into new Funds (the “Successor Funds”) pursuant to","page_number":148,"box":{"x":69,"y":657,"width":794,"height":11}},{"id":"6a8c8631-91c2-41a6-b7d0-f0d9fc1e1e9c","block_type":"box","text":"reorganizations which occurred in September 2018. The holding period for Investor C Shares of Successor Funds","page_number":148,"box":{"x":69,"y":672,"width":806,"height":11}},{"id":"7d373692-20d6-4102-b011-cc87e64eae55","block_type":"box","text":"includes the period such shares were held in the respective Predecessor Fund. It is the financial intermediary’s","page_number":148,"box":{"x":70,"y":687,"width":793,"height":11}},{"id":"eb659f4b-4793-4962-a638-350ab69facc8","block_type":"box","text":"responsibility to ensure that the shareholder is credited with the proper holding period. As of the Effective Date,","page_number":148,"box":{"x":69,"y":702,"width":796,"height":12}},{"id":"df535bda-7606-499b-9adb-5b42e317eba5","block_type":"box","text":"cer tain financial intermediaries, including group retirement recordkeeping platforms, may not have been tracking","page_number":148,"box":{"x":69,"y":717,"width":802,"height":12}},{"id":"781c3ee5-85a2-49b7-b682-69d93c7069e5","block_type":"box","text":"such holding periods and therefore may not be able to process such conversions. In such instances, Investor C","page_number":148,"box":{"x":69,"y":732,"width":793,"height":12}},{"id":"36a789ca-1c8e-48ac-b519-c6782fac12ad","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":148,"box":{"x":69,"y":748,"width":817,"height":11}},{"id":"53edfb26-8ea9-463b-9683-8fca5009ad35","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":148,"box":{"x":68,"y":763,"width":814,"height":11}},{"id":"3378288b-b629-48c8-9aca-15d27b3d2f42","block_type":"box","text":"not implemented systems or procedures to track holding periods commencing from the Effective Date, shareholders","page_number":148,"box":{"x":69,"y":778,"width":828,"height":11}},{"id":"36aca2fe-5226-4ec5-ba34-bdd21a860c73","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":148,"box":{"x":69,"y":793,"width":832,"height":11}},{"id":"da1982a0-ddfc-4ae8-96f3-ee69e8e13ac1","block_type":"box","text":"any such shares will conver t to Investor A Shares as soon as reasonably practicable after such date.","page_number":148,"box":{"x":69,"y":808,"width":718,"height":11}},{"id":"d639fee5-c2f6-419d-8d72-c4889116267d","block_type":"box","text":"In addition, accounts that do not have a financial intermediary associated with them are not eligible to hold","page_number":148,"box":{"x":102,"y":831,"width":764,"height":11}},{"id":"e610ecaa-e637-4631-98e8-1cea4b990b4d","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":148,"box":{"x":70,"y":846,"width":816,"height":11}},{"id":"d8784cd0-1766-4636-9c64-77b760461f63","block_type":"box","text":"Shares (the “Investor C Direct Accounts Conversion” and together with the Investor C 8-Year Conversion, the","page_number":148,"box":{"x":69,"y":861,"width":772,"height":11}},{"id":"a61f6a15-81b2-4385-8bb3-edab15011591","block_type":"box","text":"“Investor C Conversions”).","page_number":148,"box":{"x":70,"y":876,"width":186,"height":11}},{"id":"60bc5b3a-f23d-47ba-bbf5-a39ad00b2d05","block_type":"box","text":"II-106","page_number":148,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"f7d545da-c2b9-4f3a-ac72-7cc6395b1ab2","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":148,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0b686888-6d5c-4201-bd18-ccc2e2477578","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":149,"box":{"x":101,"y":45,"width":776,"height":11}},{"id":"fe09a526-3f78-4ea1-bf3c-d947301642f2","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":149,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"c0ec6760-7467-4be1-9501-c631e645bf79","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":149,"box":{"x":70,"y":75,"width":827,"height":11}},{"id":"f54f4cc3-ef49-4e50-b21c-142372c0027d","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":149,"box":{"x":69,"y":90,"width":833,"height":11}},{"id":"8e1d85b4-6e4d-40a8-83d3-f6251096fee5","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":149,"box":{"x":69,"y":105,"width":818,"height":11}},{"id":"d4ee863a-bce5-4118-85ee-4cf57fc7be0c","block_type":"box","text":"Conversion Date for dividend reinvestment shares will be calculated taking into account the length of time the shares","page_number":149,"box":{"x":69,"y":120,"width":836,"height":12}},{"id":"6afb6e9b-b62e-4ac3-85b7-e920df14d34e","block_type":"box","text":"underlying the dividend reinvestment shares were outstanding.","page_number":149,"box":{"x":69,"y":136,"width":445,"height":11}},{"id":"d4a8c333-e887-42d2-84ad-287bd82006ac","block_type":"box","text":"Contingent Deferred Sales Charge — Investor C Shares","page_number":149,"box":{"x":102,"y":158,"width":396,"height":11}},{"id":"9d08a245-a02a-4500-8bcf-9367701a0aa9","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":149,"box":{"x":102,"y":181,"width":804,"height":11}},{"id":"d5f9ef1c-2724-4cf7-9c27-c5b9afe223ae","block_type":"box","text":"percentage of the dollar amount subject thereto. In determining whether an Investor C Shares CDSC is applicable to","page_number":149,"box":{"x":70,"y":196,"width":826,"height":11}},{"id":"f52a122d-c9c7-49b3-861b-bc0a0c3ce5f2","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":149,"box":{"x":69,"y":211,"width":837,"height":11}},{"id":"0c4fb056-b6f9-4ecd-8c3d-28675ae096d7","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":149,"box":{"x":68,"y":226,"width":795,"height":11}},{"id":"cf76b88f-824f-4e32-8718-d7492757fa41","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":149,"box":{"x":69,"y":241,"width":840,"height":11}},{"id":"2405c548-64dd-4267-aa73-903d6f74b86e","block_type":"box","text":"Investor C Shares. In addition, no CDSC will be assessed on Investor C Shares acquired through reinvestment of","page_number":149,"box":{"x":70,"y":256,"width":804,"height":12}},{"id":"ebeafa39-15e1-4c0b-9092-4ca61d6d9a00","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":149,"box":{"x":69,"y":271,"width":772,"height":12}},{"id":"093aa718-d71c-4d9d-a492-0199fc9b9885","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":149,"box":{"x":70,"y":286,"width":790,"height":12}},{"id":"dc5f34e1-51ab-48a2-a461-befc9cb2eb1f","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":149,"box":{"x":69,"y":302,"width":776,"height":9}},{"id":"f43be1a3-bc4e-4eef-9f4a-c29bdd106841","block_type":"box","text":"redemption.","page_number":149,"box":{"x":69,"y":317,"width":83,"height":11}},{"id":"5979140a-3fa7-41ee-bfda-d52d6bf405a1","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":149,"box":{"x":102,"y":339,"width":734,"height":12}},{"id":"e3ec0fad-97a4-40f0-891d-50d6b8172d84","block_type":"box","text":"information about amounts paid to the Distributor in connection with CDSC shares for the periods indicated.","page_number":149,"box":{"x":70,"y":355,"width":769,"height":11}},{"id":"c36ee769-d8b9-4f0f-b088-527e7c02a431","block_type":"box","text":"Investor C Shares — Contingent Deferred Sales Charge Waivers and Reductions","page_number":149,"box":{"x":102,"y":377,"width":572,"height":12}},{"id":"bbf87101-9d2c-43eb-9de3-96b925381a3c","block_type":"box","text":"The CDSC on Investor C Shares is not charged in connection with: (1) redemptions of Investor C Shares","page_number":149,"box":{"x":101,"y":400,"width":740,"height":11}},{"id":"2bdcda0f-4af5-4671-acc8-0c922d2169e7","block_type":"box","text":"purchased through cer tain employer-sponsored retirement plans and fee-based programs previously approved by","page_number":149,"box":{"x":70,"y":415,"width":802,"height":11}},{"id":"e548e5c6-852e-45ce-938b-03e2aa31e447","block_type":"box","text":"cer tain Funds and rollovers of current investments in the Fund through such plans; (2) exchanges described in","page_number":149,"box":{"x":69,"y":430,"width":786,"height":11}},{"id":"15774663-ea47-4baf-976c-c0cad6de73e4","block_type":"box","text":"“Exchange Privilege” below; (3) redemptions made in connection with minimum required distributions due to the","page_number":149,"box":{"x":70,"y":445,"width":797,"height":12}},{"id":"39a05bfa-21b2-4ddf-b83a-32b6f3e63d52","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":149,"box":{"x":69,"y":460,"width":776,"height":12}},{"id":"354759d4-6b60-4852-882a-88bc68cd5bdc","block_type":"box","text":"retirement plans sponsored by the Fund, BlackRock or its affiliates; (5) redemptions in connection with a","page_number":149,"box":{"x":69,"y":475,"width":747,"height":12}},{"id":"be17e306-a50d-4fa7-9a7a-db011c503ceb","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":149,"box":{"x":69,"y":491,"width":822,"height":11}},{"id":"2592c976-d8c9-4bd9-b255-81b2494f5f3d","block_type":"box","text":"following completion of probate (including in connection with the distribution of account assets to a beneficiary of the","page_number":149,"box":{"x":68,"y":506,"width":836,"height":11}},{"id":"5885cc01-fd29-4f9e-b792-184742986521","block_type":"box","text":"decedent) or disability (as defined in the Code) subsequent to the purchase of Investor C Shares; (6) withdrawals","page_number":149,"box":{"x":69,"y":521,"width":806,"height":11}},{"id":"fc0c8a15-cf0d-4d3f-8b4d-ccb610a73107","block_type":"box","text":"resulting from shareholder disability (as defined in the Code) as long as the disability arose subsequent to the","page_number":149,"box":{"x":69,"y":536,"width":786,"height":11}},{"id":"d0b2efe4-93b1-4f99-9d45-11ed22072fc1","block_type":"box","text":"purchase of the shares; (7) involuntary redemptions of Investor C Shares in accounts with low balances as described","page_number":149,"box":{"x":70,"y":551,"width":834,"height":11}},{"id":"2fac2c34-7822-4446-8740-621b76748f97","block_type":"box","text":"in “Redemption of Shares” below; (8) redemptions made pursuant to a systematic withdrawal plan, subject to the","page_number":149,"box":{"x":70,"y":566,"width":809,"height":11}},{"id":"6181fe97-3ea3-436c-8657-9a438ab58393","block_type":"box","text":"limitations set for th under “Systematic Withdrawal Plan” below; (9) redemptions related to the payment of BNY","page_number":149,"box":{"x":70,"y":581,"width":791,"height":11}},{"id":"72a1cccb-b093-432a-aaec-da7ba36fb773","block_type":"box","text":"Mellon Investment Servicing Trust Company custodial IRA fees; and (10) redemptions when a shareholder can","page_number":149,"box":{"x":70,"y":596,"width":784,"height":12}},{"id":"3bd0c9ec-dffd-4315-89b2-4962bbc8837d","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":149,"box":{"x":69,"y":612,"width":824,"height":11}},{"id":"3454ab42-c745-4db6-b77d-5ea52e36df26","block_type":"box","text":"acquired through the reinvestment of dividends or distributions.","page_number":149,"box":{"x":69,"y":627,"width":451,"height":11}},{"id":"e4e1d64f-00bd-48e6-9f38-121f1aff1108","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":149,"box":{"x":102,"y":649,"width":781,"height":12}},{"id":"a198b422-e76a-459e-9cbc-05fb64f1bb9b","block_type":"box","text":"intermediaries, as described under “Intermediary-Defined Sales Charge Waiver Policies” in the Fund’s Prospectus.","page_number":149,"box":{"x":70,"y":664,"width":813,"height":12}},{"id":"11112a4c-d6ed-489e-803d-7f65195d4dbb","block_type":"box","text":"Please speak to your financial intermediary for more information.","page_number":149,"box":{"x":69,"y":680,"width":462,"height":11}},{"id":"739ad926-ffba-4c52-8541-c826b6ff0cf5","block_type":"box","text":"Class R Shares","page_number":149,"box":{"x":69,"y":710,"width":110,"height":9}},{"id":"d80a4b2a-9356-415f-aef5-d87a91da5072","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":149,"box":{"x":102,"y":732,"width":775,"height":11}},{"id":"31841cec-24ff-4988-b8b5-b92c61054721","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":149,"box":{"x":69,"y":748,"width":799,"height":11}},{"id":"5af72241-1c08-4df1-a3c2-f7f5e785df14","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":149,"box":{"x":69,"y":763,"width":801,"height":11}},{"id":"723b497a-2471-471f-a0ae-55c0c67f9b6c","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":149,"box":{"x":69,"y":778,"width":772,"height":11}},{"id":"32003ef2-3758-4610-935c-3542393fc29c","block_type":"box","text":"compensating financial advisers and other financial intermediaries, adver tising and promotion. Service fees are used","page_number":149,"box":{"x":69,"y":793,"width":836,"height":11}},{"id":"ad351e68-11c4-4eb8-8fc4-ea7c8fcac44d","block_type":"box","text":"to compensate securities dealers and other financial intermediaries for service activities.","page_number":149,"box":{"x":68,"y":808,"width":636,"height":11}},{"id":"0b20d43b-6532-4bd7-b1e0-ed52a3356a69","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":149,"box":{"x":102,"y":831,"width":791,"height":11}},{"id":"49c60409-6884-4e39-a0d0-26477633be27","block_type":"box","text":"have paid as a shareholder of one of the other share classes.","page_number":149,"box":{"x":69,"y":846,"width":440,"height":11}},{"id":"6ab6c76f-435e-4f92-ba24-5e39f5d67fca","block_type":"box","text":"II-107","page_number":149,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"96e07d60-db4c-43cd-9494-f2ccac4abc6e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":149,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ee2583a5-054d-4e82-b1de-c8fff467bdd3","block_type":"box","text":"Class K Shares","page_number":150,"box":{"x":69,"y":45,"width":109,"height":9}},{"id":"e7d950df-83a8-4cd9-b895-382bf54ba41d","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":150,"box":{"x":102,"y":67,"width":797,"height":11}},{"id":"fc83da45-fbf6-4b0a-8025-16b350c7b59e","block_type":"box","text":"only to (i) cer tain employee benefit plans, such as health savings accounts, and cer tain employer-sponsored","page_number":150,"box":{"x":69,"y":82,"width":772,"height":12}},{"id":"a729e2dc-3fd8-480c-a754-f7d1eb728f6f","block_type":"box","text":"retirement plans (not including SEP IRAs, SIMPLE IRAs and SARSEPs) (collectively, “Employer-Sponsored Retirement","page_number":150,"box":{"x":69,"y":98,"width":827,"height":11}},{"id":"9a37ef19-67f2-48c4-b4b9-1dfcaa0282ff","block_type":"box","text":"Plans”), (ii) collective trust funds, investment companies and other pooled investment vehicles, each of which may","page_number":150,"box":{"x":69,"y":113,"width":817,"height":11}},{"id":"0839d017-fc81-49ca-9cc7-c5a6ed0f0c56","block_type":"box","text":"purchase shares of the Fund through a financial intermediary that has entered into an agreement with the Distributor","page_number":150,"box":{"x":70,"y":128,"width":834,"height":11}},{"id":"2e7f71ec-8b28-4466-bdea-1b45142247b2","block_type":"box","text":"to purchase such shares, (iii) “Institutional Investors,” which include but are not limited to, endowments,","page_number":150,"box":{"x":68,"y":143,"width":748,"height":11}},{"id":"6851126d-ed6c-4263-afa1-50e345b61b62","block_type":"box","text":"foundations, family offices, banks and bank trusts, local, city, and state governmental institutions, corporations and","page_number":150,"box":{"x":68,"y":158,"width":828,"height":11}},{"id":"36d6ae3a-bdab-438f-a815-0ae020a60649","block_type":"box","text":"insurance company separate accounts, each of which may purchase shares of the Fund through a financial","page_number":150,"box":{"x":70,"y":173,"width":760,"height":11}},{"id":"17bcd99a-c373-40f8-b266-9fdf2e7a40ce","block_type":"box","text":"intermediary that has entered into an agreement with the Distributor to purchase such shares, (iv) clients of private","page_number":150,"box":{"x":70,"y":188,"width":823,"height":12}},{"id":"f8a2f190-0b5d-4b69-8885-1a3b3c7e469b","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":150,"box":{"x":69,"y":203,"width":836,"height":12}},{"id":"fddb464c-072f-48ca-9a55-492ad3e00284","block_type":"box","text":"Distributor to sell such shares; (v) fee-based advisory platforms of a financial intermediary that (a) has specifically","page_number":150,"box":{"x":70,"y":218,"width":814,"height":12}},{"id":"adc7b74c-703e-43a2-897f-f540698e3b6f","block_type":"box","text":"acknowledged in a written agreement with the Distributor and/or its affiliate(s) that the financial intermediary shall","page_number":150,"box":{"x":69,"y":234,"width":817,"height":11}},{"id":"5f09eb96-ce14-4072-9e7f-8518f20db765","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":150,"box":{"x":69,"y":249,"width":823,"height":11}},{"id":"2256b3e4-9c27-4d6d-946a-1db996207e9f","block_type":"box","text":"Fund’s shares through another intermediary that has executed such an agreement and (vi) any other investors who","page_number":150,"box":{"x":70,"y":264,"width":818,"height":11}},{"id":"19509559-98df-48ac-8989-ed78640e96c8","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":150,"box":{"x":69,"y":279,"width":833,"height":11}},{"id":"dd4c362a-d395-4df7-add5-c414db43031a","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":150,"box":{"x":69,"y":294,"width":807,"height":11}},{"id":"dfe9e19a-1c74-46c9-9f17-22ae1012e801","block_type":"box","text":"agreement referenced in (iv) above shall appear in a supplemental agreement to any selling, sub-transfer agent, or","page_number":150,"box":{"x":69,"y":309,"width":817,"height":11}},{"id":"95f259aa-abe1-4296-b513-39166018f15e","block_type":"box","text":"distribution and marketing agreement.","page_number":150,"box":{"x":69,"y":325,"width":270,"height":11}},{"id":"cff31d6d-e858-4e98-b1b8-243ea1e73c2e","block_type":"box","text":"Class K Shares are also available to employees, officers and directors/trustees of BlackRock, Inc. and","page_number":150,"box":{"x":102,"y":347,"width":734,"height":11}},{"id":"3c137247-ff8d-4402-acc6-1f4887611bff","block_type":"box","text":"BlackRock Funds and immediate family members of such persons, if they open an account directly with BlackRock.","page_number":150,"box":{"x":70,"y":362,"width":817,"height":11}},{"id":"66e3a55f-2709-4f4a-9755-3cc723d992c3","block_type":"box","text":"Eligible individuals who would like to conver t existing holdings to Class K Shares must contact BlackRock.","page_number":150,"box":{"x":70,"y":377,"width":753,"height":12}},{"id":"6c2a93dc-b8e6-458f-a343-2b7210bae4a0","block_type":"box","text":"Class G Shares","page_number":150,"box":{"x":69,"y":408,"width":110,"height":8}},{"id":"2ec62348-7178-42d6-8ab2-dd4405103d9e","block_type":"box","text":"Cer tain Funds offer Class G Shares, which are available only to investors on eligible platforms. Eligible platforms","page_number":150,"box":{"x":102,"y":430,"width":804,"height":11}},{"id":"036a7931-8a05-4073-bcb5-e245623dbb3f","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":150,"box":{"x":69,"y":445,"width":826,"height":12}},{"id":"83f478a6-ce8f-455c-a136-d0db23bba113","block_type":"box","text":"that meets an initial investment minimum of $2 billion. For clients investing through such eligible platforms, the Fund","page_number":150,"box":{"x":68,"y":460,"width":836,"height":12}},{"id":"39a715b1-5e71-4bbc-8211-3c35e5611528","block_type":"box","text":"does not impose investment minimums on any individual investor. Financial intermediaries may impose separate","page_number":150,"box":{"x":69,"y":476,"width":803,"height":11}},{"id":"f46e9129-85e0-4c0a-b4ed-f514e7cbee10","block_type":"box","text":"eligibility requirements.","page_number":150,"box":{"x":69,"y":491,"width":164,"height":11}},{"id":"04d65c0a-b5cc-4fe3-85b4-d40140fded65","block_type":"box","text":"Service Shares","page_number":150,"box":{"x":68,"y":521,"width":109,"height":9}},{"id":"d7dba32f-854b-4fb2-949a-088906f746e2","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":150,"box":{"x":102,"y":543,"width":788,"height":12}},{"id":"0d8a3b0f-e171-42f2-9bc6-3e739b54cb5b","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":150,"box":{"x":70,"y":559,"width":815,"height":11}},{"id":"282e1fc3-0faf-44b7-926d-5a8d1918850f","block_type":"box","text":"shareholders of the Compass Capital Group of Funds at the time of its combination with The PNC","page_number":150,"box":{"x":69,"y":574,"width":693,"height":11}},{"id":"d8682c9b-aaf3-4251-bfa8-5029c6d9f674","block_type":"box","text":"®","page_number":150,"box":{"x":763,"y":574,"width":6,"height":5}},{"id":"c3bcaa58-f148-4ca4-917b-15084ec57697","block_type":"box","text":"Fund in 1996; and","page_number":150,"box":{"x":775,"y":574,"width":130,"height":10}},{"id":"9049864e-842b-4856-b81d-40082480588f","block_type":"box","text":"(iii) par ticipants in the Capital Directions","page_number":150,"box":{"x":69,"y":589,"width":287,"height":11}},{"id":"4a97a0c5-d1af-4fe2-b17a-8ac48aedad0c","block_type":"box","text":"SM","page_number":150,"box":{"x":357,"y":589,"width":11,"height":5}},{"id":"d9ffecef-695b-407a-afb6-bd5f536ff905","block_type":"box","text":"asset allocation program. Service Shares are not subject to an initial sales","page_number":150,"box":{"x":374,"y":589,"width":534,"height":11}},{"id":"8d702452-f02b-4a07-bfe4-907f17568cbf","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":150,"box":{"x":69,"y":604,"width":776,"height":11}},{"id":"280114da-92a1-43f6-a4c2-699e101dcec5","block_type":"box","text":"BlackRock Shares","page_number":150,"box":{"x":69,"y":634,"width":133,"height":9}},{"id":"e53bfaa8-40b8-4eac-a410-0a121c6deeff","block_type":"box","text":"Cer tain Funds offer BlackRock Shares, which are available only to cer tain investors. BlackRock Shares are","page_number":150,"box":{"x":102,"y":657,"width":760,"height":11}},{"id":"603590a6-24a1-4dc6-8c34-7261ce77b12b","block_type":"box","text":"offered without a sales charge to institutional and individual investors, registered investment advisers and cer tain","page_number":150,"box":{"x":69,"y":672,"width":813,"height":11}},{"id":"a37c1bee-58c1-49cc-a21a-1dd532f94b03","block_type":"box","text":"fee-based programs.","page_number":150,"box":{"x":68,"y":687,"width":145,"height":11}},{"id":"71c7ca13-9074-4009-b42b-1ee6f31d4a75","block_type":"box","text":"Distribution and/or Shareholder Servicing Plans","page_number":150,"box":{"x":69,"y":718,"width":348,"height":11}},{"id":"48702c05-b331-4ca3-9d85-46efebfc3af9","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":150,"box":{"x":102,"y":740,"width":790,"height":11}},{"id":"6ad4a254-d4c4-49a8-ad6a-42f4537a5bfe","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":150,"box":{"x":69,"y":755,"width":761,"height":11}},{"id":"512396ff-8c56-4809-a92f-eeb04c2ae03e","block_type":"box","text":"shareholder servicing fees for cer tain services provided to its shareholders.","page_number":150,"box":{"x":69,"y":770,"width":541,"height":12}},{"id":"a452ffae-4a25-4851-858a-ccbed066c931","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":150,"box":{"x":102,"y":793,"width":803,"height":11}},{"id":"63332207-d1f6-4a87-9a63-cb3795bfb692","block_type":"box","text":"BlackRock, fees for distribution and sales suppor t services with respect to Investor A, Investor A1, Investor C,","page_number":150,"box":{"x":70,"y":808,"width":783,"height":11}},{"id":"868fbea8-f4a7-42da-9f85-85d96de810b1","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":150,"box":{"x":70,"y":823,"width":809,"height":11}},{"id":"3e8dcf3a-8776-4f3f-8ea9-9502bae816d5","block_type":"box","text":"bear the expense of distribution fees under a Plan.","page_number":150,"box":{"x":69,"y":838,"width":360,"height":11}},{"id":"f2ef5802-f386-4f09-9433-6a4d84a7b01f","block_type":"box","text":"Each Fund has entered into a distribution agreement with BRIL under which BRIL, as agent, offers shares of","page_number":150,"box":{"x":102,"y":861,"width":770,"height":11}},{"id":"90cdc396-fde5-4afa-97ef-9fda3dd88c3f","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":150,"box":{"x":69,"y":876,"width":824,"height":11}},{"id":"355615ee-1d73-49a6-b277-d5b29064f086","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":150,"box":{"x":69,"y":891,"width":812,"height":12}},{"id":"38d0024b-6721-4769-a279-58c6e6da4959","block_type":"box","text":"York, NY 10001. BRIL is an affiliate of BlackRock.","page_number":150,"box":{"x":68,"y":906,"width":355,"height":11}},{"id":"1e9b3316-843c-4ae5-9245-07c31a2da817","block_type":"box","text":"II-108","page_number":150,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"48852bec-993c-4ce9-adc5-11089aed27bf","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":150,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"adacb874-ef31-43c6-978f-4b02a9fe60cf","block_type":"box","text":"Pursuant to the Plans, each Fund may also pay shareholder servicing fees (also referred to as general","page_number":151,"box":{"x":102,"y":45,"width":727,"height":11}},{"id":"b25b99c1-1a7c-473e-a908-2b6f8c34389d","block_type":"box","text":"shareholder liaison services fees) to affiliated and unaffiliated brokers, dealers, financial institutions, insurance","page_number":151,"box":{"x":69,"y":60,"width":799,"height":11}},{"id":"5b7bb239-dec3-4e72-94e2-86c5e1debead","block_type":"box","text":"companies, retirement plan record-keepers and other financial intermediaries (including BlackRock, BRIL and their","page_number":151,"box":{"x":69,"y":75,"width":813,"height":11}},{"id":"9722484a-d621-4cda-bff7-4fc356a39cfd","block_type":"box","text":"affiliates) (collectively, “Service Organizations”) for cer tain suppor t services rendered by Service Organizations to","page_number":151,"box":{"x":69,"y":90,"width":809,"height":11}},{"id":"83b6f0c7-22f5-443e-abcb-fa1efbf7b1a9","block_type":"box","text":"their customers (“Customers”) who are the beneficial owners of Investor A, Investor A1, Investor C, Investor P,","page_number":151,"box":{"x":68,"y":105,"width":786,"height":11}},{"id":"374de3de-f2a8-4c0a-a40f-cf6dde28dca2","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":151,"box":{"x":69,"y":120,"width":789,"height":11}},{"id":"932020de-9e13-4e22-806e-3158b781f992","block_type":"box","text":"Fund’s Administrators and Transfer Agent to the Fund’s shareholders of record.","page_number":151,"box":{"x":70,"y":135,"width":562,"height":12}},{"id":"d38f067b-c4b3-41e6-9f55-5ef483e16620","block_type":"box","text":"The suppor t services provided by Service Organizations are general shareholder liaison services, which include,","page_number":151,"box":{"x":101,"y":158,"width":798,"height":11}},{"id":"a30866a3-a37b-4fcf-8c30-4319257072d1","block_type":"box","text":"but are not limited to: (i) answering Customer inquiries regarding account status and history, the manner in which","page_number":151,"box":{"x":69,"y":173,"width":808,"height":11}},{"id":"de4aadbf-97bb-4d37-926f-c9be26a06e48","block_type":"box","text":"purchases, exchanges and redemptions or repurchases of shares may be effected and cer tain other matters","page_number":151,"box":{"x":70,"y":188,"width":776,"height":12}},{"id":"e3384701-9d3b-45fa-a905-12b398d92136","block_type":"box","text":"per taining to the Customers’ investments; and (ii) assisting Customers in designating and changing dividend options,","page_number":151,"box":{"x":70,"y":203,"width":835,"height":12}},{"id":"2e2e075f-a51b-4b3b-a098-2137da5845b5","block_type":"box","text":"account designations and addresses. The shareholder servicing fees payable pursuant to the Plans are paid to","page_number":151,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"ed259049-b1e6-42a4-9b31-34ddb5fa0340","block_type":"box","text":"compensate Service Organizations for the administration and servicing of shareholder accounts and are not costs","page_number":151,"box":{"x":69,"y":234,"width":813,"height":11}},{"id":"c567ce35-7fd0-4370-a4b2-7da4871dedf4","block_type":"box","text":"which are primarily intended to result in the sale of the Fund’s shares.","page_number":151,"box":{"x":68,"y":249,"width":501,"height":11}},{"id":"184d80df-83e3-4934-b7f6-8de20675fd8a","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":151,"box":{"x":102,"y":271,"width":783,"height":12}},{"id":"c966130d-bbe3-4cf3-9095-0ab82e3681a6","block_type":"box","text":"the applicable share class regardless of the amount of expenses incurred. As a result, payments under the Plans","page_number":151,"box":{"x":68,"y":286,"width":810,"height":12}},{"id":"2a8cc310-009a-427b-ae2f-c9958c74b7ae","block_type":"box","text":"may be more or less than expenses incurred in connection with providing distribution and/or shareholder services","page_number":151,"box":{"x":69,"y":302,"width":813,"height":11}},{"id":"2147599f-50ac-4171-b528-7a2d3f07b0fe","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":151,"box":{"x":68,"y":317,"width":836,"height":11}},{"id":"40e8220a-2679-42cd-893d-6a44020751d8","block_type":"box","text":"providing services with respect to the related class is presented to the Directors for their consideration quar terly.","page_number":151,"box":{"x":70,"y":332,"width":805,"height":11}},{"id":"c6e95669-f3f3-426e-a4c8-56dfc7ae809e","block_type":"box","text":"Payments under the Plans consist of the shareholder servicing fees and the distribution fees. Expenses with respect","page_number":151,"box":{"x":69,"y":347,"width":832,"height":11}},{"id":"52f9121c-0ca1-4789-a80e-0fd7ee25d071","block_type":"box","text":"to providing distribution and/or shareholder services with respect to a class may consist of Service Organization","page_number":151,"box":{"x":68,"y":362,"width":803,"height":11}},{"id":"0919500a-cb53-4f43-8171-852e94372bdc","block_type":"box","text":"financial adviser compensation, branch office and regional operation center selling and transaction processing","page_number":151,"box":{"x":68,"y":377,"width":788,"height":12}},{"id":"22a972bd-41ef-4543-838b-ccdfc31da3ec","block_type":"box","text":"expenses, adver tising, sales promotion and marketing expenses. Payments under the Plans with respect to one","page_number":151,"box":{"x":69,"y":393,"width":798,"height":11}},{"id":"f863e9f2-2769-44a5-b360-6eed002bc87e","block_type":"box","text":"class will not be used to finance the expenditures of another class. Sales personnel may receive different","page_number":151,"box":{"x":69,"y":407,"width":755,"height":12}},{"id":"d2c7eb4f-1286-488d-8484-1f9e94a14ad2","block_type":"box","text":"compensation for selling different classes of shares.","page_number":151,"box":{"x":69,"y":423,"width":375,"height":11}},{"id":"1b31b5f8-3a64-4bcc-a6d2-a07d8690aae0","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":151,"box":{"x":102,"y":445,"width":803,"height":11}},{"id":"c33ffeb5-78ac-4f22-958d-cd9d4c680845","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":151,"box":{"x":69,"y":460,"width":839,"height":12}},{"id":"9149818d-d858-45dc-a75d-bb567048f190","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":151,"box":{"x":68,"y":475,"width":788,"height":12}},{"id":"9df19b5f-6c3a-47d5-b49e-0e05ca383b14","block_type":"box","text":"interested Directors concluded that there is reasonable likelihood that the Plan will benefit the Fund and its related","page_number":151,"box":{"x":70,"y":491,"width":818,"height":9}},{"id":"9df8632a-89dd-4840-ba59-29a8f135c31d","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":151,"box":{"x":69,"y":506,"width":824,"height":11}},{"id":"60ba1577-4516-4da7-9f77-b6f06de926cf","block_type":"box","text":"repor ts regarding the amounts expended under the Plan and the purposes for which such expenditures were made;","page_number":151,"box":{"x":69,"y":521,"width":821,"height":11}},{"id":"a4898be4-5223-43e4-b13f-b23223e636a8","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":151,"box":{"x":69,"y":536,"width":778,"height":11}},{"id":"2db11c57-bd79-4359-ae7d-4ba7e48da4e6","block_type":"box","text":"Directors, including the directors who are not “interested persons” of the Fund (as defined in the Investment","page_number":151,"box":{"x":70,"y":551,"width":773,"height":11}},{"id":"53791592-a3db-4f14-a613-3429d49e263d","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":151,"box":{"x":69,"y":566,"width":796,"height":11}},{"id":"3d2c0898-f9eb-4cea-9744-3f84b64304f4","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":151,"box":{"x":69,"y":581,"width":837,"height":12}},{"id":"a50a946b-e234-4e2a-b710-379302cd1d18","block_type":"box","text":"in accordance with Rule 12b-1 under the Investment Company Act; (iii) any material amendment thereto must be","page_number":151,"box":{"x":70,"y":597,"width":801,"height":11}},{"id":"d220fd69-2b53-4fe1-814d-b972c7bf152b","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":151,"box":{"x":69,"y":612,"width":787,"height":11}},{"id":"623c3d5a-2225-4d9b-b838-38133c683fd2","block_type":"box","text":"purpose; (iv) any amendment to increase materially the costs which any class of shares may bear for distribution","page_number":151,"box":{"x":70,"y":627,"width":802,"height":11}},{"id":"3cecb038-33e8-4e3b-acf3-a0689e464896","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":151,"box":{"x":69,"y":642,"width":826,"height":11}},{"id":"75c68fda-8103-4e72-a529-ecf386cf3f0b","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":151,"box":{"x":69,"y":657,"width":836,"height":11}},{"id":"a41827f4-bc01-44b2-a10d-9820475182e4","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":151,"box":{"x":69,"y":672,"width":836,"height":11}},{"id":"efcb0a56-26d7-4d73-9021-c6efb64b5c52","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":151,"box":{"x":68,"y":687,"width":792,"height":11}},{"id":"38560931-719f-439a-86e9-956a0608b24f","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":151,"box":{"x":70,"y":702,"width":831,"height":11}},{"id":"27f56499-21d8-4ad9-9e0b-cf362d85670b","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":151,"box":{"x":69,"y":717,"width":807,"height":12}},{"id":"b2edf409-2052-42bb-9175-85b35df61c89","block_type":"box","text":"easily accessible place.","page_number":151,"box":{"x":69,"y":733,"width":167,"height":11}},{"id":"5be75a68-bf94-44e1-aedf-38d63031e7e5","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":151,"box":{"x":102,"y":755,"width":804,"height":11}},{"id":"7b04c4f2-0e3a-4aa0-9a64-9a72b673175d","block_type":"box","text":"Directors, or by vote of the holders of a majority of the shares of such class.","page_number":151,"box":{"x":70,"y":770,"width":542,"height":11}},{"id":"b7875296-8228-49d6-afd0-edc701df12fe","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":151,"box":{"x":102,"y":793,"width":734,"height":11}},{"id":"a808b8e3-c1b7-4e43-9ca3-4f9975761057","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":151,"box":{"x":70,"y":808,"width":814,"height":11}},{"id":"1a70005b-d175-4bb9-ae13-20b2fcb7cc8c","block_type":"box","text":"fiscal year.","page_number":151,"box":{"x":68,"y":823,"width":75,"height":11}},{"id":"6d366161-ef56-4de0-8d81-99efbaf609a5","block_type":"box","text":"Limitations on the Payment of Deferred Sales Charges","page_number":151,"box":{"x":69,"y":854,"width":396,"height":11}},{"id":"d6487710-e452-48d5-8445-038ed0e08502","block_type":"box","text":"The maximum sales charge rule in the Conduct Rules of the Financial Industry Regulatory Authority (“FINRA”)","page_number":151,"box":{"x":101,"y":876,"width":777,"height":11}},{"id":"716abea4-bbef-46bd-ae0f-c76cbc4bb829","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":151,"box":{"x":70,"y":891,"width":835,"height":12}},{"id":"fe0545da-1870-4b08-b166-22ba6778862a","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":151,"box":{"x":68,"y":906,"width":822,"height":12}},{"id":"4cd5394b-25b2-45bc-9aba-9122fea9ddce","block_type":"box","text":"II-109","page_number":151,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"1a7a6858-e163-4029-b73e-092cd44c735e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":151,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d689d527-774f-46e1-9c01-9110309f9bd6","block_type":"box","text":"servicing fee. The maximum sales charge rule is applied separately to each class and limits the aggregate of","page_number":152,"box":{"x":69,"y":45,"width":778,"height":11}},{"id":"16e6a6b2-d21c-4418-a405-718ff978bb97","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":152,"box":{"x":69,"y":60,"width":840,"height":11}},{"id":"f58315fa-6c1d-459e-853f-45ac6046471d","block_type":"box","text":"Shares, computed separately (excluding shares issued pursuant to dividend reinvestments and exchanges), plus","page_number":152,"box":{"x":69,"y":75,"width":803,"height":11}},{"id":"a5633dbf-3384-436a-abb4-ea492bddd7fe","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":152,"box":{"x":69,"y":90,"width":794,"height":11}},{"id":"d8a28690-a601-4c06-85f4-0faf5642478e","block_type":"box","text":"unpaid balance being the maximum amount payable minus amounts received from the payment of the distribution fee","page_number":152,"box":{"x":69,"y":105,"width":839,"height":11}},{"id":"8e594598-087d-48d1-b374-39b0022be3b2","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":152,"box":{"x":69,"y":120,"width":824,"height":12}},{"id":"96157ad5-d44d-4886-9bb5-8d6860234ffa","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":152,"box":{"x":68,"y":135,"width":839,"height":11}},{"id":"4182d3dd-69de-4f84-a0d3-13ec60541830","block_type":"box","text":"and Class R Shares of your Fund.","page_number":152,"box":{"x":69,"y":150,"width":236,"height":12}},{"id":"ff589ae5-8181-4d22-9b71-b911cd35bb97","block_type":"box","text":"Other Payments by the Fund","page_number":152,"box":{"x":69,"y":181,"width":206,"height":11}},{"id":"514ded2d-0fc3-4f25-b28f-05ec47086f93","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":152,"box":{"x":102,"y":203,"width":800,"height":12}},{"id":"e2f0fdf7-24b7-4206-86ae-d572b04a4603","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":152,"box":{"x":68,"y":218,"width":816,"height":12}},{"id":"77d4d90b-dd2a-4469-9838-a1ea13a521e8","block_type":"box","text":"Service Organizations pursuant to which the Fund will pay a Service Organization for administrative, networking,","page_number":152,"box":{"x":69,"y":234,"width":794,"height":11}},{"id":"65bbf025-5ca7-4787-9295-7926dfd1b2e6","block_type":"box","text":"recordkeeping, sub-transfer agency, sub-accounting and/or shareholder services. These non-Plan payments are","page_number":152,"box":{"x":69,"y":249,"width":792,"height":11}},{"id":"96b86b10-c385-4341-9f48-fb4442a44524","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":152,"box":{"x":68,"y":264,"width":841,"height":11}},{"id":"7bb7b0b2-a6a0-4779-83b3-fddc018486be","block_type":"box","text":"Organization or (2) a fixed dollar amount for each account serviced by a Service Organization. The aggregate amount","page_number":152,"box":{"x":69,"y":279,"width":831,"height":11}},{"id":"330e103e-3368-4d96-a887-4727a9158548","block_type":"box","text":"of these payments may be substantial.","page_number":152,"box":{"x":69,"y":294,"width":276,"height":11}},{"id":"13723956-0916-402f-a5e5-a52093365489","block_type":"box","text":"Additional Payments by BlackRock","page_number":152,"box":{"x":68,"y":324,"width":256,"height":11}},{"id":"437ea4ab-c037-4167-8262-b7d979dcf9d8","block_type":"box","text":"From time to time, BlackRock, BRIL and/or their affiliates (referred to in this section collectively as “BlackRock”)","page_number":152,"box":{"x":102,"y":347,"width":803,"height":11}},{"id":"2c048f4e-347f-4d12-ae9f-8053e0e22444","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":152,"box":{"x":69,"y":362,"width":823,"height":11}},{"id":"e2e664f9-ce77-48b1-870d-0426915c0b80","block_type":"box","text":"its shareholders and/or for data provision or technology suppor t. A Service Organization may per form these","page_number":152,"box":{"x":70,"y":377,"width":768,"height":12}},{"id":"0204525e-955f-4666-b999-a7f05420220b","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":152,"box":{"x":69,"y":392,"width":830,"height":12}},{"id":"c6352ab9-a9b0-410c-96d9-ae8339cc7a60","block_type":"box","text":"a Plan or otherwise paid by a Fund, are referred to as “Additional Payments” herein.","page_number":152,"box":{"x":69,"y":407,"width":599,"height":12}},{"id":"31a62ee7-167a-4630-b89c-e5b1e1f5b21a","block_type":"box","text":"Additional Payments are made from BlackRock’s own assets (which may come directly or indirectly from fees","page_number":152,"box":{"x":101,"y":430,"width":776,"height":11}},{"id":"0e7c16ba-dce7-46ff-bc54-473769d6c43d","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":152,"box":{"x":70,"y":445,"width":832,"height":11}},{"id":"5b8bacaf-a7d2-4970-bc8c-67a74b63b1d0","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":152,"box":{"x":69,"y":460,"width":833,"height":12}},{"id":"9eb48db8-5281-41d1-9b18-286da0b30b1e","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":152,"box":{"x":69,"y":475,"width":802,"height":12}},{"id":"3601d2c2-aae6-412e-9580-1004e467fcfe","block_type":"box","text":"Service Organizations are in addition to any distribution or shareholder servicing fees paid under any Plan of any","page_number":152,"box":{"x":69,"y":491,"width":802,"height":11}},{"id":"d2fea72b-4598-453e-8f3d-5f415a8d9059","block_type":"box","text":"Fund, any sales charges, commissions or other concessions described in the Prospectuses or this SAI, and any","page_number":152,"box":{"x":70,"y":506,"width":796,"height":11}},{"id":"384ee0db-3bb9-465c-90c2-9580213ca464","block_type":"box","text":"administrative, networking, recordkeeping, sub-transfer agency or sub-accounting fees payable by a Fund. Pursuant to","page_number":152,"box":{"x":69,"y":521,"width":836,"height":11}},{"id":"bb021e15-8fba-4261-b22c-cb434d95689e","block_type":"box","text":"applicable FINRA regulations, the details of cer tain of these payments, including the Service Organizations receiving","page_number":152,"box":{"x":69,"y":536,"width":828,"height":11}},{"id":"be03c679-934d-4474-b95b-6e138003c98e","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":152,"box":{"x":69,"y":551,"width":837,"height":11}},{"id":"3f06171b-7c34-463d-9d85-5bd4ac372093","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":152,"box":{"x":69,"y":566,"width":818,"height":11}},{"id":"4eb60541-460f-4632-a05c-fc61ec875d1a","block_type":"box","text":"BlackRock may pay out of its own assets.","page_number":152,"box":{"x":70,"y":581,"width":294,"height":11}},{"id":"a9229d17-5164-4ba1-8483-ef4e9179fc89","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":152,"box":{"x":101,"y":604,"width":803,"height":11}},{"id":"5404d729-8847-4e75-8590-0a7f9ab7b641","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":152,"box":{"x":69,"y":619,"width":792,"height":11}},{"id":"8546d990-33f8-4642-aaab-2dc2521488fe","block_type":"box","text":"Customers of the Service Organization involved, or may be calculated on another basis.","page_number":152,"box":{"x":69,"y":634,"width":623,"height":12}},{"id":"6b2c848f-9404-4ce9-b821-00f7b9dd946c","block_type":"box","text":"BlackRock negotiates Additional Payments with each Service Organization on an individual basis. Additional","page_number":152,"box":{"x":102,"y":657,"width":765,"height":11}},{"id":"7d5be473-65a8-4a2b-9deb-39debc0677f5","block_type":"box","text":"Payments may be different for different Service Organizations, and some Service Organizations may be paid pursuant","page_number":152,"box":{"x":69,"y":672,"width":841,"height":11}},{"id":"651ffc9d-d0b4-4fef-b3d5-95394451e717","block_type":"box","text":"to more than one of the calculations described above. Not all Service Organizations receive Additional Payments.","page_number":152,"box":{"x":68,"y":687,"width":806,"height":11}},{"id":"aa06edf4-3409-495d-bd54-2fc0b6a4fdeb","block_type":"box","text":"Sales-based payments primarily create incentives to make new sales of shares of the Fund, and asset-based","page_number":152,"box":{"x":69,"y":702,"width":776,"height":11}},{"id":"cf3c3861-9073-42f2-911e-fc81a8ab8ef4","block_type":"box","text":"payments primarily create incentives to retain previously sold shares of the Fund. The level of payments made to","page_number":152,"box":{"x":70,"y":717,"width":802,"height":12}},{"id":"44959971-7738-43a3-84f1-c9cd8110696c","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":152,"box":{"x":68,"y":732,"width":811,"height":12}},{"id":"53e3f52b-0300-4e2f-a97b-03405007d6ae","block_type":"box","text":"cases, these payments may be subject to cer tain minimum payment levels.","page_number":152,"box":{"x":69,"y":748,"width":538,"height":11}},{"id":"76f8e1f5-e8c3-4a70-947d-c275da5afd54","block_type":"box","text":"The aggregate amount of Additional Payments made by BlackRock may be substantial and may be significant to","page_number":152,"box":{"x":101,"y":770,"width":795,"height":12}},{"id":"f01a7623-cce5-4b50-aba8-28d5e59438d5","block_type":"box","text":"cer tain Service Organizations. The categories of Additional Payments listed below are not mutually exclusive. The","page_number":152,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"329c2839-788e-40e5-b93f-0c9614dc2fec","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":152,"box":{"x":69,"y":801,"width":823,"height":11}},{"id":"40edcca2-eeed-456b-a621-2c2844c4d79e","block_type":"box","text":"Additional Payments. Such payments may be different for different Service Organizations and for different types of","page_number":152,"box":{"x":68,"y":816,"width":819,"height":11}},{"id":"ffe2ecc2-bf1a-4a66-a946-91ae5982fe35","block_type":"box","text":"Funds.","page_number":152,"box":{"x":70,"y":831,"width":44,"height":9}},{"id":"e5355c07-15d1-4002-96e2-7b4c4697fe95","block_type":"box","text":"A. Distribution and Marketing Suppor t","page_number":152,"box":{"x":101,"y":854,"width":270,"height":11}},{"id":"2fac9e2b-b3de-45c6-af09-c21ee1de8057","block_type":"box","text":"Additional Payments may be made by BlackRock for distribution and marketing suppor t activities. These","page_number":152,"box":{"x":101,"y":876,"width":740,"height":11}},{"id":"a49357d7-32f4-441c-b1e8-94b6d17796e2","block_type":"box","text":"payments may take the form of, among other things, “due diligence” payments for a Service Organization’s","page_number":152,"box":{"x":70,"y":891,"width":764,"height":12}},{"id":"5f70e75e-18fe-4abf-b6cd-7ccc5058c1ab","block_type":"box","text":"examination of a Fund; payments for providing extra employee training and information relating to a Fund; fees for","page_number":152,"box":{"x":69,"y":906,"width":811,"height":12}},{"id":"2db14b51-9a99-4207-98b7-4c25317dcb23","block_type":"box","text":"II-110","page_number":152,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"751ec6f9-5114-4cdf-bd5b-732844484152","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":152,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3b5d2a3d-bb5e-4fda-b20e-436c79bc9ef5","block_type":"box","text":"access (in some cases on a preferential basis) to the Service Organization’s registered representatives,","page_number":153,"box":{"x":69,"y":45,"width":742,"height":11}},{"id":"b05f7394-4f70-40c1-b9de-1f7e6a1a5e06","block_type":"box","text":"salespersons or other personnel, including at sales meetings and conferences; “shelf space” payments for placing","page_number":153,"box":{"x":69,"y":60,"width":820,"height":11}},{"id":"8e6a6966-68b0-4b22-9c54-bcb13894a9e8","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":153,"box":{"x":68,"y":75,"width":829,"height":11}},{"id":"cc176cb6-b23c-4230-91f2-107b5706f58f","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":153,"box":{"x":69,"y":90,"width":830,"height":11}},{"id":"583c6e5c-bc4a-4fdd-95e7-4a2787b2b7ce","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":153,"box":{"x":70,"y":105,"width":803,"height":11}},{"id":"b38522fa-7565-4d7e-a506-1f22dc33b839","block_type":"box","text":"include promotions in communications with the Service Organization’s Customers, registered representatives,","page_number":153,"box":{"x":70,"y":120,"width":783,"height":12}},{"id":"21fb8a4c-77cc-4df8-b609-ad07d9ae7b9e","block_type":"box","text":"salespersons and/or other personnel); payments for the sale of shares and/or the maintenance of share balances;","page_number":153,"box":{"x":69,"y":135,"width":823,"height":11}},{"id":"d7cd5764-5fba-4e19-b300-b0105dc14d3d","block_type":"box","text":"transaction fees (also referred to as “ticket charges”); and payments for infrastructure suppor t. These payments","page_number":153,"box":{"x":68,"y":150,"width":805,"height":12}},{"id":"63731eb9-9021-4bc4-ba27-70baf0a3d50a","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":153,"box":{"x":69,"y":166,"width":828,"height":11}},{"id":"d930adbc-7b41-43f5-9648-1f3dd89327ec","block_type":"box","text":"of the assets attributable to that Service Organization invested in a Fund.","page_number":153,"box":{"x":69,"y":181,"width":523,"height":11}},{"id":"909d93be-ab9a-4417-82d6-171fe95fe404","block_type":"box","text":"B. Shareholder Services","page_number":153,"box":{"x":102,"y":203,"width":172,"height":9}},{"id":"0ff972df-5aff-4f5f-8481-50193d0ca6b1","block_type":"box","text":"Many Fund shares are owned or held by Service Organizations for the benefit of their Customers. In these","page_number":153,"box":{"x":102,"y":226,"width":754,"height":11}},{"id":"4e4bb611-1ba5-4e0e-867d-cbc14c4e15cb","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":153,"box":{"x":69,"y":241,"width":830,"height":11}},{"id":"bdaa4555-19bc-455d-9855-963107671204","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":153,"box":{"x":69,"y":256,"width":823,"height":12}},{"id":"29d790c2-a775-4cf1-9083-98338bc0e102","block_type":"box","text":"had been in the Customers’ names on the Fund’s books. Such services include sub-accounting services, shareholder","page_number":153,"box":{"x":69,"y":272,"width":839,"height":11}},{"id":"a9031c79-4d39-426f-b60f-ddcbf371b22b","block_type":"box","text":"servicing and transaction processing services and are sometimes referred to as “recordkeeping,” “sub-transfer","page_number":153,"box":{"x":69,"y":286,"width":796,"height":12}},{"id":"50f26ece-668c-474d-ab67-36796b72844d","block_type":"box","text":"agency,” “sub-accounting,” “networking” and/or “administrative” services. Additional Payments may exceed amounts","page_number":153,"box":{"x":69,"y":302,"width":837,"height":11}},{"id":"846d640d-fa7b-4f85-b79a-a9856bdd7402","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":153,"box":{"x":68,"y":317,"width":828,"height":11}},{"id":"186cd340-8545-4969-81da-b0855949981c","block_type":"box","text":"Additional Payments made by BlackRock are in addition to any transfer agent, shareholder servicing and transaction","page_number":153,"box":{"x":68,"y":332,"width":827,"height":11}},{"id":"a5a7753d-e077-4e08-a47c-8890e0d7fe9c","block_type":"box","text":"processing fees paid by a Fund, as applicable.","page_number":153,"box":{"x":70,"y":347,"width":328,"height":11}},{"id":"bf214fdf-2706-4f2e-bbd6-f5f18d9a2944","block_type":"box","text":"C. Data Provision and Technology Suppor t","page_number":153,"box":{"x":102,"y":370,"width":299,"height":11}},{"id":"b3e73fd6-50aa-406a-8450-fead614565ad","block_type":"box","text":"BlackRock may make Additional Payments to Service Organizations for the provision of cer tain analytical or other","page_number":153,"box":{"x":102,"y":392,"width":805,"height":12}},{"id":"0ef64bd8-4059-46ad-ae4d-8c289d7e70b3","block_type":"box","text":"data services relating to the Funds, such as statistical information regarding sales of the Funds, or technology","page_number":153,"box":{"x":69,"y":407,"width":788,"height":12}},{"id":"a05812c8-f304-43a1-bdc9-ce65d27c3bb2","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":153,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"a6a0aae3-7dad-46a1-ba75-5e2c25ef66a5","block_type":"box","text":"D. Service Organizations Receiving Additional Payments","page_number":153,"box":{"x":102,"y":445,"width":397,"height":12}},{"id":"6fd72a03-2c26-40c6-9920-d09f5bdb2f3e","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":153,"box":{"x":101,"y":468,"width":774,"height":11}},{"id":"6b0caa1d-184e-4f18-990a-732fff6effa7","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":153,"box":{"x":69,"y":483,"width":831,"height":11}},{"id":"d72542e3-2a5c-49b1-93b6-331a7c2036fc","block_type":"box","text":"and BlackRock may pay Service Organizations or their affiliates additional types of Additional Payments in the future.","page_number":153,"box":{"x":69,"y":498,"width":832,"height":11}},{"id":"4dc90c92-428e-466e-879b-78ff99a73a38","block_type":"box","text":"Please contact your Service Organization to determine whether it or its affiliate currently may be receiving such","page_number":153,"box":{"x":69,"y":513,"width":791,"height":12}},{"id":"85681eb5-b13f-4d5d-859a-74d95adb37d5","block_type":"box","text":"payments and to obtain fur ther information regarding any such payments.","page_number":153,"box":{"x":70,"y":528,"width":523,"height":12}},{"id":"70d49dc0-d56e-45fa-b9a0-2fd6d2df810a","block_type":"box","text":"&Par 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The","page_number":157,"box":{"x":69,"y":558,"width":810,"height":11}},{"id":"7a252938-5b9b-4a92-95cc-48c00f371eae","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":157,"box":{"x":68,"y":573,"width":827,"height":11}},{"id":"ab4dc78b-18ee-4d8c-b5a9-30cad980dea1","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":157,"box":{"x":69,"y":588,"width":832,"height":12}},{"id":"353d364d-9b8d-4a64-bc90-5ac1f74add5f","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":157,"box":{"x":69,"y":603,"width":828,"height":12}},{"id":"3ee1bbdb-0a7a-4d49-8c42-c0c49490aa7a","block_type":"box","text":"you are liquidating your holdings you will receive all dividends reinvested through the date of redemption.","page_number":157,"box":{"x":68,"y":618,"width":746,"height":12}},{"id":"cd3c2ba0-3001-4c51-a5d7-d3db27965358","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":157,"box":{"x":101,"y":641,"width":807,"height":11}},{"id":"a521413c-9154-4414-ad75-8228bd265666","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":157,"box":{"x":69,"y":656,"width":835,"height":12}},{"id":"bf74d4d1-c884-4255-8e71-d01e575aaeca","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":157,"box":{"x":68,"y":671,"width":811,"height":12}},{"id":"a10d45ab-c4aa-45d1-a9c9-c49da908e896","block_type":"box","text":"emergency exists, as defined by the Commission, as a result of which disposal of por tfolio securities or","page_number":157,"box":{"x":69,"y":686,"width":741,"height":12}},{"id":"fb79ba4f-e1d0-4d2c-b001-0b336fd333fa","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":157,"box":{"x":69,"y":702,"width":813,"height":11}},{"id":"21c2dc16-f25a-4f67-9ecd-7ecf4ff0669c","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":157,"box":{"x":69,"y":717,"width":787,"height":11}},{"id":"f02dea49-dba9-47c0-ac45-7c0f18f8a840","block_type":"box","text":"recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.)","page_number":157,"box":{"x":69,"y":732,"width":685,"height":11}},{"id":"c2642938-8a60-4aaa-b316-557fe72d0327","block_type":"box","text":"Each Fund, with other investment companies advised by the Manager, has entered into a joint committed line of","page_number":157,"box":{"x":102,"y":755,"width":798,"height":11}},{"id":"6ebc93b8-24d5-445c-bec8-eb8ceb1f833c","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":157,"box":{"x":69,"y":770,"width":820,"height":11}},{"id":"395e8f4c-a3c1-42c7-a3b5-f65174b50268","block_type":"box","text":"meet redemption requests from shareholders in extraordinary or emergency circumstances.","page_number":157,"box":{"x":69,"y":785,"width":653,"height":11}},{"id":"06dfe49c-659e-4205-9b38-460c7fd2c4bb","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":157,"box":{"x":102,"y":807,"width":803,"height":12}},{"id":"81da3cb7-968e-43f5-98d8-3ae5170d8a19","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":157,"box":{"x":69,"y":823,"width":827,"height":11}},{"id":"c4d52685-25d1-4828-b9c1-094ca54efbd1","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":157,"box":{"x":68,"y":838,"width":824,"height":11}},{"id":"90ec1416-2c6a-42b1-aa5d-71f8ecfffdca","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":157,"box":{"x":70,"y":853,"width":825,"height":11}},{"id":"eaccb41a-0a64-45a7-a794-15d4892c2168","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":157,"box":{"x":69,"y":868,"width":825,"height":11}},{"id":"b6c8fc32-3f48-4cbb-9f40-c0cf65204a26","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":157,"box":{"x":69,"y":883,"width":823,"height":11}},{"id":"9a6a3e48-3089-4de2-a06d-d5fa7ca578cc","block_type":"box","text":"II-115","page_number":157,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"16e60a24-dda9-4856-9994-9fd6f330286f","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":157,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1d875fd5-2c73-4c40-98d9-7f98f837b1da","block_type":"box","text":"Redemption","page_number":158,"box":{"x":69,"y":45,"width":86,"height":11}},{"id":"e9cabf22-8aef-461a-ba0e-0f9e765bfef8","block_type":"box","text":"Investor A, Investor A1, Investor C, Institutional and Class R Shares","page_number":158,"box":{"x":70,"y":67,"width":481,"height":11}},{"id":"754a952d-c72e-4c47-b2be-65d6564b81ce","block_type":"box","text":"Redeem by Telephone:","page_number":158,"box":{"x":102,"y":90,"width":162,"height":11}},{"id":"88226f6b-03e2-4360-8184-b2751d3db5ec","block_type":"box","text":"You may sell Investor Shares, excluding Investor P Shares, held at BlackRock by","page_number":158,"box":{"x":270,"y":90,"width":571,"height":11}},{"id":"6f031a71-dc7b-446b-9181-a29ccd39410d","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":158,"box":{"x":68,"y":104,"width":829,"height":12}},{"id":"52fd226b-3aff-4a64-853f-f19bf3da6512","block_type":"box","text":"by check or (ii) $250,000 for payments through the Automated Clearing House Network (“ACH”) or wire transfer.","page_number":158,"box":{"x":69,"y":120,"width":798,"height":12}},{"id":"d2f6ad68-cee7-40e9-be94-f7fd6d40558f","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":158,"box":{"x":69,"y":135,"width":838,"height":11}},{"id":"913189f8-ed49-4804-abd0-ce9f374f185e","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":158,"box":{"x":68,"y":150,"width":831,"height":12}},{"id":"edf82ce6-e501-4a2d-ba7a-2e73fd22b17b","block_type":"box","text":"be in writing with a medallion signature guarantee provided by any “eligible guarantor institution” as defined in Rule","page_number":158,"box":{"x":69,"y":166,"width":822,"height":11}},{"id":"8585d1aa-63c8-44d9-acaa-7ff82a815eb9","block_type":"box","text":"17Ad-15 under the Securities Exchange Act of 1934 (the “Exchange Act”), whose existence and validity may be","page_number":158,"box":{"x":70,"y":181,"width":791,"height":11}},{"id":"8fc17a62-fa74-47b6-a4e0-0723c32a9393","block_type":"box","text":"verified by the Transfer Agent through the use of industry publications. For Institutional Shares, cer tain redemption","page_number":158,"box":{"x":68,"y":196,"width":818,"height":11}},{"id":"74ff4a0a-df89-493a-9114-513d9913c0e8","block_type":"box","text":"requests may require written instructions with a medallion signature guarantee. Call (800) 441-7762 for details. You","page_number":158,"box":{"x":69,"y":211,"width":829,"height":11}},{"id":"1ed58f04-fff6-4d47-b2b4-82eccc3ee54e","block_type":"box","text":"can obtain a medallion signature guarantee stamp from a bank, securities dealer, securities broker, credit union,","page_number":158,"box":{"x":69,"y":226,"width":803,"height":11}},{"id":"6a717637-08b4-43c4-97fc-d52cbed26dbd","block_type":"box","text":"savings and loan association, national securities exchange or registered securities association. The three recognized","page_number":158,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"f01b3e69-f12d-4d3d-b0ec-b88940b962d0","block_type":"box","text":"medallion programs are Securities Transfer Agent Medallion Program, Stock Exchanges Medallion Program and New","page_number":158,"box":{"x":69,"y":256,"width":825,"height":12}},{"id":"6a3ba40a-422c-4650-bcda-6704a180262a","block_type":"box","text":"York Stock Exchange, Inc. Medallion Signature Program. Signature guarantees which are not a par t of these programs","page_number":158,"box":{"x":68,"y":271,"width":840,"height":12}},{"id":"16d8b237-12ff-4d28-b971-89ff1c78a467","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":158,"box":{"x":68,"y":287,"width":835,"height":11}},{"id":"411f7a93-3c78-464a-8a2a-f83c566ec084","block_type":"box","text":"required signature guarantee is all that is required for a redemption. In some cases, however, other documents may","page_number":158,"box":{"x":69,"y":302,"width":828,"height":11}},{"id":"b218924b-c9ab-4381-b616-feba13219b5e","block_type":"box","text":"be necessary. Additional documentary evidence of authority is required by the Transfer Agent in the event redemption","page_number":158,"box":{"x":69,"y":317,"width":835,"height":11}},{"id":"37ca88c5-9679-47a3-950e-78a8fbc67d2b","block_type":"box","text":"is requested by a corporation, par tnership, trust, fiduciary, executor or administrator.","page_number":158,"box":{"x":70,"y":332,"width":603,"height":11}},{"id":"5b003d39-20ce-4cf9-8570-d1d039d9abfc","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":158,"box":{"x":102,"y":355,"width":774,"height":11}},{"id":"5206426a-786e-43dd-a460-314b70aba594","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":158,"box":{"x":69,"y":370,"width":795,"height":11}},{"id":"9a9d4092-f5eb-44a5-b8fc-4ea315406460","block_type":"box","text":"Distributor will employ reasonable procedures to confirm that instructions communicated by telephone are genuine.","page_number":158,"box":{"x":70,"y":385,"width":821,"height":11}},{"id":"0ec66129-79e9-4715-8353-7dad858e605f","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":158,"box":{"x":68,"y":400,"width":823,"height":11}},{"id":"cf893363-fab4-4edc-8878-2382c5027155","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":158,"box":{"x":69,"y":415,"width":823,"height":11}},{"id":"ef7030cd-1f08-453f-871d-16e1e3b0e61b","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":158,"box":{"x":69,"y":430,"width":809,"height":11}},{"id":"e58c61fa-e5f7-4563-a558-2e10560adfc8","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":158,"box":{"x":69,"y":445,"width":833,"height":12}},{"id":"00d99b31-0fc6-4c34-bfe2-a309865cdd6f","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":158,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"3faa318c-1cce-42e2-bcc1-87a841ca4587","block_type":"box","text":"address registered on the account and the social security number registered on the account. The Fund and its","page_number":158,"box":{"x":69,"y":476,"width":785,"height":11}},{"id":"f3d450a9-9f45-4f86-88df-0c4dfd8c4b5f","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":158,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"6a6bb008-dc49-484f-ad65-f37d53652b77","block_type":"box","text":"are reasonably believed to be genuine in accordance with such procedures. Before telephone requests will be","page_number":158,"box":{"x":69,"y":506,"width":782,"height":11}},{"id":"7a1348d8-628d-490a-9f4d-94c1e9a08406","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":158,"box":{"x":69,"y":521,"width":838,"height":11}},{"id":"e17f8072-f7d0-4011-b69d-1115a7c2f873","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":158,"box":{"x":68,"y":536,"width":837,"height":11}},{"id":"8dc3d5e8-0e29-4e78-9ec7-42964252f239","block_type":"box","text":"change, telephone redemptions may be difficult to complete. Please find below alternative redemption methods.","page_number":158,"box":{"x":69,"y":551,"width":800,"height":11}},{"id":"cfd7fc2e-1e76-444d-a172-c8326035ce09","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":158,"box":{"x":102,"y":574,"width":776,"height":11}},{"id":"437459c7-3dcd-4872-850f-23412ada3ce1","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":158,"box":{"x":70,"y":589,"width":823,"height":11}},{"id":"ea0be8ad-999b-4da1-84b8-423007237242","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":158,"box":{"x":69,"y":604,"width":820,"height":11}},{"id":"946dac63-864e-422e-9143-4ec8065faebd","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":158,"box":{"x":68,"y":619,"width":826,"height":11}},{"id":"4aaa0858-2364-48d9-938b-2485225674b7","block_type":"box","text":"the redemption order will be accepted and processed the next succeeding business day when the Federal Reserve","page_number":158,"box":{"x":68,"y":634,"width":817,"height":12}},{"id":"b8229d01-13a3-4588-929a-a56415e45a08","block_type":"box","text":"Bank of Philadelphia is open, provided that the Fund’s custodian is also open for business.","page_number":158,"box":{"x":70,"y":649,"width":648,"height":11}},{"id":"197608c0-8633-4e66-9245-38220c6b5d93","block_type":"box","text":"Redeem by VRU:","page_number":158,"box":{"x":102,"y":672,"width":120,"height":11}},{"id":"c861b67a-8db4-4bd5-944b-11d6ad00e5f9","block_type":"box","text":"Investor class shares, excluding Investor P Shares, may also be redeemed by use of a Fund’s","page_number":158,"box":{"x":229,"y":672,"width":667,"height":11}},{"id":"e5221572-512c-4464-9b1f-91a189d4ecdf","block_type":"box","text":"automated voice response unit service (“VRU”). Payment for Investor class shares redeemed by VRU may be made","page_number":158,"box":{"x":69,"y":687,"width":820,"height":11}},{"id":"d74da17d-e356-41f7-afd1-b03f38a2358e","block_type":"box","text":"for non-retirement accounts in amounts up to $25,000, either through check, ACH or wire.","page_number":158,"box":{"x":68,"y":702,"width":644,"height":12}},{"id":"1ace806e-fc38-4043-a9e5-0f2717a3d8ad","block_type":"box","text":"Redeem by Internet:","page_number":158,"box":{"x":102,"y":725,"width":147,"height":11}},{"id":"05640920-80e5-4ec9-a541-613bf10aca0c","block_type":"box","text":"Cer tain Investor and Institutional class shares may also be redeemed by logging onto the","page_number":158,"box":{"x":255,"y":725,"width":637,"height":11}},{"id":"69ef13ed-ab5d-4690-a7d5-012eee015a09","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":158,"box":{"x":70,"y":740,"width":836,"height":11}},{"id":"12cff8aa-440f-472c-98bd-2618af4f3b89","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":158,"box":{"x":68,"y":755,"width":823,"height":11}},{"id":"d10f77a4-a016-43d9-83c7-c4b2f21e9413","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":158,"box":{"x":68,"y":770,"width":789,"height":12}},{"id":"7be5dd9c-96a2-4d5d-9208-6c71ae5dffd6","block_type":"box","text":"institutional investors.","page_number":158,"box":{"x":70,"y":786,"width":155,"height":8}},{"id":"5b107f6b-d422-46ba-a3b1-785b5a7dbe2b","block_type":"box","text":"Redeem in Writing:","page_number":158,"box":{"x":102,"y":808,"width":137,"height":11}},{"id":"4727097f-6801-4126-9d53-5a097d66838e","block_type":"box","text":"If you hold shares with the Transfer Agent you may redeem such shares without charge by","page_number":158,"box":{"x":247,"y":808,"width":639,"height":11}},{"id":"3e2cf4f2-5f88-45d5-8c46-26e8180c0ce5","block_type":"box","text":"writing to BlackRock, P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Redemption requests delivered other","page_number":158,"box":{"x":68,"y":823,"width":831,"height":12}},{"id":"feff4698-cc22-484d-a2f9-359f0c06adae","block_type":"box","text":"than by mail should be sent to BlackRock, Attention: 534429, 1350 Penn Avenue Suite 102, Pittsburgh,","page_number":158,"box":{"x":68,"y":838,"width":745,"height":12}},{"id":"34d54f71-cf73-46ef-ab7a-5c4ea196faee","block_type":"box","text":"Pennsylvania 15222. If you hold share cer tificates issued by your Fund, the letter must be accompanied by","page_number":158,"box":{"x":69,"y":853,"width":764,"height":12}},{"id":"9ab84187-ed30-4aae-b32b-206b610c67f3","block_type":"box","text":"cer tificates for the shares. All shareholders on the account must sign the letter. A medallion signature guarantee will","page_number":158,"box":{"x":69,"y":869,"width":831,"height":11}},{"id":"f8e3d7bb-d1ef-469f-8429-a2e538a4de2c","block_type":"box","text":"generally be required but may be waived in cer tain limited circumstances. You can obtain a medallion signature","page_number":158,"box":{"x":68,"y":884,"width":794,"height":11}},{"id":"da0b1615-9777-493f-b1a5-1a7c16523880","block_type":"box","text":"guarantee stamp from a bank, securities dealer, securities broker, credit union, savings and loan association,","page_number":158,"box":{"x":68,"y":899,"width":782,"height":11}},{"id":"943730ab-d406-424a-90a0-1cb634580959","block_type":"box","text":"II-116","page_number":158,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"413a6aa6-2f35-4b6d-b413-29052818d6a0","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":158,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"1bec1efb-ccbd-41df-86c5-46462caf6b0f","block_type":"box","text":"national securities exchange or registered securities association. A notary public seal will not be acceptable. If you","page_number":159,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"3f5913cd-f58a-4dc3-8239-6443a9179c7d","block_type":"box","text":"hold stock cer tificates, return the cer tificates with the letter. Proceeds from redemptions may be sent via check, ACH","page_number":159,"box":{"x":69,"y":60,"width":836,"height":11}},{"id":"3f6e0bea-b681-4e18-a65f-1e3690b8e57e","block_type":"box","text":"or wire to the bank account of record.","page_number":159,"box":{"x":69,"y":75,"width":266,"height":9}},{"id":"bfd1beba-e97e-4bdc-956b-aee75e66896f","block_type":"box","text":"Redemptions of Investor P Shares, Service Shares, Class G Shares, Class K Shares and BlackRock Shares may","page_number":159,"box":{"x":102,"y":98,"width":802,"height":11}},{"id":"9992e47c-3b38-4f3e-876a-ba5e2d88c644","block_type":"box","text":"be made in the manner and amounts described in the Prospectuses.","page_number":159,"box":{"x":69,"y":113,"width":489,"height":11}},{"id":"9a0159d7-2f45-4a6c-a011-85cb19ed14ab","block_type":"box","text":"The Funds or the Transfer Agent may temporarily suspend telephone transactions at any time.","page_number":159,"box":{"x":101,"y":135,"width":668,"height":12}},{"id":"096bf9d2-749b-4793-a4c8-0a2ed8087021","block_type":"box","text":"If you redeem shares directly with the Transfer Agent, payments will generally be mailed within one business day","page_number":159,"box":{"x":102,"y":158,"width":800,"height":11}},{"id":"175d3f17-5474-423e-81c2-276e30eb0d6a","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":159,"box":{"x":69,"y":173,"width":838,"height":11}},{"id":"5d971b2e-9200-4a6b-9748-66ece95af14d","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":159,"box":{"x":69,"y":188,"width":811,"height":11}},{"id":"2e92630c-8ede-4dfc-9182-1ee2d0e4dd65","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":159,"box":{"x":69,"y":203,"width":789,"height":12}},{"id":"493660dc-8547-45ec-a8a3-56aba340b09f","block_type":"box","text":"contains a fractional share balance following a redemption, the fractional share balance will be automatically","page_number":159,"box":{"x":69,"y":218,"width":775,"height":12}},{"id":"5750eba3-b951-40fc-8dd3-4a6d51cb4dfd","block_type":"box","text":"redeemed by the Fund.","page_number":159,"box":{"x":69,"y":234,"width":162,"height":11}},{"id":"be09a205-ded6-4018-a734-8564c5ee08a3","block_type":"box","text":"Note on Low Balance Accounts.","page_number":159,"box":{"x":102,"y":257,"width":223,"height":8}},{"id":"f3eefbd3-e70c-4dcf-a012-01e7230a2e84","block_type":"box","text":"Because of the high cost of maintaining smaller shareholder accounts,","page_number":159,"box":{"x":332,"y":256,"width":503,"height":12}},{"id":"7ad1f9ac-ead1-4757-93db-99a8529cf21a","block_type":"box","text":"BlackRock has set a minimum balance of $500 in each Fund position you hold within your account (“Fund","page_number":159,"box":{"x":70,"y":271,"width":752,"height":12}},{"id":"37ca3cd0-97e3-4120-8384-c6b9d2c63df4","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":159,"box":{"x":70,"y":286,"width":829,"height":12}},{"id":"40dba519-f7cd-437d-b377-cd7603b0c2b9","block_type":"box","text":"for any reason, including market fluctuation.","page_number":159,"box":{"x":68,"y":302,"width":313,"height":11}},{"id":"39b58e4c-da3d-415e-adbc-b0bb396e4a26","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":159,"box":{"x":101,"y":324,"width":775,"height":11}},{"id":"c81ba475-239a-4f7e-8bc9-a05439b074d3","block_type":"box","text":"involuntary redemption. This notification will provide you with a 90 calendar day period to make an additional","page_number":159,"box":{"x":70,"y":339,"width":773,"height":12}},{"id":"2de84aec-61a6-4c86-bd56-1e1283196667","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":159,"box":{"x":70,"y":354,"width":776,"height":12}},{"id":"f122e726-3406-4b43-b126-b4c908f6a6e7","block_type":"box","text":"redemption. This involuntary redemption will not charge any deferred sales charge, and may not apply to accounts of","page_number":159,"box":{"x":69,"y":370,"width":834,"height":11}},{"id":"7beaafe5-e4df-484b-9117-989146b34c0a","block_type":"box","text":"cer tain employer-sponsored retirement plans (not including IRAs), qualified state tuition plan (529 Plan) accounts,","page_number":159,"box":{"x":69,"y":385,"width":811,"height":11}},{"id":"3ec6f2d0-e9f0-4e53-8b9e-ae94895db795","block_type":"box","text":"and select fee-based programs at your financial intermediary.","page_number":159,"box":{"x":69,"y":400,"width":435,"height":11}},{"id":"513cb3ce-97d9-43a5-aeb1-4cce17e7f43b","block_type":"box","text":"Repurchase","page_number":159,"box":{"x":69,"y":430,"width":85,"height":11}},{"id":"a40d2c1f-1695-4d05-a023-c31e198299cd","block_type":"box","text":"A Fund normally will accept orders to repurchase shares from Selling Dealers for their customers. Shares will be","page_number":159,"box":{"x":101,"y":453,"width":800,"height":11}},{"id":"56b2bc9f-5b67-4197-84f5-446ce31d10ec","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":159,"box":{"x":70,"y":468,"width":833,"height":11}},{"id":"f54a320c-86fc-472b-b9a5-33c0472f12d3","block_type":"box","text":"authorized by the Distributor by contract to accept such orders. As to repurchase orders received by Selling Dealers","page_number":159,"box":{"x":69,"y":483,"width":822,"height":11}},{"id":"5e548153-85a8-456b-a285-e3986bc209fc","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":159,"box":{"x":70,"y":498,"width":809,"height":11}},{"id":"eebbdeb0-22ba-4cb2-848a-9e8db476befa","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":159,"box":{"x":69,"y":513,"width":831,"height":11}},{"id":"29bb5988-46b1-4413-8585-c01956070681","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":159,"box":{"x":70,"y":528,"width":796,"height":12}},{"id":"b7b77c50-249c-4c29-97b8-c8c18e7e488a","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":159,"box":{"x":69,"y":543,"width":812,"height":12}},{"id":"d1ad3265-359d-4442-ad58-c0766f93ae43","block_type":"box","text":"next business day.","page_number":159,"box":{"x":69,"y":559,"width":130,"height":11}},{"id":"01a2a4a5-7e77-45c5-93d1-9d6129d8e042","block_type":"box","text":"These repurchase arrangements are for your convenience and do not involve a charge by the Fund (other than","page_number":159,"box":{"x":101,"y":581,"width":783,"height":12}},{"id":"73b6df31-7847-4ab1-9a8e-d1ad764b358f","block_type":"box","text":"any applicable CDSC or redemption fee). However, Selling Dealers may charge a processing fee in connection with","page_number":159,"box":{"x":69,"y":596,"width":813,"height":12}},{"id":"530d424f-23d1-4c93-8353-9d0defadffd0","block_type":"box","text":"such transactions. In addition, securities firms that do not have selected dealer agreements with the Distributor may","page_number":159,"box":{"x":69,"y":612,"width":832,"height":11}},{"id":"833afe29-54d5-4078-9f36-34313a042957","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":159,"box":{"x":70,"y":627,"width":814,"height":11}},{"id":"42665863-c5c0-4581-9e53-b6a9c55bd7cf","block_type":"box","text":"reject any order for repurchase. A shareholder whose order for repurchase is rejected by a Fund, however, may","page_number":159,"box":{"x":69,"y":642,"width":788,"height":11}},{"id":"60a1ad8d-7204-4608-826e-04dfcd1404b6","block_type":"box","text":"redeem shares as set out above.","page_number":159,"box":{"x":69,"y":657,"width":235,"height":9}},{"id":"4eccd517-790c-43af-8800-f0ae995ec71d","block_type":"box","text":"Reinstatement Privilege — Investor A and Investor P Shares","page_number":159,"box":{"x":69,"y":687,"width":440,"height":11}},{"id":"e9c1a659-11da-4c01-b3b8-2bb1afc2415b","block_type":"box","text":"Upon redemption of Investor A, Investor A1, Investor P or Institutional Shares, as applicable, shareholders may","page_number":159,"box":{"x":102,"y":710,"width":791,"height":11}},{"id":"9dcd869d-f885-4344-aa78-71c77428d488","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":159,"box":{"x":69,"y":725,"width":815,"height":11}},{"id":"8283959a-2c2f-4af3-9307-688d34d45229","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":159,"box":{"x":69,"y":740,"width":822,"height":11}},{"id":"9f4a11ed-a9da-4aec-8109-edd974e17edf","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":159,"box":{"x":68,"y":755,"width":806,"height":11}},{"id":"c528e415-bf18-4f52-9e5b-4d76a4d2126f","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":159,"box":{"x":69,"y":770,"width":768,"height":11}},{"id":"33b2c96d-9ed1-4f62-a1d8-f272af29ef4a","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":159,"box":{"x":70,"y":785,"width":827,"height":12}},{"id":"1f2f38d4-64f1-4321-8d34-0ab618a372b5","block_type":"box","text":"this privilege, the Transfer Agent must receive written notification from the shareholder of record or the registered","page_number":159,"box":{"x":68,"y":801,"width":809,"height":11}},{"id":"236c3cc8-fcdd-4c7b-b4c3-05a21f4b1b4f","block_type":"box","text":"representative of record, at the time of purchase. Investors should consult a tax advisor concerning the tax","page_number":159,"box":{"x":69,"y":816,"width":764,"height":11}},{"id":"c4258d10-e436-4b75-a0df-88880931ff0f","block_type":"box","text":"consequences of exercising this reinstatement privilege.","page_number":159,"box":{"x":69,"y":831,"width":400,"height":11}},{"id":"be56600a-6010-431f-a355-2940e3c6a976","block_type":"box","text":"II-117","page_number":159,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"508b964a-d4d0-419f-907d-f5a90c200034","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":159,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a1564bc6-3b78-417a-8d79-066d34714475","block_type":"box","text":"SHAREHOLDER SERVICES","page_number":160,"box":{"x":384,"y":45,"width":210,"height":10}},{"id":"67453f45-101e-4892-839c-64a7d295de0d","block_type":"box","text":"Each Fund offers one or more of the shareholder services described below that are designed to facilitate","page_number":160,"box":{"x":102,"y":68,"width":747,"height":11}},{"id":"a68b4581-685f-4d58-916c-0c3d015e4259","block_type":"box","text":"investment in its shares. You can obtain more information about these services from each Fund by calling the","page_number":160,"box":{"x":70,"y":83,"width":781,"height":11}},{"id":"bb4d4545-a3ff-4c19-88c0-c546f6937ad4","block_type":"box","text":"telephone number on the cover page, or from the Distributor, your financial adviser, your selected securities dealer or","page_number":160,"box":{"x":68,"y":98,"width":836,"height":11}},{"id":"352c705f-c4ab-4883-8e92-ed4b16f4bea8","block_type":"box","text":"other financial intermediary. Cer tain of these services are available only to U.S. investors.","page_number":160,"box":{"x":69,"y":113,"width":641,"height":11}},{"id":"82ec844a-be63-445c-98ef-e9356b9d6383","block_type":"box","text":"Investment Account","page_number":160,"box":{"x":69,"y":144,"width":146,"height":9}},{"id":"b1678504-e320-4885-a2e5-4feee4553465","block_type":"box","text":"If your account is maintained at the Transfer Agent (an “Investment Account”) you will receive statements, at","page_number":160,"box":{"x":102,"y":166,"width":774,"height":11}},{"id":"a93473f2-0b24-42d8-b583-9fad397a3d5a","block_type":"box","text":"least quar terly, from the Transfer Agent. These statements will serve as confirmations for automatic investment","page_number":160,"box":{"x":70,"y":181,"width":796,"height":12}},{"id":"a6f29474-ef3c-4ef4-9d4d-c98632211fc2","block_type":"box","text":"purchases and the reinvestment of dividends. The statements also will show any other activity in your Investment","page_number":160,"box":{"x":70,"y":196,"width":807,"height":12}},{"id":"ae660775-cc2a-40e9-aad4-6e3fda425e47","block_type":"box","text":"Account since the last statement. You also will receive separate confirmations for each purchase or sale transaction","page_number":160,"box":{"x":68,"y":212,"width":830,"height":11}},{"id":"34442a92-5ca7-47cc-a15f-b899aa5d85e3","block_type":"box","text":"other than automatic investment purchases and the reinvestment of dividends. If your Investment Account is held at","page_number":160,"box":{"x":69,"y":227,"width":829,"height":11}},{"id":"965d90b5-1734-4964-9a64-2a1156bb6922","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":160,"box":{"x":68,"y":242,"width":815,"height":11}},{"id":"f263704a-e649-4026-a1d8-d71b752e080c","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":160,"box":{"x":70,"y":256,"width":781,"height":12}},{"id":"efac24fa-4639-45f7-bb64-8e0a25275876","block_type":"box","text":"selected securities dealer or other financial intermediary. If you transfer shares out of an account maintained with a","page_number":160,"box":{"x":69,"y":272,"width":825,"height":11}},{"id":"ba8c98c0-fb29-44a8-9696-8f04ca4fc23f","block_type":"box","text":"selected securities dealer or other financial intermediary, an Investment Account in your name may be opened","page_number":160,"box":{"x":69,"y":287,"width":785,"height":11}},{"id":"165bc4d6-b0d1-47e6-914c-9c0631f3067d","block_type":"box","text":"automatically at the Transfer Agent.","page_number":160,"box":{"x":69,"y":302,"width":251,"height":12}},{"id":"d902b807-3847-40c9-b1e0-04966ca64696","block_type":"box","text":"You may transfer Fund shares from a selected securities dealer or other financial intermediary to another","page_number":160,"box":{"x":101,"y":325,"width":750,"height":11}},{"id":"f8e950df-88f5-4f89-bf9a-7132de8a7b48","block_type":"box","text":"securities dealer or other financial intermediary that has entered into an agreement with the Distributor. Cer tain","page_number":160,"box":{"x":69,"y":340,"width":797,"height":11}},{"id":"32ed1e4e-0127-49fe-9fbd-760e6dff60ed","block_type":"box","text":"shareholder services may not be available for the transferred shares. All future trading of these assets must be","page_number":160,"box":{"x":69,"y":355,"width":797,"height":11}},{"id":"cf0da6d2-0645-4292-a153-84a6451ec046","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":160,"box":{"x":69,"y":370,"width":826,"height":11}},{"id":"af703787-acdb-459b-a434-31c5a4a03a13","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":160,"box":{"x":68,"y":386,"width":792,"height":11}},{"id":"7cf87363-bb72-4e78-be8b-1e7db12d946d","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":160,"box":{"x":69,"y":401,"width":824,"height":11}},{"id":"2865337a-2feb-40ef-990c-505515014acd","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":160,"box":{"x":69,"y":416,"width":820,"height":11}},{"id":"940bd7e7-12fb-4b88-9996-1ad0a4b25cd4","block_type":"box","text":"Transfer Agent registered in the name of the securities dealer or other financial intermediary for your benefit whether","page_number":160,"box":{"x":68,"y":431,"width":833,"height":11}},{"id":"ff3e5a89-3c14-403a-aafd-36c1aadcbf9c","block_type":"box","text":"the securities dealer or other financial intermediary has entered into a selected dealer agreement or not. In the","page_number":160,"box":{"x":68,"y":446,"width":795,"height":11}},{"id":"f479a81c-90e5-4c39-b025-2b6b18d8475f","block_type":"box","text":"interest of economy and convenience and because of the operating procedures of each Fund, share cer tificates will","page_number":160,"box":{"x":70,"y":461,"width":822,"height":11}},{"id":"bf80b9d4-e8c8-4778-850c-a465f62bb1ea","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":160,"box":{"x":69,"y":476,"width":814,"height":11}},{"id":"bd6bbe88-24e5-4313-96af-339f483f0e06","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":160,"box":{"x":68,"y":491,"width":822,"height":12}},{"id":"6aca6885-9ffd-4344-927d-cf0840228e63","block_type":"box","text":"issued.","page_number":160,"box":{"x":70,"y":507,"width":49,"height":8}},{"id":"7c9ff1d7-b0cc-4f98-b1ef-42b3bd1138d0","block_type":"box","text":"If you are considering transferring a tax-deferred retirement account, such as an individual retirement account,","page_number":160,"box":{"x":102,"y":529,"width":785,"height":11}},{"id":"eaf37d75-9cca-4569-9f08-07b132c91e42","block_type":"box","text":"from one selected securities dealer to another securities dealer or other financial intermediary, you should be aware","page_number":160,"box":{"x":68,"y":544,"width":830,"height":11}},{"id":"ebfbe9be-4317-4c83-a9c8-df502b85756f","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":160,"box":{"x":68,"y":559,"width":790,"height":12}},{"id":"9067013b-03e7-4bdb-925e-663f85d2e389","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":160,"box":{"x":69,"y":574,"width":831,"height":12}},{"id":"95a97beb-dec0-4ef2-84f0-3737dded812b","block_type":"box","text":"to maintain a retirement account at the original selected securities dealer for those shares.","page_number":160,"box":{"x":68,"y":589,"width":652,"height":12}},{"id":"e5994631-5d9f-43be-8dc9-fb38054b5f7b","block_type":"box","text":"Exchange Privilege","page_number":160,"box":{"x":69,"y":620,"width":138,"height":11}},{"id":"afd644d9-6592-4033-a76c-9eaa6105e0ac","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":160,"box":{"x":102,"y":642,"width":797,"height":11}},{"id":"eca3f329-a8c2-46e6-9e37-74e9c945ce57","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":160,"box":{"x":69,"y":658,"width":832,"height":11}},{"id":"a12dd2e3-bd86-471c-936c-d8831f8c609a","block_type":"box","text":"The minimum amount for exchanges of Investor class shares is $1,000, although you may exchange less than","page_number":160,"box":{"x":68,"y":672,"width":788,"height":12}},{"id":"4c19c5f9-fcfd-4624-84aa-bfb2f372e3b1","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":160,"box":{"x":69,"y":687,"width":796,"height":12}},{"id":"4f2dbd80-96da-43fb-8ead-0b35eed2640a","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":160,"box":{"x":69,"y":703,"width":824,"height":11}},{"id":"ee80cd77-a5d6-4101-8297-8e06a9ac9850","block_type":"box","text":"closed to new investors. Before effecting an exchange, you should obtain a currently effective prospectus of the fund","page_number":160,"box":{"x":69,"y":718,"width":835,"height":11}},{"id":"c68aa829-1ff5-487f-bcfb-bce88c9be0a6","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":160,"box":{"x":70,"y":733,"width":820,"height":11}},{"id":"e87c347d-440b-4bb1-b66b-7c6b10c2e5f4","block_type":"box","text":"shares and a purchase of the acquired shares for U.S. federal income tax purposes.","page_number":160,"box":{"x":69,"y":748,"width":600,"height":11}},{"id":"669712d5-8501-4323-805c-984a3c796125","block_type":"box","text":"Exchanges of Investor A, Investor A1, Investor P, Class K, Institutional and Class G Shares.","page_number":160,"box":{"x":102,"y":771,"width":648,"height":11}},{"id":"aff1128d-e1a9-4cfc-b6a9-360426347acf","block_type":"box","text":"Institutional Shares","page_number":160,"box":{"x":757,"y":771,"width":137,"height":9}},{"id":"bbbff893-ec67-4716-915b-9ec6548d0b9b","block_type":"box","text":"are exchangeable with Institutional Shares of other Funds. Investor A and Investor A1 Shares are exchangeable for","page_number":160,"box":{"x":69,"y":786,"width":817,"height":11}},{"id":"19fce464-e6a3-4859-9338-a558086b38ea","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":160,"box":{"x":70,"y":801,"width":798,"height":11}},{"id":"91b85e2b-d995-43f8-bb5f-b3944092e0ca","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":160,"box":{"x":69,"y":816,"width":838,"height":12}},{"id":"66de090f-962c-4a1b-a697-0d418429264f","block_type":"box","text":"intermediary. Class K Shares are exchangeable for Class K Shares of other Funds. Class G Shares are exchangeable","page_number":160,"box":{"x":70,"y":831,"width":834,"height":12}},{"id":"484f1822-6410-4e06-80ba-6db01493d10f","block_type":"box","text":"for Class G Shares of other Funds.","page_number":160,"box":{"x":68,"y":846,"width":246,"height":10}},{"id":"1535a0f5-3353-4ba7-9dc7-16d567e0f0ab","block_type":"box","text":"Exchanges of Institutional Shares outstanding for Institutional Shares of a second fund or for shares of a money","page_number":160,"box":{"x":102,"y":869,"width":800,"height":11}},{"id":"6a867d7a-5a72-48ae-be24-5172b218b8fb","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":160,"box":{"x":69,"y":884,"width":826,"height":12}},{"id":"f64d9d9b-11dc-4ca0-a1e8-752a053100a8","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":160,"box":{"x":69,"y":899,"width":795,"height":12}},{"id":"de4807f3-7de8-4f81-b0d8-d9c8fb5dd4b9","block_type":"box","text":"II-118","page_number":160,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b7278880-2a18-49a5-b992-9472427e2d3f","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":160,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"94fcd3e9-6a8c-4c05-b0b4-7b790e9e2b84","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":161,"box":{"x":69,"y":45,"width":797,"height":11}},{"id":"927b15df-d01f-4e07-8c1f-052e095d1e49","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":161,"box":{"x":70,"y":60,"width":814,"height":11}},{"id":"c6bc0d6d-b438-4da3-a3fd-4617f41cffb1","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":161,"box":{"x":69,"y":75,"width":796,"height":11}},{"id":"f6e1ac10-bb21-4bf4-843c-ca6d1ca5a2ab","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":161,"box":{"x":69,"y":90,"width":828,"height":11}},{"id":"2df3268b-7389-4c75-bd18-371de6e4f21d","block_type":"box","text":"G Shares of a second fund are effected on the basis of relative NAV per share.","page_number":161,"box":{"x":69,"y":105,"width":561,"height":11}},{"id":"e3b51ba6-aeee-4ef0-9805-e8a71d672fe7","block_type":"box","text":"Exchanges of Investor C Shares.","page_number":161,"box":{"x":102,"y":128,"width":229,"height":11}},{"id":"944bbe9a-b606-41a5-b15e-5bf48f5251ad","block_type":"box","text":"Shareholders of cer tain Funds with Investor C Shares outstanding (“outstanding","page_number":161,"box":{"x":338,"y":128,"width":570,"height":11}},{"id":"4fac1d4a-9801-4274-8cde-676fdbabb034","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":161,"box":{"x":70,"y":143,"width":827,"height":11}},{"id":"5f0a0532-95d7-4cd7-8de4-fa06d385bcf1","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":161,"box":{"x":68,"y":158,"width":839,"height":11}},{"id":"d90113cd-cf2d-4387-9669-b01901d07ee8","block_type":"box","text":"the payment of any CDSC. Cer tain Funds impose different CDSC schedules. For purposes of computing the CDSC","page_number":161,"box":{"x":68,"y":173,"width":811,"height":11}},{"id":"aa1deb3a-d26d-4e85-b4b9-f1d252d98794","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":161,"box":{"x":69,"y":188,"width":827,"height":11}},{"id":"56b4e8e7-f645-48ad-b50b-f10fb090018c","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":161,"box":{"x":68,"y":203,"width":781,"height":12}},{"id":"f67e45ea-f6c5-4956-9e35-12f329bf0f18","block_type":"box","text":"towards the holding period of the new Investor C Shares or new money market fund Shares.","page_number":161,"box":{"x":68,"y":218,"width":654,"height":12}},{"id":"c39a52e1-06ca-4b23-851c-b4a73e7f860a","block_type":"box","text":"Exchanges of Service Shares.","page_number":161,"box":{"x":102,"y":241,"width":211,"height":11}},{"id":"50fb9f77-1718-414b-b236-ed66723d4e15","block_type":"box","text":"Service Shares can be exchanged for Service Shares of Funds that are covered by","page_number":161,"box":{"x":319,"y":241,"width":588,"height":11}},{"id":"6c573fce-79d6-40c0-814c-7cc4d8df6921","block_type":"box","text":"selected dealer agreements with the Distributor.","page_number":161,"box":{"x":69,"y":257,"width":342,"height":11}},{"id":"87e8ccd8-03c4-4662-807e-cb548aeb19ce","block_type":"box","text":"Exchanges for Shares of a Money Market Fund.","page_number":161,"box":{"x":102,"y":279,"width":335,"height":11}},{"id":"ba81e8ae-49e1-46e4-a6c4-7eb76ef1249f","block_type":"box","text":"You may exchange any class of Investor class shares, excluding","page_number":161,"box":{"x":443,"y":279,"width":455,"height":11}},{"id":"c59760b0-014c-404b-9563-f14450f90cee","block_type":"box","text":"Investor P Shares, for shares of an affiliated money market fund. If you exchange into BlackRock Summit Cash","page_number":161,"box":{"x":70,"y":294,"width":788,"height":11}},{"id":"385a24cf-32c9-4c33-b981-2279bacee124","block_type":"box","text":"Reserves Fund (“Summit”), a series of BlackRock Financial Institutions Series Trust, you will receive one of two","page_number":161,"box":{"x":70,"y":309,"width":793,"height":11}},{"id":"97cc5b4b-f61d-4180-baa7-6d59ce4e4e79","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":161,"box":{"x":69,"y":324,"width":802,"height":12}},{"id":"0e6b50e2-85b8-422a-9f72-12ace21a353d","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":161,"box":{"x":69,"y":339,"width":824,"height":12}},{"id":"3b0a8986-db33-4013-9636-456b6492d4c7","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":161,"box":{"x":69,"y":355,"width":805,"height":11}},{"id":"93e36bfc-9633-4ed4-b1e6-fb5c2e721491","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":161,"box":{"x":69,"y":370,"width":827,"height":11}},{"id":"f507ea73-1e82-4319-b4ca-4185f89d3e1a","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":161,"box":{"x":69,"y":385,"width":758,"height":11}},{"id":"7e51040f-59f4-44f9-8144-88da47ead07b","block_type":"box","text":"satisfaction of the holding period requirement for purposes of reducing any CDSC. Investor C Shares of Summit are","page_number":161,"box":{"x":69,"y":400,"width":822,"height":11}},{"id":"997bd671-5d68-475c-aba3-a6585f799217","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":161,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"21205b56-3b2f-4307-8e34-93bf26b02bf8","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":161,"box":{"x":70,"y":430,"width":814,"height":11}},{"id":"587f7694-6fb7-4221-8469-229c681600d7","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":161,"box":{"x":69,"y":445,"width":830,"height":12}},{"id":"c9a90d26-e900-410e-80f0-af66144e96b0","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":161,"box":{"x":69,"y":460,"width":821,"height":12}},{"id":"91a34629-4cce-4695-9627-c54980760ea7","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":161,"box":{"x":69,"y":475,"width":823,"height":12}},{"id":"b66d3c76-6446-42e1-a934-6c1b082f7353","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":161,"box":{"x":70,"y":491,"width":781,"height":11}},{"id":"9aa51cc9-2cdb-4be3-a025-c091ca1ab0c0","block_type":"box","text":"exchange.","page_number":161,"box":{"x":69,"y":506,"width":70,"height":11}},{"id":"becf0623-820f-417f-80e6-6149ce4d3a42","block_type":"box","text":"Exchanges by Par ticipants in Cer tain Programs.","page_number":161,"box":{"x":102,"y":529,"width":337,"height":11}},{"id":"04677a09-0acc-43df-8e41-b3a4acc50ec7","block_type":"box","text":"The exchange privilege may be modified with respect to cer tain","page_number":161,"box":{"x":445,"y":528,"width":448,"height":12}},{"id":"939a4640-e8ff-442f-8513-4f29c978c6fc","block_type":"box","text":"par ticipants in mutual fund advisory programs and other fee-based programs sponsored by the Manager, an affiliate","page_number":161,"box":{"x":70,"y":543,"width":828,"height":12}},{"id":"824ac391-7221-4b93-a437-dbc14338f48a","block_type":"box","text":"of the Manager, or selected securities dealers or other financial intermediaries that have an agreement with the","page_number":161,"box":{"x":69,"y":559,"width":796,"height":11}},{"id":"3c596b47-6f7e-4456-887f-7a6c24172de9","block_type":"box","text":"Distributor. See “Fee-Based Programs” below.","page_number":161,"box":{"x":70,"y":574,"width":324,"height":11}},{"id":"1acd8842-690c-44ac-bbce-b2ec2f719dec","block_type":"box","text":"Exercise of the Exchange Privilege.","page_number":161,"box":{"x":102,"y":596,"width":245,"height":12}},{"id":"86aa788a-446e-4a35-b989-ba46ac8dc020","block_type":"box","text":"To exercise the exchange privilege, you should contact your financial adviser","page_number":161,"box":{"x":353,"y":596,"width":543,"height":12}},{"id":"a34e1346-30fd-4b79-a74f-c449cf773f75","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":161,"box":{"x":69,"y":612,"width":794,"height":11}},{"id":"7bb3475a-5529-403c-a422-ca750ac3c409","block_type":"box","text":"exercise the exchange privilege by wire through your securities dealer or other financial intermediary. Each Fund","page_number":161,"box":{"x":69,"y":627,"width":795,"height":11}},{"id":"ea2bb473-6768-47ab-8516-13663e7d8a19","block_type":"box","text":"reserves the right to require a properly completed exchange application.","page_number":161,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"df561809-4fe1-4122-ba47-676cd24850fd","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":161,"box":{"x":101,"y":665,"width":772,"height":11}},{"id":"a4ea43be-a2a7-43f2-83cf-127558449826","block_type":"box","text":"Transfer Agent at the following address: P.O. Box 534429, Pittsburgh, Pennsylvania 15253-4429. Shareholders are","page_number":161,"box":{"x":68,"y":680,"width":824,"height":11}},{"id":"335d4aee-4fdc-4b85-8103-0f00715ad14d","block_type":"box","text":"automatically provided with telephone exchange privileges when opening an account, unless they indicate on the","page_number":161,"box":{"x":69,"y":695,"width":801,"height":11}},{"id":"61961df7-8ff4-46ae-9d0f-2ffdea4114be","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":161,"box":{"x":68,"y":710,"width":817,"height":11}},{"id":"af45e6e8-d551-4de7-9677-c3baf2f8c602","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":161,"box":{"x":69,"y":725,"width":826,"height":11}},{"id":"7290b178-24af-4f8e-9fe2-d471c94a2412","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":161,"box":{"x":69,"y":740,"width":840,"height":11}},{"id":"d630c64f-f9be-421b-ace1-63add103a24a","block_type":"box","text":"telephone at (800) 441-7762 to request the exchange. During periods of substantial economic or market change,","page_number":161,"box":{"x":68,"y":755,"width":811,"height":11}},{"id":"b1ad69f4-2790-45a5-be22-5fc080cae94a","block_type":"box","text":"telephone exchanges may be difficult to complete and shareholders may have to submit exchange requests to the","page_number":161,"box":{"x":68,"y":770,"width":815,"height":12}},{"id":"9e06b6b0-bcfb-4187-97fb-06132a18d80c","block_type":"box","text":"Transfer Agent in writing.","page_number":161,"box":{"x":68,"y":785,"width":175,"height":12}},{"id":"02c4422b-710b-4597-8ee0-aeb97a9fe870","block_type":"box","text":"If the exchanging shareholder does not currently own shares of the investment por tfolio whose shares are being","page_number":161,"box":{"x":102,"y":808,"width":800,"height":11}},{"id":"cb4f2b75-b486-42d5-907c-9c91ce756068","block_type":"box","text":"acquired, a new account will be established with the same registration, dividend and capital gain options and broker","page_number":161,"box":{"x":69,"y":823,"width":828,"height":12}},{"id":"c99ce77e-d40f-4155-8cf5-af12ef603abb","block_type":"box","text":"of record as the account from which shares are exchanged, unless otherwise specified in writing by the shareholder","page_number":161,"box":{"x":69,"y":838,"width":826,"height":12}},{"id":"0c82bbf6-cc06-4ac0-b2ee-53c271bab69d","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":161,"box":{"x":68,"y":853,"width":797,"height":12}},{"id":"bc4dba80-ab6b-49ee-aef8-c5423fe3711e","block_type":"box","text":"Automatic Investment Program or establish a Systematic Withdrawal Plan for the new account, however, an","page_number":161,"box":{"x":68,"y":869,"width":763,"height":11}},{"id":"9072b9e6-ceb1-4e32-b8c0-7904a8f1c61c","block_type":"box","text":"exchanging shareholder must file a specific written request.","page_number":161,"box":{"x":69,"y":884,"width":424,"height":11}},{"id":"0d4e9138-4979-4b76-b8c8-cc015854fb5d","block_type":"box","text":"II-119","page_number":161,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ea33ac14-8fe1-4472-b645-fb7c2cd849a0","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":161,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"68ddb461-b2f7-4297-83ac-ab74468efc59","block_type":"box","text":"Any share exchange must satisfy the requirements relating to the minimum initial investment requirement, and","page_number":162,"box":{"x":101,"y":45,"width":790,"height":11}},{"id":"d86e4273-0774-47ca-bfed-7b645dd8c665","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":162,"box":{"x":69,"y":60,"width":808,"height":11}},{"id":"81489116-4a6f-4242-a107-49e9d333cc0c","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":162,"box":{"x":69,"y":75,"width":771,"height":11}},{"id":"9cb02e66-d503-4af8-a030-3fa5cab42b0e","block_type":"box","text":"exchange request, shareholders should consult a tax or other financial adviser and should consider the investment","page_number":162,"box":{"x":69,"y":90,"width":819,"height":11}},{"id":"2918eb1b-3e67-4399-9eaf-c2c711ad65c2","block_type":"box","text":"objective, policies and restrictions of the investment por tfolio into which the shareholder is making an exchange.","page_number":162,"box":{"x":69,"y":105,"width":802,"height":11}},{"id":"47e29919-6938-46d4-b55b-174b377866d4","block_type":"box","text":"Brokers may charge a fee for handling exchanges.","page_number":162,"box":{"x":70,"y":120,"width":354,"height":12}},{"id":"8bac56c5-79cb-49d0-8118-31e9dd29fa94","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":162,"box":{"x":101,"y":143,"width":782,"height":11}},{"id":"7fcc2397-6869-4a50-9c8f-0f36df83207e","block_type":"box","text":"given to shareholders of any material modification or termination except where notice is not required. The Funds","page_number":162,"box":{"x":68,"y":158,"width":800,"height":11}},{"id":"0e2603e6-b099-4303-8f00-f59e61303e45","block_type":"box","text":"reserve the right to reject any telephone exchange request. Telephone exchanges may be subject to limitations as to","page_number":162,"box":{"x":69,"y":173,"width":831,"height":11}},{"id":"3f1e6424-f366-40a7-ba9a-9976833a7a75","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":162,"box":{"x":69,"y":188,"width":818,"height":12}},{"id":"30a9a844-9f85-4367-bb89-ca432855bcdc","block_type":"box","text":"do not operate to the disadvantage of any por tfolio or its shareholders.","page_number":162,"box":{"x":69,"y":203,"width":506,"height":12}},{"id":"7f0297f1-a073-4fa4-9420-873b8b9ba431","block_type":"box","text":"The Funds, the Administrators and BRIL will employ reasonable procedures to confirm that instructions","page_number":162,"box":{"x":101,"y":226,"width":733,"height":11}},{"id":"59b739b2-66a5-4fe0-b01b-8bca8bc641da","block_type":"box","text":"communicated by telephone are genuine. The Funds, the Administrators and BRIL will not be liable for any loss,","page_number":162,"box":{"x":69,"y":241,"width":793,"height":11}},{"id":"7c8d855d-eee2-4d95-902b-fa25795bcd98","block_type":"box","text":"liability, cost or expense for acting upon telephone instructions reasonably believed to be genuine in accordance with","page_number":162,"box":{"x":70,"y":256,"width":832,"height":12}},{"id":"a354f3d1-249e-44b8-bc5d-72ecd9de3712","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":162,"box":{"x":69,"y":271,"width":785,"height":12}},{"id":"7d9d8f5b-b30c-4f71-ba24-681da0939954","block_type":"box","text":"telephonic or written exchange instructions from any person representing himself to be the investor and believed by","page_number":162,"box":{"x":68,"y":286,"width":825,"height":12}},{"id":"0f9b5991-b5d1-40ed-97ec-441924bd22fe","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":162,"box":{"x":68,"y":302,"width":837,"height":11}},{"id":"a11677f3-a80a-4cd9-9851-ce969a0f9000","block_type":"box","text":"binding. The exchange privilege may be modified or terminated at any time upon 60 days’ notice to affected","page_number":162,"box":{"x":69,"y":317,"width":767,"height":11}},{"id":"924c7eea-a51e-45f0-b28f-259ccd8309f4","block_type":"box","text":"shareholders. The exchange privilege is only available in states where the exchange may legally be made.","page_number":162,"box":{"x":69,"y":332,"width":750,"height":11}},{"id":"9b7826df-8bb2-441b-a1e3-5a2138368e3d","block_type":"box","text":"Each Fund reserves the right to limit the number of times an investor may exercise the exchange privilege.","page_number":162,"box":{"x":102,"y":355,"width":757,"height":11}},{"id":"cd77360f-74f9-42a5-9c39-9c856ed4f4e7","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":162,"box":{"x":69,"y":370,"width":837,"height":11}},{"id":"f2f5cb74-2e46-4d5a-b161-42de0d86a7f0","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":162,"box":{"x":69,"y":385,"width":805,"height":11}},{"id":"b09a0bac-0a16-4b05-958e-8f856a190bc4","block_type":"box","text":"exchange legally may be made. The exchange privilege may be applicable to other new mutual funds whose shares","page_number":162,"box":{"x":69,"y":400,"width":817,"height":11}},{"id":"a6e6a446-f9bb-4823-a77e-ca6b04e4f53e","block_type":"box","text":"may be distributed by the Distributor.","page_number":162,"box":{"x":69,"y":415,"width":262,"height":11}},{"id":"339a2418-72be-48cd-9a2e-e97c86b736ed","block_type":"box","text":"Participation in Fee-Based Programs","page_number":162,"box":{"x":69,"y":445,"width":266,"height":11}},{"id":"5943ca03-a86b-4591-84ff-aca382a9a36a","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":162,"box":{"x":102,"y":468,"width":780,"height":11}},{"id":"5abe409e-de16-4474-add3-1775535726fd","block_type":"box","text":"securities dealers or other financial intermediaries that have agreements with the Distributor or in cer tain fee-based","page_number":162,"box":{"x":69,"y":483,"width":826,"height":11}},{"id":"8f3c34a4-e855-4dae-b982-ed4040bf724c","block_type":"box","text":"programs in which BlackRock par ticipates, you may be able to buy Institutional Shares, including by exchanges from","page_number":162,"box":{"x":70,"y":498,"width":825,"height":11}},{"id":"108576a7-a21c-4d01-96f1-82072972e73b","block_type":"box","text":"other share classes. Sales charges on the shares being exchanged may be reduced or waived under cer tain","page_number":162,"box":{"x":69,"y":513,"width":770,"height":12}},{"id":"086891a5-151d-4c69-b25e-987d2fff5054","block_type":"box","text":"circumstances. You generally cannot transfer shares held through a fee-based program into another account. Instead,","page_number":162,"box":{"x":69,"y":528,"width":837,"height":12}},{"id":"2747cfd3-d8e4-420d-ac7b-8163cba6d8b9","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":162,"box":{"x":70,"y":543,"width":808,"height":12}},{"id":"2106eb86-8157-4900-aa88-c71420bf30c3","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":162,"box":{"x":70,"y":559,"width":838,"height":11}},{"id":"da8e4c9d-be02-4be5-95d8-f0003b2669d6","block_type":"box","text":"and you may pay any applicable sales charges or redemption fee. Please speak to your financial intermediary for","page_number":162,"box":{"x":69,"y":574,"width":804,"height":11}},{"id":"a9d5e553-19c7-4a2e-8354-e5ec9cbeee5e","block_type":"box","text":"information about specific policies and procedures applicable to your account.","page_number":162,"box":{"x":70,"y":589,"width":555,"height":11}},{"id":"010cc68a-464a-4454-9462-100e99247b72","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":162,"box":{"x":102,"y":612,"width":788,"height":11}},{"id":"0626e492-8504-4f6b-bc03-565c60b7fbd5","block_type":"box","text":"an account. In cer tain circumstances, when a shareholder chooses to continue to hold the shares, whatever share","page_number":162,"box":{"x":69,"y":627,"width":817,"height":10}},{"id":"f1f15891-4a27-4ea2-9fa4-8e10aa5c6918","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":162,"box":{"x":69,"y":642,"width":796,"height":11}},{"id":"6e1f4bbd-da98-48d6-a28c-39e0a18876a7","block_type":"box","text":"periods within the program may be subject to a fee upon redemption. Shareholders that held Investor A or","page_number":162,"box":{"x":70,"y":657,"width":754,"height":11}},{"id":"629dddec-149c-4ff3-b0f5-c038e3c3fbe0","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":162,"box":{"x":70,"y":672,"width":820,"height":11}},{"id":"917cc8aa-48c9-4c5a-9e99-37cf8799461b","block_type":"box","text":"Fund, but may be subject to upfront sales charges with respect to Investor A Shares. Additional purchases of","page_number":162,"box":{"x":70,"y":687,"width":777,"height":11}},{"id":"cb211212-099e-49a8-96e4-4f0b8d85f08b","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":162,"box":{"x":70,"y":702,"width":791,"height":12}},{"id":"8660930c-3a30-4a65-b300-19df1bdf7589","block_type":"box","text":"eligible to purchase Institutional Shares. Please speak to your financial intermediary for more information.","page_number":162,"box":{"x":69,"y":717,"width":756,"height":12}},{"id":"898d4957-3b4d-44cf-9ad2-583a7fc655bd","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":162,"box":{"x":102,"y":740,"width":793,"height":11}},{"id":"176ef38d-1f32-4a6c-8d5b-de2fe699ee99","block_type":"box","text":"fee-based program or upon termination of the fee-based program) or otherwise in accordance with the financial","page_number":162,"box":{"x":68,"y":755,"width":791,"height":11}},{"id":"6a329524-aa80-41ee-8cca-76a378febf78","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":162,"box":{"x":70,"y":770,"width":830,"height":12}},{"id":"96a2ac74-6aa2-4607-94db-a1a6628009c0","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":162,"box":{"x":69,"y":785,"width":807,"height":12}},{"id":"09e2996d-9e0d-447c-83be-b01eef072b2b","block_type":"box","text":"eligibility requirements of the new share class. Please speak to your financial intermediary for information about","page_number":162,"box":{"x":69,"y":801,"width":801,"height":11}},{"id":"392a63b3-8117-4985-8f12-4cba7a0f7585","block_type":"box","text":"specific policies and procedures applicable to your account.","page_number":162,"box":{"x":69,"y":816,"width":424,"height":11}},{"id":"baa7cbdb-9b73-4d98-9442-efdc9dcb2367","block_type":"box","text":"Details about the features of each fee-based program and the relevant charges, terms and conditions are","page_number":162,"box":{"x":102,"y":838,"width":752,"height":12}},{"id":"67114a3e-c8df-43df-b724-caf28cb83f24","block_type":"box","text":"included in the client agreement for each fee-based program and are available from your financial professional,","page_number":162,"box":{"x":70,"y":853,"width":789,"height":12}},{"id":"8ca1780b-00af-451c-be14-5db71e7762a4","block_type":"box","text":"selected securities dealer or other financial intermediary. Please speak to your financial intermediary for more","page_number":162,"box":{"x":69,"y":869,"width":785,"height":11}},{"id":"fd8fa466-1888-43fb-b2b1-3d34287aeb8a","block_type":"box","text":"information.","page_number":162,"box":{"x":70,"y":884,"width":83,"height":9}},{"id":"b7514cb5-d195-4d06-b2d1-f41eb0b50366","block_type":"box","text":"II-120","page_number":162,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5dae72c6-999a-4bdb-9f04-851f1ab64016","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":162,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e1252f03-020b-4624-b566-643f4cd7d81f","block_type":"box","text":"Retirement and Education Savings Plans","page_number":163,"box":{"x":69,"y":45,"width":296,"height":11}},{"id":"006905fa-6326-4d7b-86fe-9f7590f97748","block_type":"box","text":"Individual retirement accounts and other retirement and education savings plans are available from your financial","page_number":163,"box":{"x":102,"y":67,"width":805,"height":12}},{"id":"41728fb9-b315-4546-af68-8c4c661d4018","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":163,"box":{"x":70,"y":82,"width":815,"height":12}},{"id":"26df1e71-7c8f-47bb-ac66-8721635d2b43","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":163,"box":{"x":68,"y":98,"width":819,"height":11}},{"id":"13bd14c7-569e-4e41-9f5d-336d54d1ec1b","block_type":"box","text":"associated with investing through these plans. Information with respect to these plans is available on request from","page_number":163,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"fa587e17-a13e-435e-a52e-8dc0e12cfbee","block_type":"box","text":"your financial intermediary.","page_number":163,"box":{"x":68,"y":128,"width":191,"height":11}},{"id":"f6ff92a1-4862-4bc9-b161-f74cc5dd7837","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":163,"box":{"x":102,"y":150,"width":796,"height":11}},{"id":"aaf4a622-d2b9-4129-ac7f-3410d7dc2259","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":163,"box":{"x":68,"y":166,"width":784,"height":11}},{"id":"7e02a0b0-a6c3-465e-bf6e-cb4f1c425d39","block_type":"box","text":"distributed as well. Investors considering par ticipation in any retirement or education savings plan should review","page_number":163,"box":{"x":69,"y":181,"width":801,"height":11}},{"id":"0860d11f-6c2e-4319-8e7c-c73ff4345301","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":163,"box":{"x":69,"y":196,"width":753,"height":11}},{"id":"79c19805-43df-46ac-a73f-1ac5a36d01f4","block_type":"box","text":"establishment and maintenance of any such plan.","page_number":163,"box":{"x":69,"y":211,"width":354,"height":11}},{"id":"e49b213e-b7d5-439c-9154-e6ee0cef08c1","block_type":"box","text":"Automatic Investment Plans","page_number":163,"box":{"x":68,"y":241,"width":207,"height":9}},{"id":"92ea040e-bcf5-4280-aa04-a471056226ac","block_type":"box","text":"Investor class shareholders and cer tain Service Share shareholders who were shareholders of the Compass","page_number":163,"box":{"x":102,"y":264,"width":773,"height":11}},{"id":"e14c007e-db22-4b73-8c6e-765f72870d5d","block_type":"box","text":"Capital Group of Funds at the time of its combination with The PNC","page_number":163,"box":{"x":69,"y":279,"width":477,"height":11}},{"id":"db5a6bba-8f5c-41c8-9f2e-f9272a9f9a2f","block_type":"box","text":"®","page_number":163,"box":{"x":547,"y":279,"width":6,"height":5}},{"id":"3a95dac0-9d02-45bc-8cb5-aa13db013326","block_type":"box","text":"Fund in 1996 may arrange for periodic","page_number":163,"box":{"x":559,"y":279,"width":272,"height":11}},{"id":"8c74016c-5233-4b3f-98f6-97cb688ff285","block_type":"box","text":"investments in that Fund through automatic deductions from a checking or savings account. The minimum pre","page_number":163,"box":{"x":70,"y":294,"width":787,"height":11}},{"id":"6a8bfacd-b254-4700-81d1-b0b6463c8d20","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":163,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"0f39ce99-e8b9-4f9e-834d-6d3c5d34b78a","block_type":"box","text":"your bank account is required. Contact your financial adviser or other financial intermediary for more information.","page_number":163,"box":{"x":68,"y":324,"width":805,"height":11}},{"id":"c3066c37-0a6e-417e-a9da-4746e2b2c48d","block_type":"box","text":"Automatic Dividend Reinvestment Plan","page_number":163,"box":{"x":68,"y":355,"width":285,"height":9}},{"id":"3225fb66-b02f-4b15-9828-85c32a7d2eaf","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":163,"box":{"x":102,"y":377,"width":782,"height":12}},{"id":"86b61ccd-4d13-4aee-af4f-7b05bc4702a3","block_type":"box","text":"shareholders. All distributions are automatically reinvested at NAV in the form of additional full and fractional shares","page_number":163,"box":{"x":69,"y":392,"width":828,"height":12}},{"id":"c82167a0-917d-4f95-a1e5-ecf9f3ab67fc","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":163,"box":{"x":69,"y":407,"width":839,"height":9}},{"id":"20b18302-b1ea-4c8c-ac22-3d654e2cc3bd","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":163,"box":{"x":70,"y":423,"width":822,"height":11}},{"id":"9c74d698-669b-473e-a0f6-1a2fb1ae6ba3","block_type":"box","text":"become effective with respect to dividends paid after its receipt by the Transfer Agent.","page_number":163,"box":{"x":69,"y":438,"width":614,"height":11}},{"id":"b81a5105-01e6-4480-a189-316ec6c4f304","block_type":"box","text":"Systematic Withdrawal Plans","page_number":163,"box":{"x":68,"y":468,"width":214,"height":11}},{"id":"08c3374e-b1ec-4ae6-a489-6e08cdfd6956","block_type":"box","text":"Shareholders may receive regular distributions from their accounts via a Systematic Withdrawal Plan (“SWP”).","page_number":163,"box":{"x":102,"y":491,"width":780,"height":11}},{"id":"c827bd05-9959-461b-bb82-ddae5b111029","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":163,"box":{"x":70,"y":505,"width":742,"height":12}},{"id":"20e8ff78-9252-45f8-947f-074439884299","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":163,"box":{"x":69,"y":520,"width":834,"height":12}},{"id":"6bbc6742-1d58-4b0c-8b24-1d32523f311e","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":163,"box":{"x":68,"y":536,"width":823,"height":11}},{"id":"4014bfac-e2cb-4d73-9cdb-8d048c2223ee","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":163,"box":{"x":69,"y":551,"width":840,"height":11}},{"id":"aaef58c7-090c-4224-b4eb-337f510fd62e","block_type":"box","text":"by completing the Systematic Withdrawal Plan Application Form which may be obtained by visiting our website at","page_number":163,"box":{"x":69,"y":566,"width":800,"height":11}},{"id":"c3b5b54b-6e16-4924-94d0-40d954eea44c","block_type":"box","text":"www.blackrock.com.","page_number":163,"box":{"x":68,"y":582,"width":142,"height":8}},{"id":"7e17700b-2f2e-4524-af53-d06e2803342a","block_type":"box","text":"Shareholders should realize that if withdrawals exceed income dividends their invested principal in the account","page_number":163,"box":{"x":102,"y":604,"width":789,"height":11}},{"id":"9c9f615f-c828-48c8-bc1b-aee2a75e69ac","block_type":"box","text":"will be depleted. To par ticipate in the SWP, shareholders must have their dividends automatically reinvested.","page_number":163,"box":{"x":68,"y":619,"width":774,"height":11}},{"id":"0f89c20f-a7c9-4d2c-b5cb-d85e47aca848","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":163,"box":{"x":69,"y":634,"width":815,"height":12}},{"id":"a7f32d9a-5428-49e2-b9ec-c6d82ff78ee6","block_type":"box","text":"(800) 441-7762. Purchases of additional Investor A or Investor P Shares of the Fund concurrently with withdrawals","page_number":163,"box":{"x":69,"y":649,"width":817,"height":12}},{"id":"cf7b921d-4419-4550-a64b-45e4c52f9ffa","block_type":"box","text":"may be disadvantageous to investors because of the sales charges involved and, therefore, are discouraged. No","page_number":163,"box":{"x":69,"y":664,"width":803,"height":12}},{"id":"cb349686-429b-4011-98df-8840ca6cd975","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":163,"box":{"x":69,"y":680,"width":820,"height":11}},{"id":"69ae6a3f-f1b5-4869-b931-c2698933cfa2","block_type":"box","text":"original investment on an annualized basis. For example, monthly, quar terly and semi-annual SWP redemptions of","page_number":163,"box":{"x":69,"y":695,"width":810,"height":11}},{"id":"97f393ff-5787-44b0-a6a2-7d6806e9f90b","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":163,"box":{"x":70,"y":710,"width":816,"height":11}},{"id":"514a4020-96a0-4871-b8ce-54391b574b30","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":163,"box":{"x":69,"y":725,"width":840,"height":11}},{"id":"fa8ad4fa-ccbf-4d48-99d9-dc3d1087afa9","block_type":"box","text":"of this limit are still subject to the applicable CDSC.","page_number":163,"box":{"x":69,"y":740,"width":367,"height":11}},{"id":"02f79964-90a6-4a29-a230-5a90a5ef35a2","block_type":"box","text":"For this reason, a shareholder may not par ticipate in the Automatic Investment Plan described above (see “How","page_number":163,"box":{"x":102,"y":763,"width":798,"height":11}},{"id":"3b22372d-ac0f-4f19-a0bb-6b62ca14ddac","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":163,"box":{"x":68,"y":778,"width":834,"height":11}},{"id":"df50a1d0-f41f-418a-a472-9172a1f0a5ba","block_type":"box","text":"Prospectus) and the SWP at the same time.","page_number":163,"box":{"x":69,"y":793,"width":311,"height":11}},{"id":"b4f7500c-37d4-4f14-99e3-1d2370d2b8ea","block_type":"box","text":"Dividend Allocation Plan","page_number":163,"box":{"x":69,"y":823,"width":176,"height":9}},{"id":"d8f46534-57b7-4b73-87f6-3673269aa619","block_type":"box","text":"The Dividend Allocation Plan, as applicable, allows shareholders to elect to have all their dividends and any other","page_number":163,"box":{"x":101,"y":846,"width":807,"height":11}},{"id":"0dbb704f-1d38-4047-be7a-c9aa92d55be3","block_type":"box","text":"distributions from any Eligible Fund (which means funds so designated by the Distributor from time to time)","page_number":163,"box":{"x":69,"y":861,"width":763,"height":11}},{"id":"8017fb84-eeea-4f13-9abc-5143a0e12987","block_type":"box","text":"automatically invested at NAV in one other such Eligible Fund designated by the shareholder, provided the account","page_number":163,"box":{"x":69,"y":876,"width":814,"height":11}},{"id":"76d539a4-fd00-472e-b69a-d557b7d4dbd9","block_type":"box","text":"into which the dividends and distributions are directed is initially funded with the requisite minimum amount.","page_number":163,"box":{"x":70,"y":891,"width":771,"height":11}},{"id":"7e16dcc7-f6b6-4099-a874-750831b37eda","block_type":"box","text":"II-121","page_number":163,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"5aca7f6b-02d2-48d7-8327-6b3a077801b0","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":163,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f16e629-7011-4ac8-834a-ac36d4b60f19","block_type":"box","text":"PRICING OF SHARES","page_number":164,"box":{"x":406,"y":45,"width":167,"height":10}},{"id":"956e8377-871f-4e6c-95b7-f6ee3ef64084","block_type":"box","text":"Determination of Net Asset Value","page_number":164,"box":{"x":69,"y":76,"width":243,"height":8}},{"id":"cb2653f0-6111-40c6-9dfe-55c26269741e","block_type":"box","text":"Valuation of Shares.","page_number":164,"box":{"x":101,"y":98,"width":145,"height":9}},{"id":"1a263d43-84e4-4135-9e26-ca6b10df1034","block_type":"box","text":"The NAV for each class of shares of each Fund is generally calculated as of the close of","page_number":164,"box":{"x":252,"y":98,"width":626,"height":11}},{"id":"129bd5c1-2e34-4eca-a527-fe80f7bf6be9","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":164,"box":{"x":69,"y":113,"width":785,"height":12}},{"id":"b3de1d24-f9b1-48ad-a48e-5ff844be742c","block_type":"box","text":"Valuation of assets held by a Fund is as follows:","page_number":164,"box":{"x":68,"y":128,"width":343,"height":12}},{"id":"8c32922e-82f8-4e2f-910b-c00ae9ef0929","block_type":"box","text":"Equity Investments.","page_number":164,"box":{"x":102,"y":151,"width":143,"height":11}},{"id":"74e0a26b-8333-4a1c-86a3-2d4055b744e4","block_type":"box","text":"Equity securities traded on a recognized securities exchange (","page_number":164,"box":{"x":252,"y":151,"width":439,"height":11}},{"id":"1867c64e-a0f6-4c83-8b41-b59f6b5a9128","block_type":"box","text":"e.g.","page_number":164,"box":{"x":693,"y":153,"width":25,"height":9}},{"id":"914fe3ba-db6a-4df4-9770-898614fe3a6a","block_type":"box","text":", NYSE), on separate","page_number":164,"box":{"x":720,"y":151,"width":147,"height":11}},{"id":"a3bbe258-aa0b-473c-9dac-6925d100f154","block_type":"box","text":"trading boards of a securities exchange or through a market system that provides contemporaneous transaction","page_number":164,"box":{"x":68,"y":166,"width":799,"height":11}},{"id":"0e8c838b-480c-4c7d-8cb9-ee6d64611d0b","block_type":"box","text":"pricing information (each, an “Exchange”) are valued using information obtained via independent pricing services,","page_number":164,"box":{"x":70,"y":181,"width":808,"height":12}},{"id":"81e18d4c-1d36-4ada-8f28-9d5b46526688","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":164,"box":{"x":68,"y":196,"width":820,"height":12}},{"id":"9270abd4-7e8d-4f41-b974-747d90ac6486","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":164,"box":{"x":70,"y":212,"width":805,"height":11}},{"id":"f90ecbbd-1849-4e7b-9b55-3eb850c8f36d","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":164,"box":{"x":69,"y":227,"width":793,"height":11}},{"id":"a2d57065-7e29-4812-b851-f4f29ac8243a","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":164,"box":{"x":70,"y":242,"width":836,"height":11}},{"id":"3164be41-65a7-40bc-829e-f6b24fdc262d","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":164,"box":{"x":68,"y":257,"width":815,"height":11}},{"id":"d6061384-20b7-4466-a811-6892e0105fba","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":164,"box":{"x":70,"y":272,"width":837,"height":11}},{"id":"4598aa9f-f846-45e1-a58d-316a0fc0f062","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":164,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"33c6e59e-634e-44d3-bb43-9788595ad438","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":164,"box":{"x":68,"y":302,"width":828,"height":11}},{"id":"2ca41b9c-efe6-4d28-887b-67cffd5ee30e","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":164,"box":{"x":68,"y":318,"width":819,"height":11}},{"id":"99fc7ec3-672f-4827-99e1-f652dda6bcf3","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":164,"box":{"x":70,"y":332,"width":798,"height":12}},{"id":"928966ad-b75f-44dd-ad9f-fbc983b408a9","block_type":"box","text":"defined below).","page_number":164,"box":{"x":69,"y":348,"width":106,"height":11}},{"id":"4fe42645-3c3f-43b6-9baf-de731c7414bd","block_type":"box","text":"Fixed-Income Investments.","page_number":164,"box":{"x":102,"y":370,"width":194,"height":9}},{"id":"20cbb218-ab98-4914-b675-c121f5a4a447","block_type":"box","text":"Fixed-income securities are generally valued using bid prices provided by dealers or","page_number":164,"box":{"x":304,"y":371,"width":592,"height":11}},{"id":"a03e2793-36a0-40ce-a7ae-72e607faa54f","block_type":"box","text":"prices (including evaluated prices) supplied by the Fund’s approved independent third-par ty pricing services, each in","page_number":164,"box":{"x":70,"y":386,"width":825,"height":11}},{"id":"142aad81-36f6-4d01-8043-006dc926d6f6","block_type":"box","text":"accordance with the Valuation Procedures. The pricing services may use valuation models that utilize cer tain inputs","page_number":164,"box":{"x":69,"y":401,"width":823,"height":11}},{"id":"edfd730c-d953-4c27-8702-6e8c1b56a083","block_type":"box","text":"and assumptions to derive values, including transaction data (","page_number":164,"box":{"x":69,"y":416,"width":443,"height":11}},{"id":"795832a0-ddc0-4767-acfb-15aea26b2c8c","block_type":"box","text":"e.g.","page_number":164,"box":{"x":514,"y":417,"width":24,"height":10}},{"id":"0c00e0a6-b2f6-432c-89d0-27ce972d91b2","block_type":"box","text":", recent representative bids and offers), credit","page_number":164,"box":{"x":541,"y":416,"width":328,"height":11}},{"id":"68e36582-bd23-46a4-9915-642ed1428ca8","block_type":"box","text":"quality information, perceived market movements, news, and other relevant information and by other methods, which","page_number":164,"box":{"x":69,"y":431,"width":834,"height":11}},{"id":"bd7d893e-1821-4e0c-9ec0-7daa53a50344","block_type":"box","text":"may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type;","page_number":164,"box":{"x":69,"y":446,"width":769,"height":11}},{"id":"eccf29e9-2a01-4258-aa08-e77d941357f3","block_type":"box","text":"indications as to values from dealers; general market conditions; and/or other factors and assumptions. Pricing","page_number":164,"box":{"x":70,"y":461,"width":797,"height":11}},{"id":"047602af-a364-4143-9216-a28a30cb5e4c","block_type":"box","text":"services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but","page_number":164,"box":{"x":69,"y":476,"width":821,"height":11}},{"id":"c47a4671-6ff1-459d-85e5-86255cb9bc5a","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":164,"box":{"x":68,"y":491,"width":798,"height":11}},{"id":"8b06d8f2-83e2-4782-a516-8070db59b90b","block_type":"box","text":"classes may trade at lower prices than institutional round lots, and the value ultimately realized when the securities","page_number":164,"box":{"x":69,"y":507,"width":825,"height":11}},{"id":"55bac0c0-e655-44dd-9f8f-98f1dfa4bdd0","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":164,"box":{"x":69,"y":521,"width":791,"height":12}},{"id":"a949f499-4320-4d92-ade5-8942a8c4c825","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":164,"box":{"x":69,"y":537,"width":814,"height":11}},{"id":"e048dd87-1e76-4564-8ae7-8604bd196f07","block_type":"box","text":"value. Cer tain fixed-income investments, including asset-backed and mor tgage related securities, may be valued","page_number":164,"box":{"x":68,"y":552,"width":802,"height":11}},{"id":"5817988e-c6d9-4b49-b8f6-80117f6b6a03","block_type":"box","text":"based on valuation models that consider the estimated cash flows of each tranche of the issuer, establish a","page_number":164,"box":{"x":69,"y":567,"width":773,"height":10}},{"id":"e136c2e1-c7eb-49b4-b5db-d8d044916e61","block_type":"box","text":"benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique","page_number":164,"box":{"x":69,"y":582,"width":795,"height":11}},{"id":"82e24ceb-32ec-48a8-8ca9-64ba4fa0d9b7","block_type":"box","text":"attributes of the tranche.","page_number":164,"box":{"x":69,"y":597,"width":176,"height":9}},{"id":"db28f396-04de-47a5-8b5a-3cf79f95493e","block_type":"box","text":"Options, Futures, Swaps and Other Derivatives.","page_number":164,"box":{"x":101,"y":620,"width":344,"height":11}},{"id":"bb66bac4-6e73-4cbb-8997-19a25e047746","block_type":"box","text":"Exchange-traded equity options (except ETF options, equity","page_number":164,"box":{"x":453,"y":620,"width":416,"height":11}},{"id":"75a200b4-2bc0-43b8-961d-bce01a37ce74","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":164,"box":{"x":70,"y":635,"width":829,"height":11}},{"id":"429e5b80-7498-40ac-9233-0ab8bb58b736","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":164,"box":{"x":69,"y":650,"width":824,"height":11}},{"id":"59494153-b4cf-41ba-906e-c9bbfa002584","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":164,"box":{"x":68,"y":665,"width":838,"height":11}},{"id":"3826bdd6-027d-4759-a672-9a2efca4ceb7","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":164,"box":{"x":68,"y":680,"width":820,"height":12}},{"id":"da7e05f6-913f-4a1c-8188-cb15764b0548","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":164,"box":{"x":68,"y":695,"width":808,"height":11}},{"id":"78d2d7e2-37d2-47a3-abb3-53d9c3cc9c45","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":164,"box":{"x":69,"y":710,"width":824,"height":12}},{"id":"7b4ca168-9ba0-403c-9c3a-2643ae372d9a","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":164,"box":{"x":68,"y":726,"width":789,"height":11}},{"id":"c3f41bcf-222e-466d-a923-0bf8b97df474","block_type":"box","text":"options, ETF options, equity index options and OTC derivatives, may be valued using a mathematical model which","page_number":164,"box":{"x":69,"y":741,"width":807,"height":11}},{"id":"61ba30ba-53cc-4c9a-a2f1-f56dee0596a5","block_type":"box","text":"may incorporate a number of market data factors. Financial futures contracts and options thereon, which are traded","page_number":164,"box":{"x":69,"y":756,"width":824,"height":11}},{"id":"d220b94b-d077-43ba-bfaf-1ce1ff250031","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":164,"box":{"x":69,"y":771,"width":833,"height":11}},{"id":"b7ca8b8c-1c1c-47dd-b325-8eff91ca1ec2","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":164,"box":{"x":69,"y":786,"width":830,"height":11}},{"id":"cc449a19-b5d5-48fc-b7ae-3e9eca492dfe","block_type":"box","text":"accordance with the Valuation Procedures.","page_number":164,"box":{"x":69,"y":801,"width":301,"height":9}},{"id":"70663fc1-ede7-45d2-a34f-054719046cd8","block_type":"box","text":"Underlying Funds.","page_number":164,"box":{"x":102,"y":824,"width":128,"height":11}},{"id":"ed3f4275-1015-4df7-ba39-ae5cc38b4f4a","block_type":"box","text":"Shares of underlying open-end funds (including money market funds) are valued at NAV.","page_number":164,"box":{"x":237,"y":824,"width":621,"height":11}},{"id":"9c91d202-6515-4f05-9cd0-21141f9e6f83","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":164,"box":{"x":69,"y":839,"width":837,"height":11}},{"id":"411573f5-62ae-484c-9a86-f8d8dadd7f54","block_type":"box","text":"General Valuation Information.","page_number":164,"box":{"x":101,"y":862,"width":220,"height":9}},{"id":"f8c8208b-5b45-4918-b2c0-b9d032e74f35","block_type":"box","text":"Prices obtained from independent third-par ty pricing services, broker-dealers or","page_number":164,"box":{"x":328,"y":862,"width":564,"height":11}},{"id":"4529d461-48a8-4913-9c0a-755fce5b979e","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":164,"box":{"x":69,"y":877,"width":831,"height":9}},{"id":"65950581-81a5-4279-a07a-92e237ea7463","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":164,"box":{"x":68,"y":892,"width":828,"height":11}},{"id":"bc9da7ac-d737-416f-ba6f-246fff92570f","block_type":"box","text":"II-122","page_number":164,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d9799d96-b219-4db2-89e5-bb764a2d993c","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":164,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3176ffcd-1b56-4b8f-a454-9a5710a47844","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":165,"box":{"x":69,"y":45,"width":829,"height":11}},{"id":"43105751-2c9a-43c7-92ad-f96550614c78","block_type":"box","text":"applied prospectively. Such determination will be made considering per tinent facts and circumstances surrounding","page_number":165,"box":{"x":69,"y":60,"width":817,"height":11}},{"id":"98c6bdf7-ed9a-479e-a6ca-6d031d870a8a","block_type":"box","text":"the revision.","page_number":165,"box":{"x":68,"y":75,"width":87,"height":9}},{"id":"7efd69e8-998c-4dc4-986d-33b648fd29e1","block_type":"box","text":"In determining the market value of por tfolio investments, the Fund may employ independent third-par ty pricing","page_number":165,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"faff571c-e4fe-4fb7-befb-aeddbabd5a17","block_type":"box","text":"services, which may use, without limitation, evaluated pricing methods that take into consideration market indexes,","page_number":165,"box":{"x":69,"y":113,"width":823,"height":11}},{"id":"5edfd857-ef18-4fdb-82dd-1d9a9ebb71df","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":165,"box":{"x":69,"y":128,"width":818,"height":11}},{"id":"30bbc7f3-5544-4f91-86b9-fc3c7efd67af","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":165,"box":{"x":70,"y":143,"width":832,"height":11}},{"id":"b69e93f3-95c7-4c3a-bc60-4c38b9e7648b","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":165,"box":{"x":70,"y":158,"width":832,"height":11}},{"id":"8f60689a-7e1a-4a8a-8b2d-72847778dc5e","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":165,"box":{"x":69,"y":173,"width":834,"height":11}},{"id":"df035d07-7d83-4cc7-aa02-a1593b139195","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":165,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"789a6019-c18a-48a7-b3cd-16ade95a00da","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":165,"box":{"x":70,"y":204,"width":833,"height":11}},{"id":"bd5a112e-5c02-403f-b827-f23023a7d91c","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":165,"box":{"x":69,"y":218,"width":827,"height":12}},{"id":"ff7a37b7-394e-4a53-a140-8cf4f1701ed6","block_type":"box","text":"impacted by technological issues and/or errors by pricing services or other third-par ty service providers.","page_number":165,"box":{"x":70,"y":234,"width":741,"height":11}},{"id":"2ecc2c7f-14b2-4c21-86d2-5f726658aff9","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":165,"box":{"x":102,"y":256,"width":800,"height":11}},{"id":"dd84d895-c5b2-4f3b-afbf-a8c8ddb5116f","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":165,"box":{"x":69,"y":271,"width":811,"height":12}},{"id":"654f0703-603e-4479-8158-1a1573e34c54","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":165,"box":{"x":69,"y":286,"width":827,"height":12}},{"id":"cce8ad72-66a7-4d0d-a888-5d78c726d96f","block_type":"box","text":"value. All other assets and liabilities (including securities for which market quotations are not readily available) held","page_number":165,"box":{"x":68,"y":302,"width":824,"height":11}},{"id":"ef627663-9bfc-4318-904f-1bf32bc4c0cf","block_type":"box","text":"by a Fund (including restricted securities and private market investments, as applicable) are valued at fair value as","page_number":165,"box":{"x":69,"y":317,"width":817,"height":11}},{"id":"ce5a0955-f617-472d-97ad-9c927feaa370","block_type":"box","text":"determined in good faith by BlackRock pursuant to the Valuation Procedures. Any assets and liabilities which are","page_number":165,"box":{"x":69,"y":332,"width":802,"height":11}},{"id":"367cb70e-5e97-4db6-a133-08e66d39945d","block_type":"box","text":"denominated in a foreign currency are translated into U.S. dollars at the prevailing market rates.","page_number":165,"box":{"x":69,"y":347,"width":685,"height":11}},{"id":"a843d946-2ff1-4fa2-9bad-7b4cbd4686fc","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":165,"box":{"x":102,"y":370,"width":795,"height":11}},{"id":"5c12cb3c-39de-4fe1-999d-e4a839b402c7","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":165,"box":{"x":68,"y":385,"width":805,"height":11}},{"id":"8d013bf6-9c21-4b85-8abf-8885a1e634b3","block_type":"box","text":"days when investors can neither purchase nor redeem shares of the Fund.","page_number":165,"box":{"x":69,"y":400,"width":529,"height":11}},{"id":"85532d8c-979d-45af-bff3-191661ea592e","block_type":"box","text":"Fair Value.","page_number":165,"box":{"x":102,"y":423,"width":74,"height":9}},{"id":"9699644c-d7e3-491a-849d-b9fdd7c6109a","block_type":"box","text":"When market quotations are not readily available or are believed by BlackRock to be unreliable, a","page_number":165,"box":{"x":183,"y":423,"width":693,"height":11}},{"id":"65fd07fd-340b-40a6-99d8-dab0ff326a31","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":165,"box":{"x":70,"y":438,"width":785,"height":11}},{"id":"6c69755a-e774-4900-bcc3-06bb43359b67","block_type":"box","text":"accordance with the Valuation Procedures. Pursuant to Rule 2a-5 under the Investment Company Act, the Board of","page_number":165,"box":{"x":69,"y":453,"width":816,"height":11}},{"id":"abdec3f4-74a1-4637-bc1c-18286e6eb92f","block_type":"box","text":"Directors has designated BlackRock as the valuation designee for the respective Funds for which it serves as","page_number":165,"box":{"x":70,"y":468,"width":779,"height":11}},{"id":"a58ba98f-9293-4406-b3e6-f150d6489d58","block_type":"box","text":"investment adviser. BlackRock may reasonably conclude that a market quotation is not readily available or is","page_number":165,"box":{"x":70,"y":483,"width":773,"height":11}},{"id":"b35c275f-b303-43d4-bc14-79cd52805ffd","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":165,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"12ea7899-9a77-4327-bf6d-11146abdca0c","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":165,"box":{"x":69,"y":513,"width":826,"height":12}},{"id":"634783a8-5c76-41ec-9d96-d889199a1144","block_type":"box","text":"(","page_number":165,"box":{"x":69,"y":529,"width":3,"height":10}},{"id":"c8fa65e3-987c-4cd1-b52a-7fecc826a124","block_type":"box","text":"e.g.","page_number":165,"box":{"x":74,"y":530,"width":25,"height":10}},{"id":"60fa74e1-4ce1-4d62-8944-59b3ea7a4bcf","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":165,"box":{"x":101,"y":528,"width":806,"height":12}},{"id":"3b173e78-b104-46c6-a9dc-134191f6dcbd","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":165,"box":{"x":69,"y":544,"width":813,"height":11}},{"id":"05d087df-0646-4a38-a5e8-57fecb52d853","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":165,"box":{"x":68,"y":559,"width":837,"height":11}},{"id":"787eaa91-d13c-4886-9c3f-d68d8bfa684d","block_type":"box","text":"purpose, a “significant event” is deemed to occur if BlackRock determines, in its reasonable business judgment, that","page_number":165,"box":{"x":70,"y":574,"width":838,"height":11}},{"id":"80d5368c-d854-4b31-b3df-f9fbedb7f1be","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":165,"box":{"x":69,"y":589,"width":824,"height":11}},{"id":"14237da8-2a82-4dbc-b2c0-8814ef6cf173","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":165,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"9fa94bbd-7c6a-4ccb-abcf-5ee1b1d8b212","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":165,"box":{"x":69,"y":619,"width":793,"height":11}},{"id":"15d69746-718f-4e20-9af4-5beb15d45d0d","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":165,"box":{"x":70,"y":634,"width":819,"height":12}},{"id":"c2a15525-03dd-42a2-9c2c-544683352adc","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":165,"box":{"x":68,"y":649,"width":810,"height":12}},{"id":"073a6fbd-e89d-43ba-a872-267c1ee62c9e","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":165,"box":{"x":69,"y":664,"width":828,"height":12}},{"id":"3928169d-98f7-436b-a78f-e47b639c4755","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":165,"box":{"x":69,"y":680,"width":822,"height":11}},{"id":"776505d5-4abf-4734-a9d1-33acda833dd2","block_type":"box","text":"value pricing based upon the movement of a proprietary multi-factor model after the relevant foreign markets have","page_number":165,"box":{"x":68,"y":695,"width":814,"height":11}},{"id":"95c0d275-e0e2-4b24-8208-2093799ac705","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":165,"box":{"x":69,"y":710,"width":827,"height":11}},{"id":"590abae9-1143-4b40-81a2-e685c16c4f30","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":165,"box":{"x":69,"y":725,"width":834,"height":11}},{"id":"7e907c95-06ee-43aa-9de4-7afca73a6345","block_type":"box","text":"pricing time.","page_number":165,"box":{"x":70,"y":740,"width":85,"height":11}},{"id":"c3fe0598-3d0b-434a-95ac-2293d59c6d86","block_type":"box","text":"BlackRock’s Rule 2a-5 Committee is responsible for reviewing and approving methodologies by investment type","page_number":165,"box":{"x":102,"y":763,"width":794,"height":11}},{"id":"8aeeb11b-2c12-4618-8897-fb4bb269a8a9","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":165,"box":{"x":69,"y":778,"width":829,"height":11}},{"id":"13d85ed1-2726-4cf5-a7fd-c0c3a699a797","block_type":"box","text":"assists BlackRock by periodically endeavoring to confirm the prices it receives from all third-par ty pricing services,","page_number":165,"box":{"x":69,"y":793,"width":813,"height":11}},{"id":"9937c508-c884-4064-97c8-5bdf0e01843f","block_type":"box","text":"index providers and broker-dealers. BlackRock regularly evaluates the values assigned to the securities and other","page_number":165,"box":{"x":70,"y":808,"width":808,"height":11}},{"id":"a6e75635-3339-4950-a844-512a2f169062","block_type":"box","text":"assets and liabilities of the Funds.","page_number":165,"box":{"x":69,"y":823,"width":245,"height":9}},{"id":"e7c11898-3d0b-4ec5-b26b-00f74b89b4db","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":165,"box":{"x":101,"y":846,"width":795,"height":11}},{"id":"04949667-5533-456f-b5bf-dee758385edd","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":165,"box":{"x":69,"y":861,"width":832,"height":11}},{"id":"c4846c36-d35a-4b75-922e-aa4719e08913","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":165,"box":{"x":69,"y":876,"width":805,"height":11}},{"id":"a8141fc8-92cf-4a91-97d4-9729f5930e7b","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":165,"box":{"x":69,"y":891,"width":834,"height":12}},{"id":"34066397-ff62-4eae-993a-918fa6e83d97","block_type":"box","text":"II-123","page_number":165,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"98831158-00e9-4961-a5de-17efba446689","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":165,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8dd7e7d3-7d69-45ff-8b47-61e2eb2e48b3","block_type":"box","text":"determinations will be based upon all available factors that BlackRock deems relevant at the time of the","page_number":166,"box":{"x":69,"y":45,"width":744,"height":11}},{"id":"310da6ce-8b49-4465-a9f9-cda9a852e309","block_type":"box","text":"determination, and may be based on analytical values determined by BlackRock using proprietary or third-par ty","page_number":166,"box":{"x":69,"y":60,"width":791,"height":11}},{"id":"8d4a9cb4-666e-48b9-ae70-650739abbc51","block_type":"box","text":"valuation models.","page_number":166,"box":{"x":68,"y":75,"width":125,"height":9}},{"id":"d890d115-a50f-457d-931e-18d5affc4be9","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":166,"box":{"x":102,"y":98,"width":785,"height":11}},{"id":"8e76c0b4-179f-469e-9981-12726fd1ce25","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":166,"box":{"x":68,"y":113,"width":822,"height":11}},{"id":"492b8ef0-1200-4867-9d2a-e29f7c7f802d","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":166,"box":{"x":68,"y":128,"width":820,"height":11}},{"id":"35bf7be6-d317-4023-a585-a36f59c0cda0","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":166,"box":{"x":69,"y":143,"width":818,"height":11}},{"id":"8dea81f4-bf97-425b-848b-4f9f2eae88ed","block_type":"box","text":"actual, executed or historical transactions in the relevant investment (or comparable instruments) or, where","page_number":166,"box":{"x":69,"y":158,"width":766,"height":11}},{"id":"8c304dd0-5316-454b-97e1-e403f67528b6","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":166,"box":{"x":69,"y":173,"width":828,"height":11}},{"id":"f2b282ec-9dd5-4255-adb8-312d0ce1a36b","block_type":"box","text":"basis for establishing the fair value of an investment.","page_number":166,"box":{"x":69,"y":188,"width":378,"height":12}},{"id":"9fa74722-003b-492b-a8c0-f07608f8ca04","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":166,"box":{"x":101,"y":211,"width":784,"height":11}},{"id":"f9f75ee4-b7c9-404c-87ef-a58dfb0bdc35","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":166,"box":{"x":70,"y":226,"width":836,"height":11}},{"id":"bed49e04-08dd-4d83-bb26-e737ddc00a37","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":166,"box":{"x":70,"y":241,"width":834,"height":11}},{"id":"913a2e61-3412-45a1-b525-1aa65c4265e2","block_type":"box","text":"fair value, may have the effect of diluting or increasing the economic interest of existing shareholders.","page_number":166,"box":{"x":68,"y":256,"width":728,"height":12}},{"id":"f1fbb1b3-a053-4b59-9ace-448574e678a7","block_type":"box","text":"Each Fund’s annual audited financial statements, which are prepared in accordance with accounting principles","page_number":166,"box":{"x":102,"y":279,"width":786,"height":11}},{"id":"9a56b551-5792-4110-9fac-6a6d19615b98","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":166,"box":{"x":68,"y":294,"width":809,"height":11}},{"id":"dbe4646e-2588-472f-94cd-ca89bd5561f4","block_type":"box","text":"Financial Accounting Standards Board Accounting Standards Codification Topic 820, “Fair Value Measurements and","page_number":166,"box":{"x":70,"y":309,"width":821,"height":11}},{"id":"9201bfba-00aa-40ef-92e4-584ee5864976","block_type":"box","text":"Disclosures” (“ASC 820”), which defines and establishes a framework for measuring fair value under US GAAP and","page_number":166,"box":{"x":70,"y":324,"width":818,"height":12}},{"id":"642b90b5-3943-4d1b-aae0-3159025595c4","block_type":"box","text":"expands financial statement disclosure requirements relating to fair value measurements.","page_number":166,"box":{"x":69,"y":339,"width":641,"height":12}},{"id":"c56a6f76-6e2c-43aa-a619-11ca728ad5b7","block_type":"box","text":"Generally, ASC 820 and other accounting rules applicable to funds and various assets in which they invest are","page_number":166,"box":{"x":102,"y":362,"width":786,"height":11}},{"id":"f6e4fa8f-3ac2-449c-864b-36ef4d8ef8e0","block_type":"box","text":"evolving. Such changes may adversely affect a Fund. For example, the evolution of rules governing the determination","page_number":166,"box":{"x":69,"y":377,"width":832,"height":12}},{"id":"10b17a85-3330-4cec-b4bf-49546c48c45f","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":166,"box":{"x":69,"y":392,"width":780,"height":12}},{"id":"a14165e0-329c-4ea5-ab80-b3fd48027f2b","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":166,"box":{"x":70,"y":407,"width":810,"height":12}},{"id":"ec27c53d-438c-4444-9300-082f73738f1b","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":166,"box":{"x":70,"y":423,"width":810,"height":11}},{"id":"ca4b3462-88b8-4b7e-8787-51b069e15a2b","block_type":"box","text":"par ty determination of fair market value.","page_number":166,"box":{"x":70,"y":438,"width":285,"height":11}},{"id":"68428710-7972-4199-99f1-919f814ddac3","block_type":"box","text":"Computation of Offering Price Per Share","page_number":166,"box":{"x":69,"y":468,"width":292,"height":11}},{"id":"317f102d-f05b-43d1-b7e6-f76384b9d627","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":166,"box":{"x":102,"y":491,"width":791,"height":11}},{"id":"4abe98c3-e079-497c-bff7-a8df7d632872","block_type":"box","text":"the offering price for shares of your Fund.","page_number":166,"box":{"x":68,"y":506,"width":295,"height":11}},{"id":"5e4f16fe-4c78-4229-96b5-73fdd420699e","block_type":"box","text":"PORTFOLIO TRANSACTIONS AND BROKERAGE","page_number":166,"box":{"x":303,"y":535,"width":373,"height":10}},{"id":"027def34-c2d2-4adf-b5f7-292d9f4c7402","block_type":"box","text":"Transactions in Portfolio Securities","page_number":166,"box":{"x":68,"y":566,"width":257,"height":9}},{"id":"ff13f6bd-5b58-409f-b16d-f3219f348ab2","block_type":"box","text":"Subject to policies established by the Board of Directors, BlackRock is primarily responsible for the execution of","page_number":166,"box":{"x":102,"y":588,"width":798,"height":11}},{"id":"940466b9-60a1-4b8d-817c-4b5e2cea3b03","block_type":"box","text":"a Fund’s por tfolio transactions and the allocation of brokerage. BlackRock does not execute transactions through any","page_number":166,"box":{"x":69,"y":603,"width":839,"height":12}},{"id":"8bd67435-dee6-46ae-a5e4-e98fef663e1a","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":166,"box":{"x":70,"y":618,"width":822,"height":12}},{"id":"ced7fc44-0e79-4722-b36b-9d0f7821f931","block_type":"box","text":"set out below. While BlackRock generally seeks reasonable trade execution costs, a Fund does not necessarily pay","page_number":166,"box":{"x":69,"y":634,"width":820,"height":11}},{"id":"4115a7fe-e90a-4185-a657-ba6f9551100a","block_type":"box","text":"the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily","page_number":166,"box":{"x":68,"y":649,"width":798,"height":11}},{"id":"39ce03ea-6417-4ca2-ac37-ea628bad9dd9","block_type":"box","text":"consistent with obtaining the best price and execution in par ticular transactions. Subject to applicable legal","page_number":166,"box":{"x":69,"y":664,"width":765,"height":11}},{"id":"9d385244-ac8f-434c-90b5-6361650a6026","block_type":"box","text":"requirements, BlackRock may select a broker based par tly upon brokerage or research services provided to","page_number":166,"box":{"x":69,"y":679,"width":768,"height":11}},{"id":"bcdffc45-b6b3-4f98-8837-6733c52590d2","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":166,"box":{"x":70,"y":694,"width":830,"height":11}},{"id":"98b39cb9-affd-42aa-8466-b35c82df2b25","block_type":"box","text":"commission than other brokers would charge if BlackRock determines in good faith that the commission is","page_number":166,"box":{"x":69,"y":709,"width":760,"height":11}},{"id":"75dea60e-3ce2-4f56-906c-f5a83d49c260","block_type":"box","text":"reasonable in relation to the services provided.","page_number":166,"box":{"x":69,"y":725,"width":336,"height":10}},{"id":"62e08b73-cb7b-4df5-afae-5cb6ac051900","block_type":"box","text":"In the case of Feeder Funds, because each Feeder Fund generally invests exclusively in beneficial interests of a","page_number":166,"box":{"x":102,"y":747,"width":794,"height":11}},{"id":"3e2d39b1-e182-45d2-9679-22f457d0fe92","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":166,"box":{"x":70,"y":762,"width":835,"height":11}},{"id":"3ad6fa7b-d05b-4f9b-a131-8bb09e940463","block_type":"box","text":"In selecting brokers or dealers to execute por tfolio transactions, the Manager and sub-advisers seek to obtain","page_number":166,"box":{"x":102,"y":785,"width":784,"height":11}},{"id":"9810f127-eb5d-43a9-b9bb-2b6096dd7f78","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":166,"box":{"x":68,"y":800,"width":829,"height":11}},{"id":"318115f9-4a79-4ea0-b511-56edb7b81515","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":166,"box":{"x":69,"y":815,"width":802,"height":11}},{"id":"728d6206-f23e-4ef5-99c4-2d05ac4d89b1","block_type":"box","text":"(ii) the desired timing of the transaction; (iii) BlackRock’s knowledge of the expected commission rates and spreads","page_number":166,"box":{"x":69,"y":830,"width":826,"height":11}},{"id":"8c96de83-8795-495e-a538-12642f5b190e","block_type":"box","text":"currently available; (iv) the activity existing and expected in the market for the par ticular security or instrument,","page_number":166,"box":{"x":69,"y":845,"width":789,"height":12}},{"id":"4a740506-cf9c-48d0-9098-7bd22cc078c8","block_type":"box","text":"including any anticipated execution difficulties; (v) the full range of brokerage services provided; (vi) the broker’s or","page_number":166,"box":{"x":70,"y":860,"width":818,"height":12}},{"id":"2f261722-e884-4b38-856e-7edf3488e2fb","block_type":"box","text":"dealer’s capital; (vii) the quality of research and research services provided; (viii) the reasonableness of the","page_number":166,"box":{"x":69,"y":875,"width":769,"height":12}},{"id":"a80b6a52-55c2-4394-9e98-599b5bd410b4","block_type":"box","text":"commission, dealer spread or its equivalent for the specific transaction; and (ix) BlackRock’s knowledge of any actual","page_number":166,"box":{"x":69,"y":891,"width":837,"height":11}},{"id":"376add0e-26d5-4ec3-b283-80ecc65e6839","block_type":"box","text":"or apparent operational problems of a broker or dealer.","page_number":166,"box":{"x":69,"y":906,"width":391,"height":11}},{"id":"78f049ea-05e6-4aa4-8998-eb806f317ca4","block_type":"box","text":"II-124","page_number":166,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b025ca57-8adb-4674-810c-b5c723e70ad1","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":166,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3a394881-74ed-4bbd-a592-b495c5e18390","block_type":"box","text":"Section 28(e) of the Exchange Act (“Section 28(e)”) permits an investment adviser, under cer tain circumstances","page_number":167,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"2c6da133-ca90-4d93-80d3-4f57f0eb5be4","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":167,"box":{"x":68,"y":60,"width":802,"height":11}},{"id":"ebcb59c8-82ad-4650-b6a4-43cf7a9cbc6e","block_type":"box","text":"another broker or dealer would have charged for effecting the same transaction in recognition of the value of","page_number":167,"box":{"x":69,"y":75,"width":775,"height":11}},{"id":"0ef95f44-eb9a-4faf-b747-581f504da138","block_type":"box","text":"brokerage and research services provided by that broker or dealer. This includes commissions paid on riskless","page_number":167,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"94281a0c-4acf-4927-a9d2-812fef002d07","block_type":"box","text":"principal transactions under cer tain conditions. Brokerage and research services include: (1) furnishing advice as to","page_number":167,"box":{"x":70,"y":105,"width":827,"height":11}},{"id":"77cb1384-d7f8-400c-8ab9-0799ef1c16f0","block_type":"box","text":"the value of securities, including pricing and appraisal advice, credit analysis, risk measurement analysis,","page_number":167,"box":{"x":68,"y":120,"width":753,"height":12}},{"id":"c0de515c-d4f4-405d-b60f-17e0c73275d6","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":167,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"8bcacc7d-24cb-47a7-bc00-63b32fd57297","block_type":"box","text":"availability of securities or purchasers or sellers of securities; (2) furnishing analyses and repor ts concerning issuers,","page_number":167,"box":{"x":69,"y":150,"width":837,"height":12}},{"id":"6baa5d26-e490-4432-ad4f-6f4cf1949e87","block_type":"box","text":"industries, securities, economic factors and trends, por tfolio strategy, and the per formance of accounts; and","page_number":167,"box":{"x":70,"y":166,"width":775,"height":11}},{"id":"9f8a943d-ebcf-409a-b2e1-7f962b4b796e","block_type":"box","text":"(3) effecting securities transactions and per forming functions incidental to securities transactions (such as","page_number":167,"box":{"x":69,"y":181,"width":764,"height":11}},{"id":"671ca9fe-90f8-4542-b219-358f83b49180","block_type":"box","text":"clearance, settlement, and custody). BlackRock believes that access to independent investment research is","page_number":167,"box":{"x":69,"y":196,"width":770,"height":11}},{"id":"da834ea6-c7a1-440b-af81-0d3dedbfb51d","block_type":"box","text":"beneficial to its investment decision-making processes and, therefore, to the Funds.","page_number":167,"box":{"x":69,"y":211,"width":599,"height":11}},{"id":"5be087ce-374e-4115-b4f4-b41ef053c9f7","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may par ticipate in client commission arrangements under which","page_number":167,"box":{"x":102,"y":234,"width":796,"height":11}},{"id":"2cd33653-8ffa-4ae0-bc9c-0a7dae347a17","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":167,"box":{"x":70,"y":249,"width":829,"height":11}},{"id":"3103ceff-5a6b-4a88-bc4a-4b8747287cb6","block_type":"box","text":"the commissions or commission credits to another firm that provides research to BlackRock. BlackRock believes that","page_number":167,"box":{"x":68,"y":264,"width":839,"height":11}},{"id":"634474e0-7582-4bd7-8b71-37357058c3e2","block_type":"box","text":"research services obtained through soft dollar or commission sharing arrangements enhance its investment decision","page_number":167,"box":{"x":69,"y":279,"width":839,"height":11}},{"id":"5abc5902-f276-4197-9db3-adf20dbbe227","block_type":"box","text":"making capabilities, thereby increasing the prospects for higher investment returns. BlackRock will engage only in","page_number":167,"box":{"x":69,"y":294,"width":809,"height":11}},{"id":"e27becb2-382b-448b-8c2b-9f434f918e3f","block_type":"box","text":"soft dollar or commission sharing transactions that comply with the requirements of Section 28(e). Cer tain Funds","page_number":167,"box":{"x":69,"y":309,"width":808,"height":11}},{"id":"e110f01e-c42b-4e71-a60b-f496d59625ce","block_type":"box","text":"may be subject to additional regulations, including MiFID II. Under MiFID II, EU investment managers, including BIL,","page_number":167,"box":{"x":69,"y":325,"width":818,"height":11}},{"id":"0ab194fd-efe9-46e1-8b6f-1305cea9bb91","block_type":"box","text":"pay for any research out of their own resources and not through soft dollars or commission sharing arrangements.","page_number":167,"box":{"x":70,"y":339,"width":813,"height":12}},{"id":"17ed9df0-3970-423c-af90-1e92ddaa91e4","block_type":"box","text":"BlackRock regularly evaluates the soft dollar products and services utilized, as well as the overall soft dollar and","page_number":167,"box":{"x":70,"y":355,"width":801,"height":11}},{"id":"aa00d8ae-19e1-4b1c-8852-782b093e1d4a","block_type":"box","text":"commission sharing arrangements to ensure that trades are executed by firms that are regarded as best able to","page_number":167,"box":{"x":69,"y":370,"width":802,"height":11}},{"id":"4c1f82f8-0320-4e77-b884-161a329156ca","block_type":"box","text":"execute trades for client accounts, while at the same time providing access to the research and other services","page_number":167,"box":{"x":69,"y":385,"width":790,"height":11}},{"id":"081d5f58-98cb-42a1-b0c1-db461c4a1e97","block_type":"box","text":"BlackRock views as impactful to its trading results.","page_number":167,"box":{"x":70,"y":400,"width":361,"height":11}},{"id":"f64c5df1-27e0-4450-b08a-72ad6b37cbe8","block_type":"box","text":"BlackRock, unless prohibited by applicable law, may utilize soft dollars and related services, including research","page_number":167,"box":{"x":102,"y":423,"width":791,"height":11}},{"id":"c16fd4a7-f1a3-4894-a063-815d2bfcdcb6","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":167,"box":{"x":69,"y":438,"width":819,"height":11}},{"id":"cf9deba4-906a-4b23-acd0-5c913186c68d","block_type":"box","text":"and execution or brokerage services within applicable rules and BlackRock’s policies to the extent that such","page_number":167,"box":{"x":69,"y":453,"width":772,"height":11}},{"id":"03bf1e07-5006-4c42-8e19-f00f683891d1","block_type":"box","text":"permitted services do not compromise BlackRock’s ability to seek to obtain best execution. In this regard, the","page_number":167,"box":{"x":70,"y":468,"width":785,"height":11}},{"id":"9282baa0-2278-4a93-ab65-d11cf27373a9","block_type":"box","text":"por tfolio management investment and/or trading teams may consider a variety of factors, including the degree to","page_number":167,"box":{"x":70,"y":483,"width":806,"height":11}},{"id":"149efa54-96f5-4d0f-90a4-60ee774d88b4","block_type":"box","text":"which the broker-dealer: (a) provides access to company management; (b) provides access to their analysts;","page_number":167,"box":{"x":68,"y":498,"width":772,"height":11}},{"id":"d1e46e85-915a-46f4-83ae-e04cabe71f4b","block_type":"box","text":"(c) provides meaningful/insightful research notes on companies or other potential investments; (d) facilitates calls on","page_number":167,"box":{"x":69,"y":513,"width":838,"height":12}},{"id":"a32a1ba9-aeab-48b4-87dc-90862a7630c9","block_type":"box","text":"which meaningful or insightful ideas about companies or potential investments are discussed; (e) facilitates","page_number":167,"box":{"x":68,"y":528,"width":769,"height":12}},{"id":"e2c65f17-e6f2-47d1-b879-515e54123206","block_type":"box","text":"conferences at which meaningful or insightful ideas about companies or potential investments are discussed; or","page_number":167,"box":{"x":69,"y":543,"width":801,"height":12}},{"id":"79525dee-29e6-4810-a7e8-0cab4ba9f03c","block_type":"box","text":"(f) provides research tools such as market data, financial analysis, and other third-par ty related research and","page_number":167,"box":{"x":69,"y":559,"width":778,"height":11}},{"id":"92b23acc-3cb4-4663-989f-caab230f5f5c","block_type":"box","text":"brokerage tools that aid in the investment process.","page_number":167,"box":{"x":69,"y":574,"width":363,"height":11}},{"id":"163975fa-effd-4d03-8e17-20910008623a","block_type":"box","text":"Research-oriented services for which BlackRock, unless prohibited by applicable law, might pay with Fund","page_number":167,"box":{"x":102,"y":596,"width":749,"height":12}},{"id":"f40e835d-1fd9-49ce-b719-88582c96368f","block_type":"box","text":"commissions may be in written form or through direct contact with individuals and may include information as to","page_number":167,"box":{"x":69,"y":612,"width":799,"height":11}},{"id":"2dbb6b22-b0c5-45b4-ab06-511331ab91f9","block_type":"box","text":"par ticular companies or industries and securities or groups of securities, as well as market, economic, or","page_number":167,"box":{"x":70,"y":627,"width":752,"height":11}},{"id":"eebcad7b-52a3-4db4-9aec-6dc572826156","block_type":"box","text":"institutional advice and statistical information, political developments and technical market information that assists","page_number":167,"box":{"x":70,"y":642,"width":823,"height":11}},{"id":"aa72d767-6faf-4573-a326-4c8ceea9413c","block_type":"box","text":"in the valuation of investments. Except as noted immediately below, research services furnished by brokers may be","page_number":167,"box":{"x":70,"y":657,"width":822,"height":11}},{"id":"c1e03e40-fb27-46db-8c77-a74d203d6c6f","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":167,"box":{"x":69,"y":672,"width":840,"height":11}},{"id":"15714165-5578-4e0f-9a96-189182ea6596","block_type":"box","text":"that paid commissions to the broker providing such services. In some cases, research information received from","page_number":167,"box":{"x":68,"y":687,"width":805,"height":11}},{"id":"e3d2896b-08ac-47c3-8980-96215b7999ed","block_type":"box","text":"brokers by mutual fund management personnel, or personnel principally responsible for BlackRock’s individually","page_number":167,"box":{"x":69,"y":702,"width":798,"height":12}},{"id":"e0a9b40d-01da-4b9f-b9a9-19f69692b354","block_type":"box","text":"managed por tfolios, is not necessarily shared by and between such personnel. Any investment advisory or other fees","page_number":167,"box":{"x":69,"y":717,"width":836,"height":12}},{"id":"3a3b5305-d794-4939-9c73-7851884ae15d","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":167,"box":{"x":70,"y":732,"width":832,"height":12}},{"id":"3fd1a651-f077-472d-b6cf-72e8089cdb3d","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":167,"box":{"x":70,"y":748,"width":798,"height":11}},{"id":"73350cf7-04d3-4846-b57f-052689b5ddcf","block_type":"box","text":"occurs BlackRock makes a good faith allocation, under all the circumstances, between the research and non","page_number":167,"box":{"x":69,"y":763,"width":780,"height":11}},{"id":"389b6e0c-a629-4eb2-a332-481371b069a7","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":167,"box":{"x":69,"y":778,"width":827,"height":11}},{"id":"052f37f4-fe8e-40c0-b7a0-c82ce72bb8c3","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":167,"box":{"x":69,"y":793,"width":821,"height":11}},{"id":"ac14f6e8-80f0-4c62-b8e5-4ec6c5a3a79c","block_type":"box","text":"non-research purposes. In making this good faith allocation, BlackRock faces a potential conflict of interest, but","page_number":167,"box":{"x":69,"y":808,"width":797,"height":11}},{"id":"580e70cf-30aa-40af-b3df-bcfcbb0372bd","block_type":"box","text":"BlackRock believes that its allocation procedures are reasonably designed to ensure that it appropriately allocates","page_number":167,"box":{"x":70,"y":823,"width":815,"height":12}},{"id":"b686203e-f8cb-4c00-a475-91a6820cc8c5","block_type":"box","text":"the anticipated use of such services to their research and non-research uses.","page_number":167,"box":{"x":68,"y":838,"width":555,"height":11}},{"id":"53ea4719-d114-4367-914e-33e3d141822a","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":167,"box":{"x":102,"y":861,"width":802,"height":11}},{"id":"177918e0-2ce6-444b-82b7-5d71c7db0f64","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":167,"box":{"x":68,"y":876,"width":825,"height":11}},{"id":"0b2ed0dc-1f00-416f-ba1d-b96aa262aa12","block_type":"box","text":"or agree with clients to have research costs paid by clients through research payment accounts that are directly","page_number":167,"box":{"x":69,"y":891,"width":798,"height":12}},{"id":"80ae4d5a-839c-44c7-88b7-58bcfc910a1d","block_type":"box","text":"funded or funded by a specific client research charge collected alongside execution commissions, provided that the","page_number":167,"box":{"x":68,"y":906,"width":824,"height":12}},{"id":"cbfdd4f6-e435-4401-b03a-3e1d1f88ff9d","block_type":"box","text":"II-125","page_number":167,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"d9c7e662-5b17-4f6c-8820-8908b385c75f","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":167,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7c7bbb5f-a700-4949-827c-4578fd790586","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":168,"box":{"x":70,"y":45,"width":812,"height":11}},{"id":"21871dad-925b-4ecc-b2a7-39f9d20fc5b0","block_type":"box","text":"resources and not through soft dollars or commission sharing arrangements.","page_number":168,"box":{"x":69,"y":60,"width":547,"height":11}},{"id":"b9e34e71-ae3c-442a-93e8-d813ffb35b22","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":168,"box":{"x":102,"y":82,"width":804,"height":12}},{"id":"3e2d9f08-097d-49c6-95b7-b4e881a930f8","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":168,"box":{"x":68,"y":98,"width":806,"height":11}},{"id":"7aa99f40-3878-4c4d-b816-54262bbad4f4","block_type":"box","text":"Investment Company Act. Subject to policies established by the Board of Directors of the Master Por tfolio, BlackRock","page_number":168,"box":{"x":70,"y":113,"width":836,"height":11}},{"id":"ecc781e4-d677-4ec2-aa45-94aed206eef1","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":168,"box":{"x":70,"y":128,"width":777,"height":11}},{"id":"bcbd82c0-3d72-4e93-bcc4-c931c3680107","block_type":"box","text":"brokerage.","page_number":168,"box":{"x":69,"y":143,"width":74,"height":11}},{"id":"9469d410-51f8-4f3d-81c9-2427bde969b7","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":168,"box":{"x":102,"y":166,"width":781,"height":11}},{"id":"3b6d6cc0-b604-4924-8352-efe56d020e0b","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":168,"box":{"x":68,"y":181,"width":810,"height":11}},{"id":"585e779c-cd50-4c44-8806-7764450c95a1","block_type":"box","text":"research services. FINRA has adopted rules expressly permitting these types of arrangements under cer tain","page_number":168,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"cf7d8f06-cfbf-41da-91c3-f0a3478f9f8e","block_type":"box","text":"circumstances. Generally, the broker will provide research “credits” in these situations at a rate that is higher than","page_number":168,"box":{"x":69,"y":211,"width":818,"height":11}},{"id":"a7044527-c952-460b-ae38-74039aa84d2a","block_type":"box","text":"that available for typical secondary market transactions. These arrangements may not fall within the safe harbor of","page_number":168,"box":{"x":68,"y":226,"width":821,"height":11}},{"id":"9634f871-f382-44f7-8aae-44e99966db16","block_type":"box","text":"Section 28(e).","page_number":168,"box":{"x":69,"y":241,"width":99,"height":11}},{"id":"50bcfd5c-36ea-48ba-a610-050ad32e77f3","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":168,"box":{"x":102,"y":264,"width":755,"height":9}},{"id":"ea332184-5e40-4304-ba14-8a4c264a3de0","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":168,"box":{"x":69,"y":279,"width":828,"height":11}},{"id":"b343d991-3698-489c-b078-00fcec8267f1","block_type":"box","text":"sells shares of the mutual funds advised by BlackRock neither qualifies nor disqualifies such broker or dealer to","page_number":168,"box":{"x":69,"y":294,"width":799,"height":11}},{"id":"3dc83b08-2bc9-4469-b33e-bf29f40a079c","block_type":"box","text":"execute transactions for those mutual funds.","page_number":168,"box":{"x":69,"y":309,"width":319,"height":9}},{"id":"a8d4de8f-35f0-4454-8c0e-5a2b7f42db26","block_type":"box","text":"Each Fund anticipates that its brokerage transactions involving foreign securities generally will be conducted","page_number":168,"box":{"x":102,"y":332,"width":770,"height":11}},{"id":"67669d6f-cf9f-41e3-ae7f-4757eaee8a3c","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":168,"box":{"x":70,"y":347,"width":825,"height":11}},{"id":"41744063-e84b-45fc-8c0c-cebc04dc3a2c","block_type":"box","text":"in the form of depositary receipts, or other securities conver tible into foreign equity securities. Depositary receipts","page_number":168,"box":{"x":70,"y":362,"width":816,"height":11}},{"id":"264938d3-1b6c-4155-8651-824338358cbe","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":168,"box":{"x":69,"y":377,"width":805,"height":12}},{"id":"193760a3-9fb9-4b9f-8779-ee8848a8a000","block_type":"box","text":"American Depositary Receipts, like other securities traded in the United States, will be subject to negotiated","page_number":168,"box":{"x":68,"y":392,"width":773,"height":12}},{"id":"8a15b014-da38-4afb-998a-2b0347e4f3f4","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":168,"box":{"x":69,"y":407,"width":798,"height":12}},{"id":"6d9b83b9-690d-445e-a7fc-04111b97f9aa","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":168,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"d3b4a6d2-82b7-48d9-a8ff-beca7d8d4934","block_type":"box","text":"extent necessary to meet anticipated redemptions. Under present conditions, it is not believed that these","page_number":168,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"ba11527d-1333-41b3-b23d-556356ef22c6","block_type":"box","text":"considerations will have a significant effect on a Fund’s por tfolio strategies.","page_number":168,"box":{"x":69,"y":453,"width":540,"height":11}},{"id":"27706938-f2fe-4e54-9a43-ad67899334cf","block_type":"box","text":"See “Por tfolio Transactions and Brokerage” in the SAI for information about the brokerage commissions paid by","page_number":168,"box":{"x":102,"y":475,"width":798,"height":12}},{"id":"969272b8-ab9e-49c1-b5e5-b55835dd92a9","block_type":"box","text":"your Fund, including commissions paid to affiliates, if any, for the periods indicated.","page_number":168,"box":{"x":68,"y":491,"width":597,"height":11}},{"id":"7abf41b3-60c3-481f-ba37-84933ffd652f","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":168,"box":{"x":102,"y":513,"width":802,"height":11}},{"id":"15b5d348-b39a-4348-a0ae-3b3577bc274d","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":168,"box":{"x":68,"y":529,"width":822,"height":10}},{"id":"2bd369e1-6565-4bc1-8862-2987d10b697b","block_type":"box","text":"are available elsewhere. Under the Investment Company Act, persons affiliated with a Fund and persons who are","page_number":168,"box":{"x":69,"y":543,"width":804,"height":12}},{"id":"3c2f3e6a-9c03-4071-980e-2ce75eac95fd","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":168,"box":{"x":69,"y":559,"width":832,"height":11}},{"id":"c265b17d-bc55-4bac-97a9-0b241edc0920","block_type":"box","text":"of securities unless a permissive order allowing such transactions is obtained from the Commission. Since","page_number":168,"box":{"x":69,"y":574,"width":762,"height":11}},{"id":"3db3af1d-4180-43fb-9497-5a04a52bf70f","block_type":"box","text":"transactions in the OTC market usually involve transactions with the dealers acting as principal for their own","page_number":168,"box":{"x":68,"y":589,"width":770,"height":11}},{"id":"faa05784-ed18-407f-b71d-be190294fdd0","block_type":"box","text":"accounts, the Funds will not deal with affiliated persons in connection with such transactions. However, an affiliated","page_number":168,"box":{"x":69,"y":604,"width":828,"height":11}},{"id":"453165c2-2400-4f80-ba41-c7fa2bdf5e8f","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":168,"box":{"x":70,"y":619,"width":814,"height":11}},{"id":"ad3ce58f-3f3b-4ea8-9806-51780a083a3b","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":168,"box":{"x":69,"y":634,"width":825,"height":12}},{"id":"e2500b75-c2d1-40a7-994e-016c9e34b508","block_type":"box","text":"commission received by non-affiliated brokers in connection with comparable transactions.","page_number":168,"box":{"x":69,"y":649,"width":645,"height":12}},{"id":"31b98207-511c-4687-ba9f-32a33202a32a","block_type":"box","text":"OTC issues, including most fixed-income securities such as corporate debt and U.S. Government Securities, are","page_number":168,"box":{"x":102,"y":672,"width":797,"height":11}},{"id":"ec26a6a5-34fa-4b99-8241-305689beb839","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":168,"box":{"x":69,"y":687,"width":826,"height":11}},{"id":"45fea9ad-a493-4de7-bc8a-6340b7fd48b0","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":168,"box":{"x":69,"y":703,"width":839,"height":11}},{"id":"4ba82076-ebf8-4a21-910b-97c4e2ea1687","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":168,"box":{"x":69,"y":717,"width":833,"height":12}},{"id":"99067a36-6c15-4730-92b8-bb64c1f967cd","block_type":"box","text":"domestic securities will generally include a “spread,” which is the difference between the prices at which the dealer","page_number":168,"box":{"x":69,"y":732,"width":826,"height":12}},{"id":"86269525-5c1e-4599-81c0-70e14689e619","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":168,"box":{"x":70,"y":748,"width":730,"height":11}},{"id":"b4243d48-1795-4f46-a3a9-6479cabbab8e","block_type":"box","text":"Purchases of money market instruments by a Fund are made from dealers, underwriters and issuers. The Funds","page_number":168,"box":{"x":102,"y":770,"width":800,"height":11}},{"id":"c2c7a469-b136-47f1-8be3-5625c0c6d80e","block_type":"box","text":"do not currently expect to incur any brokerage commission expense on such transactions because money market","page_number":168,"box":{"x":69,"y":786,"width":807,"height":11}},{"id":"e3a0f49f-bfb8-4815-be7f-f54f066a3e2d","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":168,"box":{"x":70,"y":801,"width":812,"height":11}},{"id":"00d11114-23e7-4789-8247-e91b79a6ba32","block_type":"box","text":"stated commission. The price of the security, however, usually includes a profit to the dealer. Each money market","page_number":168,"box":{"x":69,"y":816,"width":807,"height":11}},{"id":"ad9d4687-c9ba-4c5e-aa8f-5555b7415e01","block_type":"box","text":"fund intends to purchase only securities with remaining maturities of 397 days or less as determined in accordance","page_number":168,"box":{"x":68,"y":831,"width":827,"height":11}},{"id":"1ddc55f4-9c2a-4034-875d-4f39466c68b7","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":168,"box":{"x":68,"y":846,"width":817,"height":11}},{"id":"9e109aa8-95b5-46ce-8a3d-4040b9475e28","block_type":"box","text":"high. However, because brokerage commissions will not normally be paid with respect to investments made by a","page_number":168,"box":{"x":69,"y":861,"width":802,"height":11}},{"id":"f9689498-4780-405b-b4e3-6a280362d44a","block_type":"box","text":"money market fund, the turnover rates should not adversely affect the Fund’s NAVs or net income.","page_number":168,"box":{"x":69,"y":876,"width":700,"height":11}},{"id":"99902901-0528-41c1-8dc3-a6e23783ab61","block_type":"box","text":"II-126","page_number":168,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"54f5b601-fb88-4414-a49b-6e1a4bd03b25","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":168,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"b4d7f102-b8db-43d4-8bf8-8d5242dff124","block_type":"box","text":"Securities purchased in underwritten offerings include a fixed amount of compensation to the underwriter,","page_number":169,"box":{"x":102,"y":45,"width":756,"height":11}},{"id":"c406e799-15a7-4e7c-9a26-891f0bfbe067","block_type":"box","text":"generally referred to as the underwriter’s concession or discount. When offered securities are purchased or sold","page_number":169,"box":{"x":68,"y":60,"width":804,"height":11}},{"id":"3556df45-20bf-45c0-b1ce-41a1a03959ef","block_type":"box","text":"directly from or to an issuer, no commissions or discounts are paid except where required by local markets.","page_number":169,"box":{"x":69,"y":75,"width":766,"height":11}},{"id":"82cae634-190f-4460-bfcd-a24e20ee32a6","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":169,"box":{"x":101,"y":98,"width":780,"height":11}},{"id":"1dae0cf5-7852-4dfd-b113-24fc680c931c","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":169,"box":{"x":69,"y":113,"width":826,"height":11}},{"id":"920f9706-fb7a-4801-95ab-b60fb50459f5","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":169,"box":{"x":69,"y":128,"width":806,"height":11}},{"id":"855e4f32-b766-485f-bb5c-c2b854981e74","block_type":"box","text":"anticipated need for liquidity makes such action desirable. Any such repurchase prior to maturity reduces the","page_number":169,"box":{"x":69,"y":143,"width":776,"height":11}},{"id":"63d27f99-38b7-4654-a0d6-e529319a75d7","block_type":"box","text":"possibility that a Fund would incur a capital loss in liquidating commercial paper, especially if interest rates have","page_number":169,"box":{"x":70,"y":158,"width":800,"height":11}},{"id":"f344ccb4-1519-4ee2-8c08-fb0837d16a43","block_type":"box","text":"risen since acquisition of such commercial paper.","page_number":169,"box":{"x":69,"y":173,"width":352,"height":11}},{"id":"da451392-eb6a-44f2-aef7-1c72c8a24cd2","block_type":"box","text":"Investment decisions for each Fund and for other investment accounts managed by the Manager or sub-advisers","page_number":169,"box":{"x":102,"y":196,"width":800,"height":11}},{"id":"84b4bf5a-22cd-46bc-a9d1-e94052ee9a7f","block_type":"box","text":"are made independently of each other in light of differing conditions. BlackRock allocates investments among client","page_number":169,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"0c89189d-0b96-49c2-b9c7-7cc433c3b2f9","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":169,"box":{"x":69,"y":226,"width":828,"height":11}},{"id":"5fe94197-0a4a-4fc2-925e-a6a2563b97c7","block_type":"box","text":"These factors include: (i) investment objectives or strategies for par ticular accounts, including sector, industry,","page_number":169,"box":{"x":68,"y":241,"width":788,"height":11}},{"id":"0959f89c-d0b4-4eaa-aecb-82c5ac8d56de","block_type":"box","text":"country or region and capitalization weightings, (ii) tax considerations of an account, (iii) risk or investment","page_number":169,"box":{"x":69,"y":256,"width":759,"height":12}},{"id":"5734c6b9-7121-41a5-b7e9-32b227dea2ca","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":169,"box":{"x":69,"y":271,"width":780,"height":12}},{"id":"5cf5d2fd-4c5e-4c6e-97cc-f27a5124c6d0","block_type":"box","text":"available investment, (vi) cash availability and liquidity requirements for accounts, (vii) regulatory restrictions,","page_number":169,"box":{"x":69,"y":286,"width":777,"height":12}},{"id":"c47cc9bb-9a85-4d10-9103-c0299f595cd9","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":169,"box":{"x":69,"y":302,"width":788,"height":11}},{"id":"dd867711-31ef-4efd-8320-2e13a0b63559","block_type":"box","text":"approved by BlackRock’s general counsel. Moreover, investments may not be allocated to one client account over","page_number":169,"box":{"x":69,"y":317,"width":811,"height":11}},{"id":"cb503613-439a-4bed-bd96-25bfdcdd0fa7","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":169,"box":{"x":69,"y":332,"width":829,"height":11}},{"id":"ea9f975e-c380-4f68-a71a-a8fdd2a82f8a","block_type":"box","text":"generate higher fees paid by one client account over another or to produce greater per formance compensation to","page_number":169,"box":{"x":68,"y":347,"width":808,"height":11}},{"id":"cd82404d-6ef6-4c02-bee2-5d162884f110","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":169,"box":{"x":70,"y":362,"width":832,"height":11}},{"id":"4b00d14c-37f4-4565-ac61-153b1f5c9cfd","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":169,"box":{"x":70,"y":377,"width":836,"height":11}},{"id":"c535633c-c1ff-4088-8651-b2f0ac6debe6","block_type":"box","text":"or (v) to manage or equalize investment per formance among different client accounts.","page_number":169,"box":{"x":69,"y":392,"width":613,"height":12}},{"id":"27f10797-e7f4-4f04-ae71-5b068d9c276e","block_type":"box","text":"Equity securities will generally be allocated among client accounts within the same investment mandate on a pro","page_number":169,"box":{"x":102,"y":415,"width":802,"height":11}},{"id":"f08dd0bd-7833-4f70-9e46-decbecc17f67","block_type":"box","text":"rata basis. All allocations of equity securities will be subject, where relevant, to share minimums established for","page_number":169,"box":{"x":69,"y":430,"width":800,"height":11}},{"id":"c6b13c85-5afe-4fcd-ae7b-b589ee10ac91","block_type":"box","text":"accounts and compliance constraints.","page_number":169,"box":{"x":69,"y":446,"width":269,"height":10}},{"id":"c528296e-659d-4930-abc6-5ef15a0940bc","block_type":"box","text":"Initial public offerings of securities may be over-subscribed and subsequently trade at a premium in the","page_number":169,"box":{"x":102,"y":468,"width":736,"height":11}},{"id":"d2206549-3cd4-42af-a2e9-e79ad58afc47","block_type":"box","text":"secondary market. In these situations, the supply of securities available for client accounts is often less than the","page_number":169,"box":{"x":69,"y":483,"width":808,"height":11}},{"id":"376b2c55-8caa-41bc-8534-0635eef94424","block_type":"box","text":"amount of securities the accounts would otherwise take. In order to allocate these investments fairly and equitably","page_number":169,"box":{"x":69,"y":498,"width":821,"height":11}},{"id":"7233ff68-65e7-4ff7-903a-778df0a94a1c","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":169,"box":{"x":69,"y":513,"width":823,"height":12}},{"id":"bc66623f-193d-43a9-bd29-533524468cc9","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":169,"box":{"x":70,"y":528,"width":783,"height":12}},{"id":"2270d991-3c86-4736-9ba9-014e27543ec5","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":169,"box":{"x":69,"y":543,"width":793,"height":12}},{"id":"91b4efee-f192-40e7-bc05-e65f0f13e1d8","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":169,"box":{"x":69,"y":559,"width":831,"height":11}},{"id":"d9dfa149-ed30-4c86-9768-1866fdd6b5a7","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":169,"box":{"x":69,"y":574,"width":828,"height":11}},{"id":"74a13c36-21db-447b-a9a8-017fed5dccd6","block_type":"box","text":"the case of international equity securities, the country where the offering is taking place and the investment mandate","page_number":169,"box":{"x":68,"y":589,"width":839,"height":11}},{"id":"cab73d94-5b21-4c3f-ad8d-f771209dcb1b","block_type":"box","text":"of the client account. Generally, shares received during the initial public offering will be allocated among par ticipating","page_number":169,"box":{"x":69,"y":604,"width":835,"height":11}},{"id":"94d8b444-ce8d-4697-aa48-6ee674e466a5","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":169,"box":{"x":69,"y":619,"width":819,"height":11}},{"id":"3f54b3fa-d123-409c-a7aa-fdfabd683b2b","block_type":"box","text":"allocated among all accounts for which the investment is eligible, por tfolio managers may rotate such investment","page_number":169,"box":{"x":69,"y":634,"width":808,"height":12}},{"id":"ef940c38-6633-42eb-ae18-934dc406f8a8","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":169,"box":{"x":69,"y":649,"width":791,"height":12}},{"id":"0d490cce-0121-456f-bbc8-945273cb9c43","block_type":"box","text":"accounts over time. Other allocation methodologies that are considered by BlackRock to be fair and equitable to","page_number":169,"box":{"x":69,"y":664,"width":799,"height":12}},{"id":"5c7de131-9bda-40b7-a37c-ef53aac0419b","block_type":"box","text":"clients may be used as well.","page_number":169,"box":{"x":69,"y":680,"width":200,"height":11}},{"id":"d155f264-c2d4-4729-9f40-ce7d46b8b433","block_type":"box","text":"Because different accounts may have differing investment objectives and policies, BlackRock may buy and sell","page_number":169,"box":{"x":102,"y":702,"width":789,"height":12}},{"id":"17dfad72-8a90-4cfa-9147-1807f5d79725","block_type":"box","text":"the same securities at the same time for different clients based on the par ticular investment objective, guidelines","page_number":169,"box":{"x":68,"y":717,"width":815,"height":12}},{"id":"39447144-aef2-473f-b376-9bc811fb9fd9","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":169,"box":{"x":69,"y":732,"width":835,"height":12}},{"id":"35e6ca58-487a-4767-8aa1-6fdf12c9018d","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":169,"box":{"x":68,"y":748,"width":833,"height":11}},{"id":"b5a93b67-ed01-43db-aa65-e041a701128f","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":169,"box":{"x":69,"y":763,"width":829,"height":11}},{"id":"584ff1b4-8360-4876-9c22-883b3af20616","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":169,"box":{"x":69,"y":778,"width":825,"height":11}},{"id":"9a800308-42e0-4ccc-9383-3418d07d9b46","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":169,"box":{"x":69,"y":793,"width":806,"height":11}},{"id":"1b16f08e-2209-4ec1-8e6b-66623f8c33fb","block_type":"box","text":"adversely impacting other BlackRock clients that still hold the security. If purchases or sales of securities arise for","page_number":169,"box":{"x":69,"y":808,"width":814,"height":11}},{"id":"598d278a-0887-440c-9e59-74c00f2bcc77","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":169,"box":{"x":69,"y":823,"width":836,"height":9}},{"id":"fd3fdc18-2eaf-4f1e-951a-219230c75a93","block_type":"box","text":"affiliate act as investment manager, transactions in such securities will be made, insofar as feasible, for the","page_number":169,"box":{"x":69,"y":838,"width":773,"height":12}},{"id":"7056b85b-ac34-4154-a809-5e502b7fc605","block_type":"box","text":"respective funds and clients in a manner deemed equitable to all.","page_number":169,"box":{"x":69,"y":853,"width":467,"height":11}},{"id":"b7e83afc-2c72-4488-a04f-71218df601b6","block_type":"box","text":"In cer tain instances, BlackRock may find it efficient for purposes of seeking to obtain best execution, to","page_number":169,"box":{"x":102,"y":876,"width":741,"height":11}},{"id":"65ab7e37-01c3-48ec-a4da-77d1b156d83d","block_type":"box","text":"aggregate cer tain contemporaneous purchases or sale orders of its advisory accounts. In general, all","page_number":169,"box":{"x":69,"y":891,"width":721,"height":12}},{"id":"4a5155b0-8c4c-4166-83b6-272b949d456d","block_type":"box","text":"contemporaneous trades for client accounts under management by the same por tfolio manager or investment team","page_number":169,"box":{"x":69,"y":906,"width":824,"height":12}},{"id":"cf5f6ac2-e92d-4fa5-b48e-30035ab92a87","block_type":"box","text":"II-127","page_number":169,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"4cb16224-b96e-43dc-8a93-6acd4c272757","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":169,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"020a48fe-c2d5-402c-964e-591d6a4c9f9e","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":170,"box":{"x":68,"y":45,"width":795,"height":11}},{"id":"7d85961d-2cfc-4840-8e33-3eac24a82579","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":170,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"dd21f987-c25e-4cfb-a984-a5d42d428b4b","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":170,"box":{"x":69,"y":75,"width":783,"height":11}},{"id":"7d9c3199-22e1-428b-8dee-d2f948bbb807","block_type":"box","text":"par ticular por tfolio manager or management team is filled at several different prices through multiple trades, all","page_number":170,"box":{"x":70,"y":90,"width":796,"height":11}},{"id":"f7344af7-e781-45ea-8b9e-d1623e9aa84d","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":170,"box":{"x":69,"y":105,"width":821,"height":11}},{"id":"d7b6adea-e1f1-40f1-b3fe-d2a235d64930","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":170,"box":{"x":68,"y":120,"width":819,"height":12}},{"id":"ab579727-02ae-43f7-85db-7ae02a277147","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":170,"box":{"x":70,"y":135,"width":771,"height":11}},{"id":"ab1cd6bf-2997-482d-b808-b6f7399e723c","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":170,"box":{"x":68,"y":150,"width":815,"height":12}},{"id":"505decd5-c4cf-4bef-8bee-2b84909252b5","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":170,"box":{"x":68,"y":166,"width":835,"height":11}},{"id":"d4086420-0f6b-4cc0-8819-8b9543dac0d5","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":170,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"066b5761-9aaa-41fe-b236-80139e86f8d6","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":170,"box":{"x":68,"y":196,"width":823,"height":11}},{"id":"b4e59ec5-f6d9-447a-acab-3a0fa116f9c1","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":170,"box":{"x":69,"y":211,"width":803,"height":11}},{"id":"800b3daf-402e-4e6a-a93c-c373746bfba6","block_type":"box","text":"A Fund will not purchase securities during the existence of any underwriting or selling group relating to such","page_number":170,"box":{"x":101,"y":234,"width":767,"height":11}},{"id":"eef3b31f-7881-47d9-aae7-4ff523ca7bad","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":170,"box":{"x":69,"y":249,"width":826,"height":11}},{"id":"735e82ca-3fa3-4998-8e67-ed0504c10369","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":170,"box":{"x":69,"y":264,"width":816,"height":11}},{"id":"219020d2-ba16-4c3c-8353-550507a2168b","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":170,"box":{"x":70,"y":279,"width":833,"height":11}},{"id":"a482638a-d71d-42d5-b8c4-fa851a9197ef","block_type":"box","text":"affiliated person of the foregoing entities except as permitted by Commission exemptive order or by applicable law.","page_number":170,"box":{"x":69,"y":294,"width":818,"height":11}},{"id":"703fc44b-702b-4e3e-abf3-9834b997c226","block_type":"box","text":"A Fund’s purchase and sale orders for securities may be combined with those of other investment companies,","page_number":170,"box":{"x":101,"y":317,"width":786,"height":11}},{"id":"e51f76da-c43d-4a24-8fbe-ca221af2f471","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":170,"box":{"x":69,"y":332,"width":814,"height":11}},{"id":"3790398b-7200-4c43-b968-8673e6615cab","block_type":"box","text":"one or more other accounts managed or advised by BlackRock are considered at or about the same time,","page_number":170,"box":{"x":69,"y":347,"width":751,"height":11}},{"id":"35337508-f8e8-4415-9bfc-361f646de297","block_type":"box","text":"transactions in such securities are allocated among the Fund and the other accounts in a manner deemed equitable","page_number":170,"box":{"x":68,"y":362,"width":829,"height":11}},{"id":"99e65e09-85d5-485e-b3d9-1e3624a18d2d","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":170,"box":{"x":68,"y":377,"width":799,"height":11}},{"id":"a10b6727-1da7-4b6d-a2d4-541e1d2b7dad","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":170,"box":{"x":69,"y":392,"width":834,"height":12}},{"id":"9bc96307-9645-4509-8156-ea6587897a0e","block_type":"box","text":"transactions and to negotiate lower transaction costs will be beneficial to the Fund. BlackRock may deal, trade and","page_number":170,"box":{"x":68,"y":407,"width":820,"height":12}},{"id":"10c8048c-2e2c-4575-8cbd-08fdf1ad8373","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":170,"box":{"x":70,"y":423,"width":812,"height":11}},{"id":"49846da0-787b-40a2-9241-0cbe6735e939","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":170,"box":{"x":69,"y":438,"width":781,"height":10}},{"id":"cf4449b4-2a03-46bf-9d39-2c46d082c868","block_type":"box","text":"conformity with the Investment Company Act and Commission rules and regulations. Under these provisions, any","page_number":170,"box":{"x":69,"y":453,"width":805,"height":11}},{"id":"65cfa241-8068-4ffd-9b0c-23ffd2abf99d","block_type":"box","text":"commissions paid to affiliated brokers or dealers must be reasonable and fair compared to the commissions charged","page_number":170,"box":{"x":69,"y":468,"width":840,"height":11}},{"id":"c645975a-9ed3-422f-a9ae-a8a0dbf7db61","block_type":"box","text":"by other brokers or dealers in comparable transactions. A Fund will not deal with affiliates in principal transactions","page_number":170,"box":{"x":69,"y":483,"width":815,"height":11}},{"id":"19406895-d4cc-423b-a1b2-8ed664a5f561","block_type":"box","text":"unless permitted by applicable Commission rules or regulations, or by Commission exemptive order.","page_number":170,"box":{"x":69,"y":498,"width":713,"height":11}},{"id":"82a91859-c300-402c-908e-6414813a4697","block_type":"box","text":"Portfolio Turnover","page_number":170,"box":{"x":69,"y":528,"width":129,"height":9}},{"id":"cd08775e-ef62-4fbb-a883-e1e3166229f1","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":170,"box":{"x":101,"y":551,"width":798,"height":11}},{"id":"0557f88d-4958-4cfa-93fb-7b5812b18dbe","block_type":"box","text":"securities (exclusive of purchases or sales of U.S. Government Securities and all other securities whose maturities at","page_number":170,"box":{"x":69,"y":566,"width":839,"height":11}},{"id":"e9a1ee08-9c3c-487f-88b4-4c82ca6f8f8d","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":170,"box":{"x":68,"y":581,"width":814,"height":12}},{"id":"a7852f31-bcc2-4553-9e7a-7b346c11843a","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":170,"box":{"x":68,"y":596,"width":777,"height":12}},{"id":"c40e1f0b-e34a-43f3-bbd6-8801e2f1cd77","block_type":"box","text":"dividends and/or ordinary income dividends, and in correspondingly greater transaction costs in the form of dealer","page_number":170,"box":{"x":69,"y":612,"width":818,"height":11}},{"id":"c5fb4ad5-31a8-4463-afa2-8f9e6abcea54","block_type":"box","text":"spreads and brokerage commissions, which are borne directly by a Fund.","page_number":170,"box":{"x":69,"y":627,"width":519,"height":11}},{"id":"40b58b7f-fc27-4edf-9245-73b37a76ba0a","block_type":"box","text":"DIVIDENDS AND TAXES","page_number":170,"box":{"x":396,"y":656,"width":186,"height":10}},{"id":"2ef3bbe4-d217-4e99-b5d9-0a63ab414c17","block_type":"box","text":"Dividends","page_number":170,"box":{"x":69,"y":687,"width":69,"height":9}},{"id":"c9d3a64a-a845-461f-9019-5f7f5b8d8a3f","block_type":"box","text":"Each Fund intends to distribute substantially all of its net investment income, if any. Dividends from such net","page_number":170,"box":{"x":102,"y":709,"width":776,"height":11}},{"id":"94d9f34c-3883-47cf-9f8a-1dd71af9dc00","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":170,"box":{"x":70,"y":724,"width":795,"height":11}},{"id":"f932c854-18f4-4983-89fb-7ba2183a045f","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":170,"box":{"x":69,"y":739,"width":837,"height":12}},{"id":"f3f602aa-2d95-4f40-bb97-2d0a0d0cfb14","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":170,"box":{"x":69,"y":755,"width":836,"height":11}},{"id":"8b1b2bd7-ab7b-4b2b-9504-9b6a7f1812ef","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":170,"box":{"x":70,"y":770,"width":822,"height":11}},{"id":"68039bca-3fb0-4973-b8c4-5ef6e5ac02f7","block_type":"box","text":"net income from cer tain foreign currency transactions, such income will be distributed at least annually.","page_number":170,"box":{"x":69,"y":785,"width":739,"height":11}},{"id":"ce8c2317-9888-4f4b-966a-5fc58a4be392","block_type":"box","text":"For information concerning the manner in which dividends may be reinvested automatically in shares of each","page_number":170,"box":{"x":102,"y":807,"width":773,"height":12}},{"id":"5b506866-3ad3-434b-8f6f-c97bfb1fe75f","block_type":"box","text":"Fund, as applicable, see “Shareholder Services — Automatic Dividend Reinvestment Plan.” Shareholders may also","page_number":170,"box":{"x":70,"y":823,"width":819,"height":11}},{"id":"d97a690f-f1af-4ce1-b52e-3681ca07b001","block_type":"box","text":"elect in writing to receive any such dividends in cash. Dividends are taxable to shareholders, as discussed below,","page_number":170,"box":{"x":69,"y":838,"width":807,"height":11}},{"id":"b455d4e6-3fd5-4625-89d0-599387669fd1","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":170,"box":{"x":68,"y":853,"width":800,"height":11}},{"id":"e3ac4f99-319f-40df-b816-cede267a7572","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":170,"box":{"x":69,"y":868,"width":801,"height":11}},{"id":"ef39bf7c-c28e-427e-8c25-49da41681f5c","block_type":"box","text":"result of the service, distribution and higher transfer agency fees applicable to CDSC shares, the service fees","page_number":170,"box":{"x":69,"y":883,"width":783,"height":11}},{"id":"556a11ca-21f1-40c2-933f-2acff1bed341","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":170,"box":{"x":69,"y":898,"width":820,"height":11}},{"id":"cf19fc39-80e9-4d38-8d10-9e0dd9e6de35","block_type":"box","text":"II-128","page_number":170,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b23b3a58-54f2-4dad-ad04-67b0e2bfb0d3","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":170,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e659d2b0-83b3-4e67-9f9d-20fea6d82cc5","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":171,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"8688cb25-9933-4d67-a6ef-f8539c3aa20b","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":171,"box":{"x":69,"y":60,"width":834,"height":11}},{"id":"892f3d94-893d-460e-872b-fea29179d27f","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":171,"box":{"x":68,"y":75,"width":826,"height":11}},{"id":"f6d95e56-0d0e-45c4-989d-3eb6a91310e2","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":171,"box":{"x":69,"y":90,"width":816,"height":11}},{"id":"2256d1da-35f6-4042-8df6-ef55424f7d90","block_type":"box","text":"fees and higher transfer agency fees applicable to CDSC shares.","page_number":171,"box":{"x":68,"y":105,"width":461,"height":11}},{"id":"73713885-1acf-498c-8799-e925760324e1","block_type":"box","text":"Taxes","page_number":171,"box":{"x":68,"y":136,"width":42,"height":8}},{"id":"34650941-1728-41d1-befe-e1b2f4948d9e","block_type":"box","text":"Each Fund intends to continue to qualify for the special tax treatment afforded to regulated investment","page_number":171,"box":{"x":102,"y":158,"width":732,"height":11}},{"id":"af9d5620-9d12-4f7d-800a-ff757d6a0ef2","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":171,"box":{"x":69,"y":173,"width":825,"height":11}},{"id":"f57dfcbf-13b6-46d1-8f35-c7ad5a12480a","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":171,"box":{"x":70,"y":188,"width":817,"height":12}},{"id":"b37e9260-b6b7-4a56-b7ec-685b1835654a","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":171,"box":{"x":69,"y":203,"width":832,"height":12}},{"id":"6039131c-ed9d-47dc-b795-341ff265ed65","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":171,"box":{"x":69,"y":218,"width":791,"height":12}},{"id":"6d7709ae-8f27-4079-8144-f41dc522c99d","block_type":"box","text":"company, a Fund must meet cer tain requirements regarding the source of its income and the composition and","page_number":171,"box":{"x":69,"y":234,"width":786,"height":11}},{"id":"9b1c13b3-e003-4728-8a6a-40604cf5476e","block_type":"box","text":"diversification of its assets. See Par t II, “Investment Risks and Considerations—Investment Restrictions (All Funds)”","page_number":171,"box":{"x":69,"y":249,"width":831,"height":11}},{"id":"887ab37c-5518-455b-a740-8dab6015480b","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":171,"box":{"x":68,"y":264,"width":819,"height":11}},{"id":"40e8fa30-080b-4346-bd01-3d125c814e99","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":171,"box":{"x":69,"y":279,"width":824,"height":11}},{"id":"e93506f2-c841-4ffd-abcc-7f46216c6ebf","block_type":"box","text":"requirement and various other requirements of the Code applicable to regulated investment companies.","page_number":171,"box":{"x":69,"y":294,"width":739,"height":11}},{"id":"f540733b-2eb5-4470-beef-e0eda57ca82c","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":171,"box":{"x":101,"y":317,"width":792,"height":11}},{"id":"00b8a981-a8b5-42eb-9ecd-d6b0551afdeb","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":171,"box":{"x":68,"y":332,"width":819,"height":11}},{"id":"1f74a512-29ec-4ba5-9ab6-4beb8f392ce5","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":171,"box":{"x":70,"y":347,"width":830,"height":11}},{"id":"4ab17475-64d1-443b-ae09-5ae5ae5cb3c8","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":171,"box":{"x":68,"y":362,"width":744,"height":11}},{"id":"c97df018-4c59-4d46-b05f-9f4acf76cae3","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":171,"box":{"x":69,"y":377,"width":835,"height":12}},{"id":"2ffac451-9714-4508-99ab-d8e5f57e79e8","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":171,"box":{"x":69,"y":392,"width":808,"height":12}},{"id":"59a0e64e-34e1-4a03-9df2-28b4539c62d8","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":171,"box":{"x":69,"y":407,"width":767,"height":12}},{"id":"c4ef0367-ae40-4343-bd1f-1aa3621ccd50","block_type":"box","text":"investments in par tnerships, including in qualified publicly-traded par tnerships, may result in the Fund being subject","page_number":171,"box":{"x":70,"y":423,"width":826,"height":11}},{"id":"a31ea1e8-483d-446c-a6e0-a745ac93f44c","block_type":"box","text":"to state, local, or non-U.S. income, franchise or withholding tax liabilities.","page_number":171,"box":{"x":68,"y":438,"width":521,"height":11}},{"id":"7c27c060-db9d-43a1-a0e3-568b2c371275","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":171,"box":{"x":102,"y":460,"width":798,"height":12}},{"id":"ced247d5-70cf-4686-baa0-762616760e0f","block_type":"box","text":"qualify as a regulated investment company under the Code, notwithstanding the availability of cer tain relief","page_number":171,"box":{"x":69,"y":475,"width":762,"height":12}},{"id":"121f5521-3414-476b-849e-1675c477d230","block_type":"box","text":"provisions, such Fund would be taxed in the same manner as an ordinary corporation and all distributions from","page_number":171,"box":{"x":70,"y":491,"width":789,"height":11}},{"id":"5b7d716d-dbf4-43c7-a260-c20e5c5c742d","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":171,"box":{"x":69,"y":506,"width":837,"height":11}},{"id":"32e2042c-eccd-48c9-8f51-2ed3f3cb2c60","block_type":"box","text":"ordinary dividend income eligible for taxation at a reduced tax rate for non-corporate shareholders and the dividends","page_number":171,"box":{"x":69,"y":521,"width":831,"height":11}},{"id":"116d2710-86d4-410a-95c9-ec66118b4082","block_type":"box","text":"received deduction for corporate shareholders. However, a Municipal Fund’s distributions derived from income on tax","page_number":171,"box":{"x":69,"y":536,"width":837,"height":11}},{"id":"e5d22df2-294e-4ef3-9fb6-447db8d19b03","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":171,"box":{"x":69,"y":551,"width":825,"height":11}},{"id":"b668d6bd-3bbd-4e40-8c58-ee3d4d5a098e","block_type":"box","text":"series of a regulated investment company that consists of multiple series is treated as a separate corporation for","page_number":171,"box":{"x":69,"y":566,"width":811,"height":11}},{"id":"96fb2839-726b-4204-8074-b25ce8aef9a5","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":171,"box":{"x":70,"y":581,"width":813,"height":12}},{"id":"97286cdf-88f3-45aa-82de-16ed69626a79","block_type":"box","text":"under the rules for regulated investment companies. Losses in one series of a regulated investment company do not","page_number":171,"box":{"x":69,"y":596,"width":834,"height":12}},{"id":"af2a8a49-8f54-4e54-840f-468950178fe8","block_type":"box","text":"offset gains in another, and the requirements (other than cer tain organizational requirements) for qualifying for","page_number":171,"box":{"x":69,"y":612,"width":790,"height":11}},{"id":"77afa3ee-673d-4963-8401-d1d014885d62","block_type":"box","text":"regulated investment company status will be determined at the level of the individual series. In the following","page_number":171,"box":{"x":69,"y":627,"width":771,"height":11}},{"id":"d3905d46-0c78-4ed9-9265-53f4b4ec99cd","block_type":"box","text":"discussion, the term “Fund” means each individual series, if applicable.","page_number":171,"box":{"x":69,"y":642,"width":512,"height":11}},{"id":"20ad4ff7-4081-46bc-8dcb-4bd4e6872a8b","block_type":"box","text":"The Code requires a regulated investment company to pay a nondeductible 4% excise tax to the extent the","page_number":171,"box":{"x":101,"y":665,"width":759,"height":11}},{"id":"e4b7d120-6f4c-4ec0-ac14-540899dd6f41","block_type":"box","text":"regulated investment company does not distribute, during each calendar year, at least 98% of its ordinary income,","page_number":171,"box":{"x":69,"y":680,"width":813,"height":11}},{"id":"196f5d23-eb80-4177-b8d0-e160a4617f20","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":171,"box":{"x":69,"y":695,"width":830,"height":11}},{"id":"852b0aec-200d-444c-a8f7-194c4e26ebdc","block_type":"box","text":"the regulated investment company’s taxable year ended on October 31, plus cer tain undistributed amounts from the","page_number":171,"box":{"x":68,"y":710,"width":832,"height":11}},{"id":"51df3207-0610-473c-9952-0a0df02c3a4e","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":171,"box":{"x":70,"y":725,"width":825,"height":11}},{"id":"3a297478-431b-4516-87b6-1d72611bb563","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":171,"box":{"x":70,"y":740,"width":810,"height":11}},{"id":"f1bee3f9-f74f-4c4b-a296-0346570dea8f","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":171,"box":{"x":69,"y":755,"width":828,"height":11}},{"id":"87515d27-144b-4550-8fd5-aa321bf40e2f","block_type":"box","text":"the tax only on the amount by which it does not meet the foregoing distribution requirements.","page_number":171,"box":{"x":68,"y":770,"width":666,"height":12}},{"id":"f7e4608c-b14e-47ef-8df4-d3953223508c","block_type":"box","text":"Net capital loss carryforwards may be applied against realized capital gains in each succeeding year, until they","page_number":171,"box":{"x":102,"y":793,"width":790,"height":11}},{"id":"a0a77d44-5bde-46a4-9876-b9c4525ccca1","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":171,"box":{"x":69,"y":808,"width":830,"height":11}},{"id":"496240de-49ce-4c21-8c24-78bf8cb548e2","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":171,"box":{"x":69,"y":823,"width":770,"height":11}},{"id":"c51288e9-dbb2-425c-81f3-29c9c17b2ad2","block_type":"box","text":"limitation.","page_number":171,"box":{"x":70,"y":839,"width":68,"height":8}},{"id":"df968b74-0bab-4119-a221-7d8f5f8911ae","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":171,"box":{"x":102,"y":861,"width":803,"height":11}},{"id":"6ac15413-b9a6-44da-91ad-fdbe2dc28fe3","block_type":"box","text":"term capital loss (together referred to as “ordinary income dividends”) are taxable to shareholders as ordinary","page_number":171,"box":{"x":68,"y":876,"width":790,"height":11}},{"id":"1905dd96-794f-4847-867b-2854d3141712","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":171,"box":{"x":70,"y":891,"width":815,"height":12}},{"id":"9c0acae8-1199-4353-951a-ec22b5d865b0","block_type":"box","text":"gains or losses from cer tain transactions in futures and options) (“capital gain dividends”) are taxable to","page_number":171,"box":{"x":68,"y":906,"width":748,"height":12}},{"id":"2914f2bf-c6d7-4ec4-91a8-b1a8848709e9","block_type":"box","text":"II-129","page_number":171,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"551b65b7-1270-4716-831f-2b9eeebac0d0","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":171,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"02796328-6c0f-40a0-abfe-8813d8ac1851","block_type":"box","text":"shareholders as long-term capital gains, regardless of the length of time the shareholder has owned Fund shares.","page_number":172,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"c88f759f-b728-4920-a1fa-857023b2d151","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":172,"box":{"x":70,"y":60,"width":829,"height":11}},{"id":"45c3d074-90c2-4175-a34e-2bb4886f8f17","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":172,"box":{"x":70,"y":75,"width":785,"height":11}},{"id":"d1c3fec6-9386-49a2-8b58-a476ca1c5967","block_type":"box","text":"applies to non-corporate shareholders. Under these rules, the por tion of ordinary income dividends constituting","page_number":172,"box":{"x":69,"y":90,"width":795,"height":11}},{"id":"f3d71348-626c-4ad3-940f-1414facc1246","block_type":"box","text":"“qualified dividend income” when paid by a regulated investment company to a non-corporate shareholder may be","page_number":172,"box":{"x":70,"y":105,"width":809,"height":11}},{"id":"658a1203-9f1f-441e-bece-bee33fc5a876","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":172,"box":{"x":68,"y":120,"width":814,"height":12}},{"id":"c08afed5-ba04-495d-a145-67f89f258d58","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":172,"box":{"x":68,"y":135,"width":822,"height":12}},{"id":"b6de3a08-35df-4180-a188-f5d637b17608","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":172,"box":{"x":68,"y":150,"width":751,"height":11}},{"id":"972df349-1a3a-4561-a44d-3c3a67670254","block_type":"box","text":"accumulated dividends with respect to preferred stocks, the shareholder has held the shares on which the dividend","page_number":172,"box":{"x":69,"y":166,"width":823,"height":11}},{"id":"d7213129-ba6e-4ca8-8c9a-79811fa43e70","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":172,"box":{"x":68,"y":181,"width":817,"height":11}},{"id":"48a63bd5-b0ce-45a0-9d76-cd3dcb10fadb","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":172,"box":{"x":68,"y":196,"width":813,"height":11}},{"id":"bcc46953-5709-4c61-a907-9c400a66710b","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":172,"box":{"x":69,"y":211,"width":825,"height":11}},{"id":"c26d9f96-5cae-4ead-aee4-3d4cc96f9c2c","block_type":"box","text":"tax purposes and shor t-term capital gains, such distributions will not constitute “qualified dividend income.” In","page_number":172,"box":{"x":68,"y":226,"width":789,"height":11}},{"id":"72ae44be-fe2c-46d6-84b9-16bb5e0f80dd","block_type":"box","text":"addition, distributions that are derived from securities lending income, such as substitute dividend payments, will not","page_number":172,"box":{"x":69,"y":241,"width":836,"height":11}},{"id":"2473b77b-58be-46f9-af78-5b802d95353f","block_type":"box","text":"constitute “qualified dividend income.”","page_number":172,"box":{"x":69,"y":256,"width":275,"height":11}},{"id":"2df5ae14-e8fd-42e9-9454-7c4b87c28d3a","block_type":"box","text":"A 3.8% Medicare tax is imposed on the net investment income (which includes taxable dividends and redemption","page_number":172,"box":{"x":101,"y":279,"width":806,"height":11}},{"id":"e813f879-0c52-4899-982a-d2e9c93c65d1","block_type":"box","text":"proceeds) of cer tain individuals, trusts and estates.","page_number":172,"box":{"x":70,"y":294,"width":368,"height":11}},{"id":"6efb4283-3720-4bd9-9e4b-947e4fb7e8de","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":172,"box":{"x":101,"y":317,"width":772,"height":11}},{"id":"e185cdb1-db10-4125-9ba5-b7080f68ccdf","block_type":"box","text":"subject to the 90% distribution requirement for taxation as a regulated investment company, described above. If a","page_number":172,"box":{"x":69,"y":332,"width":811,"height":11}},{"id":"00c7edf3-5b4b-4506-8118-e187b37df5d6","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":172,"box":{"x":70,"y":347,"width":745,"height":11}},{"id":"65251185-60d0-4dd3-a2a7-c53bb729cb32","block_type":"box","text":"undistributed capital gain in a written statement furnished to its shareholders, who will be required to include in","page_number":172,"box":{"x":69,"y":362,"width":795,"height":11}},{"id":"a868e1ce-ae5e-42c1-990c-fd9d6e6d9072","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":172,"box":{"x":70,"y":377,"width":838,"height":12}},{"id":"f83cedd8-fe10-40d5-afa2-94c630b0fc5f","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":172,"box":{"x":69,"y":392,"width":809,"height":12}},{"id":"5e759a85-4030-436b-b0a7-5d397e4448bc","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":172,"box":{"x":69,"y":407,"width":822,"height":12}},{"id":"41a970cd-6fe8-47ee-b931-00029395dc85","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":172,"box":{"x":69,"y":423,"width":838,"height":11}},{"id":"c9a7e9bc-1cbb-4153-bb44-cde477238766","block_type":"box","text":"against their taxes.","page_number":172,"box":{"x":69,"y":438,"width":135,"height":11}},{"id":"7c6e34d5-47e3-450d-882c-a8af8ab5d311","block_type":"box","text":"Distributions in excess of a Fund’s current and accumulated earnings and profits will first reduce the adjusted","page_number":172,"box":{"x":102,"y":460,"width":783,"height":12}},{"id":"dc03803a-99d2-4e09-ade1-f793f3fbbfc2","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":172,"box":{"x":68,"y":475,"width":812,"height":12}},{"id":"c1538ef0-ccd7-4fa4-86f3-d165a8d9569b","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":172,"box":{"x":69,"y":491,"width":769,"height":11}},{"id":"0cb03901-2709-491c-b0fd-e3cbe81f46ab","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":172,"box":{"x":69,"y":506,"width":805,"height":11}},{"id":"f9d35551-10e5-460f-9a58-962e4c25759e","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":172,"box":{"x":69,"y":521,"width":824,"height":11}},{"id":"702bc8ba-32a5-4823-847d-db842695297f","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":172,"box":{"x":68,"y":536,"width":831,"height":11}},{"id":"79173bce-c601-4105-94c9-7ab70a1ed55e","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":172,"box":{"x":68,"y":551,"width":817,"height":11}},{"id":"e2001662-62f6-4593-b364-d328c60137d9","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":172,"box":{"x":70,"y":566,"width":797,"height":11}},{"id":"e6efa247-79b6-4cb9-9494-ca7e40c17179","block_type":"box","text":"dividends received by the shareholder.","page_number":172,"box":{"x":69,"y":582,"width":272,"height":10}},{"id":"9b140ee0-fdfa-4707-84a1-13d078a41fa9","block_type":"box","text":"Ordinary income and capital gain dividends are taxable to shareholders even if they are reinvested in additional","page_number":172,"box":{"x":102,"y":604,"width":792,"height":11}},{"id":"a570d7bd-c1e5-4458-9d28-3d30088ab4c9","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":172,"box":{"x":69,"y":619,"width":835,"height":11}},{"id":"3d7a284d-dc30-4f07-b196-676b5a64d426","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":172,"box":{"x":68,"y":634,"width":809,"height":11}},{"id":"2d640119-ed25-496a-85c9-c29084518c3d","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":172,"box":{"x":68,"y":649,"width":819,"height":11}},{"id":"460363cd-af6e-499c-bd05-87809352f3d4","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":172,"box":{"x":69,"y":664,"width":839,"height":12}},{"id":"ad1da726-9eea-4942-ac55-c6ba5b65963f","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":172,"box":{"x":69,"y":680,"width":794,"height":11}},{"id":"b939220c-6097-4dbc-b09f-7d5951dc6384","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":172,"box":{"x":69,"y":695,"width":804,"height":11}},{"id":"c0ed29d2-a372-49e2-9d71-7995062865b3","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":172,"box":{"x":70,"y":710,"width":797,"height":11}},{"id":"8eef8a6a-84c7-4acf-b07f-d9c4c2589cd7","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":172,"box":{"x":69,"y":725,"width":810,"height":11}},{"id":"2685a6d7-9ce5-41a0-8112-88635857945f","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":172,"box":{"x":68,"y":740,"width":826,"height":11}},{"id":"357d64be-4746-4bfe-99a3-c508abec1360","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":172,"box":{"x":70,"y":755,"width":772,"height":11}},{"id":"a3113808-2318-491b-abd7-d3378336138f","block_type":"box","text":"increasing the amount of dividends otherwise includible in the shareholder’s income with respect to the current","page_number":172,"box":{"x":70,"y":770,"width":795,"height":12}},{"id":"3e117956-7238-4823-a7b6-27a12f153571","block_type":"box","text":"taxable year.","page_number":172,"box":{"x":68,"y":786,"width":89,"height":11}},{"id":"fa1a5d6d-8003-4042-b2a4-120cae9e8c51","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":172,"box":{"x":102,"y":808,"width":733,"height":11}},{"id":"6ad35a0c-0901-4028-a98c-bed8eba3af09","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":172,"box":{"x":69,"y":823,"width":832,"height":11}},{"id":"acaea4de-530b-4e06-a8b7-846eb5c2b47c","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":172,"box":{"x":69,"y":838,"width":809,"height":12}},{"id":"f7d99dad-9bdc-456f-ae19-a15dc1206059","block_type":"box","text":"holding period for the conver ted Investor C Shares.","page_number":172,"box":{"x":69,"y":853,"width":362,"height":12}},{"id":"d0873c0f-65d3-44df-92ce-e997812baf2e","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":172,"box":{"x":102,"y":876,"width":795,"height":11}},{"id":"c74b7df1-dc93-4ea2-8874-57a3cde71726","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":172,"box":{"x":69,"y":891,"width":824,"height":12}},{"id":"9b76dd1d-7e9c-4826-9b84-ff3db2be669f","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":172,"box":{"x":69,"y":907,"width":797,"height":11}},{"id":"a0b85bcf-ed49-40bd-bb0b-ebc1b327cad1","block_type":"box","text":"II-130","page_number":172,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"c39b5efb-c277-49ba-941f-28d24983450c","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":172,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7b1aa346-33e8-4d55-b74a-d74abd29cf5e","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":173,"box":{"x":69,"y":45,"width":791,"height":11}},{"id":"4094a245-53d1-4282-949e-b20e019a3d29","block_type":"box","text":"privilege. Instead, such sales charge will be treated as an amount paid for the new shares.","page_number":173,"box":{"x":70,"y":60,"width":646,"height":11}},{"id":"14bb3aaa-85e5-44e2-a45a-e4e9b6246888","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":173,"box":{"x":101,"y":82,"width":807,"height":12}},{"id":"557df1ee-432b-4ddc-8cc2-ed4eebc34173","block_type":"box","text":"are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period beginning","page_number":173,"box":{"x":69,"y":98,"width":839,"height":11}},{"id":"809ff4ca-a0c2-4b67-8426-f57cb634f4b5","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":173,"box":{"x":69,"y":113,"width":799,"height":11}},{"id":"c65706bc-65af-4534-88f4-ac99f00ef403","block_type":"box","text":"basis of the shares acquired will be adjusted to reflect the disallowed loss.","page_number":173,"box":{"x":69,"y":128,"width":534,"height":11}},{"id":"b0212ea1-92a3-4c47-b570-5c8407ea981c","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":173,"box":{"x":101,"y":150,"width":792,"height":12}},{"id":"f553e644-7e91-4960-94b2-0d8b446d2b94","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":173,"box":{"x":69,"y":166,"width":800,"height":11}},{"id":"41872168-c155-42ab-8759-850e99f5fc13","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":173,"box":{"x":70,"y":181,"width":828,"height":11}},{"id":"c555c729-48ad-4fe9-91dc-3d742e6ee1c2","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":173,"box":{"x":70,"y":196,"width":824,"height":11}},{"id":"76940f58-9c6f-4155-a923-012cb89a9445","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":173,"box":{"x":69,"y":211,"width":816,"height":11}},{"id":"feba941a-6ad6-47cc-94ec-071e3af261eb","block_type":"box","text":"different IRS-accepted method offered by the Fund. These requirements, however, will not apply for investments","page_number":173,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"03d90494-24e0-4855-ad86-c4c205c8c07f","block_type":"box","text":"through an IRA or other tax-advantaged account. Shareholders should consult their tax advisors to determine the best","page_number":173,"box":{"x":68,"y":241,"width":840,"height":11}},{"id":"79d42fda-00a9-4756-92b9-df2458a7b871","block_type":"box","text":"cost basis method for their tax situation, and to obtain more information about how these cost basis repor ting","page_number":173,"box":{"x":69,"y":256,"width":788,"height":12}},{"id":"28c6d2e0-7458-416f-b6cb-81e77e50055d","block_type":"box","text":"requirements apply to them. For shares of a Fund acquired before January 1, 2012, these requirements will not","page_number":173,"box":{"x":69,"y":271,"width":797,"height":12}},{"id":"712e98d1-6bd4-4613-9da8-a9710024ce75","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":173,"box":{"x":69,"y":286,"width":821,"height":12}},{"id":"4652b933-bc59-4db5-9f62-b5a331d73a1d","block_type":"box","text":"redemption of such shares.","page_number":173,"box":{"x":69,"y":302,"width":195,"height":11}},{"id":"ea161ce5-1ca1-4d7d-a1da-cbe95ce62659","block_type":"box","text":"Cer tain Funds may invest in derivative contracts such as options, futures contracts, forward contracts and swap","page_number":173,"box":{"x":102,"y":324,"width":799,"height":11}},{"id":"ca330d4d-5103-41e2-b41a-7c0df330bbb3","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":173,"box":{"x":69,"y":339,"width":791,"height":12}},{"id":"969406e4-d954-4085-ac07-0a5dbf91dce1","block_type":"box","text":"investment in the underlying security and may adversely affect the timing, character and amount of income the Fund","page_number":173,"box":{"x":70,"y":355,"width":826,"height":11}},{"id":"df9665c8-2db5-4886-9cd4-c5fed3490985","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":173,"box":{"x":69,"y":370,"width":803,"height":11}},{"id":"4c106524-f60f-43af-9a83-8e13d381f3b0","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":173,"box":{"x":70,"y":385,"width":825,"height":11}},{"id":"8b67b7b3-3765-4f9c-ae6a-7eb8f0da052d","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":173,"box":{"x":69,"y":400,"width":829,"height":11}},{"id":"651b380b-23ad-42af-bd65-695ef8f21762","block_type":"box","text":"market,” such that unrealized gains or losses are treated as though they were realized (with such gain or loss being","page_number":173,"box":{"x":69,"y":415,"width":826,"height":11}},{"id":"128fc91c-1b2a-4e1f-ad14-822d9dfd072e","block_type":"box","text":"considered 60% long-term and 40% shor t-term capital gain or loss), which may increase the amount that must be","page_number":173,"box":{"x":69,"y":430,"width":808,"height":11}},{"id":"e473acd6-40ca-4164-abb1-327feeb035b2","block_type":"box","text":"distributed to meet distribution requirements and avoid the excise tax. In addition, the tax treatment of cer tain","page_number":173,"box":{"x":69,"y":445,"width":787,"height":11}},{"id":"8139b907-972f-4b6a-b5e2-df642340987f","block_type":"box","text":"derivative contracts, such as swap agreements, is unsettled and may be subject to future legislation, regulation or","page_number":173,"box":{"x":69,"y":460,"width":816,"height":12}},{"id":"4345796e-2d11-48cb-a09c-b34d4d133066","block_type":"box","text":"administrative pronouncements issued by the IRS. If such future guidance limits the Fund’s ability to use derivatives,","page_number":173,"box":{"x":69,"y":475,"width":832,"height":12}},{"id":"965bb18c-ef12-485a-ad69-a0679e54e155","block_type":"box","text":"the Fund may have to find other ways of achieving its investment objectives.","page_number":173,"box":{"x":68,"y":491,"width":542,"height":11}},{"id":"d0791bdc-9d7f-493c-a5bf-b154b95568a4","block_type":"box","text":"Cer tain swap agreements, including exchange-traded swap agreements, are treated as notional principal","page_number":173,"box":{"x":102,"y":513,"width":744,"height":12}},{"id":"c568f47e-f735-4408-b83e-9255715969bb","block_type":"box","text":"contracts rather than as section 1256 contracts. This can affect the type of income earned by such swap","page_number":173,"box":{"x":69,"y":528,"width":751,"height":12}},{"id":"897859ab-ee5f-42b8-862f-c586c5f310d2","block_type":"box","text":"agreements since all the income on a notional principal contract may be ordinary income, whereas 40% of the gain","page_number":173,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"cdd0a763-9b59-4f37-80a9-14a295912f51","block_type":"box","text":"on a section 1256 contract is treated as shor t-term capital gain taxed at ordinary rates and 60% is treated as long","page_number":173,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"cbe3e68c-bcbc-40c8-bca4-b21351b83715","block_type":"box","text":"term capital gain taxed at more favorable rates when distributed to shareholders. The rest is long-term capital gain,","page_number":173,"box":{"x":68,"y":574,"width":823,"height":11}},{"id":"18e153a2-e1ab-4cd5-8519-486454378026","block_type":"box","text":"which may be taxable at more favorable rates than ordinary income. Proposed regulations interpret what types of","page_number":173,"box":{"x":68,"y":589,"width":807,"height":11}},{"id":"ece34d82-01eb-4dc5-807a-b3476e0be010","block_type":"box","text":"swap agreements are to be treated as notional principal contracts rather than as section 1256 contracts. When","page_number":173,"box":{"x":69,"y":604,"width":797,"height":11}},{"id":"ae74a5c1-224a-479c-8aa8-e146bc83c476","block_type":"box","text":"finalized, these regulations could result in the Fund having to treat more of its income on swap agreements and more","page_number":173,"box":{"x":68,"y":619,"width":838,"height":11}},{"id":"bc692843-e4e9-4b9f-be3a-0933470b214f","block_type":"box","text":"of the distributions made to shareholders as ordinary income and less as long-term capital gains.","page_number":173,"box":{"x":69,"y":634,"width":695,"height":12}},{"id":"e832eae9-72e5-40f5-914a-3bd93c4b8d0f","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":173,"box":{"x":102,"y":657,"width":768,"height":11}},{"id":"6d92c586-98ae-4dde-ac9e-25cf80beff1a","block_type":"box","text":"discount or provide for deferred interest. Even though a Fund receives no actual interest payments on these","page_number":173,"box":{"x":69,"y":672,"width":769,"height":11}},{"id":"40a23261-9ddc-493f-ac7a-a4d7b7db6d57","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":173,"box":{"x":69,"y":687,"width":822,"height":11}},{"id":"657d74e8-9f04-46a2-acc3-9914df7c64e1","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":173,"box":{"x":70,"y":702,"width":819,"height":12}},{"id":"891b20b3-bd48-4a16-b679-cef2c7edbeeb","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":173,"box":{"x":68,"y":718,"width":818,"height":11}},{"id":"9fa4a4a9-9f6a-4792-b491-1845842178c9","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":173,"box":{"x":70,"y":732,"width":830,"height":12}},{"id":"2a7d25a9-c383-452e-ae9a-624f511f0439","block_type":"box","text":"in order to satisfy its distribution requirements. In addition, a Fund’s investment in foreign currencies or foreign","page_number":173,"box":{"x":70,"y":748,"width":792,"height":11}},{"id":"c8f8f2ce-fa6f-4357-afdf-f57db5a16c62","block_type":"box","text":"currency denominated or referenced debt securities, cer tain asset-backed securities and contingent payment and","page_number":173,"box":{"x":69,"y":763,"width":808,"height":11}},{"id":"d0c32f27-27c8-4322-aac7-ef8ad5a0166b","block_type":"box","text":"inflation-indexed debt instruments also may increase or accelerate the Fund’s recognition of income, including the","page_number":173,"box":{"x":70,"y":778,"width":812,"height":11}},{"id":"02a358a5-acc8-4793-923c-65bc48493a1f","block_type":"box","text":"recognition of taxable income in excess of cash generated by such investments. Any transaction by the Fund in","page_number":173,"box":{"x":69,"y":793,"width":789,"height":11}},{"id":"42a16a30-d4aa-40e0-8f65-3ec318db31fe","block_type":"box","text":"foreign currencies, foreign currency-denominated debt obligations or cer tain foreign currency options, futures","page_number":173,"box":{"x":68,"y":808,"width":777,"height":11}},{"id":"9748f65e-d4bb-4961-8068-6bf5258d600d","block_type":"box","text":"contracts or forward contracts (or similar instruments) may give rise to ordinary income or loss to the extent such","page_number":173,"box":{"x":69,"y":823,"width":810,"height":12}},{"id":"adb6cae4-43af-42aa-b7cc-86d1cdc32a3c","block_type":"box","text":"income or loss results from fluctuations in the value of the foreign currency concerned. Any such net gains could","page_number":173,"box":{"x":70,"y":838,"width":801,"height":12}},{"id":"e003dc02-1d4d-4eb4-868f-bc66c70d3bb1","block_type":"box","text":"require a larger dividend toward the end of the calendar year. Any such net losses will generally reduce and","page_number":173,"box":{"x":69,"y":853,"width":762,"height":12}},{"id":"fccb78fc-f92a-4978-91c3-bad87327b1c1","block_type":"box","text":"potentially require the recharacterization of prior ordinary income distributions. Such ordinary income treatment may","page_number":173,"box":{"x":70,"y":869,"width":827,"height":11}},{"id":"5e15df0a-0013-4ce8-a20b-1e790b4dc10c","block_type":"box","text":"accelerate Fund distributions to shareholders and increase the distributions taxed to shareholders as ordinary","page_number":173,"box":{"x":69,"y":884,"width":787,"height":11}},{"id":"1972ec1f-33bf-4383-8711-dfa046afb407","block_type":"box","text":"II-131","page_number":173,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"579edac5-eb64-4d09-a6ef-ee69c5bb0937","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":173,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7f5a763d-049b-4ed3-a83c-151286551f83","block_type":"box","text":"income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or gains earned","page_number":174,"box":{"x":70,"y":45,"width":822,"height":11}},{"id":"7c5e3e28-1c03-4d52-8111-6e70dd57aed9","block_type":"box","text":"in subsequent taxable years.","page_number":174,"box":{"x":70,"y":60,"width":203,"height":11}},{"id":"3f0824c4-d1bc-4d1f-bdc5-0307f7b05c57","block_type":"box","text":"Ordinary income dividends paid to shareholders who are nonresident aliens or foreign entities (other than pass","page_number":174,"box":{"x":102,"y":82,"width":795,"height":12}},{"id":"69a1a133-4dbd-47fb-a7eb-9b1f105ae1d9","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":174,"box":{"x":68,"y":98,"width":816,"height":11}},{"id":"18370e9f-293f-41b7-a04d-7ea3d36c8df3","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":174,"box":{"x":69,"y":113,"width":835,"height":11}},{"id":"f6a56dcc-368e-4de8-b069-d75458ada68c","block_type":"box","text":"withholding exemption is provided under applicable treaty law. Capital gain dividends paid to shareholders that are","page_number":174,"box":{"x":68,"y":128,"width":815,"height":11}},{"id":"f4978dbf-8c3b-40f2-908d-d8f116e164e4","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":174,"box":{"x":69,"y":143,"width":816,"height":11}},{"id":"3029b6e4-c655-4e64-a4f8-704901ae9bc2","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":174,"box":{"x":69,"y":158,"width":840,"height":11}},{"id":"be7f6589-84cd-497d-9b29-4283f7d6c396","block_type":"box","text":"company from shor t-term capital gains and qualified net interest income (including income from original issue","page_number":174,"box":{"x":69,"y":173,"width":781,"height":11}},{"id":"8da0b7af-7886-498a-938f-075236abb316","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":174,"box":{"x":69,"y":188,"width":824,"height":12}},{"id":"69b0a94d-9a64-43d1-961e-70860c4c83b5","block_type":"box","text":"extent properly repor ted as “shor t-term capital gain dividends” or “interest-related dividends”, respectively, generally","page_number":174,"box":{"x":69,"y":204,"width":832,"height":11}},{"id":"7d544703-2075-47cf-8874-1b1807654572","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":174,"box":{"x":68,"y":219,"width":808,"height":11}},{"id":"3b4fbff2-1822-4845-abe6-728917ac97ec","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":174,"box":{"x":69,"y":234,"width":826,"height":11}},{"id":"b271e0d6-1371-4905-bc54-2b0e8419970a","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":174,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"aa0c0051-0e5f-4fca-91bf-3390ded3e2f8","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":174,"box":{"x":69,"y":264,"width":811,"height":11}},{"id":"bc18b9dc-6e2d-4aa6-ac78-58ce4873cf63","block_type":"box","text":"this exemption from withholding, a foreign shareholder must comply with applicable cer tification requirements","page_number":174,"box":{"x":68,"y":279,"width":784,"height":11}},{"id":"a9dea619-6b1c-450d-ba1a-20e5cb173249","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":174,"box":{"x":69,"y":294,"width":828,"height":11}},{"id":"f9e4c19a-16ac-4dfa-8be4-23bea66df5dd","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":174,"box":{"x":70,"y":309,"width":839,"height":11}},{"id":"d724a936-e6bd-4507-ba3f-ea6ad6b52490","block_type":"box","text":"payment as an interest-related or shor t-term capital gain dividend. Foreign shareholders should contact their","page_number":174,"box":{"x":70,"y":325,"width":772,"height":11}},{"id":"025fb0ab-370a-41d9-a54a-72659e8995b7","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":174,"box":{"x":70,"y":339,"width":791,"height":11}},{"id":"02e149e0-658c-4d54-9b78-55288cc1025a","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":174,"box":{"x":70,"y":355,"width":787,"height":11}},{"id":"56355971-6cb9-463a-9e4a-88674f02aef1","block_type":"box","text":"dividends under these rules.","page_number":174,"box":{"x":69,"y":370,"width":201,"height":9}},{"id":"c3d8e2f0-0d6d-471e-8d5e-7d64393fbbed","block_type":"box","text":"Distributions to cer tain foreign shareholders by a Fund at least 50% of the assets of which are “U.S. real","page_number":174,"box":{"x":102,"y":392,"width":747,"height":12}},{"id":"c04cfe71-9ddd-46a1-ac8d-1902c762c5e0","block_type":"box","text":"proper ty interests” (as defined in the Code and Treasury regulations) at any time during the five-year period ending on","page_number":174,"box":{"x":70,"y":407,"width":838,"height":12}},{"id":"3450763f-e456-4c0c-93f1-a74a8deff6f9","block_type":"box","text":"the date of the distributions, to the extent the distributions are attributable to gains from sales or exchanges of U.S.","page_number":174,"box":{"x":68,"y":423,"width":829,"height":11}},{"id":"d112c9d0-e7ae-473b-b185-d9a890d4b148","block_type":"box","text":"real proper ty interests (including shares in cer tain “U.S. real proper ty holding corporations” such as cer tain REITs,","page_number":174,"box":{"x":69,"y":438,"width":817,"height":11}},{"id":"c15d61d1-690e-424e-abc0-f9ef11fe6dcc","block_type":"box","text":"although exceptions may apply if any class of stock of such a corporation is regularly traded on an established","page_number":174,"box":{"x":69,"y":453,"width":786,"height":11}},{"id":"e784d50d-b190-461d-97cb-75195e50ef64","block_type":"box","text":"securities market and the Fund has held no more than 5% of such class of stock at all times during the five-year","page_number":174,"box":{"x":69,"y":468,"width":800,"height":11}},{"id":"d1389d3a-0826-4a85-98c6-f33a7e25d3f9","block_type":"box","text":"period ending on the date of the distributions), generally must be treated by such foreign shareholders as income","page_number":174,"box":{"x":70,"y":483,"width":807,"height":11}},{"id":"cff246e7-12a8-4cc0-92d7-bd15deb0838a","block_type":"box","text":"effectively connected to a trade or business within the United States, which is generally subject to tax at the","page_number":174,"box":{"x":69,"y":498,"width":772,"height":11}},{"id":"9de34897-f4fe-4df5-9359-feb92d81e6f3","block_type":"box","text":"graduated rates applicable to U.S. shareholders, except for distributions to foreign shareholders that held no more","page_number":174,"box":{"x":68,"y":513,"width":818,"height":12}},{"id":"69a3975a-0872-4a70-b98b-2311334e201a","block_type":"box","text":"than 5% of any class of stock of the Fund at all times during the previous one-year period ending on the date of the","page_number":174,"box":{"x":68,"y":528,"width":820,"height":12}},{"id":"05f742d7-2c3d-4d76-8137-d9724a0eaa48","block_type":"box","text":"distributions. Such distributions will be subject to U.S. income and withholding tax and generally will require a foreign","page_number":174,"box":{"x":69,"y":543,"width":833,"height":12}},{"id":"788d7be0-6322-41a8-9c84-ed521acce4a3","block_type":"box","text":"shareholder to file a U.S. federal income tax return. If the foreign shareholder held no more than 5% of any class of","page_number":174,"box":{"x":69,"y":559,"width":823,"height":11}},{"id":"637c1ac5-26d3-41a1-90f7-2a9218966efa","block_type":"box","text":"stock of the Fund at all times during the previous one-year period ending on the date of the distributions, the","page_number":174,"box":{"x":69,"y":574,"width":774,"height":11}},{"id":"7c90473d-dd8d-44e0-a70e-175cbfb87618","block_type":"box","text":"distributions will be taxable as ordinary dividends and subject to withholding at a 30% or lower treaty rate. In addition,","page_number":174,"box":{"x":69,"y":589,"width":839,"height":11}},{"id":"4aa07953-a4d3-4486-a946-00d54e7280e7","block_type":"box","text":"sales or redemptions of shares held by cer tain foreign shareholders in such a Fund generally will be subject to U.S.","page_number":174,"box":{"x":69,"y":604,"width":822,"height":11}},{"id":"47153b00-a691-4111-abb8-afaa2c3ae02a","block_type":"box","text":"income and withholding tax and generally will require the foreign shareholder to file a U.S. federal income tax return,","page_number":174,"box":{"x":70,"y":619,"width":827,"height":11}},{"id":"fa209d01-2a4a-47e9-985f-8f2db906d3a5","block_type":"box","text":"although exceptions may apply if more than 50% of the value of the Fund’s shares are held by U.S. shareholders or","page_number":174,"box":{"x":69,"y":634,"width":823,"height":12}},{"id":"1e46854b-facd-4bdc-816a-c6f70879321b","block_type":"box","text":"the foreign shareholder selling or redeeming the shares has held no more than 5% of any class of stock of the Fund","page_number":174,"box":{"x":68,"y":649,"width":827,"height":12}},{"id":"ee5ef43d-d30e-40b7-a3a6-d9a0c91b2a41","block_type":"box","text":"at all times during the five-year period ending on the date of the sale or redemption.","page_number":174,"box":{"x":69,"y":664,"width":596,"height":12}},{"id":"41acbb94-ae32-4568-baef-8ef66c84cb36","block_type":"box","text":"Provided that more than 50% of the value of a Fund’s stock is held by U.S. shareholders, redemptions and other","page_number":174,"box":{"x":102,"y":687,"width":802,"height":11}},{"id":"c9ffed4e-0099-4d85-8e1b-6e1198bbd8f5","block_type":"box","text":"distributions made in the form of U.S. real proper ty interests (including shares in cer tain “U.S. real proper ty holding","page_number":174,"box":{"x":69,"y":702,"width":827,"height":12}},{"id":"fa84e0bf-3e46-4753-9be2-bd26b332912d","block_type":"box","text":"corporations”, although exceptions may apply if any class of stock of such a corporation is regularly traded on an","page_number":174,"box":{"x":69,"y":717,"width":804,"height":12}},{"id":"3ae86d41-4078-4be3-9eff-f78b14bdb83c","block_type":"box","text":"established securities market and the Fund has held no more than 5% of such class of stock at all times during the","page_number":174,"box":{"x":69,"y":732,"width":824,"height":12}},{"id":"a9e2b622-607a-43a2-91e7-7dffdf7c0c8e","block_type":"box","text":"five-year period ending on the date of the distribution) generally will cause the Fund to recognize a por tion of any","page_number":174,"box":{"x":68,"y":748,"width":801,"height":11}},{"id":"817f1750-fce4-4e02-9c56-01ae1b4f999f","block_type":"box","text":"unrecognized gain in the U.S. real proper ty interests equal to the product of (i) the excess of fair market value of","page_number":174,"box":{"x":69,"y":763,"width":803,"height":11}},{"id":"30a78787-9f88-4af6-b811-245dcae58ecd","block_type":"box","text":"such U.S. real proper ty interests over the Fund’s adjusted bases in such interests and (ii) the greatest foreign","page_number":174,"box":{"x":69,"y":778,"width":785,"height":11}},{"id":"41f77195-733c-470f-a9ca-b9ea0bb16fab","block_type":"box","text":"ownership percentage of the Fund during the five-year period ending on the date of distribution.","page_number":174,"box":{"x":69,"y":793,"width":676,"height":11}},{"id":"4bd751ab-485f-4eae-9acd-b29905b2fee0","block_type":"box","text":"A foreign shareholder may also be subject to cer tain “wash sale” rules to prevent the avoidance of the tax filing","page_number":174,"box":{"x":101,"y":816,"width":798,"height":11}},{"id":"2d790290-7d6b-4ae8-9246-42046a658fec","block_type":"box","text":"and payment obligations discussed above through the sale and repurchase of Fund shares.","page_number":174,"box":{"x":69,"y":831,"width":651,"height":11}},{"id":"d93581f5-574e-49d7-8289-1e6aa178e2ed","block_type":"box","text":"Shareholders that are nonresident aliens or foreign entities are urged to consult their own tax advisors","page_number":174,"box":{"x":102,"y":853,"width":731,"height":12}},{"id":"1672a36b-8c40-4ed1-89b0-24fe0c5b083d","block_type":"box","text":"concerning the par ticular tax consequences to them of an investment in a Fund.","page_number":174,"box":{"x":69,"y":869,"width":570,"height":11}},{"id":"2a4b168e-0794-4270-926f-b414a7ba1d94","block_type":"box","text":"Separately, a 30% withholding tax is currently imposed on U.S.-source dividends, interest and other income","page_number":174,"box":{"x":102,"y":891,"width":763,"height":12}},{"id":"c6fc3d7a-84f3-424c-8038-9505fd4068bd","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":174,"box":{"x":70,"y":906,"width":820,"height":12}},{"id":"d9de3838-95ce-45e0-ac73-99b05ed6640b","block_type":"box","text":"II-132","page_number":174,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"ac39f738-a374-427f-b9f0-1431f0467ae3","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":174,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7363f0fd-2a7f-49e8-b3db-79949d69b7e8","block_type":"box","text":"avoid withholding, foreign financial institutions and investment funds will generally either need to (a) collect and","page_number":175,"box":{"x":69,"y":45,"width":794,"height":11}},{"id":"adb087b0-5269-4ce9-96f6-2ac2c44cefb1","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":175,"box":{"x":69,"y":60,"width":794,"height":11}},{"id":"5ce09b4b-8065-4e84-9a5d-05dbbd89833d","block_type":"box","text":"diligence procedures for identifying U.S. accounts and withhold tax on cer tain payments made to noncomplying","page_number":175,"box":{"x":69,"y":75,"width":791,"height":11}},{"id":"066d9724-da0f-4ef5-9312-e1c0979bf8d1","block_type":"box","text":"foreign entities and account holders or (b) if an intergovernmental agreement is entered into and implementing","page_number":175,"box":{"x":68,"y":90,"width":791,"height":11}},{"id":"9e4a6611-fd85-448e-9191-5d2a8b4c2dd4","block_type":"box","text":"legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally either need to","page_number":175,"box":{"x":70,"y":105,"width":822,"height":11}},{"id":"7dc48c57-3816-4499-8fa8-fec44f886013","block_type":"box","text":"provide detailed information identifying each substantial U.S. owner or cer tify there are no such owners.","page_number":175,"box":{"x":70,"y":120,"width":739,"height":12}},{"id":"c068063e-aae3-4b3a-b9d1-17f8deee848c","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":175,"box":{"x":102,"y":143,"width":786,"height":11}},{"id":"44b3ea51-ba66-40db-b188-8066d006b11b","block_type":"box","text":"income dividends, capital gain dividends and redemption payments (“backup withholding”). Generally, shareholders","page_number":175,"box":{"x":70,"y":158,"width":820,"height":11}},{"id":"0aeec7ef-765b-4257-bc98-7b47770a1ad9","block_type":"box","text":"subject to backup withholding will be non-corporate shareholders for whom no cer tified taxpayer identification number","page_number":175,"box":{"x":69,"y":173,"width":837,"height":11}},{"id":"5e1602fc-28b1-4b9e-8364-6b5da2bcad17","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":175,"box":{"x":70,"y":188,"width":821,"height":12}},{"id":"fbaab0d9-e501-4daa-a2d2-367b3453e03b","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":175,"box":{"x":69,"y":203,"width":819,"height":12}},{"id":"c19d8cad-3187-4e17-92de-8c95271763f7","block_type":"box","text":"otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amount withheld generally","page_number":175,"box":{"x":69,"y":219,"width":826,"height":11}},{"id":"ad8a1286-f774-40f2-97e1-3aaedacd0cb4","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":175,"box":{"x":69,"y":234,"width":802,"height":11}},{"id":"98a426ac-3693-40e4-be73-2c6f847f20ab","block_type":"box","text":"required information is timely forwarded to the IRS.","page_number":175,"box":{"x":69,"y":249,"width":364,"height":11}},{"id":"77000383-1c79-4d82-bed0-21870d2dfd61","block_type":"box","text":"If a shareholder recognizes a loss with respect to a Fund’s shares of at least $2 million in any single taxable","page_number":175,"box":{"x":102,"y":271,"width":774,"height":12}},{"id":"6ac1e151-5330-40a5-8d13-1c4f048310f3","block_type":"box","text":"year or $4 million in any combination of taxable years for an individual shareholder or $10 million in any single","page_number":175,"box":{"x":68,"y":286,"width":787,"height":12}},{"id":"763dd752-e51b-4af7-aa24-90e4deb8a0ea","block_type":"box","text":"taxable year or $20 million in any combination of taxable years for a corporate shareholder in any single taxable year,","page_number":175,"box":{"x":68,"y":301,"width":835,"height":12}},{"id":"8c8f92ba-b016-4e72-a2e1-c274a30f9052","block_type":"box","text":"the shareholder must file a disclosure statement on IRS Form 8886 with the IRS. Direct shareholders of por tfolio","page_number":175,"box":{"x":68,"y":317,"width":809,"height":11}},{"id":"9cebd68d-3d7b-46e7-a06e-dfa1dfac83fb","block_type":"box","text":"securities are in many cases exempted. That a loss is repor table under these regulations does not affect the legal","page_number":175,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"e8707d41-1e09-441a-97d7-0035c6e4f46f","block_type":"box","text":"determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax","page_number":175,"box":{"x":69,"y":347,"width":783,"height":11}},{"id":"9743f58f-10d2-4256-94b6-21b4dd531b78","block_type":"box","text":"advisors to determine the applicability of these regulations in light of their individual circumstances.","page_number":175,"box":{"x":69,"y":362,"width":710,"height":11}},{"id":"92a6d54a-c570-454d-ba1c-0304e2806d2a","block_type":"box","text":"Cer tain types of income received by a Fund from REITs, real estate mor tgage investment conduits, taxable","page_number":175,"box":{"x":102,"y":385,"width":758,"height":11}},{"id":"5711966f-9024-4d42-820e-58eed7145104","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":175,"box":{"x":69,"y":400,"width":782,"height":11}},{"id":"388c6ead-67a2-4872-9006-4938633479f5","block_type":"box","text":"inclusion income.” To Fund shareholders, such excess inclusion income may: (i) constitute taxable income, as","page_number":175,"box":{"x":70,"y":415,"width":783,"height":11}},{"id":"21b18486-85a7-4998-b1fe-db3ce436aee2","block_type":"box","text":"unrelated business taxable income (“UBTI”) for those shareholders who would otherwise be tax-exempt such as","page_number":175,"box":{"x":69,"y":430,"width":797,"height":11}},{"id":"1c32b7d0-a159-44cc-b12e-70a01debca95","block_type":"box","text":"individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and cer tain charitable entities; (ii) not","page_number":175,"box":{"x":70,"y":445,"width":822,"height":12}},{"id":"d64dc33b-9f00-4592-a141-836004c73655","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":175,"box":{"x":69,"y":460,"width":836,"height":12}},{"id":"9b82824c-91a6-4fe9-bc27-9b3135c78e76","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":175,"box":{"x":70,"y":475,"width":826,"height":12}},{"id":"f97509b6-ce64-4211-b2e6-3d8d5c93937a","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":175,"box":{"x":69,"y":491,"width":808,"height":11}},{"id":"756510e0-9b6a-46c4-8940-18d29aa1be56","block_type":"box","text":"expected to generate excess inclusion income, but the Fund may not always be successful in doing so. Because","page_number":175,"box":{"x":69,"y":506,"width":800,"height":11}},{"id":"73fd6cd5-744d-4a30-bbd8-c1e72b4208a8","block_type":"box","text":"information about a REIT’s investments may be inadequate or inaccurate, or because a REIT may change its","page_number":175,"box":{"x":70,"y":521,"width":770,"height":11}},{"id":"7531f18a-dacf-4744-b7d6-37ea07518fcd","block_type":"box","text":"investment program, the Fund may not be successful in avoiding the consequences described above. Avoidance of","page_number":175,"box":{"x":70,"y":536,"width":816,"height":11}},{"id":"bdfe62ae-3a3f-4a7e-84c7-f5855b55300e","block_type":"box","text":"investments in REITs that generate excess inclusion income may require the Fund to forego otherwise attractive","page_number":175,"box":{"x":70,"y":551,"width":796,"height":11}},{"id":"d38d03fd-fc31-4544-a989-f01e2fc594b9","block_type":"box","text":"investment oppor tunities.","page_number":175,"box":{"x":70,"y":566,"width":180,"height":11}},{"id":"8b8819cc-af12-46be-9e37-2c494e4c8894","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":175,"box":{"x":102,"y":589,"width":801,"height":11}},{"id":"8405d9c5-4cc5-4717-848c-80a52da4407f","block_type":"box","text":"imposed by foreign countries. Tax conventions between cer tain foreign countries and the United States may reduce or","page_number":175,"box":{"x":70,"y":604,"width":839,"height":11}},{"id":"4f760189-629a-471f-b9a1-e044a601e5b2","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":175,"box":{"x":69,"y":619,"width":840,"height":11}},{"id":"223d6d4d-40b1-46b5-a3b0-16485e828020","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":175,"box":{"x":68,"y":634,"width":837,"height":12}},{"id":"2a7c11c7-19ca-40b3-bc0a-788735712d2e","block_type":"box","text":"Fund, subject to cer tain requirements and limitations contained in the Code. For example, cer tain retirement","page_number":175,"box":{"x":70,"y":649,"width":774,"height":11}},{"id":"4f1ee3d0-0b32-4449-8d33-b95b35b703df","block_type":"box","text":"accounts and cer tain tax-exempt organizations cannot claim foreign tax credits on investments in foreign securities","page_number":175,"box":{"x":69,"y":664,"width":820,"height":12}},{"id":"41dc28c0-88e0-4e13-86b9-682b937cc21e","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":175,"box":{"x":69,"y":680,"width":795,"height":11}},{"id":"17a4229c-4d96-4a7f-808b-baf4d0c15ef4","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":175,"box":{"x":69,"y":695,"width":755,"height":11}},{"id":"17243e9a-7e7e-44cb-b50c-7888adde0555","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":175,"box":{"x":69,"y":710,"width":811,"height":11}},{"id":"2269d274-8902-4e4a-bdeb-3e608848f954","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":175,"box":{"x":69,"y":725,"width":839,"height":11}},{"id":"c3a601e2-183f-4295-ba33-959191e199a0","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":175,"box":{"x":68,"y":740,"width":812,"height":11}},{"id":"00958554-c00f-4f29-984c-d836a60e461d","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":175,"box":{"x":69,"y":755,"width":829,"height":11}},{"id":"92714bd0-ff83-4552-be18-bb3066c8ca28","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":175,"box":{"x":68,"y":770,"width":827,"height":12}},{"id":"011cc042-8b91-428a-b2b4-1280effcbe8f","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":175,"box":{"x":70,"y":785,"width":829,"height":12}},{"id":"21d1915d-4d84-4c64-8756-7cc6507eeacc","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":175,"box":{"x":68,"y":801,"width":825,"height":11}},{"id":"80a969d7-199e-4de2-882e-debabbd5509b","block_type":"box","text":"deduct such propor tionate shares in computing their taxable incomes or, alternatively, use them as foreign tax","page_number":175,"box":{"x":69,"y":816,"width":788,"height":11}},{"id":"3bf590a2-47d1-4968-9c17-a8f9e0ab593c","block_type":"box","text":"credits against their U.S. income taxes. No deductions for foreign taxes, however, may be claimed by noncorporate","page_number":175,"box":{"x":69,"y":831,"width":818,"height":11}},{"id":"d89cea6f-6b5d-4116-9f50-624da567ea9d","block_type":"box","text":"shareholders who do not itemize deductions. A shareholder that is a nonresident alien individual or a foreign","page_number":175,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"e9879515-de03-4f5d-8240-5d527f865c69","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":175,"box":{"x":69,"y":861,"width":817,"height":11}},{"id":"ce713f91-f12b-44f3-9cbc-719ee32b589b","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":175,"box":{"x":70,"y":876,"width":814,"height":11}},{"id":"f5ae1131-16fc-4cac-a4b2-e8015a901574","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":175,"box":{"x":69,"y":891,"width":821,"height":12}},{"id":"50802a0c-4f5b-4c16-ae46-91e1d1a314e2","block_type":"box","text":"foreign taxes and other information needed to claim the foreign tax credit.","page_number":175,"box":{"x":68,"y":906,"width":527,"height":12}},{"id":"920cc035-a444-4341-9a88-9e0ad66e995b","block_type":"box","text":"II-133","page_number":175,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"54422d94-3a51-4dcc-986c-9dfc8e0a8399","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":175,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e90f6855-7841-44f8-8b51-e30098543676","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":176,"box":{"x":102,"y":45,"width":768,"height":11}},{"id":"0e74f950-1bc9-41a0-b1b8-bb4096ce8af1","block_type":"box","text":"other things, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the","page_number":176,"box":{"x":69,"y":60,"width":780,"height":11}},{"id":"e8890630-15ef-4f7e-ad64-03857325d197","block_type":"box","text":"allowance of cer tain losses or deductions, and (c) accelerate the recognition of income without a corresponding","page_number":176,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"6984c9d9-cc83-45c9-a4ba-e09942d86009","block_type":"box","text":"receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to","page_number":176,"box":{"x":69,"y":90,"width":802,"height":11}},{"id":"8c93b620-b362-4d70-91f6-0fca77202f04","block_type":"box","text":"regulated investment companies). Operation of these rules could, therefore, affect the character, amount and timing","page_number":176,"box":{"x":69,"y":105,"width":831,"height":11}},{"id":"4ec71720-8a4b-4e9b-bb43-eb7320157454","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":176,"box":{"x":69,"y":120,"width":776,"height":11}},{"id":"ac31f299-aefa-4e7a-9c2e-48de0cb55ff1","block_type":"box","text":"positions in its por tfolio (","page_number":176,"box":{"x":70,"y":135,"width":177,"height":11}},{"id":"3f3f3e83-76d3-4fbd-9658-9dce675d603e","block_type":"box","text":"i.e.","page_number":176,"box":{"x":249,"y":136,"width":20,"height":8}},{"id":"9a894e6b-863d-4436-abef-5e43d97761e3","block_type":"box","text":", treat them as sold on the last day of the taxable year), and may result in the recognition","page_number":176,"box":{"x":272,"y":135,"width":636,"height":12}},{"id":"27a2a1c0-7259-45bb-9347-fec9bb91ad9e","block_type":"box","text":"of income without a corresponding receipt of cash. Funds engaging in transactions affected by these provisions","page_number":176,"box":{"x":69,"y":150,"width":795,"height":12}},{"id":"78ed1726-05f1-4a4c-9796-fc68be321bc8","block_type":"box","text":"intend to monitor their transactions, make appropriate tax elections and make appropriate entries in their books and","page_number":176,"box":{"x":70,"y":166,"width":830,"height":11}},{"id":"e9e94578-4826-4011-8143-69c66eba4bff","block_type":"box","text":"records to lessen the effect of these tax rules and avoid any possible disqualification from the special treatment","page_number":176,"box":{"x":69,"y":181,"width":804,"height":11}},{"id":"081d70bf-6af8-4f1b-99d1-1b8d28ce69c8","block_type":"box","text":"afforded regulated investment companies under the Code.","page_number":176,"box":{"x":69,"y":196,"width":415,"height":11}},{"id":"37e8ee46-cd6f-46cd-8bfb-fe2f93a9a85e","block_type":"box","text":"Cer tain of a Fund’s investments in derivative instruments and foreign currency-denominated instruments, and","page_number":176,"box":{"x":102,"y":218,"width":781,"height":12}},{"id":"d909f7a8-f58d-4f4b-988e-b24a9b25816d","block_type":"box","text":"any of the Fund’s transactions in foreign currencies and hedging activities, are likely to produce a difference between","page_number":176,"box":{"x":69,"y":234,"width":835,"height":11}},{"id":"8943c09b-7c2b-4fac-923b-5535a06b184c","block_type":"box","text":"its book income and the sum of its taxable income and net tax-exempt income (if any). If such a difference arises,","page_number":176,"box":{"x":70,"y":249,"width":811,"height":11}},{"id":"39078a59-d035-4083-9042-43c9330ce87a","block_type":"box","text":"and the Fund’s book income is less than the sum of its taxable income and net tax-exempt income, the Fund could","page_number":176,"box":{"x":69,"y":264,"width":818,"height":11}},{"id":"80c9f8fa-e962-43e4-baf3-0467220a1a1d","block_type":"box","text":"be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment","page_number":176,"box":{"x":69,"y":279,"width":820,"height":11}},{"id":"5cf3a85a-aac3-4741-8588-89136acf04dc","block_type":"box","text":"and to avoid an entity-level tax. In the alternative, if the Fund makes any distribution based on book income and such","page_number":176,"box":{"x":69,"y":294,"width":834,"height":11}},{"id":"bb45644c-6476-4ed8-af39-d9b2aa8704ee","block_type":"box","text":"book income exceeds the sum of its taxable income (including realized capital gains) and net tax-exempt income, the","page_number":176,"box":{"x":69,"y":309,"width":833,"height":11}},{"id":"b22dffb6-b899-42c2-8b9f-50782331d4ae","block_type":"box","text":"distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the Fund’s remaining","page_number":176,"box":{"x":69,"y":324,"width":805,"height":12}},{"id":"0c3a18e9-cbe1-44fd-b86e-02e51022a5ed","block_type":"box","text":"earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of","page_number":176,"box":{"x":69,"y":339,"width":805,"height":12}},{"id":"2185eea1-e946-4fc6-a226-1ab628eef21b","block_type":"box","text":"capital to the extent of the recipient’s basis in its shares, and (iii) thereafter as gain from the sale or exchange of a","page_number":176,"box":{"x":69,"y":355,"width":822,"height":11}},{"id":"747fbf35-6e51-428f-ad45-8137fbdde1c2","block_type":"box","text":"capital asset.","page_number":176,"box":{"x":69,"y":370,"width":95,"height":11}},{"id":"16699c2a-d289-426c-ba62-f24b6abab2d2","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":176,"box":{"x":102,"y":392,"width":787,"height":12}},{"id":"2ea01834-f6c5-4300-9b4c-b29999c82194","block_type":"box","text":"indefinitely or permanently deferred as “wash sales.” Distributions of shor t-term capital gains by underlying funds will","page_number":176,"box":{"x":70,"y":407,"width":836,"height":12}},{"id":"c34d4c0a-11cb-447d-aa16-a2f1d084e9af","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":176,"box":{"x":69,"y":423,"width":812,"height":11}},{"id":"a2dee24d-897c-46ae-81d9-5c7d56fab954","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":176,"box":{"x":69,"y":438,"width":805,"height":11}},{"id":"6eb8432a-c52a-4cb7-9591-654700a86170","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":176,"box":{"x":68,"y":453,"width":829,"height":11}},{"id":"4a49103c-4ba5-4ac1-9cff-abcffd7925d8","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":176,"box":{"x":70,"y":468,"width":803,"height":11}},{"id":"b9fb9aeb-a76d-45a4-8f95-b35c74099fdd","block_type":"box","text":"Fund were to invest otherwise.","page_number":176,"box":{"x":70,"y":483,"width":216,"height":9}},{"id":"38ad39d1-d395-42e9-88ea-757c28263b2b","block_type":"box","text":"A Fund may take cer tain positions through a wholly-owned (or majority-owned), foreign subsidiary (the","page_number":176,"box":{"x":101,"y":506,"width":721,"height":11}},{"id":"f56a1d85-7a6b-44b6-ba3c-6b31becb491e","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":176,"box":{"x":70,"y":521,"width":787,"height":11}},{"id":"fc909c5e-1c0c-4976-ab80-b93ac03e4ab6","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":176,"box":{"x":70,"y":536,"width":831,"height":11}},{"id":"7867aaf4-5ff3-4457-9e35-e634557d7c5d","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":176,"box":{"x":68,"y":551,"width":823,"height":11}},{"id":"a9e3f93d-47d8-4da2-bc98-02b617a7b32d","block_type":"box","text":"differently (for example, as capital gain) at the Subsidiary level and regardless of whether that income is distributed","page_number":176,"box":{"x":69,"y":566,"width":825,"height":11}},{"id":"6c63ba92-fdc1-4ab5-8cef-2010935182b6","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":176,"box":{"x":68,"y":581,"width":838,"height":12}},{"id":"218a0bde-085e-4dcb-ad44-2d75604912f7","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":176,"box":{"x":68,"y":596,"width":830,"height":12}},{"id":"7e3a92e4-c764-4f63-b276-abde213e5437","block_type":"box","text":"expected that the Subsidiary will be subject to an entity-level federal tax.","page_number":176,"box":{"x":69,"y":612,"width":515,"height":11}},{"id":"b1a7a337-ff44-48c3-bdc3-43c8d94ff526","block_type":"box","text":"If a Fund purchases shares of an investment company (or similar investment entity) organized under foreign law,","page_number":176,"box":{"x":102,"y":634,"width":798,"height":12}},{"id":"f5faf660-837c-446f-af58-3a65c51a13f8","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":176,"box":{"x":68,"y":649,"width":835,"height":12}},{"id":"abe126f6-469a-41d9-947f-d6cdc9ed91b5","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":176,"box":{"x":70,"y":664,"width":827,"height":12}},{"id":"845b4532-701b-4caa-9f0c-e61f628afa07","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":176,"box":{"x":68,"y":680,"width":830,"height":11}},{"id":"14cbd9f7-19a9-4469-aa05-dc58e4142e6a","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":176,"box":{"x":69,"y":695,"width":802,"height":11}},{"id":"d778108e-4d99-4169-844c-8bfe9a3a692c","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":176,"box":{"x":69,"y":710,"width":821,"height":11}},{"id":"1cb36a5e-10c9-4284-adc7-4a2a2252a1ef","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":176,"box":{"x":70,"y":725,"width":797,"height":11}},{"id":"26894fe4-d6a3-4f2b-9b1e-30a489291fe5","block_type":"box","text":"made separately for each PFIC held and, once made, would be effective for all subsequent taxable years, unless","page_number":176,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"94060cc4-ca0d-43c3-abc9-49ff7082121f","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":176,"box":{"x":69,"y":755,"width":818,"height":11}},{"id":"12e50182-6865-4074-afec-43675618d3ea","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":176,"box":{"x":68,"y":770,"width":797,"height":11}},{"id":"1b8e99c3-5e4b-43fe-aab7-019c7be6853e","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":176,"box":{"x":69,"y":785,"width":824,"height":12}},{"id":"f5c99d04-2206-47f6-b7cf-0170fba11356","block_type":"box","text":"to-market election, a Fund could avoid imposition of the interest charge with respect to excess distributions from","page_number":176,"box":{"x":68,"y":801,"width":804,"height":11}},{"id":"4b1c79ed-d489-4ee1-8205-0fa12e85c7ee","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":176,"box":{"x":69,"y":816,"width":831,"height":11}},{"id":"10f3a0ee-d412-4db8-907e-017e09533e60","block_type":"box","text":"PFICs.","page_number":176,"box":{"x":69,"y":831,"width":42,"height":9}},{"id":"309dda2c-a243-4b65-aaba-23c456c381cc","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":176,"box":{"x":102,"y":853,"width":804,"height":12}},{"id":"42f21c7d-da77-42af-9f08-b7fb528cf241","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":176,"box":{"x":69,"y":869,"width":816,"height":11}},{"id":"47efd72c-b710-4221-ae01-069436af007a","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":176,"box":{"x":69,"y":884,"width":816,"height":11}},{"id":"69f544e0-c8a6-428c-85ab-8253cf509c3e","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":176,"box":{"x":68,"y":899,"width":840,"height":11}},{"id":"84497fbc-c6ca-45ff-91c2-481e3bd858dc","block_type":"box","text":"II-134","page_number":176,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"704266c3-6e98-4f81-9f5d-d8fbec39803e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":176,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c573b44c-ada2-4fa8-89cb-b1296e01b724","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":177,"box":{"x":68,"y":45,"width":804,"height":11}},{"id":"28757388-9786-4601-8c99-cf564966dda2","block_type":"box","text":"difficult or impossible to obtain.","page_number":177,"box":{"x":69,"y":60,"width":225,"height":11}},{"id":"80d848d2-1e1c-4f9b-905a-6ae1eb928340","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":177,"box":{"x":102,"y":82,"width":796,"height":12}},{"id":"6b6c1f31-a277-4f89-836c-6df51e627f78","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":177,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"2bc558b4-6d5d-4cde-b105-f28b2970dfad","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":177,"box":{"x":69,"y":113,"width":778,"height":11}},{"id":"09a16ec4-44ac-4be8-a69a-f351f932d534","block_type":"box","text":"currency and PFIC gains plus the excess of post-December ordinary losses over post-December ordinary income) until","page_number":177,"box":{"x":69,"y":128,"width":838,"height":11}},{"id":"2b7553b0-bc3b-4012-96fd-3af26b5fc632","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":177,"box":{"x":68,"y":143,"width":824,"height":11}},{"id":"949500d8-4b11-4090-903c-757430ca98c3","block_type":"box","text":"recognition of such realized losses. Such deferrals and other rules regarding gains and losses realized after October","page_number":177,"box":{"x":69,"y":158,"width":830,"height":11}},{"id":"41972e63-e1af-45da-87c0-964c092b8eb6","block_type":"box","text":"(or December) may affect the tax character of shareholder distributions.","page_number":177,"box":{"x":69,"y":173,"width":511,"height":11}},{"id":"6f389ffc-efaa-4164-821e-50de7c2494f9","block_type":"box","text":"Municipal Funds","page_number":177,"box":{"x":102,"y":196,"width":115,"height":11}},{"id":"30944388-2cb2-482d-a994-64c09c2c71ac","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":177,"box":{"x":102,"y":218,"width":798,"height":12}},{"id":"6a787c74-cbc3-4431-8226-75153e5203e6","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":177,"box":{"x":69,"y":234,"width":815,"height":11}},{"id":"6028f6e7-4e5a-49a2-836e-748b6ad15845","block_type":"box","text":"Fund’s total assets consists of obligations exempt from U.S. federal income tax (“tax-exempt obligations”) under","page_number":177,"box":{"x":70,"y":249,"width":803,"height":11}},{"id":"cefe34e5-7f9d-4a11-9924-d58c29695a5c","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":177,"box":{"x":69,"y":264,"width":826,"height":11}},{"id":"3c88530c-6de6-4672-af6c-d42d1727624a","block_type":"box","text":"qualified to pay exempt-interest dividends to holders of all outstanding classes of its shares (together the","page_number":177,"box":{"x":69,"y":279,"width":752,"height":11}},{"id":"56f2a9dc-da69-4b91-b766-f166a63f6c7c","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":177,"box":{"x":70,"y":294,"width":817,"height":11}},{"id":"ada8ad71-0d6f-486f-90c9-1008fd3c5c64","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":177,"box":{"x":70,"y":309,"width":780,"height":11}},{"id":"5a6ea480-2fc2-473a-9b8f-52c1a6f67879","block_type":"box","text":"interest from tax-exempt obligations (as well as ordinary income, capital gains and tax preference items discussed","page_number":177,"box":{"x":70,"y":324,"width":815,"height":12}},{"id":"6ca0b9ab-c9f1-417e-bbce-7076dcf215a1","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":177,"box":{"x":69,"y":340,"width":839,"height":11}},{"id":"31e2aae1-7caa-476b-a7a8-d0f4f93b3c1b","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":177,"box":{"x":70,"y":355,"width":835,"height":11}},{"id":"c25a5117-af76-4923-96f6-39a16019660c","block_type":"box","text":"to each class of shareholders during the taxable year, or such other method as the IRS may prescribe.","page_number":177,"box":{"x":68,"y":370,"width":730,"height":11}},{"id":"40a85ea9-cd2a-45cc-8949-f9671b97509c","block_type":"box","text":"Exempt-interest dividends will be excludable from a shareholder’s gross income for U.S. federal income tax","page_number":177,"box":{"x":102,"y":392,"width":763,"height":12}},{"id":"d72c2feb-a48d-41cc-9445-042e5a277f48","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":177,"box":{"x":70,"y":407,"width":809,"height":12}},{"id":"da74593f-9743-474e-aed2-7c378f0a4870","block_type":"box","text":"security and railroad retirement benefits subject to U.S. federal income taxes. Interest on indebtedness incurred or","page_number":177,"box":{"x":69,"y":423,"width":821,"height":11}},{"id":"a3b2f1db-25a5-43ab-ae0e-dfaebecfe56d","block_type":"box","text":"continued to purchase or carry shares of a regulated investment company paying exempt-interest dividends, such as","page_number":177,"box":{"x":69,"y":438,"width":831,"height":11}},{"id":"b1d55b02-df1e-46b1-bca3-c4fcc2d7bc55","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":177,"box":{"x":68,"y":453,"width":800,"height":11}},{"id":"5df2cd96-6ef3-413c-beb9-afc5f66955b5","block_type":"box","text":"exempt-interest dividends. Shareholders are advised to consult their tax advisors with respect to whether exempt","page_number":177,"box":{"x":69,"y":468,"width":810,"height":11}},{"id":"5b91a70d-4ead-4913-8920-564208ab91ec","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":177,"box":{"x":70,"y":483,"width":836,"height":11}},{"id":"9f3436e1-c2c0-4c31-a002-0ac9a2f6fb37","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":177,"box":{"x":69,"y":498,"width":835,"height":11}},{"id":"351cf230-de17-4331-ae26-36ec0f4b8981","block_type":"box","text":"of PABs, if any, held by a Fund.","page_number":177,"box":{"x":69,"y":513,"width":217,"height":11}},{"id":"363bc962-4d2f-4cc6-98e4-f19df0d6d096","block_type":"box","text":"Substitute payments received by a Fund representing interest paid on tax-exempt obligations loaned out by the","page_number":177,"box":{"x":102,"y":536,"width":788,"height":11}},{"id":"2b79ff83-c999-4aab-a334-6c0f52063e56","block_type":"box","text":"Fund will not be considered exempt interest, and distributions by the Fund of such substitute payments will not","page_number":177,"box":{"x":70,"y":551,"width":790,"height":11}},{"id":"1152ea1b-6545-40d7-aee8-512cd03ae5b6","block_type":"box","text":"constitute exempt-interest dividends.","page_number":177,"box":{"x":69,"y":566,"width":261,"height":11}},{"id":"aa360191-3ffe-4db3-9477-6c68bdeee367","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":177,"box":{"x":102,"y":589,"width":765,"height":11}},{"id":"3219e6d4-1d56-4ccf-8889-6df2f5f8b589","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":177,"box":{"x":69,"y":604,"width":819,"height":11}},{"id":"a9b2dd6e-4a24-44a2-b298-98abf2d11b8a","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":177,"box":{"x":68,"y":619,"width":813,"height":11}},{"id":"8cf7f1a5-9d92-4e6f-a351-3cb9ac266f43","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":177,"box":{"x":70,"y":634,"width":809,"height":11}},{"id":"cf13a034-dcc2-4942-8478-74d2183ee427","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":177,"box":{"x":69,"y":649,"width":829,"height":12}},{"id":"a33833c3-59dd-440c-8853-7b8715397a1b","block_type":"box","text":"any capital gain dividends received by the shareholder.","page_number":177,"box":{"x":69,"y":665,"width":388,"height":11}},{"id":"c5286a9f-427b-4157-98af-fffe5b9f3742","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":177,"box":{"x":101,"y":687,"width":787,"height":11}},{"id":"67966b62-5b88-4290-a7f8-5cdc25cd0d55","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":177,"box":{"x":69,"y":702,"width":817,"height":12}},{"id":"efc6bd07-d567-4e1e-8095-8ca595600cd2","block_type":"box","text":"income dividends received by shareholders.","page_number":177,"box":{"x":70,"y":718,"width":309,"height":11}},{"id":"ccac8ea5-5fc7-4a60-a569-fb0d74712700","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":177,"box":{"x":101,"y":740,"width":766,"height":11}},{"id":"52bb7b79-dd25-48ae-b5fa-0984aa75c910","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":177,"box":{"x":69,"y":755,"width":808,"height":11}},{"id":"b44bc97f-9768-498a-b1d6-c580a9fe9a8e","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":177,"box":{"x":70,"y":771,"width":815,"height":11}},{"id":"7cf7e0da-b86c-464a-a5da-478f8fb5160b","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":177,"box":{"x":70,"y":785,"width":815,"height":12}},{"id":"d4b5c697-8986-4885-ae38-2b67f02d698c","block_type":"box","text":"the accrued market discount.","page_number":177,"box":{"x":68,"y":801,"width":208,"height":9}},{"id":"d2674216-31be-4055-8dc5-9c370ef7adb7","block_type":"box","text":"The Code subjects interest received on cer tain otherwise tax-exempt securities to a federal alternative minimum","page_number":177,"box":{"x":101,"y":823,"width":801,"height":11}},{"id":"2f26b3b4-43b4-425b-98ad-362093b87e0c","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":177,"box":{"x":68,"y":838,"width":818,"height":12}},{"id":"56d7bf66-c193-4b76-a685-dbc19d097085","block_type":"box","text":"are bonds that, although tax-exempt, are used for purposes other than those generally per formed by governmental","page_number":177,"box":{"x":69,"y":853,"width":816,"height":12}},{"id":"13eff4db-79bb-465a-bc7f-90ee0c05a493","block_type":"box","text":"units and that benefit non-governmental entities (","page_number":177,"box":{"x":69,"y":869,"width":351,"height":11}},{"id":"6d3e800e-7063-4a9d-96c4-e37978ab0c6f","block_type":"box","text":"e.g.","page_number":177,"box":{"x":422,"y":870,"width":24,"height":10}},{"id":"1dcb07c0-2485-4c9c-8aa3-99597169192b","block_type":"box","text":", bonds used for industrial development or housing purposes).","page_number":177,"box":{"x":449,"y":869,"width":441,"height":11}},{"id":"ab3ae18e-236f-4f18-b9cb-cb9c05025975","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":177,"box":{"x":70,"y":884,"width":827,"height":11}},{"id":"9fc2270e-9fdd-4c10-b506-5d41aab4c5cd","block_type":"box","text":"such bonds, including shareholders of a Fund, to a federal alternative minimum tax. A Fund will purchase such","page_number":177,"box":{"x":69,"y":899,"width":786,"height":11}},{"id":"a3ece176-8680-44e2-8a27-deeed59fab20","block_type":"box","text":"II-135","page_number":177,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"34e0ccbb-f5c8-4259-bf8b-a7d36fe9ef5d","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":177,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8f6f01de-280e-465c-851a-66408d184cf6","block_type":"box","text":"“PABs” and will repor t to shareholders after the close of the calendar year the por tion of the Fund’s dividends","page_number":178,"box":{"x":70,"y":45,"width":782,"height":11}},{"id":"b534a4fe-a0f8-486f-9cac-dad0509c045f","block_type":"box","text":"declared during the year that constitute an item of tax preference for alternative minimum tax purposes.","page_number":178,"box":{"x":69,"y":60,"width":740,"height":11}},{"id":"4d45f1cd-70c4-4e12-83b2-d5b175264d9c","block_type":"box","text":"Each Municipal Fund may engage in interest rate swap transactions. The U.S. federal income tax rules governing","page_number":178,"box":{"x":102,"y":82,"width":802,"height":12}},{"id":"5eeb5d33-ade4-4208-9571-e077fd17fa7d","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":178,"box":{"x":68,"y":98,"width":812,"height":11}},{"id":"b956f54b-d0a2-4c6c-bde2-5bb35ce9fc26","block_type":"box","text":"such arrangements as ordinary income and to amor tize payments made under cer tain circumstances. Because","page_number":178,"box":{"x":69,"y":113,"width":794,"height":11}},{"id":"19781603-bb0f-4d31-8c58-530b69fd31ea","block_type":"box","text":"payments received by a Fund in connection with swap transactions will be taxable rather than tax-exempt and","page_number":178,"box":{"x":70,"y":128,"width":776,"height":11}},{"id":"d2916cf0-326f-459d-95df-ae8315dbfe52","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":178,"box":{"x":69,"y":143,"width":826,"height":11}},{"id":"308a50ac-8530-4d9f-819c-32c12d8bc40b","block_type":"box","text":"may result in increased taxable distributions to shareholders.","page_number":178,"box":{"x":69,"y":158,"width":436,"height":11}},{"id":"4c6648ef-d289-434e-95e0-1a88ddb740f8","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":178,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"00829007-ba63-455e-8aa0-5728ddbaf10c","block_type":"box","text":"California Municipal Oppor tunities Fund, BlackRock New Jersey Municipal Bond Fund, BlackRock New York Municipal","page_number":178,"box":{"x":69,"y":196,"width":828,"height":11}},{"id":"4b0c473d-ecaf-40c8-913b-d040743c9fae","block_type":"box","text":"Oppor tunities Fund and BlackRock Pennsylvania Municipal Bond Fund, as well as information on economic conditions","page_number":178,"box":{"x":69,"y":211,"width":836,"height":11}},{"id":"db538607-3f76-485e-8a25-c72c28785949","block_type":"box","text":"within each applicable state.","page_number":178,"box":{"x":68,"y":226,"width":203,"height":11}},{"id":"326e2000-ab68-4e53-b3b8-7fa469004e2c","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":178,"box":{"x":102,"y":249,"width":774,"height":11}},{"id":"752b13ae-9315-43ca-a5d0-a27a84f89124","block_type":"box","text":"which it has invested for purposes of satisfying various qualification requirements of the Code applicable to regulated","page_number":178,"box":{"x":68,"y":264,"width":837,"height":11}},{"id":"9ea2f401-c78b-4a27-83da-026a66b35cae","block_type":"box","text":"investment companies. Each Master Por tfolio is classified either as a par tnership or a separate disregarded entity","page_number":178,"box":{"x":70,"y":279,"width":816,"height":11}},{"id":"d8c01b0e-371e-4471-999f-0a2b6a3709d9","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":178,"box":{"x":69,"y":294,"width":830,"height":11}},{"id":"e30c7fb1-5633-4924-b6b7-fd21ef3e443d","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":178,"box":{"x":68,"y":309,"width":822,"height":11}},{"id":"5080ddb7-d98a-4603-bcf7-54d769d972ab","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":178,"box":{"x":70,"y":324,"width":783,"height":11}},{"id":"ddde49ea-c915-4311-b75f-c3f77c3c999a","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":178,"box":{"x":68,"y":339,"width":822,"height":12}},{"id":"4633fe7a-b8ea-4ebc-ade5-47c8874d3727","block_type":"box","text":"the Feeder Fund’s assets in accordance with the investment policies applicable to the Feeder Fund.","page_number":178,"box":{"x":68,"y":355,"width":710,"height":11}},{"id":"b902119d-1200-42de-99bf-233f63d60dac","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":178,"box":{"x":102,"y":377,"width":796,"height":12}},{"id":"651e29e9-d00b-4f5c-bf41-c1c94b929534","block_type":"box","text":"from state income taxation dividends paid by regulated investment companies that are derived from interest on U.S.","page_number":178,"box":{"x":68,"y":392,"width":828,"height":12}},{"id":"1d6d0284-5fd5-4ac3-b165-4563c8e55f31","block_type":"box","text":"government obligations. State law varies as to whether dividend income attributable to U.S. government obligations is","page_number":178,"box":{"x":68,"y":408,"width":841,"height":11}},{"id":"d3b59376-4e61-4629-a507-6e50e0a8510b","block_type":"box","text":"exempt from state income tax.","page_number":178,"box":{"x":69,"y":423,"width":216,"height":11}},{"id":"6c21742d-5b75-47ef-a8ba-21bbb8f2f8aa","block_type":"box","text":"Shareholders of each Fund are urged to consult their tax advisers regarding specific questions as to federal,","page_number":178,"box":{"x":102,"y":445,"width":771,"height":12}},{"id":"a5ec0543-e366-49fd-b950-e68210de3dd3","block_type":"box","text":"foreign, state or local taxes with respect to their Fund. Foreign investors should consider applicable foreign taxes in","page_number":178,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"7374ea96-8881-4377-8212-1babccde34ef","block_type":"box","text":"their evaluation of an investment in a Fund.","page_number":178,"box":{"x":68,"y":475,"width":309,"height":9}},{"id":"cfbec8de-c26b-4a43-927f-db9e7f2bfda0","block_type":"box","text":"The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the","page_number":178,"box":{"x":101,"y":498,"width":749,"height":11}},{"id":"b891fb10-e588-4677-ab36-36c783befb2d","block_type":"box","text":"regulations issued thereunder as in effect on the date of this SAI. Future legislative or administrative changes or","page_number":178,"box":{"x":69,"y":513,"width":803,"height":12}},{"id":"1f32c7e3-f933-41be-a7eb-2e50b13c6889","block_type":"box","text":"cour t decisions may significantly change the conclusions expressed in this discussion, and any such changes or","page_number":178,"box":{"x":69,"y":528,"width":801,"height":12}},{"id":"aacc44f5-7a70-4343-93d0-e94c818f1dc3","block_type":"box","text":"decisions may have a retroactive effect.","page_number":178,"box":{"x":69,"y":543,"width":283,"height":12}},{"id":"63c7a27f-acf0-4123-b812-612398b9c354","block_type":"box","text":"PERFORMANCE DATA","page_number":178,"box":{"x":403,"y":573,"width":173,"height":10}},{"id":"038570fb-3b1c-473b-9100-b584d743bb66","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":178,"box":{"x":102,"y":596,"width":738,"height":11}},{"id":"d7ef9dd2-5efe-491d-bec0-341e91b74417","block_type":"box","text":"applicable, yield and tax-equivalent yield in adver tisements or information furnished to present or prospective","page_number":178,"box":{"x":69,"y":611,"width":779,"height":11}},{"id":"2bdb4b16-4411-41f2-96d0-393a4ff7f667","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":178,"box":{"x":69,"y":626,"width":833,"height":11}},{"id":"00c24151-6dfb-4361-a2bd-07ccdd9a021d","block_type":"box","text":"intended to indicate future per formance. Average annual total return is determined separately for each class of","page_number":178,"box":{"x":70,"y":641,"width":792,"height":11}},{"id":"c8d883f0-87fa-43bc-bd66-39bfbbb238e7","block_type":"box","text":"shares in accordance with a formula specified by the Commission.","page_number":178,"box":{"x":69,"y":656,"width":473,"height":11}},{"id":"e06a0b82-1dc0-4d40-8899-be1d1c31031b","block_type":"box","text":"Quotations of average annual total return, before tax, for the specified periods are computed by finding the","page_number":178,"box":{"x":102,"y":679,"width":761,"height":11}},{"id":"1f877b3e-98ff-4a95-9704-23779c439c69","block_type":"box","text":"average annual compounded rates of return (based on net investment income and any realized and unrealized capital","page_number":178,"box":{"x":69,"y":694,"width":836,"height":11}},{"id":"52ebb630-f5ad-450e-99f1-385292df561b","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":178,"box":{"x":68,"y":709,"width":798,"height":11}},{"id":"f606012f-79b1-4fb2-b091-5a82f01c2215","block_type":"box","text":"redeemable value of such investment at the end of each period. Average annual total return before taxes is","page_number":178,"box":{"x":69,"y":724,"width":765,"height":12}},{"id":"ae9b4b30-e475-4139-b55c-dc08d39af404","block_type":"box","text":"computed assuming all dividends are reinvested and taking into account all applicable recurring and nonrecurring","page_number":178,"box":{"x":69,"y":740,"width":808,"height":11}},{"id":"7b8d3123-3220-48c9-9406-af26868a9171","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":178,"box":{"x":69,"y":755,"width":813,"height":11}},{"id":"6b5b2bd1-d5f7-46bf-a94a-3f62ecbbda0a","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":178,"box":{"x":69,"y":770,"width":839,"height":11}},{"id":"5c0cb226-0e94-4e49-bb5d-f1e8c38050d2","block_type":"box","text":"but does not take into account taxes payable on dividends or on redemption.","page_number":178,"box":{"x":69,"y":785,"width":546,"height":11}},{"id":"7ae46bf5-a372-4820-8221-345566e1e728","block_type":"box","text":"Quotations of average annual total return, after taxes, on dividends for the specified periods are computed by","page_number":178,"box":{"x":102,"y":807,"width":781,"height":12}},{"id":"86e001d0-7135-4641-93e3-8f57edf010f2","block_type":"box","text":"finding the average annual compounded rates of return that would equate the initial amount invested to the ending","page_number":178,"box":{"x":68,"y":823,"width":819,"height":11}},{"id":"d51e8d1a-dc18-4931-8d3b-d1476cd45ce3","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":178,"box":{"x":68,"y":838,"width":810,"height":11}},{"id":"56744beb-88f8-405d-a1c1-3c360d926987","block_type":"box","text":"period. Average annual total return after taxes on dividends is computed assuming all dividends, less the taxes due","page_number":178,"box":{"x":70,"y":853,"width":823,"height":11}},{"id":"a798b6ba-46e8-4364-965f-9676656ebf3b","block_type":"box","text":"on such dividends, are reinvested and taking into account all applicable recurring and nonrecurring expenses,","page_number":178,"box":{"x":69,"y":868,"width":780,"height":11}},{"id":"a1b73115-0b42-49c9-bbde-2d61c83a6782","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":178,"box":{"x":70,"y":883,"width":825,"height":11}},{"id":"1c140297-ea5c-489e-b70b-22bd6e0ea822","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":178,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"61248898-0c21-462e-a7ed-8418466fcfe6","block_type":"box","text":"II-136","page_number":178,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"bb26ded5-a84e-40bc-81ec-f05344df458f","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":178,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"165a89c6-531a-4604-9105-0e7619a17bf0","block_type":"box","text":"due on dividends are calculated by applying to each dividend the highest applicable marginal U.S. federal individual","page_number":179,"box":{"x":69,"y":45,"width":820,"height":11}},{"id":"6b41efd2-ac2b-493f-9f1c-140637813eea","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":179,"box":{"x":70,"y":60,"width":833,"height":11}},{"id":"70829d8d-1da8-442c-a2b0-df7f6ef05ff2","block_type":"box","text":"(including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each dividend. The","page_number":179,"box":{"x":69,"y":75,"width":797,"height":11}},{"id":"9b4aa780-ce4c-4ebd-afc0-cf891adb7629","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":179,"box":{"x":68,"y":90,"width":824,"height":11}},{"id":"6b51a77f-3744-4496-98b5-16c16494ccaa","block_type":"box","text":"may be adjusted to reflect subsequent recharacterizations of distributions. The applicable tax rates may vary over the","page_number":179,"box":{"x":69,"y":105,"width":837,"height":11}},{"id":"a3c27f3a-5690-4ba0-94f7-404ea1e70484","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":179,"box":{"x":69,"y":120,"width":814,"height":12}},{"id":"19e1891c-aee3-4e97-9d97-767f7e4049d8","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":179,"box":{"x":69,"y":135,"width":830,"height":12}},{"id":"84f53ab4-e495-4f33-aeca-132af51494a7","block_type":"box","text":"redemption at the end of the applicable periods with no tax consequences associated with such redemption.","page_number":179,"box":{"x":69,"y":150,"width":774,"height":11}},{"id":"64d6d953-01ed-4797-ae9a-7d1158f2ac2e","block_type":"box","text":"Quotations of average annual total return, after taxes, on both dividends and redemption for the specified","page_number":179,"box":{"x":102,"y":173,"width":752,"height":11}},{"id":"e08f1648-92be-42f3-92de-55cb7d9569dd","block_type":"box","text":"periods are computed by finding the average annual compounded rates of return that would equate the initial amount","page_number":179,"box":{"x":70,"y":188,"width":835,"height":12}},{"id":"c61f9bba-19a5-4a3a-ad87-92a08a3f006f","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":179,"box":{"x":70,"y":203,"width":820,"height":12}},{"id":"b002952f-d11c-4d7a-b304-7907938658a3","block_type":"box","text":"received during such period as well as on complete redemption. Average annual total return after taxes on","page_number":179,"box":{"x":69,"y":218,"width":756,"height":12}},{"id":"e3b50203-1c52-411d-8b26-76d21e48358c","block_type":"box","text":"distributions and redemption is computed assuming all dividends, less the taxes due on such dividends, are","page_number":179,"box":{"x":69,"y":234,"width":772,"height":11}},{"id":"16f3220c-45a7-44a6-a1db-86f2a68891be","block_type":"box","text":"reinvested and taking into account all applicable recurring and nonrecurring expenses, including the maximum sales","page_number":179,"box":{"x":69,"y":249,"width":827,"height":11}},{"id":"d2d6a454-2a52-4741-ade6-81b4ebdc8938","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":179,"box":{"x":69,"y":264,"width":825,"height":11}},{"id":"deabdb22-c973-420c-b81a-8d84c4249ad0","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":179,"box":{"x":70,"y":279,"width":812,"height":11}},{"id":"7f0fb90b-781c-4a1f-b74a-42c3cb45f523","block_type":"box","text":"complete redemption and payment of taxes due on such redemption. The ending value is determined assuming","page_number":179,"box":{"x":69,"y":294,"width":795,"height":11}},{"id":"7c1972d7-d990-4eb8-a1fb-b8e42435d679","block_type":"box","text":"complete redemption at the end of the applicable periods, subtracting capital gains taxes resulting from the","page_number":179,"box":{"x":69,"y":309,"width":768,"height":11}},{"id":"c0de15ef-c8de-489f-82d6-d63220efccf9","block_type":"box","text":"redemption and adding the presumed tax benefit from capital losses resulting from redemption. The taxes due on","page_number":179,"box":{"x":69,"y":324,"width":810,"height":12}},{"id":"585aff69-98c9-4573-9fac-da9c7ebcf489","block_type":"box","text":"dividends and on the deemed redemption are calculated by applying the highest applicable marginal U.S. federal","page_number":179,"box":{"x":69,"y":339,"width":802,"height":12}},{"id":"d366d7fd-c63c-4882-855c-15dd3f444e68","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":179,"box":{"x":70,"y":355,"width":825,"height":11}},{"id":"b3c55058-868d-4d55-b78e-72ac18138fd7","block_type":"box","text":"the tax character (including eligibility for the maximum 20% tax rate applicable to qualified dividend income) of each","page_number":179,"box":{"x":68,"y":370,"width":823,"height":11}},{"id":"7c179e67-13ef-427f-8fb9-cbf6271a6b50","block_type":"box","text":"component of each dividend and/or the redemption payment. The applicable tax rates may vary over the","page_number":179,"box":{"x":69,"y":385,"width":743,"height":11}},{"id":"33623651-1777-4746-b65f-637fd39243e7","block_type":"box","text":"measurement period. The effects of state and local taxes are not reflected. Applicable tax credits, such as foreign","page_number":179,"box":{"x":69,"y":400,"width":814,"height":11}},{"id":"1f63f6df-cdbf-46d4-a812-93e9751d31bc","block_type":"box","text":"tax credits, are taken into account according to federal law.","page_number":179,"box":{"x":68,"y":415,"width":422,"height":11}},{"id":"9d0055b9-04e4-4d71-933b-795c7635b9e4","block_type":"box","text":"A Fund also may quote annual, average annual and annualized total return and aggregate total return","page_number":179,"box":{"x":101,"y":438,"width":720,"height":11}},{"id":"8ff14e40-0821-46aa-95b8-53e4136aa150","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":179,"box":{"x":70,"y":452,"width":813,"height":12}},{"id":"b3c7762a-3bd1-44da-89e2-ef4b25fe80a4","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":179,"box":{"x":69,"y":468,"width":781,"height":11}},{"id":"ffb41fa6-39ea-43cd-b4a3-ae55511f4a70","block_type":"box","text":"computed as described above, except that (1) as required by the periods of the quotations, actual annual, annualized","page_number":179,"box":{"x":69,"y":483,"width":837,"height":11}},{"id":"18db0dc6-1546-4446-b363-01cc267f4877","block_type":"box","text":"or aggregate data, rather than average annual data, may be quoted and (2) the maximum applicable sales charges","page_number":179,"box":{"x":69,"y":498,"width":817,"height":11}},{"id":"b1ee5511-d5e1-4bd9-b5dc-fe1c1ad1663d","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":179,"box":{"x":68,"y":513,"width":815,"height":11}},{"id":"0964577a-0b83-4071-b1fc-869ffbeed42a","block_type":"box","text":"per formance data calculations of including or excluding the maximum applicable sales charges, actual annual or","page_number":179,"box":{"x":70,"y":528,"width":801,"height":12}},{"id":"db7aefd2-42e9-4c26-ba28-c43f066791fc","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":179,"box":{"x":69,"y":543,"width":819,"height":12}},{"id":"79df7b7a-7b4e-4f89-960d-750a1bced8c0","block_type":"box","text":"return reflect compounding of return; aggregate total return data generally will be higher than average annual total","page_number":179,"box":{"x":69,"y":559,"width":811,"height":11}},{"id":"6689f2ce-0e22-405d-b2c7-b1e28070c90a","block_type":"box","text":"return data since the aggregate rates of return reflect compounding over a longer period of time.","page_number":179,"box":{"x":69,"y":574,"width":686,"height":11}},{"id":"143f1f93-d110-419e-9fc2-1df54225438b","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":179,"box":{"x":101,"y":596,"width":796,"height":12}},{"id":"90e1a70e-276f-4356-8985-817cec38b9c0","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":179,"box":{"x":69,"y":612,"width":821,"height":11}},{"id":"71d89bfd-9ca0-4edb-b221-81cf38a5e923","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":179,"box":{"x":68,"y":627,"width":817,"height":11}},{"id":"80820456-f8cf-4db0-927b-90e188dccd25","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":179,"box":{"x":68,"y":642,"width":837,"height":11}},{"id":"e99e18e3-410f-48a9-85a0-715bab51e4f2","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":179,"box":{"x":69,"y":657,"width":759,"height":11}},{"id":"95b7374b-8010-4494-a37a-a42091989f87","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":179,"box":{"x":101,"y":680,"width":779,"height":11}},{"id":"96d304a7-035c-46b5-9c2d-beec807252ea","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":179,"box":{"x":70,"y":695,"width":819,"height":11}},{"id":"0aa17fb8-f62d-4931-9946-38a569c33150","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":179,"box":{"x":68,"y":710,"width":830,"height":11}},{"id":"6c61d664-f31c-48e9-84cf-0204313f5d39","block_type":"box","text":"less than their original cost.","page_number":179,"box":{"x":70,"y":725,"width":196,"height":11}},{"id":"b8608c5e-4124-4cff-aa7e-9973ce24c147","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":179,"box":{"x":102,"y":748,"width":782,"height":11}},{"id":"8b437988-3e5d-44b4-be3a-d9f428f96c19","block_type":"box","text":"the case of CDSC shares applicable to cer tain investors, as described under “Purchase of Shares” and “Redemption","page_number":179,"box":{"x":68,"y":763,"width":836,"height":11}},{"id":"031d3ed6-3637-4b8d-bac5-ede21425d717","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":179,"box":{"x":69,"y":778,"width":807,"height":11}},{"id":"c1ea11b0-be2a-45d2-95f6-a8b9fd08d1e5","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":179,"box":{"x":68,"y":793,"width":820,"height":11}},{"id":"c6645466-9c3c-4f3b-87ab-cc6869837b3a","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":179,"box":{"x":68,"y":808,"width":824,"height":11}},{"id":"382eb68b-5f02-4a52-9340-7353c392262a","block_type":"box","text":"lower amount of expenses is deducted.","page_number":179,"box":{"x":70,"y":823,"width":278,"height":11}},{"id":"e935833a-da4d-446c-933e-b882de152961","block_type":"box","text":"On occasion, a Fund may compare its per formance to, among other things, the Fund’s benchmark index","page_number":179,"box":{"x":102,"y":846,"width":741,"height":11}},{"id":"b4ffd87b-e104-4eef-819e-e20bba8d3d59","block_type":"box","text":"indicated in the Prospectus, the Value Line Composite Index, the Dow Jones Industrial Average, or to other published","page_number":179,"box":{"x":70,"y":861,"width":830,"height":11}},{"id":"8e4f544b-2ad3-4ff0-8089-684398e0dafd","block_type":"box","text":"indices, or to per formance data published by Lipper Inc., Morningstar, Inc. (“Morningstar”),","page_number":179,"box":{"x":70,"y":876,"width":646,"height":11}},{"id":"e180c321-82af-4e87-82d2-09db15caf214","block_type":"box","text":"Money Magazine, U.S.","page_number":179,"box":{"x":724,"y":876,"width":156,"height":11}},{"id":"651cbed6-c8c3-4720-940c-209c509dcbe6","block_type":"box","text":"News & World Repor t, BusinessWeek, Forbes Magazine, For tune Magazine","page_number":179,"box":{"x":70,"y":891,"width":533,"height":12}},{"id":"e22f0dad-4ebd-47c9-ba0c-6cc41fe5be83","block_type":"box","text":"or other industry publications. When","page_number":179,"box":{"x":608,"y":891,"width":257,"height":11}},{"id":"738904b8-4c60-49a2-ac1e-4cfce23774fc","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":179,"box":{"x":69,"y":906,"width":797,"height":12}},{"id":"8bce787a-21cb-4b9c-b122-845274d564e3","block_type":"box","text":"II-137","page_number":179,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"8b369c38-9d2e-4c9b-87f4-cf867d7502a0","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":179,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"f3a7113e-5ac2-4499-9983-d7eb775ee01d","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":180,"box":{"x":69,"y":45,"width":803,"height":11}},{"id":"1c16c574-9720-46b7-801e-9b3894438447","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":180,"box":{"x":69,"y":60,"width":824,"height":11}},{"id":"34bec730-1319-466f-b7eb-461f768f3396","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":180,"box":{"x":70,"y":75,"width":818,"height":11}},{"id":"72d438f1-52ff-4446-9aea-976b7d94bb56","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":180,"box":{"x":69,"y":90,"width":793,"height":11}},{"id":"9b58d9ce-9e4a-4ddb-80cf-f897006bc793","block_type":"box","text":"adver tisements or other materials other applicable measures of Fund per formance and may also make reference to","page_number":180,"box":{"x":69,"y":105,"width":826,"height":11}},{"id":"5ac1ff4d-fb6d-4c2b-8bef-55b9bd1eca8e","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":180,"box":{"x":69,"y":120,"width":825,"height":12}},{"id":"72839a8d-0e62-4280-b92d-eb4b6eb884f9","block_type":"box","text":"developed by Fund management.","page_number":180,"box":{"x":69,"y":136,"width":233,"height":11}},{"id":"2dfba127-4f4d-4a2e-a2c4-79ae3eb85ea9","block_type":"box","text":"A Fund may provide information designed to help investors understand how the Fund is seeking to achieve its","page_number":180,"box":{"x":101,"y":158,"width":780,"height":11}},{"id":"fb4592e3-ef5b-4611-805e-9d4f7aa17a34","block_type":"box","text":"investment objectives. This may include information about past, current or possible economic, market, political or","page_number":180,"box":{"x":70,"y":173,"width":810,"height":11}},{"id":"7fdcccf7-0c7a-49f7-baf1-449931ed6116","block_type":"box","text":"other conditions, descriptive information or general principles of investing such as asset allocation, diversification","page_number":180,"box":{"x":69,"y":188,"width":810,"height":12}},{"id":"87fd4f0e-69df-4c98-ac6e-07757c724bda","block_type":"box","text":"and risk tolerance, discussion of a Fund’s por tfolio composition, investment philosophy, strategy or investment","page_number":180,"box":{"x":69,"y":203,"width":792,"height":12}},{"id":"9493ea0d-5a26-4114-ad5c-26b4a929a141","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":180,"box":{"x":68,"y":218,"width":788,"height":12}},{"id":"b94ae3b0-fd77-427c-8c5e-ef291dcd5b6b","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":180,"box":{"x":70,"y":234,"width":835,"height":11}},{"id":"39f24d9b-486c-40c1-9a12-743488c90cd1","block_type":"box","text":"quote various measures of volatility and benchmark correlation in adver tising and other materials, and may compare","page_number":180,"box":{"x":69,"y":249,"width":830,"height":11}},{"id":"0981b3a8-037b-4564-ab3b-8cdfa1c61047","block_type":"box","text":"these measures to those of other funds or types of investments.","page_number":180,"box":{"x":68,"y":264,"width":461,"height":11}},{"id":"7c8d5a56-f3dc-4006-975c-cb99212c0e47","block_type":"box","text":"PROXY VOTING POLICIES AND PROCEDURES","page_number":180,"box":{"x":308,"y":293,"width":362,"height":10}},{"id":"aca7306e-6529-4328-9b91-c8078371dd08","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":180,"box":{"x":101,"y":316,"width":802,"height":11}},{"id":"3faf0bf2-e57e-4c09-8523-171aaec18008","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":180,"box":{"x":70,"y":331,"width":809,"height":12}},{"id":"14283be1-0780-497b-83d9-7caa8f405040","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":180,"box":{"x":69,"y":347,"width":833,"height":11}},{"id":"e7404e2d-279f-432c-90e8-9ad59909d0f5","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":180,"box":{"x":70,"y":361,"width":755,"height":12}},{"id":"11d0e11d-3b1b-4d00-ae6b-7a9b575b95ea","block_type":"box","text":"With respect to Funds covered by the Active Fund Proxy Voting Policy, the Manager has adopted the BlackRock","page_number":180,"box":{"x":101,"y":384,"width":785,"height":11}},{"id":"bbbb2883-db1c-4b12-9b86-c940416d6a24","block_type":"box","text":"Active Investment Stewardship—Global Engagement and Voting Guidelines (the “BAIS Guidelines”). Cer tain of such","page_number":180,"box":{"x":68,"y":399,"width":822,"height":12}},{"id":"94e22756-a60c-414e-8c26-6d9ab6cf99da","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":180,"box":{"x":70,"y":414,"width":824,"height":12}},{"id":"a6920806-97a6-46af-8b1a-be5c25ca65de","block_type":"box","text":"guidelines within the BAIS Guidelines that are applicable to cer tain climate and decarbonization issues (the “BAIS","page_number":180,"box":{"x":68,"y":430,"width":812,"height":11}},{"id":"1e51e0bc-0598-4add-a870-9d8bd08b34ec","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":180,"box":{"x":69,"y":445,"width":392,"height":11}},{"id":"ab7f3887-e97e-499d-9ed8-ee0aef1c68b6","block_type":"box","text":"With respect to Funds covered by the Index Equity Fund Proxy Voting Policy, the Manager has adopted the","page_number":180,"box":{"x":101,"y":468,"width":749,"height":11}},{"id":"6b7ed5bc-4112-4929-a593-fb757aa2bfb1","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) Global Benchmark Policy, comprised of the Global Principles for","page_number":180,"box":{"x":70,"y":482,"width":759,"height":12}},{"id":"d4a7296c-7dac-47fb-80f5-073f3aeceddc","block_type":"box","text":"Benchmark Policies, regional voting guidelines, and engagement priorities, which are each available upon request. In","page_number":180,"box":{"x":70,"y":498,"width":830,"height":11}},{"id":"252dd7f7-9f44-495c-ae94-4189c26e5c07","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":180,"box":{"x":69,"y":513,"width":838,"height":11}},{"id":"25ee65c2-6720-43cd-b10a-4765b40d3ead","block_type":"box","text":"this SAI, follow supplemental guidelines that are applicable to cer tain climate and decarbonization issues (the “BIS","page_number":180,"box":{"x":68,"y":528,"width":822,"height":11}},{"id":"23dc957f-662e-49df-844a-876d9f053958","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines”).","page_number":180,"box":{"x":69,"y":543,"width":392,"height":11}},{"id":"19de37bd-b3af-44ee-b6e2-e680a1df6041","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":180,"box":{"x":102,"y":566,"width":767,"height":11}},{"id":"61b125bc-f457-488c-b52d-fc32e4a1f808","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":180,"box":{"x":68,"y":581,"width":827,"height":11}},{"id":"fa072130-2ecd-4608-92c2-65b04c29ec3c","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":180,"box":{"x":69,"y":596,"width":819,"height":11}},{"id":"e86fb2f2-be26-4dee-a6c6-2df857b103d9","block_type":"box","text":"underlying fund may use the Index Equity Fund Proxy Voting Policy, and the opposite is also true.","page_number":180,"box":{"x":69,"y":611,"width":684,"height":11}},{"id":"3f294213-ab23-49f0-8bab-225a0a678b71","block_type":"box","text":"Copies of the Active Fund Proxy Voting Policy, Index Equity Fund Proxy Voting Policy, the BAIS Guidelines, the","page_number":180,"box":{"x":102,"y":634,"width":766,"height":11}},{"id":"84b3b349-2c5c-41c6-8ebf-8adc45b5a4b5","block_type":"box","text":"Global Principles for Benchmark Policies and the BIS Climate and Decarbonization Stewardship Guidelines are","page_number":180,"box":{"x":69,"y":649,"width":784,"height":11}},{"id":"3652db3d-7302-4441-ab43-dbe223230118","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":180,"box":{"x":69,"y":664,"width":805,"height":11}},{"id":"d8e3def0-33ad-4bfb-84f2-44c7a22bd424","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":180,"box":{"x":68,"y":679,"width":790,"height":11}},{"id":"f7ce4b14-d4ef-4e39-94ba-7496b6d6a733","block_type":"box","text":"Fund’s SAI. Information on how each Fund voted proxies relating to por tfolio securities during the most recent 12-","page_number":180,"box":{"x":70,"y":694,"width":810,"height":11}},{"id":"54e6f65c-6e7d-4900-90be-1d3fb54650ec","block_type":"box","text":"month period ended June 30 is available without charge, (i) at www.blackrock.com/proxyrecords and (ii) on the","page_number":180,"box":{"x":69,"y":709,"width":788,"height":11}},{"id":"0652ecd4-e284-401a-8604-1cdfbf2afc5c","block_type":"box","text":"Commission’s website at http://www.sec.gov.","page_number":180,"box":{"x":69,"y":724,"width":327,"height":12}},{"id":"b4827e05-0a4e-4be0-98a2-bb8709061221","block_type":"box","text":"GENERAL INFORMATION","page_number":180,"box":{"x":391,"y":754,"width":195,"height":10}},{"id":"bd0f588e-f279-4fb8-9c72-3dde7c1b4ac8","block_type":"box","text":"Description of Shares","page_number":180,"box":{"x":69,"y":784,"width":156,"height":11}},{"id":"3ef614c6-29d6-428b-81ff-3148501f30b2","block_type":"box","text":"Shareholders of a Fund are entitled to one vote for each full share held and fractional votes for fractional shares","page_number":180,"box":{"x":102,"y":807,"width":800,"height":9}},{"id":"0ca77b0d-9b53-4bc7-b8b1-ca9345723efa","block_type":"box","text":"held in the election of Directors and generally on other matters submitted to the vote of shareholders of the Fund.","page_number":180,"box":{"x":69,"y":822,"width":811,"height":11}},{"id":"9c0a6fc3-a039-4b4a-b53e-7d666c6adbc2","block_type":"box","text":"Shareholders of a class that bears distribution and/or service expenses have exclusive voting rights with respect to","page_number":180,"box":{"x":69,"y":837,"width":825,"height":11}},{"id":"04df63a8-d3c1-41fd-a0a7-7f62f106a782","block_type":"box","text":"matters relating to such distribution and service expenditures. Voting rights are not cumulative, so that the holders of","page_number":180,"box":{"x":69,"y":852,"width":838,"height":11}},{"id":"72d81ac4-68d6-4447-9e3d-22040f58a597","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":180,"box":{"x":69,"y":867,"width":835,"height":12}},{"id":"8d56b889-5158-4185-8abc-f930a8efd1c6","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":180,"box":{"x":69,"y":882,"width":781,"height":12}},{"id":"cf05a0ff-91c1-4de6-a1dd-1198cfafa7af","block_type":"box","text":"II-138","page_number":180,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"6f82f97c-3203-434d-8c8f-a7d79b906060","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":180,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75ccd7ad-2c49-46d6-9369-2c33b981892f","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":181,"box":{"x":102,"y":45,"width":801,"height":11}},{"id":"a3fca785-e192-48ad-90bd-06c2c5f77fce","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":181,"box":{"x":69,"y":60,"width":760,"height":11}},{"id":"e0c3e947-6335-446c-82cb-b844e8460364","block_type":"box","text":"management agreement; (iii) approval of a distribution agreement; and (iv) ratification of selection of independent","page_number":181,"box":{"x":69,"y":75,"width":810,"height":11}},{"id":"fa71c0e5-2fcb-49ae-8aa2-6ec13f771960","block_type":"box","text":"accountants. Shares issued are fully paid and non-assessable and have no preemptive rights. Redemption and","page_number":181,"box":{"x":69,"y":90,"width":790,"height":11}},{"id":"732c0fe6-7979-4cfe-b3e2-67eef4d13774","block_type":"box","text":"conversion rights are discussed elsewhere herein and in each Fund’s Prospectus. Each share of each class of","page_number":181,"box":{"x":69,"y":105,"width":787,"height":11}},{"id":"9e6f7410-1b96-4621-afb7-184ac9875c0c","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":181,"box":{"x":69,"y":120,"width":797,"height":11}},{"id":"5d71613a-70a4-4846-ad41-2208fd7302ea","block_type":"box","text":"assets of the Fund upon liquidation or dissolution after satisfaction of outstanding liabilities.","page_number":181,"box":{"x":69,"y":135,"width":658,"height":12}},{"id":"d0e2baec-a9f4-4c73-a2c8-5f8d9a60ba4b","block_type":"box","text":"For Funds organized as Maryland corporations, the by-laws of the Fund require that a special meeting of","page_number":181,"box":{"x":102,"y":158,"width":741,"height":11}},{"id":"c3c0dfd3-7c94-4236-8d67-1ac655feeb6c","block_type":"box","text":"shareholders be held upon the written request of a minimum percentage of the outstanding shares of the Fund","page_number":181,"box":{"x":69,"y":173,"width":790,"height":11}},{"id":"a51e6a06-8383-480d-9e8f-15facf58a56f","block_type":"box","text":"entitled to vote at such meeting, if they comply with applicable Maryland law.","page_number":181,"box":{"x":69,"y":188,"width":546,"height":12}},{"id":"841e764e-3e0d-4656-ba65-c67f9df58dc6","block_type":"box","text":"Cer tain of the Funds are organized as “Massachusetts business trusts.” Under Massachusetts law,","page_number":181,"box":{"x":102,"y":211,"width":712,"height":11}},{"id":"e89fb610-a642-480d-8c0b-e4ba1ac42f9c","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":181,"box":{"x":69,"y":226,"width":765,"height":11}},{"id":"e7a608db-418c-4bd4-ae70-64b4499fe1e9","block_type":"box","text":"obligations. However, the Declaration of Trust establishing a trust, a copy of which for each applicable Fund, together","page_number":181,"box":{"x":69,"y":241,"width":834,"height":11}},{"id":"39c385ac-c169-4792-88dc-9bcdcba144eb","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":181,"box":{"x":68,"y":256,"width":729,"height":11}},{"id":"ea3a8500-924c-49f1-a13c-3507c58d79b6","block_type":"box","text":"Commonwealth of Massachusetts, contains an express disclaimer of shareholder liability for acts or obligations of","page_number":181,"box":{"x":69,"y":271,"width":815,"height":12}},{"id":"8a4e027d-5277-40f3-ba15-ef9defa79c5f","block_type":"box","text":"the trust and provides for indemnification and reimbursement of expenses out of the trust proper ty for any","page_number":181,"box":{"x":68,"y":286,"width":761,"height":12}},{"id":"a9d9cacd-7ec5-450a-9a54-7ba70a22be77","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":181,"box":{"x":69,"y":302,"width":824,"height":11}},{"id":"93b2b8b7-e419-4f1d-9226-1bbd2e25bb0f","block_type":"box","text":"may maintain appropriate insurance (for example, fidelity bond and errors and omissions insurance) for the protection","page_number":181,"box":{"x":69,"y":317,"width":839,"height":11}},{"id":"2c89f67a-cc12-46d2-97da-5f59aa1a34d6","block_type":"box","text":"of the trust, its shareholders, trustees, officers, employees and agents covering possible tor t and other liabilities.","page_number":181,"box":{"x":69,"y":332,"width":813,"height":11}},{"id":"26872142-e812-49a7-afc6-da252cf54e7d","block_type":"box","text":"Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances","page_number":181,"box":{"x":68,"y":347,"width":827,"height":11}},{"id":"8ea330d4-e969-4559-bbb2-f43cb517c473","block_type":"box","text":"in which both inadequate insurance existed and the trust itself was unable to meet its obligations.","page_number":181,"box":{"x":70,"y":362,"width":699,"height":11}},{"id":"92121988-546a-401b-8262-156fe0645e4b","block_type":"box","text":"Cer tain Funds are organized as Delaware statutory trusts.","page_number":181,"box":{"x":102,"y":385,"width":413,"height":11}},{"id":"ba2ac107-0092-495b-8b65-fc5c24bd04ae","block_type":"box","text":"Additional Information","page_number":181,"box":{"x":68,"y":415,"width":161,"height":9}},{"id":"3f794806-bc4b-4193-bd4e-d277ac18b505","block_type":"box","text":"Under a separate agreement, BlackRock has granted cer tain Funds the right to use the “BlackRock” name and","page_number":181,"box":{"x":102,"y":438,"width":789,"height":11}},{"id":"016abeba-d65b-445b-bdbe-4235e59048f8","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":181,"box":{"x":69,"y":453,"width":799,"height":11}},{"id":"c31ad43a-b6e7-44b8-b56a-b40f3b8df1e7","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":181,"box":{"x":70,"y":468,"width":837,"height":11}},{"id":"798f0fd2-21b5-42d4-95f8-12e50cf35e48","block_type":"box","text":"such name to any other company.","page_number":181,"box":{"x":69,"y":483,"width":238,"height":11}},{"id":"61d89d59-88af-408b-816d-f524cc2cd679","block_type":"box","text":"II-139","page_number":181,"box":{"x":468,"y":943,"width":42,"height":9}},{"id":"b1d606b3-3c63-41c3-ba1f-c4092fee649d","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":181,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7a40e99-17d3-46dc-9f51-de3ced7b529c","block_type":"box","text":"APPENDIX A","page_number":182,"box":{"x":438,"y":45,"width":101,"height":10}},{"id":"6c10dc55-233b-411d-a26e-38e335c82e16","block_type":"box","text":"Description of Bond Ratings","page_number":182,"box":{"x":377,"y":68,"width":224,"height":13}},{"id":"a913f84d-2533-4a58-bca2-1b4dd18c9b9f","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":182,"box":{"x":101,"y":91,"width":743,"height":12}},{"id":"9f4e8b23-a671-4a38-8a14-6f9411a84879","block_type":"box","text":"designated as a nationally recognized statistical rating organization (“NRSRO”) by the SEC. While NRSROs may from","page_number":182,"box":{"x":69,"y":106,"width":827,"height":12}},{"id":"b49dbbd4-3b4b-4ab0-a49a-b224dfa2aa71","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":182,"box":{"x":68,"y":122,"width":775,"height":11}},{"id":"652cfccb-d6f0-40e6-8ac7-3fd638d1b490","block_type":"box","text":"issuance do not necessarily represent ratings which would be given to these securities on a par ticular subsequent","page_number":182,"box":{"x":70,"y":137,"width":815,"height":11}},{"id":"9fff2b6b-4311-4a5e-86bf-edf491dc5dbf","block_type":"box","text":"date.","page_number":182,"box":{"x":69,"y":152,"width":34,"height":9}},{"id":"51c5a0f0-8029-41e4-b7d2-c7c4e5e98127","block_type":"box","text":"NRSROs may rate specific investments (","page_number":182,"box":{"x":102,"y":174,"width":286,"height":12}},{"id":"90b10ec7-b4cd-4d87-8bab-424ee4e3de2b","block_type":"box","text":"e.g.","page_number":182,"box":{"x":390,"y":176,"width":25,"height":10}},{"id":"d7b9ea95-889e-4d8f-b0aa-7866a09c5f37","block_type":"box","text":", bonds), issuers (","page_number":182,"box":{"x":417,"y":175,"width":128,"height":10}},{"id":"51ddd53c-1a00-46f2-b2db-bfffa014dd5b","block_type":"box","text":"e.g.","page_number":182,"box":{"x":547,"y":176,"width":25,"height":10}},{"id":"9f9b544f-ce5f-40e2-b2a5-690ea35fb9cc","block_type":"box","text":", corporations, governments and financial","page_number":182,"box":{"x":574,"y":174,"width":293,"height":12}},{"id":"4825837a-cea2-4b13-9eb4-b720cefc4379","block_type":"box","text":"institutions) and/or programs (","page_number":182,"box":{"x":70,"y":190,"width":217,"height":11}},{"id":"bb27c4ff-d23d-440c-898d-4be60c0aa1e5","block_type":"box","text":"e.g.","page_number":182,"box":{"x":289,"y":191,"width":25,"height":10}},{"id":"34e14d03-7cbb-4320-8e98-82ac8a6934da","block_type":"box","text":", commercial paper programs). However, cer tain types of investments may not be","page_number":182,"box":{"x":317,"y":189,"width":578,"height":12}},{"id":"cc88bd2e-7f60-4993-9c39-f2f680bf0a24","block_type":"box","text":"rated by NRSROs, such as cer tain government/sovereign obligations, US agency securities, commercial paper, time","page_number":182,"box":{"x":69,"y":205,"width":826,"height":11}},{"id":"47f7afaf-16eb-4a33-ab39-328e76713d57","block_type":"box","text":"deposits at financial institutions, and derivative instruments such as credit default swaps. 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If applicable, when","page_number":182,"box":{"x":69,"y":378,"width":804,"height":12}},{"id":"390f69ed-f4c0-488a-adb0-3fd3e94ceb85","block_type":"box","text":"deciding whether to purchase a new issue security that has not yet been rated by a NRSRO, BlackRock may attribute","page_number":182,"box":{"x":69,"y":394,"width":831,"height":11}},{"id":"6b4733e4-3032-4229-858e-69b769b76e73","block_type":"box","text":"an expected rating to the security based on: (i) the expected rating of the security set for th in the preliminary","page_number":182,"box":{"x":69,"y":409,"width":777,"height":11}},{"id":"796561a8-01cb-4dfb-96e4-883eda6d1fad","block_type":"box","text":"prospectus or term sheet for the security; (ii) the NRSRO’s rating for the issuer of the security set for th in the","page_number":182,"box":{"x":70,"y":424,"width":779,"height":11}},{"id":"8adea59c-7c9d-4546-bfe3-e47d43dc5c12","block_type":"box","text":"preliminary prospectus or term sheet for the security; or (iii) with respect to asset-backed securities, the rating of a","page_number":182,"box":{"x":70,"y":439,"width":819,"height":11}},{"id":"f8b65ed7-499b-46d5-b6fd-294d670efddf","block_type":"box","text":"prior issuance having a similar structure or the same sponsor.","page_number":182,"box":{"x":70,"y":454,"width":441,"height":11}},{"id":"5dfd0cd8-6c60-4022-b675-997bf068809e","block_type":"box","text":"Where the investment objective of a fund is to track the per formance of an index that includes credit ratings","page_number":182,"box":{"x":101,"y":477,"width":771,"height":11}},{"id":"d203786a-c891-438e-98bf-dbc818388afe","block_type":"box","text":"eligibility criteria as par t of its index methodology, the fund may purchase any security within the index, such security","page_number":182,"box":{"x":69,"y":492,"width":832,"height":11}},{"id":"c42a4a1d-3b25-4db9-8fde-ffde5b657d52","block_type":"box","text":"having been determined by the index provider as meeting its credit ratings eligibility criteria. The credit ratings","page_number":182,"box":{"x":69,"y":507,"width":782,"height":11}},{"id":"debee08e-335d-4a7b-8735-de668c1bd339","block_type":"box","text":"practices of an index provider may differ from BlackRock’s practices, as described above. Fur ther, the fund may","page_number":182,"box":{"x":70,"y":522,"width":796,"height":11}},{"id":"738d0b33-40af-42c1-8653-6c4ffe500841","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":182,"box":{"x":70,"y":537,"width":811,"height":12}},{"id":"fe9b5e4d-bc2c-44fd-84f3-6a28aeb7f453","block_type":"box","text":"differs from the credit rating specified in its index methodology in various circumstances, including where a security is","page_number":182,"box":{"x":69,"y":552,"width":840,"height":12}},{"id":"a1a4ee7f-80e3-4811-92b4-678d158d9757","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":182,"box":{"x":69,"y":567,"width":824,"height":12}},{"id":"79cca930-9c4d-4bb0-98cb-bf251b529744","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":182,"box":{"x":68,"y":583,"width":781,"height":11}},{"id":"52ca07a6-485e-4088-8ca9-a79d2c9f5fb8","block_type":"box","text":"Fixed-income securities which are unrated may expose the investor to risks with respect to capacity to pay","page_number":182,"box":{"x":102,"y":606,"width":756,"height":10}},{"id":"ca820f67-3597-419c-90f5-ce726a596558","block_type":"box","text":"interest or repay principal which are similar to the risks of lower-rated speculative bonds. Evaluation of these","page_number":182,"box":{"x":70,"y":620,"width":773,"height":12}},{"id":"e568c48c-a398-4620-b35f-01ece58a6d59","block_type":"box","text":"securities is dependent on BlackRock’s judgment, analysis and experience in the evaluation of such securities.","page_number":182,"box":{"x":69,"y":635,"width":791,"height":12}},{"id":"b6fca5cc-e1d2-4cf0-8283-091fb1735a35","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":182,"box":{"x":102,"y":658,"width":776,"height":11}},{"id":"d3099ac6-3189-4d24-a719-c85ba58ed567","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":182,"box":{"x":69,"y":673,"width":818,"height":11}},{"id":"845a810f-9ab1-4250-b4f2-3b548d0211bf","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":182,"box":{"x":102,"y":696,"width":799,"height":11}},{"id":"f40be036-b0d7-496a-9f9f-3083fa0ab388","block_type":"box","text":"Fitch.","page_number":182,"box":{"x":70,"y":711,"width":35,"height":9}},{"id":"ce4835a4-9d35-4e13-a6a1-86db4ecde660","block_type":"box","text":"The descriptions below relate to general long-term and shor t-term obligations of an issuer.","page_number":182,"box":{"x":101,"y":734,"width":643,"height":11}},{"id":"a2b539cb-7e98-4dc0-af1e-a362fc032acb","block_type":"box","text":"A Description of Moody’s Investors Service, Inc.’s (“Moody’s”) Global Rating Scales","page_number":182,"box":{"x":68,"y":764,"width":616,"height":11}},{"id":"2c41be7a-795e-45c3-a39d-47e0442be8e1","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":182,"box":{"x":102,"y":787,"width":787,"height":11}},{"id":"4c41a3a8-2a55-4de6-ac9e-9ff70c4c192b","block_type":"box","text":"relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured","page_number":182,"box":{"x":69,"y":802,"width":785,"height":11}},{"id":"e80a937f-ebb3-43ef-ab92-dc43abe39d89","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":182,"box":{"x":68,"y":817,"width":820,"height":11}},{"id":"e96f19f2-f7b3-4314-a016-d082fbb26be6","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":182,"box":{"x":69,"y":832,"width":807,"height":11}},{"id":"f6230733-013e-4327-b019-a24b814f6aa4","block_type":"box","text":"event of default or impairment. The contractual financial obligations addressed by Moody’s ratings are those that call","page_number":182,"box":{"x":69,"y":847,"width":835,"height":11}},{"id":"f07df951-1bad-4a69-8e6a-1b400c5f3653","block_type":"box","text":"for, without regard to enforceability, the payment of an ascer tainable amount, which may vary based upon standard","page_number":182,"box":{"x":68,"y":862,"width":822,"height":12}},{"id":"6825b3f7-3ca7-46ac-821d-2bbdedc1100d","block_type":"box","text":"sources of variation (","page_number":182,"box":{"x":69,"y":877,"width":149,"height":11}},{"id":"8fc53c49-11b0-4c4b-befe-e0f371764dca","block_type":"box","text":"e.g.","page_number":182,"box":{"x":220,"y":879,"width":25,"height":10}},{"id":"8dd7f976-e5d7-4431-8719-79ed0a70205c","block_type":"box","text":", floating interest rates), by an ascer tainable date. Moody’s rating addresses the issuer’s","page_number":182,"box":{"x":247,"y":877,"width":637,"height":12}},{"id":"f3eb83eb-a3cb-4b08-83b7-3c3f667c80c8","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":182,"box":{"x":69,"y":892,"width":820,"height":12}},{"id":"26a81d7f-2898-482c-9ea6-9fae922bf3c3","block_type":"box","text":"non-standard sources of variation in the amount of the principal obligation (","page_number":182,"box":{"x":69,"y":908,"width":536,"height":11}},{"id":"0f76ae2e-ab52-4e8e-8f0f-4201a0dbd54f","block_type":"box","text":"e.g.","page_number":182,"box":{"x":607,"y":909,"width":25,"height":10}},{"id":"a2bb7db1-19a1-47b6-8caf-82774366fa61","block_type":"box","text":", equity indexed), absent an express","page_number":182,"box":{"x":634,"y":908,"width":257,"height":11}},{"id":"dfcdf92b-91d3-4108-aae2-66bcf4c80f70","block_type":"box","text":"A-1","page_number":182,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"1a0db6db-354d-4e55-9b85-5c822e29bf37","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":182,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"ec3c7899-9a01-4efc-8935-72807f153e05","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":183,"box":{"x":69,"y":45,"width":839,"height":11}},{"id":"c546e5d4-b64d-4f54-b6b7-713ae9c877f0","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":183,"box":{"x":69,"y":60,"width":761,"height":11}},{"id":"faca2179-7a7e-4e99-9514-b5d917e5ab20","block_type":"box","text":"impairment on contractual financial obligations and the expected financial loss suffered in the event of default or","page_number":183,"box":{"x":70,"y":75,"width":806,"height":11}},{"id":"f2766494-a37b-486e-951e-d1a8c8bdb9a9","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":183,"box":{"x":70,"y":90,"width":818,"height":11}},{"id":"812ae506-d8e4-4036-bf09-ffa4694f08c5","block_type":"box","text":"reflect both on the likelihood of a default or impairment on contractual financial obligations and the expected","page_number":183,"box":{"x":69,"y":105,"width":775,"height":11}},{"id":"dce9e4f4-7667-430e-b7b7-5001a5c5acc7","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":183,"box":{"x":68,"y":120,"width":764,"height":12}},{"id":"2e965adf-c6d5-4b4f-b2b1-302fd64a5666","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":183,"box":{"x":70,"y":136,"width":819,"height":11}},{"id":"4b566dc8-c309-4f08-8d03-04c5f44d0284","block_type":"box","text":"although private and unpublished ratings may also be assigned.","page_number":183,"box":{"x":69,"y":151,"width":454,"height":11}},{"id":"27f3ff38-fe41-4539-ab05-a9adc80cee4a","block_type":"box","text":"Moody’s differentiates structured finance ratings from fundamental ratings (","page_number":183,"box":{"x":102,"y":173,"width":542,"height":11}},{"id":"da917f66-11c4-461b-aae6-608ec8d88ff5","block_type":"box","text":"i.e.","page_number":183,"box":{"x":646,"y":173,"width":20,"height":9}},{"id":"1b13f273-b252-4077-9b8a-bceec14961ac","block_type":"box","text":", ratings on nonfinancial","page_number":183,"box":{"x":669,"y":173,"width":169,"height":11}},{"id":"ea5c721b-bf03-4449-a378-0409a87a339f","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":183,"box":{"x":69,"y":188,"width":837,"height":12}},{"id":"f005a905-96c3-40c0-872a-fcc372c831a4","block_type":"box","text":"finance ratings. The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings","page_number":183,"box":{"x":68,"y":203,"width":828,"height":12}},{"id":"73332d2d-e0fb-4bc8-a2d2-951c03ab9c97","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":183,"box":{"x":69,"y":218,"width":832,"height":12}},{"id":"d0e866b7-0bab-4267-a51b-16ed8b65351e","block_type":"box","text":"security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have","page_number":183,"box":{"x":69,"y":234,"width":797,"height":11}},{"id":"383ca9d0-d432-4fbb-9107-4aa06ef87cd6","block_type":"box","text":"different risk characteristics. Through its current methodologies, however, Moody’s aspires to achieve broad","page_number":183,"box":{"x":69,"y":249,"width":771,"height":11}},{"id":"e08184cc-8629-4cae-a51c-214e2b5afa63","block_type":"box","text":"expected equivalence in structured finance and fundamental rating per formance when measured over a long period","page_number":183,"box":{"x":69,"y":264,"width":821,"height":11}},{"id":"f80eec65-8ca2-4e8d-b8d1-a3d473818505","block_type":"box","text":"of time.","page_number":183,"box":{"x":69,"y":279,"width":53,"height":9}},{"id":"0b655db0-68ce-4152-bcf4-9d3986c4270e","block_type":"box","text":"Description of Moody’s Global Long-Term Rating Scale","page_number":183,"box":{"x":69,"y":309,"width":395,"height":11}},{"id":"1daeddda-6765-4e89-93ef-6e8d51e39827","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":183,"box":{"x":68,"y":337,"width":815,"height":11}},{"id":"ac597298-47d5-4c80-8c77-049e405936c9","block_type":"box","text":"risk.","page_number":183,"box":{"x":197,"y":352,"width":28,"height":9}},{"id":"64bd8525-3ae8-4ba5-92b2-fc7ef21ac2f9","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":183,"box":{"x":68,"y":372,"width":773,"height":11}},{"id":"d9d1779f-68a0-4991-b4ea-9282191b6eff","block_type":"box","text":"A Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.","page_number":183,"box":{"x":68,"y":392,"width":776,"height":12}},{"id":"9ec41cf2-b250-41cc-8704-b4caef095fe7","block_type":"box","text":"Baa Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as","page_number":183,"box":{"x":70,"y":413,"width":813,"height":11}},{"id":"c58aef11-7bc6-4aab-aa86-85d86b4abe18","block_type":"box","text":"such may possess cer tain speculative characteristics.","page_number":183,"box":{"x":196,"y":428,"width":385,"height":11}},{"id":"96c28716-a594-4f02-ab55-176af2c61d87","block_type":"box","text":"Ba Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.","page_number":183,"box":{"x":70,"y":448,"width":775,"height":11}},{"id":"2c53de68-2b16-4795-9f7e-7e9bb0f0fd66","block_type":"box","text":"B Obligations rated B are considered speculative and are subject to high credit risk.","page_number":183,"box":{"x":70,"y":468,"width":707,"height":11}},{"id":"b240b3a7-add9-42aa-ba54-128631f855be","block_type":"box","text":"Caa Obligations rated Caa are judged to be speculative of poor standing and are subject to very high","page_number":183,"box":{"x":69,"y":488,"width":810,"height":11}},{"id":"35751c38-1c86-4a15-ae18-1c217c7dd23d","block_type":"box","text":"credit risk.","page_number":183,"box":{"x":196,"y":503,"width":74,"height":9}},{"id":"6ea3fd60-8d71-42ef-9919-ebdd1ea80891","block_type":"box","text":"Ca Obligations rated Ca are highly speculative and are likely in, or very near, default, with some","page_number":183,"box":{"x":69,"y":523,"width":783,"height":12}},{"id":"9d5c5c21-5f70-404e-8c85-4318819c721c","block_type":"box","text":"prospect of recovery of principal and interest.","page_number":183,"box":{"x":197,"y":538,"width":322,"height":12}},{"id":"17d69177-d6ae-459c-b69e-bd12e151f228","block_type":"box","text":"C Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery","page_number":183,"box":{"x":69,"y":559,"width":834,"height":11}},{"id":"5704a1b4-af39-434c-9d1a-296f774b8588","block_type":"box","text":"of principal or interest.","page_number":183,"box":{"x":196,"y":574,"width":160,"height":11}},{"id":"9a61c3be-5d28-4e4b-b892-fa30e601914a","block_type":"box","text":"Note:","page_number":183,"box":{"x":102,"y":594,"width":37,"height":9}},{"id":"23c7003b-f175-4a91-b68d-773937061945","block_type":"box","text":"Moody’s appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through","page_number":183,"box":{"x":146,"y":594,"width":731,"height":11}},{"id":"54708406-f98c-4f3e-a1b1-e02db0a4ecd5","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":183,"box":{"x":69,"y":609,"width":831,"height":11}},{"id":"bc53db65-1bde-4c3c-b5a9-ba59f0f7b456","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":183,"box":{"x":70,"y":624,"width":829,"height":11}},{"id":"bbaaa5dd-89b2-4a02-bc5e-05af548a72c9","block_type":"box","text":"Additionally, a “(hyb)” indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance","page_number":183,"box":{"x":68,"y":639,"width":795,"height":12}},{"id":"578bd510-ab48-4362-8730-19ba6cb13780","block_type":"box","text":"companies, and securities firms.","page_number":183,"box":{"x":69,"y":654,"width":232,"height":11}},{"id":"42d472a4-bdb0-4b2a-b7a2-67686c02f6a9","block_type":"box","text":"By their terms, hybrid securities allow for the omission of scheduled dividends, interest, or principal payments,","page_number":183,"box":{"x":102,"y":677,"width":787,"height":11}},{"id":"1ce80f50-042b-4ea0-a50a-5d438e6d7eaf","block_type":"box","text":"which can potentially result in impairment if such an omission occurs. Hybrid securities may also be subject to","page_number":183,"box":{"x":68,"y":692,"width":788,"height":11}},{"id":"d1d001ef-211e-40ae-8e72-f83ab49b7b78","block_type":"box","text":"contractually allowable write-downs of principal that could result in impairment. Together with the hybrid indicator, the","page_number":183,"box":{"x":69,"y":707,"width":833,"height":12}},{"id":"3d315925-a043-4ea5-9e92-b4af2cb43dad","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":183,"box":{"x":70,"y":722,"width":809,"height":12}},{"id":"23140537-3d63-49ea-82ab-c30ffb1d126a","block_type":"box","text":"that security.","page_number":183,"box":{"x":68,"y":738,"width":91,"height":11}},{"id":"88fcde74-50df-4f4f-a78f-0908078d60d5","block_type":"box","text":"Description of Moody’s Global Short-Term Rating Scale","page_number":183,"box":{"x":69,"y":768,"width":400,"height":11}},{"id":"d86c1a97-3eab-4db6-8f39-304ad7976a1e","block_type":"box","text":"P-1 Ratings of Prime-1 reflect a superior ability to repay shor t-term obligations.","page_number":183,"box":{"x":69,"y":795,"width":658,"height":12}},{"id":"f80b92ed-dea4-44ec-88c8-6b9889e7c993","block_type":"box","text":"P-2 Ratings of Prime-2 reflect a strong ability to repay shor t-term obligations.","page_number":183,"box":{"x":69,"y":816,"width":645,"height":11}},{"id":"dd3870e2-05eb-4acf-be22-e84c639f370d","block_type":"box","text":"P-3 Ratings of Prime-3 reflect an acceptable ability to repay shor t-term obligations.","page_number":183,"box":{"x":69,"y":836,"width":686,"height":11}},{"id":"54947a50-3724-467c-ac0e-cd19ad75fd14","block_type":"box","text":"NP Issuers (or suppor ting institutions) rated Not Prime do not fall within any of the Prime rating","page_number":183,"box":{"x":70,"y":856,"width":778,"height":11}},{"id":"eea50e93-4fc8-4af7-9886-80e6d13d8b4e","block_type":"box","text":"categories.","page_number":183,"box":{"x":196,"y":871,"width":77,"height":11}},{"id":"bc650634-c26b-42b9-a1b7-dfa8176b9892","block_type":"box","text":"A-2","page_number":183,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"1d761787-b2f4-423a-8e7c-c1ef660a0a7e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":183,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"8d8fc1e8-af42-4e65-a4a7-62ca9b6b5beb","block_type":"box","text":"Description of Moody’s U.S. Municipal Short-Term Debt and Demand Obligation Ratings","page_number":184,"box":{"x":69,"y":45,"width":637,"height":11}},{"id":"7f371957-d39e-44dd-9f2f-860468c6d19a","block_type":"box","text":"Description of Moody’s Short-Term Obligation Ratings","page_number":184,"box":{"x":69,"y":75,"width":391,"height":11}},{"id":"7f71e49f-e34d-45b4-b6bb-41c1ffb0d35d","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":184,"box":{"x":102,"y":98,"width":784,"height":11}},{"id":"b23d0ca6-17fc-4f60-997b-5c0376b4a341","block_type":"box","text":"nonprofits. These commercial paper programs may be backed by external letters of credit or liquidity facilities, or by","page_number":184,"box":{"x":69,"y":113,"width":824,"height":11}},{"id":"7674d2d2-fc0e-4ec2-b67c-09605b15624a","block_type":"box","text":"an issuer’s self-liquidity.","page_number":184,"box":{"x":69,"y":128,"width":170,"height":11}},{"id":"52266247-6186-4408-ad7c-bc91f71b238a","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":184,"box":{"x":102,"y":150,"width":736,"height":12}},{"id":"2984ef82-f3ec-4e27-8480-fd03e78c6f05","block_type":"box","text":"Municipal Investment Grade (“MIG”) and Variable Municipal Investment Grade (“VMIG”) scales discussed below.","page_number":184,"box":{"x":70,"y":166,"width":796,"height":11}},{"id":"acb909b5-e566-4d77-ae2b-997757a69bbb","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":184,"box":{"x":102,"y":188,"width":803,"height":11}},{"id":"3dcf8f28-1f59-49e1-b425-1c49f6273495","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":184,"box":{"x":68,"y":203,"width":823,"height":12}},{"id":"26313d29-1bc8-461f-a08d-061e434534d4","block_type":"box","text":"scale for bond anticipation notes with maturities of up to five years.","page_number":184,"box":{"x":69,"y":218,"width":480,"height":12}},{"id":"088b098f-ec92-4121-aaeb-af50c67598a0","block_type":"box","text":"MIG Scale","page_number":184,"box":{"x":102,"y":241,"width":71,"height":9}},{"id":"ce03fd8e-45a9-4aae-b36d-6c2f26f6dbeb","block_type":"box","text":"MIG 1 This designation denotes superior credit quality. Excellent protection is afforded by established","page_number":184,"box":{"x":70,"y":269,"width":802,"height":11}},{"id":"e91cb69b-d977-4efc-9d33-af969d788918","block_type":"box","text":"cash flows, highly reliable liquidity suppor t, or demonstrated broad-based access to the market for","page_number":184,"box":{"x":196,"y":284,"width":703,"height":11}},{"id":"cc63a055-fcdd-4298-ae5b-831f866fe009","block_type":"box","text":"refinancing.","page_number":184,"box":{"x":197,"y":299,"width":80,"height":11}},{"id":"f780267d-ae09-4a48-93ee-97f2bcb8407c","block_type":"box","text":"MIG 2 This designation denotes strong credit quality. Margins of protection are ample, although not as","page_number":184,"box":{"x":70,"y":319,"width":809,"height":12}},{"id":"4be3475f-35f1-4db8-99d9-c2f59c3c7eb0","block_type":"box","text":"large as in the preceding group.","page_number":184,"box":{"x":197,"y":335,"width":224,"height":11}},{"id":"dc353571-397d-4b1e-9d44-65386cf151cf","block_type":"box","text":"MIG 3 This designation denotes acceptable credit quality. Liquidity and cash-flow protection may be","page_number":184,"box":{"x":70,"y":355,"width":785,"height":11}},{"id":"4574b28c-253c-45bf-a112-54231eee97ac","block_type":"box","text":"narrow, and market access for refinancing is likely to be less well-established.","page_number":184,"box":{"x":197,"y":370,"width":554,"height":11}},{"id":"2ac884f2-918c-4bab-83b1-d808d6ab6450","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Debt instruments in this category may","page_number":184,"box":{"x":69,"y":390,"width":813,"height":11}},{"id":"e6a82c7d-effe-41f2-80ef-09b2904786d6","block_type":"box","text":"lack sufficient margins of protection.","page_number":184,"box":{"x":197,"y":405,"width":259,"height":11}},{"id":"41a300eb-0d01-4f67-895d-2cc3ec75a288","block_type":"box","text":"Description of Moody’s Demand Obligation Ratings","page_number":184,"box":{"x":69,"y":433,"width":371,"height":11}},{"id":"664e6a1d-2c56-40e3-aee9-e3fd4b880dcb","block_type":"box","text":"In the case of variable rate demand obligations (“VRDOs”), a two-component rating is assigned. The components","page_number":184,"box":{"x":102,"y":455,"width":804,"height":12}},{"id":"2059c169-4030-40b4-9f60-27867b4c863e","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":184,"box":{"x":69,"y":471,"width":826,"height":11}},{"id":"056e885f-b301-4590-988b-41e2ef114955","block_type":"box","text":"to meet scheduled principal and interest payments. The shor t-term demand obligation rating addresses the ability of","page_number":184,"box":{"x":68,"y":486,"width":832,"height":11}},{"id":"2774b520-007d-41bf-bcb5-4962438ecf07","block_type":"box","text":"the issuer or the liquidity provider to make payments associated with the purchase-price-upon-demand feature","page_number":184,"box":{"x":68,"y":501,"width":784,"height":11}},{"id":"2a40a663-43a1-43c0-97fc-a33e751d6b83","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":184,"box":{"x":69,"y":516,"width":811,"height":11}},{"id":"baa867f9-fb31-48be-a648-e27cf932a501","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":184,"box":{"x":70,"y":531,"width":819,"height":11}},{"id":"202546dd-4dd5-4ee3-92e6-84c413b06376","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":184,"box":{"x":68,"y":546,"width":802,"height":11}},{"id":"8567712e-8d81-42ac-afcb-0aa553e469b2","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":184,"box":{"x":69,"y":561,"width":833,"height":11}},{"id":"3acfbe5e-f004-4401-91cb-42e93f09c460","block_type":"box","text":"external liquidity suppor t will terminate if the issuer’s long-term rating drops below investment grade.","page_number":184,"box":{"x":69,"y":576,"width":719,"height":12}},{"id":"ff994de6-e4e5-4281-94cb-1bb5470e2491","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":184,"box":{"x":102,"y":599,"width":807,"height":11}},{"id":"b54a040e-4659-404a-b55a-ce08430ba2f5","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":184,"box":{"x":70,"y":614,"width":833,"height":11}},{"id":"1ed2f71f-bcc8-4cf3-b8cc-572777fd12e1","block_type":"box","text":"payable only with remarketing proceeds, the shor t-term demand obligation rating is “NR”.","page_number":184,"box":{"x":70,"y":629,"width":635,"height":11}},{"id":"d159c1c2-3058-429f-99f4-005d4420c4c4","block_type":"box","text":"VMIG Scale","page_number":184,"box":{"x":101,"y":652,"width":81,"height":9}},{"id":"5f7e1103-5427-422a-8d96-17ae4d819d1b","block_type":"box","text":"VMIG 1 This designation denotes superior credit quality. Excellent protection is afforded by the superior","page_number":184,"box":{"x":68,"y":680,"width":808,"height":11}},{"id":"4301d373-6104-4336-9b7b-7c06db3b9e1b","block_type":"box","text":"shor t-term credit strength of the liquidity provider and structural and legal protections that ensure","page_number":184,"box":{"x":196,"y":695,"width":695,"height":11}},{"id":"807db56d-f97d-4c51-aa90-442e8d1d9f5e","block_type":"box","text":"the timely payment of purchase price upon demand.","page_number":184,"box":{"x":195,"y":710,"width":370,"height":11}},{"id":"90fec1a4-dbbb-469d-9f69-4f3174488e50","block_type":"box","text":"VMIG 2 This designation denotes strong credit quality. Good protection is afforded by the strong shor t-term","page_number":184,"box":{"x":68,"y":730,"width":834,"height":11}},{"id":"43a63c09-ae53-4ece-8e4a-9f116cb8f8ab","block_type":"box","text":"credit strength of the liquidity provider and structural and legal protections that ensure the timely","page_number":184,"box":{"x":196,"y":745,"width":691,"height":11}},{"id":"95a8f9eb-c344-41c0-81da-587b9c648f8d","block_type":"box","text":"payment of purchase price upon demand.","page_number":184,"box":{"x":197,"y":760,"width":294,"height":11}},{"id":"e5297374-d44f-4bf3-a67e-99198e3daf26","block_type":"box","text":"VMIG 3 This designation denotes acceptable credit quality. Adequate protection is afforded by the","page_number":184,"box":{"x":68,"y":780,"width":768,"height":12}},{"id":"657d803d-d920-42bc-956a-b263c1e5409c","block_type":"box","text":"satisfactory shor t-term credit strength of the liquidity provider and structural and legal protections","page_number":184,"box":{"x":196,"y":795,"width":697,"height":12}},{"id":"7e1d171c-502b-4e8d-bd5c-fa77e3142efe","block_type":"box","text":"that ensure the timely payment of purchase price upon demand.","page_number":184,"box":{"x":195,"y":811,"width":457,"height":11}},{"id":"ff6c6337-124d-42ab-9fef-7b4b727ec21b","block_type":"box","text":"SG This designation denotes speculative-grade credit quality. Demand features rated in this category","page_number":184,"box":{"x":69,"y":831,"width":820,"height":11}},{"id":"5ae79799-277e-48a2-8973-3c8d308a8b0d","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":184,"box":{"x":197,"y":846,"width":711,"height":11}},{"id":"a5bcaa36-a875-4e98-b527-140ead3b3507","block_type":"box","text":"may lack the structural or legal protections necessary to ensure the timely payment of purchase","page_number":184,"box":{"x":197,"y":861,"width":684,"height":11}},{"id":"d21f6d3b-846b-4680-b01a-2d083164ba55","block_type":"box","text":"price upon demand.","page_number":184,"box":{"x":197,"y":876,"width":139,"height":11}},{"id":"a10b0ab0-4e75-4936-a150-aee49e377562","block_type":"box","text":"A-3","page_number":184,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"b966b575-e7c1-4f1d-9565-43048254d3f5","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":184,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d9a0ecfb-a118-4e37-982f-b87c286a3d20","block_type":"box","text":"Description of S&P Global Ratings (“S&P”), a Division of S&P Global Inc., Issue Credit Ratings","page_number":185,"box":{"x":69,"y":45,"width":691,"height":11}},{"id":"cb3c6947-05e4-43b4-aaf8-b40141e15059","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":185,"box":{"x":101,"y":67,"width":801,"height":12}},{"id":"04d24703-2ef1-41c1-af9f-95991252451f","block_type":"box","text":"specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings","page_number":185,"box":{"x":69,"y":82,"width":829,"height":12}},{"id":"942306fb-b95a-4b82-81df-c51984cf45e6","block_type":"box","text":"on medium-term note programs and commercial paper programs). It takes into consideration the creditwor thiness of","page_number":185,"box":{"x":69,"y":98,"width":831,"height":11}},{"id":"6602d1b0-65f1-4799-b9d4-ca3c6f00002c","block_type":"box","text":"guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in","page_number":185,"box":{"x":68,"y":113,"width":823,"height":11}},{"id":"f5fdb7fb-7dd5-41cb-a9a1-9564079e87c4","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":185,"box":{"x":68,"y":128,"width":841,"height":11}},{"id":"450c0935-a3ef-4c98-bb2a-57ea18fbb35e","block_type":"box","text":"its financial commitments as they come due, and this opinion may assess terms, such as collateral security and","page_number":185,"box":{"x":70,"y":143,"width":801,"height":11}},{"id":"eba92f99-7b0f-4c86-8cbf-317c560ea0cf","block_type":"box","text":"subordination, which could affect ultimate payment in the event of default.","page_number":185,"box":{"x":69,"y":158,"width":530,"height":11}},{"id":"6ddb8cd3-0f22-441d-826c-4080c322af3f","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":185,"box":{"x":102,"y":181,"width":796,"height":11}},{"id":"1d7ea506-d3e8-48de-88c3-32c0b9d2d701","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":185,"box":{"x":68,"y":196,"width":825,"height":11}},{"id":"bf3f1492-62a4-4eb9-91a2-b8b491b063bc","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":185,"box":{"x":69,"y":211,"width":832,"height":11}},{"id":"c3d9b1ba-78ac-4ba4-92ab-91e053b3e767","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":185,"box":{"x":70,"y":226,"width":826,"height":11}},{"id":"38da5514-de61-432b-8a73-e0b0a01aae5e","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":185,"box":{"x":69,"y":241,"width":823,"height":11}},{"id":"1a7e33d5-f36b-42d1-905b-d638d64a808e","block_type":"box","text":"from these guidelines based on market practices. Medium-term notes are assigned long-term ratings.","page_number":185,"box":{"x":68,"y":256,"width":724,"height":12}},{"id":"23a864d1-2124-4cf5-a088-a7f8a17a91dd","block_type":"box","text":"Issue credit ratings are based, in varying degrees, on S&P’s analysis of the following considerations:","page_number":185,"box":{"x":102,"y":279,"width":718,"height":11}},{"id":"567a396f-3673-41ba-bf1e-b32b44af2dbb","block_type":"box","text":"•","page_number":185,"box":{"x":69,"y":302,"width":6,"height":5}},{"id":"ee2c9cc6-7fac-4a54-bbe5-4849cc682ca3","block_type":"box","text":"The likelihood of payment—the capacity and willingness of the obligor to meet its financial commitments on an","page_number":185,"box":{"x":101,"y":299,"width":790,"height":11}},{"id":"5687bbaa-ae9b-4eaa-ba14-bdff96f4f021","block_type":"box","text":"obligation in accordance with the terms of the obligation;","page_number":185,"box":{"x":102,"y":314,"width":404,"height":12}},{"id":"99235f88-436c-47be-9570-2f46ff3aa54c","block_type":"box","text":"•","page_number":185,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"d7ac9092-976f-4c3c-a8f6-e098a2f08b5d","block_type":"box","text":"The nature and provisions of the financial obligation, and the promise S&P imputes; and","page_number":185,"box":{"x":101,"y":334,"width":629,"height":12}},{"id":"68199f5a-97ed-4f0d-882b-ecd1f6b76e75","block_type":"box","text":"•","page_number":185,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"d375bceb-78c7-426b-8510-3dd823524fc8","block_type":"box","text":"The protection afforded by, and relative position of, the financial obligation in the event of a bankruptcy,","page_number":185,"box":{"x":101,"y":355,"width":738,"height":11}},{"id":"8f0fb9ed-dec1-43d6-9247-c4cd6911417a","block_type":"box","text":"reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors’ rights.","page_number":185,"box":{"x":102,"y":370,"width":770,"height":11}},{"id":"dd7f2d17-0e22-4517-ae72-cf1cd948a26e","block_type":"box","text":"An issue rating is an assessment of default risk but may incorporate an assessment of relative seniority or","page_number":185,"box":{"x":101,"y":392,"width":763,"height":12}},{"id":"4d14c535-e644-4051-b09f-2515f6d9769d","block_type":"box","text":"ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect","page_number":185,"box":{"x":69,"y":407,"width":833,"height":12}},{"id":"6b743d12-0307-4028-a15a-f7b3bdbf140e","block_type":"box","text":"lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and","page_number":185,"box":{"x":70,"y":423,"width":794,"height":11}},{"id":"ac3326f2-d850-4480-a1e7-de9084726075","block_type":"box","text":"subordinated obligations, secured and unsecured obligations, or operating company and holding company","page_number":185,"box":{"x":69,"y":438,"width":754,"height":11}},{"id":"38e92672-5721-4982-b383-6e4a408d8fb7","block_type":"box","text":"obligations.)","page_number":185,"box":{"x":69,"y":453,"width":86,"height":11}},{"id":"11bd13ae-2edc-4632-9eb4-b2dcd489fc1e","block_type":"box","text":"Long-Term Issue Credit Ratings*","page_number":185,"box":{"x":69,"y":483,"width":236,"height":11}},{"id":"fed2ff23-1195-466c-9b13-23ccf6300a60","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":185,"box":{"x":68,"y":511,"width":833,"height":11}},{"id":"0ac194d2-ba1c-475c-9362-3881b48c6971","block_type":"box","text":"financial commitments on the obligation is extremely strong.","page_number":185,"box":{"x":196,"y":526,"width":429,"height":11}},{"id":"efe1d608-cb9f-4b3b-a343-a52286f75b63","block_type":"box","text":"AA An obligation rated ‘AA’ differs from the highest-rated obligations only to a small degree. The","page_number":185,"box":{"x":68,"y":546,"width":788,"height":11}},{"id":"5bc6630b-5a2f-46c5-8c9e-f422576aced1","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is very strong.","page_number":185,"box":{"x":196,"y":561,"width":602,"height":11}},{"id":"0fca0cd0-f78d-4246-80d1-978fa77b74f4","block_type":"box","text":"A An obligation rated ‘A’ is somewhat more susceptible to the adverse effects of changes in","page_number":185,"box":{"x":68,"y":581,"width":770,"height":12}},{"id":"67335a8e-8029-4de2-8406-a4f40e57d34a","block_type":"box","text":"circumstances and economic conditions than obligations in higher-rated categories. However, the","page_number":185,"box":{"x":196,"y":597,"width":692,"height":11}},{"id":"87c67ae0-52e7-4c86-9572-0f2a7c932b67","block_type":"box","text":"obligor’s capacity to meet its financial commitments on the obligation is still strong.","page_number":185,"box":{"x":196,"y":612,"width":598,"height":11}},{"id":"d828372a-751a-4ac0-a348-8a3c88977523","block_type":"box","text":"BBB An obligation rated ‘BBB’ exhibits adequate protection parameters. However, adverse economic","page_number":185,"box":{"x":70,"y":632,"width":806,"height":11}},{"id":"16a79b65-450c-4d5c-8e87-9d6f297c7762","block_type":"box","text":"conditions or changing circumstances are more likely to weaken the obligor’s capacity to meet its","page_number":185,"box":{"x":196,"y":647,"width":694,"height":11}},{"id":"7f8a16cf-fedc-4b86-92c0-251c0b7a3521","block_type":"box","text":"financial commitments on the obligation.","page_number":185,"box":{"x":196,"y":662,"width":289,"height":11}},{"id":"7c36af55-1412-4757-9255-fdfd898420b8","block_type":"box","text":"BB,","page_number":185,"box":{"x":70,"y":682,"width":22,"height":11}},{"id":"9e31b379-db2b-4886-a2ab-ed3d1a306281","block_type":"box","text":"B,","page_number":185,"box":{"x":70,"y":697,"width":12,"height":11}},{"id":"378e0c0f-6e23-4151-9e33-fae205e191ec","block_type":"box","text":"CCC,","page_number":185,"box":{"x":69,"y":712,"width":33,"height":11}},{"id":"c7b9486b-dc0b-4f4a-a2a9-4487d6a72c39","block_type":"box","text":"CC,","page_number":185,"box":{"x":69,"y":728,"width":23,"height":10}},{"id":"13ca36a4-d4f7-4658-814c-005c1d59fd7f","block_type":"box","text":"and C","page_number":185,"box":{"x":69,"y":743,"width":40,"height":9}},{"id":"d2a7a182-4c93-4d68-9e38-f7eadda4f479","block_type":"box","text":"Obligations rated ‘BB’, ‘B’, ‘CCC’, ‘CC’, and ‘C’ are regarded as having significant speculative","page_number":185,"box":{"x":196,"y":682,"width":667,"height":11}},{"id":"4038de78-cd2c-4ec8-ae54-2d6589edd728","block_type":"box","text":"characteristics. ‘BB’ indicates the least degree of speculation and ‘C’ the highest. While such","page_number":185,"box":{"x":196,"y":697,"width":667,"height":12}},{"id":"6afd459d-8c4f-4a2b-a5a9-28f0f651a97a","block_type":"box","text":"obligations will likely have some quality and protective characteristics, these may be outweighed by","page_number":185,"box":{"x":196,"y":713,"width":707,"height":11}},{"id":"6f714f1e-ea6b-461f-99b9-1cfdadf9ae1f","block_type":"box","text":"large uncer tainties or major exposure to adverse conditions.","page_number":185,"box":{"x":197,"y":728,"width":428,"height":11}},{"id":"0062a18a-2205-4f9d-b9af-2cf610d58b29","block_type":"box","text":"BB An obligation rated ‘BB’ is less vulnerable to nonpayment than other speculative issues. However, it","page_number":185,"box":{"x":70,"y":763,"width":838,"height":11}},{"id":"1e429bcc-4aae-4ea9-89f3-629bf35fa197","block_type":"box","text":"faces major ongoing uncer tainties or exposure to adverse business, financial, or economic","page_number":185,"box":{"x":196,"y":778,"width":646,"height":11}},{"id":"3b0bfa8d-7ab3-4691-8cdc-b94730722fe7","block_type":"box","text":"conditions that could lead to the obligor’s inadequate capacity to meet its financial commitments","page_number":185,"box":{"x":196,"y":793,"width":692,"height":11}},{"id":"25f95a92-841e-4db5-9958-1ecb9b128204","block_type":"box","text":"on the obligation.","page_number":185,"box":{"x":196,"y":808,"width":122,"height":11}},{"id":"354234a6-e0aa-4ea6-8bb3-7ff8cb1fc21c","block_type":"box","text":"B An obligation rated ‘B’ is more vulnerable to nonpayment than obligations rated ‘BB’, but the obligor","page_number":185,"box":{"x":70,"y":828,"width":840,"height":12}},{"id":"7d0dca30-05a4-402a-a726-de9ad36755ef","block_type":"box","text":"currently has the capacity to meet its financial commitments on the obligation. Adverse business,","page_number":185,"box":{"x":196,"y":843,"width":695,"height":12}},{"id":"c41f43e5-349d-4b65-92bb-540fc86eb40e","block_type":"box","text":"financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its","page_number":185,"box":{"x":196,"y":858,"width":691,"height":12}},{"id":"2476c96b-b540-422e-8e84-9ba24189f134","block_type":"box","text":"financial commitments on the obligation.","page_number":185,"box":{"x":196,"y":874,"width":289,"height":11}},{"id":"41652e30-3135-4603-a588-fc530e7283e9","block_type":"box","text":"A-4","page_number":185,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"6d58bfa3-11d3-4267-a211-159ef4ec7195","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":185,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"df6fe0bb-db61-45ba-81e0-d39c04864774","block_type":"box","text":"CCC An obligation rated ‘CCC’ is currently vulnerable to nonpayment and is dependent upon favorable","page_number":186,"box":{"x":69,"y":48,"width":816,"height":12}},{"id":"795a8379-1e54-4f0d-b583-131b4cc8880a","block_type":"box","text":"business, financial, and economic conditions for the obligor to meet its financial commitments on","page_number":186,"box":{"x":196,"y":63,"width":695,"height":12}},{"id":"4e90c935-2056-448d-83b0-fe90a3207e76","block_type":"box","text":"the obligation. In the event of adverse business, financial, or economic conditions, the obligor is","page_number":186,"box":{"x":195,"y":79,"width":687,"height":11}},{"id":"5fb94527-de07-4696-a0af-81648f7a52d6","block_type":"box","text":"not likely to have the capacity to meet its financial commitments on the obligation.","page_number":186,"box":{"x":197,"y":94,"width":586,"height":11}},{"id":"4855976e-38fe-4a08-b176-e8701be8d7da","block_type":"box","text":"CC An obligation rated ‘CC’ is currently highly vulnerable to nonpayment. The ‘CC’ rating is used when","page_number":186,"box":{"x":69,"y":114,"width":826,"height":11}},{"id":"e38066fe-9427-4a8a-b7de-9bb8143d0653","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":186,"box":{"x":196,"y":129,"width":692,"height":11}},{"id":"13b4edec-3e32-43ab-b333-0078c5546fd1","block_type":"box","text":"anticipated time to default.","page_number":186,"box":{"x":196,"y":144,"width":191,"height":11}},{"id":"00ada687-ae5a-4b0e-aff2-44cd9688ccc7","block_type":"box","text":"C An obligation rated ‘C’ is currently highly vulnerable to nonpayment, and the obligation is expected","page_number":186,"box":{"x":69,"y":164,"width":826,"height":12}},{"id":"33073a20-16e7-48f0-bce6-ace630035ade","block_type":"box","text":"to have lower relative seniority or lower ultimate recovery compared with obligations that are rated","page_number":186,"box":{"x":195,"y":180,"width":700,"height":11}},{"id":"8a788b5f-cf0d-4770-bb82-0405b19649d5","block_type":"box","text":"higher.","page_number":186,"box":{"x":197,"y":195,"width":45,"height":11}},{"id":"5c0e4b5e-4250-458a-a3ed-56e647604eaf","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":186,"box":{"x":70,"y":215,"width":789,"height":11}},{"id":"69d01665-9f5d-430a-89f6-55a14225d5d4","block_type":"box","text":"instruments, the ‘D’ rating category is used when payments on an obligation are not made on the","page_number":186,"box":{"x":197,"y":230,"width":695,"height":11}},{"id":"3ff43a7f-bbb1-4447-8ad4-b44d5fdde95e","block_type":"box","text":"date due, unless S&P believes that such payments will be made within five business days in the","page_number":186,"box":{"x":196,"y":245,"width":686,"height":11}},{"id":"f2a36ad4-e484-4dc4-be69-c8413c10f107","block_type":"box","text":"absence of a stated grace period or within the earlier of the stated grace period or 30 calendar","page_number":186,"box":{"x":196,"y":260,"width":676,"height":11}},{"id":"9b6fc15b-181f-4dde-9dca-ae49675d5e6e","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":186,"box":{"x":196,"y":275,"width":708,"height":11}},{"id":"6e43fd38-c4fd-41ff-ae41-1962491ed8e2","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":186,"box":{"x":196,"y":290,"width":694,"height":12}},{"id":"162c63d5-c236-403a-a214-fa58bc2e1bab","block_type":"box","text":"provisions. A rating on an obligation is lowered to ‘D’ if it is subject to a distressed debt","page_number":186,"box":{"x":197,"y":305,"width":626,"height":12}},{"id":"db1a462d-f6c8-4003-82b9-06d8840decdd","block_type":"box","text":"restructuring.","page_number":186,"box":{"x":197,"y":321,"width":92,"height":11}},{"id":"19c708df-cda5-4395-8b4c-af85ce482c15","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":186,"box":{"x":103,"y":341,"width":756,"height":11}},{"id":"1def08d8-aaf2-41a1-8f08-30f3c0766c97","block_type":"box","text":"standing within the rating categories.","page_number":186,"box":{"x":69,"y":356,"width":262,"height":11}},{"id":"2bae0b2c-5228-4585-aec2-0c4561ab135b","block_type":"box","text":"Short-Term Issue Credit Ratings","page_number":186,"box":{"x":68,"y":386,"width":233,"height":11}},{"id":"63c09874-9a98-42f6-992d-027f2c8e704b","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":186,"box":{"x":68,"y":414,"width":833,"height":11}},{"id":"e412a4eb-bf3c-4aba-b898-a375371645c7","block_type":"box","text":"meet its financial commitments on the obligation is strong. Within this category, cer tain obligations","page_number":186,"box":{"x":197,"y":429,"width":707,"height":11}},{"id":"16a9a887-325f-4513-ac17-a7b1ea346dba","block_type":"box","text":"are designated with a plus sign (+). This indicates that the obligor’s capacity to meet its financial","page_number":186,"box":{"x":196,"y":444,"width":691,"height":11}},{"id":"2de54ce8-4d0f-4864-bada-d29ef949bf68","block_type":"box","text":"commitments on these obligations is extremely strong.","page_number":186,"box":{"x":196,"y":459,"width":390,"height":11}},{"id":"32cb7f5c-8fb5-4c57-a226-18505b136e6c","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":186,"box":{"x":68,"y":479,"width":837,"height":12}},{"id":"0b025144-3183-4497-98a6-18adbe0750bc","block_type":"box","text":"in circumstances and economic conditions than obligations in higher rating categories. However,","page_number":186,"box":{"x":197,"y":495,"width":684,"height":11}},{"id":"5c18210a-6895-41bf-b7bf-d7b7be9725b6","block_type":"box","text":"the obligor’s capacity to meet its financial commitments on the obligation is satisfactory.","page_number":186,"box":{"x":195,"y":509,"width":634,"height":12}},{"id":"b0a1cd0e-50dd-4525-8016-a5a937f38314","block_type":"box","text":"A-3 A shor t-term obligation rated ‘A-3’ exhibits adequate protection parameters. However, adverse","page_number":186,"box":{"x":68,"y":530,"width":798,"height":11}},{"id":"732a8a40-1898-460f-8459-ae6d8b35d294","block_type":"box","text":"economic conditions or changing circumstances are more likely to weaken an obligor’s capacity to","page_number":186,"box":{"x":196,"y":545,"width":699,"height":11}},{"id":"43091cdd-9acd-4d0c-af9e-1802d2905e31","block_type":"box","text":"meet its financial commitments on the obligation.","page_number":186,"box":{"x":197,"y":560,"width":351,"height":11}},{"id":"548f4f57-2cb6-47a9-80f5-8118776957c0","block_type":"box","text":"B A shor t-term obligation rated ‘B’ is regarded as vulnerable and has significant speculative","page_number":186,"box":{"x":70,"y":580,"width":765,"height":11}},{"id":"d9b6c5d1-49d9-4bfe-b3d5-628b3b229695","block_type":"box","text":"characteristics. The obligor currently has the capacity to meet its financial commitments; however,","page_number":186,"box":{"x":196,"y":595,"width":700,"height":11}},{"id":"c80baa6d-3ee6-4776-9c43-6eeb85bbc212","block_type":"box","text":"it faces major ongoing uncer tainties that could lead to the obligor’s inadequate capacity to meet its","page_number":186,"box":{"x":197,"y":610,"width":708,"height":12}},{"id":"01041403-ed09-47ef-b380-594deeb32324","block_type":"box","text":"financial commitments.","page_number":186,"box":{"x":196,"y":625,"width":165,"height":9}},{"id":"4193d516-ff44-46f5-8297-54fa471b945b","block_type":"box","text":"C A shor t-term obligation rated ‘C’ is currently vulnerable to nonpayment and is dependent upon","page_number":186,"box":{"x":69,"y":646,"width":796,"height":11}},{"id":"a7ede4e1-2b54-4df7-8950-6e43779f0069","block_type":"box","text":"favorable business, financial, and economic conditions for the obligor to meet its financial","page_number":186,"box":{"x":196,"y":661,"width":641,"height":11}},{"id":"19189725-cd69-464b-ba9b-a18901d9b720","block_type":"box","text":"commitments on the obligation.","page_number":186,"box":{"x":196,"y":676,"width":224,"height":11}},{"id":"8714a8a5-5ee3-47a2-b2a7-494fb63cec83","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":186,"box":{"x":70,"y":696,"width":808,"height":11}},{"id":"13347493-d3e9-427d-bf9a-f65e7a2c29fc","block_type":"box","text":"capital instruments, the ‘D’ rating category is used when payments on an obligation are not made","page_number":186,"box":{"x":196,"y":711,"width":698,"height":11}},{"id":"e462c3ec-8ecb-4bc6-bb36-61bed012c1b7","block_type":"box","text":"on the date due, unless S&P believes that such payments will be made within any stated grace","page_number":186,"box":{"x":196,"y":726,"width":678,"height":12}},{"id":"106c0c51-0a7d-44a2-ae5a-d49784a70137","block_type":"box","text":"period. However, any stated grace period longer than five business days will be treated as five","page_number":186,"box":{"x":197,"y":741,"width":669,"height":12}},{"id":"dc79d9e0-cc9b-4f8e-affb-23b60fc663d2","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":186,"box":{"x":196,"y":756,"width":707,"height":12}},{"id":"2451d9ba-754d-477e-967e-f26db93e650e","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":186,"box":{"x":196,"y":772,"width":669,"height":11}},{"id":"760bdf1f-5369-4838-821b-fcd246a713a5","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":186,"box":{"x":196,"y":787,"width":700,"height":11}},{"id":"6085f033-2114-46c6-8dca-692b2b52b2e4","block_type":"box","text":"debt restructuring.","page_number":186,"box":{"x":196,"y":802,"width":130,"height":11}},{"id":"25675488-17eb-4043-bb06-0b23740b65bb","block_type":"box","text":"Description of S&P’s Municipal Short-Term Note Ratings","page_number":186,"box":{"x":69,"y":830,"width":411,"height":11}},{"id":"1dbc2672-0db5-4df4-8406-311865313b22","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":186,"box":{"x":101,"y":852,"width":772,"height":11}},{"id":"479cd931-7ba7-4c95-a7a1-a51be7e2b0ac","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":186,"box":{"x":69,"y":868,"width":823,"height":11}},{"id":"9226cf96-2f1a-4ed9-8a39-f36a45a77315","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":186,"box":{"x":69,"y":882,"width":832,"height":12}},{"id":"6d394f8c-e285-4963-9bef-4ab79aacca87","block_type":"box","text":"assign, S&P’s analysis will review the following considerations:","page_number":186,"box":{"x":69,"y":898,"width":447,"height":11}},{"id":"b02bb6d3-c23f-4d76-ac4f-361116216907","block_type":"box","text":"A-5","page_number":186,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"e9bf26df-205b-4722-8e69-bd47af42ef72","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":186,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"390e7176-8d67-44fc-a669-fe27e8c31e88","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"2f656902-9fe5-4c1f-9a1d-c2e605d3bd4d","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":187,"box":{"x":101,"y":45,"width":796,"height":11}},{"id":"d0bef2b8-bf2e-4329-ae6d-5864db72feda","block_type":"box","text":"as a note; and","page_number":187,"box":{"x":102,"y":60,"width":101,"height":10}},{"id":"07c71352-1f05-4c93-b3bb-4dd53d785a2a","block_type":"box","text":"•","page_number":187,"box":{"x":69,"y":83,"width":6,"height":4}},{"id":"b9961987-8130-45dc-943e-6e52da256865","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":187,"box":{"x":102,"y":80,"width":794,"height":11}},{"id":"9a1894ef-2a6e-4e52-a03c-885617659cf5","block_type":"box","text":"treated as a note.","page_number":187,"box":{"x":101,"y":95,"width":127,"height":9}},{"id":"26c224b6-cd1b-44c5-8802-677795d53919","block_type":"box","text":"S&P’s municipal shor t-term note rating symbols are as follows:","page_number":187,"box":{"x":102,"y":118,"width":448,"height":11}},{"id":"43c8612b-1e52-4e78-8987-bed198a0f3db","block_type":"box","text":"SP-1 Strong capacity to pay principal and interest. An issue determined to possess a very strong","page_number":187,"box":{"x":69,"y":146,"width":779,"height":11}},{"id":"516d6e28-184a-4b5f-b9be-94fc0382efd2","block_type":"box","text":"capacity to pay debt service is given a plus (+) designation.","page_number":187,"box":{"x":196,"y":161,"width":422,"height":11}},{"id":"afd9e02d-7d06-4331-9445-90696b958207","block_type":"box","text":"SP-2 Satisfactory capacity to pay principal and interest, with some vulnerability to adverse financial and","page_number":187,"box":{"x":69,"y":181,"width":825,"height":11}},{"id":"e95c0498-4c0e-4458-b67b-f1887b3bf9a3","block_type":"box","text":"economic changes over the term of the notes.","page_number":187,"box":{"x":196,"y":196,"width":327,"height":11}},{"id":"7e6fd1be-46c3-4aa7-b6f2-f20ef880dba3","block_type":"box","text":"SP-3 Speculative capacity to pay principal and interest.","page_number":187,"box":{"x":69,"y":216,"width":479,"height":11}},{"id":"11478ac4-7bf2-431f-b736-60832db33c82","block_type":"box","text":"D ‘D’ is assigned upon failure to pay the note when due, completion of a distressed debt","page_number":187,"box":{"x":70,"y":236,"width":745,"height":11}},{"id":"98227605-5f7f-46c5-bd80-320ddfb7281c","block_type":"box","text":"restructuring, or the filing of a bankruptcy petition or the taking of similar action and where default","page_number":187,"box":{"x":197,"y":251,"width":699,"height":12}},{"id":"0a2ee30f-7c8e-4090-b5e3-8c2a92cb2cd8","block_type":"box","text":"on an obligation is a vir tual cer tainty, for example due to automatic stay provisions.","page_number":187,"box":{"x":196,"y":266,"width":594,"height":12}},{"id":"e9ffe133-5948-497f-acdd-60163d4c7649","block_type":"box","text":"Description of Fitch Ratings’ (“Fitch’s”) Credit Ratings Scales","page_number":187,"box":{"x":69,"y":294,"width":455,"height":11}},{"id":"1e71f26f-a05e-4199-95e0-df8f33434ad7","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":187,"box":{"x":102,"y":317,"width":778,"height":11}},{"id":"d28959c6-05c4-4c7f-90de-6c01a59d490e","block_type":"box","text":"agency also publishes ratings, scores and other relative opinions relating to financial or operational strength. For","page_number":187,"box":{"x":69,"y":332,"width":804,"height":11}},{"id":"4d661320-1115-4e36-ad4f-401ffb8e0675","block_type":"box","text":"example, Fitch also provides specialized ratings of servicers of residential and commercial mor tgages, asset","page_number":187,"box":{"x":69,"y":347,"width":776,"height":11}},{"id":"13e00abc-e3b8-40fc-80d3-7474f83e4483","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":187,"box":{"x":69,"y":362,"width":827,"height":11}},{"id":"ef9a61d5-edaf-4222-85a9-e690a5d668d6","block_type":"box","text":"dimensions of risk covered in each assessment.","page_number":187,"box":{"x":69,"y":377,"width":344,"height":9}},{"id":"12f864a2-4415-474f-9a29-e71e35eae61d","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":187,"box":{"x":102,"y":400,"width":747,"height":11}},{"id":"78087afb-4c48-4299-af19-45b24fe22914","block_type":"box","text":"commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterpar ty","page_number":187,"box":{"x":69,"y":415,"width":782,"height":11}},{"id":"96c366ca-bd2a-4c55-a12b-b4dedd04d856","block_type":"box","text":"obligations. Credit ratings relating to securities and obligations of an issuer can include a recovery expectation.","page_number":187,"box":{"x":69,"y":430,"width":793,"height":11}},{"id":"329e43de-71b4-466c-b71e-3fc3f109a5f1","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":187,"box":{"x":69,"y":445,"width":761,"height":12}},{"id":"07f784af-4f94-47fc-8730-109ee2aa3c3d","block_type":"box","text":"accordance with the terms on which they invested. The agency’s credit ratings cover the global spectrum of","page_number":187,"box":{"x":69,"y":460,"width":766,"height":12}},{"id":"f6608049-fe3a-4622-ba20-dac376e66090","block_type":"box","text":"corporate, sovereign financial, bank, insurance, and public finance entities (including supranational and sub-national","page_number":187,"box":{"x":69,"y":475,"width":827,"height":12}},{"id":"3d0f86b4-16c0-4900-958d-960de22f3ba7","block_type":"box","text":"entities) and the securities or other obligations they issue, as well as structured finance securities backed by","page_number":187,"box":{"x":69,"y":491,"width":779,"height":11}},{"id":"9b1b9072-f8de-4061-acb2-b4ff167a0847","block_type":"box","text":"receivables or other financial assets.","page_number":187,"box":{"x":69,"y":506,"width":262,"height":9}},{"id":"e3f10b95-e239-4007-8807-fe4a87751078","block_type":"box","text":"The terms “investment grade” and “speculative grade” have established themselves over time as shor thand to","page_number":187,"box":{"x":101,"y":529,"width":794,"height":11}},{"id":"6c15eebd-8523-4039-a2af-79682bd41ae0","block_type":"box","text":"describe the categories ‘AAA’ to ‘BBB’ (investment grade) and ‘BB’ to ‘D’ (speculative grade). The terms investment","page_number":187,"box":{"x":69,"y":544,"width":826,"height":11}},{"id":"487e0887-b4a9-415f-ac1c-447fcd83f664","block_type":"box","text":"grade and speculative grade are market conventions and do not imply any recommendation or endorsement of a","page_number":187,"box":{"x":68,"y":559,"width":800,"height":11}},{"id":"cf394305-99d8-4254-9fb3-a4699b593070","block_type":"box","text":"specific security for investment purposes. Investment grade categories indicate relatively low to moderate credit risk,","page_number":187,"box":{"x":69,"y":574,"width":832,"height":11}},{"id":"5d575082-ac9b-4869-adf0-f86a1b20f2ef","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":187,"box":{"x":68,"y":589,"width":793,"height":11}},{"id":"4961fb97-c76f-4fd1-a175-b6d7451eb798","block_type":"box","text":"occurred.","page_number":187,"box":{"x":69,"y":604,"width":65,"height":9}},{"id":"a7528a37-247a-4841-aa60-5c8faaaaee2d","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":187,"box":{"x":102,"y":627,"width":788,"height":11}},{"id":"45824d69-9c72-4a30-8ff4-59e096198bcf","block_type":"box","text":"not been rated on its web page. Such issues are also denoted as ‘NR’.","page_number":187,"box":{"x":69,"y":642,"width":506,"height":11}},{"id":"3361e2bf-aead-48b8-bd3b-ca26670acb2d","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":187,"box":{"x":102,"y":664,"width":797,"height":12}},{"id":"945fa76e-a495-4d55-95b7-55fc7d964ea0","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":187,"box":{"x":69,"y":680,"width":815,"height":11}},{"id":"f6c36cb1-4ccb-482e-aa60-2906f13a6677","block_type":"box","text":"please refer to Fitch’s Ratings Transition and Default studies which detail the historical default rates and their","page_number":187,"box":{"x":70,"y":695,"width":783,"height":11}},{"id":"1950769a-28d0-40a6-a5e5-063528f3db5d","block_type":"box","text":"meaning. The European Securities and Markets Authority also maintains a central repository of historical default","page_number":187,"box":{"x":69,"y":710,"width":801,"height":11}},{"id":"d563c31e-3d7a-4fd4-819f-b9d365b419d0","block_type":"box","text":"rates.","page_number":187,"box":{"x":69,"y":726,"width":39,"height":8}},{"id":"0deebf34-dc47-4448-bfcc-7ec91b5c079c","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":187,"box":{"x":102,"y":748,"width":798,"height":11}},{"id":"77a6f165-7c0f-467e-9658-4aaa690cc77c","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":187,"box":{"x":68,"y":763,"width":780,"height":11}},{"id":"2b8dbfd7-9f57-44d6-8a29-2fe41004da84","block_type":"box","text":"considerations. However, in terms of payment obligation on the rated liability, market risk may be considered to the","page_number":187,"box":{"x":69,"y":778,"width":821,"height":11}},{"id":"2f88fc7f-d57f-4b5e-8890-a1f3d4da3f49","block_type":"box","text":"extent that it influences the ability of an issuer to pay upon a commitment.","page_number":187,"box":{"x":69,"y":793,"width":531,"height":11}},{"id":"6de929c3-feac-4289-9e63-e21befbfd58d","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":187,"box":{"x":102,"y":816,"width":801,"height":11}},{"id":"3f26f438-e415-4f34-9d25-2b285fe775ca","block_type":"box","text":"the obligation to pay upon a commitment (for example, in the case of index-linked bonds).","page_number":187,"box":{"x":68,"y":831,"width":639,"height":11}},{"id":"d4097056-0f07-497f-bbed-5aacb013039f","block_type":"box","text":"In the default components of ratings assigned to individual obligations or instruments, the agency typically rates","page_number":187,"box":{"x":102,"y":853,"width":799,"height":12}},{"id":"1fd23f06-fab9-4754-9dbf-bb09cc153b0e","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":187,"box":{"x":68,"y":869,"width":794,"height":11}},{"id":"1cf2315b-db8e-493f-8f00-87fd3fa1694a","block_type":"box","text":"limited cases, Fitch may include additional considerations (","page_number":187,"box":{"x":70,"y":884,"width":420,"height":11}},{"id":"f11340b3-ca94-4fb0-b42c-c6167ee9245b","block_type":"box","text":"i.e.","page_number":187,"box":{"x":492,"y":884,"width":20,"height":9}},{"id":"a5e2cedf-2be7-4bfc-ad5a-e3030f97b9f0","block_type":"box","text":"rate to a higher or lower standard than that implied in","page_number":187,"box":{"x":519,"y":884,"width":380,"height":11}},{"id":"387acb11-d388-41fc-b7fa-ce0c0b21d8c8","block_type":"box","text":"the obligation’s documentation).","page_number":187,"box":{"x":68,"y":899,"width":230,"height":11}},{"id":"b5eb2926-0722-4711-be41-b7065d821ed2","block_type":"box","text":"A-6","page_number":187,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"83b15eac-7d21-46a7-b913-3b90ca7859fe","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":187,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6870611d-bca8-4246-9222-7ff94698717d","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":188,"box":{"x":101,"y":45,"width":779,"height":11}},{"id":"dae70fdb-70f8-48f3-aa19-4070f942e85b","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":188,"box":{"x":70,"y":60,"width":835,"height":11}},{"id":"f4784592-c4a7-4e8d-8bfc-f921f620c68e","block_type":"box","text":"agents in the form of a rating letter.","page_number":188,"box":{"x":69,"y":75,"width":253,"height":11}},{"id":"0e7bb55a-0ba4-412f-be1e-e2871b39ceda","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":188,"box":{"x":101,"y":98,"width":797,"height":11}},{"id":"1ebbc959-bfb5-4a77-9375-7a4e84f8183d","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":188,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"3848b9b9-291b-4a1a-9c69-aee1a756cff4","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":188,"box":{"x":69,"y":128,"width":796,"height":11}},{"id":"9b5b15ba-a9fe-4c3b-badf-351acb05f657","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":188,"box":{"x":69,"y":143,"width":811,"height":11}},{"id":"d56c64b1-cecd-4721-9be9-a4dbb27e86a9","block_type":"box","text":"case letter symbol combined with either an ‘*’ (","page_number":188,"box":{"x":69,"y":158,"width":340,"height":11}},{"id":"ef837693-f3a8-4684-aacf-f5d1aa686783","block_type":"box","text":"e.g.","page_number":188,"box":{"x":410,"y":160,"width":25,"height":9}},{"id":"c40bc7dc-9ad3-42d2-bc81-6665e68aae50","block_type":"box","text":"‘bbb+*’) or (cat) suffix to denote the opinion status. Credit","page_number":188,"box":{"x":443,"y":158,"width":418,"height":11}},{"id":"af6f64a9-43a2-44ee-be81-ffee7613b6b1","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":188,"box":{"x":69,"y":173,"width":780,"height":11}},{"id":"7fb47bb1-6899-44d2-ade3-83fb50700873","block_type":"box","text":"sufficiently available. Rating assessment services are a notch-specific view using the primary rating scale of how an","page_number":188,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"b76c8938-7519-42a7-bacb-665ac6a7aea1","block_type":"box","text":"existing or potential rating may be changed by a given set of hypothetical circumstances. While credit opinions and","page_number":188,"box":{"x":69,"y":203,"width":816,"height":12}},{"id":"e08c3ee8-6cf5-4d41-b849-25a43b64041b","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":188,"box":{"x":69,"y":219,"width":808,"height":11}},{"id":"301e5699-146b-4408-b7e6-85df79b6652d","block_type":"box","text":"assigned, which can signify the trajectory of the credit profile.","page_number":188,"box":{"x":69,"y":234,"width":437,"height":11}},{"id":"d61269fe-254b-4fce-bf96-e571ecaaed8a","block_type":"box","text":"Description of Fitch’s Long-Term Corporate Finance Obligations Rating Scales","page_number":188,"box":{"x":69,"y":264,"width":567,"height":11}},{"id":"e8bcfb45-1f74-4920-a1b6-e5798dd2178a","block_type":"box","text":"Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to","page_number":188,"box":{"x":102,"y":286,"width":763,"height":12}},{"id":"4f06bbb1-d3a4-4b37-ba33-c70b11ae7f46","block_type":"box","text":"default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given","page_number":188,"box":{"x":69,"y":302,"width":807,"height":11}},{"id":"421f964a-33f4-4de6-b3c3-b6d150a9c3b5","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":188,"box":{"x":69,"y":317,"width":840,"height":11}},{"id":"6a96e288-f073-4870-b51f-d7cf18ddd180","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":188,"box":{"x":70,"y":332,"width":833,"height":11}},{"id":"600c0d81-c53e-46f1-90e3-4865f10f2b1a","block_type":"box","text":"On the contrary, Ratings of debtor-in-possession (“DIP”) obligations incorporate the expectation of full repayment.","page_number":188,"box":{"x":69,"y":347,"width":807,"height":11}},{"id":"fcd9de36-8fa3-4e5b-9d1a-73e1c9353bac","block_type":"box","text":"The relationship between the issuer scale and obligation scale assumes a generic historical average recovery.","page_number":188,"box":{"x":101,"y":370,"width":784,"height":11}},{"id":"9f90a4d2-0336-40d0-9da1-49a23b321509","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":188,"box":{"x":70,"y":385,"width":787,"height":11}},{"id":"9af16b6b-fe54-4a31-9a17-09cc3fd1578a","block_type":"box","text":"default rating (“IDR”), based on their relative ranking, relative vulnerability to default or based on explicit Recovery","page_number":188,"box":{"x":69,"y":400,"width":813,"height":11}},{"id":"ef955cba-d546-4619-bc79-44fe36c41186","block_type":"box","text":"Ratings.","page_number":188,"box":{"x":70,"y":415,"width":55,"height":11}},{"id":"091c44a5-5449-41cc-904f-b2a05a46cf66","block_type":"box","text":"As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the","page_number":188,"box":{"x":101,"y":438,"width":772,"height":11}},{"id":"efc46511-b339-4614-8706-f1ac4f43718e","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":188,"box":{"x":69,"y":453,"width":815,"height":11}},{"id":"114cf01e-9557-40d0-8bc5-5bf978e38c7b","block_type":"box","text":"end of the ratings scale, Fitch publishes explicit Recovery Ratings in many cases to complement issuer and","page_number":188,"box":{"x":69,"y":468,"width":766,"height":11}},{"id":"c4f45ccd-3d70-454b-b49c-19fd0f7eb5a0","block_type":"box","text":"obligation ratings.","page_number":188,"box":{"x":69,"y":483,"width":125,"height":11}},{"id":"6db5313d-3ea8-4eab-a274-fa9414cdb765","block_type":"box","text":"Fitch long-term obligations rating scales are as follows:","page_number":188,"box":{"x":102,"y":506,"width":390,"height":11}},{"id":"500993e7-8504-4ee9-97cd-1a3821ad1a10","block_type":"box","text":"AAA Highest Credit Quality. ‘AAA’ ratings denote the lowest expectation of credit risk. They are assigned","page_number":188,"box":{"x":68,"y":533,"width":833,"height":12}},{"id":"5b370b10-d774-42ec-ae35-eaf958c33439","block_type":"box","text":"only in cases of exceptionally strong capacity for payment of financial commitments. This capacity","page_number":188,"box":{"x":196,"y":549,"width":697,"height":11}},{"id":"6935a298-e396-439e-b39e-57f6924a7df5","block_type":"box","text":"is highly unlikely to be adversely affected by foreseeable events.","page_number":188,"box":{"x":197,"y":564,"width":457,"height":11}},{"id":"8361a0ac-eac5-468e-92fe-27879990c9e3","block_type":"box","text":"AA Very High Credit Quality. ‘AA’ ratings denote expectations of very low credit risk. They indicate very","page_number":188,"box":{"x":68,"y":584,"width":829,"height":11}},{"id":"2b3ea450-a337-4101-ac64-0c1007bc3a35","block_type":"box","text":"strong capacity for payment of financial commitments. This capacity is not significantly vulnerable","page_number":188,"box":{"x":196,"y":599,"width":694,"height":11}},{"id":"82777939-1962-4430-b3d0-f9d9c58d5234","block_type":"box","text":"to foreseeable events.","page_number":188,"box":{"x":195,"y":614,"width":159,"height":9}},{"id":"1db6671f-b732-40df-a468-db2fdeeadc4e","block_type":"box","text":"A High Credit Quality. ‘A’ ratings denote expectations of low credit risk. The capacity for payment of","page_number":188,"box":{"x":68,"y":634,"width":819,"height":12}},{"id":"823785f5-f4d0-4f4e-876a-2d937c2da434","block_type":"box","text":"financial commitments is considered strong. 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The","page_number":188,"box":{"x":70,"y":685,"width":805,"height":11}},{"id":"ddeacf18-6034-433c-875e-9fbb62667207","block_type":"box","text":"capacity for payment of financial commitments is considered adequate, but adverse business or","page_number":188,"box":{"x":196,"y":700,"width":686,"height":11}},{"id":"1ed8ac3d-92e6-4821-92ea-3ca112f3a1ec","block_type":"box","text":"economic conditions are more likely to impair this capacity.","page_number":188,"box":{"x":196,"y":715,"width":420,"height":11}},{"id":"0e82f566-9204-4cf8-8a91-ca9aec173566","block_type":"box","text":"BB Speculative. ‘BB’ ratings indicate an elevated vulnerability to credit risk, par ticularly in the event of","page_number":188,"box":{"x":70,"y":735,"width":830,"height":11}},{"id":"46140d54-3419-4b73-aae1-a5501be1d82f","block_type":"box","text":"adverse changes in business or economic conditions over time; however, business or financial","page_number":188,"box":{"x":196,"y":750,"width":672,"height":11}},{"id":"f8c45fe0-30c9-4ed9-bbc3-4e20b3776ae3","block_type":"box","text":"alternatives may be available to allow financial commitments to be met.","page_number":188,"box":{"x":196,"y":765,"width":511,"height":11}},{"id":"5b4cbd78-7531-4a7a-b525-8e4558029fce","block_type":"box","text":"B Highly Speculative. ‘B’ ratings indicate that material credit risk is present.","page_number":188,"box":{"x":70,"y":786,"width":650,"height":11}},{"id":"93dd4961-2226-41c1-a164-1dec945e7ca1","block_type":"box","text":"CCC Substantial Credit Risk. ‘CCC’ ratings indicate that substantial credit risk is present.","page_number":188,"box":{"x":69,"y":806,"width":727,"height":11}},{"id":"da7cf426-78ac-4d9e-84b3-5895ba6dc822","block_type":"box","text":"CC Very High Levels of Credit Risk. ‘CC’ ratings indicate very high levels of credit risk.","page_number":188,"box":{"x":69,"y":826,"width":712,"height":11}},{"id":"b4f14694-763c-4eb0-8cc3-31e0efbcac6a","block_type":"box","text":"C Exceptionally High Levels of Credit Risk. ‘C’ indicates exceptionally high levels of credit risk.","page_number":188,"box":{"x":69,"y":846,"width":780,"height":11}},{"id":"8b2934e4-9ae7-400f-919b-7f3aa2e3b8b6","block_type":"box","text":"Within rating categories, Fitch may use modifiers. The modifiers “+” or “-” may be appended to a rating to denote","page_number":188,"box":{"x":101,"y":866,"width":808,"height":11}},{"id":"041b894a-80c3-4824-b7c1-d0d82b3480a4","block_type":"box","text":"relative status within major rating categories.","page_number":188,"box":{"x":69,"y":881,"width":320,"height":11}},{"id":"a7d2def7-821c-4e5e-b185-b53087456f38","block_type":"box","text":"A-7","page_number":188,"box":{"x":477,"y":943,"width":23,"height":9}},{"id":"91493d0a-fff9-4ce0-a71a-944569b66703","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":188,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4d727e60-3aca-403b-8b2d-0f9e9f453db9","block_type":"box","text":"For example, the rating category ‘AA’ has three notch-specific rating levels (‘AA+’; ‘AA’; ‘AA–’; each a rating","page_number":189,"box":{"x":102,"y":45,"width":761,"height":11}},{"id":"a6399c7b-a366-42b4-b207-30d577add4db","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":189,"box":{"x":70,"y":60,"width":813,"height":11}},{"id":"c6d05fb7-253a-4e08-bf35-0d7dc24d10f8","block_type":"box","text":"category of ‘F1’, a ‘+’ may be appended.","page_number":189,"box":{"x":69,"y":75,"width":289,"height":11}},{"id":"6f09094f-025f-45c6-91d8-b7c644b14eae","block_type":"box","text":"Description of Fitch’s Short-Term Ratings Assigned to Issuers and Obligations","page_number":189,"box":{"x":69,"y":105,"width":568,"height":11}},{"id":"ed7ebad9-bfd9-4674-8d44-e50abbbb44aa","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":189,"box":{"x":101,"y":128,"width":806,"height":11}},{"id":"73af09e7-f29a-4821-9015-e7ad6e19728c","block_type":"box","text":"entity and relates to the capacity to meet financial obligations in accordance with the documentation governing the","page_number":189,"box":{"x":69,"y":143,"width":817,"height":11}},{"id":"5d5bfdbd-0fc6-4643-8f1e-7dbdc9389ce3","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":189,"box":{"x":69,"y":158,"width":822,"height":11}},{"id":"61526253-caaf-470c-9d10-582a8b95e863","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":189,"box":{"x":69,"y":173,"width":827,"height":11}},{"id":"5c034a5c-f86a-440b-889d-2108d02750d6","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":189,"box":{"x":70,"y":188,"width":808,"height":12}},{"id":"bbf063dd-5557-4fd6-b182-f2ddf5946e61","block_type":"box","text":"finance markets.","page_number":189,"box":{"x":68,"y":203,"width":118,"height":9}},{"id":"10b03bc8-9c6b-40ce-89c0-29f8ca8a2194","block_type":"box","text":"Fitch shor t-term ratings are as follows:","page_number":189,"box":{"x":102,"y":226,"width":273,"height":11}},{"id":"00de868c-2932-41d7-b612-1fc3b6c76b4f","block_type":"box","text":"F1 Highest Shor t-Term Credit Quality. Indicates the strongest intrinsic capacity for timely payment of","page_number":189,"box":{"x":70,"y":254,"width":816,"height":11}},{"id":"26d84bb0-3b22-49ac-8ade-28d6740201ce","block_type":"box","text":"financial commitments; may have an added “+” to denote any exceptionally strong credit feature.","page_number":189,"box":{"x":196,"y":269,"width":692,"height":11}},{"id":"7e83f208-ddff-4114-8471-5bbc94057fe2","block_type":"box","text":"F2 Good Shor t-Term Credit Quality. Good intrinsic capacity for timely payment of financial","page_number":189,"box":{"x":70,"y":289,"width":734,"height":11}},{"id":"e7af0140-ff27-43f3-97e0-ae8bb9fc706f","block_type":"box","text":"commitments.","page_number":189,"box":{"x":196,"y":304,"width":100,"height":9}},{"id":"0b90ed0b-4ebf-4cf0-8f7f-95776c36d8e8","block_type":"box","text":"F3 Fair Shor t-Term Credit Quality. The intrinsic capacity for timely payment of financial commitments is","page_number":189,"box":{"x":70,"y":324,"width":831,"height":11}},{"id":"a8dcc023-2cae-4691-a633-f344fd5758f9","block_type":"box","text":"adequate.","page_number":189,"box":{"x":196,"y":340,"width":70,"height":10}},{"id":"363b41d2-1b42-4028-949f-3c1f1e95aceb","block_type":"box","text":"B Speculative Shor t-Term Credit Quality. Minimal capacity for timely payment of financial","page_number":189,"box":{"x":70,"y":360,"width":737,"height":11}},{"id":"71b24c3c-b5c5-4d6f-829a-c2fd8b0ca69f","block_type":"box","text":"commitments, plus heightened vulnerability to near term adverse changes in financial and","page_number":189,"box":{"x":196,"y":375,"width":641,"height":11}},{"id":"00b62d88-2c13-45d6-b06b-40002b624281","block_type":"box","text":"economic conditions.","page_number":189,"box":{"x":196,"y":390,"width":149,"height":9}},{"id":"54e249b9-cd14-4d63-a9f8-c85bae2f9a68","block_type":"box","text":"C High Shor t-Term Default Risk. Default is a real possibility.","page_number":189,"box":{"x":69,"y":410,"width":535,"height":11}},{"id":"f0d9d43b-c10c-4c69-9a6c-ecf9f16f1e8f","block_type":"box","text":"RD Restricted Default. Indicates an entity that has defaulted on one or more of its financial","page_number":189,"box":{"x":70,"y":430,"width":749,"height":11}},{"id":"2987cc59-87a9-478c-86a8-32bc78c7f877","block_type":"box","text":"commitments, although it continues to meet other financial obligations. Typically applicable to entity","page_number":189,"box":{"x":196,"y":445,"width":714,"height":12}},{"id":"5c6a4f7d-b5a3-4a1b-8ee4-9dabe6429465","block_type":"box","text":"ratings only.","page_number":189,"box":{"x":197,"y":461,"width":83,"height":11}},{"id":"d95ae2de-b15d-4359-9f4d-da8b961a365e","block_type":"box","text":"D Default. Indicates a broad-based default event for an entity, or the default of a shor t-term","page_number":189,"box":{"x":70,"y":481,"width":761,"height":11}},{"id":"bd959637-fba8-4d4e-92b1-9b53896c1610","block_type":"box","text":"obligation.","page_number":189,"box":{"x":196,"y":496,"width":72,"height":11}},{"id":"956be2a4-1c97-4ff5-864d-c785f8cf28c8","block_type":"box","text":"A-8","page_number":189,"box":{"x":477,"y":943,"width":24,"height":9}},{"id":"317654a7-c18d-45d3-9e93-0660a758dfd6","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":189,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e5412771-4e53-407a-b9cf-e2ced10b36a2","block_type":"box","text":"APPENDIX B","page_number":190,"box":{"x":438,"y":76,"width":101,"height":9}},{"id":"3b0a0e84-4c21-4049-8da4-cd560beb5e20","block_type":"box","text":"Open-End Active and Fixed Income Index Fund Proxy Voting Policy","page_number":190,"box":{"x":247,"y":106,"width":484,"height":11}},{"id":"1b9270e9-e6f9-4009-aa8c-9a6a6d3b0249","block_type":"box","text":"Procedures Governing Delegation of Proxy Voting to Fund Advisers","page_number":190,"box":{"x":247,"y":121,"width":486,"height":11}},{"id":"63255301-9024-4ade-9289-6ac414f5e68e","block_type":"box","text":"Effective Date: January 1, 2025","page_number":190,"box":{"x":376,"y":136,"width":227,"height":11}},{"id":"f9f857d8-512d-42f1-b444-dc2fc1cc0d52","block_type":"box","text":"Applies to the following types of Funds registered under the 1940 Act:","page_number":190,"box":{"x":231,"y":159,"width":515,"height":11}},{"id":"e1ffdfc0-b08a-4097-9dfe-05a6a9c27682","block_type":"box","text":"□","page_number":190,"box":{"x":284,"y":181,"width":15,"height":12}},{"id":"b639a98b-7ddb-4692-899b-4b00490f4df3","block_type":"box","text":"Index Equity Mutual Funds and Exchange-Traded Funds","page_number":190,"box":{"x":306,"y":182,"width":388,"height":11}},{"id":"d4d0c6c1-6dfd-496b-a3f6-a72cf641607b","block_type":"box","text":"Open-End Active and Fixed Income Index Mutual Funds and Exchange-Traded Funds","page_number":190,"box":{"x":205,"y":204,"width":589,"height":11}},{"id":"7bc1bef5-b88c-497f-932e-36f17fcf0205","block_type":"box","text":"□","page_number":190,"box":{"x":405,"y":227,"width":14,"height":11}},{"id":"f3b80816-fc62-445c-bcf6-8c23d1e01fc8","block_type":"box","text":"Money Market Funds","page_number":190,"box":{"x":426,"y":227,"width":147,"height":11}},{"id":"af66c013-c39d-435c-8a3d-f142b2e2aa61","block_type":"box","text":"□","page_number":190,"box":{"x":416,"y":249,"width":14,"height":12}},{"id":"a092c21f-bf29-4f56-86ed-b4b36d7da8f6","block_type":"box","text":"Closed-End Funds","page_number":190,"box":{"x":437,"y":249,"width":125,"height":9}},{"id":"8cf9055f-c21e-4ae6-9bea-490b1ece14ae","block_type":"box","text":"□","page_number":190,"box":{"x":460,"y":272,"width":14,"height":11}},{"id":"92b7eadb-2c2f-47a5-9532-59e5daa9498e","block_type":"box","text":"Other","page_number":190,"box":{"x":481,"y":272,"width":38,"height":9}},{"id":"f88544af-fd8e-429f-9a3f-7db16e06c31f","block_type":"box","text":"Objective and Scope","page_number":190,"box":{"x":101,"y":295,"width":149,"height":11}},{"id":"50282b21-a197-4599-98c7-bf0ac8359208","block_type":"box","text":"Set for th below is the Open-End Active and Fixed Income Index Fund Proxy Voting Policy.","page_number":190,"box":{"x":134,"y":317,"width":622,"height":12}},{"id":"66ea541c-f7fe-4df7-83a8-786609786e4c","block_type":"box","text":"Policy/Document Requirements and Statements","page_number":190,"box":{"x":102,"y":340,"width":354,"height":11}},{"id":"271ce6a6-c346-4b50-9437-47647e4593c0","block_type":"box","text":"The Boards of Trustees/Directors (“Directors”) of cer tain open-end funds (the “Funds”) advised by","page_number":190,"box":{"x":134,"y":363,"width":702,"height":11}},{"id":"4a4bdb62-7c99-4515-b341-8159231235ba","block_type":"box","text":"BlackRock Fund Advisors or BlackRock Advisors, LLC (“BlackRock”), have the responsibility for the oversight of","page_number":190,"box":{"x":102,"y":378,"width":789,"height":11}},{"id":"dc773d1e-3271-415b-b363-f7aed9f63d72","block_type":"box","text":"voting proxies relating to por tfolio securities of the Funds, and have determined that it is in the best interests of","page_number":190,"box":{"x":101,"y":393,"width":801,"height":11}},{"id":"c0017869-04ee-42f7-8aac-628fc97bfb2f","block_type":"box","text":"the Funds and their shareholders to delegate the responsibility to vote proxies to BlackRock, subject to the","page_number":190,"box":{"x":101,"y":408,"width":763,"height":11}},{"id":"9cd494ef-1001-4e94-afb6-d332258143b0","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":190,"box":{"x":102,"y":423,"width":775,"height":12}},{"id":"0644dce8-fe4b-46a1-8a3a-d46ca4eedad5","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":190,"box":{"x":102,"y":439,"width":651,"height":11}},{"id":"eafe6751-43bc-4b9f-8663-0d2cf7afe472","block_type":"box","text":"BlackRock has adopted the BlackRock Active Investment Stewardship Global Engagement and Voting","page_number":190,"box":{"x":135,"y":461,"width":718,"height":11}},{"id":"46ba8d86-d187-4f71-bf07-a2f0a9bc442f","block_type":"box","text":"Guidelines (as from time to time amended, the “Guidelines”) governing proxy voting by active and fixed income","page_number":190,"box":{"x":102,"y":476,"width":788,"height":11}},{"id":"330820bc-eeb6-479e-b2bc-c17e04abf2b6","block_type":"box","text":"index Funds managed by BlackRock. The Guidelines include “climate and decarbonization” guidelines which","page_number":190,"box":{"x":102,"y":491,"width":766,"height":12}},{"id":"b79d9705-3786-45c2-a853-265006b0f5d4","block_type":"box","text":"apply to the Funds listed in Appendix A, if any.","page_number":190,"box":{"x":102,"y":506,"width":325,"height":12}},{"id":"2bac3e05-91d6-4a64-ac49-6e952d4ba6ea","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":190,"box":{"x":135,"y":529,"width":751,"height":11}},{"id":"c6d3b87d-a231-4545-9bd9-82197051b9bf","block_type":"box","text":"respect of securities held by each such Fund (or may refrain from voting) in accordance with the Guidelines.","page_number":190,"box":{"x":102,"y":544,"width":765,"height":11}},{"id":"f99a4f52-d4ff-4b86-8214-54a06fee211f","block_type":"box","text":"Conflicts Management","page_number":190,"box":{"x":101,"y":567,"width":165,"height":11}},{"id":"b5452b07-ad9e-43ca-8ee4-806f8a3401a7","block_type":"box","text":"BlackRock Active Investment Stewardship (“BAIS”) maintains policies and procedures that seek to prevent","page_number":190,"box":{"x":135,"y":590,"width":758,"height":11}},{"id":"b242636d-c893-420e-975b-ed56626b9304","block_type":"box","text":"undue influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise","page_number":190,"box":{"x":102,"y":605,"width":797,"height":11}},{"id":"b61f2b88-a8ae-41b3-804a-593566bf2449","block_type":"box","text":"of proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":190,"box":{"x":102,"y":620,"width":805,"height":11}},{"id":"968561f1-2b3e-45a7-bd85-6400fb946757","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":190,"box":{"x":102,"y":635,"width":797,"height":11}},{"id":"6c67a26c-2c35-4f09-8ccd-d7febeb9bfda","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":190,"box":{"x":102,"y":650,"width":756,"height":11}},{"id":"c430b5d9-fb19-4c27-a166-750a9497b3e5","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":190,"box":{"x":101,"y":665,"width":800,"height":11}},{"id":"f4ab778b-bf63-4f96-b44e-3ca75f40d405","block_type":"box","text":"BAIS will adhere to the Guidelines.","page_number":190,"box":{"x":102,"y":680,"width":244,"height":9}},{"id":"7276db84-a0a2-46d3-bf43-4931c9796d79","block_type":"box","text":"In cer tain instances, BAIS will engage an independent third-par ty voting service provider to make proxy","page_number":190,"box":{"x":135,"y":703,"width":731,"height":11}},{"id":"216b15c5-09d2-4816-aeb7-6159fcc963a2","block_type":"box","text":"voting recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory","page_number":190,"box":{"x":101,"y":718,"width":763,"height":11}},{"id":"b5863adf-9ddc-41ef-b962-cd58d3055865","block_type":"box","text":"compliance requirements, or as may be otherwise required by applicable law.","page_number":190,"box":{"x":101,"y":733,"width":550,"height":11}},{"id":"4ff5fe7a-e78b-4fd6-aa39-34ee850fb173","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":190,"box":{"x":134,"y":756,"width":774,"height":11}},{"id":"985ecb22-3417-44ee-a156-d7d73ec3318e","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":190,"box":{"x":102,"y":771,"width":791,"height":11}},{"id":"fd7a1b0f-01b7-4311-acb1-b8b62a05878a","block_type":"box","text":"in clients’ financial interests. 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The money BlackRock manages is not its own — it","page_number":195,"box":{"x":102,"y":64,"width":777,"height":11}},{"id":"8ab95b9f-b92a-46da-8526-cbb174af77e8","block_type":"box","text":"belongs to BlackRock’s clients, many of whom make their own asset allocation and por tfolio construction decisions.","page_number":195,"box":{"x":69,"y":78,"width":828,"height":12}},{"id":"4322f90e-bbe8-4a4b-8a93-a8f7cdae192f","block_type":"box","text":"As a fiduciary, BlackRock invests on clients’ behalf to help them meet their investment objectives. The firm does this","page_number":195,"box":{"x":68,"y":93,"width":835,"height":11}},{"id":"c640a461-f96d-4fb0-af07-8de4c3b87368","block_type":"box","text":"by understanding clients’ long-term investment objectives and offering choice on how and where they wish to invest","page_number":195,"box":{"x":69,"y":108,"width":823,"height":11}},{"id":"0af03d02-4e1e-449d-87c8-48ab72580c07","block_type":"box","text":"their money. BlackRock then helps clients seek the best risk-adjusted returns based on those choices, underpinning","page_number":195,"box":{"x":68,"y":123,"width":830,"height":11}},{"id":"ca459a0a-7991-417f-9230-6615d3d51dcc","block_type":"box","text":"this work with research, data and analytics.","page_number":195,"box":{"x":68,"y":138,"width":309,"height":11}},{"id":"3cc71d15-e914-4545-bef4-f0a4884adcbe","block_type":"box","text":"At BlackRock, investment stewardship is core to our role as an asset manager and a fiduciary to our clients. As","page_number":195,"box":{"x":101,"y":156,"width":796,"height":12}},{"id":"1ecd3665-e1a2-404c-9065-52b2d21ac86e","block_type":"box","text":"stewards of our clients’ assets, we engage with companies to discuss the corporate governance and business","page_number":195,"box":{"x":69,"y":171,"width":787,"height":12}},{"id":"0dd34f22-b805-4082-9457-684786f1c8c5","block_type":"box","text":"practices that, in our experience, suppor t companies in delivering durable, risk-adjusted financial returns over time.","page_number":195,"box":{"x":70,"y":186,"width":820,"height":12}},{"id":"cba9ccbd-070e-4166-a1c1-7a6b4ef41b0b","block_type":"box","text":"We are committed to building strong relationships through constructive, ongoing dialogue with the boards and","page_number":195,"box":{"x":68,"y":201,"width":782,"height":11}},{"id":"2a7c7df4-d98b-4fda-8a9f-95dbed34c0ae","block_type":"box","text":"executive management of the companies in which our clients are invested.","page_number":195,"box":{"x":69,"y":216,"width":531,"height":11}},{"id":"b246cc9a-e4d1-4185-b52b-075563291921","block_type":"box","text":"ABOUT BLACKROCK ACTIVE INVESTMENT STEWARDSHIP","page_number":195,"box":{"x":277,"y":246,"width":424,"height":9}},{"id":"3ef2ecfb-b64e-4856-ac37-639c5be8f548","block_type":"box","text":"BlackRock Active Investment Stewardship (BAIS) is a specialist team within the Por tfolio Management Group and","page_number":195,"box":{"x":102,"y":265,"width":804,"height":11}},{"id":"6fb68842-d1ce-4bc5-92ac-4831f9f22a68","block_type":"box","text":"manages BlackRock’s stewardship engagement and voting on behalf of clients invested in active strategies globally.","page_number":195,"box":{"x":69,"y":280,"width":826,"height":11}},{"id":"53c458a5-734c-4bb6-9022-cd08ad1fab01","block_type":"box","text":"BAIS is also responsible for engagement with issuers in index fixed income strategies, where appropriate. Our","page_number":195,"box":{"x":70,"y":295,"width":783,"height":11}},{"id":"d7eac690-29dd-43d9-b231-5f6186f168f7","block_type":"box","text":"activities are informed by these Global Engagement and Voting Guidelines (the “Guidelines”) and insights from active","page_number":195,"box":{"x":69,"y":309,"width":834,"height":12}},{"id":"69695603-cb33-42ff-8838-6eec66012404","block_type":"box","text":"investment analysts and por tfolio managers, with whom we work closely in engaging companies and voting at","page_number":195,"box":{"x":70,"y":324,"width":779,"height":12}},{"id":"10518370-0c18-416b-bebb-5b9fa841ebd6","block_type":"box","text":"shareholder meetings.","page_number":195,"box":{"x":69,"y":339,"width":158,"height":11}},{"id":"e99fb086-de5b-429d-8f24-b81c4c805f82","block_type":"box","text":"Engagement with public companies is the foundation of our approach to stewardship within fundamental active","page_number":195,"box":{"x":102,"y":358,"width":789,"height":11}},{"id":"9068caab-a611-47a3-ba79-770c25bdb81b","block_type":"box","text":"investing.","page_number":195,"box":{"x":70,"y":373,"width":65,"height":11}},{"id":"fa55592b-ca60-4fb7-b333-babbabda3ca6","block_type":"box","text":"3","page_number":195,"box":{"x":137,"y":373,"width":4,"height":5}},{"id":"558870d3-217c-4ec3-b3cb-d63dfba109dd","block_type":"box","text":"Through direct dialogue with company leadership, we seek to understand their businesses and how they","page_number":195,"box":{"x":146,"y":373,"width":744,"height":11}},{"id":"b3cd7dab-2041-42b7-a0ce-86868ac6a5c7","block_type":"box","text":"manage risks and oppor tunities to deliver durable, risk-adjusted financial returns. Por tfolio managers and","page_number":195,"box":{"x":69,"y":387,"width":751,"height":12}},{"id":"9443c1f2-9553-4bde-a233-3f8ed79e2efb","block_type":"box","text":"stewardship specialists may engage jointly or independently on material corporate governance matters. Our","page_number":195,"box":{"x":69,"y":402,"width":765,"height":12}},{"id":"2d79bcae-73c3-43d2-86e3-8a6abadf9a91","block_type":"box","text":"discussions focus on topics relevant to a company’s success over time, including governance and leadership,","page_number":195,"box":{"x":69,"y":417,"width":782,"height":12}},{"id":"906e90a4-3269-459a-85ed-85c0be1cb83c","block_type":"box","text":"corporate strategy, capital structure and financial per formance, operations and material sustainability-related risks,","page_number":195,"box":{"x":69,"y":432,"width":820,"height":11}},{"id":"c166a295-90e1-40bc-a2ba-c4dd2d99cd22","block_type":"box","text":"as well as macro-economic, geopolitical and sector dynamics. We aim to be constructive investors and are generally","page_number":195,"box":{"x":69,"y":447,"width":828,"height":11}},{"id":"ae4a1545-deed-4e87-b0e1-6a0b8a51e54a","block_type":"box","text":"suppor tive of management teams that have a track record of financial value creation. We aim to build and maintain","page_number":195,"box":{"x":69,"y":462,"width":821,"height":11}},{"id":"4d9777ae-03a3-4fb5-9972-85da59a9bf78","block_type":"box","text":"strong relationships with company leadership based on open dialogue and mutual respect.","page_number":195,"box":{"x":69,"y":477,"width":645,"height":11}},{"id":"3a97727a-bc24-4c8a-af51-50f53068577c","block_type":"box","text":"Different active equity strategies may implement these voting guidelines differently, as a result of the latitude","page_number":195,"box":{"x":102,"y":495,"width":780,"height":12}},{"id":"f098aae8-ccee-4a7f-9cdf-cbd1bf98f105","block_type":"box","text":"each por tfolio manager has to make independent voting decisions on their holdings. For example, BAIS will generally","page_number":195,"box":{"x":69,"y":510,"width":831,"height":11}},{"id":"cd5e9d4f-843f-4c8e-a54c-26557515f799","block_type":"box","text":"vote the holdings in Systematic Active Equity por tfolios in accordance with these guidelines. We provide voting","page_number":195,"box":{"x":68,"y":525,"width":787,"height":11}},{"id":"a2294678-8c8c-4fc9-996c-1ac8616a20db","block_type":"box","text":"recommendations to fundamental equity por tfolio managers, who may determine to vote differently based on each","page_number":195,"box":{"x":69,"y":540,"width":816,"height":11}},{"id":"41a6b8c5-55df-4fc7-b23b-abd5508197e4","block_type":"box","text":"por tfolio’s investment objectives and strategy.","page_number":195,"box":{"x":70,"y":555,"width":327,"height":11}},{"id":"d7af43f8-a6f0-4678-b1a9-dfc0125bbe49","block_type":"box","text":"These guidelines discuss BAIS’ views on corporate governance topics on which we may engage with","page_number":195,"box":{"x":101,"y":574,"width":711,"height":11}},{"id":"eabf7e0e-4686-49c1-8ac8-5faa82ecb0e0","block_type":"box","text":"management teams and board directors","page_number":195,"box":{"x":69,"y":589,"width":285,"height":11}},{"id":"2ef67944-4035-420e-9d36-494316ec564f","block_type":"box","text":"4","page_number":195,"box":{"x":355,"y":589,"width":5,"height":4}},{"id":"d20f44db-fa9b-45b5-8719-80dbefcd68ec","block_type":"box","text":"and on matters that routinely come to a shareholder vote. We recognize that","page_number":195,"box":{"x":366,"y":589,"width":544,"height":11}},{"id":"bac959e6-1889-497b-8fb0-a022f1a5d3e1","block_type":"box","text":"accepted corporate governance norms can differ across markets, and believe these guidelines represent globally","page_number":195,"box":{"x":69,"y":603,"width":807,"height":11}},{"id":"5aa0491d-96fc-4de6-9156-68f0ab585e56","block_type":"box","text":"applicable elements of governance that suppor t a company’s ability to manage material risks and oppor tunities and","page_number":195,"box":{"x":69,"y":618,"width":827,"height":11}},{"id":"75723a8a-e06d-40c8-9e50-94579e91106f","block_type":"box","text":"deliver financial returns to investors. Generally, we believe companies should observe accepted corporate governance","page_number":195,"box":{"x":69,"y":633,"width":840,"height":11}},{"id":"885e1c29-133a-4bed-be22-d2cd3dba9736","block_type":"box","text":"norms within their local markets or, par ticularly in markets without well-established norms, aspire to widely","page_number":195,"box":{"x":69,"y":648,"width":762,"height":11}},{"id":"0bd46ad2-5608-4b93-914f-7f23bd1b1077","block_type":"box","text":"recognized international best practices. As one of many minority shareholders, BlackRock cannot – and does not try","page_number":195,"box":{"x":69,"y":663,"width":827,"height":11}},{"id":"f97f238e-2bcc-4ed2-8dd5-dcb695846511","block_type":"box","text":"to – direct a company’s strategy or its implementation. We look to companies to provide disclosures that explain how","page_number":195,"box":{"x":68,"y":678,"width":837,"height":11}},{"id":"b7e4bc0d-0af8-4947-a9da-3b02de8f243a","block_type":"box","text":"their approach to corporate governance best aligns with the financial interests of their investors.","page_number":195,"box":{"x":68,"y":692,"width":687,"height":12}},{"id":"1bde3a6b-3839-4eb9-8b0c-facb9b229e8e","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN ACTIVE EQUITIES","page_number":195,"box":{"x":263,"y":722,"width":451,"height":11}},{"id":"6d89791d-c4d9-43b9-8306-78399769f5e0","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":195,"box":{"x":101,"y":741,"width":753,"height":12}},{"id":"d371dcae-1352-414b-921b-869c3260b73d","block_type":"box","text":"governance. The voting rights attached to clients’ holdings are an impor tant mechanism for investors to express","page_number":195,"box":{"x":68,"y":756,"width":801,"height":11}},{"id":"d702c04f-bd49-4c1c-ac28-9833b703f3ef","block_type":"box","text":"suppor t for, or concern about, a company’s per formance. As a fiduciary, BlackRock is legally required to make proxy","page_number":195,"box":{"x":69,"y":771,"width":829,"height":11}},{"id":"ffded9ec-8edb-461e-8282-81e52f03ae57","block_type":"box","text":"voting determinations, on behalf of clients who have delegated voting authority to us, in a manner consistent with","page_number":195,"box":{"x":68,"y":786,"width":809,"height":11}},{"id":"1aeb0fcc-bfe0-4bed-8733-c5f5db22f87b","block_type":"box","text":"BlackRock’s contractual arrangements with clients and funds.","page_number":195,"box":{"x":70,"y":801,"width":438,"height":11}},{"id":"e93e19f0-a745-4982-a247-d6ec843ceab3","block_type":"box","text":"3","page_number":195,"box":{"x":69,"y":830,"width":4,"height":5}},{"id":"78de312c-dec7-41ef-91f0-39f7b852689b","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":195,"box":{"x":79,"y":830,"width":790,"height":11}},{"id":"327d87c7-cc46-466e-bda7-8b7eb2c4e2c3","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":195,"box":{"x":69,"y":845,"width":836,"height":11}},{"id":"43be546f-739f-49e2-a48c-649f8d826807","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":195,"box":{"x":68,"y":860,"width":805,"height":11}},{"id":"a3e063a3-9b4f-413d-bb7e-882fea5f9838","block_type":"box","text":"effect, of changing or influencing control of the company.","page_number":195,"box":{"x":69,"y":875,"width":403,"height":12}},{"id":"f6e9e746-1b17-4d5c-9f4d-c28f117626ee","block_type":"box","text":"4","page_number":195,"box":{"x":69,"y":893,"width":4,"height":5}},{"id":"c7ba034b-d27f-4a34-9199-c7c6100e98cc","block_type":"box","text":"References to the board, board directors or non-executive directors should be understood to include supervisory","page_number":195,"box":{"x":79,"y":893,"width":801,"height":11}},{"id":"9d8fc4bd-7eeb-4907-966e-2b492f0bd8cb","block_type":"box","text":"boards and their members, where relevant.","page_number":195,"box":{"x":69,"y":908,"width":306,"height":11}},{"id":"8ca8b5ce-7b03-4d4a-81ce-3cc351f5e02e","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":195,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"f82154be-b9fa-4de0-9ae6-85eb0313cb57","block_type":"box","text":"Global Engagement and Voting Guidelines | 4","page_number":195,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"7ed8914a-88c7-4231-b812-7d4e790b6509","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":195,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"db6fd662-9af9-43fd-8efe-9f9615287aa5","block_type":"box","text":"In general, we tend to suppor t the recommendations of the board of directors and management. As indicated","page_number":196,"box":{"x":102,"y":45,"width":778,"height":11}},{"id":"260066e0-1a3e-4a0c-aee1-df792a4eac1e","block_type":"box","text":"below, we may vote against management recommendations when we have concerns about how companies are","page_number":196,"box":{"x":69,"y":60,"width":788,"height":11}},{"id":"f73c4913-e7e2-4f8b-84d6-c4275d3ab9a5","block_type":"box","text":"serving the financial interests of our clients as their shareholders. BAIS takes a globally consistent approach to","page_number":196,"box":{"x":69,"y":74,"width":795,"height":12}},{"id":"77b2952f-decd-46e5-815e-a1dea95fad5b","block_type":"box","text":"voting but considers the different corporate governance regulations and norms across markets. Votes are determined","page_number":196,"box":{"x":68,"y":89,"width":839,"height":12}},{"id":"9ace571b-7947-4bee-9f37-f209159817e9","block_type":"box","text":"on a case-by-case basis, in the context of a company’s situation and the investment mandate we have from clients.","page_number":196,"box":{"x":69,"y":104,"width":823,"height":11}},{"id":"87f379a9-4bed-4553-9955-bf92151f099f","block_type":"box","text":"Please see page 19 for more information about how we fulfill and oversee our investment stewardship","page_number":196,"box":{"x":69,"y":119,"width":729,"height":11}},{"id":"7d823e84-28d4-49a9-8e18-ba4ff23f1a20","block_type":"box","text":"responsibilities for BlackRock’s non-index equity strategies.","page_number":196,"box":{"x":69,"y":134,"width":423,"height":11}},{"id":"3161afab-57ea-482c-a0fc-92edc92503e8","block_type":"box","text":"5","page_number":196,"box":{"x":493,"y":134,"width":5,"height":5}},{"id":"134ac243-f772-4c7b-ba7e-41e0d10ab2d9","block_type":"box","text":"OUR APPROACH TO STEWARDSHIP WITHIN FIXED INCOME","page_number":196,"box":{"x":272,"y":164,"width":434,"height":9}},{"id":"25af6361-d25c-4bfb-bbb3-7ad4bfe2295c","block_type":"box","text":"Although fixed income investors do not have the right to vote at shareholder meetings, issuer engagement is a","page_number":196,"box":{"x":101,"y":183,"width":788,"height":11}},{"id":"e9984cf8-1eea-4834-83cc-b4981c2a27f2","block_type":"box","text":"component of fixed income investment strategies at BlackRock, par ticularly for those with sustainability objectives in","page_number":196,"box":{"x":69,"y":198,"width":831,"height":11}},{"id":"e18ccbdc-b42c-4183-a290-b46ea5f0e72d","block_type":"box","text":"addition to financial objectives. Most corporate governance-related fixed income engagements are under taken in","page_number":196,"box":{"x":69,"y":212,"width":801,"height":12}},{"id":"9a2504da-a042-4c4f-abc0-51d3c45b3dad","block_type":"box","text":"conjunction with the active investment stewardship team, and often active equity investors. In addition to the topics","page_number":196,"box":{"x":69,"y":227,"width":824,"height":11}},{"id":"0ea93208-f84a-4f59-88d8-84c0ebe86051","block_type":"box","text":"listed below, engagement with fixed income investment teams may help inform an issuer’s approach to structuring","page_number":196,"box":{"x":70,"y":242,"width":816,"height":11}},{"id":"11566d22-a77d-4614-b572-680f2c4d16a4","block_type":"box","text":"specialist issuances and the standard terms and information in bond documentation.","page_number":196,"box":{"x":69,"y":257,"width":608,"height":11}},{"id":"fcd5d02b-16ac-4f70-b8b2-97b39ddb9eb1","block_type":"box","text":"5","page_number":196,"box":{"x":69,"y":302,"width":4,"height":4}},{"id":"c0a497c0-a16c-4a54-ba81-7899d3a55e3b","block_type":"box","text":"Non-index equity strategies include active equity holdings in BlackRock’s fundamental equity, systematic equity and","page_number":196,"box":{"x":79,"y":301,"width":820,"height":11}},{"id":"7a5a69bf-a8af-438e-9c1e-b77d3f05c317","block_type":"box","text":"multi-asset solutions strategies, as well as holdings in BlackRock’s index and active fixed income strategies, to the","page_number":196,"box":{"x":69,"y":316,"width":822,"height":12}},{"id":"0cd6abdc-8038-4d19-8512-a608b7295eda","block_type":"box","text":"extent those strategies hold voting securities or conduct issuer engagements.","page_number":196,"box":{"x":69,"y":332,"width":554,"height":11}},{"id":"0fb5058d-cb14-4592-982d-2fedd37023f8","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":196,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"20157416-2e1f-4bc2-a017-9f215fe76e3e","block_type":"box","text":"Global Engagement and Voting Guidelines | 5","page_number":196,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"721e8f2e-6eed-41bb-a44c-496e53dde8e6","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":196,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dbd3869d-c322-47a0-8032-ef6af9e91d8c","block_type":"box","text":"BOARDS OF DIRECTORS","page_number":197,"box":{"x":400,"y":45,"width":178,"height":9}},{"id":"6e4c6b07-f552-4b9c-bf21-1e7b114404f2","block_type":"box","text":"Roles and responsibilities","page_number":197,"box":{"x":69,"y":67,"width":186,"height":11}},{"id":"d8601d5b-c6e3-4d26-8ff1-4306774ca09c","block_type":"box","text":"There is widespread consensus that the foundation of good corporate governance is an effective board of","page_number":197,"box":{"x":101,"y":86,"width":754,"height":11}},{"id":"8f3989af-c9fd-46a1-89df-ac1d0df5eb0e","block_type":"box","text":"directors that is able to advise and supervise management in an independent and objective manner.","page_number":197,"box":{"x":69,"y":101,"width":715,"height":11}},{"id":"ba89f5d5-2869-47d8-8534-b34abd732497","block_type":"box","text":"6","page_number":197,"box":{"x":786,"y":101,"width":4,"height":5}},{"id":"d7c7aa59-d958-4156-84fd-b12a25d8c7ab","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":197,"box":{"x":101,"y":119,"width":765,"height":12}},{"id":"99599173-f1f0-44c6-ade1-fe8be5f12e58","block_type":"box","text":"realization of a company’s strategy, purpose and culture. These constructs are interdependent and, when aligned,","page_number":197,"box":{"x":69,"y":134,"width":811,"height":12}},{"id":"d844e089-99ed-4d0f-a264-208212a0ef7a","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":197,"box":{"x":69,"y":149,"width":822,"height":11}},{"id":"2af67b5a-c10f-4f0b-8f4b-a5baa670d1df","block_type":"box","text":"of corporate or employee misconduct, and attract and retain the caliber of workers necessary to deliver financial","page_number":197,"box":{"x":69,"y":164,"width":799,"height":11}},{"id":"a3ec77f7-60c0-4165-aa60-7f81e5383da8","block_type":"box","text":"per formance over time.","page_number":197,"box":{"x":70,"y":179,"width":164,"height":11}},{"id":"b1b3ed89-386f-4079-a7dd-5653f1839f48","block_type":"box","text":"In overseeing the management of the company, the board ensures the necessary resources, policies and","page_number":197,"box":{"x":102,"y":198,"width":750,"height":11}},{"id":"474c7cd2-c1bd-4817-9f7d-a952e000ca13","block_type":"box","text":"procedures are in place to help management meet its strategic objectives within an agreed risk tolerance.","page_number":197,"box":{"x":70,"y":213,"width":753,"height":11}},{"id":"d595451c-5ddc-4d39-969d-29fe922f1dcd","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":197,"box":{"x":102,"y":231,"width":753,"height":11}},{"id":"4031d695-bc66-48ba-8b7b-6bcd0c1964bd","block_type":"box","text":"executive officer (“CEO”). In addition, the board plays a meaningful role in monitoring the per formance of the CEO","page_number":197,"box":{"x":69,"y":246,"width":811,"height":11}},{"id":"244c45e6-2753-4c61-8604-4fd337f6a03b","block_type":"box","text":"and other key executives, determining executive compensation, ensuring a rigorous audit, overseeing strategy","page_number":197,"box":{"x":69,"y":261,"width":783,"height":11}},{"id":"5bb0ace1-20d9-48dc-ae7b-4049f170e32a","block_type":"box","text":"execution and risk management and engaging with shareholders, and other stakeholders, as necessary.","page_number":197,"box":{"x":69,"y":276,"width":742,"height":11}},{"id":"12bb0ea7-d3c6-4706-bc44-c2964ec5718d","block_type":"box","text":"Composition and effectiveness","page_number":197,"box":{"x":69,"y":298,"width":224,"height":11}},{"id":"df347cba-4f04-4188-ba97-ed773a76c629","block_type":"box","text":"Appointment process","page_number":197,"box":{"x":68,"y":317,"width":152,"height":11}},{"id":"96d305b3-f402-4a9f-8f64-2e15f1c175ea","block_type":"box","text":"A formal and transparent process for identifying and appointing director candidates is critical to ensuring the","page_number":197,"box":{"x":101,"y":335,"width":773,"height":12}},{"id":"cc5195bb-f724-4fd2-b953-2e49af49f507","block_type":"box","text":"board is composed of directors with the appropriate mix of skills and experience. Generally, the board or a sub","page_number":197,"box":{"x":69,"y":350,"width":792,"height":11}},{"id":"556da9c8-66af-4c5a-a168-cf21214c8082","block_type":"box","text":"committee determines the general criteria given the company’s circumstances (","page_number":197,"box":{"x":69,"y":365,"width":568,"height":11}},{"id":"a4b9643f-bd78-46bd-a625-1cfd621ca3b5","block_type":"box","text":"e.g.","page_number":197,"box":{"x":638,"y":367,"width":25,"height":9}},{"id":"f44f1546-96ec-43d0-9b90-7549b023424c","block_type":"box","text":", sector, maturity, geographic","page_number":197,"box":{"x":666,"y":365,"width":204,"height":11}},{"id":"9ee835c7-150c-404c-a5fc-46ec062e7c00","block_type":"box","text":"footprint) and any additional criteria for a specific role being filled (","page_number":197,"box":{"x":68,"y":380,"width":474,"height":11}},{"id":"1afd33b2-5dd9-4001-802c-afc0ed760695","block_type":"box","text":"e.g.","page_number":197,"box":{"x":544,"y":381,"width":25,"height":10}},{"id":"2e38c760-61e4-44b6-bdf2-815f4a60a63d","block_type":"box","text":", financial exper tise, industry track record). To","page_number":197,"box":{"x":571,"y":380,"width":327,"height":11}},{"id":"75844571-782b-4e5b-a8f8-2baa66a60ca2","block_type":"box","text":"inform the process, we encourage companies to review the skills and experience of incumbent directors to identify","page_number":197,"box":{"x":70,"y":395,"width":815,"height":11}},{"id":"e4389b64-99b6-46b1-af8b-639ab006d5c2","block_type":"box","text":"any gaps and whether the skills and experience of a director candidate would be additive. We welcome disclosures","page_number":197,"box":{"x":69,"y":410,"width":817,"height":11}},{"id":"3d7c766d-fa44-4385-87b1-8e0e751d5fee","block_type":"box","text":"that explain how the board considered different skills and experience to ensure that the directors collectively can be","page_number":197,"box":{"x":68,"y":425,"width":829,"height":11}},{"id":"e634e40b-78c6-4bd4-9b35-a12611f60788","block_type":"box","text":"effective in fulfilling their responsibilities. We assess a company’s board composition against that of its peer group","page_number":197,"box":{"x":69,"y":439,"width":821,"height":12}},{"id":"b0218cfb-7daf-4361-b0dd-23526dafc9ea","block_type":"box","text":"and local market requirements.","page_number":197,"box":{"x":69,"y":455,"width":221,"height":10}},{"id":"3358b9ba-36bb-4931-bde3-02bed1b12b97","block_type":"box","text":"Shareholders periodically vote to elect directors to serve on the board. We do not prescribe any par ticular board","page_number":197,"box":{"x":102,"y":473,"width":798,"height":11}},{"id":"bf8e94b3-2113-4865-82a6-5dd338640baf","block_type":"box","text":"composition in our engagements or voting but seek to understand how well placed a board is to act in investors’","page_number":197,"box":{"x":69,"y":488,"width":800,"height":11}},{"id":"f159ba92-c7b8-48cc-8cfa-3cf4d7ff1a32","block_type":"box","text":"interests. We may vote against the election of the most senior independent director, or the chair of the relevant","page_number":197,"box":{"x":70,"y":503,"width":794,"height":11}},{"id":"92b535ad-fe19-48c5-ad6e-08b108def3a8","block_type":"box","text":"committee, where a company has not demonstrated it has an appointment process that results in a high functioning","page_number":197,"box":{"x":69,"y":517,"width":830,"height":12}},{"id":"ecb1f843-1c72-4f06-9b2a-a28b5e037783","block_type":"box","text":"board with the appropriate complement of skills and experience amongst the directors to suppor t strong financial","page_number":197,"box":{"x":69,"y":532,"width":808,"height":12}},{"id":"f9e7f92e-35ac-4327-b387-3cdbbdef29ba","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":197,"box":{"x":70,"y":547,"width":808,"height":12}},{"id":"39fc8681-362c-48e8-a031-adb63c5c87b7","block_type":"box","text":"skills or experience to contribute to the board’s effectiveness.","page_number":197,"box":{"x":69,"y":562,"width":442,"height":11}},{"id":"3230ac45-cfd4-46f0-80e1-babcca611ff0","block_type":"box","text":"Independence","page_number":197,"box":{"x":70,"y":585,"width":99,"height":10}},{"id":"15994cf3-2d78-4c50-b872-c63cc8a068b8","block_type":"box","text":"Director independence from management, significant shareholders or other stakeholders (","page_number":197,"box":{"x":102,"y":603,"width":642,"height":11}},{"id":"4944d163-dcff-4d93-ba04-a1ac6982b0db","block_type":"box","text":"e.g.","page_number":197,"box":{"x":746,"y":605,"width":25,"height":9}},{"id":"47187836-4c25-41cb-81a9-31bd866dfa35","block_type":"box","text":", government or","page_number":197,"box":{"x":773,"y":604,"width":111,"height":10}},{"id":"5656f603-eca2-493b-9e92-ea065e519ca9","block_type":"box","text":"employees) is of paramount impor tance to the protection of the interests of minority shareholders such as","page_number":197,"box":{"x":69,"y":618,"width":759,"height":11}},{"id":"5fd5c1ba-123a-4e0f-a66d-6218e209d34a","block_type":"box","text":"BlackRock’s clients. We consider it good practice for at least half the directors to be independent and free from","page_number":197,"box":{"x":70,"y":633,"width":793,"height":11}},{"id":"abfe3f20-a2c3-4dab-ae8e-1df9519b2e12","block_type":"box","text":"conflicts of interest or undue influence.","page_number":197,"box":{"x":69,"y":648,"width":278,"height":9}},{"id":"e5f80577-6f80-40ac-8a07-0fc4821832a0","block_type":"box","text":"7","page_number":197,"box":{"x":349,"y":648,"width":4,"height":5}},{"id":"18c541e4-aaba-4bdc-a174-d0c992dcc68e","block_type":"box","text":"This also helps to ensure that board committees are composed of a","page_number":197,"box":{"x":358,"y":648,"width":486,"height":11}},{"id":"0422ba1b-c936-482d-9db4-5483e7a51790","block_type":"box","text":"sufficient number of independent directors. Companies domiciled in markets with a higher threshold for board","page_number":197,"box":{"x":69,"y":663,"width":783,"height":11}},{"id":"6cb56d80-3319-4d88-b4b7-3457b90b008a","block_type":"box","text":"independence should meet those local requirements.","page_number":197,"box":{"x":70,"y":678,"width":378,"height":10}},{"id":"b1913297-3457-4e37-a7b2-12dc3664877d","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":197,"box":{"x":101,"y":696,"width":803,"height":11}},{"id":"1402f464-fa50-409b-b718-f4fef7f45793","block_type":"box","text":"independence. We may also vote against the election of the chair of the committee responsible for board","page_number":197,"box":{"x":70,"y":711,"width":748,"height":11}},{"id":"661dcc6e-0f50-456f-8473-01249204c523","block_type":"box","text":"composition if this is a perennial issue.","page_number":197,"box":{"x":69,"y":726,"width":280,"height":11}},{"id":"94f2fef4-4224-44a8-bc13-a4cda5dd864e","block_type":"box","text":"6","page_number":197,"box":{"x":69,"y":756,"width":4,"height":4}},{"id":"862d9323-4ccf-480e-985f-619fbbdc5821","block_type":"box","text":"See the Corporate Governance Codes of Germany, Japan, and the UK, as well as the corporate governance","page_number":197,"box":{"x":93,"y":755,"width":763,"height":11}},{"id":"7b42a551-6d67-4836-8aeb-5f98ed68ab85","block_type":"box","text":"principles of the US Business Roundtable as examples.","page_number":197,"box":{"x":94,"y":770,"width":394,"height":11}},{"id":"a5d815f7-02b9-4c12-9697-1b623261062a","block_type":"box","text":"7","page_number":197,"box":{"x":69,"y":788,"width":4,"height":5}},{"id":"7482c6d3-4e63-4728-b4bf-93aa270f9510","block_type":"box","text":"Common impediments to independence may include but are not limited to: current or recent employment at the","page_number":197,"box":{"x":93,"y":788,"width":795,"height":11}},{"id":"5b003399-a46d-4796-8cb1-b28579d38e3a","block_type":"box","text":"company or a subsidiary; being, or representing, a shareholder with a substantial shareholding in the company;","page_number":197,"box":{"x":93,"y":803,"width":793,"height":11}},{"id":"a78c650f-4097-47d0-a2b6-2fd5bc206872","block_type":"box","text":"interlocking directorships; lengthy tenure, and having any other interest, business, or other relationship which","page_number":197,"box":{"x":94,"y":818,"width":778,"height":11}},{"id":"052699e5-4c09-4222-80ca-13d2fec3ff4d","block_type":"box","text":"could, or could reasonably be perceived to, materially inter fere with a director’s ability to act in the best interests","page_number":197,"box":{"x":93,"y":833,"width":807,"height":11}},{"id":"95c760d5-9724-4a1e-8bfd-674a320e7a15","block_type":"box","text":"of the company and shareholders.","page_number":197,"box":{"x":93,"y":848,"width":242,"height":11}},{"id":"6e555e5f-d33e-46a3-aae3-bad2e0b37bd2","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":197,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"565084a2-e2a4-49f4-bc44-b76c4edac934","block_type":"box","text":"Global Engagement and Voting Guidelines | 6","page_number":197,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"787ee57f-3aba-450f-97cb-255663827975","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":197,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e41669bc-0415-4dc9-b5e6-1c7aa2f8f3bb","block_type":"box","text":"Independent board leadership","page_number":198,"box":{"x":70,"y":45,"width":212,"height":11}},{"id":"615ad0de-dc58-4ac8-9dc5-2486da76c9be","block_type":"box","text":"Practices across markets differ, as do board structures, but we observe two main approaches to independent","page_number":198,"box":{"x":102,"y":63,"width":784,"height":11}},{"id":"fe1e3a43-7c9a-493b-a281-d4f4d85daf1d","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":198,"box":{"x":69,"y":78,"width":827,"height":11}},{"id":"994c532f-9c49-4cb7-ac20-5ced777c82ef","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":198,"box":{"x":68,"y":93,"width":774,"height":11}},{"id":"453e5d8a-9c8b-46db-9a73-3066fefb5f38","block_type":"box","text":"coordinating with the other non-executive directors and working closely with the executive chair on the board agenda","page_number":198,"box":{"x":69,"y":108,"width":826,"height":11}},{"id":"205ad028-adb9-4e5b-90b7-4dbbabaf81b7","block_type":"box","text":"and other board procedures. In this case, the executive chair and the lead independent director work together to","page_number":198,"box":{"x":69,"y":123,"width":801,"height":11}},{"id":"0e0dbd7a-f0bd-4110-90a4-4a8b19b90857","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":198,"box":{"x":69,"y":138,"width":823,"height":11}},{"id":"bf674383-d5b4-4781-9122-e80f82d07028","block_type":"box","text":"the chair of a relevant committee, should be available to investors to discuss governance matters such as CEO","page_number":198,"box":{"x":68,"y":152,"width":793,"height":12}},{"id":"3a5bb2b8-9101-433f-bc9c-7a7b59fc866e","block_type":"box","text":"succession, executive pay, and board per formance. We look to boards to explain their board leadership model and","page_number":198,"box":{"x":69,"y":167,"width":816,"height":11}},{"id":"7f6de019-50c9-49d9-a706-a11aabb6a1f0","block_type":"box","text":"how it serves the interests of shareholders.","page_number":198,"box":{"x":69,"y":182,"width":311,"height":9}},{"id":"8d999321-30d5-47c8-939b-d68f4d921929","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":198,"box":{"x":101,"y":201,"width":798,"height":11}},{"id":"c5ffc47e-896c-4a33-ae3a-7fe740e17515","block_type":"box","text":"an identified independent leader of the board with clear responsibilities for board per formance. We may vote against","page_number":198,"box":{"x":69,"y":216,"width":831,"height":11}},{"id":"f4035a55-7fb8-460b-817c-ea3b11c4a767","block_type":"box","text":"the most senior independent director if the board has a policy of not engaging with shareholders.","page_number":198,"box":{"x":68,"y":231,"width":691,"height":11}},{"id":"87994adb-d459-4abb-aace-932a0411246a","block_type":"box","text":"Tenure and succession","page_number":198,"box":{"x":70,"y":253,"width":162,"height":9}},{"id":"ddf0c825-7875-4a81-b4c8-903980c506a7","block_type":"box","text":"In our view, it is good practice for boards to establish the length of time a director would normally be expected to","page_number":198,"box":{"x":102,"y":272,"width":803,"height":11}},{"id":"89626afa-b2ad-49dd-8317-bb9db1c4597f","block_type":"box","text":"serve, in line with market norms where those exist. We find it helpful when companies disclose their approach to","page_number":198,"box":{"x":69,"y":286,"width":805,"height":11}},{"id":"af195bc1-9167-4425-92a6-a0000ac7f3eb","block_type":"box","text":"director tenure par ticularly around the contributions of directors who have served for longer periods than typically","page_number":198,"box":{"x":69,"y":301,"width":806,"height":12}},{"id":"2d7ebfe8-2e6e-4500-9d4b-fb9318a66ac1","block_type":"box","text":"provided for under local practice. In our experience, long-serving directors could become less independent given their","page_number":198,"box":{"x":70,"y":316,"width":833,"height":12}},{"id":"87dde288-f714-479c-97d7-3fb65795e48e","block_type":"box","text":"long-term relationship with management and involvement in past board decisions.","page_number":198,"box":{"x":70,"y":331,"width":581,"height":11}},{"id":"76912d85-efa6-4ba1-940a-75c640a5fdb3","block_type":"box","text":"Succession planning for board roles helps achieve the appropriate cadence of turnover that balances renewal","page_number":198,"box":{"x":102,"y":350,"width":779,"height":11}},{"id":"cbd113e0-a1ce-4fe4-ad20-b6a79a64d9cb","block_type":"box","text":"through the regular introduction of directors with fresh perspectives and exper tise with continuity through the","page_number":198,"box":{"x":68,"y":365,"width":777,"height":11}},{"id":"07ac12dc-342e-41ae-b415-4c7ae860fa71","block_type":"box","text":"retention of directors with long-term knowledge of the board and company.","page_number":198,"box":{"x":69,"y":379,"width":528,"height":12}},{"id":"7215d342-decb-4b00-82d2-e63391526c77","block_type":"box","text":"In markets where there is not specific director tenure guidance from regulation or corporate governance best","page_number":198,"box":{"x":102,"y":398,"width":774,"height":11}},{"id":"a34bfb86-20c9-4b51-99a8-4119e83e067a","block_type":"box","text":"practices, we may vote against the election of the chair of the committee responsible for board composition if a","page_number":198,"box":{"x":70,"y":413,"width":795,"height":11}},{"id":"c47d6f8b-d219-40db-b46e-70731c73d959","block_type":"box","text":"company does not clearly disclose its approach to director tenure and board renewal. We may vote against the","page_number":198,"box":{"x":69,"y":428,"width":788,"height":11}},{"id":"a0421c7c-46f3-4135-a50f-3c54544b80af","block_type":"box","text":"election of directors who have served for more years than is typical in markets with specific guidance, where the case","page_number":198,"box":{"x":69,"y":443,"width":839,"height":11}},{"id":"edfb09c7-bd43-4ffd-9315-e33cd2601720","block_type":"box","text":"for their continued service is not evident.","page_number":198,"box":{"x":68,"y":458,"width":292,"height":9}},{"id":"f87be830-7828-4e21-859e-6b534a3d23b1","block_type":"box","text":"Capacity","page_number":198,"box":{"x":70,"y":480,"width":60,"height":11}},{"id":"e415e459-3eff-4c5b-958a-489761270b7e","block_type":"box","text":"To be effective and engaged, directors need to have the time and energy to commit to the role. In our view, an","page_number":198,"box":{"x":101,"y":499,"width":784,"height":11}},{"id":"c66252ed-55cd-4468-85ea-5d397facc00a","block_type":"box","text":"effective board will assess the ability of its members to maintain an appropriate focus on board matters and the","page_number":198,"box":{"x":69,"y":513,"width":801,"height":12}},{"id":"458a35f7-c52f-492b-9d90-283dbe1fa6c2","block_type":"box","text":"company taking into consideration competing responsibilities. We recognize that board leadership roles vary across","page_number":198,"box":{"x":69,"y":529,"width":823,"height":11}},{"id":"ace545df-8948-49e5-b129-cf88d21baf05","block_type":"box","text":"markets in responsibilities and required time commitment but note that they are generally more intensive than a","page_number":198,"box":{"x":69,"y":543,"width":800,"height":11}},{"id":"3a9933fe-93d5-44f7-8d95-464429d3a163","block_type":"box","text":"standard directorship. We will take local norms and practices into consideration when making our voting","page_number":198,"box":{"x":69,"y":558,"width":741,"height":11}},{"id":"eca1323a-b336-4446-8a70-e4c72bd11c6e","block_type":"box","text":"determinations across markets.","page_number":198,"box":{"x":69,"y":573,"width":226,"height":9}},{"id":"bc1adbec-03d3-4914-980c-0229e395db0b","block_type":"box","text":"We may vote against the election of directors who do not seem to have sufficient capacity to effectively fulfill","page_number":198,"box":{"x":101,"y":592,"width":776,"height":11}},{"id":"836b2d2f-1a39-4e7e-971e-8199ee834ebd","block_type":"box","text":"their duties to the board and company.","page_number":198,"box":{"x":68,"y":607,"width":275,"height":11}},{"id":"376850b9-4d90-4136-b101-952a0f2cb612","block_type":"box","text":"Director elections","page_number":198,"box":{"x":70,"y":629,"width":124,"height":9}},{"id":"d3b57b9f-4c68-42b5-a292-d818d94ee865","block_type":"box","text":"Regular election of directors, ideally annually, suppor ts director accountability to shareholders. A classified board","page_number":198,"box":{"x":102,"y":647,"width":805,"height":12}},{"id":"bea95b74-6dc0-497b-9c22-c4b360b887c7","block_type":"box","text":"structure","page_number":198,"box":{"x":69,"y":663,"width":63,"height":8}},{"id":"e4e65c61-db71-4459-8d1c-19799cb6a410","block_type":"box","text":"8","page_number":198,"box":{"x":133,"y":663,"width":4,"height":4}},{"id":"835fec9d-1237-4899-b3a8-338b751c4170","block_type":"box","text":"may be justified by a company when it needs consistency and stability during a time of transition, or on the","page_number":198,"box":{"x":144,"y":662,"width":761,"height":12}},{"id":"a76de3f1-e02e-40eb-9f77-a75ca4958c3c","block_type":"box","text":"basis of its business model (","page_number":198,"box":{"x":69,"y":677,"width":206,"height":11}},{"id":"8f78da1e-aac6-45e9-b44d-e50c924549b6","block_type":"box","text":"e.g.","page_number":198,"box":{"x":277,"y":679,"width":24,"height":10}},{"id":"bbc21778-8351-4269-be56-84dc6ff96627","block_type":"box","text":", a non-operating company such as closed-end funds).","page_number":198,"box":{"x":304,"y":677,"width":382,"height":12}},{"id":"ba944621-1691-4008-9a72-9e01b699c5ac","block_type":"box","text":"Shareholders should have the oppor tunity to evaluate nominated directors individually rather than in bundled","page_number":198,"box":{"x":102,"y":696,"width":774,"height":11}},{"id":"d5a1909b-4ded-42db-a4e1-b00d1775f1ae","block_type":"box","text":"slates. We look to companies to provide sufficient information on each director standing for election so that","page_number":198,"box":{"x":69,"y":711,"width":770,"height":11}},{"id":"e07d5daf-919a-42e0-93c1-9ff199277992","block_type":"box","text":"shareholders can assess their capabilities and suitability. We will generally not suppor t the election of directors","page_number":198,"box":{"x":69,"y":726,"width":794,"height":11}},{"id":"c8c22cd0-2912-4d49-bf41-19e395a7ee80","block_type":"box","text":"whose names and biographical details have not been disclosed sufficiently in advance of the shareholder meeting.","page_number":198,"box":{"x":68,"y":740,"width":818,"height":12}},{"id":"e08b0efc-a5f0-4e0e-b9e1-5de559983180","block_type":"box","text":"Each director’s appointment should be dependent on receiving a simple majority of the votes cast at the","page_number":198,"box":{"x":102,"y":759,"width":743,"height":11}},{"id":"899737fa-ec0b-41d8-80a1-d78761dfe475","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":198,"box":{"x":69,"y":774,"width":823,"height":11}},{"id":"fcc2e9fa-1748-4b5c-a98c-bb271ab811ff","block_type":"box","text":"to how its approach best serves investors’ interests.","page_number":198,"box":{"x":68,"y":789,"width":377,"height":11}},{"id":"80dd7e5c-a7ad-41fa-8007-b97977ba0545","block_type":"box","text":"We may vote for shareholder or management proposals seeking to establish annual election of directors and/or","page_number":198,"box":{"x":101,"y":807,"width":798,"height":12}},{"id":"eafffef6-8a4c-4ba1-8f3c-7f613c03d60a","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":198,"box":{"x":69,"y":822,"width":822,"height":12}},{"id":"418017fb-0f8e-46a3-8f0b-e58b167b45e1","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":198,"box":{"x":70,"y":837,"width":706,"height":12}},{"id":"026ff29d-8d1f-4b95-becd-c39fd3076466","block_type":"box","text":"8","page_number":198,"box":{"x":69,"y":867,"width":4,"height":4}},{"id":"cad13ff4-7f34-422f-8aab-3c43cfc2bbf9","block_type":"box","text":"A classified board divides the directors into classes with different overlapping terms. As a result, only one class of","page_number":198,"box":{"x":78,"y":866,"width":818,"height":12}},{"id":"a873fd09-0284-4bbf-95e4-c0ccbf785505","block_type":"box","text":"directors stands for election in any one year.","page_number":198,"box":{"x":69,"y":882,"width":315,"height":11}},{"id":"fc65acf6-2c2a-4822-9ab5-dce86a2b1a29","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":198,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"15607c3b-d700-4120-b21e-91bd8c10a367","block_type":"box","text":"Global Engagement and Voting Guidelines | 7","page_number":198,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"439d2b39-9a49-41ab-8f66-04038acf94d2","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":198,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"7d457370-d511-4a5e-a6bb-f713cced420b","block_type":"box","text":"Committees","page_number":199,"box":{"x":70,"y":45,"width":84,"height":9}},{"id":"382d57f9-851e-447f-b482-e379672221ef","block_type":"box","text":"Many boards establish committees to focus on specific responsibilities of the board such as audit and risk,","page_number":199,"box":{"x":102,"y":63,"width":766,"height":11}},{"id":"2d8cd3ce-d494-47bf-96e6-b8959ad3ce2b","block_type":"box","text":"governance and human capital, and executive compensation, amongst other matters. We do not prescribe to","page_number":199,"box":{"x":68,"y":78,"width":776,"height":11}},{"id":"e5719a2c-0411-4c00-bfa6-8e50860cd7f8","block_type":"box","text":"companies what committees they should establish, but we seek to understand the board’s rationale for the","page_number":199,"box":{"x":69,"y":93,"width":766,"height":11}},{"id":"269b116c-fa16-41e2-8b95-71194688d1cc","block_type":"box","text":"committee structure it determines is appropriate. We note that, in some markets, regulation requires such","page_number":199,"box":{"x":69,"y":108,"width":759,"height":11}},{"id":"b9b4a728-db88-43aa-a7e5-c55f4ca51bb4","block_type":"box","text":"committees. The responsibilities of each committee should be clear, and the board should ensure that all critical","page_number":199,"box":{"x":69,"y":123,"width":804,"height":11}},{"id":"1e5319a1-a351-4dd7-855d-557f2ba84575","block_type":"box","text":"matters are assigned either to the full board or to one of the committees. It is helpful to investor understanding when","page_number":199,"box":{"x":69,"y":138,"width":837,"height":11}},{"id":"75e3bd6b-0c89-4515-9de9-26b7eefbcbb3","block_type":"box","text":"the board discloses the structure, membership, propor tion of independent directors, and responsibilities of each","page_number":199,"box":{"x":68,"y":152,"width":806,"height":11}},{"id":"7f53e3a2-d46e-45f7-8203-989abcf3e09d","block_type":"box","text":"committee. The responsibilities we typically see assigned to the three most common committees include:","page_number":199,"box":{"x":69,"y":168,"width":752,"height":11}},{"id":"cb14f7fa-13c6-4c5e-9c10-72b2a56475d2","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":188,"width":6,"height":4}},{"id":"00dc3a76-5cae-433e-9965-4f6ca093a004","block_type":"box","text":"Audit and risk – oversight responsibilities for the integrity of financial repor ting, risk management and","page_number":199,"box":{"x":101,"y":185,"width":722,"height":11}},{"id":"3a878d9a-255f-4aeb-8460-65dc78272d9a","block_type":"box","text":"compliance with legal and regulatory requirements; may also play an oversight role in relation to the internal","page_number":199,"box":{"x":101,"y":200,"width":771,"height":11}},{"id":"140435d0-94a7-4038-a5fd-344d392fa905","block_type":"box","text":"audit function and whistleblowing mechanisms.","page_number":199,"box":{"x":102,"y":214,"width":335,"height":12}},{"id":"d4b11f0c-8f4e-416b-979f-fe6c81a29606","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":235,"width":6,"height":4}},{"id":"23972b24-1d70-4b03-8a5b-5b07201bc4ba","block_type":"box","text":"Nominating, governance and human capital – oversight responsibilities for corporate governance principles and","page_number":199,"box":{"x":102,"y":232,"width":790,"height":11}},{"id":"4f6aeba7-0243-4604-b915-299baf1f5988","block_type":"box","text":"practices of the company, including the periodic review of board per formance; responsibility for succession","page_number":199,"box":{"x":102,"y":247,"width":761,"height":11}},{"id":"e734a0d7-529c-4567-9a6a-38e8236f537d","block_type":"box","text":"planning for CEO and key board roles, as well as the director appointment process; may also have oversight","page_number":199,"box":{"x":102,"y":262,"width":769,"height":11}},{"id":"db300209-5fb1-4d01-b413-e784f5f0f045","block_type":"box","text":"responsibilities for human capital management strategies, including corporate culture and purpose.","page_number":199,"box":{"x":102,"y":276,"width":707,"height":12}},{"id":"5f2ab5f4-e4b9-4fef-b3b0-6fab02fc6f10","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":297,"width":6,"height":4}},{"id":"3601c992-94a5-43be-9997-3ed009ce4763","block_type":"box","text":"Executive compensation – determines the compensation policies and programs for the CEO and other executive","page_number":199,"box":{"x":102,"y":294,"width":796,"height":11}},{"id":"cd9a40d8-ead0-41fb-8470-fded192b6145","block_type":"box","text":"officers, approves annual awards and payments under the policies; may also have oversight responsibilities for","page_number":199,"box":{"x":102,"y":309,"width":793,"height":11}},{"id":"551256f8-9237-45e0-bdee-9813b3686cbc","block_type":"box","text":"firm-wide compensation policies.","page_number":199,"box":{"x":101,"y":323,"width":232,"height":11}},{"id":"8518dc51-bf97-4931-9fcf-c2e8b0ff93f6","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":199,"box":{"x":101,"y":342,"width":807,"height":11}},{"id":"abeb1919-ca13-475d-9875-494413d1fe29","block_type":"box","text":"to convey concerns about how a committee has under taken its responsibilities. We may vote against the election of","page_number":199,"box":{"x":68,"y":357,"width":828,"height":11}},{"id":"db600130-c8e9-496c-9808-8791708d5b02","block_type":"box","text":"the most senior non-executive director if there is not a clearly disclosed approach to board committees.","page_number":199,"box":{"x":68,"y":372,"width":738,"height":11}},{"id":"82473dce-b911-4c43-a6e2-e2c1b6bd9f1a","block_type":"box","text":"Board and director evaluation","page_number":199,"box":{"x":70,"y":395,"width":209,"height":8}},{"id":"4b824f25-7c3a-4505-b0b9-ad9205392711","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":199,"box":{"x":101,"y":413,"width":776,"height":11}},{"id":"0fa4ed9e-dba1-4f51-a687-1b7af59e51e1","block_type":"box","text":"committees, the chair and individual directors. Periodically, this review could be under taken by an independent third","page_number":199,"box":{"x":69,"y":428,"width":825,"height":11}},{"id":"af07d61b-4d65-4b1e-9c20-7fae75796ffe","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":199,"box":{"x":70,"y":443,"width":831,"height":11}},{"id":"83960f4c-807b-4bf2-813e-009e595e3575","block_type":"box","text":"disclose their approach to and the objectives of evaluations, including any changes made to the board’s approach as","page_number":199,"box":{"x":69,"y":458,"width":835,"height":11}},{"id":"ef7e6335-2ac1-44f3-b37c-08098568c34b","block_type":"box","text":"a result.","page_number":199,"box":{"x":69,"y":473,"width":57,"height":8}},{"id":"4c8ac0f1-834a-4e43-823b-377b3837a7ca","block_type":"box","text":"Access to independent advice","page_number":199,"box":{"x":68,"y":495,"width":214,"height":11}},{"id":"82779d5d-522f-4765-b1e0-021640f4ee37","block_type":"box","text":"To suppor t the directors in effectively fulfilling their duties to the company and shareholders, they should have","page_number":199,"box":{"x":101,"y":513,"width":786,"height":12}},{"id":"7f34fa00-c3b0-4ed6-b24d-18127afcfbb0","block_type":"box","text":"access to independent advice. In cer tain circumstances, it may be helpful to boards to retain independent third","page_number":199,"box":{"x":69,"y":528,"width":793,"height":11}},{"id":"2c30318a-26dd-464d-b6db-024a50b1b131","block_type":"box","text":"par ties to advise on critical matters. These might include new industry developments such as emergent and","page_number":199,"box":{"x":70,"y":543,"width":770,"height":11}},{"id":"9d74f336-f3e1-4a8f-82f7-538b6fc17435","block_type":"box","text":"disruptive technology, operating events with material consequences for the company’s reputation and/or","page_number":199,"box":{"x":69,"y":558,"width":746,"height":11}},{"id":"c7e3b6bb-8e42-42b9-aafe-2ea4601fa352","block_type":"box","text":"per formance, or significant transactions. Board committees may similarly retain third par ties to advise them on","page_number":199,"box":{"x":70,"y":573,"width":793,"height":11}},{"id":"a1cb2f66-e232-4849-9f98-ebc86c921394","block_type":"box","text":"specialist matters such as audit, compensation and succession planning.","page_number":199,"box":{"x":69,"y":588,"width":524,"height":11}},{"id":"a46cbf6b-6d2c-431f-bb79-505752895fad","block_type":"box","text":"EXECUTIVE COMPENSATION","page_number":199,"box":{"x":385,"y":618,"width":207,"height":9}},{"id":"534e0863-34c2-4559-9e58-6877ab150156","block_type":"box","text":"Boards play an impor tant role in establishing compensation arrangements that enable the company to recruit,","page_number":199,"box":{"x":102,"y":637,"width":784,"height":11}},{"id":"2c940bcf-02fb-4662-a2ff-5b1e3c75fb58","block_type":"box","text":"retain and reward the caliber of executive management necessary to lead and operate the company to deliver","page_number":199,"box":{"x":69,"y":652,"width":782,"height":11}},{"id":"8f555b8d-1168-4dc0-a983-5e0ba74d76ef","block_type":"box","text":"superior financial returns over time. We focus on alignment between variable pay and a company’s financial","page_number":199,"box":{"x":69,"y":666,"width":766,"height":12}},{"id":"4519d7d1-d739-4bcd-8192-c9eea34f94be","block_type":"box","text":"per formance.","page_number":199,"box":{"x":70,"y":681,"width":93,"height":11}},{"id":"8cb7a98f-e814-42a9-a7c8-2af6739a0211","block_type":"box","text":"Generally, executive compensation arrangements have four components: base salary, annual bonus that rewards","page_number":199,"box":{"x":102,"y":700,"width":805,"height":11}},{"id":"03513557-1a92-4435-a288-74e92aa21b57","block_type":"box","text":"per formance against shor t-term metrics, incentives – most often share-based that reward per formance against long","page_number":199,"box":{"x":70,"y":715,"width":831,"height":11}},{"id":"c5000cc4-84da-4744-8391-4872b1dd566c","block_type":"box","text":"term metrics, and pensions and benefits. In our observation, base salary, pensions and benefits are largely set","page_number":199,"box":{"x":68,"y":730,"width":798,"height":11}},{"id":"0c3d0d25-3eea-4ec7-b29d-884efffeb36d","block_type":"box","text":"relative to market norms and benchmarks. The annual bonus and share-based incentive, or variable pay plans, tend","page_number":199,"box":{"x":69,"y":745,"width":824,"height":11}},{"id":"5eeaa58d-1c7d-455d-9964-22e9a395c907","block_type":"box","text":"to be tailored to the company, its sector and long-term strategy, as well as the individuals the board is seeking to","page_number":199,"box":{"x":68,"y":760,"width":807,"height":11}},{"id":"55f71eee-872a-4f42-b294-2cfe598843a9","block_type":"box","text":"recruit and motivate.","page_number":199,"box":{"x":69,"y":774,"width":146,"height":9}},{"id":"d2bf47d4-72cd-41a0-bf92-50be2392abac","block_type":"box","text":"Recognizing the unique circumstances of each company, we determine whether to suppor t a company’s","page_number":199,"box":{"x":102,"y":793,"width":739,"height":11}},{"id":"15733196-7d21-40e6-af2a-bd39b359d907","block_type":"box","text":"approach to executive compensation on a case-by-case basis. We rely on companies providing sufficient quantitative","page_number":199,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"c7a9f220-2035-400e-9c00-5225f7988e51","block_type":"box","text":"and qualitative information in their disclosures to enable shareholders to understand the compensation","page_number":199,"box":{"x":69,"y":823,"width":737,"height":11}},{"id":"f7c2c67c-3516-479f-82db-f065ef2ca4cc","block_type":"box","text":"arrangements and assess the alignment with investors’ interests. Features we look for in compensation","page_number":199,"box":{"x":69,"y":837,"width":741,"height":12}},{"id":"80373b1d-d15b-44e5-a167-f14bcf961b25","block_type":"box","text":"arrangements include:","page_number":199,"box":{"x":69,"y":853,"width":157,"height":11}},{"id":"241593e7-0cfc-4989-a4c5-4979560ed0ec","block_type":"box","text":"•","page_number":199,"box":{"x":69,"y":873,"width":6,"height":4}},{"id":"3f2b6075-9ed8-4d38-a6b2-260bb0ae80dd","block_type":"box","text":"Fixed pay components, including base salary, benefits and prerequisites that are appropriate in the context of","page_number":199,"box":{"x":102,"y":870,"width":783,"height":11}},{"id":"942e144f-869e-4788-b941-0c6cac67f56d","block_type":"box","text":"the company’s size, sector and market.","page_number":199,"box":{"x":101,"y":885,"width":280,"height":11}},{"id":"efbcddd2-d5dd-4aac-bdbb-3eda20479e05","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":199,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"0f070470-7ded-43b5-acc2-59af76398bf9","block_type":"box","text":"Global Engagement and Voting Guidelines | 8","page_number":199,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"1451fbec-505e-4a27-8b55-3867680f0805","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":199,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"bb8f4580-876e-481e-ace5-efb8bd5ea684","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":48,"width":6,"height":4}},{"id":"53c7fcda-4c37-4d76-85b7-cff6f616e468","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":200,"box":{"x":101,"y":45,"width":752,"height":11}},{"id":"ffade249-e588-496d-8a3e-94ccb16a1c98","block_type":"box","text":"strategic objectives.","page_number":200,"box":{"x":102,"y":60,"width":140,"height":11}},{"id":"6eb655e7-3358-4342-9a7d-8515798039ae","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":80,"width":6,"height":4}},{"id":"cf6219d9-582c-4e63-9323-bcc399008147","block_type":"box","text":"Long-term incentives that motivate sustained per formance across a multi-year period.","page_number":200,"box":{"x":102,"y":77,"width":609,"height":11}},{"id":"9266a6b9-a70d-4bfb-b087-041ac0a37db9","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":97,"width":6,"height":5}},{"id":"4f223074-4bdc-4f83-8c46-1e29dbeab8fd","block_type":"box","text":"A balance between fixed and variable pay, shor t- and long-term incentives, and specific instruments (cash and","page_number":200,"box":{"x":101,"y":94,"width":784,"height":12}},{"id":"98335b04-bdd8-403a-b602-d77015c499b1","block_type":"box","text":"equity awards) that promotes pay program durability and seldom necessitates one-off, discretionary payments.","page_number":200,"box":{"x":101,"y":109,"width":790,"height":11}},{"id":"de49d05e-3a19-4abc-9666-e875ee1d5f20","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":129,"width":6,"height":5}},{"id":"36d6c389-1d37-4a7b-ba33-e1311c6707d4","block_type":"box","text":"Pay outcomes that are consistent with the returns to investors over the relevant time period.","page_number":200,"box":{"x":102,"y":127,"width":658,"height":11}},{"id":"450891ef-8682-4de6-b83b-f153ca96d8a9","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":147,"width":6,"height":4}},{"id":"6fbd0448-f798-414f-8943-90afe9f1bf48","block_type":"box","text":"Board discretion, if allowed within the variable pay arrangements, to be used sparingly, responsibly and","page_number":200,"box":{"x":102,"y":144,"width":735,"height":11}},{"id":"35e79598-879c-4f64-a436-8ea3bb495a91","block_type":"box","text":"transparently.","page_number":200,"box":{"x":101,"y":159,"width":95,"height":11}},{"id":"28c8151d-f562-43c7-87e4-62c39bb0f850","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":179,"width":6,"height":5}},{"id":"44c33eb1-9d9d-4b70-9224-deb62bbb5143","block_type":"box","text":"A requirement, that par ticipants in long-term share-based incentive plans build a meaningful shareholding in the","page_number":200,"box":{"x":101,"y":176,"width":798,"height":11}},{"id":"b6a86f3d-901f-449e-ae6a-5cb9cef59167","block_type":"box","text":"company within a defined time period, as determined by the board or relevant board committee.","page_number":200,"box":{"x":101,"y":191,"width":683,"height":11}},{"id":"55964c60-4f93-4f01-97c9-fc5ccf75a877","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":211,"width":6,"height":5}},{"id":"1cab30f9-8793-4355-ac00-58aca2545cc5","block_type":"box","text":"Change of control provisions that appropriately balance the interests of executives and shareholders.","page_number":200,"box":{"x":102,"y":208,"width":720,"height":12}},{"id":"219e2574-bc80-49db-bcce-214d6e60e0dc","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":229,"width":6,"height":4}},{"id":"97eb4ef0-0249-4e8b-8113-415467f3e6cc","block_type":"box","text":"Clawback or malus provisions that allow the company to recoup or hold back variable compensation from","page_number":200,"box":{"x":102,"y":226,"width":747,"height":11}},{"id":"46e2d259-d9a8-4020-8d3f-c1e7a50d4efd","block_type":"box","text":"individuals whose awards were based on fraudulent activities, misstated financial repor ts, or executive","page_number":200,"box":{"x":102,"y":241,"width":733,"height":11}},{"id":"f83cfe5c-c7e5-4a4a-b835-5e68cd010c42","block_type":"box","text":"misconduct.","page_number":200,"box":{"x":102,"y":256,"width":84,"height":8}},{"id":"5873980f-f483-4de0-b73e-6507855cb193","block_type":"box","text":"•","page_number":200,"box":{"x":69,"y":276,"width":6,"height":4}},{"id":"eb4b7ddf-2000-45e1-9687-a5a0e604ab48","block_type":"box","text":"Severance arrangements that protect the company’s interests but do not cost more than is contractual.","page_number":200,"box":{"x":102,"y":273,"width":738,"height":11}},{"id":"e62ff79a-cbef-4c88-af99-63d0e050eb1b","block_type":"box","text":"We may vote against proposals to introduce new share-based incentives, approve existing policies or plans, or","page_number":200,"box":{"x":101,"y":292,"width":787,"height":11}},{"id":"595015a1-eef2-4633-972d-00d347e4fe6c","block_type":"box","text":"approve the compensation repor t where we do not see alignment between executive compensation arrangements","page_number":200,"box":{"x":69,"y":307,"width":810,"height":11}},{"id":"13ec15c0-1bd2-4720-824e-2b12de789f45","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":200,"box":{"x":69,"y":321,"width":831,"height":11}},{"id":"04404647-9ad5-4efa-8411-b7e9b820be71","block_type":"box","text":"compensation misaligned with per formance, we may vote against the election of the chair of the responsible","page_number":200,"box":{"x":69,"y":336,"width":775,"height":11}},{"id":"525c2595-4bf1-4924-8281-2a16ca2489bc","block_type":"box","text":"committee, or the most senior independent director.","page_number":200,"box":{"x":69,"y":351,"width":371,"height":11}},{"id":"ba14daa7-338d-4208-9b63-6ebb3c88274f","block_type":"box","text":"NON-EXECUTIVE DIRECTOR COMPENSATION","page_number":200,"box":{"x":326,"y":381,"width":325,"height":9}},{"id":"d2137f59-f3b7-4f43-ac9f-5332afed5cbc","block_type":"box","text":"Companies generally pay non-executive directors an annual retainer or fee in cash, shares or a combination of","page_number":200,"box":{"x":102,"y":400,"width":785,"height":11}},{"id":"d48ae3ca-77f5-47aa-bb14-adfc717aa270","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":200,"box":{"x":68,"y":415,"width":831,"height":11}},{"id":"56bacc7b-a018-4b6d-977f-8be757a42b05","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":200,"box":{"x":69,"y":430,"width":825,"height":11}},{"id":"6d3e05b8-13c9-4137-9c8d-ee5b38703f46","block_type":"box","text":"conflict of interest and undermine their independence from management, whom they oversee.","page_number":200,"box":{"x":69,"y":444,"width":668,"height":12}},{"id":"f832ed44-09c5-473d-bad8-ce80dfa1c882","block_type":"box","text":"CAPITAL STRUCTURE","page_number":200,"box":{"x":411,"y":475,"width":156,"height":8}},{"id":"554da317-5f01-4646-a9d0-996de43329d6","block_type":"box","text":"Boards are responsible for ensuring senior executive leadership has established a capital strategy that achieves","page_number":200,"box":{"x":102,"y":493,"width":800,"height":12}},{"id":"af843790-d1e1-43f7-b48f-f8dd82431b92","block_type":"box","text":"appropriate capital allocation in suppor t of long-term financial resilience.","page_number":200,"box":{"x":69,"y":508,"width":516,"height":11}},{"id":"bdfab2cc-c762-4ee5-bea4-2d6d117a1c87","block_type":"box","text":"Where company practices diverge from those set out below, we look for companies to disclose why they view","page_number":200,"box":{"x":101,"y":527,"width":776,"height":11}},{"id":"be69f7a3-d979-4783-bb7c-e8046ab2f728","block_type":"box","text":"these practices to be aligned with shareholders’ interests. We may vote against management proposals seeking","page_number":200,"box":{"x":68,"y":542,"width":803,"height":11}},{"id":"f55b80ef-94a1-4dd9-8838-563bd25b20e1","block_type":"box","text":"capital-related authorities, or the election of the most senior independent director, if we have concerns about a","page_number":200,"box":{"x":69,"y":557,"width":790,"height":11}},{"id":"b6cd653e-2dcc-4dc0-87ae-2fe87fda1c4d","block_type":"box","text":"company’s approach. We may also suppor t a shareholder proposal seeking conversion of shares with differentiated","page_number":200,"box":{"x":69,"y":571,"width":825,"height":12}},{"id":"d058e8be-8b44-4094-834c-9a49ff7507a3","block_type":"box","text":"voting rights to a one-share, one-vote standard.","page_number":200,"box":{"x":68,"y":587,"width":336,"height":11}},{"id":"1d65c59a-4bb5-42d4-a7c8-ccb0d33e97e1","block_type":"box","text":"Share issuance","page_number":200,"box":{"x":68,"y":609,"width":111,"height":9}},{"id":"31471f5b-051c-46b8-9bdd-828e665eb74c","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":200,"box":{"x":101,"y":627,"width":776,"height":12}},{"id":"9f6af5dd-3404-4a38-b60e-eb19d93aa80b","block_type":"box","text":"suppor t authorities to issue shares when subject to pre-emptive rights, and up to 20% absent pre-emptive rights. We","page_number":200,"box":{"x":69,"y":642,"width":832,"height":12}},{"id":"087bc77c-982d-4a3a-9dd0-2cb5bb384b05","block_type":"box","text":"consider it good practice for companies to seek regular approval of these authorities to allow shareholders to take","page_number":200,"box":{"x":69,"y":657,"width":815,"height":11}},{"id":"7b430e90-5868-4ee2-8229-218c72924035","block_type":"box","text":"into consideration how prior authorities were used, as well as the current circumstances of the company and the","page_number":200,"box":{"x":70,"y":672,"width":802,"height":11}},{"id":"5c0fae72-603a-4c6a-aa87-931ea1d37be4","block_type":"box","text":"market environment.","page_number":200,"box":{"x":69,"y":687,"width":145,"height":9}},{"id":"e9f8c99a-072e-498e-88c1-10aafa2c5927","block_type":"box","text":"Share buybacks","page_number":200,"box":{"x":68,"y":709,"width":116,"height":11}},{"id":"02304227-ce61-4c6c-8ce6-2b2dd32d58a0","block_type":"box","text":"We assess share buyback proposals in the context of the company’s disclosed capital management strategy and","page_number":200,"box":{"x":101,"y":728,"width":806,"height":11}},{"id":"c657e20b-9e51-45cf-a767-561026578869","block_type":"box","text":"management’s determination of the appropriate balance between investment that suppor ts the long-term growth of","page_number":200,"box":{"x":69,"y":743,"width":823,"height":11}},{"id":"588c2d3f-376b-4135-8daa-e04fc1e62a11","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":200,"box":{"x":68,"y":758,"width":836,"height":11}},{"id":"7bc4b165-70a5-4093-9c73-164ff9ff601e","block_type":"box","text":"company’s balance sheet and executive compensation arrangements and the price at which shares are repurchased","page_number":200,"box":{"x":69,"y":773,"width":830,"height":11}},{"id":"3c00c957-6477-4318-ae36-a6688cd13563","block_type":"box","text":"relative to market price. We consider it good practice for companies to seek regular approval of these authorities to","page_number":200,"box":{"x":69,"y":787,"width":822,"height":12}},{"id":"520c98ff-a01a-4fe8-b528-03670f544f74","block_type":"box","text":"allow shareholders to take into consideration how prior authorities were used, as well as the current circumstances","page_number":200,"box":{"x":69,"y":802,"width":823,"height":11}},{"id":"3e31b8c9-94c1-4de2-8417-0539e33c9623","block_type":"box","text":"of the company and the market environment.","page_number":200,"box":{"x":69,"y":817,"width":319,"height":11}},{"id":"f490bd8e-38e2-46db-8741-f75b332a5cff","block_type":"box","text":"Dividends","page_number":200,"box":{"x":69,"y":840,"width":69,"height":8}},{"id":"0a308160-b2d7-4b84-bedd-32c74f83f45d","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":200,"box":{"x":101,"y":858,"width":799,"height":11}},{"id":"b1bfe920-62e9-4cec-8a5a-839def0d48cd","block_type":"box","text":"where a proposed dividend appears out of line with the company’s financial position.","page_number":200,"box":{"x":68,"y":873,"width":604,"height":11}},{"id":"ce028f5e-945d-4b1f-92b9-05816f764694","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":200,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"ee63644d-0105-40b7-8afd-fa4879e74715","block_type":"box","text":"Global Engagement and Voting Guidelines | 9","page_number":200,"box":{"x":590,"y":942,"width":319,"height":13}},{"id":"70657ec1-9475-45ea-a586-334f52869e4b","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":200,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"a2bb2c12-eec4-4360-a2a3-57596d33f2e6","block_type":"box","text":"Differentiated voting rights","page_number":201,"box":{"x":69,"y":45,"width":196,"height":11}},{"id":"53483a63-f062-4f2e-8366-b18ba8093c16","block_type":"box","text":"We prefer companies to adopt a one-share, one-vote structure for share classes with the same economic","page_number":201,"box":{"x":101,"y":63,"width":750,"height":11}},{"id":"540b8ac8-daf6-4c72-96d7-d68de8cb05a0","block_type":"box","text":"exposure. Cer tain companies, par ticularly those new to public markets, could make the case to adopt a","page_number":201,"box":{"x":69,"y":78,"width":740,"height":11}},{"id":"1e1acd24-ea6e-4657-a7b1-886497310c69","block_type":"box","text":"differentiated voting rights structure, or dual class stock. In those situations, we encourage companies to evaluate","page_number":201,"box":{"x":69,"y":93,"width":819,"height":11}},{"id":"f390895a-a4e0-4f01-b4aa-fe790955e2cf","block_type":"box","text":"and seek approval for their capital structure on a periodic basis.","page_number":201,"box":{"x":69,"y":108,"width":456,"height":11}},{"id":"dadfe354-c2e1-487a-a8bd-769bba5234bb","block_type":"box","text":"TRANSACTIONS AND SPECIAL SITUATIONS","page_number":201,"box":{"x":332,"y":138,"width":314,"height":9}},{"id":"c400f43a-10f7-4ad4-ad9b-9c446e36050f","block_type":"box","text":"We monitor developments in transactions and special situations closely and under take our own detailed","page_number":201,"box":{"x":101,"y":157,"width":743,"height":11}},{"id":"8317000a-f0bf-419f-bccd-67efa2d7aab2","block_type":"box","text":"analyses of proposals.","page_number":201,"box":{"x":69,"y":172,"width":159,"height":11}},{"id":"08223abf-1bec-486c-921f-1e2eff39a815","block_type":"box","text":"Mergers and acquisitions","page_number":201,"box":{"x":69,"y":194,"width":184,"height":11}},{"id":"4bc8785f-3cfb-4fcd-b293-920002ed39b0","block_type":"box","text":"We evaluate proposed mergers or acquisitions by assessing the financial outcome for our clients as minority","page_number":201,"box":{"x":101,"y":213,"width":775,"height":11}},{"id":"141f785d-32a3-4a8e-8f8c-ec6cb8763a1d","block_type":"box","text":"shareholders. Management should provide an assessment of the proposed transaction’s strategic and financial","page_number":201,"box":{"x":69,"y":228,"width":797,"height":11}},{"id":"ff229e6d-c75f-4254-a21f-c2d818ccae6b","block_type":"box","text":"rationale, along with its execution and operational risks. We review each transaction independently based on these","page_number":201,"box":{"x":69,"y":243,"width":819,"height":11}},{"id":"3b1d3932-3eff-4260-adda-6773025d3424","block_type":"box","text":"factors and the degree to which the transaction enhances shareholder value. The board might consider establishing","page_number":201,"box":{"x":68,"y":257,"width":827,"height":12}},{"id":"16ed2ea7-24f3-49eb-938e-26daae1f2c14","block_type":"box","text":"an ad hoc transaction committee to under take an independent assessment of a significant merger or acquisition, in","page_number":201,"box":{"x":69,"y":272,"width":827,"height":11}},{"id":"b3aab5fd-38ff-4557-b113-0bb1be4e4395","block_type":"box","text":"advance of making its recommendation to shareholders.","page_number":201,"box":{"x":69,"y":287,"width":400,"height":11}},{"id":"506c70eb-893c-4988-b572-bf45b3f61f93","block_type":"box","text":"We will vote against transactions that, in our assessment, do not advance our clients’ financial interests.","page_number":201,"box":{"x":101,"y":306,"width":749,"height":11}},{"id":"da15a3aa-7165-40bb-bd38-434bf592bc94","block_type":"box","text":"Anti-takeover defenses","page_number":201,"box":{"x":68,"y":328,"width":167,"height":9}},{"id":"2072dda9-4bd0-403a-8811-13ab6f902b7f","block_type":"box","text":"In principle, we do not suppor t companies using anti-takeover defenses, also known as poison pills or","page_number":201,"box":{"x":102,"y":347,"width":727,"height":11}},{"id":"5db75bb5-0712-4625-b93a-79a1df87d6b3","block_type":"box","text":"shareholder rights plans, as they can entrench management and boards which have not delivered long-term","page_number":201,"box":{"x":69,"y":362,"width":766,"height":11}},{"id":"e6e77a1f-f327-4c66-98cc-e5a258302561","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":201,"box":{"x":69,"y":376,"width":763,"height":12}},{"id":"41e032ab-7b28-433e-b859-04345383a343","block_type":"box","text":"considered sub-optimal and enable management to seek an improved offer. Similarly, management could make the","page_number":201,"box":{"x":69,"y":391,"width":821,"height":12}},{"id":"6034f07d-b8c6-4868-abe8-a9fc69f56ab1","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":201,"box":{"x":69,"y":406,"width":799,"height":11}},{"id":"8eadfef0-6335-49ae-aa4b-d0ba1a6bce3b","block_type":"box","text":"investors. Defense mechanisms introduced in these circumstances should be limited in term and threshold, and also","page_number":201,"box":{"x":70,"y":421,"width":836,"height":11}},{"id":"3f5ff67c-0c0f-443b-a845-a4bcb1c7a119","block_type":"box","text":"be closely monitored by the independent members of the board. We consider it good practice for companies to put to","page_number":201,"box":{"x":69,"y":436,"width":835,"height":11}},{"id":"d7b4b64a-5e40-4e81-abff-bba85ca1150a","block_type":"box","text":"a shareholder vote any mechanisms expected to be in place for more than 12 months.","page_number":201,"box":{"x":69,"y":451,"width":616,"height":11}},{"id":"14af2d83-b689-46d8-b8af-d00de3c56e90","block_type":"box","text":"Shareholder activism","page_number":201,"box":{"x":68,"y":473,"width":153,"height":9}},{"id":"cebd4cb1-b262-4469-8601-a642aace678b","block_type":"box","text":"When companies are the focus of an activism campaign, we may communicate with the activist to understand","page_number":201,"box":{"x":101,"y":492,"width":783,"height":11}},{"id":"fe3f1f20-943c-4eff-8976-cd03f332c364","block_type":"box","text":"their analysis and objectives, once they have publicly disclosed their campaign. We may also engage with company","page_number":201,"box":{"x":68,"y":507,"width":819,"height":11}},{"id":"efac3c58-f412-474c-bf64-717fb0d6fa18","block_type":"box","text":"management and possibly board members, especially those the activist may be seeking to replace. In our","page_number":201,"box":{"x":69,"y":522,"width":755,"height":11}},{"id":"2bdf9b79-4c4a-48fe-98c8-47990fcb2ddc","block_type":"box","text":"assessment, we evaluate various factors, including the concerns raised by the activist and the case for change; the","page_number":201,"box":{"x":69,"y":536,"width":824,"height":12}},{"id":"deb5cf69-61a4-45b7-902b-8085d1093908","block_type":"box","text":"quality of both the activist’s and management’s plans; and the qualifications of each par ty’s candidates. We evaluate","page_number":201,"box":{"x":69,"y":551,"width":839,"height":12}},{"id":"1d29b648-3dae-45f6-86cd-7d04b4969d70","block_type":"box","text":"each contested situation by assessing the potential financial outcome for our clients as minority shareholders.","page_number":201,"box":{"x":69,"y":566,"width":788,"height":11}},{"id":"5826bf86-efea-49b1-aa6b-2698010c36af","block_type":"box","text":"We may suppor t board candidates nominated by a shareholder activist if BAIS, in its independent judgment, or","page_number":201,"box":{"x":101,"y":585,"width":789,"height":11}},{"id":"c837cf9a-01da-4d48-866f-9a711ceb91f0","block_type":"box","text":"the relevant por tfolio manager has determined that there is a case for change to enhance shareholder value, or if the","page_number":201,"box":{"x":68,"y":600,"width":839,"height":11}},{"id":"bc14e2df-13ff-4555-beb6-5ed4393c7144","block_type":"box","text":"incumbent board members do not demonstrate the relevant skills and exper tise or have a poor track record of","page_number":201,"box":{"x":70,"y":614,"width":786,"height":11}},{"id":"41da22fd-3514-471f-a791-7e2040ee10b7","block_type":"box","text":"protecting shareholders’ interests.","page_number":201,"box":{"x":70,"y":630,"width":244,"height":11}},{"id":"1f666b23-3224-49e8-ac38-4295b08715f7","block_type":"box","text":"Significant shareholders and related party transactions","page_number":201,"box":{"x":68,"y":652,"width":403,"height":11}},{"id":"b16f1b22-3739-4f35-ba6e-5a78ecd0e4fc","block_type":"box","text":"Boards of companies with affiliated shareholders or directors should give equitable consideration to the","page_number":201,"box":{"x":102,"y":670,"width":740,"height":12}},{"id":"dcf0b9e2-84c1-4147-9c9b-f1a8f2c17114","block_type":"box","text":"interests of all shareholders when evaluating related par ty transactions.","page_number":201,"box":{"x":70,"y":685,"width":511,"height":12}},{"id":"51743263-a19e-4a02-9af4-e15af51369e4","block_type":"box","text":"We consider it good practice for transactions with related par ties, such as significant shareholders or companies","page_number":201,"box":{"x":101,"y":704,"width":805,"height":11}},{"id":"cbf3630f-abc6-404e-a2ca-ecaacf594e8e","block_type":"box","text":"affiliated with the public company, to be disclosed in detail and conducted on terms similar to what would objectively","page_number":201,"box":{"x":69,"y":719,"width":832,"height":11}},{"id":"b3aa5c5d-bb07-4acd-96ae-1a71f7201c96","block_type":"box","text":"have been agreed with a non-related par ty. In our view, such transactions should be reviewed and approved by the","page_number":201,"box":{"x":69,"y":734,"width":812,"height":11}},{"id":"2f6d1a67-685f-4e35-b7c1-77b892d535fd","block_type":"box","text":"independent members of the board, and if voted on, only disinterested shareholders should vote.","page_number":201,"box":{"x":70,"y":748,"width":692,"height":12}},{"id":"2656b792-ccb1-4bb3-a241-353c9de556d8","block_type":"box","text":"CORPORATE REPORTING, RISK MANAGEMENT AND AUDIT","page_number":201,"box":{"x":274,"y":779,"width":430,"height":10}},{"id":"cc98a302-4f27-4399-9428-f2fc80f88bee","block_type":"box","text":"Investors depend on corporate repor ting, both regulatory and voluntary, to understand a company’s strategy, its","page_number":201,"box":{"x":102,"y":798,"width":796,"height":11}},{"id":"b997536a-aa51-404c-aa30-0489c69124b7","block_type":"box","text":"implementation and financial per formance, as well as to assess the quality of management and operations and","page_number":201,"box":{"x":70,"y":812,"width":795,"height":12}},{"id":"d15a3516-2350-4cfb-b213-739c3e87490b","block_type":"box","text":"potential for the company to create shareholder value over time. We consider it good practice for the board to","page_number":201,"box":{"x":70,"y":827,"width":779,"height":11}},{"id":"454a5cef-ed97-4088-ae20-e4d3ec445772","block_type":"box","text":"oversee corporate repor ting and the policies and procedures underpinning the internal audit function and external","page_number":201,"box":{"x":69,"y":842,"width":809,"height":11}},{"id":"63bbfa44-ed1e-4e7d-a266-beb5fd6a633b","block_type":"box","text":"audit.","page_number":201,"box":{"x":69,"y":857,"width":38,"height":9}},{"id":"869c8a07-f3fe-481d-a850-58ececc6d6df","block_type":"box","text":"A company’s financial repor ting should provide decision-useful information for investors, and other stakeholders,","page_number":201,"box":{"x":101,"y":875,"width":803,"height":12}},{"id":"e7120580-6351-4bb2-9f0c-53b50b1ac07e","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":201,"box":{"x":69,"y":890,"width":819,"height":11}},{"id":"971f39b0-c80a-4b69-a627-da1b5dd4d7c2","block_type":"box","text":"oppor tunities the company faces in realizing its long-term strategy. Accordingly, the assumptions made by","page_number":201,"box":{"x":69,"y":905,"width":752,"height":12}},{"id":"4dbc0e76-1b6d-4db1-9959-facdb5000dc9","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":201,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"1a9b01d3-52d0-4851-8d47-8a212ccd7170","block_type":"box","text":"Global Engagement and Voting Guidelines | 10","page_number":201,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"2fedf991-384c-4490-bbf1-8fa9f4a3af0f","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":201,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"2af9c9fc-7a1a-4ad4-8a9d-0f2d531cff3d","block_type":"box","text":"management and reviewed by the auditor in preparing the financial statements should be reasonable and justified.","page_number":202,"box":{"x":69,"y":45,"width":817,"height":11}},{"id":"15684d32-3bcc-4edf-819f-d2b7bdcc2bcb","block_type":"box","text":"Financial statements should be prepared in accordance with globally developed repor ting standards and any","page_number":202,"box":{"x":70,"y":60,"width":771,"height":11}},{"id":"5d329a80-b8b9-4c64-97d5-d54fecbc3abc","block_type":"box","text":"divergence from generally accepted accounting principles should be explained in detail and justified. Accounting","page_number":202,"box":{"x":69,"y":74,"width":796,"height":12}},{"id":"a4a1af7f-d2fa-4e76-ab9b-f09923739843","block_type":"box","text":"restatements should be explained in detail and any remedial actions, and the implications of these, disclosed.","page_number":202,"box":{"x":69,"y":89,"width":788,"height":11}},{"id":"ea68f293-948f-474f-9d63-8c0992d670e8","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":202,"box":{"x":102,"y":108,"width":739,"height":11}},{"id":"bbf5fe62-803d-406d-b209-5ff445405f87","block_type":"box","text":"independent oversight of the accounts, material financial and, where appropriate to the jurisdiction, non-financial","page_number":202,"box":{"x":70,"y":123,"width":801,"height":11}},{"id":"6703a7ae-ccdf-46f0-802d-e8d44709568d","block_type":"box","text":"information, internal control frameworks and Enterprise Risk Management systems. In our view, effective audit","page_number":202,"box":{"x":70,"y":138,"width":787,"height":11}},{"id":"d87900e0-db4f-4d86-ba8c-9d4dd0a0f1e8","block_type":"box","text":"committee oversight strengthens the quality and reliability of a company’s financial statements and provides an","page_number":202,"box":{"x":69,"y":152,"width":795,"height":12}},{"id":"fc2824c6-c540-4f1a-8c87-cc863a67cab7","block_type":"box","text":"impor tant level of reassurance to shareholders. Audit committees should have a procedure in place for assessing the","page_number":202,"box":{"x":70,"y":167,"width":838,"height":12}},{"id":"885b9c45-08a4-40d0-9aaf-4943ae4df8b4","block_type":"box","text":"independence of the auditor and the quality of the external audit process annually.","page_number":202,"box":{"x":70,"y":182,"width":585,"height":11}},{"id":"15164a46-02b0-4810-b2a8-737440d3f5a0","block_type":"box","text":"Similarly, we encourage companies to disclose material sustainability-related factors that are integral to how a","page_number":202,"box":{"x":102,"y":201,"width":784,"height":11}},{"id":"b0f9a649-2fbd-46f4-b801-ed170c5d8e82","block_type":"box","text":"company manages risks or generates revenue. BAIS finds it helpful to our understanding when companies provide","page_number":202,"box":{"x":69,"y":216,"width":812,"height":11}},{"id":"9cec2e46-0423-4bb1-9bbb-f6029886bde6","block_type":"box","text":"robust, standardized disclosures on their material sustainability-related risks and oppor tunities. The International","page_number":202,"box":{"x":69,"y":231,"width":806,"height":11}},{"id":"60aadd26-5c7b-43ac-9e05-ed3efffbaa3e","block_type":"box","text":"Sustainability Standards Board (ISSB) is one entity working to meet these objectives through its repor ting standards,","page_number":202,"box":{"x":69,"y":246,"width":832,"height":11}},{"id":"dde27c03-3497-4d1b-ac3e-4bb0064a4c4c","block_type":"box","text":"which may be helpful to companies in preparing such repor ts.","page_number":202,"box":{"x":68,"y":260,"width":440,"height":12}},{"id":"b9863235-f98c-4782-a61f-b27887a6df66","block_type":"box","text":"9","page_number":202,"box":{"x":509,"y":261,"width":5,"height":4}},{"id":"2578398a-7dbf-4085-8b26-2af6f7b9c227","block_type":"box","text":"However, we do not mandate any specific disclosure","page_number":202,"box":{"x":520,"y":260,"width":372,"height":11}},{"id":"61fc723f-f8e3-433e-b5c4-e97d8cda5793","block_type":"box","text":"framework, and note that companies in cer tain jurisdictions are subject to mandatory repor ting requirements under","page_number":202,"box":{"x":68,"y":275,"width":824,"height":11}},{"id":"56df5836-8637-4243-9822-d8bf865c425e","block_type":"box","text":"standards specified by policy makers.","page_number":202,"box":{"x":69,"y":290,"width":267,"height":11}},{"id":"a6d116f8-990a-464c-bab0-0d5ae7d1acfa","block_type":"box","text":"10","page_number":202,"box":{"x":338,"y":290,"width":9,"height":5}},{"id":"f16a1c22-243c-4e4d-89d5-7811311da06b","block_type":"box","text":"Companies should establish robust risk management and internal control processes appropriate to the","page_number":202,"box":{"x":102,"y":309,"width":735,"height":11}},{"id":"f496f7fc-e0b2-47c6-bb04-7836ba4a1cfd","block_type":"box","text":"company’s business, risk tolerance, and regulatory environment. A credible whistleblowing system for employees,","page_number":202,"box":{"x":69,"y":323,"width":810,"height":12}},{"id":"e8b9e909-dc3e-4b50-ac62-89504f893d67","block_type":"box","text":"and potentially other stakeholders, can be a useful mechanism for ensuring that senior management and the board","page_number":202,"box":{"x":69,"y":338,"width":822,"height":12}},{"id":"882a05aa-8c8b-4e18-90a3-24595cc872a0","block_type":"box","text":"are aware of potential misconduct or breaches in risk management and internal control processes.","page_number":202,"box":{"x":69,"y":353,"width":704,"height":12}},{"id":"5afcb6b4-2714-48f1-a4f1-8ae498a4bbb2","block_type":"box","text":"A comprehensive audit conducted by an independent audit firm contributes to investor confidence in the quality","page_number":202,"box":{"x":101,"y":372,"width":794,"height":11}},{"id":"371f4c52-c8c1-42b5-b682-ee74093d8aef","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":202,"box":{"x":69,"y":387,"width":836,"height":11}},{"id":"105134d4-09fc-4764-8484-b79f18e8eee3","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":202,"box":{"x":68,"y":402,"width":838,"height":11}},{"id":"58a7ef11-c5ed-4402-a96b-67a5fd6730f8","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":202,"box":{"x":69,"y":416,"width":773,"height":11}},{"id":"87430684-dfb1-4cf4-b29b-ecf3ebb7997e","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":202,"box":{"x":69,"y":431,"width":804,"height":12}},{"id":"d235b3d6-ea15-407b-b823-9df0fc5b5dca","block_type":"box","text":"audit. The audit committee should explain its position on auditor tenure and how it confirmed that the auditor","page_number":202,"box":{"x":69,"y":446,"width":780,"height":11}},{"id":"d566532a-0e94-46f7-8596-6d9fa2608347","block_type":"box","text":"remained independent.","page_number":202,"box":{"x":69,"y":461,"width":163,"height":11}},{"id":"2e056c99-5b22-48c0-9ede-44db6516c77b","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":202,"box":{"x":101,"y":480,"width":783,"height":11}},{"id":"298f3dff-defd-49ab-9c6b-2b5ddfd258e8","block_type":"box","text":"material misstatements in financial repor ts. In markets where relevant, we may vote against a proposal to approve","page_number":202,"box":{"x":69,"y":495,"width":819,"height":11}},{"id":"28312e48-c1c9-4f67-9e53-ef8ae4d234a3","block_type":"box","text":"the financial statements or the discharge of the board when we are concerned about the quality of corporate","page_number":202,"box":{"x":68,"y":509,"width":774,"height":12}},{"id":"9c5b3590-e47a-42b0-aa79-887fd785f50b","block_type":"box","text":"repor ting or the audit. We may vote against proposals to appoint the auditor, ratify the audit repor t, or approve the","page_number":202,"box":{"x":69,"y":524,"width":816,"height":12}},{"id":"c0126c1c-78b3-43f6-ad2f-695deaac0b18","block_type":"box","text":"audit fee if we are concerned about the auditor’s independence, the quality of the audit, or there are material","page_number":202,"box":{"x":69,"y":539,"width":779,"height":11}},{"id":"e20bfad1-8d61-4056-aafe-e5ec1e09e435","block_type":"box","text":"misstatements in financial repor ts and the board has not established reasonable remediation plans.","page_number":202,"box":{"x":69,"y":554,"width":718,"height":11}},{"id":"d76a4ee3-0225-4c03-a891-59b1738a5c06","block_type":"box","text":"SHAREHOLDER RIGHTS AND PROTECTIONS","page_number":202,"box":{"x":329,"y":584,"width":319,"height":9}},{"id":"4357496b-34cc-4c6d-91d7-b8f3866b62e2","block_type":"box","text":"General shareholder meetings","page_number":202,"box":{"x":69,"y":607,"width":217,"height":11}},{"id":"db99c95e-2adf-433f-b3ae-8cae895e845e","block_type":"box","text":"Companies normally have an annual general meeting of shareholders at which routine and non-routine items of","page_number":202,"box":{"x":102,"y":625,"width":792,"height":12}},{"id":"f89ec71b-a973-4d35-9338-f40d860d6253","block_type":"box","text":"business are discussed and voted on by shareholders in attendance or submitting proxy votes. Companies should","page_number":202,"box":{"x":69,"y":640,"width":812,"height":11}},{"id":"d4a65c4d-46ec-4b68-996b-6277ea8d33c8","block_type":"box","text":"disclose materials relevant to the shareholder meeting sufficiently in advance so that shareholders can take them","page_number":202,"box":{"x":69,"y":655,"width":813,"height":11}},{"id":"7cb2a0ff-d722-40ca-9892-1014db645db7","block_type":"box","text":"into consideration in their voting decisions. Many companies offer shareholders the option of par ticipating in the","page_number":202,"box":{"x":70,"y":670,"width":801,"height":11}},{"id":"35e5e232-47af-46bd-b497-a40bb75e8a1e","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":202,"box":{"x":69,"y":685,"width":841,"height":11}},{"id":"20cdaf71-7eaa-477b-a25e-40ac0730415b","block_type":"box","text":"an in-person meeting.","page_number":202,"box":{"x":69,"y":700,"width":152,"height":11}},{"id":"6c2431bf-bfb5-4512-a515-c1f64d2f2b35","block_type":"box","text":"We may vote against directors when materials related to the business of the shareholder meeting are not","page_number":202,"box":{"x":101,"y":718,"width":752,"height":12}},{"id":"6511a68c-6b08-4260-b6f1-692fc7a04395","block_type":"box","text":"provided in a timely manner or do not provide sufficient information for us to make an informed voting decision. We","page_number":202,"box":{"x":70,"y":733,"width":821,"height":11}},{"id":"126cab17-3082-47ba-bed1-232b3db7a3ac","block_type":"box","text":"may vote against directors if the format of the shareholder meeting does not accommodate reasonable shareholder","page_number":202,"box":{"x":69,"y":748,"width":825,"height":11}},{"id":"cb95ed7a-04fd-450b-830d-6ad284dc4154","block_type":"box","text":"par ticipation.","page_number":202,"box":{"x":70,"y":763,"width":91,"height":11}},{"id":"257a9c25-8e0b-4b67-b305-99097b13faf6","block_type":"box","text":"9","page_number":202,"box":{"x":69,"y":793,"width":4,"height":4}},{"id":"afc8e79e-f60c-43ef-a4de-39cbe68878ba","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":202,"box":{"x":93,"y":792,"width":744,"height":11}},{"id":"e12a4afe-a9c4-4dbe-927c-d49fbd2fd8ab","block_type":"box","text":"(IFRS) Foundation. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":202,"box":{"x":94,"y":807,"width":748,"height":11}},{"id":"5330bd24-723d-4975-90ab-5a3179352b26","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":202,"box":{"x":94,"y":822,"width":778,"height":12}},{"id":"24e4c0b2-3df0-4652-b5de-e89fc8e17b75","block_type":"box","text":"Disclosures.”","page_number":202,"box":{"x":94,"y":838,"width":93,"height":8}},{"id":"4a7e1226-d77a-482f-a3de-e916b9592352","block_type":"box","text":"10","page_number":202,"box":{"x":69,"y":856,"width":9,"height":4}},{"id":"1aba35aa-f0cc-4013-92d6-5bba4e5663c0","block_type":"box","text":"See, for examples, https://www.ifrs.org/news-and-events/news/2025/06/ifrs-foundation-publishes-jurisdictional- profiles\r\nissbstandards/ and https//financeeceropae/capitalmarketsnionandfinancialmarkets/compan","page_number":202,"box":{"x":93,"y":858,"width":810,"height":11}},{"id":"9c055c62-bf20-4f1d-9637-048825323dfd","block_type":"box","text":"See, for examples, https://www.ifrs.org/newsandevents/news/2025/06/ifrsfoundationpublishesjurisdictional\r\nprofiles-issb-standards/ and https://finance.ec.europa.eu/capital-markets-union-and-financial-markets/companyrepor ting\r\nandaditing/companrepor ting/corporatesstainabilitrepor tingen","page_number":202,"box":{"x":94,"y":866,"width":804,"height":12}},{"id":"46733741-8276-4f09-87c8-67000184de9b","block_type":"box","text":"p/ p//p/p\r\nrepor ting-and-auditing/company-repor ting/corporate-sustainability-repor ting_en.","page_number":202,"box":{"x":94,"y":876,"width":564,"height":11}},{"id":"235139ea-808a-4427-a065-cdc2174798ba","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":202,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"dd4cfa0d-c746-4442-a9b4-2d9dea113bda","block_type":"box","text":"Global Engagement and Voting Guidelines | 11","page_number":202,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"4f8f0ed2-01a9-40d5-af42-3bde6d536fd2","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":202,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"33530e85-c595-42a7-afb5-7e0a513c8cae","block_type":"box","text":"Bylaw amendments","page_number":203,"box":{"x":69,"y":45,"width":141,"height":11}},{"id":"61d864b8-44a3-4c22-b337-22836564d2a2","block_type":"box","text":"We review bylaw amendments proposed by management on a case-by-case basis and will generally suppor t","page_number":203,"box":{"x":101,"y":64,"width":766,"height":11}},{"id":"cc0d9c32-cdfe-428d-a380-ebcad1f5b0d4","block_type":"box","text":"those that are aligned with the interests of minority shareholders. Any material changes to the bylaws should be","page_number":203,"box":{"x":68,"y":78,"width":800,"height":11}},{"id":"3441549a-7b37-4504-bd46-3e05334a2dde","block_type":"box","text":"explained in detail and put to a shareholder vote.","page_number":203,"box":{"x":69,"y":93,"width":349,"height":11}},{"id":"b67e43a6-0bb3-447b-b7d2-0173f5a0d15c","block_type":"box","text":"We may vote against bylaw amendments that reduce shareholder rights and protections or introduce additional","page_number":203,"box":{"x":101,"y":112,"width":790,"height":11}},{"id":"9675a746-ead0-477b-b201-1c3bf7a251de","block_type":"box","text":"burdens. We may vote against directors if material changes are made to the bylaws without shareholder approval.","page_number":203,"box":{"x":69,"y":126,"width":810,"height":12}},{"id":"89f2126c-09e8-4718-9fd8-989078d1bfcd","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":203,"box":{"x":102,"y":145,"width":790,"height":11}},{"id":"a4d5bdac-e906-4b66-991f-d7e606ccb9b4","block_type":"box","text":"group, with a meaningful shareholding, the right to call a special meeting of shareholders. The shareholding required","page_number":203,"box":{"x":68,"y":160,"width":831,"height":11}},{"id":"719a6630-a1f6-4995-944d-a5d68b0646e4","block_type":"box","text":"to exercise this right should balance its utility with the cost to the company of holding special meetings.","page_number":203,"box":{"x":68,"y":175,"width":740,"height":11}},{"id":"fae73485-937e-43b1-b270-0ae72e089d9e","block_type":"box","text":"If not provided for in the relevant corporate law, company bylaws should allow shareholders, individually or as a","page_number":203,"box":{"x":102,"y":193,"width":790,"height":12}},{"id":"99ecfb55-280f-4354-abf1-3e8677f5ca96","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":203,"box":{"x":68,"y":208,"width":834,"height":12}},{"id":"396d84d3-89a4-40ac-be3f-bac84c4af99f","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":203,"box":{"x":69,"y":223,"width":758,"height":12}},{"id":"eb75ca88-993a-4f6c-bcaf-d24d9d88145a","block_type":"box","text":"nomination process.","page_number":203,"box":{"x":69,"y":238,"width":143,"height":11}},{"id":"da2d846b-ef55-4858-bda6-46e9cf35ed08","block_type":"box","text":"Whilst we would not use either of these rights ourselves, we see them as impor tant accountability mechanisms.","page_number":203,"box":{"x":101,"y":257,"width":799,"height":11}},{"id":"68aa8fba-cd37-44c9-8b5c-c98388df6c22","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":203,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"8e99545b-5f5e-47e5-b8b7-553f6c9afced","block_type":"box","text":"Change of domicile","page_number":203,"box":{"x":69,"y":294,"width":139,"height":11}},{"id":"1c29d870-e89f-41bf-ae16-2706655a8bc8","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":203,"box":{"x":101,"y":313,"width":778,"height":11}},{"id":"27ee5fef-f4a6-4534-b4b1-44e3cd8c32eb","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":203,"box":{"x":69,"y":328,"width":766,"height":11}},{"id":"f31ff459-a0fa-45ad-b656-249139917f55","block_type":"box","text":"immaterial.","page_number":203,"box":{"x":70,"y":343,"width":77,"height":8}},{"id":"4833211b-1db9-4aa7-82e0-4f0453d83c87","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":203,"box":{"x":101,"y":361,"width":777,"height":11}},{"id":"0522631b-c2b4-4e8d-ae6a-16691289c4d7","block_type":"box","text":"with our clients’ financial interests.","page_number":203,"box":{"x":68,"y":376,"width":249,"height":9}},{"id":"4cf44784-ccd8-4677-955d-7a0028bc7c66","block_type":"box","text":"Changes to a company’s purpose or the nature of its business","page_number":203,"box":{"x":69,"y":398,"width":452,"height":11}},{"id":"5fe16786-6d3e-4298-92c3-03396f29948d","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":203,"box":{"x":102,"y":417,"width":803,"height":11}},{"id":"1a5da7d2-fe7f-4d93-9aba-c74eb96847d5","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":203,"box":{"x":70,"y":432,"width":829,"height":11}},{"id":"bfbfe97b-d912-4ff9-b6d9-2d868a4f7025","block_type":"box","text":"on the suitability of a company for their investment strategy or por tfolio.","page_number":203,"box":{"x":69,"y":447,"width":511,"height":11}},{"id":"a8028a31-c7ab-4fc9-851b-b73ff8ad9c4c","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":203,"box":{"x":101,"y":465,"width":792,"height":12}},{"id":"baa98dc3-5ee3-4646-8a8c-624e59669a72","block_type":"box","text":"the board has not provided a credible argument for change.","page_number":203,"box":{"x":68,"y":480,"width":424,"height":12}},{"id":"b6ce01a3-ec3d-42e6-8619-133e8034dfd2","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":203,"box":{"x":385,"y":510,"width":207,"height":9}},{"id":"cffe046e-4ca2-4598-b85d-6e372b47ce12","block_type":"box","text":"Shareholders in many markets, who meet cer tain eligibility criteria, have the right to submit proposals to the","page_number":203,"box":{"x":102,"y":529,"width":772,"height":11}},{"id":"ca6b0e78-ea00-4351-bc1d-a673fc17adb9","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":203,"box":{"x":68,"y":544,"width":811,"height":11}},{"id":"e1886d2f-35bf-4df8-b579-e61f61b53327","block_type":"box","text":"suppor ted by a majority of votes cast at the meeting. The topics raised can address a range of matters that may be","page_number":203,"box":{"x":69,"y":559,"width":824,"height":11}},{"id":"930b6e5d-a518-4a7b-9437-3c92019a486b","block_type":"box","text":"relevant to a company’s business.","page_number":203,"box":{"x":69,"y":574,"width":243,"height":11}},{"id":"a9aa4b7b-73e3-4d3a-a322-e331736b26ae","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":203,"box":{"x":101,"y":592,"width":730,"height":11}},{"id":"8bc44d5c-8348-419e-91f5-f222545f8740","block_type":"box","text":"company’s business and its current approach, whether the actions sought are consistent with shareholders’","page_number":203,"box":{"x":69,"y":607,"width":772,"height":11}},{"id":"89b0c2d9-649d-441c-9b7e-0c31009273d1","block_type":"box","text":"interests, and what impact the proposal being acted upon might have on financial per formance.","page_number":203,"box":{"x":70,"y":622,"width":681,"height":11}},{"id":"3f2a53ff-6893-4a4d-a1a1-bc95cccc58f6","block_type":"box","text":"Our general approach where we have concerns about a company’s governance, disclosures or per formance is to","page_number":203,"box":{"x":102,"y":641,"width":801,"height":11}},{"id":"98ce3d5b-0a37-4704-acbb-722911dbf5c1","block_type":"box","text":"engage to understand the apparent difference in perspective. If we are concerned a company is not acting in","page_number":203,"box":{"x":69,"y":656,"width":774,"height":11}},{"id":"a921bca1-3614-4877-8822-5af4f7633ea0","block_type":"box","text":"shareholders’ financial interests, we may vote against the election of directors. We may suppor t a relevant","page_number":203,"box":{"x":69,"y":670,"width":761,"height":12}},{"id":"3a6a5628-d517-4060-b820-e8aba5507619","block_type":"box","text":"shareholder proposal if doing so is aligned with our clients’ financial interests. We generally do not suppor t","page_number":203,"box":{"x":69,"y":685,"width":764,"height":12}},{"id":"a6499723-1df0-4c61-808d-9e5f61ce3802","block_type":"box","text":"shareholder proposals that are legally binding on the company, seek to alter a company’s strategy or direct its","page_number":203,"box":{"x":69,"y":700,"width":785,"height":11}},{"id":"719fa225-de89-42f8-8792-3aa221a1f5f7","block_type":"box","text":"operations, or are unrelated to how a company manages risk or generates financial returns.","page_number":203,"box":{"x":69,"y":715,"width":653,"height":11}},{"id":"b148ab39-ff35-4e92-a501-78631c08064d","block_type":"box","text":"BlackRock is subject to rules, regulations, agency guidance and contractual agreements that place restrictions","page_number":203,"box":{"x":102,"y":734,"width":788,"height":11}},{"id":"2eeaf5a3-2328-4f86-91e9-45ea31f61b67","block_type":"box","text":"and limitations on how we can interact with the companies in which we invest on behalf of our clients, including our","page_number":203,"box":{"x":69,"y":748,"width":822,"height":12}},{"id":"30a452c6-36d6-4207-89eb-b4f909a63600","block_type":"box","text":"ability to submit shareholder proposals. We do not submit shareholder proposals but can vote, on behalf of clients","page_number":203,"box":{"x":69,"y":763,"width":817,"height":12}},{"id":"8298df8d-4db6-4127-8ba3-57adb719647c","block_type":"box","text":"who authorize us to do so, on proposals put for th by others.","page_number":203,"box":{"x":68,"y":778,"width":428,"height":11}},{"id":"c282360b-a85b-4f01-a2f9-a1e137d47fe3","block_type":"box","text":"CORPORATE POLITICAL ACTIVITIES","page_number":203,"box":{"x":359,"y":808,"width":260,"height":9}},{"id":"f8ffa921-bff9-4726-aacf-33bd6559c7a1","block_type":"box","text":"A corporation’s ability to engage in the policy process is subject to rules and regulations set by the jurisdictions","page_number":203,"box":{"x":101,"y":827,"width":795,"height":11}},{"id":"b1454924-4845-45af-89cc-167405dd9653","block_type":"box","text":"in which they engage. When a corporation repor ts material financial risk related to policy and or regulatory changes,","page_number":203,"box":{"x":70,"y":842,"width":824,"height":11}},{"id":"fc70f391-8ca3-4f84-8bac-360c66faab30","block_type":"box","text":"BAIS may seek to understand how it is addressing the material risk identified. We seek to understand how","page_number":203,"box":{"x":70,"y":857,"width":757,"height":11}},{"id":"9fb7e97b-1980-4ba2-a4e8-39956bcdbb5d","block_type":"box","text":"companies engage in corporate political activities and ensure that their par ticipation is consistent with their public","page_number":203,"box":{"x":69,"y":872,"width":814,"height":11}},{"id":"9ca6639e-2031-451b-8c6f-ab24d3da596b","block_type":"box","text":"statements on policy matters material to the company’s long-term strategy. The board should be aware of the","page_number":203,"box":{"x":69,"y":887,"width":780,"height":11}},{"id":"4156e4ae-4c46-4122-81a1-1e5dedd848d6","block_type":"box","text":"approach taken by management on corporate political activities as there can be reputational risks arising from","page_number":203,"box":{"x":69,"y":901,"width":786,"height":12}},{"id":"e702bded-8503-4491-b0dc-826fd04af61d","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":203,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"3341c5bb-2155-4108-9d3d-2e77de4d9cd4","block_type":"box","text":"Global Engagement and Voting Guidelines | 12","page_number":203,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"fed2511a-135f-461d-ab71-cc0bb46abea4","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":203,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"112bc12d-90d6-4c15-bd56-7d82ed8ee42c","block_type":"box","text":"inconsistencies between a company’s policy engagement and stated policy positions. Companies should, as a","page_number":204,"box":{"x":70,"y":45,"width":786,"height":11}},{"id":"a0f68789-a234-4c74-a958-e47dfa9febe1","block_type":"box","text":"minimum, meet all regulatory disclosure requirements on political activities. We may engage a company where we","page_number":204,"box":{"x":69,"y":60,"width":812,"height":11}},{"id":"666047c8-bfbd-47a7-a048-758a0e41e93b","block_type":"box","text":"would like to better understand its approach to policy engagement, where relevant.","page_number":204,"box":{"x":68,"y":75,"width":590,"height":11}},{"id":"ee7ad507-0459-444e-b441-bcbd0d8a1e65","block_type":"box","text":"To mitigate the risk of inconsistencies, companies may wish to assess the alignment between their policy","page_number":204,"box":{"x":101,"y":93,"width":753,"height":11}},{"id":"de22b90d-79d3-43f0-9801-c0c5d42b7263","block_type":"box","text":"priorities and the policy positions of the trade associations of which they are active members and any engagements","page_number":204,"box":{"x":70,"y":108,"width":823,"height":11}},{"id":"04a8e1d5-c44f-4360-b0da-65eec809f07f","block_type":"box","text":"under taken by trade associations on behalf of members.","page_number":204,"box":{"x":69,"y":123,"width":404,"height":11}},{"id":"02badce1-f91f-4ec5-8b59-5be960a2bbba","block_type":"box","text":"We may suppor t a relevant shareholder proposal, or vote against directors, where a company’s disclosures are","page_number":204,"box":{"x":101,"y":142,"width":793,"height":11}},{"id":"19532ec9-3646-4c52-a1b5-dd053ceede13","block_type":"box","text":"insufficient to address the material risk it has identified.","page_number":204,"box":{"x":70,"y":156,"width":400,"height":9}},{"id":"6fa4753f-a1d5-4571-a2f9-532217f28b74","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":204,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"5ee358ad-56ca-4961-9811-d6386f6e7fd7","block_type":"box","text":"Global Engagement and Voting Guidelines | 13","page_number":204,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"512e2b72-eacb-492e-a07b-c0567c5c0f19","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":204,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d7931c7e-15b3-44b5-b073-b4a67e13b8f5","block_type":"box","text":"MATERIAL SUSTAINABILITY- RELATED RISKS AND OPPORTUNITIES","page_number":205,"box":{"x":245,"y":45,"width":489,"height":9}},{"id":"8c6f9666-726b-433e-a546-0b3d370bf686","block_type":"box","text":"We seek to understand how companies manage the material risks and oppor tunities inherent in their business","page_number":205,"box":{"x":101,"y":64,"width":790,"height":11}},{"id":"0b656e93-619c-4ba8-8c18-441a3450e214","block_type":"box","text":"operations. In our experience, sustainability-related factors","page_number":205,"box":{"x":69,"y":78,"width":418,"height":12}},{"id":"917c0626-04c1-4027-ad78-9e8c0ca56642","block_type":"box","text":"11","page_number":205,"box":{"x":488,"y":79,"width":9,"height":4}},{"id":"cde99e56-ba47-4347-90ba-5d95ae12b2aa","block_type":"box","text":"that are relevant to a company’s business or material to","page_number":205,"box":{"x":502,"y":79,"width":402,"height":11}},{"id":"4da678bb-0f11-45a5-b277-aa4d860c0af4","block_type":"box","text":"its financial per formance, are generally operational considerations embedded into day-to-day management systems.","page_number":205,"box":{"x":70,"y":93,"width":824,"height":12}},{"id":"b2641064-4e0e-40cd-80a3-f675f21bbb6c","block_type":"box","text":"Cer tain sustainability issues may also inform long-term strategic planning, for example, investing in product","page_number":205,"box":{"x":69,"y":108,"width":766,"height":11}},{"id":"a9990cbf-622f-426d-ace5-2f54b8808800","block_type":"box","text":"innovation in anticipation of changing consumer demand or adapting supply chains in response to changing","page_number":205,"box":{"x":70,"y":123,"width":764,"height":11}},{"id":"6eaecd63-b6e9-438b-a343-ef88ee89b53e","block_type":"box","text":"regulatory requirements.","page_number":205,"box":{"x":69,"y":138,"width":174,"height":11}},{"id":"8b6a5fbe-a873-4e41-aa2a-68193dba5152","block_type":"box","text":"We recognize that the specific sustainability-related factors that may be financially material or business relevant","page_number":205,"box":{"x":101,"y":156,"width":798,"height":12}},{"id":"405fdf26-aab4-4566-8390-dc9937988482","block_type":"box","text":"will vary by company business model, sector, key markets, and time horizon, amongst other considerations. From","page_number":205,"box":{"x":68,"y":172,"width":809,"height":11}},{"id":"d2beadae-4e2e-4392-ba85-6e18dcaeb5aa","block_type":"box","text":"company disclosures and our engagement, we aim to understand how management is identifying, assessing and","page_number":205,"box":{"x":69,"y":186,"width":803,"height":12}},{"id":"0caafc15-75f6-4c71-9745-93dba68ed8e2","block_type":"box","text":"integrating material sustainability-related risks and oppor tunities into their business decision-making and practices.","page_number":205,"box":{"x":70,"y":201,"width":820,"height":11}},{"id":"9424240e-d995-4887-b72e-95c11bf64479","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":205,"box":{"x":70,"y":216,"width":808,"height":11}},{"id":"0c02c57b-1283-4bf4-97f0-a6aea2ed7b2c","block_type":"box","text":"likely risk-adjusted returns of an investment.","page_number":205,"box":{"x":70,"y":231,"width":313,"height":11}},{"id":"95088277-f4d7-44f2-be80-32340368fa59","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":205,"box":{"x":101,"y":249,"width":764,"height":12}},{"id":"9f44676f-e8fb-45bd-ac7e-63e815f1bcd3","block_type":"box","text":"company is managing or disclosing its approach to material sustainability-related risks that may impact financial","page_number":205,"box":{"x":69,"y":264,"width":798,"height":12}},{"id":"57b8d649-6a2c-4b54-a183-2db960a84fb3","block_type":"box","text":"returns.","page_number":205,"box":{"x":69,"y":280,"width":54,"height":8}},{"id":"28fe25e7-17d1-4288-a9cd-e1d7b63bc443","block_type":"box","text":"KEY STAKEHOLDERS","page_number":205,"box":{"x":414,"y":309,"width":151,"height":9}},{"id":"9f06d6ba-4470-40ac-9e4d-37a07efb9ba6","block_type":"box","text":"In our view, companies should understand and take into consideration the interests of the various par ties on","page_number":205,"box":{"x":102,"y":328,"width":774,"height":11}},{"id":"994f18c0-1af8-46aa-88cd-9201fc05680f","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":205,"box":{"x":68,"y":343,"width":826,"height":11}},{"id":"b09feba0-d681-4766-868d-094f7d3c9899","block_type":"box","text":"what is material to their business and long-term financial per formance. For many companies, key stakeholders","page_number":205,"box":{"x":68,"y":358,"width":790,"height":11}},{"id":"e20b9437-5f93-48c0-a82c-3f672f7a48d9","block_type":"box","text":"include employees, business par tners (such as suppliers and distributors), clients and consumers, regulators, and","page_number":205,"box":{"x":70,"y":373,"width":817,"height":11}},{"id":"38647264-e67b-4739-b585-5b02c0921b66","block_type":"box","text":"the communities in which they operate. Companies that appropriately balance the interests of investors and other","page_number":205,"box":{"x":68,"y":387,"width":813,"height":12}},{"id":"31ae8f12-1cc4-4820-9b95-1ef2b455acc8","block_type":"box","text":"stakeholders are, in our experience, more likely to be financially resilient over time.","page_number":205,"box":{"x":69,"y":402,"width":592,"height":12}},{"id":"09ee7541-8a1c-4af3-bb61-d8506057a3a7","block_type":"box","text":"CLIMATE AND DECARBONIZATION INVESTMENT OBJECTIVES","page_number":205,"box":{"x":265,"y":432,"width":448,"height":9}},{"id":"055eb6be-e7da-4c60-89ba-579ab891fb12","block_type":"box","text":"Cer tain active BlackRock funds have climate and decarbonization objectives in addition to financial objectives.","page_number":205,"box":{"x":102,"y":451,"width":784,"height":11}},{"id":"72854e15-9bf1-4eb5-9c0f-b7daf5967bec","block_type":"box","text":"Consistent with the objectives of those investment strategies, our stewardship activity in relation to the holdings in","page_number":205,"box":{"x":69,"y":466,"width":818,"height":11}},{"id":"6bdd51db-8e98-49da-9d01-a7e9e1d79d1e","block_type":"box","text":"those funds differs in some respects from BAIS’ benchmark guidelines, which are described above. Specifically, for","page_number":205,"box":{"x":68,"y":481,"width":823,"height":11}},{"id":"11e631be-3615-43f9-9a68-cdd5e51a88d0","block_type":"box","text":"those funds’ holdings, we look to investee companies to demonstrate that they are aligned with a decarbonization","page_number":205,"box":{"x":68,"y":496,"width":814,"height":11}},{"id":"2862eea1-b99c-4d76-805b-214ac78836f6","block_type":"box","text":"pathway that means their business model would be viable in a low-carbon economy,","page_number":205,"box":{"x":70,"y":511,"width":594,"height":11}},{"id":"42dca029-6806-4aa2-8ab3-7217195dce71","block_type":"box","text":"i.e.","page_number":205,"box":{"x":672,"y":511,"width":20,"height":9}},{"id":"c98c138e-cc1d-4b9e-aac5-6790084931a9","block_type":"box","text":", one in which global","page_number":205,"box":{"x":694,"y":511,"width":144,"height":11}},{"id":"51ee89fc-5e50-4212-b065-055413dd47d7","block_type":"box","text":"temperature rise is limited to 1.5°C above pre-industrial levels. In addition, clients in separately managed accounts","page_number":205,"box":{"x":68,"y":526,"width":821,"height":11}},{"id":"cd47b1a3-381b-4de0-a44f-95a5ec8dcee7","block_type":"box","text":"may instruct BlackRock to apply these guidelines to their holdings. Both in the case of funds and separately managed","page_number":205,"box":{"x":69,"y":540,"width":839,"height":12}},{"id":"ab718379-f632-4bc9-ad50-7410d39cc728","block_type":"box","text":"accounts, these guidelines are only implemented upon explicit selection and approval by the applicable fund board or","page_number":205,"box":{"x":69,"y":555,"width":837,"height":12}},{"id":"19f7d0cd-34a9-4fd7-850f-f54423eccb3e","block_type":"box","text":"client.","page_number":205,"box":{"x":69,"y":570,"width":41,"height":9}},{"id":"3b98d1b0-465d-421c-9e20-64c5fc11e547","block_type":"box","text":"These decarbonization stewardship guidelines focus on companies which produce goods and services that","page_number":205,"box":{"x":101,"y":589,"width":761,"height":11}},{"id":"87405bd4-b085-475b-aea9-e57c235b0253","block_type":"box","text":"contribute to real world decarbonization or have a carbon intensive business model and face outsized impacts from","page_number":205,"box":{"x":69,"y":604,"width":821,"height":11}},{"id":"d037bd96-c421-4b89-ba10-1be997c5e910","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":205,"box":{"x":68,"y":619,"width":817,"height":11}},{"id":"9640378a-1f96-407b-a8f9-42490e3441a0","block_type":"box","text":"companies should provide disclosures that set out their governance, strategy, risk management processes and","page_number":205,"box":{"x":69,"y":634,"width":792,"height":11}},{"id":"190716c6-8367-4c7b-b518-18cccc241c5b","block_type":"box","text":"metrics and targets relevant to decarbonization. It is helpful to investors’ understanding when these disclosures","page_number":205,"box":{"x":69,"y":648,"width":799,"height":12}},{"id":"5a99c242-11d4-480e-96d5-756ca99b6f8d","block_type":"box","text":"include an explanation of the decarbonization scenarios a company is using in its near- and long-term planning, as","page_number":205,"box":{"x":70,"y":663,"width":812,"height":11}},{"id":"1a37284f-b817-457d-9d32-bc2ee510d4c1","block_type":"box","text":"well as its scope 1, scope 2 and material scope 3 greenhouse gas (GHG) emissions and reduction targets for scope","page_number":205,"box":{"x":68,"y":678,"width":831,"height":11}},{"id":"db664865-8dbb-4604-b4bc-b261ac269d36","block_type":"box","text":"1 and 2 emissions.","page_number":205,"box":{"x":70,"y":693,"width":135,"height":9}},{"id":"6803ff42-964f-499f-82ac-d2279d61e698","block_type":"box","text":"Under these climate- and decarbonization-specific guidelines, BAIS may recommend a vote against directors or","page_number":205,"box":{"x":102,"y":711,"width":788,"height":12}},{"id":"74ee3de9-f7c9-4df7-80ca-97df3161c25f","block_type":"box","text":"suppor t for a relevant shareholder proposal if a company does not appear to be adequately acting to address or","page_number":205,"box":{"x":69,"y":726,"width":800,"height":12}},{"id":"ad9c08ef-f077-416c-b9dd-c7ace7f64435","block_type":"box","text":"disclosing material climate-related risks, consistent with the parameters set out in these climate-and decarbonization","page_number":205,"box":{"x":69,"y":741,"width":839,"height":12}},{"id":"3330acdc-dcb8-454b-826d-9f23e240d152","block_type":"box","text":"specific guidelines. We may recommend suppor ting shareholder proposals seeking information relevant to a","page_number":205,"box":{"x":69,"y":756,"width":771,"height":11}},{"id":"cae57320-e1c8-43c0-b8c3-64484c8efeb4","block_type":"box","text":"11","page_number":205,"box":{"x":69,"y":786,"width":9,"height":4}},{"id":"8b9b9411-4127-4d5e-b857-5cec6a6eeebf","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":205,"box":{"x":84,"y":785,"width":822,"height":11}},{"id":"a9c4b121-8a48-45ce-a738-c681b51ec7ef","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":205,"box":{"x":69,"y":800,"width":835,"height":12}},{"id":"abc13362-78db-4e96-a221-b7a5adba9d57","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":205,"box":{"x":70,"y":816,"width":827,"height":11}},{"id":"9509db4b-e5be-4b12-88de-0206bf94346d","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":205,"box":{"x":70,"y":831,"width":826,"height":11}},{"id":"df160602-4781-4ae4-b149-2b07ac726d87","block_type":"box","text":"operates, customer loyalty, and relationships with regulators. It is our view that well-managed companies will","page_number":205,"box":{"x":69,"y":846,"width":773,"height":11}},{"id":"44cfcc84-0d2c-4049-b4bf-09505e98e491","block_type":"box","text":"effectively evaluate and manage material sustainability-related risks and oppor tunities relevant to their businesses.","page_number":205,"box":{"x":69,"y":861,"width":823,"height":11}},{"id":"fc3febf4-f471-4161-a2f3-53d64150f08a","block_type":"box","text":"Governance is the core means by which boards can oversee the creation of durable financial value over time.","page_number":205,"box":{"x":69,"y":876,"width":777,"height":11}},{"id":"911c1a7f-6b8c-43fb-b69e-6d8283ea488b","block_type":"box","text":"Appropriate risk oversight of business-relevant and material sustainability-related considerations is a component of a","page_number":205,"box":{"x":68,"y":891,"width":833,"height":11}},{"id":"2aaa3f97-1890-4e01-b5f3-feadfe696e6c","block_type":"box","text":"sound governance framework.","page_number":205,"box":{"x":69,"y":906,"width":212,"height":12}},{"id":"a6e7961a-c511-4755-8131-182f20522e7f","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":205,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"dba8af0f-24eb-49e0-a8d4-c440be9e8d02","block_type":"box","text":"Global Engagement and Voting Guidelines | 14","page_number":205,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"ea024c83-e360-498a-95ef-79411a2e6ecb","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":205,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"75c25a48-7c6a-4781-91f2-1b8f8482764e","block_type":"box","text":"company’s stated low-carbon transition strategy or targets that the company does not currently provide and that","page_number":206,"box":{"x":69,"y":45,"width":798,"height":11}},{"id":"1aa07683-bbb0-4264-91d4-d173bc8b1c25","block_type":"box","text":"would be helpful to investment decision-making. We would not recommend suppor t for shareholder proposals that","page_number":206,"box":{"x":68,"y":59,"width":814,"height":12}},{"id":"ddbf01e7-c329-4c7b-a756-2c908fe14899","block_type":"box","text":"seek to constrain board or management decision-making or direct specific business or strategic decisions. As under","page_number":206,"box":{"x":69,"y":74,"width":828,"height":12}},{"id":"22f520ca-4327-4c9d-84be-1672b07f3bf5","block_type":"box","text":"the BAIS benchmark approach, the active por tfolio managers are ultimately responsible for voting consistent with","page_number":206,"box":{"x":68,"y":89,"width":807,"height":12}},{"id":"bb1e9d34-be7d-499d-b2a8-f6d8def2eeac","block_type":"box","text":"their investment mandate and fund objectives. For the funds and accounts in scope, voting on matters not related to","page_number":206,"box":{"x":68,"y":104,"width":832,"height":11}},{"id":"7b689376-2049-4d06-85b8-7ac823e64261","block_type":"box","text":"climate risk and the energy transition is under taken in line with BAIS’ benchmark guidelines.","page_number":206,"box":{"x":69,"y":119,"width":658,"height":11}},{"id":"ca1f7a33-c12d-4ebd-8c60-6fbe4055d899","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":206,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"a7f6d841-1e0a-4d16-9d90-03548975ca6e","block_type":"box","text":"Global Engagement and Voting Guidelines | 15","page_number":206,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"a70fcd62-3c45-4b6a-9783-6cfbf708e862","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":206,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"e87cd53d-47e7-42df-9986-cd87acb94fbd","block_type":"box","text":"APPENDIX 1: HOW WE FULFILL AND OVERSEE OUR INVESTMENT STEWARDSHIP RESPONSIBILITIES FOR NON","page_number":207,"box":{"x":83,"y":45,"width":812,"height":9}},{"id":"9a289a5a-53df-4894-a3c8-62b9b1101067","block_type":"box","text":"INDEX EQUITY INVESTMENT STRATEGIES","page_number":207,"box":{"x":338,"y":60,"width":302,"height":10}},{"id":"861dcbed-ff77-41cf-b79b-66cce7da34ef","block_type":"box","text":"Oversight","page_number":207,"box":{"x":69,"y":83,"width":68,"height":11}},{"id":"51eade7d-51f9-4b6b-b1bf-35ef85951179","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":207,"box":{"x":101,"y":101,"width":793,"height":11}},{"id":"7d75e442-4c03-4215-ac3f-f6c0b391072c","block_type":"box","text":"accordance with the BlackRock Active Investment Stewardship Global Engagement and Voting Guidelines (the","page_number":207,"box":{"x":69,"y":116,"width":778,"height":11}},{"id":"ee26e6f5-38b2-4dbd-9b96-ed1afd529c82","block_type":"box","text":"“Guidelines”), which require the application of professional judgment and consideration of each company’s unique","page_number":207,"box":{"x":70,"y":131,"width":814,"height":11}},{"id":"7d016142-f6d0-4988-ba1e-cd29bc500e0d","block_type":"box","text":"circumstances, as well as input from active investors. BAIS is independent from BlackRock Investment Stewardship","page_number":207,"box":{"x":69,"y":146,"width":825,"height":11}},{"id":"3d71e354-f4bc-4bb2-9b3a-f362d2c25c78","block_type":"box","text":"in our engagement and voting activities, repor ting lines, and oversight.","page_number":207,"box":{"x":70,"y":161,"width":500,"height":11}},{"id":"ea426f15-acba-4191-af0a-6ad05ec1657f","block_type":"box","text":"The Stewardship Leaders Group, comprised of senior active investors and other relevant stakeholders in","page_number":207,"box":{"x":101,"y":179,"width":744,"height":11}},{"id":"cfa05f50-65f0-4942-abae-e19d253477a9","block_type":"box","text":"BlackRock’s legal, public policy, sustainability and communications teams, helps shape the firm’s approach to","page_number":207,"box":{"x":70,"y":194,"width":786,"height":11}},{"id":"1ed46da2-504b-4b5f-9cf0-9e0f05b3f5e5","block_type":"box","text":"investment stewardship on non-index equity investment strategies. The Group may advise on and review amendments","page_number":207,"box":{"x":70,"y":209,"width":839,"height":11}},{"id":"869ab80f-735a-4c62-9620-aefeb6b4e30b","block_type":"box","text":"to BAIS’ policies and practices. It does not determine voting decisions, which are the responsibility of BAIS and the","page_number":207,"box":{"x":68,"y":224,"width":822,"height":11}},{"id":"0d007ab4-348d-400e-9e5b-b7fc29be7fe0","block_type":"box","text":"relevant active equity investors.","page_number":207,"box":{"x":69,"y":239,"width":223,"height":11}},{"id":"c6f32227-cda9-43c8-9849-81acab7bfdbe","block_type":"box","text":"BAIS carries out engagement with companies in collaboration with active investment colleagues, executes proxy","page_number":207,"box":{"x":102,"y":257,"width":797,"height":12}},{"id":"dca35a1e-f931-4be7-9742-0561ddfc52ed","block_type":"box","text":"votes, and conducts vote operations (including maintaining records of votes cast) in a manner consistent with the","page_number":207,"box":{"x":68,"y":272,"width":810,"height":11}},{"id":"47d1a64e-b8a3-4148-9148-861f849cfe42","block_type":"box","text":"Guidelines. BAIS also conducts research on corporate governance issues and par ticipates in industry discussions to","page_number":207,"box":{"x":69,"y":287,"width":832,"height":11}},{"id":"0791dc97-6059-4397-a540-3c6fdd376637","block_type":"box","text":"contribute to and keep abreast of impor tant developments in the corporate governance field. BAIS may use third","page_number":207,"box":{"x":69,"y":302,"width":801,"height":11}},{"id":"4c5cbe8f-7d84-4b77-ae8d-c69748e2b369","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":207,"box":{"x":70,"y":317,"width":836,"height":11}},{"id":"a3f2d8dc-a502-4d5e-ae16-55bc4dae7699","block_type":"box","text":"third-par ty vote services providers” below).","page_number":207,"box":{"x":68,"y":332,"width":305,"height":11}},{"id":"74189eac-5a74-457c-8f61-11751c072163","block_type":"box","text":"Voting guidelines and vote execution","page_number":207,"box":{"x":68,"y":354,"width":269,"height":11}},{"id":"7701dd2b-be58-4829-b88d-34f335a11fc4","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":207,"box":{"x":102,"y":373,"width":790,"height":11}},{"id":"4cee0d0c-3706-4680-a8d9-372915c1466f","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":207,"box":{"x":69,"y":387,"width":838,"height":12}},{"id":"7da1f18f-fa99-4b3d-a66f-3c8d9daaa3f0","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":207,"box":{"x":69,"y":402,"width":831,"height":12}},{"id":"aa9c6ec9-1147-4d75-8919-592f55d04337","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":207,"box":{"x":68,"y":417,"width":809,"height":12}},{"id":"e044df6a-f7db-491b-ac7e-9b16c65ce3b3","block_type":"box","text":"judgment, and without regard to the relationship of the issuer (or any shareholder proponent or dissident","page_number":207,"box":{"x":67,"y":432,"width":749,"height":11}},{"id":"f1b5e841-f01b-4ec3-83cc-5ad9cc5b3e0f","block_type":"box","text":"shareholder) to the Fund, the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees","page_number":207,"box":{"x":69,"y":447,"width":825,"height":11}},{"id":"30c6cc8e-0a93-4f10-a53d-5f019922f06e","block_type":"box","text":"(see “Conflicts management policies and procedures,” below).","page_number":207,"box":{"x":69,"y":462,"width":445,"height":11}},{"id":"300700d9-8910-4226-b0c4-fb639491459e","block_type":"box","text":"When exercising voting rights, BAIS will normally vote on specific proxy issues in accordance with the Guidelines,","page_number":207,"box":{"x":101,"y":480,"width":803,"height":12}},{"id":"361bfffb-5f83-45d3-ae52-ad64e402ff04","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":207,"box":{"x":69,"y":495,"width":806,"height":12}},{"id":"3d50f934-6e26-4e06-8c7a-4bca938fc7de","block_type":"box","text":"aligned with the investment objective and financial interests of clients invested in the funds they manage.","page_number":207,"box":{"x":69,"y":510,"width":752,"height":11}},{"id":"0273ce85-3b31-4738-bd89-7a6f11e1117b","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":207,"box":{"x":101,"y":529,"width":782,"height":11}},{"id":"d430b9aa-e519-4a0d-b758-c9169bf01ebe","block_type":"box","text":"context of the individual circumstances of each company and the specific issue under review. As such, the Guidelines","page_number":207,"box":{"x":69,"y":544,"width":837,"height":11}},{"id":"f75b7bdf-2f2e-4c88-b9a8-37f7bd5670a2","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":207,"box":{"x":69,"y":559,"width":830,"height":11}},{"id":"0f2210e8-8a30-442b-a9ef-506d20417455","block_type":"box","text":"generally, and provide insight into how we typically approach issues that are commonly put to a shareholder vote. The","page_number":207,"box":{"x":68,"y":574,"width":838,"height":11}},{"id":"a04d0dae-2c31-4d9a-b165-65745b036d6b","block_type":"box","text":"Guidelines are reviewed annually and updated as necessary to reflect changes in market practices, developments in","page_number":207,"box":{"x":69,"y":588,"width":829,"height":12}},{"id":"f6915a61-10ae-4094-9e33-9f82a148badd","block_type":"box","text":"corporate governance and feedback from companies and clients. In this way, BAIS aims to maintain policies that","page_number":207,"box":{"x":69,"y":603,"width":802,"height":11}},{"id":"d49579f5-f431-4d08-b172-f06772bb581b","block_type":"box","text":"explain our approach to governance practices most aligned with clients’ long-term financial interests.","page_number":207,"box":{"x":69,"y":618,"width":718,"height":11}},{"id":"1d9d1fef-81cb-4baf-88e7-916cd210a9ed","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":207,"box":{"x":102,"y":637,"width":792,"height":11}},{"id":"b1169dc0-a51b-47c2-b93e-84cd2aaaa414","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":207,"box":{"x":68,"y":652,"width":791,"height":11}},{"id":"1bd9b121-0774-4330-8c35-f8243d62c875","block_type":"box","text":"shareholder meetings; ii) restrictions on a foreigner’s ability to exercise votes; iii) requirements to vote proxies in","page_number":207,"box":{"x":69,"y":666,"width":805,"height":12}},{"id":"4c67db82-215a-486c-9e64-919e4140a2fa","block_type":"box","text":"person; iv) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":207,"box":{"x":70,"y":682,"width":784,"height":11}},{"id":"40845f45-3946-4291-84fa-b96b7f0c96b0","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the shareholder meeting has","page_number":207,"box":{"x":69,"y":696,"width":775,"height":11}},{"id":"2ab5aa2e-4732-44ff-a805-dedbc9875e0c","block_type":"box","text":"occurred); v) potential difficulties in translating the proxy; vi) regulatory constraints; and vii) requirements to provide","page_number":207,"box":{"x":69,"y":711,"width":824,"height":11}},{"id":"c8b04e43-bcd3-4713-b039-9bbe05c939d4","block_type":"box","text":"local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to the","page_number":207,"box":{"x":70,"y":726,"width":806,"height":11}},{"id":"bd561474-f4a7-442f-a2ba-23a783e97c18","block_type":"box","text":"exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":207,"box":{"x":69,"y":741,"width":704,"height":11}},{"id":"076f19ba-c03d-47e3-a0c4-8d18ee3deec7","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":207,"box":{"x":102,"y":759,"width":796,"height":12}},{"id":"f1c6e236-429f-4463-82ac-3ecf66dd8607","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":207,"box":{"x":68,"y":774,"width":799,"height":12}},{"id":"a21308f6-6e2c-4968-a92c-2d21b589d4cf","block_type":"box","text":"(including but not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising","page_number":207,"box":{"x":69,"y":789,"width":829,"height":11}},{"id":"81d06af0-2656-4f85-9439-a1a68540e823","block_type":"box","text":"a vote are expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":207,"box":{"x":69,"y":804,"width":661,"height":11}},{"id":"e6a615c0-3b0f-41ef-b9ae-f8f4845335b0","block_type":"box","text":"Voting Choice","page_number":207,"box":{"x":68,"y":826,"width":101,"height":12}},{"id":"2378d20b-a7fc-41a7-bcf3-b1b466bc6896","block_type":"box","text":"BlackRock offers Voting Choice, a program that provides eligible clients with more oppor tunities to par ticipate in","page_number":207,"box":{"x":102,"y":845,"width":800,"height":11}},{"id":"9d9b3349-ecf8-4253-9f3f-5b2c94c3e478","block_type":"box","text":"the proxy voting process where legally and operationally viable.","page_number":207,"box":{"x":68,"y":860,"width":447,"height":11}},{"id":"c540d1ab-78b0-4287-b77c-dbcedbe572db","block_type":"box","text":"BlackRock Active Investment Stewardship","page_number":207,"box":{"x":69,"y":943,"width":311,"height":11}},{"id":"6602ff32-ce06-4b43-ac6d-b6418169021b","block_type":"box","text":"Global Engagement and Voting Guidelines | 16","page_number":207,"box":{"x":580,"y":942,"width":329,"height":13}},{"id":"38cfa4b7-75ea-441b-9e1a-df91ffb67448","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":207,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"4c24e68f-ede2-4b3c-8e54-ec1332e23ae9","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":208,"box":{"x":101,"y":45,"width":786,"height":11}},{"id":"1af279eb-c10b-4612-857e-797d1cc3ab89","block_type":"box","text":"UK, and Canada that use systematic active equity (SAE) and multi-asset strategies. In addition, institutional clients in","page_number":208,"box":{"x":70,"y":60,"width":834,"height":11}},{"id":"4041a3a7-c1d2-4ab8-8de6-54663e27d1f3","block_type":"box","text":"separately managed accounts (SMAs) are eligible for BlackRock Voting Choice regardless of their investment","page_number":208,"box":{"x":69,"y":74,"width":774,"height":12}},{"id":"3a2a76d5-6847-4365-9027-e550e240b9df","block_type":"box","text":"strategies.","page_number":208,"box":{"x":69,"y":89,"width":74,"height":12}},{"id":"91f5bd03-b4e4-42a9-bd5b-a4cdc33dcbc1","block_type":"box","text":"12","page_number":208,"box":{"x":145,"y":90,"width":9,"height":4}},{"id":"019b675e-6069-4284-8d01-374fe4e1e540","block_type":"box","text":"As a result, the shares attributed to BlackRock in company share registers may be voted differently depending","page_number":208,"box":{"x":101,"y":108,"width":788,"height":11}},{"id":"71e794cb-f9cb-481c-94fa-92ddfb0a5499","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":208,"box":{"x":69,"y":123,"width":834,"height":10}},{"id":"7fdcffde-9577-4f94-a39e-7d66fe93e747","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":208,"box":{"x":68,"y":138,"width":823,"height":11}},{"id":"ee9f6334-b3b1-43d9-9ef4-a99cd4307590","block_type":"box","text":"control over proxy voting because of Voting Choice.","page_number":208,"box":{"x":69,"y":152,"width":360,"height":12}},{"id":"c7075788-855a-444f-998c-b85e56329a28","block_type":"box","text":"13","page_number":208,"box":{"x":431,"y":153,"width":9,"height":4}},{"id":"f5017511-d7f9-4fbd-bb37-a754063d8c76","block_type":"box","text":"Use and oversight of third-party vote services providers","page_number":208,"box":{"x":69,"y":175,"width":403,"height":11}},{"id":"c6970fb0-8710-42e7-95da-3fc128131f65","block_type":"box","text":"Third-par ty vote services providers – or proxy research firms – provide research and recommendations on proxy","page_number":208,"box":{"x":101,"y":193,"width":794,"height":12}},{"id":"15d9a85a-3aab-442f-9ca2-ec7fe056ea3f","block_type":"box","text":"votes, as well as voting infrastructure. BlackRock contracts primarily with the vote services provider ISS and","page_number":208,"box":{"x":68,"y":208,"width":770,"height":12}},{"id":"5a5fceec-bc84-413c-a16e-8baebf359249","block_type":"box","text":"leverages its online platform to supply research and suppor t voting, record keeping, and repor ting processes. We","page_number":208,"box":{"x":70,"y":223,"width":807,"height":12}},{"id":"f02847b4-1066-4ef8-a56c-d2b74ef4172a","block_type":"box","text":"also use Glass Lewis’ research and analysis as an input into our voting process. It is impor tant to note that, although","page_number":208,"box":{"x":69,"y":238,"width":839,"height":11}},{"id":"653ccf2c-3a6c-4ecd-a8c4-e3490cfe6fa1","block_type":"box","text":"proxy research firms provide impor tant data and analysis, BAIS does not rely solely on their information or follow their","page_number":208,"box":{"x":70,"y":253,"width":839,"height":11}},{"id":"62929502-ffe2-4d97-98ec-5a9128cc3967","block_type":"box","text":"voting recommendations. A company’s disclosures, our engagements and voting, investment colleagues’ insights and","page_number":208,"box":{"x":68,"y":268,"width":840,"height":11}},{"id":"1615fe4d-2064-4c00-8209-93ee2a37244a","block_type":"box","text":"our Guidelines are impor tant inputs into our voting decisions on behalf of clients.","page_number":208,"box":{"x":69,"y":283,"width":578,"height":11}},{"id":"3fc41f98-02eb-4fb8-ade2-bb264c53f832","block_type":"box","text":"Given the large universe of actively held companies, BAIS employs the proxy services provider to streamline the","page_number":208,"box":{"x":102,"y":301,"width":795,"height":12}},{"id":"e003327f-fa22-4863-9109-04fc6fa435cf","block_type":"box","text":"voting process by making voting recommendations based on BAIS’ Guidelines when the items on a shareholder","page_number":208,"box":{"x":68,"y":316,"width":795,"height":12}},{"id":"99850bf9-9a44-40c5-84e1-7f214c483c1f","block_type":"box","text":"meeting agenda are routine. 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outlined in this Policy, as par t of BlackRock’s authority to manage, acquire and dispose of account","page_number":211,"box":{"x":102,"y":375,"width":775,"height":12}},{"id":"092bd627-4854-4056-a02f-b2271dbfeb66","block_type":"box","text":"assets, all as contemplated by the Funds’ respective investment management agreements.","page_number":211,"box":{"x":102,"y":391,"width":651,"height":11}},{"id":"a8a72c64-1071-46d1-b91e-505ec0f4e881","block_type":"box","text":"BlackRock has adopted the BlackRock Investment Stewardship Global Benchmark Policy (as from time to","page_number":211,"box":{"x":135,"y":409,"width":748,"height":11}},{"id":"fbacb9f6-a418-4ef6-bbf8-b8f6e08082d8","block_type":"box","text":"time amended, the “Guidelines”) governing proxy voting by index equity Funds managed by BlackRock, except for","page_number":211,"box":{"x":101,"y":424,"width":804,"height":11}},{"id":"e6eeb92e-c986-40cf-bb46-6bc79764d243","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":211,"box":{"x":101,"y":439,"width":793,"height":11}},{"id":"29b557b4-78d9-43e0-a3f0-0d411d22c207","block_type":"box","text":"time amended, the “BlackRock Climate and Decarbonization Stewardship Guidelines”) governing proxy voting for","page_number":211,"box":{"x":101,"y":454,"width":801,"height":11}},{"id":"155e3bc6-7044-45f0-a06c-af904231482b","block_type":"box","text":"matters covered in the BlackRock Climate and Decarbonization Stewardship Guidelines by the Funds listed in","page_number":211,"box":{"x":102,"y":469,"width":777,"height":11}},{"id":"50821f7f-1585-4ea2-9038-e8486fe3eb1d","block_type":"box","text":"Appendix A.","page_number":211,"box":{"x":101,"y":484,"width":82,"height":10}},{"id":"103dc7a2-3df0-4f7f-b20a-0f8cfca04f49","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":211,"box":{"x":135,"y":502,"width":751,"height":11}},{"id":"8436d43d-ded7-4e35-a4a7-b8d09a8d6ddb","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":211,"box":{"x":102,"y":517,"width":791,"height":11}},{"id":"88fbb72f-3ac6-4481-8f4e-732efb6a9785","block_type":"box","text":"the BlackRock Climate and Decarbonization Stewardship Guidelines, as applicable.","page_number":211,"box":{"x":101,"y":532,"width":591,"height":11}},{"id":"9fe6bf1f-ef46-42c8-b4e4-3e9527b6733b","block_type":"box","text":"Conflicts Management","page_number":211,"box":{"x":101,"y":550,"width":165,"height":11}},{"id":"13fef703-5a20-494a-b2c2-a8ed9f4b991e","block_type":"box","text":"BlackRock Investment Stewardship (“BIS”) maintains policies and procedures that seek to prevent undue","page_number":211,"box":{"x":135,"y":569,"width":751,"height":11}},{"id":"2aced35a-103e-4064-95d5-74ee1b73e9bf","block_type":"box","text":"influence on BlackRock’s proxy voting activity and to mitigate material conflicts of interest in the exercise of","page_number":211,"box":{"x":102,"y":584,"width":767,"height":11}},{"id":"e8f39f69-be3a-4da2-8990-199352428cf5","block_type":"box","text":"proxy voting responsibilities. Potential material conflicts, and the resultant potential for undue influence, might","page_number":211,"box":{"x":102,"y":599,"width":787,"height":11}},{"id":"400927e6-ae02-4989-be29-81b48a119670","block_type":"box","text":"be due to a relationship between the investee company (or any shareholder proponent or dissident shareholder)","page_number":211,"box":{"x":102,"y":614,"width":797,"height":11}},{"id":"3d8fdb1d-ee11-4930-921e-79d6acea5518","block_type":"box","text":"and BlackRock, BlackRock’s affiliates or employees, or a Fund or a Fund’s affiliates. BlackRock has taken","page_number":211,"box":{"x":102,"y":628,"width":756,"height":12}},{"id":"ccfa02b5-2957-4f24-9115-e2807c381648","block_type":"box","text":"cer tain steps to mitigate potential conflicts, which are outlined in detail in the Guidelines. In mitigating conflicts,","page_number":211,"box":{"x":101,"y":643,"width":800,"height":12}},{"id":"c144f5e7-4ce2-4d00-ac73-335c03b8e2c5","block_type":"box","text":"BIS will adhere to the Guidelines.","page_number":211,"box":{"x":102,"y":658,"width":235,"height":9}},{"id":"f6a9a2ff-a79d-4512-86be-d801963225bf","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":211,"box":{"x":135,"y":677,"width":769,"height":11}},{"id":"58aa0a96-fefc-4412-8d30-5f879f5a3890","block_type":"box","text":"recommendations as a fur ther safeguard to avoid potential conflicts of interest, to satisfy regulatory compliance","page_number":211,"box":{"x":102,"y":692,"width":800,"height":11}},{"id":"a1e557ad-7245-44c8-8554-613c701b33c7","block_type":"box","text":"requirements, or as may be otherwise required by applicable law.","page_number":211,"box":{"x":102,"y":707,"width":463,"height":11}},{"id":"f8dc7a68-6ed5-4337-82aa-0a5f75a852ec","block_type":"box","text":"With respect to the relationship between securities lending and proxy voting, shares on loan cannot be voted","page_number":211,"box":{"x":134,"y":725,"width":774,"height":11}},{"id":"afd9fa91-59f0-4835-97ee-4f1ff0b694b2","block_type":"box","text":"and BlackRock may determine to recall them for voting, as guided by BlackRock’s fiduciary responsibility to act","page_number":211,"box":{"x":102,"y":740,"width":791,"height":11}},{"id":"fd2d4efa-88f0-49a9-882c-1d7965b7daa3","block_type":"box","text":"in clients’ financial interests. The Guidelines set for th BlackRock’s approach to recalling securities on loan in","page_number":211,"box":{"x":102,"y":755,"width":778,"height":11}},{"id":"27102306-5d67-4213-8a06-f4ff30c82d6c","block_type":"box","text":"connection with proxy voting.","page_number":211,"box":{"x":101,"y":770,"width":203,"height":11}},{"id":"da7e4136-cd13-4482-9e0e-6b988cef47ee","block_type":"box","text":"Reports to the Board","page_number":211,"box":{"x":102,"y":789,"width":153,"height":10}},{"id":"c5be19c2-65e2-4c96-a477-d6df9bf0abfe","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":211,"box":{"x":135,"y":807,"width":755,"height":11}},{"id":"2d7de7a3-1904-4dfb-a12a-b175a5d587a2","block_type":"box","text":"applicable to the Funds covered by this policy in the preceding year together with a representation that all 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Engagements provide companies with the","page_number":215,"box":{"x":69,"y":753,"width":829,"height":11}},{"id":"519ee87d-3421-46ac-bcd0-14a9bc1e2929","block_type":"box","text":"oppor tunity to share their perspectives on topics that, in BIS’ experience, impact the long-term financial returns","page_number":215,"box":{"x":69,"y":768,"width":795,"height":11}},{"id":"4ef8fc08-6cd4-4869-ab88-2fc3422f1860","block_type":"box","text":"BlackRock’s clients depend on to meet their financial goals.","page_number":215,"box":{"x":70,"y":783,"width":425,"height":11}},{"id":"b706ec3b-6b36-4823-8aca-87df70c84fa7","block_type":"box","text":"1","page_number":215,"box":{"x":69,"y":813,"width":4,"height":4}},{"id":"88e78f29-e414-4934-a4f1-87275b49a226","block_type":"box","text":"On February 11, 2025, the U.S. Securities and Exchange Commission (SEC) staff issued updated guidance for","page_number":215,"box":{"x":79,"y":812,"width":790,"height":11}},{"id":"01f1d0ab-d856-447e-80f6-8eecb484727d","block_type":"box","text":"shareholders to maintain their eligibility to repor t their beneficial ownership under Schedule 13G of the Exchange Act.","page_number":215,"box":{"x":69,"y":827,"width":836,"height":12}},{"id":"1aa61793-3765-43dd-95c9-b999304f5aaa","block_type":"box","text":"We comply fully with these requirements and do not engage with por tfolio companies for the purpose, or with the","page_number":215,"box":{"x":68,"y":842,"width":805,"height":12}},{"id":"95fd32ff-6eb7-446b-965f-b691c3a4890e","block_type":"box","text":"effect, of changing or influencing control of any company.","page_number":215,"box":{"x":69,"y":857,"width":405,"height":12}},{"id":"5f0b40f2-c55a-48f9-a85f-ccebbb55d14e","block_type":"box","text":"2","page_number":215,"box":{"x":69,"y":876,"width":4,"height":4}},{"id":"1d744e2a-43cd-45a6-830d-95d9a7332dba","block_type":"box","text":"Alongside the Global Principles and regional voting guidelines, BIS publishes Engagement Priorities which reflect the","page_number":215,"box":{"x":78,"y":875,"width":827,"height":11}},{"id":"baae6e70-a183-4a27-ae97-a3f94cc0e72d","block_type":"box","text":"five themes on which we most frequently engage companies, where they are relevant, as these can be a source of","page_number":215,"box":{"x":68,"y":890,"width":818,"height":12}},{"id":"3ced5804-965b-45c3-a3f4-a87dcde6697b","block_type":"box","text":"material business risk or oppor tunity.","page_number":215,"box":{"x":69,"y":906,"width":264,"height":11}},{"id":"59adc085-1bf3-4b2e-ad5f-b52897f3e53b","block_type":"box","text":"BlackRock Investment Stewardship","page_number":215,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"fcf01527-1ee0-4306-afc1-144f9b33e3f0","block_type":"box","text":"Global Principles | 3","page_number":215,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"f8b7144b-e43b-40c4-baff-fbc74850d9f5","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":215,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c374e79e-4fea-4e13-a3e8-c9261cc4b1d4","block_type":"box","text":"Voting at a company’s shareholder meeting is a right of share ownership and a core principle of corporate","page_number":216,"box":{"x":101,"y":45,"width":753,"height":11}},{"id":"61ffefb1-72bb-446b-8224-aa0708de8250","block_type":"box","text":"governance. 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Our vote decisions are often informed by several","page_number":216,"box":{"x":67,"y":105,"width":816,"height":11}},{"id":"611b6bf1-e417-43ad-b257-1b8b288dbb4e","block_type":"box","text":"factors, including in-depth analysis of company disclosures, comparisons against industry peers, third-par ty research,","page_number":216,"box":{"x":68,"y":120,"width":839,"height":12}},{"id":"8d0bdbc8-6cfd-4eb6-819e-8c4e1f764257","block_type":"box","text":"and, where appropriate, engagement with companies.","page_number":216,"box":{"x":69,"y":136,"width":381,"height":11}},{"id":"5a64f163-5ec8-4f77-becf-3f8e23c28b60","block_type":"box","text":"Generally, BIS suppor ts the vote recommendations of the board of directors and management at companies","page_number":216,"box":{"x":102,"y":158,"width":770,"height":11}},{"id":"db35ee64-448a-45f1-8853-df699df2919e","block_type":"box","text":"which have sound corporate governance and deliver strong financial returns over time. When we determine it is in our","page_number":216,"box":{"x":68,"y":173,"width":838,"height":11}},{"id":"bb6fd301-f726-4432-9d25-75207ff9c6d1","block_type":"box","text":"clients’ financial interests to convey concern to companies through voting, we may do so in two forms: we might not","page_number":216,"box":{"x":69,"y":188,"width":827,"height":12}},{"id":"29fe825d-616b-4d7f-8c50-12ec5b1b00ed","block_type":"box","text":"suppor t the election of directors or other management proposals, or we might not suppor t management’s voting","page_number":216,"box":{"x":69,"y":203,"width":802,"height":12}},{"id":"7bd4f926-d88b-4a0d-8b63-275e214372b5","block_type":"box","text":"recommendation on a shareholder proposal.","page_number":216,"box":{"x":69,"y":219,"width":315,"height":10}},{"id":"9f37c6f2-ae91-4787-ab4d-0a71963df0d2","block_type":"box","text":"SHAREHOLDER RIGHTS","page_number":216,"box":{"x":403,"y":249,"width":172,"height":9}},{"id":"c0598dd4-fae7-4c36-89f3-6d438a9fb350","block_type":"box","text":"BlackRock’s global approach as a shareholder on behalf of our clients is underpinned by cer tain rights attached","page_number":216,"box":{"x":102,"y":271,"width":796,"height":12}},{"id":"1eadf56b-4cb6-4573-b650-585fdf71dfbc","block_type":"box","text":"to shareholding in most markets, as established by corporate laws, regulations, and listing rules.","page_number":216,"box":{"x":68,"y":287,"width":693,"height":11}},{"id":"f3af1ebc-c6e3-491f-bfec-c7c4a095b40a","block_type":"box","text":"3","page_number":216,"box":{"x":763,"y":287,"width":4,"height":4}},{"id":"809779b7-4547-4c0f-a05d-9f468149fdab","block_type":"box","text":"For example, in","page_number":216,"box":{"x":774,"y":287,"width":106,"height":10}},{"id":"29565c18-aa41-435c-88be-650310a9a839","block_type":"box","text":"most markets, shareholders have the right to:","page_number":216,"box":{"x":69,"y":302,"width":326,"height":11}},{"id":"233a7e0e-5940-47f4-85c9-8049bc2508cc","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":325,"width":6,"height":4}},{"id":"a62cd970-1455-4358-95c2-5a3902f891ea","block_type":"box","text":"Vote to elect, remove, and nominate directors, approve the appointment of the auditor, and amend the corporate","page_number":216,"box":{"x":101,"y":322,"width":804,"height":11}},{"id":"3b6c700c-1a4d-4713-b41b-d409b2c3b4be","block_type":"box","text":"char ter or bylaws.","page_number":216,"box":{"x":101,"y":337,"width":126,"height":11}},{"id":"abf00942-b0a3-4542-98a4-271626618ea0","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":360,"width":6,"height":5}},{"id":"7e0a264a-b951-4a62-b287-decddf2380a9","block_type":"box","text":"Vote on key board decisions that are material to the protection of their investment, including but not limited to,","page_number":216,"box":{"x":101,"y":357,"width":789,"height":11}},{"id":"52bf6a37-4fc4-4bb7-8e7f-6b60f7a073d3","block_type":"box","text":"changes to the purpose of the business, dilution levels, and pre-emptive rights.","page_number":216,"box":{"x":101,"y":372,"width":564,"height":11}},{"id":"94410d2d-25f9-4f91-a533-100b64ebbbfa","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":395,"width":6,"height":5}},{"id":"b8d4f1b9-0f13-4003-bde3-a4eaa7343e03","block_type":"box","text":"Access sufficient and timely information on governance, strategic, and business matters — where such matters","page_number":216,"box":{"x":101,"y":392,"width":799,"height":12}},{"id":"0e5e52bc-77d1-4653-bc8b-108817cea48d","block_type":"box","text":"are material — to make informed decisions.","page_number":216,"box":{"x":102,"y":407,"width":313,"height":9}},{"id":"7bfb98c0-77da-49b1-ab82-ffaf8b6d3cf4","block_type":"box","text":"KEY GOVERNANCE TOPICS","page_number":216,"box":{"x":391,"y":438,"width":196,"height":9}},{"id":"273ba663-5f5b-4b9e-996b-88778eacd76f","block_type":"box","text":"In our experience, there are cer tain globally applicable elements of corporate governance that contribute to a","page_number":216,"box":{"x":102,"y":460,"width":776,"height":12}},{"id":"0be1ab1f-20b3-4f60-9323-ca2266718745","block_type":"box","text":"company’s ability to create long-term financial value for shareholders. These are topics that shareholders may have","page_number":216,"box":{"x":69,"y":475,"width":822,"height":12}},{"id":"572751b1-b7f1-439b-a5af-f91ee9db2771","block_type":"box","text":"the ability to vote on at shareholder meetings. These areas include:","page_number":216,"box":{"x":68,"y":491,"width":482,"height":11}},{"id":"b83cf3e0-a112-480d-9b2c-ecf3c5be5e40","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":514,"width":6,"height":4}},{"id":"b35ff2a2-d854-497b-bc11-817dce0b0d8d","block_type":"box","text":"Boards and directors","page_number":216,"box":{"x":102,"y":511,"width":147,"height":9}},{"id":"261af171-2576-498f-ac66-f441e96c677c","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":534,"width":6,"height":4}},{"id":"d86faa4d-d490-4170-a641-18620f0c8731","block_type":"box","text":"Auditors and audit-related issues","page_number":216,"box":{"x":101,"y":531,"width":234,"height":9}},{"id":"c05b2cac-6f96-4e65-b54c-d51d74b198e1","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":554,"width":6,"height":5}},{"id":"4077cd9e-456a-4ac3-9984-11f78f371804","block_type":"box","text":"Capital structure, mergers, acquisitions, asset sales, and other special situations","page_number":216,"box":{"x":102,"y":551,"width":583,"height":11}},{"id":"1a665e79-8b47-4495-87c7-93b496f92736","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":574,"width":6,"height":5}},{"id":"119cf880-2f49-4e25-8330-7ad8ad97b7d8","block_type":"box","text":"Executive compensation","page_number":216,"box":{"x":102,"y":571,"width":170,"height":11}},{"id":"02437331-20bd-4b58-bfb3-29a75199ce94","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":594,"width":6,"height":5}},{"id":"320d7bbb-60fa-4f30-877f-e1dd9e1f4561","block_type":"box","text":"Shareholder protections and other significant corporate governance matters","page_number":216,"box":{"x":102,"y":591,"width":539,"height":12}},{"id":"9bd853f7-6f2e-4bf4-8264-f43d405a9d5e","block_type":"box","text":"•","page_number":216,"box":{"x":69,"y":614,"width":6,"height":5}},{"id":"87dbd4b5-c245-420f-a742-7057a6b44d1d","block_type":"box","text":"Shareholder proposals","page_number":216,"box":{"x":102,"y":612,"width":160,"height":11}},{"id":"f9dc77fc-d31b-4ef9-860a-2e07d8852d47","block_type":"box","text":"The BIS Benchmark Policies are not prescriptive but rather are applied on a pragmatic basis, taking into","page_number":216,"box":{"x":101,"y":634,"width":740,"height":12}},{"id":"dda4e859-7c6c-4b65-9b4b-8b19c8ba65f7","block_type":"box","text":"consideration a number of company-specific factors, including the sector, market, and business environment within","page_number":216,"box":{"x":69,"y":649,"width":819,"height":12}},{"id":"2c5f1393-863d-41ce-a7de-e31012664df1","block_type":"box","text":"which companies operate.","page_number":216,"box":{"x":68,"y":665,"width":186,"height":10}},{"id":"76417b4e-69df-46e9-83c3-f22c7b054877","block_type":"box","text":"At the regional level, it is our view that companies should observe the accepted corporate governance standards","page_number":216,"box":{"x":101,"y":687,"width":803,"height":11}},{"id":"4b86d495-9a8c-4da2-89b2-edd901fb7b97","block_type":"box","text":"in their domestic market at a minimum, and we ask that, if they do not, they explain how their approach better","page_number":216,"box":{"x":70,"y":702,"width":785,"height":11}},{"id":"9591e845-4e4a-4e0c-bfb3-f1d23c9c2797","block_type":"box","text":"suppor ts durable, long-term financial value creation. Our regional voting guidelines explain how the BIS Global","page_number":216,"box":{"x":69,"y":717,"width":781,"height":12}},{"id":"ec392fe3-b477-40e1-866b-18be9d0d17ce","block_type":"box","text":"Principles inform our voting decisions in relation to common ballot items for shareholder meetings in those markets.","page_number":216,"box":{"x":69,"y":732,"width":829,"height":12}},{"id":"237f8a17-8923-45a5-af21-9e5017de7a9b","block_type":"box","text":"4","page_number":216,"box":{"x":899,"y":733,"width":5,"height":4}},{"id":"95ef0315-d629-4c09-8c85-d2097c0fdb0b","block_type":"box","text":"3","page_number":216,"box":{"x":69,"y":762,"width":4,"height":5}},{"id":"2b0a289b-240b-4134-abeb-6b2cded0d7a4","block_type":"box","text":"Examples include: Government of Canada, “Canada Business Corporations Act,” amended 2024; European Union,","page_number":216,"box":{"x":79,"y":762,"width":816,"height":11}},{"id":"283c2a83-fb1b-4616-b77d-414f6042aa98","block_type":"box","text":"“Shareholder Rights Directive II,” 2017; and the China Securities Regulatory Commission, “Code of Corporate","page_number":216,"box":{"x":70,"y":777,"width":784,"height":11}},{"id":"3b7bfb40-3d70-4201-9cc6-7a5ec4805a48","block_type":"box","text":"Governance for Listed Companies in China,” 2001. Websites accessed in December 2025.","page_number":216,"box":{"x":69,"y":792,"width":650,"height":11}},{"id":"2e1b0965-70cf-4f6f-b381-ef0cbcb30f3f","block_type":"box","text":"4","page_number":216,"box":{"x":69,"y":810,"width":4,"height":4}},{"id":"e578b202-3f60-46dd-bc8e-0e64e23b6cbb","block_type":"box","text":"Our regional voting guidelines reflect these different market standards and norms. Depending on the market,","page_number":216,"box":{"x":79,"y":810,"width":776,"height":11}},{"id":"f9a6c296-230e-4000-a284-866d3b113d04","block_type":"box","text":"generally accepted practice is informed by corporate law, market regulation, best practices, and industry initiatives,","page_number":216,"box":{"x":68,"y":825,"width":821,"height":11}},{"id":"48719f97-ce2f-4d73-a155-b46b8f9ebb33","block_type":"box","text":"amongst other factors. BIS carries out engagement with companies, executes proxy votes, and conducts vote","page_number":216,"box":{"x":69,"y":840,"width":780,"height":11}},{"id":"81131bf1-a142-4135-9d7c-b95b1d7e77f8","block_type":"box","text":"operations (including maintaining records of votes cast) in a manner consistent with the relevant regional voting","page_number":216,"box":{"x":69,"y":855,"width":796,"height":11}},{"id":"12594395-044c-4b74-9d1e-5c689332c2b7","block_type":"box","text":"guidelines.","page_number":216,"box":{"x":68,"y":870,"width":76,"height":11}},{"id":"fc4d109f-85b9-4a83-9b20-7a96e76d3345","block_type":"box","text":"BlackRock Investment Stewardship","page_number":216,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"ef31805e-f9fd-4c25-912d-6215f369b27a","block_type":"box","text":"Global Principles | 4","page_number":216,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"30e5d60a-3d37-436a-861f-f48dc6b8b7f1","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":216,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"86d2c42f-4f53-4700-92eb-7a6b0ab57f7c","block_type":"box","text":"BOARDS AND DIRECTORS","page_number":217,"box":{"x":394,"y":45,"width":190,"height":9}},{"id":"5daa5c7f-47ec-498d-a628-ec3bc326973e","block_type":"box","text":"Oversight role of the board","page_number":217,"box":{"x":69,"y":75,"width":194,"height":11}},{"id":"b1d14af8-0ea7-4bd8-a299-c47a5130b383","block_type":"box","text":"Companies whose boards are comprised of appropriately qualified, engaged directors with professional","page_number":217,"box":{"x":102,"y":98,"width":734,"height":11}},{"id":"cc635edc-10bf-40a5-ad8e-1a760af94070","block_type":"box","text":"characteristics relevant to a company’s business enhance the board’s ability to add long-term financial value and","page_number":217,"box":{"x":69,"y":113,"width":806,"height":11}},{"id":"3d566a8f-2a7f-4e3a-baa4-8ee7b630963a","block_type":"box","text":"serve as the voice of shareholders in board discussions. In our view, a strong board gives a company a competitive","page_number":217,"box":{"x":69,"y":128,"width":822,"height":11}},{"id":"1a00db9b-cdae-4e9e-8aa9-ef613a0e74b2","block_type":"box","text":"advantage, providing valuable oversight and contributing to the most impor tant management decisions that suppor t","page_number":217,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"5fd54d87-e570-4df7-83d2-106b66f25861","block_type":"box","text":"long-term financial per formance.","page_number":217,"box":{"x":70,"y":158,"width":229,"height":11}},{"id":"b9e62d6a-b448-4081-a67d-90f0464ac5a3","block_type":"box","text":"For this reason, our investment stewardship effor ts focus on the effectiveness of the board of directors. We","page_number":217,"box":{"x":102,"y":181,"width":771,"height":11}},{"id":"b398af0a-03b6-48bb-8279-e9360f5387d6","block_type":"box","text":"engage, as necessary, with members of the board’s nominating and/or governance committee to assess whether","page_number":217,"box":{"x":69,"y":196,"width":811,"height":11}},{"id":"7e32dc53-219b-4af1-852d-ce2ef48311ba","block_type":"box","text":"governance practices and board composition are effective given a company’s business model, sector, market, and","page_number":217,"box":{"x":68,"y":211,"width":817,"height":11}},{"id":"3ac19daa-32f0-499a-be86-730d76c296a3","block_type":"box","text":"the business environment in which a company is operating.","page_number":217,"box":{"x":68,"y":226,"width":422,"height":11}},{"id":"d57f31ae-eba8-4761-982a-a3e7d2dee59b","block_type":"box","text":"We consider it good practice when the board establishes and maintains a framework of robust and effective","page_number":217,"box":{"x":101,"y":249,"width":770,"height":11}},{"id":"ce86ce36-fdd0-47c1-b95b-c67f7cd04bbf","block_type":"box","text":"governance mechanisms that suppor ts its oversight of the company’s strategy and operations, consistent with the","page_number":217,"box":{"x":68,"y":264,"width":817,"height":11}},{"id":"21b124b4-8e07-4c9b-a72b-13e734e28046","block_type":"box","text":"long-term financial interests of investors. This includes having clear descriptions of the role of the board and the","page_number":217,"box":{"x":70,"y":279,"width":799,"height":11}},{"id":"d4cc2ff2-61ae-435e-927b-b4bfa6c7829b","block_type":"box","text":"committees of the board and how directors engage with and oversee management, as well as disclosure of material","page_number":217,"box":{"x":69,"y":294,"width":827,"height":11}},{"id":"fec3d43c-b788-4232-ae42-a020b4575d2c","block_type":"box","text":"risks that may affect a company’s long-term strategy and how management is effectively identifying, managing, and","page_number":217,"box":{"x":69,"y":309,"width":822,"height":11}},{"id":"299320f1-b76a-4302-a7ef-8f9cabf29042","block_type":"box","text":"mitigating such risks.","page_number":217,"box":{"x":69,"y":325,"width":150,"height":11}},{"id":"73e61b17-0505-4ce7-90db-5776ddc2cad3","block_type":"box","text":"Understanding management’s long-term strategy and the milestones against which investors should assess its","page_number":217,"box":{"x":102,"y":347,"width":791,"height":11}},{"id":"0fabe7b6-f674-4d07-932c-5a9b1e39feae","block_type":"box","text":"implementation is central to our approach. If any strategic targets are significantly missed or materially restated, we","page_number":217,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"82673333-8e58-4d46-9ff7-f84f701bf9dd","block_type":"box","text":"find it helpful when company disclosures provide a detailed explanation of the changes and an indication of the","page_number":217,"box":{"x":68,"y":377,"width":793,"height":12}},{"id":"9cd76262-34a7-49bb-adf2-9cff1d3d9ca7","block_type":"box","text":"board’s role in reviewing the revised targets. We look to the board to ar ticulate the effectiveness of these","page_number":217,"box":{"x":69,"y":392,"width":755,"height":12}},{"id":"58a49802-c09c-40db-9997-e1fad2b3ce2a","block_type":"box","text":"mechanisms in overseeing the management of business risks and oppor tunities and the fulfillment of the company’s","page_number":217,"box":{"x":69,"y":407,"width":835,"height":12}},{"id":"b26849a5-2bfd-4ae4-adb4-5bfbd2e2de26","block_type":"box","text":"strategy.","page_number":217,"box":{"x":69,"y":423,"width":58,"height":11}},{"id":"8cfac13b-de35-433a-9894-b5397b55775b","block_type":"box","text":"Where a company has not adequately disclosed or demonstrated that its board has fulfilled these corporate","page_number":217,"box":{"x":101,"y":445,"width":769,"height":11}},{"id":"1716b986-ab7d-48ae-b40d-3a90a8fa74e6","block_type":"box","text":"governance and risk oversight responsibilities, we may consider not suppor ting the election of directors who, in our","page_number":217,"box":{"x":68,"y":460,"width":823,"height":12}},{"id":"0fa1cac8-f67b-40ad-b4f9-9b645c285911","block_type":"box","text":"assessment, have par ticular responsibility for the issues.","page_number":217,"box":{"x":69,"y":475,"width":409,"height":12}},{"id":"46aced78-0acc-4dae-b0b3-3eefb6910ac4","block_type":"box","text":"When casting vote decisions on behalf of clients on the election of directors, some of the factors that speak to","page_number":217,"box":{"x":101,"y":498,"width":791,"height":11}},{"id":"128eb8a4-419c-4810-aa88-546d234604fd","block_type":"box","text":"the board’s effectiveness as a group include the relevance of individual directors’ qualifications and skillsets, as well","page_number":217,"box":{"x":68,"y":513,"width":836,"height":12}},{"id":"b4e9da7b-90f1-4eb2-a436-c0762270b34f","block_type":"box","text":"as directors’ capacity and other time commitments, and how these factors may contribute to the company’s financial","page_number":217,"box":{"x":69,"y":528,"width":833,"height":12}},{"id":"45eb37f8-9759-483b-8cfb-6775c023c2ae","block_type":"box","text":"per formance. We look to boards to establish formal and transparent processes for nominating directors that reflect","page_number":217,"box":{"x":70,"y":543,"width":823,"height":12}},{"id":"4260e3fd-2789-4252-8fb9-385d0e24e043","block_type":"box","text":"the company’s long-term strategy and business model.","page_number":217,"box":{"x":68,"y":559,"width":390,"height":11}},{"id":"5db5db62-918f-4e9e-a7df-84066186d252","block_type":"box","text":"In the section titled “Board quality and effectiveness” below, we provide more detail about our approach to board","page_number":217,"box":{"x":102,"y":581,"width":807,"height":11}},{"id":"28df786c-7cd6-4d29-868d-43539a09b4c1","block_type":"box","text":"composition and how it underpins board effectiveness and long-term financial value creation.","page_number":217,"box":{"x":69,"y":596,"width":662,"height":12}},{"id":"a3e59d4d-b5cd-4ebb-b588-42646b7bc387","block_type":"box","text":"Regular accountability through director elections","page_number":217,"box":{"x":69,"y":627,"width":358,"height":11}},{"id":"aff5a963-a5b6-4094-aa74-6d7f40072e6b","block_type":"box","text":"The election of directors to the board is a right of shareholders and an impor tant signal of suppor t for, or","page_number":217,"box":{"x":101,"y":649,"width":750,"height":12}},{"id":"19c1498a-e54f-4511-b4a2-369b28f99323","block_type":"box","text":"concern about, the per formance of the board in overseeing and advising management. To ensure accountability for","page_number":217,"box":{"x":69,"y":664,"width":819,"height":12}},{"id":"fa35b747-406b-44c7-bc5a-fbd882e386fa","block_type":"box","text":"their decisions on behalf of shareholders, directors should stand for election on a regular basis, ideally annually.","page_number":217,"box":{"x":68,"y":680,"width":802,"height":11}},{"id":"e76d7bb9-6203-4463-828c-6646c8780f13","block_type":"box","text":"5","page_number":217,"box":{"x":872,"y":680,"width":4,"height":4}},{"id":"2a77c89d-9dee-4340-9161-1f0b52d9bce3","block_type":"box","text":"Annual director elections allow shareholders to reaffirm their suppor t for, or concerns about, board members’","page_number":217,"box":{"x":68,"y":695,"width":782,"height":11}},{"id":"48d68f3a-0451-4385-95c7-4016660caa58","block_type":"box","text":"decisions in a timely manner. When board members are not elected annually, we consider it good practice for boards","page_number":217,"box":{"x":69,"y":710,"width":832,"height":11}},{"id":"e86eb35a-c2dc-455e-943f-f3a851f96cbe","block_type":"box","text":"to have a rotation policy to ensure that, through a board cycle, all directors have had their appointment re-confirmed,","page_number":217,"box":{"x":68,"y":725,"width":832,"height":11}},{"id":"7a1e4d20-3e52-4044-8bde-95c9f4764abe","block_type":"box","text":"with a propor tion of directors being put forward for election at each shareholder meeting.","page_number":217,"box":{"x":68,"y":740,"width":636,"height":11}},{"id":"362b22e3-1ff8-467d-8864-742e0fb88bd1","block_type":"box","text":"BOARD QUALITY AND EFFECTIVENESS","page_number":217,"box":{"x":348,"y":770,"width":282,"height":11}},{"id":"2dda70e9-2d02-4506-a16a-ba37cd7ffb3e","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":217,"box":{"x":102,"y":793,"width":805,"height":11}},{"id":"47c9e078-acad-47e8-ad1f-3119ca63369c","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":217,"box":{"x":69,"y":808,"width":831,"height":11}},{"id":"5b3e2915-14a4-405a-a4e6-c5a4269b7c49","block_type":"box","text":"be brought onto the board periodically to refresh the group’s thinking, while suppor ting both continuity and","page_number":217,"box":{"x":69,"y":823,"width":758,"height":12}},{"id":"2403627d-7cce-4341-a794-368d9561cbc6","block_type":"box","text":"5","page_number":217,"box":{"x":69,"y":853,"width":4,"height":4}},{"id":"867f5242-1dd2-49d1-a54e-ea1d6e9c8069","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":217,"box":{"x":79,"y":852,"width":795,"height":12}},{"id":"a293c8a2-ca6b-4949-be91-df82de7a4fe8","block_type":"box","text":"market regulation or voluntary best practice.","page_number":217,"box":{"x":69,"y":868,"width":314,"height":11}},{"id":"ab8cab50-0371-425f-9471-65440b08dc5f","block_type":"box","text":"BlackRock Investment Stewardship","page_number":217,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"093136d7-094e-41f1-abda-620d2976121a","block_type":"box","text":"Global Principles | 5","page_number":217,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"6045c1e2-5be0-4ec3-b1b4-1fe25aef718e","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":217,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"6326925e-6180-4f37-8faf-294aa3c20f1f","block_type":"box","text":"appropriate succession planning. We consider the average overall tenure of the board and seek a balance between","page_number":218,"box":{"x":69,"y":45,"width":819,"height":11}},{"id":"82409f5c-1f59-4bd7-9687-920a880de2a2","block_type":"box","text":"the knowledge and experience of longer-serving directors and the fresh perspectives of directors who joined more","page_number":218,"box":{"x":68,"y":60,"width":809,"height":11}},{"id":"f72566bb-43e9-472e-8431-94a576766de2","block_type":"box","text":"recently.","page_number":218,"box":{"x":69,"y":75,"width":57,"height":11}},{"id":"b7475623-38f8-4521-9c2f-d524bf4df57f","block_type":"box","text":"We appreciate when companies regularly review and assess how directors nominated for election contribute to","page_number":218,"box":{"x":101,"y":98,"width":789,"height":11}},{"id":"18bd9c87-39ff-4158-8075-bcd65216d085","block_type":"box","text":"the effectiveness of the board. In our view, the company’s assessment should consider a number of factors,","page_number":218,"box":{"x":68,"y":113,"width":774,"height":11}},{"id":"b205c46b-f135-4782-a457-423e6d0d04e8","block_type":"box","text":"including each director’s independence and time commitments, as well as the breadth and relevance of director","page_number":218,"box":{"x":70,"y":128,"width":798,"height":11}},{"id":"2c693a3b-1d84-461b-8b93-166ce78be9e8","block_type":"box","text":"experiences and skillsets, and how these collectively contribute to the board’s effectiveness in advising and","page_number":218,"box":{"x":69,"y":143,"width":770,"height":11}},{"id":"67fad1d8-0f6b-4280-8f3a-083c4ca864a8","block_type":"box","text":"overseeing management in delivering long-term financial returns.","page_number":218,"box":{"x":69,"y":158,"width":459,"height":11}},{"id":"0a52b84b-b0a6-4319-a3f2-06c8dc74b316","block_type":"box","text":"Director independence","page_number":218,"box":{"x":69,"y":188,"width":164,"height":11}},{"id":"f41da338-20d8-4c41-9458-76140acdda68","block_type":"box","text":"Director independence — from management, significant shareholders, or other related par ties — is a central","page_number":218,"box":{"x":102,"y":211,"width":777,"height":11}},{"id":"2d8b6026-7b9d-4cfa-84b7-ed4fa0d131af","block_type":"box","text":"tenet of sound corporate governance across markets.","page_number":218,"box":{"x":68,"y":226,"width":382,"height":11}},{"id":"9baa8cb2-2899-40a8-8ee9-ba4bba86cec7","block_type":"box","text":"6","page_number":218,"box":{"x":452,"y":226,"width":4,"height":5}},{"id":"e8a9e008-b94d-4c73-9a8e-8ca1fc723f1d","block_type":"box","text":"We look to boards to have a sufficient number of independent","page_number":218,"box":{"x":462,"y":226,"width":442,"height":11}},{"id":"ec3f1f3b-7bfb-401b-9259-6e07ac335157","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":218,"box":{"x":69,"y":241,"width":825,"height":11}},{"id":"830ccae6-c136-4d3d-ac48-120449364b82","block_type":"box","text":"and its ability to oversee management. We generally consider it good practice for independent directors to make a","page_number":218,"box":{"x":69,"y":256,"width":813,"height":12}},{"id":"3d452c63-a8a7-45ff-a021-c2706b09076e","block_type":"box","text":"majority of the board, or in the case of controlled companies, at least one-third.","page_number":218,"box":{"x":69,"y":271,"width":566,"height":12}},{"id":"db161ec7-fd11-4211-bdae-eb060b5839e3","block_type":"box","text":"Common impediments to independence may include but are not limited to:","page_number":218,"box":{"x":102,"y":294,"width":531,"height":11}},{"id":"3e5c369f-b595-4d44-92b6-1aabfc1ad765","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":317,"width":6,"height":5}},{"id":"3325f985-5e40-4e51-95cd-aefca68487bc","block_type":"box","text":"Current or recent employment at the company or a subsidiary","page_number":218,"box":{"x":102,"y":314,"width":438,"height":11}},{"id":"2e966284-5db0-483e-888c-00f69b855e7b","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":337,"width":6,"height":5}},{"id":"7c78a7d3-47f4-43b8-a386-1c8023921e64","block_type":"box","text":"Being, or representing, a shareholder with a substantial shareholding in the company","page_number":218,"box":{"x":102,"y":335,"width":606,"height":11}},{"id":"6b4c878e-9017-4b8a-a1fd-9e16508846c5","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":357,"width":6,"height":5}},{"id":"c1171cd3-98d1-4abc-a365-287e6d2ec88f","block_type":"box","text":"Interlocking directorates","page_number":218,"box":{"x":102,"y":355,"width":170,"height":11}},{"id":"cce3be03-1663-4e53-94a9-ff45c7c3a6ef","block_type":"box","text":"•","page_number":218,"box":{"x":69,"y":378,"width":6,"height":4}},{"id":"848cb816-ed66-4589-8188-806862d14cad","block_type":"box","text":"Having any other interest, business, or other relationship which could, or could reasonably be perceived to,","page_number":218,"box":{"x":102,"y":375,"width":761,"height":11}},{"id":"73e57e51-001b-4cf9-ab98-1c091a661d3a","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":218,"box":{"x":102,"y":390,"width":738,"height":11}},{"id":"9c8e2b2e-0e2a-43ff-b19f-e5d9904b652e","block_type":"box","text":"In our experience, boards are most effective at overseeing and advising management when there is a senior,","page_number":218,"box":{"x":102,"y":412,"width":775,"height":12}},{"id":"3997d4b4-4928-4a71-a8ac-968bbf0e0212","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":218,"box":{"x":70,"y":428,"width":827,"height":11}},{"id":"10725856-729b-4689-8a1a-87c1def09315","block_type":"box","text":"independent), be designated as a lead independent director. The role of this director is to suppor t independent board","page_number":218,"box":{"x":70,"y":443,"width":835,"height":11}},{"id":"0a3859ef-1030-4593-b4aa-fd315c421459","block_type":"box","text":"members in fulfilling their oversight responsibilities effectively by shaping the agenda, ensuring adequate information","page_number":218,"box":{"x":69,"y":458,"width":834,"height":11}},{"id":"257e5ef0-a89d-4918-8c1c-646f1ebd78f2","block_type":"box","text":"is provided to the board, and encouraging independent director par ticipation in board deliberations. We appreciate","page_number":218,"box":{"x":70,"y":473,"width":813,"height":11}},{"id":"4118fea8-0a8e-417e-b8a8-55e3ea32550a","block_type":"box","text":"when the lead independent director or another appropriate director is available to meet with shareholders to explain","page_number":218,"box":{"x":68,"y":488,"width":826,"height":11}},{"id":"8d96a292-d143-4aad-a661-69ff00a13e28","block_type":"box","text":"and contextualize a company’s approach as a situation warrants.","page_number":218,"box":{"x":69,"y":503,"width":463,"height":11}},{"id":"20a14e36-7448-46bd-87f2-dd5b29e7611b","block_type":"box","text":"Boards may face matters that could involve conflicts of interest for executives or affiliated directors, or that","page_number":218,"box":{"x":102,"y":526,"width":765,"height":11}},{"id":"6e4308ee-4ef7-4217-a83d-811865aeddea","block_type":"box","text":"require additional focus. It is our view that objective oversight of such matters is best achieved when the board forms","page_number":218,"box":{"x":69,"y":541,"width":837,"height":11}},{"id":"24a6d87e-b97f-46d4-b820-1f64cfcbd35b","block_type":"box","text":"committees with a majority of independent directors, depending on market norms and a company’s ownership","page_number":218,"box":{"x":69,"y":556,"width":784,"height":11}},{"id":"e26470b4-ad14-417b-9aec-1fa6e8fd8f13","block_type":"box","text":"structure. In many markets, these committees of the board specialize in audit, director nominations, and","page_number":218,"box":{"x":69,"y":571,"width":747,"height":11}},{"id":"6fa508b2-529d-4d88-8883-db4c58a57a3e","block_type":"box","text":"compensation matters, among others. An ad hoc committee might also be formed to decide on a special transaction,","page_number":218,"box":{"x":69,"y":586,"width":836,"height":12}},{"id":"0a68aac0-c8e9-48d9-8875-b413f97db99a","block_type":"box","text":"par ticularly one involving a related par ty, or to investigate a significant adverse event.","page_number":218,"box":{"x":70,"y":601,"width":607,"height":12}},{"id":"6816db0a-0007-4f3f-82d5-596fadfc1752","block_type":"box","text":"Sufficient capacity","page_number":218,"box":{"x":68,"y":632,"width":137,"height":11}},{"id":"fcd33422-51ee-4f95-b4a6-5c4580e79b93","block_type":"box","text":"As the role and expectations of a director are increasingly demanding, directors must be able to commit an","page_number":218,"box":{"x":101,"y":654,"width":763,"height":12}},{"id":"32ac1992-5586-42bc-a88f-cabf5c250f49","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":218,"box":{"x":69,"y":669,"width":830,"height":12}},{"id":"a7908fb2-6818-4d30-96fe-197ad7440577","block_type":"box","text":"all of their responsibilities — including when there are unforeseen events — and therefore, we consider it best","page_number":218,"box":{"x":69,"y":685,"width":791,"height":11}},{"id":"d56da305-74a0-43c3-bb82-b4017597b4af","block_type":"box","text":"practice when they don’t take on an excessive number of roles that would impair their ability to fulfill their duties.","page_number":218,"box":{"x":70,"y":700,"width":804,"height":11}},{"id":"4bf740a9-1773-4b08-aeb4-7f4b112ed628","block_type":"box","text":"Board composition","page_number":218,"box":{"x":69,"y":730,"width":135,"height":11}},{"id":"30d35069-f4fe-4c35-8e58-033d592711cf","block_type":"box","text":"In assessing board composition, we take into account a company’s board size, business model, strategy, market","page_number":218,"box":{"x":102,"y":753,"width":806,"height":11}},{"id":"09337e0e-9d2d-4018-af9a-a8c8c08ab75e","block_type":"box","text":"capitalization, and ownership structure, as well as the market in which the company operates. We find it helpful when","page_number":218,"box":{"x":69,"y":768,"width":836,"height":11}},{"id":"677be3b2-19cf-4215-bf87-7ce0236afddd","block_type":"box","text":"companies explain how their approach to board composition suppor ts the company’s governance practices.","page_number":218,"box":{"x":69,"y":783,"width":767,"height":11}},{"id":"cd68a80b-3081-463d-880f-a08ef04983ce","block_type":"box","text":"When nominating directors to the board, we look to companies to provide sufficient information on the individual","page_number":218,"box":{"x":101,"y":806,"width":802,"height":11}},{"id":"dbc1573b-4f65-4053-af41-ca6b1d5355f0","block_type":"box","text":"candidates so that shareholders can assess the capabilities and suitability of each individual nominee and their fit","page_number":218,"box":{"x":69,"y":821,"width":818,"height":11}},{"id":"68d275ea-a352-4904-8705-0d4770b1daf4","block_type":"box","text":"within overall board composition. These disclosures should explain how the collective experience and exper tise of the","page_number":218,"box":{"x":68,"y":836,"width":840,"height":11}},{"id":"f2a420e7-d671-432e-9274-a18e9ce6e256","block_type":"box","text":"board, as well as the par ticular skillsets of individual directors, aligns with the company’s long-term strategy. Highly","page_number":218,"box":{"x":69,"y":851,"width":823,"height":11}},{"id":"a9beb889-2bea-4b75-b46a-a7a9ea593d64","block_type":"box","text":"6","page_number":218,"box":{"x":69,"y":881,"width":4,"height":4}},{"id":"c294fa61-818a-4524-8152-fa94c1c56987","block_type":"box","text":"For example, please see: Tokyo Stock Exchange, “Japan’s Corporate Governance Code,” June 11, 2021; Financial","page_number":218,"box":{"x":79,"y":880,"width":813,"height":11}},{"id":"66d3620a-6aaa-40bb-8b97-d2dd163bfd98","block_type":"box","text":"Repor ting Council, “UK Corporate Governance Code,” January 2024, accessed in December 2025.","page_number":218,"box":{"x":70,"y":895,"width":704,"height":12}},{"id":"64cf0552-8d1d-4462-a4bb-e15656bd55d8","block_type":"box","text":"BlackRock Investment Stewardship","page_number":218,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"b468ade3-bf1a-40f1-baf3-5a941bf534e2","block_type":"box","text":"Global Principles | 6","page_number":218,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"e3744079-f005-4cd0-a7f3-bf2f2b94594b","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":218,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d06fe48b-2fa3-43a9-9d04-22ddcfd66b99","block_type":"box","text":"qualified, engaged directors with professional characteristics relevant to a company’s business and strategy enhance","page_number":219,"box":{"x":69,"y":45,"width":836,"height":11}},{"id":"00d5d2c4-0885-41b9-ac33-f336650f197c","block_type":"box","text":"the ability of the board to add value and be the voice of shareholders in board discussions.","page_number":219,"box":{"x":68,"y":60,"width":650,"height":11}},{"id":"1ba46219-353f-41d1-9c15-ead64b4bfe0a","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":219,"box":{"x":102,"y":82,"width":775,"height":12}},{"id":"3a4d6d17-dbdd-427b-8243-cce7fc2bbe0b","block_type":"box","text":"room. We see it as a means of avoiding “group think” in the board’s exercise of its responsibilities to advise and","page_number":219,"box":{"x":69,"y":98,"width":806,"height":11}},{"id":"58bf82fc-6c7f-49b0-a251-98fcd44adba8","block_type":"box","text":"oversee management. We note that in many markets, policymakers have set board gender diversity goals which we","page_number":219,"box":{"x":69,"y":113,"width":820,"height":11}},{"id":"3829819d-84e4-4f20-bbc9-8ef8fe169337","block_type":"box","text":"may discuss with companies, par ticularly if there is a risk their board composition may be misaligned.","page_number":219,"box":{"x":69,"y":128,"width":726,"height":11}},{"id":"1c9479a6-f14f-4b39-a90b-78a07f02ce08","block_type":"box","text":"AUDITORS AND AUDIT-RELATED ISSUES","page_number":219,"box":{"x":342,"y":158,"width":293,"height":9}},{"id":"04d9bd7b-c436-4d0b-b90d-2505dbdf8b69","block_type":"box","text":"BIS recognizes the critical impor tance of financial statements to provide a complete and accurate por trayal of a","page_number":219,"box":{"x":102,"y":181,"width":795,"height":11}},{"id":"80484aad-9e29-4697-a39c-993ae14f125f","block_type":"box","text":"company’s financial condition. Accordingly, we look for the assumptions made by management, and reviewed by the","page_number":219,"box":{"x":69,"y":196,"width":825,"height":11}},{"id":"70a8618c-4d8f-4250-b0ec-b8bf306dd241","block_type":"box","text":"auditor in preparing the financial statements, to be reasonable and justified.","page_number":219,"box":{"x":69,"y":211,"width":543,"height":11}},{"id":"015f69b3-8c3b-4057-82cc-3524732db03a","block_type":"box","text":"We view the audit committee, or its equivalent, as responsible for overseeing the management of the","page_number":219,"box":{"x":101,"y":234,"width":722,"height":11}},{"id":"8ef2a396-4a10-46e5-af13-0c5c1d871103","block_type":"box","text":"independent auditor and the internal audit function at a company. The committee plays an impor tant role in a","page_number":219,"box":{"x":70,"y":249,"width":778,"height":11}},{"id":"d5352473-3fd5-4b85-a021-0321995b52ed","block_type":"box","text":"company’s financial repor ting system by providing independent oversight of the accounts, material financial, and,","page_number":219,"box":{"x":69,"y":264,"width":806,"height":11}},{"id":"ec73ed42-c995-413c-8638-eabdc9574897","block_type":"box","text":"where appropriate to the jurisdiction, non-financial information and internal control frameworks. Moreover, in the","page_number":219,"box":{"x":68,"y":279,"width":799,"height":11}},{"id":"cc97bb19-01bc-4f3f-83fd-984738b52d7f","block_type":"box","text":"absence of a dedicated risk committee, these committees can provide oversight of Enterprise Risk Management","page_number":219,"box":{"x":69,"y":294,"width":801,"height":11}},{"id":"2c198108-6785-48d6-9ff7-44a4e55fdc89","block_type":"box","text":"systems.","page_number":219,"box":{"x":69,"y":310,"width":62,"height":10}},{"id":"c0407c9d-14b7-46fe-aa0c-587e037944e3","block_type":"box","text":"7","page_number":219,"box":{"x":133,"y":310,"width":4,"height":4}},{"id":"eb21b2f4-b8ee-4b2f-9c65-eecff62445ab","block_type":"box","text":"In our view, effective audit committee oversight strengthens the quality and reliability of a company’s","page_number":219,"box":{"x":144,"y":309,"width":717,"height":11}},{"id":"bd68d780-a66d-4631-8bfd-cf18e23da243","block_type":"box","text":"financial statements and provides an impor tant level of reassurance to shareholders.","page_number":219,"box":{"x":68,"y":324,"width":609,"height":11}},{"id":"1be2c6d9-484a-4a83-98b9-dc8933e634b4","block_type":"box","text":"We look to audit committees, or their equivalent, to have clearly ar ticulated char ters that set out their","page_number":219,"box":{"x":101,"y":347,"width":727,"height":11}},{"id":"edc9bff9-ed21-4443-a5c1-538e1cd9bf3c","block_type":"box","text":"responsibilities. Additionally, having a rotation plan can periodically refresh the committee membership and introduce","page_number":219,"box":{"x":69,"y":362,"width":835,"height":11}},{"id":"768b3410-51a1-4c79-bf1a-11232bc7cc40","block_type":"box","text":"new perspectives. We recognize that audit committees will rely on management, internal audit, and the independent","page_number":219,"box":{"x":69,"y":377,"width":827,"height":12}},{"id":"d58f2c41-ca33-4ea7-bdb2-afbfc8f63d00","block_type":"box","text":"auditor to fulfill their responsibilities. However, we look to committee members to demonstrate they have relevant","page_number":219,"box":{"x":69,"y":392,"width":810,"height":12}},{"id":"0ab6eee2-c39b-4e9e-ab05-d81067080b98","block_type":"box","text":"exper tise to monitor and oversee the audit process and related activities.","page_number":219,"box":{"x":69,"y":408,"width":523,"height":10}},{"id":"35d8d21a-37e4-43f9-8e25-7d5db2071e9e","block_type":"box","text":"We take par ticular note of unexplained changes in repor ting methodology, cases involving significant financial","page_number":219,"box":{"x":101,"y":430,"width":780,"height":11}},{"id":"5eb183da-458e-490e-b5fb-329635e66559","block_type":"box","text":"restatements, or ad hoc notifications of material financial weakness. In this respect, we look to audit committees to","page_number":219,"box":{"x":69,"y":445,"width":828,"height":11}},{"id":"7274d8f6-c19d-45f1-810a-4d4396f536b3","block_type":"box","text":"provide timely disclosure on the remediation of key and critical audit matters identified either by the external auditor","page_number":219,"box":{"x":70,"y":460,"width":827,"height":12}},{"id":"ac9dc12e-231a-4409-be62-ecb8f09d3275","block_type":"box","text":"or internal audit function.","page_number":219,"box":{"x":69,"y":475,"width":178,"height":9}},{"id":"1e16be8f-d62f-46b3-a91c-229d11638e77","block_type":"box","text":"The integrity of financial statements depends on the auditor being free of any impediments that could","page_number":219,"box":{"x":101,"y":498,"width":723,"height":11}},{"id":"5a13df66-47a7-47c5-ac3d-0ba20d248640","block_type":"box","text":"compromise its ability to serve as an effective check on management. To that end, it is impor tant that auditors are,","page_number":219,"box":{"x":69,"y":513,"width":825,"height":12}},{"id":"b535ee59-c15a-414e-9bc7-3edd689287f2","block_type":"box","text":"and are seen to be, independent. Where an audit firm provides services to the company in addition to the audit, we","page_number":219,"box":{"x":69,"y":528,"width":824,"height":12}},{"id":"668a25d7-9cac-40f2-b110-b1f486fc2b40","block_type":"box","text":"look for the fees earned to be disclosed and explained. We look for audit committees to have in place a procedure for","page_number":219,"box":{"x":70,"y":543,"width":839,"height":11}},{"id":"42b96d00-4f65-40f9-ad1d-ebcf83505788","block_type":"box","text":"assessing the independence of the auditor and the quality of the external audit process on an annual basis.","page_number":219,"box":{"x":69,"y":559,"width":770,"height":11}},{"id":"004827ab-7f6e-43d6-ba52-cea6c52fa269","block_type":"box","text":"Comprehensive disclosure provides investors with an understanding of the company’s long-term operational risk","page_number":219,"box":{"x":102,"y":581,"width":799,"height":12}},{"id":"546b036c-9303-4446-98fc-2a23c6407809","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":219,"box":{"x":69,"y":596,"width":836,"height":12}},{"id":"c72f8c65-ba78-4cdb-80f3-7c0a0c2a1087","block_type":"box","text":"to periodically review the company’s risk assessment and risk management policies and the significant risks and","page_number":219,"box":{"x":68,"y":612,"width":806,"height":11}},{"id":"1c2939fb-47a3-4bd8-8d1b-0e4500911289","block_type":"box","text":"exposures identified by management, the internal auditors or the independent auditors, and management’s steps to","page_number":219,"box":{"x":69,"y":627,"width":829,"height":11}},{"id":"a4d71d26-641e-40c7-b3bd-9f41a19dd587","block_type":"box","text":"address them. In the absence of detailed disclosures, we may conclude that companies are not adequately managing","page_number":219,"box":{"x":69,"y":642,"width":840,"height":11}},{"id":"7804a74c-1498-4ceb-a340-0871951db831","block_type":"box","text":"risk.","page_number":219,"box":{"x":69,"y":657,"width":28,"height":9}},{"id":"43e959c0-1e4b-4e22-8314-e8c879d636b5","block_type":"box","text":"CAPITAL STRUCTURE, MERGERS, ACQUISITIONS, ASSET SALES, AND OTHER SPECIAL SITUATIONS","page_number":219,"box":{"x":125,"y":687,"width":728,"height":11}},{"id":"59713557-d548-452b-862d-dbd29999170c","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":219,"box":{"x":101,"y":710,"width":798,"height":11}},{"id":"7ba1438f-600b-49ab-a32c-7354df2fc835","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":219,"box":{"x":70,"y":725,"width":824,"height":11}},{"id":"0648e60a-37db-42ae-a8db-dd74aa73ea36","block_type":"box","text":"protection for shareholders against the dilution of their interests.","page_number":219,"box":{"x":70,"y":740,"width":460,"height":11}},{"id":"1fbfafdb-6d74-46a5-a7cf-d824aa0acf36","block_type":"box","text":"In principle, we have concerns with the creation of a share class with equivalent economic exposure and","page_number":219,"box":{"x":102,"y":763,"width":743,"height":11}},{"id":"648d0221-e846-433c-9006-e756f0122085","block_type":"box","text":"differentiated voting rights. As a result, BIS generally suppor ts bylaw amendments that introduce the adoption of","page_number":219,"box":{"x":69,"y":778,"width":805,"height":11}},{"id":"a9a9a5bb-3930-4b74-83a4-ff467ba35551","block_type":"box","text":"“one share, one vote” for registered shareholders.","page_number":219,"box":{"x":70,"y":793,"width":358,"height":11}},{"id":"84da61f7-dac7-43d6-a59a-bab6bbdd3b60","block_type":"box","text":"7","page_number":219,"box":{"x":69,"y":823,"width":4,"height":4}},{"id":"ba927a44-a689-4ed6-9769-3b2d054c4722","block_type":"box","text":"Enterprise Risk Management is a process, effected by the entity’s board of directors, management, and other","page_number":219,"box":{"x":79,"y":822,"width":784,"height":12}},{"id":"dff59367-502e-4c28-8201-62b79bbdf19f","block_type":"box","text":"personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect","page_number":219,"box":{"x":70,"y":837,"width":834,"height":12}},{"id":"c5fb9b3e-0e05-42af-9c75-f551417e7cd8","block_type":"box","text":"the entity, and manage risk to be within the risk appetite, to provide reasonable assurance regarding the achievement","page_number":219,"box":{"x":68,"y":853,"width":841,"height":11}},{"id":"92de13cc-7891-4bd1-b771-3986c0ddc52b","block_type":"box","text":"of objectives. Please see: The Committee of Sponsoring Organizations of the Treadway Commission (COSO),","page_number":219,"box":{"x":69,"y":868,"width":771,"height":11}},{"id":"18ac316e-632d-4866-93d4-7ded92bcc40c","block_type":"box","text":"“Enterprise Risk Management,” 2023, accessed in December 2025.","page_number":219,"box":{"x":70,"y":883,"width":488,"height":11}},{"id":"d82b497d-a42c-4958-9534-4cf888aee4c1","block_type":"box","text":"BlackRock Investment Stewardship","page_number":219,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"02eaec39-232c-41d3-9f4f-738cfeb5b9d2","block_type":"box","text":"Global Principles | 7","page_number":219,"box":{"x":768,"y":942,"width":140,"height":13}},{"id":"fba33acc-fab7-47e4-91bc-51a1cccc28c7","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":219,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"aff88373-4f87-44db-a53b-393290ac0429","block_type":"box","text":"However, we recognize that in cer tain markets, at least for a period of time, companies may have a valid reason","page_number":220,"box":{"x":102,"y":45,"width":798,"height":11}},{"id":"c1283434-024c-4bc9-9116-44564de0165e","block_type":"box","text":"for listing dual classes of shares with differentiated voting rights. In our view, such companies should review these","page_number":220,"box":{"x":68,"y":60,"width":818,"height":11}},{"id":"17e947ea-7289-41bf-a282-fd15557630d3","block_type":"box","text":"share class structures on a regular basis or as company circumstances change. Additionally, they should seek","page_number":220,"box":{"x":69,"y":75,"width":788,"height":11}},{"id":"b441c554-84fd-4608-b17f-fa95806ac2ef","block_type":"box","text":"shareholder approval of their capital structure on a periodic basis via a management proposal at the company’s","page_number":220,"box":{"x":69,"y":90,"width":797,"height":11}},{"id":"d0761c04-72cf-473e-aef2-abdaf6ba26d8","block_type":"box","text":"shareholder meeting. The proposal should give unaffiliated shareholders the oppor tunity to affirm the current","page_number":220,"box":{"x":69,"y":105,"width":780,"height":11}},{"id":"1b5a6319-b183-4d38-b3e0-dbf189b140d1","block_type":"box","text":"structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while","page_number":220,"box":{"x":69,"y":120,"width":764,"height":12}},{"id":"6a777fab-f81a-4314-ba53-f2937396321d","block_type":"box","text":"minimizing costs to shareholders.","page_number":220,"box":{"x":69,"y":136,"width":238,"height":11}},{"id":"1856328d-74b7-4e82-aaf5-d9f7cf5b5760","block_type":"box","text":"In assessing mergers, asset sales, or other special situations, BIS’ primary consideration is the long-term","page_number":220,"box":{"x":102,"y":158,"width":756,"height":11}},{"id":"20c4e78d-1d21-4f68-b6a7-2e431330db65","block_type":"box","text":"financial interests of our clients as shareholders, and so we will review any proposed transaction with that objective","page_number":220,"box":{"x":68,"y":173,"width":826,"height":11}},{"id":"e2d1b718-cc93-4139-aafc-e59f0e143949","block_type":"box","text":"in mind. Typically, we review factors such as whether the proposed transaction has the unanimous suppor t of the","page_number":220,"box":{"x":70,"y":188,"width":806,"height":11}},{"id":"eac743cb-5afe-4095-a058-29a1609db0d3","block_type":"box","text":"board and has been negotiated at arm’s length, and whether the board or management has clearly explained its","page_number":220,"box":{"x":69,"y":204,"width":799,"height":11}},{"id":"5713c2d2-17f8-4535-a4d6-849d12ee107e","block_type":"box","text":"economic and strategic rationale. We may also seek reassurance from the board that the financial interests of","page_number":220,"box":{"x":69,"y":218,"width":788,"height":12}},{"id":"b137587a-eb6a-4eac-82d0-925de0d8ce14","block_type":"box","text":"executives and/or board members in a given transaction have not adversely affected their ability to place","page_number":220,"box":{"x":69,"y":234,"width":750,"height":11}},{"id":"bea4f3ff-d027-4a4c-a080-e046c50e2624","block_type":"box","text":"shareholders’ interests before their own. Where the transaction involves related par ties, the recommendation to","page_number":220,"box":{"x":69,"y":249,"width":801,"height":11}},{"id":"33c2c752-1a72-4d16-9153-4f874559dda0","block_type":"box","text":"suppor t should come from the independent directors, a best practice in most markets, and ideally, the terms should","page_number":220,"box":{"x":69,"y":264,"width":830,"height":11}},{"id":"d880ab9b-1a49-4aba-8ba0-b9b1dee6c59a","block_type":"box","text":"have been assessed through an independent appraisal process. In addition, it is good practice that it be approved by","page_number":220,"box":{"x":69,"y":279,"width":836,"height":11}},{"id":"09b39566-c9ff-4797-8458-d200e6d75b76","block_type":"box","text":"a separate vote of the non-conflicted par ties.","page_number":220,"box":{"x":69,"y":294,"width":320,"height":11}},{"id":"e734329c-244c-4fb9-9d04-36d222aed6b6","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":220,"box":{"x":101,"y":317,"width":806,"height":11}},{"id":"e1c1a662-47b0-4c2c-9469-9c3524e8b7a7","block_type":"box","text":"open market without unnecessary restriction. In our view, corporate mechanisms designed to limit shareholders’","page_number":220,"box":{"x":69,"y":332,"width":801,"height":11}},{"id":"0b8897bf-caed-44e9-ad28-73b3ab7fdf6d","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":220,"box":{"x":69,"y":347,"width":829,"height":11}},{"id":"7f8112e6-3fed-47d2-9a96-1a94d6199f9f","block_type":"box","text":"interests other than those of the shareholders. In our view, shareholders are broadly capable of making decisions in","page_number":220,"box":{"x":70,"y":362,"width":826,"height":11}},{"id":"90b26a58-bc70-4a82-8afe-14e35a9dd11e","block_type":"box","text":"their own best interests. We encourage any shareholder rights plans proposed by a board to be subject to","page_number":220,"box":{"x":68,"y":377,"width":755,"height":12}},{"id":"9abff7e5-81cb-470d-824b-7c9149e7d3c8","block_type":"box","text":"shareholder approval upon introduction and periodically thereafter.","page_number":220,"box":{"x":69,"y":392,"width":472,"height":12}},{"id":"db13d946-8253-4cab-8fb9-8d8d5e990506","block_type":"box","text":"EXECUTIVE COMPENSATION AND BENEFITS","page_number":220,"box":{"x":328,"y":423,"width":322,"height":9}},{"id":"7e747c51-6667-4099-ad20-97bf700fe8cd","block_type":"box","text":"Executive compensation is an impor tant tool used by companies to suppor t long-term financial value creation. A","page_number":220,"box":{"x":102,"y":445,"width":799,"height":12}},{"id":"157e75f8-09fb-4704-b699-d981c77fbfa7","block_type":"box","text":"well-structured compensation policy rewards the successful delivery of strategic, operational, and/or financial goals;","page_number":220,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"7edf0faf-1802-40fc-9adb-b73501ea7696","block_type":"box","text":"encourages an appropriate risk appetite; and aligns the interests of shareholders and executives through equity","page_number":220,"box":{"x":69,"y":475,"width":797,"height":12}},{"id":"d33189da-e83a-4bf1-8ed4-69c9a07f1ac6","block_type":"box","text":"ownership.","page_number":220,"box":{"x":69,"y":491,"width":75,"height":11}},{"id":"86ce3cf2-af8e-449c-adfc-d47bfa455ea2","block_type":"box","text":"8","page_number":220,"box":{"x":146,"y":491,"width":4,"height":4}},{"id":"0cfcfa03-3d3c-4f24-ada3-7d67cd55e59f","block_type":"box","text":"We look for a clear link between variable pay and operational and financial per formance that suppor t sustained","page_number":220,"box":{"x":101,"y":513,"width":793,"height":11}},{"id":"1e7d8d8f-d5bc-40dd-b8e4-15efc41402f2","block_type":"box","text":"financial value creation for our clients as shareholders. We appreciate when per formance targets incorporate","page_number":220,"box":{"x":68,"y":528,"width":778,"height":12}},{"id":"f06bea78-57b0-48ef-8fbd-538a451516fe","block_type":"box","text":"ambitious objectives, and the corresponding metrics are aligned with the company’s strategy and business model.","page_number":220,"box":{"x":69,"y":544,"width":815,"height":11}},{"id":"5d680710-35cf-4567-ba2c-ebdc3729ac83","block_type":"box","text":"BIS does not have a position on whether companies choose to use sustainability-related criteria in compensation","page_number":220,"box":{"x":70,"y":559,"width":804,"height":11}},{"id":"f5af78ec-19cc-47ab-a303-f859253f8811","block_type":"box","text":"structures, but, where they are included, we look to companies to be as rigorous as they would be in setting other","page_number":220,"box":{"x":69,"y":574,"width":814,"height":11}},{"id":"43fa169f-acc8-4615-b72a-ba0269ff0af0","block_type":"box","text":"financial or operational targets. We appreciate when long-term incentive plans encompass timeframes that: 1) are","page_number":220,"box":{"x":68,"y":589,"width":813,"height":11}},{"id":"88a65c18-b478-40d4-b0e5-5a8e25b86e82","block_type":"box","text":"distinct from annual executive compensation structures and metrics, and 2) encourage the delivery of strong financial","page_number":220,"box":{"x":69,"y":604,"width":839,"height":11}},{"id":"1d1459c4-53d4-45ab-8970-6f168a2b8dc5","block_type":"box","text":"results over a period of years.","page_number":220,"box":{"x":69,"y":619,"width":211,"height":11}},{"id":"48bbaf89-4760-4db7-a163-fe2f45330c14","block_type":"box","text":"We consider it best practice when board members responsible for designing and approving executive","page_number":220,"box":{"x":101,"y":642,"width":718,"height":11}},{"id":"1db4ee87-8576-425b-9490-454a861790a6","block_type":"box","text":"compensation carefully consider the company’s specific circumstances. Factors to consider may include the","page_number":220,"box":{"x":69,"y":657,"width":770,"height":11}},{"id":"d2de35b5-4a02-46e2-a39d-08fb2a2fb474","block_type":"box","text":"company’s risk profile, the environment it operates in, and the individuals the board is trying to attract and retain. We","page_number":220,"box":{"x":69,"y":672,"width":838,"height":11}},{"id":"1c4698ca-87f3-48d3-bf38-575a7a7991b9","block_type":"box","text":"look to the compensation committees to guard against contractual arrangements that would entitle executives to","page_number":220,"box":{"x":70,"y":687,"width":804,"height":11}},{"id":"6886bf13-a534-4e45-8eae-faac99d90cb4","block_type":"box","text":"material compensation for early termination of their employment. Finally, we look for pension contributions and other","page_number":220,"box":{"x":69,"y":702,"width":831,"height":11}},{"id":"c9bc52eb-06d8-46c7-a8b9-b4e935e10e02","block_type":"box","text":"deferred compensation arrangements to be reasonable in light of market practices or the company’s business and","page_number":220,"box":{"x":69,"y":717,"width":817,"height":12}},{"id":"fed8c756-574a-4ae6-9bcd-a24b0f7d5996","block_type":"box","text":"executive compensation strategies.","page_number":220,"box":{"x":69,"y":733,"width":250,"height":11}},{"id":"17f97c29-052c-4172-9d31-0afdb862c9d0","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":220,"box":{"x":101,"y":755,"width":772,"height":11}},{"id":"98eb6ecf-af14-4aa7-99be-c433abd5f8ff","block_type":"box","text":"discretion has been used by the compensation committee, or its equivalent, we appreciate disclosure relating to how","page_number":220,"box":{"x":69,"y":771,"width":836,"height":11}},{"id":"332022e3-0c81-4c9e-9625-9c9b6a29095a","block_type":"box","text":"and why the discretion was used, and how the adjusted outcome is aligned with the interests of shareholders. In","page_number":220,"box":{"x":69,"y":785,"width":803,"height":12}},{"id":"cc8c3d8b-7b48-420f-a297-415e7cb03405","block_type":"box","text":"addition, we acknowledge that the use of peer group evaluation by compensation committees can help ensure","page_number":220,"box":{"x":69,"y":801,"width":785,"height":11}},{"id":"feffa695-587b-42bf-8ae1-99ec856ec69b","block_type":"box","text":"competitive pay. However, we encourage companies to clearly explain how compensation outcomes have rewarded","page_number":220,"box":{"x":69,"y":816,"width":815,"height":11}},{"id":"5c4ed15a-67da-4411-aa9f-5e36e3621721","block_type":"box","text":"per formance rather than solely base increases in total compensation on peer benchmarking.","page_number":220,"box":{"x":70,"y":831,"width":659,"height":11}},{"id":"2d4f4d47-c7c1-416c-9a0b-5cb94b531abb","block_type":"box","text":"8","page_number":220,"box":{"x":69,"y":860,"width":4,"height":5}},{"id":"bcfa3d34-37e4-4e4b-b0c0-7b52c7b4f76d","block_type":"box","text":"The terms “compensation,” “remuneration,” and “pay” are used interchangeably to describe the same concept in","page_number":220,"box":{"x":78,"y":860,"width":811,"height":11}},{"id":"8973883a-e9a9-4e91-90a3-21ba62d2c4bc","block_type":"box","text":"different markets.","page_number":220,"box":{"x":69,"y":875,"width":126,"height":9}},{"id":"3889db4d-c162-4c7b-b3e7-445db056171d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":220,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"3bd5a4f2-6409-4345-a6cc-cb575866df3c","block_type":"box","text":"Global Principles | 8","page_number":220,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"4c01306d-3156-4348-82ec-eaa4c62d8424","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":220,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"5739588f-6508-468f-a966-9dccf9275d3c","block_type":"box","text":"We consider the inclusion of building clawback provisions into incentive plans as good practice. Such provisions","page_number":221,"box":{"x":101,"y":45,"width":797,"height":11}},{"id":"d95ecb51-b619-4e9f-a585-3d586b3043a3","block_type":"box","text":"could require executives to forgo awards when compensation was based on faulty financial statements or deceptive","page_number":221,"box":{"x":69,"y":60,"width":825,"height":11}},{"id":"098d83be-cf5f-4491-924a-69c007e20a70","block_type":"box","text":"business practices, or when their behavior caused material financial harm to shareholders, material reputational risk","page_number":221,"box":{"x":69,"y":75,"width":833,"height":11}},{"id":"2be1cd2e-793b-4e24-a0a2-14082b7f7222","block_type":"box","text":"to the company, or resulted in a criminal investigation.","page_number":221,"box":{"x":68,"y":90,"width":386,"height":11}},{"id":"171d39cc-536b-47bf-8ec4-b172ec713c75","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":221,"box":{"x":102,"y":113,"width":803,"height":11}},{"id":"fb72931e-05d0-4ae3-a024-338725a6969f","block_type":"box","text":"effor t expended in fulfilling their professional responsibilities. Additionally, these compensation arrangements should","page_number":221,"box":{"x":69,"y":128,"width":834,"height":11}},{"id":"c23d7fa9-e055-4236-a108-091692fb3ac5","block_type":"box","text":"not risk compromising directors’ independence or aligning their interests too closely with those of the management,","page_number":221,"box":{"x":69,"y":143,"width":825,"height":11}},{"id":"9798e262-9547-4586-951d-c8838b87beef","block_type":"box","text":"whom they are charged with overseeing.","page_number":221,"box":{"x":68,"y":158,"width":285,"height":11}},{"id":"0d8151f6-2a6c-4246-84ee-a50e3a0c6750","block_type":"box","text":"When assessing compensation proposals, BIS reviews companies’ disclosures to determine whether the board’s","page_number":221,"box":{"x":101,"y":181,"width":807,"height":11}},{"id":"5c5c73f5-8e67-47d3-89dd-a03e291dab09","block_type":"box","text":"approach to executive compensation is rigorous in light of the company’s stated long-term corporate strategy and","page_number":221,"box":{"x":69,"y":196,"width":807,"height":11}},{"id":"93b92455-1d4c-42d9-97dc-c955f70f304e","block_type":"box","text":"specific circumstances, as well as local market and policy developments.","page_number":221,"box":{"x":69,"y":211,"width":521,"height":11}},{"id":"793302c5-6a5c-4069-9ec9-a298c7b87542","block_type":"box","text":"When our analysis indicates that executive compensation is misaligned with company per formance, BIS may not","page_number":221,"box":{"x":101,"y":234,"width":802,"height":11}},{"id":"884bb73c-b410-45b2-90b2-9f7fd331c620","block_type":"box","text":"suppor t management’s proposals to approve compensation, where they are on the agenda. We may also not suppor t","page_number":221,"box":{"x":69,"y":249,"width":838,"height":11}},{"id":"797cdde0-6ab0-44d7-a6e3-6b735987db60","block_type":"box","text":"members of the compensation committee or equivalent board members for poor compensation practices or","page_number":221,"box":{"x":69,"y":264,"width":766,"height":11}},{"id":"7d3684bd-ea05-4e8a-bb5b-bb7adc48df13","block_type":"box","text":"structures.","page_number":221,"box":{"x":69,"y":280,"width":76,"height":8}},{"id":"921d237a-8a77-4886-bdfe-5ed1b1353fbb","block_type":"box","text":"SHAREHOLDER PROTECTIONS AND OTHER CORPORATE GOVERNANCE MATTERS","page_number":221,"box":{"x":191,"y":309,"width":595,"height":9}},{"id":"a47ce912-6875-4cf2-b57c-ab71ff13a49d","block_type":"box","text":"Corporate form","page_number":221,"box":{"x":69,"y":339,"width":108,"height":11}},{"id":"c1e02ec4-2545-49f1-a1f2-d1739a73351f","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":221,"box":{"x":102,"y":362,"width":781,"height":11}},{"id":"35a2bef7-f8eb-4b37-8b97-34849eb7e8a2","block_type":"box","text":"the company’s purpose and business model.","page_number":221,"box":{"x":68,"y":377,"width":320,"height":11}},{"id":"5cda9bc7-2941-4a76-b3d6-9600f12395cb","block_type":"box","text":"9","page_number":221,"box":{"x":390,"y":378,"width":4,"height":4}},{"id":"6a231cfb-2705-4cac-bebd-ee8914823713","block_type":"box","text":"We look to companies proposing to change their corporate form to a","page_number":221,"box":{"x":399,"y":377,"width":487,"height":12}},{"id":"176c73db-0ec1-4d15-bb0e-be9cbbbb611c","block_type":"box","text":"public benefit corporation, or similar entity, to put it to a shareholder vote if not already required to do so under","page_number":221,"box":{"x":70,"y":392,"width":791,"height":12}},{"id":"646584e1-6d66-4614-a50f-59092d4f460b","block_type":"box","text":"applicable law. We appreciate when suppor ting documentation from companies or shareholders proposing to alter the","page_number":221,"box":{"x":69,"y":407,"width":839,"height":12}},{"id":"e4ca2c21-b5e8-4a9c-9a73-16ef5c8028c4","block_type":"box","text":"corporate form clearly explains how the interests of shareholders and different stakeholders would be impacted as","page_number":221,"box":{"x":69,"y":423,"width":818,"height":11}},{"id":"5a06ec7b-ada4-4ce9-85a5-31ac27f7f5bb","block_type":"box","text":"well as the accountability and voting mechanisms that would be available to shareholders. We generally suppor t","page_number":221,"box":{"x":68,"y":438,"width":800,"height":11}},{"id":"9d687798-a35f-4600-9cbd-031e77045a03","block_type":"box","text":"management proposals if our analysis indicates that shareholders’ financial interests are adequately protected.","page_number":221,"box":{"x":69,"y":453,"width":796,"height":11}},{"id":"fe6e44f7-a06f-4e4d-bf63-465fd8e7dc05","block_type":"box","text":"Corporate form shareholder proposals are evaluated on a case-by-case basis.","page_number":221,"box":{"x":69,"y":468,"width":552,"height":11}},{"id":"3c6b84b8-d7f5-4bec-ace3-d81079fd141f","block_type":"box","text":"SHAREHOLDER PROPOSALS","page_number":221,"box":{"x":385,"y":498,"width":207,"height":9}},{"id":"322e3228-0580-4b60-ac4a-9cdb485e2d9e","block_type":"box","text":"In most markets, shareholders can submit proposals to be voted on at a company’s shareholder meeting, as","page_number":221,"box":{"x":102,"y":521,"width":777,"height":11}},{"id":"70d8d82e-47af-4815-86eb-c558914b8c02","block_type":"box","text":"long as cer tain requirements are met. Shareholder proposals span a wide range of topics, including governance","page_number":221,"box":{"x":70,"y":536,"width":796,"height":11}},{"id":"d5bbbe1d-1927-4fc0-b8e6-05ef85e77b8e","block_type":"box","text":"reforms, capital management, and changes in the management or disclosure of sustainability-related risks. These","page_number":221,"box":{"x":69,"y":551,"width":813,"height":11}},{"id":"085771e9-7750-4a91-9d7f-d1bcbbd27a22","block_type":"box","text":"proposals have a varying degree of relevance for companies across sectors, locations, and business models.","page_number":221,"box":{"x":70,"y":566,"width":779,"height":11}},{"id":"2b6630d4-aa2c-4160-a702-2df0e6145978","block_type":"box","text":"BIS takes a case-by-case approach to voting on shareholder proposals and maintains a singular focus on the","page_number":221,"box":{"x":102,"y":589,"width":775,"height":11}},{"id":"2c9f3977-4ff7-4c5d-bb24-60387cce6d58","block_type":"box","text":"proposal’s implications for long-term financial value creation for shareholders. Our analysis considers whether a","page_number":221,"box":{"x":70,"y":604,"width":796,"height":11}},{"id":"85f9ddd3-6ef1-4b4f-b362-dc1417d3d487","block_type":"box","text":"shareholder proposal addresses a material risk that may impact a company’s long-term financial per formance. BIS","page_number":221,"box":{"x":69,"y":619,"width":818,"height":11}},{"id":"068d21be-0d1b-4b42-94fa-8b16cc4db3ed","block_type":"box","text":"may suppor t shareholder proposals that request disclosures that help us, as long-term investors on behalf of our","page_number":221,"box":{"x":69,"y":634,"width":809,"height":12}},{"id":"842baaf5-0cca-4c8e-ab9f-fc053ff75d8f","block_type":"box","text":"clients, better understand the material risks and oppor tunities companies face and how they are managing them,","page_number":221,"box":{"x":69,"y":649,"width":807,"height":12}},{"id":"0a7842e1-bc5a-4126-9078-90a6383900ce","block_type":"box","text":"especially where this information is additive given the company’s existing disclosures. We look for consistency","page_number":221,"box":{"x":69,"y":664,"width":787,"height":12}},{"id":"0e423093-3258-4583-9510-f84555b156f9","block_type":"box","text":"between the specific request formally made in the proposal, the suppor ting documentation, and the proponents’","page_number":221,"box":{"x":69,"y":680,"width":801,"height":11}},{"id":"be0101f0-f2e6-45d7-83ab-fd35d74c1366","block_type":"box","text":"other communications on the issues. We also assess the company’s practices and disclosures and the costs and","page_number":221,"box":{"x":69,"y":695,"width":813,"height":11}},{"id":"d34a8ad2-6780-4e27-aeaa-39e1066746be","block_type":"box","text":"benefits to the company of meeting the request made in the proposal. We take into consideration a company’s","page_number":221,"box":{"x":69,"y":710,"width":791,"height":11}},{"id":"c011314e-ad44-4f7c-bea5-10687ed9116b","block_type":"box","text":"governance practices and disclosures against those of their peers.","page_number":221,"box":{"x":68,"y":725,"width":475,"height":11}},{"id":"47fadc17-aab0-4ad2-8283-0b9af3aebdde","block_type":"box","text":"BIS does not suppor t shareholder proposals that we view as inconsistent with long-term financial value or that","page_number":221,"box":{"x":102,"y":748,"width":787,"height":11}},{"id":"6812ec2c-9684-407b-be30-ef9eb3a497cc","block_type":"box","text":"seek to micromanage companies. We take into consideration the legal effect of the proposal, as shareholder","page_number":221,"box":{"x":69,"y":763,"width":778,"height":11}},{"id":"61684538-4e05-4599-acb9-68d94701419e","block_type":"box","text":"proposals may be advisory or legally binding depending on the jurisdiction, while others may make requests that","page_number":221,"box":{"x":70,"y":778,"width":799,"height":11}},{"id":"5ae7c73a-1a49-4be0-b8bd-70c87f5da68b","block_type":"box","text":"would be deemed illegal in a given jurisdiction.","page_number":221,"box":{"x":68,"y":793,"width":331,"height":11}},{"id":"8e92f639-ae6f-4fc7-a13f-dd1e2f81af4a","block_type":"box","text":"In our experience, it is helpful when companies disclose the names of the proponent or organization that has","page_number":221,"box":{"x":102,"y":816,"width":777,"height":11}},{"id":"449665bc-4e5e-4941-bc60-c0f2aa5d2457","block_type":"box","text":"submitted or advised on the proposal. We recognize that some shareholder proposals bundle topics and/or specific","page_number":221,"box":{"x":69,"y":831,"width":825,"height":11}},{"id":"6ef1c0cb-9970-4b3d-b313-0107ae5b3577","block_type":"box","text":"requests. Fur ther, the proponent’s suppor ting statement may refer to topics that are not directly related to the","page_number":221,"box":{"x":69,"y":846,"width":788,"height":11}},{"id":"3e95cf84-6f58-461c-8483-a71a06c01fa3","block_type":"box","text":"request made in the proposal. In voting on behalf of clients, we must vote yes or no on the proposal as phrased by","page_number":221,"box":{"x":69,"y":861,"width":820,"height":11}},{"id":"4835fba2-7bdb-41e8-bb62-511171d38d8e","block_type":"box","text":"the proponent. Therefore, when we vote in suppor t of a proposal, we are not necessarily endorsing every element of","page_number":221,"box":{"x":68,"y":876,"width":831,"height":11}},{"id":"4fce7b8f-3ee1-4caa-9a30-ad22642ce6b7","block_type":"box","text":"9","page_number":221,"box":{"x":69,"y":906,"width":4,"height":4}},{"id":"1c9e9074-ca67-4084-ae39-19753c068358","block_type":"box","text":"Corporate form refers to the legal structure by which a business is organized.","page_number":221,"box":{"x":79,"y":905,"width":550,"height":12}},{"id":"a3510119-21a6-4842-bc8d-c5d367718cae","block_type":"box","text":"BlackRock Investment Stewardship","page_number":221,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"612e7d97-e2e7-46cd-83c9-777b68cf09ac","block_type":"box","text":"Global Principles | 9","page_number":221,"box":{"x":768,"y":942,"width":141,"height":13}},{"id":"c317da32-3f28-4922-87d2-c291ba280b36","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":221,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"0a5e8628-216f-4a50-a4da-b768fc54349d","block_type":"box","text":"the proposal or the reasoning, objectives, or suppor ting statement of the proponent. We may suppor t a proposal for","page_number":222,"box":{"x":68,"y":45,"width":829,"height":11}},{"id":"d1778bcd-7ffe-40ee-a374-b6db5c4b08dd","block_type":"box","text":"different reasons than those put for th by the proponent, when we believe that overall it may advance our clients’","page_number":222,"box":{"x":69,"y":60,"width":802,"height":11}},{"id":"eafe7e7b-5e48-4b5b-a33e-0507b5ebef40","block_type":"box","text":"long-term financial interests.","page_number":222,"box":{"x":70,"y":75,"width":201,"height":11}},{"id":"04dc3a45-d2c0-4494-8ea1-4d848d4c0f48","block_type":"box","text":"BlackRock is subject to cer tain rules, regulations, agency guidance, and contractual agreements that place","page_number":222,"box":{"x":102,"y":98,"width":763,"height":11}},{"id":"87b5ab83-0cdf-429c-81e3-665f20cb9fb5","block_type":"box","text":"restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our","page_number":222,"box":{"x":69,"y":113,"width":809,"height":11}},{"id":"dfd0638a-3cbf-4076-ae77-f39cca6590ab","block_type":"box","text":"clients. BlackRock does not nominate directors for board elections or submit shareholder proposals to companies.","page_number":222,"box":{"x":69,"y":128,"width":817,"height":11}},{"id":"c90b1c71-f5e5-4082-aa14-a52cca99cbb2","block_type":"box","text":"Non-compliance with these requirements could adversely affect BlackRock’s ability to serve its clients’ interests.","page_number":222,"box":{"x":70,"y":143,"width":803,"height":11}},{"id":"3f2c35b4-1db0-4ec9-9246-3d83dd3317cd","block_type":"box","text":"MATERIAL SUSTAINABILITY-RELATED RISKS AND OPPORTUNITIES","page_number":222,"box":{"x":247,"y":173,"width":484,"height":9}},{"id":"62962a62-9ae3-4502-bfd3-e4f94d5eaef2","block_type":"box","text":"Appropriate oversight of material risks and oppor tunities, including material sustainability-related risks and","page_number":222,"box":{"x":101,"y":196,"width":760,"height":11}},{"id":"45a87ba3-2afe-48ed-85f9-3575c1dd6009","block_type":"box","text":"oppor tunities, is an impor tant component of having an effective governance framework that suppor ts durable, long","page_number":222,"box":{"x":69,"y":211,"width":824,"height":11}},{"id":"7e5fd72f-e661-4602-be3e-c9ef44b1a017","block_type":"box","text":"term financial value creation.","page_number":222,"box":{"x":68,"y":226,"width":206,"height":9}},{"id":"5ea4e822-b121-40f7-8df6-a7292e2c0052","block_type":"box","text":"10","page_number":222,"box":{"x":276,"y":226,"width":9,"height":5}},{"id":"38b7f729-24ba-4a3b-8331-e6431e7b50ad","block_type":"box","text":"We look to companies to provide robust disclosure that allows investors to effectively evaluate companies’","page_number":222,"box":{"x":101,"y":249,"width":761,"height":11}},{"id":"cf1d0c4d-f369-4bf3-a97d-bc7ae77abbf1","block_type":"box","text":"strategy and business practices related to material sustainability-related risks and oppor tunities. We find it helpful","page_number":222,"box":{"x":69,"y":264,"width":814,"height":11}},{"id":"5f1d83c3-b05c-4aa1-9297-7c6c42b3ebff","block_type":"box","text":"when companies’ disclosures demonstrate that they have a resilient business model that integrates material","page_number":222,"box":{"x":68,"y":279,"width":777,"height":11}},{"id":"536b5633-e310-4cb3-8fe2-ade248b4be3a","block_type":"box","text":"sustainability-related risks and oppor tunities into their strategy, risk management, and metrics and targets, including","page_number":222,"box":{"x":69,"y":294,"width":833,"height":11}},{"id":"ec034a93-40cf-4641-9328-ae33b29d2a18","block_type":"box","text":"industry-specific metrics.","page_number":222,"box":{"x":70,"y":309,"width":175,"height":11}},{"id":"3d265033-f570-4603-accd-ec6e3d062525","block_type":"box","text":"Standardized disclosure of sustainability-related data suppor ts investors in making informed decisions. The","page_number":222,"box":{"x":102,"y":332,"width":765,"height":11}},{"id":"26669383-7466-4773-98b9-bdcbe2ce8420","block_type":"box","text":"International Sustainability Standards Board (ISSB) standards, IFRS S1 and S2, represent one such approach to","page_number":222,"box":{"x":70,"y":347,"width":800,"height":11}},{"id":"7abbb61b-cf1e-446d-a136-9209937ce88d","block_type":"box","text":"standardization that we find useful in our analysis.","page_number":222,"box":{"x":69,"y":362,"width":358,"height":11}},{"id":"15c80102-99bd-4337-a516-578ee84d19a7","block_type":"box","text":"11","page_number":222,"box":{"x":429,"y":363,"width":9,"height":4}},{"id":"4cbc55df-8d63-4bae-9a7f-3f2ba32df942","block_type":"box","text":"However, we do not mandate any specific disclosure framework","page_number":222,"box":{"x":444,"y":362,"width":451,"height":11}},{"id":"ca8ff494-3499-49c2-b48f-228ea56eade0","block_type":"box","text":"companies should use, and recognize that companies may repor t using different standards, some of which may be","page_number":222,"box":{"x":69,"y":377,"width":821,"height":12}},{"id":"4de0ab22-98b6-4664-8243-695aff6c464c","block_type":"box","text":"required by regulation. In such cases, we ask that companies highlight the metrics that are industry- or company","page_number":222,"box":{"x":69,"y":393,"width":806,"height":11}},{"id":"1a18fe62-8cc4-46e0-82cc-a2f82fde8073","block_type":"box","text":"specific.","page_number":222,"box":{"x":69,"y":407,"width":57,"height":11}},{"id":"68309277-894d-4548-90cc-8dbd7cc0b83f","block_type":"box","text":"We also recognize that companies may be phasing in repor ting over several years. We do not prescribe timelines","page_number":222,"box":{"x":101,"y":430,"width":805,"height":11}},{"id":"bcab9d56-ed8f-46b0-a7f4-dec507a5e3d7","block_type":"box","text":"regarding when companies should make sustainability-related disclosures but appreciate it when companies produce","page_number":222,"box":{"x":69,"y":446,"width":833,"height":11}},{"id":"e1bdd85e-9314-4932-8581-06611d9edb78","block_type":"box","text":"them sufficiently in advance of their shareholder meeting, to the best of their abilities, to provide investors with time","page_number":222,"box":{"x":68,"y":460,"width":830,"height":12}},{"id":"30e2a214-c397-4cbc-ad04-5b4e8fb7cd3c","block_type":"box","text":"to assess the data and make informed voting decisions.","page_number":222,"box":{"x":68,"y":475,"width":401,"height":12}},{"id":"235a3a1d-8c09-4fdc-8c22-fd629f6b3c4c","block_type":"box","text":"Industry initiatives on managing specific operational risks may also provide useful guidance to companies on","page_number":222,"box":{"x":102,"y":498,"width":775,"height":11}},{"id":"5c4d0594-e169-4c7d-ac6e-8678867a37a2","block_type":"box","text":"best practices and disclosures. While not a voting item, we find it helpful to our understanding of investment risk","page_number":222,"box":{"x":69,"y":513,"width":804,"height":12}},{"id":"40163efb-2889-4985-8074-cdf9df2ca2c7","block_type":"box","text":"when companies disclose any relevant global sustainability-related standards adopted, the industry initiatives in","page_number":222,"box":{"x":68,"y":529,"width":799,"height":11}},{"id":"9bd717e3-74a2-49f3-a5d8-473abcc81445","block_type":"box","text":"which they par ticipate, any peer group benchmarking under taken, and any assurance processes to help investors","page_number":222,"box":{"x":68,"y":544,"width":810,"height":11}},{"id":"7284fef7-9de9-4bc2-9a5e-c020bfa3b1e1","block_type":"box","text":"understand their approach to sustainable and responsible business practices.","page_number":222,"box":{"x":69,"y":559,"width":556,"height":11}},{"id":"b30e5752-b779-409e-9846-1cd90a068188","block_type":"box","text":"10","page_number":222,"box":{"x":69,"y":603,"width":9,"height":5}},{"id":"cdd7d09b-d700-4787-9316-d924de3a7756","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":222,"box":{"x":84,"y":603,"width":822,"height":11}},{"id":"8f5b5dc9-8068-4f6f-99c2-7fd43deb72f0","block_type":"box","text":"a company’s business model that have an environmental or social dependency or impact. Examples of environmental","page_number":222,"box":{"x":69,"y":618,"width":835,"height":11}},{"id":"0fb52395-bc34-4bad-8755-aa261fdf4322","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":222,"box":{"x":70,"y":633,"width":827,"height":12}},{"id":"72696743-f723-4d4e-8117-b634b4928f1b","block_type":"box","text":"issues include, but are not limited to, human capital management, impacts on the communities in which a company","page_number":222,"box":{"x":70,"y":649,"width":826,"height":11}},{"id":"dee404d0-a3d7-4a76-b3d2-716afab7f14b","block_type":"box","text":"operates, customer loyalty, and relationships with regulators.","page_number":222,"box":{"x":69,"y":664,"width":433,"height":11}},{"id":"053ee86b-e5ce-4d3d-9385-8543298b5286","block_type":"box","text":"11","page_number":222,"box":{"x":69,"y":682,"width":9,"height":4}},{"id":"d08ada19-bc1b-43e1-934f-e0535e61a822","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":222,"box":{"x":83,"y":681,"width":744,"height":11}},{"id":"2e75f950-902d-473b-9dbd-1af1f836dade","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":222,"box":{"x":69,"y":696,"width":828,"height":11}},{"id":"dcba6d35-e23e-4c2b-ae49-23bfc310862f","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":222,"box":{"x":69,"y":711,"width":830,"height":12}},{"id":"9ad51e92-8bcc-41e3-91cb-7a55ec44bf71","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":222,"box":{"x":69,"y":726,"width":809,"height":12}},{"id":"22e04341-6599-45c5-b512-435d87e6ab98","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":222,"box":{"x":70,"y":742,"width":778,"height":11}},{"id":"eb897eb4-90fd-407b-a676-995fcf35ef4f","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":222,"box":{"x":70,"y":757,"width":380,"height":9}},{"id":"b3f43517-de4c-4d9a-8778-25a02482b2a5","block_type":"box","text":"BlackRock Investment Stewardship","page_number":222,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"dd8d6658-a63c-4d60-8c59-e0c913bfea24","block_type":"box","text":"Global Principles | 10","page_number":222,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"7ba69ef1-f278-4a8b-805a-19459e74ef29","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":222,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"d0bd6268-05a1-4eba-acb7-5335e84c07d4","block_type":"box","text":"CLIMATE AND NATURE-RELATED RISK","page_number":223,"box":{"x":351,"y":45,"width":277,"height":9}},{"id":"a10bb2fe-4648-4b9c-af8e-364f5b52281c","block_type":"box","text":"Many companies are assessing how to navigate the low-carbon transition while delivering long-term financial","page_number":223,"box":{"x":102,"y":67,"width":769,"height":12}},{"id":"624e0fff-4796-4521-b9b9-0f9b3eecf0ca","block_type":"box","text":"value to investors. For companies facing material climate-related risks, we find it helpful when they publicly disclose,","page_number":223,"box":{"x":68,"y":82,"width":829,"height":12}},{"id":"c6c61dcf-cedc-44c9-8c2a-b401ed2a7a5d","block_type":"box","text":"consistent with their business model and sector, how they intend to deliver long-term financial per formance through","page_number":223,"box":{"x":69,"y":98,"width":824,"height":11}},{"id":"6d3a4145-cd48-424d-9807-3d405690dddf","block_type":"box","text":"the low-carbon transition, including where available, their transition plan.","page_number":223,"box":{"x":68,"y":113,"width":514,"height":11}},{"id":"8c1f0b93-298a-4799-9e8f-8260344055d1","block_type":"box","text":"12, 13","page_number":223,"box":{"x":584,"y":113,"width":26,"height":5}},{"id":"26801857-8724-4c43-a4f6-e2d18a9602ee","block_type":"box","text":"From company disclosures and","page_number":223,"box":{"x":617,"y":113,"width":218,"height":11}},{"id":"9794161b-dd32-448a-9d6b-0a9187bf7d6d","block_type":"box","text":"engagement, we seek to understand the strategies companies have in place to manage material risks to, and","page_number":223,"box":{"x":69,"y":128,"width":782,"height":11}},{"id":"f736d5af-76c9-4869-90ef-734832fadaff","block_type":"box","text":"oppor tunities for, their long-term business model associated with a range of climate-related scenarios.","page_number":223,"box":{"x":69,"y":143,"width":729,"height":11}},{"id":"2274e14a-5c35-4f72-9000-f04ea9d146e2","block_type":"box","text":"Recognizing the value of these disclosures, cer tain markets such as the European Union mandate large","page_number":223,"box":{"x":102,"y":166,"width":740,"height":11}},{"id":"78fbe4c7-ed73-42e1-87f8-fd2893269a42","block_type":"box","text":"companies to disclose such climate-related financial information, while in other jurisdictions these disclosures are","page_number":223,"box":{"x":69,"y":181,"width":814,"height":11}},{"id":"f3d6a1d7-7e50-4db0-b05f-2c854ecbcac7","block_type":"box","text":"viewed as best practice in the market.","page_number":223,"box":{"x":68,"y":196,"width":271,"height":11}},{"id":"0baf8563-fa8e-4f5b-ae3f-11c05856ac6c","block_type":"box","text":"The ISSB standards provide one such framework that can assist investors in assessing company-specific","page_number":223,"box":{"x":101,"y":218,"width":749,"height":12}},{"id":"28772c21-e3d9-4f50-a35e-acb8f3b1a7a0","block_type":"box","text":"climate-related risks and oppor tunities, and informing investment decisions. Such disclosures also provide investors","page_number":223,"box":{"x":69,"y":234,"width":831,"height":11}},{"id":"8ee35276-7094-4424-af5a-ecc872685a53","block_type":"box","text":"with insights into how companies are managing the risks associated with a transition to a low-carbon economy by","page_number":223,"box":{"x":68,"y":249,"width":809,"height":11}},{"id":"fa0d685b-ddd0-4cab-9f9a-af0bfa30a0b5","block_type":"box","text":"managing their own carbon emissions or emissions intensities to the extent financially practicable.","page_number":223,"box":{"x":69,"y":264,"width":702,"height":11}},{"id":"aacbd79c-9adf-4744-8be3-36ebc422f7ff","block_type":"box","text":"The ISSB standards, for example, contemplate disclosures on how companies are setting shor t-, medium- and","page_number":223,"box":{"x":101,"y":286,"width":786,"height":12}},{"id":"87f2ab7f-6fe7-41fd-9a6b-b778aa5fb179","block_type":"box","text":"long-term targets, ideally science-based where these are available for their sector, for scope 1 and 2 greenhouse gas","page_number":223,"box":{"x":70,"y":302,"width":834,"height":11}},{"id":"dd8459e7-7b4f-42f9-bc09-d6387f06e057","block_type":"box","text":"emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term financial","page_number":223,"box":{"x":69,"y":317,"width":773,"height":11}},{"id":"22d01eba-1429-4385-a605-85f399706a60","block_type":"box","text":"interests of their investors.","page_number":223,"box":{"x":70,"y":332,"width":190,"height":9}},{"id":"bf48966e-1783-4763-a276-9ccca5a0ede3","block_type":"box","text":"While we recognize that regulators in some markets are moving to mandate cer tain disclosures, at this stage,","page_number":223,"box":{"x":101,"y":355,"width":784,"height":11}},{"id":"7b91639b-3b23-4b41-8b30-35ebcb71bcd4","block_type":"box","text":"we view scope 3 emissions differently from scopes 1 and 2, given methodological complexity, regulatory uncer tainty,","page_number":223,"box":{"x":68,"y":370,"width":832,"height":11}},{"id":"a991bd79-a74b-4ed1-bb97-98d79eb8acca","block_type":"box","text":"concerns about double-counting, and lack of direct control by companies. We welcome disclosures and commitments","page_number":223,"box":{"x":69,"y":385,"width":834,"height":11}},{"id":"730cd5ae-1ed6-473b-a7fc-52b52a3c68d7","block_type":"box","text":"that companies choose to make regarding material scope 3 emissions and recognize that these are provided on a","page_number":223,"box":{"x":68,"y":400,"width":815,"height":11}},{"id":"82b1aeca-b05c-4a4d-a112-83a0f86712f2","block_type":"box","text":"good-faith basis as methodology develops.","page_number":223,"box":{"x":68,"y":415,"width":303,"height":11}},{"id":"fc1225f0-bb53-432f-a8d3-97ef283e125e","block_type":"box","text":"In addition to climate-related risks and oppor tunities, for companies whose strategies, operations or supply","page_number":223,"box":{"x":102,"y":438,"width":766,"height":11}},{"id":"6df73ff3-8725-44c7-8b2b-d3c242a0e5c0","block_type":"box","text":"chains are materially reliant on natural capital, nature-related risks and oppor tunities may affect their ability to","page_number":223,"box":{"x":69,"y":453,"width":788,"height":11}},{"id":"5a65c1aa-8135-4c94-9137-5f16f608cc43","block_type":"box","text":"generate long-term financial returns.","page_number":223,"box":{"x":68,"y":468,"width":258,"height":11}},{"id":"c6261771-ed25-4680-b551-93610ec17f3f","block_type":"box","text":"14","page_number":223,"box":{"x":328,"y":468,"width":9,"height":5}},{"id":"37992394-356c-4295-858d-07207e25b3c5","block_type":"box","text":"For these companies, we rely on disclosures to understand how their","page_number":223,"box":{"x":344,"y":468,"width":490,"height":11}},{"id":"f01a0c56-6af4-4d52-82e2-1541d5e97f61","block_type":"box","text":"strategies consider nature-related impacts and dependencies and to assess how the board oversees these risks.","page_number":223,"box":{"x":69,"y":483,"width":807,"height":11}},{"id":"0b0102a6-e63e-4d8a-9046-ea5c9456c071","block_type":"box","text":"15","page_number":223,"box":{"x":878,"y":484,"width":9,"height":4}},{"id":"75e86c42-736a-4283-ac8f-70b93f67bbe3","block_type":"box","text":"COMPANIES’ IMPACT ON THEIR WORKFORCE, SUPPLY CHAINS, AND COMMUNITIES","page_number":223,"box":{"x":179,"y":513,"width":620,"height":11}},{"id":"2e86066d-d639-4128-81f2-d2c6d0653e1b","block_type":"box","text":"Companies determine their key stakeholders based on what is material to their business and long-term financial","page_number":223,"box":{"x":102,"y":536,"width":799,"height":11}},{"id":"0cc627c7-d96b-4661-a3dc-4fc39edc46d7","block_type":"box","text":"per formance. For many companies, key stakeholders include employees, business supply chains, clients and","page_number":223,"box":{"x":70,"y":551,"width":778,"height":11}},{"id":"c201c607-6e9b-4644-aecc-6279e8b2a413","block_type":"box","text":"consumers, regulators, and the communities in which they operate.","page_number":223,"box":{"x":69,"y":566,"width":479,"height":11}},{"id":"e5ef9b97-ea31-4e71-835e-ea1e3425f6b0","block_type":"box","text":"In our experience, companies that invest in the relationships that are critical to their strategic objectives are","page_number":223,"box":{"x":102,"y":589,"width":770,"height":11}},{"id":"942f581f-0355-4f5c-bf55-c5170228c4fe","block_type":"box","text":"more likely to deliver durable, long-term financial per formance. By contrast, we have found that poor relationships","page_number":223,"box":{"x":69,"y":604,"width":810,"height":11}},{"id":"5c2182ef-3db7-4dd4-ab8a-492d7de42137","block_type":"box","text":"12","page_number":223,"box":{"x":69,"y":634,"width":9,"height":4}},{"id":"5f1c05ef-8df1-42ef-81a7-89a436f1f963","block_type":"box","text":"We have observed that more companies are developing such plans, and public policymakers in cer tain markets are","page_number":223,"box":{"x":83,"y":633,"width":823,"height":12}},{"id":"64be5b9e-f9b2-49ed-ba43-b61696e93a0b","block_type":"box","text":"signaling their intentions to require them or already have requirements in place, such as Australia, Brazil, and the","page_number":223,"box":{"x":69,"y":649,"width":808,"height":11}},{"id":"4c5d74aa-d59a-4d81-acb5-1678501feba6","block_type":"box","text":"European Union (please see the International Transition Plan Network for information). We view transition plans as a","page_number":223,"box":{"x":70,"y":663,"width":827,"height":11}},{"id":"153b9ec6-3963-4dba-86c5-ec7fb6c9b35f","block_type":"box","text":"method for a company to both internally assess and externally communicate its long-term strategy, ambition,","page_number":223,"box":{"x":69,"y":679,"width":774,"height":11}},{"id":"6faa3b2b-315f-4bc3-afad-26670087b881","block_type":"box","text":"objectives, and actions to create financial value through the global transition towards a low-carbon economy. Across","page_number":223,"box":{"x":69,"y":694,"width":825,"height":11}},{"id":"f2951239-2aff-404a-a28e-76d4b3a74ef5","block_type":"box","text":"the landscape there remains divergence on the objectives of such plans and the details they should contain. While","page_number":223,"box":{"x":68,"y":709,"width":819,"height":11}},{"id":"28db4e11-088d-49b9-bf3a-57a664ae125d","block_type":"box","text":"transition plans can be helpful disclosure, BIS does not make the preparation and production of transition plans a","page_number":223,"box":{"x":68,"y":724,"width":813,"height":11}},{"id":"96063f6b-ba9f-4aa1-a911-cc2416caa8f7","block_type":"box","text":"voting issue. BIS may engage companies that have chosen to publish a transition plan to understand their planned","page_number":223,"box":{"x":68,"y":739,"width":819,"height":11}},{"id":"21b2a619-ea14-4093-be4e-24ae9c18d31a","block_type":"box","text":"actions and resource implications. Website accessed in December 2025.","page_number":223,"box":{"x":69,"y":754,"width":522,"height":11}},{"id":"30457b86-aae3-4303-9661-447520ecccce","block_type":"box","text":"13","page_number":223,"box":{"x":69,"y":772,"width":9,"height":5}},{"id":"7954d41e-c14e-4c04-8761-df88a36d7a20","block_type":"box","text":"For more information, please see our commentary “Climate-related risks and a low-carbon transition,” December","page_number":223,"box":{"x":84,"y":772,"width":804,"height":11}},{"id":"5f90fc7c-6e0d-4356-be8a-b3d0f1020c98","block_type":"box","text":"2025.","page_number":223,"box":{"x":69,"y":787,"width":42,"height":9}},{"id":"0613a091-2489-42df-9901-123b9fcc7829","block_type":"box","text":"14","page_number":223,"box":{"x":69,"y":805,"width":9,"height":4}},{"id":"253898ac-1ba7-4e2f-88eb-01ed39924456","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on natural capital,” December","page_number":223,"box":{"x":84,"y":805,"width":796,"height":11}},{"id":"6780391c-ba99-4953-a1c6-c731826bb2e5","block_type":"box","text":"2025.","page_number":223,"box":{"x":69,"y":820,"width":42,"height":9}},{"id":"f2e8c87e-447f-4d25-875c-f5145a6831b2","block_type":"box","text":"15","page_number":223,"box":{"x":69,"y":838,"width":9,"height":4}},{"id":"54e6b119-c0cf-4d6b-bf68-450ed217267e","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":223,"box":{"x":84,"y":837,"width":797,"height":12}},{"id":"95efa427-4e26-4abb-9238-58c9238d90ef","block_type":"box","text":"company’s natural capital dependencies and impacts would aid investors’ understanding. The recommendations of","page_number":223,"box":{"x":69,"y":852,"width":820,"height":12}},{"id":"851a65eb-f664-4a66-8fd7-e7541707652a","block_type":"box","text":"the Taskforce on Nature-related Financial Disclosures (TNFD) may prove useful to some companies. We recognize that","page_number":223,"box":{"x":68,"y":868,"width":842,"height":11}},{"id":"43b61494-82a7-4e6f-b7a8-e1206423d9fd","block_type":"box","text":"some companies may repor t using different standards, which may be required by regulation, or one of a number of","page_number":223,"box":{"x":69,"y":883,"width":820,"height":11}},{"id":"42f69c5b-24cf-42f5-9cf5-ca653e5394e6","block_type":"box","text":"other private sector standards. TNFD-aligned repor ting is not a voting issue. Website accessed in December 2025.","page_number":223,"box":{"x":69,"y":898,"width":817,"height":11}},{"id":"dc2c253d-edc2-4bf6-8695-37a3c9d3e41d","block_type":"box","text":"BlackRock Investment Stewardship","page_number":223,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"30eefa99-20cc-4d28-bbfe-498321aa019c","block_type":"box","text":"Global Principles | 11","page_number":223,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"d31176d8-b3b6-4c0e-9d5b-ed47029bd664","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":223,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"50dca7c2-f995-4445-8150-0401452d6c6a","block_type":"box","text":"may create adverse impacts that could expose companies to legal, regulatory, operational, and reputational risks.","page_number":224,"box":{"x":69,"y":45,"width":811,"height":11}},{"id":"8b570098-02ae-4313-848f-ace5937a800e","block_type":"box","text":"This is par ticularly relevant to a company’s workforce, which is central to long-term financial value creation.","page_number":224,"box":{"x":68,"y":60,"width":764,"height":11}},{"id":"28557aec-1965-495e-8c7c-ee6f38155968","block_type":"box","text":"16","page_number":224,"box":{"x":834,"y":60,"width":9,"height":5}},{"id":"9e9ed72e-da6a-4ee4-89e9-5e701d0b6c14","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":224,"box":{"x":101,"y":82,"width":783,"height":12}},{"id":"15ac6306-9059-4fbf-bfb1-20f9eeb66427","block_type":"box","text":"identified their key stakeholders and considered their interests in business decision-making. In addition to","page_number":224,"box":{"x":70,"y":98,"width":755,"height":11}},{"id":"be9efa18-9a1f-404a-9653-3af891076ed6","block_type":"box","text":"understanding broader stakeholder relationships, BIS finds it helpful when companies discuss how they consider the","page_number":224,"box":{"x":69,"y":113,"width":831,"height":11}},{"id":"52c8c8b1-1b23-4c8f-a117-d3a18a71315f","block_type":"box","text":"needs of their workforce today, and the skills required for their future business strategy. We are also interested in","page_number":224,"box":{"x":69,"y":128,"width":809,"height":11}},{"id":"a3ac1805-af92-4407-b1dc-fb1d0765a60f","block_type":"box","text":"understanding how the board monitors and engages on these matters, given it is well positioned to ensure that the","page_number":224,"box":{"x":69,"y":143,"width":821,"height":11}},{"id":"da15d7aa-0fb7-4f22-b402-4535b064b0b0","block_type":"box","text":"approach taken by management is informed by and aligns with the company’s strategy. BIS does not direct a","page_number":224,"box":{"x":69,"y":158,"width":775,"height":11}},{"id":"a1bef1ab-74b1-416e-9aaa-3de5b6d62c36","block_type":"box","text":"company’s policies or practices, which are the responsibility of management and the board.","page_number":224,"box":{"x":69,"y":173,"width":653,"height":11}},{"id":"32d6c9fb-a285-4f52-a305-e2e505f64cf3","block_type":"box","text":"In addition, we find it helpful when companies disclose their approach to addressing material adverse impacts","page_number":224,"box":{"x":102,"y":196,"width":784,"height":11}},{"id":"29d4844b-3336-401b-a5a4-ad19f410d048","block_type":"box","text":"that could arise from their business practices and affect critical relationships with their stakeholders. We encourage","page_number":224,"box":{"x":68,"y":211,"width":829,"height":11}},{"id":"99032e00-aa44-47eb-af6f-a0a141144098","block_type":"box","text":"companies to implement, to the extent appropriate, monitoring processes (often referred to as due diligence) to","page_number":224,"box":{"x":69,"y":226,"width":797,"height":11}},{"id":"8584a597-3edb-4a68-90e7-bdd10a12d984","block_type":"box","text":"identify and mitigate potential adverse impacts and grievance mechanisms to remediate any actual adverse material","page_number":224,"box":{"x":70,"y":241,"width":828,"height":11}},{"id":"38b1f7ad-0a7d-43e1-b429-f12a7801ebdd","block_type":"box","text":"impacts.","page_number":224,"box":{"x":70,"y":257,"width":58,"height":10}},{"id":"de526b2d-6d9d-4c98-b7f1-a2240ffefd59","block_type":"box","text":"We look to boards to oversee management’s approach to addressing material risks related to key stakeholders","page_number":224,"box":{"x":101,"y":279,"width":794,"height":11}},{"id":"0bc3ae34-d5fd-493b-9fc3-91411b82278e","block_type":"box","text":"and may convey concerns about board oversight in our voting on director elections or suppor ting a business relevant","page_number":224,"box":{"x":69,"y":294,"width":831,"height":11}},{"id":"c6260c2e-a517-4270-853a-a4988a75fba8","block_type":"box","text":"shareholder proposal when, in our assessment, the board is not acting in shareholders’ long-term financial interests.","page_number":224,"box":{"x":69,"y":309,"width":834,"height":11}},{"id":"0f883d96-f8b2-4563-945e-963462742257","block_type":"box","text":"BLACKROCK’S OVERSIGHT OF ITS INVESTMENT STEWARDSHIP ACTIVITIES","page_number":224,"box":{"x":213,"y":340,"width":553,"height":8}},{"id":"d6fed720-03f2-4512-9a2b-815d28901ac8","block_type":"box","text":"BIS’ governance structure suppor ts oversight and accountability of stewardship-related activities on behalf of","page_number":224,"box":{"x":102,"y":362,"width":778,"height":11}},{"id":"336a483a-fbd8-448e-818a-17a99cc43395","block_type":"box","text":"clients at the global and regional level.","page_number":224,"box":{"x":69,"y":377,"width":274,"height":12}},{"id":"813112af-8212-40a2-921c-1c97dbfb6008","block_type":"box","text":"At the top of this governance structure, the risk-focused BIS Global Oversight Committee (the Committee)","page_number":224,"box":{"x":101,"y":400,"width":751,"height":11}},{"id":"3733b920-d899-480c-a136-638689dbfa94","block_type":"box","text":"suppor ts BIS’ regulatory responsibilities in relation to proxy voting, including adherence to policies and procedures as","page_number":224,"box":{"x":69,"y":415,"width":840,"height":11}},{"id":"3ec9fddf-7f35-4309-99a7-e107d5ee25f2","block_type":"box","text":"well as market-level stewardship requirements. The Committee reviews and approves amendments to the Global","page_number":224,"box":{"x":68,"y":430,"width":802,"height":11}},{"id":"cfd88e58-81cb-4225-ac6a-b57d77d45bfd","block_type":"box","text":"Principles and regional voting guidelines. The Committee also reviews periodic repor ts regarding the votes cast by","page_number":224,"box":{"x":69,"y":445,"width":813,"height":12}},{"id":"86b79c84-f68f-43d2-8e88-76024fa86c14","block_type":"box","text":"BIS on behalf of clients, as well as updates on material process issues, procedural changes, and other risk oversight","page_number":224,"box":{"x":70,"y":460,"width":835,"height":12}},{"id":"d33dd74e-1a04-44d8-a981-25831574a21e","block_type":"box","text":"considerations. The Committee is chaired by the Global Heads of the Investment Stewardship function and its","page_number":224,"box":{"x":69,"y":475,"width":783,"height":12}},{"id":"c79ecdf6-6e54-45de-8b3a-28537edfc8ca","block_type":"box","text":"members include senior BlackRock executives with legal, risk, and other experience relevant to team oversight who","page_number":224,"box":{"x":69,"y":491,"width":820,"height":11}},{"id":"ce24a91e-71f1-4b6a-b4f1-8aa33c4875ee","block_type":"box","text":"are independent from the investment stewardship function.","page_number":224,"box":{"x":69,"y":506,"width":421,"height":11}},{"id":"8c7e26eb-e09a-4b9c-a49a-a8e5f5317336","block_type":"box","text":"The Global Heads have primary oversight of BIS’ activities globally, including voting in accordance with the Global","page_number":224,"box":{"x":101,"y":528,"width":804,"height":12}},{"id":"0aa08afb-c62d-4859-923d-9381e6896ad8","block_type":"box","text":"Principles and regional voting guidelines. At the regional level, three regional Heads for the Americas, APAC, and","page_number":224,"box":{"x":69,"y":543,"width":798,"height":12}},{"id":"591fef53-572c-4cf4-967b-3b1caab3137d","block_type":"box","text":"EMEA oversee BIS’ activities for their specific markets.","page_number":224,"box":{"x":70,"y":559,"width":389,"height":11}},{"id":"a96eead7-bd31-4825-b1d9-c7da6cbb10c8","block_type":"box","text":"VOTE EXECUTION","page_number":224,"box":{"x":424,"y":589,"width":129,"height":9}},{"id":"018898db-1cef-4575-a029-3ced6d28619f","block_type":"box","text":"BIS votes proxies on behalf of index equity funds and accounts when authorized by our clients. We have","page_number":224,"box":{"x":102,"y":612,"width":739,"height":11}},{"id":"e37eb8f8-2814-4150-9c51-df233dd93da5","block_type":"box","text":"processes in place to consider all proxies for which we have voting authority, and submit voting decisions, or refrain","page_number":224,"box":{"x":70,"y":627,"width":822,"height":11}},{"id":"a035897f-406d-4944-b1ea-5d2146a8d162","block_type":"box","text":"from voting when logistical issues arise (see below). The BIS Benchmark Policies – and the vote decisions made","page_number":224,"box":{"x":68,"y":642,"width":801,"height":11}},{"id":"f2dedfba-50e1-4a5c-9edb-32c6e15a6d82","block_type":"box","text":"consistent with those policies – reflect our reasonable and independent judgment and are made without regard to the","page_number":224,"box":{"x":69,"y":657,"width":838,"height":11}},{"id":"0d0cc234-2a9e-4b88-b6a9-b7f6464ec864","block_type":"box","text":"relationship between the issuer of the proxy (or any shareholder proponent or dissident shareholder) and the Fund,","page_number":224,"box":{"x":69,"y":672,"width":817,"height":11}},{"id":"809a237f-ff73-417c-b0a2-7a3cc943cc5c","block_type":"box","text":"the Fund’s affiliates (if any), BlackRock or BlackRock’s affiliates, or BlackRock employees (see “Conflicts","page_number":224,"box":{"x":68,"y":687,"width":751,"height":11}},{"id":"2702442e-6cd8-417e-8a94-03c01ba5623d","block_type":"box","text":"management policies and procedures,” below).","page_number":224,"box":{"x":69,"y":703,"width":334,"height":11}},{"id":"d4ff3ace-bebe-4f51-b5e9-6d2b5a244d73","block_type":"box","text":"In cer tain markets, proxy voting involves logistical issues which can affect BIS’ ability to vote, as well as the cost","page_number":224,"box":{"x":102,"y":725,"width":806,"height":11}},{"id":"0b7061fa-8f7c-4112-b595-8cfd3e063e84","block_type":"box","text":"of voting such proxies on behalf of our clients. These issues include, but are not limited to: 1) untimely notice of","page_number":224,"box":{"x":69,"y":740,"width":801,"height":11}},{"id":"404b1c36-7f09-4fb0-aeb7-34d41f384f27","block_type":"box","text":"shareholder meetings; 2) restrictions on a foreigner’s ability to exercise votes; 3) requirements to vote proxies in","page_number":224,"box":{"x":69,"y":755,"width":805,"height":11}},{"id":"43bcd3a3-ed6b-4674-b2f0-440ac009f403","block_type":"box","text":"person; 4) “share-blocking” (requirements that investors who exercise their voting rights surrender the right to","page_number":224,"box":{"x":70,"y":771,"width":783,"height":11}},{"id":"7b99ad35-ad9c-4dbf-a4a4-a87350a4a0b6","block_type":"box","text":"dispose of their holdings from the point at which votes are submitted until after the after the shareholder meeting","page_number":224,"box":{"x":69,"y":785,"width":811,"height":12}},{"id":"51bca997-7e6d-40ff-a559-9e196d69b689","block_type":"box","text":"has occurred); 5) potential difficulties in translating the proxy; 6) regulatory constraints; and 7) requirements to","page_number":224,"box":{"x":69,"y":801,"width":795,"height":11}},{"id":"a70b9b79-2f82-4a86-b810-edee164e62a6","block_type":"box","text":"provide local agents with powers of attorney to facilitate voting instructions. We are not suppor tive of impediments to","page_number":224,"box":{"x":70,"y":816,"width":835,"height":11}},{"id":"e674b06c-a92f-462f-9674-ec9d3ef0b72d","block_type":"box","text":"the exercise of voting rights such as share-blocking or overly burdensome administrative requirements.","page_number":224,"box":{"x":68,"y":831,"width":732,"height":11}},{"id":"e5e016de-4ef4-483e-a01d-e58e899bf815","block_type":"box","text":"16","page_number":224,"box":{"x":69,"y":860,"width":9,"height":5}},{"id":"8d944971-bbec-4718-afe2-6db69dd4fbcb","block_type":"box","text":"For more information, please see our commentary “Our approach to engagement on human capital management,”","page_number":224,"box":{"x":84,"y":860,"width":814,"height":11}},{"id":"3c97f347-4699-4cf1-89b8-2f6833320278","block_type":"box","text":"December 2025.","page_number":224,"box":{"x":70,"y":875,"width":118,"height":9}},{"id":"a244dbbc-cbfe-4586-8352-14c519e68989","block_type":"box","text":"BlackRock Investment Stewardship","page_number":224,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"26660970-7297-47d4-8c1b-8c679c88d4f7","block_type":"box","text":"Global Principles | 12","page_number":224,"box":{"x":758,"y":942,"width":151,"height":13}},{"id":"119a223d-ce19-4308-be4b-233edb877111","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":224,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"3e0c9c88-daa8-4287-a1ad-9d353aabcc77","block_type":"box","text":"BIS votes proxies in these situations on a “best-effor ts” basis. In addition, BIS may determine that it is generally","page_number":225,"box":{"x":102,"y":45,"width":807,"height":11}},{"id":"9dca87f1-66f7-4ae3-8cd8-857a9e5768ac","block_type":"box","text":"in the interests of BlackRock’s clients not to vote proxies (or not to vote our full allocation) if the costs (including but","page_number":225,"box":{"x":70,"y":60,"width":830,"height":11}},{"id":"97d7f593-eb20-4911-b530-fb82fca6fc00","block_type":"box","text":"not limited to oppor tunity costs associated with share-blocking constraints) associated with exercising a vote are","page_number":225,"box":{"x":69,"y":75,"width":805,"height":11}},{"id":"035e24a9-49c5-40f6-a8e7-cf91890fbdf6","block_type":"box","text":"expected to outweigh the benefit the client would derive by voting on the proposal.","page_number":225,"box":{"x":69,"y":90,"width":585,"height":11}},{"id":"ccdab5e1-af17-437c-a8c3-ef7298cbb694","block_type":"box","text":"CONFLICTS MANAGEMENT POLICIES AND PROCEDURES","page_number":225,"box":{"x":281,"y":120,"width":416,"height":9}},{"id":"45a03e50-2ef8-4f9e-bbe9-25212b7cc3f8","block_type":"box","text":"BIS is a dedicated function whose responsibilities are separate from BlackRock’s sales, business par tnership or","page_number":225,"box":{"x":102,"y":143,"width":804,"height":11}},{"id":"39ad212a-3f59-4bd3-84b0-a1b67dc87738","block_type":"box","text":"enterprise-level vendor management activities.","page_number":225,"box":{"x":69,"y":158,"width":329,"height":11}},{"id":"6e824cc0-ab9d-4268-9a1e-a9f88fa91cf2","block_type":"box","text":"BlackRock maintains policies and procedures that are designed to prevent undue influence on BIS’ proxy voting","page_number":225,"box":{"x":102,"y":181,"width":794,"height":11}},{"id":"ecc3382b-8b7d-4b2e-83d0-abe8af39509e","block_type":"box","text":"activity. Such influence might stem from any relationship between the investee company (or any shareholder","page_number":225,"box":{"x":69,"y":196,"width":771,"height":11}},{"id":"3edc67a5-baf5-4055-b065-e686d7df25ee","block_type":"box","text":"proponent or dissident shareholder) and BlackRock, BlackRock’s affiliates, a Fund or a Fund’s affiliates, or","page_number":225,"box":{"x":70,"y":211,"width":763,"height":11}},{"id":"e82079bd-dd47-4203-b4d8-c9dfedd791cf","block_type":"box","text":"BlackRock employees.","page_number":225,"box":{"x":70,"y":226,"width":157,"height":11}},{"id":"b3368833-8611-4871-8b3c-ae7d6751ab9e","block_type":"box","text":"For information on how BIS manages conflicts of interest, please see our disclosure.","page_number":225,"box":{"x":102,"y":249,"width":602,"height":11}},{"id":"9be61d31-3ab7-4e61-9b41-6acc0aa800eb","block_type":"box","text":"SECURITIES LENDING","page_number":225,"box":{"x":409,"y":279,"width":159,"height":9}},{"id":"d47620d0-ad90-4006-aa72-8ae94567f83b","block_type":"box","text":"When authorized, BlackRock acts as a securities lending agent on behalf of its clients. Lending securities","page_number":225,"box":{"x":101,"y":302,"width":751,"height":11}},{"id":"28f46bb6-2368-42c8-aa72-092e12ee6e14","block_type":"box","text":"enables BlackRock to increase the returns in clients’ por tfolios, and BlackRock’s lending agreements allow it to","page_number":225,"box":{"x":69,"y":317,"width":797,"height":11}},{"id":"045c5b25-b86c-4e16-a593-a5a271bc2031","block_type":"box","text":"recall securities out on loan at any time. BlackRock (or any other lender) does not retain voting rights for securities","page_number":225,"box":{"x":69,"y":332,"width":817,"height":11}},{"id":"7efb5c59-0ff3-442a-9005-402f85472c9b","block_type":"box","text":"out on loan. Entitlements associated with the lent securities (dividends, coupons, etc.), while on loan are paid back","page_number":225,"box":{"x":69,"y":347,"width":823,"height":11}},{"id":"8dd11228-f976-419a-b2ef-c6dd58a2abb0","block_type":"box","text":"to the lender of the security as stipulated in industry standard legal agreements.","page_number":225,"box":{"x":68,"y":362,"width":575,"height":11}},{"id":"5fe992aa-2d27-4297-ab5f-6594ba46a732","block_type":"box","text":"With regard to the relationship between securities lending and proxy voting, BlackRock cannot vote shares on","page_number":225,"box":{"x":101,"y":385,"width":779,"height":11}},{"id":"658a6009-db69-4281-ad37-13f5cd319289","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":225,"box":{"x":70,"y":400,"width":827,"height":11}},{"id":"d53061b3-0c03-4b78-912e-28c1c2068235","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":225,"box":{"x":70,"y":415,"width":832,"height":11}},{"id":"d2abb37e-bb58-49d0-969e-3abdfb988e0f","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":225,"box":{"x":69,"y":430,"width":832,"height":11}},{"id":"101dfd00-9ace-4469-bddf-5f1616695830","block_type":"box","text":"of various factors that include, but are not limited to, assessing potential securities lending revenue alongside the","page_number":225,"box":{"x":69,"y":445,"width":814,"height":12}},{"id":"cb04dca0-4c67-4315-85d6-e871cbbdf4eb","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":225,"box":{"x":70,"y":460,"width":834,"height":12}},{"id":"13ba9a3b-afa1-4da7-9847-92e0d90aa8be","block_type":"box","text":"of recall consideration).","page_number":225,"box":{"x":69,"y":475,"width":166,"height":12}},{"id":"7753d813-6464-4780-85cc-532773480ad3","block_type":"box","text":"17","page_number":225,"box":{"x":237,"y":476,"width":9,"height":4}},{"id":"c2e31d58-5d14-47b3-a265-46606c8be0e1","block_type":"box","text":"BIS works with colleagues in the Securities Lending and Risk and Quantitative Analysis","page_number":225,"box":{"x":252,"y":476,"width":617,"height":11}},{"id":"75d564e9-2219-47ad-9165-588640b7a1da","block_type":"box","text":"teams to evaluate the costs and benefits to clients of recalling shares on loan.","page_number":225,"box":{"x":68,"y":491,"width":563,"height":11}},{"id":"5654fcde-201f-4aac-9d61-9373e43ca259","block_type":"box","text":"In almost all instances, BlackRock anticipates that the potential long-term financial value to clients of voting","page_number":225,"box":{"x":102,"y":513,"width":770,"height":12}},{"id":"62c9fe56-8616-4cbe-b774-ceab8306aead","block_type":"box","text":"shares would be less than the potential revenue the loan may provide clients. However, in cer tain instances,","page_number":225,"box":{"x":69,"y":529,"width":774,"height":11}},{"id":"ac118083-d391-49af-a224-853807348978","block_type":"box","text":"BlackRock may determine, in our independent business judgment as a fiduciary, that the value of voting outweighs","page_number":225,"box":{"x":70,"y":543,"width":816,"height":12}},{"id":"700e3809-21fd-4c6d-8ce6-93e82083f80e","block_type":"box","text":"the securities lending revenue loss to clients and would therefore recall shares to be voted in those instances. 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In addition, cer tain disclosures related to a company’s plans for adapting their","page_number":232,"box":{"x":69,"y":724,"width":834,"height":11}},{"id":"89d5bc26-633f-4486-84f2-c730276c3aac","block_type":"box","text":"business models through the low-carbon transition may require forward-looking statements.","page_number":232,"box":{"x":69,"y":739,"width":651,"height":11}},{"id":"ae778486-bdea-49be-a5aa-e27c25e9b4a7","block_type":"box","text":"14","page_number":232,"box":{"x":69,"y":757,"width":9,"height":4}},{"id":"c88520e4-c375-4b53-a4ab-f8794eafc6a6","block_type":"box","text":"The ISSB is an independent standard-setting body within the International Financial Repor ting Standards","page_number":232,"box":{"x":83,"y":757,"width":744,"height":11}},{"id":"fd7dc315-d862-489d-af8a-1aaa074b0098","block_type":"box","text":"(IFRS) Foundation. The standards build on the Task Force on Climate-related Financial Disclosures (TCFD) framework","page_number":232,"box":{"x":69,"y":772,"width":828,"height":11}},{"id":"55c7335d-f11a-4618-997e-36e779b9754b","block_type":"box","text":"and the standards and metrics developed by the Sustainability Accounting Standards Board (SASB), which have both","page_number":232,"box":{"x":69,"y":787,"width":830,"height":11}},{"id":"5b531d13-4d6d-4576-8f6b-9d70cceedd18","block_type":"box","text":"converged under the ISSB. Please refer to the IFRS website to learn more about the framework and standards S1","page_number":232,"box":{"x":69,"y":802,"width":809,"height":11}},{"id":"b4d5ecd4-9a02-4c17-ab36-bf5792de76ab","block_type":"box","text":"“General Requirements for Disclosure of Sustainability-related Financial Information” and S2 “Climate-related","page_number":232,"box":{"x":70,"y":817,"width":778,"height":11}},{"id":"c1e7cdfe-c5e8-476e-83e2-b3455434c9e8","block_type":"box","text":"Disclosures.” Websites accessed in December 2025.","page_number":232,"box":{"x":70,"y":832,"width":380,"height":9}},{"id":"e71ba3a9-9e5e-4bfd-8102-9af84a1dd820","block_type":"box","text":"15","page_number":232,"box":{"x":69,"y":850,"width":9,"height":5}},{"id":"b8083459-bf5d-442d-b356-ffe6ed83b2e0","block_type":"box","text":"A number of jurisdictions are consulting on adopting the standards issued to date or have already committed to","page_number":232,"box":{"x":83,"y":850,"width":795,"height":11}},{"id":"1df95851-c810-4faa-80f4-dcdc684324b6","block_type":"box","text":"doing so. BIS does not mandate any specific disclosure framework companies should use, and recognize that some","page_number":232,"box":{"x":69,"y":865,"width":826,"height":11}},{"id":"7563af8b-dc01-46fe-8e9f-86dd9c98fb26","block_type":"box","text":"companies may repor t using different standards, some of which may be required by regulation. In such cases, we","page_number":232,"box":{"x":69,"y":880,"width":811,"height":11}},{"id":"984ff204-6b89-4653-8ee7-d8f7b26f2c20","block_type":"box","text":"ask that companies highlight the metrics that are industry- or company-specific. We also recognize that companies","page_number":232,"box":{"x":69,"y":895,"width":816,"height":12}},{"id":"f51a6780-f3c5-4b48-9a92-7fd0ed71a71e","block_type":"box","text":"may be phasing in repor ting over several years. We do not prescribe timelines regarding when companies should","page_number":232,"box":{"x":69,"y":911,"width":803,"height":11}},{"id":"f1f8fd71-7722-4a13-adba-5f1f17cc2e85","block_type":"box","text":"BlackRock Investment Stewardship","page_number":232,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"6850edc2-aeb7-4678-9158-7f00c1c1589c","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 5","page_number":232,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"b0c932db-8854-4417-a378-d4d41715c2fd","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":232,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"dc4d4b07-0517-4e09-8aae-2d1820bd854a","block_type":"box","text":"(3) scope 1 and scope 2, and most significant scope 3 GHG emissions","page_number":233,"box":{"x":69,"y":45,"width":513,"height":11}},{"id":"b2fe6744-ed20-4b29-8832-af56a8998ec8","block_type":"box","text":"16, 17","page_number":233,"box":{"x":583,"y":45,"width":26,"height":5}},{"id":"723a05af-a003-4080-990b-d8248e21e882","block_type":"box","text":"In addition, the dedicated team looks to","page_number":233,"box":{"x":615,"y":45,"width":283,"height":10}},{"id":"7de59c5f-f212-406a-a3df-49e9bf41dfd8","block_type":"box","text":"companies to disclose their emissions reduction targets for scope 1 and 2 emissions, science-based where","page_number":233,"box":{"x":101,"y":60,"width":770,"height":11}},{"id":"e5354846-0181-44d6-8377-ec6b4eae95bf","block_type":"box","text":"possible. The team welcomes disclosure of targets or indicative goals, where companies have set them, for","page_number":233,"box":{"x":102,"y":75,"width":768,"height":11}},{"id":"743120d2-974a-4efc-9c5a-0b0d1f6a7c44","block_type":"box","text":"scope 3 emissions reductions. Scope 3 information, including how a company is working with its value chain to","page_number":233,"box":{"x":102,"y":90,"width":792,"height":11}},{"id":"feb5b9bb-3eef-4726-ae3d-782bf11484ce","block_type":"box","text":"accelerate reductions in GHG intensity, provides useful insight to investors focused on investing in the low","page_number":233,"box":{"x":102,"y":105,"width":760,"height":11}},{"id":"313bbf96-2409-4088-8c40-bead01701570","block_type":"box","text":"carbon transition and understanding the impact of their investments on their decarbonization goals.","page_number":233,"box":{"x":101,"y":120,"width":709,"height":12}},{"id":"724424f2-6907-48f1-8fdf-cf3ee3b9a5a8","block_type":"box","text":"18","page_number":233,"box":{"x":812,"y":121,"width":9,"height":4}},{"id":"01ace284-ca74-46a7-bee6-4b73ed950737","block_type":"box","text":"However,","page_number":233,"box":{"x":827,"y":120,"width":62,"height":11}},{"id":"89f9b220-4be6-4efd-a3ce-d413038887f3","block_type":"box","text":"the team recognizes that companies have varying ability to influence the emissions across the different par ts of","page_number":233,"box":{"x":101,"y":135,"width":802,"height":12}},{"id":"fe7caefb-326f-4b42-be9e-a205edb1b81c","block_type":"box","text":"their value chain and, therefore, it is helpful when disclosures explain the implications for the achievement of","page_number":233,"box":{"x":101,"y":150,"width":780,"height":11}},{"id":"5decb6bf-8ccc-48b1-9dec-b64b9d990b58","block_type":"box","text":"their decarbonization targets. For some companies that play an impor tant role in the low-carbon transition, scope","page_number":233,"box":{"x":101,"y":166,"width":807,"height":11}},{"id":"cc5e5ceb-6c29-43bd-b311-3307979d8286","block_type":"box","text":"3 may represent their only significant source of GHG emissions in the value chain. While we do not believe","page_number":233,"box":{"x":102,"y":181,"width":759,"height":11}},{"id":"f6e62f3e-122d-4e10-b85e-b7b4cf01fe9a","block_type":"box","text":"companies should be required to enforce emissions reduction targets outside of their control, where relevant, we","page_number":233,"box":{"x":101,"y":196,"width":808,"height":11}},{"id":"71be2943-d1bd-462b-99de-2a8ae5e0187d","block_type":"box","text":"look for disclosures on how the company approaches the low-carbon transition in these cases. This may include","page_number":233,"box":{"x":102,"y":211,"width":797,"height":11}},{"id":"a9688cfb-6057-445d-a14f-f64fd9a709b0","block_type":"box","text":"plans and targets to grow businesses that contribute to real world decarbonization, forward-looking capital or","page_number":233,"box":{"x":102,"y":226,"width":777,"height":11}},{"id":"568b9690-90c1-4dbe-b5f9-b60ea151520a","block_type":"box","text":"procurement allocation plans to net-zero aligned activities or suppliers, and strategies to mitigate material","page_number":233,"box":{"x":102,"y":241,"width":755,"height":11}},{"id":"37dc9bc9-3def-4252-b49a-a78a88c4cb76","block_type":"box","text":"transition risks.","page_number":233,"box":{"x":101,"y":257,"width":110,"height":8}},{"id":"952238a2-3eb3-435a-8a0d-4c35ccc26876","block_type":"box","text":"(4) where relevant, disclosures that describe the company’s exposure to climate-related physical risks—such as","page_number":233,"box":{"x":69,"y":277,"width":808,"height":11}},{"id":"9c617779-c5f3-4d85-bdcf-87b2d758f785","block_type":"box","text":"acute risks from extreme weather events or chronic risks from long-term shifts in climate patterns—and how","page_number":233,"box":{"x":102,"y":292,"width":773,"height":11}},{"id":"559cb59e-1289-4493-b82d-232e1c3a4b7d","block_type":"box","text":"these risks could reasonably be expected to affect the company’s operations, assets, or supply chains.","page_number":233,"box":{"x":101,"y":307,"width":739,"height":11}},{"id":"5f1555f0-8f0d-40fa-a18c-ab11dd3a4993","block_type":"box","text":"Transition plans","page_number":233,"box":{"x":68,"y":337,"width":115,"height":11}},{"id":"9401a968-9f0e-47d8-8528-26ab6b76fa94","block_type":"box","text":"Some companies have published transition plans outlining how they intend to implement their low-carbon","page_number":233,"box":{"x":102,"y":360,"width":748,"height":11}},{"id":"73850c91-eb5d-4cf4-9e15-45fc943e1435","block_type":"box","text":"transition strategies. As defined by the ISSB, a transition plan “lays out the entity’s targets, actions or resources for","page_number":233,"box":{"x":68,"y":375,"width":831,"height":11}},{"id":"8e0ffe12-0274-499c-ac08-c19231df1d26","block_type":"box","text":"its transition towards a lower-carbon economy, including actions such as reducing its greenhouse gas emissions”","page_number":233,"box":{"x":70,"y":390,"width":805,"height":11}},{"id":"66d30a0d-85c6-4424-b20a-3a3b48eae7c6","block_type":"box","text":"(see Appendix 1).","page_number":233,"box":{"x":69,"y":405,"width":122,"height":11}},{"id":"406bac94-a3fd-4205-8cdf-71a7f5f7fa5c","block_type":"box","text":"19","page_number":233,"box":{"x":193,"y":405,"width":9,"height":5}},{"id":"aec01eef-f704-440d-b8eb-5e1f16074086","block_type":"box","text":"Work is also underway in a number of jurisdictions on establishing a common approach in a market to corporate","page_number":233,"box":{"x":101,"y":428,"width":800,"height":11}},{"id":"7f54995d-7680-4a7f-a2bb-9d43ac975d14","block_type":"box","text":"transition plans.","page_number":233,"box":{"x":68,"y":443,"width":115,"height":11}},{"id":"ceeb9886-6c5b-41b3-ac0a-53961223b847","block_type":"box","text":"20","page_number":233,"box":{"x":184,"y":443,"width":9,"height":5}},{"id":"83d08ddc-d784-4461-98b8-d9a08c5642be","block_type":"box","text":"Recent guidance from the ISSB on disclosures about transition plans highlights the convergence of","page_number":233,"box":{"x":200,"y":443,"width":706,"height":11}},{"id":"88b65bdc-16cc-4ea9-a214-1fa7cba0576f","block_type":"box","text":"repor ting approaches.","page_number":233,"box":{"x":69,"y":458,"width":156,"height":11}},{"id":"7d69c5cd-b0c6-4a13-aa2c-4e9b1defb947","block_type":"box","text":"While the preparation of a transition plan, or lack thereof, is not, in itself, a voting issue, these disclosures","page_number":233,"box":{"x":101,"y":481,"width":762,"height":11}},{"id":"bd5801ca-9180-44a1-92cd-06b17f0ba71f","block_type":"box","text":"typically provide valuable insights that inform the dedicated team’s approach to engaging and voting on matters","page_number":233,"box":{"x":68,"y":496,"width":796,"height":11}},{"id":"50964cc0-1b97-46a6-970f-be0bdf38dfd5","block_type":"box","text":"related to climate and transition risks on behalf of in-scope funds and accounts.","page_number":233,"box":{"x":69,"y":511,"width":570,"height":11}},{"id":"3169c4fc-3ad2-4953-bfed-fa3f33d1c1f9","block_type":"box","text":"make sustainability-related disclosures but appreciate it when companies produce them sufficiently in advance of","page_number":233,"box":{"x":69,"y":537,"width":810,"height":12}},{"id":"208177c2-ee61-43fd-ad0b-bac8ce4b8aeb","block_type":"box","text":"their shareholder meeting, to the best of their abilities, to provide investors with time to assess the data and make","page_number":233,"box":{"x":68,"y":553,"width":822,"height":11}},{"id":"fb1bdd65-64db-44bd-8a90-4d20f3fb050c","block_type":"box","text":"informed voting decisions.","page_number":233,"box":{"x":70,"y":568,"width":184,"height":11}},{"id":"e8e3bbeb-223e-44ae-8c7c-a3344b8848e2","block_type":"box","text":"16","page_number":233,"box":{"x":69,"y":586,"width":9,"height":4}},{"id":"e66e3af9-4403-42a4-8c6b-bcc99a3f8838","block_type":"box","text":"FTSE Russell address the materiality of different categories of scope 3 GHG emissions by sector in a January 2024","page_number":233,"box":{"x":84,"y":585,"width":825,"height":12}},{"id":"d3b018d0-f138-4874-a053-ff82f708cf98","block_type":"box","text":"paper: FTSE Russel, “Scope for improvement: Solving the Scope 3 conundrum,” January 2024, accessed in","page_number":233,"box":{"x":70,"y":600,"width":768,"height":12}},{"id":"fb037ab9-38fc-4134-80f6-e003c15a63d1","block_type":"box","text":"December 2025.","page_number":233,"box":{"x":70,"y":616,"width":118,"height":9}},{"id":"bba065fc-49eb-4acb-8329-eb5c2bc0a4f1","block_type":"box","text":"17","page_number":233,"box":{"x":69,"y":634,"width":8,"height":4}},{"id":"8b756d26-4bcf-4d3a-835c-eeb731b6ab8b","block_type":"box","text":"Under this policy, the dedicated team looks for GHG emissions disclosures to be aligned with the Greenhouse Gas","page_number":233,"box":{"x":84,"y":633,"width":815,"height":12}},{"id":"dcefd3df-ac7a-40ec-84e6-95ac6d52e3b8","block_type":"box","text":"Protocol (GHG Protocol). The Protocol Standards and Guidance are currently being updated to ensure they continue to","page_number":233,"box":{"x":69,"y":648,"width":838,"height":12}},{"id":"96a32895-9952-4157-b578-bf1f795d6f1d","block_type":"box","text":"provide “a rigorous and credible accounting foundation for businesses to measure, plan and track progress toward","page_number":233,"box":{"x":70,"y":663,"width":816,"height":12}},{"id":"a483cf7e-1057-411f-9d9f-b6dbf765e106","block_type":"box","text":"science-based and net-zero targets in line with the global 1.5°C goal.” Websites accessed in December 2025.","page_number":233,"box":{"x":69,"y":679,"width":784,"height":11}},{"id":"f78791b2-57f7-437b-a3db-f47d0e716bf2","block_type":"box","text":"18","page_number":233,"box":{"x":69,"y":697,"width":9,"height":4}},{"id":"7b23488e-9466-4c9f-a7be-5cf9058abddb","block_type":"box","text":"The dedicated team does not believe the purpose of scope 3 disclosure requirements should be to push publicly","page_number":233,"box":{"x":83,"y":696,"width":804,"height":11}},{"id":"109a0edf-18fc-413c-b9bb-efb651504802","block_type":"box","text":"traded companies into the role of enforcing emission reduction targets outside of their control. Given methodological","page_number":233,"box":{"x":68,"y":711,"width":832,"height":12}},{"id":"d4fd11fd-929a-47c8-a573-be5a592a735c","block_type":"box","text":"complexity for scope 3 emissions and the lack of direct control by companies over the requisite data, we find it most","page_number":233,"box":{"x":69,"y":726,"width":832,"height":12}},{"id":"29a541c1-89f3-4750-b4dc-677fe2e8f32a","block_type":"box","text":"useful when companies focus their disclosures on those of the fifteen scope 3 GHG Protocol categories that are","page_number":233,"box":{"x":69,"y":742,"width":800,"height":11}},{"id":"15bd20fe-d740-482d-aeac-7de2751cbf2e","block_type":"box","text":"material to their business models.","page_number":233,"box":{"x":69,"y":757,"width":243,"height":9}},{"id":"69f7939f-8b63-4b16-b889-cb5937c2df08","block_type":"box","text":"19","page_number":233,"box":{"x":69,"y":775,"width":9,"height":4}},{"id":"ddc9c4c9-b85c-4963-86dd-2c9a83464e65","block_type":"box","text":"International Financial Repor ting Standards, “IFRS S2: Climate-related Disclosures,” June 2023, accessed in","page_number":233,"box":{"x":84,"y":774,"width":777,"height":12}},{"id":"23ab75ac-d80d-47b0-882c-290c9d3961f4","block_type":"box","text":"December 2025.","page_number":233,"box":{"x":70,"y":790,"width":118,"height":8}},{"id":"2ca4aced-3274-4edf-a03e-55e554a1b545","block_type":"box","text":"20","page_number":233,"box":{"x":69,"y":807,"width":9,"height":5}},{"id":"33e10863-36ba-4e55-9737-5e3b8b31775f","block_type":"box","text":"More companies are developing such plans, and public policymakers in cer tain markets are signaling their","page_number":233,"box":{"x":84,"y":807,"width":758,"height":11}},{"id":"789c8921-1fc6-4ec2-899e-853b4b306f19","block_type":"box","text":"intentions to require them or already have requirements in place, such as Australia, Brazil, and the European Union","page_number":233,"box":{"x":70,"y":822,"width":820,"height":11}},{"id":"cbc1c0c0-6596-44ae-b10d-973e09160680","block_type":"box","text":"(please see the International Transition Plan Network for information). BlackRock views transition plans as a method","page_number":233,"box":{"x":69,"y":837,"width":829,"height":11}},{"id":"52370111-91f9-49b4-b1f9-f42aa95f8abb","block_type":"box","text":"for a company to both internally assess and externally communicate its long-term strategy, ambition, objectives, and","page_number":233,"box":{"x":68,"y":852,"width":829,"height":12}},{"id":"ecf13b2f-83cf-4d17-b9a5-35b6dfd7e918","block_type":"box","text":"actions to create financial value through the global transition towards a low-carbon economy. Across the landscape","page_number":233,"box":{"x":69,"y":868,"width":818,"height":11}},{"id":"0f0594e0-b07f-4c9a-ab7c-4c082aef6868","block_type":"box","text":"there remains divergence on the objectives of such plans and the details they should contain. 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Under the Guidelines, the team may suppor t","page_number":235,"box":{"x":69,"y":423,"width":754,"height":11}},{"id":"cc0ea7ad-344f-4919-ae8c-58ddb9fbf790","block_type":"box","text":"shareholder proposals that, for example, ask a company to:","page_number":235,"box":{"x":69,"y":438,"width":425,"height":11}},{"id":"f56588f9-b78e-4271-ab1b-25be14ea897e","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":461,"width":6,"height":4}},{"id":"566e092b-cf19-4b50-995a-ff249e54e9c1","block_type":"box","text":"Publish a business plan, and related disclosures, consistent with the ambition to limit average global","page_number":235,"box":{"x":102,"y":458,"width":719,"height":11}},{"id":"ef1250fb-1218-425b-ab29-408175fcb0e8","block_type":"box","text":"temperature rise to no more than 1.5°C above pre-industrial levels","page_number":235,"box":{"x":101,"y":473,"width":474,"height":11}},{"id":"102944a3-5da8-4dc9-b7e1-53c322b50b7d","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":496,"width":6,"height":5}},{"id":"c03453c3-e1eb-4c7a-af40-50a18a0a1502","block_type":"box","text":"Align scope 1 and 2 GHG emissions reduction targets to, and/or discuss how their targets align with, a long-term","page_number":235,"box":{"x":101,"y":493,"width":807,"height":11}},{"id":"6cfaccc8-3e8e-4dd2-aef4-7a0503d5bea8","block_type":"box","text":"goal of the company achieving net zero GHG emissions by 2050","page_number":235,"box":{"x":101,"y":508,"width":457,"height":12}},{"id":"63fec05f-23a9-4cfc-b91c-5364799c4e66","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":531,"width":6,"height":5}},{"id":"36405b50-a8ab-49df-88f6-0049da132d40","block_type":"box","text":"Disclose the categories of scope 3 GHG emissions most significant to a company’s business model","page_number":235,"box":{"x":102,"y":528,"width":712,"height":12}},{"id":"489e9b14-288e-4e90-bd9c-5ba452bc76a0","block_type":"box","text":"•","page_number":235,"box":{"x":69,"y":551,"width":6,"height":5}},{"id":"1c428784-1a3f-4188-9a02-4cf162198e55","block_type":"box","text":"Improve voluntary disclosures on the alignment of a company’s climate-related corporate political activities with","page_number":235,"box":{"x":102,"y":549,"width":794,"height":11}},{"id":"5062233f-0d33-41d7-9410-fcea51a8aad8","block_type":"box","text":"its strategic policy positions, where existing disclosure is insufficient","page_number":235,"box":{"x":102,"y":564,"width":489,"height":11}},{"id":"1071e0ec-b0d7-4958-9290-b6da5952605a","block_type":"box","text":"25","page_number":235,"box":{"x":592,"y":564,"width":9,"height":5}},{"id":"e06838c9-5344-40ed-a4a2-630e1a83e4b0","block_type":"box","text":"The dedicated team does not suppor t shareholder proposals that seek to constrain board or management","page_number":235,"box":{"x":101,"y":587,"width":758,"height":11}},{"id":"bbcc855b-ba32-49c2-9c96-e5de85b067c8","block_type":"box","text":"decision-making or direct specific business or strategic decisions.","page_number":235,"box":{"x":69,"y":601,"width":468,"height":12}},{"id":"a4219f6f-7a61-4d69-8b4d-9c03a6c444a3","block_type":"box","text":"RELATED MATTERS","page_number":235,"box":{"x":419,"y":632,"width":140,"height":9}},{"id":"a8d0c092-f452-4362-b79c-80eb399d0b56","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":235,"box":{"x":101,"y":655,"width":771,"height":11}},{"id":"89e04429-b4ea-4749-b5a7-f12b831c8f9b","block_type":"box","text":"matters relevant to the transition to a low-carbon economy. Under these Guidelines, the dedicated team engages,","page_number":235,"box":{"x":69,"y":670,"width":808,"height":11}},{"id":"bd6ff661-c4f3-401d-9235-dce82d7b8c91","block_type":"box","text":"where appropriate, to enhance its understanding of a company’s approach. 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Some companies, in light of their long-term strategy, may decide to include relevant","page_number":235,"box":{"x":69,"y":768,"width":837,"height":11}},{"id":"f16ab13a-746e-4a6f-aa34-6add91db7f7e","block_type":"box","text":"GHG emissions reduction targets or low-carbon transition-related metrics in their incentive plans. In such cases, the","page_number":235,"box":{"x":69,"y":783,"width":826,"height":11}},{"id":"b6df53ab-3e3b-496b-a706-00869a6796a1","block_type":"box","text":"dedicated team would engage to understand the alignment between those metrics and the company’s stated climate","page_number":235,"box":{"x":69,"y":798,"width":834,"height":11}},{"id":"4bd826a7-8827-45ab-8f4f-56b154665206","block_type":"box","text":"24","page_number":235,"box":{"x":69,"y":828,"width":9,"height":4}},{"id":"74849eda-0d38-4c0c-a7f7-d7e6bc932c3a","block_type":"box","text":"While the dedicated team may escalate voting by not suppor ting additional management proposals, principally","page_number":235,"box":{"x":83,"y":827,"width":787,"height":12}},{"id":"425c1f15-944a-450f-b287-bf9a969ff459","block_type":"box","text":"director elections, the team does not consider filing shareholder proposals, preannouncing voting intentions or using","page_number":235,"box":{"x":69,"y":842,"width":832,"height":12}},{"id":"1c5f7161-eb91-4ed5-a88b-3b0775f590b4","block_type":"box","text":"the media to amplify concerns as appropriate courses of action. The dedicated team will continue to take a","page_number":235,"box":{"x":68,"y":857,"width":765,"height":12}},{"id":"3cf7db90-66b7-43a4-a762-f54496ce01e6","block_type":"box","text":"constructive, long-term focused approach, to engagement and voting on behalf of clients under these Guidelines.","page_number":235,"box":{"x":69,"y":873,"width":805,"height":11}},{"id":"55ae1d4c-2eb7-4d05-a42e-534f77bb3646","block_type":"box","text":"25","page_number":235,"box":{"x":69,"y":891,"width":9,"height":4}},{"id":"502219cc-7823-42a1-83a4-a8f6c5374a80","block_type":"box","text":"Corporate political activities may include lobbying as defined by local regulations, policy engagement (including","page_number":235,"box":{"x":84,"y":890,"width":787,"height":12}},{"id":"e6beccb1-65d5-470c-98f7-6cc0448a8b3d","block_type":"box","text":"trade association memberships), and corporate political contributions.","page_number":235,"box":{"x":68,"y":906,"width":500,"height":10}},{"id":"7514f7ba-2d4a-4641-b6dd-940ec7f03fdf","block_type":"box","text":"BlackRock Investment Stewardship","page_number":235,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"5741ba2b-d18e-46a9-aa3e-30425f9804b0","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 8","page_number":235,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"d78d951e-69a4-4597-953b-79600ec23afc","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":235,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"9d06ec47-3324-4779-8297-1fc74f1802f7","block_type":"box","text":"strategy. Clear disclosure also helps investors assess whether pay structures are consistent with long-term climate","page_number":236,"box":{"x":69,"y":45,"width":821,"height":11}},{"id":"f7218e02-ba68-4158-94e7-50a607646e26","block_type":"box","text":"strategy and risk management.","page_number":236,"box":{"x":69,"y":60,"width":219,"height":11}},{"id":"2b700188-8682-4ef0-a9bd-dd3e46ed88a6","block_type":"box","text":"Auditors and audit-related issues","page_number":236,"box":{"x":68,"y":90,"width":240,"height":9}},{"id":"83d5fd05-603e-477f-977c-4a4a389b64fb","block_type":"box","text":"For companies with material climate or transition risks or oppor tunities in their business models, the dedicated","page_number":236,"box":{"x":102,"y":113,"width":793,"height":11}},{"id":"bd0080b8-7b80-4b1e-ae8e-9eb08ee045a0","block_type":"box","text":"team is interested in understanding whether the company considers and, if relevant, quantifies, and accounts for","page_number":236,"box":{"x":68,"y":128,"width":807,"height":11}},{"id":"ee723c53-bc2c-41ee-9f1d-e9d81adf4eeb","block_type":"box","text":"material climate-related risks in its financial statements, including if the company explains such risks within the","page_number":236,"box":{"x":69,"y":143,"width":794,"height":11}},{"id":"3bad6763-40dc-478d-9bfe-d8d4511b591e","block_type":"box","text":"context of its audit repor t. The team notes that assurance of corporate disclosures related to climate risk and the","page_number":236,"box":{"x":69,"y":158,"width":812,"height":11}},{"id":"b0d948f8-6e7f-4d7b-8bf7-a01f24e7aebf","block_type":"box","text":"transition to a low-carbon economy is still nascent.","page_number":236,"box":{"x":68,"y":173,"width":361,"height":11}},{"id":"0fae5211-f5f7-47b2-b564-ef34294bf20f","block_type":"box","text":"Mergers, acquisitions, asset sales, and other special situations","page_number":236,"box":{"x":69,"y":203,"width":463,"height":11}},{"id":"e9c8cf72-daf5-44ac-8b3d-f69f2d7e1e3e","block_type":"box","text":"Special situations will be considered on their financial merits, but the dedicated team may engage on climate","page_number":236,"box":{"x":102,"y":226,"width":783,"height":11}},{"id":"2d77e5ba-0e86-4465-a803-196d9ae8ddb4","block_type":"box","text":"related factors under these Guidelines where a transaction may significantly alter a company’s climate strategy or a","page_number":236,"box":{"x":69,"y":241,"width":824,"height":11}},{"id":"67182508-0ad1-429e-a518-8a496b8fcb07","block_type":"box","text":"shareholder activist has proposed governance, strategic or operational changes that may impact its climate strategy.","page_number":236,"box":{"x":69,"y":257,"width":831,"height":11}},{"id":"cbb411a7-98e0-486c-8a7c-7430228edb04","block_type":"box","text":"The dedicated team does not promote changes in corporate control or engage in shareholder activism.","page_number":236,"box":{"x":68,"y":272,"width":731,"height":11}},{"id":"81932f8d-26cb-4d37-9e02-04618218d4e3","block_type":"box","text":"Other business relevant sustainability-related risks and opportunities","page_number":236,"box":{"x":69,"y":302,"width":503,"height":11}},{"id":"70bf4f4c-a86e-4714-a173-7e01f77b90ac","block_type":"box","text":"Climate risk and the transition to a low-carbon economy are interconnected with a number of other material","page_number":236,"box":{"x":102,"y":324,"width":762,"height":11}},{"id":"519fcd34-edf1-4af0-8024-f085cee0ef1b","block_type":"box","text":"sustainability-related risks and oppor tunities that may be relevant to a company’s business model and long-term","page_number":236,"box":{"x":69,"y":340,"width":802,"height":11}},{"id":"865628dc-67b0-448d-89bb-005fe23bc595","block_type":"box","text":"financial per formance. These include a company’s impacts or dependencies on natural capital and key","page_number":236,"box":{"x":68,"y":355,"width":734,"height":11}},{"id":"9902a7c8-c5f3-4bfd-bdf2-61864834a868","block_type":"box","text":"stakeholders.","page_number":236,"box":{"x":69,"y":370,"width":95,"height":9}},{"id":"583ff704-2c81-498d-98eb-b116e19e0d73","block_type":"box","text":"26","page_number":236,"box":{"x":166,"y":370,"width":9,"height":5}},{"id":"cf4bc8c6-df60-40ef-acd3-29349ee76242","block_type":"box","text":"In the context of these Guidelines, the dedicated team may engage companies to better understand","page_number":236,"box":{"x":182,"y":370,"width":710,"height":11}},{"id":"931329ff-5b62-4779-a8a7-1730cec3e7ef","block_type":"box","text":"how they are managing the impact on people (e.g., employees, suppliers, customers and communities) of any","page_number":236,"box":{"x":69,"y":385,"width":783,"height":11}},{"id":"d5bdb22a-3a6a-447a-844b-a1ccd9b3a133","block_type":"box","text":"strategic or operational changes they are making in relation to their transition to a low-carbon economy. Similarly, the","page_number":236,"box":{"x":69,"y":400,"width":832,"height":11}},{"id":"dc8b9d2e-9c51-4de5-848c-e6046ff93dca","block_type":"box","text":"team may engage companies that face risks and oppor tunities related to land use and deforestation, access to fresh","page_number":236,"box":{"x":68,"y":415,"width":838,"height":11}},{"id":"a81c593d-78a9-4dba-968d-cf9d56f3b85f","block_type":"box","text":"water, or the ability to secure scarce resources critical to the transition to a low-carbon economy.","page_number":236,"box":{"x":68,"y":430,"width":690,"height":11}},{"id":"06915be7-5474-448a-a403-1ccf5d157322","block_type":"box","text":"26","page_number":236,"box":{"x":69,"y":475,"width":9,"height":4}},{"id":"57e95dd2-135a-4f62-ada9-ea4356870c3a","block_type":"box","text":"Engagement with companies on these issues is informed by BIS’ commentaries on natural capital, human capital","page_number":236,"box":{"x":84,"y":474,"width":807,"height":12}},{"id":"82cf31d6-f209-4251-9527-bd44d96169a9","block_type":"box","text":"management, and corporate human rights risks, December 2025.","page_number":236,"box":{"x":69,"y":490,"width":468,"height":11}},{"id":"79c0baa6-c81f-4b82-99fb-aca985d2b2bb","block_type":"box","text":"BlackRock Investment Stewardship","page_number":236,"box":{"x":69,"y":943,"width":260,"height":11}},{"id":"0d970a26-63a7-4a78-8902-21d2bac15453","block_type":"box","text":"Climate and Decarbonization Stewardship Guidelines | 9","page_number":236,"box":{"x":509,"y":942,"width":400,"height":13}},{"id":"6b3c9ab0-d4f7-43ee-930b-8622a6c29cdb","block_type":"box","text":"BNM1026U-6033397-19205828","page_number":236,"box":{"x":647,"y":981,"width":171,"height":7}},{"id":"c06e028a-69ec-49a2-84c9-d807608a4989","block_type":"box","text":"Appendix 1","page_number":237,"box":{"x":68,"y":45,"width":82,"height":11}},{"id":"100e4b7c-a333-4950-ac0b-fae12ac01e5e","block_type":"box","text":"Terminology","page_number":237,"box":{"x":68,"y":75,"width":87,"height":11}},{"id":"9adca791-711d-4d0e-b2ad-e7739f61fa1a","block_type":"box","text":"We understand the key concepts referred to within these Guidelines as follows:","page_number":237,"box":{"x":101,"y":98,"width":565,"height":11}},{"id":"ce7b5c70-b036-4e64-b225-a780e3a13fff","block_type":"box","text":"Climate risk:","page_number":237,"box":{"x":101,"y":120,"width":92,"height":9}},{"id":"05b22ae7-ed18-4edd-8bbc-edf6c231bc89","block_type":"box","text":"Includes physical risk, the increased risk to companies’ assets and activities caused by the direct","page_number":237,"box":{"x":200,"y":120,"width":698,"height":11}},{"id":"3c7ca17d-c07f-4f32-a30f-61c494e9a67c","block_type":"box","text":"impact of changing weather patterns and natural catastrophes, and transition risk, the impact of the transition to a","page_number":237,"box":{"x":70,"y":135,"width":818,"height":12}},{"id":"9a22648a-9165-4cc8-a57c-84353ce836c3","block_type":"box","text":"low-carbon economy on a company’s long-term profitability.","page_number":237,"box":{"x":70,"y":150,"width":416,"height":12}},{"id":"bfa024d8-6df0-496f-aba6-99bd671cd6cf","block_type":"box","text":"Transition to a low-carbon economy (“low-carbon transition”):","page_number":237,"box":{"x":101,"y":173,"width":449,"height":11}},{"id":"28d9475b-ff95-4045-b1fc-41c85be0837d","block_type":"box","text":"The global economic shift toward lower","page_number":237,"box":{"x":556,"y":173,"width":278,"height":11}},{"id":"0169706a-bf60-4e7c-b1fb-445f0dd411e9","block_type":"box","text":"emissions across many sectors and business models. The economic transformation is being driven by changes in","page_number":237,"box":{"x":69,"y":188,"width":811,"height":12}},{"id":"9f868b37-2450-4902-b3ef-58140cea8c99","block_type":"box","text":"government policy, technology, and consumer and investor preferences, as well as the physical effects of climate","page_number":237,"box":{"x":68,"y":203,"width":807,"height":12}},{"id":"1bb478fc-035b-4e97-8b1a-487cd48cc8ec","block_type":"box","text":"change (e.g., extreme weather), and can potentially have a material impact on clients’ investments and por tfolios.","page_number":237,"box":{"x":69,"y":218,"width":812,"height":12}},{"id":"2c963775-75a9-45e5-a1a4-07c74135d7ec","block_type":"box","text":"Decarbonization:","page_number":237,"box":{"x":102,"y":241,"width":120,"height":9}},{"id":"53ff50fe-7b39-49c5-ad67-1e0e4a4d0841","block_type":"box","text":"the process of reducing or eliminating emissions of carbon dioxide (CO2) from human activity","page_number":237,"box":{"x":228,"y":241,"width":664,"height":11}},{"id":"9e833bee-b40f-4df0-908a-ced588028ed8","block_type":"box","text":"and removing carbon currently in the atmosphere. This can be carried out by countries, companies and even","page_number":237,"box":{"x":69,"y":257,"width":771,"height":11}},{"id":"0faa9c14-162b-47ad-be8c-8cea85367381","block_type":"box","text":"individual consumers. 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